Document:

embi_ex102.htm

EXHIBIT 10.2
 
THE SYMBOL “[****]” DENOTES PLACES WHERE CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT IS BOTH (i) NOT MATERIAL, AND (ii) WOULD LIKELY CAUSE COMPETITIVE HARM TO THE COMPANY IF PUBLICLY DISCLOSED
 
RESTATED AND AMENDED LICENSE AGREEMENT
 
THIS RESTATED AND AMENDED LICENSE AGREEMENT (“Agreement”) is made as of this May 24, 2019 (“Effective Date”) by and between the UNIVERSITY OF MISSISSIPPI, SCHOOL OF PHARMACY, an educational institution with a principal address at University, Mississippi 38677 (“UM”), and Emerald BIOSCIENCE, INC. f/k/a Nemus Bioscience, Inc., a corporation organized and existing under the laws of Nevada with a principal address at 130 North Marina Drive, Long Beach, CA 90803 (“Licensee”).
 
RECITALS
 
WHEREAS, UM is the owner of certain patent applications and other technology related to the Biologically Active Cannabidiol Analogs, hereinafter referred to as UM8930; 
 
WHEREAS, UM and Nemus, a wholly owned subsidiary of Licensee, have executed a binding license agreement (“Original Agreement”) with an effective date of December 14, 2015, with respect to UM8930 wherein the permitted Field of Use is for all indications for Products administered via ocular delivery;
 
WHEREAS, Licensee is in the process of dissolving Nemus; 
 
WHEREAS, Nemus has assigned all of its rights and obligations under the Original Agreement to Licensee pursuant to an Assignment and Assumption Agreement dated as of May 15, 2019 (the “Assignment”), and Licensee is assuming all of Nemus’ rights and obligations under the Original Agreement pursuant to the Assignment; 
 
WHEREAS, Licensee is entering into this Agreement as successor in interest to Nemus under the Original Agreement; 
 
WHEREAS, the Parties desire to expand the Patent Rights licensed to LICENSEE in the Original Agreement to include all Fields of use by way of replacing the Original Agreement with this Agreement;
 
NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein, and intending to be legally bound hereby, the parties hereto agree as follows:
 
ARTICLE 1
 
DEFINITIONS
 
	1.1	Unless otherwise provided in this Agreement, the following terms when used with initial capital letters shall have the meanings set forth below:

  
"Affiliate" means, when used with reference to Licensee, any person directly or indirectly controlling, controlled by or under common control with Licensee. 
  	 
	
	
 
	 

 
"Bankruptcy Event" means the person in question becomes insolvent, or voluntary or involuntary proceedings by or against such person are instituted in bankruptcy or under any insolvency law, or a receiver or custodian is appointed for such person, or proceedings are instituted by or against such person for corporate dissolution of such person, which proceedings, if involuntary, shall not have been dismissed within sixty (60) days after the date of filing, or such person makes an assignment for the benefit of creditors, or substantially all of the assets of such person are seized or attached in an insolvency-related proceeding and not released within sixty (60) days thereafter. 
 
"Calendar Quarter" means each three-month period, or any portion thereof, beginning on January 1, April 1, July 1 and October 1.
 
“Calendar Year” means each twelve-month period commencing upon January 1.
 
"Confidential Information" means (i) the Technical Information, (ii) any other information or material in tangible form that is marked as confidential or proprietary by the furnishing party at the time it is delivered to the receiving party, and (iii) information that is furnished orally if the furnishing party identifies such information as confidential or proprietary when it is disclosed and promptly confirms such designation in writing after such disclosure. 
 
"Effective Date" shall have the meaning set forth on page 1 of this Agreement.
 
“Federal Government Interest” means the rights of the United States Government and agencies thereof under Public Laws 96_517, 97_256 and 98_620, codified at 35 U.S.C.§§ 200-212, and any regulations issued thereunder, as such statute or regulations may be amended from time to time hereafter.
 
"Field" means all fields of use.
 
“Improvements” means any improvement, modification or other refinement, regardless of the patentability thereof to (a) the subject matter of the Licensed Technology that is within the scope of the Patents, or (b) the development, manufacture, use or sale of which, except for the licenses granted herein, would infringe any of the Patents including for patent applications those claims therein treated as if they were issued). 
 
"Licensed Technology" means UM Know-How, the Patents and Improvements related to UM 8930.
 
“Net Sales” means Licensee’s invoice price or fee, less the following for all Products sold for commercial use or commercially used by Licensee or its Affiliates: 
 
	 
	(a)	any and all normal and customary trade, prompt payment, cash and quantity discounts, customary allowances actually granted to purchasers of a Product for returns and recalled Product (including in connection with Product withdrawals, expired Product and Product recalls), chargeback and reporting fees paid to wholesalers and other distributors, allowances to end users participating in incentive programs, rebates and other credit adjustments based upon shipping discrepancies and order errors; 
	 
	 
	 

	 
	(b)	administrative fees to managed health care organizations;
	 
	 
	 

	 
	(c)	freight expenses for shipping Product in finished package form (including insurance) to such purchasers, including without limitation the costs of export licenses, shipping, postage and handling charges, if not paid by the purchaser;
	 
	 
	 

	 
	(d)	commissions or fees paid to independent sales representatives, brokers, dealers, or distributors;

    	 
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	(e)
	any taxes and tariffs or duties paid, absorbed or allowed that are paid on sales of Product in finished package form, (excluding income taxes);

	 
	 
	 

	 
	(f)	allocated costs for sales samples of Products, for all Products sold or commercially used by Licensee or its Affiliates; and
	 
	 
	 

	 
	(g)	Amounts invoiced for Products that are not paid within the required time.

 
Sales to a Third Party distributor of such Product in any given country shall be considered a sale to a Third Party purchaser for commercial use. Sale or transfer to an Affiliate or sublicensee for re-sale by such Affiliate or sublicensee shall not be considered a sale for the purpose of this provision, but the resale by such Affiliate or sublicensee to a Third Party for commercial use shall be a sale for such purposes. 
 
Notwithstanding the foregoing, in the event a Product is sold in a country in the Territory as a Combination Product, Net Sales of the Combination Product will be calculated as follows:
 
(i) If the Product (without such Other Component) and the Other Component(s) contained in the Combination Product each are sold separately in such country, Net Sales will be calculated by multiplying the total Net Sales (as described above) of the Combination Product by the fraction A/(A+B), where A is the average gross selling price in such country of the Product (without such Other Component) sold separately in the same formulation and dosage, and B is the sum of the average gross selling prices in such country of such Other Component(s) sold separately in the same formulation and dosage, during the applicable Calendar Year.
 
(ii) If the Product (without such Other Component) is sold independently of the Other Component(s) contained in the Combination Product in such country, but the average gross selling price of such Other Component(s) in such country cannot be determined, Net Sales will be calculated by multiplying the total Net Sales (as described above) of the Combination Product by the fraction A/C where A is the average gross selling price in such country of such Product (without such Other Component) sold independently and C is the average gross selling price in such country of the entire Combination Product, during the applicable Calendar Year.
 
(iii) If the Other Component(s) contained in the Combination Product are sold independently of the Product (without such Other Component) in such country, but the average gross selling price of such Product (without such Other Component) in such country cannot be determined, Net Sales will be calculated by multiplying the total Net Sales (as described above) of the Combination Product by the fraction (1-(B/C)), where B is the average gross selling price in such country of such Other Component(s) and C is the average gross selling price in such country of the entire Combination Product, during the applicable Calendar Year.
 
(iv) If the Product (without such Other Component) contained in the Combination Product and Other Component(s) contained in the Combination Product are not sold separately in such country, or if they are sold separately but the average gross selling price of neither such Product (without such Other Component) nor such Other Component(s) can be determined in such country, Net Sales of the Combination Product in such country will be calculated by mutual agreement of the Parties.
  	 
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"Other Component" means any therapeutically active pharmaceutical ingredient that is not covered or claimed by, or is not included in, the Licensed Technology, or any proprietary delivery device or other proprietary delivery means.
 
"Patent(s)" means any patents or patent applications which claim the invention(s) summarized in Appendix A, including without limitation any United States Letters Patent, and all continuations, continuations-in-part, additions, divisions, renewals, extensions, reexaminations and reissues of any of the foregoing, all foreign counterparts of any of the foregoing, and any other patent applications or patents which relate to the Licensed Technology owned or controlled by UM during the term of this Agreement. 
 
“Patent Expenses” means (a) all reasonable fees, expenses, and charges of outside patent counsel related to Patent Rights listed in Exhibit A currently or added by amendment at a future date, incurred by UM in connection with the preparation, filing, prosecution, issuance, re-issuance, re-examination or other post-grant proceedings interference, and/or maintenance of applications for patent rights, currently contained or that may be added to Exhibit A; and (b) an administrative fee in the amount of twenty percent (20%) of the amount of future Patent Expenses incurred in the course of activities conducted pursuant to (a), subject to Article 7.
 
"Person" means an individual, partnership, corporation, joint venture, unincorporated association, or other entity, or a government or department of agency thereof.
 
"Product(s)" means any article or portion thereof which is made, produced, or used in whole or in material part, by or with the use of the Licensed Technology. 
 
“Route of Administration” means the path by which a drug enters the body as classified in the published United States Food and Drug Administration Data Standards Manual and includes but is not limited to oral administration, buccal administration and rectal administration
 
"Technical Information" means and includes all technical information, trade secrets, developments, discoveries, know-how, methods, techniques, formulae, processes and other information relating to the Licensed Technology that UM owns or controls on the date hereof or owns or controls in the future, and provides to Licensee pursuant to this Agreement, including by way of illustration and not limitation, designs, data, drawings, documents, models, and other similar information.
 
“UM Know-How” means all information, technical data, inventions and discoveries of UM disclosed or provided to Licensee by UM relating to the exploitation of any invention described in the Patents.
 
"Valid Claim" means a claim of an unexpired issued Patent that has not been withdrawn, canceled or disclaimed or held invalid by a court or governmental authority of competent jurisdiction in an unappealed or unappealable decision.
 
ARTICLE 2
GRANT OF LICENSE
 
	2.1	Grant of License. Subject to the terms and conditions contained in this Agreement, UM hereby grants to Licensee an exclusive, perpetual, non-transferrable (except otherwise allowed in this Agreement), worldwide, royalty-bearing right and license to use and practice the Licensed Technology to develop, make, have made, use, sell, offer for sale and import Products in the Field. Notwithstanding the foregoing, UM expressly reserves a non-transferable royalty-free right to use the Licensed Technology in the Field itself, including use by its faculty, staff and researchers, for educational and non-commercial research purposes only.

   	 
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	2.2	Right to Sub-license. Licensee shall not have the right to sub-license to any third party (including any “Affiliate”), in whole or in part, its rights under this Agreement without the prior written permission of UM, such permission will not be unreasonably withheld. As a condition of granting sub-licenses, Licensee will provide UM with full and complete drafts as well as copies of all executed contracts and agreements between it and any sub-licensee (including any amendments, restatements, modifications or supplements thereto) within twenty (20) business days prior to execution of same and deliver final and fully executed copies and agreements within twenty (20) business days after execution. UM shall provide its approval or disapproval of each applicable draft contract within twenty (20) business days of receipt of the applicable draft contract, and shall not disapprove any such contract unless it is materially inconsistent with the terms set forth in this Agreement. If UM fails to respond to a request for approval within sixty (60) days of the original request from Licensee, and Licensee has made five (5) or more requests to an authorized representative of UM to provide such a response, the applicable contract shall be deemed approved by UM. UM will maintain such copies and their terms in confidence as required in this Agreement. A grant of a sub-license will be invalid if any contract or agreement between Licensee and such sub-licensee prohibits, restricts or conditions Licensee’s provision of such copies to UM.
	 
	 

	2.3	No Rights by Implication. No rights or licenses with respect to the Licensed Technology are granted or deemed granted hereunder or in connection herewith, other than those rights or licenses expressly granted in this Agreement.

 
ARTICLE 3
LICENSING FEES 
 
	3.1	Upfront, Annual License Maintenance Fee and Milestone Payments. In consideration of the license granted hereunder, Licensee shall pay UM the following non-refundable payments:

 
(a). One-Time Upfront Payment - Two hundred thousand dollars ($200,000) within fifteen (15) days of the Effective Date of this Agreement. 
 
(b) Patent Approval Fee: Two hundred thousand dollars ($200,000) within thirty days (30) days of receipt by UM of the first United States Patent and Trademark Office Notice of Allowance for the Licensed Technology.
 
(c) Annual License Maintenance Fee. Seventy five thousand dollars ($75,000) due on the anniversary of the Effective Date. The Annual License Maintenance Fee will be credited against royalties in the current fiscal year. 
 
(d) Milestone Payments. 
 
i. One hundred thousand dollars ($100,000) paid within thirty (30) days following the submission of the first Investigational New Drug Application (“IND”) to the Food and Drug Administration (“FDA”) or an equivalent application to a regulatory agency anywhere in the world, for a Product. 
 
ii Two hundred thousand dollars ($200,000), paid within thirty (30) days following the first submission of a New Drug Application (“NDA”), or an equivalent application to a regulatory agency anywhere in the world, for each Product including but not limited to a 505b2 application. The Parties agree that such payment obligation for each Product is fully satisfied upon the first such submission, or subsequent supplemental NDA(s) (sNDA) submissions, anywhere in the world. In addition, for sake of clarity, a subsequent payment obligation under this subsection ii. will only be triggered if a subsequent Product is administered by a different Route of Administration from that of the early submitted Product(s).
  	 
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iii. Four hundred thousand dollars ($400,000) paid within thirty (30) days following the approval of a New Drug Application (“NDA”), or an equivalent application to a regulatory agency anywhere in the world, for each Product, including but not limited to a 505b2 application to the FDA. The Parties agree that such payment obligation for each Product is fully satisfied upon the first such approval, or subsequent supplemental NDA(s) (sNDA) approvals, anywhere in the world. In addition, for sake of clarity, a subsequent payment obligation under this subsection iii. will only be triggered if a subsequent Product is administered by a different Route of Administration from that of the early approved Product(s).
 
	3.2	Royalties and Sublicense Licensing Fee Payments.

 
(a). In further consideration of the rights and licenses granted hereunder, Licensee shall pay UM a royalty of [****] of Net Sales of all Products sold by Licensee or its Affiliate for commercial use. 
 
(b). No royalty shall be due on Products used for a clinical trial or other research or developmental uses. 
 
(c). In the event Licensed Technology is sub-licensed by Licensee to a permitted third party, Licensee will be obligated to pay UM [****] of any and all licensing fees received by Licensee, including but not limited to upfront fees (whether paid in cash, equity of the sub-licensee or other consideration), royalties, and milestone payments, received in consideration of the grant of sub-licenses of the Licensed Technology, however such sub-licenses may be characterized. The percentage payable with respect to sublicensing fees received by Licensee will decrease from [****] to the amounts indicated below if Licensee sublicenses the Licensed Technology after completion of the following development milestones:
 
(i). [****] if such sub-license is granted after completion of Phase II clinical trials but prior to the commencement of Phase III clinical trials;
(ii) [****], if such sub-license is granted upon or after the commencement of Phase III clinical trials but prior to receipt of the first regulatory approval of Products;
(iii) [****] if the sub-license is granted upon or after the first regulatory approval of Products based on a 505(b)2 New Drug Application ((not a 505(b)1 New Drug Application)) filed with the FDA or equivalent thereof; or 
(iv) [****] if the sub-license is granted upon or after the first regulatory approval of a Product based on a 505(b)1 New Drug Application ((not a 505(b)(2) application)) filed with the FDA, or equivalent thereof. 
 
(d). Notwithstanding the foregoing, in the event the foregoing percentages of the amounts received by the Licensee from a permitted sub-licensee in the form of a royalty on net sales of Products sold by or on behalf of the permitted Sub-licensee does not equal a minimum of [****] of Net Sales (calculated mutatis mutandis as if such Net Sales were made by Licensee), Licensee will be obligated to pay UM a royalty of [****] of Net Sales by or on behalf of such permitted Sub-licensee (calculated mutatis mutandis as if such Net Sales were made by Licensee), subject to reduction as set forth below. 
  	 
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(e). If, in connection with the manufacture, use, or commercialization of a Product, Licensee or its Affiliate is obligated to make royalty payments to any third parties, then Licensee may offset against the royalty owed to UM for that Product [****] of the royalty payable to such third parties, provided that in no event would any such offsets result in reducing royalties due to UM by more than [****] of those otherwise payable to UM. 
 
(f). If no Valid Claim covers a Product in a country at the time such Product is sold in such country, then the royalties payable under this Section 3.2 on Net Sales of Products by Licensee or its Affiliates shall be reduced by [****]. This reduction in royalties does not apply if a patent application that is part of the Patents licensed under this Agreement is pending in the country and the intention of UM is to obtain a Valid Claim that covers the Product in the country. In no event would the royalty due to UM with respect to Net Sales of Products sold in a given country be reduced by operation of the foregoing offsets and reductions to less than [****] of Net Sales of Products in such country.
 
(g). Royalties and payments due with respect to Product shall be paid pursuant to this Section 3.2 until the later of, on a country by country and Product by Product basis, (i) the date upon which no Valid Claim of a Patent included in the Licensed Technology covers the Product in such country, or (ii) ten (10) years after first commercial sale of such Product in such country. 
 
	3.3	Payments. Royalties and other amounts payable under this Agreement shall be paid within forty five (45) days following the last day of the Calendar Quarter in which royalties and other amounts accrue. The last such payment shall be made within forty five (45) days after termination of this Agreement. Payments shall be deemed paid as of the day on which they are received by UM.
	 
	 

	3.4	Reimbursement of Patent Expenses. Licensee will reimburse UM’s future Patent Expenses incurred after the Effective Date of this Agreement within forty-five (45) days of receipt of an invoice from UM detailing the Patent Expenses incurred by UM.
	 
	 

	3.5	Reports. Licensee shall deliver to UM within forty five (45) days after the end of each Calendar Quarter following commercial sale of a Product a report setting forth in reasonable detail the calculation of the royalties and other amounts payable to UM for such Calendar Quarter pursuant to this Article 3, including, without limitation, the Products sold in each country during such Calendar Quarter, the Net Sales thereof, and, within sixty (60) days after the end of each Calendar Quarter, similar reports containing corresponding information relating to royalties payable due to sales by permitted sub-licensees pursuant to Article 3.2. An example of an acceptable royalty report is provided in Appendix D.
	 
	 

	3.6	Currency, Place of Payment, Interest.

 
	 
	(a)	All dollar amounts referred to in this Agreement are expressed in United States dollars. All payments to UM under this Agreement shall be made in United States dollars (or other legal currency of the United States), as directed by UM, by check payable to the University of Mississippi” or by wire transfer to an account as UM may designate from time to time.
	 
	 
	 

	 
	(b)
	If Licensee receives revenues from sales of Products in a currency other than United States dollars, royalties shall be converted into United States dollars at the applicable conversion rate for the foreign currency as published in the “Exchange Rates” table in the eastern edition of The Wall Street Journal as of the last date of the Calendar Quarter.

   	 
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	(c)	Amounts that are not paid when due shall accrue interest-from the due date until paid, at an annual rate equal to the “Prime Rate” plus 2% as published in the “Money Rates” table in the eastern edition of The Wall Street Journal as of the due date.
	 
	 
	 

	3.7	Records. Licensee will maintain complete and accurate books and records that enable the royalties payable hereunder to be verified. Licensee agrees that it shall keep and require all Affiliates and permitted Sublicensees to keep accurate records in sufficient detail to enable the amounts due to UM hereunder to be completely and accurately determined in all material respects. Licensee shall, and shall require its Affiliates and permitted Sublicensees to, maintain such records for five (5) years after the UM’s receipt of each respective royalty report. Upon UM’s request, and within twenty (20) business days, Licensee shall permit a certified public accountant (“CPA”), selected by UM and at UM’s expense to have access during Licensee’s ordinary business hours, no more than once every six (6) months, to Licensee’s, Affiliates and Sublicensee’s records as may be deemed necessary by the CPA to examine and copy them and determine the completeness and correctness of all reports and/or payments made under the terms and conditions of this Agreement. Such records shall be made available in electronic form to the CPA and in written form to the extent reasonably required by the CPA. If an underpayment exists for the examination period, Licensee agrees to pay the full amount of the underpayment uncovered together with interest. Interest will be due on any late or underpaid amount calculated at the annual rate of 10% through the date ultimately paid, compounded on a monthly basis. If an underpayment exceeds 5% of the amount reported and paid for any given royalty reporting period under examination, Licensee shall bear all fees and expenses of CPA incurred by UM for the examination.

 
ARTICLE 4
CERTAIN OBLIGATIONS OF LICENSEE
 
	4.1	Licensee Efforts; Reporting, 
	 
	 

	 
	(a)	Licensee shall use its commercially reasonable efforts to develop for commercial use and to market Products as soon as practicable, and to continue to market Products as long as commercially viable, all as is consistent with sound and reasonable business practice.
	 
	 
	 

	 
	(b)	Licensee shall provide UM once per Calendar Year on December 1 with written reports, setting forth in such detail as UM may reasonably request, the progress of the development, evaluation, testing and commercialization of Products. Licensee shall notify UM within thirty (30) days of the end of the first Calendar Quarter in which the first commercial sale of a Product occurs.

  
	4.2	Compliance with Laws. Licensee shall use commercially reasonable efforts to comply in all material respects with all prevailing laws, rules and regulations pertaining to the development, testing, manufacture, marketing and import or export of Products. Without limiting the foregoing, Licensee acknowledges that the transfer of certain commodities and technical data is subject to United States laws and regulations controlling the export of such commodities and technical data, including all Export Administration Regulations of the United States Department of Commerce. These laws and regulations, among other things, prohibit or require a license for the export of certain types of technical data to specified countries. Licensee will comply in all material respects with all United States laws and regulations controlling the export of commodities and technical data.

   	 
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	4.3	Government Approvals. Licensee will be responsible for obtaining, at its cost and expense, all governmental approvals required to commercially market Products.
	 
	 

	4.4	Patent Notices. Licensee shall mark or cause to be marked all Products made or sold in the United States with all applicable patent numbers where necessary to preserve the ability to claim damages for infringement, upon advice of counsel. If it is not practical for a Product to be so marked, then Licensee shall mark or cause to be marked the package for each Product with all applicable patent numbers.
	 
	 

	4.5	Bankruptcy or Equivalent. Licensee will provide written notice to UM prior to the filing of a petition in bankruptcy or equivalent if Licensee intends to file a voluntary petition, or, if known by Licensee through statements or letters from a creditor or otherwise, if a third party intends to file an involuntary petition in bankruptcy against Licensee. Notice will be given at least 75 days before the planned filing or, if such notice is not feasible, as soon as Licensee is aware of the planned filing. Licensee's failure to perform this obligation is deemed to be a material pre-petition incurable breach under this Agreement not subject to the 60-day notice requirement of Section 9.2, and UM is deemed to have terminated this Agreement forty-five (45) days prior to the filing of the bankruptcy.

 
ARTICLE 5
REPRESENTATIONS
 
	5.1	Representations of UM. UM represents to Licensee as follows:

 
	 
	(a)	this Agreement, when executed and delivered by UM, will be the legal, valid and binding obligation of UM, enforceable against UM in accordance with its terms;
	 
	 
	 

	 
	(b)	UM subject to certain rights under 37 CFR 401.14 retained by the federal government in inventions resulting from federally supported work is the owner of all right, title and interest in and to the Licensed Technology, and has not granted rights in or to the Licensed Technology to any person other than Licensee;
	 
	 
	 

	 
	(c)	UM has not received any written notice that the Licensed Technology infringes the proprietary rights of any third party;
	 
	 
	 

	 
	(d)	the inventions claimed in the Patents to the knowledge of UM have not been publicly used, offered for sale, or disclosed in a printed publication by employees of UM more than one year prior to the filing of the U.S. application for the Patents.

 
	5.2	Representations and Warranties of Licensee. Licensee represents and warrants to UM as follows: 
	 
	 

	 
	(a)	Licensee is a corporation duly organized, validly existing and in good standing under the laws of Nevada and has all requisite corporate power and authority to execute, deliver and perform this Agreement;

   
	 
	(b)	This Agreement, when executed and delivered by Licensee, will be the legal, valid and binding obligation of Licensee, enforceable against Licensee in accordance with its terms;
	 
	 
	 

	 
	(c)	the execution, delivery and performance of this Agreement by Licensee does not conflict with, or constitute a breach or default under,
	 
	 
	 

	 
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	(i)	the charter documents of Licensee,
	 
	 
	 

	 
	(ii)	any law, order, judgment or governmental rule or regulation applicable to Licensee, or
	 
	 
	 

	 
	(iii)	any provision of any agreement, contract, commitment or instrument to which Licensee is a party; and the execution, delivery and performance of this Agreement by Licensee does not require the consent, approval or authorization of, or notice, declaration, filing or registration with, any governmental or regulatory authority.

 
ARTICLE 6
LIABILITY AND INDEMNIFICATION
 
	6.1	No warranties; Limitation on Liability. EXCEPT AS EXPLICITLY SET FORTH IN THIS AGREEMENT, UM MAKES NO REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED, WITH RESPECT TO: (I) COMMERCIAL UTILITY; OR (II) MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE; OR (III) THAT THE USE OF THE LICENSED TECHNOLOGY WILL NOT INFRINGE ANY PATENT, COPYRIGHT OR TRADEMARK OR OTHER PROPRIETARY OR PROPERTY RIGHTS OF OTHERS. UM SHALL NOT BE LIABLE TO LICENSEE, LICENSEE’S SUCCESSORS OR ASSIGNS OR ANY THIRD PARTY WITH RESPECT TO ANY CLAIM ON ACCOUNT OF, OR ARISING FROM, THE USE OF INFORMATION IN CONNECTION WITH THE LICENSED TECHNOLOGY SUPPLIED HEREUNDER OR THE MANUFACTURE, USE OR SALE OF PRODUCTS OR ANY OTHER MATERIAL OR ITEM DERIVED THEREFROM.
	 
	 

	6.2	Liability. UM is an agency of the State of Mississippi under the management and control of the Board of Trustees of the State Institutions of Higher Learning (IHL). As authorized by law, IHL maintains a program of self-insurance for purposes of workers’ compensation and general liability, pursuant to the Mississippi Tort Claims Act as set forth in Chapter 46, Title 11, Mississippi Code 1972, as amended. Accordingly, any liability of UM for any damages, losses, or costs arising out of or related to acts performed by UM or it employees under this Agreement is governed by the Tort Claims Act.
	 
	 

	6.3	Licensee Indemnification. Licensee will indemnify, defend and hold harmless UM, its trustees, officers, agents and employees (collectively, the “Indemnified Parties”), from and against any and all liability, loss, damage, action, claim or expense suffered or incurred by the Indemnified Parties which results from or arises out of third party claims in connection with (individually, a “Liability” and collectively, the “Liabilities”):
	 
	 

	 
	(a)	breach by Licensee of any duty, covenant or agreement contained in this Agreement or a lawsuit, action, or claim brought by any third party that includes any allegation which, if proven true, would constitute a breach by Licensee of any duty, covenant or agreement contained in this Agreement;

   
	 
	(b)	the development, use, manufacture, promotion, sale, distribution or other disposition of any Products by Licensee, its Affiliates, assignees, vendors or other third parties, for personal injury, including death, or property damage arising from any of the foregoing. The indemnification obligation under Article 6.3 shall not apply to any contributory negligence or product liability of the Indemnified Party which may have occurred prior to the execution of this Agreement. Licensee will indemnify and hold harmless the Indemnified Parties from and against any Liabilities resulting from:

	 
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	(i)	any product liability or other claim of any kind related to the use by a third party of a Product that was manufactured, sold, distributed or otherwise disposed by Licensee, its Affiliates, assignees, vendors or other third parties;
	 
	 
	 

	 
	(ii)	clinical trials or studies conducted by or on behalf of Licensee relating to any Products, including, without limitation, any claim by or on behalf of a human subject of any such clinical trial or study, any claim arising from the procedures specified in any protocol used in any such clinical trial or study, any claim of deviation, authorized or unauthorized, from the protocols of any such clinical trial or study, any claim resulting from or arising out of the manufacture or quality control by a third party of any substance administered in any clinical trial or study;
	 
	 
	 

	 
	(iii)	Licensee’s failure to comply with all prevailing laws, rules and regulations pertaining to the development, testing, manufacture, marketing and import or export of Products.
	 
	 
	 

	6.4	Procedures. The Indemnified Party shall promptly notify Licensee of any claim or action giving rise to a Liability subject to the provisions of Article 6.3. Licensee shall have the duty to defend any such claim or action, at its cost and expense. Indemnified Party must have the right, however, to approve counsel through the Mississippi Attorney General and through its governing board to represent it, and such approval will not be unreasonably withheld. In the event Licensee or any of its parents, affiliates or subsidiaries is also named in a particular claim, Licensee may choose the same attorneys who defend the Indemnified Parties to defend Licensee unless there arises a conflict of interest between the Licensee and one or more of the Indemnified Parties or among the Indemnified Parties. The indemnification rights of UM or other Indemnified Party contained herein are in addition to all other rights which such Indemnified Party may have at law or in equity or otherwise.
	 
	 

	6.5	Product Liability Insurance. Beginning with the commencement of human clinical trials of any Product and continuing for a period of time after Licensee ceases manufacturing and marketing Products that is reasonable based upon industry standards, Licensee shall maintain general liability and product liability insurance that is reasonable based upon industry standards, but not less than $5 million per incident and $5 million in the aggregate. The insurance amounts specified herein shall not be deemed a limitation on Licensee’s indemnification liability under this Agreement. Licensee shall provide UM with copies of such policies, upon request of UM. Licensee shall notify UM at least ten (10) days prior to cancellation of any such coverage.

    
	7.1	Prosecution of Patents.
	 
	 

	(a)	Responsibilities for Patent Prosecution and Maintenance. 
	 
	 

	 
	(i)	UM using one of its approved outside patent attorneys is responsible for preparing, filing, and prosecuting any patent applications, maintaining any issued patents, and prosecuting and maintaining any and all continuations, continuations-in-part, divisional, substitutions, reissues, or re-examinations (or the foreign equivalent of these) related to the Patent rights in accordance with the process summarized in Appendix C. Licensee will reimburse UM for Patent Expenses subject to 3.1.c. hereof.

 
	 
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ARTICLE 7
PATENTS AND INFRINGEMENT
	 
	 
	 

	 
	(ii)	UM will prepare, file, and prosecute Patent(s), including Improvements in the United States. In the event of Improvements UM may also prepare, file, and prosecute international applications under the Patent Cooperation Treaty. Licensee will specify in writing to UM the foreign countries in which patent applications for Improvements are to be filed and prosecuted. UM will notify Licensee ninety (90) days in advance of a national stage filing deadline, and Licensee will specify such additional countries no later than thirty (30) days before the national stage filing deadline for the pertinent patent application.
	 
	 
	 

	 
	(iii)	UM is solely responsible for making decisions, subject to the process summarized in Appendix C, regarding content of U.S. and foreign applications to be filed and prosecution of the applications, continuations, continuations-in-part, divisional, substitutions, reissues, or re-examinations (or the foreign equivalent of these) related thereto.
	 
	 
	 

	 
	(iv)	Licensee will cooperate with UM in the filing, prosecution, and maintenance of any Patents. UM will advise Licensee promptly as to all material developments with respect to the applications. Copies of all papers received and filed in connection with prosecution of applications in all countries will be provided promptly after receipt or filing to Licensee to enable it to advise UM concerning the applications. Licensee shall not, and shall require its Sublicensees, and/or Affiliates not to, seek or initiate any proceedings in order to invalidate any Patent.
	 
	 
	 

	 
	(v)	No party shall be liable for any loss, as a whole or in part, of a patent term extension granted by the U.S. Patent and Trademark Office (or its foreign equivalents) on a Patent, even if such loss results from acts or omissions of the prosecuting party or its personnel.
	 
	 
	 

	 
	(vi)	Each party agrees to promptly forward all written communications from the other party regarding prosecution of Patents to its patent counsel as appropriate, with a written confirmation to the other party that the communications have been forwarded.
	 
	 
	 

	7.2	Infringement by Third Party.
	 
	 

	 
	(a)	Each party will promptly notify the other party of any infringement or possible infringement of any of the Patents or other Licensed Technology of which such party becomes aware. Licensee shall have the right, but not the obligation, to prosecute such infringement at its own expense. In such event, UM shall cooperate with Licensee, at UM’s expense. Licensee shall not settle or compromise any such suit in a manner that imposes any obligations or restrictions on UM or grants any rights to the Licensed Technology which are inconsistent with the rights and obligations of Licensee or UM pursuant to this Agreement, without UM’s written consent.

   	 
	License UM Nemus UM 5050 page 12 of 25
	
 
	 

 
	 
	(b)	If Licensee fails to prosecute or chooses not to prosecute such infringement within one hundred and twenty (120) days after receiving notice thereof, UM shall have the right, but not the obligation, to prosecute such infringement at its own expense. In such event, Licensee shall cooperate with UM, at UM’s expense.
	 
	 
	 

	 
	(b)	Any recovery obtained by the prosecuting party as a result of such proceeding, by settlement or otherwise, shall be applied first to the prosecuting party, an amount equal to two times its costs and expenses of the litigation, with the remainder to be paid 80% to the prosecuting party and 20% to the other party.

 
ARTICLE 8
CONFIDENTIALITY AND PUBLICATIONS
 
	8.1	Confidentiality. To the extent allowed by law, both parties shall maintain in confidence and shall not disclose to any third party the Confidential Information received pursuant to this Agreement, without the prior written consent of the disclosing party except that the Confidential Information may be disclosed by either party only to those third parties (x) who have a need to know the information in connection with the exercise by either party of its rights under this Agreement and who agreed in writing to keep the information confidential to the same extent as is required of the parties under this Article 8.1, or (y) to whom either party is legally obligated to disclose the information. The foregoing obligation shall not apply to information which:
	 
	 

	 
	(a)	is, at the time of disclosure, publicly known or available to the public, provided that Information will not be deemed to be within the public domain merely because individual parts of such Information are found separately within the public domain, but only if all the material features comprising such Confidential Information are found in combination in the public domain;
	 
	 
	 

	 
	(b)	is known to recipient at the time of disclosure of such Confidential Information not under confidentiality provided that recipient promptly notifies disclosing party in writing of this prior knowledge within thirty (30) days of receipt;
	 
	 
	 

	 
	(c)	is hereafter furnished to recipient by a third party, as a matter of right and without restriction on disclosure, provided that recipient promptly notifies disclosing party in writing of this third party disclosure after receipt thereof;
	 
	 
	 

	 
	(d)	is made public by disclosing party;
	 
	 
	 

	 
	(e)	is disclosed with the written approval of either party;
	 
	 
	 

	 
	(f)	is the subject of a legally binding court order compelling disclosure, provided that recipient must give disclosing party notice of any request for disclosure pursuant to any legal proceeding, within two (2) days of receipt of such request by recipient, and recipient must cooperate with disclosing party in obtaining appropriate protective orders to preserve the confidentiality of the Confidential Information;

   
	 
	(g)	must be disclosed to comply with applicable laws, rules, regulations or rules of a securities exchange, provided that the party subject thereto uses reasonable efforts to minimize the scope of disclosure and to seek confidential treatment thereof.
	 
	 
	 

	 
	 
	Notwithstanding any provision to the contrary contained herein, it is recognized that UM is a public agency of the State of Mississippi and is subject to the Mississippi Public Records Act, §§25 61 1, et. seq., Miss. Code Ann. If a public records request is made for any Information provided to MISSISSIPPI pursuant to this agreement, UM shall promptly notify LICENSEE of such request. LICENSEE shall promptly institute appropriate legal proceedings to protect its Confidential Information. No Party to this agreement shall be liable to the other Party for disclosures of Confidential Information required by Court order or required by law.

  
	 
	License UM Nemus UM 5050 page 13 of 25
	
 
	 

 
	8.2	Publications. Should UM desire to disclose publicly, in writing or by oral presentation, Confidential Information related to the Licensed Technology, UM shall notify Licensee in writing of its intention at least ninety (90) days before such disclosure. UM shall include with such notice a description of the oral presentation or, in the case of a manuscript or other proposed written disclosure, a current draft of such written disclosure. If Licensee believes that an employee of Licensee that was a contributor to the disclosure should receive attribution, Licensee shall notify UM and Licensee and UM shall determine in good faith the scope and nature of the applicable attribution based on the Good Publication Practice Guidelines. Licensee may request UM, no later than ninety (90) days following the receipt of UM’s notice, to file a patent application, copyright or other filing related to such Invention. All such filings shall be subject to the provisions of Article 8.1 of this Agreement. Upon receipt of such request, UM shall arrange for a delay in publication, to permit filing of a patent or other application. Should Licensee reasonably determine that more than ninety (90) days is required in order to file any such patent information (including additional time required to perform additional research required for adequate patent disclosure), or, if Licensee reasonably determines that such Confidential Information cannot be adequately protected through patenting and such Confidential Information has commercial value as a trade secret, then publication or disclosure shall be postponed until the parties can mutually agree upon a reasonable way to proceed.
	 
	 

	8.3	Use of Name; Disclosure of Agreement. Neither Licensee nor UM shall directly or indirectly use the other party’s name, seal, logo, trademark, or service mark, or any adaptation of them, or the name of any trustee, officer or employee thereof, without that party’s prior written consent, or disclose the terms of this Agreement to third parties except that UM or Licensee may disclose this Agreement to any sublicenses or Affiliate and may disclose an accurate description of the terms of this Agreement to the extent required under federal or state securities, tax, grant administration, or other governmental disclosure laws, rules or regulations or rules of a securities exchange, provided that UM shall take steps to preserve the confidentiality of such information to the extent allowed by law.

   
ARTICLE 9
TERM AND TERMINATION
 
	9.1	Term. This Agreement and the licenses granted herein shall commence on the Effective Date and shall continue, subject to earlier termination under Articles 9.2 or 9.3 hereof, until the later of the expiration of the last to expire of the patents or patent applications within the Licensed Technology, or expiration of Licensee’s payment obligations under Section 3.2(g). Upon expiration of the term, Licensee shall have an irrevocable, perpetual, nonexclusive, royalty-free, worldwide license, with the right to grant sublicenses through multiple tiers, under the Licensed Technology, to develop, make, use, sell, offer for sale and import Product in the Field. 
	 
	 

	9.2	Termination by UM. Upon the occurrence of any of the events set forth below (“Events of Default”), UM shall have the right to terminate this Agreement by giving written notice of termination, such termination effective with the giving of such notice:

 
	 
	License UM Nemus UM 5050 page 14 of 25
	
 
	 

  
	 
	(a)	nonpayment of any material amount payable to UM that is continuing thirty (30) calendar days after UM gives Licensee written notice of such nonpayment;
	 
	 
	 

	 
	(b)	any material breach by Licensee of any covenant (other than a payment breach referred to in clause (a) above or a Development Plan breach referred to in section 9.3 below) or any representation or warranty contained in this Agreement that is continuing sixty (60) calendar days after UM gives Licensee written notice of such breach;
	 
	 
	 

	 
	(c)	Licensee fails to comply in any material respect with the terms of the license granted under Article 2 hereof and such noncompliance is continuing sixty (60) calendar days after UM gives Licensee notice of such noncompliance;
	 
	 
	 

	 
	(d)	Licensee becomes subject to a Bankruptcy Event;
	 
	 
	 

	 
	(e)	the dissolution or cessation of operations by Licensee;
	 
	 
	 

	 
	(f)	If after the first commercial sale of a Product and during the term of this Agreement, Licensee materially fails to make reasonable efforts to commercialize at least one (1) Product or fails to keep at least one (1) Product on the market after the first commercial sale for a continuous period of one (1) year, other than for reasons outside of Licensee’s control (e.g., action by regulatory authorities, or failure of a third party sublicensee to exploit a Product or successfully develop a market for a Product).
	 
	 
	 

	9.3	Development Plan. Licensee will provide UM with a Development Plan reasonably acceptable to UM within thirty (30) days of the Effective Date of this Agreement. Such Development Plan will be added to this Agreement as Appendix B. Licensee agrees to use commercially reasonable efforts to perform in accordance to the Development Plan. Subject to the terms set forth in this Section 9.3, including the applicable cure period, UM shall be entitled to terminate this Agreement if Licensee fails to meet the pre-established development milestones that are designated as “Critical Milestones” contained in the Development Plan. The milestones may be changed as agreed upon in advance in writing by both parties. UM shall give written notice of its decision to terminate this Agreement specifying a failure of the Development Plan Critical Milestones. Unless Licensee has remedied such failure or both parties have agreed, in writing, to a revised milestone schedule (which agreement will not be unreasonably withheld) within sixty (60) days after receipt of such notice, this Agreement will be deemed to terminate as of the expiration of such sixty (60) day period.

    
	9.4	Termination by Licensee. Licensee shall have the right to terminate this Agreement, at any time with or without cause, upon sixty (60) days’ written notice to the UM.
	 
	 

	9.5	Rights and Duties Upon Termination. Within thirty (30) days after termination (but not expiration) of this Agreement, each party shall return to the other party any Confidential Information of the other party. If terminated by Licensee the Licensee also shall return all Licensed Technology which is embodied in physical form to the UM promptly following the termination of this Agreement. In the event of an early termination of this Agreement, Licensee and its sub-licensees shall have the right to use or sell all the Product(s) on hand or in the process of manufacturing at the time of such early termination, provided that Licensee shall be obligated to pay to UM a royalty on such sales as set forth in this Agreement if, at that time there remains in existence any of UM’s Patents covering the transfer of such Product(s) and a royalty or other payment is payable pursuant to the terms of this Agreement. Within thirty (30) days after termination of this Agreement by the UM under Article 9.2 or by Licensee without Cause under Article 9.4, Licensee agrees:

	 
	License UM Nemus UM 5050 page 15 of 25
	
 
	 

 
	 
	(a)	to provide UM with copies of all results of research, development and marketing studies pertaining to the Products and Licensed Technology controlled by Licensee, its Affiliates or sublicensees;
	 
	 
	 

	 
	(b)	to provide UM an electronic and paper copy of any IND, NDA and any other documents and correspondence related to the Licensed Technology and Product(s) between Licensee and the Food and Drug Administration and other domestic and foreign government agencies controlled by Licensee, its Affiliates or sublicensees; and
	 
	 
	 

	 
	(c)	to provide UM with an electronic and paper copy of any and all patent and trademark documents and correspondence related to the Licensed Technology and Product(s) between Licensee and the U.S. Patent Office and foreign government equivalents to the extent owned by Licensee, its Affiliates, or sublicensees.
	 
	 
	 

	 
	(d)	UM shall own all right, title and interest in said research, development and marketing results as well as regulatory and intellectual property related applications submitted to all government agencies that is related to the Licensed Technology, Improvements, Patents, and Products owned by Licensee, its Affiliates, or sub-licensees. Licensee, its Affiliates or sub-licensees shall assign all such patents owned by Licensee, its Affiliates or sub-licensees in which UM is not an inventor to UM.
	 
