Document:

Exhibit 10.2

    

     

      

    
      EXECUTION COPY

       

    

      

  

   

  

  AMENDED AND RESTATED CREDIT AGREEMENT

   

  dated as of

   

  July 22, 2022

   

  among

   

  KINSALE CAPITAL GROUP, INC.

   

  The Lenders Party Hereto

   

  JPMORGAN CHASE BANK, N.A.

  as Administrative Agent

   

  and

  

  

  TRUIST BANK

  as Syndication Agent

   

  
    

   

  

  JPMORGAN CHASE BANK, N.A.

  as Sole Bookrunner and Sole Lead Arranger

   

  

  
    
      

  

  
  	
          
            TABLE OF CONTENTS

          

        	
          Page

        
	 	 
	
          ARTICLE I Definitions

        	
          1

        
	 	 
	 	
          SECTION 1.01

        	
          Defined Terms

        	
          1

        
	 	
          SECTION 1.02

        	
          Classification of Loans and Borrowings

        	25
	 	
          SECTION 1.03

        	
          Terms Generally

        	
          26

        
	 	
          SECTION 1.04

        	
          Accounting Terms; GAAP; Pro Forma Calculations

        	
          26

        
	 	
          SECTION 1.05

        	
          Interest Rates; Benchmark Notification

        	
          27

        
	 	
          SECTION 1.06

        	
          Status of Obligations

        	
          27

        
	 	
          SECTION 1.07

        	
          Letter of Credit Amounts

        	
          27

        
	 	
          SECTION 1.08

        	
          Divisions

        	
          28

        
	 	
          SECTION 1.09

        	
          Amendment and Restatement of Existing Credit Agreement

        	
          28

        
	 	 
	
          ARTICLE II The Credits

        	
          28

        
	 	 
	 	
          SECTION 2.01

        	
          Commitments

        	
          28

        
	 	
          SECTION 2.02

        	
          Loans and Borrowings

        	
          30

        
	 	
          SECTION 2.03

        	
          Requests for Revolving Borrowings

        	
          29

        
	 	
          SECTION 2.04

        	
          Intentionally Omitted

        	
          30

        
	 	
          SECTION 2.05

        	
          Intentionally Omitted

        	
          30

        
	 	
          SECTION 2.06

        	
          Letters of Credit

        	
          30

        
	 	
          SECTION 2.07

        	
          Funding of Borrowings

        	
          34

        
	 	
          SECTION 2.08

        	
          Interest Elections

        	
          35

        
	 	
          SECTION 2.09

        	
          Termination and Reduction of Commitments

        	
          36

        
	 	
          SECTION 2.10

        	
          Repayment of Loans; Evidence of Debt

        	
          38

        
	 	
          SECTION 2.11

        	
          Prepayment of Loans

        	
          38

        
	 	
          SECTION 2.12

        	
          Fees

        	
          39

        
	 	
          SECTION 2.13

        	
          Interest

        	
          40

          

        
	 	
          SECTION 2.14

        	
          Alternate Rate of Interest

        	
          40

          

        
	 	
          SECTION 2.15

        	
          Increased Costs

        	
          43

        
	 	
          SECTION 2.16

        	
          Break Funding Payments

        	
          44

        
	 	
          SECTION 2.17

        	
          Taxes

        	
          44

        
	 	
          SECTION 2.18

        	
          Payments Generally; Pro Rata Treatment; Sharing of Setoffs

        	
          48

        
	 	
          SECTION 2.19

        	
          Mitigation Obligations; Replacement of Lenders

        	
          49

        
	 	
          SECTION 2.20

        	
          Expansion Option

        	
          50

          

        
	 	
          SECTION 2.21

        	
          Defaulting Lenders

        	
          51

        
	 	
          SECTION 2.22

        	
          Extension of Maturity Date

        	
          53

        
	 	 
	
          ARTICLE III Representations and Warranties

        	
          55

        
	 	 
	 	
          SECTION 3.01

        	
          Organization; Powers; Subsidiaries

        	
          55

        
	 	
          SECTION 3.02

        	
          Authorization; Enforceability

        	
          55

        
	 	
          SECTION 3.03

        	
          Governmental Approvals; No Conflicts

        	
          55

        
	 	
          SECTION 3.04

        	
          Financial Condition; No Material Adverse Change

        	
          55

        
	 	
          SECTION 3.05

        	
          Properties

        	
          56

        
	 	
          SECTION 3.06

        	
          Litigation and Environmental Matters

        	
          56

        
	 	
          SECTION 3.07

        	
          Compliance with Laws and Agreements

        	
          57

        
	 	
          SECTION 3.08

        	
          Investment Company Status

        	
          57

        
	 	
          SECTION 3.09

        	
          Taxes

        	
          57

        
	 	
          SECTION 3.10

        	
          ERISA

        	
          57

        
	 	
          SECTION 3.11

        	
          Disclosure

        	57

        

  

  

  
    i

    
      

  

  
    Table of Contents

      (continued)

    

    

  

  	 	 	 	
          Page 

          

        
	 	 	 	 
	 	
          SECTION 3.12

        	
          Liens

        	57
	 	
          SECTION 3.13

        	
          No Default

        	
          58

        
	 	
          SECTION 3.14

        	
          Insurance Licenses

        	
          58

        
	 	
          SECTION 3.15

        	
          Subsidiaries

        	
          58

        
	 	
          SECTION 3.16

        	
          Anti-Corruption Laws and Sanctions

        	
          58

        
	 	
          SECTION 3.17

        	
          Affected Financial Institutions

        	
          58

        
	 	
          SECTION 3.18

        	
          Insurance Business

        	
          58

        
	 	
          SECTION 3.19

        	
          Margin Regulations

        	
          58

        
	 	
          SECTION 3.20

        	
          Solvency

        	
          59

        
	 	 
	
          ARTICLE IV Conditions

        	
          59

        
	 	 
	 	
          SECTION 4.01

        	
          Effective Date

        	
          59

        
	 	
          SECTION 4.02

        	
          Each Credit Event

        	
          60

          

        
	 	 
	
          ARTICLE V Affirmative Covenants

        	
          60

          

        
	 	 
	 	
          SECTION 5.01

        	
          Financial Statements and Other Information

        	
          61

        
	 	
          SECTION 5.02

        	
          Notices of Material Events

        	
          63

        
	 	
          SECTION 5.03

        	
          Existence; Conduct of Business

        	
          63

        
	 	
          SECTION 5.04

        	
          Payment of Obligations

        	
          63

        
	 	
          SECTION 5.05

        	
          Maintenance of Properties; Insurance

        	
          63

        
	 	
          SECTION 5.06

        	
          Books and Records; Inspection Rights

        	
          64

        
	 	
          SECTION 5.07

        	
          Compliance with Laws and Material Contractual Obligations

        	
          64

        
	 	
          SECTION 5.08

        	
          Use of Proceeds

        	
          64

        
	 	 
	
          ARTICLE VI Negative Covenants

        	
          65

        
	 	 
	 	
          SECTION 6.01

        	
          Indebtedness

        	
          65

        
	 	
          SECTION 6.02

        	
          Liens

        	
          67

        
	 	
          SECTION 6.03

        	
          Fundamental Changes

        	
          69

        
	 	
          SECTION 6.04

        	
          Dispositions

        	
          70

          

        
	 	
          SECTION 6.05

        	
          Investments, Loans, Advances, Guarantees and Acquisitions

        	
          71

        
	 	
          SECTION 6.06

        	
          Swap Agreements

        	
          72

        
	 	
          SECTION 6.07

        	
          Transactions with Affiliates

        	
          72

        
	 	
          SECTION 6.08

        	
          Restricted Payments

        	
          73

        
	 	
          SECTION 6.09

        	
          Restrictive Agreements

        	
          74

        
	 	
          SECTION 6.10

        	
          Subordinated Indebtedness and Amendments to Subordinated Indebtedness Documents

        	74
	 	
          SECTION 6.11

        	
          Sale and Leaseback Transactions

        	75
	 	
          SECTION 6.12

        	
          Financial Covenants

        	
          75

        
	 	 
	
          ARTICLE VII Events of Default

        	
          76

        
	 	 
	 	
          SECTION 7.01

        	
          Events of Default

        	
          76

        
	 	
          SECTION 7.02

        	
          Remedies Upon an Event of Default

        	77
	 	 	 
	
          ARTICLE VIII The Administrative Agent

        	78
	 	 	 
	 	
          SECTION 8.01

        	
          Authorization and Action

        	78

        

  

  

  
    ii

    
      

  

  
    Table of Contents

      (continued)

  

   

  

  	 	 	 	
          Page

        
	 	 	 	 
	 	
          SECTION 8.02

        	
          Administrative Agent’s Reliance, Indemnification, Etc

        	
          80

        
	 	
          SECTION 8.03

        	
          Posting of Communications

        	
          81

        
	 	
          SECTION 8.04

        	
          The Administrative Agent Individually

        	
          83

        
	 	
          SECTION 8.05

        	
          Successor Administrative Agent

        	
          83

        
	 	
          SECTION 8.06

        	
          Acknowledgements of Lenders and Issuing Bank

        	
          84

        
	 	
          SECTION 8.07

        	
          Certain ERISA Matters

        	
          85

        
	 	 
	
          ARTICLE IX Miscellaneous

        	
          87

        
	 	 
	 	
          SECTION 9.01

        	
          Notices

        	
          87

        
	 	
          SECTION 9.02

        	
          Waivers; Amendments

        	88
	 	
          SECTION 9.03

        	
          Expenses; Indemnity; Damage Waiver

        	90
	 	
          SECTION 9.04

        	
          Successors and Assigns

        	92
	 	
          SECTION 9.05

        	
          Survival

        	
          96

        
	 	
          SECTION 9.06

        	
          Counterparts; Integration; Effectiveness; Electronic Execution

        	96
	 	
          SECTION 9.07

        	
          Severability

        	97
	 	
          SECTION 9.08

        	
          Right of Setoff

        	97
	 	
          SECTION 9.09

        	
          Governing Law; Jurisdiction; Consent to Service of Process

        	97
	 	
          SECTION 9.10

        	
          WAIVER OF JURY TRIAL

        	99
	 	
          SECTION 9.11

        	
          Headings

        	
          99

        
	 	
          SECTION 9.12

        	
          Confidentiality

        	
          100

        
	 	
          SECTION 9.13

        	
          USA PATRIOT Act

        	100
	 	
          SECTION 9.14

        	
          Interest Rate Limitation

        	100
	 	
          SECTION 9.15

        	
          No Fiduciary Duty, etc

        	
          100

          

        
	 	
          SECTION 9.16

        	
          Acknowledgement and Consent to Bail-In of Affected Financial Institutions

        	
          101

        

  

  

  
    iii

    
      

  

   Table of Contents

    (continued)

   

  

  	
          

          

        	
          Page

        
	 	 
	
          SCHEDULES:

        	 
	 	 
	
          Schedule 2.01 – Commitments

        	 
	
          Schedule 3.06 – Disclosed Matters

        	 
	
          Schedule 3.15 – Subsidiaries

        	 
	
          Schedule 6.01 – Indebtedness

        	 
	
          Schedule 6.02 – Existing Liens

        	 
	
          Schedule 6.04 – Existing Investments

        	 
	
          Schedule 6.09 – Existing Restrictions

        	 
	 	 
	
          EXHIBITS:

        	 
	 	 
	
          Exhibit A – Form of Assignment and Assumption

        	 
	
          Exhibit B – Reserved

        	 
	
          Exhibit C – Form of Increasing Lender Supplement

        	 
	
          Exhibit D – Form of Augmenting Lender Supplement

        	 
	
          Exhibit E – List of Closing Documents

        	 
	
          Exhibit F – Reserved

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

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

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

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

        	 
	
          Exhibit H-1 – Form of Borrowing Request

        	 
	
          Exhibit H-2 – Form of Interest Election Request

        	 
	
          Exhibit I – Form of Compliance Certificate

        	 

  

  

  
    iv

    
      

  

  AMENDED AND RESTATED CREDIT AGREEMENT, dated as of July 22, 2022 (this “Agreement”),

    among KINSALE CAPITAL GROUP, INC., the LENDERS from time to time party hereto, JPMORGAN CHASE BANK, N.A., as Administrative Agent and Issuing Bank, and TRUIST BANK, as Syndication Agent.

   

  WHEREAS, the Borrower, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent thereunder, are party to the Credit Agreement,
    dated as of May 28, 2019 (as amended, restated, amended and restated, supplemented or otherwise modified prior to the date hereof, the “Existing Credit Agreement”);

   

  WHEREAS, the Borrower, the Lenders and the Administrative Agent have agreed to enter into this Agreement in order to (i) amend and restate the Existing
    Credit Agreement in its entirety; (ii) re-evidence the “Obligations” under, and as defined in, the Existing Credit Agreement, which shall be repayable in accordance with the terms of this Agreement; and (iii) set forth the terms and conditions under
    which the Lenders will, from time to time, make loans and extend other financial accommodations to or for the benefit of the Borrower;

   

  WHEREAS, it is the intent of the parties hereto that this Agreement not constitute a novation of the obligations and liabilities of the parties under
    the Existing Credit Agreement or be deemed to evidence or constitute full repayment of such obligations and liabilities, but rather that this Agreement amends and restates the Existing Credit Agreement in its entirety and modifies and re-evidences the
    obligations and liabilities of the Borrower outstanding thereunder, which shall be payable in accordance with the terms hereof; and

   

  WHEREAS, it is also the intent of the Borrower to confirm that all of its obligations under the “Loan Documents” (as referred to and defined in the
    Existing Credit Agreement) shall continue in full force and effect as modified and/or restated by this Agreement and that, from and after the Effective Date, all references to the “Credit Agreement” contained in any such existing “Loan Documents” or
    any Loan Document entered into after the date hereof shall be deemed to refer to this Agreement.

   

  NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein, the parties hereto agree that the Existing Credit Agreement
    is hereby amended and restated as follows:

   

  ARTICLE I

   

  

  Definitions

   

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

  

   

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

   

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

   

  “Adjusted Daily Simple SOFR” means an interest rate per annum equal to (a)
    the Daily Simple SOFR, plus (b) 0.10%; provided that if the Adjusted Daily Simple SOFR as so
    determined would be less than the Floor, such rate shall be deemed to be equal to the Floor for the purposes of this Agreement.

   

  
    
      

  

  
  “Adjusted Term SOFR Rate” means, for any Interest Period, an interest rate
    per annum equal to (a) the Term SOFR Rate for such Interest Period, plus (b) 0.10%; provided that if the Adjusted Term SOFR Rate as so determined would be less than the Floor, such rate shall be deemed to be equal to the Floor  for the purposes of this Agreement.

   

  “Administrative Agent” means JPMorgan Chase Bank, N.A. (or any of its
    designated branch offices or affiliates), in its capacity as administrative agent for the Lenders hereunder.

   

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

   

  “Affected Financial Institution” means (a) any EEA Financial Institution or
    (b) any UK Financial Institution.

   

  “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-Related Person” has the meaning assigned to such term in Section
    9.03(c).

   

  “Aggregate Commitment” means the aggregate of the Commitments of all of the
    Lenders, as reduced or increased from time to time pursuant to the terms and conditions hereof.  The initial Aggregate Commitment as of the Effective Date is $100,000,000.

   

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

   

  “Alternate Base Rate” means, for any day, a rate per annum equal to the
    greatest of (a) the Prime Rate in effect on such day, (b) the NYFRB Rate in effect on such day plus 1⁄2 of 1% and (c) the Adjusted Term SOFR Rate for a one month
    Interest Period as published two U.S. Government Securities Business Days prior to such day (or if such day is not a U.S. Government Securities Business Day, the immediately preceding U.S. Government Securities Business Day) plus 1%; provided that for the purpose of this definition, the Adjusted Term SOFR Rate for any day shall be based on the Term SOFR Reference Rate at approximately 5:00 a.m., Chicago time,
    on such day (or any amended publication time for the Term SOFR Reference Rate, as specified by the CME Term SOFR Administrator in the Term SOFR Reference Rate methodology).  Any change in the Alternate Base Rate due to a change in the Prime Rate, the
    NYFRB Rate or the Adjusted Term SOFR Rate shall be effective from and including the effective date of such change in the Prime Rate, the NYFRB Rate or the Adjusted Term SOFR Rate, respectively.  If the Alternate Base Rate is being used as an alternate
    rate of interest pursuant to Section 2.14 (for the avoidance of doubt, only until the Benchmark Replacement has been determined pursuant to Section 2.14(b)), then the Alternate Base Rate shall be the greater of clauses (a) and (b)

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

   

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

   

  “Ancillary Document” has the meaning assigned to such term in Section 9.06.

   

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

   

  
    2

    
      

  

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

   

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

   

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

   

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

   

  	
          Term Benchmark

          Spread

        	
          RFR Spread

        	
          ABR Spread

        	
          Commitment Fee Rate

        
	 	 	 	 
	
          1.625%

        	
          1.625%

        	
          0.625%

        	
          0.25%

        

  

  

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

   

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

   

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

   

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

   

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

   

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

   

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

   

  
    2

    
      

  

  “Available Tenor” means, as of any date of determination and with respect
    to the then-current Benchmark, as applicable, any tenor for such Benchmark (or component thereof) or payment period for interest calculated with reference to such Benchmark (or component thereof), as applicable, that is or may be used for determining
    the length of an Interest Period for any term rate or otherwise, for determining any frequency of making payments of interest calculated pursuant to this Agreement as of such date and not including, for the avoidance of doubt, any tenor for such
    Benchmark that is then-removed from the definition of “Interest Period” pursuant to clause (e) of Section 2.14.

   

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

   

  “Bail-In Legislation” means (a) with respect to any EEA Member Country
    implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation, rule or requirement for such EEA Member Country from time to time which is described in the EU
    Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of
    unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings).

   

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

   

  “Benchmark” means, initially, with respect to any (i) RFR Loan, the Daily
    Simple SOFR or (ii) Term Benchmark Loan, the Term SOFR Rate; provided that if a Benchmark Transition Event and the related Benchmark Replacement Date have occurred with
    respect to the Daily Simple SOFR or Term SOFR Rate, as applicable, or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant
    to clause (b) of Section 2.14.

   

  “Benchmark Replacement” means, for any Available Tenor, the first
    alternative set forth in the order below that can be determined by the Administrative Agent for the applicable Benchmark Replacement Date:

   

  (1)          the Adjusted Daily Simple SOFR;

   

  (2)          the sum of: (a)

      the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any
      selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for
      the then-current Benchmark for syndicated credit facilities denominated in Dollars at such time in the United States and (b) the related Benchmark Replacement Adjustment;

   

  
    3

    
      

  

  provided that if the Benchmark Replacement as determined
    pursuant to clause (1) or clause (2) above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents.

   

  “Benchmark Replacement Adjustment” means, with respect to any replacement
    of the then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement, the spread adjustment, or method for calculating or determining such
    spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a
    spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement
    Date and/or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark
    Replacement for syndicated credit facilities denominated in Dollars at such time.

   

  “Benchmark Replacement Conforming Changes” means, with respect to any
    Benchmark Replacement and/or any Term Benchmark Revolving Loan, any technical, administrative or operational changes (including changes to the definition of “Alternate Base Rate,” the definition of “Business Day,” the definition of “U.S. Government
    Securities Business Day,” the definition of “Interest Period,” timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, length of lookback periods, the
    applicability of breakage provisions, and other technical, administrative or operational matters) that the Administrative Agent, in consultation with the Borrower, decides in its reasonable discretion may be appropriate to reflect the adoption and
    implementation of such Benchmark and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market
    practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of such Benchmark exists, in such other manner of administration as the Administrative Agent, in consultation with the
    Borrower, decides is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents).

   

  “Benchmark Replacement Date” means, with respect to any Benchmark, the
    earliest to occur of the following events with respect to such then-current Benchmark:

   

  (1)         in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component
      thereof); or

   

  (2)         in the case of clause (3) of the definition of “Benchmark Transition Event,” the first date on which such Benchmark (or the published component used in the calculation thereof) has been determined and announced by the regulatory
      supervisor for the administrator of such Benchmark (or such component thereof) to be no longer representative; provided that such non-representativeness will be determined
      by reference to the most recent statement or publication referenced in such clause (3) and even if any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date.

   

  
    4

    
      

  

  (i) If the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in
    respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination and (ii) the “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (1) or (2) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in
    the calculation thereof).

   

  “Benchmark Transition Event” means, with respect to any Benchmark, the
    occurrence of one or more of the following events with respect to such then-current Benchmark:

   

  (1)          a public statement or publication of
      information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such
      component thereof), permanently or indefinitely; provided that, at the time of such statement or publication, there is no successor administrator that will continue to
      provide any Available Tenor of such Benchmark (or such component thereof);

   

  (2)          a public statement or publication of
      information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the Board, the NYFRB, the CME Term SOFR Administrator, an insolvency official with jurisdiction over the
      administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the
      administrator for such Benchmark (or such component), in each case which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof)
      permanently or indefinitely; provided that, at the time of such statement or publication, there
      is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or

   

  (3)          a public statement or publication of
      information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are no longer, or as of a
      specified future date will no longer be, representative.

   

  A “Benchmark Transition Event” will be deemed to have occurred with respect to any Benchmark if a public statement or publication of
    information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof).

   

  “Benchmark Unavailability Period” means, with respect to any Benchmark, the
    period (if any) (x) beginning at the time that a Benchmark Replacement Date pursuant to clauses (1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder
    and under any Loan Document in accordance with Section 2.14 and (y) ending at the time that a Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 2.14.

   

  
    5

    
      

  

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

   

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

   

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

   

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

   

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

   

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

   

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

   

   “Business Day” means, any day (other than a Saturday or a Sunday) on which
    banks are open for business in New York City; provided that, in addition to the foregoing, a Business Day shall be (a) in relation to RFR Loans and any interest rate settings, fundings, disbursements, settlements or payments of any such RFR Loan, or any other dealings of such RFR Loan and (b) in relation to Loans referencing the
    Adjusted Term SOFR Rate and any interest rate settings, fundings, disbursements, settlements or payments of any such Loans referencing the Adjusted Term SOFR Rate or any other dealings of such Loans referencing the Adjusted Term SOFR Rate, any such day that is only a U.S. Government Securities Business Day.

   

  “Capital Lease Obligations” of any Person means the obligations of such
    Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases or
    financing leases on a balance sheet of such Person under GAAP, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP; provided,
    however, all obligations of any Person that are or would have been treated as operating leases (including for avoidance of doubt, any network lease or any operating
    indefeasible right of use) for purposes of GAAP prior to the issuance by the Financial Accounting Standards Board on February 25, 2016 of an Accounting Standards Update (the “ASU”)

    shall continue to be accounted for as operating leases for purposes of all financial definitions and calculations for purpose of this Agreement (whether or not such operating lease obligations were in effect on such date) notwithstanding the fact that
    such obligations are required in accordance with the ASU (on a prospective or retroactive basis or otherwise) to be treated as Capital Lease Obligations in the financial statements to be delivered pursuant to Section 5.01(a) and Section 5.01(b).

   

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

   

  
    6

    
      

  

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

   

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

   

  “CME Term SOFR Administrator” means CME Group Benchmark Administration
    Limited as administrator of the forward-looking term Secured Overnight Financing Rate (SOFR) (or a successor administrator).

   

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

   

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

   

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

   

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

   

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

   

  
    7

    
      

  

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

   

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

   

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

   

  “Corresponding Tenor” with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an interest payment period having approximately the same length (disregarding business day
    adjustment) as such Available Tenor.

   

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

   

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

   

  “Daily Simple SOFR” means, for any day (a “SOFR Rate Day”), a rate per annum equal to SOFR for the day that is five (5) U.S. Government Securities Business Days prior to (i) if such SOFR Rate Day is a U.S. Government
    Securities Business Day, such SOFR Rate Day or (ii) if such SOFR Rate Day is not a U.S. Government Securities Business Day, the U.S. Government Securities Business Day immediately preceding such SOFR Rate Day, in each case, as such SOFR is published by
    the SOFR Administrator on the SOFR Administrator’s Website.  Any change in Daily Simple SOFR due to a change in SOFR shall be effective from and including the effective date of such change in SOFR without notice to the Borrower.

   

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

   

  “Defaulting Lender” means any Lender that (a) has failed, within two (2)
    Business Days of the date required to be funded or paid, to (i) fund any portion of its Loans, (ii) fund any portion of its participations in Letters of Credit or (iii) pay over to any Credit Party any other amount required to be paid by it hereunder,
    unless, in the case of clause (i) above, such Lender notifies the Administrative Agent in writing that such failure is the result of such Lender’s good faith determination that a condition precedent to funding (specifically identified and including the
    particular default, if any) has not been satisfied, (b) has notified the Borrower or any Credit Party in writing, or has made a public statement to the effect, that it does not intend or expect to comply with any of its funding obligations under this
    Agreement (unless such writing or public statement indicates that such position is based on such Lender’s good faith determination that a condition precedent (specifically identified and including the particular default, if any) to funding a Loan under
    this Agreement cannot be satisfied) or generally under other agreements in which it commits to extend credit, (c) has failed, within three (3) Business Days after request by a Credit Party, acting in good faith, to provide a certification in writing
    from an authorized officer of such Lender that it will comply with its obligations to fund prospective Loans and participations in then outstanding Letters of Credit under this Agreement, provided that such Lender shall cease to be a Defaulting Lender
    pursuant to this clause (c) upon such Credit Party’s receipt of such certification in form and substance satisfactory to it and the Administrative Agent, or (d) has become the subject of (i) a Bankruptcy Event or (ii) a Bail-In Action.

   

  
    8

    
      

  

  “Disclosed Matters” means the actions, suits and proceedings and other
    matters disclosed in the Borrower’s Report on Form 10-K filed with the SEC for the annual period ending December 31, 2021 and on Form 10-Q filed with the SEC for the quarterly period ending March 31, 2022, and as disclosed on Schedule 3.06.

