Document:

Term Loan Agreement

 Exhibit 10.12 
 Execution Version 
  

 
  

Published CUSIP Number: 44982JAE8 
 TERM LOAN AGREEMENT 
 Dated as of April 20, 2012 

among 
 ING
AMERICA INSURANCE HOLDINGS, INC. 
 as the Borrower, 
 BANK OF AMERICA, N.A., 
 as Administrative Agent, 

and 
 The Other
Lenders Party Hereto 
 CITIBANK, N.A., 
 as Syndication Agent 
 ING BANK N.V., LONDON BRANCH, 

JPMORGAN CHASE BANK, N.A., 
 DEUTSCHE BANK SECURITIES INC. 
 ROYAL BANK OF CANADA, 

SUNTRUST BANK, 
 THE BANK OF NEW YORK MELLON 
 and 

THE ROYAL BANK OF SCOTLAND, 
 as 
 Documentation Agents 

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, 

CITIGROUP GLOBAL MARKETS INC., 
 ING BANK N.V., LONDON BRANCH 
 and 

J.P. MORGAN SECURITIES LLC 
 as 
 Joint Lead Arrangers and Joint Book Managers 

 
  

 

 TABLE OF CONTENTS 

 

							
	 Section
	  	 	  	Page	 
		
	 Article I. Definitions and Accounting Terms
	  	 	1	  
			
	 1.01
	  	 Defined Terms
	  	 	1	  
	 1.02
	  	 Other Interpretive Provisions
	  	 	21	  
	 1.03
	  	 Accounting Terms
	  	 	21	  
	 1.04
	  	 Rounding
	  	 	22	  
	 1.05
	  	 Times of Day
	  	 	22	  
		
	 Article II. The Term Loans
	  	 	22	  
			
	 2.01
	  	 The Term Loans
	  	 	22	  
	 2.02
	  	 Borrowings, Conversions and Continuations of Loans
	  	 	22	  
	 2.03
	  	 Prepayments
	  	 	24	  
	 2.04
	  	 Termination or Reduction of Commitments
	  	 	25	  
	 2.05
	  	 Repayment of Loans
	  	 	25	  
	 2.06
	  	 Interest
	  	 	26	  
	 2.07
	  	 Fees
	  	 	27	  
	 2.08
	  	 Computation of Interest and Fees
	  	 	27	  
	 2.09
	  	 Evidence of Debt
	  	 	27	  
	 2.10
	  	 Payments Generally; Administrative Agent’s Clawback
	  	 	28	  
	 2.11
	  	 Sharing of Payments by Lenders
	  	 	30	  
	 2.12
	  	 Defaulting Lenders
	  	 	30	  
		
	 Article III. Taxes, Yield Protection and Illegality
	  	 	32	  
			
	 3.01
	  	 Taxes
	  	 	32	  
	 3.02
	  	 Illegality
	  	 	37	  
	 3.03
	  	 Inability to Determine Rates
	  	 	38	  
	 3.04
	  	 Increased Costs; Reserves on Eurodollar Rate Loans
	  	 	38	  
	 3.05
	  	 Compensation for Losses
	  	 	40	  
	 3.06
	  	 Mitigation Obligations; Replacement of Lenders
	  	 	41	  
	 3.07
	  	 Survival
	  	 	41	  
		
	 Article IV. Conditions Precedent to Loans
	  	 	41	  
			
	 4.01
	  	 Conditions of Loans
	  	 	41	  
		
	 Article V. Representations and Warranties
	  	 	44	  
			
	 5.01
	  	 Existence, Qualification and Power
	  	 	44	  
	 5.02
	  	 Authorization; No Contravention
	  	 	44	  
	 5.03
	  	 Governmental Authorization; Other Consents
	  	 	44	  
	 5.04
	  	 Binding Effect
	  	 	44	  

  
 i 

							
	 5.05
	  	 Financial Statements; No Material Adverse Effect
	  	 	45	  
	 5.06
	  	 Litigation
	  	 	45	  
	 5.07
	  	 No Default
	  	 	45	  
	 5.08
	  	 Environmental Compliance
	  	 	45	  
	 5.09
	  	 Taxes
	  	 	46	  
	 5.10
	  	 ERISA Compliance
	  	 	46	  
	 5.11
	  	 Margin Regulations; Investment Company Act
	  	 	47	  
	 5.12
	  	 Disclosure
	  	 	47	  
	 5.13
	  	 Compliance with Laws
	  	 	47	  
	 5.14
	  	 OFAC
	  	 	47	  
		
	 Article VI. Affirmative Covenants
	  	 	48	  
			
	 6.01
	  	 Financial Statements
	  	 	48	  
	 6.02
	  	 Certificates; Other Information
	  	 	49	  
	 6.03
	  	 Notices
	  	 	51	  
	 6.04
	  	 Payment of Obligations
	  	 	51	  
	 6.05
	  	 Preservation of Existence, Etc.
	  	 	51	  
	 6.06
	  	 Maintenance of Properties
	  	 	52	  
	 6.07
	  	 Maintenance of Insurance
	  	 	52	  
	 6.08
	  	 Compliance with Laws
	  	 	52	  
	 6.09
	  	 Books and Records
	  	 	52	  
	 6.10
	  	 Inspection Rights
	  	 	52	  
	 6.11
	  	 Use of Proceeds
	  	 	53	  
		
	 Article VII. Negative Covenants
	  	 	53	  
			
	 7.01
	  	 Liens
	  	 	53	  
	 7.02
	  	 Indebtedness
	  	 	55	  
	 7.03
	  	 Fundamental Changes
	  	 	55	  
	 7.04
	  	 Asset Sales
	  	 	55	  
	 7.05
	  	 Restricted Payments
	  	 	56	  
	 7.06
	  	 Arrangements to Restrict Payments
	  	 	56	  
	 7.07
	  	 Transactions with Affiliates
	  	 	56	  
	 7.08
	  	 Use of Proceeds
	  	 	57	  
	 7.09
	  	 Financial Covenants
	  	 	57	  
		
	 Article VIII. Events of Default and Remedies
	  	 	57	  
			
	 8.01
	  	 Events of Default
	  	 	57	  
	 8.02
	  	 Remedies Upon Event of Default
	  	 	60	  
	 8.03
	  	 Application of Funds
	  	 	60	  
		
	 Article IX. Administrative Agent
	  	 	61	  
			
	 9.01
	  	 Appointment and Authority
	  	 	61	  
	 9.02
	  	 Rights as a Lender
	  	 	61	  
	 9.03
	  	 Exculpatory Provisions
	  	 	61	  

  
 ii 

							
	 9.04
	  	 Reliance by Administrative Agent
	  	 	62	  
	 9.05
	  	 Delegation of Duties
	  	 	63	  
	 9.06
	  	 Resignation of Administrative Agent
	  	 	63	  
	 9.07
	  	 Non-Reliance on Administrative Agent and Other Lenders
	  	 	64	  
	 9.08
	  	 No Other Duties, Etc.
	  	 	64	  
	 9.09
	  	 Administrative Agent May File Proofs of Claim
	  	 	65	  
	 9.10
	  	 Release of Guaranty
	  	 	65	  
		
	 Article X. Miscellaneous
	  	 	66	  
			
	 10.01
	  	 Amendments, Etc.
	  	 	66	  
	 10.02
	  	 Notices; Effectiveness; Electronic Communication
	  	 	67	  
	 10.03
	  	 No Waiver; Cumulative Remedies; Enforcement
	  	 	69	  
	 10.04
	  	 Expenses; Indemnity; Damage Waiver
	  	 	70	  
	 10.05
	  	 Payments Set Aside
	  	 	72	  
	 10.06
	  	 Successors and Assigns
	  	 	72	  
	 10.07
	  	 Treatment of Certain Information; Confidentiality
	  	 	76	  
	 10.08
	  	 Right of Setoff
	  	 	77	  
	 10.09
	  	 Interest Rate Limitation
	  	 	78	  
	 10.10
	  	 Counterparts; Integration; Effectiveness
	  	 	78	  
	 10.11
	  	 Survival of Representations and Warranties
	  	 	78	  
	 10.12
	  	 Severability
	  	 	79	  
	 10.13
	  	 Replacement of Lenders
	  	 	79	  
	 10.14
	  	 Governing Law; Jurisdiction; Etc.
	  	 	80	  
	 10.15
	  	 Waiver of Jury Trial
	  	 	81	  
	 10.16
	  	 No Advisory or Fiduciary Responsibility
	  	 	81	  
	 10.17
	  	 Electronic Execution of Assignments and Certain Other Documents
	  	 	82	  
	 10.18
	  	 General Guarantee Agreement
	  	 	82	  
	 10.19
	  	 USA PATRIOT Act
	  	 	82	  
	 10.20
	  	 ENTIRE AGREEMENT
	  	 	82	  

  
 iii

 SCHEDULES 
  

			
	2.01	  	Commitments and Applicable Percentages
		
	4.01	  	Intercompany Debt
		
	5.06	  	Litigation
		
	5.08	  	Environmental Claims
		
	7.01	  	Existing Liens
		
	7.06	  	Existing Arrangements Restricting Payments
		
	10.02	  	Administrative Agent’s Office; Certain Addresses for Notices

 EXHIBITS 
  

			
	Form of
		
	A	  	Loan Notice
		
	B	  	Note
		
	C	  	Compliance Certificate
		
	D	  	Assignment and Assumption
		
	E-1	  	U.S. Tax Compliance Certificate
		
	E-2	  	U.S. Tax Compliance Certificate
		
	E-3	  	U.S. Tax Compliance Certificate
		
	E-4	  	U.S. Tax Compliance Certificate F Guaranty

  
 iv 

 TERM LOAN AGREEMENT 

This TERM LOAN AGREEMENT (“Agreement”) is entered into as of April 20, 2012, among ING AMERICA INSURANCE
HOLDINGS, INC., a Delaware corporation (the “Borrower”), each lender from time to time party hereto (collectively, the “Lenders” and individually, a “Lender”), and BANK OF
AMERICA, N.A., as Administrative Agent. 
 The Borrower has requested that the Lenders provide a term loan facility, and the
Lenders are willing to do so on the terms and conditions set forth herein. 
 In consideration of the mutual covenants and
agreements herein contained, the parties hereto covenant and agree as follows: 
 Article I. 

Definitions and Accounting Terms 
 1.01 Defined Terms. As used in this Agreement, the following terms shall have the meanings set forth below: 
 “Administrative Agent” means Bank of America in its capacity as administrative agent under any of the Loan Documents, or any successor administrative agent. 

“Administrative Agent’s Office” means the Administrative Agent’s address and, as appropriate, account
as set forth on Schedule 10.02, or such other address or account as the Administrative Agent may from time to time notify to the Borrower and the Lenders. 
 “Administrative Questionnaire” means an Administrative Questionnaire in a form acceptable to 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. 
 “Agent
Parties” has the meaning specified in Section 10.02(c). 
 “Agent-Related
Persons” means the Administrative Agent, together with its Affiliates (including, in the case of Bank of America in its capacity as the Administrative Agent, Merrill Lynch, Pierce, Fenner & Smith Incorporated), and the
partners, officers, directors, employees, agents and advisors of such Persons and Affiliates. 
 “Aggregate
Commitments” means, as of the date of any determination, the Commitments of all of the Lenders then in effect. As of the date hereof, the Aggregate Commitments shall equal $1,500,000,000. 

“Agreement” means this Term Loan Agreement. 

“Applicable Insurance Regulatory Authority” means, with respect to a Person, (a) the insurance department or
similar insurance regulatory or administrative authority or agency of 

  
 1 

 
the jurisdiction in which such Person is domiciled or (b) to the extent asserting regulatory jurisdiction over such Person, the insurance department, authority or agency in each state or
jurisdiction in which such Person 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 Person. 

“Applicable Percentage” means, (a) with respect to any Lender at any time prior to the Borrowing of the
Loans on the Closing Date, the percentage (carried out to the ninth decimal place) of the Aggregate Commitments represented by such Lender’s Commitment at such time, and (b) with respect to any Lender thereafter, the percentage (carried
out to the ninth decimal place) of the aggregate principal amount of all Lenders’ loans represented by the aggregate principal amount of such Lender’s Loans at such time. The initial Applicable Percentage of each Lender is set forth
opposite the name of such Lender on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable. 
 “Applicable Rate” means, from time to time, the following percentages per annum, based upon the Debt Ratings as set forth below: 

 

											
	 Applicable Rate
	 
	 Pricing Level
	  	Debt Ratings
S&P/Moody’s	  	Eurodollar
Rate	 	 	Base Rate
+	 
	 1
	  	3 A- / A3	  	 	1.250	% 	 	 	0.250	% 
	 2
	  	BBB+ / Baa1	  	 	1.500	% 	 	 	0.500	% 
	 3
	  	BBB / Baa2	  	 	1.750	% 	 	 	0.750	% 
	 4
	  	BBB- / Baa3	  	 	2.000	% 	 	 	1.000	% 
	 5
	  	< BBB- / Baa3	  	 	2.500	% 	 	 	1.500	% 

 “Debt Ratings” means, as of any date of determination, the ratings as determined
by S&P and Moody’s (collectively, the “Debt Ratings”) of the Borrower’s non-credit-enhanced (except with respect to any Guarantee by the Guarantor), senior unsecured long-term debt or, if such ratings are
not available, the counterparty credit rating or issuer rating, as applicable, of the Borrower by S&P and Moody’s; provided that (a) if the respective Debt Ratings issued by the foregoing rating agencies differ by one level,
then the Pricing Level for the higher of such Debt Ratings shall apply (with the Debt Ratings for Pricing Level 1 being the highest and the Debt Ratings for Pricing Level 5 being the lowest); (b) if there is a split in Debt Ratings of
more than one level, then the Pricing Level that is one level lower than the Pricing Level of the higher Debt Rating shall apply; (c) if the Borrower has only one Debt Rating, the Pricing Level that is one level lower than that of such Debt
Rating shall apply; and (d) if the Borrower does not have any Debt Rating, Pricing Levels shall apply. 
 Initially, the
Applicable Rate shall be determined based upon the Debt Ratings specified in the certificate delivered pursuant to Section 4.01(a)(vii). Thereafter, each change in the Applicable Rate resulting from a publicly announced
change in either of the Debt Ratings shall be effective, during the period commencing on the date of the public announcement thereof and ending on the date immediately preceding the effective date of the next such change. 

  
 2 

 “Approved Fund” means any Fund 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. 
 “Arrangers” means Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc., ING Bank N.V., London Branch, and J.P. Morgan Securities LLC, in
their capacities as joint lead arrangers and joint book managers. 
 “Assignee Group” means two or more
Eligible Assignees that are Affiliates of one another or two or more Approved Funds managed by the same investment advisor. 

“Assignment and Assumption” means an assignment and assumption entered into by a Lender and an Eligible Assignee
(with the consent of any party whose consent is required by Section 10.06(b)), and accepted by the Administrative Agent, in substantially the form of Exhibit D or any other form (including electronic
documentation generated by MarkitClear or other electronic platform) approved by the Administrative Agent and the Borrower. 

“Attributable Debt” means, on any date, in respect of any Capital Lease of any Person, the capitalized amount
thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP. 

“Audited Financial Statements” means the audited consolidated balance sheet of the Borrower and its Subsidiaries
for the fiscal year ended December 31, 2011, and the related consolidated statements of income or operations, shareholders’ equity and cash flows for such fiscal year of the Borrower and its Subsidiaries, prepared in accordance with GAAP,
including the notes thereto, and a comparison against the prior year’s financial condition and results. 
 “Bank
of America” means Bank of America, N.A. and its successors. 
 “Bank of America Agency Fee
Letter” means that certain letter agreement dated as of March 6, 2012, between the Borrower and Bank of America. 
 “Base Rate” means for any day a fluctuating rate per annum equal to the highest of (a) the Federal Funds Rate plus  1/2 of 1%, (b) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its “prime rate,” and (c) the Eurodollar Rate plus
1.00%. The “prime rate” is a rate set by Bank of America based upon various factors including Bank of America’s costs and desired return, general economic conditions and other factors, and is used as a reference point
for pricing some loans, which may be priced at, above, or below such announced rate. Any change in such prime rate announced by Bank of America shall take effect at the opening of business on the day specified in the public announcement of such
change. 
 “Base Rate Loan” means a Loan that bears interest based on the Base Rate. 

“Borrower” has the meaning specified in the introductory paragraph hereto. 

  
 3 

 “Borrower Materials” has the meaning specified in
Section 6.02. 
 “Borrowing” means a borrowing consisting of simultaneous
Loans of the same Type and, in the case of Eurodollar Rate Loans, having the same Interest Period made by each of the Lenders pursuant to Section 2.01. 

“Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized
to close under the Laws of, or are in fact closed in, the State of New York or the state where the Administrative Agent’s Office is located and, if such day relates to any Eurodollar Rate Loan, means any such day that is also a London Banking
Day. 
 “Capital Lease” of any Person means any lease of (or other arrangement conveying the right to
use) property (whether real, personal or mixed) by such Person as lessee which would, in accordance with GAAP as in effect as of the date hereof, be required to be accounted for as a capital lease on the balance sheet of such Person. 

“Change in Law” means the occurrence, after the date of this Agreement, 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) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall
Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (ii) all requests, rules, guidelines or 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 or issued. 
 “Change of Control” means:

 (a) until any of the capital stock of the Borrower (or any direct or indirect holding company of the Borrower,
all or substantially all the assets of which consist of the Borrower and its Subsidiaries) is sold in an initial public offering or the Borrower (or any direct or indirect holding company of the Borrower, all or substantially all the assets of which
consist of the Borrower and its Subsidiaries) becomes subject to the reporting requirements of the Securities Exchange Act of 1934 pursuant to Sections 12(b), 12(g) or 15(d) of the Securities Exchange Act of 1934 (excluding
becoming subject to the reporting requirements of the Securities Exchange Act of 1934 solely due to the issuance of debt securities), ING Groep N.V. shall cease to own, directly or indirectly, shares of the capital stock of the Borrower representing
65% or more of the aggregate ordinary voting power represented by issued and outstanding capital stock of the Borrower; and 
 (b) from and after the date that any of the capital stock of the Borrower (or any direct or indirect holding company of the Borrower, all or substantially all the

  
 4 

 
assets of which consist of the Borrower and its Subsidiaries) is sold in an initial public offering or the Borrower (or any direct or indirect holding company of the Borrower, all or
substantially all the assets of which consist of the Borrower and its Subsidiaries) becomes subject to the reporting requirements of the Securities Exchange Act of 1934 pursuant to Sections 12(b), 12(g) or 15(d) of the Securities
Exchange Act of 1934 (excluding becoming subject to the reporting requirements of the Securities Exchange Act of 1934 solely due to the issuance of debt securities), any event or series of events by which: 

(i) any “person” or “group” ((A) as such terms are used in
Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, and (B) other than a “person” or “group” consisting solely of ING Groep N.V. and/or its Subsidiaries) becomes
the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, as amended), directly or indirectly, of shares of the capital stock of the Borrower representing the
greater of (x) 35% of the aggregate ordinary voting power represented by the issued and outstanding capital stock of the Borrower, and (y) aggregate ordinary voting power represented by the issued and outstanding capital stock of the
Borrower held by a “person” or “group” consisting solely of ING Groep N.V. and/or its Subsidiaries, plus one share; or 

(ii) a majority of the seats (other than vacant seats) on the board of directors of the Borrower shall at any time be
occupied by persons who were not (A) nominated or approved by the board of directors of the Borrower or appointed or designated to the board of directors of the Borrower or approved by ING Groep N.V. or one of its subsidiaries or
(B) nominated appointed, approved or designated by directors so nominated, appointed, approved or designated. 

“Closing Date” means the first date all the conditions precedent in Section 4.01 are satisfied
or waived in accordance with Section 10.01. 
 “Closing Date Liquidity” means,
for the Borrower on an unconsolidated basis, on and as of the Closing Date and after giving effect to the Borrowing to be made on the Closing Date and the use of the proceeds thereof, the sum, without duplication, of (a) the unrestricted and
unencumbered cash and cash equivalents of the Borrower, plus (b) the amount of the Committed Loan Sublimit (as defined in the Revolving Credit Agreement) that is available for borrowings of loans under the Revolving Credit Agreement,
plus (c) the amount of the then unborrowed and available commitments under other contractually committed credit facilities entered into by the Borrower with ING Groep N.V., ING Bank N.V. and/or other lenders reasonably acceptable to the
Arrangers, if such other contractually committed credit facilities (i) have an initial tenor of not less than 364 days and a then remaining tenor of not less than 90 days and (ii) do not contain or require any condition precedent
or representation and warranty as to “no material adverse change or effect” at the time of any borrowing under such contractually committed credit facilities, plus (d) the then unutilized dividend capacity of the Insurance
Subsidiaries of the Borrower that is available to be distributed without approval from any Applicable Insurance Regulatory Authority, plus (e) the amount of the then unborrowed 

  
 5 

 
and available commitments under the credit facility entered into by ING Verzekeringen N.V. and ING Bank N.V. dated March 30, 2012 (as amended and in effect on the date of this Agreement),
relating to the Guarantee given by ING Verzekeringen N.V. on December 13, 2011 (as amended and in effect on the date of this Agreement), in respect of U.S. commercial paper issued by the Borrower, minus (f) the amount of any
commercial paper of the Borrower then outstanding that is backstopped by the Committed Loan Sublimit (as defined in the Revolving Credit Agreement) under the Revolving Credit Agreement or one or more of the contractually committed credit facilities
described in clause (c) or clause (e) above, minus (g) the amount of principal payments then payable by the Borrower within 90 days after the Closing Date in respect of Debt, excluding
(i) any Debt then owed by the Borrower to any Subsidiary, (ii) the Obligations and (iii) the Debt owing under the Revolving Credit Agreement. 
 “Code” means the Internal Revenue Code of 1986, as amended. 
 “Collateral Note Facility” means that certain securities lending transaction contemplated by the Master Securities Loan Agreement dated as of August 19, 2011, between Standard
Chartered Bank, as lender, the KCL Master Trust, as borrower, and KCL Services (5) Incorporated, pursuant to which Standard Chartered Bank loaned securities to KCL Master Trust to be used as reinsurance collateral for Subsidiaries and the
Borrower issued a Guarantee. 
 “Commitment” means, as to each Lender, its obligation to make Loans to
the Borrower pursuant to Section 2.01, in an aggregate principal amount not to exceed the amount set forth opposite such Lender’s name on Schedule 2.01. 

“Compliance Certificate” means a certificate substantially in the form of Exhibit C.

 “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. 
 “Continuing Liquidity”
means, for the Borrower on an unconsolidated basis, at any time after the Closing Date, the sum, without duplication, of (a) the unrestricted and unencumbered cash and cash equivalents of the Borrower at such time, plus (b) the
amount of the Committed Loan Sublimit (as defined in the Revolving Credit Agreement) that is available for borrowings of loans under the Revolving Credit Agreement at such time, plus (c) the amount at such time of the then unborrowed and
available commitments under other contractually committed credit facilities entered into by the Borrower with ING Groep N.V., ING Bank N.V. and/or other lenders reasonably acceptable to the Administrative Agent, if such other contractually committed
credit facilities do not contain or require any condition precedent or representation and warranty as to “no material adverse change or effect” at the time of any borrowing under such contractually committed credit facilities, plus
(d) the unutilized dividend capacity at such time of the Insurance Subsidiaries of the Borrower that is available at such time to be distributed without approval from any Applicable Insurance Regulatory Authority, plus (e) the
amount of the then unborrowed and available commitments under the credit facility entered into by ING Verzekeringen N.V. and ING Bank N.V. dated March 30, 2012 (as amended and in effect on the date of this Agreement, including any

  
 6 

 
replacement or refinancing thereof between such parties or between the Borrower and ING Bank N.V. on terms, taken as a whole, not less favorable to the Lenders for the purposes of this
provision), relating to the Guarantee given by ING Verzekeringen N.V. on December 13, 2011 (as amended and in effect on the date of this Agreement), in respect of U.S. commercial paper issued by the Borrower, minus (f) the amount of
any commercial paper outstanding at such time that is backstopped by the Committed Loan Sublimit (as defined in the Revolving Credit Agreement) under the Revolving Credit Agreement or one or more of the contractually committed credit facilities
described in clause (c) or clause (e) above. 
 “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. “Controlling”
and “Controlled” have meanings correlative thereto. 
 “Debt” means, at any time
for the Borrower and its Subsidiaries determined on a consolidated basis in accordance with GAAP (except as provided below in this definition), without duplication, all of the following: 

 

	 	(a)	all obligations for borrowed money and all obligations evidenced by bonds, debentures, notes, loan agreements or other similar instruments; 

 

	 	(b)	all fixed or contingent obligations arising under or in respect of letters of credit, bankers’ acceptances, bank guaranties, surety bonds and similar instruments;

  

	 	(c)	net obligations under any Swap Contract (excluding net obligations under Swap Contracts entered into in the ordinary course of business and not for speculative
purposes, so long as such net obligations are not due and owing at the time in question); 

  

	 	(d)	all obligations to pay the deferred purchase price of property or services (other than trade accounts payable in the ordinary course of business);

  

	 	(e)	all obligations (excluding (i) prepaid interest thereon and (ii) net obligations under Swap Contracts, to the extent excluded under clause
(c) of this definition) secured by a Lien on property owned or being purchased, whether or not such indebtedness shall have been assumed or is limited in recourse; 

 

	 	(f)	all Attributable Debt in respect of Capital Leases; 

  

	 	(g)	all obligations in respect of capital stock that is mandatorily redeemable at the option of the holder thereof prior to the third anniversary of the Closing Date; and

  

	 	(h)	all Guarantees in respect of any of the foregoing; 

 provided that Debt shall not include (i) Operating Debt (other than as set forth in the following proviso, and for purposes of the definition of Non-Operating Debt,
Section 7.02, Section 8.01(e) and Section 9.10), (ii) obligations under or in respect of insurance, reinsurance or annuity contracts and (iii) obligations in respect of Hybrid
Securities (other than for purposes 

  
 7 

 
of Section 7.02, Section 8.01(e) and Section 9.10) but only to the extent that the Hybrid Securities Amount that is not included as Debt
does not exceed 15% of Total Capitalization; provided further, that all obligations of the Borrower under this Agreement and the Revolving Credit Agreement (other than obligations in respect of undrawn letters of credit outstanding under the
Revolving Credit Agreement) shall be included in determining Debt and any Debt of the Borrower owing to any Subsidiary in an amount, in the aggregate, up to $500,000,000 shall be included in determining Debt even if such Debt would otherwise be
eliminated in consolidation. For all purposes hereof, the Debt of any Person shall include the Debt of any partnership or joint venture (other than a joint venture that is itself a corporation or limited liability company) in which such Person is a
general partner or a joint venturer, unless such Debt is expressly made non-recourse to such Person. The amount of any net obligation under any Swap Contract on any date shall be deemed to be the Swap Termination Value thereof as of such date. The
amount of any Capital Lease as of any date shall be deemed to be the amount of Attributable Debt in respect thereof as of such date. 
 “Debt Ratings” has the meaning specified in the definition of “Applicable Rate.” 

“Debt Securities” means any notes, bonds, debentures, or other similar evidence of Debt for borrowed money or any
other term loan Debt, including Debt to Affiliates that are not Subsidiaries of the Borrower, but excluding (a) the Obligations and any Debt arising under the Revolving Credit Agreement, (b) Debt that is subordinated in right of payment to
the Obligations, (c) other Debt by and among the Borrower and any of its Subsidiaries and (d) borrowings by registered mutual funds and alternative investment vehicles that are recourse only to such fund or vehicle or pursuant to a capital
call line of credit facility that provides recourse to undrawn capital commitments of investors in such fund or vehicle. 

“Debtor Relief Laws” means the Bankruptcy Code of the United States, and all other liquidation, conservatorship,
bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect. 

“Default” means any event or condition that constitutes an Event of Default or that, with the giving of any
notice, the passage of time, or both, would be an Event of Default. 
 “Default Rate” means when used
with respect to any of the Obligations, an interest rate equal to (i) the Base Rate plus (ii) the Applicable Rate, if any, applicable to Base Rate Loans plus (iii) 2% per annum; provided, however, that with
respect to a Eurodollar Rate Loan, the Default Rate shall be an interest rate equal to the interest rate (including any Applicable Rate) otherwise applicable to such Loan plus 2% per annum. 

“Defaulting Lender” means, subject to Section 2.12(b), any Lender that, (a) has failed to
(i) fund all or any portion of its Loans within two Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Borrower in writing that such failure is the result of
such Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay
to the Administrative Agent or any other Lender any other amount required to be 

  
 8 

 
paid by it hereunder within two Business Days of the date when due, (b) has notified the Borrower or the Administrative Agent in writing that it does not intend to comply with its funding
obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lender’s obligation to fund its Loans hereunder and states that such position is based on such Lender’s
determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three
Business Days after written request by the Administrative Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower that it will comply with its funding obligations hereunder (provided that such Lender shall cease to
be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the
subject of a proceeding under any Debtor Relief Law, or (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of
its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity; provided that a Lender shall not be a Defaulting Lender solely by virtue of the
ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender 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 permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements
made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above, and of the effective date of such status, shall be
conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.12(b) as of the date established therefor by the Administrative Agent in a written notice of such
determination, which shall be delivered by the Administrative Agent to the Borrower and each Lender promptly following such determination. 
 “Dollar” and “$” mean lawful money of the United States. 
 “Eligible Assignee” means any Person that meets the requirements to be an assignee under Section 10.06(b)(iii), and 10.06(b)(v) (subject to
such consents, if any, as may be required under Section 10.06(b)(iii)). 
 “Environmental
Laws” means any and all Federal, state, local, and foreign statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating
to pollution and the protection of the environment or the release of any materials into the environment, including those related to hazardous substances or wastes, air emissions and discharges to waste or public systems. 

“ERISA” means the Employee Retirement Income Security Act of 1974. 

  
 9 

 “ERISA Affiliate” means any trade or business (whether or not
incorporated) under common control with the Borrower within the meaning of Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to
Section 412 of the Code). 
 “ERISA Event” means (a) a Reportable Event with respect to
a Pension Plan; (b) the withdrawal of the Borrower or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which such entity was a “substantial employer” as defined
in Section 4001(a)(2) of ERISA or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA; (c) a complete or partial withdrawal by the Borrower or any ERISA Affiliate from a
Multiemployer Plan or notification that a Multiemployer Plan is in reorganization; (d) the filing of a notice of intent to terminate, the treatment of a Pension Plan amendment as a termination under Section 4041 or 4041A of
ERISA; (e) the institution by the PBGC of proceedings to terminate a Pension Plan; (f) any event or condition which constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to
administer, any Pension Plan; (g) the determination that any Pension Plan is considered an at-risk plan or a plan in endangered or critical status within the meaning of Sections 430, 431 and 432 of the Code or Sections 303, 304
and 305 of ERISA; or (h) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon the Borrower or any ERISA Affiliate. 

“Eurodollar Rate” means: 
 (a) for any Interest Period with respect to a Eurodollar Rate Loan, the rate per annum equal to (i) the British Bankers Association LIBOR Rate (“BBA LIBOR”), as
published by Reuters (or such other commercially available source providing quotations of BBA LIBOR as may be designated by the Administrative Agent from time to time) at approximately 11:00 a.m., London time, two London Banking Days prior to
the commencement of such Interest Period, for Dollar deposits (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period or, (ii) if such rate is not available at such time for any reason, the rate
per annum determined by the Administrative Agent to be the rate at which deposits in Dollars for delivery on the first day of such Interest Period in same day funds in the approximate amount of the Eurodollar Rate Loan being made, continued or
converted and with a term equivalent to such Interest Period would be offered by Bank of America’s London Branch to major banks in the London interbank eurodollar market at their request at approximately 11:00 a.m. (London time) two London
Banking Days prior to the commencement of such Interest Period; and 
 (b) for any interest calculation with respect to a Base
Rate Loan on any date, the rate per annum equal to (i) BBA LIBOR, at approximately 11 :00 a.m., London time determined two London Banking Days prior to such date for Dollar deposits being delivered in the London interbank market for a term
of one month commencing that day or (ii) if such published rate is not available at such time for any reason, the rate per annum determined by the Administrative Agent to be the rate at which deposits in Dollars for delivery on the date of
determination in same day funds in the approximate amount of the Base Rate Loan being made or maintained and with a term equal to one month would be offered by Bank of America’s London Branch to major banks in the London interbank Eurodollar
market at their request at the date and time of determination. 

  
 10 

 “Eurodollar Rate Loan” means a Loan or portion thereof that bears
interest at a rate based on clause (a) of the definition of “Eurodollar Rate.” 
 “Event of Default” has the meaning specified in Section 8.01. 
 “Excluded Taxes” means any of the following Taxes imposed on or with respect to any 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 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 or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest in a Loan or Commitment (other than pursuant to
an assignment request by the Borrower under Section 10.13) or (ii) such Lender changes its Lending Office, except in each case to the extent that, pursuant to Section 3.01(a)(ii) or
Section 3.01(c), amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its Lending Office,
(c) Taxes attributable to such Recipient’s failure to comply with Section 3.01(e) and (d) any U.S. federal withholding Taxes imposed pursuant to FATCA. 

“Existing Credit Agreement” means that certain Agreement dated as of May 4, 2010, among the Borrower,
certain subsidiaries of the Borrower, certain financial institutions and ING Bank N.V., London Branch, as administrative agent, as amended, amended and restated, modified or replaced from time to time. 

“FASB ASC” means the Accounting Standards Codification of the Financial Accounting Standards Board. 

“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) and any current or future regulations or official interpretations thereof. 

“Federal Funds Rate” means, for any day, the rate per annum equal to the weighted average of the rates on
overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day; provided that
(a) if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, and (b) if no such rate is so
published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to Bank of America on such day on such transactions as
determined by the Administrative Agent. 

  
 11 

 “Fee Letters” mean the Bank of America Agency Fee Letter, the
MLPFS/Citigroup Fee Letter, the ING Fee Letter and the JPM Fee Letter. 
 “Foreign Lender” means a
Lender that is not a U.S. Person. 
 “FRB” means the Board of Governors of the Federal Reserve System of
the United States. 
 “Fund” means any Person (other than a natural Person) that is (or will be) engaged
in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its activities. 
 “GAAP” means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles Board and the American
Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or such other principles as may be approved by a significant segment of the accounting profession in the United States, that are
applicable to the circumstances as of the date of determination, consistently applied. 
 “General Guarantee
Agreement” shall mean the General Guarantee Agreement, dated April 17, 2012, and made by the Guarantor in favor of the Holders (as defined therein) with respect to the Obligations (as defined therein). 

“Governmental Authority” means the government of the United States or any other nation, or of 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 (including any supranational bodies such as the European Union or the European Central Bank). 

“Guarantee” means, as to any Person, any obligation, contingent or otherwise, of such Person guaranteeing or
having the economic effect of guaranteeing any Debt or other obligation payable or performable by another Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of such
Person, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Debt or other obligation, (b) to purchase or lease property, securities or services for the purpose of assuring the obligee
in respect of such Debt or other obligation of the payment or performance of such Debt or other obligation, (c) to maintain working capital, equity capital or any other financial statement condition or liquidity or level of income or cash flow
of the primary obligor so as to enable the primary obligor to pay such Debt or other obligation, or (d) entered into for the purpose of assuring in any other manner the obligee in respect of such Debt or other obligation of the payment or
performance thereof or to protect such obligee against loss in respect thereof (in whole or in part). The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or
portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, 

  
 12 

 
the maximum reasonably anticipated liability in respect thereof as determined by the guaranteeing Person in good faith. The term “Guarantee” as a verb has a corresponding
meaning. 
 “Guarantor” means Lion Connecticut Holdings Inc., a Connecticut corporation. 

“Guaranty” means the Guaranty made by the Guarantor in favor of the Administrative Agent and the Lenders,
substantially in the form of Exhibit F. 
 “Hybrid Securities” means, at any
time, trust preferred securities, deferrable interest subordinated debt securities, mandatory convertible debt or other hybrid securities issued by the Borrower or any Subsidiary that is accorded at least some equity treatment by S&P at the time
of issuance thereof. 
 “Hybrid Securities Amount” means, with respect to any Hybrid Securities, the
principal amount (which principal amount may be a portion of the aggregate principal amount) of such Hybrid Securities that is accorded equity treatment by S&P at the time of issuance thereof. 

“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 or the Guarantor under any Loan Document and (b) to the extent not otherwise described in clause (a), Other Taxes. 

“Indemnitee” has the meaning specified in Section 10.04(b). 

“Information” has the meaning specified in Section 10.07. 

“ING Fee Letter” means that certain letter agreement dated as of March 6, 2012, between the Borrower and ING
Bank N.Y., London Branch. 
 “Insurance Subsidiary” means any (a) Subsidiary that is licensed to
engage in the business of insurance or reinsurance by any Governmental Authority; and (b) any direct or indirect Subsidiary of such a Subsidiary. 
 “Interest Payment Date” means, (a) as to any Eurodollar Rate Loan, the last day of each Interest Period applicable to such Loan and the Maturity Date; provided,
however, that if any Interest Period for a Eurodollar Rate Loan exceeds three months, the respective dates that fall every three months after the beginning of such Interest Period shall also be Interest Payment Dates; and (b) as to any
Base Rate Loan, the last Business Day of each March, June, September and December and the Maturity Date. 
 “Interest
Period” means as to each Eurodollar Rate Loan, the period commencing on the date such Eurodollar Rate Loan is disbursed or converted to or continued as a Eurodollar Rate Loan and ending on the date one, two, three or six months (or such
other period that is twelve months or less if consented to by all of the Lenders) thereafter, as selected by the Borrower in its Loan Notice; provided that: 

(i) any Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next
succeeding Business Day unless, in the case of a Eurodollar Rate Loan, such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day; 

  
 13 

 (ii) any Interest Period pertaining to a Eurodollar Rate Loan that begins on
the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest
Period; and 
 (iii) no Interest Period shall extend beyond the Maturity Date. 

“IRS” means the United States Internal Revenue Service. 

“JPM Fee Letter” means that certain letter agreement dated as of March 6, 2012, between the Borrower and
J.P. Morgan Securities LLC. 
 “Laws” means, collectively, all international, foreign, Federal,
state and local statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the
enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having
the force of law. 
 “Lender” has the meaning specified in the introductory paragraph hereto.

 “Lending Office” means, as to any Lender, the office or offices of such Lender described as such in
such Lender’s Administrative Questionnaire, or such other office or offices as a Lender may from time to time notify the Borrower and the Administrative Agent. 
 “Lien” means, with respect to any asset, any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge, or preference,
priority or other security interest or preferential arrangement in the nature of a security interest of any kind or nature whatsoever (including any conditional sale or other title retention agreement, any easement, right of way or other encumbrance
on title to real property, and any financing lease having substantially the same economic effect as any of the foregoing). Solely for the avoidance of doubt, the filing of a Uniform Commercial Code financing statement that is a protective lease
filing in respect of an Operating Lease that does not constitute a security interest in leased property or otherwise give rise to a Lien does not constitute a Lien solely on account of being filed in a public office. 

“Loan” means each Base Rate Loan and/or Eurodollar Rate Loan made by a Lender pursuant to
Section 2.01. 

  
 14 

 “Loan Documents” means this Agreement, each Note, the Guaranty, the
Loan Notice and the Fee Letters. 
 “Loan Notice” means a notice of (a) the Borrowing, (b) a
conversion of Loans from one Type to the other, or (c) a continuation of Eurodollar Rate Loans, pursuant to Section 2.02(a), which, if in writing, shall be substantially in the form of Exhibit A.

 “London Banking Day” means any day on which dealings in Dollar deposits are conducted by and between
banks in the London interbank eurodollar market. 
 “Master Agreement” means any form of master
agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement or any other master agreement. 
 “Material Adverse Effect” means (a) a material adverse effect upon, the operations, business, assets or financial condition of the Borrower and its Subsidiaries taken as a
whole; (b) a material impairment of the ability of the Borrower to perform its obligations under any Loan Document to which it is a party; or (c) a material adverse effect upon the legality, validity, binding effect or enforceability
against the Borrower of any Loan Document to which it is a party. 
 “Maturity Date” means
April 20, 2014. 
 “Maximum Rate” has the meaning specified in Section 10.09.

 “MLPFS/Citigroup Fee Letter” means that certain letter agreement dated as of March 6, 2012,
among the Borrower, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Citigroup Global Markets Inc. 

“Moody’s” means Moody’s Investors Service, Inc. and any successor thereto. 