	 
	 

	 
	(e)	to perform all acts deemed necessary or desirable by UM in its reasonable discretion to permit and assist it, at UM’s expense, in evidencing, perfecting, obtaining, maintaining, defending and enforcing UM’s ownership rights and/or any assignment with respect to inventions and patents to be assigned to UM pursuant to this Section 9.5 in any and all countries. Such acts may include, but are not limited to, execution of documents and assistance or cooperation in legal proceedings. Upon termination, Licensee, its Affiliates and sub-licensees herby irrevocably designates and appoints UM and its duly authorized officers and agents, as its agents and attorneys-in-fact to act for and in its behalf and instead of Licensee, its Affiliates and sub-licensees, to execute and file any documents and to do all other lawfully permitted acts to further the foregoing purposes with the same legal force and effect as if executed by Licensee, its Affiliates and sub-licensees.

   
	9.6	Provisions Surviving Termination. Licensee’s obligation to pay any royalties accrued but unpaid prior to termination of this Agreement shall survive such termination. Licensee shall owe UM royalties on sales when Licensee has received payments from a sub-licensee or Affiliate. In addition, all provisions required to interpret the rights and obligations of the parties arising prior to the termination date shall survive expiration or termination of this Agreement.

 
	 
	License UM Nemus UM 5050 page 16 of 25
	
 
	 

 
ARTICLE 10
MISCELLANEOUS
 
	10.1	Assignment. This Agreement and the rights and benefits conferred upon Licensee hereunder may not be transferred or assigned to any Person, directly or by merger, by sale or assignment of membership interests in Licensee, or by other operation of law, without the express written permission of UM, which permission will not be unreasonably withheld. Notwithstanding the requirement set forth in the preceding sentence, Licensee may assign or transfer its interests in this Agreement without written permission from UM in the following circumstances: an assignment in connection with the sale or transfer of all or substantially all of Licensee’s assets which relate to the development or use of the Licensed Technology or a Product(s) provided that the buyer or transferee can demonstrate to UM, in its reasonable discretion, that it is at least as financially stable as Licensee and following the sale or transfer would be as capable of performing its obligations under this Agreement as Licensee would be.
	 
	 

		Any prohibited assignment of this Agreement or the rights hereunder shall be null and void. No assignment shall relieve Licensee of responsibility for the performance of any accrued obligations which it has prior to such assignment. This Agreement shall inure to the benefit of permitted assigns of Licensee.
	 
	 

	10.2	No Waiver. A waiver by either party of a breach or violation of any provision of this Agreement will not constitute or be construed as a waiver of any subsequent breach or violation of that provision or as a waiver of any breach or violation of any other provision of this Agreement.
	 
	 

	10.3	Independent Contractor. Nothing herein shall be deemed to establish a relationship of principal and agent between UM and Licensee, nor any of their agents or employees for any purpose whatsoever. This Agreement shall not be construed as constituting UM and Licensee as partners, or as creating any other form of legal association or arrangement which could impose liability upon one party for the act or failure to act of the other party. No employees or staff of UM shall be entitled to any benefits applicable to employees of Licensee. Neither party shall be bound by the acts or conduct of the other party.
	 
	 

	10.4	Notices. Any notice under this Agreement shall be sufficiently given if sent in writing by prepaid, first class, certified or registered mail, return receipt requested, addressed as follows:

 
to UM, to:
 
University of Mississippi
P.O. Box 1848
100 Barr Hall
University, MS 38677
Attention: Allyson Best
Director, Office of Technology Commercialization
 
if to Licensee, to:
 
Emerald Bioscience, Inc.
130 North Marina Drive
Long Beach, CA 90803 
Attention: Brian Murphy
CEO
 
	 
	License UM Nemus UM 5050 page 17 of 25
	
 
	 

  
		or to such other addresses as may be designated from time to time by notice given in accordance with the terms of this Article.
	 
	 

	10.5	Entire Agreement. This Agreement, together with the attachments hereto, embodies the entire understanding between the parties relating to the subject matter hereof and supersedes all prior understandings and agreements, whether written or oral. This Agreement may not be modified or varied except by a written document signed by duly authorized representatives of both parties.
	 
	 

	10.6	Severability. In the event that any provision of this Agreement shall be held to be unenforceable, invalid or in contravention of applicable law, such provision shall be of no effect, the remaining portions of this Agreement shall continue in full force and effect, and the parties shall negotiate in good faith to replace such provision with a provision which effects to the extent possible the original intent of such provision.
	 
	 

	10.7	Force Majeure. In the event that either party’s performance of its obligations under this Agreement shall be prevented by any cause beyond its reasonable control, including without limitation acts of God, acts of government, shortage of material, accident, fire, delay or other disaster, provided that the effected party shall have used its reasonable best efforts to avoid or remove the cause of such nonperformance and to minimize the duration and negative affect of such nonperformance, then such effected party’s performance shall be excused and the time for performance shall be extended for the period of delay or inability to perform due to such occurrence. The affected party shall continue performance under this Agreement using its best efforts as soon as such cause is removed.
	 
	 

	10.8	Headings. Any headings and captions used in this Agreement are for convenience of reference only and shall not affect its construction or interpretation.
	 
	 

	10.9	No Third Party Benefits. Nothing in this Agreement, express or implied, is intended to confer on any person other than the parties hereto or their permitted assigns, any benefits, rights or remedies.
	 
	 

	10.10	Governing Law. This Agreement shall be construed in accordance with and governed by the internal laws of the State of Mississippi, excluding such state’s rules relating to conflicts of laws, and its form, execution, validity, construction and effect shall be determined in accordance with such internal laws.

 
	 
	License UM Nemus UM 5050 page 18 of 25
	
 
	 

    
	10.11	Counterparts. This Agreement shall become binding when any one or more counterparts hereof, individually or taken together, shall bear the signatures of each of the parties hereto. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original as against the party whose signature appears thereon, but all of which taken together shall constitute but one and the same instrument. Delivery of an executed counterpart of a signature page to this Agreement by e-mail shall be effective as delivery of a manually executed counterpart of this Agreement.
	 
	 

	10.12	Resolution of Disputes. In the event of any dispute, controversy or claim arising out of or relating to this Agreement, or to any breach hereof, the parties shall attempt first to resolve the dispute by good faith negotiation. If the parties are unable to reach agreement by negotiating in good faith within sixty (60) days of written assertion of a claim, they agree to try to settle the dispute by nonbinding mediation in accordance with the mediation rules of the American Arbitration Association (“AAA”). Such nonbinding mediation shall be undertaken on a confidential basis and shall take place in Oxford, Mississippi, unless the parties agree to an alternative location.

 
	10.13	Official Capacity. LICENSEE acknowledges that the individual executing this Agreement on behalf of the University of Mississippi is doing so only in his/her official capacity only, and to the extent that any provision contained in this Agreement exceeds his/her authority, LICENSEE agrees that it will not look to that individual in his/her personal capacity or otherwise seek to hold him/her individually liable for exceeding such authority

  SIGNATURES ON FOLLOWING PAGE
  	 
	License UM Nemus UM 5050 page 19 of 25
	
 
	 

 
IN WITNESS WHEREOF, the parties hereto have duly executed this Restated and Amended License Agreement as of the Effective Date.
 
UNIVERSITY OF MISSISSIPPI
 
_________________________________________________________________________________________
Allyson Best                                        Date
Office of Technology Commercialization, Office of Research & Sponsored Programs
 
Acknowledged by:
 
________________________________________________________________________________________
Mahmoud A. ElSohly, Ph.D.                                                                             Date
Research Professor, National Center for Natural Products Research
 
________________________________________________________________________________________
David D. Allen, Ph.D.                                                                                          Date
Executive Director, Research Institute of Pharmaceutical Sciences 
  
EMERALD BIOSCIENCE, INC.
 
_______________________________________________________________________________________
Brian Murphy                                                                                                       Date
Chief Executive Officer
  
	 
	License UM Nemus UM 5050 page 20 of 25
	
 
	 

 
APPENDIX A
 
PATENTS
 
UM 8930 Biologically Active Cannabidiol Analogs
 
	Pending:	US 16/073,766
	  
	  

	 
	EP 0744984
   
BR 11 2018 015570 5
  
CA 3013037
  
CO 3013037
  
AU 2017212651
  
JP 2018-539351
  
PE 1360-2018/DIN
  
ZA 2018/05747
  
KR 10-2018-7024768
  
MX /a/2018/009234 
  
NZ 745595
  
IL 2660817
   
IN 201847032088 

   	 
	License UM Nemus UM 5050 page 21 of 25
	
 
	 

 
APPENDIX B
 
DEVELOPMENT PLAN
 
 
 
 
 
 
 
 
 
 
 
  	 
	License UM Nemus UM 5050 page 22 of 25
	
 
	 

 
APPENDIX C 
UM RESPONSIBILITIES FOR KEEPING LICENSEE INFORMED
 
The Office of Technology Commercialization (“OTC”) at UM is responsible for managing the patent prosecution process for the Licensed Technology. The following procedure will be followed:
 
	 
	1.	Outside Patent Counsel (“OPC”) will be chosen by OTC; however, Licensee shall have an opportunity to recommend patent counsel, which OTC agrees to consider. OPC will notify OTC when an office action is received from the United States Patent and Trademark Office “USPTO”) or foreign counterpart and send a copy to OTC. If the office action is straightforward (e.g. very similar to a previously submitted response in another country, procedural formalities, or minor claim changes to be consistent with a country’s laws or preferred claim structure), OTC will ask patent counsel to draft a response/amendment for review by OTC and Licensee. OTC will send a copy of the office action to Licensee and to the Principal Investigator(s) at UM. If the office action requires a strategic discussion, OTC will offer a conference call between Licensee (and Licensee’s counsel if desired), OTC, the PI(s) and OPC. At any time, regardless of the complexity of the office action, Licensee may request a conference call to discuss the pending office action and OTC will set one up. The same procedures are used when dealing with prosecution timelines and deadlines (including but not limited to 30/31 month national entries on PCT applications and claim amendments following Search Reports).
	 
	 
	 

	 
	2.	OPC will send a “final” draft version of the response/amendment to OTC for review/approval. OTC will forward it to the PI(s), and ask for comments. This generally requires a quick turnaround time (e.g. 24 to 48 hours) depending on how many drafts have been exchanged.
	 
	 
	 

	 
	3.	OPC will file the response/amendment and send OTC a copy of the filed document, OTC will forward the document to the PI(s).
	 
	 
	 

	 
	4.	Improvements to the patented pending technology will be documented in accordance with UM’s Patent and Invention Policy by researchers using OTCs Research Disclosure Form. OTC will send a copy of the Research Disclosure Form to Licensee. The disclosure will be sent to OPC for review and a conference call will be set up with OTC, Licensee (and Licensee’s counsel if desired), the PI(s) (and other researchers as appropriate) and the OPC to discuss strategies of incorporating Improvements.
	 
	 
	 

	 
	5.	When OPC receives a notice of allowance for the pending claims, OPC will send the notice to OTC. OTC will forward the notice to the PI(s). OTC will ask Licensee and the PI(s) if there are any Improvements that need to be considered for incorporation before the patent issues (typically 3 to 6 weeks). OTC will ask Licensee and the PI if the issue fee should be paid or if the claims should be further amended.
	 
	 
	 

	 
	6.	OTC will send Licensee a monthly IP report, usually the first week of every month, detailing known information on all issued and pending patents. If applicable, the report will include a status item for every docket, as well as timelines for any pending deadlines with a country’s patent office. Estimates for each action item will be included if they are available from OPC.

 
In all of the above, final prosecution decisions rest with OTC, however the wishes of Licensee and the PI(s) will be given serious consideration. In addition, Licensee is advised that on occasion the OPC (no matter which OPC OTC uses) will fail to provide OTC with timely notice of actions needed during prosecution negating some of the above steps. In such cases OTC will notify Licensee and the PIs of the situation and will respond as quickly as needed to meet required deadlines. 
  	 
	License UM Nemus UM 5050 page 23 of 25
	
 
	 

 
APPENDIX D
 
Example Sales and Royalty Report
 
Licensee: ___________________________                    UM Agreement ID: _____________________
 
Period Covered:                                           through_______________________
 
Prepared by:                                                                               Date: _______________________
 
(Company Representative)
 
Approved by:                                                                           Date: _______________________
 
(Company Representative)
 
If license agreement covers several major product lines, please prepare a separate report for each line. Then combine all product lines into a summary report.
 
	Report Type:
	 ̈
	Single Product or Process Line Report: _________________________

	 
	 
	 

	 
	 
	(product name)

	 
	 
	 

	 
	 ̈
	Multiproduct Summary Report, Page ____ of ____

	 
	 
	 

	Other Compensation: 
	 ̈
	Annual Payments, milestones, or other fees & compensation

	 
	 
	 

	 
	 
	Details: ____________________

	 
	 
	 

	 
	 
	Amount Due: ______________________

	 
	  
	 

	 
	 ̈
	No Compensation of Royalty Due this Period

	 
	  
	 

	 
	 
	Reason: _____________________

   	 
	License UM Nemus UM 5050 page 24 of 25
	
 
	 

  
	Country
  
	Quantity Produced
  
	Quantity Sold
  
	Gross Sales ($)
  
	*Net Sales ($)
  
	Royalty Rate
  
	Conversion Rate (if applicable)
  
	Royalty Due this Period
  

	USA
							 

	Canada
							 

	Japan
							 

	Other:
							
	   							
	   							
	   							 

	TOTAL:
							

 
* To calculate net sales, use the following space to list separately the specific types of allowed deductions under the license agreement and the corresponding amounts: _____________________________________________________________________________
 
Then calculate the final Net Sales amount by subtracting these amounts from Gross Sales, and note in the column above.
  
	 
	License UM Nemus UM 5050 page 25 of 25Exhibit 10.1

  EXECUTION VERSION

  
    

    

    

    

  

  

  CREDIT AGREEMENT

  dated as of

  May 28, 2019

  among

  KINSALE CAPITAL GROUP, INC.

  The Lenders Party Hereto

  JPMORGAN CHASE BANK, N.A.

      as Administrative Agent

  and

  

  

  SUNTRUST BANK

      as Syndication Agent

  _______________________________

  JPMORGAN CHASE BANK, N.A.

      as Sole Bookrunner and Sole Lead Arranger

  
    

    

  

  

  

    
      

      
        

      

    

    

    

    TABLE OF CONTENTS

    Page

  

  	
          ARTICLE I Definitions

        	
          1

        
	 	 	 	 
	 	
          SECTION 1.01

        	
          Defined Terms

        	
          1

        
	 	
          SECTION 1.02

        	
          Classification of Loans and Borrowings

        	
          21

        
	 	
          SECTION 1.03

        	
          Terms Generally

        	
          21

        
	 	
          SECTION 1.04

        	
          Accounting Terms; GAAP; Pro Forma Calculations

        	
          22

        
	 	
          SECTION 1.05

        	
          Interest Rates; LIBOR Notification

        	
          22

        
	 	
          SECTION 1.06

        	
          Status of Obligations

        	
          23

        
	 	 
	
          ARTICLE II The Credits

        	
          23

        
	 	 	 	 
	 	
          SECTION 2.01

        	
          Commitments

        	
          23

        
	 	
          SECTION 2.02

        	
          Loans and Borrowings

        	
          23

        
	 	
          SECTION 2.03

        	
          Requests for Revolving Borrowings

        	
          24

        
	 	
          SECTION 2.04

        	
          Intentionally Omitted

        	
          25

        
	 	
          SECTION 2.05

        	
          Intentionally Omitted

        	
          25

        
	 	
          SECTION 2.06

        	
          Letters of Credit

        	
          25

        
	 	
          SECTION 2.07

        	
          Funding of Borrowings

        	
          29

        
	 	
          SECTION 2.08

        	
          Interest Elections

        	
          29

        
	 	
          SECTION 2.09

        	
          Termination and Reduction of Commitments

        	
          30

        
	 	
          SECTION 2.10

        	
          Repayment of Loans; Evidence of Debt

        	
          31

        
	 	
          SECTION 2.11

        	
          Prepayment of Loans

        	
          31

        
	 	
          SECTION 2.12

        	
          Fees

        	
          32

        
	 	
          SECTION 2.13

        	
          Interest

        	
          33

        
	 	
          SECTION 2.14

        	
          Alternate Rate of Interest

        	
          33

        
	 	
          SECTION 2.15

        	
          Increased Costs

        	
          34

        
	 	
          SECTION 2.16

        	
          Break Funding Payments

        	
          36

        
	 	
          SECTION 2.17

        	
          Taxes

        	
          36

        
	 	
          SECTION 2.18

        	
          Payments Generally; Pro Rata Treatment; Sharing of Setoffs

        	
          40

        
	 	
          SECTION 2.19

        	
          Mitigation Obligations; Replacement of Lenders

        	
          41

        
	 	
          SECTION 2.20

        	
          Expansion Option

        	
          42

        
	 	
          SECTION 2.21

        	
          Defaulting Lenders

        	
          43

        
	 	
          SECTION 2.22

        	
          Extension of Maturity Date

        	
          45

        
	 	 
	
          ARTICLE III Representations and Warranties

        	
          47

        
	 	 	 	 
	 	
          SECTION 3.01

        	
          Organization; Powers; Subsidiaries

        	
          47

        
	 	
          SECTION 3.02

        	
          Authorization; Enforceability

        	
          47

        
	 	
          SECTION 3.03

        	
          Governmental Approvals; No Conflicts

        	
          47

        
	 	
          SECTION 3.04

        	
          Financial Condition; No Material Adverse Change

        	
          48

        
	 	
          SECTION 3.05

        	
          Properties

        	
          48

        
	 	
          SECTION 3.06

        	
          Litigation and Environmental Matters

        	
          49

        
	 	
          SECTION 3.07

        	
          Compliance with Laws and Agreements

        	
          49

        
	 	
          SECTION 3.08

        	
          Investment Company Status

        	
          49

        
	 	
          SECTION 3.09

        	
          Taxes

        	
          49

        
	 	
          SECTION 3.10

        	
          ERISA

        	
          49

        
	 	
          SECTION 3.11

        	
          Disclosure

        	
          49

        
	 	
          SECTION 3.12

        	
          Liens

        	
          50

        
	 	
          SECTION 3.13

        	
          No Default

        	
          50

        
	 	
          SECTION 3.14     

            

        	
          Insurance Licenses

        	
          50

        

  
    
      

      

    

    
      

    
      Table of Contents

          (continued)

      Page

    

  

  

  

  

  

  	 	
          SECTION 3.15

        	
          Subsidiaries

        	
          50

        
	 	
          SECTION 3.16

        	
          Anti-Corruption Laws and Sanctions

        	
          50

        
	 	
          SECTION 3.17

        	
          EEA Financial Institutions

        	
          50

        
	 	
          SECTION 3.18

        	
          Insurance Business

        	
          50

        
	 	
          SECTION 3.19

        	
          Margin Regulations

        	
          51

        
	 	
          SECTION 3.20

        	
          Solvency

        	
          51

        
	 	 
	
          ARTICLE IV Conditions

        	
          51

        
	 	 	 	 
	 	
          SECTION 4.01

        	
          Effective Date

        	
          51

        
	 	
          SECTION 4.02

        	
          Each Credit Event

        	
          52

        
	 	 
	
          ARTICLE V Affirmative Covenants

        	
          53

        
	 	 	 	 
	 	
          SECTION 5.01

        	
          Financial Statements and Other Information

        	
          53

        
	 	
          SECTION 5.02

        	
          Notices of Material Events

        	
          55

        
	 	
          SECTION 5.03

        	
          Existence; Conduct of Business

        	
          55

        
	 	
          SECTION 5.04

        	
          Payment of Obligations

        	
          56

        
	 	
          SECTION 5.05

        	
          Maintenance of Properties; Insurance

        	
          56

        
	 	
          SECTION 5.06

        	
          Books and Records; Inspection Rights

        	
          56

        
	 	
          SECTION 5.07

        	
          Compliance with Laws and Material Contractual Obligations

        	
          56

        
	 	
          SECTION 5.08

        	
          Use of Proceeds

        	
          56

        
	 	 
	
          ARTICLE VI Negative Covenants

        	
          57

        
	 	 	 	 
	 	
          SECTION 6.01

        	
          Indebtedness

        	
          57

        
	 	
          SECTION 6.02

        	
          Liens

        	
          59

        
	 	
          SECTION 6.03

        	
          Fundamental Changes

        	
          61

        
	 	
          SECTION 6.04

        	
          Dispositions

        	
          62

        
	 	
          SECTION 6.05

        	
          Investments, Loans, Advances, Guarantees and Acquisitions

        	
          63

        
	 	
          SECTION 6.06

        	
          Swap Agreements

        	
          65

        
	 	
          SECTION 6.07

        	
          Transactions with Affiliates

        	
          65

        
	 	
          SECTION 6.08

        	
          Restricted Payments

        	
          65

        
	 	
          SECTION 6.09

        	
          Restrictive Agreements

        	
          66

        
	 	
          SECTION 6.10

        	
          Subordinated Indebtedness and Amendments to Subordinated Indebtedness Documents

        	
          66

        
	 	
          SECTION 6.11

        	
          Sale and Leaseback Transactions

        	
          67

        
	 	
          SECTION 6.12     

            

        	
          Financial Covenants

        	
          67

        
	 	 
	
          ARTICLE VII Events of Default

        	
          68

        
	 	 	 	 
	 	
          SECTION 7.01

        	
          Events of Default

        	
          68

        
	 	
          SECTION 7.02

        	
          Remedies Upon an Event of Default

        	
          70

        
	 	 
	
          ARTICLE VIII The Administrative Agent

        	
          70

        
	 	 	 	 
	 	
          SECTION 8.01

        	
          Authorization and Action

        	
          70

        
	 	
          SECTION 8.02

        	
          Administrative Agent’s Reliance, Indemnification, Etc

        	
          73

        
	 	
          SECTION 8.03

        	
          Posting of Communications

        	
          74

        
	 	
          SECTION 8.04

        	
          The Administrative Agent Individually

        	
          75

        

  

  

  
    
      

      

    

    
      

    
      Table of Contents

          (continued)

      Page

    

  

  

  

  

  

  	 	
          SECTION 8.05

        	
          Successor Administrative Agent

        	
          75

        
	 	
          SECTION 8.06

        	
          Acknowledgements of Lenders and Issuing Bank

        	
          76

        
	 	
          SECTION 8.07

        	
          Certain ERISA Matters

        	
          76

        
	 	 
	
          ARTICLE IX Miscellaneous

        	
          78

        
	 	 	 	 
	 	
          SECTION 9.01

        	
          Notices

        	
          78

        
	 	
          SECTION 9.02

        	
          Waivers; Amendments

        	
          79

        
	 	
          SECTION 9.03

        	
          Expenses; Indemnity; Damage Waiver

        	
          81

        
	 	
          SECTION 9.04

        	
          Successors and Assigns

        	
          83

        
	 	
          SECTION 9.05

        	
          Survival

        	
          86

        
	 	
          SECTION 9.06

        	
          Counterparts; Integration; Effectiveness; Electronic Execution

        	
          87

        
	 	
          SECTION 9.07

        	
          Severability

        	
          87

        
	 	
          SECTION 9.08

        	
          Right of Setoff

        	
          87

        
	 	
          SECTION 9.09

        	
          Governing Law; Jurisdiction; Consent to Service of Process

        	
          88

        
	 	
          SECTION 9.10     

            

        	
          WAIVER OF JURY TRIAL

        	
          88

        
	 	
          SECTION 9.11

        	
          Headings

        	
          89

        
	 	
          SECTION 9.12

        	
          Confidentiality

        	
          89

        
	 	
          SECTION 9.13

        	
          USA PATRIOT Act

        	
          90

        
	 	
          SECTION 9.14

        	
          Interest Rate Limitation

        	
          90

        
	 	
          SECTION 9.15

        	
          No Fiduciary Duty, etc

        	
          90

        
	 	
          SECTION 9.16

        	
          Acknowledgement and Consent to Bail-In of EEA Financial Institutions

        	
          91

        

  

  

  
    
      

      

    

    
      

    
      Table of Contents

          (continued)

      Page

    

  

  

  

  	
          SCHEDULES:

        
	 
	
          Schedule 2.01 – Commitments

        
	
          Schedule 3.06 – Disclosed Matters

        
	
          Schedule 3.15 – Subsidiaries

        
	
          Schedule 6.01 – Indebtedness

        
	
          Schedule 6.02 – Existing Liens

        
	
          Schedule 6.04 – Existing Investments

        
	
          Schedule 6.09 – Existing Restrictions

        
	 
	
          EXHIBITS:

        
	 
	
          Exhibit A – Form of Assignment and Assumption

        
	
          Exhibit B – Reserved

        
	
          Exhibit C – Form of Increasing Lender Supplement

        
	
          Exhibit D – Form of Augmenting Lender Supplement

        
	
          Exhibit E – List of Closing Documents

        
	
          Exhibit F – Reserved

        
	
          Exhibit G-1 – Form of U.S. Tax Certificate (Foreign Lenders That Are Not Partnerships)

        
	
          Exhibit G-2 – Form of U.S. Tax Certificate (Foreign Participants That Are Not Partnerships)

        
	
          Exhibit G-3 – Form of U.S. Tax Certificate (Foreign Participants That Are Partnerships)

        
	
          Exhibit G-4 – Form of U.S. Tax Certificate (Foreign Lenders That Are Partnerships)

        
	
          Exhibit H-1 – Form of Borrowing Request

        
	
          Exhibit H-2 – Form of Interest Election Request

        
	
          Exhibit I – Form of Compliance Certificate

        
	 

  

  

  

  

  
    
      

      

    

    
      

    
      

      

    

  

  CREDIT AGREEMENT (this “Agreement”)

      dated as of May 28, 2019 among KINSALE CAPITAL GROUP, INC., the LENDERS from time to time party hereto, JPMORGAN CHASE BANK, N.A., as Administrative Agent and SUNTRUST BANK, as Syndication Agent.

  The parties hereto agree as follows:

  ARTICLE I

  Definitions

  SECTION 1.01          Defined Terms.  As used in this Agreement, the following terms have the meanings specified below:

  “ABR” when used in
      reference to any Loan or Borrowing, refers to such Loan, or the Loans comprising such Borrowing, bearing interest at a rate determined by reference to the Alternate Base Rate.

   “Additional Commitment Lender”
      has the meaning assigned to such term in Section 2.22(d).

  “Adjusted LIBO Rate”
      means, with respect to any Eurodollar Borrowing for any Interest Period, an interest rate per annum (rounded upwards, if necessary, to the next 1/100 of 1%) equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve
      Rate.

  “Administrative Agent”
      means JPMorgan Chase Bank, N.A., in its capacity as administrative agent for the Lenders hereunder.

  “Administrative Questionnaire”
      means an Administrative Questionnaire in a form supplied by the Administrative Agent.

  “Affiliate” means, with
      respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified.

  “Aggregate Commitment”
      means the aggregate of the Commitments of all of the Lenders, as reduced or increased from time to time pursuant to the terms and conditions hereof.  The initial Aggregate Commitment as of the Effective Date is $50,000,000.

  “Agreement” has the
      meaning assigned to such term in the introductory paragraph.

  “Alternate Base Rate”
      means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the NYFRB Rate in effect on such day plus 1⁄2 of 1% and (c) the Adjusted LIBO Rate for a one month Interest Period in Dollars on such day (or if
      such day is not a Business Day, the immediately preceding Business Day) plus 1%, provided that for the purpose of this definition, the Adjusted LIBO Rate for any day
      shall be based on the LIBO Screen Rate (or if the LIBO Screen Rate is not available for such one month Interest Period, the Interpolated Rate) at approximately 11:00 a.m. London time on such day.  Any change in the Alternate Base Rate due to a change
      in the Prime Rate, the NYFRB Rate or the Adjusted LIBO Rate shall be effective from and including the effective date of such change in the Prime Rate, the NYFRB Rate or the Adjusted LIBO Rate, respectively.  If the Alternate Base Rate is being used
      as an alternate rate of interest pursuant to Section 2.14, then the Alternate Base Rate shall be the greater of clauses (a) and (b) above and shall be

  
    
      

      

    

    
      

    
      

      

    

  

  
  

  

  determined without reference to clause (c) above.  For the avoidance of doubt, if the Alternate Base Rate as determined pursuant
      to the foregoing would be less than 1.00%, such rate shall be deemed to be 1.00% for purposes of this Agreement.

  “A.M. Best Company” means
      A.M. Best Company, Inc., and any successor thereto.

  “Anti-Corruption Laws”
      means all laws, rules, and regulations of any jurisdiction applicable to the Borrower or any of its Subsidiaries from time to time concerning or relating to bribery or corruption.

  “Applicable Insurance Regulatory
          Authority” means, when used with respect to any Regulated Insurance Company, (a) the insurance department or similar Governmental Authority located in the state or jurisdiction (domestic or foreign) in which such Regulated Insurance
      Company is domiciled or (b) to the extent asserting regulatory jurisdiction over such Regulated Insurance Company, the insurance department, authority or agency in each state or jurisdiction (domestic or foreign) in which such Regulated Insurance
      Company is licensed, and shall include any federal or national insurance regulatory department, authority or agency that may be created and that asserts insurance regulatory jurisdiction over such Regulated Insurance Company.

  “Applicable Party” has the
      meaning assigned to such term in Section 8.03(c).

  “Applicable Percentage”
      means, with respect to any Lender, the percentage of the Aggregate Commitment represented by such Lender’s Commitment; provided that, in the case of Section 2.21
      when a Defaulting Lender shall exist, “Applicable Percentage” shall mean the percentage of the Aggregate Commitment (disregarding any Defaulting Lender’s Commitment) represented by such Lender’s Commitment.  If the Commitments have terminated or
      expired, the Applicable Percentages shall be determined based upon the Commitments most recently in effect, giving effect to any assignments and to any Lender’s status as a Defaulting Lender at the time of determination.

  “Applicable Rate” means,
      for any day, with respect to any Eurodollar Loan or any ABR Loan or with respect to the commitment fees payable hereunder, as the case may be, the applicable rate per annum set forth below under the caption “Eurodollar Spread”, “ABR Spread” or
      “Commitment Fee Rate”, as the case may be:

  	
          Eurodollar Spread

        	
          ABR Spread

        	
          Commitment Fee Rate

        
	
          1.75%

        	
          0.75%

        	
          0.25%

        

  

  

  “Approved Electronic Platform”
      has the meaning assigned to such term in Section 8.03(a).

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

  “Arranger” means JPMorgan
      Chase Bank, N.A. in its capacity as sole bookrunner and sole lead arranger hereunder.

  “Assignment and Assumption”
      means an assignment and assumption agreement entered into by a Lender and an assignee (with the consent of any party whose consent is required by Section 9.04), and accepted by the Administrative Agent, in the form of Exhibit A or any other form (including electronic records generated by the use of an electronic platform) approved by the Administrative Agent.

  
    
      

      

    

    2

    
      

    
      

      

    

  

  

  

  “Augmenting Lender” has
      the meaning assigned to such term in Section 2.20.

  “Availability Period”
      means the period from and including the Effective Date to but excluding the earlier of the Maturity Date and the date of termination of the Commitments.

  “Available Revolving Commitment”
      means, at any time with respect to any Lender, the Commitment of such Lender then in effect minus the Revolving Credit Exposure of such Lender at such time.

  “Bail-In Action” means the
      exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution.

  “Bail-In Legislation”
      means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described
      in the EU Bail-In Legislation Schedule.

   “Bankruptcy Event” means,
      with respect to any Person, such Person becomes the subject of a voluntary or involuntary bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar
      Person charged with the reorganization or liquidation of its business appointed for it, or, in the good faith determination of the Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or
      acquiescence in, any such proceeding or appointment or has had any order for relief in such proceeding entered in respect thereof; provided that a Bankruptcy Event shall not result solely by virtue of any ownership interest, or the acquisition of any
      ownership interest, in such Person by a Governmental Authority or instrumentality thereof, unless such ownership interest results in or provides such Person with immunity from the jurisdiction of courts within the United States or from the
      enforcement of judgments or writs of attachment on its assets or permits such Person (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person.

  “Beneficial Ownership Certification”
      means a certification regarding beneficial ownership or control as required by the Beneficial Ownership Regulation.

  “Beneficial Ownership Regulation”
      means 31 C.F.R. § 1010.230.

  “Benefit Plan” means any
      of (a) an “employee benefit plan” (as defined in Section 3(3) of ERISA) that is subject to Title I of ERISA, (b) a “plan” as defined in Section 4975 of the Code to which Section 4975 of the Code applies, and (c) any Person whose assets include (for
      purposes of the Plan Asset Regulations or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”.

  “Board” means the Board of
      Governors of the Federal Reserve System of the United States of America.

  “Borrower” means Kinsale
      Capital Group, Inc. a Delaware corporation.

  “Borrowing” means
      Revolving Loans of the same Type, made, converted or continued on the same date and, in the case of Eurodollar Loans, as to which a single Interest Period is in effect.

  
    
      

      

    

    3

    
      

    
      

      

    

  

  

  

  “Borrowing Request” means
      a request by the Borrower for a Borrowing in accordance with Section 2.03, which shall be substantially in the form attached hereto as Exhibit H-1 or any other form
      approved by the Administrative Agent in its reasonable discretion.

   “Business Day” means any
      day that is not a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by law to remain closed; provided that, when
      used in connection with a Eurodollar Loan, the term “Business Day” shall also exclude any day on which banks are not open for dealings in Dollars in the London
      interbank market.

  “Capital Lease Obligations”
      of any Person means the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified
      and accounted for as capital leases or financing leases on a balance sheet of such Person under GAAP, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP; provided, however, all obligations of any Person that are or would have been treated as operating leases (including
      for avoidance of doubt, any network lease or any operating indefeasible right of use) for purposes of GAAP prior to the issuance by the Financial Accounting Standards Board on February 25, 2016 of an Accounting Standards Update (the “ASU”) shall continue to be accounted for as operating leases for purposes of all financial definitions and calculations for purpose of this Agreement (whether or not such
      operating lease obligations were in effect on such date) notwithstanding the fact that such obligations are required in accordance with the ASU (on a prospective or retroactive basis or otherwise) to be treated as Capital Lease Obligations in the
      financial statements to be delivered pursuant to Section 5.01(a) and Section 5.01(b).

  “Change in Control” means
      (a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or group (within the meaning of the Securities Exchange Act of 1934 and the rules of the SEC thereunder as in effect on the date hereof) of shares
      representing more than 35% of the aggregate ordinary voting power represented by the issued and outstanding capital stock of the Borrower; or (b) occupation at any time of a majority of the seats (other than vacant seats) on the board of directors of
      the Borrower by Persons who were not (i) directors of the Borrower on the date of this Agreement or (ii) nominated or appointed by the board of directors of the Borrower (or appointed by directors so nominated or appointed).

  “Change in Law” means the
      occurrence, after the date of this Agreement (or with respect to any Lender or Administrative Agent, if later, the date on which such Lender becomes a Lender or such Administrative Agent becomes an Administrative Agent), of any of the following:  (a)
      the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Authority, or (c)
      compliance by any Lender or Issuing Bank (or, for purposes of Section 2.15(b), by any lending office of such Lender or by such Lender’s or Issuing Bank’s holding company, if any) with any request, rules, guideline, requirement or directive (whether
      or not having the force of law) of any Governmental Authority made or issued after the date of this Agreement; provided however, that notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act
      and all requests, rules, guidelines, requirements and directives thereunder, issued in connection therewith or in implementation thereof, and (ii) all requests, rules, guidelines, requirements and directives promulgated by the Bank for International
      Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”
      regardless of the date enacted, adopted, issued or implemented.

  “Charges” has the meaning
      assigned to such term in Section 9.14.

  
    
      

      

    

    4

    
      

    
      

      

    

  

  

  

  “Code” means the Internal
      Revenue Code of 1986, as amended.

  “Commitment” means, with
      respect to each Lender, the amount set forth on Schedule 2.01 opposite such Lender’s name under the heading “Commitment”, or in the Assignment and Assumption or
      other documentation or record (as such term is defined in Section 9-102(a)(70) of the New York Uniform Commercial Code) contemplated hereby pursuant to which such Lender shall have assumed its Commitment, as applicable, and giving effect to (a) any
      reduction in such amount from time to time pursuant to Section 2.09, (b) any increase from time to time pursuant to Section 2.20 and (c) any reduction or increase in such amount from time to time pursuant to assignments by or to such Lender pursuant
      to Section 9.04; provided that at no time shall the Revolving Credit Exposure of any Lender exceed its Commitment.

  “Commodity Exchange Act”
      means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute.

  “Communications” means,
      collectively, any notice, demand, communication, information, document or other material provided by or on behalf of the Borrower pursuant to any Loan Document or the transactions contemplated therein which is distributed by the Administrative Agent,
      any Lender or the Issuing Bank by means of electronic communications pursuant to Section 8.03(c), including through an Approved Electronic Platform.

  “Connection Income Taxes”
      means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes.

   “Consolidated Net Income”
      means, with reference to any period, the net income (or loss) of the Borrower and its Subsidiaries calculated in accordance with GAAP on a consolidated basis (without duplication) for such period; provided that there shall be excluded any income (or loss) of any Person other than the Borrower or a Subsidiary, but any such income so excluded may be included in such period or any later period to the extent of
      any cash dividends or distributions actually paid in the relevant period to the Borrower or any wholly-owned Subsidiary of the Borrower.

  “Consolidated Net Worth”
      means, as of any date of determination, the Net Worth of the Borrower and its Subsidiaries determined on a consolidated basis in accordance with GAAP after appropriate deduction for any minority interests in Subsidiaries.

   “Control” means the
      possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise.  “Controlled” has the meaning correlative
      thereto.

  “Credit Event” means a
      Borrowing, the issuance of a Letter of Credit, an LC Disbursement or any of the foregoing.

  “Credit Party” means the
      Administrative Agent, the Issuing Bank or any other Lender.

  “Default” means any event
      or condition which constitutes an Event of Default or which upon notice, lapse of time or both would, unless cured or waived, become an Event of Default.

  “Defaulting Lender” means
      any Lender that (a) has failed, within two (2) Business Days of the date required to be funded or paid, to (i) fund any portion of its Loans, (ii) fund any portion of its participations in Letters of Credit or (iii) pay over to any Credit Party any
      other amount required to be paid by it hereunder, unless, in the case of clause (i) above, such Lender notifies the Administrative Agent

  
    
      

      

    

    5

    
      

    
      

      

    

  

  

  

  in writing that such failure is the result of such Lender’s good faith determination that a condition precedent to funding
      (specifically identified and including the particular default, if any) has not been satisfied, (b) has notified the Borrower or any Credit Party in writing, or has made a public statement to the effect, that it does not intend or expect to comply
      with any of its funding obligations under this Agreement (unless such writing or public statement indicates that such position is based on such Lender’s good faith determination that a condition precedent (specifically identified and including the
      particular default, if any) to funding a Loan under this Agreement cannot be satisfied) or generally under other agreements in which it commits to extend credit, (c) has failed, within three (3) Business Days after request by a Credit Party, acting
      in good faith, to provide a certification in writing from an authorized officer of such Lender that it will comply with its obligations to fund prospective Loans and participations in then outstanding Letters of Credit under this Agreement, provided
      that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon such Credit Party’s receipt of such certification in form and substance satisfactory to it and the Administrative Agent, or (d) has become the subject of (i) a
      Bankruptcy Event or (ii) a Bail-In Action.

  “Disclosed Matters” means
      the actions, suits and proceedings and other matters disclosed in the Borrower’s Report on Form 10-K filed with the SEC for the annual period ending December 31, 2018 and on Form 10-Q filed with the SEC for the quarterly period ending March 31, 2019,
      and as disclosed on Schedule 3.06.

  “Disposition” or “Dispose” means the sale, transfer, license, lease or other disposition (in one transaction or in a series of transactions and whether effected pursuant to a Division or
      otherwise) of any property by any Person (including any Sale and Leaseback Transaction and any issuance of Equity Interests by a Subsidiary of such Person), including any sale, assignment, transfer or other disposal, with or without recourse, of any
      notes or accounts receivable or any rights and claims associated therewith.

   “Dividing Person” has the
      meaning assigned to such term in the definition of “Division”.

  “Division” means the
      division of the assets, liabilities and/or obligations of a Person (the “Dividing Person”) among two or more Persons (whether pursuant to a “plan of division” or
      similar arrangement), which may or may not include the Dividing Person and pursuant to which the Dividing Person may or may not survive.

  “Division Successor” means
      any Person that, upon the consummation of a Division of a Dividing Person, holds all or any portion of the assets, liabilities and/or obligations previously held by such Dividing Person immediately prior to the consummation of such Division.  A
      Dividing Person which retains any of its assets, liabilities and/or obligations after a Division shall be deemed a Division Successor upon the occurrence of such Division.

  “Dollars” or “$” refers to lawful money of the United States of America.

   “ECP” means an “eligible
      contract participant” as defined in Section 1(a)(18) of the Commodity Exchange Act or any regulations promulgated thereunder and the applicable rules issued by the Commodity Futures Trading Commission and/or the SEC.

  “EEA Financial Institution”
      means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution
      described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision
      with its parent.

  
    
      

      

    

    6

    
      

    
      

      

    

  

  

  

  “EEA Member Country” means
      any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

  “EEA Resolution Authority”
      means any public administrative authority or any Person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

  “Effective Date” means the
      date on which the conditions specified in Section 4.01 are satisfied (or waived in accordance with Section 9.02).

  “Electronic Signature”
      means an electronic sound, symbol, or process attached to, or associated with, a contract or other record and adopted by a Person with the intent to sign, authenticate or accept such contract or record.

  “Environmental Laws” means
      all laws, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions, or notices issued, promulgated or entered into by any Governmental Authority, relating in any way to the environment, preservation or reclamation of natural
      resources or the management, release or threatened release of any Hazardous Material.

  “Environmental Liability”
      means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the Borrower or any Subsidiary directly or indirectly resulting from or based upon
      (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous
      Materials into the environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing.

  “Equity Interests” means
      shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder
      thereof to purchase or acquire any of the foregoing; provided that “Equity Interests” shall not include Indebtedness for borrowed money which is convertible into
      Equity Interests.

  “ERISA” means the Employee
      Retirement Income Security Act of 1974, as amended from time to time, and the rules and regulations promulgated thereunder.

  “ERISA Affiliate” means
      any trade or business (whether or not incorporated) that, together with the Borrower, is treated as a single employer under Section 414(b) or (c) of the Code or Section 4001(14) of ERISA or, solely for purposes of Section 302 of ERISA and Section 412
      of the Code, is treated as a single employer under Section 414 of the Code.

  “ERISA Event” means
      (a) any “reportable event”, as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the 30 day notice period is waived); (b) the failure to satisfy the “minimum funding standard”
      (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived; (c) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with respect to
      any Plan; (d) the incurrence by the Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by the Borrower or any ERISA Affiliate from the PBGC or a plan
      administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (f) the incurrence by the Borrower or any of its ERISA Affiliates of any liability with respect to the withdrawal

  
    
      

      

    

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  or partial withdrawal of the Borrower or any of its ERISA Affiliates from any Plan or Multiemployer Plan; or (g) the receipt by
      the Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the Borrower or any ERISA Affiliate of any notice, concerning the imposition upon the Borrower or any of its ERISA Affiliates of Withdrawal Liability or
      a determination that a Multiemployer Plan is, or is expected to be, insolvent, within the meaning of Title IV of ERISA.

  “EU Bail-In Legislation Schedule”
      means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in effect from time to time.

  “Eurodollar” when used in
      reference to any Loan or Borrowing, means that such Loan, or the Loans comprising such Borrowing, bears interest at a rate determined by reference to the Adjusted LIBO Rate.

  “Event of Default” has the
      meaning assigned to such term in Section 7.01.