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

  
    9

    
      

  

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

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

  
    10

    
      

  

  “Excluded Taxes” means any of the following Taxes imposed on or with
    respect to a Recipient or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such
    Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other
    Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan, Letter of Credit or Commitment pursuant to a law in effect
    on the date on which (i) such Lender acquires such interest in the Loan, Letter of Credit or Commitment (other than pursuant to an assignment request by the Borrower under Section 2.19(b) or Section 9.02(d)) or (ii) such Lender changes its lending
    office, except in each case to the extent that, pursuant to Section 2.17, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender acquired the applicable interest in a Loan, Letter of Credit or
    Commitment or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such Recipient’s failure to comply with Section 2.17(f) and (d) any withholding Taxes imposed under FATCA.

   

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

   

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

   

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

   

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

   

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

   

  “Federal Funds Effective Rate” means, for any day, the rate calculated by
    the NYFRB based on such day’s federal funds transactions by depositary institutions, as determined in such manner as  shall be set forth on the NYFRB’s Website from time to time, and published on the next succeeding Business Day by the NYFRB as the
    effective federal funds rate; provided that if the Federal Funds Effective Rate as so determined would be less than 0%, such rate shall be deemed to be 0% for the purposes of
    this Agreement.

   

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

   

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

   

  “Floor” means the benchmark rate floor, if any, provided in this Agreement
    initially (as of the execution of this Agreement, the modification, amendment or renewal of this Agreement or otherwise) with respect to the Adjusted Term SOFR Rate or the
      Adjusted Daily Simple SOFR, as applicable. For the avoidance of doubt the initial Floor for each of Adjusted Term SOFR Rate or the Adjusted Daily Simple SOFR shall be 0%.

   

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

   

  
    11

    
      

  

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

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

  
    12

    
      

  

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

   

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

   

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

   

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

   

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

   

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

   

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

   

  “Interest Payment Date” means (a) with respect to any ABR Loan, the last
    day of each March, June, September and December and the Maturity Date, (b) with respect to any RFR Loan, each date that is on the numerically corresponding day in each calendar month that is one month after the Borrowing of such RFR Loan (or, if there
    is no such numerically corresponding day in such month, then the last day of such month) and the Maturity Date and (c) with respect to any Term Benchmark Loan, the last day of each Interest Period applicable to the Borrowing of which such Loan is a
    part and, in the case of a Term Benchmark Borrowing with an Interest Period of more than three months’ duration, each day prior to the last day of such Interest Period that occurs at intervals of three months’ duration after the first day of such
    Interest Period and the Maturity Date.

   

  
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  “Interest Period” means with respect to any Term Benchmark Borrowing, the
    period commencing on the date of such Borrowing and ending on the numerically corresponding day in the calendar month that is one, three or six months thereafter (or, if reasonably satisfactory to the Administrative Agent and each of the Lenders, such
    other period thereafter) (in each case, subject to the availability for the Benchmark applicable to the relevant Loan or Commitment), as the Borrower may elect; provided,
    that (i) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such
    Interest Period shall end on the next preceding Business Day, (ii) any Interest Period that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such
    Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period and (iii) no tenor that has been removed from this definition pursuant to Section 2.14(e) shall be available for specification in such Borrowing
    Request or Interest Election Request.  For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing.

   

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

   

  “IRS” means the United States Internal Revenue Service.

   

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

   

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

   

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

   

  “LC Exposure” means, at any time, the sum of (a) the aggregate undrawn
    amount of all outstanding Letters of Credit at such time plus (b) the aggregate amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the Borrower at such time.  The LC Exposure of any Lender at any time shall be its
    Applicable Percentage of the LC Exposure at such time.  For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of Article
    29(a) of the Uniform Customs and Practice for Documentary Credits, International Chamber of Commerce Publication No. 600 (or such later version thereof as may be in effect at the applicable time) or Rule 3.13 or Rule 3.14 of the International Standby
    Practices, International Chamber of Commerce Publication No. 590 (or such later version thereof as may be in effect at the applicable time) or similar terms in the governing rules or laws or of the Letter of Credit itself, or if compliant documents
    have been presented but not yet honored, such Letter of Credit shall be deemed to be “outstanding” and “undrawn” in the amount so remaining available to be paid, and the obligations of the Borrower and each Lender shall remain in full force and effect
    until the Issuing Bank and the Lenders shall have no further obligations to make any payments or disbursements under any circumstances with respect to any Letter of Credit.

   

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

   

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

     

    

  

  “Lender-Related Person” has the meaning assigned to such term in Section
    9.03(d).

   

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

   

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

   

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

   

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

   

  “Liabilities” means any losses, claims (including intraparty claims),
    demands, damages or liabilities of any kind.

   

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

   

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

   

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

   

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

   

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

   

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

   

   “Material Indebtedness” means Indebtedness (other than the Loans and
    Letters of Credit and other than any intercompany indebtedness), or obligations in respect of one or more Swap Agreements, of any one or more of the Borrower and its Subsidiaries in an aggregate principal amount exceeding $25,000,000.  For purposes of
    determining Material Indebtedness, the “principal amount” of the obligations of the Borrower or any Subsidiary in respect of any Swap Agreement at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that the
    Borrower or such Subsidiary would be required to pay if such Swap Agreement were terminated at such time.

   

  
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  “Material Real Property” means, as of any date, any fee-owned real property
    having a market value (as determined in good faith by the Borrower) of more than the greater of (x) $75,000,000 and (y) 7.5% of Total Stockholders’ Equity.

   

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

   

  “Maturity Date” means July 22, 2027 (or, if such day is not a Business Day,
    the next succeeding Business Day).

   

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

   

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

   

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

   

  “Net Worth” means, as to any Person, the sum of its capital stock
    (including its preferred stock), capital in excess of par or stated value of shares of its capital stock (including its preferred stock), retained earnings (provided
    that for purposes of calculating retained earnings, Consolidated Net Income shall exclude any after-tax unrealized gains and losses on equity investments, to the extent such equity investments are no longer classified as “available-for-sale” following
    the Borrower’s adoption of accounting standard ASU 2016-01 “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities”)

    and any other account which, in accordance with GAAP, constitutes stockholders equity, but excluding all accumulated other comprehensive income (or loss) as shown on the most recent consolidated balance sheet of the Borrower delivered to the
    Administrative Agent and the Lenders pursuant to Section 5.01 hereof.

   

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

   

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

   

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

   

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

   

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

   

  “NYFRB Rate” means, for any day, the greater of (a) the Federal Funds
    Effective Rate in effect on such day and (b) the Overnight Bank Funding Rate in effect on such day (or for any day that is not a Business Day, for the immediately preceding Business Day); provided
    that if none of such rates are published for any day that is a Business Day, the term “NYFRB Rate” means the rate for a federal funds transaction quoted at 11:00 a.m., New York City time, on such day received by the Administrative Agent from a federal
    funds broker of recognized standing selected by it; provided, further, that if any of the
    aforesaid rates as so determined would be less than 0%, such rate shall be deemed to be 0% for purposes of this Agreement.

   

  
    16

    
      

  

  “NYFRB’s Website” means the website of the NYFRB at
    http://www.newyorkfed.org, or any successor source.

   

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

   

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

   

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

   

  “Other Taxes” means all present or future stamp, court or documentary,
    intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to,
    any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 2.19 or Section 9.02(d)).

   

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

   

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

   

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

   

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

   

  “Payment” has the meaning assigned to such term in Section 8.06(c).

   

  “Payment Notice” has the meaning assigned to such term in Section 8.06(c).

   

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

   

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

   

  “Permitted Encumbrances” means:

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

   “Permitted Investments” means:

   

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

   

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

   

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

   

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

   

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

   

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

   

  (g)          Investments identified in Schedule 6.04; and

   

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

   

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

   

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

   

  
    19

    
      

  

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

   

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

   

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

   

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

   

  “Reference Time” with respect to any setting of the then-current Benchmark
    means (i) if such Benchmark is the Term SOFR Rate, 5:00 a.m., Chicago time, on the day that is two (2) Business Days preceding the date of such setting, (ii) if the RFR for
      such Benchmark is Daily Simple SOFR, then four (4) Business Days prior to such setting or (iii) if such Benchmark is neither the Term SOFR Rate nor Daily Simple SOFR, the time determined by the Administrative Agent in its reasonable
    discretion.

   

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

   

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

   

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

   

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

   

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

   

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

   

  “Relevant Governmental Body” means, the Federal Reserve Board and/or the
    NYFRB or a committee officially endorsed or convened by the Federal Reserve Board and/or the NYFRB or, in each case, any successor thereto.

   

  
    20

    
      

  

  “Relevant Rate” means (i) with respect to any
    Term Benchmark Borrowing, the Adjusted Term SOFR Rate or (ii) with respect to any RFR Borrowing, the Adjusted Daily Simple SOFR, as applicable.

   

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

   

  “Resolution Authority” means an EEA Resolution Authority or, with respect
    to any UK Financial Institution, a UK Resolution Authority.

   

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

   

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

   

  “Reuters” means, as applicable, Thomson Reuters Corp., Refinitiv, or any
    successor thereto.

   

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

   

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

   

  “RFR” when used in reference to any Loan or Borrowing, means that such
    Loan, or the Loans comprising such Borrowing, bears interest at a rate determined by reference to the Adjusted Daily Simple SOFR.

   

  “RFR Borrowing” means, as to any Borrowing, the RFR Loans comprising such
    Borrowing.

   

  “RFR Loan” means a Loan that bears interest at a rate based on the Adjusted
    Daily Simple SOFR.

   

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

   

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

   

  
    21

    
      

  

  “Sanctioned Country” means, at any time, a country, region or territory which is itself the subject or target of any Sanctions (at the time of this Agreement, the so-called Donetsk People’s Republic, the so-called Luhansk People’s Republic, the
      Crimea Region of Ukraine, Cuba, Iran, North Korea and Syria).

   

  “Sanctioned Person” means, at any time, (a) any Person listed in any
    Sanctions-related list of designated Persons maintained by OFAC, the U.S. Department of State, the United Nations Security Council, the European Union, any European Union
      member state, or Her Majesty’s Treasury of the United Kingdom, (b) any Person located, organized or resident in a Sanctioned Country, (c) any Person owned 50% or more or controlled by any such Person or Persons described in the foregoing
    clauses (a) or (b), or (d) any Person otherwise the subject of any Sanctions.

   

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

   

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

   

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

   

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

   

  “Senior Notes” means the notes issued by the Borrower under that certain
    Note Purchase and Private Shelf Agreement, dated as of July 22, 2022, including any renewals, extensions, amendments, supplements, restatements, replacements or refinancing thereof.

   

  “SOFR” means a rate equal to the secured overnight financing rate as
    administered by the SOFR Administrator.

   

  “SOFR Administrator” means the NYFRB (or a successor administrator of the
    secured overnight financing rate).

   

  “SOFR Administrator’s Website” means the NYFRB’s Website, currently at
    http://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.

   

  “SOFR Rate Day” has the meaning specified in the definition of “Daily
    Simple SOFR”.

   

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

   

  
    22

    
      

  

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

   

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

   

  “subsidiary” means, with respect to any Person (the “parent”) at any date,
    any corporation, limited liability company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements were prepared in
    accordance with GAAP as of such date, as well as any other corporation, limited liability company, partnership, association or other entity of which securities or other ownership interests representing more than 50% of the equity or more than 50% of
    the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held by the parent or one more subsidiaries of the parent.

   

  “Subsidiary” means any subsidiary of the Borrower.

   

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

   

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

   

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

   

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

   

  “Term SOFR Determination Day” has the meaning assigned to it in the
    definition of “Term SOFR Reference Rate”.

   

  “Term SOFR Rate” means, with respect to any Term Benchmark Borrowing and
    for any tenor comparable to the applicable Interest Period, the Term SOFR Reference Rate at approximately 5:00 a.m., Chicago time, two U.S. Government Securities Business Days prior to the commencement of such tenor comparable to the applicable
    Interest Period, as such rate is published by the CME Term SOFR Administrator.

   

  
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  “Term SOFR Reference Rate” means, for any day and time (such day, the “Term SOFR Determination Day”), with respect to any Term Benchmark Borrowing denominated in Dollars and for any tenor comparable to the applicable Interest Period, the rate per
    annum published by the CME Term SOFR Administrator and identified by the Administrative Agent as the forward-looking term rate based on SOFR.  If by 5:00 p.m. (New York City time) on such Term SOFR Determination Day, the “Term SOFR Reference Rate” for
    the applicable tenor has not been published by the CME Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Rate has not occurred, then, so long as such day is otherwise a U.S. Government Securities Business Day, the
    Term SOFR Reference Rate for such Term SOFR Determination Day will be the Term SOFR Reference Rate as published in respect of the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate was published by the CME
    Term SOFR Administrator, so long as such first preceding U.S. Government Securities Business Day is not more than five (5) U.S. Government Securities Business Days prior to such Term SOFR Determination Day.

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

  “UK Financial Institution” means any BRRD Undertaking (as such term is
    defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United
    Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.

   

  “UK Resolution Authority” means the Bank of England or any other public
    administrative authority having responsibility for the resolution of any UK Financial Institution.

   

  
    “Unadjusted Benchmark Replacement” means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

     

    

  

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

   

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

   

  “U.S. Government Securities Business Day” means any day except for (i) a
    Saturday, (ii) a Sunday or (iii) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government
    securities.

   

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

   

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

   

  “U.S. Special Resolution Regime” has the meaning assigned to it in Section
    9.17.

   

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

   

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

   

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

   

  “Write-Down and Conversion Powers” means, (a) with respect to any EEA
    Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In
    Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any
    contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a
    right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.

   

  
    SECTION 1.02 Classification of Loans and Borrowings. For purposes of this Agreement, Loans may
      be classified and referred to by Class (e.g., a “Revolving Loan”) or by Type (e.g., a “Term Benchmark Loan” or an “RFR

          Loan”) or by Class and Type (e.g., a “Term Benchmark Revolving Loan” or an “RFR Revolving Loan”).  Borrowings also may be classified and
      referred to by Class (e.g., a “Revolving Borrowing”) or by Type (e.g., a “Term Benchmark Borrowing” or an “RFR Borrowing”) or by Class and Type (e.g., a “Term Benchmark Revolving Borrowing” or an “RFR

        Revolving Borrowing”).

  

   

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

  

   

  
    SECTION 1.04 Accounting Terms; GAAP; Pro Forma Calculations.

  

   

  (a)          Except as otherwise
      expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; provided that, if the
      Borrower notifies the Administrative Agent that the Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision
      (or if the Administrative Agent notifies the Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application
      thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision  amended in accordance herewith. 
      Notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made, without giving effect to (i) any
      election under Financial Accounting Standards Board Accounting Standards Codification 825 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other
      liabilities of the Borrower or any Subsidiary at “fair value”, as defined therein and (ii) any treatment of Indebtedness under Accounting Standards Codification 470-20 or 2015-03 (or any other Accounting Standards Codification or Financial Accounting
      Standard having a similar result or effect) to value any such Indebtedness in a reduced or bifurcated manner as described therein, and such Indebtedness shall at all times be valued at the full stated principal amount thereof.

   

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

   

  
    26

    
      

  

  
    SECTION 1.05 Interest Rates; Benchmark Notification.  The interest rate on a
      Loan denominated in Dollars may be derived from an interest rate benchmark that may be discontinued or is, or may in the future become, the subject of regulatory reform.  Upon the occurrence of a Benchmark Transition Event, Section 2.14(b) provides a
      mechanism for determining an alternative rate of interest.  The Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to, the administration, submission, performance or any other matter
      related to any interest rate used in this Agreement, or with respect to any alternative or successor rate thereto, or replacement rate thereof, including without limitation, whether the composition or characteristics of any such alternative,
      successor or replacement reference rate will be similar to, or produce the same value or economic equivalence of, the existing interest rate being replaced or have the same volume or liquidity as did any existing interest rate prior to its
      discontinuance or unavailability.  The Administrative Agent and its affiliates and/or other related entities may engage in transactions that affect the calculation of any  interest rate used in this Agreement or any alternative, successor or
      alternative rate (including any Benchmark Replacement) and/or any relevant adjustments thereto, in each case, in a manner adverse to the Borrower.  The Administrative Agent may select information sources or services in its reasonable discretion to
      ascertain any interest rate used in this Agreement, any component thereof, or rates referenced in the definition thereof, in each case, pursuant to the terms of this Agreement, and shall have no liability to the Borrower, any Lender or any other
      person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or
      calculation of any such rate (or component thereof) provided by any such information source or service.

  

   

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

  

   

  
    SECTION 1.07 Letter of Credit Amounts.  Unless otherwise specified herein, the
      amount of a Letter of Credit at any time shall be deemed to be the stated amount of such Letter of Credit available to be drawn at such time; provided that, with respect to
      any Letter of Credit that, by its terms, provides for one or more automatic increases in the available amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum amount of such Letter of Credit after giving effect to all
      such increases, whether or not such maximum amount is available to be drawn at such time.

  

   

  
    
      27

      
        

    

    SECTION 1.08 Divisions.  For all purposes under the
      Loan Documents, in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right,
      obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized
      and acquired on the first date of its existence by the holders of its Equity Interests at such time.

  

   

  
    SECTION 1.09 Amendment and Restatement of Existing Credit Agreement.  The
      parties to this Agreement agree that, upon the (i) execution and delivery by each of the parties hereto of this Agreement and (ii) satisfaction or waiver of the conditions set forth in Section 4.01, the terms and provisions of the Existing Credit
      Agreement shall be and hereby are amended, superseded and restated in their entirety by the terms and provisions of this Agreement.  This Agreement is not intended to and shall not constitute a novation.  All “Loans” made and “Obligations” incurred
      under the Existing Credit Agreement which are outstanding on the Effective Date shall continue as Loans and Obligations under (and shall be governed by the terms of) this Agreement and the other Loan Documents.  Without limiting the foregoing, upon
      the Effective Date: (a) all references in the “Loan Documents” (as defined in the Existing Credit Agreement) to the “Administrative Agent”, the “Agreement”, the “Credit Agreement” and the “Loan Documents” shall be deemed to refer to the
      Administrative Agent, this Agreement and the Loan Documents, respectively, (b) all obligations constituting “Obligations” owed to any Lender or any Affiliate of such Lender which are outstanding on the Effective Date shall continue as Obligations
      under this Agreement and the other Loan Documents, (c) all of the Letters of Credit which are outstanding on the Effective Date under the Existing Credit Agreement shall continue as Letters of Credit under (and shall be governed by the terms of) this
      Agreement, (d) the Administrative Agent shall make such reallocations, sales, assignments or other relevant actions in respect of each Lender’s Revolving Credit Exposure under the Existing Credit Agreement as are necessary in order that each such
      Lender’s Revolving Credit Exposure and outstanding Loans hereunder reflects such Lender’s Applicable Percentage of the outstanding Total Revolving Credit Exposure on the Effective Date, (e) except as specifically amended or otherwise modified by the
      terms and provisions of this Agreement, all Loan Documents shall continue to be in full force and effect and (f) the Borrower hereby agree to compensate each Lender for any and all losses, costs and expenses incurred by such Lender in connection with
      the sale and assignment of any Term Benchmark Loans (including the “Eurodollar Loans” under (and as defined in) the Existing Credit Agreement) and such reallocation described above, in each case on the terms and in the manner set forth in Section
      2.16 hereof.  Any basket herein utilized prior to the Effective Date shall be deemed replenished in its entirety and available in full under this Agreement as of the Effective Date.

  

   

  ARTICLE II

   

  

  The Credits

   

  
    SECTION 2.01 Commitments.  Prior to the Effective Date, certain loans were
      previously made to the Borrower under the Existing Credit Agreement which loans remain outstanding as of the date of this Agreement (such outstanding revolving loans being hereinafter referred to as the “Existing Loans”).  Subject to the terms and conditions set forth in this Agreement, the Borrower and each of the Lenders agree that on the Effective Date but subject to the reallocation and other transactions
      described in Section 1.09, the Existing Loans shall be re-evidenced as Loans under this Agreement, and the terms of the Existing Loans shall be restated in their entirety and shall be evidenced by this Agreement.  Subject to the terms and conditions
      set forth herein, each Lender (severally and not jointly) agrees to make Revolving Loans to the Borrower in Dollars from time to time during the Availability Period in an aggregate principal amount that will not result in (a) such Lender’s Revolving
      Credit Exposure exceeding such Lender’s Commitment or (b) the Total Revolving Credit Exposure exceeding the Aggregate Commitment.  Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay
      and reborrow Revolving Loans.

  

   

  
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    SECTION 2.02 Loans and Borrowings.

  

   

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

   

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

   

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

   

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

   

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

  

   

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

   

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

   

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

   

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

   

  
    29

    
      

  

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

   

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

   

  
    SECTION 2.04 Intentionally Omitted.

  

   

  
    SECTION 2.05 Intentionally Omitted.

  

   

  
    SECTION 2.06 Letters of Credit.

  

   

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

   

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

   

  The Issuing Bank shall not be under any obligation to issue any Letter of Credit if:

   

  
    30

    
      

  

  (i)          any order, judgment or decree of any
      Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain the Issuing Bank from issuing such Letter of Credit, or request that the Issuing Bank refrain from issuing such Letter of Credit, or any law applicable to the
      Issuing Bank shall prohibit, the issuance of letters of credit generally or such Letter of Credit in particular or any such order, judgment or decree, or law shall impose upon the Issuing Bank with respect to such Letter of Credit any restriction,
      reserve or capital or liquidity requirement (for which the Issuing Bank is not otherwise compensated hereunder) not in effect on the Effective Date, or shall impose upon the Issuing Bank any unreimbursed loss, cost or expense that was not applicable
      on the Effective Date and that the Issuing Bank in good faith deems material to it; or

   

  (ii)          the issuance of such Letter of
      Credit would violate one or more policies of the Issuing Bank applicable to letters of credit generally.

   

  (c)          Expiration Date.  Each Letter of Credit shall expire (or be subject to termination by notice from the Issuing Bank to the beneficiary thereof) at or prior to the close of business on the
        earlier of (i) the date one year (or such longer period as may be consented to by the Issuing Bank) after the date of the issuance of such Letter of Credit (or, in the case of any extension of the expiration date thereof, one year after such
        extension) and (ii) the date that is five (5) Business Days prior to the Maturity Date; provided that any Letter of Credit with a one-year tenor may contain customary automatic extension provisions agreed upon by the Borrower and the
        Issuing Bank that provide for the extension thereof for additional one-year periods (which shall, subject to the succeeding sentence, in no event extend beyond the date referenced in clause (ii) above), subject to a right on the part of the Issuing
        Bank to prevent any such extension from occurring by giving notice to the beneficiary in advance of any such extension.  Notwithstanding the foregoing, any Letter of Credit may expire no later than one year after the Maturity Date so long as the
        Borrower cash collateralizes an amount equal to 105% of the face amount of such Letter of Credit, concurrently with the issuance of such a Letter of Credit having an expiry date later than the Maturity Date (or, as applicable, concurrently with any
        amendment or extension of such a Letter of Credit that results in such Letter of Credit having an expiry date later than the Maturity Date), in the manner described in Section 2.06(j) and otherwise on terms and conditions reasonably acceptable to
        the Issuing Bank and the Administrative Agent.

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

  
    SECTION 2.07 Funding of Borrowings.

  

   

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

   

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

   

  
    SECTION 2.08 Interest Elections.

  

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

  (e)          If the Borrower fails
      to deliver a timely Interest Election Request with respect to a Term Benchmark Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such
      Borrowing shall be deemed to have an Interest Period that is one (1) month.  Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so
      notifies the Borrower, then, so long as an Event of Default is continuing (i) no outstanding Borrowing may be converted to or continued as a Term Benchmark Borrowing and (ii) unless repaid, (A) each Term Benchmark Borrowing and (B) each RFR Borrowing
      shall be converted to an ABR Borrowing (x) in the case of a Term Benchmark Borrowing, at the end of the Interest Period applicable thereto or (y) in the case of an RFR Borrowing, on the next Interest Payment Date in respect thereof.

   

  (f)          Notwithstanding
      anything in this Agreement or any other Loan Document to the contrary, interest on all “Eurodollar Loans” (as defined in Existing Credit Agreement) outstanding under this Agreement immediately prior to the Effective Date shall continue to accrue and
      be paid based upon the “Adjusted LIBO Rate” (as defined in the Existing Credit Agreement) applicable pursuant to the terms of the Existing Credit Agreement solely until the expiration of the current “Interest Period” (as defined in the Existing
      Credit Agreement) applicable thereto (at which time such “Eurodollar Loans” may be reborrowed as or converted to ABR Borrowings or Term Benchmark Borrowings in accordance with this Section 2.08).  From and after the Effective Date, (i) all new Loans
      shall bear interest determined by reference to the Adjusted Term SOFR Rate or the Alternate Base Rate, as applicable, and (ii) except as otherwise provided in the immediately preceding sentence, such “Eurodollar Loans” may not be continued as
      “Eurodollar Loans”.

   

  
    SECTION 2.09 Termination and Reduction of Commitments.

  

   

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

   

  (b)        The Borrower may at any time terminate, or from time to time reduce, the Commitments; provided that (i) each reduction of the Commitments shall be in an amount that is an integral multiple of
        $100,000 and not less than $1,000,000 and (ii) the Borrower shall not terminate or reduce the Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.11, (A) the amount of any Lender’s Revolving
        Credit Exposure would exceed its Commitment or (B) the Total Revolving Credit Exposure would exceed the Aggregate Commitment.

   

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

   

  
    SECTION 2.10 Repayment of Loans; Evidence of Debt.