“Multiemployer Plan” means any employee benefit plan of the type described in Section 4001(a)(3) of
ERISA, to which the Borrower or any ERISA Affiliate makes or is obligated to make contributions, or during the preceding five plan years, has made or been obligated to make contributions. 

“Multiple Employer Plan” means a Plan which has two or more contributing sponsors (including the Borrower or any
ERISA Affiliate) at least two of whom are not under common control, as such a plan is described in Section 4064 of ERISA. 
 “Net Cash Proceeds” means, with respect to the issuance or incurrence of any Debt Securities by the Borrower or any of its Subsidiaries or with respect to any sale, transfer, lease
or other disposition described in Section 2.03(c) or Section 7.04, the excess of (a) the sum of the cash received in connection with such transaction over (b) the underwriting or placement discounts
and commissions or financial advisory fees, if any, and other reasonable and customary out-of-pocket fees, costs, expenses and taxes, incurred by the Borrower or such Subsidiary in connection therewith. 

  
 15 

 “Net Income” means, for any period, for the Borrower and its
Subsidiaries, the consolidated net income of the Borrower and its Subsidiaries (excluding extraordinary gains and extraordinary losses) for that period; provided, however, that there shall be excluded from the calculation of
“Net Income” any effects resulting from (a) accumulated other comprehensive income, (b) all noncontrolling interests (as determined in accordance with the Statement of Financial Accounting Standards No. 160, entitled
“Noncontrolling Interests in Consolidated Financial Statements”), (c) the application of FASB ASC 815 to derivative or hedge transactions entered into with respect to statutory reserves relating to closed block variable
annuity contracts, and the related tax impact and (d) the change in fair value of any liability due to non-performance risk in accordance with FASB ASC 820, and the related tax impact. 

“Net Worth” means, as of any date of determination, the consolidated shareholders’ equity of the Borrower
and its Subsidiaries on that date; provided, however, that there shall be excluded from the calculation of “Net Worth” any effects resulting from (a) accumulated other comprehensive income, (b) all noncontrolling
interests (as determined in accordance with the Statement of Financial Accounting Standards No. 160, entitled “Noncontrolling Interests in Consolidated Financial Statements”), (c) the application of FASB ASC 815 to
derivative or hedge transactions entered into with respect to statutory reserves relating to closed block variable annuity contracts, and the related tax impact and (d) the change in fair value of any liability due to non-performance risk in
accordance with FASB ASC 820, and the related tax impact. 
 “Non-Consenting Lender” means any Lender
that does not approve any consent, waiver or amendment that (a) requires the approval of all Lenders or all affected Lenders in accordance with the terms of Section 10.01 and (b) has been approved by the Required
Lenders. 
 “Non-Defaulting Lender” means, at any time, each Lender that is not a Defaulting Lender at
such time. 
 “Non-Operating Debt” of any Person shall mean, all Debt (other than Operating Debt) of
such Person. 
 “Note” means a promissory note made by the Borrower in favor of a Lender evidencing the
Loan made by such Lender, substantially in the form of Exhibit B. 

“Obligations” means all advances to, and debts, liabilities, obligations, covenants and duties of, the Borrower
or the Guarantor arising under any Loan Document or otherwise with respect to any Loan, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and
including interest and fees that accrue after the commencement by or against the Borrower or the Guarantor or any Affiliate thereof of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of
whether such interest and fees are allowed claims in such proceeding. 
 “Operating Debt” of any Person
shall mean, without duplication, any Debt or other obligations of such Person (a) in respect of AXXX, XXX and other similar insurance reserve 

  
 16 

 
requirements, (b) incurred in connection with repurchase agreements and securities lending, (c) to the extent the proceeds of which are used directly or indirectly (including for the
purpose of funding portfolios that are used to fund trusts in order) to support AXXX, XXX and other similar insurance reserve requirements, (d) to the extent the proceeds of which are used to fund discrete customer-related assets or pools of
assets (and related hedge instruments and capital) that are at least notionally segregated from other assets and have sufficient cash flow to pay principal and interest thereof, with insignificant risk of other assets of such Person and its
subsidiaries being called upon to make such principal and interest payments, (e) excluded from financial leverage by both S&P and Moody’s in their evaluation of such Person, (f) in respect of letters of credit (other than the
letters of credit issued under the Revolving Credit Agreement) issued on behalf of any Subsidiary for insurance regulatory or reinsurance purposes, (g) that is consolidated on the balance sheet of such Person as a “Variable Interest
Entity” under ASC 810 (or any successor interpretations or amendments thereto) or (h) that is owed to a Federal Home Loan Bank. 
 “Operating Lease” of any Person means any lease (including leases which may be terminated by the lessee at any time) of any property (whether real, personal or mixed) by such
person as lessee which is not a Capital Lease, as determined in accordance with GAAP as in effect on the date hereof. 

“Operating Subsidiary” means any Subsidiary that is actively engaged in the conduct of business, including any
Subsidiary referred to in clause (a) of the definition of Insurance Subsidiary, and any direct or indirect parent company of such Subsidiary that is itself a Subsidiary. For the avoidance of doubt, no captive Subsidiary established for the
purpose of reinsuring redundant reserve liabilities or Security Life of Denver International Limited will be deemed to be an Operating Subsidiary. 
 “Organization Documents” means, (a) with respect to any corporation, the certificate or articles of incorporation and the bylaws (or equivalent or comparable constitutive
documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the certificate or articles of formation or organization and operating agreement; and (c) with respect to any partnership, joint
venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization and any agreement, instrument, filing or notice with respect thereto filed in connection with its formation or
organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles of formation or organization of such entity. 

“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 or Loan Document). 
 “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,

  
 17 

 
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 3.06). 
 “Participant” has the meaning specified in Section 10.06(d). 
 “Participant Register” has the meaning specified in Section 10.06(d). 
 “PBGC” means the Pension Benefit Guaranty Corporation. 

“Pension Act” means the Pension Protection Act of 2006. 

“Pension Funding Rules” means the rules of the Code and ERISA regarding minimum required contributions (including
any installment payment thereof) to Pension Plans and set forth in, with respect to plan years ending prior to the effective date of the Pension Act, Section 412 of the Code and Section 302 of ERISA, each as in effect prior
to the Pension Act and, thereafter, Sections 412, 430, 431, 432 and 436 of the Code and Sections 302, 303, 304 and 305 of ERISA. 
 “Pension Plan” means any employee pension benefit plan (including a Multiple Employer Plan or a Multiemployer Plan) that is maintained or is contributed to by the Borrower and any
ERISA Affiliate and is either covered by Title IV of ERISA or is subject to the minimum funding standards under Section 412 of the Code. 
 “Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity.

 “Plan” means any employee benefit plan within the meaning of Section 3(3) of ERISA
(including a Pension Plan), maintained for employees of the Borrower or any ERISA Affiliate or any such Plan to which the Borrower or any ERISA Affiliate is required to contribute on behalf of any of its employees. 

“Platform” has the meaning specified in Section 6.02. 

“Public Lender” has the meaning specified in Section 6.02. 

“Recipient” means the Administrative Agent, any Lender or any other recipient of any payment to be made by or on
account of any obligation of the Borrower hereunder. 
 “Register” has the meaning specified in
Section 10.06(c). 
 “Related Parties” means, with respect to any Person, such
Person’s Affiliates and the partners, directors, officers, employees, agents, trustees, administrators, managers, advisors and representatives of such Person and of such Person’s Affiliates. 

“Reportable Event” means any of the events set forth in Section 4043(c) of ERISA, other than events
for which the 30 day notice period has been waived. 

  
 18 

 “Required Lenders” means, at any time, those Lenders holding Loans
representing more than 50% of the Loans held by all Lenders: provided that, if, at any time, any Lender that is an Affiliate of the Borrower holds Loans representing more than 20% of the aggregate amount of Loans held by all Lenders, then
such Lender shall be deemed to hold Loans representing 20% of the aggregate amount of Loans held by all Lenders and all other Lenders shall be deemed in the aggregate to hold Loans representing 80% of the aggregate amount of Loans held by all
Lenders calculated on a pro-rata basis with appropriate adjustment to the denominator. The Loans held by any Defaulting Lender shall be disregarded in determining Required Lenders at any time. 

“Responsible Officer” means the chief executive officer, president, chief financial officer, treasurer, assistant
treasurer, controller or any vice president of the Borrower or the Guarantor, as applicable. Any document delivered hereunder that is signed by a Responsible Officer of the Borrower or the Guarantor, as applicable, shall be conclusively presumed to
have been authorized by all necessary corporate, partnership and/or other action on the part of the Borrower or the Guarantor, as applicable, and such Responsible Officer shall be conclusively presumed to have acted on behalf of the Borrower or the
Guarantor, as applicable. 
 “Restricted Payment” means any dividend or other distribution (whether in
cash, securities or other property) with respect to any capital stock or other ownership interest of the Borrower, 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 capital stock or other ownership interest, or on account of any return of capital to the Borrower’s shareholders. 

“Revolving Credit Agreement” means that certain Revolving Credit Agreement dated as of the date hereof, by and
among the Borrower, as borrower, Bank of America, N.A., as administrative agent, and the lenders from time to time party thereto. 
 “S&P” means Standard & Poor’s Financial Services LLC, a subsidiary of The McGraw-Hill Companies, Inc. and any successor thereto. 

“SAP” means the accounting procedures and practices prescribed or permitted by the Applicable Insurance
Regulatory Authority or the NAIC. 
 “SEC” means the Securities and Exchange Commission, or any
Governmental Authority succeeding to any of its principal functions. 
 “Statutory Statement” means a
statement of the condition and affairs of an Insurance Subsidiary, prepared in accordance with SAP, and filed with the Applicable Insurance Regulatory Authority or the NAIC. 
 “Subsidiary” of a Person means a corporation, partnership, joint venture, limited liability company or other business entity of which a majority of the shares of securities or
other interests having ordinary voting power for the election of directors or other governing body (other than securities or interests having such power only by reason of the happening of a contingency) are at the time beneficially owned, or the
management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such Person. Unless otherwise specified, all references herein to a “Subsidiary” or to
“Subsidiaries” shall refer to a Subsidiary or Subsidiaries of the Borrower. 

  
 19 

 “Swap Contract” means any and all rate swap transactions, basis
swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward
bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency
options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any Master Agreement.

 “Swap Termination Value” means, in respect of any one or more Swap Contracts, after taking into
account the effect of any legally enforceable netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and termination value(s) determined in accordance therewith, such
termination value(s), and (b) for any date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Swap Contracts, as determined based upon one or more mid-market or other readily
available quotations provided by any recognized dealer in such Swap Contracts (which may include a Lender or any Affiliate of a Lender). 
 “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. 
 “Threshold
Amount” means $200,000,000. 
 “Total Capitalization” means, as of any date of
determination, for the Borrower and its Subsidiaries on a consolidated basis, the sum of (a) Net Worth plus (b) Debt plus (c) the aggregate Hybrid Securities Amount (but only to the extent that such Hybrid Securities
Amount is not included in Debt at such time). 
 “Type” means, with respect to a Loan, its character as
a Base Rate Loan or a Eurodollar Rate Loan. 
 “United States” and “U.S.” mean
the United States of America. 
 “U.S. Person” means any Person that is a “United States
Person” as defined in Section 7701(a)(30) of the Code. 
 “U.S. Tax Compliance
Certificate” has the meaning specified in Section 3.01(e)(ii)(B)(3). 

  
 20 

 1.02 Other Interpretive Provisions. With reference to this Agreement and each other
Loan Document, unless otherwise specified herein or in such other Loan Document: 
 (a) 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.” Unless the context requires otherwise, (i) any definition of or reference to any agreement, instrument or other document (including any Organization Document) shall be
construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein or in any other
Loan Document), (ii) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (iii) the words “hereto,” “herein,”
“hereof” and “hereunder,” and words of similar import when used in any Loan Document, shall be construed to refer to such Loan Document in its entirety and not to any particular provision
thereof, (iv) all references in a Loan Document to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, the Loan Document in which such references appear,
(v) any reference to any law shall include all statutory and regulatory provisions consolidating, amending, replacing or interpreting such law and any reference to any law or regulation shall, unless otherwise specified, refer to such law or
regulation as amended, modified or supplemented from time to time, and (vi) the words “asset” and “property” shall be construed to 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. 
 (b)
In the computation of periods of time from a specified date to a later specified date, the word “from” means “from and including;” the words “to” and
“until” each mean “to but excluding;” and the word “through” means “to and including.” 

(c) Section headings herein and in the other Loan Documents are included for convenience of reference only and shall not
affect the interpretation of this Agreement or any other Loan Document. 
 1.03 Accounting Terms. 

(a) Generally. All accounting terms not specifically or completely defined herein shall be construed in conformity
with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP applied on a consistent basis, as in effect from time to time,
applied in a manner consistent with that used in preparing the Audited Financial Statements, except as otherwise specifically prescribed herein. Notwithstanding the foregoing, for purposes of determining compliance with any covenant
(including the computation of any financial covenant) contained herein, Debt of the Borrower and its Subsidiaries shall be deemed to be carried at 100% of the outstanding principal amount thereof, and the effects of FASB ASC 825 on financial
liabilities shall be disregarded. 

  
 21 

 (b) Changes in GAAP. If at any time any change in GAAP (each change,
an “Accounting Change”) would affect the computation of any financial ratio or requirement set forth in any Loan Document, and either the Borrower or the Required Lenders shall so request, in either case within
30 days after delivery of the financial statements by the Borrower immediately following such Accounting Change, the Administrative Agent, the Lenders and the Borrower shall negotiate in good faith to amend such ratio or requirement to preserve
the original intent thereof in light of such Accounting Change (subject to the approval of the Required Lenders); provided that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP
without giving effect to such Accounting Change and (ii) the Borrower shall provide to the Administrative Agent and the Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder setting
forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such Accounting Change. 
 1.04 Rounding. Any financial ratios required to be maintained by the Borrower pursuant to this Agreement shall be calculated by dividing the appropriate component by the other component, carrying
the result to one place more than the number of places by which such ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number). 

1.05 Times of Day. Unless otherwise specified, all references herein to times of day shall be references to Eastern time (daylight
or standard, as applicable). 
 Article II. 
 The Term Loans 
 2.01 The Term Loans. Subject to the terms and
conditions set forth herein, each Lender severally agrees to make Loans to the Borrower on the Closing Date in an aggregate amount not to exceed such Lender’s Commitment. Each Borrowing shall consist of Loans made simultaneously by the Lenders
in accordance with their respective Applicable Percentages of the aggregate Loans included in such Borrowing made by all Lenders. Amounts borrowed under this Section 2.01 and repaid or prepaid may not be reborrowed. Loans may be
Base Rate Loans or Eurodollar Rate Loans, as further provided herein. 
 2.02 Borrowings, Conversions and Continuations of
Loans. 
 (a) Each Borrowing, each conversion of Loans from one Type to the other, and each continuation of
Eurodollar Rate Loans shall be made upon the Borrower’s irrevocable notice to the Administrative Agent, which may be given by telephone. Each such notice must be received by the Administrative Agent not later than 11:00 a.m. (i) three
Business Days prior to the requested date of any Borrowing of, conversion to or continuation of Eurodollar Rate Loans or of any conversion of Eurodollar Rate Loans to Base Rate Loans, and (ii) on the requested date of any Borrowing of Base Rate
Loans; provided, however, that if the Borrower wishes to request Eurodollar Rate Loans having an Interest Period other than one, two, three or six months in duration as provided in the definition of “Interest Period,” the
applicable notice must be received by 

  
 22 

 
the Administrative Agent not later than 11:00 a.m. four Business Days prior to the requested date of such Borrowing, conversion or continuation, whereupon the Administrative Agent shall give
prompt notice to the Lenders of such request and determine whether the requested Interest Period is acceptable to all of them. Not later than 11:00 a.m., three Business Days before the requested date of such Borrowing, conversion or
continuation, the Administrative Agent shall notify the Borrower (which notice may be by telephone) whether or not the requested Interest Period has been consented to by all the Lenders. Each telephonic notice by the Borrower pursuant to this
Section 2.02(a) must be confirmed promptly by delivery to the Administrative Agent of a written Loan Notice, appropriately completed and signed by a Responsible Officer of the Borrower. Each Borrowing of, conversion to or
continuation of Eurodollar Rate Loans shall be in a principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess thereof. Each Borrowing of or conversion to Base Rate Loans shall be in a principal amount of $500,000 or a whole multiple
of $100,000 in excess thereof. Each Loan Notice (whether telephonic or written) shall specify (i) whether the Borrower is requesting a Borrowing, a conversion of Loans from one Type to the other, or a continuation of Eurodollar Rate Loans,
(ii) the requested date of the Borrowing, conversion or continuation, as the case may be (which shall be a Business Day), (iii) the principal amount of Loans to be borrowed, converted or continued, (iv) the Type of Loans to be
borrowed or to which existing Loans are to be converted, and (v) if applicable, the duration of the Interest Period with respect thereto. If the Borrower fails to specify a Type of Loan in a Loan Notice or if the Borrower fails to give a timely
notice requesting a conversion or continuation, then the applicable Loans shall be made as, or converted to, Base Rate Loans. Any such automatic conversion to Base Rate Loans shall be effective as of the last day of the Interest Period then in
effect with respect to the applicable Eurodollar Rate Loans. If the Borrower requests a Borrowing of, conversion to, or continuation of Eurodollar Rate Loans in any such Loan Notice, but fails to specify an Interest Period, it will be deemed to have
specified an Interest Period of one month. 
 (b) Following receipt of a Loan Notice, the Administrative Agent
shall promptly notify each Lender of the amount of its Applicable Percentage of the applicable Loans, and if no timely notice of a conversion or continuation is provided by the Borrower, the Administrative Agent shall notify each Lender of the
details of any automatic conversion to Base Rate Loans described in the preceding subsection. In the case of each Borrowing, each Lender shall make the amount of its Loan available to the Administrative Agent in immediately available funds at the
Administrative Agent’s Office not later than 1:00 p.m. on the Business Day specified in the applicable Loan Notice. Upon satisfaction of the applicable conditions set forth in Section 4.01, the Administrative
Agent shall make all funds so received available to the Borrower in like funds as received by the Administrative Agent either by (i) crediting the account of the Borrower on the books of Bank of America with the amount of such funds or
(ii) wire transfer of such funds, in each case in accordance with instructions provided to (and reasonably acceptable to) the Administrative Agent by the Borrower. 

(c) Except as otherwise provided herein, a Eurodollar Rate Loan may be continued or converted only on the last day of an
Interest Period for such Eurodollar Rate Loan. During the existence of a Default, no Loans may be requested as, converted to or continued as Eurodollar Rate Loans without the consent of the Required Lenders. 

  
 23 

 (d) The Administrative Agent shall promptly notify the Borrower and the
Lenders of the interest rate applicable to any Interest Period for Eurodollar Rate Loans upon determination of such interest rate. At any time that Base Rate Loans are outstanding, the Administrative Agent shall notify the Borrower and the Lenders
of any change in Bank of America’s prime rate used in determining the Base Rate promptly following the public announcement of such change. 
 (e) After giving effect to all Borrowings, all conversions of Loans from one Type to the other, and all continuations of Loans as the same Type, there shall not be more than ten Interest Periods in effect
with respect to the Loans. 
 2.03 Prepayments. 

(a) The Borrower may, upon notice to the Administrative Agent, at any time or from time to time voluntarily prepay Loans
in whole or in part without premium or penalty; provided that (i) such notice must be received by the Administrative Agent not later than 11:00 a.m. (A) three Business Days prior to any date of prepayment of Eurodollar Rate
Loans and (B) on the date of prepayment of Base Rate Loans; (ii) any prepayment of Eurodollar Rate Loans shall be in a principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess thereof; and (iii) any prepayment of
Base Rate Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof or, in each case, if less, the entire principal amount thereof then outstanding. Each such notice shall specify the date and amount of such
prepayment and the Type(s) of Loans to be prepaid and, if Eurodollar Rate Loans are to be prepaid, the Interest Period(s) of such Loans. The Administrative Agent will promptly notify each Lender of its receipt of each such notice, and of the amount
of such Lender’s Applicable Percentage of such prepayment. If such notice is given by the Borrower, the Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein.
Any prepayment of a Eurodollar Rate Loan shall be accompanied by all accrued interest on the amount prepaid, together with any additional amounts required pursuant to Section 3.05. 

(b) In the event that the Borrower or any of its Subsidiaries issues or incurs any Debt Securities, the Borrower shall,
within three (3) Business Days of the actual receipt of the Net Cash Proceeds from the issuance or incurrence of such Debt Securities, first, make any prepayment required by the Revolving Credit Agreement in an amount equal to fifty
percent (50%) of such Net Cash Proceeds, and second, to the extent any such Net Cash Proceeds remain after such prepayment, prepay the Loans. 
 (c) If the Borrower or any of its Subsidiaries sells, transfers, leases or otherwise disposes of the stock, operations or business assets of the Borrower or any of its Subsidiaries (i) that in the
aggregate constitute twenty percent (20%) or more of the consolidated assets of the Borrower and its subsidiaries as of December 31, 2011, 

  
 24 

 
or (ii) in the case of a sale, transfer, lease or other disposition of the stock, operations or business assets of an Insurance Subsidiary, if the statutory surplus of such Insurance
Subsidiary constitutes twenty percent (20%) or more of the consolidated or combined statutory surplus of all Insurance Subsidiaries as of December 31, 2011, then the Borrower shall, within three (3) Business Days of the actual receipt
of the Net Cash Proceeds thereof, prepay the Loans in an amount equal to one hundred percent (100%) of such Net Cash Proceeds (such prepayments to be applied as set forth in clause (d) below); provided, however,
that, with respect to any Net Cash Proceeds of such sales, transfers, leases or other dispositions described in this Section 2.03(c), at the election of the Borrower (as notified by the Borrower to the Administrative Agent on or
prior to the date of such sale, transfer, lease or other disposition), and so long as no Default shall have occurred and be continuing, the Borrower or such Subsidiary may reinvest all or any portion of such Net Cash Proceeds in stock or operating
assets comprising the insurance business of the Borrower, contribute as equity, or loan on a subordinated basis to an Insurance Subsidiary, so long as such reinvestment, contribution or loan is made within 180 days of receipt of such Net Cash
Proceeds; provided, further, that such Net Cash Proceeds shall be deemed to be reinvested if (x) within 180 days after the receipt of such Net Cash Proceeds, the Borrower or such Subsidiary enters into a binding contract for
such reinvestment and (y) the reinvestment contemplated by such contract is closed within 90 days thereafter (as certified by the Borrower in writing to the Administrative Agent). Any Net Cash Proceeds of any sale, transfer, lease or other
disposition described in this Section 2.03(c) and not reinvested, contributed or loaned as permitted pursuant to this Section 2.03(c) shall be immediately applied to the prepayment of the Loans. Notwithstanding
the foregoing, any sale, transfer, lease or other disposition by any Insurance Subsidiary, where such Net Cash Proceeds thereof are retained by such Insurance Subsidiary, shall not be deemed to be a sale, transfer, lease or other disposition for
purposes of this Section 2.03(c). 
 (d) Subject to Section 2.12, each
prepayment of Loans pursuant to the foregoing provisions of this Section 2.03 shall be applied ratably to the principal installments due on the Loans pursuant to Section 2.05 and shall be paid to the Lenders in
accordance with their respective Applicable Percentages. 
 2.04 Termination or Reduction of Commitments. The Aggregate
Commitments shall be automatically and permanently reduced to zero after the Borrowings on the Closing Date. 
 2.05
Repayment of Loans. On the Maturity Date, the Borrower shall pay the outstanding principal balance of the Loans, together with all accrued interest and any other amounts then owing hereunder. Prior to the Maturity Date, the Borrower shall repay
to the Lenders the aggregate principal amount of the Loans outstanding following the Borrowings on the Closing Date on the following dates and in the respective amounts set forth opposite such dates (which amounts may be reduced as a result of the
application of prepayments pursuant to Section 2.03 and Section 7.04): 
  

					
	 Date
	  	Amount	 
		
	 July 20, 2012
	  	$	75,000,000	  
		
	 October 20, 2012
	  	$	75,000,000	  
		
	 January 20, 2013
	  	$	75,000,000	  
		
	 April 20, 2013
	  	$	75,000,000	  
		
	 July 20, 2013
	  	$	112,500,000	  
		
	 October 20, 2013
	  	$	112,500,000	  
		
	 January 20, 2014
	  	$	112,500,000	  

  
 25 

 2.06 Interest. 

(a) Subject to the provisions of subsection (b) below, (i) each Eurodollar Rate Loan shall bear
interest on the outstanding principal amount thereof for each Interest Period at a rate per annum equal to the Eurodollar Rate for such Interest Period plus the Applicable Rate; and (ii) each Base Rate Loan shall bear interest on the
outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate plus the Applicable Rate. 
 (b)    (i) If any amount of principal of any Loan is not paid when due (without regard to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, such
amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws. 

(ii) If any amount (other than principal of any Loan) payable by the Borrower under any Loan Document is not paid when due
(without regard to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, then upon the request of the Required Lenders, such amount shall thereafter bear interest at a fluctuating interest rate per annum at all
times equal to the Default Rate to the fullest extent permitted by applicable Laws. 
 (iii) Upon the request of
the Required Lenders, while any Event of Default exists, the Borrower shall pay interest on the principal amount of all outstanding Obligations hereunder at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest
extent permitted by applicable Laws; provided that upon the occurrence of an Event of Default under Sections 8.01(a) or (h), the outstanding Obligations hereunder shall automatically accrue interest at the Default
Rate to the fullest extent permitted by applicable Laws. 

  
 26 

 (c) Interest on each Loan shall be due and payable in arrears on each
Interest Payment Date applicable thereto and at such other times as may be specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any
proceeding under any Debtor Relief Law. 
 2.07 Fees. 

(a) The Borrower shall pay to Merrill Lynch, Pierce, Fenner & Smith Incorporated and the Citigroup Global Markets
Inc. for their own respective accounts fees in the amounts and at the times specified in the MLPFS/Citigroup Fee Letter. The Borrower shall pay to Bank of America for its own account fees in the amounts and at the times specified in the Bank of
America Agency Fee Letter. The Borrower shall pay to ING Bank N.V., London Branch for its own account fees in the amounts and at the times specified in the ING Fee Letter. The Borrower shall pay to J.P. Morgan Securities LLC for its own account
fees in the amounts and at the times specified in the JPM Fee Letter. All such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever. 

(b) The Borrower shall pay to the Lenders such fees as shall have been separately agreed upon in writing in the amounts
and at the times so specified. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever. 

2.08 Computation of Interest and Fees. All computations of interest for Base Rate Loans (including Base Rate Loans determined by
reference to the Eurodollar Rate) shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest shall be made on the basis of a 360-day year and
actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year). Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan,
or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.10(a), bear interest for one day. Each
determination by the Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error. 
 2.09 Evidence of Debt. 
 (a) The Loans made by each Lender
shall be evidenced by one or more accounts or records maintained by such Lender and by the Administrative Agent in the ordinary course of business. The accounts or records maintained by the Administrative Agent and each Lender shall be conclusive
absent manifest error of the amount of the Loans made by the Lenders and the interest and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the

  
 27 

 
obligation of the Borrower hereunder to pay any amount owing with respect to the Obligations. In the event of any conflict between the accounts and records maintained by any Lender and the
accounts and records of the Administrative Agent in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest error. Upon the request of any Lender made through the Administrative Agent,
the Borrower shall execute and deliver to such Lender (through the Administrative Agent) a Note, which shall evidence such Lender’s Loans in addition to such accounts or records. Each Lender may attach schedules to its Note and endorse thereon
the date, Type (if applicable), amount and maturity of its Loans and payments with respect thereto. 
 2.10 Payments
Generally; Administrative Agent’s Clawback. 
 (a) General. All payments to be made by the
Borrower shall be made free and clear of and without condition or deduction for any counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided herein, all payments by the Borrower hereunder shall be made to the
Administrative Agent, for the account of the respective Lenders to which such payment is owed, at the Administrative Agent’s Office in Dollars and in immediately available funds not later than 2:00 p.m. on the date specified herein. The
Administrative Agent will promptly distribute to each Lender its Applicable Percentage (or other applicable share as provided herein) of such payment in like funds as received by wire transfer to such Lender’s Lending Office. All payments
received by the Administrative Agent after 2:00 p.m. shall be deemed received on the next succeeding Business Day and any applicable interest or fee shall continue to accrue. If any payment to be made by the Borrower shall come due on a day
other than a Business Day, payment shall be made on the next following Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be. 

(b) Clawback. 
 (i) Funding by Lenders; Presumption by Administrative Agent. Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing of Eurodollar Rate
Loans (or, in the case of any Borrowing of Base Rate Loans, prior to 12:00 noon 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 Section 2.02 (or, in the case of a Borrowing of Base Rate Loans, that such Lender has made such share available in accordance with and
at the time required by Section 2.02) 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 such 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 in immediately available funds with interest thereon, for each day from and including
the date such amount is made available to the Borrower to but 

  
 28 

 
excluding the date of payment to the Administrative Agent, at (A) in the case of a payment to be made by such Lender, the greater of the Federal Funds Rate and a rate determined by the
Administrative Agent in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the Administrative Agent in connection with the foregoing, and (B) in the case
of a payment to be made by the Borrower, the interest rate applicable to Base Rate Loans. If the Borrower and such Lender shall pay such interest to the Administrative Agent for the same or an overlapping period, the Administrative Agent shall
promptly remit to the Borrower the amount of such interest paid by the Borrower for such period. If such Lender pays its share of the applicable Borrowing to the Administrative Agent, then the amount so paid shall constitute such Lender’s Loan
included in such Borrowing. Any payment by the Borrower shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed to make such payment to the Administrative Agent. 

(ii) Payments by Borrower; Presumptions by Administrative Agent. 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 hereunder 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 to the Lenders the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders severally
agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender in immediately available funds 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 Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. 

A notice of the Administrative Agent to any Lender or the Borrower with respect to any amount owing under this subsection (b) shall be
conclusive, absent manifest error. 
 (c) Failure to Satisfy Conditions Precedent. If any Lender makes
available to the Administrative Agent funds for any Loan to be made by such Lender as provided in the foregoing provisions of this Article II, and such funds are not made available to the Borrower by the Administrative Agent because
the conditions to the Loans set forth in Article IV are not satisfied or waived in accordance with the terms hereof, the Administrative Agent shall promptly return such funds (in like funds as received from such Lender) to such Lender,
without interest. 
 (d) Obligations of Lenders Several. The obligations of the Lenders hereunder to make
Loans and to make payments pursuant to Section 10.04(c) are several and not joint. The failure of any Lender to make any Loan or to make any payment under Section 10.04(c) on any date required hereunder shall
not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the failure of any other Lender to so make any Loan or to make its payment under Section 10.04(c).

  
 29 

 (e) Funding Source. Nothing herein shall be deemed to obligate any
Lender to obtain the funds for any Loan in any particular place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan or other funding obligation in any particular place or manner.

 2.11 Sharing of Payments by Lenders. 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 the Loans made by it, resulting in such Lender’s receiving payment of a proportion of the aggregate amount of such Loans and accrued interest thereon greater than
its pro rata share thereof as provided herein, then the Lender receiving such greater proportion shall (a) notify the Administrative Agent of such fact, and (b) purchase (for cash at face value) participations in the Loans of the other
Lenders, or make such other adjustments as shall be equitable, 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 Loans and
other amounts owing them, provided that: 
 (i) if any such participations or subparticipations are
purchased and all or any portion of the payment giving rise thereto is recovered, such participations or subparticipations shall be rescinded and the purchase price restored to the extent of such recovery, without interest; and 

(ii) the provisions of this Section shall not be construed to apply to any payment obtained by a Lender as
consideration for the assignment of or sale of a participation in any of its Loans to any assignee or participant, other than an assignment to the Borrower or any Subsidiary thereof (as to which the provisions of this Section shall
apply). 
 The Borrower and the Guarantor consent to the foregoing and agree, to the extent they may effectively do so under
applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrower and the Guarantor rights of setoff and counterclaim with respect to such participation as fully as if such Lender were
a direct creditor of the Borrower or the Guarantor in the amount of such participation. 
 2.12 Defaulting Lenders.

 (a) Adjustments. Notwithstanding anything to the contrary contained in this Agreement, if any Lender
becomes a Defaulting Lender, then, until such time as that Lender is no longer a Defaulting Lender, to the extent permitted by applicable Law: 
 (i) Waivers and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in the
definition of “Required Lenders” and Section 10.01. 

  
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 (ii) Defaulting Lender Waterfall. 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, pursuant to Article VIII or otherwise) or received by the Administrative Agent from a
Defaulting Lender pursuant to Section 10.08 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, as the Borrower may request (so long as no Default or Event of Default then 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; third, if so determined by the Administrative Agent and the Borrower, to be held in a deposit account and released pro rata in order to satisfy such Defaulting
Lender’s potential future funding obligations with respect to Loans under this Agreement; fourth, to the payment of any amounts owing to the Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender
against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; fifth, so long as no Default or Event of Default then 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; and sixth, 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 in respect of which such Defaulting Lender has not fully funded its appropriate
share and (y) such Loans were made at a time when the conditions set forth in Section 4.01 were satisfied or waived, such payment shall be applied solely to pay the Loans of all Non-Defaulting Lenders on a pro rata basis
prior to being applied to the payment of any Loans of such Defaulting Lender until such time as all Loans are held by the Lenders pro rata in accordance with the Commitments hereunder. 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 shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto. 

(b) Defaulting Lender Cure. If the Borrower and the Administrative Agent agree in writing in their sole discretion
that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein,
that Lender will, to the extent applicable, purchase that portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Loans to be held on a pro rata basis by the
Lenders in accordance with their Applicable Percentages, whereupon that Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the
Borrower while that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected 

  
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parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting
Lender. 
 Article III. 
 Taxes, Yield Protection and Illegality 
 3.01 Taxes. 

(a) Payments Free of Taxes; Obligation to Withhold; Payments on Account of Taxes. 

(i) Any and all payments by or on account of any obligation of the Borrower and the Guarantor under any Loan Document
shall be made without deduction or withholding for any Taxes, except as required by applicable Laws. If any applicable Laws (as determined in the good faith discretion of the Administrative Agent) require the deduction or withholding of any Tax from
any such payment by the Administrative Agent, the Borrower or the Guarantor, then the Administrative Agent, the Borrower or the Guarantor shall be entitled to make such deduction or withholding, upon the basis of the information and documentation to
be delivered pursuant to Section 3.01(e). 
 (ii) If the Borrower, the Guarantor or the
Administrative Agent shall be required by the Code to withhold or deduct any Taxes, including both United States Federal backup withholding and withholding taxes, from any payment, then (A) the Administrative Agent shall withhold or make such
deductions as are determined by the Administrative Agent to be required based upon the information and documentation it has received pursuant to subsection (e) below, (B) the Administrative Agent shall timely pay the full
amount withheld or deducted to the relevant Governmental Authority in accordance with the Code, and (C) to the extent that the withholding or deduction is made on account of Indemnified Taxes, the sum payable by the Borrower or the Guarantor
shall be increased as necessary so that after any required withholding or the making of all required deductions (including deductions applicable to additional sums payable under this Section 3.01) the applicable Recipient receives
an amount equal to the sum it would have received had no such withholding or deduction been made. 
 (iii) If the
Borrower, the Guarantor or the Administrative Agent shall be required by any applicable Laws other than the Code to withhold or deduct any Taxes from any payment, then (A) the Borrower, the Guarantor or the Administrative Agent, as required by
such Laws, shall withhold or make such deductions as are determined by it to be required based upon the information and documentation it has received pursuant to Section 3.01(e), (B) the Borrower, the Guarantor or the
Administrative Agent, to the extent required by such Laws, shall timely pay the full amount withheld or deducted to the relevant Governmental Authority in accordance with such Laws, and (C) to the

  
 32 

 
extent that the withholding or deduction is made on account of Indemnified Taxes, the sum payable by the Borrower or the Guarantor shall be increased as necessary so that after any required
withholding or the making of all required deductions (including deductions applicable to additional sums payable under this Section 3.01) the applicable Recipient receives an amount equal to the sum it would have received had no
such withholding or deduction been made. 
 (b) Payment of Other Taxes by the Borrower. Without limiting
the provisions of subsection (a) above, the Borrower or the Guarantor 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
the payment of, any Other Taxes. 
 (c) Tax Indemnifications. 

(i) The Borrower shall, and does hereby, indemnify each Recipient, and shall make payment in respect thereof within
20 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 3.01) payable or paid by such Recipient or
required to be withheld or deducted from a payment to such Recipient, and any penalties, interest and 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. The Borrower shall, and does hereby, indemnify the Administrative Agent, and shall make payment in respect thereof within 20 days after demand therefor, for any amount which a Lender for any
reason fails to pay indefeasibly to the Administrative Agent as required pursuant to Section 3.01(c)(ii) below. 
 (ii) Each Lender shall, and does hereby, severally indemnify, and shall make payment in respect thereof within 20 days after demand therefor, (x) the Administrative Agent against 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), (y) the Administrative
Agent and the Borrower, as applicable, against any Taxes attributable to such Lender’s failure to comply with the provisions of Section 10.06(d) relating to the maintenance of a Participant Register and (z) the
Administrative Agent and the Borrower, as applicable, against any Excluded Taxes attributable to such Lender that are payable or paid by the Administrative Agent, the Borrower or the Guarantor 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. 

  
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Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under this Agreement or any other Loan Document against any amount
due to the Administrative Agent under this clause (ii). 
 (d) Evidence of Payments.
As soon as practicable after any payment of Taxes by the Borrower or by the Administrative Agent to a Governmental Authority as provided in this Section 3.01, the Borrower shall deliver to the Administrative Agent or the
Administrative Agent shall deliver to the Borrower, as the case may be, the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of any return required by Laws to report such payment or
other evidence of such payment reasonably satisfactory to the Borrower or the Administrative Agent, as the case may be. 
 (e) Status of Lenders; Tax Documentation. 
 (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 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 Sections 3.01(e)(ii)(A), 3.01(e)(ii)(B) and 3.01(e)(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 or would materially prejudice the legal or commercial position of such Lender. 