   “Excluded Taxes” means
      any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits
      Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any
      political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan,
      Letter of Credit or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan, Letter of Credit or Commitment (other than pursuant to an assignment request by the Borrower under Section 2.19(b)) or
      (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 2.17, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender acquired the applicable
      interest in a Loan, Letter of Credit or Commitment or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such Recipient’s failure to comply with Section 2.17(f) and (d) any withholding Taxes imposed under
      FATCA.

  “Existing Maturity Date”
      has the meaning assigned to such term in Section 2.22(a).

  “Extending Lender” has the
      meaning assigned to such term in Section 2.22(b).

  “Extension Date” has the
      meaning assigned to such term in Section 2.22(a).

  “Extension Date” has the
      meaning specified in Section 2.22(b).

  “FATCA” means
      Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official
      interpretations thereof, any agreement entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental
      Authorities and implementing such Sections of the Code.

  “Federal Funds Effective Rate”
      means, for any day, the rate calculated by the NYFRB based on such day’s federal funds transactions by depositary institutions, as determined in such manner as the NYFRB shall set forth on its public website from time to time, and published on the
      next succeeding Business Day by the NYFRB as the effective federal funds rate; provided that if the Federal Funds

  
    
      

      

    

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  Effective Rate as so determined would be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.

  “Financial Officer” means
      the chief financial officer, chief executive officer, principal accounting officer, treasurer or controller of the Borrower.

  “Financials” means the
      annual or quarterly financial statements, and accompanying certificates and other documents, of the Borrower and its Subsidiaries required to be delivered pursuant to Section 5.01(a) or 5.01(b).

  “Foreign Lender” means (a)
      if the Borrower is a U.S. Person, a Lender that is not a U.S. Person, and (b) if the Borrower is not a U.S. Person, a Lender that is resident or organized under the laws of a jurisdiction other than that in which the Borrower is resident for tax
      purposes.

   “GAAP” means generally
      accepted accounting principles in the United States of America.

  “Governmental Authority”
      means the government of the United States of America, any other nation or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising
      executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government.

  “Guarantee” of or by any
      Person (the “guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness
      of any other Person (the “primary obligor”), whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase or pay
      (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities
      or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to
      enable the primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness or obligation; provided, that the term “Guarantee” shall not include endorsements for collection or deposit in the ordinary course of business. The amount of any Guarantee shall be deemed to be an amount equal to the
      lesser of (a) the stated or determinable amount of the primary payment obligation in respect of which such Guarantee is made and (b) the maximum amount for which the guaranteeing Person may be liable pursuant to the terms of the instrument embodying
      such Guarantee, unless such primary payment obligation and the maximum amount for which such guaranteeing Person may be liable are not stated or determinable, in which case the amount of the Guarantee shall be such guaranteeing Person’s maximum
      reasonably possible liability in respect thereof as reasonably determined by the Company in good faith. The term “Guarantee” as a verb has a corresponding meaning.

  “Hazardous Materials”
      means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas,
      infectious or medical wastes and all other substances or wastes of any nature regulated as a contaminant, pollutant or words of similar import pursuant to any Environmental Law.

  “Historical Statutory Statements”
      has the meaning assigned to such term in Section 3.04(b).

  
    
      

      

    

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  “IBA” has the meaning
      assigned to such term in Section 1.05.

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

  “Increasing Lender” has
      the meaning assigned to such term in Section 2.20.

  “Incremental Term Loan”
      has the meaning assigned to such term in Section 2.20.

  “Incremental Term Loan Amendment”
      has the meaning assigned to such term in Section 2.20.

  “Indebtedness” of any
      Person means, without duplication, (a) all obligations of such Person for borrowed money, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person under conditional sale or
      other title retention agreements relating to property acquired by such Person (excluding trade accounts payable incurred in the ordinary course of business), (d) all obligations of such Person in respect of the deferred purchase price of property or
      services (excluding (i) current accounts payable incurred in the ordinary course of business and (ii) any earn-out obligations or similar contingent obligations until such obligations becomes a liability on the balance sheet of such Person in
      accordance with IFRS), (e) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing unconditional right to be secured by) any Lien on property owned or acquired by such Person, whether or not the
      Indebtedness secured thereby has been assumed (the amount of any Indebtedness resulting from this clause (e) shall be equal to the lesser of (i) the amount secured by such Lien and (ii) the fair market value of the property subject to such Lien as
      determined in good faith by such Person), (f) all Guarantees by such Person of Indebtedness of others, (g) all Capital Lease Obligations of such Person, (h) all obligations, contingent or otherwise, of such Person as an account party in respect of
      letters of credit (to the extent unreimbursed, in the case of drawn letters of credit, and all such obligations, in the case of undrawn letters of credit) and letters of guaranty issued by banks or other financial institutions and (i) all
      obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances created for the account of such Person. The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such
      Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness provide that such Person is not
      liable therefor. The amount of Indebtedness (including any Guarantees constituting Indebtedness) for which recourse is limited either to a specified amount or to an identified asset of such Person shall be deemed to be equal to the lesser of (x) such
      specified amount and (y) the fair market value of such identified asset as determined by such Person in good faith.  Notwithstanding anything to the contrary in this definition, the term “Indebtedness” shall not include (i) deferred or prepaid
      revenue, (ii) purchase price holdbacks in respect of a portion of the purchase price of an asset to satisfy warranty or other unperformed obligations of the respective seller, (iii) obligations under any Swap Agreements, (iv) current trade payables
      (including current payables under insurance contracts and current reinsurance payables), (v) obligations and Guarantees of Regulated Insurance Companies with respect to policies issued by any Regulated Insurance Company and (vi) obligations and
      Guarantees with respect to products underwritten by Regulated Insurance Companies in the ordinary course of business, including insurance and reinsurance policies, annuities, performance and surety bonds, assumptions of liabilities and any related
      contingent obligations.

  “Indemnified Taxes” means
      (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of the Borrower under any Loan Document and (b) to the extent not otherwise described in clause (a) hereof, Other Taxes.

  
    
      

      

    

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  “Indemnitee” has the
      meaning assigned to such term in Section 9.03(b).

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

  “Information” has the
      meaning assigned to such term in Section 9.12.

   “Insurance Business”
      means one or more aspects of the business of issuing or underwriting insurance or reinsurance and other businesses reasonably related thereto.

   “Interest Election Request”
      means a request by the Borrower to convert or continue a Borrowing in accordance with Section 2.08, which shall be substantially in the form attached hereto as Exhibit H-2
      or any other form approved by the Administrative Agent.

  “Interest Payment Date”
      means (a) with respect to any ABR Loan, the last day of each March, June, September and December and the Maturity Date and (b) with respect to any Eurodollar Loan, the last day of each Interest Period applicable to the Borrowing of which such Loan is
      a part and, in the case of a Eurodollar Borrowing with an Interest Period of more than three months’ duration, each day prior to the last day of such Interest Period that occurs at intervals of three months’ duration after the first day of such
      Interest Period and the Maturity Date.

  “Interest Period” means
      with respect to any Eurodollar Borrowing, the period commencing on the date of such Borrowing and ending on the numerically corresponding day in the calendar month that is one, two, three or six months (or, if reasonably satisfactory to the
      Administrative Agent and each of the Lenders, such other period) thereafter, as the Borrower may elect; provided, that (i) if any Interest Period would end on a day
      other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding
      Business Day and (ii) any Interest Period pertaining to a Eurodollar Borrowing that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest
      Period) shall end on the last Business Day of the last calendar month of such Interest Period.  For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and thereafter shall be the effective date of the
      most recent conversion or continuation of such Borrowing.

  “Interpolated Rate” means,
      at any time, for any Interest Period, the rate per annum (rounded to the same number of decimal places as the LIBO Screen Rate) determined by the
      Administrative Agent (which determination shall be conclusive and binding absent manifest error) to be equal to the rate that results from interpolating on a linear basis between: (a) the LIBO Screen Rate for the longest period (for which the LIBO
      Screen Rate is available for the applicable currency) that is shorter than the Impacted Interest Period; and (b) the LIBO Screen Rate for the shortest period (for which the LIBO Screen Rate is available for the applicable currency) that exceeds the
      Impacted Interest Period, in each case, at such time; provided that if any Interpolated Rate shall be less than zero, such rate shall be deemed to be zero for the
      purposes of this Agreement.

  “Investment” has the
      meaning assigned to such term in Section 6.05.

  “IRS” means the United
      States Internal Revenue Service.

  “Issuing Bank” means
      JPMorgan Chase Bank, N.A., in its capacity as the issuer of Letters of Credit hereunder, and its successors in such capacity as provided in Section 2.06(i).  The Issuing Bank may, in its discretion, arrange for one or more Letters of Credit to be
      issued by Affiliates of

  
    
      

      

    

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  the Issuing Bank, in which case the term “Issuing Bank” shall include any such Affiliate with respect to Letters of Credit issued
      by such Affiliate.

   “LC Collateral Account”
      has the meaning assigned to such term in Section 2.06(j).

  “LC Disbursement” means a
      payment made by the Issuing Bank pursuant to a Letter of Credit.

  “LC Exposure” means, at
      any time, the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit at such time plus (b) the aggregate amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the Borrower at such time.  The LC
      Exposure of any Lender at any time shall be its Applicable Percentage of the LC Exposure at such time.

  “Lender Notice Date” has
      the meaning assigned to such term in Section 2.22(b).

  “Lender Parent” means,
      with respect to any Lender, any Person as to which such Lender is, directly or indirectly, a subsidiary.

  “Lenders” means the
      Persons listed on Schedule 2.01 and any other Person that shall have become a party hereto pursuant to an Assignment and Assumption or as otherwise contemplated by
      this Agreement, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption. Unless the context otherwise requires, the term “Lenders” includes the Issuing Bank.

  “Letter of Credit” means
      any letter of credit issued pursuant to this Agreement.

  “Letter of Credit Agreement”
      has the meaning assigned to such term in Section 2.06(b).

  “Leverage Ratio” has the
      meaning assigned to such term in Section 6.12(a).

  “LIBO Rate” means, with
      respect to any Eurodollar Borrowing for any Interest Period, the LIBO Screen Rate at approximately 11:00 a.m., London time, two (2) Business Days prior to the commencement of such Interest Period; provided that if the LIBO Screen Rate shall not be available at such time for such Interest Period (an “Impacted Interest Period”)
      then the LIBO Rate shall be the Interpolated Rate.

  “LIBO Screen Rate” means,
      for any day and time, with respect to any Eurodollar Borrowing for any Interest Period, the London interbank offered rate as administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate) for
      Dollars for a period equal in length to such Interest Period as displayed on such day and time on pages LIBOR01 or LIBOR02 of the Reuters screen that displays such rate (or, in the event such rate does not appear on a Reuters page or screen, on any
      successor or substitute page on such screen that displays such rate, or on the appropriate page of such other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion); provided that if the LIBO Screen Rate as so determined would be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.

  “Lien” means, with respect
      to any asset of any Person, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest in, on or of such asset of any Person, for the purpose of securing any obligation of such Person or any other Person,
      and (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any

  
    
      

      

    

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  financing lease having substantially the same economic effect as any of the foregoing) relating to such asset.

  “LLC” means any Person
      that is a limited liability company under the laws of its jurisdiction of formation.

  “Loan Documents” means
      this Agreement (including schedules and exhibits hereto), any Notes, any Letter of Credit applications and any Letter of Credit Agreement.  Any reference in this Agreement or any other Loan Document to a Loan Document shall include all appendices,
      exhibits or schedules thereto, and all amendments, restatements, supplements or other modifications thereto, and shall refer to this Agreement or such Loan Document as the same may be in effect at any and all times such reference becomes operative.

   “Loans” means the loans
      made by the Lenders to the Borrower pursuant to this Agreement.

  “Margin Stock” means
      margin stock within the meaning of Regulations T, U and X, as applicable.

  “Material Adverse Effect”
      means a material adverse effect on (a) the business, assets, results of operations or financial condition of the Borrower and the Subsidiaries taken as a whole, (b) the ability of the Borrower to perform its payment obligations under this Agreement
      or any other Loan Document (taken as a whole) or (c) the validity or enforceability of this Agreement or any and all other Loan Documents or the rights or remedies (taken as a whole) of the Administrative Agent and the Lenders thereunder.

   “Material Indebtedness”
      means Indebtedness (other than the Loans and Letters of Credit and other than any intercompany indebtedness), or obligations in respect of one or more Swap Agreements, of any one or more of the Borrower and its Subsidiaries in an aggregate principal
      amount exceeding $10,000,000.  For purposes of determining Material Indebtedness, the “principal amount” of the obligations of the Borrower or any Subsidiary in respect of any Swap Agreement at any time shall be the maximum aggregate amount (giving
      effect to any netting agreements) that the Borrower or such Subsidiary would be required to pay if such Swap Agreement were terminated at such time.

  “Material Subsidiary”
      means any Subsidiary the Total Assets of which exceed 10% of the Total Assets of the Borrower and its consolidated Subsidiaries as of the end of the most recently completed fiscal year.

  “Maturity Date” means May
      28, 2024 (or, if such day is not a Business Day, the next succeeding Business Day).

  “Maximum Rate” has the
      meaning assigned to such term in Section 9.14.

  “Moody’s” means Moody’s
      Investors Service, Inc.

  “Multiemployer Plan” means
      a multiemployer plan as defined in Section 4001(a)(3) of ERISA.

  “Net Worth” means, as to
      any Person, the sum of its capital stock (including its preferred stock), capital in excess of par or stated value of shares of its capital stock (including its preferred stock), retained earnings (provided that for purposes of calculating retained earnings, Consolidated Net Income

  
    
      

      

    

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  shall exclude any after-tax unrealized gains and losses on equity investments, to the extent such equity investments are no
      longer classified as “available-for-sale” following the Borrower’s adoption of accounting standard ASU 2016-01 “Financial Instruments – Overall: Recognition and
        Measurement of Financial Assets and Financial Liabilities”) and any other account which, in accordance with GAAP, constitutes stockholders equity, but excluding all accumulated other comprehensive income (or loss) as shown on the most recent
      consolidated balance sheet of the Borrower delivered to the Administrative Agent and the Lenders pursuant to Section 5.01 hereof.

  “Non-Consenting Lender”
      has the meaning assigned to such term in Section 9.02(d).

  “Non-Extending Lender” has
      the meaning assigned to such term in Section 2.22(b).

  “Non-U.S. Subsidiary”
      means any Subsidiary which is not a U.S. Subsidiary.

  “Note” means a promissory
      note made by the Borrower in favor of a Lender evidencing Loans made by such Lender, substantially in the form approved by the Administrative Agent and the Borrower.

  “NYFRB” means the Federal
      Reserve Bank of New York.

  “NYFRB Rate” means, for
      any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and (b) the Overnight Bank Funding Rate in effect on such day (or for any day that is not a Business Day, for the immediately preceding Business Day); provided that if none of such rates are published for any day that is a Business Day, the term “NYFRB Rate” means the rate for a federal funds transaction quoted at 11:00
      a.m., New York City time, on such day received by the Administrative Agent from a federal funds broker of recognized standing selected by it; provided, further, that if any of the aforesaid rates as so determined would be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

  “Obligations” means all
      unpaid principal of and accrued and unpaid interest on the Loans, all LC Exposure, all accrued and unpaid fees and all expenses, reimbursements, indemnities and other obligations and indebtedness (including interest and fees accruing during the
      pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding), obligations and liabilities of the Borrower to any of the Lenders, the Administrative Agent, the Issuing
      Bank or any indemnified party, individually or collectively, existing on the Effective Date or arising thereafter, direct or indirect, absolute or contingent, matured or unmatured, liquidated or unliquidated, arising by contract, operation of law or
      otherwise, arising or incurred under this Agreement or any of the other Loan Documents or in respect of any of the Loans made or reimbursement or other obligations incurred under this Agreement or any of the other Loan Documents or any of the Letters
      of Credit or other instruments at any time evidencing any thereof.

  “OFAC” means the Office of
      Foreign Assets Control of the U.S. Department of the Treasury.

  “Other Connection Taxes”
      means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a
      party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan, Letter of
      Credit or Loan Document).

  
    
      

      

    

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  “Other Taxes” means all
      present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a
      security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 2.19).

  “Overnight Bank Funding Rate”
      means, for any day, the rate comprised of both overnight federal funds and overnight eurodollar borrowings by U.S.-managed banking offices of depository institutions, as such composite rate shall be determined by the NYFRB as set forth on its public
      website from time to time, and published on the next succeeding Business Day by the NYFRB as an overnight bank funding rate.

  “Participant” has the
      meaning assigned to such term in Section 9.04(c).

  “Participant Register” has
      the meaning assigned to such term in Section 9.04(c).

  “Patriot Act” means the
      USA PATRIOT Act of 2001.

  “PBGC” means the Pension
      Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions.

  “Permitted Acquisition”
      means any acquisition (whether by purchase, merger, consolidation or otherwise) or series of related acquisitions by the Borrower or any Subsidiary of (i) all or substantially all the assets of or (ii) all or substantially all the Equity Interests
      in, a Person or division or line of business of a Person, if, at the time of and immediately after giving effect thereto, (a) no Default has occurred and is continuing or would arise after giving effect (including giving effect on a pro forma basis)
      thereto, (b) such Person or division or line of business is engaged in the same or a similar line of business as the Borrower and the Subsidiaries or business reasonably related thereto, (c) all actions required to be taken with respect to such
      acquired or newly formed Subsidiary under Section 5.09 (if any) shall have been taken, (d) the Borrower and the Subsidiaries are in compliance, on a pro forma basis, with the covenants contained in Section 6.12 recomputed as of the last day of the
      most recently ended fiscal quarter of the Borrower for which financial statements are available, as if such acquisition (and any related incurrence or repayment of Indebtedness, with any new Indebtedness being deemed to be amortized over the
      applicable testing period in accordance with its terms) had occurred on the first day of each relevant period for testing such compliance and, if the aggregate consideration (excluding earn-outs and other contingent consideration) paid in respect of
      such acquisition exceeds $25,000,000, the Borrower shall have delivered to the Administrative Agent a certificate of a Financial Officer of the Borrower to such effect, together with all relevant financial information, statements and projections
      requested by the Administrative Agent, (e) in the case of an acquisition, merger or consolidation involving the Borrower or a Subsidiary, the Borrower or such Subsidiary is the surviving entity of such merger and/or consolidation and (f) the
      aggregate consideration paid in respect of such acquisition, when taken together with the aggregate consideration paid in respect of all other acquisitions, does not exceed $50,000,000 during any fiscal year of the Borrower.

  “Permitted Encumbrances”
      means:

  (a)          Liens imposed by law
      for taxes, assessments and other governmental charges that are not yet delinquent or are being contested in compliance with Section 5.04 and liens for unpaid utility charges;

  
    
      

      

    

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  (b)          carriers’,
      warehousemen’s, mechanics’, materialmen’s, landlords’, repairmen’s and other like Liens imposed by law, arising in the ordinary course of business and securing obligations that are not overdue by more than 60 days (or if more than 60 days overdue,
      are unfiled and no other action has been taken to enforce such Liens) or are being contested in compliance with Section 5.04;

  (c)          pledges and deposits
      made in the ordinary course of business in compliance with workers’ compensation, unemployment insurance and other social security laws or regulations or employment laws or to secure other public statutory or regulatory obligations;

  (d)          deposits to secure
      the performance of bids, trade contracts, leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature, in each case in the ordinary course of business;

  (e)          judgment Liens in
      respect of judgments that do not constitute an Event of Default under Section 7.01(k);

  (f)          easements, zoning
      restrictions, rights-of-way, minor defects or irregularities in title and similar encumbrances on real property imposed by law or arising in the ordinary course of business that do not secure any monetary obligations and do not materially detract
      from the value of the affected property or interfere with the ordinary conduct of business of the Borrower or any Subsidiary;

  (g)          leases, licenses,
      subleases or sublicenses granted to other Persons not materially interfering with the conduct of business of the Borrower or any Subsidiary;

  (h)          banker’s liens,
      rights of setoff or similar rights and remedies as to deposit accounts or other funds maintained with depository institutions; provided that such deposit accounts or
      funds are not established or deposited for the purpose of providing collateral for any Indebtedness; and

  (i)          Liens arising by
      virtue of Uniform Commercial Code financing statement filings (or similar filings under applicable law) regarding operating leases entered into by the Borrower in the ordinary course of business.

   “Permitted Investments”
      means:

  (a)          direct obligations
      of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United States of America (or by any agency thereof to the extent such obligations are backed by the full faith and credit of the United States of
      America), in each case maturing within one year from the date of acquisition thereof;

  (b)          investments in
      commercial paper maturing within 270 days from the date of acquisition thereof and having, at such date of acquisition, the highest credit rating obtainable from S&P or from Moody’s;

  (c)          investments in
      certificates of deposit, banker’s acceptances and time deposits maturing within 180 days from the date of acquisition thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office of any
      commercial bank organized under the laws of the United States of America or any State thereof which has a combined capital and surplus and undivided profits of not less than $500,000,000;

  
    
      

      

    

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  (d)          fully collateralized
      repurchase agreements with a term of not more than thirty (30) days for securities described in clause (a) above and entered into with a financial institution satisfying the criteria described in clause (c) above at the date of such acquisition; and

  (e)          money market funds
      that, at such date of acquisition, (i) comply with the criteria set forth in SEC Rule 2a-7 under the Investment Company Act of 1940, (ii) are rated AAA by S&P and Aaa by Moody’s and (iii) have portfolio assets of at least $5,000,000,000;

  (f)          in the case of any
      Non-U.S. Subsidiary, other short-term investments that are analogous to the foregoing, are of comparable credit quality and are customarily used by companies in the jurisdiction of such Non-U.S. Subsidiary for cash management purposes;

  (g)          Investments
      identified in Schedule 6.04; and

  (h)          any other
      investments permitted by the Borrower’s investment policy as such policy is approved by the investment committee of the Borrower and adopted by the board of directors of the Borrower from time to time.

   “Person” means any
      natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity.

  “Plan” means any employee
      pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which the Borrower or any ERISA Affiliate is (or, if such plan were
      terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA.

  “Plan Asset Regulations”
      means 29 CFR § 2510.3-101 et seq., as modified by Section 3(42) of ERISA, as amended from time to time.

  “Prime Rate” means the
      rate of interest last quoted by The Wall Street Journal as the “Prime Rate” in the U.S. or, if The Wall Street Journal ceases to quote such rate, the highest per annum interest rate published by the Board in Federal Reserve Statistical Release H.15
      (519) (Selected Interest Rates) as the “bank prime loan” rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as determined by the Administrative Agent) or any similar release by the Board (as determined by the
      Administrative Agent). Each change in the Prime Rate shall be effective from and including the date such change is publicly announced or quoted as being effective.

  “PTE” means a prohibited
      transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.

   “Recipient” means (a) the
      Administrative Agent, (b) any Lender and (c) the Issuing Bank, as applicable.

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

  “Regulated Insurance Company”
      means any Subsidiary of the Borrower that is an authorized or admitted insurance carrier that transacts Insurance Business in any jurisdiction (foreign or domestic) and is regulated by any Applicable Insurance Regulatory Authority.

  “Regulation D” means
      Regulation D of the Board, as in effect from time to time and all official rulings and interpretations thereunder or thereof.

  
    
      

      

    

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  “Regulation T” means
      Regulation T of the Board, as in effect from time to time and all official rulings and interpretations thereunder or thereof.

  “Regulation U” means
      Regulation U of the Board, as in effect from time to time and all official rulings and interpretations thereunder or thereof.

  “Regulation X” means
      Regulation X of the Board, as in effect from time to time and all official rulings and interpretations thereunder or thereof.

  “Related Parties” means,
      with respect to any specified Person, such Person’s Affiliates and the respective directors, officers, employees, agents and advisors of such Person and such Person’s Affiliates.

   “Required Lenders” means,
      subject to Section 2.21, at any time, at least two (2)  unaffiliated Lenders having Revolving Credit Exposures and Unfunded Commitments representing more than 50% of the sum of the Total Revolving Credit Exposure and Unfunded Commitments at such
      time; provided that for purposes of declaring the Loans to be due and payable pursuant to Section 7.02, and for all purposes after the Loans become due and payable
      pursuant to Section 7.02 or the Commitments expire or terminate, then, as to each Lender, the Unfunded Commitment of each Lender shall be deemed to be zero.

  “Responsible Officer”
      means the president, a Financial Officer or a member of the senior management team of the Borrower or any other Person designated by any such Person in writing to the Administrative Agent and reasonably acceptable to the Administrative Agent.

  “Restricted Payment” means
      any dividend or other distribution (whether in cash, securities or other property) with respect to any Equity Interests in the Borrower or any Subsidiary, or any payment (whether in cash, securities or other property), including any sinking fund or
      similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such Equity Interests in the Borrower or any Subsidiary or any option, warrant or other right to acquire any such Equity Interests in
      the Borrower or any Subsidiary.

  “Reuters” means Thomson
      Reuters Corp.

  “Revolving Credit Exposure”
      means, with respect to any Lender at any time, the sum of the outstanding principal amount of such Lender’s Revolving Loans and its LC Exposure at such time.

  “Revolving Loan” means a
      Loan made pursuant to Section 2.01.

  “S&P” means Standard
      & Poor’s Rating Services, a Standard & Poor’s Financial Services LLC business.

  “Sale and Leaseback Transaction”
      means any sale or other transfer of any property or asset by any Person with the intent to lease such property or asset as lessee.

  “Sanctioned Country”
      means, at any time, a country, region or territory which is itself the subject or target of any Sanctions (at the time of this Agreement, Crimea, Cuba, Iran, North Korea and Syria).

  “Sanctioned Person” means,
      at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by OFAC, the U.S. Department of State, the United Nations

  
    
      

      

    

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  Security Council, the European Union, any
        European Union member state, or Her Majesty’s Treasury of the United Kingdom, (b) any Person organized or resident in a Sanctioned Country, (c) any Person owned 50% or more or controlled by any such Person or Persons described in the
      foregoing clauses (a) or (b), or (d) any Person otherwise the subject of any Sanctions.

  “Sanctions”
      means all economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. government, including those administered by OFAC or the U.S. Department of State or (b) the United Nations Security
      Council, the European Union, any European Union member state, or Her Majesty’s Treasury of the United Kingdom.

   “SAP” means, with respect
      to any Regulated Insurance Company, the statutory accounting principles and accounting procedures and practices prescribed or permitted by the Applicable Insurance Regulatory Authority of the state or jurisdiction in which such Regulated Insurance
      Company is domiciled; it being understood and agreed that determinations in accordance with SAP for purposes of Section 6.12 including defined terms
      as used therein, are subject (to the extent provided therein) to Section 1.04.

  “SEC” means the Securities
      and Exchange Commission of the United States of America.

  “Securities Act” means the
      United States Securities Act of 1933.

  “Statutory Reserve Rate”
      means a fraction (expressed as a decimal), the numerator of which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental
      reserves) expressed as a decimal established by the Board to which the Administrative Agent is subject for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board).  Such reserve percentages shall
      include those imposed pursuant to such Regulation D of the Board.  Eurodollar Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets
      that may be available from time to time to any Lender under such Regulation D of the Board or any comparable regulation.  The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve
      percentage.

  “Statutory Statements”
      means, with respect to any Regulated Insurance Company for any fiscal year of such Regulated Insurance Company, the annual financial statements of such Regulated Insurance Company as required to be filed with the Applicable Insurance Regulatory
      Authority of its jurisdiction of domicile and in accordance with the laws of such jurisdiction, together with all exhibits, schedules, certificates and actuarial opinions required to be filed or delivered therewith.

  “Subordinated Indebtedness”
      means any Indebtedness of the Borrower or any Subsidiary the payment of which is contractually subordinated to payment of the obligations under the Loan Documents.

  “Subordinated Indebtedness Documents”
      means any document, agreement or instrument evidencing any Subordinated Indebtedness or entered into in connection with any Subordinated Indebtedness.

  “subsidiary” means, with
      respect to any Person (the “parent”) at any date, any corporation, limited liability company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial
      statements if such financial statements were prepared in accordance with GAAP as of such date, as well as any other

  
    
      

      

    

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  corporation, limited liability company, partnership, association or other entity of which securities or other ownership interests
      representing more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held by the parent or one more
      subsidiaries of the parent.

  “Subsidiary” means any
      subsidiary of the Borrower.

  “Swap Agreement” means any
      agreement with respect to any swap, forward, future or derivative transaction or option or similar agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic,
      financial or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination of these transactions; provided
      that no phantom stock or similar plan providing for payments only on account of services provided by current or former directors, officers, employees or consultants of the Borrower or the Subsidiaries shall be a Swap Agreement.

   “Syndication Agent” means
      SunTrust Bank in its capacity as syndication agent for the credit facility evidenced by this Agreement.

  “Taxes” means all present
      or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

  “Total Assets” means, at
      any date as to any Person, the total assets of such Person and its consolidated subsidiaries at such date, determined on a consolidated basis in accordance with GAAP.

  “Total Capitalization”
      means, as at any date, the sum of Total Debt plus Total Stockholders’ Equity.

  “Total Debt” means, as at
      any date, without duplication, the sum of all Indebtedness of the Borrower and its Subsidiaries on a consolidated basis.

  “Total Revenue” means,
      with respect to any Person for any period, the total revenues of such Person and its consolidated subsidiaries, determined on a consolidated basis in accordance with GAAP for such period.

  “Total Revolving Credit Exposure”
      means, at any time, the sum of the outstanding principal amount of all Lenders’ Revolving Loans and their LC Exposure at such time.

  “Total Stockholders’ Equity”
      means, as at any date, the total stockholders’ equity of the Borrower and its Subsidiaries as the same would appear on a consolidated balance sheet of the Borrower prepared as of such date in accordance with GAAP.

  “Transactions” means the
      execution, delivery and performance by the Borrower of this Agreement, the borrowing of Loans, the use of the proceeds thereof and the issuance of Letters of Credit hereunder.

  “Type”, when used in
      reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to the Adjusted LIBO Rate or the Alternate Base Rate.

  
    
      

      

    

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  “Unfunded Commitment”
      means, with respect to each Lender, the Commitment of such Lender less its Revolving Credit Exposure.

  “United States” or “U.S.” mean the United States of America.

  “U.S. Person” means a
      “United States person” within the meaning of Section 7701(a)(30) of the Code.

  “U.S. Regulated Insurance Company”
      means a Regulated Insurance Company organized under the laws of a jurisdiction within the United States.

  “U.S. Subsidiary” means a
      Subsidiary organized under the laws of a jurisdiction located in the United States of America or any state or political subdivision thereof.

  “U.S. Tax Compliance Certificate”
      has the meaning assigned to such term in Section 2.17(f)(ii)(B)(3).

  “Withdrawal Liability”
      means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA.

  “Write-Down and Conversion Powers”
      means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers
      are described in the EU Bail-In Legislation Schedule.

  SECTION 1.02          Classification of Loans and Borrowings.  For purposes of this Agreement, Loans may be classified and referred to by Type (e.g., a “Eurodollar Loan”).  Borrowings also may be classified and referred by Type (e.g.,

      a “Eurodollar Borrowing”).

  SECTION 1.03          Terms Generally.  The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined.  Whenever the
      context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms.  The words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”.  The word “will” shall be
      construed to have the same meaning and effect as the word “shall”.  The word “law” shall be construed as referring to all statutes, rules, regulations, codes and other laws (including official rulings and interpretations thereunder having the force
      of law or with which affected Persons customarily comply), and all judgments, orders and decrees, of all Governmental Authorities.  Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other
      document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, restated, supplemented or otherwise modified (subject to any restrictions on such amendments, restatements, supplements or
      modifications set forth herein), (b) any definition of or reference to any law, statute, rule or regulation shall,  unless otherwise specified, be construed as referring thereto as from time to time amended, supplemented or otherwise modified
      (including by succession of comparable successor laws), (c) any reference herein to any Person shall be construed to include such Person’s successors and assigns (subject to any restrictions on assignment set forth herein) and, in the case of any
      Governmental Authority, any other Governmental Authority that shall have succeeded to any or all functions thereof, (d) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its
      entirety and not to any particular provision hereof, (e) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement and (f) the words
      “asset” and “property” shall be construed to

  
    
      

      

    

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  have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash,
      securities, accounts and contract rights.

  SECTION 1.04          Accounting Terms; GAAP; Pro Forma Calculations.

  (a)          Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; provided that, if the Borrower notifies the Administrative Agent that the Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the
      application thereof on the operation of such provision (or if the Administrative Agent notifies the Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given
      before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been
      withdrawn or such provision  amended in accordance herewith.  Notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to
      herein shall be made without giving effect to (i) any election under Accounting Standards Codification 825-10-25 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any
      Indebtedness or other liabilities of the Borrower or any Subsidiary at “fair value”, as defined therein and (ii) any treatment of Indebtedness in respect of convertible debt instruments under Accounting Standards Codification 470-20 (or any other
      Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any such Indebtedness in a reduced or bifurcated manner as described therein, and such Indebtedness shall at all times be valued at the
      full stated principal amount thereof.

  (b)          All pro forma computations required to be made hereunder giving effect to any acquisition or disposition, or issuance, incurrence or assumption of Indebtedness, or other transaction shall in each case be calculated giving pro forma
      effect thereto (and, in the case of any pro forma computation made hereunder to determine whether such acquisition or disposition, or issuance, incurrence or assumption of Indebtedness, or other transaction is permitted to be consummated hereunder,
      to any other such transaction consummated since the first day of the period covered by any component of such pro forma computation and on or prior to the date of such computation) as if such transaction had occurred on the first day of the period of
      four consecutive fiscal quarters ending with the most recent fiscal quarter for which financial statements shall have been delivered pursuant to Section 5.01(a) or 5.01(b) (or, prior to the delivery of any such financial statements, ending with the
      last fiscal quarter included in the financial statements referred to in Section 3.04(a)), and, to the extent applicable, to the historical earnings and cash flows associated with the assets acquired or disposed of and any related incurrence or
      reduction of Indebtedness, all in accordance with Article 11 of Regulation S-X under the Securities Act.  If any Indebtedness bears a floating rate of interest and is being given pro forma effect, the interest on such Indebtedness shall be calculated
      as if the rate in effect on the date of determination had been the applicable rate for the entire period (taking into account any Swap Agreement applicable to such Indebtedness).

  SECTION 1.05          Interest Rates; LIBOR Notification.  The interest rate on Eurodollar Loans is determined by reference to the LIBO Rate, which is derived from
      the London interbank offered rate.  The London interbank offered rate is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market.  In July 2017, the U.K. Financial
      Conduct Authority announced that, after the end of 2021, it would no longer persuade or compel contributing banks to make rate submissions to the ICE Benchmark Administration (together with any successor to the ICE Benchmark Administrator, the “IBA”) for purposes of the IBA setting the London interbank offered rate.  As a result, it is possible that commencing in 2022, the London interbank

  
    
      

      

    

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  offered rate may no longer be available or may no longer be deemed an appropriate reference rate upon which to determine the
      interest rate on Eurodollar Loans.  In light of this eventuality, public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of the London interbank offered rate.  In the
      event that the London interbank offered rate is no longer available or in certain other circumstances as set forth in Section 2.14(b) of this Agreement, such Section 2.14(b) provides a mechanism for determining an alternative rate of interest.  The
      Administrative Agent will notify the Borrower, pursuant to Section 2.14, in advance of any change to the reference rate upon which the interest rate on Eurodollar Loans is based.  However, the Administrative Agent does not warrant or accept any
      responsibility for, and shall not have any liability with respect to, the administration, submission or any other matter related to the London interbank offered rate or other rates in the definition of “LIBO Rate” or with respect to any alternative
      or successor rate thereto, or replacement rate thereof, including without limitation, whether the composition or characteristics of any such alternative, successor or replacement reference rate, as it may or may not be adjusted pursuant to Section
      2.14(b), will be similar to, or produce the same value or economic equivalence of, the LIBO Rate or have the same volume or liquidity as did the London interbank offered rate prior to its discontinuance or unavailability.

  SECTION 1.06          Status of Obligations.  In the event that the Borrower shall at any time issue or have outstanding any Subordinated Indebtedness, the Borrower
      shall take all such actions as shall be reasonably necessary to cause the Obligations to constitute senior indebtedness (however denominated) in respect of such Subordinated Indebtedness and to enable the Administrative Agent and the Lenders to have
      and exercise any payment blockage or other remedies available or potentially available to holders of senior indebtedness under the terms of such Subordinated Indebtedness.  Without limiting the foregoing, the Obligations are hereby designated as
      “senior indebtedness” and as “designated senior indebtedness” and words of similar import under and in respect of any indenture or other agreement or instrument under which such Subordinated Indebtedness is outstanding and are further given all such
      other designations as shall be required under the terms of any such Subordinated Indebtedness in order that the Lenders may have and exercise any payment blockage or other remedies available or potentially available to holders of senior indebtedness
      under the terms of such Subordinated Indebtedness.

  ARTICLE II

  The Credits

  SECTION 2.01          Commitments.  Subject to the terms and conditions set forth herein, each Lender (severally and not jointly) agrees to make Revolving Loans to
      the Borrower in Dollars from time to time during the Availability Period in an aggregate principal amount that will not result in (a) such Lender’s Revolving Credit Exposure exceeding such Lender’s Commitment or (b) the Total Revolving Credit
      Exposure exceeding the Aggregate Commitment.  Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Revolving Loans.

  SECTION 2.02          Loans and Borrowings.

  (a)          Each Revolving Loan shall be made as part of a Borrowing consisting of Revolving Loans made by the Lenders ratably in accordance with their respective Commitments.  The
        failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided that the Commitments of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Loans as required.

  
    
      

      

    

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  (b)          Subject to Section 2.14, each Revolving Borrowing shall be comprised entirely of ABR Loans or Eurodollar Loans as the Borrower may request in accordance herewith.  Each
        Lender at its option may make any Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan (and in the case of an Affiliate, the provisions of Sections 2.14, 2.15, 2.16 and 2.17 shall apply to such Affiliate to
        the same extent as to such Lender); provided that (i)
        any exercise of such option shall not affect the obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement and (ii) unless the Borrower shall request than an Affiliate of a Lender make a Loan, a Lender may not
        recover for any increased costs under Sections 2.14 or 2.15 incurred solely as a result of an Affiliate of such Lender, rather than such Lender, making a Loan, if, without economic disadvantage to, and consistent with the policies and practices of,
        such Lender, such Loan could have been made in a manner that would have avoided such increased costs.

  (c)          At the commencement of each Interest Period for any Eurodollar Borrowing, such Borrowing shall be in an aggregate amount that is an integral multiple of $100,000 and
        not less than $1,000,000.  At the time that each ABR Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of $100,000 and not less than $1,000,000; provided that an ABR Borrowing may be in an aggregate amount that is equal to the entire unused balance of
        the Aggregate Commitment or that is required to finance the reimbursement of an LC Disbursement as contemplated by Section 2.06(e).  Borrowings of more than one Type may be outstanding at the same time; provided that there shall not at any time be
        more than a total of six (6) Eurodollar Borrowings outstanding.

  (d)          Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to request, or to elect to convert or continue, any Borrowing if the Interest
        Period requested with respect thereto would end after the Maturity Date.

  SECTION 2.03          Requests for Revolving Borrowings.  To request a Revolving Borrowing, the Borrower shall notify the Administrative Agent of such request by
      submitting a Borrowing Request (a) in the case of a Eurodollar Borrowing, not later than 11:00 a.m., New York City time, three (3) Business Days before the date of the proposed Borrowing or (b) in the case of an ABR Borrowing, not later than
      11:00 a.m., New York City time, on the date of the proposed Borrowing (or, in each case, such shorter time as may be agreed by the Administrative Agent).  Each such Borrowing Request shall specify the following information in compliance with
      Section 2.02:

  (i)          the aggregate principal amount of the requested Borrowing;

  (ii)          the date of such Borrowing, which shall be a Business Day;

  (iii)          whether such Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing;

  (iv)          in the case of a Eurodollar Borrowing, the initial Interest Period to be applicable thereto, which shall be a period contemplated by the definition of the term
        “Interest Period”; and

  (v)          the location and number of the Borrower’s account to which funds are to be disbursed, which shall comply with the requirements of Section 2.07.

  If no election as to the Type of Revolving Borrowing is specified, then the requested Revolving Borrowing shall be an ABR
      Borrowing.  If no Interest Period is specified with respect to any requested Eurodollar Borrowing, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration.  Promptly following receipt of a Borrowing Request in
      accordance with this Section, the Administrative Agent shall advise each Lender of the details thereof and of the amount of such Lender’s Loan to be made as part of the requested Borrowing.

  
    
      

      

    

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  SECTION 2.04          Intentionally Omitted.

  SECTION 2.05          Intentionally Omitted.

  SECTION 2.06          Letters of Credit.

  (a)          General.  Subject to the terms and conditions set forth herein, the
        Borrower may request the issuance of Letters of Credit denominated in Dollars as the applicant thereof for the support of its or its Subsidiaries’ obligations, in a form reasonably acceptable to the Administrative Agent and the Issuing Bank, at any
        time and from time to time during the Availability Period, and the Issuing Bank may agree, but shall have no obligation, to issue such Letters of Credit.  In the event of any inconsistency between the terms and conditions of this Agreement and the
        terms and conditions of any Letter of Credit Agreement, the terms and conditions of this Agreement shall control.  Notwithstanding anything herein to the contrary, the Issuing Bank shall have no obligation hereunder to issue, and shall not issue,
        any Letter of Credit the proceeds of which would be made available to any Person to fund any activity or business of or with any Sanctioned Person, or in any Sanctioned Country to the extent a violation of any Sanctions by any party hereto would
        result.

  (b)          Notice of Issuance, Amendment, Renewal, Extension; Certain Conditions. 

        To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), the Borrower shall hand deliver or telecopy (or transmit by electronic communication, if arrangements for doing so have been
        approved by the Issuing Bank) to the Issuing Bank and the Administrative Agent (reasonably in advance of the requested date of issuance, amendment, renewal or extension, but in any event no less than three (3) Business Days) a notice requesting the
        issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended, and specifying the date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is
        to expire (which shall comply with paragraph (c) of this Section), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter
        of Credit.  In addition, as a condition to any such Letter of Credit issuance, the Borrower shall have entered into a continuing agreement (or other letter of credit agreement) for the issuance of letters of credit and/or shall submit a letter of
        credit application, in each case, as required by the Issuing Bank and using the Issuing Bank’s standard form (each, a “Letter of Credit Agreement”).  A Letter of Credit shall be issued, amended, renewed or extended only if (and upon issuance, amendment, renewal or extension of each Letter of Credit the Borrower
        shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension (i) the amount of the LC Exposure shall not exceed $10,000,000, (ii) the Total Revolving Credit Exposure shall not exceed the
        Aggregate Commitment and (iii) each Lender’s Revolving Credit Exposure shall not exceed such Lender’s Commitment.