  

   

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

   

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

   

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

   

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

   

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

   

  
    SECTION 2.11 Prepayment of Loans.  The Borrower shall have the right at any
      time and from time to time to prepay any Borrowing in whole or in part, subject to prior notice in accordance with the provisions of this Section 2.11.  The Borrower shall notify the Administrative Agent by written notice of any prepayment hereunder
      (i) in the case of prepayment of (x) a Term Benchmark Borrowing, not later than 11:00 a.m., New York City time, three (3) Business Days before the date of prepayment or (y) an RFR Borrowing, not later than 11:00 a.m., New York City time, five (5)
      Business Days before the date of prepayment or (ii) in the case of prepayment of an ABR Borrowing, not later than 11:00 a.m., New York City time, one (1) Business Day before the date of prepayment (or, in each case, such shorter time as the
      Administrative Agent may agree).  Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing or portion thereof to be prepaid; provided
      that, if a notice of prepayment is given in connection with a conditional notice of termination of the Commitments as contemplated by Section 2.09, then such notice of prepayment may be revoked if such notice of termination is revoked in accordance
      with Section 2.09.  Promptly following receipt of any such notice relating to a Revolving Borrowing, the Administrative Agent shall advise the Lenders of the contents thereof.  Each partial prepayment of any Revolving Borrowing shall be in an amount
      that would be permitted in the case of an advance of a Revolving Borrowing of the same Type as provided in Section 2.02.  Each prepayment of a Revolving Borrowing shall be applied ratably to the Loans included in the prepaid Borrowing.  Prepayments
      shall be accompanied by (i) accrued interest to the extent required by Section 2.13 and (ii) any break funding payments required by Section 2.16.  If at any time the Total Revolving Credit Exposure exceeds the Aggregate Commitment, the Borrower shall
      promptly repay Borrowings or cash collateralize LC Exposure in an account with the Administrative Agent pursuant to Section 2.06(j), as applicable, in an aggregate principal amount sufficient to cause the aggregate principal amount of the Total
      Revolving Credit Exposure to be less than or equal to the Aggregate Commitment.

  

   

  
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    SECTION 2.12 Fees.

  

   

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

   

  (b)          The Borrower agrees to
      pay (i) to the Administrative Agent for the account of each Lender a participation fee with respect to its participations in each outstanding Letter of Credit, which shall accrue on the daily maximum stated amount then available to be drawn under
      such Letter of Credit at the same Applicable Rate used to determine the interest rate applicable to Term Benchmark Revolving Loans, during the period from and including the Effective Date to but excluding the later of the date on which such Lender’s
      Commitment terminates and the date on which such Lender ceases to have any LC Exposure and (ii) to the Issuing Bank for its own account a fronting fee, which shall accrue at the rate of 0.125% per annum on the daily maximum stated amount then
      available to be drawn under such Letter of Credit, during the period from and including the Effective Date to but excluding the later of the date of termination of the Commitments and the date on which there ceases to be any LC Exposure, as well as
      the Issuing Bank’s standard fees with respect to the issuance, amendment or extension of any Letter of Credit and other processing fees, and other standard costs and charges, of the Issuing Bank relating the Letters of Credit as from time to time in
      effect.  Participation fees and fronting fees accrued through and including the last day of March, June, September and December of each year shall be payable on the fifteenth (15th) day following such last day, commencing on the first such
      date to occur after the Effective Date; provided that all such fees shall be payable on the date on which the Commitments terminate and any such fees accruing after the
      date on which the Commitments terminate shall be payable on demand.  Any other fees payable to the Issuing Bank pursuant to this paragraph shall be payable within ten (10) days after demand.  All participation fees and fronting fees shall be computed
      on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day).

   

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

   

  
    38

    
      

  

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

   

  
    SECTION 2.13 Interest.

  

   

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

   

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

   

  (c)          Each RFR Loan shall bear interest at a rate per annum equal to the Adjusted Daily Simple SOFR plus the Applicable Rate.

   

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

   

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

   

  (f)          All interest hereunder
      shall be computed on the basis of a year of 360 days, except that interest computed by reference to the Alternate Base Rate only at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or
      366 days in a leap year), and in each case interest shall be payable for the actual number of days elapsed (including the first day but excluding the last day).  All interest hereunder on any Loan shall be computed on a daily basis based upon the
      outstanding principal amount of such Loan as of the applicable date of determination.  A determination of the applicable Alternate Base Rate, Adjusted Term SOFR Rate, Term SOFR Rate, Adjusted Daily Simple SOFR or Daily Simple SOFR shall be determined
      by the Administrative Agent, and such determination shall be conclusive absent manifest error.

   

  
    SECTION 2.14 Alternate Rate of Interest.

  

   

  (a)          Subject to clauses (b),
      (c), (d), (e) and (f) of this Section 2.14, if:

   

  (i)          the
      Administrative Agent determines (which determination shall be conclusive absent manifest error) (A) prior to the commencement of any Interest Period for a Term Benchmark Borrowing, that adequate and reasonable means do not exist for ascertaining the
      Adjusted Term SOFR Rate (including because the Term SOFR Reference Rate is not available or published on a current basis) for such Interest Period or (B) at any time, that adequate and reasonable means do not exist for ascertaining the applicable
      Adjusted Daily Simple SOFR; or

   

  
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  (ii)          the
      Administrative Agent is advised by the Required Lenders (A) prior to the commencement of any Interest Period for a Term Benchmark Borrowing, that the Adjusted Term SOFR Rate for such Interest Period will not adequately and fairly reflect the cost to
      such Lenders of making or maintaining their Loans included in such Borrowing for such Interest Period or (B) at any time, that Adjusted Daily Simple SOFR will not adequately and fairly reflect the cost to such Lenders of making or maintaining their
      Loans included in such Borrowing;

   

  then the Administrative Agent shall give notice thereof to the Borrower and the Lenders by telephone, telecopy or electronic mail as promptly as practicable thereafter
    and, until (x) the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist with respect to the relevant Benchmark and (y) the Borrower delivers a new Interest Election Request in
    accordance with the terms of Section 2.08 or a new Borrowing Request in accordance with the terms of Section 2.03, any Interest Election Request that requests the conversion of any Revolving Borrowing to, or continuation of any Revolving Borrowing as,
    a Term Benchmark Borrowing and any Borrowing Request that requests a Term Benchmark Revolving Borrowing shall instead be deemed to be an Interest Election Request or a Borrowing Request, as applicable, for (x) an RFR Borrowing so long as the Adjusted
    Daily Simple SOFR is not also the subject of Section 2.14(a)(i) or (ii) above or (y) an ABR Borrowing if the Adjusted Daily Simple SOFR also is the subject of Section 2.14(a)(i) or (ii) above; provided that if the circumstances giving rise to such notice affect only one Type of Borrowing, then all other Types of Borrowings shall be permitted.  Furthermore, if any Term Benchmark Loan or RFR Loan is outstanding on the
    date of the Borrower’s receipt of the notice from the Administrative Agent referred to in this Section 2.14(a) with respect to a Relevant Rate applicable to such Term Benchmark Loan or RFR Loan, then until (x) the Administrative Agent notifies the
    Borrower and the Lenders that the circumstances giving rise to such notice no longer exist with respect to the relevant Benchmark and (y) the Borrower delivers a new Interest Election Request in accordance with the terms of Section 2.08 or a new
    Borrowing Request in accordance with the terms of Section 2.03, (A) any Term Benchmark Loan shall on the last day of the Interest Period applicable to such Loan, be converted by the Administrative Agent to, and shall
    constitute, (x) an RFR Borrowing so long as the Adjusted Daily Simple SOFR is not also the subject of Section 2.14(a)(i) or (ii) above or (y) an ABR Loan if the Adjusted Daily Simple SOFR also is the subject of Section 2.14(a)(i) or (ii) above, on such
    day, and (B) any RFR Loan shall on and from such day be converted by the Administrative Agent to, and shall constitute an ABR Loan.

   

  (b)          Notwithstanding anything to the contrary herein or in any other Loan Document, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in
        respect of any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (1) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such
        Benchmark for all purposes hereunder and under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan
        Document and (y) if a Benchmark Replacement is determined in accordance with clause (2) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder
        and under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m., New York City time, on the fifth (5th)
        Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document so long as the Administrative Agent
        has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required Lenders.

   

  
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  (c)          Notwithstanding
      anything to the contrary herein or in any other Loan Document, the Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan
      Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document.

   

  (d)          The Administrative
      Agent will promptly notify the Borrower and the Lenders of (i) any occurrence of a Benchmark Transition Event, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes, (iv) the
      removal or reinstatement of any tenor of a Benchmark pursuant to clause (e) below and (v) the commencement or conclusion of any Benchmark Unavailability Period.  Any determination, decision or election that may be made by the Administrative Agent or,
      if applicable, any Lender (or group of Lenders) pursuant to this Section 2.14, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take
      or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Loan Document, except, in
      each case, as expressly required pursuant to this Section 2.14.

   

  (e)        Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including the Term SOFR Rate) and either (A) any tenor for such
        Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion or (B) the regulatory supervisor for the administrator of such
        Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is or will be no longer representative, then the Administrative Agent may modify the definition of “Interest Period” for any
        Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information service for such Benchmark (including a Benchmark Replacement therefor) or (B) is not, or is no longer, subject to an
        announcement that it is or will no longer be representative for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition of “Interest Period” for all Benchmark settings at or after such time to
        reinstate such previously removed tenor.

   

  (f)          Upon the Borrower’s
      receipt of notice of the commencement of a Benchmark Unavailability Period with respect to a Benchmark, the Borrower may revoke any such request for a Term Benchmark Borrowing or a conversion to or continuation of Term Benchmark Loans to be made,
      converted or continued during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any request for a Term Benchmark Borrowing into a request for a Borrowing of or conversion to (A) an RFR Borrowing so
      long as the Adjusted Daily Simple SOFR is not the subject of a Benchmark Transition Event or (B) an ABR Borrowing if the Adjusted Daily Simple SOFR is the subject of a Benchmark Transition Event.  During any Benchmark Unavailability Period or at any
      time that a tenor for the then-current Benchmark is not an Available Tenor, the component of ABR based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of ABR.  Furthermore, if any
      Term Benchmark Loan or RFR Loan is outstanding on the date of the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period with respect to a Relevant Rate applicable to such Term Benchmark Loan or RFR Loan, then until
      such time as a Benchmark Replacement is implemented pursuant to this Section 2.14, (1) any Term Benchmark Loan shall on the last day of the Interest Period applicable to such Loan, be converted by the Administrative Agent to, and shall constitute,
      (x) an RFR Borrowing so long as the Adjusted Daily Simple SOFR is not the subject of a Benchmark Transition Event or (y) an ABR Loan if the Adjusted Daily Simple SOFR is the subject of a Benchmark Transition Event, on such day and (2) any RFR Loan
      shall on and from such day be converted by the Administrative Agent to, and shall constitute, an ABR Loan.

   

  
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    SECTION 2.15 Increased Costs.

  

   

  (a)          If any Change in Law
      shall:

   

  (i)          impose,

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

   

  (ii)          impose

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

   

  (iii)          subject

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

   

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

   

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

   

  
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  (c)          A certificate of a
      Lender, the Administrative Agent or the Issuing Bank setting forth, in reasonable detail, the basis and calculation of the amount or amounts necessary to compensate such Lender, the Administrative Agent or the Issuing Bank or its holding company, as
      the case may be, as specified in paragraph (a) or (b) of this Section shall be delivered to the Borrower and shall be presumed correct absent manifest error.  The Borrower shall pay such Lender, the Administrative Agent or the Issuing Bank, as the
      case may be, the amount due under this Section within ten (10) days after receipt of the relevant certificate.

   

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

   

  
    SECTION 2.16 Break Funding Payments.  With respect to Term Benchmark Loans, in
      the event of (i) the payment of any principal of any Term Benchmark Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default or as a result of any prepayment pursuant to Section 2.11),
      (ii) the conversion of any Term Benchmark Loan other than on the last day of the Interest Period applicable thereto, (iii) the failure to borrow, convert, continue or prepay any Term Benchmark Loan on the date specified in any notice delivered
      pursuant hereto (regardless of whether such notice may be revoked under Section 2.11 and is revoked in accordance herewith) or (iv) the assignment of any Term Benchmark Loan other than on the last day of the Interest Period applicable thereto as a
      result of a request by the Borrower pursuant to Section 2.19 or 9.02(d), then, in any such event, the Borrower shall compensate each Lender for the loss, cost and expense attributable to such event. A certificate of any Lender setting forth any
      amount or amounts that such Lender is entitled to receive pursuant to this Section, and setting forth in reasonable detail the calculations used by such Lender to determine such amount or amounts, shall be delivered to the Borrower and shall be
      conclusive absent manifest error. The Borrower shall pay such Lender the amount due under this Section within 30 days after receipt of the relevant certificate; provided that

      the Borrower shall not be required to compensate a Lender pursuant to this Section for any amounts under this Section 2.16 incurred more than 120 days prior to the date that such Lender notifies the Borrower of such amount and of such Lender’s
      intention to claim compensation therefor.

  

   

  
    SECTION 2.17 Taxes.

  

   

  (a)          Payments Free of Taxes.  Any and all payments by or on account of any obligation of the Borrower under any Loan Document shall be made without deduction or withholding for any Taxes, except as
        required by applicable law.  If any applicable law (as determined in the good faith discretion of an applicable withholding agent) requires the deduction or withholding of any Tax from any such payment by a withholding agent, then the applicable
        withholding agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax,
        then the sum payable by the applicable Borrower shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section 2.17) the
        applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made.

   

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

   

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

   

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

   

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

   

  (f)          Status of Lenders.

   

  (i)          Any Lender that is
      entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the
      Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding.  In addition,
      any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or
      the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements.  Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and
      submission of such documentation (other than such documentation set forth in Section 2.17(f)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such
      Lender to any material unreimbursed cost or expense (it being understood that the Borrower shall be given a reasonable opportunity to reimburse such Lender with respect to such cost or expense) or would materially prejudice the legal or commercial
      position of such Lender.

   

  
    44

    
      

  

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

   

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

   

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

   

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

   

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

   

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

   

  (4)          to the extent a
      Foreign Lender is not the beneficial owner, an executed copy of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN or IRS Form W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit G-2 or Exhibit G-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such
      Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit G-4 on behalf of each such direct and indirect partner;

   

  
    45

    
      

  

  (C)         any

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

   

  (D)       if

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

   

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

   

  (g)          Treatment of Certain Refunds.  If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant
        to this Section 2.17 (including by the payment of additional amounts pursuant to this Section 2.17), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section 2.17
        with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such
        refund).  Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (g) (plus any penalties, interest or other charges imposed by the relevant
        Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority.  Notwithstanding anything to the contrary in this paragraph (g), in no event will the indemnified party be required to
        pay any amount to an indemnifying party pursuant to this paragraph (g) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to
        indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid.  This paragraph shall not be construed to
        require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.

   

  
    46

    
      

  

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

   

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

   

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

  

   

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

   

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

   

  (c)          If any Lender shall, by
      exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Revolving Loans or participations in LC Disbursements resulting in such Lender receiving payment of a greater
      proportion of the aggregate amount of its Revolving Loans and participations in LC Disbursements and accrued interest thereon than the proportion received by any other Lender, then the Lender receiving such greater proportion shall purchase (for cash
      at face value) participations in the Revolving Loans and participations in LC Disbursements of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate
      amount of principal of and accrued interest on their respective Revolving Loans and participations in LC Disbursements; provided that (i) if any such participations are
      purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph shall
      not be construed to apply to any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its
      Loans or participations in LC Disbursements to any assignee or participant, other than to the Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply).  The Borrower consents to the foregoing and
      agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrower rights of setoff and counterclaim with respect to such
      participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation.

   

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

   

  
    SECTION 2.19 Mitigation Obligations; Replacement of Lenders.

  

   

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

   

  (b)          If (i) any Lender
      requests compensation under Section 2.15, (ii) the Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17 or (iii) any Lender becomes
      a Defaulting Lender, or if any Lender fails to approve any waiver or amendment to this Agreement which has been approved by the Required Lenders, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative
      Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions and consents contained in Section 9.04), all its interests, rights (other than its existing rights to payments pursuant to Section
      2.15 or 2.17) and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided
      that (i) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and participations in LC Disbursements, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the
      assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts) and (ii) in the case of any such assignment resulting from a claim for compensation under Section 2.15 or payments
      required to be made pursuant to Section 2.17, such assignment will result in a reduction in such compensation or payments.  A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such
      Lender or otherwise, the circumstances entitling the Borrower to require such  assignment and delegation cease to apply.  Each party hereto agrees that (i) an assignment required pursuant to this paragraph may be effected pursuant to an Assignment
      and Assumption executed by the Borrower, the Administrative Agent and the assignee (or, to the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to an Approved Electronic Platform as to which the
      Administrative Agent and such parties are participants), and (ii) the Lender required to make such assignment need not be a party thereto in order for such assignment to be effective and shall be deemed to have consented to and be bound by the terms
      thereof; provided that, following the effectiveness of any such assignment, the other parties to such assignment agree to execute and deliver such customary documents
      necessary to evidence such assignment as reasonably requested by the applicable Lender, provided that any such documents shall be without recourse to or warranty by the parties thereto.

   

  
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    SECTION 2.20 Expansion Option.  The Borrower may from time to time elect to
      increase the Commitments or enter into one or more tranches of term loans (each an “Incremental Term Loan”), in each case in minimum increments of $5,000,000 so long as,
      after giving effect thereto, the aggregate amount of such increases and all such Incremental Term Loans does not exceed $30,000,000.  The Borrower may arrange for any such increase or Incremental Term Loan to be provided by one or more existing
      Lenders (each such existing Lender, an “Increasing Lender”), or by one or more new banks, financial institutions or other entities (each such new bank, financial institution
      or other entity, an “Augmenting Lender”; provided that no Ineligible Institution may be an
      Augmenting Lender), to increase their existing Commitments, or to participate in such Incremental Term Loans, or provide new Commitments, as the case may be; provided that
      (i) each Augmenting Lender, shall be subject to the approval of the Borrower and the Administrative Agent (not to be unreasonably withheld or delayed) and (ii) (x) in the case of an Increasing Lender, the Borrower and such Increasing Lender execute
      an agreement substantially in the form of Exhibit C hereto or such other form reasonably acceptable to the Borrower and the Administrative Agent, and (y) in the case of an
      Augmenting Lender, the Borrower and such Augmenting Lender execute an agreement substantially in the form of Exhibit D hereto.  No consent of any Lender (other than the
      Lenders participating in the increase or any Incremental Term Loan) shall be required for any increase in Commitments or Incremental Term Loan pursuant to this Section 2.20.  Increases and new Commitments and Incremental Term Loans created pursuant
      to this Section 2.20 shall become effective on the date agreed by the Borrower, the Administrative Agent and the relevant Increasing Lenders or Augmenting Lenders, and the Administrative Agent shall notify each Lender thereof.  Notwithstanding the
      foregoing, no increase in the Commitments (or in the Commitment of any Lender) or tranche of Incremental Term Loans shall become effective under this paragraph unless, (i) on the proposed date of the effectiveness of such increase or Incremental Term
      Loans, (A) the conditions set forth in paragraphs (a) and (b) of Section 4.02 shall be satisfied or waived by the Required Lenders and the Administrative Agent shall have received a certificate to that effect dated such date and executed by a
      Financial Officer of the Borrower and (B) the Borrower shall be in compliance (on a pro forma basis) with the covenants contained in Section 6.12 and (ii) to the extent reasonably requested, the Administrative Agent shall have received (x) documents
      and opinions of the same type, to the extent applicable, as those delivered on the Effective Date as to the organizational power and authority of the Borrower to borrow hereunder after giving effect to such increase or Incremental Term Loan (or to
      the extent the resolutions delivered on the Effective Date approve such matters, a certification from the Borrower that such previously delivered resolutions remain in full force and effect and have not been amended or otherwise modified since the
      adoption thereof) and (y) customary reaffirmations from the Borrower.  On the effective date of any increase in the Commitments or any Incremental Term Loans being made, (i) each relevant Increasing Lender and Augmenting Lender shall make available
      to the Administrative Agent such amounts in immediately available funds as the Administrative Agent shall determine, for the benefit of the other Lenders, as being required in order to cause, after giving effect to such increase and the use of such
      amounts to make payments to such other Lenders, each Lender’s portion of the outstanding Revolving Loans of all the Lenders to equal its Applicable Percentage of such outstanding Revolving Loans, and (ii)  except in the case of any Incremental Term
      Loans, the Borrower shall be deemed to have repaid and reborrowed all outstanding Revolving Loans as of the date of any increase in the Commitments (with such reborrowing to consist of the Types of Revolving Loans, with related Interest Periods if
      applicable, specified in a notice delivered by the Borrower, in accordance with the requirements of Section 2.03).  The deemed payments made pursuant to clause (ii) of the immediately preceding sentence shall be accompanied by payment of all accrued
      interest on the amount prepaid and, in respect of each Term Benchmark Loan, shall be subject to indemnification by the Borrower pursuant to the provisions of Section 2.16 if the deemed payment occurs other than on the last day of the related Interest
      Periods.  The Incremental Term Loans (a) shall rank pari passu in right of payment with the Revolving Loans, (b) shall not mature earlier than the Maturity Date (but may have amortization and/or customary prepayments prior to such date) and (c) shall
      be treated substantially the same as (and in any event no more favorably than) the Revolving Loans; provided that (i) the terms and conditions applicable to any tranche of Incremental Term Loans maturing after the Maturity Date may provide for
      material additional or different financial or other covenants or prepayment requirements applicable only during periods after the Maturity Date and (ii) the Incremental Term Loans may be priced differently (whether in the form of interest rate
      margin, upfront fees, original issue discount, call protection or otherwise) than the Revolving Loans.  Incremental Term Loans may be made hereunder pursuant to an amendment or restatement (an “Incremental Term Loan Amendment”) of this Agreement and, as appropriate, the other Loan Documents, executed by the Borrower, each Increasing Lender participating in such tranche, each Augmenting Lender participating in such
      tranche, if any, and the Administrative Agent.  The Incremental Term Loan Amendment may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the
      reasonable opinion of the Administrative Agent, to effect the provisions of this Section 2.20.  Nothing contained in this Section 2.20 shall constitute, or otherwise be deemed to be, a commitment on the part of any Lender to increase its Commitment
      hereunder, or provide Incremental Term Loans, at any time. Upon the effectiveness of any increase in Commitments pursuant to this Section 2.20, Schedule 2.01 hereto shall be automatically amended to reflect such increase. It is understood that any
      increase in the amount of the Commitments pursuant to this Section 2.20 shall not constitute an amendment or modification of this Agreement pursuant to Section 9.02.

  

   

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

  

   

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

   

  (b)          any payment of
      principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity or otherwise) or received by the Administrative Agent from a Defaulting Lender
      pursuant to Section 9.08 shall be applied at such time or times as may be determined by the Administrative Agent as follows:  first, to the payment of any amounts owing by
      such Defaulting Lender to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to the Issuing Bank
      hereunder; third, to cash collateralize the Issuing Bank’s LC Exposure with respect to such Defaulting Lender in accordance with this Section; fourth, as the Borrower may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion
      thereof as required by this Agreement, as determined by the Administrative Agent; fifth, if so determined by the Administrative Agent and the Borrower, to be held in a
      deposit account and released pro rata in order to (x) satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement and (y) cash collateralize the Issuing Bank’s future LC Exposure with respect to
      such Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in accordance with this Section; sixth, to the payment of any amounts owing to
      the Lenders, the Issuing Bank as a result of any judgment of a court of competent jurisdiction obtained by any Lender, the Issuing Bank against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this
      Agreement or under any other Loan Document; seventh, so long as no Default or Event of Default exists, to the payment of any amounts owing to the Borrower as a result of
      any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement or under any other Loan Document; and eighth, to such
      Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Loans or LC Disbursements in respect of which such Defaulting Lender has not fully funded
      its appropriate share, and (y) such Loans were made or the related Letters of Credit were issued at a time when the conditions set forth in Section 4.02 were satisfied or waived, such payment shall be applied solely to pay the Loans of, and LC
      Disbursements owed to, all non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or LC Disbursements owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations in
      the Borrower’s obligations corresponding to such Defaulting Lender’s LC Exposure are held by the Lenders pro rata in accordance with the Commitments without giving effect to clause (d) below.  Any payments, prepayments or other amounts paid or
      payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post cash collateral pursuant to this Section shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably
      consents hereto;

   

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

   

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

   

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

   

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

   

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

   

  (iv)          if
      the LC Exposure of the non-Defaulting Lenders is reallocated pursuant to clause (i) above, then the fees payable to the Lenders pursuant to Section 2.12(a) and Section 2.12(b) shall be adjusted in accordance with such non-Defaulting Lenders’
      Applicable Percentages; and

   

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

   

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

   

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

   

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

   

  
    SECTION 2.22 Extension of Maturity Date.

  

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

  (iii)          the

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

   

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

   

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

   

  ARTICLE III

   

  

  Representations and Warranties

   

  The Borrower represents and warrants to the Lenders that:

   

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

  

   

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

  

   

  
    SECTION 3.03 Governmental Approvals; No Conflicts.  The Transactions (a) do
      not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except such as have been obtained or made and are in full force and effect, and except for such consents, approvals,
      registrations, filings and other actions the failure to obtain or make could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, (b) will not violate (i) any applicable law or regulation, except, in
      the case of this clause (i), for such violations which, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, (ii) the charter, by-laws or other organizational documents of the Borrower or any of
      its Subsidiaries or (iii) any order of any Governmental Authority, except, in the case of this clause (iii), for such violations which, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, (c)
      will not violate or result in a default under any indenture, agreement or other instrument binding the Borrower or any of its Subsidiaries or its assets, or give rise to a right thereunder to require any payment to be made by the Borrower or any of
      its Subsidiaries, except for such violations and defaults which, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, and (d) will not result in the creation or imposition of any Lien on any asset
      of the Borrower or any of its Material Subsidiaries.

  

   

  
    SECTION 3.04 Financial Condition; No Material Adverse Change.

  

   

  
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  (a)          The Borrower has
      heretofore furnished to the Lenders its consolidated balance sheet and statements of income, stockholders equity and cash flows (i) as of and for the fiscal year ended December 31, 2021 reported on by KPMG LLP, independent public accountants, and
      (ii) as of and for the fiscal quarter and the portion of the fiscal year ended March 31, 2022, certified by its chief financial officer.  Such financial statements (including notes thereto) present fairly, in all material respects, the financial
      position and results of operations and cash flows of the Borrower and its consolidated Subsidiaries as of such dates and for such periods in accordance with GAAP, subject to year-end audit adjustments and the absence of footnotes in the case of the
      statements referred to in clause (ii) above.