(ii) Without limiting the generality of the foregoing, 

(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), executed originals 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 

  
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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, executed originals of IRS Form W-8BEN 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 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) executed originals 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 E-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 881(c)(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) executed originals of IRS Form W-8BEN; or 
 (4) to the extent a Foreign Lender is not the beneficial owner, executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, a U.S. Tax Compliance Certificate substantially in
the form of Exhibit E-2 or Exhibit E-3, IRS Form W-9, and/or other 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 E-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

  
 35 

 
of the Borrower or the Administrative Agent), executed originals 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. 
 (iii) Each Lender agrees that if any form or
certification it previously delivered pursuant to this Section 3.01 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. 
 (f) Treatment of Certain Refunds. Unless required by
applicable Laws, at no time shall the Administrative Agent have any obligation to file for or otherwise pursue on behalf of a Lender, or have any obligation to pay to any Lender any refund of Taxes withheld or deducted from funds paid for the
account of such Lender. If any Recipient determines, in its sole discretion, that it has received a refund of any Taxes as to which it has been indemnified by the Borrower or with respect to which the Borrower has paid additional amounts pursuant to
this Section, it shall pay to the Borrower an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by the Borrower under this Section with respect to the Taxes giving
rise to such refund), net of all out-of-pocket expenses (including Taxes) incurred by such Recipient, and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund), provided that the
Borrower, upon the request of the Recipient, agrees to repay the amount paid over to the Borrower (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Recipient in the event the Recipient is required
to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this subsection, in no event will the 

  
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applicable Recipient be required to pay any amount to the Borrower pursuant to this subsection the payment of which would place the Recipient in a less favorable net after-Tax
position than such Recipient would have been in if the indemnification payments or additional amounts giving rise to such refund had never been paid. This subsection shall not be construed to require the Recipient to make available its
tax returns (or any other information relating to its taxes that it deems confidential) to the Borrower or any other Person. 
 (g) Survival. Each party’s obligations under this Section 3.01 shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or
the replacement of, a Lender, and the repayment, satisfaction or discharge of all other Obligations. 
 3.02 Illegality.
If any Lender determines that any Change in Law or introduction of any law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender or its Lending Office to make, maintain or fund Loans whose interest
is determined by reference to the Eurodollar Rate, or to determine or charge interest rates based upon the Eurodollar Rate, or any Governmental Authority has imposed material restrictions on the legal authority of such Lender to purchase or sell, or
to take deposits of, Dollars in the London interbank market (each, an “Eurodollar Illegality Event”), then, on notice thereof by such Lender to the Borrower through the Administrative Agent, (i) any obligation of such
Lender to make or continue Eurodollar Rate Loans or to convert Base Rate Loans to Eurodollar Rate Loans shall be suspended, and (ii) if such notice asserts the illegality of such Lender making or maintaining Base Rate Loans the interest rate on
which is determined by reference to the Eurodollar Rate component of the Base Rate, the interest rate on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference
to the Eurodollar Rate component of the Base Rate, in each case until such Lender notifies the Administrative Agent and the Borrower that the circumstances giving rise to such determination no longer exist. Upon receipt of such notice, (x) the
Borrower shall, upon demand from such Lender (with a copy to the Administrative Agent), prepay or, if applicable, convert all Eurodollar Rate Loans of such Lender to Base Rate Loans (the interest rate on which Base Rate Loans of such Lender shall,
if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the Eurodollar Rate component of the Base Rate), either on the last day of the Interest Period therefor, if such Lender may lawfully continue to
maintain such Eurodollar Rate Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such Eurodollar Rate Loans and (y) if such notice asserts the illegality of such Lender determining or charging interest at
the Base Rate by reference to the Eurodollar Rate component of the Base Rate, the Administrative Agent shall during the period of such suspension compute the Base Rate applicable to such Lender without reference to the Eurodollar Rate component
thereof until the Administrative Agent is advised in writing by such Lender that it is no longer illegal for such Lender to determine or charge interest rates based upon the Eurodollar Rate. Upon any such prepayment or conversion, the Borrower shall
also pay accrued interest on the amount so prepaid or converted and any amount payable pursuant to Section 3.05(c). During any period in which an Eurodollar Illegality Event is in effect, the Borrower may request, through
the Administrative Agent, that the Lenders affected by such Eurodollar Illegality Event confirm that the circumstances giving rise to the Eurodollar Illegality Event continue to be in effect. If,

  
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within ten Business Days following such confirmation request, such Lenders have not confirmed the continued effectiveness of such Eurodollar Illegality Event, then such Eurodollar Illegality
Event shall no longer be deemed to be in effect; provided, that (A) the Borrower shall not be permitted to submit any such request more than once in any 30-day period and (B) nothing contained in this Section 3.02
or the failure to provide confirmation of the continued effectiveness of such Eurodollar Illegality Event shall in any way affect the Lenders’ right to provide any additional notices of an Eurodollar Illegality Event as provided in this
Section 3.02. 
 3.03 Inability to Determine Rates. If the Required Lenders determine that for any
reason in connection with any request for a Eurodollar Rate Loan or a conversion to or continuation thereof that (a) Dollar deposits are not being offered to banks in the London interbank eurodollar market for the applicable amount and Interest
Period of such Eurodollar Rate Loan, (b) adequate and reasonable means do not exist for determining the Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan or in connection with an existing or
proposed Base Rate Loan, or (c) the Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding such Loan, the Administrative Agent
will promptly so notify the Borrower and each Lender (each, a “Market Disruption Event”). Thereafter, (x) the obligation of the Lenders to make or maintain Eurodollar Rate Loans shall be suspended, and (y) in
the event of a determination described in the preceding sentence with respect to the Eurodollar Rate component of the Base Rate, the utilization of the Eurodollar Rate component in determining the Base Rate shall be suspended, in each case until the
Administrative Agent (upon the instruction of the Required Lenders) revokes such notice. Upon receipt of such notice, the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of Eurodollar Rate Loans or, failing
that, will be deemed to have converted such request into a request for a Borrowing of Base Rate Loans in the amount specified therein. During any period in which a Market Disruption Event is in effect, the Borrower may request, through the
Administrative Agent, that the Required Lenders confirm that the circumstances giving rise to the Market Disruption Event continue to be in effect. If, within ten Business Days following such confirmation request, the Required Lenders have not
confirmed the continued effectiveness of such Market Disruption Event, then such Market Disruption Event shall no longer be deemed to be in effect; provided, that (A) the Borrower shall not be permitted to submit any such request more
than once in any 30 day period and (B) nothing contained in this Section 3.03 or the failure to provide confirmation of the continued effectiveness of such Market Disruption Event shall in any way affect the Required
Lenders’ right to provide any additional notices of a Market Disruption Event as provided in this Section 3.03. 
 3.04 Increased Costs; Reserves on Eurodollar Rate Loans. 

(a) Increased Costs Generally. If any Change in Law shall: 

(i) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar
requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement contemplated by Section 3.04(e)); 

  
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 (ii) subject any Recipient to any Taxes (other than (A) Indemnified
Taxes, (B) 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; or 

(iii) impose on any Lender or the London interbank market any other condition, cost or expense (excluding any Tax
described in the parenthetical contained in clause (ii) preceding) affecting this Agreement or Eurodollar Rate Loans made by such Lender; 
 and the result of any of the foregoing shall be to increase the cost to such Lender of making, converting to, continuing or maintaining any Loan the interest on which is determined by reference to the
Eurodollar Rate (or of maintaining its obligation to make any such Loan), or to reduce the amount of any sum received or receivable by such Lender hereunder (whether of principal, interest or any other amount) then, upon request of such Lender, the
Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender for such additional costs incurred or reduction suffered; provided that as to any Lender seeking compensation under this
Section 3.04(a), such Lender shall only be so compensated to the extent such Lender is then generally seeking such compensation from similarly situated customers under agreements relating to similar credit transactions that
include provisions similar to this Section 3.04(a) and the definition of “Change in Law”. 
 (b) Capital Requirements. If any Lender determines that any Change in Law affecting such Lender or any Lending Office of such Lender or such Lender’s holding company, if any, regarding capital
or liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s holding company, if any, as a consequence of this Agreement, the Commitment of such Lender or
the Loans made by such Lender to a level below that which such Lender or such Lender’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s policies and the policies of such Lender’s
holding company with respect to capital adequacy), then from time to time the Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender or such Lender’s holding company for any such reduction suffered;
provided that as to any Lender seeking compensation under this Section 3.04(b), such Lender shall only be so compensated to the extent such Lender is then generally seeking such compensation from similarly situated
customers under agreements relating to similar credit transactions that include provisions similar to this Section 3.04(b) and the definition of “Change in Law”. 

(c) Certificates for Reimbursement. A certificate of a Lender setting forth the amount or amounts necessary to
compensate such Lender or its holding company, as the case may be, as specified in subsection (a) or (b) of this Section and delivered to the Borrower shall be conclusive absent manifest error. The
Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof. 

  
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 (d) Delay in Requests. Failure or delay on the part of any Lender to
demand compensation pursuant to the foregoing provisions of this Section shall not constitute a waiver of such Lender’s right to demand such compensation, provided that the Borrower shall not be required to compensate a
Lender pursuant to the foregoing provisions of this Section for any increased costs incurred or reductions suffered more than 180 days prior to the date that such Lender notifies the Borrower of the Change in Law giving rise to
such increased costs or reductions and of such Lender’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 180 day period referred to above
shall be extended to include the period of retroactive effect thereof). 
 (e) Reserves on Eurodollar Rate
Loans. The Borrower shall pay to each Lender, as long as such Lender shall be required to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency funds or deposits (currently known as
“Eurocurrency liabilities”), additional interest on the unpaid principal amount of each Eurodollar Rate Loan equal to the actual costs of such reserves allocated to such Loan by such Lender (as determined by such
Lender in good faith, which determination shall be conclusive), which shall be due and payable on each date on which interest is payable on such Loan, provided the Borrower shall have received at least 10 days’ prior notice (with a
copy to the Administrative Agent) of such additional interest from such Lender. If a Lender fails to give notice 10 days prior to the relevant Interest Payment Date, such additional interest shall be due and payable 10 days from receipt of
such notice. 
 3.05 Compensation for Losses. Upon demand of any Lender (with a copy to the Administrative Agent) from
time to time, the Borrower shall promptly compensate such Lender for and hold such Lender harmless from any loss, cost or expense incurred by it as a result of: 
 (a) any continuation, conversion, payment or prepayment of any Loan other than a Base Rate Loan on a day other than the last day of the Interest Period for such Loan (whether voluntary, mandatory,
automatic, by reason of acceleration, or otherwise); 
 (b) any failure by the Borrower (for a reason other than
the failure of such Lender to make a Loan) to prepay, borrow, continue or convert any Loan other than a Base Rate Loan on the date or in the amount notified by the Borrower; or 

(c) any assignment of a Eurodollar Rate Loan on a day other than the last day of the Interest Period therefor as a result
of a request by the Borrower pursuant to Section 10.13; 
 including any loss of anticipated profits and any loss or expense
arising from the liquidation or reemployment of funds obtained by it to maintain such Loan or from fees payable to terminate the deposits from which such funds were obtained. The Borrower shall also pay any customary administrative fees charged by
such Lender in connection with the foregoing. 
 For purposes of calculating amounts payable by the Borrower to the Lenders
under this Section 3.05, each Lender shall be deemed to have funded each Eurodollar Rate Loan made by 

  
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it at the Eurodollar Rate for such Loan by a matching deposit or other borrowing in the London interbank eurodollar market for a comparable amount and for a comparable period, whether or not such
Eurodollar Rate Loan was in fact so funded. 
 3.06 Mitigation Obligations; Replacement of Lenders. 

(a) Designation of a Different Lending Office. If any Lender requests compensation under
Section 3.04, or requires the Borrower to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01, or if any
Lender gives a notice pursuant to Section 3.02, then at the request of the Borrower such Lender shall, as applicable, 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 then or thereafter payable pursuant to
Section 3.01 or 3.04, as the case may be, or eliminate the need for the notice pursuant to Section 3.02, as applicable, and (ii) in each case, 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 costs and expenses incurred by any Lender in connection with any such designation or assignment. 

(b) Replacement of Lenders. If any Lender requests compensation under Section 3.04, or if 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 3.01 and, in each case, such Lender has declined or is unable to
designate a different lending office in accordance with Section 3.06(a), the Borrower may replace such Lender in accordance with Section 10.13. 

3.07 Survival. All of the Borrower’s obligations under this Article III shall survive termination of the
Aggregate Commitments, repayment of all other Obligations hereunder, and resignation of the Administrative Agent. 
 Article
IV. 
 Conditions Precedent to Loans 
 4.01 Conditions of Loans. The obligation of each Lender to make its Loan hereunder as part of the Borrowing on the Closing Date is subject to satisfaction of the following conditions precedent:

 (a) The Administrative Agent’s receipt of the following, each of which shall be originals or telecopies
(followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer of the Borrower (unless otherwise specified), each dated the Closing Date (or, in the case of certificates of governmental officials, a
recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent and each of the Lenders: 
 (i) executed counterparts of this Agreement, sufficient in number for distribution to the Administrative Agent, each Lender and the Borrower; 

  
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 (ii) a Note executed by the Borrower in favor of each Lender requesting a
Note; 
 (iii) the Guaranty executed by the Guarantor; 

(iv) such customary certificates of resolutions or other action, incumbency certificates and/or other certificates of
Responsible Officers of the Borrower and the Guarantor as the Administrative Agent may require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this
Agreement and the other Loan Documents; 
 (v) such documents and certifications as the Administrative Agent may
reasonably require to evidence that the Borrower and the Guarantor are duly organized or formed, and that the Borrower and the Guarantor are validly existing, in good standing and qualified to engage in business in each jurisdiction where the
conduct of their business requires such qualification, except to the extent that failure to do so would not reasonably be expected to have a Material Adverse Effect; 

(vi) opinions of in-house counsel and Sullivan & Cromwell LLP, each counsel to the Borrower, with respect to the
Borrower and the Guarantor, and Day Pitney LLP, Connecticut counsel to the Guarantor, addressed to the Administrative Agent and each Lender; 
 (vii) a certificate (which certificate shall be true and correct) signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections 4.01(d) and
(e) have been satisfied, (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or would be reasonably expected to have, either individually or in the aggregate, a
Material Adverse Effect; (C) the current Debt Ratings; and (D) that the Borrower has Closing Date Liquidity of not less than $500,000,000; 
 (viii) evidence that the Existing Credit Agreement has been or concurrently with the Closing Date is being terminated and repaid in full and all Liens securing obligations under the Existing Credit
Agreement have been or concurrently with the Closing Date are being released; 
 (ix) evidence of the repayment
of intercompany Debt owing by the Borrower to certain of its Subsidiaries (which Debt is described on Schedule 4.01) in an aggregate amount that causes such intercompany Debt not to exceed $500,000,000; 

(x) evidence that the intercompany Debt owing by the Borrower or the Guarantor to ING Groep N.V. or any of its
Subsidiaries (other than the 

  
 42 

 
Subsidiaries of the Borrower) (A) has been converted to common equity of the Borrower or the Guarantor or (B) to the extent such Debt remains outstanding, has been amended or modified
to have a stated maturity date occurring after the second anniversary of the Maturity Date and otherwise has terms and conditions substantially similar to the terms and conditions of such Debt prior to the amendment or modification thereof that
extends the stated maturity date thereof; 
 (xi) evidence that Debt Ratings are not less than BBB- from S&P
and not less than Baa3 from Moody’s (and if such rating is BBB- from S&P or Baa3 from Moody’s, that neither is on negative watch); 
 (xii) the Audited Financial Statements; 
 (xiii) such other
customary assurances, certificates, documents or consents as the Administrative Agent or the Required Lenders may reasonably require. 
 (b) Any fees required to be paid on or before the Closing Date pursuant to the Loan Documents shall have been paid. 
 (c) Unless waived by the Administrative Agent, the Borrower shall have paid all fees, charges and disbursements of counsel to the Administrative Agent (directly to such counsel if requested by the
Administrative Agent) to the extent invoiced two (2) Business Days prior to the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and
disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent). 

(d) The representations and warranties of the Borrower contained in Article V or any other Loan Document
shall be true and correct in all material respects (except that those representations and warranties which are qualified by materiality or Material Adverse Effect shall be true and correct in all respects). 

(e) On the Closing Date, no Default shall exist, or would result from the Borrowing or from the application of the
proceeds thereof. 
 (f) The Administrative Agent shall have received a Loan Notice in accordance with the
requirements hereof. 
 (g) The Closing Date shall have occurred on or before April 30, 2012. 

The Loan Notice submitted with respect to the Borrowing on the Closing Date shall be deemed to be a representation and warranty that the
conditions specified in Sections 4.01(d) and (e) have been satisfied on and as of the Closing Date. 

  
 43 

 Without limiting the generality of the provisions of the last paragraph of
Section 9.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or
to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed
Closing Date specifying its objection thereto. 
 Article V. 

Representations and Warranties 
 The Borrower represents and warrants to the Administrative Agent and the Lenders that: 
 5.01 Existence, Qualification and Power. The Borrower and each of its Subsidiaries (a) is duly organized or formed, validly existing and, as applicable, in good standing (to the extent such
concept is applicable) under the Laws of the jurisdiction of its incorporation or organization, (b) has all requisite power and authority and all requisite governmental licenses, authorizations, consents and approvals to (i) own or lease
its assets and carry on its business and (ii) execute, deliver and perform its obligations under the Loan Documents to which it is a party, and (c) is duly qualified and is licensed and, as applicable, in good standing under the Laws of
each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification or license; except in each case referred to in clause (b)(i) or (c), to the extent
that failure to do so would not reasonably be expected to have a Material Adverse Effect. 
 5.02 Authorization; No
Contravention. The execution, delivery and performance by the Borrower and the Guarantor of each Loan Document to which it is party, have been duly authorized by all necessary corporate or other organizational action, and do not and will not
(a) contravene the terms of any of the Borrower’s or the Guarantor’s Organization Documents; (b) conflict with or result in any breach or contravention of, or the creation of any Lien (other than a Lien permitted hereby) under,
or require any payment to be made under (i) any agreement, instrument or other undertaking to which the Borrower or the Guarantor is a party or affecting the properties of Borrower or the Guarantor, which would reasonably be expected to have a
Material Adverse Effect or (ii) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which the Borrower, the Guarantor or its respective property is subject which would be both material and adverse to the
Lenders; or (c) violate any Law the effect of which would be both material and adverse to the Lenders. 
 5.03
Governmental Authorization; Other Consents. No approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with the
execution, delivery or performance by, or enforcement against, the Borrower or the Guarantor of any Loan Document to which it is a party. 
 5.04 Binding Effect. This Agreement has been, and each other Loan Document to which the Borrower is a party, when delivered hereunder, will have been, duly executed and delivered by the Borrower.
This Agreement constitutes, and each other Loan Document to 

  
 44 

 
which the Borrower is a party when so delivered will constitute, a legal, valid and binding obligation of the Borrower, enforceable against the Borrower in accordance with its terms except to the
extent that the enforceability thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws generally affecting creditors’ rights and by equitable principles (regardless of whether enforcement is
sought in equity or at law). The Guaranty, when delivered hereunder, will have been, duly executed and delivered by the Guarantor. The Guaranty when so delivered will constitute, a legal, valid and binding obligation of the Guarantor, enforceable
against the Guarantor in accordance with its terms except to the extent that the enforceability thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws generally affecting creditors’ rights
and by equitable principles (regardless of whether enforcement is sought in equity or at law). 
 5.05 Financial Statements;
No Material Adverse Effect. 
 (a) The Audited Financial Statements (i) were prepared in accordance with
GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein; (ii) fairly present the financial condition of the Borrower and its Subsidiaries as of the date thereof and their results of
operations for the period covered thereby in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein; and (iii) show all material indebtedness and other liabilities, direct or
contingent, of the Borrower and its Subsidiaries as of the date thereof, including liabilities for taxes, material commitments and Debt to the extent required to be shown pursuant to GAAP. 

(b) Since the date of the Audited Financial Statements, there has been no event or circumstance, either individually or in
the aggregate, that has had or would reasonably be expected to have a Material Adverse Effect. 
 5.06 Litigation. Except
as disclosed in Schedule 5.06, there are no actions, suits, proceedings, claims or disputes pending or, to the knowledge of the Borrower threatened, at law, in equity, in arbitration or before any Governmental Authority, by or against
the Borrower or any of its Subsidiaries or against any of their properties that would reasonably be expected to have a Material Adverse Effect or that affects the validity or enforceability of this Agreement or any other Loan Document. 

5.07 No Default. No Event of Default has occurred and is continuing or would result from the consummation of the transactions
contemplated by this Agreement or any other Loan Document. 
 5.08 Environmental Compliance. Except as disclosed in
Schedule 5.08, the Borrower and its Subsidiaries are not subject to any claim alleging liability or responsibility for violation of any Environmental Law in connection with their respective businesses, operations and properties, except
for claims which, if adversely determined, would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

  
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 5.09 Taxes. The Borrower and its Subsidiaries have filed all Federal, state and other
tax returns and reports required to be filed, and have paid all Federal, state and other taxes, assessments, fees and other charges levied or imposed by a Government Authority upon them or their properties, income or assets otherwise due and
payable, except (a) those which are being contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves have been provided in accordance with GAAP, and (b) those for which failure to file or
non-payment would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. 
 5.10
ERISA Compliance. 
 (a) Each Plan is in compliance in all material respects with the applicable provisions
of ERISA, the Code and other Federal or state laws. Each Pension Plan that is intended to be a qualified plan under Section 401(a) of the Code has received a favorable determination letter from the Internal Revenue Service to the effect
that the form of such Plan is qualified under Section 401(a) of the Code and the trust related thereto has been determined by the Internal Revenue Service to be exempt from federal income tax under Section 501(a) of the Code,
or an application for such a letter is currently being processed by the Internal Revenue Service. To the best knowledge of the Borrower, nothing has occurred that would prevent or cause the loss of such tax-qualified status. 

(b) There are no pending or, to the best knowledge of the Borrower, threatened claims, actions or lawsuits, or action by
any Governmental Authority, with respect to any Plan that would reasonably be expected to have a Material Adverse Effect. There has been no prohibited transaction or violation of the fiduciary responsibility rules with respect to any Plan that has
or would reasonably be expected to have a Material Adverse Effect. 
 (c) (i) No ERISA Event has occurred, and
neither the Borrower nor any ERISA Affiliate is aware of any fact, event or circumstance that would reasonably be expected to constitute or result in an ERISA Event with respect to any Pension Plan; (ii) the Borrower and each ERISA Affiliate
has met all applicable requirements under the Pension Funding Rules in respect of each Pension Plan, and no waiver of the minimum funding standards under the Pension Funding Rules has been applied for or obtained; (iii) as of the most recent
valuation date for any Pension Plan, the funding target attainment percentage (as defined in Section 430(d)(2) of the Code) is 60% or higher and neither the Borrower nor any ERISA Affiliate knows of any facts or circumstances that could
reasonably be expected to cause the funding target attainment percentage for any such plan to drop below 60% as of the most recent valuation date; (iv) neither the Borrower nor any ERISA Affiliate has incurred any liability to the PBGC other
than for the payment of premiums, and there are no premium payments which have become due that are unpaid; (v) neither the Borrower nor any ERISA Affiliate has engaged in a transaction that could be subject to Section 4069 or
Section 4212(c) of ERISA; and (vi) no Pension Plan has been terminated by the plan administrator thereof nor by the PBGC, and no event or circumstance has occurred or exists that could reasonably be expected to cause the PBGC to
institute proceedings under Title IV of ERISA to terminate any Pension Plan. 

  
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 5.11 Margin Regulations; Investment Company Act. 

(a) 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 (within the meaning of Regulation U issued by the FRB), or extending credit for the purpose of purchasing or carrying margin stock. 

(b) The Borrower is not and is not required to be registered as an “investment company” under the
Investment Company Act of 1940. 
 5.12 Disclosure. No written information or written data (excluding any forecasts,
projections, budgets, estimates and general market or industry data) furnished by or on behalf of the Borrower to the Administrative Agent or any Lender in connection with the transactions contemplated hereby and the negotiation of this Agreement or
delivered hereunder or under any other Loan Document (in each case, as modified or supplemented by other information so furnished or publicly disclosed by the Borrower) when provided and when taken as a whole with all other information or data
provided, furnished or disclosed by the Borrower contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading;
provided that, (i) 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 (it being understood and
agreed that forecasts, estimates and projections as to future events are not to be viewed as facts or guaranties of future performance, that actual results during the period or periods covered by such projections may differ from the projected
results and that such differences may be material and that the Borrower makes no representation that such representations will in fact be realized) and (ii) as to statements, information and reports specified as having been derived by the
Borrower from third parties, other than Affiliates of the Borrower or any of its Subsidiaries, the Borrower represents only that it has no knowledge of any material misstatement therein. 

5.13 Compliance with Laws. The Borrower and its Subsidiaries are in compliance in all material respects with the requirements of
all Laws and all orders, writs, injunctions and decrees applicable to it or to its properties, except in such instances in which (a) such requirement of Law or order, writ, injunction or decree is being contested in good faith by appropriate
proceedings diligently conducted or (b) the failure to comply therewith, either individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect. 

5.14 OFAC. Neither the Borrower, the Guarantor nor any of their respective Subsidiaries is currently subject to any U.S. sanctions
administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the United States Department of State; and the Borrower, the Guarantor and their respective Subsidiaries will not directly or indirectly use any proceeds
of any Borrowing hereunder for the purpose of financing the activities of any Person currently subject to any such sanctions. 

  
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 Article VI. 
 Affirmative Covenants 
 So long as any Lender shall have any Commitment
hereunder, any Loan or other Obligation hereunder shall remain unpaid or unsatisfied, the Borrower shall, and shall (except in the case of the covenants set forth in Sections 6.01, 6.02, and
6.03) cause each Subsidiary to: 
 6.01 Financial Statements. Deliver to the Administrative Agent
and each Lender, in form and detail satisfactory to the Administrative Agent and the Required Lenders: 
 (a) as
soon as available, but in any event within 90 days after the end of each fiscal year of the Borrower (or, if earlier, 15 days after the date required to be filed with the SEC (without giving effect to any extension permitted by the SEC))
(commencing with the fiscal year ended December 31, 2012), a consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such fiscal year, and the related consolidated statements of income or operations, changes in
shareholders’ equity, and cash flows for such fiscal year, setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail and prepared in accordance with GAAP, audited and accompanied by a
report and opinion of an independent certified public accountant of nationally recognized standing reasonably acceptable to the Required Lenders, which report and opinion shall be prepared in accordance with generally accepted auditing standards and
shall not be subject to any “going concern” or like qualification or exception or any qualification or exception as to the scope of such audit; 

(b) as soon as available, but in any event within 45 days after the end of each of the first three fiscal quarters of
each fiscal year of the Borrower (or, if earlier, 5 days after the date required to be filed with the SEC (without giving effect to any extension permitted by the SEC)) (commencing with the fiscal quarter ended March 31, 2012, a
consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such fiscal quarter, the related consolidated statements of income or operations for such fiscal quarter and for the portion of the Borrower’s fiscal year then
ended, and the related consolidated statements of changes in shareholders’ equity, and cash flows for the portion of the Borrower’s fiscal year then ended, in each case setting forth in comparative form, as applicable, the figures for the
corresponding fiscal quarter of the previous fiscal year and the corresponding portion of the previous fiscal year, all in reasonable detail, certified by the chief executive officer, chief financial officer, treasurer or controller of the Borrower
as fairly presenting the financial condition, results of operations, shareholders’ equity and cash flows of the Borrower and its Subsidiaries in accordance with GAAP, subject only to normal year-end audit adjustments and the absence of
footnotes; 
 (c) within 5 days after filing with the Applicable Insurance Regulatory Authority and in any
event within 90 days after the end of each year (except with respect to Security Life of Denver International Limited, which shall be provided by June 30th after the end of each year), the annual Statutory Statement of each Insurance

  
 48 

 
Subsidiary for such year, certified by the chief executive officer, chief financial officer, treasurer or controller of such Insurance Subsidiary as presenting fairly in all material respects the
financial position of such Insurance Subsidiary for such year in accordance with SAP; 
 (d) within 5 days
after filing with the Applicable Insurance Regulatory Authority and in any event within 45 days after the end of each of the first three quarterly periods of each year, the quarterly Statutory Statement of each Insurance Subsidiary for such
period, certified by one of the chief executive officer, chief financial officer, treasurer or controller of such Insurance Subsidiary as presenting fairly in all material respects the financial position of such Insurance Subsidiary for such period
in accordance with SAP; 
 As to any information contained in materials furnished pursuant to
Section 6.02(d), the Borrower shall not be separately required to furnish such information under clause (a) or (b) above, but the foregoing shall not be in derogation of the obligation of the
Borrower to furnish the information and materials described in clause (a) or (b) above at the times specified therein. 
 6.02 Certificates; Other Information. Deliver to the Administrative Agent and each Lender, in form and detail satisfactory to the Administrative Agent and the Required Lenders: 

(a) concurrently with the delivery of the financial statements referred to in Sections 6.01(a) and
6.01(b) (commencing with the delivery of the financial statements for the fiscal quarter ended March 31, 2012), a duly completed Compliance Certificate signed by one of the chief executive officer, chief financial officer,
treasurer or controller of the Borrower (which delivery may, unless the Administrative Agent or a Lender requests executed originals, be by electronic communication including fax or email and shall be deemed to be an original authentic counterpart
thereof for all purposes); 
 (b) promptly after the same are available (to the extent not publicly available on
EDGAR), any registration statements filed by the Borrower with the SEC in connection with an initial public offering of its capital stock, and after any such initial public offering, copies of each annual report, proxy or financial statement or
other report or communication sent to the shareholders of the Borrower, and copies of all annual, regular, periodic and special reports and registration statements which the Borrower may file or be required to file with the SEC under
Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended and not otherwise required to be delivered to the Administrative Agent pursuant hereto; and 

(c) promptly, except to the extent prohibited by applicable Law, regulatory policy, or regulatory restriction (as
determined in the reasonable good faith judgment of the Borrower), such additional information regarding the business, financial or corporate affairs of the Borrower or any Subsidiary, or compliance with the terms of the Loan Documents, as the
Administrative Agent or any Lender (through the Administrative Agent) from time to time may reasonably request. 

  
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 Documents required to be delivered pursuant to Section 6.01(a) or
6.01(b) or Section 6.02(b) (to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the
date (i) on which the Borrower posts such documents, or provides a link thereto on the Borrower’s website on the Internet at the website address listed on Schedule 10.02; or (ii) on which such documents are posted on the
Borrower’s behalf on an Internet or intranet website, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent); provided that:
(i) the Borrower shall deliver paper copies of such documents to the Administrative Agent or any Lender upon its reasonable request to the Borrower to deliver such paper copies until a written request to cease delivering paper copies is given
by the Administrative Agent or such Lender and (ii) the Borrower shall notify the Administrative Agent and each Lender (by facsimile or electronic mail) of the posting of any such documents and provide to the Administrative Agent by electronic
mail electronic versions (i.e., soft copies) of such documents. The Administrative Agent shall have no obligation to request the delivery of or to maintain paper copies of the documents referred to above, and in any event shall have no
responsibility to monitor compliance by the Borrower with any such request by a Lender for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents. 

The Borrower hereby acknowledges that (a) the Administrative Agent may, but shall not be obligated to, 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 Debt Domain, IntraLinks, SyndTrak, or another similar electronic
system (the “Platform”) and (b) certain of the Lenders (each, a “Public Lender”) may have personnel who do not wish to receive material non-public information with respect to the
Borrower or its Affiliates, or the respective securities of any of the foregoing, and who may be engaged in investment and other market-related activities with respect to such Persons’ securities. The Borrower hereby agrees that (w) all
Borrower Materials that are to be made available to Public Lenders shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on
the first page thereof; (x) by marking Borrower Materials “PUBLIC,” the Borrower shall be deemed to have authorized the Administrative Agent and the Lenders to treat such Borrower Materials as not containing any
material non-public information with respect to the Borrower or its securities for purposes of United States Federal and state securities laws (provided, however, that to the extent such Borrower Materials constitute Information, they shall
be treated as set forth in Section 10.07); (y) all Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated “Public Side
Information;” and (z) the Administrative Agent shall be entitled to treat any Borrower Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not
designated “Public Side Information.” 

  
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 6.03 Notices. Promptly notify the Administrative Agent
and each Lender: 
 (a) of the occurrence of any Event of Default; 

(b) of (i) any dispute, litigation, investigation, proceeding or suspension between the Borrower or any Subsidiary
and any Governmental Authority or (ii) the commencement of, or any material development in, any litigation or proceeding affecting the Borrower or any Subsidiary, including pursuant to any applicable Environmental Laws, in each case to the
extent permitted by law and to the extent that such matter would reasonably be expected to have a Material Adverse Effect; 
 (c) of the occurrence of any ERISA Event; 
 (d) of any material
change in accounting policies or financial reporting practices by the Borrower or any Subsidiary, other than changes required or provided for pursuant to GAAP or applicable regulations or changes disclosed in reports provided or made available to
the Lenders pursuant to Section 6.01 or 6.02; and 
 (e) of any public
announcement by Moody’s or S&P of any change in a Debt Rating. 
 Each notice pursuant to this Section 6.03 (other
than Section 6.03(e)) shall be accompanied by a statement of a Responsible Officer of the Borrower setting forth details of the occurrence referred to therein and stating what action the Borrower has taken and proposes to take
with respect thereto. Each notice pursuant to Section 6.03(a) shall describe with particularity any and all provisions of this Agreement and any other Loan Document that have been breached. 

6.04 Payment of Obligations. Pay and discharge as the same shall become due and payable, all its
obligations and liabilities, including (a) all tax liabilities, assessments and governmental charges or levies upon it or its properties or assets, unless (i) the same are being contested in good faith by appropriate proceedings diligently
conducted and adequate reserves in accordance with GAAP are being maintained by the Borrower or such Subsidiary or (ii) the failure to do so would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect;
(b) all lawful claims which, if unpaid, would by law become a Lien upon its property, except to the extent that such Lien is permitted hereby or failure to do so would not reasonably be expected to have a Material Adverse Effect; and
(c) all Debt, as and when due and payable, but subject to any subordination provisions contained in any instrument or agreement evidencing such Debt, except to the extent that failure to do so would not reasonably be expected to have a Material
Adverse Effect. 
 6.05 Preservation of Existence, Etc. (a) Preserve, renew and maintain in full force and effect
its legal existence and good standing under the Laws of the jurisdiction of its organization except in a transaction permitted by Section 7.03 or 7. 04 or except to the extent that failure to do so would not
reasonably be expected to have a Material Adverse Effect; (b) take all reasonable action to maintain all rights, privileges, permits, licenses and franchises necessary or desirable in the normal conduct of its business, except to the extent
that failure to do so would not reasonably be expected to have a Material Adverse Effect; and (c) 

  
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preserve or renew all of its registered patents, trademarks, trade names and service marks, the non-preservation of which would reasonably be expected to have a Material Adverse Effect.

 6.06 Maintenance of Properties. In a manner consistent with that used by other Persons engaged in the
same or similar businesses as the Borrower and its Subsidiaries, (a) maintain, preserve and protect all of its material properties and equipment necessary in the operation of its business in good working order and condition, ordinary wear and
tear excepted, except where the failure to do so would not reasonably be expected to have a Material Adverse Effect; and (b) make all necessary repairs thereto and renewals and replacements thereof except where the failure to do so would not
reasonably be expected to have a Material Adverse Effect. 
 6.07 Maintenance of Insurance. Maintain with
financially sound and reputable insurance companies not Affiliates of the Borrower (except any self-insurance to the extent and in any amount consistent with prudent market practice for a same or similar business), insurance with respect to its
properties and business against loss or damage of the kinds customarily insured against by Persons engaged in the same or similar business, of such types and in such amounts as are customarily carried under similar circumstances by such other
Persons, except to the extent that failure to do so would not reasonably be expected to have a Material Adverse Effect. 

6.08 Compliance with Laws. Comply with the requirements of all Laws and all orders, writs, injunctions and decrees
applicable to it or to its business or property, except in such instances in which (a) such requirement of Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently conducted; or
(b) the failure to comply therewith would not reasonably be expected to have a Material Adverse Effect. 
 6.09 Books
and Records. (a) Maintain books of record and account, in accordance with good accounting practices on the basis of GAAP in all material respects; and (b) maintain such books of record and account in material conformity
with all applicable requirements of any Governmental Authority having regulatory jurisdiction over the Borrower or such Subsidiary, as the case may be. 
 6.10 Inspection Rights. Except to the extent prohibited by applicable Law, regulatory policy or regulatory restriction (in the reasonable good faith judgment of the Borrower), no more than
twice a year and at their own expense (unless an Event of Default then exists in which case there shall be no limit so long as the Event of Default exists) permit representatives of the Administrative Agent and each Lender to visit and inspect any
of its properties, to examine its corporate and financial records, and make copies thereof or abstracts therefrom, and to discuss its financial condition, business and corporate affairs with its Responsible Officers, all at such reasonable times
during normal business hours, upon reasonable advance notice to the Borrower; provided, however, that when an Event of Default then exists the Administrative Agent or any Lender (or any of their respective representatives) may do any of the
foregoing at the expense of the Borrower at any time during normal business hours and without advance notice. 

  
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 6.11 Use of Proceeds. Use the proceeds of the Loans (a) to
refinance existing Debt (including intercompany Debt owing by and among the Borrower and its Subsidiaries), (b) to pay fees and expenses and (c) for working capital and other lawful corporate purposes. It is the express intent of the
parties, without limiting the foregoing use of proceeds, that proceeds of the Loans are not to be used to refinance debt of the Borrower in situations where the Borrower is unable to obtain its ordinary course business funding requirements in the
financial markets. 
 Article VII. 
 Negative Covenants 
 So long as any Lender shall have any Commitment
hereunder, any Loan or other Obligation hereunder shall remain unpaid or unsatisfied, the Borrower shall not, nor shall it permit any Subsidiary to, directly or indirectly: 
 7.01 Liens. Create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues, including any of the capital stock of any of its Subsidiaries, whether now owned
or hereafter acquired, other than the following: 
 (a) Liens pursuant to any Loan Document or the Revolving
Credit Agreement; 
 (b) Liens existing on the date hereof securing Non-Operating Debt and listed on
Schedule 7.01; 
 (c) Liens for taxes not yet due or which are being contested in good faith and by
appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP or for which the failure to pay would not reasonably be expected to result in a
Material Adverse Effect; 
 (d) carriers’, warehousemen’s, mechanics’, materialmen’s,
repairmen’s or other like Liens arising in the ordinary course of business which are not overdue for a period of more than 30 days or which are being contested in good faith and by appropriate proceedings diligently conducted, if adequate
reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP; 

(e) pledges or deposits in the ordinary course of business in connection with workers’ compensation, unemployment
insurance and other social security legislation, other than any Lien imposed by ERISA; 
 (f) deposits to secure
the performance of bids, trade contracts and leases (other than Debt), statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business; 

(g) easements, rights-of-way, restrictions and other similar encumbrances affecting real property which, in the aggregate,
are not substantial in amount, and which do not in any case materially detract from the value of the property subject thereto or materially interfere with the ordinary conduct of the business of the applicable Person; 

  
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 (h) Liens incurred in the ordinary course of business that do not secure
Debt; 
 (i) purchase money Liens; 

(j) Liens on cash or securities securing Debt owing to a Federal Reserve Bank or a Federal Home Loan Bank; 

(k) Liens on any property existing prior to the acquisition of such property so long as such Lien was not created in
anticipation of such acquisition and does not attach to any other property; 
 (l) Liens on cash or securities
securing swap contracts entered into in the ordinary course of business and not for speculative purposes; 
 (m)
Liens incurred in the ordinary course of business on deposit, custody and securities accounts; 
 (n) Liens
securing judgments for the payment of money not constituting an Event of Default under Section 8.0l(j); 
 (o) Liens securing Operating Debt arising out of deposits of cash or securities into collateral trusts or reinsurance trusts with ceding companies or insurance regulators or as otherwise entered in the
ordinary course of business; 
 (p) Liens securing Operating Debt on cash or securities incurred in connection
with repurchase, reverse repurchase and securities lending transactions entered into in the ordinary course of business; 
 (q) Liens (not securing Debt) in favor of a Governmental Authority, as contemplated by the rules and regulations issued by a Governmental Authority which the Borrower or any Insurance Subsidiary is
required to comply in order to remain licensed; 
 (r) Liens securing Operating Debt arising under escrows,
trusts, custodianships, separate accounts, funds withheld procedures, and similar deposits, arrangements or agreements established with respect to insurance policies, annuities, guaranteed investment contracts and similar products underwritten by,
or reinsurance agreements entered into by, the Borrower or its Subsidiaries in the ordinary course of business; 

(s) Liens on securitized assets so long as such Liens do not encumber any other property of the Borrower or any of its
Subsidiaries; 
 (t) Liens securing Debt or other obligations owed by (i) the Borrower to any Subsidiary of
the Borrower, (ii) any Subsidiary of the Borrower to the Borrower, or (iii) any Subsidiary of the Borrower to any Subsidiary of the Borrower; 

  
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 (u) other Liens securing Operating Debt incurred in the ordinary course of
business; 
 (v) other Liens securing Non-Operating Debt in an amount that does not exceed $500,000,000 at any
time; and 
 (w) Liens securing the refinancing of any Debt or other obligations secured by a Lien permitted
hereunder so long as such Liens do not attach to any additional property in connection with such refinancing. 
 7.02
Indebtedness. Allow the Subsidiaries of the Borrower to create, incur, assume or suffer to exist any Debt for borrowed money in an aggregate amount in excess of $250,000,000, except: 

(a) Operating Debt; 
 (b) Debt of any Subsidiary of the Borrower owing to the Borrower or a Subsidiary of the Borrower (but including any Debt owing to any other Affiliate of the Borrower); 

(c) Debt of a registered mutual fund or alternative investment vehicle that is only recourse to such fund or vehicle or to
capital commitments made to such fund or vehicle; and 
 (d) So long as the Guaranty has not been released, Debt
for borrowed money of the Guarantor. 
 7.03 Fundamental Changes. Merge, dissolve, liquidate, consolidate
with or into another Person, except that, so long as no Default exists or would result therefrom: 
 (a) any
Subsidiary may merge with (i) the Borrower, provided that the Borrower shall be the continuing or surviving Person, or (ii) any one or more other Subsidiaries or Persons that become Subsidiaries, provided that when any wholly-owned
Subsidiary is merging with another Subsidiary that would not be a wholly-owned Subsidiary, the wholly-owned Subsidiary shall be the continuing or surviving Person; and 

(b) any Subsidiary may sell, transfer or otherwise dispose of all or substantially all of its assets (upon voluntary
liquidation or otherwise) to the Borrower or to another Subsidiary; provided that if the transferor in such a transaction is a wholly-owned Subsidiary, then the transferee must either be the Borrower or a wholly-owned Subsidiary. 