  (c)          Expiration Date.  Each Letter of Credit shall expire (or be subject
        to termination by notice from the Issuing Bank to the beneficiary thereof) at or prior to the close of business on the earlier of (i) the date one year (or such longer period as may be consented to by the Issuing Bank) after the date of the
        issuance of such Letter of Credit (or, in the case of any renewal or extension thereof, one year after such renewal or extension) and (ii) the date that is five (5) Business Days prior to the Maturity Date; provided that any Letter of Credit with a one-year tenor may contain customary automatic
        renewal provisions agreed upon by the Borrower and the Issuing Bank that provide for the renewal thereof for additional one-year periods (which shall, subject to the succeeding sentence, in no event extend beyond the date referenced in clause (ii)
        above), subject to a right on the part of the Issuing Bank to prevent any such renewal from occurring by giving notice to the beneficiary in advance of any such renewal.  Notwithstanding the foregoing, any Letter of Credit may expire no later than
        one year after the Maturity Date so long as the Borrower cash collateralizes an amount equal to 105% of the face amount of such

  
    
      

      

    

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  Letter of Credit, concurrently with the issuance of such a Letter of Credit having an expiry date later than the Maturity Date
      (or, as applicable, concurrently with any amendment, renewal or extension of such a Letter of Credit that results in such Letter of Credit having an expiry date later than the Maturity Date), in the manner described in Section 2.06(j) and otherwise
      on terms and conditions reasonably acceptable to the Issuing Bank and the Administrative Agent.

  (d)          Participations.  By the issuance of a Letter of Credit (or an
        amendment to a Letter of Credit increasing the amount thereof) and without any further action on the part of the Issuing Bank or the Lenders, the Issuing Bank hereby grants to each Lender, and each Lender hereby acquires from the Issuing Bank, a
        participation in such Letter of Credit equal to such Lender’s Applicable Percentage of the aggregate amount available to be drawn under such Letter of Credit.  In consideration and in furtherance of the foregoing, each Lender hereby absolutely and
        unconditionally agrees to pay to the Administrative Agent, for the account of the Issuing Bank, such Lender’s Applicable Percentage of each LC Disbursement made by the Issuing Bank and not reimbursed by the Borrower on the date due as provided in
        paragraph (e) of this Section, or of any reimbursement payment required to be refunded to the Borrower for any reason.  Each Lender acknowledges and agrees that its obligation to acquire participations pursuant to this paragraph in respect of
        Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including any amendment, renewal or extension of any Letter of Credit or the occurrence and continuance of a Default or reduction or
        termination of the Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever.

  (e)          Reimbursement.  If the Issuing Bank shall make any LC Disbursement
        in respect of a Letter of Credit, the Borrower shall reimburse such LC Disbursement by paying to the Administrative Agent in Dollars the amount equal to such LC Disbursement, calculated as of the date the Issuing Bank made such LC Disbursement not
        later than 12:00 noon, New York City time, one Business Day following the date the Borrower receives notice of such LC Disbursement, if such notice is not received prior to such time on the day of receipt; provided that, if such LC Disbursement is not less than $1,000,000, the Borrower may, subject
        to the conditions to borrowing set forth herein, request in accordance with Section 2.03 or 2.05 that such payment be financed with an ABR Borrowing in an equivalent amount of such LC Disbursement and, to the extent so financed, the Borrower’s
        obligation to make such payment shall be discharged and replaced by the resulting ABR Borrowing, as applicable.  If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Lender of the applicable LC
        Disbursement, the payment then due from the Borrower in respect thereof and such Lender’s Applicable Percentage thereof.  Promptly following receipt of such notice, each Lender shall pay to the Administrative Agent its Applicable Percentage of the
        payment then due from the Borrower, in the same manner as provided in Section 2.07 with respect to Loans made by such Lender (and Section 2.07 shall apply, mutatis mutandis, to the payment obligations of the Lenders), and the Administrative Agent shall promptly pay to the Issuing Bank the amounts so received by it from the Lenders. 
        Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Bank or, to the extent that Lenders have made payments
        pursuant to this paragraph to reimburse the Issuing Bank, then to such Lenders and the Issuing Bank as their interests may appear.  Any payment made by a Lender pursuant to this paragraph to reimburse the Issuing Bank for any LC Disbursement (other
        than the funding of Revolving Loans as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.

  (f)          Obligations Absolute.  The Borrower’s obligation to reimburse LC
        Disbursements as provided in paragraph (e) of this Section shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever and irrespective
        of (i) any lack of validity or enforceability of any Letter of

  
    
      

      

    

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  Credit, any Letter of Credit Agreement or this Agreement, or any term or provision therein or herein, (ii) any draft or other
      document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or any statement therein being untrue or inaccurate in any respect, (iii) any payment by the Issuing Bank under a Letter of Credit against
      presentation of a draft or other document that does not comply with the terms of such Letter of Credit, or (iv) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this
      Section, constitute a legal or equitable discharge of, or provide a right of setoff against, the Borrower’s obligations hereunder.  Neither the Administrative Agent, the Lenders nor the Issuing Bank, nor any of their respective Related Parties, shall
      have any liability or responsibility by reason of or in connection with the issuance or transfer of any Letter of Credit or any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in the preceding
      sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any document required to make a drawing thereunder), any error
      in interpretation of technical terms or any consequence arising from causes beyond the control of the Issuing Bank; provided that the foregoing shall not be
      construed to excuse the Issuing Bank from liability to the Borrower to the extent of any direct damages (as opposed to special, indirect, consequential or punitive damages, claims in respect of which are hereby waived by the Borrower to the extent
      permitted by applicable law) suffered by the Borrower that are caused by the Issuing Bank’s failure to exercise care when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof.  The parties
      hereto expressly agree that, in the absence of gross negligence or willful misconduct on the part of the Issuing Bank (as finally determined by a court of competent jurisdiction), the Issuing Bank shall be deemed to have exercised care in each such
      determination.  In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of a Letter of Credit,
      the Issuing Bank may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such
      documents if such documents are not in strict compliance with the terms of such Letter of Credit.

  (g)          Disbursement Procedures.  The Issuing Bank shall, promptly following
        its receipt thereof, examine all documents purporting to represent a demand for payment under a Letter of Credit.  The Issuing Bank shall promptly notify the Administrative Agent and the Borrower by telephone (confirmed by telecopy or electronic
        mail) of such demand for payment and whether the Issuing Bank has made or will make an LC Disbursement thereunder; provided that any failure to give or delay in giving such notice shall not relieve the Borrower of its obligation to reimburse the Issuing Bank and the Lenders with respect to
        any such LC Disbursement.

  (h)          Interim Interest.  If the Issuing Bank shall make any LC
        Disbursement, then, unless the Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to
        but excluding the date that the reimbursement is due and payable, at the rate per annum then applicable to ABR Revolving Loans and such interest shall be due and payable on the date when such reimbursement is payable; provided that, if the Borrower fails to reimburse such LC
        Disbursement when due pursuant to paragraph (e) of this Section, then Section 2.13(c) shall apply.  Interest accrued pursuant to this paragraph shall be for the account of the Issuing Bank, except that interest accrued on and after the date of
        payment by any Lender pursuant to paragraph (e) of this Section to reimburse the Issuing Bank shall be for the account of such Lender to the extent of such payment.

  (i)          Replacement and Resignation of Issuing Bank.  (A) The Issuing Bank
        may be replaced at any time by written agreement among the Borrower, the Administrative Agent, the replaced

  
    
      

      

    

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  Issuing Bank and the successor Issuing Bank.  The Administrative Agent shall notify the Lenders of any such replacement of the
      Issuing Bank.  At the time any such replacement shall become effective, the Borrower shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.12(b).  From and after the effective date of any such
      replacement, (i) the successor Issuing Bank shall have all the rights and obligations of the Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term “Issuing Bank” shall be
      deemed to refer to such successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require.  After the replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party
      hereto and shall continue to have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit then outstanding and issued by it prior to such replacement, but shall not be required to issue additional
      Letters of Credit.

  (B)          Subject to the appointment and acceptance of a successor Issuing Bank, the Issuing Bank may resign as the Issuing Bank at any time upon thirty days’ prior written notice to the Administrative Agent, the Borrower and the Lenders, in
      which case, the resigning Issuing Bank shall be replaced in accordance with Section 2.06(i)(A) above.

  (j)          Cash Collateralization.  If any Event of Default shall occur and be
        continuing, on the Business Day that the Borrower receives notice from the Administrative Agent or the Required Lenders (or, if the maturity of the Loans has been accelerated, Lenders with LC Exposure representing greater than 50% of the total LC
        Exposure) demanding the deposit of cash collateral pursuant to this paragraph, the Borrower shall deposit in an account with the Administrative Agent, in the name of the Administrative Agent and for the benefit of the Lenders (the “LC Collateral Account”), an amount in cash equal to 105% of the
        amount of the LC Exposure as of such date plus any accrued and unpaid interest thereon; provided that the obligation to deposit such cash collateral shall become effective immediately, and such deposit shall become immediately due and payable, without demand or other notice of any kind, upon the
        occurrence of any Event of Default with respect to the Borrower described in Section 7.01(h) or 7.01(i).  The Borrower also shall deposit cash collateral pursuant to this paragraph as and to the extent required by Section 2.11.  Such deposit shall
        be held by the Administrative Agent as collateral for the payment and performance of the Obligations.  The Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account and the
        Borrower hereby grants the Administrative Agent a security interest in the LC Collateral Account.  Other than any interest earned on the investment of such deposits, which investments shall be made at the option and sole discretion of the
        Administrative Agent and at the Borrower’s risk and expense, such deposits shall not bear interest.  Interest or profits, if any, on such investments shall accumulate in such account.  Moneys in such account shall be applied by the Administrative
        Agent to reimburse the Issuing Bank for LC Disbursements for which it has not been reimbursed and, to the extent not so applied, shall be held for the satisfaction of the reimbursement obligations of the Borrower for the LC Exposure at such time
        or, if the maturity of the Loans has been accelerated (but subject to the consent of Lenders with LC Exposure  representing greater than 50% of the total LC Exposure), be applied to satisfy other Obligations.  If the Borrower is required to provide
        an amount of cash collateral hereunder as a result of the occurrence of an Event of Default, such amount (to the extent not applied as aforesaid) shall be returned to the Borrower within three (3) Business Days after all Events of Default have been
        cured or waived. If the Borrower is required to provide an amount of cash collateral hereunder pursuant to Section 2.06(c), such amount (to the extent not applied as aforesaid) shall be returned to the Borrower as and to the extent that, after
        giving effect to such return, the aggregate Revolving Credit Exposures would not exceed the aggregate Commitments and no Default shall have occurred and be continuing.

  (k)          Letters of Credit Issued for Account of Subsidiaries. 
        Notwithstanding that a Letter of Credit issued or outstanding hereunder supports any obligations of, or is for the account of, a Subsidiary, or states that a Subsidiary is the “account party,” “applicant,” “customer,” “instructing party,”

  
    
      

      

    

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  or the like of or for such Letter of Credit, and without derogating from any rights of the Issuing Bank (whether arising by
      contract, at law, in equity or otherwise) against such Subsidiary in respect of such Letter of Credit, the Borrower (i) shall reimburse, indemnify and compensate the Issuing Bank hereunder for such Letter of Credit (including to reimburse any and all
      drawings thereunder) as if such Letter of Credit had been issued solely for the account of the Borrower and (ii) irrevocably waives any and all defenses that might otherwise be available to it as a guarantor or surety of any or all of the obligations
      of such Subsidiary in respect of such Letter of Credit.  The Borrower hereby acknowledges that the issuance of such Letters of Credit for its Subsidiaries inures to the benefit of the Borrower, and that the Borrower’s business derives substantial
      benefits from the businesses of such Subsidiaries.

  SECTION 2.07          Funding of Borrowings.

  (a)          Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof solely by wire transfer of immediately available funds by 12:00 noon, New York
        City time, to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders.  Except in respect of the provisions of this Agreement covering the reimbursement of Letters of Credit, the
        Administrative Agent will make such Loans available to the Borrower by promptly (but in no event later than 1:00 p.m., New York City time) crediting the funds so received in the aforesaid account of the Administrative Agent to an account of the
        Borrower maintained with the Administrative Agent in New York City or Chicago and designated by the Borrower in the applicable Borrowing Request; provided that ABR Revolving Loans made to finance the reimbursement of an LC Disbursement as provided in Section 2.06(e) shall be remitted by the Administrative
        Agent to the Issuing Bank.

  (b)          Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing (or in the case of an ABR Borrowing, prior to 12:00
        noon, New York City time, on the date of such Borrowing) that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available
        on such date in accordance with paragraph (a) of this Section and may, in reliance upon such assumption, make available to the Borrower a corresponding amount.  In such event, if a Lender has not in fact made its share of the applicable Borrowing
        available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such
        amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the greater of the NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking
        industry rules on interbank compensation or (ii) in the case of the Borrower, the interest rate applicable to ABR Loans.  If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan included in
        such Borrowing and the Administrative Agent shall return to the Borrower any amount (including interest) paid by the Borrower to the Administrative Agent pursuant to this paragraph with respect to such amount.

  SECTION 2.08          Interest Elections.

  (a)          Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurodollar Borrowing, shall have an initial Interest
        Period as specified in such Borrowing Request.  Thereafter, the Borrower may elect to convert such Borrowing to a different Type or to continue such Borrowing and, in the case of a Eurodollar Borrowing, may elect Interest Periods therefor, all as
        provided in this Section.  The Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such
        Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing.

  
    
      

      

    

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  (b)          To make an election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election (by irrevocable written notice via an Interest
        Election Request signed by the Borrower) by the time that a Borrowing Request would be required under Section 2.03 if the Borrower were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such
        election.  Notwithstanding any contrary provision herein, this Section shall not be construed to permit the Borrower to elect an Interest Period for Eurodollar Loans that does not comply with Section 2.02(d).

  (c)          Each Interest Election Request shall specify the following information in compliance with Section 2.02:

  (i)          the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions
        thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing);

  (ii)          the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day;

  (iii)          whether the resulting Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; and

  (iv)          if the resulting Borrowing is a Eurodollar Borrowing, the Interest Period to be applicable thereto after giving effect to such election, which Interest Period shall be
        a period contemplated by the definition of the term “Interest Period”.

  If any such Interest Election Request requests a Eurodollar Borrowing but does not specify an
      Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration.

  (d)          Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender of the details thereof and of such Lender’s portion of
        each resulting Borrowing.

  (e)          If the Borrower fails to deliver a timely Interest Election Request with respect to a Eurodollar Borrowing prior to the end of the Interest Period applicable thereto,
        then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be converted to an ABR Borrowing.  Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is
        continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower, then, so long as an Event of Default is continuing (i) no outstanding Borrowing may be converted to or continued as a Eurodollar Borrowing
        and (ii) unless repaid, each Eurodollar Borrowing shall be converted to an ABR Borrowing at the end of the Interest Period applicable thereto.

  SECTION 2.09          Termination and Reduction of Commitments.

  (a)          Unless previously terminated, the Commitments shall terminate on the Maturity Date.

  (b)          The Borrower may at any time terminate, or from time to time reduce, the Commitments; provided that (i) each reduction of the Commitments shall be in an amount that is an integral multiple of $100,000 and not less
        than $1,000,000 and (ii) the Borrower shall not terminate or

  
    
      

      

    

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  reduce the Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.11, the
      Total Revolving Credit Exposure would exceed the Aggregate Commitment.

  (c)          The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least three
        (3) Business Days prior to the effective date of such termination or reduction (or such shorter period as the Administrative Agent may agree), specifying such election and the effective date thereof.  Promptly following receipt of any notice, the
        Administrative Agent shall advise the Lenders of the contents thereof.  Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments delivered by the Borrower may
        state that such notice is conditioned upon the effectiveness of other credit facilities or other transactions specified therein, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the
        specified effective date) if such condition is not satisfied.  Any termination or reduction of the Commitments shall be permanent.  Each reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective
        Commitments.

  SECTION 2.10          Repayment of Loans; Evidence of Debt.

  (a)          The Borrower hereby unconditionally promises to pay to the Administrative Agent for the account of each Lender the then unpaid principal amount of each Revolving Loan
        on the Maturity Date.

  (b)          Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower to such Lender resulting from each
        Loan made by such Lender, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder.

  (c)          The Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder, the Type thereof and the Interest Period
        applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder for the account
        of the Lenders and each Lender’s share thereof.

  (d)          The entries made in the accounts maintained pursuant to paragraph (b) or (c) of this Section shall be prima facie evidence of the existence and amounts of the obligations recorded therein; provided that the failure of any Lender or the Administrative Agent to maintain such accounts or any error therein shall not in any manner
        affect the obligation of the Borrower to repay the Loans in accordance with the terms of this Agreement.

  (e)          Any Lender may request that Loans made by it be evidenced by a Note.  In such event, the Borrower shall prepare, execute and deliver to such Lender a Note payable to
        such Lender (or, if requested by such Lender, to such Lender and its registered assigns). Thereafter, the Loans evidenced by each such Note and interest thereon shall at all times (including after assignment pursuant to Section 9.04) be represented
        by one or more Notes in such form payable to the payee named therein (or, if such Note is a registered Note, to such payee and its registered assigns).

  SECTION 2.11          Prepayment of Loans.  The Borrower shall have the right at any time and from time to time to prepay any Borrowing in whole or in part, subject
      to prior notice in accordance with the provisions of this Section 2.11.  The Borrower shall notify the Administrative Agent by written notice of any prepayment hereunder (i) in the case of prepayment of a Eurodollar Borrowing, not later than
      11:00 a.m., New York City time, three (3) Business Days before the date of prepayment or (ii) in the case

  
    
      

      

    

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  of prepayment of an ABR Borrowing, not later than 11:00 a.m., New York City time, one (1) Business Day before the date of
      prepayment (or, in each case, such shorter time as the Administrative Agent may agree).  Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing or portion thereof to be prepaid; provided that, if a notice of prepayment is given in connection with a conditional notice of termination of the Commitments as contemplated by Section 2.09, then such
      notice of prepayment may be revoked if such notice of termination is revoked in accordance with Section 2.09.  Promptly following receipt of any such notice relating to a Revolving Borrowing, the Administrative Agent shall advise the Lenders of the
      contents thereof.  Each partial prepayment of any Revolving Borrowing shall be in an amount that would be permitted in the case of an advance of a Revolving Borrowing of the same Type as provided in Section 2.02.  Each prepayment of a Revolving
      Borrowing shall be applied ratably to the Loans included in the prepaid Borrowing.  Prepayments shall be accompanied by (i) accrued interest to the extent required by Section 2.13 and (ii) any break funding payments required by Section 2.16.  If at
      any time the Total Revolving Credit Exposure exceeds the Aggregate Commitment, the Borrower shall promptly repay Borrowings or cash collateralize LC Exposure in an account with the Administrative Agent pursuant to Section 2.06(j), as applicable, in
      an aggregate principal amount sufficient to cause the aggregate principal amount of the Total Revolving Credit Exposure to be less than or equal to the Aggregate Commitment.

  SECTION 2.12          Fees.  The Borrower agrees to pay to the Administrative Agent for the account of each Lender (other than a Defaulting Lender for such time as
      such Lender is a Defaulting Lender) a commitment fee, which shall accrue at the Commitment Fee Rate (as specified in the definition of “Applicable Rate”) on the average daily amount of the Available Revolving Commitment of such Lender during the
      period from and including the Effective Date to but excluding the date on which such Commitment terminates.  Commitment fees accrued through and including the last day of March, June, September and December of each year shall be payable in arrears on
      the fifteenth (15th) day following such last day and on the date on which the Commitments terminate, commencing on the first such date to occur after the Effective Date;
      provided that any commitment fees accruing after the date on which the Commitments terminate shall be payable on demand.  All commitment fees shall be computed on the
      basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day).

  (a)          The Borrower agrees to pay (i) to the Administrative Agent for the account of each Lender a participation fee with respect to its participations in Letters of Credit,
        which shall accrue at the same Applicable Rate used to determine the interest rate applicable to Eurodollar Revolving Loans on the average daily amount of such Lender’s LC Exposure (excluding any portion thereof attributable to unreimbursed LC
        Disbursements) during the period from and including the Effective Date to but excluding the later of the date on which such Lender’s Commitment terminates and the date on which such Lender ceases to have any LC Exposure and (ii) to the Issuing Bank
        for its own account a fronting fee, which shall accrue at the rate of 0.125% per annum on the average daily amount of the LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) attributable to Letters of Credit
        issued by the Issuing Bank during the period from and including the Effective Date to but excluding the later of the date of termination of the Commitments and the date on which there ceases to be any LC Exposure, as well as the Issuing Bank’s
        standard fees and commissions with respect to the issuance, amendment, cancellation, negotiation, transfer, presentment, renewal or extension of any Letter of Credit or processing of drawings thereunder.  Unless otherwise specified above,
        participation fees and fronting fees accrued through and including the last day of March, June, September and December of each year shall be payable on the fifteenth (15th) day following such last day, commencing on the first such date to occur after the Effective Date; provided that all such fees shall be payable on the date on which
        the Commitments terminate and any such fees accruing after the date on which the Commitments terminate shall be payable on demand.  Any other fees payable to the Issuing Bank pursuant to this paragraph shall be payable within ten (10) days after
        demand.  All participation fees and fronting fees

  
    
      

      

    

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  shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the
      first day but excluding the last day).

  (b)          The Borrower agrees to pay to the Administrative Agent, for its own account, fees payable in the amounts and at the times separately agreed upon between the Borrower
        and the Administrative Agent.

  (c)          All fees payable hereunder shall be paid on the dates due, in immediately available funds, to the Administrative Agent (or to the Issuing Bank, in the case of fees
        payable to it) for distribution, in the case of commitment fees and participation fees, to the Lenders.  Fees paid shall not be refundable under any circumstances.

  SECTION 2.13          Interest.

  (a)          The Loans comprising each ABR Borrowing shall bear interest at a rate per annum equal to the Alternate Base Rate plus the Applicable Rate.

  (b)          The Loans comprising each Eurodollar Borrowing shall bear interest at a rate per annum equal to the Adjusted LIBO Rate for the Interest Period in effect for such
        Borrowing plus the Applicable Rate.

  (c)          Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at
        stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2% plus the rate otherwise applicable to such
        Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2% plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section.

  (d)          Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this
        Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of an ABR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or
        prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the
        effective date of such conversion.

  (e)          All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the Alternate Base Rate at times when the
        Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the
        last day).  The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.

  SECTION 2.14          Alternate Rate of Interest.

  (a)          If prior to the commencement of any Interest Period for a Eurodollar Borrowing:

  (i)          the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that adequate and reasonable means do not exist for

  
    
      

      

    

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  ascertaining the Adjusted LIBO Rate or the LIBO Rate, as applicable (including because the LIBO Screen Rate is
      not available or published on a current basis), for such Interest Period; or

  (ii)          the Administrative Agent is advised by the Required Lenders that the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest Period will not adequately and fairly reflect the cost to such Lenders of
      making or maintaining their Loans included in such Borrowing for such Interest Period;

  then the Administrative Agent shall give notice thereof to the Borrower and the Lenders by telephone, telecopy or electronic mail
      as promptly as practicable thereafter and, until the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (i) any Interest Election Request that requests the conversion of any
      Borrowing to, or continuation of any Borrowing as, a Eurodollar Borrowing shall be ineffective, and any Eurodollar Borrowing so requested to be continued shall, at the option of the Borrower, be repaid in full on the last day of the Interest Period
      applicable thereto, or be converted to an ABR Borrowing and (ii) if any Borrowing Request requests a Eurodollar Borrowing, such Borrowing shall be made as an ABR Borrowing.

  (b)          Notwithstanding the foregoing, if at any time the Administrative Agent determines (which determination shall be conclusive absent manifest error) that (i) the
        circumstances set forth in Section 2.14(a)(i) have arisen and such circumstances are unlikely to be temporary or (ii) the circumstances set forth in Section 2.14(a)(i) have not arisen but any of (w) the supervisor for the administrator of the LIBO
        Screen Rate has made a public statement that the administrator of the LIBO Screen Rate is insolvent (and there is no successor administrator that will continue publication of the LIBO Screen Rate), (x) the administrator of the LIBO Screen Rate has
        made a public statement identifying a specific date after which the LIBO Screen Rate will permanently or indefinitely cease to be published by it (and there is no successor administrator that will continue publication of the LIBO Screen Rate), (y)
        the supervisor for the administrator of the LIBO Screen Rate has made a public statement identifying a specific date after which the LIBO Screen Rate will permanently or indefinitely cease to be published or (z) the supervisor for the administrator
        of the LIBO Screen Rate or a Governmental Authority having jurisdiction over the Administrative Agent has made a public statement identifying a specific date after which the LIBO Screen Rate may no longer be used for determining interest rates for
        loans, then the Administrative Agent and the Borrower shall endeavor to establish an alternate rate of interest to the LIBO Rate that gives due consideration to the then prevailing market convention for determining a rate of interest for syndicated
        loans in the United States at such time, and shall enter into an amendment to this Agreement to reflect such alternate rate of interest and such other related changes to this Agreement as may be applicable (but for the avoidance of doubt, such
        related changes shall not include a reduction of the Applicable Rate); provided that, if such alternate rate of interest as so determined would be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.  Notwithstanding anything to the contrary in Section
        9.02, such amendment shall become effective without any further action or consent of any other party to this Agreement so long as the Administrative Agent shall not have received, within five (5) Business Days of the date notice of such alternate
        rate of interest is provided to the Lenders, a written notice from the Required Lenders stating that such Required Lenders object to such amendment.  Until an alternate rate of interest shall be determined in accordance with this Section 2.14(b)
        (but, in the case of the circumstances described in clause (ii)(w), clause (ii)(x) or clause (ii)(y) of the first sentence of this Section 2.14(b), only to the extent the LIBO Screen Rate for such Interest Period is not available or published at
        such time on a current basis), (x) any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurodollar Borrowing shall be ineffective and (y) if any Borrowing Request requests a
        Eurodollar Borrowing, such Borrowing shall be made as an ABR Borrowing.

  SECTION 2.15          Increased Costs.

  

  

  
    
      

      

    

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  (a)          If any Change in Law shall:

  (b)          impose, modify or deem applicable any reserve, special deposit, liquidity or similar requirement (including any compulsory loan requirement, insurance charge or other
        assessment) against assets of, deposits with or for the account of, or credit extended by, any Lender (except any such reserve requirement reflected in the Adjusted LIBO Rate) or the Issuing Bank;

  (c)          impose on any Lender or the Issuing Bank or the London interbank market any other condition, cost or expense (other than Taxes) affecting this Agreement or Loans made
        by such Lender or any Letter of Credit or participation therein; or

  (d)          subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and
        (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto;

  and the result of any of the foregoing shall be to increase the cost to such Lender or such other Recipient of making,
      continuing, converting or maintaining any Loan (or of maintaining its obligation to make any such Loan) or to increase the cost to such Lender, the Issuing Bank or such other Recipient of participating in, issuing or maintaining any Letter of Credit
      or to reduce the amount of any sum received or receivable by such Lender, the Issuing Bank or such other Recipient hereunder (whether of principal, interest or otherwise), then the Borrower will pay to such Lender, the Issuing Bank or such other
      Recipient, as the case may be, such additional amount or amounts as will compensate such Lender, the Issuing Bank or such other Recipient, as the case may be, for such additional costs incurred or reduction suffered as reasonably determined by such
      Recipient (which determination shall be made in good faith (and not on an arbitrary or capricious basis) and generally consistent with similarly situated customers of such Recipient, under agreements having provisions similar to this Section 2.15,
      after consideration of such factors such Recipient then reasonably determines to be relevant).

  (e)          If any Lender or the Issuing Bank determines that any Change in Law regarding capital or liquidity requirements has or would have the effect of reducing the rate of
        return on such Lender’s or the Issuing Bank’s capital or on the capital of such Lender’s or the Issuing Bank’s holding company, if any, as a consequence of this Agreement or the Loans made by, or participations in Letters of Credit held by, such
        Lender, or the Letters of Credit issued by the Issuing Bank, to a level below that which such Lender or the Issuing Bank or such Lender’s or the Issuing Bank’s holding company could have achieved but for such Change in Law (taking into
        consideration such Lender’s or the Issuing Bank’s policies and the policies of such Lender’s or the Issuing Bank’s holding company with respect to capital adequacy and liquidity), then from time to time the Borrower will pay to such Lender or the
        Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender or the Issuing Bank or such Lender’s or the Issuing Bank’s holding company for any such reduction suffered as reasonably determined by the
        Administrative Agent, such Lender or the Issuing Bank (which determination shall be made in good faith (and not on an arbitrary or capricious basis) and generally consistent with similarly situated customers of the Administrative Agent, such Lender
        or the Issuing Bank, as applicable, under agreements having provisions similar to this Section 2.15, after consideration of such factors as the Administrative Agent, such Lender or the Issuing Bank, as applicable, then reasonably determines to be
        relevant).

  (f)          A certificate of a Lender, the Administrative Agent or the Issuing Bank setting forth, in reasonable detail, the basis and calculation of the amount or amounts
        necessary to compensate such Lender, the Administrative Agent or the Issuing Bank or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section shall be delivered to the Borrower and shall be presumed

  

  

  
    
      

      

    

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  correct absent manifest error.  The Borrower shall pay such Lender, the Administrative Agent or the Issuing Bank,
      as the case may be, the amount due under this Section within ten (10) days after receipt of the relevant certificate.

  (g)          Failure or delay on the part of any Lender, the Administrative Agent or the Issuing Bank to demand compensation pursuant to this Section shall not constitute a waiver
        of such Lender’s, the Administrative Agent’s or the Issuing Bank’s right to demand such compensation; provided that the Borrower shall not be required to compensate a Lender, the Administrative Agent or the Issuing Bank pursuant to this Section for any increased costs or reductions incurred more
        than 120 days prior to the date that such Lender, the Administrative Agent or the Issuing Bank, as the case may be, notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s, the
        Administrative Agent’s or the Issuing Bank’s intention to claim compensation therefor; provided further that,
        if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 120-day period referred to above shall be extended to include the period of retroactive effect thereof.

  SECTION 2.16          Break Funding Payments.  In the event of (a) the payment of any principal of any Eurodollar Loan other than on the last day of an Interest
      Period applicable thereto (including as a result of an Event of Default or as a result of any prepayment pursuant to Section 2.11), (b) the conversion of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto,
      (c) the failure to borrow, convert, continue or prepay any Eurodollar Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice is permitted to be revocable under Section 2.11 and is revoked in accordance
      herewith) or (d) the assignment of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto as a result of a request by the Borrower pursuant to Section 2.19 or 9.02(d), then, in any such event, the Borrower shall
      compensate each Lender for the loss, cost and expense attributable to such event.  Such loss, cost or expense to any Lender shall be deemed to include an amount determined by such Lender to be the excess, if any, of (i) the amount of interest which
      would have accrued on the principal amount of such Loan had such event not occurred, at the Adjusted LIBO Rate that would have been applicable to such Loan (but not the Applicable Rate applicable thereto), for the period from the date of such event
      to the last day of the then current Interest Period therefor (or, in the case of a failure to borrow, convert or continue, for the period that would have been the Interest Period for such Loan), over (ii) the amount of interest which would accrue on
      such principal amount for such period at the interest rate which such Lender would bid were it to bid, at the commencement of such period, for deposits in Dollars of a comparable amount and period from other banks in the eurodollar market. A
      certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section, and setting forth in reasonable detail the calculations used by such Lender to determine such amount or amounts, shall be
      delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount due under this Section within 30 days after receipt of the relevant certificate; provided that the Borrower shall not be required to compensate a Lender pursuant to this Section for any amounts under this Section 2.16 incurred more than 120 days prior to the date that such Lender notifies
      the Borrower of such amount and of such Lender’s intention to claim compensation therefor.

  SECTION 2.17          Taxes.

  (a)          Payments Free of Taxes.  Any and all payments by or on account of
        any obligation of the Borrower under any Loan Document shall be made without deduction or withholding for any Taxes, except as required by applicable law.  If any applicable law (as determined in the good faith discretion of an applicable
        withholding agent) requires the deduction or withholding of any Tax from any such payment by a withholding agent, then the applicable withholding agent shall be entitled to make such deduction or withholding and shall timely pay the full amount
        deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then

  
    
      

      

    

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  the sum payable by the applicable Borrower shall be increased as necessary so that after such deduction or
      withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section 2.17) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or
      withholding been made.

  (b)          Payment of Other Taxes by the Borrower.  The Borrower shall timely
        pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent timely reimburse it for, Other Taxes.

  (c)          Evidence of Payments.  As soon as practicable after any payment of
        Taxes by the Borrower to a Governmental Authority pursuant to this Section 2.17, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a
        copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.

  (d)          Indemnification by the Borrower.  The Borrower shall indemnify each
        Recipient, within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by such Recipient or required
        to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental
        Authority.  A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive
        absent manifest error.

  (e)          Indemnification by the Lenders.  Each Lender shall severally
        indemnify the Administrative Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower has not already indemnified the Administrative Agent for such Indemnified
        Taxes and without limiting the obligation of the Borrower to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 9.04(c) relating to the maintenance of a Participant Register and (iii) any Excluded
        Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were
        correctly or legally imposed or asserted by the relevant Governmental Authority.  A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error.  Each
        Lender hereby authorizes the Administrative Agent to setoff and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any
        amount due to the Administrative Agent under this paragraph (e).

  (f)          Status of Lenders.

  (i)          Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to the Borrower and
        the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit such
        payments to be made without withholding or at a reduced rate of withholding.  In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or
        reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting

  
    
      

      

    

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  requirements.  Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution
      and submission of such documentation (other than such documentation set forth in Section 2.17(f)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject
      such Lender to any material unreimbursed cost or expense (it being understood that the Borrower shall be given a reasonable opportunity to reimburse such Lender with respect to such cost or expense) or would materially prejudice the legal or
      commercial position of such Lender.

  (ii)          Without limiting the generality of the foregoing, in the event that the Borrower is a U.S. Person:

  (A)          any Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon
      the reasonable request of the Borrower or the Administrative Agent), an executed copy of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax;

  (B)          any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date
      on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), whichever of the following is applicable:

  (1)          in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, an executed copy of IRS Form W-8BEN or IRS Form
      W-8BEN-E, as applicable, establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form
      W-8BEN or IRS Form W-8BEN-E, as applicable, establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty;

  (2)          in the case of a Foreign Lender claiming that its extension of credit will generate U.S. effectively connected income, an executed copy of IRS Form W-8ECI;

  (3)          in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit G-1 to the effect that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrower within the meaning of Section 871(h)(3)(B) of the
      Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) an executed copy of IRS Form
      W-8BEN or IRS Form W-8BEN-E; or

  (4)          to the extent a Foreign Lender is not the beneficial owner, an executed copy of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN or IRS Form W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit G-2 or Exhibit G-3, IRS Form W-9, and/or other

  

  

  
    
      

      

    

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  certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may
      provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit G-4 on behalf of each such direct and indirect partner;

  (C)          any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date
      on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed copies of any other form prescribed by applicable law as a basis
      for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit the Borrower or the Administrative Agent to determine the
      withholding or deduction required to be made; and

  (D)          if a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA
      (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the
      Borrower or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent
      as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold
      from such payment.  Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.

  Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or
      inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so.

  (g)          Treatment of Certain Refunds.  If any party determines, in its sole
        discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 2.17 (including by the payment of additional amounts pursuant to this Section 2.17), it shall pay to the
        indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section 2.17 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such
        indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund).  Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party
        the amount paid over pursuant to this paragraph (g) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental
        Authority.  Notwithstanding anything to the contrary in this paragraph (g), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (g) the payment of which would place the
        indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and

  
    
      

      

    

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  the indemnification payments or additional amounts with respect to such Tax had never been paid.  This paragraph
      shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.

  (h)          Survival.  Each party’s obligations under this Section 2.17 shall
        survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Loan
        Document.

  (i)          Defined Terms.  For purposes of this Section 2.17, the term “Lender”
        includes the Issuing Bank and the term “applicable law” includes FATCA.

  SECTION 2.18          Payments Generally; Pro Rata Treatment; Sharing of Setoffs.

  (a)          The Borrower shall make each payment or prepayment required to be made by it hereunder (whether of principal, interest, fees or reimbursement of LC Disbursements, or of amounts payable under Section 2.15, 2.16 or 2.17, or otherwise)
      prior to 2:00 p.m., New York City time on the date when due or the date fixed for any prepayment hereunder, in immediately available funds, without setoff, recoupment or counterclaim.  Any amounts received after such time on any date may, in the
      discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon.  All such payments shall be made to the Administrative Agent at its offices at 10 South Dearborn
      Street, Chicago, Illinois 60603, except payments to be made directly to the Issuing Bank as expressly provided herein and except that payments pursuant to Sections 2.15, 2.16, 2.17 and 9.03 shall be made directly to the Persons entitled thereto.  The
      Administrative Agent shall distribute any such payments received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof.  If any payment hereunder shall be due on a day that is not a Business Day,
      the date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension.  All payments hereunder shall be made in Dollars.

  (b)          If at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts of principal, unreimbursed LC Disbursements, interest and fees then due hereunder, such funds shall be applied
      (i) first, to pay interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and fees then due to such parties, and (ii) second, to pay principal and unreimbursed LC Disbursements then
      due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal and unreimbursed LC Disbursements then due to such parties.

  (c)          If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Revolving Loans or participations in LC Disbursements resulting in such
      Lender receiving payment of a greater proportion of the aggregate amount of its Revolving Loans and participations in LC Disbursements and accrued interest thereon than the proportion received by any other Lender, then the Lender receiving such
      greater proportion shall purchase (for cash at face value) participations in the Revolving Loans and participations in LC Disbursements of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by the Lenders
      ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Revolving Loans and participations in LC Disbursements; provided
      that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and
      (ii) the provisions of this paragraph shall not be construed to apply to any

  
    
      

      

    

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  payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement or any
      payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or participations in LC Disbursements to any assignee or participant, other than to the Borrower or any Subsidiary or Affiliate thereof
      (as to which the provisions of this paragraph shall apply).  The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing
      arrangements may exercise against the Borrower rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation.

  (d)          Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or the Issuing Bank that the Borrower will not make
      such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute (or cause the Administrative Agent to distribute) to the Lenders or
      the Issuing Bank, as the case may be, the amount due.  In such event, if the Borrower has not in fact made such payment, then each of the Lenders or the Issuing Bank, as the case may be, severally agrees to repay to the Administrative Agent forthwith
      on demand the amount so distributed to such Lender or Issuing Bank with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of
      the NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.

  SECTION 2.19          Mitigation Obligations; Replacement of Lenders.

  (a)          If any Lender requests compensation under Section 2.15, or if the Borrower is required to pay any Indemnified Taxes or additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to
      Section 2.17, then such Lender shall use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or Affiliates, if, in
      the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.15 or 2.17, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense
      and would not otherwise be disadvantageous to such Lender.  The Borrower hereby agrees to pay all reasonable and documented out-of-pocket costs and expenses incurred by any Lender in connection with any such designation or assignment.

  (b)          If (i) any Lender requests compensation under Section 2.15, (ii) the Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to
      Section 2.17 or (iii) any Lender becomes a Defaulting Lender, or if any Lender fails to approve any waiver or amendment to this Agreement which has been approved by the Required Lenders, then the Borrower may, at its sole expense and effort, upon
      notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions and consents contained in Section 9.04), all its interests, rights (other than its
      existing rights to payments pursuant to Section 2.15 or 2.17) and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that (i) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and participations in LC Disbursements, accrued
      interest thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts) and (ii) in the case of any
      such assignment resulting from a claim for compensation under Section 2.15 or payments required to be made pursuant to Section 2.17, such assignment will result in a reduction in such compensation or payments.  A Lender shall not be required to make
      any such

  
    
      

      

    

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  assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the
      circumstances entitling the Borrower to require such  assignment and delegation cease to apply.  Each party hereto agrees that (i) an assignment required pursuant to this paragraph may be effected pursuant to an Assignment and Assumption executed by
      the Borrower, the Administrative Agent and the assignee (or, to the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to an Approved Electronic Platform as to which the Administrative Agent and such
      parties are participants), and (ii) the Lender required to make such assignment need not be a party thereto in order for such assignment to be effective and shall be deemed to have consented to and be bound by the terms thereof; provided that, following the effectiveness of any such assignment, the other parties to such assignment agree to execute and deliver such customary documents necessary to
      evidence such assignment as reasonably requested by the applicable Lender, provided that any such documents shall be without recourse to or warranty by the parties thereto.

  SECTION 2.20          Expansion Option.  The Borrower may from time to time elect to increase the Commitments or enter into one or more tranches of
      term loans (each an “Incremental Term Loan”), in each case in minimum increments of $5,000,000 so long as, after giving effect thereto, the aggregate amount
      of such increases and all such Incremental Term Loans does not exceed $30,000,000.  The Borrower may arrange for any such increase or Incremental Term Loan to be provided by one or more existing Lenders (each such existing Lender, an “Increasing Lender”), or by one or more new banks, financial institutions or other entities (each such new bank, financial institution or other entity, an “Augmenting Lender”; provided that no Ineligible Institution may be
      an Augmenting Lender), to increase their existing Commitments, or to participate in such Incremental Term Loans, or provide new Commitments, as the case may be; provided
      that (i) each Augmenting Lender, shall be subject to the approval of the Borrower and the Administrative Agent (not to be unreasonably withheld or delayed) and (ii) (x) in the case of an Increasing Lender, the Borrower and such Increasing Lender
      execute an agreement substantially in the form of Exhibit C hereto or such other form reasonably acceptable to the Borrower and the Administrative Agent,
      and (y) in the case of an Augmenting Lender, the Borrower and such Augmenting Lender execute an agreement substantially in the form of Exhibit D hereto.  No
      consent of any Lender (other than the Lenders participating in the increase or any Incremental Term Loan) shall be required for any increase in Commitments or Incremental Term Loan pursuant to this Section 2.20.  Increases and new Commitments and
      Incremental Term Loans created pursuant to this Section 2.20 shall become effective on the date agreed by the Borrower, the Administrative Agent and the relevant Increasing Lenders or Augmenting Lenders, and the Administrative Agent shall notify each
      Lender thereof.  Notwithstanding the foregoing, no increase in the Commitments (or in the Commitment of any Lender) or tranche of Incremental Term Loans shall become effective under this paragraph unless, (i) on the proposed date of the effectiveness
      of such increase or Incremental Term Loans, (A) the conditions set forth in paragraphs (a) and (b) of Section 4.02 shall be satisfied or waived by the Required Lenders and the Administrative Agent shall have received a certificate to that effect
      dated such date and executed by a Financial Officer of the Borrower and (B) the Borrower shall be in compliance (on a pro forma basis) with the covenants contained in Section 6.12 and (ii) to the extent reasonably requested, the Administrative Agent
      shall have received (x) documents and opinions of the same type, to the extent applicable, as those delivered on the Effective Date as to the organizational power and authority of the Borrower to borrow hereunder after giving effect to such increase
      or Incremental Term Loan (or to the extent the resolutions delivered on the Effective Date approve such matters, a certification from the Borrower that such previously delivered resolutions remain in full force and effect and have not been amended or
      otherwise modified since the adoption thereof) and (y) customary reaffirmations from the Borrower.  On the effective date of any increase in the Commitments or any Incremental Term Loans being made, (i) each relevant Increasing Lender and Augmenting
      Lender shall make available to the Administrative Agent such amounts in immediately available funds as the Administrative Agent shall determine, for the benefit of the other Lenders, as being required in order to cause, after giving effect to such
      increase and the use of such amounts to make payments to such other Lenders, each Lender’s

  
    
      

      

    

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  portion of the outstanding Revolving Loans of all the Lenders to equal its Applicable Percentage of such outstanding Revolving
      Loans, and (ii) except in the case of any Incremental Term Loans, the Borrower shall be deemed to have repaid and reborrowed all outstanding Revolving Loans as of the date of any increase in the Commitments (with such reborrowing to consist of the
      Types of Revolving Loans, with related Interest Periods if applicable, specified in a notice delivered by the Borrower, in accordance with the requirements of Section 2.03).  The deemed payments made pursuant to clause (ii) of the immediately
      preceding sentence shall be accompanied by payment of all accrued interest on the amount prepaid and, in respect of each Eurodollar Loan, shall be subject to indemnification by the Borrower pursuant to the provisions of Section 2.16 if the deemed
      payment occurs other than on the last day of the related Interest Periods.  The Incremental Term Loans (a) shall rank pari passu in right of payment with the Revolving Loans, (b) shall not mature earlier than the Maturity Date (but may have
      amortization and/or customary prepayments prior to such date) and (c) shall be treated substantially the same as (and in any event no more favorably than) the Revolving Loans; provided that (i) the terms and conditions applicable to any tranche of
      Incremental Term Loans maturing after the Maturity Date may provide for material additional or different financial or other covenants or prepayment requirements applicable only during periods after the Maturity Date and (ii) the Incremental Term
      Loans may be priced differently (whether in the form of interest rate margin, upfront fees, original issue discount, call protection or otherwise) than the Revolving Loans.  Incremental Term Loans may be made hereunder pursuant to an amendment or
      restatement (an “Incremental Term Loan Amendment”) of this Agreement and, as appropriate, the other Loan Documents, executed by the Borrower, each Increasing Lender
      participating in such tranche, each Augmenting Lender participating in such tranche, if any, and the Administrative Agent.  The Incremental Term Loan Amendment may, without the consent of any other Lenders, effect such amendments to this Agreement
      and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent, to effect the provisions of this Section 2.20.  Nothing contained in this Section 2.20 shall constitute, or otherwise be deemed to
      be, a commitment on the part of any Lender to increase its Commitment hereunder, or provide Incremental Term Loans, at any time. Upon the effectiveness of any increase in Commitments pursuant to this Section 2.20, Schedule 2.01 hereto shall be
      automatically amended to reflect such increase. It is understood that any increase in the amount of the Commitments pursuant to this Section 2.20 shall not constitute an amendment or modification of this Agreement pursuant to Section 9.02.