   

  (b)          The Borrower has
      heretofore furnished to the Lenders copies of the annual Statutory Statements of each U.S. Regulated Insurance Company as of December 31, 2021 and 2020, for the fiscal years then ended, each as filed with the Applicable Insurance Regulatory Authority
      (collectively, the “Historical Statutory Statements”); provided, that the Statutory Statement of a U.S. Regulated Insurance Company shall not be required to be delivered for
      any year that such U.S. Regulated Insurance Company was not a Subsidiary of the Borrower.  The Historical Statutory Statements (including the provisions made therein for investments and the valuation thereof, reserves, policy and contract claims and
      statutory liabilities) have been prepared in accordance with SAP (except as may be reflected in the notes thereto), were in compliance, in all material respects, with the applicable requirements of law when filed and present fairly in all material
      respects the financial condition of the respective U.S. Regulated Insurance Companies covered thereby as of the respective dates thereof and the results of operations, changes in capital and surplus and cash flow of such respective Regulated
      Insurance Companies covered thereby for the respective periods then ended.

   

  (c)          Since December 31,
      2021, there has been no material adverse change in the business, assets, operations or financial condition of the Borrower and its Subsidiaries, taken as a whole.

   

  
    SECTION 3.05 Properties.

  

   

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

   

  (b)          Each of the Borrower
      and its Subsidiaries owns, or is licensed to use, all trademarks, trade names, copyrights, patents and other intellectual property material to the business of the Borrower and its Subsidiaries taken as a whole, and the use thereof by the Borrower and
      its Subsidiaries does not infringe upon the rights of any other Person, except for any such infringements that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.

   

  
    SECTION 3.06 Litigation and Environmental Matters.

  

   

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

   

  
    55

    
      

  

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

   

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

   

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

  

   

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

  

   

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

  

   

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

  

   

  
    SECTION 3.11 Disclosure.  All written information and all information that is
      formally presented at a general meeting (which may be a telephonic meeting) of the Lenders, other than any projections, estimates, forecasts and other forward-looking information and information of a general economic or industry specific nature
      furnished by or on behalf of the Borrower to the Administrative Agent or any Lender in connection with the negotiation of this Agreement or any Borrowing Subsidiary Agreement or delivered hereunder or thereunder (as modified or supplemented by other
      information so furnished), taken as a whole and when furnished, does not contain any material misstatement of fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were
      made, not materially misleading; provided that, with respect to projected financial information, the Borrower represents only that such information was
      prepared in good faith based upon assumptions believed to be reasonable at the time so furnished (it being understood by the Administrative Agent and the Lenders that any such projections are subject to significant uncertainties and contingencies,
      many of which are beyond the control of the Borrower or its Subsidiaries, that no assurances can be given that such projections will be realized and that actual results may differ materially from such projections).

  

   

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

  

   

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

  

   

  
    SECTION 3.14 Insurance Licenses.  Each Regulated Insurance Company holds all
      material licenses (including licenses or certificates of authority from Applicable Insurance Regulatory authorities), permits or authorizations necessary or otherwise required to transact insurance and reinsurance business (collectively, the “Insurance Licenses”).  There is (i) no Insurance License that is the subject of a proceeding for suspension, revocation or limitation or any similar proceedings, (ii) to the
      knowledge of the Borrower, no reasonable basis for such a suspension, revocation or limitation, and (iii) to the knowledge of the Borrower, no such suspension, revocation or limitation threatened in writing by any Applicable Insurance Regulatory
      Authority, that, in each instance under clauses (i), (ii) and (iii) above and either individually or in the aggregate, has had, or could reasonably be expected to result in, a Material Adverse Effect.

  

   

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

  

   

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

  

   

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

  

   

  
    SECTION 3.18 Insurance Business.  All insurance policies issued by any
      Regulated Insurance Company are, to the extent required under applicable law, on forms approved by the insurance regulatory authorities of the jurisdictions where issued or have been filed with and not objected to by such authorities within the
      period for objection, except for those forms with respect to which a failure to obtain such approval or make such a filing without it being objected to, either individually or in the aggregate, has not had, and could not reasonably be expected to
      result in, a Material Adverse Effect.

  

   

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

  

   

  
    57

    
      

  

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

  

   

  ARTICLE IV

   

  

  Conditions

   

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

  

   

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

   

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

   

  (c)          The Administrative
      Agent shall have received such documents and certificates as the Administrative Agent or its counsel may reasonably request relating to the organization, existence and good standing of the Borrower, the authorization of the Transactions and any other
      legal matters relating to the Borrower, the Loan Documents or the Transactions, all in form and substance reasonably satisfactory to the Administrative Agent and its counsel and as further described in the list of documents identified in Section B of
      Exhibit E.

   

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

   

  
    58

    
      

  

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

   

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

   

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

   

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

  

   

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

   

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

   

  Each Borrowing (other than a conversion or continuation of any Loans) and each issuance, amendment or extension of a Letter of Credit shall be deemed to
    constitute a representation and warranty by the Borrower on the date thereof as to the matters specified in paragraphs (a) and (b) of this Section.

   

  ARTICLE V

   

  

  Affirmative Covenants

   

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

   

  
    59

    
      

  

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

  

   

  (a)          within ninety (90) days
      after the end of each fiscal year of the Borrower (or, if earlier, by the date that the Annual Report on Form 10-K of the Borrower for such fiscal year would be required to be filed under the rules and regulations of the SEC, giving effect to any
      automatic extension available thereunder for the filing of such form) commencing with the fiscal year of the Borrower ended December 31, 2022, its audited consolidated balance sheet and related statements of income, changes in stockholders’ equity
      and cash flows as of the end of and for such year, setting forth in each case comparative figures for the previous fiscal year, all reported on by KPMG LLP or other independent public accountants of recognized national standing (without a “going
      concern” or like qualification or exception and without any qualification or exception as to the scope of such audit; provided that such report may contain a
      “going concern” or like qualification or exception, or qualification arising out of the scope of the audit, if such qualification or exception is related solely from the classification of the Loans hereunder as short-term indebtedness during the
      twelve-month period prior to the Maturity Date hereunder) to the effect that such consolidated financial statements present fairly in all material respects the financial condition and results of operations of the Borrower and its consolidated
      Subsidiaries on a consolidated basis in accordance with GAAP consistently applied;

   

  (b)          within forty-five (45)
      days after the end of each of the first three fiscal quarters of each fiscal year of the Borrower (or, if earlier, by the date that the Quarterly Report on Form 10-Q of the Borrower for such fiscal quarter would be required to be filed under the
      rules and regulations of the SEC, giving effect to any automatic extension available thereunder for the filing of such form) commencing with the fiscal quarter of the Borrower ended June 30, 2022, its consolidated balance sheet and related statements
      of income, changes in stockholders’ equity and cash flows as of the end of and for such fiscal quarter and the then elapsed portion of the fiscal year, setting forth in each case in comparative form the figures for the corresponding period or periods
      of (or, in the case of the balance sheet, as of the end of) the previous fiscal year, all certified by one of its Financial Officers as presenting fairly in all material respects the financial condition and results of operations of the Borrower and
      its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes;

   

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

   

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

   

  
    60

    
      

  

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

   

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

   

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

   

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

   

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

   

  (j)          promptly following any
      request therefor, (x) such other information regarding the operations, business affairs and financial condition of the Borrower or any Subsidiary, or compliance with the terms of this Agreement, as the Administrative Agent may reasonably request
      (provided that neither the Borrower nor any Subsidiary shall be required to disclose any such information that constitutes (i) trade secrets of the Borrower or its Subsidiaries, (ii) information subject to attorney-client privilege to the extent
      disclosure thereof would impair such privilege or (iii) information subject to confidentiality obligations to third parties the disclosure of which would cause the Borrower or any of its Subsidiaries to be in breach of such obligations) and (y)
      information and documentation reasonably requested by the Administrative Agent or any Lender for purposes of compliance with applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act and the Beneficial
      Ownership Regulation.

   

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

   

  
    61

    
      

  

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

  

   

  (a)          the occurrence of any
      Default;

   

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

   

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

   

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

   

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

   

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

  

   

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

  

   

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

  

   

  
    62

    
      

  

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

  

   

  
    SECTION 5.07 Compliance with Laws and Material Contractual Obligations.  The
      Borrower will, and will cause each of its Subsidiaries to, (i) comply with all laws, rules, regulations and orders of any Governmental Authority applicable to it or its property (including without limitation Environmental Laws) and (ii) perform in
      all material respects its obligations under material agreements to which it is a party, in each case except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.  The Borrower will maintain in effect and enforce policies and procedures reasonably designed to promote compliance by the Borrower, its Subsidiaries and their respective
        directors, officers and employees with  Anti-Corruption Laws and applicable Sanctions in all material respects.

  

   

  
    SECTION 5.08 Use of Proceeds.  The proceeds of the Loans will be used for
      general corporate purposes (which may include, without limitation, to fund future growth, to finance working capital needs, to fund capital expenditures, and to refinance, redeem or repay indebtedness), of the Borrower and its Subsidiaries.  No part
      of the proceeds of any Loan will be used, whether directly or indirectly, for any purpose that entails a violation of any of the regulations of the Board, including Regulations U and X.  The Borrower will not request any Borrowing or Letter of
      Credit, and the Borrower shall not use, and shall procure that its Subsidiaries and its or their respective directors, officers, employees and agents shall not use, the proceeds of any Borrowing or Letter of Credit (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws or
      (ii) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, to the extent such activities, businesses or transaction would result in the violation
      of  any Sanctions applicable to any party hereto.

  

   

  
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  ARTICLE VI

   

  

  Negative Covenants

   

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

   

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

  

   

  (a)          the Obligations;

   

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

   

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

   

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

   

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

   

  (f)          Indebtedness of any
      Person that becomes a Subsidiary after the date hereof other than as a result of a Division; provided that (i) such Indebtedness exists at the time such Person becomes a
      Subsidiary and is not created in contemplation of or in connection with such Person becoming a Subsidiary and (ii) the aggregate principal amount of Indebtedness permitted by this clause (f) shall not exceed $25,000,000 at any time outstanding;

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

  (r)          unsecured Indebtedness
      in an aggregate principal amount not exceeding $25,000,000 at any time outstanding; provided that the aggregate principal amount of Indebtedness of the Borrower’s
      Subsidiaries permitted by this clause (r) shall not exceed $15,000,000 at any time outstanding;

   

  (s)          unsecured Indebtedness
      incurred in connection with the Senior Notes in an aggregate principal amount not exceeding $150,000,000 at any time outstanding;

   

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

   

  (u)          Indebtedness with
      respect to Swap Agreements.

   

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

  

   

  (a)          Permitted Encumbrances;

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

  (r)          Liens securing
      obligations owed by the Borrower to any of its Subsidiaries or owed by any Subsidiary of the Borrower to the Borrower or any other Subsidiary of the Borrower, in each case solely to the extent that such Liens are required or requested by an
      Applicable Insurance Regulatory Authority, rating agencies, clients or brokers for such Person to maintain such obligations;

   

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

   

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

   

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

   

  (v)         Liens on assets of the
      Borrower and its Subsidiaries not otherwise permitted above so long as the aggregate principal amount of the obligations (excluding obligations which constitute Indebtedness) subject to such Liens does not at any time exceed $15,000,000.

   

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

   

  
    SECTION 6.03 Fundamental Changes.

  

   

  (a)        The Borrower will not,
      and will not permit any Subsidiary to, merge into or consolidate with any other Person, or permit any other Person to merge into or consolidate with it, consummate a Division as the Dividing Person, or otherwise Dispose of all or substantially all of
      its assets, or all or substantially all of the Equity Interests of any of its Subsidiaries (in each case, whether now owned or hereafter acquired), or liquidate or dissolve, except that:

   

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

   

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

   

  (iii)         any

      Person may merge into the Borrower in a transaction in which the Borrower is the surviving corporation;

   

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

   

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

   

  (vi)         Dispositions

      permitted by Section 6.04 and Investments permitted by Section 6.05; and

   

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

   

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

   

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

   

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

   

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

  

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

  
    69

    
      

  

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

   

  (k)          Dispositions by the Borrower and its Subsidiaries not otherwise permitted under this Section; provided that the aggregate book value of all property Disposed of pursuant to this clause (k) in
        any fiscal year of the Borrower shall not exceed the greater of (x) $75,000,000 and (y) 7.5% of Total Stockholders’ Equity as of the date of such Disposition;

   

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

   

  (m)          Dispositions in the
      form of Sale and Leaseback Transactions permitted hereunder; and

   

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

   

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

  

   

  (a)           cash and Permitted
      Investments;

   

  (b)           Permitted
      Acquisitions;

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

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

  

   

  
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    SECTION 6.07 Transactions with Affiliates.  The Borrower will not, and will
      not permit any of its Subsidiaries to, sell, lease or otherwise transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions with, any of its Affiliates,
      involving aggregate payments or consideration in excess of $10,000,000, unless such transaction is (a) on terms and conditions not less favorable to the Borrower or such Subsidiary than could be obtained on an arm’s-length basis from unrelated third
      parties (considering such transactions and all other related transactions as a whole), (b) approved by a majority of the disinterested members of the board of directors of the Borrower or (c) between or among the Borrower and its Subsidiaries. 
      Notwithstanding the foregoing, the Borrower may do the following:  (i) pay customary fees and indemnifications to directors, officers, employees, members of management and consultants of Borrower and its Subsidiaries; (ii) enter into, and may make
      payments under, employment agreements, severance arrangements, employee benefits plans, stock option plans, indemnification provisions and other similar compensatory arrangements with officers, employees and directors of the Borrower and its
      Subsidiaries in the ordinary course of business; (iii) enter into or make payments under leases or subleases of property in the ordinary course of business not materially interfering with the business of the Borrower and the Subsidiaries taken as a
      whole; and (iv) (x) Dispositions not prohibited by Section 6.04, (y) Investments not prohibited by Section 6.05 and (z) Restricted Payments not prohibited by Section 6.08.

  

   

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

  

   

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

   

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

   

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

   

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

   

  (e)          the Borrower may make
      Restricted Payments (i) for the repurchase, retirement or other acquisition or retirement for value of Equity Interests of the Borrower from any future, present or former employee, officer, director or manager or consultant of the Borrower or any
      Subsidiary upon the death, disability, retirement or termination of employment of any such Person or (ii) pursuant to and in accordance with any agreement (including any employment agreement), stock option, stock grant or stock ownership plans,
      incentive plans or other benefit plans, in each case for future, present or former directors, officers, managers or employees of the Borrower and its Subsidiaries (including, without limitation, in respect of tax withholding or other similar tax
      obligation related to the foregoing); and

   

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

   

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

  

   

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

  

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

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

  

   

  
    SECTION 6.12 Financial Covenants.

  

   

  (a)          Minimum Net Worth.  The Borrower will not permit, as of the end of each of its fiscal quarters ending on or after the Effective Date, Consolidated Net Worth to be less than the sum of (i)
      $499,000,000 plus (ii) for each fiscal year through the term of this Agreement commencing with the fiscal year of the Borrower ending December 31, 2021, an amount equal to
      fifty percent (50%) of Consolidated Net Income (provided that for purposes of calculating Consolidated Net Income in respect of this clause (ii), any after-tax
      unrealized gains and losses on equity investments shall be excluded, to the extent such equity investments are no longer classified as “available-for-sale” following the Borrower’s adoption of accounting standard ASU 2016-01 “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities”) for each such ended fiscal year (if positive) plus (iii) an amount equal
      to 50% of the net cash proceeds received by the Borrower from the issuance of any of its Equity Interests issued during the period from, and including, the Effective Date through the end of such fiscal quarter.

   

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

   

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

   

  ARTICLE VII

   

  

  Events of Default

   

  
    SECTION 7.01 Events of Default.  If any of the following events (“Events of Default”) shall occur and be continuing:

  

   

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

   

  (b)          the Borrower shall fail
      to pay any interest on any Loan or any fee or any other amount (other than an amount referred to in Section 7.01(a)) payable under this Agreement, when and as the same shall become due and payable, and such failure shall continue unremedied for a
      period of five (5) Business Days;

   

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

   

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

   

  (e)          the Borrower shall fail
      to observe or perform any covenant, condition or agreement contained in this Agreement (other than those specified in Section  7.01(a), (b) or (d)), and such failure shall continue unremedied for a period of thirty (30) days after the earlier of (i)
      a Responsible Officer obtaining knowledge thereof and (ii) notice thereof from the Administrative Agent or the Required Lenders to the Borrower;

   

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

   

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

   

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

   

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

   

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

   

  (k)          one or more final
      judgments for the payment of money in an aggregate amount in excess of $25,000,000 (to the extent not paid, fully bonded or covered by a solvent and unaffiliated insurer that has not denied coverage) shall be rendered against the Borrower, any
      Subsidiary or any combination thereof and the same shall remain unpaid, unvacated or undismissed or undischarged for a period of 60 consecutive days during which execution shall not be effectively stayed (by reason of pending appeal or otherwise), or
      any action, which shall not be effectively stayed, shall be legally taken by a judgment creditor to attach or levy upon any assets of the Borrower or any Subsidiary to enforce any such judgment and such action shall not have been stayed;

   

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

   

  (m)          a Change in Control
      shall occur; or

   

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

   

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

  

   

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

   

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

   

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

   

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

   

  ARTICLE VIII

   

  

  The Administrative Agent

   

  
    SECTION 8.01 Authorization and Action.

  

   

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

   

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

   

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

   

  (i)          the
      Administrative Agent does not assume and shall not be deemed to have assumed any obligation or duty or any other relationship as the agent, fiduciary or trustee of or for any Lender, the Issuing Bank or any other holder of Obligations other than as
      expressly set forth herein and in the other Loan Documents, regardless of whether a Default or an Event of Default has occurred and is continuing (and it is understood and agreed that the use of the term “agent” (or any similar term) herein or in any
      other Loan Document with reference to the Administrative Agent is not intended to connote any fiduciary duty or other implied (or express) obligations arising under agency doctrine of any applicable law, and that such term is used as a matter of
      market custom and is intended to create or reflect only an administrative relationship between contracting parties); additionally, each Lender agrees that it will not assert any claim against the Administrative Agent based on an alleged breach of
      fiduciary duty by the Administrative Agent in connection with this Agreement and/or the transactions contemplated hereby; and

   

  (ii)          nothing

      in this Agreement or any Loan Document shall require the Administrative Agent to account to any Lender for any sum or the profit element of any sum received by the Administrative Agent for its own account.

   

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

   

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

   

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

   

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

   

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

   

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

   

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

   

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

  

   

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

   

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

   

  (c)          Without limiting the
      foregoing, the Administrative Agent (i) may treat the payee of any promissory note as its holder until such promissory note has been assigned in accordance with Section 9.04, (ii) may consult with legal counsel (including counsel to the Borrower),
      independent public accountants and other experts selected by it, and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts, (iii) makes no warranty or
      representation to any Lender or the Issuing Bank and shall not be responsible to any Lender or the Issuing Bank for any statements, warranties or representations made by or on behalf of the Borrower in connection with this Agreement or any other Loan
      Document, (iv) in determining compliance with any condition hereunder to the making of a Loan, or the issuance of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or the Issuing Bank, may presume that such
      condition is satisfactory to such Lender or the Issuing Bank unless the Administrative Agent shall have received notice to the contrary from such Lender or the Issuing Bank sufficiently in advance of the making of such Loan or the issuance of such
      Letter of Credit and (v) shall be entitled to rely on, and shall incur no liability under or in respect of this Agreement or any other Loan Document by acting upon, any notice, consent, certificate or other instrument or writing (which writing may be
      a fax, any electronic message, Internet or intranet website posting or other distribution) or any statement made to it orally or by telephone and believed by it to be genuine and signed or sent or otherwise authenticated by the proper party or
      parties (whether or not such Person in fact meets the requirements set forth in the Loan Documents for being the maker thereof).

   

  
    SECTION 8.03 Posting of Communications.

  

   

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

   

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

   

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

   

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

   

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

   

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

   

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

  

   

  
    SECTION 8.05 Successor Administrative Agent.

  

   

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

   

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

   

  
    
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    SECTION 8.06 Acknowledgements of Lenders and Issuing Bank.

  

   

  (a)          Each Lender and the
      Issuing Bank represents and warrants that (i) the Loan Documents set forth the terms of a commercial lending facility, (ii) it is engaged in making, acquiring or holding commercial loans  and in providing other facilities set forth herein as may be
      applicable to such Lender or the Issuing Bank, in each case in the ordinary course of business, and not for the purpose of purchasing, acquiring or holding any other type of financial instrument (and each Lender and the Issuing Bank agrees not to
      assert a claim in contravention of the foregoing), (iii) it has, independently and without reliance upon the Administrative Agent, any Arranger, any Syndication Agent or any other Lender or the Issuing Bank, or any of the Related Parties of any of
      the foregoing, and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement as a Lender, and to make, acquire or hold Loans hereunder and (iv) it is sophisticated
      with respect to decisions to make, acquire and/or hold commercial loans and to provide other facilities set forth herein, as may be applicable to such Lender or the Issuing Bank, and either it, or the Person exercising discretion in making its
      decision to make, acquire and/or hold such commercial loans or to provide such other facilities, is experienced in making, acquiring or holding such commercial loans or providing such other facilities. Each Lender and the Issuing Bank also
      acknowledges that it will, independently and without reliance upon the Administrative Agent, any Arranger, any Syndication Agent or any other Lender or the Issuing Bank, or any of the Related Parties of any of the foregoing, and based on such
      documents and information (which may contain material, non-public information within the meaning of the United States securities laws concerning the Borrower and its Affiliates) as it shall from time to time deem appropriate, continue to make its own
      decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder.

   

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

   

  (c)

   

  (i)          Each
      Lender hereby agrees that (x) if the Administrative Agent notifies such Lender that the Administrative Agent has determined in its sole discretion that any funds received by such Lender from the Administrative Agent or any of its Affiliates (whether
      as a payment, prepayment or repayment of principal, interest, fees or otherwise; individually and collectively, a “Payment”) were erroneously transmitted to such Lender
      (whether or not known to such Lender), and demands the return of such Payment (or a portion thereof), such Lender shall promptly, but in no event later than one (1) Business Day thereafter, return to the Administrative Agent the amount of any such
      Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon in respect of each day from and including the date such Payment (or portion thereof) was received by such Lender to the date such amount
      is repaid to the Administrative Agent at the greater of the NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect, and (y) to the extent permitted
      by applicable law, such Lender shall not assert, and hereby waives, as to the Administrative Agent, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for
      the return of any Payments received, including without limitation any defense based on “discharge for value” or any similar doctrine.  A notice of the Administrative Agent to any Lender under this Section 8.06(c) shall be conclusive, absent manifest
      error.

   

  
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  (ii)         Each

      Lender hereby further agrees that if it receives a Payment from the Administrative Agent or any of its Affiliates (x) that is in a different amount than, or on a different date from, that specified in a notice of payment sent by the Administrative
      Agent (or any of its Affiliates) with respect to such Payment (a “Payment Notice”) or (y) that was not preceded or accompanied by a Payment Notice, it shall be on notice, in
      each such case, that an error has been made with respect to such Payment.  Each Lender agrees that, in each such case, or if it otherwise becomes aware a Payment (or portion thereof) may have been sent in error, such Lender shall promptly notify the
      Administrative Agent of such occurrence and, upon demand from the Administrative Agent, it shall promptly, but in no event later than one (1) Business Day thereafter, return to the Administrative Agent the amount of any such Payment (or portion
      thereof) as to which such a demand was made in same day funds, together with interest thereon in respect of each day from and including the date such Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the
      Administrative Agent at the greater of the NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect.

   

  (iii)        The
      Borrower hereby agrees that (x) in the event an erroneous Payment (or portion thereof) is not recovered from any Lender that has received such Payment (or portion thereof) for any reason, the Administrative Agent shall be subrogated to all the rights
      of such Lender with respect to such amount and (y) an erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations owed by the Borrower, except, in each case, to the extent such erroneous Payment is, and solely with
      respect to the amount of such erroneous Payment that is, comprised of funds received by the Administrative Agent from the Borrower for the purposes of satisfying an Obligation.

   

  (iv)       Each
      party’s obligations under this Section 8.06(c) shall survive the resignation or replacement of the Administrative Agent or any transfer of rights or obligations by, or the replacement of, a Lender, the termination of the Commitments or the repayment,
      satisfaction or discharge of all Obligations under any Loan Document.

   

  
    SECTION 8.07 Certain ERISA Matters.

  

   

  (a)          Each Lender (x)
      represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the
      Administrative Agent, and the Arrangers and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower, that at least one of the following is and will be true:

   

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

   

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

   

  
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  (iii)          (A)

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

   

  (iv)          such

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

   

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

   

  (c)          Each of the
      Administrative Agent, the Arranger and the Syndication Agent hereby informs the Lenders that each such Person is not undertaking to provide investment advice, or to give advice in a fiduciary capacity, in connection with the transactions contemplated
      hereby, and that such Person has a financial interest in the transactions contemplated hereby in that such Person or an Affiliate thereof (i) may receive interest or other payments with respect to the Loans, the Letters of Credit, the Commitments,
      this Agreement and any other Loan Documents, (ii) may recognize a gain if it extended the Loans, the Letters of Credit or the Commitments for an amount less than the amount being paid for an interest in the Loans, the Letters of Credit or the
      Commitments by such Lender or (iii) may receive fees or other payments in connection with the transactions contemplated hereby, the Loan Documents or otherwise, including structuring fees, commitment fees, arrangement fees, upfront fees, underwriting
      fees, ticking fees, agency fees, administrative agent fees or collateral agent fees, utilization fees, minimum usage fees, letter of credit fees, fronting fees, deal-away or alternate transaction fees, amendment fees, processing fees, term out
      premiums, banker’s acceptance fees, breakage or other early termination fees or fees similar to the foregoing.

   

  
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  ARTICLE IX

   

  

  Miscellaneous

   

  
    SECTION 9.01 Notices.