7.04 Asset Sales. Sell, transfer, lease or otherwise dispose of the stock, operations, or business assets of
(a) the Borrower or any of its Subsidiaries in an amount that, individually or in the aggregate, equals or exceeds the sum of (i) 35% of the consolidated assets of the Borrower and its Subsidiaries as of December 31, 2011, plus
(ii) the outstanding and unpaid balance of the Loans at the time of such sale, transfer, lease or other disposition, 

  
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or (b) an Insurance Subsidiary if the statutory surplus of such Insurance Subsidiary equals or exceeds (i) 35% of the consolidated or combined statutory surplus of all Insurance
Subsidiaries of the Borrower as of December 31, 2011, plus (ii) the outstanding and unpaid balance of the Loans at the time of such sale, transfer, lease or other disposition; provided that the 35% contained in clauses
(a)(i) and (b)(i) above shall be increased to 50% if, within three (3) Business Days of the actual receipt of the Net Cash Proceeds from any sale, transfer, lease or other disposition of the stock, operations, or business
assets of the Borrower or any of its Subsidiaries, the Borrower applies such Net Cash Proceeds for the following purposes and in the following order of priority: first, to prepay the Loans (such prepayment to be applied in accordance with
Section 2.03(d)) and second, to reduce the commitments under and as required by Section 7.04 of the Revolving Credit Agreement. Notwithstanding the foregoing, any sale, transfer, lease or other
disposition by any Insurance Subsidiary, in which the Net Cash Proceeds, if any, thereof are retained by such Insurance Subsidiary, shall not be deemed to be a sale, transfer, lease or other disposition for purposes of this Section
7.04. 
 7.05 Restricted Payments. Declare or make, directly or indirectly, any Restricted
Payment, or incur any obligation to do so, if an Event of Default shall have occurred and be continuing or would result therefrom; provided that following the capital stock of the Borrower (or any direct or indirect holding company of the
Borrower, all or substantially all the assets of which consist of the Borrower and its Subsidiaries) being sold in an initial public offering or the Borrower (or any direct or indirect holding company of the Borrower, all or substantially all the
assets of which consist of the Borrower and its Subsidiaries) becoming subject to the reporting requirements of the Securities Exchange Act of 1934 pursuant to Sections 12(b), 12(g) or 15(d) of the Securities Exchange Act of
1934 (excluding becoming subject to the reporting requirements of the Securities Exchange Act of 1934 solely due to the issuance of debt securities), the payment of any dividend or distribution shall be permitted within 90 days of the date of
declaration, if at the date of declaration of such payment no Event of Default shall have occurred and be continuing. 
 7.06
Arrangements to Restrict Payments. Permit any Operating Subsidiary to enter into any consensual arrangement that limits such Operating Subsidiary’s ability to make dividend payments or other distributions or otherwise transfer
assets to the Borrower, except (a) any such arrangement entered into prior to the date of this Agreement and described on Schedule 7.06, (b) any such arrangement entered into by an Operating Subsidiary
with a Governmental Authority having jurisdiction over such Operating Subsidiary; (c) any such usual and customary arrangement entered into by a joint venture in which such Operating Subsidiary is a joint venturer; and (d) any such
arrangement restricting any mutual fund or investment fund managed or advised by such Operating Subsidiary. 
 7.07
Transactions with Affiliates. Enter into any transaction of any kind with any Affiliate of the Borrower, whether or not in the ordinary course of business, other than on terms substantially as favorable to the Borrower or such
Subsidiary as would be obtainable by the Borrower or such Subsidiary at the time in a comparable arm’s length transaction with a Person other than an Affiliate. Notwithstanding the foregoing, the General Guarantee Agreement shall be permitted
hereunder. 

  
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 7.08 Use of Proceeds. Use the proceeds of the Loans, whether directly
or indirectly, and whether immediately, incidentally or ultimately, to purchase or carry margin stock (within the meaning of Regulation U or Regulation X of the FRB) or to extend credit to others for the purpose of purchasing or carrying
margin stock or to refund Debt originally incurred for such purpose. 
 7.09 Financial Covenants. 

(a) Net Worth. Permit Net Worth at any time to be less than the sum of (i) $7,319,175,000, (ii) an
amount equal to 75% of any increase in Net Worth after the date hereof by reason of any conversion of debt securities of the Borrower into common stock or other ownership interests of the Borrower, (iii) an amount equal to 50% of any increase
in Net Worth of the Borrower and its Subsidiaries after December 31, 2011 by reason of the issuance and sale of common stock or other ownership interests of the Borrower or any Subsidiary, and (iv) an amount equal to 50% of the Net Income
earned in each full fiscal quarter ending after December 31, 2011 (with no deduction for a net loss in any such fiscal quarter). 
 (b) Debt to Capital Ratio. Permit the ratio of the total amount of Debt of the Borrower and its Subsidiaries to the amount of Total Capitalization of the Borrower and its Subsidiaries to be
greater than 35% as to the last day of any fiscal quarter. 
 (c) Minimum Continuing Liquidity.
Permit Continuing Liquidity at any time to be less than $500,000,000; provided that, if, at any time, (i) the Obligations have been repaid in full, and (ii) either (A) the Borrower has a Debt Rating of at least BBB- from
S&P and at least Baa3 from Moody’s (and if the rating is BBB- from S&P or Baa3 from Moody’s, neither is on negative watch) or (B)(l) there are no outstanding loans under the Committed Loan Sublimit (as defined in the Revolving
Credit Agreement) outstanding and no commercial paper outstanding that is backstopped by the Committed Loan Sublimit (as defined in the Revolving Credit Agreement), (2) there is no Debt for borrowed money outstanding and owing by the Borrower
to any of its Subsidiaries, and (3) any Debt for borrowed money owing by the Borrower to ING Verzekeringen N.V. or any of its other Affiliates does not exceed the amount of any such Debt on the Closing Date (after giving effect to the
Borrowings made on the Closing Date and the use of the proceeds thereof), then this Section 7.09(c) shall terminate and be of no further force or effect. 
 Article VIII. 
 Events of Default and Remedies 

8.01 Events of Default. Any of the following shall constitute an Event of Default: 

(a) Non-Payment. The Borrower fails to pay (i) when and as required to be paid herein, any amount of
principal of any Loan or (ii) within three days after the same becomes due, any interest on any Loan, any fee due hereunder or any other amount payable hereunder or under any other Loan Document; or 

  
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 (b) Specific Covenants. The Borrower fails to perform or
observe any term, covenant or agreement contained in any of Section 6.03(a) or 6.05 (as to the Borrower) or Article VII; or 

(c) Other Defaults. The Borrower fails to perform or observe any other covenant or agreement (not specified
in subsection (a) or (b) above) contained in any Loan Document on its part to be performed or observed and such failure continues for 30 days after notice thereof from the Administrative Agent; or

 (d) Representations and Warranties. Any representation, warranty, certification or statement of
fact made or deemed made by or on behalf of the Borrower herein, in any other Loan Document, or in any document delivered in connection herewith or therewith shall be incorrect (or incorrect in any material respect if such representation or warranty
is not qualified by materiality or Material Adverse Effect) when made or deemed made; provided that any restatement of the Audited Financial Statements pursuant to financial statements delivered pursuant to Section 6.01
shall not cause any representation or warranty set forth in Section 5.05(a) to be incorrect at the time made unless such restatement is material and adverse to the Lenders; or 

(e) Cross-Default. (i) The Borrower or any Subsidiary (A) fails to make any payment when due
(whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise) in respect of any Debt or Guarantee (other than with respect to (I) the Obligations, (II) Debt under Swap Contracts, (III) a downgrade of Debt Ratings
under the Collateral Note Facility, and (IV) Operating Debt which is recourse only to a Subsidiary of the Borrower which is a special purpose life insurance captive vehicle) having an aggregate principal amount (including undrawn committed or
available amounts and including amounts owing to all creditors under any combined or syndicated credit arrangement) exceeding the Threshold Amount, or (B) fails to observe or perform any other agreement or condition relating to any Debt or
Guarantee or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event occurs, the effect of which default or other event is to cause, or to permit the holder or holders of such Debt or the beneficiary or
beneficiaries of such Guarantee (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause, with the giving of notice if required, such Debt to be demanded or to become due or to be repurchased, prepaid,
defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such Debt to be made, prior to its stated maturity, or such Guarantee to become payable or cash collateral in respect thereof to be demanded, if
the aggregate principal amount of such Debt or Guarantee exceeds the Threshold Amount; or (ii) the Borrower or any Subsidiary fails to make when due one or more required payments under one or more Swap Contracts (whether as a result of the
occurrence of an Early Termination Date (as defined in such Swap Contract) or otherwise) in an aggregate amount exceeding the Threshold Amount, and, in the case of any failure or default described in this Section 8.01(e), such
failure or default has not been cured by the Borrower or its Subsidiaries or waived prior to the exercising of any remedies pursuant to Section 8.02; or 

  
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 (f) Collateral Note Facility. There occurs a downgrade of Debt
Ratings, which causes the Collateral Note Facility to be due within 120 days of such downgrade and the Borrower fails to refinance the Collateral Note Facility within 110 days of such acceleration of the Collateral Note Facility, it being
understood that such refinancing of the Collateral Note Facility may, subject to the terms and conditions thereof, be effected through the issuance of one or more letters of credit under the Revolving Credit Agreement; or 

(g) Revolving Credit Agreement. The occurrence of an Event of Default (as defined therein) under the
Revolving Credit Agreement. 
 (h) Insolvency Proceedings, Etc. The Borrower or any Subsidiary
institutes or consents to the institution of any proceeding under any Debtor Relief Law, or makes an assignment for the benefit of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator,
rehabilitator or similar officer for it or for all or any material part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed without the application or consent of such Person
and the appointment continues undischarged or unstayed for 60 calendar days; or any proceeding under any Debtor Relief Law relating to any such Person or to all or any material part of its property is instituted without the consent of such
Person and continues undismissed or unstayed for 60 calendar days, or an order for relief is entered in any such proceeding; or 
 (i) Inability to Pay Debts; Attachment. (i) The Borrower or the Guarantor becomes unable or admits in writing its inability or fails generally to pay its debts as they become due, or
(ii) any writ or warrant of attachment or execution or similar process is issued or levied against all or any material part of the property of any such Person and is not released, vacated or fully bonded within 30 days after its issue or
levy; or 
 (j) Judgments. There is entered against the Borrower or any Subsidiary (i) one or
more non-appealable final judgments or orders by a court of competent jurisdiction for the payment of money in an aggregate amount (as to all such judgments or orders) exceeding the Threshold Amount (to the extent not covered by independent
third-party insurance as to which the insurer does not dispute coverage), or (ii) any one or more non-monetary final judgments by a court of competent jurisdiction that have, or would reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect and, in either case, (A) enforcement proceedings are commenced by any creditor upon such judgment or order, or (B) such judgment or order is not paid within 60 days or there is a period of
30 consecutive days during which a stay of enforcement of such judgment, by reason of a pending appeal or otherwise, is not in effect; or 
 (k) ERISA. (i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan which has resulted or could reasonably be expected to result in liability of the Borrower under
Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount in excess of the Threshold Amount, or (ii) the Borrower or any ERISA Affiliate fails to pay when due, after the expiration of

  
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any applicable grace period, any installment payment with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan in an aggregate amount in excess
of the Threshold Amount; or 
 (l) Invalidity of Loan Documents. Any Loan Document, at any time
after its execution and delivery and for any reason other than as expressly permitted hereunder or thereunder or satisfaction in full of all the Obligations, ceases to be in full force and effect; or the Borrower, the Guarantor or any other Person
contests in any manner the validity or enforceability of any Loan Document; or the Borrower or the Guarantor denies that it has any or further liability or obligation under any Loan Document, or purports to revoke, terminate or rescind any Loan
Document; or 
 (m) Change of Control. There occurs any Change of Control. 

8.02 Remedies Upon Event of Default. If any Event of Default occurs and is continuing, the Administrative Agent
shall, at the request of, or may, with the consent of, the Required Lenders, take any or all of the following actions: 
 (a) declare any existing Commitment of each Lender to make Loans to be terminated, whereupon such Commitments shall be terminated; 

(b) declare the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other
amounts owing or payable hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; and 

(c) exercise on behalf of itself, the Lenders all rights and remedies available to it and the Lenders under the Loan
Documents; 
 provided, however, that upon the occurrence of an actual or deemed entry of an order for relief with respect to the
Borrower under the Bankruptcy Code of the United States, the unpaid principal amount of all outstanding Loans and all interest and other amounts as aforesaid shall automatically become due and payable, without further act of the Administrative Agent
or any Lender. 
 8.03 Application of Funds. After the exercise of remedies provided for in
Section 8.02 (or after the Loans have automatically become immediately due and payable as set forth in the proviso to Section 8.02), any amounts received on account of the Obligations shall, subject to the
provisions of Section 2.12, be applied by the Administrative Agent in the following order: 
 First,
to payment of that portion of the Obligations constituting fees, indemnities and expenses (including fees, charges and disbursements of counsel to the Administrative Agent and amounts payable under Article III) payable to the
Administrative Agent in its capacity as such; 
 Second, to payment of that portion of the Obligations constituting fees,
indemnities and other amounts (other than principal and interest) payable to the Lenders (including fees, 

  
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charges and disbursements of counsel to the respective Lenders and amounts payable under Article III), ratably among them in proportion to the respective amounts described in this
clause Second payable to them; 
 Third, to payment of that portion of the Obligations constituting
interest on the Loans and other Obligations, ratably among the Lenders in proportion to the respective amounts described in this clause Third payable to them; 
 Fourth, to payment of that portion of the Obligations constituting unpaid principal of the Loans, ratably among the Lenders in proportion to the respective amounts described in this clause
Fourth held by them; and 
 Last, the balance, if any, after all of the Obligations have been indefeasibly paid
in full, to the Borrower or as otherwise required by Law. 
 Article IX. 

Administrative Agent 
 9.01 Appointment and Authority. Each of the Lenders hereby irrevocably appoints Bank of America to act on its behalf as the Administrative Agent hereunder and under the other Loan
Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with such actions and powers as are reasonably
incidental thereto. The provisions of this Article IX are solely for the benefit of the Administrative Agent and the Lenders, and neither the Borrower nor the Guarantor shall have rights as a third party beneficiary of any of such
provisions. It is understood and agreed that the use of the term “agent” herein or in any other Loan Documents (or any other similar term) with reference to the Administrative Agent is not intended to connote any fiduciary or other implied
(or express) obligations arising under agency doctrine of any applicable Law. Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrative relationship between contracting parties. 

9.02 Rights as a Lender. The Person serving as the Administrative Agent hereunder shall have the same rights and
powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly
indicated or unless the context otherwise requires, include the Person serving as the Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, act as the financial advisor or
in any other advisory capacity for and generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent hereunder and without any duty to account therefor to
the Lenders. 
 9.03 Exculpatory Provisions. The Administrative Agent shall not have any duties or
obligations except those expressly set forth herein and in the other Loan Documents, and its duties hereunder shall be administrative in nature. Without limiting the generality of the foregoing, the Administrative Agent: 

(a) shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is
continuing; 

  
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 (b) shall not have any duty to take any discretionary action or exercise any
discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed in writing by the Required Lenders (or such other number or
percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents), provided that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may
expose the Administrative Agent to liability or that is contrary to any Loan Document or applicable law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any Debtor Relief Law or that may effect a
forfeiture, modification or termination of property of a Defaulting Lender in violation of any Debtor Relief Law; and 
 (c) shall not, except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the
Borrower or any of its Affiliates that is communicated to or obtained by the Person serving as the Administrative Agent or any of its Affiliates in any capacity. 
 The Administrative Agent shall not be liable for any action taken or not taken by it (i) with the consent 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 shall be necessary, under the circumstances as provided in Sections 10.01 and 8.02) or (ii) in the absence of its own gross negligence
or willful misconduct as determined by a court of competent jurisdiction by final and nonappealable judgment. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until notice describing such Default is given in
writing to the Administrative Agent by the Borrower or a Lender. 
 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 this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered
hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the
validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in Article IV or elsewhere herein,
other than to confirm receipt of items expressly required to be delivered to the Administrative Agent. 
 9.04 Reliance by
Administrative Agent. The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing
(including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. The Administrative

  
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Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon. In
determining compliance with any condition hereunder to the making of a Loan that by its terms must be fulfilled to the satisfaction of a Lender, the Administrative Agent may presume that such condition is satisfactory to such Lender unless the
Administrative Agent shall have received notice to the contrary from such Lender prior to the making of such Loan. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other
experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 
 9.05 Delegation of Duties. The Administrative Agent may perform any and all 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 and all of its duties and exercise its rights and powers by or 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 in connection with the syndication
of the credit facilities provided for herein as well as activities as Administrative Agent. The Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agents except to the extent that a court of competent
jurisdiction determines in a final and non appealable judgment that the Administrative Agent acted with bad faith, gross negligence or willful misconduct in the selection of such sub-agents. 

9.06 Resignation of Administrative Agent. 
 (a) The Administrative Agent may at any time give notice of its resignation to the Lenders and the Borrower. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, in
consultation with the Borrower, to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States, subject to the acceptance of such appointment by such successor.
If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation (or such earlier day as shall be agreed by
the Required Lenders) (the “Resignation Effective Date”), then the retiring Administrative Agent may (but shall not be obligated to) on behalf of the Lenders, appoint a successor Administrative Agent meeting the
qualifications set forth above, subject to the acceptance of such appointment by such successor. Whether or not a successor has been appointed, such resignation shall become effective in accordance with such notice on the Resignation Effective Date.

 (b) If the Person serving as Administrative Agent is a Defaulting Lender pursuant to clause
(d) of the definition thereof, the Required Lenders may, to the extent permitted by applicable law, by notice in writing to the Borrower and such Person remove such Person as Administrative Agent and, in consultation with the Borrower,
appoint a successor. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days (or such earlier day 

  
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as shall be agreed by the Required Lenders) (the “Removal Effective Date”), then such removal shall nonetheless become effective in accordance with such notice on the
Removal Effective Date. 
 (c) With effect from the Resignation Effective Date or the Removal Effective Date (as
applicable) (i) the retiring or removed Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents and (ii) except for any indemnity payments or other amounts then owed to the
retiring or removed Administrative Agent, all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender directly, until such time, if any, as the Required
Lenders appoint a successor Administrative Agent as provided for above. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers,
privileges and duties of the retiring (or removed) Administrative Agent (other than as provided in Section 3.01(g) and other than any rights to indemnity payments or other amounts owed to the retiring or removed Administrative
Agent as of the Resignation Effective Date or the Removal Effective Date, as applicable), and the retiring or removed Administrative Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not
already discharged therefrom as provided above in this Section). The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the
Borrower and such successor. After the retiring or removed Administrative Agent’s resignation or removal hereunder and under the other Loan Documents, the provisions of this Article and Section 10.04 shall continue in effect for the
benefit of such retiring or removed 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 or removed Administrative Agent was acting as
Administrative Agent. 
 9.07 Non-Reliance on Administrative Agent and Other Lenders. Each Lender
acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and
decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information 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.

 9.08 No Other Duties, Etc. Anything herein to the contrary notwithstanding, none of the Arrangers, Book Managers,
Syndication Agents or Documentation Agents listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent
or a Lender hereunder. 

  
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 9.09 Administrative Agent May File Proofs of Claim. In case of the
pendency of any proceeding under any Debtor Relief Law or any other judicial proceeding relative to the Borrower or the Guarantor, the Administrative Agent (irrespective of whether the principal of any Loan 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, by intervention in such proceeding or otherwise 

(a) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans
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 and the Administrative Agent (including any claim for the reasonable compensation,
expenses, disbursements and advances of the Lenders and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders and the Administrative Agent under Sections 2.07 and 10.04)
allowed in such judicial proceeding; and 
 (b) 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 judicial proceeding is hereby authorized by each Lender 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, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative
Agent under Sections 2.07 and 10.04. 
 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 any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender to authorize the Administrative Agent
to vote in respect of the claim of any Lender in any such proceeding. 
 9.10 Release of Guaranty. Provided
that no Event of Default then exists, the Lenders, irrevocably authorize the Administrative Agent, at the request of the Borrower, to release (and the Administrative Agent shall release) the Guarantor from its obligations under the Guaranty if at
the time of such release (including as the result of a payment made concurrently with such release), the Debt for borrowed money of Subsidiaries of the Borrower (other than (a) Operating Debt and other Debt of any Subsidiary of the Borrower
owing to the Borrower or a Subsidiary of the Borrower (but including any Debt owing to any other Affiliate of the Borrower) and (b) Debt of a registered mutual fund or alternative investment vehicle that is only recourse to such fund or vehicle
or to capital commitments made to such fund or vehicle) does not exceed an aggregate amount equal to $250,000,000. 

  
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 Article X. 
 Miscellaneous 
 10.01 Amendments, Etc. No amendment or waiver of any
provision of this Agreement or any other Loan Document, and no consent to any departure by the Borrower or the Guarantor therefrom, shall be effective unless in writing signed by the Required Lenders and the Borrower or the Guarantor, as the case
may be, and acknowledged by the Administrative Agent, and each such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided, however, that no such amendment, waiver or consent
shall: 
 (a) waive any condition set forth in Section 4.01 without the written consent of
each Lender; 
 (b) extend or increase the Commitment of any Lender (or reinstate any Commitment terminated
pursuant to Section 8.02) without the written consent of such Lender; 
 (c) postpone any date
fixed by this Agreement or any other Loan Document for any payment or mandatory prepayment of principal, interest, fees or other amounts due to the Lenders (or any of them) or any scheduled or mandatory reduction of the Aggregate Commitments
hereunder or under any other Loan Document without the written consent of each Lender directly affected thereby; 

(d) reduce the principal of, or the rate of interest specified herein on, any Loan, or (subject to clause
(ii) of the second proviso to this Section 10.01) any fees or other amounts payable hereunder or under any other Loan Document without the written consent of each Lender directly affected thereby; provided,
however, that only the consent of the Required Lenders shall be required to amend the definition of “Default Rate” or to waive any obligation of the Borrower to pay interest at the Default Rate: 

(e) change Section 8.03 or any other provision of this Agreement in a manner that would alter the pro
rata sharing of payments required thereby without the written consent of each Lender; 
 (f) change any provision
of this Section or the definition of “Required Lenders” or any other provision hereof specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make any
determination or grant any consent hereunder, without the written consent of each Lender; or 
 (g) release the
Guaranty except in accordance with Section 9.10, without the written consent of each Lender. 
 and, provided further,
that (i) no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent in addition to the Lenders required above, affect the rights or duties of the Administrative Agent under this Agreement or any other
Loan Document; and (ii) the Fee Letters may be amended, or rights or privileges thereunder waived, in a writing 

  
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executed only by the parties thereto. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent
hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (x) the
Commitment of any Defaulting Lender may not be increased or extended without the consent of such Lender and (y) any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that by its terms affects any
Defaulting Lender disproportionately adversely relative to other affected Lenders shall require the consent of such Defaulting Lender. 
 10.02 Notices; Effectiveness; Electronic Communication. 

(a) Notices Generally. Except in the case of notices and other communications expressly permitted to be given by
telephone (and except as provided in subsection (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 or sent by facsimile as follows, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows: 

(i) if to the Borrower or the Administrative Agent, to the address, facsimile number, electronic mail address or telephone
number specified for such Person on Schedule 10.02; and 
 (ii) if to any other Lender, to the
address, facsimile number, electronic mail address or telephone number specified in its Administrative Questionnaire (including, as appropriate, notices delivered solely to the Person designated by a Lender on its Administrative Questionnaire then
in effect for the delivery of notices that may contain material non-public information relating to the Borrower). 
 Notices and other
communications sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices and other communications 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 and other communications delivered through electronic
communications to the extent provided in subsection (b) below, shall be effective as provided in such subsection (b). 
 (b) Electronic Communications. Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet
websites) pursuant to procedures approved by the Administrative Agent, provided that the foregoing shall not apply to notices to any Lender pursuant to Article II if such Lender has notified the Administrative Agent that it is
incapable of receiving notices under such Article by electronic communication. The Administrative Agent or the Borrower may each, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications
pursuant to procedures approved by it, provided that approval of such procedures may be limited to particular notices or communications. 

  
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 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 therefore; provided that, for both clauses (i) and (ii), if such
notice, email or other communication is not sent during the normal business hours of the recipient, such notice, email or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient.

 (c) The Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS
AVAILABLE.” THE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER
MATERIALS. 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 ANY
AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall the Administrative Agent or any Agent-Related Person (collectively, the “Agent Parties”) have any liability to the Borrower, any Lender
or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of the Borrower’s, the Guarantor’s or the Administrative Agent’s transmission of Borrower
Materials through the Internet. 
 (d) Change of Address, Etc. Each of the Borrower and the Administrative
Agent, may change its address, facsimile or telephone number for notices and other communications hereunder by notice to the other parties hereto. Each other Lender may change its address, facsimile or telephone number for notices and other
communications hereunder by notice to the Borrower and the Administrative Agent. In addition, each Lender agrees to notify the Administrative Agent from time to time to ensure that the Administrative Agent has on record (i) an effective
address, contact name, telephone number, facsimile number and electronic mail address to which notices and other communications may be sent and (ii) accurate wire instructions for such Lender. Furthermore, each Public Lender agrees to cause at
least one individual at or on behalf of such Public Lender to at all times have selected the “Private Side Information” or similar designation on the content declaration screen of the Platform in order to enable such Public
Lender or its delegate, in accordance with such Public Lender’s compliance procedures and applicable Law, including United States Federal and state securities Laws, to make reference to Borrower Materials that are not made available through

  
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the “Public Side Information” portion of the Platform and that may contain material non-public information with respect to the Borrower or its securities for purposes of
United States Federal or state securities laws. 
 (e) Reliance by Administrative Agent and Lenders. The
Administrative Agent and the Lenders shall be entitled to rely and act upon any notices (including telephonic or electronic Loan Notices) purportedly given by or on behalf of the Borrower even if (i) such notices were not made in a manner
specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. The Borrower shall indemnify the
Administrative Agent and the Lenders and the Related Parties of each of them from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of the Borrower. All telephonic
notices to and other telephonic communications with the Administrative Agent may be recorded by the Administrative Agent, and each of the parties hereto hereby consents to such recording. 

10.03 No Waiver; Cumulative Remedies; Enforcement. No failure by any Lender or the Administrative Agent to exercise, and no delay
by any such Person in exercising, any right, remedy, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder or under any other Loan Document
preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided, and provided under each other Loan Document, are cumulative and not exclusive
of any rights, remedies, powers and privileges provided by law. 
 Notwithstanding anything to the contrary contained herein or
in any other Loan Document, the authority to enforce rights and remedies hereunder and under the other Loan Documents against the Borrower or the Guarantor shall be vested exclusively in, and all actions and proceedings at law in connection with
such enforcement shall be instituted and maintained exclusively by, the Administrative Agent in accordance with Section 8.02 for the benefit of all the Lenders; provided, however, that the foregoing shall not prohibit
(a) the Administrative Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as Administrative Agent) hereunder and under the other Loan Documents, (b) any Lender from exercising
setoff rights in accordance with Section 10.08 (subject to the terms of Section 2.11), or (c) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency
of a proceeding relative to the Borrower or the Guarantor under any Debtor Relief Law; and provided, further, that if at any time there is no Person acting as Administrative Agent hereunder and under the other Loan Documents, then
(i) the Required Lenders shall have the rights otherwise ascribed to the Administrative Agent pursuant to Section 8.02 and (ii) in addition to the matters set forth in clauses (b),
(c) and (d) of the preceding proviso and subject to Section 2.11, any Lender may, with the consent of the Required Lenders, enforce any rights and remedies available to it and as authorized by
the Required Lenders. 

  
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 10.04 Expenses; Indemnity; Damage Waiver. 

(a) Costs and Expenses. The Borrower shall pay (i) all reasonable and documented out-of-pocket expenses
incurred by the Administrative Agent and the Agent-Related Persons (including the reasonable fees, charges and disbursements of counsel for the Administrative Agent), in connection with the syndication of the credit facilities provided for herein,
the preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby
or thereby shall be consummated) and (ii) all out-of-pocket expenses incurred by the Administrative Agent or any Lender (including the fees, charges and disbursements of any counsel for the Administrative Agent or any Lender), in connection
with the enforcement or protection of its rights (A) in connection with this Agreement and the other Loan Documents, including its rights under this Section, or (B) in connection with the Loans made hereunder, including all
such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans. 

(b) Indemnification by the Borrower. The Borrower shall indemnify the Administrative Agent (and any sub-agent
thereof), 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 from, any and all losses, claims, damages, liabilities
and related expenses (including the fees, charges and disbursements of one firm of primary counsel for the Administrative Agent and one firm of primary counsel for the other Indemnitees, unless such other Indemnitees cannot be represented by one
primary firm due to conflicts of interest, in which case the other Indemnitees shall be indemnified from and against and reimbursed for the reasonable and documented fees, disbursements and other charges of such number of other counsel as are
necessary in light of such conflicts of interest), incurred by any Indemnitee or asserted against any Indemnitee by any third party or by the Borrower arising out of, in connection with, or as a result of (i) the execution or delivery of this
Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder, the consummation of the transactions contemplated hereby
or thereby, or, in the case of the Administrative Agent (and any sub-agent thereof) and its Related Parties only, the administration of this Agreement and the other Loan Documents (including in respect of any matters addressed in
Section 3.01), (ii) any Loan or the use or proposed use of the proceeds therefrom, or (iii) any other claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or
any other theory, whether brought by a third party or by the Borrower, and regardless of whether any Indemnitee is a party thereto, IN ALL CASES, WHETHER OR NOT CAUSED BY OR ARISING, IN WHOLE OR IN PART, OUT OF THE COMPARATIVE, CONTRIBUTORY OR
SOLE NEGLIGENCE OF THE INDEMNITEE; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (x) are determined by a court of competent
jurisdiction by final and nonappealable judgment to have resulte from the bad faith, gross negligence or willful misconduct of such Indemnitee, (y) result from a 

  
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claim brought by the Borrower against an Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document, if the Borrower has obtained a final
and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction or (z) any action, claim, litigation or proceeding solely among the Indemnified Parties so long as such action, claim, litigation or
proceeding is not attributable to any act or omission by the Borrower. Without limiting the provisions of Section 3.01(c), this Section 10.04(b) shall not apply with respect to Taxes other than any Taxes that
represent losses, claims, damages, etc. arising from any non-Tax claim. 
 (c) Reimbursement by Lenders.
To the extent that the Borrower for any reason fails to indefeasibly pay any amount required under subsection (a) or (b) of this Section to be paid by it to the Administrative Agent (or any
sub-agent thereof) or any Related Party of any of the foregoing (but without limiting the obligation of the Borrower under such subsection), each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent) or such Related
Party, as the case may be, such Lender’s pro rata share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought based on each Lender’s Applicable Percentage at such time) of such unpaid amount
(including any such unpaid amount in respect of a claim asserted by such Lender), provided, further 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 any such sub-agent), in its capacity as such, or against any Related Party of any of the foregoing acting for the Administrative Agent (or any such sub-agent) in connection with such capacity. The
obligations of the Lenders under this subsection (c) are subject to the provisions of Section 2.10(d). 
 (d) Waiver of Consequential Damages, Etc. To the fullest extent permitted by applicable law, the Borrower shall not assert, and hereby waives, and acknowledges that no other Person shall have, any
claim against any Indemnitee, 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, any other Loan
Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or the use of the proceeds thereof. No Indemnitee referred to in subsection (b) above shall be liable for any
damages arising from the use by unintended recipients of any information or other materials distributed to such unintended recipients by such Indemnitee through telecommunications, electronic or other information transmission systems in connection
with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby other than for direct or actual damages resulting from the gross negligence or willful misconduct of such Indemnitee as determined by a final and
nonappealable judgment of a court of competent jurisdiction. 
 (e) Payments. All amounts due under this
Section shall be payable not later than ten Business Days after demand therefor. 

  
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 (f) Survival. The agreements in this Section and the
indemnity provisions of Section 10.02(e) shall survive the resignation of the Administrative Agent, the replacement of any Lender, and the repayment, satisfaction or discharge of all the other Obligations. 

10.05 Payments Set Aside. To the extent that any payment by or on behalf of the Borrower is made to the Administrative Agent or
any Lender, or the Administrative Agent or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required
(including pursuant to any settlement entered into by the Administrative Agent or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then
(a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred, and
(b) each Lender severally agrees to pay to the Administrative Agent upon demand its applicable share (without duplication) of any amount so recovered from or repaid by the Administrative Agent, plus interest thereon from the date of such demand
to the date such payment is made at a rate per annum equal to the Federal Funds Rate from time to time in effect. The obligations of the Lenders under clause (b) of the preceding sentence shall survive the payment in full of the
Obligations and the termination of this Agreement. 
 10.06 Successors and Assigns. 

(a) Successors and Assigns Generally. 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, except that the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the
Administrative Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions of subsection (b) of this
Section, (ii) by way of participation in accordance with the provisions of subsection (d) of this Section, or (iii) by way of pledge or assignment of a security interest subject to the
restrictions of subsection (f) of this Section (and any other attempted assignment or transfer by any party hereto shall be null and void). 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, Participants to the extent provided in subsection (d) of this Section and, to the extent expressly
contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

  
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 (b) Assignments by Lenders. Any Lender may at any time 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 and the Loans at the time owing to it); provided that any such assignment shall be subject to the following
conditions: 
 (i) Minimum Amounts. 

(A) in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and the Loans
at the time owing to it or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and 
 (B) in any case not described in subsection (b)(i)(A) of this Section, the aggregate amount of the Commitment or, if the Commitment is not then in effect, the principal
outstanding balance of the Loans of the assigning Lender subject to each such assignment, determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent or, if “Trade
Date” is specified in the Assignment and Assumption, as of the Trade Date, shall not be less than $5,000,000 unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower
otherwise consents (each such consent not to be unreasonably withheld or delayed). 
 (ii) Proportionate
Amounts. 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 with respect to the Loans or the Commitment assigned; 

(iii) Required Consents. No consent shall be required for any assignment except to the extent required by
subsection (b)(i)(B) of this Section and, in addition: 
 (A) the consent of the
Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless (1) an Event of Default has occurred and is continuing at the time of such assignment or (2) such assignment is to a Lender, an Affiliate of a
Lender or an Approved Fund; 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 five (5) Business Days after having
received notice thereof; and 
 (B) the consent of the Administrative Agent (such consent not to be unreasonably
withheld or delayed) shall be required if such assignment is to a Person that is not a Lender, an Affiliate of such Lender or an Approved Fund with respect to such Lender. 

(iv) Assignment and Assumption. The parties to each assignment shall execute and deliver to the Administrative
Agent an Assignment and Assumption, together with a processing and recordation fee in the amount of $3,500; provided, however, that the Administrative Agent may, in its sole 

  
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discretion, elect to waive such processing and recordation fee in the case of any assignment. The assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative
Questionnaire. 
 (v) No Assignment to Certain Persons. No such assignment shall be made (A) to the
Borrower or any of the Borrower’s Subsidiaries, or (B) to any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder, would constitute any of the foregoing Persons described in this clause
(B), or (C) to a natural person. 
 (vi) Certain Additional Payments. In connection with any
assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional
payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions,
including funding, with the consent of the Borrower and the Administrative Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby
irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent or any Lender hereunder (and interest accrued thereon) and (y) acquire (and fund as appropriate)
its full pro rata share of all Loans in accordance with its Applicable Percentage. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under applicable
Law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs. 

Subject to acceptance and recording thereof by the Administrative Agent pursuant to subsection (c) of this Section, from
and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement 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 3.01, 3.04,
3.05, and 10.04 with respect to facts and circumstances occurring prior to the effective date of such assignment; provided, that except to the extent otherwise expressly agreed by the affected parties, no
assignment by a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. Upon request, the Borrower (at its expense) shall execute and deliver a Note
to the assignee Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this subsection 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 subsection (d) of this Section. 

  
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 (c) Register. The Administrative Agent, acting solely for this
purpose as an agent of the Borrower (and such agency being solely for tax purposes), shall maintain at the Administrative Agent’s Office a copy of each Assignment and Assumption delivered to it (or the equivalent thereof in electronic form) and
a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts (and stated interest) of the Loans 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 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. The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 

(d) Participations. Any Lender may at any time, without the consent of, or notice to, the Borrower or the
Administrative Agent, sell participations to any Person (other than a natural person, a Defaulting Lender or the Borrower or any of the Borrower’s Affiliates or Subsidiaries) (each, a “Participant”) 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 (i) such Lender’s obligations under this Agreement shall remain
unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrower, the Administrative Agent and the Lenders shall continue to deal solely and directly
with such Lender in connection with such Lender’s rights and obligations under this Agreement. For the avoidance of doubt, each Lender shall be responsible for the indemnity under Section 10.04(c) without regard to the
existence of any participation. 
 Any agreement or instrument pursuant to which a Lender sells such a participation shall
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, waiver or other modification described in the first proviso to Section 10.01 that affects such Participant. The Borrower agrees that each Participant shall
be entitled to the benefits of Sections 3.01, 3.04 and 3.05 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to subsection (b) of this
Section (it being understood that the documentation required under Section 3.01(e) shall be delivered to the Lender who sells the participation) to the same extent as if it were a Lender and had acquired its interest
by assignment pursuant to subsection (b) of this Section; provided that such Participant (A) agrees to be subject to the provisions of Sections 3.06 and 10.13 as if it were an
assignee under subsection (b) of this Section and (B) shall not be entitled to receive any greater payment under Sections 3.01 or 3.04, with respect to any participation, than the
Lender from whom it acquired the applicable participation would have been entitled to receive, 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. 

  
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Each Lender that sells a participation agrees, at the Borrower’s request and expense, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions of
Section 3.06 with respect to any Participant. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 10.08 as though it were a Lender; provided that such
Participant agrees to be subject to Section 2.11 as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary 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 Loans or other obligations under the Loan Documents (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 under any Loan Document) 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. 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. 
 (e) Limitations upon Participant Rights. A Participant shall not be
entitled to receive any greater payment under Section 3.01 or 3.04, than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the
participation to such Participant is made with the Borrower’s prior written consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 3.01 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 3.01(e) as though it were a Lender. 