  SECTION 2.21          Defaulting Lenders.  Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the
      following provisions shall apply for so long as such Lender is a Defaulting Lender:

  (a)          fees shall cease to accrue on the unfunded portion of the Commitment of such Defaulting Lender pursuant to Section 2.12(a);

  (b)          any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity or otherwise) or received by the Administrative
      Agent from a Defaulting Lender pursuant to Section 9.08 shall be applied at such time or times as may be determined by the Administrative Agent as follows:  first,
      to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts owing
      by such Defaulting Lender to the Issuing Bank hereunder; third, to cash collateralize the Issuing Bank’s LC Exposure with respect to such Defaulting Lender in
      accordance with this Section; fourth, as the Borrower may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of which
      such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; fifth, if so determined by
      the Administrative Agent and the Borrower, to be held in a deposit account and released pro rata in order to (x) satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement and (y) cash
      collateralize the

  
    
      

      

    

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  Issuing Bank’s future LC Exposure with respect to such Defaulting Lender with respect to future Letters of Credit
      issued under this Agreement, in accordance with this Section; sixth, to the payment of any amounts owing to the Lenders, the Issuing Bank as a result of any judgment
      of a court of competent jurisdiction obtained by any Lender, the Issuing Bank against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement or under any other Loan Document; seventh, so long as no Default or Event of Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent
      jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement or under any other Loan Document; and eighth, to such Defaulting Lender or as otherwise
      directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Loans or LC Disbursements in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such
      Loans were made or the related Letters of Credit were issued at a time when the conditions set forth in Section 4.02 were satisfied or waived, such payment shall be applied solely to pay the Loans of, and LC Disbursements owed to, all non-Defaulting
      Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or LC Disbursements owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations in the Borrower’s obligations corresponding to
      such Defaulting Lender’s LC Exposure are held by the Lenders pro rata in accordance with the Commitments without giving effect to clause (d) below.  Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied
      (or held) to pay amounts owed by a Defaulting Lender or to post cash collateral pursuant to this Section shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto;

  (c)          the Commitment and Revolving Credit Exposure of such Defaulting Lender shall not be included in determining whether the Required Lenders have taken or may take any action hereunder (including any consent to any amendment, waiver or
      other modification pursuant to Section 9.02); provided, that, except as otherwise provided in Section 9.02, this clause (c) shall not apply to the vote of a
      Defaulting Lender in the case of an amendment, waiver or other modification requiring the consent of such Lender or each Lender directly affected thereby;

  (d)          if any LC Exposure exists at the time such Lender becomes a Defaulting Lender then:

  (i)          all or any part of the LC Exposure of such Defaulting Lender shall be reallocated among the non-Defaulting Lenders in accordance with their respective Applicable Percentages  but only to the extent that such
      reallocation does not, as to any non-Defaulting Lender, cause such non-Defaulting Lender’s Revolving Credit Exposure to exceed its Commitment;

  (ii)          if the reallocation described in clause (i) above cannot, or can only partially, be effected, the Borrower shall within one (1) Business Day following notice by the Administrative Agent cash collateralize for the
      benefit of the Issuing Bank only the Borrower’s obligations corresponding to such Defaulting Lender’s LC Exposure (after giving effect to any partial reallocation pursuant to clause (i) above) in accordance with the procedures set forth in
      Section 2.06(j) for so long as such LC Exposure is outstanding;

  (iii)          if the Borrower cash collateralizes any portion of such Defaulting Lender’s LC Exposure pursuant to clause (ii) above, the Borrower shall not be required to pay any fees to such Defaulting Lender pursuant to
      Section 2.12(b) with respect to such Defaulting Lender’s LC Exposure during the period such Defaulting Lender’s LC Exposure is cash collateralized;

  (iv)          if the LC Exposure of the non-Defaulting Lenders is reallocated pursuant to clause (i) above, then the fees payable to the Lenders pursuant to Section 2.12(a) and

  
    
      

      

    

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  Section 2.12(b) shall be adjusted in accordance with such non-Defaulting Lenders’ Applicable
      Percentages; and

  (v)          if all or any portion of such Defaulting Lender’s LC Exposure is neither reallocated nor cash collateralized pursuant to clause (i) or (ii) above, then, without prejudice to any rights or remedies of the Issuing Bank
      or any other Lender hereunder, all letter of credit fees payable under Section 2.12(b) with respect to such Defaulting Lender’s LC Exposure shall be payable to the Issuing Bank until and to the extent that such LC Exposure is reallocated and/or cash
      collateralized; and

  (e)          so long as such Lender is a Defaulting Lender, the Issuing Bank shall not be required to issue, amend or increase any Letter of Credit, unless it is satisfied that the related exposure and the Defaulting Lender’s then outstanding LC
      Exposure will be 100% covered by the Commitments of the non-Defaulting Lenders and/or cash collateral will be provided by the Borrower in accordance with Section 2.21(d), and LC Exposure related to any newly issued or increased Letter of Credit shall
      be allocated among non-Defaulting Lenders in a manner consistent with Section 2.21(d)(i) (and such Defaulting Lender shall not participate therein).

  If (i) a Bankruptcy Event or a Bail-In Action with respect to a Lender Parent shall occur following the date
      hereof and for so long as such event shall continue or (ii)  the Issuing Bank has a good faith belief that any Lender has defaulted in fulfilling its obligations under one or more other agreements in which such Lender commits to extend credit, the
      Issuing Bank shall not be required to issue, amend or increase any Letter of Credit, unless the Issuing Bank, as the case may be, shall have entered into arrangements with the Borrower or such Lender, satisfactory to the Issuing Bank, as the case may
      be, to defease any risk to it in respect of such Lender hereunder.

  In the event that the Administrative Agent, the Borrower and the Issuing Bank each agrees that a Defaulting
      Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then the LC Exposure of the Lenders shall be readjusted to reflect the inclusion of such Lender’s Commitment and on such date such Lender shall purchase at
      par such of the Loans of the other Lenders as the Administrative Agent shall determine may be necessary in order for such Lender to hold such Loans in accordance with its Applicable Percentage.

  SECTION 2.22          Extension of Maturity Date.

  (a)          Requests for Extension.  The Borrower may, by
        notice to the Administrative Agent (who shall promptly notify the Lenders) at any time, request that each Lender extend such Lender’s Maturity Date (the date on which such extension becomes effective, the “Extension Date”) to the date that is one year after the Maturity Date then in effect for such
        Lender (the “Existing Maturity Date”); provided that any such request shall be made no earlier than 90 days
        and no later than 55 days prior to the first and/or second anniversary of the Effective Date.

  (b)          Lender Elections to Extend.  Each Lender,
        acting in its sole and individual discretion, shall, by notice to the Administrative Agent given not later than the date that is 30 days prior to the applicable anniversary date referred to in clause (a) above (such date, the “Deadline Date”), advise the Administrative Agent whether or not such
        Lender agrees to such extension (each Lender that determines to so extend its Maturity Date, an “Extending Lender”).  Each Lender that determines not to so extend its Maturity Date (a “Non-Extending Lender”) shall notify the Administrative Agent of such fact promptly after such determination (but in any event no later than the Deadline Date), and any Lender that does not
        so advise the Administrative Agent on or before the Deadline Date shall be deemed to be a Non-Extending Lender.  The election of any Lender to agree to such extension shall not

  
    
      

      

    

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  obligate any other Lender to so agree, and it is understood and agreed that no Lender shall
      have any obligation whatsoever to agree to any request made by the Borrower for extension of the Maturity Date.

  (c)          Notification by Administrative Agent.  The
        Administrative Agent shall notify the Borrower of each Lender’s determination under this Section no later than the date that is 15 days prior to the applicable proposed Extension Date (or, if such date is not a Business Day, on the next preceding
        Business Day).

  (d)          Additional Commitment Lenders.  The Borrower
        shall have the right, but shall not be obligated, on or before the applicable Maturity Date for any Non-Extending Lender to replace such Non-Extending Lender with, and add as “Lenders” under this Agreement in place thereof, one or more financial
        institutions that are not Ineligible Institutions (each, an “Additional Commitment Lender”) approved by the Administrative Agent in accordance with the procedures provided in Section 2.19(b), each of which Additional Commitment Lenders shall have entered into an Assignment and Assumption (in accordance
        with and subject to the restrictions contained in Section 9.04, with the Borrower or replacement Lender obligated to pay any applicable processing or recordation fee) with such Non-Extending Lender, pursuant to which such Additional Commitment
        Lenders shall, effective on or before the applicable Maturity Date for such Non-Extending Lender, assume a Commitment (and, if any such Additional Commitment Lender is already a Lender, its Commitment shall be in addition to such Lender’s
        Commitment hereunder on such date).  Prior to any Non-Extending Lender being replaced by one or more Additional Commitment Lenders pursuant hereto, such Non-Extending Lender may elect, in its sole discretion, by giving irrevocable notice thereof to
        the Administrative Agent and the Borrower (which notice shall set forth such Lender’s new Maturity Date), to become an Extending Lender.  The Administrative Agent may effect such amendments to this Agreement as are reasonably necessary to provide
        for any such extensions with the consent of the Borrower but without the consent of any other Lenders.

  (e)          Effective Date of Extension.  Effective as of
        the applicable Extension Date, the Maturity Date of each Extending Lender and of each Additional Commitment Lender shall be extended to the date that is one year after the Existing Maturity Date (except that, if such date is not a Business Day,
        such Maturity Date as so extended shall be the next preceding Business Day) and each Additional Commitment Lender shall thereupon become a “Lender” for all purposes of this Agreement and shall be bound by the provisions of this Agreement as a
        Lender hereunder and shall have the obligations of a Lender hereunder.

  (f)          Conditions to Effectiveness of Extension. 
        Notwithstanding the foregoing, (x) no more than two (2) extensions of the Maturity Date shall be permitted pursuant to this Section 2.22 and (y) any extension of any Maturity Date pursuant to this Section 2.22 shall not be effective with respect to
        any Extending Lender unless:

  (i)          no Default or Event of Default shall have occurred and be continuing on the applicable Extension Date and immediately after giving effect thereto;

  (ii)          the representations and warranties of the Borrower set forth in this Agreement are true and correct in all material respects (or, in the case of any representation or warranty qualified by materiality or Material
      Adverse Effect, in all respects) on and as of the applicable Extension Date and immediately after giving effect thereto, as though made on and as of such date (or, if any such representation or warranty is expressly stated to have been made as of a
      specific date, as of such specific date); and

  
    
      

      

    

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  (iii)          the Administrative Agent shall have received a certificate from the Borrower signed by a Responsible Officer of the Borrower, delivered on behalf of the Borrower, (A) certifying the accuracy of the foregoing clause
      (i) and (B) certifying and attaching the resolutions adopted by the Borrower approving or consenting to such extension (or to the extent the resolutions delivered on the Effective Date approve such matters, a certification from the Borrower that the
      resolutions delivered on the Effective Date remain in full force and effect and have not been amended or otherwise modified since the adoption thereof).

  (g)          Maturity Date for Non-Extending Lenders.  On
        the Maturity Date of each Non-Extending Lender, (i) the Commitment of each Non-Extending Lender shall automatically terminate and (ii) the Borrower shall repay such Non-Extending Lender in accordance with Section 2.10 (and shall pay to such
        Non-Extending Lender all of the other Obligations owing to it under this Agreement) and after giving effect thereto shall prepay any Revolving Loans outstanding on such date (and pay any additional amounts required pursuant to Section 2.16) to the
        extent necessary to keep outstanding Revolving Loans ratable with any revised Applicable Percentages of the respective Lenders effective as of such date, and the Administrative Agent shall administer any necessary reallocation of the Revolving
        Credit Exposures (without regard to any minimum borrowing, pro rata borrowing and/or pro rata payment requirements contained elsewhere in this Agreement).

  (h)          Conflicting Provisions.  This Section shall
        supersede any provisions in Section 2.18 or Section 9.02 to the contrary.

  

  

  ARTICLE III

  Representations and Warranties

  The Borrower represents and warrants to the Lenders that:

  SECTION 3.01          Organization; Powers; Subsidiaries.  Each of the Borrower and its Material Subsidiaries is duly organized, validly existing and in good
      standing under the laws of the jurisdiction of its organization, has all requisite power and authority to carry on its business as now conducted and, except where the failure to do so, individually or in the aggregate, could not reasonably be
      expected to result in a Material Adverse Effect, is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required.

  SECTION 3.02          Authorization; Enforceability.  The Transactions are within each Borrower’s organizational powers and have been duly authorized by all
      necessary organizational and, if required, stockholder action.  This Agreement has been duly executed and delivered by the Borrower and constitutes a legal, valid and binding obligation of the Borrower, enforceable in accordance with its terms,
      subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.

  SECTION 3.03          Governmental Approvals; No Conflicts.  The Transactions (a) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except such as have been obtained or made and are in
      full force and effect, and except for such consents, approvals, registrations, filings and other actions the failure to obtain or make could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect,
      (b) will not

  

  

  
    
      

      

    

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  violate (i) any applicable law or regulation, except, in the case of this clause (i), for such violations which, individually or
      in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, (ii) the charter, by-laws or other organizational documents of the Borrower or any of its Subsidiaries or (iii) any order of any Governmental Authority,
      except, in the case of this clause (iii), for such violations which, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, (c) will not violate or result in a default under any indenture, agreement
      or other instrument binding the Borrower or any of its Subsidiaries or its assets, or give rise to a right thereunder to require any payment to be made by the Borrower or any of its Subsidiaries, except for such violations and defaults which,
      individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, and (d) will not result in the creation or imposition of any Lien on any asset of the Borrower or any of its Material Subsidiaries.

  SECTION 3.04          Financial Condition; No Material Adverse Change.

  (a)          The Borrower has heretofore furnished to the Lenders its consolidated balance sheet and statements of income, stockholders equity and cash flows (i) as of and for the fiscal year ended December 31, 2018 reported on by KPMG LLP,
      independent public accountants, and (ii) as of and for the fiscal quarter and the portion of the fiscal year ended March 31, 2019, certified by its chief financial officer.  Such financial statements (including notes thereto) present fairly, in all
      material respects, the financial position and results of operations and cash flows of the Borrower and its consolidated Subsidiaries as of such dates and for such periods in accordance with GAAP, subject to year-end audit adjustments and the absence
      of footnotes in the case of the statements referred to in clause (ii) above.

  (b)          The Borrower has heretofore furnished to the Lenders copies of the annual Statutory Statements of each U.S. Regulated Insurance Company as of December 31, 2018 and 2017, for the fiscal years then ended, each as filed with the
      Applicable Insurance Regulatory Authority (collectively, the “Historical Statutory Statements”); provided, that the Statutory Statement of a U.S. Regulated Insurance
      Company shall not be required to be delivered for any year that such U.S. Regulated Insurance Company was not a Subsidiary of the Borrower.  The Historical Statutory Statements (including the provisions made therein for investments and the valuation
      thereof, reserves, policy and contract claims and statutory liabilities) have been prepared in accordance with SAP (except as may be reflected in the notes thereto), were in compliance, in all material respects, with the applicable requirements of
      law when filed and present fairly in all material respects the financial condition of the respective U.S. Regulated Insurance Companies covered thereby as of the respective dates thereof and the results of operations, changes in capital and surplus
      and cash flow of such respective Regulated Insurance Companies covered thereby for the respective periods then ended.

  (c)          Since December 31, 2018, there has been no material adverse change in the business, assets, operations or financial condition of the Borrower and its Subsidiaries, taken as a whole.

  SECTION 3.05          Properties.

  (a)          Each of the Borrower and its Material Subsidiaries has good title to, or valid leasehold interests in, all its real and personal property material to the business of the Borrower and its Subsidiaries, taken as a whole, except for
      defects in title that do not interfere with its ability to conduct its business as currently conducted or to utilize such properties for their intended purposes or where the failure to have such title or interest could not reasonably be expected to
      result in a Material Adverse Effect.  There are no Liens on any such property other than Liens permitted under Section 6.02.

  (b)          Each of the Borrower and its Subsidiaries owns, or is licensed to use, all trademarks, trade names, copyrights, patents and other intellectual property material to the business of the

  
    
      

      

    

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  Borrower and its Subsidiaries taken as a whole, and the use thereof by the Borrower and its Subsidiaries does not
      infringe upon the rights of any other Person, except for any such infringements that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.

  SECTION 3.06          Litigation and Environmental Matters.

  (a)          There are no actions, suits or proceedings by or before any arbitrator or Governmental Authority pending against or, to the knowledge of the Borrower, threatened in writing against or affecting the Borrower or any of its Subsidiaries
      (i) as to which there is a reasonable possibility of an adverse determination and that, if adversely determined, could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect or (ii) that involve this
      Agreement or the Transactions.

  (b)          Except for the Disclosed Matters and except with respect to any other matters that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, neither the Borrower nor any of its
      Subsidiaries (i) has failed to comply with any Environmental Law or to obtain, maintain or comply with any permit, license or other approval required under any Environmental Law, (ii) has received notice of any claim with respect to any Environmental
      Liability or (iii) knows of any basis for any Environmental Liability.

  (c)          Since the date of this Agreement, there has been no change in the status of the Disclosed Matters that, individually or in the aggregate, has resulted in a Material Adverse Effect.

  SECTION 3.07          Compliance with Laws and Agreements.  Each of the Borrower and its Subsidiaries is in compliance with all laws, regulations and orders of any
      Governmental Authority applicable to it or its property (including without limitation any “margin” rules or regulations promulgated by the Board) and all indentures, agreements and other instruments binding upon it or its property, except where the
      failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.

  SECTION 3.08          Investment Company Status.  Neither the Borrower nor any of its Material Subsidiaries is an “investment company” as defined in, or subject to
      regulation under, the Investment Company Act of 1940.

  SECTION 3.09          Taxes.  Each of the Borrower and its Subsidiaries has timely filed or caused to be filed all federal income Tax returns and other material Tax
      returns and reports required to have been filed by it and has paid, caused to be paid or made a provision for the payment of all federal income Taxes and all other material Taxes required to have been paid by it, except (a) Taxes that are being
      contested in good faith by appropriate proceedings and for which the Borrower or such Subsidiary, as applicable, has set aside on its books adequate reserves or (b) to the extent that the failure to do so could not reasonably be expected to result in
      a Material Adverse Effect.

  SECTION 3.10          ERISA.  No ERISA Event has occurred or is reasonably expected to occur prior to the Maturity Date that, when taken together with all other such
      ERISA Events for which the Borrower and any ERISA Affiliate has, or is reasonably expected to have, any liability, could reasonably be expected to result in a Material Adverse Effect.

  SECTION 3.11          Disclosure.  All written information and all information that is formally presented at a general meeting (which may be a telephonic meeting) of
      the Lenders, other than any projections, estimates, forecasts and other forward-looking information and information of a general economic or industry specific nature furnished by or on behalf of the Borrower to the Administrative

  
    
      

      

    

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  Agent or any Lender in connection with the negotiation of this Agreement or any Borrowing Subsidiary Agreement or delivered
      hereunder or thereunder (as modified or supplemented by other information so furnished), taken as a whole and when furnished, does not contain any material misstatement of fact or omit to state any material fact necessary to make the statements
      therein, in the light of the circumstances under which they were made, not materially misleading; provided that, with respect to projected financial
      information, the Borrower represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time so furnished (it being understood by the Administrative Agent and the Lenders that any such
      projections are subject to significant uncertainties and contingencies, many of which are beyond the control of the Borrower or its Subsidiaries, that no assurances can be given that such projections will be realized and that actual results may
      differ materially from such projections).

  SECTION 3.12          Liens.  There are no Liens on any of the real or personal properties of the Borrower or any Subsidiary except for Liens permitted by
      Section 6.02.

  SECTION 3.13          No Default.  No Default or Event of Default has occurred and is continuing.

  SECTION 3.14          Insurance Licenses.  Each Regulated Insurance Company holds all material licenses (including licenses or certificates of authority from
      Applicable Insurance Regulatory authorities), permits or authorizations necessary or otherwise required to transact insurance and reinsurance business (collectively, the “Insurance

          Licenses”).  There is (i) no Insurance License that is the subject of a proceeding for suspension, revocation or limitation or any similar proceedings, (ii) to the knowledge of the Borrower, no reasonable basis for such a suspension,
      revocation or limitation, and (iii) to the knowledge of the Borrower, no such suspension, revocation or limitation threatened in writing by any Applicable Insurance Regulatory Authority, that, in each instance under clauses (i), (ii) and (iii) above
      and either individually or in the aggregate, has had, or could reasonably be expected to result in, a Material Adverse Effect.

  SECTION 3.15          Subsidiaries.  Schedule 3.15 sets forth as of the date
      hereof a list of all Subsidiaries and the percentage ownership interest of the Borrower therein.  As of the Effective Date, the shares of capital stock of such Subsidiaries will be fully paid and non-assessable and such shares and other ownership
      interests so indicated by Schedule 3.15 will be owned by the Borrower, directly or indirectly, free and clear of all Liens.

  SECTION 3.16          Anti-Corruption Laws and Sanctions.  The Borrower has implemented and maintains in effect policies and procedures reasonably designed to
      promote compliance by the Borrower, its Subsidiaries and their respective directors, officers and employees with Anti-Corruption Laws and applicable Sanctions in all material respects, and the Borrower, its Subsidiaries and their respective officers
      and to the knowledge of the Borrower its directors and employees, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects.  None of (a) the Borrower, any Subsidiary or to the knowledge of the Borrower or any of
      their respective directors, officers or employees, or (b) to the knowledge of the Borrower, any agent of the Borrower or any agent of any Subsidiary that will act in any capacity in connection with or benefit from the credit facility established
      hereby, is a Sanctioned Person.  No Borrowing or Letter of Credit or use of proceeds thereof will violate any Anti-Corruption Law or applicable Sanctions.

  SECTION 3.17          EEA Financial Institutions.  The Borrower is not an EEA Financial Institution.

  SECTION 3.18          Insurance Business.  All insurance policies issued by any Regulated Insurance Company are, to the extent required under applicable law, on
      forms approved by the insurance

  
    
      

      

    

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  regulatory authorities of the jurisdictions where issued or have been filed with and not objected to by such authorities within
      the period for objection, except for those forms with respect to which a failure to obtain such approval or make such a filing without it being objected to, either individually or in the aggregate, has not had, and could not reasonably be expected to
      result in, a Material Adverse Effect.

  SECTION 3.19          Margin Regulations.  The Borrower is not engaged and will not engage, principally or as one of its important activities, in the business of
      purchasing or carrying Margin Stock, or extending credit for the purpose of purchasing or carrying Margin Stock, and no part of the proceeds of any Borrowing or Letter of Credit extension hereunder will be used to buy or carry any Margin Stock. 
      Following the application of the proceeds of each Borrowing or drawing under each Letter of Credit, not more than 25% of the value of the assets (either of the Borrower only or of the Borrower and its Subsidiaries on a consolidated basis) will be
      Margin Stock.

  SECTION 3.20          Solvency. On the date of the first Borrowing hereunder and immediately after giving effect to such Borrowing, (a) the fair value of the assets
      of the Borrower and its Subsidiaries, on a consolidated basis, at a fair valuation, will exceed their debts and liabilities, subordinated, contingent or otherwise; (b) the present fair saleable value of the property of the Borrower and its
      Subsidiaries, on a consolidated basis, will be greater than the amount that will be required to pay the probable liability of their debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become
      absolute and matured; (c) the Borrower and its Subsidiaries, on a consolidated basis, do not intend to incur or do not believe they will incur debts and liabilities, subordinated, contingent or otherwise, beyond their ability to pay such debts and
      liabilities as they become absolute and matured; and (d) the Borrower and its Subsidiaries, on a consolidated basis, will not have unreasonably small capital with which to conduct the business in which they are engaged as such business is now
      conducted and is proposed to be conducted following the Effective Date.

  ARTICLE IV

  Conditions

  SECTION 4.01          Effective Date.  The obligations of the Lenders to make Loans and of the Issuing Bank to issue Letters of Credit hereunder shall not become
      effective until the date on which each of the following conditions is satisfied (or waived in accordance with Section 9.02):

  (a)          The Administrative Agent (or its counsel) shall have received (i) from each party hereto either (A) a counterpart of this Agreement signed on behalf of such party or (B) written evidence reasonably satisfactory to the Administrative
      Agent (which may include telecopy or electronic transmission of a signed signature page of this Agreement) that such party has signed a counterpart of this Agreement and (ii) duly executed copies of the Loan Documents and such other legal opinions,
      certificates, documents, instruments and agreements, in each case, to the extent described in the list of documents attached as Exhibit E.

  (b)          The Administrative Agent shall have received a favorable written opinion (addressed to the Administrative Agent and the Lenders and dated the Effective Date) of Skadden, Arps, Slate, Meagher & Flom LLP, counsel for the Borrower,
      covering such matters relating to the Borrower, this Agreement or the Transactions as the Administrative Agent shall reasonably request.  The Borrower hereby requests such counsel to deliver such opinion.

  (c)          The Administrative Agent shall have received such documents and certificates as the Administrative Agent or its counsel may reasonably request relating to the organization, existence and good standing of the Borrower, the
      authorization of the Transactions and any other legal matters relating

  
    
      

      

    

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  to the Borrower, the Loan Documents or the Transactions, all in form and substance satisfactory to the
      Administrative Agent and its counsel and as further described in the list of documents identified in Section B of Exhibit E.

  (d)          The Administrative Agent shall have received a certificate, dated the Effective Date and signed by the President, a Vice President or a Financial Officer of the Borrower, confirming that (i) the representations and warranties of the
      Borrower set forth in this Agreement are true and correct in all material respects (provided that any representation or warranty qualified by materiality or Material Adverse Effect shall be true and correct in all respects) as of the Effective Date
      and (ii) that no Default or Event of Default has occurred and is continuing as of such date.

  (e)          (i) The Administrative Agent shall have received, at least five (5) days prior to the Effective Date, all documentation and other information regarding the Borrower requested in connection with applicable “know your customer” and
      anti-money laundering rules and regulations, including the Patriot Act, to the extent requested in writing of the Borrower at least ten (10) days prior to the Effective Date and (ii) to the extent the Borrower qualifies as a “legal entity customer”
      under the Beneficial Ownership Regulation, at least five (5) days prior to the Effective Date, any Lender that has requested, in a written notice to the Borrower at least ten (10) days prior to the Effective Date, a Beneficial Ownership Certification
      in relation to the Borrower shall have received such Beneficial Ownership Certification (provided that, upon the execution and delivery by such Lender of its signature page to this Agreement, the condition set forth in this clause (f) shall be deemed
      to be satisfied).

  (f)          The Administrative Agent shall have received all fees and other amounts due and payable on or prior to the Effective Date, including, to the extent invoiced at least two Business Days prior to the Effective Date, reimbursement or
      payment of all reasonable and documented out-of-pocket expenses required to be reimbursed or paid by the Borrower hereunder.

  The Administrative Agent shall notify the Borrower and the Lenders of the Effective Date, and such notice
      shall be conclusive and binding.

  SECTION 4.02          Each Credit Event.  The obligation of each Lender to make a Loan on the occasion of any Borrowing, and of the Issuing Bank to issue, amend,
      renew or extend any Letter of Credit, is subject to the satisfaction (or waiver in accordance with Section 9.02) of the following conditions:

  (a)          The representations and warranties of the Borrower set forth in this Agreement (other than the representations and warranties set forth in Section 3.04(b)) shall be true and correct in all material respects (provided that any
      representation or warranty qualified by materiality or Material Adverse Effect shall be true and correct in all respects) on and as of the date of such Borrowing or the date of issuance, amendment, renewal or extension of such Letter of Credit, as
      applicable (except to the extent any such representation or warranty expressly relates to an earlier date, in which case such representation or warranty shall be true and correct in all material respects (provided that any representation or warranty
      qualified by materiality or Material Adverse Effect shall be true and correct in all respects) as of such earlier date).

  (b)          At the time of and immediately after giving effect to such Borrowing or the issuance, amendment, renewal or extension of such Letter of Credit, as applicable, no Default shall have occurred and be continuing.

  Each Borrowing (other than a conversion or continuation of any Loans) and each issuance, amendment, renewal or
      extension of a Letter of Credit shall be deemed to constitute a

  
    
      

      

    

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  representation and warranty by the Borrower on the date thereof as to the matters specified in paragraphs (a) and (b) of this
      Section.

  ARTICLE V

  Affirmative Covenants

  Until the Commitments have expired or have been terminated and the principal of and interest on each Loan and
      all fees due and payable hereunder shall have been paid in full and all Letters of Credit shall have expired or terminated (or shall have been backstopped or cash collateralized pursuant to arrangements reasonably satisfactory to the Administrative
      Agent and the Issuing Bank), in each case, without any pending draw, and all LC Disbursements shall have been reimbursed, the Borrower covenants and agrees with the Lenders that:

  SECTION 5.01          Financial Statements and Other Information.  The Borrower will furnish to the Administrative Agent for distribution to the Lenders:

  (a)          within ninety (90) days after the end of each fiscal year of the Borrower (or, if earlier, by the date that the Annual Report on Form 10-K of the Borrower for such fiscal year would be required to be filed under the rules and
      regulations of the SEC, giving effect to any automatic extension available thereunder for the filing of such form), its audited consolidated balance sheet and related statements of operations, shareholders’ equity and cash flows as of the end of and
      for such year, setting forth in each case comparative figures for the previous fiscal year, all reported on by KPMG LLP or other independent public accountants of recognized national standing (without a “going concern” or like qualification or
      exception and without any qualification or exception as to the scope of such audit; provided that such report may contain a “going concern” or like
      qualification or exception, or qualification arising out of the scope of the audit, if such qualification or exception is related solely from the classification of the Loans hereunder as short-term indebtedness during the twelve-month period prior to
      the Maturity Date hereunder) to the effect that such consolidated financial statements present fairly in all material respects the financial condition and results of operations of the Borrower and its consolidated Subsidiaries on a consolidated basis
      in accordance with GAAP consistently applied;

  (b)          within forty-five (45) days after the end of each of the first three fiscal quarters of each fiscal year of the Borrower (or, if earlier, by the date that the Quarterly Report on Form 10-Q of the Borrower for such fiscal quarter
      would be required to be filed under the rules and regulations of the SEC, giving effect to any automatic extension available thereunder for the filing of such form), its consolidated balance sheet and related statements of operations, shareholders’
      equity and cash flows as of the end of and for such fiscal quarter and the then elapsed portion of the fiscal year, setting forth in each case in comparative form the figures for the corresponding period or periods of (or, in the case of the balance
      sheet, as of the end of) the previous fiscal year, all certified by one of its Financial Officers as presenting fairly in all material respects the financial condition and results of operations of the Borrower and its consolidated Subsidiaries on a
      consolidated basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes;

  (c)          concurrently with any delivery of financial statements under clause (a) or (b) above, a certificate of a Financial Officer of the Borrower in the form of Exhibit

          I or such other form as is reasonably acceptable to the Borrower and the Administrative Agent (i) certifying as to whether a Default has occurred and, if a Default has occurred, specifying the details thereof and any action taken or
      proposed to be taken with respect thereto, (ii) setting forth reasonably detailed calculations demonstrating compliance with Section 6.12 and (iii) stating whether any material change in GAAP or in the application thereof has occurred since the date
      of the audited financial statements referred to in Section 3.04 affecting

  
    
      

      

    

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  the Borrower and, if any such change has occurred, specifying the effect of such change on the financial
      statements accompanying such certificate;

  (d)          promptly after the same become publicly available, copies of all periodic and other material reports (other than reports relating to employee benefit matters or employment plans) and proxy statements filed by the Borrower or any
      Subsidiary with the SEC, or any Governmental Authority succeeding to any or all of the functions of the SEC, or with any national securities exchange, or distributed by the Borrower to its shareholders generally, as the case may be, and all material
      amendments to any of the foregoing;

  (e)          promptly after receipt thereof by the Borrower or any Subsidiary, copies of each notice or other correspondence received from the SEC (or comparable agency in any applicable non-U.S. jurisdiction) concerning any investigation or
      possible investigation or other inquiry by the SEC or such other agency regarding financial or other operational results of the Borrower or any Subsidiary thereof;

  (f)          by no later than the following dates, a copy of each annual Statutory Statement filed, or required to be filed, by each Regulated Insurance Company: (1) upon the earlier of (x) fifteen (15) days after the regulatory filing date
      (after giving effect to any extension of such regulatory filing date obtained from, or granted by, any Applicable Insurance Regulatory Authority) or (y) seventy-five (75) days after the close of each fiscal year of such Regulated Insurance Company,
      in each case with such Statutory Statements being certified by a Financial Officer of such Regulated Insurance Company and prepared in accordance with SAP, and (2) no later than each June 15, copies of such Statutory Statements audited and certified
      by independent certified public accountants of recognized national standing;

  (g)          promptly following the delivery or receipt, as the case may be, by any Regulated Insurance Company or any of their respective Subsidiaries, copies of (A) each registration, filing or submission made by or on behalf of any Regulated
      Insurance Company with any Applicable Insurance Regulatory Authority, except for policy form or rate filings, (B) each examination and/or audit report submitted to any Regulated Insurance Company by any Applicable Insurance Regulatory Authority,
      (C) all information which the Lenders may from time to time reasonably request with respect to the nature or status of any deficiencies or violations reflected in any examination report or other similar report, and (D) each report, order, direction,
      instruction, approval, authorization, license or other notice which the Borrower or any Regulated Insurance Company may at any time receive from any Applicable Insurance Regulatory Authority, in each of (A) through (D) that is material to the
      Borrower and its Subsidiaries, taken as a whole, as reasonably determined by the Board of Directors of the Borrower, a duly authorized committee thereof or a Responsible Officer of the Borrower;

  (h)          promptly following notification thereof from a Governmental Authority, notification of the suspension, material limitation, termination or non-renewal of, or the taking of any other materially adverse action in respect of, any
      material Insurance License;

  (i)          promptly after A.M. Best Company shall have announced a downgrade in the financial strength rating of any Regulated Insurance Company, written notice of such rating change; and

  (j)          promptly following any request therefor, (x) such other information regarding the operations, business affairs and financial condition of the Borrower or any Subsidiary, or compliance with the terms of this Agreement, as the
      Administrative Agent may reasonably request (provided that neither the Borrower nor any Subsidiary shall be required to disclose any such information that constitutes (i) trade secrets of the Borrower or its Subsidiaries, (ii) information subject to
      attorney-client privilege to the extent disclosure thereof would impair such privilege or (iii) information subject to confidentiality obligations to third parties the disclosure of which would cause the Borrower or any of its Subsidiaries to

  
    
      

      

    

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  be in breach of such obligations) and (y) information and documentation reasonably requested by the
      Administrative Agent or any Lender for purposes of compliance with applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act.

  Information required to be delivered pursuant to clauses (a), (b), (d) and (f) of this Section 5.01 shall be
      deemed to have been delivered if such information, or one or more annual, quarterly or other periodic reports containing such information, shall have been posted by the Administrative Agent on an Intralinks or similar site to which the Lenders have
      been granted access or shall be available on the website of the SEC at http://www.sec.gov; provided that, for the avoidance of doubt, the Borrower shall be required
      to provide copies of the compliance certificates required by clause (c) of this Section 5.01 to the Administrative Agent.  Information required to be delivered pursuant to this Section may also be delivered by electronic communications pursuant to
      procedures approved by the Administrative Agent.  The Borrower hereby acknowledges that the Administrative Agent and/or JPMorgan Chase Bank, N.A., in its capacity as an Arranger will make available to the Lenders materials and/or information provided
      by or on behalf of the Borrower hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on the Approved Electronic Platform.

  SECTION 5.02          Notices of Material Events.  The Borrower will, upon actual knowledge thereof by a Financial Officer or other executive officer, furnish to the
      Administrative Agent for distribution to the Lenders prompt written notice of the following:

  (a)          the occurrence of any Default;

  (b)          the filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against or affecting the Borrower or any Subsidiary thereof that could reasonably be expected to result in a Material
      Adverse Effect;

  (c)          the occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred, could reasonably be expected to result in liability of the Borrower and its ERISA Affiliates in an aggregate amount that could
      reasonably be expected to result in a Material Adverse Effect; and

  (d)          any other development that results in, or could reasonably be expected to result in, a Material Adverse Effect.

  Each notice delivered under this Section shall be accompanied by a statement of a Financial Officer or other
      executive officer of the Borrower setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto. Information required to be delivered pursuant to clause (b) of this
      Section shall be deemed to have been delivered if such information, or one or more annual or quarterly or other periodic reports containing such information, shall have been posted by the Administrative Agent on an Intralinks or similar site to which
      the Lenders have been granted access or shall be available on the website of the SEC at http://www.sec.gov.  Information required to be delivered pursuant to this Section may also be delivered by electronic communications pursuant to procedures
      approved by the Administrative Agent.

  SECTION 5.03          Existence; Conduct of Business.  The Borrower will, and will cause each of its Material Subsidiaries to, do or cause to be done all things
      necessary to preserve, renew and keep in full force and effect its legal existence and the rights, licenses, permits, privileges and franchises material to the conduct of the business of the Borrower and its Subsidiaries, taken as a whole; provided that the foregoing shall not prohibit any merger, consolidation, Division, liquidation or dissolution permitted pursuant to Section 6.03.

  
    
      

      

    

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  SECTION 5.04          Payment of Obligations.  The Borrower will, and will cause each of its Subsidiaries to, pay its obligations, including material Tax
      liabilities, that, if not paid, could result in a Material Adverse Effect before the same shall become delinquent or in default, except where (a) the validity or amount thereof is being contested in good faith by appropriate proceedings, (b) the
      Borrower or such Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP and (c) the failure to make payment pending such contest could not reasonably be expected to result in a Material Adverse Effect.

  SECTION 5.05          Maintenance of Properties; Insurance.  The Borrower will, and will cause each of its Material Subsidiaries to, (a) keep and maintain all
      property material to the conduct of its business in good working order and condition, ordinary wear and tear excepted, and (b) maintain with financially sound and reputable insurance companies insurance in such amounts (with no greater risk
      retention) and against such risks and such other hazards, as is customarily maintained by companies of established repute engaged in the same or similar businesses operating in the same or similar locations; provided that any such insurance may be maintained through a program of self-insurance to the extent deemed prudent by the Borrower in its reasonable business judgment (which determination
      shall take into account the self-insurance practices customary among such companies, to the extent the Borrower has knowledge thereof without any investigation).

  SECTION 5.06          Books and Records; Inspection Rights.  The Borrower will, and will cause each of its Material Subsidiaries to, keep proper books of record and
      account in all material respects in accordance with GAAP (or, the case of a Non-U.S. Subsidiary, generally accepted accounting principles in the jurisdiction of organization of such Non-U.S. Subsidiary).  The Borrower will, and will cause each of its
      Material Subsidiaries to, permit any representatives designated by the Administrative Agent on its own initiative or at the request of the Required Lenders, upon reasonable prior notice, to visit and inspect its properties, to examine and make
      extracts from its books and records, and to discuss its affairs, finances and condition with its officers and independent accountants, all at such reasonable times and as often as reasonably requested; provided that, unless an Event of Default has occurred and is continuing, such visitation and inspection rights may only be exercised once per calendar year at the expense of the Borrower.  Notwithstanding
      anything to the contrary in this Section 5.06, the Borrower will not be required to disclose or permit the inspection or discussion of, any document, information or other matter (i) that constitutes trade secrets or proprietary information, (ii) in
      respect of which disclosure to the Administrative Agent or any Lender (or their respective representatives or contractors) is prohibited by requirements of law or any contractual obligation (and not entered into in contemplation of this Agreement)
      with any Person that is not an Affiliate or (iii) that is subject to attorney client or similar privilege or constitutes attorney work product.

  SECTION 5.07           Compliance with Laws and Material Contractual Obligations. 

      The Borrower will, and will cause each of its Subsidiaries to, (i) comply with all laws, rules, regulations and orders of any Governmental Authority applicable to it or its property (including without limitation Environmental Laws) and (ii) perform
      in all material respects its obligations under material agreements to which it is a party, in each case except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.  The Borrower will maintain in effect and enforce policies and procedures reasonably designed to promote compliance by the Borrower, its Subsidiaries and their
        respective directors, officers and employees with  Anti-Corruption Laws and applicable Sanctions in all material respects.

  SECTION 5.08          Use of Proceeds.  The proceeds of the Loans will be used to finance the working capital needs, and for general corporate purposes, of the
      Borrower and its Subsidiaries, including, without limitation, to fund any construction of a new headquarters building (the “New Headquarters”).  No part of the
      proceeds of any Loan will be used, whether directly or indirectly, for any

  
    
      

      

    

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  purpose that entails a violation of any of the Regulations of the Board, including Regulations U and X.  The Borrower will not
      request any Borrowing or Letter of Credit, and the Borrower shall not use, and shall procure that its Subsidiaries and its or their respective directors, officers, employees and agents shall not use, the proceeds of any Borrowing or Letter of Credit
      (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation
        of any Anti-Corruption Laws or (ii) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, to the extent such activities, businesses or
      transaction would result in the violation of  any Sanctions applicable to any party hereto.