  

   

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

   

  (i)          if
      to the Borrower, to it at 2035 Maywill Street, Suite 100, Richmond, Virginia 23230 Attention of Bryan P. Petrucelli, Chief Financial Officer (Telecopy No. 804-482-2742; Telephone No. 804-289-1333; Email bryan.petrucelli@kinsaleins.com);

   

  (ii)         if to the Administrative Agent, to JPMorgan Chase Bank, N.A., 10 South Dearborn Street, Floor L2S, Suite IL1-0480, Chicago, IL 60603-2300, Attention of Jeffrey Lenhard (Phone No. +1-302-634-7061) (email: jeffrey.lenhard@chase.com), with
      copies to JPMorgan Chase Bank, N.A., 10 South Dearborn Street, Floor 9, Chicago,  IL 60603, Attention of Milena Kolev (email: milena.m.kolev@jpmorgan.com) and JPMorgan Chase Bank, N.A., 10 South Dearborn Street, Floor L2S, Suite IL1-0480, Chicago, IL
      60603-2300, Attention of Commercial Banking Group (Telecopy No. (844) 490-5663) (email: jpm.agency.cri@jpmorgan.com; jpm.agency.servicing.1@jpmorgan.com);

   

  (iii)          if to the Issuing Bank, to it at JPMorgan Chase Bank, N.A., 10 South Dearborn Street, Floor L2S, Suite IL1-0480, Chicago, IL 60603-2300, Attention of LC Agency Team (Telecopy No. 856-294-5267) (Phone No. 800-364-1969) (email:
      chicago.lc.agency.activity.team@jpmchase.com), with a copy to JPMorgan Chase Bank, N.A., 10 South Dearborn Street, Floor L2S, Suite IL1-0480, Chicago, IL 60603-2300, Attention of Jeffrey Lenhard (Phone No. +1-302-634-7061) (email:
      jeffrey.lenhard@chase.com); and

   

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

   

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

   

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

   

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

   

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

   

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

   

  
    SECTION 9.02 Waivers; Amendments.

  

   

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

   

  (b)          Except as provided in
      Section 2.20 with respect to an Incremental Term Loan Amendment or as provided in Section 2.14(b) and Section 2.14(c), neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in
      writing entered into by the Borrower and the Required Lenders or by the Borrower and the Administrative Agent with the consent of the Required Lenders; provided that no
      such agreement shall (i) increase  the Commitment of any Lender without the written consent of such Lender, (ii) reduce the principal amount of any Loan or LC Disbursement or reduce the rate of interest thereon, or reduce any fees payable hereunder,
      without the written consent of each Lender directly affected thereby; provided that (x) any amendment to the financial covenants (or defined terms used in the
      financial covenants) in this Agreement shall not constitute a reduction in the rate of interest for purposes of this clause (ii) even if the effect of such amendment would be to reduce the rate of interest on any Loan or to reduce any fee payable
      hereunder and (y) only the consent of the Required Lenders shall be necessary to reduce or waive any obligation of the Borrower to pay interest or any other amount at the applicable default rate set forth in Section 2.13(d) or to amend Section
      2.13(d), (iii) postpone the scheduled date of payment of the principal amount of any Loan or LC Disbursement, or any interest thereon, or any fees payable hereunder, or reduce the amount of, waive or excuse any such payment, or postpone the scheduled
      date of expiration of any Commitment, without the written consent of each Lender directly affected thereby, (iv) change the last sentence of Section 2.09(c) or change 2.18(b) or (d) in a manner that would alter the ratable reduction of Commitments or
      the pro rata sharing of payments required thereby, without the written consent of each Lender, (v) change the payment waterfall provisions of Section 2.21(b) without the written consent of each Lender, (vi) change any of the provisions of this
      Section or the definition of “Required Lenders” or any other provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder, without the
      written consent of each Lender (it being understood that, solely with the consent of the parties prescribed by Section 2.20 to be parties to an Incremental Term Loan Amendment, Incremental Term Loans may be included in the determination of Required
      Lenders on substantially the same basis as the Commitments and the Loans are included on the Effective Date) or (vii) release the Borrower from its obligations under Article X
      without the written consent of each Lender; provided further that no such agreement shall
      amend, modify or otherwise affect the rights or duties of the Administrative Agent or the Issuing Bank hereunder without the prior written consent of the Administrative Agent or the Issuing Bank, as the case may be (it being understood that any
      change to Section 2.21 shall require the consent of the Administrative Agent and the Issuing Bank).  Notwithstanding the foregoing, no consent with respect to any amendment, waiver or other modification of this Agreement shall be required of any
      Defaulting Lender, except with respect to any amendment, waiver or other modification referred to in clause (i), (ii) or (iii) of the first proviso of this paragraph and then only in the event such Defaulting Lender shall be directly affected by such
      amendment, waiver or other modification.

   

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

   

  (d)          If, in connection with
      any proposed amendment, waiver or consent  requiring the consent of “each Lender” or “each Lender directly affected thereby,” the consent of the Required Lenders is obtained, but the consent of other necessary Lenders is not obtained (any such Lender
      whose consent is necessary but not obtained being referred to herein as a “Non-Consenting Lender”), then the Borrower may elect to replace a Non-Consenting Lender as a
      Lender party to this Agreement, provided that, concurrently with such replacement, (i) another bank or other entity which is reasonably satisfactory to the Borrower and the Administrative Agent shall agree, as of such date, to purchase for cash the
      Loans and other Obligations due to the Non-Consenting Lender pursuant to an Assignment and Assumption and to become a Lender for all purposes under this Agreement and to assume all obligations of the Non-Consenting Lender to be terminated as of such
      date and to comply with the requirements of clause (b) of Section 9.04, (ii) the Borrower shall pay to such Non-Consenting Lender in same day funds on the day of such replacement (1) all interest, fees and other amounts then accrued but unpaid to
      such Non-Consenting Lender by the Borrower hereunder to and including the date of termination, including without limitation payments due to such Non-Consenting Lender under Sections 2.15 and 2.17, and (2) an amount, if any, equal to the payment which
      would have been due to such Lender on the day of such replacement under Section 2.16 had the Loans of such Non-Consenting Lender been prepaid on such date rather than sold to the replacement Lender and (iii) such Non-Consenting Lender shall have
      received the outstanding principal amount of its Loans and participations in LC Disbursements.  Each party hereto agrees that (i) an assignment required pursuant to this paragraph may be effected pursuant to an Assignment and Assumption executed by
      the Borrower, the Administrative Agent and the assignee (or, to the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to an Approved Electronic Platform as to which the Administrative Agent and such
      parties are participants), and (ii) the Lender required to make such assignment need not be a party thereto in order for such assignment to be effective and shall be deemed to have consented to and be bound by the terms thereof; provided that, following the effectiveness of any such assignment, the other parties to such assignment agree to execute and deliver such customary documents necessary to
      evidence such assignment as reasonably requested by the applicable Lender, provided that any such documents shall be without recourse to or warranty by the parties thereto.

   

  
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  (e)          Notwithstanding
      anything herein to the contrary, as to any amendment or amendment and restatement otherwise approved in accordance with this Section, it shall not be necessary to obtain the consent or approval of any Lender that, upon giving effect to such amendment
      or amendment and restatement, would have no Commitment or outstanding Loans so long as such Lender receives payment in full of the principal of and interest accrued on each Loan made by, and all other amounts owing to, such Lender or accrued for the
      account of such Lender under this Agreement and the other Loan Documents at the time such amendment, amendment and restatement or other modification becomes effective.

   

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

   

  
    SECTION 9.03 Expenses; Indemnity; Damage Waiver.

  

   

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

   

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

   

  (c)          Each Lender severally
      agrees to pay any amount required to be paid by the Borrower under paragraph (a) or (b) of this Section 9.03 to the Administrative Agent, the Issuing Bank, and each Related Party of any of the foregoing Persons (each, an “Agent-Related Person”) (to the extent not reimbursed by the Borrower and without limiting the obligation of the Borrower to do so), ratably according to their respective Applicable Percentage in
      effect on the date on which such payment is sought under this Section (or, if such payment is sought after the date upon which the Commitments shall have terminated and the Loans shall have been paid in full, ratably in
      accordance with such Applicable Percentage immediately prior to such date), and agrees to indemnify and hold each Agent-Related Person harmless from and against any and all Liabilities and related expenses, including the fees, charges and
      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-Related Person in any way relating to or arising out of the Commitments, this
      Agreement, any of the other Loan 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-Related Person under or in connection with
      any of the foregoing; provided that the unreimbursed expense or Liability or related expense, as the case may be, was incurred by or asserted against such Agent-Related
      Person in its capacity as such; provided further that no Lender shall be liable for the payment
      of any portion of such Liabilities, costs, expenses or disbursements that are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted primarily from such Agent-Related Person’s gross negligence or willful
      misconduct.  The agreements in this Section shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder.

   

  
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  (d)          To the extent permitted
      by applicable law (i) the Borrower shall not assert, and the Borrower hereby waives, any claim against any of the Administrative Agent, the Arranger, the Syndication Agent, the Issuing Bank and each Lender, and each Related Party of any of the
      foregoing Persons (each such Person being called a “Lender-Related Person”) for any damages arising from the use by others of information or other materials obtained through
      telecommunications, electronic or other information transmission systems (including the Internet), other than damages that are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross
      negligence, bad faith or willful misconduct of such Lender-Related Person, and (ii) no Lender-Related Person nor the Borrower shall be liable  on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct
      or actual damages) arising out of, in connection with, or as a result of, this Agreement or any other Loan Document, or any agreement or instrument contemplated hereby or thereby, the Transactions, any Loan or Letter of Credit or the use of the
      proceeds thereof; provided, that nothing contained in this sentence shall limit the Borrower’s indemnity obligations to the extent set forth in Section 9.03(b).

   

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

   

  
    SECTION 9.04 Successors and Assigns.

  

   

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

   

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

   

  
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  (A)          the

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

   

  (B)          the Administrative Agent; and

   

  (C)          the Issuing Bank.

   

  (ii)          Assignments

      shall be subject to the following additional conditions:

   

  (A)          except

      in the case of an assignment to a Lender or an Affiliate of a Lender or an Approved Fund or an assignment of the entire remaining amount of the assigning Lender’s Commitment or Loans, the amount of the Commitment or Loans of the assigning Lender
      subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent) shall not be less than $5,000,000 and incremental of $1,000,000 in excess thereof
      unless each of the Borrower and the Administrative Agent otherwise consent; provided that no such consent of the Borrower shall be required if an Event of Default under
      Section 7.01(a), (b), (h) or (i) has occurred and is continuing;

   

  (B)          each

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

   

  (C)          the

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

   

  (D)          the

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

   

  (E)          no

      assignment shall be made to any Ineligible Institution.

   

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

   

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

   

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

   

  (iii)          Subject

      to acceptance and recording thereof pursuant to paragraph (b)(iv) of this Section, from and after the effective date specified in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest
      assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its
      obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to
      the benefits of Sections 2.15, 2.16, 2.17 and 9.03).  Notwithstanding any other provision of this Agreement, if any Lender shall assign any of its rights or obligations hereunder to any assignee (including an Affiliate of such Lender) that, but for
      this sentence, would be entitled, immediately following such assignment, to claim a greater amount than such assigning Lender under Section 2.15, Section 2.16 and Section 2.17, such assignee shall not have the right to claim such greater amount; provided that nothing in this sentence shall limit the right of any such assignee to make claims (x) for amounts not in excess of those that could have been claimed
      by the assigning Lender, (y) to the extent such claims arise from one or more Changes in Law or (z) from a change in the office, branch or other place of business from which any payment hereunder is made by the Borrower, in each case after the date
      of such assignment. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 9.04 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such
      rights and obligations in accordance with and subject to the limitations set forth in, paragraph (c) of this Section.

   

  (iv)          The
      Administrative Agent, acting for this purpose as a non-fiduciary agent of the Borrower, shall maintain at one of its offices a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the
      Lenders, and the Commitment of, and principal amount of stated interest on the Loans and LC Disbursements owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). 

      The entries in the Register shall be conclusive (absent manifest error), and the Borrower, the Administrative Agent, the Issuing Bank and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a
      Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary.  The Register shall be available for inspection by the Borrower, the Issuing Bank and any Lender, at any reasonable time and from time to time upon
      reasonable prior notice, and the Borrower may at any time request that the Administrative Agent provide a list of Lenders as of the date of such request.

   

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

   

  
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  (c)          (i) Any Lender may,
      without the consent of, or notice to, the Borrower, the Administrative Agent or the Issuing Bank, sell participations to one or more banks or other entities (a “Participant”),

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

   

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

   

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

   

  
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    SECTION 9.05 Survival.  All covenants, agreements, representations and
      warranties made by the Borrower herein and in the certificates or other instruments delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto and shall survive the execution
      and delivery this Agreement and the making of any Loans and issuance of any Letters of Credit, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent, the Issuing Bank or any
      Lender may have had notice or knowledge of any Default (other than a Default which has been waived in accordance with Section 9.02) or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force
      and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under this Agreement is outstanding and unpaid or any Letter of Credit is outstanding and so long as the Commitments have not expired or
      terminated.  The provisions of Sections 2.15, 2.16, 2.17 and 9.03 and Article VIII shall survive and remain in full force and effect regardless of the consummation of the
      transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Letters of Credit and the Commitments or the termination of this Agreement or any provision hereof.

  

   

  
    SECTION 9.06 Counterparts; Integration; Effectiveness; Electronic Execution. 
      This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  This Agreement, the
      other Loan Documents and any separate letter agreements with respect to fees payable to the Administrative Agent constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and
      understandings, oral or written, relating to the subject matter hereof.  Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall
      have received counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. 
      Delivery of an executed counterpart of a signature page of (x) this Agreement, (y) any other Loan Document and/or (z) any document, amendment, approval, consent, information, notice (including, for the avoidance of doubt, any notice delivered
      pursuant to Section 9.01), certificate, request, statement, disclosure or authorization related to this Agreement, any other Loan Document and/or the transactions contemplated hereby and/or thereby (each an “Ancillary Document”) that is an Electronic Signature transmitted by telecopy, emailed pdf, or any other electronic means that reproduces an image of an actual executed signature page shall be effective as delivery
      of a manually executed counterpart of this Agreement, such other Loan Document or such Ancillary Document, as applicable.  The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to this Agreement, any other Loan Document and/or any Ancillary Document
        shall be deemed to include Electronic Signatures, deliveries or the keeping of records in any electronic form (including deliveries by telecopy, emailed pdf, or any other electronic means that reproduces an image of an actual executed signature
        page), each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be; provided that nothing herein shall
        require the Administrative Agent to accept Electronic Signatures in any form or format without its prior written consent and pursuant to procedures approved by it; provided, further, without limiting the foregoing, (i) to the extent the
        Administrative Agent has agreed to accept any Electronic Signature, the Administrative Agent and each of the Lenders shall be entitled to rely on such Electronic Signature purportedly given by or on behalf of the Borrower without further
        verification thereof and without any obligation to review the appearance or form of any such Electronic Signature and (ii) upon the request of the Administrative Agent or any Lender, any Electronic Signature shall be promptly followed by a manually
        executed counterpart.  Without limiting the generality of the foregoing, the Borrower hereby (i) agrees that, for all purposes, including without limitation, in connection with any workout, restructuring, enforcement of remedies, bankruptcy
        proceedings or litigation among the Administrative Agent, the Lenders, the Borrower, Electronic Signatures transmitted by telecopy, emailed pdf, or any other electronic means that reproduces an image of an actual executed signature page and/or any
        electronic images of this Agreement, any other Loan Document and/or any Ancillary Document shall have the same legal effect, validity and enforceability as any paper original, (ii) agrees that the Administrative Agent and each of the Lenders may,
        at its option, create one or more copies of this Agreement, any other Loan Document and/or any Ancillary Document in the form of an imaged electronic record in any format, which shall be deemed created in the ordinary course of such Person’s
        business, and destroy the original paper document (and all such electronic records shall be considered an original for all purposes and shall have the same legal effect, validity and enforceability as a paper record), (iii) waives any argument,
        defense or right to contest the legal effect, validity or enforceability of this Agreement, any other Loan Document and/or any Ancillary Document based solely on the lack of paper original copies of this Agreement, such other Loan Document and/or
        such Ancillary Document, respectively, including with respect to any signature pages thereto and (iv) waives any claim against any Lender-Related Person for any Liabilities arising solely from the Administrative Agent’s and/or any Lender’s reliance
        on or use of Electronic Signatures and/or transmissions by telecopy, emailed pdf, or any other electronic means that reproduces an image of an actual executed signature page, including any Liabilities arising as a result of the failure of the
        Borrower to use any available security measures in connection with the execution, delivery or transmission of any Electronic Signature.

  

   

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

  

   

  
    SECTION 9.08 Right of Setoff.  If an Event of Default shall have occurred and
      be continuing, each Lender, the Issuing Bank, and each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to setoff and apply any and all deposits (general or special, time
      or demand, provisional or final) at any time held, and other obligations at any time owing, by such Lender, the Issuing Bank or any such Affiliate, to or for the credit or the account of the Borrower against any and all of the obligations of the
      Borrower now or hereafter existing under this Agreement or any other Loan Document to such Lender or the Issuing Bank or their respective Affiliates, irrespective of whether or not such Lender, the Issuing Bank or Affiliate shall have made any demand
      under this Agreement or any other Loan Document and although such obligations of the Borrower may be contingent or unmatured or are owed to a branch office or Affiliate of such Lender or the Issuing Bank different from the branch office or Affiliate
      holding such deposit or obligated on such indebtedness; provided that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so
      setoff shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions of Section 2.21 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held
      in trust for the benefit of the Administrative Agent, the Issuing Bank, and the Lenders, and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such
      Defaulting Lender as to which it exercised such right of setoff.  The rights of each Lender, the Issuing Bank and their respective Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that such
      Lender, such Issuing Bank or their respective Affiliates may have.  Each Lender and the Issuing Bank agrees to notify the Borrower and the Administrative Agent promptly after any such setoff and application; provided that the failure to give such notice shall not affect the validity of such setoff and application.

  

   

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

  

   

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

   

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

   

  (c)          Each of the parties
      hereto hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the United States District Court for the Southern District of New York sitting in the Borough of Manhattan (or if such court lacks
      subject matter jurisdiction, the Supreme Court of the State of New York sitting in the  Borough of Manhattan), and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or the transactions
      relating hereto, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may (and any such claims, cross-claims or
      third party claims brought against the Administrative Agent or any of its Related Parties may only) be heard and determined in such Federal (to the extent permitted by law) or New York State court.  Each of the parties hereto agrees that a final
      judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.  Nothing in this Agreement shall (i) affect any right that the Administrative
      Agent, the Issuing Bank or any Lender may otherwise have to bring any action or proceeding relating to this Agreement against the Borrower or its properties in the courts of any jurisdiction, (ii) waive any statutory, regulatory, common law, or other
      rule, doctrine, legal restriction, provision or the like providing for the treatment of bank branches, bank agencies, or other bank offices as if they were separate juridical entities for certain purposes, including Uniform Commercial Code Sections
      4-106, 4-A-105(1)(b), and 5-116(b), UCP 600 Article 3 and ISP98 Rule 2.02, and URDG 758 Article 3(a), or (iii) affect which courts have or do not have personal jurisdiction over the issuing bank or beneficiary of any Letter of Credit or any advising
      bank, nominated bank or assignee of proceeds thereunder or proper venue with respect to any litigation arising out of or relating to such Letter of Credit with, or affecting the rights of, any Person not a party to this Agreement, whether or not such
      Letter of Credit contains its own jurisdiction submission clause.

   

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

   

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

   

  
    SECTION 9.10 WAIVER OF JURY TRIAL.  EACH PARTY
      HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS
      CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD
      NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS
      SECTION.

  

   

  
    97

    
      

  

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

  

   

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

  

   

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

   

  
    98

    
      

  

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

   

  
    SECTION 9.13 USA PATRIOT Act.  Each Lender that is subject to the requirements
      of the Patriot Act and the requirements of the Beneficial Ownership Regulation hereby notifies the Borrower that, pursuant to the requirements of the Patriot Act and the Beneficial Ownership Regulation, it is required to obtain, verify and record
      information that identifies the Borrower, which information includes the name, address and tax identification number of the Borrower and other information that will allow such Lender to identify the Borrower in accordance with the Patriot Act and the
      Beneficial Ownership Regulation and other applicable “know your customer” and anti-money laundering rules and regulations.

  

   

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

  

   

  
    SECTION 9.15 No Fiduciary Duty, etc.

  

   

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

   

  
    99

    
      

  

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

   

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

   

  
    SECTION 9.16 Acknowledgement and Consent to Bail-In of Affected Financial Institutions. 

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

  

   

  (a)          the application of any
      Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and

   

  (b)          the effects of any
      Bail-In Action on any such liability, including, if applicable:

   

  (i)          a
      reduction in full or in part or cancellation of any such liability;

   

  (ii)          a
      conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such
      shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or

   

  (iii)          the

      variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority.

   

  [Signature Pages Follow]

   

  

  
    100

    
      

  

  IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered by their respective authorized officers as of the
    day and year first above written.

   

  	 	
          KINSALE CAPITAL GROUP, INC.,

          as the Borrower

        

  

  

  	 	
          By

        	/s/ Bryan P. Petrucelli

        	 

  	 	 	
          Name: Bryan P. Petrucelli

        
	 	 	
          Title: Executive Vice President, Chief Financial Officer and Treasurer

          

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

        

  

  

  	 	
          By

        	/s/ Milena Kolev

        	 

  	 	 	
          Name: Milena Kolev

        
	 	 	
          Title: VP

          

        
	 	 	 
	 	
          TRUIST BANK, as a Lender and Syndication Agent

        

  

  

  	 	
          By

        	/s/ Hays Wood

        	 

  	 	 	
          Name: Hays Wood

        
	 	 	
          Title: Director

          

        
	 	 
	 	
          CIBC BANK USA, as a Lender

        

  

  

  	 	
          By

        	/s/ Megan Lingle

        	 

  	 	 	
          Name: Megan Lingle

        
	 	 	
          Title: Managing Director

          

        

  

  

  [Signature Page to Amended and Restated Credit Agreement]

   

  

  
    
      

  

  SCHEDULE 2.01

   

  

  COMMITMENTS

   

  	
          LENDER

        	 	
          COMMITMENT

        	 
	 	 	 	 
	
          JPMORGAN CHASE BANK, N.A.

        	 	
          $

        	
          44,000,000

        	 
	 	 	 	 	 
	
          TRUIST BANK

        	 	
          $

        	
          36,000,000

        	 
	 	 	 	 	 
	
          CIBC BANK USA

        	 	
          $

        	
          20,000,000

        	 
	 	 	 	 	 
	
          AGGREGATE COMMITMENT

        	 	
          $

        	
          100,000,000

        	 

  

  

  
    
      

  

  EXHIBIT A

   

  ASSIGNMENT AND ASSUMPTION

   

  This Assignment and Assumption (the “Assignment and Assumption”) is dated as of the Effective Date set forth below and is entered into by and between [Insert name of Assignor] (the “Assignor”) and [Insert name of Assignee]
    (the “Assignee”).  Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement identified below (as amended, restated,
    supplemented or otherwise modified from time to time, the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee.  The Standard Terms and
    Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full.

   

  For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and
    assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below (i) all of the Assignor’s rights and
    obligations in its capacity as a Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such outstanding rights and
    obligations of the Assignor under the respective facilities identified below (including any letters of credit and guarantees included in such facilities) and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of
    action and any other right of the Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan
    transactions governed thereby or in any way based on or related to any of the foregoing, including contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold
    and assigned pursuant to clause (i) above (the rights and obligations sold and assigned pursuant to clauses (i) and (ii) above being referred to herein collectively as the “Assigned
        Interest”).  Such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by the Assignor.

   

  	
          1.

        	
          Assignor:

        	

        	 
	 	 	 	 
	
          2.

        	
          Assignee:

        	 	 
	 	 	 	 
	 	 	
          [and is an Affiliate/Approved Fund of [identify Lender]1]

        
	 	 	 
	
          3.

        	
          Borrower(s):

        	
          Kinsale Capital Group, Inc.          

        	 
	 	 	 	 
	
          4.

        	
          Administrative Agent:

        	
          JPMorgan Chase Bank, N.A., as the administrative agent under the Credit Agreement

        
	 	 	 
	
          5.

        	
          Credit Agreement:

        	
          The Amended and Restated Credit Agreement, dated as of July 22, 2022  among Kinsale Capital Group, Inc., the Lenders parties thereto, JPMorgan Chase Bank, N.A., as
            Administrative Agent and Issuing Bank, and Truist Bank, as Syndication Agent

        

  

  

  

  1 Select as applicable.

   

    

  
    
      

  

  
  6.          Assigned Interest:

   

    

  	 	
          Aggregate Amount of

          Commitment/Loans for all

          Lenders

        	 	
          Amount of Commitment/

          Loans Assigned

        	
          Percentage Assigned

          of

            Commitment/Loans2

        
	 	
          $

        	 	
          $

        	
          %

        
	 	
          $

        	 	
          $

        	
          %

        
	 	
          $

        	 	
          $

        	
          %

        

  

  

  Effective Date:  _____________ ___, 20___ [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER
    THEREFOR.]

   

  The Assignee agrees to deliver to the Administrative Agent a completed Administrative Questionnaire in which the Assignee designates one or more credit contacts to whom
    all syndicate-level information (which may contain material non-public information about the Borrower, the Borrower and their Related Parties or their respective securities) will be made available and who may receive such information in accordance with
    the Assignee’s compliance procedures and applicable laws, including federal and state securities laws.

   

  The terms set forth in this Assignment and Assumption are hereby agreed to:

   

  	 	
          ASSIGNOR

        
	 	 
	 	
          [NAME OF ASSIGNOR]

        

  	 	
          By

        	 

  	 	 	
          Title:

        
	 	 	 
	 	
          ASSIGNEE

        
	 	 
	 	
          [NAME OF ASSIGNEE]

        
	 	 

  

  

  	 	
          By

        	 

  	 	 	
          Title:

        

  

    

   

    

  2 Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder.

   

  

  
    2

    
      

  

  	
          Consented to and Accepted:

        	 
	 	 
	
          JPMORGAN CHASE BANK, N.A., as

        	 
	
          Administrative Agent and Issuing Bank

        	 

  

  

  	
          By:

        	 	 

  	 	
          Title:

        	 
	 	 
	
          [Consented to:]3

        	 
	 	 
	
          KINSALE CAPITAL GROUP, INC.