(f) Certain Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its
rights under this Agreement (including under its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release
such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 

10.07 Treatment of Certain Information; Confidentiality. Each of the Administrative Agent and the Lenders agrees to maintain the
confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates and to its and its Related Parties on a need-to-know basis (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), (b) to the extent required or requested by any regulatory authority having jurisdiction over such Person or its Related
Parties (including any self-regulatory authority, such as the National Association of Insurance Commissioners) (in which case the disclosing party agrees, to the extent practicable and permitted by applicable law, to notify the Borrower promptly
prior to such disclosure), (c) to 

  
 76 

 
the extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party hereto, (e) in connection with the exercise of any remedies
hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially
the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights and obligations under this Agreement or (ii) any actual or prospective party
(including a trustee) (or its Related Parties) to any swap, derivative or other transaction under which payments are to be made by reference to the Borrower and its obligations, this Agreement or payments hereunder, (g) on a confidential basis
to (i) any rating agency in connection with rating the Borrower or its Subsidiaries or the credit facilities provided hereunder, (ii) 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 hereunder or (iii) such Person’s auditors on a need to know basis in connection with the audit of such Person’s books and records, (h) with the
consent of the Borrower or (i) to the extent such Information (x) becomes publicly available other than as a result of a breach of this Section or (y) becomes available to the Administrative Agent and any Lender or any
of their respective Affiliates on a nonconfidential basis from a source other than the Borrower. For purposes of this Section, “Information” means all information received from the Borrower or any
Subsidiary relating to the Borrower or any Subsidiary or any of their respective businesses, other than any such information that is available to the Administrative Agent or any Lender on a nonconfidential basis prior to disclosure by the Borrower
or any Subsidiary, provided that, in the case of information received from the Borrower or any Subsidiary after the date hereof, such information is clearly identified at the time of delivery as confidential. 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 and the Lenders acknowledges
that (a) the Information may include material non-public information concerning the Borrower or a Subsidiary, as the case may be, (b) it has developed compliance procedures regarding the use of material non-public information and
(c) it will handle such material non-public information in accordance with applicable Law, including United States Federal and state securities Laws. 
 10.08 Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender and each of its Affiliates is hereby authorized at any time and from time to time, to the fullest
extent permitted by applicable law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such
Lender or any such Affiliate to or for the credit or the account of the Borrower or the Guarantor, as the case may be, excluding any custodial, trust or special reserve accounts, against any and all of the obligations of the Borrower or Guarantor,
as the case may be, now or hereafter existing under this Agreement or any other Loan Document to such Lender or any of its Affiliates, irrespective of whether or not such Lender or Affiliate shall have made any demand under this Agreement or any
other Loan Document and although such obligations of the Borrower or the Guarantor, as 

  
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the case may be, may be contingent or unmatured or are owed to a branch, office or Affiliate of such Lender 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 set off shall be paid over immediately to the Administrative Agent for further application in accordance with
the provisions of Section 2.12 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent 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 and each of its
Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender or each of its Affiliates may have. Each Lender 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. 
 10.09 Interest Rate Limitation. Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum
rate of non-usurious interest permitted by applicable Law (the “Maximum Rate”). If the Administrative Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied
to the principal of the Loans or, if it exceeds such unpaid principal, refunded to the Borrower. In determining whether the interest contracted for, charged, or received by the Administrative Agent or a Lender exceeds the Maximum Rate, such Person
may, to the extent permitted by applicable Law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize,
prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder. 
 10.10 Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an
original, but all of which when taken together shall constitute a single contract. This Agreement and the other Loan Documents 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 that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed counterpart of a signature page of this Agreement by telecopy or other
electronic imaging means (e.g. “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart of this Agreement. 
 10.11 Survival of Representations and Warranties. All representations and warranties made hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or in
connection herewith or therewith shall survive the execution and delivery hereof and thereof. Such representations and warranties have been or will be relied upon by the Administrative Agent and each Lender, regardless of any investigation made by
the Administrative Agent or any Lender or on their behalf and notwithstanding that 

  
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the Administrative Agent or any Lender may have had notice or knowledge of any Default at the time of any Loan, and shall continue in full force and effect as long as any Loan or any other
Obligation hereunder shall remain unpaid or unsatisfied. 
 10.12 Severability. If any provision of this Agreement or the
other Loan Documents is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby and
(b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable
provisions. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. Without limiting the foregoing provisions of this Section 10.12, if and
to the extent that the enforceability of any provisions in this Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good faith by the Administrative Agent, then such provisions shall be deemed to be in
effect only to the extent not so limited. 
 10.13 Replacement of Lenders. If the Borrower is entitled to replace a
Lender pursuant to the provisions of Section 3.06 or if any Lender is a Defaulting Lender or Non-Consenting Lender, 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 contained in, and consents required by, Section 10.06), all of its interests, rights (other than its existing
rights to payments pursuant to Sections 3.01 and 3.04) and obligations under this Agreement and the related Loan Documents to an Eligible Assignee that shall assume such obligations (which assignee may be another Lender,
if a Lender accepts such assignment), provided that: 
 (a) the Borrower shall have paid to the
Administrative Agent the assignment fee specified in Section 10.06(b); 
 (b) such Lender
shall have received payment of an amount equal to the outstanding principal of its Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under
Section 3.05) 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); 

(c) in the case of any such assignment resulting from a claim for compensation under Section 3.04 or
payments required to be made pursuant to Section 3.01, such assignment will result in a reduction in such compensation or payments thereafter; 

(d) such assignment does not conflict with applicable Laws; and 

(e) in the case of an assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall
have consented to the applicable amendment, waiver or consent. 

  
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 A Lender shall not be required to make any such assignment or 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. 
 10.14 Governing Law; Jurisdiction; Etc. 
 (a) GOVERNING
LAW. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT (EXCEPT, AS
TO ANY OTHER LOAN DOCUMENT, AS EXPRESSLY SET FORTH THEREIN) AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

(b) SUBMISSION TO JURISDICTION. EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND
ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF IN ANY ACTION,
LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE IN ANY WAY RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS RELATING HERETO OR THERETO, AND AGREES
THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A
FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION 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. 

(c) WAIVER OF VENUE. EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN
PARAGRAPH (B) OF THIS SECTION. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR
PROCEEDING IN ANY SUCH COURT. 

  
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 (d) SERVICE OF PROCESS. EACH OF THE PARTIES HERETO IRREVOCABLY
CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 10.02. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.

 10.15 Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY 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 OR ANY OTHER 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 PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON 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 AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS
SECTION. 
 10.16 No Advisory or Fiduciary Responsibility. In connection with all aspects of each
transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), the Borrower acknowledges and agrees, and acknowledges its Affiliates’ understanding, that: (i)(A)
the arranging and other services regarding this Agreement provided by the Administrative Agent, the Arrangers and the Lenders, are arm’s-length commercial transactions between the Borrower and its Affiliates, on the one hand, and the
Administrative Agent, the Arrangers and the Lenders, on the other hand, (B) the Borrower has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) the Borrower is capable of
evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (ii)(A) the Administrative Agent, each of the Arrangers and each of the Lenders each is and has been
acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for the Borrower or any of its Affiliates, or any other Person and
(B) none of the Administrative Agent, any Arranger nor any Lender has any obligation to the Borrower or any of its Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the
other Loan Documents; and (iii) the Administrative Agent, the Arrangers and the Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Borrower and its
Affiliates, and none of the Administrative Agent, any Arranger nor any Lender has any obligation to disclose any of such interests to the Borrower or its Affiliates. To the fullest extent permitted by law, the Borrower hereby waives and releases any
claims that it may have against the Administrative Agent, the Arrangers and the Lenders with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby. 

  
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 10.17 Electronic Execution of Assignments and Certain Other Documents. The words
“execution,” “signed,” “signature,” and words of like import in any Assignment and Assumption or in any amendment or other modification hereof (including waivers and consents)
shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Administrative Agent 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 or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic
Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. 

10.18 General Guarantee Agreement. The Administrative Agent and Lenders agree that the General Guarantee Agreement shall not apply
to any Borrowing or other obligation under this Agreement. The Administrative Agent and the Lenders shall not be entitled to enforce any rights under the General Guarantee Agreement with respect to any Borrowing or other obligation under this
Agreement. The Administrative Agent and Lenders waive all rights and remedies they may have under the General Guarantee Agreement with respect to any Borrowing or obligation under this Agreement. For the avoidance of doubt, any Borrowing or other
obligation under this Agreement is not an Obligation as defined in the General Guarantee Agreement. This Section 10.18 does not in any way limit any obligation of the Guarantor under the Guaranty. 

10.19 USA PATRIOT Act. Each Lender that is subject to the Act (as hereinafter defined) and the Administrative Agent (for itself
and not on behalf of any Lender) hereby notifies the Borrower that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “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 or the Administrative Agent, as applicable, to identify the
Borrower in accordance with the Act. The Borrower shall, promptly following a request by the Administrative Agent or any Lender, provide all documentation and other information that the Administrative Agent or such Lender requests in order to comply
with its ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the Act. 
 10.20 ENTIRE AGREEMENT. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT
ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES. 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed
as of the date first above written. 
  

			
	ING AMERICA INSURANCE HOLDINGS, INC.
		
	By:	 	 /s/ David S. Pendergrass

		 	Name:    David S. Pendergrass
		 	Title:      SVP and Treasurer
		
	By:	 	 /s/ Spencer T. Shell

		 	Name:    Spencer T. Shell
		 	Title:      VP and Assistant Treasurer

  
 Signature
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 Term Loan Agreement 

 
			
	BANK OF AMERICA, N.A., as Administrative Agent
		
	By:	 	 /s/ Aamir Saleem

		 	Name: Aamir Saleem
		 	Title:   Vice President

  
 Signature
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	SUNTRUST BANK, as a Lender
		
	By:	 	 /s/ Douglas C. O’Bryan

		 	Name: Douglas C. O’Bryan
		 	Title:   Director

  
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	THE BANK OF NEW YORK MELLON, as a Lender
		
	By:	 	 /s/ Heather Lindstrom

		 	Name: Heather Lindstrom
		 	Title:   Managing Director

  
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	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as a Lender
		
	By:	 	 /s/ Doreen Barr

		 	Name: Doreen Barr
		 	Title:   Director
		
	By:	 	 /s/ Michael O. Spaight

		 	Name: Michael O. Spaight
		 	Title:   Associate

  
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	GOLDMAN SACHS BANK USA, as a Lender
		
	By:	 	 /s/ Mark Walton

		 	Name:    Mark Walton
		 	Title:      Authorized Signatory

  
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	Morgan Stanley Senior Funding, Inc., as a Lender
		
	By:	 	 /s/ Michael King

		 	Name:    Michael King
		 	Title:      Vice President

  
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	BANK OF AMERICA, N.A., as a Lender
		
	By:	 	 /s/ Jason Cassity

		 	Name:    Jason Cassity
		 	Title:      Director

  
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	CITIBANK, N.A., as a Lender
		
	By:	 	 /s/ Maureen P. Maroney

		 	Name:    Maureen P. Maroney
		 	Title:      Authorized Signatory

  
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	JPMORGAN CHASE BANK, N.A., as a Lender
		
	By:	 	 /s/ Brijendra Grewal

		 	Name:    Brijendra Grewal
		 	Title:      Vice President

  
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	DEUTSCHE BANK AG NEW YORK BRANCH, as a Lender
		
	By:	 	 /s/ John S. McGill

		 	Name:    John S. McGill
		 	Title:      Director
		
	By:	 	 /s/ Virginia Cosenza

		 	Name:    Virginia Cosenza
		 	Title:      Vice President

  
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	ROYAL BANK OF CANADA, as a Lender
		
	By:	 	 /s/ Patrizia Lloyd

		 	Name:    Patrizia Lloyd
		 	Title:      Authorized Signatory

  
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	THE ROYAL BANK OF SCOTLAND PLC, as a Lender
		
	By:	 	 /s/ Joseph W. Lux

		 	Name:    Joseph W. Lux
		 	Title:      Managing Director

  
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	STATE STREET BANK AND TRUST COMPANY, as a Lender
		
	By:	 	 /s/ Andrei Bourdine

		 	Name:  Andrei Bourdine
		 	Title:    Assistant Vice President

  
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	BARCLAYS BANK PLC, as a Lender
		
	By:	 	 /s/ Michael Mozer

		 	Name:  Michael Mozer
		 	Title:    Vice President

  
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	U.S. BANK NATIONAL ASSOCIATION, as a Lender
		
	By:	 	 /s/ Evan Glass

		 	Name:  Evan Glass
		 	Title:    Vice President

  
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	UBS AG, STAMFORD BRANCH, as a Lender
		
	By:	 	 /s/ Mary E. Evans

		 	Name:  Mary E. Evans
		 	 Title:  Associate Director

            Banking Products Services, US

		
	By:	 	 /s/ Joselin Fernandes

		 	Name:  Joselin Fernandes
		 	 Title:  Associate Director
            Banking Products Services, US

  
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	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as a Lender
		
	By:	 	 /s/ Charles Kornberger

		 	Name:    Charles Kornberger
		 	Title:      MD
		
	By:	 	 /s/ Gina Harth Cryde

		 	Name:    Gina Harth Cryde
		 	Title:      Managing Director

  
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	LLOYDS TSB BANK PLC, as a Lender
		
	By:	 	 /s/ Julia R. Franklin

		 	Name:    Julia R. Franklin
		 	 Title:      Vice President
                         F014

		
	By:	 	 /s/ Dennis McClellan

		 	Name:    Dennis McClellan
		 	 Title:      Assistant Vice President
                               
M040

  
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	PNC BANK, NATIONAL ASSOCIATION, as a Lender
		
	By:	 	 /s/ William R. McDonnell

		 	Name:    William R. McDonnell
		 	Title:      Senior Vice President

  
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	THE BANK OF NOVA SCOTIA, as a Lender
		
	By:	 	 /s/ Thane Rattew

		 	Name: Thane Rattew
		 	Title:   Managing Director

  
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	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., as a Lender
		
	By:	 	 /s/ Glenn Schuermann

		 	Name: Glenn Schuermann
		 	Title:   Vice President

  
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	WELLS FARGO BANK, N.A., as a Lender
		
	By:	 	 /s/ Karen Hanke

		 	Name: Karen Hanke
		 	Title:   Director

  
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	NATIONAL AUSTRALIA BANK LIMITED, as a Lender
		
	By:	 	 /s/ Helen Hsu

		 	Name: Helen Hsu
		 	Title:   Director

  
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	FIRST HAWAIIAN BANK, as a Lender
		
	By:	 	 /s/ Dawn Hofmann

		 	Name: Dawn Hofmann
		 	Title: Vice President

  
 Signature
Page to 
 Term Loan Agreement 

 
			
	THE NORTHERN TRUST COMPANY, as a Lender
		
	By:	 	 /s/ Lisa DeCristofaro

		 	Name: Lisa DeCristofaro
		 	Title:   VP

  
 Signature
Page to 
 Term Loan AgreementCredit Agreement

 Exhibit 10.13 
 Execution Copy 
  
  

 
 CREDIT AGREEMENT 

dated as of December 30, 2011 
 among 
 SECURITY LIFE OF DENVER INTERNATIONAL LIMITED, 

as the Applicant, 

ING BANK N.V., LONDON BRANCH 
 as Administrative Agent 
 and 

THE VARIOUS FINANCIAL INSTITUTIONS FROM 
 TIME TO TIME PARTY HERETO, 
 as Issuing Banks 

 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	
	 ARTICLE I

 
 DEFINITIONS
	   
 

  

			
	Section 1.1	 	 Definitions
	  	 	1	  
			
	Section 1.2	 	 Other Interpretive Provisions
	  	 	11	  
			
	Section 1.3	 	 Accounting Principles; Knowledge
	  	 	12	  
	
	 ARTICLE II

 
 ISSUANCE OF LETTERS OF CREDIT; MAKING LOANS;

PAYMENT OBLIGATIONS
	   
 

  
   

			
	Section 2.1	 	 Issuance of Letters of Credit and Funding
	  	 	13	  
			
	Section 2.2	 	 Reimbursement Obligations and Interest
	  	 	14	  
			
	Section 2.3	 	 The Issuing Banks’ Obligations to the Applicant
	  	 	15	  
			
	Section 2.4	 	 The Applicant’s Obligations Absolute
	  	 	15	  
			
	Section 2.5	 	 Loans
	  	 	16	  
			
	Section 2.6	 	 Fees
	  	 	17	  
			
	Section 2.7	 	 Computation of Interest and Fees
	  	 	17	  
			
	Section 2.8	 	 Payments by the Applicant
	  	 	18	  
			
	Section 2.9	 	 Law Governing Letters of Credit
	  	 	18	  
			
	Section 2.10	 	 Confirming Bank
	  	 	18	  
			
	Section 2.11	 	 Letter of Credit Expiration Extension
	  	 	19	  
	
	 ARTICLE III

 
 CONDITIONS PRECEDENT
	   
 

  

			
	Section 3.1	 	 Closing Date
	  	 	19	  
			
	Section 3.2	 	 Conditions to Loans
	  	 	20	  
			
	Section 3.3	 	 Rights and Obligations of Issuing Banks
	  	 	20	  

  
 -i-

							
	 ARTICLE IV

 
 TAXES AND YIELD PROTECTION
	   
 

  

			
	Section 4.1	 	 Taxes
	  	 	21	  
			
	Section 4.2	 	 Increased Costs and Reduction of Return
	  	 	23	  
			
	Section 4.3	 	 Reimbursement Certificates
	  	 	24	  
			
	Section 4.4	 	 Time for Payments
	  	 	24	  
			
	Section 4.5	 	 Survival
	  	 	24	  
	
	 ARTICLE V

 
 REPRESENTATIONS AND WARRANTIES
	   
 

  

			
	Section 5.1	 	 Due Organization, Authorization, etc.
	  	 	24	  
			
	Section 5.2	 	 Litigation and Contingent Liabilities
	  	 	25	  
			
	Section 5.3	 	 Proceeds
	  	 	25	  
			
	Section 5.4	 	 Compliance with Laws
	  	 	25	  
	
	 ARTICLE VI

 
 AFFIRMATIVE COVENANTS
	   
 

  

			
	Section 6.1	 	 Reports, Certificates and Other Information
	  	 	25	  
			
	Section 6.2	 	 Corporate Existence; Foreign Qualification
	  	 	27	  
			
	Section 6.3	 	 Books, Records and Inspections
	  	 	27	  
			
	Section 6.4	 	 Taxes and Liabilities
	  	 	27	  
			
	Section 6.5	 	 Compliance with Laws; Contractual Obligations
	  	 	27	  
			
	Section 6.6	 	 Maintenance of Permits
	  	 	27	  
			
	Section 6.7	 	 Further Assurances
	  	 	28	  
	
	 ARTICLE VII

 
 NEGATIVE COVENANTS
	   
 

  

			
	Section 7.1	 	 Other Agreements
	  	 	29	  
			
	Section 7.2	 	 Restricted Payments
	  	 	29	  
			
	Section 7.3	 	 Funds Withheld Trust Withdrawals
	  	 	29	  

  
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	 ARTICLE VIII

 
 EVENTS OF DEFAULT
	   
 

  

			
	Section 8.1	 	 Events of Default
	  	 	30	  
			
	Section 8.2	 	 Remedies
	  	 	31	  
	
	 ARTICLE IX

 
 THE ADMINISTRATIVE AGENT
	   
 

  

			
	Section 9.1	 	 Appointment
	  	 	31	  
			
	Section 9.2	 	 Delegation of Duties
	  	 	32	  
			
	Section 9.3	 	 Exculpatory Provisions
	  	 	32	  
			
	Section 9.4	 	 Reliance by Administrative Agent
	  	 	32	  
			
	Section 9.5	 	 Notice of Default
	  	 	33	  
			
	Section 9.6	 	 Non-Reliance on Administrative Agent and Other Issuing Banks
	  	 	33	  
			
	Section 9.7	 	 Indemnification
	  	 	34	  
			
	Section 9.8	 	 Administrative Agent in Its Individual Capacity
	  	 	34	  
			
	Section 9.9	 	 Successor Administrative Agent
	  	 	34	  
			
	Section 9.10	 	 Administrative Agent May File Proofs of Claim
	  	 	35	  
	
	 ARTICLE X

 
 MISCELLANEOUS
	   
 

  

			
	Section 10.1	 	 Amendments and Waivers
	  	 	35	  
			
	Section 10.2	 	 Notices
	  	 	36	  
			
	Section 10.3	 	 No Waiver; Cumulative Remedies
	  	 	37	  
			
	Section 10.4	 	 Costs and Expenses
	  	 	37	  
			
	Section 10.5	 	 Indemnity
	  	 	38	  
			
	Section 10.6	 	 Payments Set Aside
	  	 	38	  
			
	Section 10.7	 	 Successors and Assigns; Participations and Assignments; Replacement of Issuing Bank
	  	 	38	  
			
	Section 10.8	 	 Confidentiality
	  	 	41	  
			
	Section 10.9	 	 Set-off
	  	 	42	  
			
	Section 10.10	 	 Counterparts
	  	 	43	  
			
	Section 10.11	 	 Severability
	  	 	43	  

  
 -iii-

							
	Section 10.12	 	 No Third Parties Benefited
	  	 	43	  
			
	Section 10.13	 	 Governing Law and Jurisdiction
	  	 	43	  
			
	Section 10.14	 	 WAIVER OF JURY TRIAL
	  	 	44	  
			
	Section 10.15	 	 Currency Indemnity
	  	 	44	  
			
	Section 10.16	 	 Service of Process
	  	 	44	  
			
	Section 10.17	 	 Entire Agreement
	  	 	45	  

 SCHEDULES AND EXHIBITS 
  

			
	 SCHEDULE 1
	  	Commitments
	 SCHEDULE 1.1(A)
	  	Deviations from Adjusted IFRS
	 SCHEDULE 5.2
	  	Litigation
	 SCHEDULE 10.2
	  	Addresses
		
	 EXHIBIT A
	  	Form of Application for Letter of Credit
	 EXHIBIT B
	  	Form of Assignment and Assumption
	 EXHIBIT C
	  	Form of Note
	 EXHIBIT D
	  	Form of Letter of Credit
	 EXHIBIT E
	  	Confidentiality and Non-Disclosure Agreement
		
	 ANNEX 1
	  	Fee Schedule

  
 -iv-

 Exhibit 10.13 
 Execution Copy 
 CREDIT AGREEMENT 

THIS CREDIT AGREEMENT, dated as of December 30, 2011 is entered into by and between SECURITY LIFE OF DENVER INTERNATIONAL LIMITED, a
Cayman Islands company (“SLDI”), ING BANK N.V., LONDON BRANCH (“ING”), as administrative agent (in such capacity, the “Administrative Agent”), and the Issuing Banks (as defined below). 

W I T N E S S E T H: 
 WHEREAS, SLDI desires that the Issuing Banks issue one or more Letters of Credit to the Beneficiary and make one or more Loans to support SLDI’s obligations under the Reinsurance Agreement, as
described herein; and 
 WHEREAS, the Issuing Banks are willing to issue one or more such Letters of Credit and are willing to
make one or more Loans upon the terms and conditions set forth herein. 
 NOW, THEREFORE, in consideration of the mutual
agreements, provisions and covenants contained herein, the parties hereto agree as follows: 
 ARTICLE I 

DEFINITIONS 
 Section 1.1 Definitions. When used herein, the following terms shall have the corresponding meanings: 
 “Adjusted IFRS” means the set of standards, procedures and related guidance agreed to between the Applicant and the Applicant’s regulators regarding the preparation of the
Applicant’s financial statements which specifies that the financial statements shall be prepared in accordance with the standards, procedures and related guidance of the International Accounting Standards Board, designated as International
Financial Reporting Standards with such deviations as permitted by the Applicant’s regulators as more particularly described on Schedule 1.1(A) in effect on the Closing Date or as may hereafter be disclosed to the Administrative Agent from time
to time; provided, however, that from and after the effectiveness of the Applicant’s adoption of generally accepted accounting principles as the method of preparation of its financial statements with such deviations as permitted
by the Applicant’s regulators, “Adjusted IFRS” shall mean such generally accepted accounting principles including such deviations as permitted by the Applicant’s regulators as may be disclosed to the Administrative Agent from
time to time. In the event that any Accounting Change (as defined below) shall occur and such change results in a change in the method of calculation of financial covenants, standards or terms in this Agreement, then the Applicant, the
Administrative Agent and the Required Banks shall enter into negotiations in order to amend such provisions of this Agreement so as to reflect equitably such Accounting Changes with the desired result that the criteria for evaluating the
Applicant’s financial condition shall be the same after such Accounting Changes as if such Accounting Changes had not been made. Until such time as such an amendment shall have been executed and delivered by the Applicant, the Administrative
Agent and the Required Banks, all financial 

 
covenants, standards and terms in this Agreement shall continue to be calculated or construed as if such Accounting Changes had not occurred. “Accounting Changes” refers to
changes in accounting principles required by the promulgation of any rule, regulation, pronouncement or opinion by the International Accounting Standards Board or Financial Accounting Standards Board, as applicable, with such deviations as permitted
by the Applicant’s regulators as may be disclosed to the Administrative Agent from time to time. 
 “Affected
Issuer Party” as defined in Section 10.7(e). 
 “Affiliate” of any Person means any other Person
that, directly or indirectly, controls or is controlled by, or is under common control with, such Person (excluding any trustee under, or any committee with responsibility for administering, any Plan). For purposes of this definition, a Person shall
be deemed to be: 
 (i) “controlled by” any other Person if such other Person possesses, directly or
indirectly, the power to vote 15% or more of the securities having at the time of any determination hereunder voting power for the election of directors of such Person, or to direct or cause the direction of the management and policies of such
Person, whether by contract or otherwise; or 
 (ii) “controlled by” or “under common control
with” such other Person if such other Person is the executor, administrator or other personal representative of such Person. 

Notwithstanding the foregoing, in no event shall any Issuer Party or any Affiliate thereof be deemed to be an Affiliate of the Applicant or any of the
Subsidiaries for purposes of the Credit Documents or any of the matters contemplated thereunder. 
 “Agent
Parties” as defined in Section 9.3. 
 “Agreement” means this Credit Agreement. 

“Applicable Interest Rate” as defined in Annex 1. 

“Applicable Margin” as defined in Annex 1 
 “Applicant” means SLDI. 
 “Application for Letter of
Credit” means an application for the issuance of a Letter of Credit in the form of Exhibit A with any blanks appropriately completed. 
 “Approved Fund” as defined in Section 10.7. 

“Assignee” as defined in Section 10.7(b). 
 “Assignment and Assumption” means an assignment and assumption substantially in the form of Exhibit B. 

  
 -2-

 “Attorney Costs” means and includes all reasonable fees and disbursements
of any law firm or other external counsel. 
 “Availability Period” means that period commencing as of the
Closing Date and ending on December 31, 2031. 
 “Bank Affiliate” as defined in Section 10.7(b).

 “Beneficiary” means ING USA Annuity and Life Insurance Company or the applicable Ceding Company. 

“Benefited Bank” as defined in Section 10.9(b). 

“Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks in New York City or
London are authorized or required by law to close. 
 “Capital Adequacy Regulation” means any guideline,
request or directive of any central bank or other Governmental Authority, or any other law, rule or regulation, in each case whether or not having the force of law, in each case regarding capital adequacy of any financial institution or of any
corporation controlling a financial institution including, without limitation, the Dodd-Frank Act and any rules, guidelines or directives issued under it; and all requests, rules, guidelines or directives concerning capital adequacy enacted by the
Basel Committee on Banking Regulations and Supervisory Practices (or any successor authority) or the United States or Dutch financial regulatory authorities, in each case, regardless of the date enacted. 

“Capital Stock” means any and all shares, interests, participations or other equivalents (however designated) of capital
stock of a corporation, any and all equivalent ownership interests in a Person (other than a corporation) and any and all warrants, rights or options to purchase any of the foregoing. 

“Capitalized Lease” means, as to any Person, any lease that is or should be capitalized on the balance sheet of such
Person in accordance with IFRS, consistently applied with prior periods, together with any other lease which is in substance a financing lease, including any lease under which (i) such Person has or will have an option to purchase the property
subject thereto at a nominal amount or an amount less than a reasonable estimate of the fair market value of such property as of the date the lease is entered into or (ii) the term of the lease approximates or exceeds the expected useful life
of the property leased thereunder. 
 “Ceding Company” shall have the meaning given to such term m the
Reinsurance Agreement. 
 “Closing Date” as defined in Section 3.1. 

“Closing Fee” as defined in Annex 1. 
 “Collateral Assignment” as defined in Section 6.7(b). 

  
 -3-

 “Commitment” means, as to any Issuing Bank, the obligation of such Issuing
Bank to purchase interests in Letters of Credit and make Loans in an aggregate amount (and, in the case of Letters of Credit, the aggregate face amount) not to exceed the amount set forth under the heading “Commitment” opposite such
Issuing Bank’s name on Schedule 1 or in the Assignment and Assumption pursuant to which such Issuing Bank became a party hereto. The original amount of the Commitments is ONE BILLION FIVE HUNDRED MILLION DOLLARS ($1,500,000,000), as may be
reduced on a dollar-for-dollar basis with respect to the Letters of Credit by the aggregate face amount of all outstanding Letters of Credit and with respect to the Loans by the aggregate principal amount of all Loans funded since the Closing Date.

 “Commitment Percentage” means, as to any Issuing Bank at any time, the percentage which such Issuing
Bank’s Commitment then constitutes of the total Commitments or, at any time after the Commitments shall have expired or terminated, the percentage which the aggregate amount of such Issuing Bank’s outstanding Credit Extensions constitutes
of the amount of the aggregate outstanding Credit Extensions of all Issuing Banks. The original Commitment Percentage of each Issuing Bank is set forth on Schedule 1. 
 “Contingent Liability” means any agreement, undertaking or arrangement by which any Person (outside the ordinary course of such Person’s business) guarantees, endorses, acts as
surety for or otherwise becomes or is contingently liable for (by direct or indirect agreement, contingent or otherwise, to provide funds for payment by, to supply funds to, or otherwise to invest in, a debtor, or otherwise to assure a creditor
against loss) the Debt, obligation or other liability of any other Person (other than by endorsements of instruments in the course of collection), or for the payment of dividends or other distributions upon the shares of any other Person, or
undertakes or agrees (contingently or otherwise) to purchase, repurchase or otherwise acquire or become responsible for any Debt, obligation or liability, or any security therefor, or to provide funds for the payment or discharge thereof (whether in
the form of loans, advances, stock purchases, capital contributions or otherwise), or to maintain solvency, assets, level of income or other financial condition of any other Person, or to make payment or transfer property to any other Person other
than for fair value received. The amount of any Person’s obligation under any Contingent Liability shall (subject to any limitation set forth therein) be deemed to be the outstanding principal amount (or maximum permitted principal amount, if
larger) of the Debt, obligation or other liability guaranteed or supported thereby. 
 “Contractual Obligation”
means, relative to any Person, any obligation, commitment or undertaking under any agreement or other instrument to which such Person is a party or by which it or any of its property is bound or subject. 

“Cost of Funds Rate” as defined in Annex 1. 
 “Credit Documents” means (a) this Agreement, (b) the Letters of Credit and all documents relating to the Letters of Credit, including any Applications for Letters of Credit and
any Issuing Bank’s other standard form documents for Letter of Credit issuances, continuations, substitutions or amendments, (c) the Notes, and (d) all other agreements, instruments, certificates, documents, schedules and other
written indicia delivered by, or on behalf of the Applicant to, or for the benefit of, any of the Issuer Parties in connection with any of the foregoing including, if applicable, the Collateral Assignment. 

  
 -4-

 “Credit Extension” as defined in Section 10.7(b). 

“Currency Due” as defined in Section 10.15. 

“Debt” means, with respect to any Person, at any date, without duplication: (i) all obligations of such Person for
borrowed money or in respect of loans or advances; (ii) all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments; (iii) all obligations in respect of letters of credit which have been drawn but not
reimbursed by the Person for whose account such letters of credit were issued, and bankers’ acceptances issued for the account of such Person; (iv) all obligations in respect of Capitalized Leases of such Person; (v) all Hedging
Obligations of such Person; (vi) whether or not so included as liabilities in accordance with IFRS, consistently applied with prior periods, all obligations of such Person to pay the deferred purchase price of property or services;
(vii) Debt of such Person secured by a Lien on property owned or being purchased by such Person (including debt arising under conditional sales or other title retention agreements), whether or not such Debt is limited in recourse;
(viii) any Debt of another Person secured by a Lien on any assets of such first Person, whether or not such Debt is assumed by such first Person (it being understood that, if such Person has not assumed or otherwise become personally liable for
any such Debt, the amount of the Debt of such person in connection therewith shall be limited to the lesser of the face amount of such Debt and the fair market value of all property of such Person securing such Debt); (ix) any Debt of a
partnership in which such Person is a general partner, unless such Debt is nonrecourse to such Person; (x) all Disqualified Stock of such Person; and (xi) all Contingent Liabilities of such Person, whether or not in connection with the
foregoing; notwithstanding anything to contrary contained in this definition, Debt shall not include: (A) Debt arising after the Closing Date from transactions that, the Administrative Agent and the Required Banks determine in their respective
reasonable discretions meet the criteria that the funds for repayment of such Debt are set aside and segregated, in whole, at the time such Debt is incurred until repaid in full and the incurrence of such Debt is economically neutral to the
Applicant; (B) contingent liabilities arising out of endorsements of checks and other negotiable instruments for deposit or collection in the ordinary course of business; (C) unsecured current liabilities incurred in the ordinary course of
business and paid within 120 days after the due date (unless contested in good faith and, if requested by the Administrative Agent, reserved against in conformity with IFRS, consistently applied with prior periods) other than liabilities that are
for money borrowed or are evidenced by bonds, debentures, notes or other similar instruments (except as described in clause (B) of this sentence); (D) any obligations of such Person under any reinsurance agreement pursuant to which a trust
arrangement is established to support or secure such obligation; or (E) accrued and deferred compensation (including options) incurred in the ordinary course of business. 
 “Default” means any condition or event which, after notice or lapse of time (or both), would constitute an Event of Default. 

“Disqualified Stock” means, with respect to any Person, any Capital Stock that by its terms (or by the terms of any
security into which it is convertible or for which it is exchangeable, in either case at the option of the holder thereof) or otherwise (a) matures or is mandatorily redeemable pursuant to a sinking fund obligation or otherwise, (b) is or
may become redeemable or repurchaseable at the option of the holder thereof, in whole or in part, or (c) is convertible or 

  
 -5-

 
exchangeable at the option of the holder thereof for Debt or Disqualified Stock, on or prior to, in the case of clause (a), (b) or (c), the date that is 365 days after the Expiry Date,
provided, however, that any Capital Stock that would not constitute Disqualified Stock but for provisions thereof giving holders thereof the right to require such Person to purchase or redeem such Capital Stock in cash upon the
occurrence of an “asset sale” or “change of control” (or similar terms having the same meaning) occurring prior to the date that is 365 days after the Expiry Date shall not constitute Disqualified Stock if: 

(x) the “asset sale” or “change of control” provisions applicable to such Capital Stock are not more
favorable to the holders of such Capital Stock than the terms applicable to the Obligations; and 
 (y) any such
requirement only becomes operative after compliance with such terms applicable to the Obligations, including the payment of all Obligations. 
 “Dollar(s)” and the sign “$” means lawful money of the United States of America. 
 “Event of Default” means any of the events described in Section 8.1. 
 “Excluded Taxes” means, in the case of any Issuer Party, (i) income taxes, franchise taxes or similar taxes as are imposed on or measured by such Issuer Party’s net income by
the jurisdiction (or any political subdivision thereof) under the laws of which such Issuer Party is organized or any other jurisdiction in which such Issuer Party maintains a lending office; (ii) taxes imposed by reason of any present or
former connection between any Issuer Party and the jurisdiction imposing such taxes (other than a connection arising as a result of the execution and delivery of this Agreement, the issuance of Letters of Credit under this Agreement or the
performance of any transactions contemplated by, or the enforcement of rights under, this Agreement); (iii) any branch profits taxes imposed by the U.S. or any similar taxes imposed by any other jurisdiction in which an Issuer Party is located;
and (iv) any tax required to be withheld as a result of the failure of an Issuer Party to satisfy the requirements of the foreign account tax compliance provisions of the Hiring Incentives to Restore Employment Act of 2010, P.L. 111, 147, 124
Stat. 71. 
 “Executive Officer” means, as to any Person, the president, if any, the chief financial officer,
the chief executive officer, managing director, finance director, vice president, treasurer, assistant treasurer, secretary, assistant secretary or other director or senior executive of such Person. 

“Expiration Date” means the later to occur of December 31, 2031 or the passage of the Expiry Date of all
outstanding Letters of Credit, provided, however, that the Expiration Date shall in no event be later than the termination or reduction in whole of the Commitment to make Loans. 

“Expiry Date” means, as to each Letter of Credit, the expiry date specified in such Letter of Credit. 

“Fiscal Quarter” means any period of three consecutive calendar months ending on
March 31, June 30, September 30 and December 31 of each calendar year. 

  
 -6-

 “Fiscal Year” means any period of twelve consecutive calendar months ending
on the last day of December. 
 “Foreign Issuing Bank” as defined in Section 10.16. 

“Funds Withheld Account” shall have the meaning given to such term in the Reinsurance Agreement. 

“Funds Withheld Account Assets” shall have the meaning given to such term in the Reinsurance Agreement. 

“Governmental Authority” means any nation or government, any state or other political subdivision thereof, and any
entity exercising executive, legislative, judicial, regulatory or administrative functions or powers of or pertaining to government. 
 “Hedging Obligations” means, with respect to any Person, the net liability of such Person under any futures contract or options contract (including property catastrophe futures and
options), interest rate swap agreements and interest rate collar agreements and all other agreements or arrangements for non-speculative purposes designed to protect such Person against fluctuations in interest rates or currency exchange rates that
are entered into in the ordinary course of business. 
 “IFRS” means the standards, procedures and related
guidance of the International Accounting Standards Board, designated as International Financial Reporting Standards; provided, however, that from and after the effectiveness of a Person’s adoption of generally accepted accounting
principles as the method of preparation of its financial statements, “IFRS” shall mean such generally accepted accounting principles. 
 “Indemnified Liabilities” as defined in Section 10.5. 

“Indemnified Person” as defined in Section 10.5. 

“ING” has the meaning set forth in the Preamble hereof. 

“Interest Period” means the period commencing on the day of the event giving rise to the applicable payment and ending
one month thereafter and thereafter, the period commencing on the last day of the next preceding Interest Period applicable to such unreimbursed amount and ending one month thereafter; provided, however, that the foregoing provisions
relating to Interest Periods are subject to the following: 
 (A) if any Interest Period would otherwise end on a
day that is not a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless the result of such extension would be to carry such Interest Period into another calendar month, in which event such Interest Period
shall end on the immediately preceding Business Day; and 
 (B) any Interest Period that begins on the last
Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such interest Period) shall end on the last Business Day of the next calendar month. 

  
 -7-

 “Issuer Party” means the Administrative Agent and each Issuing Bank.

 “Issuing Banks” means (a) the financial institutions or entities listed on the signature pages hereof
as an “Issuing Bank” and (b) each other financial institution or other entity that from time to time becomes a party hereto by execution of an Assignment and Assumption. 

“Judgment Currency” as defined in Section 10.15. 

“knowledge” as defined in Section 1.3. 
 “Letter of Credit” means each standby letter of credit issued pursuant to this Agreement which, subject to Section 2.9, shall be (a) in substantially the form of
Exhibit D or (b) in such other form and substance acceptable to the Administrative Agent and Applicant that complies with the applicable requirements to permit the Beneficiary to take statutory financial statement credit for the
reinsurance secured or supported thereby in all jurisdictions in which the Beneficiary may use letters of credit for such purposes, other than the requirement that the issuer thereof be a NAIC Approved Bank. 

“Letter of Credit Fee” as defined in Annex 1. 
 “Letter of Credit Fee Rate” as defined in Annex 1. 

“LIBO Rate” means: 
 (i) the rate appearing on Page 3750 of the Telerate Service (or on any successor or substitute page of such Service, or any successor to or substitute for such Service, providing rate quotations
comparable to those currently provided on such page of such Service, as determined by the Administrative Agent from time to time for purposes of providing quotations of interest rates applicable to Dollar deposits in the London interbank market) at
approximately 11:00 a.m., London time, two Business Days prior to the commencement of the applicable Interest Period; 
 (ii) if such date does not appear on said Page 3750 (or such successor), the offered rate for deposits in Dollars with a maturity comparable to such Interest Period appearing on the display designated
page “LIBO” on the Reuter Monitor Money Rates Service (or on any successor or substitute page of such Service, providing rate quotations comparable to those currently provided on such page of such Service, as determined by the
Administrative Agent from time to time, for purposes of providing quotations of interest rates applicable to Dollar deposits in the London interbank market) as of approximately 11:00 a.m. (London time) on the day that is two Business Days prior to
the commencement of such Interest Period; and 
 (iii) in the event that neither rate referred to in clauses
(i) or (ii) of this definition is available at such time for any reason, an interest rate per annum equal to the average of the rates per annum at which deposits in Dollars are offered by four major

  
 -8-

 
money center banks in London, England selected by the Administrative Agent from time to time, to prime banks in the London interbank market at approximately 11:00 a.m. (London time) on the day
that is two Business Days prior to the commencement of such Interest Period in the amount of the applicable unreimbursed payment or disbursement if such amount were to be outstanding for such Interest Period, adjusted to the nearest one-quarter of
one percent (0.25%) or, if there is no nearest one-quarter of one percent (0.25%), then the next higher one-quarter of one percent (0.25%). 
 “License(s)” means licenses (including licenses or certificates of authority from applicable insurance departments or other regulatory authorities), permits or authorizations to transact
insurance and reinsurance business. 
 “Lien” means, when used with respect to any Person, any interest in any
real or personal property, asset or other right held, owned or being purchased or acquired by such Person for its own use, consumption or enjoyment which secures payment or performance of any obligation, and shall include any mortgage, lien, pledge,
encumbrance, charge, retained title of a conditional vendor or lessor, or other security agreement, mortgage, deed of trust, chattel mortgage, assignment, pledge, retention of title, financing or similar statement or notice, or other encumbrance
arising as a matter of law, judicial process or otherwise. 
 “Loans” as defined in Section 2.5(a).