  ARTICLE VI

  Negative Covenants

  Until the Commitments have expired or terminated and the principal of and interest on each Loan and all fees
      due and payable hereunder have been paid in full and all Letters of Credit have expired or terminated (or shall have been backstopped or cash collateralized pursuant to arrangements reasonably satisfactory to the Administrative Agent and the Issuing
      Bank), in each case, without any pending draw, and all LC Disbursements shall have been reimbursed, the Borrower covenants and agrees with the Lenders that:

  SECTION 6.01          Indebtedness.  The Borrower will not, and will not permit any Subsidiary to, create, incur, assume or permit to exist any Indebtedness, except:

  (a)          the Obligations;

  (b)          Indebtedness existing on the Effective Date and set forth in Schedule 6.01 and amendments, modifications, extensions, refinancings, renewals and
      replacements of any such Indebtedness that does not increase the outstanding principal amount thereof (other than with respect to unpaid accrued interest and premium thereon, any committed or undrawn amounts and underwriting discounts, fees,
      commissions, premiums and expenses associated with such Indebtedness);

  (c)          Indebtedness of the Borrower to any Subsidiary and of any Subsidiary to the Borrower or any other Subsidiary;

  (d)          Guarantees by the Borrower of Indebtedness or other obligations of any Subsidiary and by any Subsidiary of Indebtedness or other obligations of the Borrower or any other Subsidiary;

  (e)          Indebtedness of the Borrower or any Subsidiary incurred to finance the acquisition, construction, repair, replacement, lease or improvement of any fixed or capital assets, including Capital Lease Obligations and any Indebtedness
      assumed in connection with the acquisition of any such assets or secured by a Lien on any such assets prior to the acquisition thereof (to the extent such Indebtedness is incurred prior to or within 180 days after such acquisition or the completion
      of such construction, repair, replacement, lease or improvement), and amendments, modifications, extensions, refinancings, renewals and replacements of any such Indebtedness; provided that the aggregate outstanding principal amount of Indebtedness
      permitted by this clause (e) shall not exceed $10,000,000 at any time outstanding;

  (f)          Indebtedness of any Person that becomes a Subsidiary after the date hereof other than as a result of a Division; provided that (i) such Indebtedness
      exists at the time such Person becomes a

  
    
      

      

    

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  Subsidiary and is not created in contemplation of or in connection with such Person becoming a Subsidiary and
      (ii) the aggregate principal amount of Indebtedness permitted by this clause (f) shall not exceed $25,000,000 at any time outstanding;

  (g)          unfunded pension fund and other employee benefit plan obligations and liabilities to the extent they are permitted to remain unfunded under applicable law;

  (h)          Indebtedness representing deferred compensation or similar arrangements payable to future, present or former directors, officers, employees, members of management or consultants incurred in the ordinary course of business;

  (i)          indemnification obligations, earnout or similar obligations, deferred compensation, purchase price adjustments or Guarantees, surety bonds or performance bonds securing the performance of the Borrower or any of its Subsidiaries, in
      each case incurred or assumed in connection with a Permitted Acquisition or disposition or other acquisition of assets permitted hereunder;

  (j)          Indebtedness of the Borrower or any of its Subsidiaries in respect of performance bonds, bid bonds, appeal bonds, surety bonds and similar obligations, in each case provided in the ordinary course of business, including guarantees or
      obligations with respect to letters of credit supporting such performance bonds, bid bonds, appeal bonds, surety bonds and similar obligations;

  (k)          Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business or otherwise in respect of any netting
      services, overdrafts and related liabilities arising from treasury, depository and cash management services or in connection with any automated clearing-house transfers of funds;

  (l)          Indebtedness in respect to judgments or awards under circumstances not giving rise to an Event of Default;

  (m)          Indebtedness in respect of obligations that are being contested in accordance with Section 5.04;

  (n)          Indebtedness consisting of (i) deferred payments or financing of insurance premiums incurred in the ordinary course of business of the Borrower or any of its Subsidiaries and (ii) take or pay obligations contained in any supply
      agreement entered into in the ordinary course of business;

  (o)          Indebtedness representing deferred compensation, severance, pension, and health and welfare retirement benefits or the equivalent to current and former employees of the Borrower and its Subsidiaries incurred in the ordinary course of
      business or existing on the Effective Date;

  (p)          customer advances or deposits or other endorsements for collection, deposit or negotiation and warranties of products or services, in each case received or incurred in the ordinary course of business;

  (q)          Indebtedness of the Borrower or any Subsidiary secured by a Lien on any asset of the Borrower or any Subsidiary; provided that the aggregate
      outstanding principal amount of Indebtedness permitted by this clause (q) shall not in the aggregate exceed $15,000,000 at any time;

  (r)          unsecured Indebtedness in an aggregate principal amount not exceeding $25,000,000 at any time outstanding; provided that the aggregate principal
      amount of Indebtedness of the

  
    
      

      

    

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  Borrower’s Subsidiaries permitted by this clause (r) shall not exceed $15,000,000 at any time outstanding;

  (s)          Indebtedness in respect of repurchase agreements constituting Permitted Investments; and

  (t)          Indebtedness with respect to Swap Agreements.

  SECTION 6.02          Liens.  The Borrower will not, and will not permit any Subsidiary to, create, incur, assume or permit to exist any Lien on any property or
      asset now owned or hereafter acquired by it, except:

  (a)          Permitted Encumbrances;

  (b)          any Lien on any property or asset of the Borrower or any Subsidiary existing on the Effective Date and set forth in Schedule 6.02 and any
      amendments, modifications, extensions, renewals, refinancings and replacements thereof; provided that (i) such Lien shall not apply to any other property or asset of
      the Borrower or any Subsidiary other than improvements thereon and proceeds from the disposition of such property or asset and (ii) the amount secured or benefited thereby is not increased (other than as permitted by Section 6.01) and amendments,
      modifications, extensions, refinancings, renewals and replacements thereof that do not increase the outstanding principal amount thereof (other than as permitted by Section 6.01);

  (c)          any Lien existing on any property or asset prior to the acquisition thereof by the Borrower or any Subsidiary or existing on any property or asset of any Person that becomes a Subsidiary after the date hereof prior to the time such
      Person becomes a Subsidiary; provided that (i) such Lien is not created in contemplation of or in connection with such acquisition or such Person becoming a
      Subsidiary, as the case may be, (ii) such Lien shall not apply to any other property or assets of the Borrower or any Subsidiary and (iii) such Lien shall secure only those obligations which it secures on the date of such acquisition or the date such
      Person becomes a Subsidiary, as the case may be, and extensions, renewals and replacements thereof that do not increase the outstanding principal amount thereof (except by the amount of any accrued interest and premiums with respect to such
      Indebtedness and transaction fees, costs and expenses in connection with such extension, renewal or replacement thereof);

  (d)          Liens on fixed or capital assets (including capital leases) acquired (including as a replacement), constructed, repaired, leased or improved by the Borrower or any Subsidiary; provided that (i) such Liens secure Indebtedness or Capital Lease Obligations permitted by clause (e) of Section 6.01, (ii) such Liens and the Indebtedness secured thereby are incurred prior to or within 180 days
      after such acquisition or lease or the completion of such construction, replacement, repair or improvement (other than with respect to amendments, modifications, extensions, refinancings, renewals and replacements thereof) and (iii) such Liens shall
      not apply to any other property or assets of the Borrower or any Subsidiary other than improvements thereon, replacements and products thereof, additions and accessions thereto or proceeds from the disposition of such property or assets and customary
      security deposits; provided that individual financings of equipment provided by one lender (or a syndicate of lenders) may be cross-collateralized to other
      financings of equipment provided by such lender (or syndicate);

  (e)          Liens granted by a Subsidiary in favor of the Borrower in respect of Indebtedness owed by such Subsidiary to the Borrower;

  
    
      

      

    

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  (f)          Liens arising out of any conditional sale, title retention, consignment or other similar arrangements for the sale of goods entered into by the Parent or any of its Subsidiaries the ordinary course of business;

  (g)          Liens securing Indebtedness permitted hereunder to finance insurance premiums solely to the extent of such premiums;

  (h)          statutory and common law rights of setoff and other Liens, similar rights and remedies arising as a matter of law encumbering deposits of cash, securities, commodities and other funds in favor of banks, financial institutions, other
      depository institutions, securities or commodities intermediaries or brokerage, and Liens of a collecting bank arising under Section 4-208 or 4-210 of the UCC in effect in the relevant jurisdiction or any similar law of any foreign jurisdiction on
      items in the course of collection;

  (i)          Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation of goods in the ordinary course of business;

  (j)          Liens on any cash earnest money deposits made by the Borrower or any of its Subsidiaries in connection with any Acquisition permitted by this Agreement, including, without limitation, in connection with any letter of intent or
      purchase agreement relating thereto;

  (k)          in connection with the sale or transfer of any assets in a transaction permitted under Section 6.03 or 6.04, customary rights and restrictions contained in agreements relating to such sale or transfer pending the completion thereof;

  (l)          Liens in the nature of the right of setoff in favor of counterparties to contractual agreements with the Borrower (i) in the ordinary course of business or (ii) otherwise permitted hereunder other than in connection with
      Indebtedness;

  (m)          dispositions and other sales of assets permitted under Section 6.03 and Section 6.04;

  (n)          to the extent constituting a Lien, Liens with respect to repurchase obligations of the type described in clause (d) of the definition of “Permitted Investments”;

  (o)          Liens that are contractual rights of set-off (i) relating to the establishment of depositary relations with banks or other financial institutions not given in connection with the issuance of Indebtedness, or (ii) relating to pooled
      deposit or sweep accounts of the Borrower or any Subsidiary to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business of the any the Borrower or such Subsidiary;

  (p)          Liens of sellers of goods to any Loan Party and any of their respective Subsidiaries arising under Article II of the UCC or similar provisions of applicable law in the ordinary course of business, covering only the goods sold and
      securing only the unpaid purchase price for such goods and related expenses;

  (q)          Liens securing repurchase agreements constituting a Permitted Investment;

  (r)          Liens securing obligations owed by the Borrower to any of its Subsidiaries or owed by any Subsidiary of the Borrower to the Borrower or any other Subsidiary of the Borrower, in each

  
    
      

      

    

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  case solely to the extent that such Liens are required or requested by an Applicable Insurance Regulatory
      Authority, rating agencies, clients or brokers for such Person to maintain such obligations;

  (s)          Liens on investments and cash balances of any Regulated Insurance Company securing obligations of such Regulated Insurance Company in respect of trust or similar arrangements formed, letters of credit issued or funds withheld
      balances established, in each case, in the ordinary course of business for the benefit of policyholders or cedents to secure insurance or reinsurance recoverables owed to them by such Regulated Insurance Company;

  (t)          Liens securing Indebtedness described under Section 6.01(q);

  (u)          Liens on deposits or other amounts held in escrow to secure contractual payments (contingent or otherwise) payable by the Borrower or its Subsidiaries to a seller after the consummation of a Permitted Acquisition; and

  (v)          Liens on assets of the Borrower and its Subsidiaries not otherwise permitted above so long as the aggregate principal amount of the obligations (excluding obligations which constitute Indebtedness) subject to such Liens does not at
      any time exceed $5,000,000.

  Notwithstanding the foregoing, none of the Liens permitted pursuant to this Section 6.02 may at any time
      attach to any Loan Party’s Material Real Property, other than Permitted Encumbrances.

  SECTION 6.03          Fundamental Changes.

  (a)          The Borrower will not, and will not permit any Subsidiary to, merge into or consolidate with any other Person, or permit any other Person to merge into or consolidate with it, consummate a Division as the Dividing Person, or
      otherwise Dispose of all or substantially all of its assets, or all or substantially all of the Equity Interests of any of its Subsidiaries (in each case, whether now owned or hereafter acquired), or liquidate or dissolve, except that, if at the time
      thereof and immediately after giving effect thereto no Event of Default shall have occurred and be continuing:

  (i)          the Subsidiaries may sell, transfer, lease, license or otherwise dispose of any, all or substantially all of its assets (in connection with a liquidation, winding up or dissolution or otherwise) to another Subsidiary
      or the Borrower;

  (ii)          the Subsidiaries may sell, transfer, lease or otherwise dispose of any Subsidiary to the Borrower;

  (iii)          any Person may merge into the Borrower in a transaction in which the Borrower is the surviving corporation;

  (iv)          any Subsidiary may merge or consolidate with or into any other Subsidiary of the Borrower; provided, however, that, if any
      Subsidiary party to such transaction is a wholly owned Subsidiary of the Borrower, the surviving or continuing Person of such transaction shall be a wholly owned Subsidiary of the Borrower;

  (v)          any Subsidiary that is an LLC may consummate a Division as the Dividing Person if, immediately upon the consummation of the Division, the assets of the applicable Dividing Person are held by the Borrower or any
      Subsidiary at such time, or, with respect to assets not so held by the Borrower or a Subsidiary, such Division, in the aggregate, would otherwise result in a Disposition permitted by Section 6.04(k);

  
    
      

      

    

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  (vi)          Dispositions permitted by Section 6.04 and Investments permitted by Section 6.05; and

  (vii)          any Subsidiary may liquidate or dissolve if the Borrower determines in good faith that such liquidation or dissolution is in the best interests of the Borrower and is not materially disadvantageous to the Lenders;

  provided that any such
      merger, Division or consolidation involving a Person that is not a wholly-owned Subsidiary immediately prior to such merger, Division or consolidation shall not be permitted unless it is also permitted by Section 6.05.

  (b)          The Borrower will not, and will not permit any of its Subsidiaries to, engage to any material extent in any business other than businesses of the type conducted by the Borrower and its Subsidiaries (taken as a whole) on the Effective
      Date and businesses reasonably related, thereto or reasonable extensions, development or expansion thereof.

  (c)          The Borrower will not permit its fiscal year to end on a day other than December 31 or change the Borrower’s method of determining its fiscal quarters.

  SECTION 6.04          Dispositions.  The Borrower will not, and will not
        permit any Subsidiary to, make any Disposition, except:

  (a)          Dispositions of obsolete, worn out, surplus, unmerchantable or otherwise unsalable property or property no longer used or useful in such Person’s business;

  (b)          Dispositions of inventory and Permitted Investments in the ordinary course of business;

  (c)          Dispositions of equipment or real property to the extent that (i) such property is exchanged for credit against the purchase price of similar replacement property or
        (ii) the proceeds of such Disposition are reasonably promptly applied to the purchase price of such replacement property;

  (d)          leases, licenses, subleases or sublicenses (including the provision of open source software under an open source license) granted in the ordinary course of business and
        on ordinary commercial terms that do not interfere in any material respect with the business of the Borrower and its Subsidiaries;

  (e)          Dispositions of intellectual property rights that are, in the reasonable judgment of the Borrower, no longer economical practicable to maintain or useful in the
        business of the Borrower and its Subsidiaries, taken as a whole;

  (f)          the discount, write-off or Disposition of accounts receivable or other receivables related to reinsurance and deductibles overdue by more than ninety days, in each case
        in the ordinary course of business;

  (g)          Restricted Payments permitted by Section 6.08, Liens permitted under Section 6.02 and investments permitted by Section 6.05;

  (h)          sales, trade-ins or dispositions of used property and equipment for value in the ordinary course of business;

  
    
      

      

    

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  (i)          the Borrower and its Subsidiaries may (A) enter into, terminate or modify leases, subleases, licenses and sublicenses of technology and other property in the ordinary
        course of business or between or among the Borrower and its Subsidiaries (or any combination thereof), (B) lease or sublease real property that would not materially interfere with the anticipated use of such real property by the Borrower or its
        Subsidiaries, (C) surrender or waive contractual rights and make other dispositions or discounts of accounts receivable to settle, release or surrender any contract, accounts receivable or other litigation claims in the ordinary course of business,
        (D) dispose of assets resulting from any casualty or other insured damage thereto, or any taking by eminent domain or condemnation or similar proceeding thereof and (E) dispose of equipment or real property to the extent that (i) such property is
        exchanged for credit against the purchase price of property useful in such Person’s business or (ii) the proceeds of such disposition are reasonably promptly applied to the purchase price of such replacement property;

  (j)          the Borrower and its Subsidiaries may Dispose of non-core assets (which may include real property) acquired in a Permitted Acquisition; provided that such sales shall be consummated within two (2) years
        of such Permitted Acquisition; provided, further, that (i) the consideration received for such assets shall
        be in an amount at least equal to the fair market value thereof (determined in good faith by the board of directors of Parent) and (ii) no less than 75% thereof shall be paid in cash;

  (k)          Dispositions by the Borrower and its Subsidiaries not otherwise permitted under this Section; provided that the aggregate book value of all property Disposed of pursuant to this clause (k) in any fiscal year of the
        Borrower shall not exceed $50,000,000;

  (l)          Dispositions of Permitted Investments and other investment assets in the ordinary course of business;

  (m)          Dispositions in the form of Sale and Leaseback Transactions permitted hereunder (excluding with respect to the New Headquarters); and

  (n)          ceding of insurance or reinsurance in the ordinary course of business.

  SECTION 6.05          Investments, Loans, Advances, Guarantees and Acquisitions.  The Borrower will not, and will not permit any of its Subsidiaries to, (i)
      purchase, hold or acquire (including pursuant to any merger or consolidation with, or as a Division Successor pursuant to the Division of, any Person that was not a wholly owned Subsidiary prior to such merger, consolidation or Division) any capital
      stock, evidences of indebtedness or other securities (including any option, warrant or other similar right to acquire any of the foregoing) of, make or permit to exist any loans or advances to, Guarantee any obligations of, or make or permit to exist
      any investment or any other beneficial interest in, any other Person, or (ii) purchase or otherwise acquire (in one transaction or a series of transactions) any Person or all or substantially all of the assets of any Persons or any assets of any
      other Person constituting a business unit, division, product line or line of business of such Person (each of the foregoing transactions described in the foregoing clauses (i) and (ii), an “Investment”) except:

  (a)          cash and Permitted Investments;

  (b)          Permitted Acquisitions;

  (c)          (i) Investments by the Borrower and its Subsidiaries existing on the Effective Date in the capital stock of their respective Subsidiaries, (ii) Investments by a Subsidiary in the Borrower, (iii) Investments by the Borrower in any of
      its Subsidiaries and (iv) Investments by any Person existing on the date such Person becomes a Subsidiary or consolidates or merges with the Borrower or any of its Subsidiaries pursuant to a transaction otherwise permitted hereunder;

  
    
      

      

    

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  (d)          Guarantees and other Indebtedness permitted by Section 6.01;

  (e)          Investments in existence on the Effective Date and described in Schedule 6.04 and any modification, replacement, renewal or extension thereof to the
      extent not involving any additional Investment;

  (f)          Investments in the form of Swap Agreements permitted by Section 6.06;

  (g)          Investments constituting deposits described in clauses (c) and (d) of the definition of “Permitted Encumbrances” or otherwise constituting Liens permitted by Section 6.02;

  (h)          Investments comprised of notes payable, stock or other securities issued by account debtors to the Parent or any of its Subsidiaries pursuant to negotiated agreements with respect to settlement of such account debtor’s accounts in
      the ordinary course of business or Investments otherwise received in settlement of obligations owed by any financially troubled account debtors or other debtors in connection with such Person’s reorganization or in bankruptcy, insolvency or similar
      proceedings or in connection with foreclosure on or transfer of title with respect to any secured Investment;

  (i)          extensions of trade credit or the holding of receivables in the ordinary course of business;

  (j)          the purchase, redemption, retirement, acquisition, cancellation or termination of any Equity Interests of the Borrower or any option, warrant or other right to acquire any such Equity Interests in the Borrower, in each case to the
      extent the payment therefore is permitted under Section 6.08;

  (k)          loans and advances to officers, directors and employees for moving, payroll, entertainment, travel and other similar expenses in the ordinary course of business not to exceed $2,500,000 in the aggregate at any time outstanding;

  (l)          endorsements for collection or deposit and prepaid expenses made in the ordinary course of business;

  (m)          transactions (to the extent constituting Investments) or promissory notes and other non-cash consideration received in connection with dispositions permitted by Section 6.03 and Section 6.04;

  (n)          Investments constituting the creation of new wholly-owned Subsidiaries so long as any Investment in such new wholly-owned Subsidiary is otherwise permitted under this Section 6.05;

  (o)          Guarantees of leases and other contractual obligations of any Subsidiary (to the extent not constituting Indebtedness) in the ordinary course of business; and

  (p)          any other investment, loan or advance (other than acquisitions) so long as the aggregate amount of all such investments, loans and advances does not exceed $25,000,000 at any time outstanding.

  For purposes of covenant compliance with this Section 6.05, the amount of any Investment shall be the amount
      actually invested, without adjustment for subsequent increases or decreases in the value of such Investment, less any amount paid, repaid, returned, distributed or otherwise received in cash in respect of such Investment.

  
    
      

      

    

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  SECTION 6.06          Swap Agreements.  The Borrower will not, and will not permit any of its Subsidiaries to, enter into any Swap Agreement, except (a) Swap
      Agreements entered into to hedge or mitigate risks to which the Borrower or any Subsidiary has actual exposure (other than those in respect of Equity Interests of the Borrower or any of its Subsidiaries), and (b) Swap Agreements entered into in order
      to effectively cap, collar or exchange interest rates (from fixed to floating rates, from one floating rate to another floating rate or otherwise) with respect to any interest-bearing liability or investment of the Borrower or any Subsidiary.

  SECTION 6.07          Transactions with Affiliates.  The Borrower will not, and will not permit any of its Subsidiaries to, sell, lease or otherwise transfer any
      property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions with, any of its Affiliates, involving aggregate payments or consideration in excess of $10,000,000, unless such
      transaction is (a) on terms and conditions not less favorable to the Borrower or such Subsidiary than could be obtained on an arm’s-length basis from unrelated third parties (considering such transactions and all other related transactions as a
      whole), (b) approved by a majority of the disinterested members of the board of directors of the Borrower or (c) between or among the Borrower and its Subsidiaries.  Notwithstanding the foregoing, the Borrower may do the following:  (i) pay customary
      fees and indemnifications to directors, officers, employees, members of management and consultants of Borrower and its Subsidiaries; (ii) enter into, and may make payments under, employment agreements, severance arrangements, employee benefits plans,
      stock option plans, indemnification provisions and other similar compensatory arrangements with officers, employees and directors of the Borrower and its Subsidiaries in the ordinary course of business; (iii) enter into or make payments under leases
      or subleases of property in the ordinary course of business not materially interfering with the business of the Borrower and the Subsidiaries taken as a whole; and (iv) Restricted Payments not prohibited by Section 6.08.

  SECTION 6.08          Restricted Payments.  The Borrower will not, and will not permit any of its Subsidiaries to, declare or make, or agree to pay or make, directly
      or indirectly, any Restricted Payment, except:

  (a)          the Borrower may declare and pay dividends or make other Restricted Payments with respect to its Equity Interests payable solely in additional Equity Interests;

  (b)          the Borrower may repurchase Equity Interests upon the exercise of stock options or warrants if such Equity Interests represent a portion of the exercise price of such options or warrants or with the proceeds received from the
      substantially concurrent issue of new Equity Interests;

  (c)          the Borrower may make cash payments in lieu of the issuance of fractional Equity Interests in connection with any dividend, split or combination thereof or the exercise of warrants, options or other securities convertible into or
      exchangeable for Equity Interests in the Borrower;

  (d)          Subsidiaries may (i) make dividends or other distributions to their respective equityholders with respect to their Equity Interests (which distributions shall be, in the case of a Subsidiary that is not a wholly-owned Subsidiary,
      made on at least a ratable basis to any such equityholders that are the Borrower or a Subsidiary), (ii) make other Restricted Payments to the Borrower and (iii) make any Restricted Payments that the Borrower would have otherwise been permitted to
      make pursuant to this Section 6.08;

  (e)          the Borrower may make Restricted Payments (i) for the repurchase, retirement or other acquisition or retirement for value of Equity Interests of the Borrower from any future, present or former employee, officer, director or manager
      or consultant of the Borrower or any Subsidiary upon the death, disability, retirement or termination of employment of any such Person or (ii) pursuant to and in

  
    
      

      

    

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  accordance with any agreement (including any employment agreement), stock option, stock grant or stock ownership
      plans, incentive plans or other benefit plans, in each case for future, present or former directors, officers, managers or employees of the Borrower and its Subsidiaries (including, without limitation, in respect of tax withholding or other similar
      tax obligation related to the foregoing); and

  (f)          the Borrower and its Subsidiaries may make any other Restricted Payment so long as (i) at the time of the declaration of such Restricted Payment, no Event of Default has occurred and is continuing or would arise after giving effect,
      on a pro forma basis, to such Restricted Payment if such Restricted Payment were to be made at such time of declaration and (ii) the aggregate amount of all such Restricted Payments during the term of this Agreement does not exceed $100,000,000.

  SECTION 6.09          Restrictive Agreements.  The Borrower will not, and will not permit any of its Subsidiaries to, directly or indirectly, enter into, incur or
      permit to exist any agreement or other arrangement that prohibits, restricts or imposes any condition upon (a) the ability of the Borrower or any Subsidiary to create, incur or permit to exist any Lien upon any of its property or assets, or (b) the
      ability of any Subsidiary to pay dividends or other distributions with respect to holders of its Equity Interests or to make or repay loans or advances to the Borrower or any other Subsidiary or to Guarantee Indebtedness of the Borrower or any other
      Subsidiary provided that (i) this Section 6.09 shall not apply to (A) restrictions and conditions imposed by law, rule or regulation (including any Applicable
      Insurance Regulatory Authority) or by any Loan Document, (B) restrictions and conditions existing on the Effective Date identified on Schedule 6.09 and any
      amendment, modification, refinancing, replacement, renewal or extension thereof that does not materially expand the scope of any such restriction or condition taken as a whole, (C) restrictions and conditions imposed on any Subsidiary or asset by any
      agreements in existence at the time such Subsidiary became a Subsidiary or such asset was acquired and any amendment, modification, refinancing, replacement, renewal or extension thereof that does not materially expand the scope of any such
      restriction or condition taken as a whole; provided that such restrictions and conditions apply only to such Subsidiary or asset, (D) customary restrictions and
      conditions contained in agreements relating to the sale of a Subsidiary pending such sale; provided that such restrictions and conditions apply only to the
      Subsidiary that is to be sold, (E) customary restrictions and conditions contained in any agreement relating to the disposition of any property pending the consummation of such disposition, (F) restrictions in the transfers of assets encumbered by a
      Lien permitted by Section 6.02, (G)  restrictions or conditions set forth in any agreement governing Indebtedness permitted by Section 6.01; provided that such
      restrictions and conditions are no more restrictive, taken as a whole, than the comparable restrictions and conditions set forth in this Agreement as determined in the good faith judgment of the board of directors of the Borrower, (H) customary
      provisions restricting assignment of any agreement entered into in the ordinary course of business and (I) customary restrictions on cash or other deposits (including escrowed funds) or net worth imposed under contracts; provided that such restrictions and conditions apply only to such Subsidiary and to any Equity Interests in such Subsidiary, (ii) clause (a) of this Section 6.09 shall not apply to
      restrictions or conditions imposed by any agreement relating to secured Indebtedness permitted by this Agreement if such restrictions or conditions apply only to the property or assets securing such Indebtedness, (iii) clause (a) of this Section 6.09
      shall not apply to customary provisions in leases and other contracts restricting the assignment thereof, and (iv) this Section 6.09 shall not apply to customary arrangements containing restrictions with respect to Non-U.S. Subsidiaries in connection
      with any financing arrangements for their benefit that are not otherwise prohibited by this Agreement.

  SECTION 6.10          Subordinated Indebtedness and Amendments to Subordinated Indebtedness Documents.  The Borrower will not, and will not permit any Subsidiary to,
      directly or indirectly voluntarily prepay, defease or in substance defease, purchase, redeem, retire or otherwise acquire, any Subordinated Indebtedness or any Indebtedness from time to time outstanding under the Subordinated Indebtedness Documents
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  of such Indebtedness to the extent permitted by Section 6.01).  Furthermore, the Borrower will not, and will not permit any
      Subsidiary to, amend the Subordinated Indebtedness Documents or any document, agreement or instrument evidencing any Indebtedness incurred pursuant to the Subordinated Indebtedness Documents (or any replacements, substitutions, extensions or renewals
      thereof) or pursuant to which such Indebtedness is issued where such amendment, modification or supplement provides for the following or which has any of the following effects, in any such case:

  (a)          increases the overall principal amount of any such Indebtedness (except through payments-in-kind) or increases the amount of any single scheduled installment of principal or interest;

  (b)          shortens or accelerates the date upon which any installment of principal or interest becomes due or adds any additional mandatory redemption provisions;

  (c)          shortens the final maturity date of such Indebtedness or otherwise accelerates the amortization schedule with respect to such Indebtedness;

  (d)          increases the rate of cash interest accruing on such Indebtedness;

  (e)          provides for the payment of additional fees or increases existing fees;

  (f)          amends or modifies any financial or negative covenant (or covenant which prohibits or restricts the Borrower or any Subsidiary from taking certain actions) in a manner which is more onerous or more restrictive in any material respect
      to the Borrower or such Subsidiary or which is otherwise materially adverse to the Borrower, any Subsidiary and/or the Lenders or, in the case of any such covenant, which places material additional restrictions on the Borrower or such Subsidiary or
      which requires the Borrower or such Subsidiary to comply with more restrictive financial ratios or which requires the Borrower to better its financial performance, in each case from that set forth in the existing applicable covenants in the
      Subordinated Indebtedness Documents or the applicable covenants in this Agreement unless the Borrower offers to amend this Agreement to maintain any existing “cushions” between the terms of this Agreement and the terms of the Subordinated
      Indebtedness Documents as revised; or

  (g)          amends, modifies or adds any affirmative covenant in a manner which (i) when taken as a whole, is materially adverse to the Borrower, any Subsidiary and/or the Lenders or (ii) is more onerous than the existing applicable covenant in
      the Subordinated Indebtedness Documents or the applicable covenant in this Agreement unless the Borrower offers to amend this Agreement to maintain any existing “cushions” between the terms of this Agreement and the terms of the Subordinated
      Indebtedness Documents as revised.

  SECTION 6.11          Sale and Leaseback Transactions.  The Borrower will not, nor will it permit any Subsidiary to, enter into any Sale and Leaseback Transaction,
      other than Sale and Leaseback Transactions in respect of which the net cash proceeds received in connection therewith does not exceed $5,000,000 in the aggregate during any fiscal year of the Borrower, determined on a consolidated basis for the
      Borrower and its Subsidiaries.

  SECTION 6.12          Financial Covenants.

  (a)          Minimum Net Worth.  The Borrower will not permit, as of the end of each of its fiscal quarters ending on or after the Effective Date, Consolidated
      Net Worth to be less than the sum of (i) $212,500,000 plus (ii) for each fiscal year through the term of this Agreement commencing with the fiscal year of the
      Borrower ending December 31, 2019, an amount equal to fifty percent (50%) of Consolidated

  
    
      

      

    

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  Net Income (provided
      that for purposes of calculating Consolidated Net Income in respect of this clause (ii), any after-tax unrealized gains and losses on equity investments shall be excluded, to the extent such equity investments are no longer classified as
      “available-for-sale” following the Borrower’s adoption of accounting standard ASU 2016-01 “Financial Instruments – Overall: Recognition and Measurement of
        Financial Assets and Financial Liabilities”) for each such ended fiscal year (if positive) plus (iii) an amount equal to 50% of the net cash proceeds received by the Borrower from the issuance of any of its Equity Interests issued during the
      period from, and including, the Effective Date through the end of such fiscal quarter.

  (b)          Total Debt to Total Capitalization.  The Borrower will not permit Total Debt at any time to exceed 35% of Total Capitalization.

  (c)          Minimum Rating.  The Borrower will not permit or suffer the financial strength rating of each Regulated Insurance Company by A.M. Best Company to be
      less than “A-” at any time; provided that, in the case of a Regulated Insurance Company that is acquired after the Effective Date, such Regulated Insurance Company
      may have a financial strength rating by A.M. Best Company of less than “A-” until the date that is one (1) year after the date of acquisition of such Regulated Insurance Company.

  ARTICLE VII

  Events of Default

  SECTION 7.01          Events of Default.  If any of the following events (“Events of Default”)

      shall occur and be continuing:

  (a)          the Borrower shall fail to pay any principal of any Loan or any reimbursement obligation in respect of any LC Disbursement when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for
      prepayment thereof or otherwise;

  (b)          the Borrower shall fail to pay any interest on any Loan or any fee or any other amount (other than an amount referred to in clause (a) of this Article) payable under this Agreement, when and as the same shall become due and payable,
      and such failure shall continue unremedied for a period of five (5) Business Days;

  (c)          any representation or warranty made or deemed made by or on behalf of the Borrower or any Subsidiary in or in connection with this Agreement or any other Loan Document or any amendment or modification hereof or thereof or waiver
      hereunder or thereunder, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with this Agreement or any other Loan Document or any amendment or modification hereof or thereof or waiver hereunder
      or thereunder, shall prove to have been incorrect in any material respect when made or deemed made;

  (d)          the Borrower shall fail to observe or perform any covenant, condition or agreement contained in Section 5.02, 5.03 (with respect to the Borrower’s existence) or 5.08, or in Article VI;

  (e)          the Borrower shall fail to observe or perform any covenant, condition or agreement contained in this Agreement (other than those specified in clause (a), (b) or (d) of this Article), and such failure shall continue unremedied for a
      period of thirty (30) days after the earlier of (i) a

  
    
      

      

    

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  Responsible Officer obtaining knowledge thereof and (ii) notice thereof from the Administrative Agent or the
      Required Lenders to the Borrower;

  (f)          the Borrower or any Subsidiary shall fail to make any payment (whether of principal or interest and regardless of amount) in respect of any Material Indebtedness, when and as the same shall become due and payable (after giving effect
      to any grace period applicable thereto);

  (g)          any event or condition occurs that results in any Material Indebtedness becoming due prior to its scheduled maturity or that enables or permits, after the expiration of any applicable grace period and delivery of any applicable
      required notice under the applicable agreement or instrument under which such Material Indebtedness was created, the holder or holders of any Material Indebtedness or any trustee or agent on its or their behalf to cause any Material Indebtedness to
      become due, or to require the prepayment (other than in the case of customary mandatory prepayment provisions), repurchase, redemption or defeasance thereof, prior to its scheduled maturity; provided that this clause (g) shall not apply to (i) secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness (so long as
      such Indebtedness is paid when due (or within any applicable grace period)) or (ii) any Indebtedness that is mandatorily prepayable prior to the scheduled maturity thereof with the proceeds of the issuance of capital stock, the incurrence of other
      Indebtedness or the sale or other disposition of any assets, so long as such Indebtedness is so prepaid in full with such proceeds when due (or within any applicable grace period) and such event shall not have otherwise resulted in an event of
      default with respect to such Indebtedness;

  (h)          an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or other relief in respect of the Borrower or any Material Subsidiary or its debts, or of a substantial
      part of its assets, under any federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the
      Borrower or any Material Subsidiary or for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed, undischarged or unstayed for 60 days or an order or decree approving or ordering any of the
      foregoing shall be entered;

  (i)          the Borrower or any Material Subsidiary shall (i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership
      or similar law now or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in Section 7.01(h), (iii) apply for or consent to the appointment of a
      receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or any Material Subsidiary or for a substantial part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in
      any such proceeding, (v) make a general assignment for the benefit of creditors or (vi) take any action for the purpose of effecting any of the foregoing;

  (j)          the Borrower or any Material Subsidiary shall become unable, admit in writing its inability or fail generally to pay its debts as they become due;

  (k)          one or more judgments for the payment of money in an aggregate amount in excess of $10,000,000 (to the extent not paid, fully bonded or covered by a solvent and unaffiliated insurer that has not denied coverage) shall be rendered
      against the Borrower, any Subsidiary or any combination thereof and the same shall remain unpaid, unvacated or undismissed or undischarged for a period of 60 consecutive days during which execution shall not be effectively stayed (by reason of
      pending appeal or otherwise), or any action, which shall not be effectively stayed, shall be legally taken

  
    
      

      

    

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  by a judgment creditor to attach or levy upon any assets of the Borrower or any Subsidiary to enforce any such
      judgment and such action shall not have been stayed;

  (l)          an ERISA Event shall have occurred that, in the reasonable opinion of the Required Lenders, when taken together with all other ERISA Events that have occurred, could reasonably be expected to result in liability of the Borrower and
      its ERISA Affiliates in an aggregate amount that could reasonably be expected to result in a Material Adverse Effect;

  (m)          a Change in Control shall occur; or

  (n)          any one or more Insurance Licenses of the Borrower or any of its Regulated Insurance Companies shall be suspended, limited or terminated or shall not be renewed, or any other action shall be taken by any Governmental Authority, and
      such suspension, limitation, termination, non-renewal or action, either individually or in the aggregate, has had, or could reasonably be expected to result in, a Material Adverse Effect.

  SECTION 7.02          Remedies Upon an Event of Default.  If an Event of Default occurs (other than an event with respect to the Borrower described in Section
      7.01(h) or 7.01(i)), and at any time thereafter during the continuance of such Event of Default, the Administrative Agent may with the consent of the Required Lenders, and shall at the request of the Required Lenders, by notice to the Borrower, take
      any or all of the following actions, at the same or different times:

  (a)          terminate the Commitments, and thereupon the Commitments shall terminate immediately;

  (b)          declare the Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the
      Loans so declared to be due and payable, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder, shall become  due and payable immediately, without presentment, demand, protest or other notice of
      any kind, all of which are hereby waived by the Borrower; and

  (c)          require that the Borrower provide cash collateral as required in Section 2.06(j).

  In case of any event with respect to the Borrower described in Section 7.01(h) or 7.01(i), the Commitments shall automatically
      terminate and the principal of the Loans then outstanding, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder, shall automatically become due and payable, and the obligation of the Borrower to
      cash collateralize the LC Exposure as provided in clause (c) above shall (notwithstanding anything in the contrary in Section 2.06(j)) automatically become effective, in each case without presentment, demand, protest or other notice of any kind, all
      of which are hereby waived by each Borrower.  Upon the occurrence and during the continuance of an Event of Default, the Administrative Agent may, and at the request of the Required Lenders shall, exercise any rights and remedies provided to the
      Administrative Agent under this Agreement or at law or equity.

  ARTICLE VIII

  The Administrative Agent

  SECTION 8.01          Authorization and Action.

  
    
      

      

    

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  (a)          Each Lender and the Issuing Bank hereby irrevocably appoints the entity named as Administrative Agent in the heading of this Agreement and its successors and assigns to
        serve as the administrative agent and collateral agent under the Loan Documents and each Lender and the Issuing Bank authorizes the Administrative Agent to take such actions as agent on its behalf and to exercise such powers under this Agreement
        and the other Loan Documents as are delegated to the Administrative Agent under such agreements and to exercise such powers as are reasonably incidental thereto.  Without limiting the foregoing, each Lender and the Issuing Bank hereby authorizes
        the Administrative Agent to execute and deliver, and to perform its obligations under, each of the Loan Documents to which the Administrative Agent is a party, and to exercise all rights, powers and remedies that the Administrative Agent may have
        under such Loan Documents.

  (b)          As to any matters not expressly provided for herein and in the other Loan Documents (including enforcement or collection), the Administrative Agent shall not be
        required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders (or such
        other number or percentage of the Lenders as shall be necessary, pursuant to the terms in the Loan Documents), and, unless and until revoked in writing, such instructions shall be binding upon each Lender and the Issuing Bank; provided, however, that the Administrative Agent shall not be
        required to take any action that (i) the Administrative Agent in good faith believes exposes it to liability unless the Administrative Agent receives an indemnification and is exculpated in a manner satisfactory to it from the Lenders and the
        Issuing Bank with respect to such action or (ii) is contrary to this Agreement or any other Loan Document or applicable law, including any action that may be in violation of the automatic stay under any requirement of law relating to bankruptcy,
        insolvency or reorganization or relief of debtors or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any requirement of law relating to bankruptcy, insolvency or reorganization or relief
        of debtors; provided, further, that the Administrative Agent may seek clarification or
        direction from the Required Lenders prior to the exercise of any such instructed action and may refrain from acting until such clarification or direction has been provided. Except as expressly set forth in the Loan Documents, the Administrative
        Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower, any Subsidiary or any Affiliate of any of the foregoing that is communicated to or obtained by the Person
        serving as Administrative Agent or any of its Affiliates in any capacity. Nothing in this Agreement shall require the Administrative Agent to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its
        duties hereunder or in the exercise of any of its rights or powers if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it.

  (c)          In performing its functions and duties hereunder and under the other Loan Documents, the Administrative Agent is acting solely on behalf of the Lenders and the Issuing
        Bank (except in limited circumstances expressly provided for herein relating to the maintenance of the Register), and its duties are entirely mechanical and administrative in nature. Without limiting the generality of the foregoing:

  (i)          the Administrative Agent does not assume and shall not be deemed to have assumed any obligation or duty or any other relationship as the agent,
        fiduciary or trustee of or for any Lender, the Issuing Bank or any other holder of Obligations other than as expressly set forth herein and in the other Loan Documents, regardless of whether a Default or an Event of Default has occurred and is
        continuing (and it is understood and agreed that the use of the term “agent” (or any similar term) herein or in any other Loan Document with reference to the Administrative Agent is not intended to connote any fiduciary duty or other implied (or
        express) obligations arising under agency doctrine of any applicable law, and that such term is used as a matter of market custom and is intended to create or reflect only an administrative relationship

  
    
      

      

    

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  between contracting parties); additionally, each Lender agrees that it will not assert any
      claim against the Administrative Agent based on an alleged breach of fiduciary duty by the Administrative Agent in connection with this Agreement and/or the transactions contemplated hereby; and

  (ii)          nothing in this Agreement or any Loan Document shall require the Administrative Agent to account to any Lender for any sum or the profit element
        of any sum received by the Administrative Agent for its own account.

  (d)          The Administrative Agent may perform any of its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more
        sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any of their respective duties and exercise their respective rights and powers through their respective Related Parties. The exculpatory
        provisions of this Article shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities pursuant to this Agreement. The Administrative Agent shall
        not be responsible for the negligence or misconduct of any sub-agent except to the extent that a court of competent jurisdiction determines in a final and nonappealable judgment that the Administrative Agent acted with gross negligence or willful
        misconduct in the selection of such sub-agent.

  (e)          Neither the Syndication Agent nor the Arranger shall have obligations or duties whatsoever in such capacity under this Agreement or any other Loan Document and shall
        incur no liability hereunder or thereunder in such capacity, but all such persons shall have the benefit of the indemnities provided for hereunder.

  (f)          In case of the pendency of any proceeding with respect to the Borrower under any federal, state or foreign bankruptcy, insolvency, receivership or similar law now or
        hereafter in effect, the Administrative Agent (irrespective of whether the principal of any Loan or any reimbursement obligation in respect of any LC Disbursement shall then be due and payable as herein expressed or by declaration or otherwise and
        irrespective of whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered (but not obligated) by intervention in such proceeding or otherwise:

  (i)          to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, LC Disbursements and all
        other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders, the Issuing Bank and the Administrative Agent (including any claim under Sections 2.12, 2.13,
        2.15, 2.17 and 9.03) allowed in such judicial proceeding; and

  (ii)          to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;

  and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such proceeding is
      hereby authorized by each Lender, the Issuing Bank and each other holder of Obligations to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to the
      Lenders, the Issuing Bank or the other holders of Obligations, to pay to the Administrative Agent any amount due to it, in its capacity as the Administrative Agent, under the Loan Documents (including under Section 9.03). Nothing contained herein
      shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender or the Issuing Bank any plan of reorganization, arrangement, adjustment or composition

  
    
      

      

    

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  affecting the Obligations or the rights of any Lender or the Issuing Bank or to authorize the Administrative Agent to vote in
      respect of the claim of any Lender or the Issuing Bank in any such proceeding.