        	 

  

  

  	
          By:

        	 	 

  	 	
          Title:

        	 

   

  

  
    

  3 To be added only if the consent of the Borrower is required by the terms of the Credit Agreement.
   

  

  
    3

    
      

  

  ANNEX I

   

  STANDARD TERMS AND CONDITIONS FOR

  ASSIGNMENT AND ASSUMPTION

   

  1.          Representations and Warranties.

   

  1.1         Assignor.  The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and
      (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any
      statements, warranties or representations made in or in connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral
      thereunder, (iii) the financial condition of the Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document, (iv) any requirements under applicable law for the Assignee to become a lender under the
      Credit Agreement or to charge interest at the rate set forth therein from time to time or (v) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under any
      Loan Document.

   

  1.2          Assignee.  The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions
      contemplated hereby and to become a Lender under the Credit Agreement, (ii) it satisfies the requirements, if any, specified in the Credit Agreement and under applicable law that are required to be satisfied by it in order to acquire the Assigned
      Interest and become a Lender, (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder,
      (iv) it is sophisticated with respect to decisions to acquire assets of the type represented by the Assigned Interest and either it, or the Person exercising discretion in making its decision to acquire the Assigned Interest, is experienced in
      acquiring assets of such type, (v) it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant to Section 5.01 thereof, as applicable, and such other documents and information as it
      has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest on the basis of which it has made such analysis and decision independently and without reliance on
      the Administrative Agent, any Arranger, the Assignor or any other Lender or any of their respective Related Parties, and (vi) attached to the Assignment and Assumption is any documentation required to be delivered by it pursuant to the terms of the
      Credit Agreement, duly completed and executed by the Assignee; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, the Arranger, the Syndication Agent,  the Assignor or any other Lender or any of their
      respective Related Parties, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in
      accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender.

   

  2.          Payments.  From and after the Effective Date, the Administrative Agent shall make all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignor for
      amounts which have accrued to but excluding the Effective Date and to the Assignee for amounts which have accrued from and after the Effective Date.

   

  
    
      

  

  
  3.          General Provisions.  This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns.  This Assignment and Assumption may be executed in any
      number of counterparts, which together shall constitute one instrument.  Acceptance and adoption of the terms of this Assignment and Assumption by the Assignee and the Assignor by Electronic Signature or delivery of an executed
      counterpart of a signature page of this Assignment and Assumption by any Approved Electronic Platform shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption.  This Assignment and Assumption shall be
      governed by, and construed in accordance with, the law of the State of New York.

   

  
    2

    
      

  

  EXHIBIT B

    

  

  [RESERVED]

   

  
    
      

  

  EXHIBIT C

   

  FORM OF INCREASING LENDER SUPPLEMENT

   

  INCREASING LENDER SUPPLEMENT, dated __________, 20___ (this “Supplement”),
    by and among each of the signatories hereto, to the Amended and Restated Credit Agreement, dated as of July 22, 2022  (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Kinsale Capital Group, Inc. (the “Borrower”), the Lenders party thereto, JPMorgan Chase Bank, N.A., as administrative
    agent (in such capacity, the “Administrative Agent”) and Issuing Bank, and Truist Bank, as Syndication Agent.

   

  W I T N E S S E T H

   

  WHEREAS, pursuant to Section 2.20 of the Credit Agreement, the Borrower
    has the right, subject to the terms and conditions thereof, to effectuate from time to time an increase in the Aggregate Commitment and/or one or more tranches of Incremental Term Loans under the Credit Agreement by requesting one or more Lenders to
    increase the amount of its Commitment and/or to participate in such a tranche;

   

  WHEREAS, the Borrower has given notice to the Administrative Agent of its intention to [increase the Aggregate Commitment] [and] [enter into a tranche
    of Incremental Term Loans] pursuant to such Section 2.20; and

   

  WHEREAS, pursuant to Section 2.20 of the Credit Agreement, the undersigned
    Increasing Lender now desires to [increase the amount of its Commitment] [and] [participate in a tranche of Incremental Term Loans] under the Credit Agreement by executing and delivering to the Borrower and the Administrative Agent this Supplement;

   

  NOW, THEREFORE, each of the parties hereto hereby agrees as follows:

   

  1.          The undersigned Increasing Lender agrees, subject to the
      terms and conditions of the Credit Agreement, that on the date of this Supplement it shall [have its Commitment increased by $[__________], thereby making the aggregate amount of its total Commitments equal to $[__________]] [and] [participate in a
      tranche of Incremental Term Loans with a commitment amount equal to $[__________] with respect thereto].

   

  2.          The Borrower hereby represents and warrants that no
      Default or Event of Default has occurred and is continuing on and as of the date hereof.

   

  3.          Terms defined in the Credit Agreement shall have their
      defined meanings when used herein.

   

  4.          This Supplement shall be governed by, and construed in
      accordance with, the laws of the State of New York.

   

  5.          This Supplement may be executed in any number of
      counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same document.

   

  
    
      

  

  
  IN WITNESS WHEREOF, each of the undersigned has caused this Supplement to be executed and delivered by a duly authorized officer on the date first above
    written.

   

  	 	
          [INSERT NAME OF INCREASING LENDER]

        

  

  

  	 	
          By

        	 

  	 	 	
          Name:

        
	 	 	
          Title:

        
	
          Accepted and agreed to as of the date first written above:

        	 	 
	 	 	 
	
          KINSALE CAPITAL GROUP, INC.

        	 	 

  

  

  	
          By:

        	 	 	 

  	
          Name:

        	 	 
	
          Title:

        	 	 
	 	 	 	 
	
          Acknowledged as of the date first written above:

        	 	 
	 	 	 
	
          JPMORGAN CHASE BANK, N.A.

        	 	 
	
          as Administrative Agent

        	 	 

  

  

  	
          By:

        	 	 	 

  	
          Name:

        	 	 
	
          Title:

        	 	 

  

  

  
    2

    
      

  

  EXHIBIT D

   

  FORM OF AUGMENTING LENDER SUPPLEMENT

   

  AUGMENTING LENDER SUPPLEMENT, dated __________, 20___ (this “Supplement”),
    by and among each of the signatories hereto, to the Amended and Restated Credit Agreement, dated as of July 22, 2022  (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Kinsale Capital Group, Inc. (the “Borrower”), the Lenders party thereto, JPMorgan Chase Bank, N.A., as administrative
    agent (in such capacity, the “Administrative Agent”) and Issuing Bank, and Truist Bank, as Syndication Agent.

   

  W I T N E S S E T H

   

  WHEREAS, the Credit Agreement provides in Section 2.20 thereof that any bank, financial institution or other entity may [extend Commitments] [and]
    [participate in tranches of Incremental Term Loans] under the Credit Agreement subject to the approval of the Borrower and the Administrative Agent, by executing and delivering to the Borrower and the Administrative Agent a supplement to the Credit
    Agreement in substantially the form of this Supplement; and

   

  WHEREAS, the undersigned Augmenting Lender was not an original party to the Credit Agreement but now desires to become a party thereto;

   

  NOW, THEREFORE, each of the parties hereto hereby agrees as follows:

   

  1.          The undersigned Augmenting Lender agrees to be bound by
      the provisions of the Credit Agreement and agrees that it shall, on the date of this Supplement, become a Lender for all purposes of the Credit Agreement to the same extent as if originally a party thereto, with a [Commitment with respect to
      Revolving Loans of $[__________]] [and] [a commitment with respect to Incremental Term Loans of $[__________]].

   

  2.          The undersigned Augmenting Lender (a) represents and
      warrants that it is legally authorized to enter into this Supplement; (b) confirms that it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant to Section 5.01 thereof, as applicable, and has reviewed such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Supplement; (c)
      agrees that it will, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not
      taking action under the Credit Agreement or any other instrument or document furnished pursuant hereto or thereto; (d) appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers and
      discretion under the Credit Agreement or any other instrument or document furnished pursuant hereto or thereto as are delegated to the Administrative Agent by the terms thereof, together with such powers as are incidental thereto; and (e) agrees that
      it will be bound by the provisions of the Credit Agreement and will perform in accordance with its terms all the obligations which by the terms of the Credit Agreement are required to be performed by it as a Lender.

   

  3.          The undersigned’s address for notices for the purposes
      of the Credit Agreement is as follows:

   

  [___________]

   

  4.          The Borrower hereby represents and warrants that no
      Default or Event of Default has occurred and is continuing on and as of the date hereof.

   

  
    
      

  

  
  5.          Terms defined in the Credit Agreement shall have their
      defined meanings when used herein.

   

  6.          This Supplement shall be governed by, and construed in
      accordance with, the laws of the State of New York.

   

  7.          This Supplement may be executed in any number of
      counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same document.

   

  [remainder of this page intentionally left blank]

   

  
    2

    
      

  

  
  IN WITNESS WHEREOF, each of the undersigned has caused this Supplement to be executed and delivered by a duly authorized officer on the date first above
    written.

   

  	 	
          [INSERT NAME OF AUGMENTING LENDER]

        
	 	 
	 	
          By

        	 
	 	 	
          Name:

        
	 	 	
          Title:

        

  

  

  	
          Accepted and agreed to as of the date first written above:

        	 	 
	 	 	 
	
          KINSALE CAPITAL GROUP, INC.

        	 	 

  

  

  	
          By:

        	 	 	 

  	
          Name:

        	 	 
	
          Title:

        	 	 
	
          Acknowledged as of the date first written above:

        	 	 
	 	 	 
	
          JPMORGAN CHASE BANK, N.A.

        	 	 
	
          as Administrative Agent

        	 	 

  

  

  	
          By:

        	 	 	 

  	
          Name:

        	 	 
	
          Title:

        	 	 

  

  

  
    3

    
      

  

  EXHIBIT E

   

  LIST OF CLOSING DOCUMENTS

   

  KINSALE CAPITAL GROUP, INC.

   

  CREDIT FACILITIES

   

  July 22, 2022

   

  LIST OF CLOSING DOCUMENTS1

   

  A.          LOAN DOCUMENTS

   

  1.          Amended and Restated Credit Agreement (the “Credit Agreement”) by and among Kinsale Capital Group, Inc., a Delaware corporation (the “Borrower”),

      the institutions from time to time parties thereto as Lenders (the “Lenders”), JPMorgan Chase Bank, N.A., in its capacity as Administrative Agent for itself and the other
      Lenders (the “Administrative Agent”) and Issuing Bank, and Truist Bank, as Syndication Agent, evidencing a revolving credit facility to the Borrower from the Lenders in an
      aggregate principal amount of $100,000,000.

   

  SCHEDULES

   

  	
          Schedule 2.01

        	
          --

        	
          Commitments

        
	
          Schedule 3.06

        	
          --

        	
          Disclosed Matters

        
	
          Schedule 3.15

        	
          --

        	
          Subsidiaries

        
	
          Schedule 6.01

        	
          --

        	
          Indebtedness

        
	
          Schedule 6.02

        	
          --

        	
          Existing Liens

        
	
          Schedule 6.04

        	
          --

        	
          Existing Investments

        
	
          Schedule 6.09

        	
          --

        	
          Existing Restrictions

        

  

  

  EXHIBITS

  	
          Exhibit A

        	
          --

        	
          Form of Assignment and Assumption

        
	
          Exhibit B

        	
          --

        	
          Reserved

        
	
          Exhibit C

        	
          --

        	
          Form of Increasing Lender Supplement

        
	
          Exhibit D

        	
          --

        	
          Form of Augmenting Lender Supplement

        
	
          Exhibit E

        	
          --

        	
          List of Closing Documents

        
	
          Exhibit F

        	
          --

        	
          Reserved

        
	
          Exhibit G-1

        	
          --

        	
          Form of U.S. Tax Certificate (Foreign Lenders That Are Not Partnerships)

        
	
          Exhibit G-2

        	
          --

        	
          Form of U.S. Tax Certificate (Foreign Participants That Are Not Partnerships)

        
	
          Exhibit G-3

        	
          --

        	
          Form of U.S. Tax Certificate (Foreign Participants That Are Partnerships)

        
	
          Exhibit G-4

        	
          --

        	
          Form of U.S. Tax Certificate (Foreign Lenders That Are Partnerships)

        
	
          Exhibit H-1

        	
          --

        	
          Form of Borrowing Request

        
	
          Exhibit H-2

        	
          --

        	
          Form of Interest Election Request

        
	 	 	 

  

  

  
    

   

  1 Each capitalized term used herein and not defined herein shall have the meaning assigned to such term in the above-defined Credit Agreement.  Items appearing in
    bold and italics shall be prepared and/or provided by the Borrower
    and/or Borrower’s counsel.

   

  

  
    
      

  

  
  2.          Notes executed by the Borrower in favor of each of the
      Lenders, if any, which has requested a note pursuant to Section 2.10(e) of the Credit Agreement.

   

  B.          CORPORATE DOCUMENTS

   

  3.          Certificate of
      the Secretary or an Assistant Secretary of the Borrower certifying (i) that there have been no changes in the Certificate of Incorporation or other charter document of the Borrower, as attached thereto and as certified as of a recent date by the
      Secretary of State (or analogous governmental entity) of the jurisdiction of its organization, since the date of the certification thereof by such governmental entity, (ii) the By-Laws or other applicable organizational document, as attached thereto,
      of the Borrower as in effect on the date of such certification, (iii) resolutions of the Board of Directors or other governing body of the Borrower authorizing the execution, delivery and performance of each Loan Document to which it is a party, and
      (iv) the names and true signatures of the incumbent officers of the Borrower authorized to sign the Loan Documents to which it is a party, and (in the case of the Borrower) authorized to request a Borrowing or the issuance of a Letter of Credit under
      the Credit Agreement.

   

  4.          Good Standing
      Certificate (or analogous documentation if applicable) for the Borrower from the Secretary of State (or analogous governmental entity) of the jurisdiction of its organization, to the extent generally available in such jurisdiction.

   

  C.          OPINIONS

   

  5.          Opinion of
      Skadden, Arps, Slate, Meagher & Flom LLP, counsel for the Borrower.

   

  D.          CLOSING CERTIFICATES AND MISCELLANEOUS

   

  6.          A Certificate signed by the President, a Vice President or a Financial Officer of the Borrower certifying the following:  (i) that all of the representations and warranties contained in Article
          III of the Credit Agreement are true and correct and (ii) that no Default or Event of Default has occurred and is then continuing.

   

  7.          A Certificate of
      the chief financial officer of the Borrower in form and substance satisfactory to the Administrative Agent supporting the conclusions that, after giving effect to the Transactions, (a) the fair value of the assets of the Borrower and its
      Subsidiaries, on a consolidated basis, at a fair valuation, will exceed their debts and liabilities, subordinated, contingent or otherwise; (b) the present fair saleable value of the property of the Borrower and its Subsidiaries, on a consolidated
      basis, will be greater than the amount that will be required to pay the probable liability of their debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured; (c) the Borrower
      and its Subsidiaries, on a consolidated basis, do not intend to incur or do not believe they will incur debts and liabilities, subordinated, contingent or otherwise, beyond their ability to pay such debts and liabilities as they become absolute and
      matured; and (d) the Borrower and its Subsidiaries, on a consolidated basis, will not have unreasonably small capital with which to conduct the business in which they are engaged as such business is now conducted and is proposed to be conducted
      following the Effective Date.

   

  
    2

    
      

  

  EXHIBIT F

   

  [RESERVED]

   

  
    
      

  

  EXHIBIT G-1

   

  [FORM OF]

   

  U.S. TAX COMPLIANCE CERTIFICATE

  (For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)

   

  Reference is hereby made to the Amended and Restated Credit Agreement, dated as of July 22, 2022  (as amended, restated, supplemented or otherwise
    modified from time to time, the “Credit Agreement”), among Kinsale Capital Group, Inc. (the “Borrower”),

    the Lenders from time to time party thereto, JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative Agent”) and Issuing Bank, and Truist
    Bank, as Syndication Agent.

   

  Pursuant to the provisions of Section 2.17 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner
    of the Loan(s) (as well as any promissory note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of
    the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

   

  The undersigned has furnished the Administrative Agent and the Borrower with a certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS Form
    W-8BEN-E, as applicable.  By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the
    undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of
    the two calendar years preceding such payments.

   

  Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

   

  
    	
            
              [NAME OF LENDER]

            

          	 

    

    

    	
            By:

          	 	 

    	
            Name:

          	 
	
            Title:

          	 
	 	 
	
            Date: __________, 20[__]

          	 

    

    

  

  
    
      

  

  EXHIBIT G-2

   

  [FORM OF]

   

  U.S. TAX COMPLIANCE CERTIFICATE

  (For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)

   

  Reference is hereby made to the Amended and Restated Credit Agreement, dated as of July 22, 2022  (as amended, restated, supplemented or otherwise
    modified from time to time, the “Credit Agreement”), among Kinsale Capital Group, Inc. (the “Borrower”),

    the Lenders from time to time party thereto, JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative Agent”) and Issuing Bank, and Truist
    Bank, as Syndication Agent.

   

  Pursuant to the provisions of Section 2.17 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner
    of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section
    871(h)(3)(B) of the Code and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

   

  The undersigned has furnished its participating Lender with a certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS Form W-8BEN-E, as
    applicable.  By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender in writing, and (2) the undersigned shall have at all times
    furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

   

  Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

   

  	
          [NAME OF PARTICIPANT]

        	 

  

  

  	
          By:

        	 	 

  	
          Name:

        	 
	
          Title:

        	 
	 	 
	
          Date: __________, 20[__]

        	 

  

  

  
    
      

  

  EXHIBIT G-3

   

  [FORM OF]

   

  U.S. TAX COMPLIANCE CERTIFICATE

  (For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)

   

  Reference is hereby made to the Amended and Restated Credit Agreement, dated as of July 22, 2022  (as amended, restated, supplemented or otherwise
    modified from time to time, the “Credit Agreement”), among Kinsale Capital Group, Inc. (the “Borrower”),

    the Lenders from time to time party thereto, JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative Agent”) and Issuing Bank, and Truist
    Bank, as Syndication Agent.

   

  Pursuant to the provisions of Section 2.17 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the
    participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such participation, (iii) with respect such participation, neither the undersigned nor any of its direct
    or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect
    partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as described in
    Section 881(c)(3)(C) of the Code.

   

  The undersigned has furnished its participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members
    that is claiming the portfolio interest exemption:  (i) an IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, from each of such partner’s/member’s
    beneficial owners that is claiming the portfolio interest exemption.  By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender and (2)
    the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years
    preceding such payments.

   

  Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

   

  	
          [NAME OF PARTICIPANT]

        

  

  

  	
          By:

        	 	 

  	
          Name:

        	 
	
          Title:

        	 
	 	 
	
          Date: __________, 20[__]

        

  

  

  
    
      

  

  EXHIBIT G-4

   

  [FORM OF]

   

  U.S. TAX COMPLIANCE CERTIFICATE

  (For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)

   

  Reference is hereby made to the Amended and Restated Credit Agreement, dated as of July 22, 2022  (as amended, restated, supplemented or otherwise
    modified from time to time, the “Credit Agreement”), among Kinsale Capital Group, Inc. (the “Borrower”),

    the Lenders from time to time party thereto, JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative Agent”) and Issuing Bank, and Truist
    Bank, as Syndication Agent.

   

  Pursuant to the provisions of Section 2.17 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the Loan(s)
    (as well as any promissory note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such Loan(s) (as well as any promissory note(s) evidencing
    such Loan(s)), (iii) with respect to the extension of credit pursuant to the Credit Agreement or any other Loan Document, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement
    entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section
    871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

   

  The undersigned has furnished the Administrative Agent and the Borrower with IRS Form W-8IMY accompanied by one of the following forms from each of its
    partners/members that is claiming the portfolio interest exemption:  (i) an IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, from each of such
    partner’s/member’s beneficial owners that is claiming the portfolio interest exemption.  By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform
    the Borrower and the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each
    payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

   

  Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

   

  
    
      	
              
                [NAME OF LENDER]

              

            	 

      

      

      	
              By:

            	 	 

      	
              Name:

            	 
	
              Title:

            	 
	 	 
	
              Date: __________, 20[__]

            	 

      

      

    

  

  
    
      

  

  EXHIBIT H-1

   

  FORM OF BORROWING REQUEST

   

  JPMorgan Chase Bank, N.A.,

  as Administrative Agent

  for the Lenders referred to below

  

  

  10 South Dearborn

  Chicago, Illinois 60603

  Attention: Jeffrey Lenhard

  Email: jeffrey.lenhard@chase.com

  

  

  10 South Dearborn

  Chicago, Illinois 60603

  Attention: Commercial Banking Group

  Facsimile: (844) 490-5663

  Email: jpm.agency.cri@jpmorgan.com; jpm.agency.servicing.1@jpmorgan.com

  10 South Dearborn

   

  Chicago, Illinois 60603

  Attention: Milena Kolev

  Facsimile: (312) 732-6978

  Email: milena.m.kolev@jpmorgan.com

  

  

  Re:  Kinsale Capital Group, Inc.

  [Date]

   

  Ladies and Gentlemen:

   

  Reference is hereby made to the Amended and Restated Credit Agreement, dated as of July 22, 2022  (as the same may be amended, restated, supplemented or
    otherwise modified from time to time, the “Credit Agreement”), among Kinsale Capital Group, Inc. (the “Borrower”),

    the Lenders from time to time party thereto, JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative Agent”) and Issuing Bank, and Truist
    Bank, as Syndication Agent.  Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Credit Agreement.  The Borrower hereby gives you notice pursuant to Section 2.03 of the Credit Agreement that it requests a
    Borrowing under the Credit Agreement, and in that connection the Borrower specifies the following information with respect to such Borrowing requested hereby:

   

  
    	
            1.

          	
            Aggregate principal amount of Borrowing:1  __________

          

  

   

  
    	
            2.

          	
            Date of Borrowing (which shall be a Business Day):  __________

          

  

   

  
    
      
        	
                3.

              	
                Type of Borrowing (ABR or Term Benchmark):  __________

              

      

    

  

   

  
    
      
        	
                4.

              	
                Interest Period and the last day thereof (if a Term Benchmark Borrowing):2  __________

              

      

    

  

   

  
    
      	
              5.

            	
              Location and number of the Borrower’s account or any other account agreed upon by the Administrative Agent and the Borrower to which proceeds of Borrowing are to be disbursed: 
                __________

            

    

  

   

  

  1 Not less than applicable amounts specified in Section 2.02(c).

   

  2 Which must comply with the definition of “Interest Period” and end not later than the Maturity Date.

   

  

   [Signature Page Follows]

   

  

  
    
      

  

  The undersigned hereby represents and warrants that the conditions to lending specified in Section 4.02 of the Credit Agreement are satisfied as of the
    date hereof.

   

  	 	
          Very truly yours,

        
	 	 
	 	
          KINSALE CAPITAL GROUP, INC.,

        
	 	
          as the Borrower

        
	 	 
	 	
          By:

        	 
	 	 	
          Name:

        
	 	 	
          Title:

        

  

  

  
    
      

  

  EXHIBIT H-2

   

  FORM OF INTEREST ELECTION REQUEST

   

  JPMorgan Chase Bank, N.A.,

  as Administrative Agent

  for the Lenders referred to below

  

  

  10 South Dearborn

  Chicago, Illinois 60603

  Attention: Jeffrey Lenhard

  Email: jeffrey.lenhard@chase.com

  

  

  10 South Dearborn

  Chicago, Illinois 60603

  Attention: Commercial Banking Group

  Facsimile: (844) 490-5663

  Email: jpm.agency.cri@jpmorgan.com; jpm.agency.servicing.1@jpmorgan.com

  

  

  Re:  Kinsale Capital Group, Inc.

  [Date]

   

  Ladies and Gentlemen:

   

  Reference is hereby made to the Amended and Restated Credit Agreement, dated as of July 22, 2022  (as the same may be amended, restated, supplemented or
    otherwise modified from time to time, the “Credit Agreement”), among Kinsale Capital Group, Inc. (the “Borrower”),

    the Lenders from time to time party thereto, JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative Agent”) and Issuing Bank, and Truist
    Bank, as Syndication Agent.  Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Credit Agreement.  The Borrower hereby gives you notice pursuant to Section 2.08 of the Credit Agreement that it requests
    to [convert][continue] an existing Borrowing under the Credit Agreement, and in that connection the Borrower specifies the following information with respect to such [conversion][continuation] requested hereby:

   

  	1.	
          List date, Type, principal amount and Interest Period (if applicable) of existing Borrowing:  __________

        

   

  
    	
            2.

          	
            Aggregate principal amount of resulting Borrowing:  __________

          

  

   

  
    	
            3.

          	
            Effective date of interest election (which shall be a Business Day):  __________

          

  

   

  
    	
            4.

          	
            Type of Borrowing (ABR or Term Benchmark):  __________

          

  

   

  
    	
            5.

          	
            Interest Period and the last day thereof (if a Term Benchmark Borrowing):1  __________

          

  

   

  
    

  1 Which must comply with the definition of “Interest Period” and end not later than the Maturity Date.

   

  

  [Signature Page Follows] 

   

  

  
    
      

  

  	 	
          Very truly yours,

        
	 	 
	 	
          KINSALE CAPITAL GROUP, INC.,

        
	 	
          as Borrower

        
	 	 
	 	
          By:

        	 
	 	 	
          Name:

        
	 	 	
          Title:

        

   

  

  
    
      

  

  EXHIBIT I

   

  FORM OF COMPLIANCE CERTIFICATE

   

  To: The Administrative Agent (for distribution to each Lender)

   

  This Compliance Certificate is furnished pursuant to that certain Amended and Restated Credit Agreement, dated as of July 22, 2022 (as amended,
    restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Kinsale Capital Group, Inc. (the “Borrower”), the Lenders from time to time party thereto, JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative
        Agent”) and Issuing Bank, and Truist Bank, as Syndication Agent.  Unless otherwise defined herein, capitalized terms used in this Compliance Certificate have the meanings ascribed thereto in the Agreement.