 “Margin Stock” means “margin stock” as defined under Regulation U of the Board of Governors of the
Federal Reserve System of the United States, as now and from time to time hereafter in effect. 
 “Material Adverse
Effect” means the occurrence of an event (including any adverse determination in any litigation, arbitration or governmental investigation or proceeding) which has, or could reasonably be expected to have, a materially adverse effect on:

 (i) the assets, business, financial condition or operation of the Applicant; or 

(ii) the ability of the Applicant to perform any of its payment or other material obligations under any of the Credit
Documents that by its terms purports to bind the Applicant; or 
 (iii) the legality, validity, binding effect or
enforceability against the Applicant of any Credit Document that by its terms purports to bind the Applicant. 

“Maturity Date” means December 31, 2041. 
 “Maximum Availability” means ONE BILLION FIVE HUNDRED MILLION DOLLARS ($1,500,000,000). 
 “NAIC” means the National Association of Insurance Commissioners and any successor thereto. 

  
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 “NAIC Approved Bank” means any bank listed on the most current list of
banks approved by the Securities Valuation Office of the NAIC (the “NAIC Bank List”). 

“Notes” mean those certain Promissory Notes made by the Applicant in favor of the Issuing Banks, each in substantially
the form of Exhibit C attached hereto and made a part hereof, and each as may be amended, restated, replaced, extended or otherwise modified from time to time. 
 “Obligations” means all obligations and liabilities of the Applicant to the Issuer Parties under or in connection with this Agreement, or any other Credit Document, howsoever created,
arising or evidenced, whether direct or indirect, absolute or contingent, primary or secondary, joint or several, recourse or nonrecourse or now or hereafter existing or due or to become due, whether for Reimbursement Obligations, interest, fees,
expenses, claims, indemnities or otherwise. 
 “Ordinary Course Litigation” is defined in Section 5.2.

 “Organization Documents” means the articles or certificate of organization or formation, certificate of
limited partnership, joint venture or partnership agreement, operating or limited liability company agreement, bylaws, certificate of incorporation, certificate of incorporation on a change of name memorandum and article of association, or other
constitutional or organizational document of any Person, other than an individual, each as from time to time amended or modified. 
 “Other Taxes” means any present or future stamp or documentary taxes or any other excise or property taxes, charges or similar levies which arise from any payment made hereunder or from
the execution, delivery, enforcement or registration of, or otherwise with respect to, this Agreement or any other Credit Documents. 
 “Participant” as defined in Section 10.7(c). 

“Payment Amount” means for each Issuing Bank, with respect to each drawing under a Letter of Credit or funding of a
Loan, such Issuing Bank’s Commitment Percentage multiplied by the amount of such drawing. 
 “Percentage of
Facility Utilization” means, for any Fiscal Quarter, the result, expressed as a percentage, of (1) the average daily aggregate face amount of all outstanding Letters of Credit during such Fiscal Quarter, divided by (2) the lesser
of (x) the aggregate total Commitments or (y) the Maximum Availability. 
 “Person” means any natural
person, corporation, company, partnership, firm, trust, association, government, governmental agency or other entity, whether acting in an individual, fiduciary or other capacity. 

“Process Agent” means, as to the Applicant or a Foreign Issuing Bank, the Person appointed by the Applicant or a Foreign
Issuing Bank, as applicable, pursuant to Section 10.16. 
 “Register” as defined in Section 10.7.

  
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 “Reimbursement Obligations” means the obligation of the Applicant under
Section 2.2 hereof to reimburse the Administrative Agent, for the account of the Issuing Banks, for amounts paid by the Issuing Banks in respect of each drawing under any of the Letters of Credit, including any accrued and unpaid interest
thereon pursuant to Section 2.2, whether or not such amounts are financed using a Loan. 
 “Reinsurance
Agreement” means that certain Amended and Restated Automatic Reinsurance Agreement effective as of July 1, 2009 by and between the Beneficiary and the Applicant, as amended and restated effective as of October 1, 2011 and as may
be further amended from time to time. 
 “Required Banks” means at any time, the holders of more than 50% of
the sum of (a) aggregate unpaid Reimbursement Obligations then outstanding and (b) the aggregate Commitments then in effect or, if the Commitments have been terminated, the aggregate Credit Extensions then outstanding. 

“Requirement of Law” for any Person means the Organization Documents of such Person, and any law, treaty, rule,
ordinance or regulation, or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property, or to which such Person or any of its property is subject.

 “Restricted Payment” as defined in Section 7.2. 

“SLDI” has the meaning set forth in the Preamble hereof. 

“Subsidiary” means a corporation, company, partnership, limited liability company or other entity that is not an
individual of which the indicated Person and/or its other Subsidiaries, individually or in the aggregate, own, directly or indirectly, such number of outstanding shares as have at the time of any determination hereunder more than 50% of the ordinary
voting power. For purposes hereof, references to “Subsidiary” or “Subsidiaries” shall mean a Subsidiary or Subsidiaries of the Applicant, unless otherwise specified. 

“Taxes” means any and all present or future taxes, levies, imposts, deductions, charges or withholdings, and all
liabilities with respect thereto, other than any Excluded Taxes. 
 Section 1.2 Other Interpretive Provisions.

 (a) The meanings of defined terms are equally applicable to the singular and plural forms of the defined terms. 

(b) The words “hereof”, “herein”, “hereunder” and similar words refer to this Agreement as a whole and not
to any particular provision of this Agreement; and subsection, Section, Schedule and Exhibit references are to this Agreement unless otherwise specified. 
 (c) The term “documents” includes any and all instruments, documents, agreements, certificates, indentures, notices and other writings, however evidenced. 

  
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 (d) The term “including” is not limiting and means “including without
limitation.” 
 (e) In the computation of periods of time from a specified date to a later specified date, the word
“from” means “from and including”; the words “to” and “until” each mean “to but excluding”, and the word “through” means “to and including.” 

(f) Unless otherwise expressly provided herein, (i) references to agreements (including this Agreement) and other contractual
instruments shall be deemed to include all subsequent amendments and other modifications thereto, but only to the extent such amendments and other modifications are not prohibited by the terms of any Credit Document, and (ii) references to any
statute or regulation are to be construed as including all statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting the statute or regulation. 

(g) The captions and headings of this Agreement are for convenience of reference only and shall not affect the interpretation of this
Agreement. 
 (h) This Agreement and other Credit Documents may use several different limitations, tests or measurements to
regulate the same or similar matters. All such limitations, tests and measurements are cumulative and shall each be performed in accordance with their terms. 
 (i) This Agreement and the other Credit Documents are the result of negotiations among, and have been reviewed by counsel to, the Issuing Banks, the Applicant and the other parties thereto, and are the
products of all parties. Accordingly, they shall not be construed against the Issuer Parties merely because of any Issuer Party’s involvement in their preparation. 
 Section 1.3 Accounting Principles; Knowledge. Unless otherwise defined herein or the context otherwise requires, all financial and accounting terms used herein or in any of the Credit
Documents or any certificate or other document made or delivered pursuant hereto shall be defined in accordance with Adjusted IFRS. When used in this Agreement, the term “financial statements” shall include the notes and schedules thereto
except in the case of unaudited financial statements which shall be subject to normal year-end audit adjustments an may exclude notes and schedules. In addition, when used herein, unless otherwise explicitly stated, the “knowledge” of any
Person shall mean matters within the actual knowledge of such Person (or an Executive Officer of such Person) or which should have been known by such Person (or an Executive Officer of such Person) in the normal course of their duties without the
obligation for due inquiry or investigation. 

  
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 ARTICLE II 
 ISSUANCE OF LETTERS OF CREDIT; MAKING LOANS; 
 PAYMENT OBLIGATIONS

 Section 2.1 Issuance of Letters of Credit and Funding. 

(a) On the Closing Date and upon and subject to the terms and conditions hereof, ING (for itself and on behalf of the other Issuing
Banks) shall issue, for the account of the Applicant, one or more Letters of Credit, in all cases, denominated in Dollars, and in a maximum face not to exceed the Maximum Availability. The Applicant shall submit an Application for Letter of Credit
to the Administrative Agent not less than three (3) Business Days (or such shorter period of time as is acceptable to the Administrative Agent in its sole discretion) prior to the Business Day on which the Applicant desires a Letter of Credit
to be issued, completed to the satisfaction of the Administrative Agent. 
 (b) Each Issuing Bank irrevocably agrees to accept,
on the terms and conditions set forth below, for such Issuing Bank’s own account and risk an undivided interest equal to such Issuing Bank’s Commitment Percentage in the obligations and rights under and in respect of each Letter of Credit
and the amount of each draft presented to the Administrative Agent. 
 (c) Upon receipt by the Administrative Agent of a sight
draft and certificate constituting a drawing under a Letter of Credit that the Administrative Agent has determined is in compliance with the Letter of Credit, the Administrative Agent will notify each other Issuing Bank of (i) the aggregate
amount of such drawing and (ii) the amount of each Issuing Bank’s Payment Amount. In the event that the Administrative Agent makes any payment under such Letter of Credit and the Applicant shall not have reimbursed such amount in full to
the Administrative Agent pursuant to Section 2.2, the Administrative Agent shall promptly notify the other Issuing Banks of such failure, and each Issuing Bank shall be deemed to have made a Loan to the Applicant in an amount equal to its
Payment Amount and shall promptly pay to the Administrative Agent such Payment Amount as its portion of the Loan in immediately available funds. If such notice of any drawing is delivered by fax by the Administrative Agent to an Issuing Bank at or
prior to 11:00 a.m., London time, on any Business Day, such Issuing Bank shall pay to the Administrative Agent its Payment Amount no later than 12:00 p.m., London time, on the second Business Day thereafter. If such notice is delivered by fax by the
Administrative Agent to such Issuing Bank after 11:30 a.m., London time, such Issuing Bank shall pay to the Administrative Agent its Payment Amount no later than 10:30 a.m., London time, on the third Business Day thereafter. 

(d) Notwithstanding the foregoing, upon a drawing under a Letter of Credit, the Administrative Agent shall honor such drawing and advance
the aggregate amount of all Issuing Banks’ Payment Amounts to the Beneficiary, notwithstanding the fact that the Administrative Agent has not, as of the time of such disbursement, received such Payment Amount. Upon any such honor and
advancement by the Administrative Agent, each Issuing Bank shall be absolutely and unconditionally obligated to remit to the Administrative Agent such Issuing Bank’s Payment Amount with regard to such drawing in accordance with
subsection (c). Without limiting the foregoing, each Issuing Bank shall be obligated to remit said Payment Amount to the Administrative Agent for the account of the Administrative Agent notwithstanding that Applicant shall have become subject
to any bankruptcy, winding-up, liquidation, reorganization or other proceeding for the relief of debtors or has become insolvent or any adverse change in the financial or business condition of the same have occurred. 

  
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 (e) Each payment by each Issuing Bank to the Administrative Agent or by the Administrative
Agent to each Issuing Bank referred to above shall be made in immediately available and freely transferable funds to such Person at its respective payment office specified in writing to the Administrative Agent. 

(f) If any amount required to be paid by any Issuing Bank to the Administrative Agent pursuant to subsection (d) above in respect of
any payment made by the Administrative Agent under any Letter of Credit is paid to the Administrative Agent after the date such payment is due, the Administrative Agent shall be entitled to recover from such Issuing Bank, on demand, such amount with
interest thereon calculated (on the basis of a 360-day year and actual days elapsed) at a per annum rate equal to the LIBO Rate (assuming an Interest Period of one month), from such due date through the date such payment is made. A certificate of
the Administrative Agent submitted to any Issuing Bank with respect to any amounts owing under this Section shall be conclusive in the absence of manifest error. 
 (g) Except as otherwise provided herein, (i) each payment of Obligations shall be made pro rata among the Issuing Banks owed such Obligations according to the respective unpaid amounts
of such Obligations owed to such Issuing Banks; and (ii) each payment of fees (other than fees paid to the Administrative Agent for their respective accounts) shall be shared among the Issuing Banks pro rata according to their
respective Commitment Percentages. 
 (h) Whenever, at any time after payment of any drawing under any Letter of Credit, any
Issuing Bank receives any payment related to such Letter of Credit (whether directly from the Applicant or otherwise), or any payment of interest on account thereof, such Issuing Bank will pay such amount to the Administrative Agent for distribution
to each Issuing Bank that paid its Payment Amount with respect to such drawing its pro rata share thereof; provided, however, that in the event that any such payment received from the Applicant or otherwise shall be
required to be returned, each Issuing Bank shall return to the Administrative Agent the portion thereof previously distributed to it. 
 (i) Any amendment to a Letter of Credit increasing the amount of such Letter of Credit shall be treated as the issuance by each Issuing Bank of a Letter of Credit in the amount equal to its pro
rata share of such increase. 
 Section 2.2 Reimbursement Obligations and Interest. The Applicant hereby
unconditionally and irrevocably agrees to reimburse the Administrative Agent, for the ratable account of the Issuing Banks, for each payment and disbursement (including any amounts paid by any Issuing Bank with respect to such payment or
disbursement, to the extent such payment or disbursement is required by applicable law) made by the Issuing Banks in respect of the Letters of Credit in connection with any demand for payment made by the Beneficiary as follows: (i) to the
extent that the aggregate of (A) the face amount of all outstanding Letters of Credit and (B) the initial principal amount of all previously funded Loans (including the Loan needed to fund the applicable draw), exceeds the Maximum
Availability or an Event of Default described in Section 8.1(iii) has occurred, within ten (10) Business Days of any amount being drawn under a Letter of Credit, an amount equal to the excess amount of such draw over the Maximum
Availability; (ii) if an Event of Default (other than an Event of Default described in Section 8.1(iii)) has occurred and is continuing and, pursuant to Section 8.2, the Administrative 

  
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Agent has terminated the Commitment to make Loans and the Commitment has not been reinstated in accordance with Section 8.2, within ten (10) Business Days of any amount being drawn
under a Letter of Credit, an amount equal to the full amount of such draw and (iii) in all other instances, using the proceeds of a Loan which shall be automatically advanced as set forth in Section 2.5(c). The amount of each payment or
disbursement (whether or not financed by a Loan) shall bear interest from but not including the date of such payment or disbursement to and including the date that the Issuing Banks are reimbursed by the Applicant therefor, payable on demand, at a
rate per annum equal to the Applicable Interest Rate. The Administrative Agent shall notify the Applicant forthwith whenever any demand for payment is made under any Letter of Credit by the Beneficiary; provided, however, that the
failure of the Administrative Agent to so notify the Applicant shall not affect the rights of the Issuing Banks in any manner whatsoever. 
 Section 2.3 The Issuing Banks’ Obligations to the Applicant. In determining whether to honor a draw upon any Letter of Credit, the Administrative Agent and the Issuing Banks shall have no
obligation to the Applicant other than to confirm that any documents required to be delivered under such Letter of Credit have been delivered and substantially comply with the requirements of such Letter of Credit. No action taken or omitted to be
taken by the Administrative Agent or the Issuing Banks under or in connection with any Letter of Credit shall reduce or impair the Applicant’s Reimbursement Obligations, or, if taken or omitted in the absence of gross negligence and willful
misconduct as determined by a court of competent jurisdiction in a non-appealable judgment, impose upon the Administrative Agent or Issuing Banks any liability to the Applicant. 

Section 2.4 The Applicant’s Obligations Absolute. The obligations of the Applicant under any Credit Document to
reimburse the Issuing Banks for a drawing under a Letter of Credit and to repay any Obligations shall be unconditional and irrevocable, and shall be paid strictly in accordance with the terms of each Credit Document under all circumstances,
including the following: 
 (i) any lack of validity or enforceability of any Credit Document; 

(ii) any change in the time, manner or place of payment of, or in any other term of, all or any of the obligations of the
Applicant in respect of any Letter of Credit or any other amendment or waiver of, or any consent to departure from, the terms of all or any of the Credit Documents; 

(iii) the existence of any claim, set-off, defense or other right that the Applicant may have at any time against any
beneficiary or any transferee of any Letter of Credit (or any Person for whom any such beneficiary or any such transferee may be acting), any Issuer Party or any other Person, whether in connection with this Agreement, the transactions contemplated
by the Credit Documents or any unrelated transaction; 
 (iv) any draft, demand, certificate or other document
presented under any Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect, or any statement therein being untrue or inaccurate in any respect; or any loss or delay in the transmission or otherwise of any document
required in order to make a drawing under any Letter of Credit; 

  
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 (v) any payment by the Issuing Banks under the Letter of Credit against
presentation of a draft or certificate that does not strictly comply with the terms of such Letter of Credit; or any payment made by the Issuing Banks under any Letter of Credit to any Person purporting to be a trustee in bankruptcy,
debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee of any Letter of Credit, including any arising in connection with any insolvency
proceeding; 
 (vi) any exchange, release or non-perfection of any collateral, or any release or amendment or
waiver of or consent to departure from any guarantee, for all or any of the obligations of the Applicant in respect of any Letter of Credit; or 
 (vii) any other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance that might otherwise constitute a defense available to, or a
discharge of, the Applicant. 
 Section 2.5 Loans. 

(a) Loans. Subject to the terms of this Agreement, from and after the Closing Date, the Issuing Banks agree to establish a
non-revolving line of credit under which the Issuing Banks shall make loans (the “Loans”) to the Applicant from time to time from and after the Closing Date until the Expiration Date in an aggregate outstanding principal amount not
exceeding at any time the lesser of the aggregate Commitments and the Maximum Availability. The Loans shall be evidenced by the Notes. Amounts repaid under the Loans may not be reborrowed. 

(b) Obligation to Fund. Anything in this Agreement to the contrary notwithstanding, the obligation of the Issuing Banks to
continue making Loans within the Commitment shall terminate upon the Expiration Date, upon the occurrence of an Event of Default described in Section 8.1(iii) and, at the option of the Administrative Agent in accordance with Section 8.2,
if an Event of Default has occurred and is continuing. If an Event of Default shall occur, the Administrative Agent may, as a condition to providing a waiver of such Event of Default, require an amendment or modification of this Agreement to
increase the interest rates, as shall be determined by the Administrative Agent in its reasonable discretion; provided that nothing contained herein or elsewhere will be deemed to require the Administrative Agent to provide such waiver on any
terms. 
 (c) Borrowings. Loans shall automatically be deemed requested by Applicant upon funding of any draw under a
Letter of Credit in the amount of such draw. 
 (d) Amounts Outstanding. The Administrative Agent may from time to time
render a statement of the Loans and the amounts due with respect thereto, including accrued and unpaid interest, fees and other charges with respect thereto. If the Applicant fails to object to any such statement within 25 Business Days after it is
received by the Applicant, it shall be deemed to be an account stated and binding upon Applicant, absent manifest error. Notwithstanding the foregoing, the Administrative Agent’s failure to enter the date, interest rate, Interest Period, if
any, and amount of any Loan on its records shall not, however, limit or otherwise affect the 

  
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obligation of Applicant under this Agreement and the Notes to repay the principal amount of the advances, re-advances, borrowings and re-borrowings of the Loans made by the Issuing Banks to the
Applicant under this Agreement together with all interest, fees and other charges accruing thereon. 
 (e) Repayment.
Unless payment thereof shall have been accelerated in accordance with the terms and provisions hereof, each Loan shall be payable by Applicant on the Maturity Date. 
 (f) Interest Rate. The outstanding principal amount of each Loan shall bear interest at a rate per annum equal to the Applicable Interest Rate and be payable in accordance with Annex A. 

(g) Use of Proceeds. Proceeds of the Loans shall be used solely to finance the reimbursement obligations of the Applicant under
this Section 2 with respect to drawings under Letters of Credit. 
 (h) Prepayment. The Applicant may prepay the
Loans on or before the Maturity Date or obtain the surrender of a Letter of Credit on or before the Expiry Date, in whole or in part, at any time, without premium or penalty except for payment of fees and costs described in Article IV and on Annex
1. Loans prepaid or repaid may not be reborrowed nor may new Letters of Credit be issued after the Closing Date. 

Section 2.6 Fees. 
 (a) The Applicant shall pay to the Administrative Agent, for the ratable account of the Issuing Banks, the Letter of Credit Fee as required by Annex 1 on the dates set forth on Annex 1. 

(b) The Applicant agrees to pay to the Administrative Agent in respect of each Letter of Credit issued by the Administrative Agent and
any amendment, continuation, substitution or extension under the terms thereof, such reasonable fees and expenses as the Administrative Agent customarily charges its customers in connection with the amendment, transfer, negotiation, processing
and/or administration of letters of credit, in each case not to exceed $17,500. 
 (c) On the Closing Date, the Applicant shall
pay the Closing Fee in an amount as set forth on Annex 1 attached hereto. 
 Section 2.7 Computation of Interest and
Fees. 
 (a) All computations of interest and fees shall be made on the basis of a 360-day year and actual number of days
elapsed. Interest and fees shall accrue during each period during which interest or such fees are computed from and including the first day thereof up to, and including, the last day thereof (which day shall be the day preceding the first day of the
next period or, in the case of a period ending as of the Maturity Date or an Expiry Date, the Maturity Date or such Expiry Date, respectively). 

  
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 (b) Each determination of an interest rate by the Administrative Agent shall be conclusive
and binding on the Applicant and the Issuer Parties in the absence of manifest error. 
 (c) Anything herein to the contrary
notwithstanding, the obligations of the Applicant to the Issuer Parties hereunder shall be subject to the limitation that payments of interest shall not be required for any period for which interest is computed hereunder, to the extent (but only to
the extent) that contracting for or receiving such payment by the Issuer Parties would be contrary to the provisions of any applicable law limiting the highest rate of interest that may be lawfully contracted for, charged or received by the Issuer
Parties, and in such event the Applicant shall pay the Issuer Parties interest at the highest rate permitted by applicable law. 

Section 2.8 Payments by the Applicant. 
 (a) All payments to be made by the Applicant shall be made to the Administrative Agent in Dollars by 2:00 p.m. (London time) on the due date to JPMorgan Chase Bank, New York, for the account of ING Bank
N.V., London Branch, Account number 001.1.938123, or in other such currencies to an account as instructed in writing by the Administrative Agent, without set-off or counterclaim and free of and without deduction for any taxes, levies,
withholdings or imposts imposed by any governmental or taxing authority in the United States of America or any other jurisdiction whatsoever. 
 (b) Whenever any payment is due on a day other than a Business Day, such payment shall be made on the following Business Day, and such extension of time shall in such case be included in the computation
of interest or fees, as the case may be. 
 Section 2.9 Law Governing Letters of Credit. Each Letter of Credit shall
be in the form, and contain or omit such terms, as may be required under applicable rules and regulations to permit the beneficiary thereof to take statutory financial statement credit for the reinsurance secured or supported thereby in all
jurisdictions in which the beneficiary may use letters of credit for such purpose and shall, to the extent possible, conform to the Administrative Agent’s standard form of stand-by letter of credit, which is attached hereto as Exhibit D. Unless
otherwise agreed by the Required Banks and the Applicant, each Letter of Credit shall be governed by the laws of the State of New York and by the “2007 Revision of the Uniform Customs and Practice for Commercial Documentary Credits”
(International Chamber of Commerce Publication No. 600), as specified in the applicable Letter of Credit. 

Section 2.10 Confirming Bank. The Applicant hereby agrees that, to the extent the Administrative Agent is not a NAIC Approved
Bank, the Administrative Agent may arrange, at the cost and expense of the Applicant (and not at the cost and expense of the Administrative Agent), for a NAIC Approved Bank to act as a confirming bank as to each Letter of Credit issued by the
Administrative Agent. Notwithstanding anything set forth herein to the contrary, the Administrative Agent shall not be obligated to provide a NAIC Approved Bank or otherwise satisfy regulatory requirements for the Beneficiary to obtain reserve
credit for reserves secured or supported by the Letters of Credit, provided, however, that upon the written request of the Applicant or the Beneficiary, the Administrative Agent will cooperate with and assist the Applicant and the
Beneficiary in providing a confirmation by a NAIC Approved Bank with 

  
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respect to a particular Letter of Credit so long as the Applicant indemnifies and holds the Administrative Agent harmless against the Administrative Agent’s reasonable costs and expenses
relating to any modification to the form of Letter of Credit to obtain a confirmation of a Letter of Credit, including without limitation, pursuant to Section 10.4. 
 Section 2.11 Letter of Credit Expiration Extension. Each Issuing Bank acknowledges that to the extent provided under the terms of any Letter of Credit, the expiration date of such Letter of
Credit will be automatically extended for an additional year, without amendment, unless at least thirty (30) days (or such other period required by Governmental Authority) prior to the applicable Expiry Date, notice is given to the Beneficiary
by the Administrative Agent in accordance with the terms of the respective Letter of Credit (a “Notice of Non-Extension”) that the expiration date of such Letter of Credit will not be extended beyond its current expiration date. The
Administrative Agent will give Notices of Non-Extension as to any or all outstanding Letters of Credit if (x) requested to do so by the Required Banks or (y) as to such Letter of Credit only, any outstanding Letter of Credit which would
expire, if automatically extended by its terms for an additional year, on a date after the Expiry Date. The Administrative Agent will give Notices of Non-Extension as to all outstanding Letters of Credit if the Maturity Date has occurred.

 ARTICLE III 
 CONDITIONS PRECEDENT 
 Section 3.1 Closing Date. The
obligations of the Issuer Parties hereunder to issue Letters of Credit shall not become effective until the date (the “Closing Date”) on which each of the following conditions is satisfied (as determined by the Administrative
Agent): 
 (a) delivery of this Agreement and the ING Note executed by the Applicant; 

(b) the representations and warranties of the Applicant contained in each of the Credit Documents shall be true and correct in all
material respects, except where a representation or warranty is qualified by materiality in which case it shall be true and correct in all respects, on and as of the date of such issuance; 

(c) no Default or Event of Default shall have occurred and be continuing; 

(d) delivery of a certificate of an Executive Officer of the Applicant dated as of the Closing Date certifying the Organization Documents
of the Applicant and the resolutions of the Board of Directors of the Applicant authorizing the execution, delivery and performance, respectively, of the Credit Documents and those documents and matters required of it with respect to the Credit
Documents; 
 (e) certificates of an Executive Officer of the Applicant certifying the names of the individual or individuals
authorized to sign the Credit Documents and other documents contemplated by this Agreement and the other Credit Documents to which the Applicant is a party, together with a sample of the true signature of each such individual, on which certificate
each Issuer Party may conclusively rely until formally advised by a like certificate by the Applicant of any changes therein; 

  
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 (f) opinion of counsel to Administrative Agent addressed to the Administrative Agent and
Issuing Banks as to certain New York law matters, in form and substance reasonably acceptable to the Administrative Agent and Issuing Banks; 
 (g) a certificate of an Executive Officer of the Applicant, dated as of the Closing Date, stating that there are no insurance regulatory proceedings pending or, to the knowledge of such Executive Officer,
threatened against Applicant in any jurisdiction and no Default or Event of Default exists; 
 (h) evidence as of the Closing
Date, that the Funds Withheld Account has Funds Withheld Account Assets with a market value of at least US$5,208,000,000; and 

(i) the payment of all fees, expenses and other amounts due and payable under each Credit Document, including the Closing Fee and all
fees and expenses payable pursuant to Section 10.4(a). 
 The Administrative Agent shall notify in writing the Applicant
and the Issuing Banks of the Closing Date, and such notice shall be conclusive and binding. 
 Section 3.2 Conditions to
Loans. The obligation of the Administrative Agent to make Loans is subject to the satisfaction of the following conditions (as determined by the Administrative Agent): 
 (a) the Closing Date shall have occurred; 
 (b) immediately before the making of
such Loan, the Commitment shall not have been terminated and not reinstated in accordance with Section 8.2; and 
 (c) no
Event of Default described in Section 8.1(iii) shall have occurred. 
 The Applicant hereby authorizes the making of a Loan
upon any draw under a Letter of Credit. 
 Section 3.3 Rights and Obligations of Issuing Banks. Unless otherwise
agreed by all the Issuer Parties: 
 (a) the obligations of the Issuer Parties under the Credit Documents shall be several and
not joint; 
 (b) failure by an Issuer Party to perform its obligations under any Credit Document shall not affect the
obligations of any other party under any of the Credit Documents; 
 (c) no Issuer Party shall be responsible for the
obligations of any other Issuer Party under the Credit Documents; 
 (d) the rights of an Issuer Party under the Credit
Documents are separate and independent rights; 

  
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 (e) each obligation arising under the Credit Documents to or for the benefit of an Issuer
Party, including a Reimbursement Obligation, shall be a separate and independent Debt and obligation of the Applicant; and 

(f) an Issuer Party may, except as otherwise stated in the Credit Documents, separately and independently enforce its rights under the
Credit Documents or otherwise. 
 ARTICLE IV 
 TAXES AND YIELD PROTECTION 
 Section 4.1 Taxes. 

(a) Any and all payments by the Applicant to the Issuer Parties under this Agreement and any other Credit Document shall be made free and
clear of, and without deduction or withholding for, any Taxes except as required by law, in which case Section 4.1(c), below, shall apply. In addition, the Applicant shall pay all Other Taxes. 

(b) The Applicant agrees to indemnify and hold harmless the Issuer Parties for the full amount of Taxes and Other Taxes (including any
Taxes and Other Taxes imposed by any jurisdiction on amounts payable under this Section 4.1) paid by any Issuer Party and any liability (including penalties, interest, additions to tax and Attorney Costs and other expenses) arising therefrom or
with respect thereto. Payment under this indemnification shall be made within 30 days after the date on which the Administrative Agent or any Issuing Bank makes written demand therefore to the Applicant. 

(c) Except as otherwise provided in paragraph (h) below, if the Applicant shall be required by law to deduct or withhold any Taxes
or Other Taxes from or in respect of any sum payable hereunder to any Issuer Party, then: 
 (i) the sum payable
shall be increased as necessary so that after making all required deductions and withholdings (including deductions and withholdings applicable to additional sums payable under this Section 4.1) such Issuer Party receives an amount equal to the
sum it would have received had no such deductions or withholdings been made; 
 (ii) the Applicant shall make
such deductions or withholdings; and 
 (iii) the Applicant shall pay the full amount deducted or withheld to the
relevant taxing authority or other authority in accordance with applicable law. 
 (d) Within 30 days after the date of any
payment by the Applicant of Taxes or Other Taxes, the Applicant shall furnish the Administrative Agent and each other applicable Issuer Party the original or a certified copy of a receipt evidencing payment thereof, or other evidence of payment
satisfactory to the Administrative Agent and each such other Issuer Party. 
 (e) If the Applicant is required to pay additional
amounts to any Issuer Party pursuant to Section 4.1(c), then such Issuer Party shall use reasonable efforts (consistent with 

  
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legal and regulatory restrictions) to change the jurisdiction of its applicable office so as to eliminate any such additional payment by the Applicant which may thereafter accrue, if such change
in the judgment of such Issuer Party is not disadvantageous to such Issuer Party or inconsistent with its internal policies. 

(f) If the Applicant is required to pay additional amounts to any Issuer Party pursuant to Section 4.1(c) and an Issuer Party
determines that: 
 (i) a Tax Credit is attributable either to an increased payment of which that additional
amount forms part, or to that additional amount; and 
 (ii) that Issuer Party has obtained, utilized and
retained that Tax Credit, 
 that Issuer Party shall pay an amount to the Applicant which that Issuer Party determines will leave it (after that
payment) in the same after-tax position as it would have been in had payment of the additional amount not been required to be made by the Applicant. 
 For the purpose of this clause, “Tax Credit” means a credit against, relief or remission for, refund of or repayment of any Tax. 

(g) Except as otherwise provided in this Section 4.1(g), each Foreign Issuing Bank must supply to the Administrative Agent and the
Borrower either (A) two (2) properly executed originals of Form W-8ECI or Form W-8BEN or any successor or similar forms prescribed by the Internal Revenue Service or other documents satisfactory to the Applicant and the Administrative
Agent, as the case may be, certifying (1) as to such Foreign Issuing Bank’s status for purposes of determining exemption from United States withholding taxes with respect to all payments to be made to such Foreign Issuing Bank hereunder
and under any other Credit Documents or (2) that all payments to be made to such Foreign Issuing Bank hereunder and under any other Credit Documents are subject to such taxes at a rate reduced to zero by an applicable tax treaty, or (B)(l) a
certificate executed by such Foreign Issuing Bank certifying that such Foreign Issuing Bank is not a “bank” and that such Foreign Issuing Bank qualifies for the portfolio interest exemption under Section 881(c) of the Code, and
(2) two (2) properly executed originals of Internal Revenue Service Form W-8BEN (or any successor form), in each case, certifying such Foreign Issuing Bank’s entitlement to an exemption from United States withholding tax with respect
to payments of interest to be made hereunder or under any other Credit Documents. An Issuer Party must comply with its obligations under this paragraph as soon as practicable after the date it becomes a party to this Agreement. An Issuer Party is
not obliged to supply any form under this paragraph (g) if it is unable to do so by reason of any change after the date of this Agreement in (or in the administration or application of) any law or regulation or any published practice or
concession of any relevant taxing authority. 
 (h) No additional amounts shall be payable pursuant to section 4.1(c) with
respect to (i) any Taxes that would not have been imposed but for the failure of the Issuer Party to comply with the requirements of Section 4.1(g) and (ii) in the case of an assignment by an Issuer Party or the designation of a new
lending office, any Taxes that exceed the amount of Taxes that would have been imposed on such payments but for the assignment by the Issuer Party or the designation of a new lending office, as the case may be, unless such assignment or designation
resulted from the request of the Applicant. 

  
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 Section 4.2 Increased Costs and Reduction of Return. 

(a) If any Issuer Party determines at any time that, due to either (i) the introduction of or any change in or in the interpretation
of any law or regulation, in each case after the Closing Date, or (ii) the compliance by such Issuer Party with any guideline or request from any central bank or other Governmental Authority (whether or not having the force of law) after the
Closing Date, there shall be any increase in the cost (except for any cost with respect to Taxes, Excluded Taxes, or Other Taxes, as to which Section 4.1 is controlling) to such Issuer Party of the issuance, substitution, continuation,
amendment or extension of the expiry date of, or participation in, a Letter of Credit, the making of any Loan, or the maintenance of any Commitment or Credit Extension hereunder, then the Applicant shall be liable for, and shall from time to time,
upon demand, pay to the Administrative Agent for the account of such Issuer Party, such additional amounts as are sufficient to compensate such Issuer Party for such increased costs; provided that, to the extent such increased costs are not
specifically related to the Obligations, such Issuer Party is charging such amounts to its other customers in respect of substantially similar transactions on a non-discriminatory basis and such amounts were not incurred by such Issuer Party more
than 180 days prior to the date of such request (unless the increased costs arise from a change in law that is retroactive in effect, in which case such 180-day limitation shall not apply). 

(b) If any Issuer Party shall have determined at any time that (i) the introduction of any Capital Adequacy Regulation,
(ii) any change in any Capital Adequacy Regulation, (iii) any change in the interpretation or administration of any Capital Adequacy Regulation by any central bank or other Governmental Authority charged with the interpretation or
administration thereof, or (iv) compliance by such Issuer Party (or its applicable branch or lending or other office) or any corporation controlling such Issuer Party with any Capital Adequacy Regulation, in each case after the Closing Date,
affects or would affect the amount of capital required or expected to be maintained by such Issuer Party or any corporation controlling such Issuer Party and (taking into consideration such Issuer Party’s or such corporation’s policies
with respect to capital adequacy and such Issuer Party’s desired return on capital) determines that the amount of such capital is increased or its rate of return is decreased as a consequence of the issuance, substitution, continuation,
amendment or extension of the expiry date of, or participation in, a Letter of Credit or the making of any Loan under this Agreement, or the maintenance of any Commitment or Credit Extension hereunder, then, upon demand of such Issuer Party to the
Applicant, the Applicant shall pay to the Administrative Agent, for the account of such Issuer Party, from time to time as specified by such Issuer Party, additional amounts sufficient to compensate such Issuer Party for such increase;
provided that, to the extent such increased costs are not specifically related to the Obligations, such Issuer Party is charging such amounts to its other customers in respect of substantially similar transactions on a non­discriminatory
basis and such additional amounts were not incurred by such Issuer Party more than 180 days prior to the date of such request (unless the additional amounts arise from any of the aforementioned changes that is retroactive in effect, in which case
such 180-day limitation shall not apply). 

  
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 Section 4.3 Reimbursement Certificates. In order to claim reimbursement or
compensation under this Article IV, an Issuer Party shall deliver to the Applicant a certificate setting forth in reasonable detail the amount payable to such Issuer Party hereunder. Such certificate shall be conclusive and binding on the Applicant
in the absence of manifest error. 
 Section 4.4 Time for Payments. Amounts due under this Article IV shall be due
and payable on the first date on which interest is due after delivery of the certificated set forth in Section 4.3. 

Section 4.5 Survival. The agreements and obligations of the Applicant in this Article IV shall survive the payment of all
other Obligations and the termination of this Agreement. 
 ARTICLE V 

REPRESENTATIONS AND WARRANTIES 
 To induce the Issuer Parties to enter into this Agreement and to issue, continue, substitute, amend or extend the expiry date of, or participate in, a Letter of Credit hereunder, the Applicant represents
and warrants to the Issuer Parties as of the Closing Date that: 
 Section 5.1 Due Organization, Authorization, etc.
The Applicant and the Beneficiary: (i) is a company duly organized, validly existing and in good standing under the laws of its jurisdiction of formation; (ii) is duly qualified to do business and in good standing in each jurisdiction
where, because of the nature of its activities or properties, such qualification is required; (iii) has the requisite corporate power and authority and the right to own and operate its properties, to lease the property it operates under lease,
and to conduct its business as now and proposed to be conducted; and (iv) has obtained all material Licenses, permits, consents or approvals from or by, and has made all filings with and given all notices to, all Governmental Authorities having
jurisdiction, to the extent required for such ownership, operation and conduct (including the consummation of the transactions contemplated by this Agreement) as to each of the foregoing. The execution, delivery and performance by the Applicant of
this Agreement and the consummation of the transactions contemplated hereby are within its corporate powers and have been duly authorized by all necessary corporate action (including shareholder approval if required). The Applicant and Beneficiary
have not taken any corporate action, nor have any other steps been taken or legal proceeding started or, to the knowledge of the Applicant, threatened against Applicant or Beneficiary, for its winding-up, dissolution, administration, examination or
reorganization, or for the appointment of a receiver, administrator, administrative receiver, examiner, trustee or similar officer of Applicant or Beneficiary or over any or all of its assets or revenues. The Applicant and Beneficiary has received
all material consents and approvals (if any shall be required) necessary for such execution, delivery and performance under, and such execution, delivery and performance do not and will not contravene or conflict with, or create a Lien (other than
in favor of the Administrative Agent and the Issuing Banks pursuant to the Credit Documents) or right of termination or acceleration under, any Requirement of Law or Contractual Obligation binding upon Applicant and Beneficiary, except for any
contravention of, or conflict with, any such Requirement of Law or Contractual Obligation, which individually or in the aggregate would not reasonably be expected to result in a Material Adverse Effect. This Agreement and each of the Credit
Documents constitutes (or when executed and delivered will 

  
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constitute) the legal, valid and binding obligations of Applicant, enforceable against it in accordance with its respective terms subject to bankruptcy, insolvency, fraudulent transfer,
reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and general equity principles. 
 Section 5.2 Litigation and Contingent Liabilities. As of the Closing Date, except as set forth in Schedule 5.2 hereto, there is no claim, litigation (including derivative actions), mediation,
arbitration, governmental investigation or proceeding or inquiry pending or, to the knowledge of the Applicant, threatened against the Applicant or the Beneficiary other than those that, in the aggregate, would not have a Material Adverse Effect
(such claims, litigation, mediation, arbitration, governmental investigation or proceedings or inquiries, other than those set forth in Schedule 5.2, are referred to collectively as “Ordinary Course Litigation”). Other than any
liability incident to such claims, litigation or proceedings, to the knowledge of the Applicant neither the Applicant nor the Beneficiary have any material Contingent Liabilities except as set forth on the audited financial statements of the
Applicant or the Beneficiary (as applicable) delivered to the Administrative Agent prior to the Closing Date. 

Section 5.3 Proceeds. The Letters of Credit issued hereunder are intended to be used solely to secure the Applicant’s
obligations under the Reinsurance Agreement. None of the proceeds of such Letters of Credit are intended to be used for any other purposes or in violation of applicable law, and none of such proceeds are intended to be used directly or indirectly,
whether immediately, incidentally or ultimately, to buy or carry any Margin Stock. 
 Section 5.4 Compliance with
Laws. Except as would not, individually or in the aggregate, have a Material Adverse Effect, (i) none of the Applicant nor the Beneficiary is in violation of any law, ordinance, rule, regulation, order, policy, guideline or other
requirement of any Governmental Authority, (ii) to the best of the Applicant’s knowledge, no such violation has been alleged and (iii) each of the Applicant and the Beneficiary has filed in a timely manner all reports, documents and
other instruments required to be filed by it with any Governmental Authority and the information contained in each of such filings is true, correct and complete in all material respects. 