  (g)          The provisions of this Article VIII are solely for the benefit of the Administrative Agent, the Lenders and the Issuing Bank, and, except solely to the extent of the Borrower’s rights to consent pursuant to and subject to
        the conditions set forth in this Article VIII, none of
        the Borrower or any Subsidiary, or any of their respective Affiliates, shall have any rights as a third party beneficiary under any such provisions. Each holder of the Obligations, whether or not a party hereto, will be deemed, by its acceptance of
        the benefits of the Guarantees of the Obligations provided under the Loan Documents, to have agreed to the provisions of this Article VIII.

  SECTION 8.02          Administrative Agent’s Reliance, Indemnification, Etc.

  (a)          Neither the Administrative Agent nor any of its Related Parties shall be (i) liable for any action taken or omitted to be taken by such party, the Administrative Agent
        or any of its Related Parties under or in connection with this Agreement or the other Loan Documents (x) with the consent of or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as
        the Administrative Agent shall believe in good faith to be necessary, under the circumstances as provided in the Loan Documents) or (y) in the absence of its own gross negligence or willful misconduct (such absence to be presumed unless otherwise
        determined by a court of competent jurisdiction by a final and non-appealable judgment) or (ii) responsible in any manner to any of the Lenders for any recitals, statements, representations or warranties made by the Borrower or any officer thereof
        contained in this Agreement or any other Loan Document or in any certificate, report, statement or other document referred to or provided for in, or received by the Administrative Agent under or in connection with, this Agreement or any other Loan
        Document or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan Document or for any failure of the Borrower to perform its obligations hereunder or thereunder.

  (b)          The Administrative Agent shall be deemed not to have knowledge of any Default unless and until written notice thereof (stating that it is a “notice of default”) is
        given to the Administrative Agent by the Borrower, a Lender or the Issuing Bank, and the Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in
        connection with any Loan Document, (ii) the contents of any certificate, report or other document delivered thereunder or in connection therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions
        set forth in any Loan Document or the occurrence of any Default, (iv) the sufficiency, validity, enforceability, effectiveness or genuineness of any Loan Document or any other agreement, instrument or document or (v) the satisfaction of any
        condition set forth in Article IV or elsewhere in any
        Loan Document, other than to confirm receipt of items (which on their face purport to be such items) expressly required to be delivered to the Administrative Agent or satisfaction of any condition that expressly refers to the matters described
        therein being acceptable or satisfactory to the Administrative Agent. Notwithstanding anything herein to the contrary, the Administrative Agent shall not be liable for, or be responsible for any claim, liability, loss, cost or expense suffered by
        the Borrower, any Subsidiary, any Lender or the Issuing Bank as a result of, any determination of the Revolving Credit Exposure, any of the component amounts thereof or any portion thereof attributable to each Lender or the Issuing Bank or any
        Dollar amount thereof.

  (c)          Without limiting the foregoing, the Administrative Agent (i) may treat the payee of any promissory note as its holder until such promissory note has been assigned in
        accordance with Section 9.04, (ii) may consult with legal counsel (including counsel to the Borrower), independent public accountants and other experts selected by it, and shall not be liable for any action taken or omitted to be

  
    
      

      

    

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  taken in good faith by it in accordance with the advice of such counsel, accountants or experts, (iii) makes no
      warranty or representation to any Lender or the Issuing Bank and shall not be responsible to any Lender or the Issuing Bank for any statements, warranties or representations made by or on behalf of the Borrower in connection with this Agreement or
      any other Loan Document, (iv) in determining compliance with any condition hereunder to the making of a Loan, or the issuance of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or the Issuing Bank, may presume
      that such condition is satisfactory to such Lender or the Issuing Bank unless the Administrative Agent shall have received notice to the contrary from such Lender or the Issuing Bank sufficiently in advance of the making of such Loan or the issuance
      of such Letter of Credit and (v) shall be entitled to rely on, and shall incur no liability under or in respect of this Agreement or any other Loan Document by acting upon, any notice, consent, certificate or other instrument or writing (which
      writing may be a fax, any electronic message, Internet or intranet website posting or other distribution) or any statement made to it orally or by telephone and believed by it to be genuine and signed or sent or otherwise authenticated by the proper
      party or parties (whether or not such Person in fact meets the requirements set forth in the Loan Documents for being the maker thereof).

  SECTION 8.03          Posting of Communications.

  (a)          The Borrower agrees that the Administrative Agent may, but shall not be obligated to, make any Communications available to the Lenders and the Issuing Bank by posting
        the Communications on IntraLinksTM, DebtDomain, SyndTrak, ClearPar or any other electronic platform chosen by the Administrative Agent to be its electronic transmission system (the “Approved Electronic Platform”).

  (b)          Although the Approved Electronic Platform and its primary web portal are secured with generally-applicable security procedures and policies implemented or modified by
        the Administrative Agent from time to time (including, as of the Effective Date, a user ID/password authorization system) and the Approved Electronic Platform is secured through a per-deal authorization method whereby each user may access the
        Approved Electronic Platform only on a deal-by-deal basis, each of the Lenders, the Issuing Bank and the Borrower acknowledges and agrees that the distribution of material through an electronic medium is not necessarily secure, that the
        Administrative Agent is not responsible for approving or vetting the representatives or contacts of any Lender that are added to the Approved Electronic Platform, and that there may be confidentiality and other risks associated with such
        distribution. Each of the Lenders, the Issuing Bank and the Borrower hereby approves distribution of the Communications through the Approved Electronic Platform and understands and assumes the risks of such distribution.

  (c)          THE APPROVED ELECTRONIC PLATFORM AND THE COMMUNICATIONS ARE PROVIDED “AS IS” AND “AS AVAILABLE”. THE APPLICABLE PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY
        OR COMPLETENESS OF THE COMMUNICATIONS, OR THE ADEQUACY OF THE APPROVED ELECTRONIC PLATFORM AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS OR OMISSIONS IN THE APPROVED ELECTRONIC PLATFORM AND THE COMMUNICATIONS. NO WARRANTY OF ANY KIND, EXPRESS,
        IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY THE APPLICABLE PARTIES IN CONNECTION WITH THE
        COMMUNICATIONS OR THE APPROVED ELECTRONIC PLATFORM. IN NO EVENT SHALL THE ADMINISTRATIVE AGENT, THE ARRANGER, THE SYNDICATION AGENT OR ANY OF THEIR RESPECTIVE RELATED PARTIES (COLLECTIVELY, “APPLICABLE PARTIES”) HAVE ANY LIABILITY TO ANY LOAN PARTY, ANY LENDER, THE ISSUING BANK OR ANY OTHER PERSON
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  DAMAGES OF ANY KIND, INCLUDING DIRECT OR INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR
      EXPENSES (WHETHER IN TORT, CONTRACT OR OTHERWISE) ARISING OUT OF ANY LOAN PARTY’S OR THE ADMINISTRATIVE AGENT’S TRANSMISSION OF COMMUNICATIONS THROUGH THE INTERNET OR THE APPROVED ELECTRONIC PLATFORM.

  (d)          Each Lender and the Issuing Bank agrees that notice to it (as provided in the next sentence) specifying that Communications have been posted to the Approved Electronic
        Platform shall constitute effective delivery of the Communications to such Lender for purposes of the Loan Documents. Each Lender and the Issuing Bank agrees (i) to notify the Administrative Agent in writing (which could be in the form of
        electronic communication) from time to time of such Lender’s or the Issuing Bank’s (as applicable) email address to which the foregoing notice may be sent by electronic transmission and (ii) that the foregoing notice may be sent to such email
        address.

  (e)          Each of the Lenders, the Issuing Bank and the Borrower agrees that the Administrative Agent may, but (except as may be required by applicable law) shall not be
        obligated to, store the Communications on the Approved Electronic Platform in accordance with the Administrative Agent’s generally applicable document retention procedures and policies.

  (f)          Nothing herein shall prejudice the right of the Administrative Agent, any Lender or the Issuing Bank to give any notice or other communication pursuant to any Loan
        Document in any other manner specified in such Loan Document.

  SECTION 8.04          The Administrative Agent Individually.  With respect to its Commitment, Loans and Letters of Credit, the Person serving as the Administrative
      Agent shall have and may exercise the same rights and powers hereunder and is subject to the same obligations and liabilities as and to the extent set forth herein for any other Lender or Issuing Bank, as the case may be. The terms “Issuing Bank”,
      “Lenders”, “Required Lenders” and any similar terms shall, unless the context clearly otherwise indicates, include the Administrative Agent in its individual capacity as a Lender, the Issuing Bank or as one of the Required Lenders, as applicable. The
      Person serving as the Administrative Agent and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of banking, trust or other
      business with, the Borrower, any Subsidiary or any Affiliate of any of the foregoing as if such Person was not acting as the Administrative Agent and without any duty to account therefor to the Lenders or the Issuing Bank.

  SECTION 8.05          Successor Administrative Agent.

  (a)          The Administrative Agent may resign at any time by giving 30 days’ prior written notice thereof to the Lenders, the Issuing Bank and the Borrower, whether or not a
        successor Administrative Agent has been appointed. Upon any such resignation, the Required Lenders shall have the right to appoint a successor Administrative Agent. If no successor Administrative Agent shall have been so appointed by the Required
        Lenders, and shall have accepted such appointment, within 30 days after the retiring Administrative Agent’s giving of notice of resignation, then the retiring Administrative Agent may, on behalf of the Lenders and the Issuing Bank, appoint a
        successor Administrative Agent, which shall be a bank with an office in New York, New York or an Affiliate of any such bank. In either case, such appointment shall be subject to the prior written approval of the Borrower (which approval may not be
        unreasonably withheld and shall not be required while an Event of Default under Section 7.01(a), (b), (h) or (i) has occurred and is continuing). Upon the acceptance of any appointment as Administrative Agent by a successor Administrative Agent,
        such successor Administrative Agent shall succeed to, and become vested with, all the rights, powers, privileges and duties of the retiring

  
    
      

      

    

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  Administrative Agent. Upon the acceptance of appointment as Administrative Agent by a successor Administrative
      Agent, the retiring Administrative Agent shall be discharged from its duties and obligations under this Agreement and the other Loan Documents. Prior to any retiring Administrative Agent’s resignation hereunder as Administrative Agent, the retiring
      Administrative Agent shall take such action as may be reasonably necessary to assign to the successor Administrative Agent its rights as Administrative Agent under the Loan Documents.

  (b)          Notwithstanding paragraph (a) of this Section, in the event no successor Administrative Agent shall have been so appointed and shall have accepted such appointment
        within 30 days after the retiring Administrative Agent gives notice of its intent to resign, the retiring Administrative Agent may give notice of the effectiveness of its resignation to the Lenders, the Issuing Bank and the Borrower, whereupon, on
        the date of effectiveness of such resignation stated in such notice, (i) the retiring Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents and (ii) the Required Lenders shall succeed
        to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent; provided that (A) all payments required to be made hereunder or under any other Loan Document to the Administrative Agent for the account of any Person other than the
        Administrative Agent shall be made directly to such Person and (B) all notices and other communications required or contemplated to be given or made to the Administrative Agent shall directly be given or made to each Lender and the Issuing Bank.
        Following the effectiveness of the Administrative Agent’s resignation from its capacity as such, the provisions of this Article VIII and Section 9.03, as well as any exculpatory, reimbursement and indemnification provisions set forth in any other Loan Document, shall continue in effect for the
        benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring Administrative Agent was acting as Administrative Agent.

  SECTION 8.06          Acknowledgements of Lenders and Issuing Bank.

  (a)          Each Lender represents that it is engaged in making, acquiring or holding commercial loans in the ordinary course of its business and that it has, independently and
        without reliance upon the Administrative Agent, the Arranger, the Syndication Agent or any other Lender, or any of the Related Parties of any of the foregoing, and based on such documents and information as it has deemed appropriate, made its own
        credit analysis and decision to enter into this Agreement as a Lender, and to make, acquire or hold Loans hereunder. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent, the Arranger, the
        Syndication Agent or any other Lender, or any of the Related Parties of any of the foregoing, and based on such documents and information (which may contain material, non-public information within the meaning of the United States securities laws
        concerning the Borrower and its Affiliates) as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or
        any document furnished hereunder or thereunder.

  (b)          Each Lender, by delivering its signature page to this Agreement on the Effective Date, or delivering its signature page to an Assignment and Assumption or any other
        Loan Document pursuant to which it shall become a Lender hereunder, shall be deemed to have acknowledged receipt of, and consented to and approved, each Loan Document and each other document required to be delivered to, or be approved by or
        satisfactory to, the Administrative Agent or the Lenders on the Effective Date.

  SECTION 8.07          Certain ERISA Matters.

  (a)          Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party
        hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, and the

  
    
      

      

    

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  Arrangers and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the
      Borrower, that at least one of the following is and will be true:

  (i)          such Lender is not using “plan assets” (within the meaning of the Plan Asset Regulations) of one or more Benefit Plans in connection with the
        Loans, the Letters of Credit or the Commitments,

  (ii)          the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent
        qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts),
        PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance
        into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement,

  (iii)          (A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE 84-14), (B) such
        Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C) the entrance into,
        participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such
        Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this
        Agreement, or

  (iv)          such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such
        Lender.

  (b)          In addition, unless sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or such Lender has not provided another representation,
        warranty and covenant as provided in sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person
        became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, and the Arranger, the Syndication Agent or any of their respective Affiliates, and not, for the avoidance of
        doubt, to or for the benefit of the Borrower, that none of the Administrative Agent, or the Arranger, the Syndication Agent or any of their respective Affiliates is a fiduciary with respect to the assets of such Lender (including in connection with
        the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related hereto or thereto).

  (c)          Each of the Administrative Agent, the Arranger and the Syndication Agent hereby informs the Lenders that each such Person is not undertaking to provide impartial
        investment advice, or to give advice in a fiduciary capacity, in connection with the transactions contemplated hereby, and that such Person has a financial interest in the transactions contemplated hereby in that such Person or an Affiliate thereof
        (i) may receive interest or other payments with respect to the Loans, the Letters of Credit, the Commitments, this Agreement and any other Loan Documents, (ii) may recognize a gain if it extended the Loans, the Letters of Credit or the Commitments
        for an amount less than the amount being paid for an interest in the Loans, the Letters of Credit or the Commitments by such Lender or (iii) may

  
    
      

      

    

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  receive fees or other payments in connection with the transactions contemplated hereby, the Loan Documents or
      otherwise, including structuring fees, commitment fees, arrangement fees, upfront fees, underwriting fees, ticking fees, agency fees, administrative agent fees or collateral agent fees, utilization fees, minimum usage fees, letter of credit fees,
      fronting fees, deal-away or alternate transaction fees, amendment fees, processing fees, term out premiums, banker’s acceptance fees, breakage or other early termination fees or fees similar to the foregoing.

  ARTICLE IX

  Miscellaneous

  SECTION 9.01          Notices.

  (a)          Except in the case of notices and other communications expressly permitted to be given by telephone (and subject to paragraph (b) below), all notices and other communications provided for herein shall be in writing and shall be
      delivered by hand or overnight courier service, mailed by certified or registered mail, sent by telecopy or e-mail (in the case of e-mail, pursuant to procedures approved by the Administrative Agent), as follows:

  (i)          if to the Borrower, to it at 2221 Edward Holland Drive, Suite 600, Richmond, Virginia 23230 Attention of Bryan P. Petrucelli, Chief Financial Officer (Telecopy No. 804-482-2742; Telephone No. 804-289-1333; Email
      bryan.petrucelli@kinsaleins.com);

  (ii)          if to the Administrative Agent, to JPMorgan Chase Bank, N.A., 10 South Dearborn Street, Floor L2S, Chicago, IL 60603-2300, Attention of April Yebd (Telecopy No. (844)490-5665), with a copy to JPMorgan Chase Bank,
      N.A., JPMorgan Chase Bank, N.A., 10 South Dearborn Street, Floor 9, Chicago,  IL 60603, Attention of Milena Kolev (email: milena.m.kolev@jpmorgan.com);

  (iii)          if to the Issuing Bank, to it at JPMorgan Chase Bank, N.A., JPMorgan Loan Services, 10 South Dearborn Street, 7th Floor, Chicago, IL
      60603-2300, Attention of April Yebd (Telecopy No. (844)490-5665); and

  (iv)          if to any other Lender, to it at its address (or telecopy number) set forth in its Administrative Questionnaire.

  Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given
      when received; notices sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next business day
      for the recipient).  Notices delivered through Approved Electronic Platforms, to the extent provided in paragraph (b) below, shall be effective as provided in said paragraph (b).

  (b)          Notices and other communications to the Lenders and the Issuing Bank hereunder may be delivered or furnished by using Approved Electronic Platforms pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Article II unless
      otherwise agreed by the Administrative Agent and the applicable Lender.  The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications (including in lieu
      of telecopy) pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular notices or communications.

  
    
      

      

    

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

  (d)          Any party hereto may change its address or telecopy number for notices and other communications hereunder by notice to the other parties hereto (or, in the case of a Lender, by notice to the Borrower and the Administrative Agent).

  (e)          Each Lender agrees that notice to it (as provided in the next sentence) (a “Notice”) specifying that any Communications have been posted to the
      Approved Electronic Platform shall constitute effective delivery of such information, documents or other materials to such Lender for purposes of this Agreement.  Each Lender agrees (i) to notify the Administrative Agent in writing of such Lender’s
      e‐mail address to which a Notice may be sent by electronic transmission (including by electronic communication) on or before the date such Lender becomes a party to this Agreement (and from time to time thereafter to ensure that the Administrative
      Agent has on record an effective e‐mail address for such Lender) and (ii) that any Notice may be sent to such e‐mail address.

  SECTION 9.02          Waivers; Amendments.

  (a)          No failure or delay by the Administrative Agent, the Issuing Bank or any Lender in exercising any right or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any
      abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power.  The rights and remedies of the Administrative Agent, the Issuing Bank and the
      Lenders hereunder are cumulative and are not exclusive of any rights or remedies that they would otherwise have.  No waiver of any provision of this Agreement or consent to any departure by the Borrower therefrom shall in any event be effective
      unless the same shall be permitted by paragraph (b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given.  Without limiting the generality of the foregoing, the making
      of a Loan or issuance of a Letter of Credit shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent, any Lender or the Issuing Bank may have had notice or knowledge of such Default at the time.

  (b)          Except as provided in Section 2.20 with respect to an Incremental Term Loan Amendment or as provided in Section 2.14(b), neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an
      agreement or agreements in writing entered into by the Borrower and the Required Lenders or by the Borrower and the Administrative Agent with the consent of the Required Lenders; provided
      that no such agreement shall (i) increase  the Commitment of any Lender without the written consent of such Lender, (ii) reduce the principal amount of any Loan or LC Disbursement or reduce the rate of interest thereon, or reduce any fees payable
      hereunder, without the written consent of each Lender directly affected thereby; provided that (x) any amendment to the financial covenants in this
      Agreement shall not constitute a reduction in the rate of interest for purposes of this clause (ii) even if the effect of such amendment would be to reduce the rate of interest on any Loan or to reduce any fee payable hereunder and (y) only the
      consent of the Required Lenders shall be necessary to reduce or waive any obligation of the Borrower to pay interest or any other amount at the applicable

  
    
      

      

    

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  default rate set forth in Section 2.13(c) or to amend Section 2.13(c), (iii) postpone the scheduled date of
      payment of the principal amount of any Loan or LC Disbursement, or any interest thereon, or any fees payable hereunder, or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without
      the written consent of each Lender directly affected thereby, (iv) change the last sentence of Section 2.09(c) or change 2.18(b) or (d) in a manner that would alter the ratable reduction of Commitments or the pro rata sharing of payments required
      thereby, without the written consent of each Lender, (v) change the payment waterfall provisions of Section 2.21(b) without the written consent of each Lender, (vi) change any of the provisions of this Section or the definition of “Required Lenders”
      or any other provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent of each Lender (it being
      understood that, solely with the consent of the parties prescribed by Section 2.20 to be parties to an Incremental Term Loan Amendment, Incremental Term Loans may be included in the determination of Required Lenders on substantially the same basis as
      the Commitments and the Loans are included on the Effective Date) or (vii) release the Borrower from its obligations under Article X without the written consent of
      each Lender; provided further that no such agreement shall amend, modify or
      otherwise affect the rights or duties of the Administrative Agent or the Issuing Bank hereunder without the prior written consent of the Administrative Agent or the Issuing Bank, as the case may be (it being understood that any change to Section 2.21
      shall require the consent of the Administrative Agent and the Issuing Bank).  Notwithstanding the foregoing, no consent with respect to any amendment, waiver or other modification of this Agreement shall be required of any Defaulting Lender, except
      with respect to any amendment, waiver or other modification referred to in clause (i), (ii) or (iii) of the first proviso of this paragraph and then only in the event such Defaulting Lender shall be directly affected by such amendment, waiver or
      other modification.

  (c)          Notwithstanding the foregoing, this Agreement may be amended (or amended and restated) with the written consent of the Required Lenders, the Administrative Agent and the Borrower (x) to add one or more credit facilities (in addition
      to the Incremental Term Loans pursuant to an Incremental Term Loan Amendment) to this Agreement and to permit extensions of credit from time to time outstanding thereunder and the accrued interest and fees in respect thereof to share ratably in the
      benefits of this Agreement with the Revolving Loans, Incremental Term Loans and the accrued interest and fees in respect thereof and (y) to include appropriately the Lenders holding such credit facilities in any determination of the Required Lenders
      and Lenders (it being understood and agreed that any such amendment (i) in connection with new or increases to the Commitments and/or Incremental Term Loans in accordance with Section 2.20 or (ii) in connection with any extension in accordance with
      Section 2.22 shall, in any such case, require solely the consent of the parties prescribed by such Section and shall not require the consent of the Required Lenders).

  (d)          If, in connection with any proposed amendment, waiver or consent  requiring the consent of “each Lender” or “each Lender directly affected thereby,” the consent of the Required Lenders is obtained, but the consent of other necessary
      Lenders is not obtained (any such Lender whose consent is necessary but not obtained being referred to herein as a “Non-Consenting Lender”), then the Borrower may
      elect to replace a Non-Consenting Lender as a Lender party to this Agreement, provided that, concurrently with such replacement, (i) another bank or other entity which is reasonably satisfactory to the Borrower and the Administrative Agent shall
      agree, as of such date, to purchase for cash the Loans and other Obligations due to the Non-Consenting Lender pursuant to an Assignment and Assumption and to become a Lender for all purposes under this Agreement and to assume all obligations of the
      Non-Consenting Lender to be terminated as of such date and to comply with the requirements of clause (b) of Section 9.04, (ii) the Borrower shall pay to such Non-Consenting Lender in same day funds on the day of such replacement (1) all interest,
      fees and other amounts then accrued but unpaid to such Non-Consenting Lender by the Borrower hereunder to and including the date of termination, including without limitation

  
    
      

      

    

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  payments due to such Non-Consenting Lender under Sections 2.15 and 2.17, and (2) an amount, if any, equal to the
      payment which would have been due to such Lender on the day of such replacement under Section 2.16 had the Loans of such Non-Consenting Lender been prepaid on such date rather than sold to the replacement Lender and (iii) such Non-Consenting Lender
      shall have received the outstanding principal amount of its Loans and participations in LC Disbursements.  Each party hereto agrees that (i) an assignment required pursuant to this paragraph may be effected pursuant to an Assignment and Assumption
      executed by the Borrower, the Administrative Agent and the assignee (or, to the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to an Approved Electronic Platform as to which the Administrative Agent
      and such parties are participants), and (ii) the Lender required to make such assignment need not be a party thereto in order for such assignment to be effective and shall be deemed to have consented to and be bound by the terms thereof; provided that, following the effectiveness of any such assignment, the other parties to such assignment agree to execute and deliver such customary documents necessary to
      evidence such assignment as reasonably requested by the applicable Lender, provided that any such documents shall be without recourse to or warranty by the parties thereto.

  (e)          Notwithstanding anything to the contrary herein, if the Administrative Agent and the Borrower acting together identify any ambiguity, omission, mistake, typographical error or other defect in any provision of this Agreement or any
      other Loan Document, then the Administrative Agent and the Borrower shall be permitted to amend, modify or supplement such provision to cure such ambiguity, omission, mistake, typographical error or other defect, and such amendment shall become
      effective without any further action or consent of any other party to this Agreement.

  SECTION 9.03          Expenses; Indemnity; Damage Waiver.

  (a)          The Borrower shall pay (i) all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent and its Affiliates, including the reasonable and documented fees, charges and disbursements of one primary counsel
      and, to the extent reasonably required by the Administrative Agent, one regulatory counsel and one additional local counsel in each material jurisdiction for the Administrative Agent in connection with the syndication and distribution (including via
      the internet or through a service such as Intralinks) of the credit facilities provided for herein, the preparation and administration of this Agreement or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not
      the transactions contemplated hereby or thereby shall be consummated) (ii) all reasonable and documented out-of-pocket expenses incurred by the Issuing Bank in connection with the issuance, amendment, renewal or extension of any Letter of Credit or
      any demand for payment thereunder and (iii) all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent, any Issuing Bank or any Lender, including (x) the reasonable and documented fees, charges and disbursements of no
      more than one primary counsel for the Administrative Agent and the Lenders, (y) to the extent reasonably required by the Administrative Agent, one regulatory counsel and one additional local counsel in each material jurisdiction and (z) if a Lender
      or its counsel reasonably determines that it would create actual or potential conflicts of interest if the Lenders and Administrative Agent are represented by the same counsel, such Lenders affected by the aforementioned actual or potential conflicts
      of interest shall have right to one additional counsel for each group of similarly affected Indemnitees, all at the expense of the Borrower as provided herein in connection with the enforcement or protection of its rights in connection with this
      Agreement, including its rights under this Section, or in connection with the Loans made or Letters of Credit issued hereunder, including in connection with any workout, restructuring or negotiations in respect thereof.

  (b)          The Borrower shall indemnify the Administrative Agent, the Arranger, the Syndication Agent, the Issuing Bank and each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless

  
    
      

      

    

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  from, any and all losses, claims, damages, liabilities and related reasonable and documented out-of-pocket
      expenses, including the fees, charges and disbursements of one primary counsel for the Indemnitees (unless representation of the Indemnitees by the same counsel would be inappropriate due to actual or potential conflicts of interest among them, in
      which case Indemnitees affected by the aforementioned actual or potential conflicts of interest shall have right to one additional counsel for each group of similarly affected Indemnitees, at the expense of the Borrower as provided herein), incurred
      by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement or any agreement or instrument contemplated hereby, the performance by the parties hereto or thereto of their
      respective obligations hereunder or thereunder or the consummation of the Transactions or any other transactions contemplated hereby, (ii) any Loan or Letter of Credit or the use of the proceeds therefrom (including any refusal by the Issuing Bank to
      honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or release of Hazardous Materials on
      or from any property owned or operated by the Borrower or any of its Subsidiaries, or any Environmental Liability related in any way to the Borrower or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation,
      arbitration or proceeding relating to any of the foregoing, whether or not such claim, litigation, investigation, arbitration or proceeding is brought by the Borrower or its equity holders, Affiliates, creditors or any other third Person and whether
      based on contract, tort or any other theory, whether brought by a third party or by the Borrower or any of its Subsidiaries, and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (A) are determined by a court of competent jurisdiction by final and
      nonappealable judgment to have resulted from the (x) bad faith, gross negligence or willful misconduct of such Indemnitee or any of its Control Related Parties (as defined below) or (y) a breach by such Indemnitee of its material obligations under
      this Agreement or (B) relate to disputes solely among or between Indemnitees and not relating to any acts or omissions by the Borrower or any of its Affiliates (other than any proceeding against any Indemnitee solely in its capacity or in fulfilling
      its role as the Administrative Agent, the Issuing Bank, the Arranger, a bookrunner, agent or any similar role under this Agreement). For purposes hereof, “Control Related
          Parties” means, with respect to any specified Indemnitee, such Indemnitee’s (x) Affiliates, (y) the respective directors, officers or employees of such Indemnitee and such Indemnitee’s Affiliates and (z) the respective agents or
      representatives of such Indemnitee and such Indemnitee’s Affiliates, which such agent or representative is acting on behalf of or at the instructions of such Person or such Person’s Indemnitee’s (so long as such Person or such Person’s Indemnitee is
      involved in the structuring, arrangement, negotiation or syndication of this Agreement and the Commitments evidenced hereby).  Paragraph (b) of this Section 9.03
      shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.

  (c)          To the extent that the Borrower fails to pay any amount required to be paid by it to the Administrative Agent or the Issuing Bank under paragraph (a) or (b) of this Section, each Lender severally agrees to pay to the Administrative
      Agent or the Issuing Bank, as the case may be, such Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount (it being understood that the Borrower’s
      failure to pay any such amount shall not relieve the Borrower of any default in the payment thereof); provided that the unreimbursed expense or indemnified loss,
      claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent or the Issuing Bank in its capacity as such.

  (d)          To the extent permitted by applicable law (i) the Borrower shall not assert, and the Borrower hereby waives, any claim against any Indemnitee for any damages arising from the use by others of information or other materials obtained
      through telecommunications, electronic or other information transmission systems (including the Internet), other than damages that are determined by a

  
    
      

      

    

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  court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or
      willful misconduct of such Indemnitee or any of its Related Parties, and (ii) no Indemnitee nor the Borrower shall be liable  on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual
      damages) arising out of, in connection with, or as a result of, this Agreement or any other Loan Document, or any agreement or instrument contemplated hereby or thereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds
      thereof; provided, that nothing contained in this sentence shall limit the Borrower’s indemnity obligations to the extent set forth in Section 9.03(b).

  (e)          All amounts due under this Section shall be payable promptly after written demand therefor.

  SECTION 9.04          Successors and Assigns.

  (a)          The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby (including any Affiliate of the Issuing Bank that issues any Letter of
      Credit), except that (i) the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by the Borrower without such consent
      shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section.  Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person
      (other than the parties hereto, their respective successors and assigns permitted hereby (including any Affiliate of the Issuing Bank that issues any Letter of Credit),  Participants (to the extent provided in paragraph (c) of this Section) and, to
      the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the Issuing Bank and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.

  (b)          (i) Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment,
      participations in Letters of Credit and the Loans at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld, conditioned or delayed) of:

  (A)          the Borrower (provided that the Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within ten (10) Business Days after
      having received notice thereof);  provided, further, that no consent of the
      Borrower shall be required for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund or, if an Event of Default under Section 7.01(a), (b), (h) or (i) has occurred and is continuing, any other assignee;

  (B)          the Administrative Agent; and

  (C)          the Issuing Bank.

  (ii)          Assignments shall be subject to the following additional conditions:

  (A)          except in the case of an assignment to a Lender or an Affiliate of a Lender or an Approved Fund or an assignment of the entire remaining amount of the assigning Lender’s Commitment or Loans, the amount of the
      Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the date the

  
    
      

      

    

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  Assignment and Assumption with respect to such assignment is delivered to the Administrative
      Agent) shall not be less than $5,000,000 and incremental of $1,000,000 in excess thereof unless each of the Borrower and the Administrative Agent otherwise consent; provided
      that no such consent of the Borrower shall be required if an Event of Default under Section 7.01(a), (b), (h) or (i) has occurred and is continuing;

  (B)          each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement;

  (C)          the parties to each assignment shall execute and deliver to the Administrative Agent (x) an Assignment and Assumption or (y) to the extent applicable, an agreement incorporating an Assignment and Assumption by
      reference pursuant to an Approved Electronic Platform as to which the Administrative Agent and the parties to the Assignment and Assumption are participants, together with a processing and recordation fee of $3,500, such fee to be paid by either the
      assigning Lender or the assignee Lender or shared between such Lenders;

  (D)          the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire in which the assignee designates one or more credit contacts to whom all syndicate-level
      information (which may contain material non-public information about the Borrower and its Affiliates and their Related Parties or their respective securities) will be made available and who may receive such information in accordance with the
      assignee’s compliance procedures and applicable laws, including federal and state securities laws; and

  (E)          no assignment shall be made to any Ineligible Institution.

  For the purposes of this Section 9.04(b), the terms “Approved Fund” and “Ineligible Institution” have the
      following meanings:

  “Approved Fund” means any
      Person (other than a natural person) that is engaged in making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary course of its business and that is administered or managed by (a) a Lender, (b) an
      Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender.

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

  (iii)          Subject to acceptance and recording thereof pursuant to paragraph (b)(iv) of this Section, from and after the effective date specified in each Assignment and Assumption the assignee thereunder shall be a party hereto
      and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and
      Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but
      shall continue to be entitled to the benefits of Sections 2.15, 2.16, 2.17 and 9.03).  Notwithstanding any other provision of this Agreement, if any Lender shall assign any of its rights or obligations hereunder

  
    
      

      

    

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  to any assignee (including an Affiliate of such Lender) that, but for this sentence, would be
      entitled, immediately following such assignment, to claim a greater amount than such assigning Lender under Section 2.15, Section 2.16 and Section 2.17, such assignee shall not have the right to claim such greater amount; provided that nothing in this sentence shall limit the right of any such assignee to make claims (x) for amounts not in excess of those that could have been claimed by the
      assigning Lender, (y) to the extent such claims arise from one or more Changes in Law or (z) from a change in the office, branch or other place of business from which any payment hereunder is made by the Borrower, in each case after the date of such
      assignment. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 9.04 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights
      and obligations in accordance with and subject to the limitations set forth in, paragraph (c) of this Section.

  (iv)          The Administrative Agent, acting for this purpose as a non-fiduciary agent of the Borrower, shall maintain at one of its offices a copy of each Assignment and Assumption delivered to it and a register for the
      recordation of the names and addresses of the Lenders, and the Commitment of, and principal amount of stated interest on the Loans and LC Disbursements owing to, each Lender pursuant to the terms hereof from time to time (the “Register”).  The entries in the Register shall be conclusive (absent manifest error), and the Borrower, the Administrative Agent, the Issuing Bank and the Lenders shall
      treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary.  The Register shall be available for inspection by the Borrower,
      the Issuing Bank and any Lender, at any reasonable time and from time to time upon reasonable prior notice, and the Borrower may at any time request that the Administrative Agent provide a list of Lenders as of the date of such request.

  (v)          Upon its receipt of (x) a duly completed Assignment and Assumption executed by an assigning Lender and an assignee or (y) to the extent applicable, an agreement incorporating an Assignment and Assumption by reference
      pursuant to an Approved Electronic Platform as to which the Administrative Agent and the parties to the Assignment and Assumption are participants, the assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Lender
      hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and any written consent to such assignment required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Assumption and
      record the information contained therein in the Register; provided that if either the assigning Lender or the assignee shall have failed to make any payment required
      to be made by it pursuant to Section 2.05(c), 2.06(d) or (e), 2.07(b), 2.18(e) or 9.03(c), the Administrative Agent shall have no obligation to accept such Assignment and Assumption and record the information therein in the Register unless and until
      such payment shall have been made in full, together with all accrued interest thereon.  No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph.

  (c)          (i) Any Lender may, without the consent of, or notice to, the Borrower, the Administrative Agent or the Issuing Bank, sell participations to one or more banks or other entities (a “Participant”), other than an Ineligible Institution, in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans owing to it); provided that (A) such Lender’s obligations under this Agreement shall remain unchanged; (B) such Lender shall remain solely responsible to the other parties hereto for
      the performance of such obligations; and (C) the Borrower, the Administrative Agent, the Issuing Bank and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this
      Agreement.  Any agreement or instrument pursuant to which a Lender sells such a participation shall

  
    
      

      

    

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  provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment,
      modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in the first
      proviso to Section 9.02(b) that affects such Participant.  Subject to paragraph (c)(ii) of this Section, the Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.15, 2.16 and 2.17 to the same extent as if it were a
      Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section.  To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.08 as though it were a Lender; provided such Participant agrees to be subject to Section 2.18(d) as though it were a Lender.  Each Lender that sells a participation shall, acting solely for this
      purpose as an agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Commitments, Loans, Letters of Credit or other
      obligations under this Agreement (the “Participant Register”); provided that no
      Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any Commitments, Loans, Letters of Credit or its other
      obligations this Agreement) to any Person except to the extent that such disclosure is necessary to establish that such Commitment, Loan, Letter of Credit or other obligation is in registered form under Section 5f.103-1(c) of the United States
      Treasury Regulations or Section 1.163-5(b) of the Proposed United States Treasury Regulations (or, in each case, any amended or successor version).  The entries in the Participant Register shall be conclusive absent manifest error, and such Lender
      shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.  For the avoidance of doubt, the Administrative Agent (in its
      capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

  (ii)          A Participant shall not be entitled to receive any greater payment under Section 2.15, Section 2.16 or Section 2.17, than the applicable Lender would have been entitled to receive with respect to the participation
      sold to such Participant, except to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired the applicable participation.  A Participant that would be a Foreign Lender if it
      were a Lender shall not be entitled to the benefits of Section 2.17, unless the Borrower is notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrower, to comply with Section 2.17(e) as though
      it were a Lender.

  (d)          Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal
      Reserve Bank, and this Section shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security
      interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

  SECTION 9.05          Survival.  All covenants, agreements, representations and warranties made by the Borrower herein and in the certificates or other instruments
      delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery this Agreement and the making of any Loans and issuance of any Letters of
      Credit, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent, the Issuing Bank or any Lender may have had notice or knowledge of any Default (other than a Default which has
      been waived in accordance with Section 9.02) or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee
      or any other amount payable under this Agreement is outstanding and unpaid or any Letter of Credit is outstanding

  
    
      

      

    

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  and so long as the Commitments have not expired or terminated.  The provisions of Sections 2.15, 2.16, 2.17 and 9.03 and Article VIII shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the
      expiration or termination of the Letters of Credit and the Commitments or the termination of this Agreement or any provision hereof.

  SECTION 9.06          Counterparts; Integration; Effectiveness; Electronic Execution.  This Agreement may be executed in counterparts (and by different parties
      hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  This Agreement, the other Loan Documents and any separate letter agreements with respect to fees
      payable to the Administrative Agent constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. 
      Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the
      signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.  Delivery of an executed counterpart of a signature page of this
      Agreement by telecopy, emailed .pdf or any other electronic means that reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart of this Agreement.  The words “execution,” “signed,”
      “signature,” “delivery,” and words of like import in or relating to any  document to be signed in connection with this Agreement and the transactions contemplated hereby shall be deemed to include Electronic Signatures, deliveries or the keeping of
      records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent
      and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic
      Transactions Act; provided that nothing herein shall require the Administrative
        Agent to accept Electronic Signatures in any form or format without its prior written consent (not to be unreasonably withheld, conditioned or delayed).

  SECTION 9.07          Severability.  Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction,
      be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction
      shall not invalidate such provision in any other jurisdiction.

  SECTION 9.08          Right of Setoff.  If an Event of Default shall have occurred and be continuing, each Lender, the Issuing Bank, and each of their respective
      Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to setoff and apply any and all deposits (general or special, time or demand, provisional or final) at any time held, and other obligations at
      any time owing, by such Lender, the Issuing Bank or any such Affiliate, to or for the credit or the account of the Borrower against any and all of the obligations of the Borrower now or hereafter existing under this Agreement or any other Loan
      Document to such Lender or the Issuing Bank or their respective Affiliates, irrespective of whether or not such Lender, the Issuing Bank or Affiliate shall have made any demand under this Agreement or any other Loan Document and although such
      obligations of the Borrower may be contingent or unmatured or are owed to a branch office or Affiliate of such Lender or the Issuing Bank different from the branch office or Affiliate holding such deposit or obligated on such indebtedness; provided that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so setoff shall be paid over immediately to the
      Administrative Agent for further application in accordance with the provisions of Section 2.21 and, pending such payment, shall be

  
    
      

      

    

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  segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent,
      the Issuing Bank, and the Lenders, and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of
      setoff.  The rights of each Lender, the Issuing Bank and their respective Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender, such Issuing Bank or their respective Affiliates
      may have.  Each Lender and the Issuing Bank agrees to notify the Borrower and the Administrative Agent promptly after any such setoff and application; provided that
      the failure to give such notice shall not affect the validity of such setoff and application.

  SECTION 9.09          Governing Law; Jurisdiction; Consent to Service of Process.

  (a)          THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.

  (b)          Each of the Lenders and the Administrative Agent hereby irrevocably and unconditionally agrees that any claims brought against the Administrative Agent by any Lender relating to this Agreement or the consummation or administration of
      the transactions contemplated hereby or thereby shall be construed in accordance with and governed by the law of the State of New York.

  (c)          Each of the parties hereto hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the United States District Court for the Southern District of New York sitting in the Borough of
      Manhattan (or if such court lacks subject matter jurisdiction, the Supreme Court of the State of New York sitting in the  Borough of Manhattan), and any appellate court from any thereof, in any action or proceeding arising out of or relating to this
      Agreement or the transactions relating hereto, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may (and any
      such claims, cross-claims or third party claims brought against the Administrative Agent or any of its Related Parties may only) be heard and determined in such Federal (to the extent permitted by law) or New York State court.  Each of the parties
      hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.  Nothing in this Agreement shall affect any right that
      the Administrative Agent, the Issuing Bank or any Lender may otherwise have to bring any action or proceeding relating to this Agreement against the Borrower or its properties in the courts of any jurisdiction.

  (d)          Each of the parties hereto hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or
      proceeding arising out of or relating to this Agreement in any court referred to in paragraph (c) of this Section.  Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to
      the maintenance of such action or proceeding in any such court.

  (e)          Each of the parties hereto hereby irrevocably consents to service of process in the manner provided for notices in Section 9.01.  Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any
      other manner permitted by law.

  SECTION 9.10          WAIVER OF JURY TRIAL.  EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,
      ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER

  
    
      

      

    

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  LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER
      THEORY).  EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND
      (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

  SECTION 9.11          Headings.  Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this
      Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.

  SECTION 9.12          Confidentiality.  Each of the Administrative Agent, the Issuing Bank and the Lenders agrees to maintain the confidentiality of the Information
      (as defined below), except that Information may be disclosed (a) to its and its Affiliates and its Affiliates’ directors, officers, employees and agents, including accountants, auditors, legal counsel and other advisors (it being understood that the
      Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential); provided
      that the disclosing Administrative Agent, Issuing Bank or Lender, as applicable, shall be responsible for compliance by such Persons with the provisions of this Section 9.12,
      (b) to the extent requested by any Governmental Authority (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable laws or regulations or by any subpoena or
      similar legal process (provided that the Administrative Agent or such Lender, as applicable, agrees that it will, to the extent practicable and other than with respect to any audit or examination conducted by bank accountants or any governmental bank
      regulatory authority exercising examination or regulatory authority, notify the Borrower promptly thereof, unless such notification is prohibited by law, rule or regulation), (d) to any other party to this Agreement, (e) in connection with the
      exercise of any remedies hereunder or any suit, action or proceeding relating to this Agreement or the enforcement of rights hereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (1) any
      assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (2) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to
      the Borrower and its obligations, (g) on a confidential basis to (1) any rating agency in connection with rating the Borrower or its Subsidiaries or the credit facilities provided for herein or (2) the CUSIP Service Bureau or any similar agency in
      connection with the issuance and monitoring of CUSIP numbers or other market identifiers with respect to the credit facilities provided for hereunder, (h) with the prior written consent of the Borrower or (i) to the extent such Information
      (1) becomes publicly available other than as a result of a breach of this Section or (2) becomes available to the Administrative Agent, the Issuing Bank or any Lender on a nonconfidential basis from a source other than the Borrower.  For the purposes
      of this Section, “Information” means all information received from or on behalf of the Borrower or any Subsidiary relating to the Borrower, its Subsidiaries or their business, other than any such information that is available to the Administrative
      Agent, the Issuing Bank or any Lender on a nonconfidential basis prior to disclosure by the Borrower and other than information pertaining to this Agreement
        routinely provided by arrangers to data service providers, including league table providers, that serve the lending industry.  Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered
      to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information.