   

  THE UNDERSIGNED, SOLELY IN [HIS/HER] CAPACITY AS A FINANCIAL OFFICER OF THE BORROWER AND NOT IN AN INDIVIDUAL CAPACITY, HEREBY CERTIFIES THAT:

   

  		1.	
          I am the duly elected __________ of the Borrower;

        

   

  		2.	
          I have reviewed the terms of the Credit Agreement and I have made, or have caused to be made under my supervision, a detailed review of the transactions and conditions of the Borrower
            and its Subsidiaries during the accounting period covered by the attached financial statements [for quarterly financial statements add:  and the attached
            financial statements of the Borrower and its Subsidiaries present fairly in all material respects the financial condition and results of operations of the Borrower and its Subsidiaries on a consolidated basis in accordance with GAAP
            consistently applied (except as set forth below), subject to normal year-end audit adjustments and the absence of footnotes];

        

   

  		3.	
          Except as set forth below, the examinations described in paragraph 2 did not disclose, and I have no knowledge of (i) the existence of any condition or event which constitutes a
            Default during or at the end of the accounting period covered by the attached financial statements or as of the date of this Compliance Certificate or (ii) any change in GAAP or in the application thereof that has occurred since the date of the
            audited financial statements referred to in Section 3.04 of the Credit Agreement and that has a material impact on the attached financial statements; and

        

   

  		4.	
          Schedule I attached hereto sets forth financial data and calculations demonstrating compliance with Section
            6.12 of the Credit Agreement, all of which data and calculations are true, complete and correct.

        

   

  Described below are the exceptions, if any, to paragraph 3 by listing, in detail, (i) the nature of the condition or event, the period during which it
    has existed and the action which the Borrower has taken, is taking, or proposes to take with respect to each such condition or event or (ii) the change in GAAP or the application thereof and the effect of such change on the attached financial
    statements:

   

  	 
	 
	 

  

  

  
    
      

  

  The foregoing certifications, together with the computations set forth in Schedule I
    hereto and the financial statements delivered with this Compliance Certificate in support hereof, are made and delivered this ____ day of _____, ___.

   

  	 	
          KINSALE CAPITAL GROUP, INC.

        
	 	 
	 	
          By:

        	 
	 	 	
          Name:

        
	 	 	
          Title:

        

   

  

  
    
      

  

  SCHEDULE I

   

  Compliance as of _________, ____ (such date, the “Compliance Test Date”) with Section 6.12 of
    the Credit Agreement 

  

  (I) Minimum Net Worth. The Borrower shall not permit,
    as of the Compliance Test Date, Consolidated Net Worth to be less than the amount set forth in row F below:

  

  

  	
          A

        	 	
          Starter Amount

        	 	
          $499,000,000

        
	
          B

        	 	
          Consolidated Net Income for each fiscal year ended prior to the date hereof

        	 	
          $

        
	
          C

        	 	
          After-tax unrealized gains and losses on equity investments, to the extent such equity investments are no longer classified as “available-for-sale” following the
            Borrower’s adoption of accounting standard ASU 2016-01 “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial
              Liabilities”

        	 	
          $

        
	
          D

        	 	
          Net cash proceeds received by the Borrower from the issuance of any of its Equity Interests issued during the period from, and including, the Effective Date through
            the Compliance Test Date

        	 	
          $

        
	
          E

        	 	
          An amount equal to 50% x (B minus C plus D)

        	 	
          $

        
	
          F

        	 	
          The sum of A and E (Minimum Net Worth)

        	 	
          $

        

  

  

  As of the Compliance Test Date shown above, Consolidated Net Worth is

    $_______________________

  

  

  Compliance as of the Compliance Test Date shown above:      [__] Yes     [__] No

  

  

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

   

  	
          A

        	 	
          Total Debt

        	 	
          $

        
	
          B

        	 	
          Total Stockholders’ Equity

        	 	
          $

        
	
          C

        	 	
          Sum of A and B (Total Capitalization)

        	 	
          $

        
	
          D

        	 	
          35% of C

        	 	
          $

        

  

  

  As of the Compliance Test Date shown above, does A exceed D? [__] Yes    
      [    ] No

  

  

  Compliance as of the Compliance Test Date shown above:      [__] Yes     [    ] No

  

  

  
    
      

  

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

   

  The financial strength rating of each Regulated Insurance Company by A.M. Best Company is set forth below:

  

  

  [________]

  

  

  Compliance as of the Compliance Test Date shown above:      [__] Yes     [__] NoExhibit 4.7

 

ARES COMMERCIAL REAL
ESTATE CORPORATION

 

(Issuer)

 

and

 

[                
]

 

(Trustee)

 

Indenture

 

Dated as of [     ],
[     ]

 

Providing for the Issuance

 

of

 

Debt Securities

 

     

     

    

 

TABLE
OF CONTENTS

 

	 	 	Page
	ARTICLE ONE
    DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	1
	Section 1.01	Definitions	1
	Section 1.02	Compliance Certificates	11
	Section 1.03	Form of Documents Delivered to Trustee	12
	Section 1.04	Acts of Holders	12
	Section 1.05	Notices, Etc., to Trustee and Company	14
	Section 1.06	Notice to Holders; Waiver	14
	Section 1.07	Effect of Headings and Table of Contents	15
	Section 1.08	Successors and Assigns	15
	Section 1.09	Separability Clause	16
	Section 1.10	Benefits of Indenture	16
	Section 1.11	Governing Law	16
	Section 1.12	Legal Holidays	16
	Section 1.13	Submission to Jurisdiction	16
	 	 	 
	Article Two
    SECURITIES FORMS	17
	Section 2.01	Forms of Securities	17
	Section 2.02	Form of Trustee’s Certificate of Authentication	17
	Section 2.03	Securities Issuable in Global Form	18
	 	 	 
	Article Three
    THE SECURITIES	19
	Section 3.01	Amount Unlimited; Issuable in Series	19
	Section 3.02	Denominations	23
	Section 3.03	Execution, Authentication, Delivery and Dating	23
	Section 3.04	Temporary Securities	25
	Section 3.05	Registration, Registration of Transfer and Exchange	27
	Section 3.06	Mutilated, Destroyed, Lost and Stolen Securities	30
	Section 3.07	Payment of Interest; Interest Rights Preserved; Optional
    Interest Reset	32
	Section 3.08	Optional Extension of Maturity	35
	Section 3.09	Persons Deemed Owners	35
	Section 3.10	Cancellation	36
	Section 3.11	Computation of Interest	36
	Section 3.12	Currency and Manner of Payments in Respect of Securities	36
	Section 3.13	Appointment and Resignation of Successor Exchange Rate
    Agent	40
	Section 3.14	CUSIP Numbers	40
	 	 	 
	Article Four
    SATISFACTION AND DISCHARGE	40
	Section 4.01	Satisfaction and Discharge of Indenture	40
	Section 4.02	Application of Trust Funds	42
		

 

    i

     

    

 

	Article Five
    REMEDIES	42
	Section 5.01	Events of Default	42
	Section 5.02	Acceleration of Maturity; Rescission and Annulment	44
	Section 5.03	Collection of Indebtedness and Suits for Enforcement
    by Trustee	45
	Section 5.04	Trustee May File Proofs of Claim	45
	Section 5.05	Trustee May Enforce Claims Without Possession
    of Securities or Coupons	46
	Section 5.06	Application of Money Collected	46
	Section 5.07	Limitation on Suits	47
	Section 5.08	Unconditional Right of Holders to Receive Principal,
    Premium and Interest	48
	Section 5.09	Restoration of Rights and Remedies	48
	Section 5.10	Rights and Remedies Cumulative	48
	Section 5.11	Delay or Omission Not Waiver	48
	Section 5.12	Control by Holders of Securities	49
	Section 5.13	Waiver of Past Defaults	49
	Section 5.14	Waiver of Stay or Extension Laws	49
	 	 	 
	Article Six
    THE TRUSTEE	50
	Section 6.01	Notice of Defaults	50
	Section 6.02	Certain Rights of Trustee	51
	Section 6.03	Not Responsible for Recitals or Issuance of Securities	53
	Section 6.04	May Hold Securities	53
	Section 6.05	Money Held in Trust	53
	Section 6.06	Compensation and Reimbursement and Indemnification
    of Trustee	53
	Section 6.07	Corporate Trustee Required	54
	Section 6.08	Disqualification	54
	Section 6.09	Resignation and Removal	54
	Section 6.10	Acceptance of Appointment by Successor	56
	Section 6.11	Merger, Conversion, Consolidation or Succession to
    Business	57
	Section 6.12	Appointment of Authenticating Agent	58
	 	 	 
	Article Seven
    HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY	59
	Section 7.01	Disclosure of Names and Addresses of Holders	59
	Section 7.02	Preservation of Information; Communications to Holders	60
	Section 7.03	Reports by Trustee	60
	Section 7.04	Reports by Company	60
	Section 7.05	Calculation of Original Issue Discount	61
	 	 	 
	Article Eight
    CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER	61
	Section 8.01	Company May Consolidate, Etc., Only on Certain
    Terms	61
	Section 8.02	Successor Person Substituted	61
	 	 	 
	Article Nine
    SUPPLEMENTAL INDENTURES	62
	Section 9.01	Supplemental Indentures Without Consent of Holders	62
	Section 9.02	Supplemental Indentures with Consent of Holders	63

 

    ii

     

    

 

	Section 9.03	Execution of Supplemental Indentures	64
	Section 9.04	Effect of Supplemental Indentures	65
	Section 9.05	Conformity with Trust Indenture Act	65
	Section 9.06	Reference in Securities to Supplemental Indentures	65
	 	 	 
	Article Ten
    COVENANTS	65
	Section 10.01	Payment of Principal, Premium, if any, and Interest	65
	Section 10.02	Maintenance of Office or Agency	66
	Section 10.03	Money for Securities Payments to Be Held in Trust	67
	Section 10.04	Additional Amounts	68
	Section 10.05	Statement as to Compliance	69
	Section 10.06	Payment of Taxes and Other Claims	69
	Section 10.07	Waiver of Certain Covenants	70
	 	 	 
	Article Eleven
    REDEMPTION OF SECURITIES	70
	Section 11.01	Applicability of Article	70
	Section 11.02	Election to Redeem; Notice to Trustee	70
	Section 11.03	Selection by Trustee of Securities to Be Redeemed	70
	Section 11.04	Notice of Redemption	71
	Section 11.05	Deposit of Redemption Price	72
	Section 11.06	Securities Payable on Redemption Date	72
	Section 11.07	Securities Redeemed in Part	73
	 	 	 
	Article Twelve
    SINKING FUNDS	74
	Section 12.01	Applicability of Article	74
	Section 12.02	Satisfaction of Sinking Fund Payments with Securities	74
	Section 12.03	Redemption of Securities for Sinking Fund	74
	 	 	 
	Article Thirteen
    REPAYMENT AT THE OPTION OF HOLDERS	75
	Section 13.01	Applicability of Article	75
	Section 13.02	Repayment of Securities	75
	Section 13.03	Exercise of Option	75
	Section 13.04	When Securities Presented for Repayment Become Due
    and Payable	76
	Section 13.05	Securities Repaid in Part	77
	 	 	 
	Article Fourteen
    DEFEASANCE AND COVENANT DEFEASANCE	77
	Section 14.01	Applicability of Article; Company’s Option to
    Effect Defeasance or Covenant Defeasance	77
	Section 14.02	Defeasance and Discharge	77
	Section 14.03	Covenant Defeasance	78
	Section 14.04	Conditions to Defeasance or Covenant Defeasance	78
	Section 14.05	Deposited Money and Government Obligations to Be Held
    in Trust; Other Miscellaneous Provisions	80
	 	 	 
	Article Fifteen
    MEETINGS OF HOLDERS OF SECURITIES	81
	Section 15.01	Purposes for Which Meetings May Be Called	81

 

    iii

     

    

 

	Section 15.02	Call, Notice and Place of Meetings	81
	Section 15.03	Persons Entitled to Vote at Meetings	82
	Section 15.04	Quorum; Action	82
	Section 15.05	Determination of Voting Rights; Conduct and Adjournment
    of Meetings	83
	Section 15.06	Counting Votes and Recording Action of Meetings	84
	 	 	 
	Article Sixteen
    SUBORDINATION OF SECURITIES	84
	Section 16.01	Agreement to Subordinate	84
	Section 16.02	Distribution on Dissolution, Liquidation and Reorganization;
    Subrogation of Subordinated Securities	85
	Section 16.03	No Payment on Subordinated Securities in Event of Default
    on Senior Indebtedness	87
	Section 16.04	Payments on Subordinated Securities Permitted	87
	Section 16.05	Authorization of Holders to Trustee to Effect Subordination	87
	Section 16.06	Notices to Trustee	87
	Section 16.07	Trustee as Holder of Senior Indebtedness	88
	Section 16.08	Modifications of Terms of Senior Indebtedness	88
	Section 16.09	Reliance on Judicial Order or Certificate of Liquidating
    Agent	88

 

    iv

     

    

 

ARES COMMERCIAL REAL ESTATE CORPORATION

Reconciliation and tie between Trust Indenture Act of 1939

and Indenture, dated as of [     ], [      ]

 

	Trust Indenture Act Section	 	Indenture Section
	§ 310	(a)(1)	 	6.07
	 	(a)(2)	 	6.07
	 	(b)	 	6.09
	§ 312	(c)	 	7.01
	§ 314	(a)	 	7.04
	 	(a)(4)	 	10.05
	 	(c)(1)	 	1.02
	 	(c)(2)	 	1.02
	 	(e)	 	1.02
	§ 315	(b)	 	6.01 
	§ 316	(a) (last sentence)	 	1.01 (“Outstanding”)
	 	(a)(1)(A)	 	5.02, 5.12
	 	(a)(1)(B)	 	5.13
	 	(b)	 	5.08
	§ 317	(a)(1)	 	5.03
	 	(a)(2)	 	5.04 
	§ 318	(a)	 	1.11
	 	(c)	 	1.11

 

 

 

NOTE: This reconciliation and tie shall not,
for any purpose, be deemed to be a part of the Indenture.

 

    v

     

    

 

INDENTURE, dated as of [
      ], [     ], between Ares Commercial Real Estate Corporation, a Maryland corporation (the
 “Company”), and [      ], as Trustee (as trustee in such capacity and not in its individual capacity,
the “Trustee”).

 

RECITALS OF THE COMPANY

 

WHEREAS, the Company deems
it necessary to issue from time to time for its lawful purposes debt securities (hereinafter called the “Securities”)
evidencing its secured or unsecured indebtedness, which may or may not be convertible into or exchangeable for any securities of any
Person (including the Company), and has duly authorized the execution and delivery of this Indenture to provide for the issuance from
time to time of the Securities, to be issued in one or more series, unlimited as to principal amount, to bear such rates of interest,
to mature at such times and to have such other provisions as shall be fixed as hereinafter provided;

 

WHEREAS, this Indenture (as
defined herein) is subject to the provisions of the Trust Indenture Act of 1939, as amended, that are required to be part of this Indenture
and shall, to the extent applicable, be governed by such provisions; and

 

WHEREAS, all things necessary
to make this Indenture a valid and legally binding agreement of, and enforceable against, the Company, in accordance with its terms,
have been done.

 

NOW, THEREFORE, for and in
consideration of the premises and the purchase of the Securities by the Holders (as defined herein) thereof, it is mutually covenanted
and agreed, for the equal and proportionate benefit of all Holders of the Securities and coupons, or of a series thereof, as follows:

 

ARTICLE ONE

 

DEFINITIONS AND OTHER PROVISIONS OF GENERAL
APPLICATION

 

Section 1.01     Definitions.

 

For all purposes of this
Indenture, except as otherwise expressly provided or unless the context otherwise requires:

 

(a)            the
terms defined in this Article have the meanings assigned to them in this Article, and include the plural as well as the singular
and, pursuant to Section 3.01, any such item may, with respect to any particular series of Securities, be amended or modified or
specified as being inapplicable;

 

(b)            all
other terms used herein which are defined in the Trust Indenture Act (as defined herein), either directly or by reference therein, have
the meanings assigned to them therein, and the terms “cash transaction” and “self-liquidating paper”, as used
in Section 311 of the Trust Indenture Act, shall have the meanings assigned to them in the rules of the Commission (as defined
herein) adopted under the Trust Indenture Act;

 

(c)            all
accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles
in the United States of America;

 

     

     

    

 

(d)            the
words “herein”, “hereof” and “hereunder” and other words of similar import refer to this Indenture
as a whole and not to any particular Article, Section or other subdivision;

 

(e)            “or”
is not exclusive;

 

(f)            provisions
apply to successive events and transactions; and

 

(g)            references
to sections of or rules under the Securities Exchange Act of 1934 shall be deemed to include substitute, replacement of successor
sections or rules adopted by the Commission from time to time.

 

Certain terms, used in other
Articles herein, are defined in those Articles.

 

“Act”,
when used with respect to any Holder of a Security, has the meaning specified in Section 1.04.

 

“Additional Amounts”
means any additional amounts that are required by a Security or by or pursuant to a Board Resolution, under circumstances specified therein,
to be paid by the Company in respect of certain taxes imposed on certain Holders and that are owing to such Holders.

 

“Affiliate”
of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common
control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified
Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of
voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative
to the foregoing.

 

“Authenticating
Agent” means any authenticating agent appointed by the Trustee pursuant to Section 6.12 to act on behalf of the Trustee
to authenticate Securities of one or more series.

 

“Authorized Newspaper”
means a newspaper, in the English language or in an official language of the country of publication, customarily published on each Business
Day, whether or not published on Saturdays, Sundays or holidays, and of general circulation in each place in connection with which the
term is used or in the financial community of each such place. Where successive publications are required to be made in Authorized Newspapers,
the successive publications may be made in the same or in different newspapers in the same city meeting the foregoing requirements and
in each case on any Business Day.

 

“Bankruptcy Law”
has the meaning specified in Section 5.01.

 

“Bearer Security”
means any Security established pursuant to Section 2.01 that is payable to bearer.

 

“Board of Directors”
means the board of directors of the Company or any committee of that board duly authorized to act hereunder.

 

    2

     

    

 

“Board Resolution”
means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board
of Directors and to be in full force and effect on the date of such certification, and delivered to the Trustee.

 

“Business Day”,
when used with respect to any Place of Payment or any other particular location referred to in this Indenture or in the Securities, means,
unless otherwise specified with respect to any Securities pursuant to Section 3.01, each Monday, Tuesday, Wednesday, Thursday and
Friday that is not a day on which banking institutions in that Place of Payment or particular location are authorized or obligated by
law or executive order to close.

 

“Clearstream”
means Clearstream International or its successor.

 

“Commission”
means the Securities and Exchange Commission, as from time to time constituted, created under the Securities Exchange Act of 1934, or,
if at any time after execution of this instrument such Commission is not existing and performing the duties now assigned to it under
the Trust Indenture Act, then the body performing such duties on such date.

 

“Common Depositary”
has the meaning specified in Section 3.04(b).

 

“Company”
means the Person named as the “Company” in the first paragraph of this Indenture until a successor Person shall have become
such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor corporation.

 

“Company Request”
and “Company Order” mean, respectively, a written request or order signed in the name of the Company by the Chairman,
the Chief Executive Officer, the President or a Vice President, and by the Chief Financial Officer, the Chief Operating Officer, if any,
the Secretary or an Assistant Secretary, of the Company, and delivered to the Trustee.

 

“Component Currency”
has the meaning specified in Section 3.12(h).

 “Conversion Date” has the meaning specified in Section 3.12(d).

 

“Conversion Event”
means the cessation of use of (i) a Foreign Currency both by the government of the country which issued such currency and for the
settlement of transactions by a central bank or other public institutions of or within the international banking community, (ii) the
ECU for the settlement of transactions by public institutions of or within the European Communities or (iii) any currency unit (or
composite currency) other than the ECU for the purposes for which it was established.

 

“Corporate Trust
Office” means the office of the Trustee at which, at any particular time, its corporate trust business shall be principally
administered, which office at the date hereof is located at [     ], Attention: [Department], [     ];
provided that for purposes of presentment or surrender of Securities for transfer or payment or exchange, such office is located
at [      ], Attention: Corporation Trust Administration, or such other address as the Trustee may designate from
time to time by notice to the Holders and the Issuer, or the principal corporate trust office of any successor Trustee (or such other
address as such successor Trustee may designate from time to time by notice to the Holders and the Company).

 

“corporation”
includes corporations, associations, companies and business trusts.

 

    3

     

    

 

“coupon”
means any interest coupon appertaining to a Bearer Security.

 

“Currency”
means any currency or currencies, composite currency or currency unit or currency units, including, without limitation, the ECU, issued
by the government of one or more countries or by any reorganized confederation or association of such governments.

 

“Default”
means any event that is, or after notice or passage of time or both would be, an Event of Default.

 

“Defaulted Interest”
has the meaning specified in Section 3.07(a).

 

“Depositary”
means, with respect to Registered Securities of any series for which the Company shall determine that such Registered Securities will
be issued in permanent global form, The Depository Trust Company, New York, New York, another clearing agency, or any successor registered
as a clearing agency under the Securities Exchange Act of 1934, or other applicable statute or regulations, which in each case, shall
be designated by the Company pursuant to Section 3.01.

 

“Dollar”
or “$” means a dollar or other equivalent unit in such coin or currency of the United States of America as at the
time shall be legal tender for the payment of public and private debts.

 

“ECU”
means the European Currency Unit as defined and revised from time to time by the Council of the European Communities.

 

“Election Date”
has the meaning specified in Section 3.12(h).

 

“Euroclear”
means Euroclear Bank S.A./N.V., as operator of the Euroclear System, or its successor as operator of the Euroclear System.

 

“European Communities”
means the European Union and the European Atomic Energy Community.

 

“Event of Default”
has the meaning specified in Section 5.01.

 

“Exchange Date”
has the meaning specified in Section 3.04(b).

 

“Exchange Rate Agent”,
with respect to Securities of or within any series, means, unless otherwise specified with respect to any Securities pursuant to Section 3.01,
a New York Clearing House bank designated pursuant to Section 3.01 or Section 3.13.

 

“Exchange Rate Officer’s
Certificate” means a certificate setting forth (i) the applicable Market Exchange Rate or the applicable bid quotation
and (ii) the Dollar or Foreign Currency amounts of principal (and premium, if any) and interest, if any (on an aggregate basis and
on the basis of a Security having the lowest denomination principal amount determined in accordance with Section 3.02 in the relevant
Currency), payable with respect to a Security of any series on the basis of such Market Exchange Rate or the applicable bid quotation
signed by the Chief Financial Officer or any Vice President of the Company.

 

    4

     

    

 

“Extension Notice”
has the meaning specified in Section 3.08.

 

“Extension Period”
has the meaning specified in Section 3.08.

 

“Final Maturity”
has the meaning specified in Section 3.08.

 

“Foreign Currency”
means any Currency, including, without limitation, the ECU, issued by the government of one or more countries other than the United States
of America or by any recognized confederation or association of such governments.

 

“Government Obligations”
means securities that are (i) direct obligations of the United States of America or the government which issued the Foreign Currency
in which the Securities of a particular series are payable, for the payment of which its full faith and credit is pledged or (ii) obligations
of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America or such government
that issued the Foreign Currency in which the Securities of such series are payable, the timely payment of which is unconditionally guaranteed
as a full faith and credit obligation by the United States of America or such other government, which, in either case, are not callable
or redeemable at the option of the issuer thereof, and shall also include a depository receipt issued by a bank or trust company as custodian
with respect to any such Government Obligation or a specific payment of interest on or principal of any such Government Obligation held
by such custodian for the account of the holder of a depository receipt; provided that (except as required by law) such custodian is
not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the
custodian in respect of the Government Obligation or the specific payment of interest on or principal of the Government Obligation evidenced
by such depository receipt.

 

“Holder”
means, in the case of a Registered Security, the Person in whose name a Security is registered in the Security Register and, in the case
of a Bearer Security, the bearer thereof and, when used with respect to any coupon, shall mean the bearer thereof.

 

“Indenture”
means this instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental
hereto entered into pursuant to the applicable provisions hereof, and shall include the terms of particular series of Securities established
as contemplated by Section 3.01; provided, however, that, if at any time more than one Person is acting as Trustee
under this instrument, “Indenture” shall mean, with respect to any one or more series of Securities for which such Person
is Trustee, this instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures
supplemental hereto entered into pursuant to the applicable provisions hereof and shall include the terms of the or those particular
series of Securities for which such Person is Trustee established as contemplated by Section 3.01, exclusive, however, of any provisions
or terms that relate solely to other series of Securities for which such Person is not Trustee, regardless of when such terms or provisions
were adopted, and exclusive of any provisions or terms adopted by means of one or more indentures supplemental hereto executed and delivered
after such Person had become such Trustee but to which such Person, as such Trustee, was not a party.

 

    5

     

    

 

“Indexed Security”
means a Security as to which all or certain interest payments and/or the principal amount payable at Maturity are determined by reference
to prices, changes in prices, or differences between prices, of securities, Currencies, intangibles, goods, articles or commodities or
by such other objective price, economic or other measures as are specified in Section 3.01 hereof.

 

“Interest”,
when used with respect to an Original Issue Discount Security which by its terms bears interest only after Maturity, means interest payable
after Maturity, and, when used with respect to a Security which provides for the payment of Additional Amounts pursuant to Section 10.04,
includes such Additional Amounts.

 

“Interest Payment
Date”, when used with respect to any Security, means the Stated Maturity of an installment of interest on such Security.

 

“Junior Subordinated
Security” or “Junior Subordinated Securities” means any Security or Securities designated pursuant to Section 3.01
as a Junior Subordinated Security.

 

“Junior Subordinated
Indebtedness” means the principal of (and premium, if any) and unpaid interest on (a) indebtedness of the Company (including
indebtedness of others guaranteed by the Company), whether outstanding on the date hereof or thereafter created, incurred, assumed or
guaranteed, for money borrowed, which in the instrument creating or evidencing the same or pursuant to which the same is outstanding
it is provided that such indebtedness ranks junior in right of payment to the Company’s Senior Indebtedness and Senior Subordinated
Indebtedness and equally and pari passu in right of payment to any other Junior Subordinated Indebtedness, (b) Junior Subordinated
Securities, and (c) renewals, extensions, modifications and refinancings of any such indebtedness.