ARTICLE VI 

AFFIRMATIVE COVENANTS 
 Until all outstanding Letters of Credit have expired or terminated and all Loans and Reimbursement Obligations are paid in full, the Applicant agrees that, unless at any time the Required Banks shall
otherwise expressly consent in writing, the Applicant shall perform all of the following covenants in full. 
 Section 6.1
Reports, Certificates and Other Information. 
 (a) The Applicant shall furnish to the Administrative Agent (with a copy
for each Issuer Party) the following reports, statements, notices and other information: 
 (i) within forty-five
(45) days after the close of each of the first three Fiscal Quarters of each Fiscal Year of the Applicant, (a) a copy of the unaudited 

  
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consolidated balance sheets of the Applicant, as of the close of such quarter and the related statements of income and cash flows for that portion of the Fiscal Year ending as of the close of
such Fiscal Quarter, all prepared in accordance with Adjusted IFRS, consistently applied with prior periods (subject to normal year-end adjustments and except that footnote and schedule disclosure may not be included), and accompanied by the
certification of an Executive Officer of the Applicant that all such financial statements are complete and correct and present fairly, in all material respects, as of their respective dates, in accordance with Adjusted IFRS, consistently applied
with prior periods (subject to normal year-end adjustments and except that footnote and schedule disclosure may not be included), the unaudited consolidated results of operations and cash flows of the Applicant as at the end of such Fiscal Quarter
and for the period then ended, and (b) a copy of the Net Settlement Statement (as defined in the Reinsurance Agreement) relating to such Fiscal Quarter; 
 (ii) within one hundred eighty (180) days after the close of each Fiscal Year of the Applicant, a copy of the annual audited consolidated financial statements of the Applicant consisting of balance
sheets and statements of income and changes in shareholders’ equity and cash flows, setting forth in comparative form in each case the figures for the previous Fiscal Year of the Applicant, which financial statements shall be prepared in
accordance with Adjusted IFRS, certified without material qualification, except with respect to the preparation of the financial statements in accordance with the agreement between the Applicant and its regulators but not in accordance with Adjusted
IFRS to the extent permitted hereby, by a firm of independent chartered public accountants of recognized international standing selected by the Applicant that all such financial statements are complete and correct and present fairly, in all material
respects, as of their respective dates, in accordance with Adjusted IFRS the consolidated financial position and the results of operations and cash flows of the Applicant as at the end of such year and for the year then ended; provided that
prior to providing the audited financial statements to any Issuing Bank, such Issuing Bank shall execute and deliver any acknowledgement, indemnity and release letter required by the Applicant’s auditors; 

(iii) promptly (but in no event later than ten (10) Business Days) after the filing with insurance regulatory
authorities, the statutory financial statements of the Beneficiary as filed with such insurance regulatory authorities in the domicile of the Applicant; and 
 (iv) promptly (but in no event later than five (5) Business Days) after an Executive Officer of the Applicant obtains knowledge of the existence of any Default or Event of Default, notice specifying
in reasonable detail the nature of such Default or Event of Default. Notwithstanding anything set forth in this Agreement to the contrary, the Administrative Agent shall not be deemed to have knowledge of a Default or Event of Default until the
notice required by this clause (iv) is received by the Administrative Agent. 
 (b) The Applicant shall from time to time,
promptly provide the Issuing Banks with such information concerning the business practices of the Applicant related to the Reinsurance Agreement or the financial condition and operations of the Applicant as the

  
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Administrative Agent or any Issuing Bank may reasonably request; provided that prior to delivering any such information to an Issuing Bank (other than the Administrative Agent or a direct
or indirect wholly-owned subsidiary of ING Groep, N.V.), such receiving Issuing Bank shall execute and deliver to the Applicant a copy of the confidentiality and non-disclosure agreement (“Confidentiality Agreement”) attached hereto
as Exhibit E (or, if no such agreement is yet attached, in a form reasonably acceptable to the parties). 

Section 6.2 Corporate Existence; Foreign Qualification. The Applicant shall do and cause to be done at all times all things
necessary to: (i) maintain and preserve the corporate existence of the Applicant; and (ii) be, and ensure that the Applicant is, duly qualified to do business and in good standing as a foreign corporation in each jurisdiction where the
failure to do so could reasonably be expected to result in a Material Adverse Effect. 
 Section 6.3 Books, Records and
Inspections. The Applicant shall: (i) maintain materially complete and accurate books and records; (ii) permit access upon reasonable prior notice and at reasonable times by the Administrative Agent and, after the occurrence and during
the continuance of an Event of Default, each Issuing Bank, to its books and records; (iii) permit the Administrative Agent and, after the occurrence and during the continuance of an Event of Default, each Issuer Party or its designated
representative to inspect at reasonable times its properties and operations; and (iv) permit the Administrative Agent and, after the occurrence and during the continuance of an Event of Default, each Issuer Party to discuss its business,
operations and financial condition with its officers, provided, however, that the Administrative Agent shall assist the Issuing Banks and the Issuing Banks shall coordinate the exercise of their rights pursuant to this Section 6.3
so as to minimize the impact on the Applicant’s day-to-day operations. 
 Section 6.4 Taxes and Liabilities.

 (a) The Applicant shall pay when due all material taxes and assessments except as contested in good faith and with respect to
which reserves have been established, and are being maintained, in accordance with Adjusted IFRS, consistently applied with prior periods. 
 (b) The Applicant shall pay when due all other material liabilities except as contested in good faith and with respect to which reserves have been established, and are being maintained, in accordance with
Adjusted IFRS, consistently applied with prior periods. 
 Section 6.5 Compliance with Laws; Contractual
Obligations. The Applicant shall comply with all Requirements of Law related to its businesses, activities and operations and with all Contractual Obligations binding upon it, except where any such noncompliance, individually or in the
aggregate, could not reasonably be expected to have a Material Adverse Effect. 
 Section 6.6 Maintenance of
Permits. The Applicant shall maintain all permits, licenses and consents as may be required for the conduct of its business by any Governmental Authority, except where any such failures, individually or in the aggregate, could not reasonably be
expected to have a Material Adverse Effect. 

  
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 Section 6.7 Further Assurances. 

(a) Following the Closing Date, the Applicant and ING shall use reasonable efforts to negotiate an amendment to this Agreement, to the
extent practicable, that includes a provision whereby a draw by the Beneficiary upon any Letters of Credit prior to utilizing a specified amount of the other assets available to the Beneficiary to secure the Applicant’s obligations under the
terms of the Reinsurance Agreement results in the ability of the Administrative Agent to terminate the obligations to make Loans; provided, however, that nothing in this Section 6.7(a), shall require the Applicant or ING to
effectuate the negotiated amendment including this provision if such an amendment (i) is not or would not be approved by the Beneficiary’s or the Applicant’s governing regulatory body, if required, (ii) would result in the
Beneficiary failing to be able to obtain full statutory financial statement credit for all purposes for the reinsurance provided thereby; (iii) would be reasonably likely to adversely impact the financial, credit, claims paying or other ratings
of the Applicant, the Beneficiary or any of their Affiliates by any nationally recognized rating organization or agency; (iv) would be subject to any condition that individually or in the aggregate would adversely impact the Beneficiary or
Applicant; or (v) otherwise would cause the Applicant or Beneficiary to be in violation of any applicable law or regulation. 
 (b) Following the Closing Date, the Applicant and ING shall use reasonable efforts to negotiate a collateral assignment (the “Collateral Assignment”) that grants a lien and security
interest in the property described in this clause (b) and, upon an Event of Default in the Applicant’s fee and expense payment obligation, allows the Administrative Agent to enforce such lien and security interest in the Net Settlement
payments due the Applicant under the Reinsurance Agreement and such other assets as the Applicant and ING agree is practicable, provided, however, that nothing in this Section 6.7(b), shall require the Applicant or ING to
effectuate the Collateral Assignment if the Collateral Assignment (i) is not or would not be approved by the Beneficiary’s or the Applicant’s governing regulatory body, if required, (ii) would be reasonably likely to adversely
impact the financial, credit, claims paying or other ratings of the Applicant, the Beneficiary or any of their Affiliates by any nationally recognized rating organization or agency from their respective ratings; (iii) would be subject to any
condition that individually or in the aggregate would adversely impact the Beneficiary; or (iv) otherwise cause the Applicant or Beneficiary to be in violation of any applicable law or regulation. 

(c) Following the Closing Date, the Applicant and ING shall negotiate in good faith the Confidentiality Agreement to be attached as
Exhibit E to this Agreement. 
 (d) Within forty five (45) days following the Closing Date, (i) the Applicant shall
deliver an opinion of counsel to the Applicant addressed to the Administrative Agent and the Issuing Banks (and their successors and assigns), in form and substance reasonably satisfactory to the Administrative Agent, the Issuing Banks and the
counsel delivering the opinion. 
 (e) Notwithstanding anything contained in this Agreement to the contrary, the failure to
complete the actions set forth in Sections 6.7(a), (b) or (c) above shall not constitute an Event of Default. 

  
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 ARTICLE VII 
 NEGATIVE COVENANTS 
 Until all outstanding Letters of Credit have expired
or terminated and all Loans and Reimbursement Obligations are, indefeasibly and irrevocably, paid in full, the Applicant agrees that, unless at any time the Required Banks shall otherwise expressly consent in writing, they shall perform or observe
all of the following covenants: 
 Section 7.1 Other Agreements. The Applicant shall not enter into any agreement
containing any provision which would be violated or breached by the performance of its obligations hereunder or under any instrument or document delivered or to be delivered by it hereunder or in connection herewith. 

Section 7.2 Restricted Payments. The Applicant will not (i) declare, make, or pay any distribution of any kind
whatsoever or dividend (other than dividends payable solely in common stock (or equivalent interests) of the Person making such dividend) on, or make any payment on account of, or set apart assets for a sinking or other analogous fund for, the
purchase, redemption, defeasance, retirement or other acquisition of, any Capital Stock of any Applicant or Subsidiary, whether now or hereafter outstanding; (ii) make any other distribution in respect thereof, either directly or indirectly,
whether in cash or property or in obligations of any Applicant or Subsidiary; or (iii) except in connection with intercompany borrowings in the ordinary course of Applicant’s business, which in any event shall not exceed $750,000,000 at
any time, make or pay any contribution or loan of any kind whatsoever to any Subsidiary or Affiliate of the Applicant (collectively, “Restricted Payments”), except that: 

(a) so long as no Default or Event of Default shall have occurred and be continuing or would result therefrom, the Applicant may make
Restricted Payments in an aggregate amount not to exceed $40,000,000 in any Fiscal Year; 
 (b) the Applicant may make
Restricted Payments from the Applicant’s or its Subsidiaries’ CMOB portfolio not in excess of $60,000,000 in any calendar year; and 
 (c) in addition to any Restricted Payments permitted by clauses (a) and (b) above, so long as no principal amount is outstanding under any Loan, the Applicant may make Restricted Payments in an
aggregate amount not to exceed the aggregate reduction in the sum of the aggregate face amount of outstanding Letters of Credit and available amount of the Loans in each Fiscal Year. 

Section 7.3 Funds Withheld Trust Withdrawals. The Applicant will not agree or consent to the withdrawal of funds from the
Funds Withheld Trust or any other trust established to provide reserve credit pursuant to the Reinsurance Agreement other than in accordance with the Reinsurance Agreement or any governing trust agreement. 

  
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 ARTICLE VIII 
 EVENTS OF DEFAULT 
 Section 8.1 Events of Default. Each of the
following shall constitute an “Event of Default” under this Agreement: 
 (i) failure of the Applicant
to pay any Reimbursement Obligation; 
 (ii) failure of the Applicant to pay (A) any interest or fees
payable hereunder or under the Credit Documents, other than the Reimbursement Obligations, within five (5) Business Days following the due date thereof, or (B) any other amounts payable hereunder or under the Credit Documents, other than
the Reimbursement Obligations, within three (3) Business Days following receipt of notice of a default in the payment thereof or demand therefor; 
 (iii) the Applicant becomes insolvent or generally fails to pay, or admits in writing its inability to pay, its debts as they become due; there shall be commenced by or against the Applicant any case,
proceeding or other action under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, supervision, examinership, conservatorship, liquidation, reorganization or relief of debtors, seeking to have
an order for relief entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, rehabilitation, conservation, supervision, examinership, arrangement, adjustment, winding-up, liquidation, dissolution,
composition or other relief with respect to it or its debts, obligations or liabilities, or seeking appointment of a receiver, trustee, custodian, rehabilitator, conservator, supervisor, examiner, liquidator or other similar official for it or for
all or any substantial part of its assets, in each case which results in the entry of an order for relief or any such adjudication or appointment or if filed against the Applicant, remains undismissed, undischarged or unstayed for a period of 60
days; or there shall be commenced against the Applicant any case, proceeding or other action seeking issuance of a warrant of attachment, execution, distraint or similar process against all or any substantial part of its assets which results in the
entry of an order for any such relief which shall not have been vacated, discharged, or stayed or bonded pending appeal within 60 days from the entry thereof; or the Applicant shall take any action in furtherance of, or indicating its consent to,
approval of, or acquiescence in, any of the acts set forth above; or any Governmental Authority shall issue any order of conservation, supervision, examinership or any other order of like effect relating to the Applicant; 

(iv) failure by the Applicant to comply with or to perform any other provision of this Agreement or the other Credit
Documents to which it is a party (and not constituting an Event of Default under any of the other provisions of this Article VIII) and such failure shall not be remedied for a period of ten (10) Business Days after the Applicant has actual
knowledge of such failure; 

  
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 (v) any Credit Document shall cease to be in full force and effect with
respect to any Applicant or any action shall be taken by or on behalf of the Applicant to discontinue any of the Credit Documents or to contest the validity, binding nature or enforceability of any thereof; or 

(vi) the Beneficiary shall default on its payment obligations under the “Net Settlement” provisions of the
Reinsurance Agreement after the expiration of any applicable grace periods; provided, however, that the Beneficiary’s exercise of its set off rights under the Reinsurance Agreement shall not constitute a default in its payment
obligation under the Net Settlement provision of the Reinsurance Agreement. 
 Section 8.2 Remedies. If any Event of
Default shall occur and be continuing, (a) the Administrative Agent may (and upon the direction of the Required Banks shall) declare the Commitments to make Loans to be terminated (provided that such declaration shall be deemed to have
been made automatically and immediately upon any Event of Default under Section 8.1(iii) above), (b) the Administrative Agent shall not be obligated to make any additional Loans hereunder without notice of any kind, (c) all
outstanding Obligations shall bear interest based on the default rate as set forth in Annex 1 and (d) the Administrative Agent shall be entitled to exercise all remedies available under applicable law. Notwithstanding anything contained in this
Section 8.2 to the contrary, any Commitments to make Loans that are terminated upon the occurrence of an Event of Default (other than an Event of Default described in Section 8.1(iii)) shall be automatically reinstated if (i) such
Event of Default is cured, (ii) no other Events of Default have occurred and are continuing; and (iii) the Administrative Agent has received payment of all fees then due and payable as though the Commitment with respect to the Loans had
not been terminated. 
 ARTICLE IX 
 THE ADMINISTRATIVE AGENT 
 Section 9.1 Appointment. Each
Issuing Bank hereby irrevocably designates and appoints the Administrative Agent as the agent of such Issuing Bank under this Agreement and the other Credit Documents, and each such Issuing Bank irrevocably authorizes the Administrative Agent, in
such capacity, to take such action on its behalf under the provisions of this Agreement and the other Credit Documents, including the issuance of Letters of Credit, and to exercise such powers and perform such duties as are expressly delegated to
the Administrative Agent by the terms of this Agreement and the other Credit Documents, together with such other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere in this Agreement or in any other
Credit Document, the Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Issuing Bank or any other Person, and no implied covenants, functions,
responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Credit Document or otherwise exist against the Administrative Agent. Without limiting the generality of the foregoing sentence, the use of the term
“agent” herein and in the other Credit Documents with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable law. Instead,
such term is used merely as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent contracting parties. 

  
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 Section 9.2 Delegation of Duties. The Administrative Agent may execute any of
its duties under this Agreement or any other Credit Document by or through Affiliates, agents, employees or attorneys-in-fact and shall be entitled to advice of counsel and other consultants or experts concerning all matters pertaining to such
duties. The Administrative Agent shall not be responsible for the negligence or misconduct of any agent or attorney-in-fact that it selects in the absence of gross negligence or willful misconduct. 

Section 9.3 Exculpatory Provisions. Neither the Administrative Agent nor any of its officers, directors, employees, agents,
attorneys-in-fact or Affiliates (collectively, and including the Administrative Agent in its capacity as such, the “Agent Parties”) shall be (i) liable for any action lawfully taken or omitted to be taken by it or such Person
under or in connection with this Agreement or any other Credit Document or the transactions contemplated hereby (except to the extent that any of the foregoing are found by a final and nonappealable decision of a court of competent jurisdiction to
have resulted from its or such Person’s own gross negligence or willful misconduct) or (ii) responsible in any manner to any of the Issuing Banks, any participant or other Person for any recitals, statements, representations or warranties
made by any Applicant or any officer thereof contained in this Agreement or any other Credit 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 Credit Document or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Credit Document or for any failure of any Person party thereto to
perform its obligations hereunder or thereunder. No Agent Party shall be under any obligation to any Issuing Bank to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement
or any other Credit Document, or to inspect the properties, books or records of any Applicant or any other Person. 

Section 9.4 Reliance by Administrative Agent. 
 (a) The Administrative Agent shall be entitled to rely, and shall be fully protected in relying, upon any instrument, writing, resolution, notice, consent, certificate, affidavit, letter, e-mail,
telecopy, telex or teletype message, statement, order or other document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel
(including counsel to any Applicant), independent accountants and other experts selected by the Administrative Agent. The Administrative Agent shall be fully justified in failing or refusing to take any action under this Agreement or any other
Credit Document unless it shall first receive such advice or concurrence of the Required Banks (or, if so specified by this Agreement, all Issuing Banks) as it deems appropriate or it shall first be indemnified to its satisfaction by the Issuing
Banks against any and all liability and expense that may be incurred by it by reason of taking or continuing to take any such action. The Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, under this
Agreement and the other Credit Documents in accordance with a request of the Required Banks (or, if so specified by this Agreement, all Issuing Banks), and such request and any action taken or failure to act pursuant thereto shall be binding upon
all the Issuing Banks and all future holders of the Obligations. 

  
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 (b) For purposes of determining compliance with the conditions specified in Sections 3.1 or
3.2 with respect to any draw on a Letter of Credit, each Issuing Bank that has signed this Agreement shall be deemed in respect of any claim or proceeding by such Issuing Bank against the Administrative Agent to have consented to, approved or
accepted or to be satisfied with, each document or other matter that has been consented to or approved by or acceptable or satisfactory to the Administrative Agent or the Administrative Agent, as applicable, in the absence of the gross negligence or
willful misconduct of the Administrative Agent or the Administrative Agent, as applicable. 
 Section 9.5 Notice of
Default. With respect to other Issuing Banks, the Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of Default unless the Administrative Agent has received notice from an Issuing Bank
or an Applicant referring to this Agreement, describing such Default or Event of Default and stating that such notice is a “notice of default”. In the event that the Administrative Agent receives such a notice, the Administrative Agent
shall give notice thereof to the Issuing Banks. The Administrative Agent shall take such action with respect to such Default or Event of Default as shall be directed by the Required Banks (or, if so specified by this Agreement, all Issuing Banks);
provided that unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or
Event of Default as it shall deem advisable in the best interests of the Issuing Banks. 
 Section 9.6 Non-Reliance on
Administrative Agent and Other Issuing Banks. Each Issuing Bank expressly acknowledges that no Agent Party has made any representations or warranties to it and that no act by the Administrative Agent hereafter taken, including any consent to and
acceptance of any assignment or review of the affairs of an Applicant or any Affiliate of any Applicant, shall be deemed to constitute any representation or warranty by any Agent Party to any Issuing Bank, including whether any Agent Parties have
disclosed material information in their possession. Each Issuing Bank represents to the Administrative Agent that it has, independently and without reliance upon any Agent Party or any other Issuing Bank, and based on such documents and information
as it has deemed appropriate, made its own appraisal of and investigation into the business, operations, property, financial and other condition and creditworthiness of the Applicant and its Affiliates, and all Requirements of Law applicable to it
and its Affiliates, and made its own decision to extend its Commitments hereunder and enter into and perform this Agreement. Each Issuing Bank also represents that it will, independently and without reliance upon any Agent Party or any other Issuing
Bank, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the other Credit Documents, and to
make such investigation as it deems necessary to inform itself as to the business, operations, property, financial and other condition and creditworthiness of the Applicant and its Affiliates. Except for notices, reports and other documents
expressly required to be furnished to the Issuing Banks by the Administrative Agent hereunder, the Administrative Agent shall not have any duty or responsibility to provide any Issuing Bank with any credit or other information concerning the
business, operations, property, condition (financial or otherwise), prospects or creditworthiness of the Applicant or any Affiliate of the Applicant that may come into the possession of any Agent Party. 

  
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 Section 9.7 Indemnification. The Issuing Banks agree to indemnify each Agent
Party (to the extent not reimbursed by the Applicant and without limiting the obligation of any Applicant to do so), ratably according to their respective Commitment Percentages in effect on the date on which indemnification is sought under this
Section (or, if indemnification is sought after the date upon which the Commitments shall have terminated and the Obligations shall have been paid in full, ratably in accordance with such Commitment Percentages immediately prior to such date),
from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever that may at any time (whether before or after the payment of the Loans) be imposed
on, incurred by or asserted against such Agent Party in any way relating to or arising out of, the Commitments, this Agreement, any of the other Credit Documents or any documents contemplated by or referred to herein or therein or the transactions
contemplated hereby or thereby or any action taken or omitted by such Agent Party under or in connection with any of the foregoing; provided that no Issuing Bank shall be liable for the payment of any portion of such liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements that are found by a final and non-appealable decision of a court of competent jurisdiction to have resulted from such Agent Party’s gross negligence or
willful misconduct; provided, however, that no action taken in accordance with the directions of the Required Banks shall be deemed to constitute gross negligence or willful misconduct for purposes of this Section. The agreements in
this Section shall survive the payment of the Obligations. 
 Section 9.8 Administrative Agent in Its Individual
Capacity. ING and its Affiliates may make loans to, accept deposits from and generally engage in any kind of business with any Applicant or Affiliate thereof as though it were not the Administrative Agent hereunder and without notice to or
consent of the Issuing Banks. The Issuing Banks acknowledge that, pursuant to such activities, ING or its Affiliates may receive information regarding any Applicant or its Affiliates (including information that may be subject to confidentiality
obligations in favor of such Applicant or such Affiliate) and acknowledge that the Administrative Agent shall be under no obligation to provide such information to them. With respect to any Letter of Credit issued or participated in by it and any
other Obligation, ING shall have the same rights and powers under this Agreement and the other Credit Documents as any Issuing Bank and may exercise the same as though it were not the Administrative Agent, and the terms “Issuing Bank” and
“Issuing Banks” shall include ING in its individual capacity. 
 Section 9.9 Successor Administrative
Agent. ING may resign as Administrative Agent upon 30 days’ notice to the Issuing Banks and the Applicant. If ING shall resign as Administrative Agent under this Agreement and the other Credit Documents, then the Required Banks shall
appoint from among the Issuing Banks willing to act in such capacity a successor agent for the Issuing Banks, which successor agent shall (unless a Default or an Event of Default shall have occurred and be continuing) be subject to approval by the
Applicant (which approval shall not be unreasonably withheld or delayed), whereupon such successor agent shall succeed to the rights, powers and duties of the Administrative Agent, and the term “Administrative Agent” shall mean such
successor agent effective upon such appointment and approval, and the former Administrative Agent’s rights, powers and duties as Administrative Agent shall be terminated, without any other or further act or deed on the part of such former
Administrative Agent or any of the parties to this Agreement or any holders of the Obligations. If no successor agent has accepted appointment as Administrative Agent by the date that is 30 days following a retiring

  
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Administrative Agent’s notice of resignation, the retiring Administrative Agent’s resignation shall nevertheless thereupon become effective, and the Issuing Banks shall assume and
perform all of the duties of the Administrative Agent hereunder until such time, if any, as the Required Banks appoint a successor agent as provided for above. After any retiring Administrative Agent’s resignation as Administrative Agent, the
provisions of this Article VIII shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent under this Agreement and the other Credit Documents. 

Section 9.10 Administrative Agent May File Proofs of Claim. In case of the pendency of any receivership, insolvency,
liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to any Applicant or Affiliate thereof, the Administrative Agent (irrespective of whether any Obligation 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 any Person) shall be entitled and empowered, by intervention in such proceeding or otherwise: 

(a) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the 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 Issuing Banks and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and
advances of the Issuing Banks and the Administrative Agent and their respective agents and counsel and all other amounts due the Issuing Banks and the Administrative Agent hereunder) allowed in such judicial proceeding; and 

(b) 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 judicial proceeding is hereby authorized
by each Issuing Bank 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 Issuing Banks, to pay to the Administrative Agent any amount due for
the reasonable expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent hereunder and under the other Credit Documents. 

Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Issuing
Bank any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Issuing Bank or to authorize the Administrative Agent to vote in respect of the claim of any Issuing Bank in any such proceeding.

 ARTICLE X 
 MISCELLANEOUS 
 Section 10.1 Amendments and Waivers. Neither
this Agreement, any other Credit Document, nor any terms hereof or thereof may be amended, supplemented or modified except 

  
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in accordance with the provisions of this Section 10.1. The Required Banks and each Person party to the relevant Credit Document may, or, with the written consent of the Required Banks, the
Administrative Agent and each Person party to the relevant Credit Document may, from time to time, (a) enter into written amendments, supplements or modifications hereto and to the other Credit Documents for the purpose of adding any provisions
to this Agreement or the other Credit Documents or changing in any manner the rights of the parties hereunder or thereunder or (b) waive, on such terms and conditions as the Required Banks or the Administrative Agent, as the case may be, may
specify in such instrument, any of the requirements of this Agreement or the other Credit Documents or any Event of Default and its consequences; provided, however, that no such waiver and no such amendment, supplement or modification
shall (i) forgive any principal amount or extend the final scheduled date of maturity of any Reimbursement Obligation, extend the Expiry Date or the Maturity Date, reduce the stated rate of any interest or fee payable hereunder (except in
connection with the waiver of applicability of any post-default increase in interest rates (which waiver shall be effective with the consent of the Required Banks)), reduce any percentage specified in the definition of Required Banks or the
percentage of Issuing Banks required to take any other action pursuant to other Sections of this Agreement, or extend the scheduled date of any payment thereof, increase the amount or extend the expiration date of any Issuing Bank’s Commitment,
release any collateral covered by the Collateral Assignment, release any guarantors from their obligations under any guarantee of the Obligations or affect the provisions of Section 2.11, in each case without the written consent of all Issuing
Banks; (ii) eliminate or reduce the voting rights of any Issuing Bank under this Section 10.1 or make any other change to this Section 10.1, without the written consent of such Issuing Bank; (iii) consent to the assignment or
transfer by the Applicant of any of its rights and obligations under this Agreement and the other Credit Documents, in each case without the written consent of the Required Banks; or (iv) amend, modify or waive any provision of Article VIII
without the written consent of the Administrative Agent; and provided, further, no amendment, waiver or modification shall, unless in writing and signed by the Administrative Agent in addition to the Issuing Banks required above,
affect the rights or duties of the Administrative Agent under this Agreement or any Applications for Letters of Credit relating to any Letter of Credit issued or to be issued by the Administrative Agent. Any such waiver and any such amendment,
supplement or modification shall apply equally to each of the Issuing Banks and shall be binding upon the Applicant, the Issuing Banks, the Administrative Agent and all future holders of the Obligations. In the case of any waiver, the Applicant, the
Issuing Banks and the Administrative Agent shall be restored to their former position and rights hereunder and under the other Credit Documents, and any Event of Default waived shall be deemed to be cured and not continuing; but no such waiver shall
extend to any subsequent or other Event of Default, or impair any right consequent thereon. 
 Section 10.2 Notices.

 (a) All notices, requests and other communications shall be in writing and mailed or delivered to the address or facsimile
number specified for notices on Schedule 10.2; or, if directed to the Applicant or any Issuer Party, to such other address as shall be designated by such party in a written notice to the other parties, and as directed to any other party, at such
other address as shall be designated by such party in a written notice to the Applicant and the Administrative Agent; provided that the Administrative Agent and Issuing Banks may, unless the context expressly otherwise provides, provide
notices to the Applicant by facsimile transmission, 

  
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provided that any matter transmitted by the Administrative Agent or an Issuing Bank by facsimile (i) shall be immediately confirmed by a telephone call to the recipient at the
telephone number specified on Schedule 10.2, and (ii) shall be followed promptly by delivery of a hard copy original thereof. 
 (b) All such notices, requests and communications shall, when transmitted by overnight delivery, or, in the case of a notice, request or communication by the Administrative Agent or an Issuing Bank faxed,
be effective when delivered for overnight (next-day) delivery, or transmitted in legible form by facsimile machine or, if delivered, upon delivery, except that notices, requests and communications to the Administrative Agent or Issuing Banks
pursuant to Article II shall not be effective until actually received. 
 (c) Any agreement of any Issuer Party herein to
receive certain notices, requests or communications by telephone or facsimile is solely for the convenience and at the request of the Applicant. The Administrative Agent and the Issuing Banks shall be entitled to rely on the authority of any Person
purporting to be a Person authorized by the Applicant to give such notice, request or communication, and neither the Administrative Agent nor any Issuing Bank shall have any liability to the Applicant or other Person on account of any action taken
or not taken by it in reliance upon such telephonic or facsimile notice, request or communication. The obligation of the Applicant to repay the Obligations shall not be affected in any way or to any extent by any failure by the Administrative Agent
or any Issuing Bank to receive written confirmation of any telephonic, telex or facsimile notice, request or communication or the receipt by it of a confirmation which is at variance with the terms understood by it to be contained in the telephonic
or facsimile notice, request or communication. 
 Section 10.3 No Waiver; Cumulative Remedies. No failure to
exercise and no delay in exercising, on the part of any party hereto or any thereof, any right, remedy, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege
hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. 

Section 10.4 Costs and Expenses. The Applicant shall: 

(a) whether or not the transactions contemplated hereby are consummated, pay or reimburse the Administrative Agent within ten Business
Days after demand for all costs and expenses incurred by it in connection with the negotiation, preparation, delivery, syndication, administration and execution of, and any amendment, supplement, waiver or modification to (in each case, whether or
not consummated), this Agreement, any Credit Document and any other documents prepared in connection herewith or therewith, and the consummation of the transactions contemplated hereby and thereby, including reasonable Attorney Costs incurred by the
Administrative Agent with respect thereto (for the avoidance of doubt, the Applicant is not required to pay Attorney Costs of any Issuing Bank, in such capacity, pursuant to this Section 10.4(a)); 

(b) pay or reimburse the Administrative Agent within ten (10) Business Days after demand at any time for all costs and expenses
(including Attorney Costs) incurred by the Administrative Agent in connection with any revisions to or replacement of the form of Letter of Credit; and 

  
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 (c) pay or reimburse each Issuer Party within ten (10) Business Days after demand at
any time for all costs and expenses (including Attorney Costs) incurred by such Issuer Party in connection with the enforcement, attempted enforcement, or preservation of any rights or remedies under this Agreement or any other Credit Document
during the existence of an Event of Default or as a consequence thereof or after acceleration of the Obligations (including in connection with any “workout” or restructuring regarding the Obligations, and including in any bankruptcy or
insolvency proceeding or appellate proceeding). 
 Section 10.5 Indemnity. Whether or not the transactions
contemplated hereby are consummated, the Applicant shall indemnify and hold each Issuer Party and each of the Affiliates, respective officers, directors, employees, counsel, agents and attorneys-in-fact of each Issuer Party (each, an
“Indemnified Person”) harmless from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, reasonable costs, charges, expenses and disbursements (including Attorney Costs) of any
kind or nature whatsoever which may at any time (including at any time following replacement of the applicable Issuer Party) be imposed on, incurred by or asserted against any Indemnified Person in any way relating to or arising out of this
Agreement or any document contemplated by or referred to herein, or the transactions contemplated hereby, or any action taken or omitted by any Indemnified Person under or in connection with any of the foregoing, including with respect to any
investigation, litigation or proceeding (including any Insolvency Proceeding or appellate proceeding) related to or arising out of this Agreement or the issuance, amendment or extension of the expiry date of a Letter of Credit or the use of the
proceeds of a Letter of Credit, whether or not any Indemnified Person is party thereto (all the foregoing, collectively the “Indemnified Liabilities”); provided that the Applicant shall have no obligation hereunder to any
Indemnified Person with respect to Indemnified Liabilities to the extent that such Indemnified Liabilities arise from the gross negligence or willful misconduct of such Indemnified Person as determined by a court of competent jurisdiction in a final
non-appealable decision. The agreements in this Section shall survive payment of all other Obligations. 

Section 10.6 Payments Set Aside. To the extent that the Applicant makes a payment to any Issuer Party, or any Issuer Party
exercises its right of set-off, and such payment or the proceeds of such set-off or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by
any Issuer Party in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any insolvency proceeding or otherwise, then to the extent of such recovery the obligation or part thereof originally intended to be
satisfied shall be revived and continued in full force and effect as if such payment had not been made or such set-off had not occurred. 
 Section 10.7 Successors and Assigns; Participations and Assignments; Replacement of Issuing Bank. 
 (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 any
Issuing Bank that issues any Letter of Credit or financial 

  
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institution that confirms any Issuing Bank’s issuance of a Letter of Credit), except that (i) the Applicant may not assign or otherwise transfer any of its rights or obligations
hereunder without the prior written consent of each Issuing Bank (and any attempted assignment or transfer by an Applicant without such consent shall be null and void) and (ii) no Issuing Bank may assign or otherwise transfer its rights or
obligations hereunder except in accordance with this Section. 
 (b)    (i) Subject to the conditions set
forth in paragraph (b)(ii) below, any Issuing Bank may assign to one or more assignees (each, an “Assignee”) all or a portion of its rights and obligations under this Agreement (including all or a portion of (x) its obligations
in respect of outstanding Letters of Credit and any Reimbursement Obligations at the time owing to it (together, such Issuing Bank’s “Credit Extensions”) and (y) its Commitments) with the prior written consent (such
consent not to be unreasonably withheld or delayed) of the Administrative Agent, provided that no consent of the Administrative Agent shall be required for an assignment to an Assignee that is an Issuing Bank (or (1) a Person (a
“Bank Affiliate”) (x) that is a wholly owned Subsidiary of an Issuing Bank, (y) of whom an Issuing Bank is a wholly owned Subsidiary or (z) that is a wholly owned Subsidiary of another Person of whom an Issuing Bank
is a wholly owned Subsidiary or (2) an Approved Fund) immediately prior to giving effect to such assignment. 
 (ii) Assignments shall be subject to the following additional conditions: 
 (A) except in the case of an assignment to an Issuing Bank, a Bank Affiliate or an Approved Fund or an assignment of the entire remaining amount of the assigning Issuing Bank’s Commitments or Credit
Extensions, the amount of the Commitments or Credit Extensions of the assigning Issuing Bank subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative
Agent) shall not be less than $25,000,000 unless the Administrative Agent otherwise consent, provided that such amounts shall be aggregated in respect of each Issuing Bank and its Bank Affiliates or Approved Funds, if any; and 

(B) the parties to each assignment (other than an assignment to a Bank Affiliate or an Approved Fund) shall execute and
deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500 payable by the assignor or assignee. 
 For the purposes of this Section 10.7, the term “Approved Fund” means, with respect to any Issuing Bank that is a fund or other financial entity which invests in bank loans and similar
extensions of credit, any other fund or other financial entity that invests in bank loans and similar extensions of credit and is managed by the same investment adviser as such Issuing Bank or by an affiliate of such investment advisor. 

(iii) Subject to acceptance and recording thereof pursuant to paragraph (b)(iv) below, 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

  
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an Issuing Bank under this Agreement, and the assigning Issuing Bank 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 Issuing Bank’s rights and obligations under this Agreement, such Issuing Bank shall cease to be a party hereto but shall continue to be
entitled to the benefits of Article IV and Sections 10.4, 10.5, 10.6 and 10.15). Any assignment or transfer by an Issuing Bank of rights or obligations under this Agreement that does not comply with this Section 10.7 shall be treated for
purposes of this Agreement as a sale by such Issuing Bank of a participation in such rights and obligations in accordance with paragraph (c) of this Section. 

(iv) The Administrative Agent, acting for this purpose as an agent of the Applicant (but without any duty whatsoever to
the Applicant or any other Person), 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 Issuing Banks, and the Commitments of, and Credit
Extensions relating to, each Issuing Bank pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, and the Applicant, the Administrative Agent and the Issuing Banks may treat
each Person whose name is recorded in the Register pursuant to the terms hereof as an Issuing Bank hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. 

(v) Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Issuing Bank and an Assignee,
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. 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 Issuing Bank may, without the consent of the Applicant or the Administrative Agent, sell
participations to one or more banks, financial institutions, funds or other entities (a “Participant”) in all or a portion of such Issuing Bank’s rights and obligations under this Agreement (including all or a portion of its
Commitments and Credit Extensions); provided that (A) such Issuing Bank’s obligations under this Agreement shall remain unchanged, (B) such Issuing Bank shall remain solely responsible to the other parties hereto for the
performance of such obligations and (C) the Applicant, the Administrative Agent and the other Issuing Banks shall continue to deal solely and directly with such Issuing Bank in connection with such Issuing Bank’s rights and obligations
under this Agreement. Any agreement pursuant to which an Issuing Bank sells such a participation shall provide that such Issuing Bank 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 may provide that such Issuing Bank will not, without the consent of the Participant, agree to any amendment, modification or waiver that (1) requires the consent of each Issuing
Bank directly affected thereby and (2) and directly affects such Participant. Subject to paragraph (c)(ii) of this Section, the Applicant agrees that each Participant shall be entitled to the benefits of Article III to the same extent as if it
were an Issuing Bank and had acquired its interest by assignment pursuant to paragraph (b) of this Section. 

  
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 (ii) A Participant shall not be entitled to receive any greater payment
under Article III than the applicable Issuing Bank would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Applicant’s prior
written consent. 
 (d) Any Issuing Bank 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 Issuing Bank, including any pledge or assignment to secure obligations to a Federal Reserve Bank or other central 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 an Issuing Bank from any of its obligations hereunder or substitute any such pledgee or Assignee for such Issuing Bank as a party hereto.