  EACH OF THE ADMINISTRATIVE AGENT, THE ISSUING BANK AND EACH LENDER ACKNOWLEDGES THAT
      INFORMATION AS DEFINED IN THE IMMEDIATELY

  
    
      

      

    

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

  ALL INFORMATION, INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS, FURNISHED BY THE BORROWER
      OR THE ADMINISTRATIVE AGENT PURSUANT TO, OR IN THE COURSE OF ADMINISTERING, THIS AGREEMENT WILL BE SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION ABOUT THE BORROWER, THE OTHER LOAN PARTIES AND THEIR RELATED PARTIES OR
      THEIR RESPECTIVE SECURITIES.  ACCORDINGLY, EACH LENDER REPRESENTS TO THE BORROWER AND THE ADMINISTRATIVE AGENT THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT WHO MAY RECEIVE INFORMATION THAT MAY CONTAIN MATERIAL
      NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE PROCEDURES AND APPLICABLE LAW.

  SECTION 9.13          USA PATRIOT Act.  Each Lender that is subject to the requirements of the Patriot Act hereby notifies the Borrower that pursuant to the
      requirements of the Patriot Act, it is required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow such Lender to identify the
      Borrower in accordance with the Patriot Act.

  SECTION 9.14          Interest Rate Limitation.  Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Loan, together
      with all fees, charges and other amounts which are treated as interest on such Loan under applicable law (collectively the “Charges”), shall exceed the maximum lawful
      rate (the “Maximum Rate”) which may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable law, the
      rate of interest payable in respect of such Loan hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such
      Loan but were not payable as a result of the operation of this Section shall be cumulated and the interest and Charges payable to such Lender in respect of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until such
      cumulated amount, together with interest thereon at the NYFRB Rate to the date of repayment, shall have been received by such Lender.

  SECTION 9.15          No Fiduciary Duty, etc.

  (a)          The Borrower acknowledges and agrees, and acknowledges its Subsidiaries’ understanding, that no Credit Party will have any obligations except those obligations expressly set forth herein and in the other Loan Documents and each
      Credit Party is acting solely in the capacity of an arm’s length contractual counterparty to the Borrower with respect to the Loan Documents and the transactions contemplated herein and therein and not as a financial advisor or a fiduciary to, or an
      agent of, the Borrower or any other person.  The Borrower agrees that it will not assert any claim against any Credit Party based on an alleged breach of fiduciary duty by such Credit Party in connection with this Agreement and the transactions
      contemplated hereby.  Additionally, the Borrower acknowledges and agrees that no Credit Party is advising the Borrower as to any legal, tax, investment, accounting, regulatory or any other matters in any jurisdiction.  The Borrower shall consult with
      its own advisors

  
    
      

      

    

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  concerning such matters and shall be responsible for making its own independent investigation and appraisal of
      the transactions contemplated hereby, and the Credit Parties shall have no responsibility or liability to the Borrower with respect thereto.

  (b)          The Borrower further acknowledges and agrees, and acknowledges its Subsidiaries’ understanding, that each Credit Party, together with its Affiliates, is or may be a full service securities or banking firm engaged in securities
      trading and brokerage activities as well as providing investment banking and other financial services.  In the ordinary course of business, any Credit Party may provide investment banking and other financial services to, and/or acquire, hold or sell,
      for its own accounts and the accounts of customers, equity, debt and other securities and financial instruments (including bank loans and other obligations) of, the Borrower, its Subsidiaries and other companies with which the Borrower or any of its
      Subsidiaries may have commercial or other relationships.  With respect to any securities and/or financial instruments so held by any Credit Party or any of its customers, all rights in respect of such securities and financial instruments, including
      any voting rights, will be exercised by the holder of the rights, in its sole discretion.

  (c)          In addition, the Borrower acknowledges and agrees, and acknowledges its Subsidiaries’ understanding, that each Credit Party and its Affiliates may be providing debt financing, equity capital or other services (including financial
      advisory services) to other companies in respect of which the Borrower or any of its Subsidiaries may have conflicting interests regarding the transactions described herein and otherwise.  No Credit Party will use confidential information obtained
      from the Borrower by virtue of the transactions contemplated by the Loan Documents or its other relationships with the Borrower in connection with the performance by such Credit Party of services for other companies, and no Credit Party will furnish
      any such information to other companies.  The Borrower also acknowledges that no Credit Party has any obligation to use in connection with the transactions contemplated by the Loan Documents, or to furnish to the Borrower or any of its Subsidiaries,
      confidential information obtained from other companies.

  SECTION 9.16          Acknowledgement and Consent to Bail-In of EEA Financial Institutions.  Notwithstanding anything to the contrary in any Loan Document or in any
      other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the
      Write-Down and Conversion Powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

  (a)          the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party
        hereto that is an EEA Financial Institution; and

  (b)          the effects of any Bail-In Action on any such liability, including, if applicable:

  (i)          a reduction in full or in part or cancellation of any such liability;

  (ii)          a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent
        entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or
        any other Loan Document; or

  (iii)          the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of any EEA Resolution
        Authority.

  
    
      

      

    

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  [Signature Pages Follow]

  
    
      

      

    

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

  	 	
          KINSALE CAPITAL GROUP, INC.,

              as the Borrower

        
	 	 	 	 	 
	 	 	 	 	 
	 	
          By

        	
          /s/ Bryan P. Petrucelli

        	 
	 	 	
          Name:

        	
          Bryan P. Petrucelli

        	 
	 	 	
          Title:

        	
          Senior Vice President, Chief Financial Officer and Treasurer

        	 

  

  

  
    
      

      

    

    
      

    
      

      

    

  

  

  

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

        
	 	 	 	 	 
	 	 	 	 	 
	 	
          By

        	
          /s/ Milena Kolev

        	 
	 	 	
          Name:

        	
          Milena Kolev

        	 
	 	 	
          Title:

        	
          VP, JPM

        	 

  

  

  
    
      

      

    

    
      

    
      

      

    

  

  

  

  	 	
          SUNTRUST BANK, as a Lender

        
	 	 	 	 	 
	 	 	 	 	 
	 	
          By

        	
          /s/ Andrew Johnson

        	 
	 	 	
          Name:

        	
          Andrew Johnson

        	 
	 	 	
          Title:

        	
          Managing Director

        	 

  

  

  
    
      

      

    

    
      

    
      

      

    

  

  

  

  	 	
          CIBC BANK USA, as a Lender

        
	 	 	 	 	 
	 	 	 	 	 
	 	
          By

        	
          /s/ Daniel A. Palmer

        	 
	 	 	
          Name:

        	
          Daniel A. Palmer

        	 
	 	 	
          Title:

        	
          Managing Director

        	 

  

  

  
    
      

      

    

    
      

    
      

      

    

  

  SCHEDULE 2.01

  COMMITMENTS

  	
          LENDER

        	
          COMMITMENT

        
	 	 
	
          JPMORGAN CHASE BANK, N.A.

        	
          $22,000,000

        
	 	 
	
          SUNTRUST BANK

        	
          $18,000,000

        
	 	 
	
          CIBC BANK USA

        	
          $10,000,000

        
	 	 
	
          AGGREGATE COMMITMENT

        	
          $50,000,000

        
	 	 

  

  

  

  

  
    
      

      

    

    
      

    
      

      

    

  

  
    

    

    Schedule 3.06

    Disclosed Matters

    None.

    

    

    

    

    
      

      
        

      

    

    

    

    Schedule

            3.15

    Subsidiaries

    	
            Subsidiary

          	
            Jurisdiction of Organization

          	
            Type of Organization

          	
            Percentage of Ownership of Equity Interests

          	
            Holder of Interests

          
	
            Kinsale Insurance Company

          	
            Arkansas

          	
            Corporation

          	
            100%

          	
            Kinsale Capital Group, Inc.

          
	
            Kinsale Management, Inc.

          	
            Delaware

          	
            Corporation

          	
            100%

          	
            Kinsale Capital Group, Inc.

          
	
            Aspera Insurance Services, Inc.

          	
            Virginia

          	
            Corporation

          	
            100%

          	
            Kinsale Capital Group, Inc.

          
	
            Kinsale Real Estate, Inc.

          	
            Delaware

          	
            Corporation

          	
            100%

          	
            Kinsale Capital Group, Inc.

          
	
            2001 Maywill, LLC

          	
            Delaware

          	
            Limited liability company

          	
            100%

          	
            Kinsale Real Estate, Inc.

          

    

    

    

    

    
      

      
        

      

    

    

    

    Schedule

            6.01

    Indebtedness

    None.

    
      

      
        

      

    

    

    

    Schedule

            6.02

    Existing Liens

    None.

    
      

      
        

      

    

    

    

    Schedule

            6.04

    Existing Investments

    None.

    
      

      
        

      

    

    

    

    Schedule

            6.09

    Existing Restrictions

    None.

  

  

  
    
      

      

    

    
      

    
      

      

    

  

  EXHIBIT A

  ASSIGNMENT AND ASSUMPTION

  This Assignment and Assumption (the “Assignment
      and Assumption”) is dated as of the Effective Date set forth below and is entered into by and between [Insert name of Assignor] (the “Assignor”) and [Insert name of Assignee] (the “Assignee”).  Capitalized terms used but not defined herein shall have the meanings given to them in the Credit
      Agreement identified below (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), receipt of a copy of which is hereby
      acknowledged by the Assignee.  The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full.

  For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the
      Assignee hereby irrevocably purchases and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below
      (i) all of the Assignor’s rights and obligations in its capacity as a Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of
      all of such outstanding rights and obligations of the Assignor under the respective facilities identified below (including any letters of credit and guarantees included in such facilities) and (ii) to the extent permitted to be assigned under
      applicable law, all claims, suits, causes of action and any other right of the Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or
      instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in
      equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned pursuant to clauses (i) and (ii) above being referred to herein collectively as the “Assigned Interest”).  Such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by
      the Assignor.

  	
          1.

        	
          Assignor:

        	
                                                      

        	 
	
          2.

        	
          Assignee:

        	
                                                      

        	 
	 	 	
          [and is an Affiliate/Approved Fund of [identify Lender]1]

        
	
          3.

        	
          Borrower(s):

        	
          Kinsale Capital Group, Inc.                   

        	 
	
          4.

        	
          Administrative Agent:

        	
          JPMorgan Chase Bank, N.A., as the administrative agent under the Credit Agreement

        

  

  

  

  

  

  1 Select

        as applicable.

  
    
      

      

    

    
      

    
      

      

    

  

  
  

  

  

  

  	
          5.

        	
          Credit Agreement:

        	
          The Credit Agreement dated as of May 28, 2019  among Kinsale Capital Group, Inc., the Lenders parties thereto, JPMorgan Chase Bank, N.A., as
              Administrative Agent, and the other agents parties thereto

           

        
	
          6.

        	
          Assigned Interest:

        	 

  

  

  	
          Aggregate Amount of Commitment/Loans for all Lenders

        	
          Amount of Commitment/

              Loans Assigned

        	
          Percentage Assigned of Commitment/Loans2

        
	
             $

        	
             $

        	
          %

        
	
             $

        	
             $

        	
          %

        
	
             $

        	
             $

        	
          %

        

  

  

  Effective Date:  _____________ ___, 20___ [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF
      RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.]

  The Assignee agrees to deliver to the Administrative Agent a completed Administrative Questionnaire in which the Assignee
      designates one or more credit contacts to whom all syndicate-level information (which may contain material non-public information about the Borrower, the Borrower and their Related Parties or their respective securities) will be made available and
      who may receive such information in accordance with the Assignee’s compliance procedures and applicable laws, including federal and state securities laws.

  The terms set forth in this Assignment and Assumption are hereby agreed to:

  	 	
          ASSIGNOR

        
	 	 
	 	
          [NAME OF ASSIGNOR]

        
	 	 	 	 	 
	 	 	 	 	 
	 	
          By

        	 	 
	 	 	
          Title:

        	 	 

  

  

  

  

  	 	
          ASSIGNEE

        
	 	 
	 	
          [NAME OF ASSIGNEE]

        
	 	 	 	 	 
	 	 	 	 	 
	 	
          By

        	 	 
	 	 	
          Title:

        	 	 

  

  

  

  

  

  2 Set forth, to at least 9 decimals, as a percentage of the
      Commitment/Loans of all Lenders thereunder.

  
    
      

      

    

    2

    
      

    
      

      

    

  

  

  

  Consented to and Accepted:

  JPMORGAN CHASE BANK, N.A., as

      Administrative Agent and Issuing Bank

  	
          By:

        	 	 
	 	
          Title:

        	 	 

  

  

  

  

  [Consented to:]3

  KINSALE CAPITAL GROUP, INC.

  	
          By:

        	 	 
	 	
          Title:

        	 	 

  

  

  
    

    

  

  

  

  

  

  

  3 To be added only if the consent of the Borrower is
      required by the terms of the Credit Agreement.

  
    3

    
      

    
      

      

    

  

  ANNEX I

  STANDARD TERMS AND CONDITIONS FOR

  ASSIGNMENT AND ASSUMPTION

  1.          Representations and Warranties.

  1.1          Assignor.  The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear
      of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby; and
      (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness,
      sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition of the Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document, (iv) any requirements under
      applicable law for the Assignee to become a lender under the Credit Agreement or to charge interest at the rate set forth therein from time to time or (v) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates or any
      other Person of any of their respective obligations under any Loan Document.

  1.2          Assignee.  The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment
      and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it satisfies the requirements, if any, specified in the Credit Agreement and under applicable law that are required to be
      satisfied by it in order to acquire the Assigned Interest and become a Lender, (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of the Assigned Interest,
      shall have the obligations of a Lender thereunder, (iv) it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant to Section 5.01 thereof, as applicable, and such other documents
      and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest on the basis of which it has made such analysis and decision independently
      and without reliance on the Administrative Agent, any Arranger, the Assignor or any other Lender or any of their respective Related Parties, and (v)  attached to the Assignment and Assumption is any documentation required to be delivered by it
      pursuant to the terms of the Credit Agreement, duly completed and executed by the Assignee; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, the Arranger, the Syndication Agent,  the Assignor or any
      other Lender or any of their respective Related Parties, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and
      (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender.

  2.          Payments.  From and after the Effective Date, the Administrative Agent shall make all payments in respect of the Assigned Interest (including payments of principal,
      interest, fees and other amounts) to the Assignor for amounts which have accrued to but excluding the Effective Date and to the Assignee for amounts which have accrued from and after the Effective Date.

  
    
      

      

    

    
      

    
      

      

    

  

  
  

  

  

  

  3.          General Provisions.  This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns. 
      This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one instrument.  Acceptance and adoption of the terms of this Assignment and Assumption by the Assignee and the Assignor by Electronic
      Signature or delivery of an executed counterpart of a signature page of this Assignment and Assumption by any Approved Electronic Platform shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption.  This
      Assignment and Assumption shall be governed by, and construed in accordance with, the law of the State of New York.

  
    
      

      

    

    2

    
      

    
      

      

    

  

  EXHIBIT B

  RESERVED

  

  

  
    
      

      

    

    
      

    
      

      

    

  

  EXHIBIT C

  FORM OF INCREASING LENDER SUPPLEMENT

  INCREASING LENDER SUPPLEMENT, dated __________, 20___ (this “Supplement”), by and among each of the signatories hereto, to the Credit Agreement, dated as of May 28, 2019  (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Kinsale Capital Group, Inc. (the “Borrower”), the Lenders
      party thereto and JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative Agent”).

  W I T N E S S E T H

  WHEREAS, pursuant to Section 2.20
      of the Credit Agreement, the Borrower has the right, subject to the terms and conditions thereof, to effectuate from time to time an increase in the Aggregate Commitment and/or one or more tranches of Incremental Term Loans under the Credit Agreement
      by requesting one or more Lenders to increase the amount of its Commitment and/or to participate in such a tranche;

  WHEREAS, the Borrower has given notice to the Administrative Agent of its intention to [increase the Aggregate
      Commitment] [and] [enter into a tranche of Incremental Term Loans] pursuant to such Section 2.20; and

  WHEREAS, pursuant to Section 2.20
      of the Credit Agreement, the undersigned Increasing Lender now desires to [increase the amount of its Commitment] [and] [participate in a tranche of Incremental Term Loans] under the Credit Agreement by executing and delivering to the Borrower and
      the Administrative Agent this Supplement;

  NOW, THEREFORE, each of the parties hereto hereby agrees as follows:

  1.          The undersigned
      Increasing Lender agrees, subject to the terms and conditions of the Credit Agreement, that on the date of this Supplement it shall [have its Commitment increased by $[__________], thereby making the aggregate amount of its total Commitments equal to
      $[__________]] [and] [participate in a tranche of Incremental Term Loans with a commitment amount equal to $[__________] with respect thereto].

  2.          The Borrower hereby
      represents and warrants that no Default or Event of Default has occurred and is continuing on and as of the date hereof.

  3.          Terms defined in the
      Credit Agreement shall have their defined meanings when used herein.

  4.          This Supplement shall
      be governed by, and construed in accordance with, the laws of the State of New York.

  5.          This Supplement may
      be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same document.

  
    
      

      

    

    
      

    
      

      

    

  

  
  

  

  IN WITNESS WHEREOF, each of the undersigned has caused this Supplement to be executed and delivered by a duly
      authorized officer on the date first above written.

  	 	
          [INSERT NAME OF INCREASING LENDER]

        
	 	 	 	 	 
	 	 	 	 	 
	 	
          By

        	 	 
	 	 	
          Name:

        	 	 
	 	 	
          Title:

        	 	 

  

  

   

    

  Accepted and agreed to as of the date first written above:

  KINSALE CAPITAL GROUP, INC.

  

  

  	
          By:

        	 	 
	
          Name:     

            

        	 	 
	
          Title:

        	 	 

  

  

  

  

  

  

  Acknowledged as of the date first written above:

  JPMORGAN CHASE BANK, N.A.

      as Administrative Agent

  

  

  	
          By:

        	 	 
	
          Name:     

            

        	 	 
	
          Title:

        	 	 

  

  

  

  

  

  

  
    
      

      

    

    2

    
      

    
      

      

    

  

  EXHIBIT D

  FORM OF AUGMENTING LENDER SUPPLEMENT

  AUGMENTING LENDER SUPPLEMENT, dated __________, 20___ (this “Supplement”), by and among each of the signatories hereto, to the Credit Agreement, dated as of May 28, 2019  (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Kinsale Capital Group, Inc. (the “Borrower”), the Lenders
      party thereto and JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative Agent”).

  W I T N E S S E T H

  WHEREAS, the Credit Agreement provides in Section 2.20 thereof that any bank, financial institution or other
      entity may [extend Commitments] [and] [participate in tranches of Incremental Term Loans] under the Credit Agreement subject to the approval of the Borrower and the Administrative Agent, by executing and delivering to the Borrower and the
      Administrative Agent a supplement to the Credit Agreement in substantially the form of this Supplement; and

  WHEREAS, the undersigned Augmenting Lender was not an original party to the Credit Agreement but now desires
      to become a party thereto;

  NOW, THEREFORE, each of the parties hereto hereby agrees as follows:

  1.          The undersigned
      Augmenting Lender agrees to be bound by the provisions of the Credit Agreement and agrees that it shall, on the date of this Supplement, become a Lender for all purposes of the Credit Agreement to the same extent as if originally a party thereto,
      with a [Commitment with respect to Revolving Loans of $[__________]] [and] [a commitment with respect to Incremental Term Loans of $[__________]].

  2.          The undersigned
      Augmenting Lender (a) represents and warrants that it is legally authorized to enter into this Supplement; (b) confirms that it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered
      pursuant to Section 5.01 thereof, as applicable, and has reviewed such other documents and information as it has deemed appropriate to make its own credit analysis
      and decision to enter into this Supplement; (c) agrees that it will, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue
      to make its own credit decisions in taking or not taking action under the Credit Agreement or any other instrument or document furnished pursuant hereto or thereto; (d) appoints and authorizes the Administrative Agent to take such action as agent on
      its behalf and to exercise such powers and discretion under the Credit Agreement or any other instrument or document furnished pursuant hereto or thereto as are delegated to the Administrative Agent by the terms thereof, together with such powers as
      are incidental thereto; and (e) agrees that it will be bound by the provisions of the Credit Agreement and will perform in accordance with its terms all the obligations which by the terms of the Credit Agreement are required to be performed by it as
      a Lender.

  3.          The undersigned’s
      address for notices for the purposes of the Credit Agreement is as follows:

  [___________]

  4.          The Borrower hereby
      represents and warrants that no Default or Event of Default has occurred and is continuing on and as of the date hereof.

  
    
      

      

    

    
      

    
      

      

    

  

  
  

  

  

  

  5.          Terms defined in the
      Credit Agreement shall have their defined meanings when used herein.

  6.          This Supplement shall
      be governed by, and construed in accordance with, the laws of the State of New York.

  7.          This Supplement may
      be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same document.

  [remainder of this page intentionally left blank]

  
    
      

      

    

    2

    
      

    
      

      

    

  

  IN WITNESS WHEREOF, each of the undersigned has caused this Supplement to be executed and delivered by a duly
      authorized officer on the date first above written.

  	 	
          [INSERT NAME OF AUGMENTING LENDER]

        
	 	 	 	 	 
	 	 	 	 	 
	 	
          By

        	 	 
	 	 	
          Name:

        	 	 
	 	 	
          Title:

        	 	 

  

  

  

  

  Accepted and agreed to as of the date first written above:

  KINSALE CAPITAL GROUP, INC.

  

  

  	
          By:

        	 	 
	
          Name:     

            

        	 	 
	
          Title:

        	 	 

  

  

  

  

  Acknowledged as of the date first written above:

  JPMORGAN CHASE BANK, N.A.

      as Administrative Agent

  

  

  	
          By:

        	 	 
	
          Name:     

            

        	 	 
	
          Title:

        	 	 

  

  

  

  

  
    
      

      

    

    3

    
      

    
      

      

    

  

  EXHIBIT E

  LIST OF CLOSING DOCUMENTS

  KINSALE CAPITAL GROUP, INC.

  CREDIT FACILITIES

  May 28, 2019

  LIST OF CLOSING DOCUMENTS4

  A.          LOAN DOCUMENTS

  1.          Credit Agreement (the
      “Credit Agreement”) by and among Kinsale Capital Group, Inc., a Delaware corporation (the “Borrower”),

      the institutions from time to time parties thereto as Lenders (the “Lenders”) and JPMorgan Chase Bank, N.A., in its capacity as Administrative Agent for itself and
      the other Lenders (the “Administrative Agent”), evidencing a revolving credit facility to the Borrower from the Lenders in an aggregate principal amount of
      $50,000,000.

  SCHEDULES

  
    	 	
            Schedule 2.01

          	
            --

          	
            Commitments

          
	 	
            Schedule 3.06

          	
            --

          	
            Disclosed Matters

          
	 	
            Schedule 3.15

          	
            --

          	
            Subsidiaries

          
	 	
            Schedule 6.01

          	
            --

          	
            Indebtedness

          
	 	
            Schedule 6.02

          	
            --

          	
            Existing Liens

          
	 	
            Schedule 6.04

          	
            --

          	
            Existing Investments

          
	 	
            Schedule 6.09

          	
            --

          	
            Existing Restrictions

          

     

  EXHIBITS 

  
  	 	
          Exhibit A

        	
          --

        	
          Form of Assignment and Assumption

        
	 	
          Exhibit B

        	
          --

        	
          Reserved

        
	 	
          Exhibit C

        	
          --

        	
          Form of Increasing Lender Supplement

        
	 	
          Exhibit D

        	
          --

        	
          Form of Augmenting Lender Supplement

        
	 	
          Exhibit E

        	
          --

        	
          List of Closing Documents

        
	 	
          Exhibit F

        	
          --

        	
          Reserved

        
	 	
          Exhibit G-1

        	
          --

        	
          Form of U.S. Tax Certificate (Foreign Lenders That Are Not Partnerships)

        
	 	
          Exhibit G-2

        	
          --

        	
          Form of U.S. Tax Certificate (Foreign Participants That Are Not Partnerships)

        
	 	
          Exhibit G-3

        	
          --

        	
          Form of U.S. Tax Certificate (Foreign Participants That Are Partnerships)

        
	 	
          Exhibit G-4

        	
          --

        	
          Form of U.S. Tax Certificate (Foreign Lenders That Are Partnerships)

        
	 	
          Exhibit H-1

        	
          --

        	
          Form of Borrowing Request

        
	 	
          Exhibit H-2

        	
          --

        	
          Form of Interest Election Request

        
	 	 	 	 

   

    

  

  

  

  

  

  4 Each capitalized term used herein and not defined
      herein shall have the meaning assigned to such term in the above-defined Credit Agreement.  Items appearing in bold and italics shall be prepared and/or provided by the Borrower and/or Borrower’s counsel.

  
    
      

      

    

    
      

    
      

      

    

  

  
  

  

  2.          Notes executed by the
      Borrower in favor of each of the Lenders, if any, which has requested a note pursuant to Section 2.10(e) of the Credit Agreement.

  B.          CORPORATE DOCUMENTS

  3.          Certificate of the Secretary or an Assistant Secretary of the Borrower certifying (i) that there have been no changes in the Certificate of
        Incorporation or other charter document of the Borrower, as attached thereto and as certified as of a recent date by the Secretary of State (or analogous governmental entity) of the jurisdiction of its organization, since the date of the
        certification thereof by such governmental entity, (ii) the By-Laws or other applicable organizational document, as attached thereto, of the Borrower as in effect on the date of such certification, (iii) resolutions of the Board of Directors or
        other governing body of the Borrower authorizing the execution, delivery and performance of each Loan Document to which it is a party, and (iv) the names and true signatures of the incumbent officers of the Borrower authorized to sign the Loan
        Documents to which it is a party, and (in the case of the Borrower) authorized to request a Borrowing or the issuance of a Letter of Credit under the Credit Agreement.

  4.          Good Standing Certificate (or analogous documentation if applicable) for the Borrower from the Secretary of State (or analogous governmental
        entity) of the jurisdiction of its organization, to the extent generally available in such jurisdiction.

  C.          OPINIONS

  5.          Opinion of Skadden, Arps, Slate, Meagher & Flom LLP, counsel for the Borrower.

  D.          CLOSING CERTIFICATES AND MISCELLANEOUS

  6.          A Certificate signed by the President, a Vice President or a Financial Officer of the Borrower certifying the following:  (i) that all of the
        representations and warranties contained in Article III of the Credit Agreement are true and correct and (ii) that no Default or Event of Default has occurred and is then continuing.

  7.          A Certificate of the chief financial officer of the Borrower in form and substance satisfactory to the Administrative Agent supporting the
        conclusions that, after giving effect to the Transactions, (a) the fair value of the assets of the Borrower and its Subsidiaries, on a consolidated basis, at a fair valuation, will exceed their debts and liabilities, subordinated, contingent or
        otherwise; (b) the present fair saleable value of the property of the Borrower and its Subsidiaries, on a consolidated basis, will be greater than the amount that will be required to pay the probable liability of their debts and other liabilities,
        subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured; (c) the Borrower and its Subsidiaries, on a consolidated basis, do not intend to incur or do not believe they will incur debts and liabilities,
        subordinated, contingent or otherwise, beyond their ability to pay such debts and liabilities as they become absolute and matured; and (d) the Borrower and its Subsidiaries, on a consolidated basis, will not have unreasonably small capital with
        which to conduct the business in which they are engaged as such business is now conducted and is proposed to be conducted following the Effective Date.

  

  

  
    
      

      

    

    2

    
      

    
      

      

    

  

  EXHIBIT F

  RESERVED

  

  

  
    
      

      

    

    
      

    
      

      

    

  

  EXHIBIT G-1

  [FORM OF]

  U.S. TAX COMPLIANCE CERTIFICATE

  (For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)

  Reference is hereby made to the Credit Agreement dated as of May 28, 2019  (as amended, restated, supplemented
      or otherwise modified from time to time, the “Credit Agreement”), among Kinsale Capital Group, Inc. (the “Borrower”), the Lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative

          Agent”).

  Pursuant to the provisions of Section 2.17 of the Credit Agreement, the undersigned hereby certifies that
      (i) it is the sole record and beneficial owner of the Loan(s) (as well as any promissory note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the
      Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

  The undersigned has furnished the Administrative Agent and the Borrower with a certificate of its non-U.S.
      Person status on IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable.  By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and
      the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be
      made to the undersigned, or in either of the two calendar years preceding such payments.

  Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings
      given to them in the Credit Agreement.

  [NAME OF LENDER]

  

  

  	
          By:

        	 	 
	
          Name:     

            

        	 	 
	
          Title:

        	 	 

  

  

  

  

  Date: __________, 20[__]

  

  

  
    
      

      

    

    
      

    
      

      

    

  

  EXHIBIT G-2

  [FORM OF]

  U.S. TAX COMPLIANCE CERTIFICATE

  (For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)

  Reference is hereby made to the Credit Agreement dated as of May 28, 2019  (as amended, restated, supplemented
      or otherwise modified from time to time, the “Credit Agreement”), among Kinsale Capital Group, Inc. (the “Borrower”), the Lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative

          Agent”).

  Pursuant to the provisions of Section 2.17 of the Credit Agreement, the undersigned hereby certifies that
      (i) it is the sole record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the
      Borrower within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

  The undersigned has furnished its participating Lender with a certificate of its non-U.S. Person status on IRS
      Form W-8BEN or IRS Form W-8BEN-E, as applicable.  By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender in writing, and (2) the
      undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years
      preceding such payments.

  Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings
      given to them in the Credit Agreement.

  [NAME OF PARTICIPANT]

  

  

  	
          By:

        	 	 
	
          Name:     

            

        	 	 
	
          Title:

        	 	 

  

  

  

  

  Date: ________ __, 20[__]

  

  

  
    
      

      

    

    
      

    
      

      

    

  

  EXHIBIT G-3

  [FORM OF]

  U.S. TAX COMPLIANCE CERTIFICATE

  (For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)

  Reference is hereby made to the Credit Agreement dated as of May 28, 2019  (as amended, restated, supplemented
      or otherwise modified from time to time, the “Credit Agreement”), among Kinsale Capital Group, Inc. (the “Borrower”), the Lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative

          Agent”).

  Pursuant to the provisions of Section 2.17 of the Credit Agreement, the undersigned hereby certifies that
      (i) it is the sole record owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such participation, (iii) with respect such participation,
      neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code,
      (iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation
      related to the Borrower as described in Section 881(c)(3)(C) of the Code.

  The undersigned has furnished its participating Lender with IRS Form W-8IMY accompanied by one of the
      following forms from each of its partners/members that is claiming the portfolio interest exemption:  (i) an IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E, as
      applicable, from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption.  By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the
      undersigned shall promptly so inform such Lender and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to
      the undersigned, or in either of the two calendar years preceding such payments.

  Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings
      given to them in the Credit Agreement.

  [NAME OF PARTICIPANT]

  

  

  	
          By:

        	 	 
	
          Name:     

            

        	 	 
	
          Title:

        	 	 

  

  

  

  

  Date: ________ __, 20[__]

  

  

  
    
      

      

    

    
      

    
      

      

    

  

  EXHIBIT G-4

  [FORM OF]

  U.S. TAX COMPLIANCE CERTIFICATE

  (For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)

  Reference is hereby made to the Credit Agreement dated as of May 28, 2019  (as amended, restated, supplemented
      or otherwise modified from time to time, the “Credit Agreement”), among Kinsale Capital Group, Inc. (the “Borrower”), the Lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative

          Agent”).

  Pursuant to the provisions of Section 2.17 of the Credit Agreement, the undersigned hereby certifies that
      (i) it is the sole record owner of the Loan(s) (as well as any promissory note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such
      Loan(s) (as well as any promissory note(s) evidencing such Loan(s)), (iii) with respect to the extension of credit pursuant to the Credit Agreement or any other Loan Document, neither the undersigned nor any of its direct or indirect partners/members
      is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent
      shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

  The undersigned has furnished the Administrative Agent and the Borrower with IRS Form W-8IMY accompanied by
      one of the following forms from each of its partners/members that is claiming the portfolio interest exemption:  (i) an IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or IRS Form
      W-8BEN-E, as applicable, from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption.  By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate
      changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective
      certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

  Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings
      given to them in the Credit Agreement.

  [NAME OF LENDER]

  

  

  	
          By:

        	 	 
	
          Name:     

            

        	 	 
	
          Title:

        	 	 

  

  

  

  

  Date: ________ __, 20[__]

  

  

  
    
      

      

    

    
      

    
      

      

    

  

  EXHIBIT H-1

  FORM OF BORROWING REQUEST

  JPMorgan Chase Bank, N.A.,

      as Administrative Agent

      for the Lenders referred to below

  10 South Dearborn

      Chicago, Illinois 60603

      Attention: April Yebd

      Facsimile: (844) 490-5665

  10 South Dearborn

      Chicago, Illinois 60603

      Attention: Milena Kolev

      Facsimile: (312) 732-6978

  Re:  Kinsale Capital Group, Inc.

  [Date]

  Ladies and Gentlemen:

  Reference is hereby made to the Credit Agreement dated as of May 28, 2019  (as the same may be amended,
      restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Kinsale Capital Group, Inc. (the “Borrower”), the Lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative Agent”).  Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Credit Agreement.  The Borrower hereby gives you notice pursuant to Section 2.03 of the Credit
      Agreement that it requests a Borrowing under the Credit Agreement, and in that connection the Borrower specifies the following information with respect to such Borrowing requested hereby:

  
    
      	1.	
              Aggregate principal amount of Borrowing:5  __________

            

    

  

  
    
      	2.	
              Date of Borrowing (which shall be a Business Day):  __________

            

    

  

  
    
      	3.	
              Type of Borrowing (ABR or Eurodollar):  __________

            

    

  

  
    
      	4.	
              Interest Period and the last day thereof (if a Eurodollar Borrowing):6  __________

            

    

  

  
    
      	5.	
              Location and number of the Borrower’s account or any other account agreed upon by the Administrative Agent and the Borrower to which proceeds of Borrowing are to be
                  disbursed:  __________

            

    

  

  [Signature Page Follows]

  
    

    

  

  

  

  

  

  

  5 Not less than applicable amounts specified in Section
      2.02(c).

  

  

  6 Which must
      comply with the definition of “Interest Period” and end not later than the Maturity Date.

  
    
      

    
      

      

    

  

  
  The undersigned hereby represents and warrants that the conditions to lending specified in Section[s] [4.01
      and]7 4.02 of the Credit Agreement are satisfied as of the date hereof.

  	 	
          Very truly yours,

        
	 	 
	 	
          KINSALE CAPITAL GROUP, INC.,

              as the Borrower

        
	 	 	 	 	 
	 	 	 	 	 
	 	
          By:

        	 	 
	 	 	
          Name:

        	 	 
	 	 	
          Title:

        	 	 

  

  

  

  

  
    

    

  

  

  

  

  

  

  7 To be included only for Borrowings on the Effective
      Date.

  
    2

    
      

    
      

      

    

  

  EXHIBIT H-2

  FORM OF INTEREST ELECTION REQUEST

  JPMorgan Chase Bank, N.A.,

      as Administrative Agent

      for the Lenders referred to below

  10 South Dearborn

      Chicago, Illinois 60603

      Attention: April Yebd

      Facsimile: (844) 490-5665

  Re:  Kinsale Capital Group, Inc.

  [Date]

  Ladies and Gentlemen:

  Reference is hereby made to the Credit Agreement dated as of May 28, 2019  (as the same may be amended,
      restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Kinsale Capital Group, Inc. (the “Borrower”), the Lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative Agent”).  Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Credit Agreement.  The Borrower hereby gives you notice pursuant to Section 2.08 of the Credit
      Agreement that it requests to [convert][continue] an existing Borrowing under the Credit Agreement, and in that connection the Borrower specifies the following information with respect to such [conversion][continuation] requested hereby:

  
    
      	1.	
              List date, Type, principal amount and Interest Period (if applicable) of existing Borrowing:  __________

            

    

  

  
    
      	2.	
              Aggregate principal amount of resulting Borrowing:  __________

            

    

  

  
    
      	3.	
              Effective date of interest election (which shall be a Business Day):  __________

            

    

  

  
    
      	4.	
              Type of Borrowing (ABR or Eurodollar):  __________

            

    

  

  
    
      	5.	
              Interest Period and the last day thereof (if a Eurodollar Borrowing):8  __________

            

    

  

  [Signature Page Follows]

  

  

  
    

    

  

  

  

  

  

  

  8 Which must
      comply with the definition of “Interest Period” and end not later than the Maturity Date.

  
    
      

    
      

      

    

  

  
  

  

  	 	
          Very truly yours,

        
	 	 
	 	
          KINSALE CAPITAL GROUP, INC.,

              as Borrower

        
	 	 	 	 	 
	 	 	 	 	 
	 	
          By:

        	 	 
	 	 	
          Name:

        	 	 
	 	 	
          Title:

        	 	 

  

  

  

  

  
    
      

      

    

    2

    
      

    
      

      

    

  

  

  

  EXHIBIT I

  FORM OF COMPLIANCE CERTIFICATE

  To: The Administrative Agent (for distribution to each Lender)

  This Compliance Certificate is furnished pursuant to that certain Credit Agreement dated as of May 28, 2019
      (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Kinsale Capital Group, Inc. (the “Borrower”), the Lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative Agent”).  Unless otherwise defined herein, capitalized terms used in this Compliance Certificate have the meanings ascribed thereto in the Agreement.

  THE UNDERSIGNED, SOLELY IN [HIS/HER] CAPACITY AS A FINANCIAL OFFICER OF THE BORROWER AND NOT IN AN INDIVIDUAL
      CAPACITY, HEREBY CERTIFIES THAT:

  
    
      	

            	1.	
              I am the duly elected __________ of the Borrower;

            

    

  

  
    
      	

            	2.	
              I have reviewed the terms of the Credit Agreement and I have made, or have caused to be made under my supervision, a detailed review of the transactions and conditions
                  of the Borrower and its Subsidiaries during the accounting period covered by the attached financial statements [for quarterly financial statements
                    add:  and the attached financial statements of the Borrower and its Subsidiaries present fairly in all material respects the financial condition and results of operations of the Borrower and its Subsidiaries on a consolidated
                  basis in accordance with GAAP consistently applied (except as set forth below), subject to normal year-end audit adjustments and the absence of footnotes];

            

    

  

  
    
      	

            	3.	
              Except as set forth below, the examinations described in paragraph 2 did not disclose, and I have no knowledge of (i) the existence of any condition or event which
                  constitutes a Default during or at the end of the accounting period covered by the attached financial statements or as of the date of this Compliance Certificate or (ii) any change in GAAP or in the application thereof that has occurred
                  since the date of the audited financial statements referred to in Section 3.04 of the Credit Agreement and that has a material impact on the attached financial statements; and

            

    

  

  
    
      	

            	4.	
              Schedule I attached hereto sets forth financial data and calculations demonstrating
                  compliance with Section 6.12 of the Credit Agreement, all of which data and calculations are true, complete and correct.

            

    

  

  Described below are the exceptions, if any, to paragraph 3 by listing, in detail, (i) the nature of the
      condition or event, the period during which it has existed and the action which the Borrower has taken, is taking, or proposes to take with respect to each such condition or event or (ii) the change in GAAP or the application thereof and the effect
      of such change on the attached financial statements:

  	 	 
	 	 
	 	 

  

  

  The foregoing certifications, together with the computations set forth in Schedule I hereto and the financial statements delivered with this Compliance Certificate in support hereof, are made and delivered this ____ day of _____, ___.

  
    
      

      

    

    
      

    
      

      

    

  

  
  

  

  

  

  	 	
          KINSALE CAPITAL GROUP, INC.

        
	 	 	 	 	 
	 	 	 	 	 
	 	
          By:

        	 	 
	 	 	
          Name:

        	 	 
	 	 	
          Title:

        	 	 

  

  

  

  

  
    
      

      

    

    2

    
      

    
      

      

    

  

  

  

  SCHEDULE I

  Compliance as of _________, ____ (such date, the “Compliance

          Test Date”) with

      Section 6.12 of

      the Credit Agreement

  

  

  (I) Minimum Net Worth. The Borrower shall not permit, as of the Compliance Test Date, Consolidated Net Worth to be less than the amount set forth in row F below:

  

  

  	 	
          A

        	
          Starter Amount

        	
          $212,500,000

        
	 	
          B

        	
          Consolidated Net Income for each fiscal year ended prior to the date hereof

        	
          $

        
	 	
          C

        	
          After-tax unrealized gains and losses on equity investments, to the extent such equity investments are no longer classified as
              “available-for-sale” following the Borrower’s adoption of accounting standard ASU 2016-01 “Financial Instruments – Overall: Recognition and Measurement
                of Financial Assets and Financial Liabilities”

        	
          $

        
	 	
          D

        	
          Net cash proceeds received by the Borrower from the issuance of any of its Equity Interests issued during the period from, and including, the
              Effective Date through the Compliance Test Date

        	
          $

        
	 	
          E

        	
          An amount equal to 50% x (B minus C plus D)

        	
          $

        
	 	
          F

        	
          The sum of A and E (Minimum Net Worth)

        	
          $

        

  

  

  As of the Compliance Test Date shown above, Consolidated

        Net Worth is $_______________________

  

  

  Compliance as of the Compliance Test Date shown above:      [__] Yes     [__] No

  

  

  (II) Total Debt
          to Total Capitalization. The Borrower will not permit Total Debt at any time to exceed 35% of Total Capitalization.

  	 	
          A

        	
          Total Debt

        	
          $

        
	 	
          B

        	
          Total Stockholders’ Equity

        	
          $

        
	 	
          C

        	
          Sum of A and B (Total Capitalization)

        	
          $

        
	 	
          D

        	
          35% of C

        	
          $

        

  

  

  

  

  As of the Compliance Test Date shown above, does A exceed D? [__] Yes     [    ] No

  

  

  Compliance as of the Compliance Test Date shown above:      [__] Yes     [    ] No

  

  

  
    
      

      

    

    
      

    
      

      

    

  

  

  

  (III) Minimum Rating.
      The Borrower will not permit or suffer the financial strength rating of each Regulated Insurance Company by A.M. Best Company to be less than “A-” at any time; provided
      that, in the case of a Regulated Insurance Company that is acquired after the Effective Date, such Regulated Insurance Company may have a financial strength rating by A.M. Best Company of less than “A-” until the date that is one (1) year after the
      date of acquisition of such Regulated Insurance Company.

  The financial strength rating of each Regulated Insurance Company by A.M. Best Company is set forth below:

  

  

  [________]

  

  

  Compliance as of the Compliance Test Date shown above:      [__] Yes     [__] No

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