 (e) Replacement of Issuing Bank. If the Applicant is required pursuant to Section 4.1 or 4.2 to make any
additional payment to any Issuer Parties or if any Issuer Party fails to make its own Payment Amount to the Administrative Agent as required pursuant to this Agreement or if any Issuer Party declines to support a proposed amendment or waiver
otherwise supported by the Required Banks or that would have been approved but for such Issuer Party’s refusal to support such amendment or waiver (any such Issuer Party so affected being referred to herein as an “Affected Issuer
Party”), the Applicant may elect to terminate or replace the Commitment of such Affected Issuer Party, provided that no Default or Event of Default shall have occurred and be continuing at the time of such termination or replacement,
and provided further that, concurrently with such termination or replacement, (i) if the Affected Issuer Party is being replaced, another Bank or other entity which is reasonably satisfactory to the Applicant and the
Administrative Agent shall agree, as of such date, to purchase for cash at par the Obligations of the Affected Issuer Party pursuant to an Assignment and Assumption substantially in the form of Exhibit B and to become an Issuer Party for all
purposes under this Agreement and to assume all obligations of the Affected Issuer Party to be replaced as of such date and to comply with the requirements of this Section 10.7 applicable to assignments and (ii) the Applicant shall pay to
such Affected Issuer Party in immediately available funds on the date of such replacement all interest, fees and other amounts then accrued but unpaid to such Affected Issuer Party by the Applicant hereunder to and including the date of termination
or replacement, as applicable, including payments due to such Affected Issuer Party under Sections 4.1 or 4.2. 
 (f)
Liability of ING. Notwithstanding anything to the contrary contained in this Agreement or any other documents contemplated hereby, ING (or any successor to ING by merger or consolidation) shall remain primarily liable for all draws under the
Letters of Credit. 
 Section 10.8 Confidentiality. The Administrative Agent agrees to take and to cause its
Affiliates to take customary precautions and care to maintain the confidentiality of all information provided to it by the Applicant under this Agreement or any other Credit Document, and neither it nor any of its Affiliates shall use any such
information other than in connection with or in enforcement of this Agreement and the other Credit Documents, except to the extent such information was or becomes generally available to the public other than as a result of

  
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disclosure by the Administrative Agent or was or becomes available on a non-confidential basis from a source other than the Applicant (provided that such source is not bound by a
confidentiality agreement with the Applicant known to the Administrative Agent); provided, however, that the Administrative Agent may disclose such information: (i) pursuant to any requirement of any Governmental Authority to
which the Administrative Agent (or any of its Affiliates) is subject or in connection with an examination of the Administrative Agent by any such authority; (ii) that is, in the opinion of legal counsel, required by law, regulation, judicial or
governmental order, subpoena or other legal or administrative process; provided the Administrative Agent gives the Applicant prompt written notice of such requirement as far in advance of the proposed disclosure as possible so that the Applicant (at
its expense) may seek a protective order or other appropriate remedy which is necessary to protect its interests and; provided, further, that the Administrative Agent shall cooperate in all commercially reasonable respects with the
Applicant in seeking to prevent or limit disclosure and, in the event a protective order or other remedy is not obtained, the Administrative Agent will limit the disclosure to the information actually required to be disclosed; (iii) to the
extent reasonably required in connection with any litigation or proceeding by the Administrative Agent or its Affiliates against the Applicant or its Affiliates or by the Applicant or its Affiliates against the Administrative Agent or its
Affiliates; (iv) to the extent reasonably required in connection with the exercise of any remedy hereunder or under any other Credit Document; (v) to the Administrative Agent’s independent auditors, attorneys and other professional
advisors; and (vi) to its Affiliates which are either its parent or it or its parent’s wholly owned Subsidiary who have a need to know the information in connection with this Agreement or (vii) with the prior written consent of the
Applicant which may be withheld in its sole discretion. Each Issuer Party other than the Administrative Agent shall execute and deliver a copy of the Confidentiality Agreement to the Applicant. 

Section 10.9 Set-off. (a) In addition to any rights and remedies of the Issuer Party provided by law, if an Event of
Default exists, in the event of a drawing upon a Letter of Credit or the Obligations have been accelerated, each Issuer Party is authorized at any time and from time to time, without prior notice to the Applicant, any such notice being waived by the
Applicant to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held by, and other Debt at any time owing by, such Issuer Party to or for the credit
or the account of an Applicant against any and all Obligations owing by the Applicant, now or hereafter existing, irrespective of whether or not such Issuer Party shall have made demand under this Agreement or any Credit Document and although such
Obligations may be contingent or unmatured. Each Issuer Party agrees promptly to notify the Applicant and the Administrative Agent after any such set-off and application; provided, however, that the failure to give such notice shall
not affect the validity of such set-off and application. 
 (b) Except to the extent that this Agreement expressly provides for
payments to be allocated to a particular Issuing Bank, if any Issuing Bank (a “Benefited Bank”) shall receive any payment of all or part of the Obligations owing to it, or receive any collateral in respect thereof (whether
voluntarily or involuntarily, by set-off, pursuant to events or insolvency proceedings, or otherwise), in a greater proportion than any such payment to or collateral received by any other Issuing Bank, if any, in respect of the Obligations owing to
such other Issuing Bank, such Benefited Bank shall purchase for cash from the other Issuing Banks a 

  
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participating interest in such portion of the Obligations owing to each such other Issuing Bank, or shall provide such other Issuing Banks with the benefits of any such collateral, as shall be
necessary to cause such Benefited Bank to share the excess payment or benefits of such collateral ratably with each of the Issuing Banks; provided, however, that if all or any portion of such excess payment or benefits is thereafter
recovered from such Benefited Bank, such purchase shall be rescinded, and the purchase price and benefits returned, to the extent of such recovery, but without interest. 
 Section 10.10 Counterparts. This Agreement may be executed in any number of separate counterparts, each of which, when so executed, shall be deemed an original, and all of said counterparts
taken together shall be deemed to constitute but one and the same instrument. 
 Section 10.11 Severability. The
illegality or unenforceability of any provision of this Agreement or any instrument or agreement required hereunder shall not in any way affect or impair the legality or enforceability of the remaining provisions of this Agreement or any instrument
or agreement required hereunder. 
 Section 10.12 No Third Parties Benefited. Except to the extent otherwise
provided in Section 9.1 and for beneficiaries of Letters of Credit, this Agreement is made and entered into for the sole protection and legal benefit of the Applicant, the Administrative Agent and the Issuing Banks, and their permitted
successors and assigns, and no other Person shall be a direct or indirect legal beneficiary of, or have any direct or indirect cause of action or claim in connection with, this Agreement or any of the other Credit Documents. 

Section 10.13 Governing Law and Jurisdiction. 
 (a) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, PROVIDED THAT THE ISSUER PARTIES SHALL RETAIN ALL RIGHTS ARISING UNDER FEDERAL LAW. 

(b) ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT MAY BE BROUGHT IN THE COURTS OF THE STATE
OF NEW YORK OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK SITTING IN THE CITY OF NEW YORK, COUNTY OF NEW YORK, AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT THE APPLICANT AND EACH ISSUER PARTY CONSENTS, FOR ITSELF AND IN RESPECT OF
ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF THOSE COURTS. THE APPLICANT AND EACH ISSUER PARTY IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW
OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF THIS AGREEMENT OR ANY DOCUMENT RELATED HERETO. THE APPLICANT AND EACH ISSUER PARTY WAIVES PERSONAL SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER PROCESS
AND IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS BY REGISTERED MAIL, POSTAGE PREPAID OR BY ANY OTHER MEANS PERMITTED BY NEW YORK OR FEDERAL LAW. 

  
 -43-

 Section 10.14 WAIVER OF JURY TRIAL. THE APPLICANT AND EACH ISSUER PARTY WAIVES
ITS RESPECTIVE RIGHTS TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF OR RELATED TO THIS AGREEMENT, THE OTHER CREDIT DOCUMENTS, OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, IN ANY ACTION, PROCEEDING OR OTHER
LITIGATION OF ANY TYPE BROUGHT BY ANY OF THE PARTIES AGAINST ANY OTHER PARTY HERETO, PARTICIPANT OR ASSIGNEE, WHETHER WITH RESPECT TO CONTRACT CLAIMS, TORT CLAIMS, OR OTHERWISE. THE APPLICANT AND EACH ISSUER PARTY AGREES THAT ANY SUCH CLAIM OR CAUSE
OF ACTION SHALL BE TRIED BY A COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING THE FOREGOING, THE PARTIES FURTHER AGREE THAT THEIR RESPECTIVE RIGHTS TO A TRIAL BY JURY ARE WAIVED BY OPERATION OF THIS SECTION AS TO ANY ACTION, COUNTERCLAIM OR OTHER
PROCEEDING WHICH SEEKS, IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY OF THIS AGREEMENT OR THE OTHER CREDIT DOCUMENTS OR ANY PROVISION HEREOF OR THEREOF. THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS
OR MODIFICATIONS TO THIS AGREEMENT AND THE OTHER CREDIT DOCUMENTS. 
 Section 10.15 Currency Indemnity. If, for the
purposes of obtaining judgment in any court in any jurisdiction with respect to any Credit Document, it becomes necessary to convert into the currency of such jurisdiction (the “Judgment Currency”) any amount due under any Credit
Document in any currency other than the Judgment Currency (the “Currency Due”), then conversion shall be made at the rate of exchange prevailing on the Business Day before the day on which judgment is given. For this purpose,
“rate of exchange” means the rate at which an Issuing Bank is able, on the relevant date, to purchase the Currency Due with the Judgment Currency in accordance with its normal practice. In the event that there is a change in the rate of
exchange prevailing between the Business Day before the day on which the judgment is given and the date of payment of the amount due, the Applicant will, on the day of payment, pay such additional amount, if any, or be entitled to receive
reimbursement of such amount, if any, as may be necessary to ensure that the amount paid on such date is the amount it the Judgment Currency which when converted at the rate of exchange prevailing on the date of payment is the amount then due under
any Credit Document in the Currency Due. If the amount of the Currency Due which any Issuer Party is so able to purchase is less than the amount of the Currency Due originally due to it, the Applicant shall indemnify and save the Issuer Parties
harmless from and against loss or damage arising as a result of such deficiency. This indemnity shall constitute an obligation separate and independent from the other obligations contained in any Credit Document, shall give rise to a separate and
independent cause of action, shall apply irrespective of any indulgence granted by the Issuer Parties from time to time and shall continue in full force and effect notwithstanding any judgment or order for a liquidated sum in respect of an amount
due under any Credit Document or under any judgment or order. 
 Section 10.16 Service of Process. Prior to the date
hereof, the Applicant shall have appointed The Corporation Trust Company, with an office on the date hereof at Corporation 

  
 -44-

 
Trust Center, 1209 Orange Street, Wilmington, Delaware 19801, as their agent to receive on their behalf and their property service of copies of the summons and complaints and any other process
which may be served in any such action or proceeding, provided that a copy of such process is also mailed by registered or certified mail, postage prepaid, to the Applicant at its addresses specified pursuant to Section 10.2. The Administrative
Agent and each Issuing Bank that is not domiciled in the United States and does not maintain a branch or representative office in the United States (a “Foreign Issuing Bank”) shall appoint the Person designated on Schedule 10.2, as
its agent to receive on its behalf and its property service of copies of the summons and complaints and any other process which may be served in any such action or proceeding, provided that a copy of such process is also mailed by registered or
certified mail, postage prepaid, to the Administrative Agent or such Foreign Issuing Bank at its address specified pursuant to Section 10.2. Such service may be made by mailing or delivering a copy of such process to the Applicant, the
Administrative Agent or a Foreign Issuing Bank, as applicable, in care of the appropriate Process Agent at such Process Agent’s above address, and the Applicant, the Administrative Agent and each Foreign Issuing Bank hereby irrevocably
authorize and direct its Process Agent to accept such service on its behalf. The Applicant agrees to indemnify their Process Agent in connection with all matters relating to its appointment as agent of the Applicant for such purposes, to enter into
any agreement relating to such appointment which such Process Agent may customarily require, and to pay such Process Agent’s customary fees upon demand. The Administrative Agent and each Foreign Issuing Bank agrees to indemnify its Process
Agent in connection with all matters relating to its appointment as agent of such Foreign Issuing Bank for such purposes, to enter into any agreement relating to such appointment which such Process Agent may customarily require, and to pay such
Process Agent’s customary fees upon demand. As an alternative method of service, the Applicant also irrevocably consents to the service of any and all process in any such action or proceeding by the mailing of copies of such process to the
Applicant at its addresses specified pursuant to Section 10.2. Nothing in this Section 10.16 shall affect the right of the Administrative Agent or an Issuing Bank to serve legal process in any other manner permitted by law or affect the
right of the Administrative Agent or an Issuing Bank to bring any action or proceeding against the Applicant, or any of its properties in the courts of any other jurisdiction. 
 Section 10.17 Entire Agreement. This Agreement, together with the other Credit Documents, embodies the entire agreement and understanding among the Applicant and the Issuing Banks and
supersedes all prior or contemporaneous agreements and understandings of such Persons, verbal or written, relating to the subject matter hereof and thereof. 
 [The next page is the signature page.] 

  
 -45-

 IN WITNESS WHEREOF, each of the parties hereto has caused its duly authorized
representatives to execute and delivery this Agreement as of the date first set forth above. 
  

									
	APPLICANT:	 		 	ADMINISTRATIVE AGENT AND ISSUING BANK:
			
	SECURITY LIFE OF DENVER INTERNATIONAL LIMITED	 		 	ING BANK N.V., London Branch
					
	By:	 	 /s/ Angus Hyslop
	 		 	By:	 	  

					
	Name:	 	 Angus Hyslop
	 		 	Name:	 	  

					
	Its:	 	 President
	 		 	Its:	 	  

					
	By:	 	 /s/ David S. Pendergrass
	 		 	By:	 	  

					
	Name:	 	 David S. Pendergrass
	 		 	Name:	 	  

					
	Its:	 	 Vice President & Treasurer
	 		 	Its:	 	  

 [Signature Page to Credit Agreement] 

 IN WITNESS WHEREOF, each of the parties hereto has caused its duly authorized
representatives to execute and deliver this Agreement as of the date first set forth above. 
  

									
	APPLICANT:	 		 	ADMINISTRATIVE AGENT AND ISSUING BANK:
			
	SECURITY LIFE OF DENVER INTERNATIONAL LIMITED	 		 	ING BANK N.V., LONDON BRANCH, AS ADMINISTRATIVE AGENT AND ISSUING BANK
					
	By:	 	  
	 		 	By:	 	 /s/ P.N.A. Galpin

					
	Name:	 	  
	 		 	Name:	 	 P.N.A. Galpin

					
	Its:	 	  
	 		 	Its:	 	 Authorised Signatory

					
	By:	 	  
	 		 	By:	 	 /s/ I. Taylor

					
	Name:	 	  
	 		 	Name:	 	 I. Taylor

					
	Its:	 	  
	 		 	Its:	 	 Authorised Signatory

 [Signature Page to Credit Agreement] 

 SCHEDULE 1 
 Commitments 
  

									
	 Issuing Banks
	  	Commitments	 	  	Commitment
Percentages	 
	 ING Bank N.V., London Branch
	  	$	1,500,000,000	  	  	 	100	% 

 SCHEDULE 1.1(A) 
 Deviations From Adjusted IFRS 
 The Applicant prepares annual accounts in accordance with
International Financial Reporting Standards, except as outlined below. 
  

	1.	Retroactive Capital Contribution — From time to time, the Applicant’s parent may agree to make capital contributions to the Applicant subsequent to the
end of a calendar year or calendar quarter, and the Applicant will record that capital contribution (as contributed surplus on the balance sheet along with a parent company receivable) as of the end of such immediately preceding calendar year or
calendar quarter so long as: (i) in the case of any capital infusion subsequent to a calendar year end, the capital infusion is made prior to the filing of the Applicant’s year-end financial statement with the Cayman Island Monetary
Authority (“CIMA”) and such year-end financial statement filing is timely made pursuant to CIMA requirements; and (ii) in the case of any capital infusion subsequent to a calendar quarter end, the capital infusion is made not later
than 91 days following such quarter end. 

 The above is intended to cover both year-end retroactive capital
contributions that will be recorded on filed year end financials, as well as retroactive capital contributions that might be needed at any time during the calendar year. 

 

	2.	Sundry Assets — The applicant records on its financial statements the U.S. statutory reserve ceded under its various agreements as a liability, along with a
“sundry asset” representing the loss reserve redundancy, which is the excess of the U.S. statutory reserve over the IFRS reserve held by the Applicant. Some U.S. domiciles require the Applicant to hold such “mirror reserves” so
that the ceding companies may take reserve credit for the reinsurance ceded. 

 SCHEDULE 5.2 
 Litigation 
 Applicant — None 
 Beneficiary — None 

 SCHEDULE 10.2 
 Addresses 
  

	a.	Administrative Agent: 

 ING Bank N.V.,
London Branch 
 60 London Wall 

London, England EC2M 5TQ 
 England 

Tel. No.: (44) 20-7767-5920 
 Fax No.:
(44) 20-7767-7507 
 Attention: Mariette Groen 
 Email: Mariette.groen@uk.ing.com 
 with a copy to: 

Edwards Wildman Palmer LLP 
 750 Lexington
Avenue 
 New York, New York 10022 
 USA

 Tel. No.: 212-308-4411 
 Fax No.:
212-308-4844 
 Attention: Geoffrey Etherington 
 Email: getherington@edwardswildman.com 
 Agent for Service of Process: 

Edwards Wildman Palmer LLP 
 750 Lexington
Avenue 
 New York, New York 10022 
 USA

 Tel. No.: 212-308-4411 
 Fax No.:
212-308-4844 
 Attention: Geoffrey Etherington 
 Email: getherington@edwardswildman.com 
  

	b.	ING: 

 ING Bank N.V., London Branch

 60 London Wall 
 London, England EC2M
5TQ 
 England 
 Tel. No.:
(44) 20-7767-5920 
 Fax No.: (44) 20-7767-7507 
 Attention: Mariette Groen 
 Email: Mariette.groen@uk.ing.com 

 with a copy to: 
 Edwards Wildman Palmer LLP 
 750 Lexington Avenue 

New York, New York 10022 
 USA 

Tel. No.: 212-308-4411 
 Fax No.: 212-308-4844

 Attention: Geoffrey Etherington 

Email: getherington@edwardswildman.com 
 Agent
for Service of Process: 
 Edwards Wildman Palmer LLP 
 750 Lexington Avenue 
 New York, New York 10022 

USA 
 Tel. No.: 212-308-4411 

Fax No.: 212-308-4844 
 Attention: Geoffrey
Etherington 
 Email: getherington@edwardswildman.com 
  

	c.	Applicant: 

 Security Life of Denver
International Limited 
 5780 Powers Ferry Road 
 Atlanta, Georgia 30327-4390 
 Tel. No.: (770) 980-3312 

Fax No: (770) 980-4840 
 Attn: David S.
Pendergrass 
 Email: david.pendergrass@us.ing.com 
 with a copy to: 
 Security Life of Denver International Limited 

5780 Powers Ferry Road 
 Atlanta, Georgia
30327-4390 
 Tel. No.: (770) 541-3201 
 Fax No: (770) 980-4840 
 Attn: Timothy W. Brown 

Email: timothy.brown@us.ing.com 

 EXHIBIT A 
 FORM OF APPLICATION FOR LETTER OF CREDIT 
  

	 	To:	[ING BANK N.V., LONDON BRANCH], as Administrative Agent 

  

	 	From:	Security Life of Denver International Limited, as Applicant 

  

	 	Date:	[                    ] 

SECURITY LIFE OF DENVER INTERNATIONAL LIMITED — U.S.$ 1,500,000,000 

Credit Agreement dated 31 December 2011 (as amended, the “Agreement”) 

 

	1.	We refer to the Agreement. This is an Application for Letter of Credit. 

  

	2.	We wish to arrange for a Letter of Credit to be issued on the following terms: 

 

	 	(a)	Issue Date: [                    ] 

 

	 	(b)	Effective Date: [                    ] 

 

	 	(c)	Amount: U.S.$ [            ] 

 

	 	(d)	Expiry Date: [                    ]. 

 

	3.	Our delivery instructions are: [                    ].

  

	4.	We confirm that each condition precedent under the Agreement which must be satisfied on the date of this Application for Letter of Credit is so satisfied.

  

	5.	This Application for Letter of Credit is irrevocable. 

  

	6.	We attach a copy of the proposed Letter of Credit. 

  

	
	By:
	
	Security Life Of Denver International Limited

  
 Annex A-1

 EXHIBIT B 
 FORM OF ASSIGNMENT AND ASSUMPTION AGREEMENT 
 This Assignment and
Assumption Agreement (the “Assignment”) 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 defined below, 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 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 an Issuing Bank 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 without limitation any letters of credit, guarantees, and swingline loans 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 an Issuing Bank) 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, but not limited to, 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, without representation or
warranty by the Assignor. 
  

					
	1.	  	Assignor:	 	  

			
	2.	  	Assignee:	 	  

		  		 	[and is a Bank Affiliate/Approved Fund of [identify Issuing Bank]1]
			
	3.	  	Applicant:	 	 Security Life of Denver International Limited

			
	4.	  	Administrative Agent:	 	 [ING Bank N.V., London Branch]

  

	1 	 Select as applicable. 

  
 Exhibit B

 Form of Assignment and Assumption Agreement 

					
	5.	  	Credit Agreement:	 	Credit Agreement, dated as of 31 December 2011 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and
among Security Life of Denver International Limited (“Applicant”), the Issuing Banks from time to time party thereto, and [ING Bank N.V., London Branch], as administrative agent (“Administrative
Agent”).
			
	6.	  	Assigned Interest:	 	

  

															
	 Facility
Assigned
	  	Aggregate Amount
of Commitment 
for
all Issuing Banks*	 	  	Amount of
Commitment
Assigned*	 	  	Percentage Assigned
of Commitment2	 	  	CUSIP Number
		  	$	 	  	  	$	 	  	  	 	%	  	  	
		  	$	 	  	  	$	 	  	  	 	%	  	  	
		  	$	 	  	  	$	 	  	  	 	%	  	  	

  

							
	[7.	  	Trade Date:	 	  
	 	]3

 Effective Date:             ,
20     [TO BE INSERTED BY AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.] 
 The terms set forth in this Assignment are hereby agreed to: 
  

			
	ASSIGNOR
	[NAME OF ASSIGNOR]
		
	By:	 	  

		 	Title:
	
	ASSIGNEE
	[NAME OF ASSIGNEE]
		
	By:	 	  

		 	Title:

  

	*	Amount to be adjusted by the counterparties to take into account any payments or prepayments made between the Trade Date and the Effective Date.

	2 	 Set forth, to at least 9 decimals, as a percentage of the Commitment of all Issuing Banks thereunder. 

	3 	 To be completed if the Assignor and the Assignee intend that the minimum assignment amount is to be determined as of the Trade Date.

  
 Exhibit B

 Form of Assignment and Assumption Agreement 

 [Consented to and]4 Accepted: 

[ING BANK, N.V., LONDON BRANCH], as Agent 
  

			
	By:	 	  

		 	Name:
		 	Title:

  

	4 	 To be added only if the consent of the Agent is required pursuant to Section 10.7(b) of the Credit Agreement. 

  
 Exhibit B

 Form of Assignment and Assumption Agreement 

 ANNEX 1 
 TO ASSIGNMENT AND ASSUMPTION AGREEMENT 
 STANDARD TERMS AND CONDITIONS 

FOR ASSIGNMENT 

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 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 Credit Document, (ii) the execution, legality, validity, enforceability, genuineness,
sufficiency or value of the Credit Documents or any collateral thereunder, (iii) the financial condition of the Applicant, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Credit Document or (iv) the
performance or observance by the Applicant, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Credit 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 to
consummate the transactions contemplated hereby and to become an Issuing Bank under the Credit Agreement, (ii) it meets all requirements of an assignee under the Credit Agreement (subject to receipt of such consents as may be required under the
Credit Agreement), (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as an Issuing Bank thereunder and, to the extent of the Assigned Interest, shall have the obligations of an Issuing Bank
thereunder, (iv) it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant to Section 6.1 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 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 or any other Issuing Bank, and (v) if it is not incorporated under the laws of the United States or a State thereof, attached to the Assignment 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 Assignor or any other Issuing Bank, and based on such documents and information as
it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the
Credit Documents are required to be performed by it as an Issuing Bank. 
 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 Assignee whether such amounts have accrued prior to, on or after

  
 Exhibit B

 Form of Assignment and Assumption Agreement 

 
the Effective Date. The Assignor and the Assignee shall make all appropriate adjustments in payments by the Administrative Agent for periods prior to the Effective Date or with respect to the
making of this assignment directly between themselves. 
 3. General Provisions. This Assignment shall be binding upon,
and inure to the benefit of, the parties hereto and their respective successors and assigns. This Assignment may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed counterpart of a
signature page of this Assignment by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment. This Assignment shall be governed by, and construed in accordance with, the law of the State of New York applicable
to contracts made and performed in said state. 

  
 Exhibit B

 Form of Assignment and Assumption Agreement 

 EXHIBIT C 
 FORM OF PROMISSORY NOTE 
  

			
	$[—]	  	[—]

 FOR VALUE RECEIVED, the undersigned, SECURITY LIFE OF DENVER INTERNATIONAL LIMITED, a [—] (“Applicant”), promises to pay to [—] (the “Issuing Bank”), at the place and times provide in the Credit Agreement
referred to below, the principal sum of 
 [—] DOLLARS AND
[—]/100 CENTS ($[—]) 
 together with all accrued interest, pursuant to that certain Credit Agreement dated as of 31 December 2011 (together with all amendments and other modifications, if any from time to time hereafter
made thereto, the “Credit Agreement”) among Applicant, the Issuing Banks from time to time party thereto, and [ING Bank N.V., London Branch], as administrative agent (“Administrative Agent”). This Promissory Note is
being executed and delivered by the Applicant pursuant to Section 3.1(a) of the Credit Agreement. Capitalized terms used herein and not defined herein shall have the meanings ascribed to them in the Credit Agreement. 

The Applicant is obligated to make payments of principal to the Issuing Bank, as provided in Section 2.5(e) of the Credit Agreement.
In addition, the unpaid principal amount of this Promissory Note from time to time outstanding shall bear interest as provided in the Credit Agreement. All payments of principal and interest on this Promissory Note shall be payable in lawful
currency of the Unites States of America in immediately available funds to the Issuing Bank. 
 This Promissory Note is entitled
to the benefits of, and evidences obligations incurred under, the Credit Agreement, to which reference is made for a description of the security for this Promissory Note and for a statement of the terms and conditions on which the Applicant is
permitted and required to make prepayments and repayments of principal of the obligations evidenced hereby and on which such obligations may be declared to be immediately due and payable. 

THIS PROMISSORY NOTE SHALL BE GOVERNED, CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO
THE CONFLICTS OR CHOICE OF LAW PRINCIPLES THEREOF. 
 The Applicant hereby waives all requirements as to diligence, presentment,
demand of payment, protest and (except as required by the Credit Agreement) notice of any kind with respect to this Promissory Note. 

 IN WITNESS WHEREOF, the undersigned Applicant has executed this Promissory Note under seal
as of the day and year first above written. 
  

			
	SECURITY LIFE OF DENVER INTERNATIONAL LIMITED
		
	By:	 	  

	Name:	 	
	Title:	 	

 Exhibit D — Form of Letter of Credit 

LETTER OF CREDIT 

ING Bank N.V., London Branch 
 60 London Wall, London EC2M 5TQ 
 Irrevocable Letter of Credit
No.                      

Beneficiary: 
 ING USA Annuity and Life
Insurance Company 
 c/o ING Americas 

1290 Broadway 
 12th Floor Attn: Mary Tuttle 

Denver, Colorado 80203 
 USA 

Applicant: 
 Security Life of Denver
International Limited 
 Continental Building 
 25 Church Street, PO Box HM 1978 
 Hamilton HM HX, Bermuda 

Amount: USD $1,500,000,000 
 Issue Date:
[December 31, 2011] 
 To Beneficiary: 

We have established this clean, irrevocable, and unconditional Letter of Credit in your favor as beneficiary for drawings up to U.S. $1,500,000,000
effective immediately. This Letter of Credit is issued, presentable and payable at our office at (issuing bank address) and expires with our close of business on [December 31, 2031]. Except when the amount of this Letter of Credit is increased, this
Credit cannot be modified or revoked without your consent. 
 The term “Beneficiary” includes any successor by operation of law of the
named Beneficiary including without limitation any liquidator, rehabilitator, receiver or conservator. Drawings by any liquidator, rehabilitator, receiver or conservator shall be for the benefit of all of the Beneficiary’s contractholders.

 We hereby undertake to promptly honor your sight draft(s) drawn on us, indicating our Credit
No                     , for all or any part of this Credit upon presentation of your draft drawn on us at our office specified in
paragraph one on or before the expiration date hereof or any automatically extended expiry date. 
 Except as expressly stated herein, this
undertaking is not subject to any agreement, requirement or qualification. The obligation of ING Bank N.V., London Branch under this Credit is the individual obligation of ING Bank N.V., London Branch and is in no way contingent upon reimbursement
with respect thereto, or upon our ability to perfect any lien, security interest or any other reimbursement. 

 Exhibit D — Form of Letter of Credit 

This Letter of Credit is deemed to be automatically extended without amendment for one year from the expiration date or any future expiration date,
unless thirty days prior to such expiration date, we notify ING USA Annuity and Life Insurance Company and Security Life of Denver International, Limited by Registered Mail that this Letter of Credit will not be renewed for any such additional
period. 
 This Letter of Credit is subject to and governed by the laws of the State of New York and the 2007 Revision of the Uniform Customs
and Practice for Documentary Credits of the International Chamber of Commerce (Publication No. 600) and in the event of any conflict the Laws of New York will control. If this credit expires during an interruption of business as described in
Article 36 of said Publication 600, the bank hereby specifically agrees to effect payment if this Credit is drawn against within 30 days after the resumption of business. 

 Exhibit E — Form of Confidentiality and Non-Disclosure Agreement 

 
  

CONFIDENTIALITY AND NON-DISCLOSURE AGREEMENT 
 [Month] [Day], 20     
 [Name of Counterparty)

 [Address] 
 [Address]

 [Address] 
 Attn:
[                    ] 

Ladies and Gentlemen: 

[NAME OF COUNTERPARTY], a [TYPE OF ENTITY] organized under the laws of [JURISDICTION OF FORMATION]
(“you’’, “your” and related terms) has or will become an Issuing Bank (as defined therein) under the Credit Agreement among ING Bank N.V., London Branch, as Administrative Agent, and Security Life of Denver
International Limited, as Applicant (the “Company”, “we” or “us”) and the various financial institutions from time to time party thereto, as Issuing Banks dated as of December 30, 2011 (the
“Relevant Matter”). As an Issuing Bank, we and our affiliates have furnished and/or will furnish you with certain information that the Company and its affiliates consider non-public, confidential or proprietary in nature. All such
information, whether written or oral, furnished to you by or on behalf of the Company before, on or after the date of this letter, and all notes, analyses, compilations, studies, copies and other documents, whether prepared by you or others, which
contain or otherwise reflect such information, is hereinafter referred to as the “Confidential Information”. 

In consideration of our furnishing you with the Confidential Information, you and we agree that: 

 

	1.	 Nondisclosure of Confidential Information. You will keep the Confidential Information confidential and will not disclose the Confidential
Information to any person whatsoever, provided that the Confidential Information may be disclosed by you (a) to any of your directors, officers, partners, members, principals, employees, agents, affiliates, attorneys, accountants or
consultants (collectively, “Representatives”) who need to know the Confidential Information in connection with our discussions regarding the Relevant Matter, so long as such Representatives are informed of the confidential nature of
the Confidential Information and instructed to maintain its confidentiality in accordance with the terms of this Agreement, (b) as is reasonably required in connection with a proceeding to enforce your rights relating to the Relevant Matter or
(c) with the Company’s prior written consent. You agree to be responsible for any actions by your Representatives to whom you disclose Confidential Information which are not in

  
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accordance with this Agreement, and that any breach by them of the terms hereof shall be considered a breach by you; provided that the foregoing will not apply to any Representative who
has executed a confidentiality agreement substantially comparable to this Agreement in favor of the Company and its affiliates. 

  

	2.	Use of Confidential Information. You will use the Confidential Information solely in connection with your duties and obligations relating to the Relevant Matter
or as reasonably required in connection with a proceeding to enforce your rights relating to the Relevant Matter. 

  

	3.	Exceptions to Confidential Information. Notwithstanding anything to the contrary contained herein, “Confidential Information” does not include any
information that (a) was or becomes generally available to the public (other than as a result of disclosure or actions by you or your Representatives in violation of this Agreement) (b) was or becomes available to you or your
Representatives on a non-confidential basis from a source (other than the Company or its Representatives) which to your knowledge is not prohibited from disclosing such information to you by a contractual, legal or fiduciary obligation to the
Company or any of its Representatives, (c) was in your possession or in the possession of your Representatives prior to the date of this Agreement and was obtained from a source (other than the Company or its Representatives or the
Administrative Agent) that to your knowledge was not prohibited by a contractual, legal or fiduciary obligation to the Company from disclosing such information to you, (d) is independently derived by you or your Representatives without
reference to the Confidential Information or (e) is approved by the Company in writing for disclosure without restriction; provided, that clauses (a) through (d) shall not except from the definition of Confidential Information
the fact that the Company is planning or contemplating any transaction, investment, or other activity that the Company has not publicly announced or acknowledged. 

 

	4.	Return or Destruction of Confidential Information. Promptly upon termination of this Agreement, you and your Representatives shall destroy or return all copies
of the Confidential Information in your and their control or possession. Upon written request by the Company, such return or destruction shall be verified by you by a certification in writing by one of your duly authorized officers. Notwithstanding
anything in this Agreement to the contrary, you may retain such copies as you are required to maintain by applicable law or internal document retention policy; provided, that any copies so retained shall remain subject to the confidentiality
and use provisions of this Agreement. 

  

	5.	 Compelled Disclosures. In the event that you or any of your Representatives receives a subpoena, interrogatory or other request for Confidential
Information or reasonably believes that you are required or legally compelled to disclose any of the Confidential Information to a third party, including a governmental or other regulatory body to whose jurisdiction you are subject, you will (unless
prohibited by law) provide the Company with prompt notice as soon as practicable and, to the extent possible, before such disclosure has occurred, so that the Company or any of its affiliates may seek a protective order or other appropriate remedy.
You will (in the absence of any conflicting interest as advised by counsel) act reasonably to cooperate with the Company and its affiliates to 

  
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obtain such protective order or other remedy. Even in the event of a conflict of interest as advised by counsel, you will not object to efforts by the Company or its affiliates to obtain such
protective order or other remedy. In the event that such a protective order or other protective remedy is not obtained, you will furnish only that portion of the Confidential Information that is requested or demanded or that is legally required in
the opinion of its counsel, as applicable, and in each case, shall use reasonable efforts to request that confidential treatment will be accorded to the Confidential Information. It being acknowledged by the Company that the disclosure of any
Confidential Information to any governmental authority, body or entity with supervisory authority over you pursuant to an examination, audit or other investigation of you or your operations, books or records by such authority, body or entity shall
be deemed required or legally compelled and that you shall not be required to provide a notice hereunder to the Company with respect to any such examination, audit or investigation unless the applicable governmental authority, body or entity shall
have requested disclosure that would include Confidential Information. 

  

	6.	Reserved 

  

	7.	No Representation or Warranty. Neither the Company nor its affiliates nor any of its or their officers, directors, employees, agents or representatives make any
representation or warranty as to the accuracy or completeness of the Confidential Information; provided that nothing in this sentence shall limit or reduce the liability or obligation of the Company with respect to any representation or warranty
made by the Company under or pursuant to the Credit Agreement referred to in the first paragraph hereof. You agree that neither the Company nor its affiliates nor its or their officers, directors, employees, agents or representatives shall have any
liability to you or any of your Representatives resulting from the use of the Confidential Information by you or such Representatives 

  

	8.	Expiration of this Agreement. This Agreement and all obligations hereunder, except for Section 4 hereof, will terminate on the date falling two years after
the date you cease to be an Issuing Bank under the Relevant Matter. 

  

	9.	Remedies. You agree that money damages may not be a sufficient remedy for any breach of this Agreement by you or your Representatives and that the Company and
its affiliates may be irreparably harmed in the event of such a breach. Accordingly, the Company and its affiliates shall be entitled, in addition to any other remedies or money damages, to seek specific performance and injunctive or other equitable
relief as a remedy for any such breach. 

  

	10.	 Miscellaneous. The agreements set forth herein may only be waived or modified by an agreement in writing signed on behalf of the parties hereto.
This Agreement shall be governed by the laws of the State of New York without regard to the conflict of laws provisions thereof. In the event of any litigation arising hereunder or in connection with the matters contemplated hereby, each party
agrees to submit to the non-exclusive jurisdiction of courts of the State of New York and of the United States located in the City of New York. This Agreement may be executed in counterparts, each of which shall be deemed to be an original, and all
of such counterparts taken together shall be deemed 

  
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to constitute one and the same instrument. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. This Agreement may not
be assigned or delegated by you without the prior written consent of the Company, which consent shall be granted or not according to the Company’s sole discretion, and any attempted assignment without such written consent shall be null and
void. You are entering into this Agreement for the benefit of the Company and its affiliates, which are third party beneficiaries hereto. In case provisions of this Agreement shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions of the Agreement shall not in any way be affected or impaired thereby. No failure or delay by the Company in exercising any right, power or privilege hereunder will operate as a waiver thereof, nor will any
single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege hereunder. This Agreement represents the entire agreement between you and the Company regarding the subject
matter hereof. The headings in this Agreement are provided for convenience only and shall not be construed to affect the meaning, construction or effect of this Agreement. 

Please confirm your agreement with the foregoing by signing and returning a copy of this letter to us. 

 

			
	Sincerely,
	
	SECURITY LIFE OF DENVER INTERNATIONAL
LIMITED
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	 Accepted and agreed as of
 the date first written above:

		
	By:	 	  

		 	Name:
		 	Title:

  
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 Annex 1 
 Fee Schedule 
 1. Defined Terms. As used in this Agreement, the following
capitalized terms shall have the following meanings: 
 “Applicable Interest Rate” means a rate
per annum equal to the sum of (a) the Cost of Funds Rate, as determined from time to time, plus (b) the Applicable Margin, plus (c) if the Implied Rating of SLDI shall be less than BBB, the Ratings Downgrade Step-up,
with each change in the Cost of Funds Rate or Ratings Downgrade Step-up being given effect from and after the date of such change. 
 “Applicable Margin” means, for a particular draw under a Letter of Credit, the sum of (a) 5.50%; plus (b) if such draw shall be prior to the Expiration Date,
(i) 0.15% multiplied by (ii) the number of years prior to the Expiration Date that such draw shall have been made, with any draw that is not made on an anniversary of Closing Date being deemed made as of the immediately preceding
anniversary thereof. 
 “Closing Fee” means a fee equal to 0.50% of the total Commitments.

 “Cost of Funds Rate” means, as of any date, ING’s cost of funds, as determined by the
Administrative Agent in good faith. 
 “Implied Rating of SLDI” means a financial rating of A+
through CCC or lower from time to time assigned by any nationally recognized rating organization or agency to the Applicant or, if no such rating is assigned, as determined by the Administrative Agent in good faith; provided that, if ratings
methodologies shall change such that ratings shall be designated differently, the Applicant shall in good faith convert the then current ratings to the designations utilized herein. 

“Letter of Credit Fee” means a fee with respect to a particular Letter of Credit equal to the Letter of
Credit Fee Rate multiplied by the face amount of such Letter of Credit. 
 “Letter
of Credit Fee Rate” means three percent (3%) per annum. 
 “Ratings Downgrade
Step-up” means, in the event the Implied Rating of SLDI shall be less than BBB, with respect to a particular Implied Rating of SLDI, the rate per annum specified below: 

 

					
	 Implied Rating of SLDI
	  	Ratings Downgrade Step-up	 
	 BBB-
	  	 	0.18	% 
	 BB+
	  	 	0.38	% 
	 BB
	  	 	0.60	% 

  
 Annex 1

					
	 Implied Rating of SLDI
	  	Ratings Downgrade Step-up	 
	 BB-
	  	 	0.81	% 
	 B+
	  	 	1.01	% 
	 B
	  	 	1.28	% 
	 B-
	  	 	1.72	% 
	 CCC or lower
	  	 	2.18	% 

 2. Payment of Letter of Credit Fee. The Applicant shall pay to the Administrative Agent for the
ratable account of the Issuing Banks, quarterly in arrears on the last Business Day of each March, June, September and December commencing on March 31, 2012 and on the applicable expiry date in respect of each Letter of Credit the Letter of
Credit Fee, which shall be payable from the date of issuance until the expiry date (as may be extended from time to time in accordance with this Agreement and such Letter of Credit) of such Letter of Credit or any earlier cancellation, repayment or
prepayment of such Letter of Credit. 
 3. Payment of Fees and Expenses for Issuance of Letter of Credit. The Applicant
agrees to pay to the Administrative Agent in respect of each Letter of Credit issued by the Administrative Agent and any amendment, continuation, substitution or extension under the terms thereof, such reasonable fees and expenses as the
Administrative Agent customarily charges its customers in connection with the amendment, transfer, negotiation, processing and/or administration of letters of credit, not to exceed US$17,500 in each instance. 

4. Payment of Closing Fee. Within three (3) Business Days following receipt of an invoice therefor, the Applicant shall pay
the Closing Fee to the Administrative Agent, for the ratable account of the Issuing Banks. The Closing Fee shall be non-refundable and shall be deemed to be fully earned upon payment. 

5. Payment of Interest; Default Rate. 
 (a) The outstanding principal amount of each Loan shall bear interest at a rate per annum equal to the Applicable Interest Rate. Interest shall be payable on the Expiration Date and quarterly in arrears
on the first day of each Fiscal Quarter following the making of such Loan. 
 (b) If any Event of Default shall have occurred
and be continuing, all outstanding Obligations (whether or not overdue) shall bear interest at a rate per annum equal to the rate that would otherwise be applicable thereto plus five (5) % during the continuance of such Event of
Default (both before and after judgment). Payments of such default interest shall be due and payable on each date that interest is due pursuant to clause (a) above. 

  
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