 

“Market Exchange
Rate” means, unless otherwise specified with respect to any Securities pursuant to Section 3.01, (i) for any conversion
involving a currency unit on the one hand and Dollars or any Foreign Currency on the other, the exchange rate between the relevant currency
unit and Dollars or such Foreign Currency calculated by the method specified pursuant to Section 3.01 for the Securities of the
relevant series, (ii) for any conversion of Dollars into any Foreign Currency, the noon buying rate for such Foreign Currency for
cable transfers quoted in New York City as certified for customs purposes by the Federal Reserve Bank of New York and (iii) for
any conversion of one Foreign Currency into Dollars or another Foreign Currency, the spot rate at noon local time in the relevant market
at which, in accordance with normal banking procedures, the Dollars or Foreign Currency into which conversion is being made could be
purchased with the Foreign Currency from which conversion is being made from major banks located in either New York City, London or any
other principal market for Dollars or such purchased Foreign Currency, in each case determined by the Exchange Rate Agent. Unless otherwise
specified with respect to any Securities pursuant to Section 3.01, in the event of the unavailability of any of the exchange rates
provided for in the foregoing clauses (i), (ii) and (iii), the Exchange Rate Agent shall use, in its sole discretion and without
liability on its part, such quotation of the Federal Reserve Bank of New York as of the most recent available date, or quotations from
one or more major banks in New York City, London or other principal market for such currency or currency unit in question, or such other
quotations as the Exchange Rate Agent shall deem appropriate. Unless otherwise specified by the Exchange Rate Agent, if there is more
than one market for dealing in any currency or currency unit by reason of foreign exchange regulations or otherwise, the market to be
used in respect of such currency or currency unit shall be that upon which a nonresident issuer of securities designated in such currency
or currency unit would purchase such currency or currency unit in order to make payments in respect of such securities as determined
by the Exchange Rate Agent, in its sole discretion.

 

    6

     

    

 

“Maturity”,
when used with respect to any Security, means the date on which the principal of such Security or an installment of principal becomes
due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, notice of redemption,
notice of option to elect repayment, notice of exchange or conversion or otherwise.

 

“Notice of Default”
has the meaning provided in Section 5.01.

 

“Officers’
Certificate” means a certificate signed by the Chairman, the President, the Chief Executive Officer or any Vice President and
by the Chief Financial Officer, the Chief Operating Officer, if any, the Secretary or an Assistant Secretary of the Company, and delivered
to the Trustee.

 

“Opinion of Counsel”
means a written opinion of counsel, who may be counsel for the Company or who may be an employee of or other counsel for the Company.

 

“Optional Reset
Date” has the meaning specified in Section 3.07(b).

 

“Original Issue
Discount Security” means any Security that provides for an amount less than the principal amount thereof to be due and payable
upon a declaration of acceleration of the Maturity thereof pursuant to Section 5.02.

 

“Original Stated
Maturity” has the meaning specified in Section 3.08.

 

“Outstanding”,
when used with respect to Securities or any series of Securities, means, as of the date of determination, all Securities or all Securities
of such series, as the case may be, theretofore authenticated and delivered under this Indenture, except:

 

(i)            Securities
theretofore cancelled by the Trustee or delivered to the Trustee for cancellation;

 

(ii)            Securities,
or portions thereof, for whose payment or redemption or repayment at the option of the Holder, money in the necessary amount has been
theretofore deposited with the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by
the Company (if the Company shall act as its own Paying Agent) for the Holders of such Securities and any coupons appertaining thereto,
provided that, if such Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture
or provision therefor satisfactory to the Trustee has been made;

 

(iii)            Securities,
except to the extent provided in Sections 14.02 and 14.03, with respect to which the Company has effected defeasance and/or covenant
defeasance as provided in Article Fourteen; and

 

    7

     

    

 

(iv)            Securities
that have been paid pursuant to Section 3.06 or in exchange for or in lieu of which other Securities have been authenticated and
delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to the Trustee
proof satisfactory to it that such Securities are held by a protected purchaser in whose hands such Securities are valid obligations
of the Company;

 

provided, however, that in determining
whether the Holders of the requisite principal amount of the Outstanding Securities have given any request, demand, authorization, direction,
notice, consent or waiver hereunder or are present at a meeting of Holders for quorum purposes, and for the purpose of making the calculations
required by TIA Section 313, (i) the principal amount of an Original Issue Discount Security that may be counted in making
such determination or calculation and that shall be deemed to be Outstanding for such purpose shall be equal to the amount of principal
thereof that would be (or shall have been declared to be) due and payable, at the time of such determination, upon a declaration of acceleration
of the Maturity thereof pursuant to Section 5.02, (ii) the principal amount of any Security denominated in a Foreign Currency
that may be counted in making such determination or calculation and that shall be deemed Outstanding for such purpose shall be equal
to the Dollar equivalent, determined as of the date such Security is originally issued by the Company as set forth in an Exchange Rate
Officer’s Certificate delivered to the Trustee, of the principal amount (or, in the case of an Original Issue Discount Security
or Indexed Security, the Dollar equivalent as of such date of original issuance of the amount determined as provided in clause (i) above
or (iii) below, respectively) of such Security, (iii) the principal amount of any Indexed Security that may be counted in making
such determination or calculation and that shall be deemed outstanding for such purpose shall be equal to the principal face amount of
such Indexed Security at original issuance, unless otherwise provided with respect to such Security pursuant to Section 3.01, and
(iv) Securities owned by the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor
shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in making such
calculation or in relying upon any such request, demand, authorization, direction, notice, consent or waiver or upon any such determination
as to the presence of a quorum, only Securities which a Responsible Officer of the Trustee actually knows to be so owned shall be so
disregarded. Securities so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the
satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not the Company
or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor.

 

“Paying Agent”
means any Person authorized by the Company to pay the principal of (or premium, if any) or interest, if any, on any Securities or coupons
on behalf of the Company.

 

“Person”
means any individual, corporation, partnership, joint venture, association, joint-stock company, limited liability company, trust, unincorporated
organization or government or any agency or political subdivision thereof, or any other entity.

 

“Place of Payment”,
when used with respect to the Securities of or within any series, means the place or places where the principal of (and premium, if any)
and interest, if any, on such Securities are payable as specified and as contemplated by Sections 3.01 and 10.02.

 

    8

     

    

 

“Predecessor Security”
of any particular Security means every previous Security evidencing all or a portion of the same debt as that evidenced by such particular
Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 3.06 in exchange for
or in lieu of a mutilated, destroyed, lost or stolen Security or a Security to which a mutilated, destroyed, lost or stolen coupon appertains
shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Security or the Security to which the mutilated,
destroyed, lost or stolen coupon appertains.

 

“Redemption Date”,
when used with respect to any Security to be redeemed, in whole or in part, means the date fixed for such redemption by or pursuant to
this Indenture.

 

“Redemption Price”,
when used with respect to any Security to be redeemed, means the price at which it is to be redeemed pursuant to this Indenture.

 

“Registered Security”
means any Security that is registered in the Security Register.

 

“Regular Record
Date” for the interest payable on any Interest Payment Date on the Registered Securities of or within any series means the
date specified for that purpose as contemplated by Section 3.01, whether or not a Business Day.

 

“Repayment Date”
means, when used with respect to any Security to be repaid at the option of the Holder, means the date fixed for such repayment by or
pursuant to this Indenture.

 

“Repayment Price”
means, when used with respect to any Security to be repaid at the option of the Holder, means the price at which it is to be repaid by
or pursuant to this Indenture.

 

“Reset Notice”
has the meaning specified in Section 3.07(b).

 

“Responsible Officer”,
when used with respect to the Trustee, means any officer of the Trustee assigned by the Trustee to administer its corporate trust matters
and who shall have direct responsibility for the administration of this Indenture.

 

“Security”
or “Securities” has the meaning stated in the first recital of this Indenture and, more particularly, means any Security
or Securities authenticated and delivered under this Indenture; provided, however, that, if at any time there is more than
one Person acting as Trustee under this Indenture, “Securities” with respect to the Indenture as to which such Person is
Trustee shall have the meaning stated in the first recital of this Indenture and shall more particularly mean Securities authenticated
and delivered under this Indenture, exclusive, however, of Securities of any series as to which such Person is not Trustee.

 

“Security Register”
and “Security Registrar” have the respective meanings specified in Section 3.05.

 

“Senior Indebtedness”
means the principal of (and premium, if any) and unpaid interest on (a) indebtedness of the Company (including indebtedness of others
guaranteed by the Company), whether outstanding on the date hereof or thereafter created, incurred, assumed or guaranteed, for money
borrowed, unless in the instrument creating or evidencing the same or under which the same is outstanding it is provided that such indebtedness
is not senior or prior in right of payment to Subordinated Indebtedness, (b) Senior Securities, and (c) renewals, extensions,
modifications and refinancings of any such indebtedness.

 

    9

     

    

 

“Senior Security”
or “Senior Securities” means any Security or Securities designated pursuant to Section 3.01 as a Senior Security.

 

“Senior Subordinated
Indebtedness” means the principal of (and premium, if any) and unpaid interest on (a) indebtedness of the Company (including
indebtedness of others guaranteed by the Company), whether outstanding on the date hereof or thereafter created, incurred, assumed or
guaranteed, for money borrowed, that in the instrument creating or evidencing the same or pursuant to which the same is outstanding it
is provided that such indebtedness ranks junior in right of payment to the Company’s Senior Indebtedness, equally and pari passu
in right of payment with all other Senior Subordinated Indebtedness and senior in right of payment to any Junior Subordinated Indebtedness,
(b) Senior Subordinated Securities, and (c) renewals, extensions, modifications and refinancings of any such indebtedness.

 

“Senior Subordinated
Security” or “Senior Subordinated Securities” means any Security or Securities designated pursuant to Section 3.01
as a Senior Subordinated Security.

 

“Special Record
Date” for the payment of any Defaulted Interest on the Registered Securities of or within any series means a date fixed by
the Trustee pursuant to Section 3.07.

 

“Specified Amount”
has the meaning specified in Section 3.12(h).

 

“Stated Maturity”,
when used with respect to any Security or any installment of principal thereof or interest thereon, means the date specified in such
Security or a coupon representing such installment of interest as the fixed date on which the principal of such Security or such installment
of principal or interest is due and payable, as such date may be extended pursuant to the provisions of Section 3.08.

 

“Subordinated Indebtedness”
means any Senior Subordinated Indebtedness or Junior Subordinated Indebtedness.

 

“Subsequent Interest
Period” has the meaning specified in Section 3.07(b).

 

“Subsidiary”
means (1) any corporation a majority of the outstanding voting stock of which is owned, directly or indirectly, by the Company or
by one or more other Subsidiaries of the Company, (2) any other Person (other than a corporation) in which such Person, one or more
Subsidiaries of such Person, or such Person and one or more Subsidiaries of such Person, directly or indirectly, at the date of determination
thereof has a majority ownership interest, or (3) a partnership in which such Person or a Subsidiary of such Person is, at the time,
a general partner and in which such Person, directly or indirectly, at the date of determination thereof has a majority ownership interest.
For the purposes of this definition, “voting stock” means stock having voting power for the election of directors, whether
at all times or only so long as no senior class of stock has such voting power by reason of any contingency.

 

“Trust Indenture
Act” or “TIA” means the Trust Indenture Act of 1939, as amended, as in force at the date as of which this
Indenture was executed, except as provided in Section 9.05.

 

    10

     

    

 

“Trustee”
means the Person named as the “Trustee” in the first paragraph of this Indenture until a successor Trustee shall have become
such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each Person
who is then a Trustee hereunder; provided, however, that if at any time there is more than one such Person, “Trustee”
as used with respect to the Securities of any series shall mean only the Trustee with respect to Securities of that series.

 

“United States”
means, unless otherwise specified with respect to any Securities pursuant to Section 3.01, the United States of America (including
the states and the District of Columbia), its territories, its possessions and other areas subject to its jurisdiction.

 

“United States person”
means, unless otherwise specified with respect to any Securities pursuant to Section 3.01, any individual who is a citizen or resident
of the United States, a corporation, partnership or other entity created or organized in or under the laws of the United States, any
state thereof or the District of Columbia (other than a partnership that is not treated as a United States Person under any applicable
Treasury regulations), any estate the income of which is subject to United States federal income taxation regardless of its source, or
any trust if a court within the United States is able to exercise primary supervision over the administration of the trust and one or
more United States persons have the authority to control all substantial decisions of the trust. Notwithstanding the preceding sentence,
to the extent provided in the Treasury regulations, certain trusts in existence on August 20, 1996, and treated as United States
persons prior to such date that elect to continue to be treated as United States Persons, will also be United States persons.

 

“Valuation Date”
has the meaning specified in Section 3.12(c).

 

“Yield to Maturity”
means the yield to maturity, computed at the time of issuance of a Security (or, if applicable, at the most recent redetermination of
interest on such Security) and as set forth in such Security in accordance with generally accepted United States bond yield computation
principles.

 

Section 1.02     Compliance
Certificates.

 

Upon any application or request
by the Company to the Trustee to take any action under any provision of this Indenture, the Company shall furnish to the Trustee an Officers’
Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied
with and an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied
with, except that in the case of any such application or request as to which the furnishing of such documents is specifically required
by any provision of this Indenture relating to such particular application or request, no additional certificate or opinion need be furnished.

 

Every certificate or opinion
with respect to compliance with a condition or covenant provided for in this Indenture (other than pursuant to Section 10.05) shall
include:

 

(a)            a
statement that each individual signing such certificate or opinion has read such condition or covenant and the definitions herein relating
thereto;

 

(b)            a
brief statement as to the nature and scope of the examination or investigation upon which the statements contained in such certificate
are based;

 

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(c)            a
statement that such individual signing the certificate or opinion has made such examination or investigation as is necessary to enable
such individual to express an informed belief as to whether or not such condition or covenant has been complied with; and

 

(d)            a
statement as to whether such individual believes such condition or covenant has been complied with.

 

Section 1.03     Form of
Documents Delivered to Trustee.

 

In any case where several
matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters
be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but
one such Person may certify or give an opinion as to some matters and one or more other such Persons as to other matters, and any such
Person may certify or give an opinion as to such matters in one or several documents.

 

Any certificate or opinion
of an officer of the Company may be based, insofar as it relates to legal matters, upon an Opinion of Counsel, or a certificate or representations
by counsel, unless such officer knows, or in the exercise of reasonable care should know, that the opinion, certificate or representations
with respect to the matters upon which his certificate or opinion is based are erroneous. Any such Opinion of Counsel or certificate
or representations may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an
officer or officers of the Company stating that the information as to such factual matters is in the possession of the Company, unless
such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations as to such
matters are erroneous.

 

Where any Person is required
to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under
this Indenture, they may, but need not, be consolidated and form one instrument.

 

Section 1.04     Acts
of Holders.

 

(a)            Any
request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by
Holders of the Outstanding Securities of all series or one or more series, as the case may be, may be embodied in and evidenced by one
or more instruments of substantially similar tenor signed by such Holders in person or by agents duly appointed in writing. If Securities
of a series are issuable as Bearer Securities, any request, demand, authorization, direction, notice, consent, waiver or other action
provided by this Indenture to be given or taken by Holders of Securities of such series may, alternatively, be embodied in and evidenced
by the record of Holders of Securities of such series voting in favor thereof, either in person or by proxies duly appointed in writing,
at any meeting of Holders of Securities of such series duly called and held in accordance with the provisions of Article Fifteen,
or a combination of such instruments and any such record. Except as herein otherwise expressly provided, such action shall become effective
when such instrument or instruments or record or both are delivered to the Trustee and, where it is hereby expressly required, to the
Company. Such instrument or instruments and any such record (and the action embodied therein and evidenced thereby) are herein sometimes
referred to as the “Act” of the Holders signing such instrument or instruments or so voting at any such meeting. Proof of
execution of any such instrument or of a writing appointing any such agent, or of the holding by any Person of a Security, shall be sufficient
for any purpose of this Indenture and conclusive in favor of the Trustee and the Company and any agent of the Trustee or the Company,
if made in the manner provided in this Section. The record of any meeting of Holders of Securities shall be proved in the manner provided
in Section 15.06.

 

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(b)            The
fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution
or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual
signing such instrument or writing acknowledged to him or her the execution thereof. Where such execution is by a signer acting in a
capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his or her authority.
The fact and date of the execution of any such instrument or writing, or the authority of the Person executing the same, may also be
proved in any other manner that the Trustee deems reasonably sufficient.

 

(c)            The
ownership of Registered Securities shall be proved by the Security Register.

 

(d)            The
ownership of Bearer Securities may be proved by the production of such Bearer Securities or by a certificate executed, as depositary,
by any trust company, bank, banker or other depositary, wherever situated, if such certificate shall be deemed by the Trustee to be satisfactory,
showing that at the date therein mentioned such Person had on deposit with such depositary, or exhibited to it, the Bearer Securities
therein described; or such facts may be proved by the certificate or affidavit of the Person holding such Bearer Securities, if such
certificate or affidavit is deemed by the Trustee to be satisfactory. The Trustee and the Company may assume that such ownership of any
Bearer Security continues until (i) another certificate or affidavit bearing a later date issued in respect of the same Bearer Security
is produced, or (ii) such Bearer Security is produced to the Trustee by some other Person, or (iii) such Bearer Security is
surrendered in exchange for a Registered Security, or (iv) such Bearer Security is no longer Outstanding. The ownership of Bearer
Securities may also be proved in any other manner that the Trustee deems reasonably sufficient.

 

(e)            If
the Company shall solicit from the Holders of Registered Securities any request, demand, authorization, direction, notice, consent, waiver
or other Act, the Company may, at its option, in or pursuant to a Board Resolution, fix in advance a record date for the determination
of Holders entitled to give such request, demand, authorization, direction, notice, consent, waiver or other Act, but the Company shall
have no obligation to do so. Notwithstanding TIA Section 316(c), such record date shall be the record date specified in or pursuant
to such Board Resolution, which shall be a date not earlier than the date 30 days prior to the first solicitation of Holders generally
in connection therewith and not later than the date such solicitation is completed. If such a record date is fixed, such request, demand,
authorization, direction, notice, consent, waiver or other Act may be given before or after such record date, but only the Holders of
record at the close of business on such record date shall be deemed to be Holders for the purposes of determining whether Holders of
the requisite proportion of Outstanding Securities have authorized or agreed or consented to such request, demand, authorization, direction,
notice, consent, waiver or other Act, and for that purpose the Outstanding Securities shall be computed as of such record date; provided
that no such authorization, agreement or consent by the Holders on such record date shall be deemed effective unless it shall become
effective pursuant to the provisions of this Indenture not later than eleven months after the record date.

 

    13

     

    

 

(f)            Any
request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Security shall bind every future
Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange therefor
or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee, any Security Registrar, any Paying Agent,
any Authenticating Agent or the Company in reliance thereon, whether or not notation of such action is made upon such Security.

 

Section 1.05     Notices,
Etc., to Trustee and Company.

 

Any request, demand, authorization,
direction, notice, consent, waiver or Act of Holders or other document provided or permitted by this Indenture to be made upon, given
or furnished to, or filed with,

 

(i)            the
Trustee by any Holder or by the Company shall be sufficient for every purpose hereunder if in writing and mailed, first-class postage
prepaid or sent via overnight courier guaranteeing next day delivery or same day messenger service to the Trustee at its Corporate Trust
Office, Attention: Ares Commercial Real Estate Corporation [identify Securities], or

 

(ii)            the
Company by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided)
if in writing and mailed, first-class postage prepaid, or sent via overnight courier guaranteeing next day delivery or same day messenger
service, to the Company, to the attention of its Chief Financial Officer at 245 Park Avenue, 44th Floor, New York, New York 10167.

 

The Company or the Trustee,
by notice to the other, may designate additional or different addresses for subsequent notices or communications.

 

All notices and communications
(other than those sent to Holders) shall be deemed to have been duly given: (i) at the time delivered by hand, if personally delivered;
(ii) five Business Days after being deposited in the mail, postage prepaid; and (iii) the next Business Day after timely delivery
to the courier, if sent by overnight air courier guaranteeing next day delivery.

 

Section 1.06     Notice
to Holders; Waiver.

 

Where this Indenture provides
for notice of any event to Holders of Registered Securities by the Company or the Trustee, such notice shall be sufficiently given (unless
otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, or by overnight courier guaranteeing next
day delivery to each such Holder affected by such event, at his address as it appears in the Security Register, not later than the latest
date, and not earlier than the earliest date, prescribed for the giving of such notice. Any notice or communication shall also be so
mailed to any Person described in TIA Section 313(c), to the extent required by the TIA. In any case where notice to Holders of
Registered Securities is given by mail or by overnight courier guaranteeing next day delivery, neither the failure to mail such notice,
nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders
of Registered Securities or the sufficiency of any notice to Holders of Bearer Securities given as provided herein. Any notice mailed
or sent to a Holder in the manner herein prescribed shall be conclusively deemed to have been received by such Holder, whether or not
such Holder actually receives such notice.

 

    14

     

    

 

 

If by reason of the suspension
of or irregularities in regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then
such notification to Holders of Registered Securities as shall be made with the approval of the Trustee shall constitute a sufficient
notification to such Holders for every purpose hereunder.

 

Except as otherwise expressly
provided herein or otherwise specified with respect to any Securities pursuant to Section 3.01, where this Indenture provides for
notice to Holders of Bearer Securities of any event, such notice shall be sufficiently given if published in an Authorized Newspaper
in The City of New York and in such other city or cities as may be specified in such Securities on a Business Day, such publication to
be not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. Any such notice
shall be deemed to have been given on the date of such publication or, if published more than once, on the date of the first such publication.

 

If by reason of the suspension
of publication of any Authorized Newspaper or Authorized Newspapers or by reason of any other cause it shall be impracticable to publish
any notice to Holders of Bearer Securities as provided above, then such notification to Holders of Bearer Securities as shall be given
with the approval of the Trustee shall constitute sufficient notice to such Holders for every purpose hereunder. Neither the failure
to give notice by publication to Holders of Bearer Securities as provided above, nor any defect in any notice so published, shall affect
the sufficiency of such notice with respect to other Holders of Bearer Securities or the sufficiency of any notice to Holders of Registered
Securities given as provided herein.

 

Any request, demand, authorization,
direction, notice, consent or waiver required or permitted under this Indenture shall be in the English language, except that any published
notice may be in an official language of the country of publication.

 

Where this Indenture provides
for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after
the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but
such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.

 

Section 1.07     Effect
of Headings and Table of Contents.

 

The Article and Section headings
herein and the Table of Contents are for convenience only and shall not affect the construction hereof.

 

Section 1.08     Successors
and Assigns.

 

All covenants and agreements
in this Indenture by the Company shall bind its successors and assigns, whether so expressed or not.

 

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Section 1.09     Separability
Clause.

 

In case any provision in
this Indenture or in any Security or coupon shall be invalid, illegal or unenforceable, the validity, legality and enforceability of
the remaining provisions shall not in any way be affected or impaired thereby.

 

Section 1.10     Benefits
of Indenture.

 

Nothing in this Indenture
or in the Securities or coupons, express or implied, shall give to any Person, other than the parties hereto, any Security Registrar,
any Paying Agent, any Authenticating Agent and their successors hereunder and the Holders any benefit or any legal or equitable right,
remedy or claim under this Indenture.

 

Section 1.11     Governing
Law.

 

This Indenture and the Securities
and coupons shall be governed by and construed in accordance with the law of the State of New York without regard to principles of conflicts
of laws that would cause the application of laws of another jurisdiction. This Indenture is subject to the provisions of the Trust Indenture
Act that are required to be part of this Indenture and shall, to the extent applicable, be governed by such provisions.

 

Section 1.12     Legal
Holidays.

 

In any case where any Interest
Payment Date, Redemption Date, Repayment Date, sinking fund payment date, Stated Maturity or Maturity of any Security shall not be a
Business Day at any Place of Payment, then (notwithstanding any other provision of this Indenture or any Security or coupon other than
a provision in the Securities of any series which specifically states that such provision shall apply in lieu of this Section), payment
of principal (or premium, if any) or interest, if any, need not be made at such Place of Payment on such date, but may be made on the
next succeeding Business Day at such Place of Payment with the same force and effect as if made on the Interest Payment Date, Redemption
Date, Repayment Date or sinking fund payment date, or at the Stated Maturity or Maturity; provided that no interest shall
accrue on the amount so payable for the period from and after such Interest Payment Date, Redemption Date, Repayment Date, sinking fund
payment date, Stated Maturity or Maturity, as the case may be.

 

Section 1.13     Submission
to Jurisdiction.

 

The Company hereby irrevocably
submits to the non-exclusive jurisdiction of any New York state or federal court sitting in The City of New York in any action or proceeding
arising out of or relating to the Indenture and the Securities of any series, and the Company hereby irrevocably agrees that all claims
in respect of such action or proceeding may be heard and determined in such New York state or federal court. The Company hereby irrevocably
waives, to the fullest extent it may effectively do so, the defense of an inconvenient forum to the maintenance of such action or proceeding.

 

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Article Two

 

SECURITIES FORMS

 

Section 2.01     Forms
of Securities.

 

The Registered Securities,
if any, of each series and the Bearer Securities, if any, of each series and related coupons, the temporary global Securities of each
series, if any, and the permanent global Securities of each series, if any, to be endorsed thereon shall be in substantially the forms
as shall be established in one or more indentures supplemental hereto or approved from time to time by or pursuant to a Board Resolution
in accordance with Section 3.01, shall have such appropriate insertions, omissions, substitutions and other variations as are required
or permitted by this Indenture or any indenture supplemental hereto, and may have such letters, numbers or other marks of identification
or designation and such legends or endorsements placed thereon as the Company may deem appropriate and as are not inconsistent with the
provisions of this Indenture, or as may be required to comply with any law or with any rule or regulation made pursuant thereto
or with any rule or regulation of any stock exchange on which the Securities may be listed, or to conform to usage.

 

Unless otherwise specified
as contemplated by Section 3.01, Bearer Securities shall have interest coupons attached.

 

The definitive Securities
and coupons shall be printed, lithographed or engraved or produced by any combination of these methods on a steel engraved border or
steel engraved borders or may be produced in any other manner, all as determined by the officers executing such Securities or coupons,
as evidenced by their execution of such Securities or coupons.

 

Section 2.02     Form of
Trustee’s Certificate of Authentication.

 

Subject to Section 6.11,
the Trustee’s certificate of authentication shall be in substantially the following form:

 

This is one of the Securities
of the series designated therein referred to in the within-mentioned Indenture.

 

	 	[               
    ], as Trustee
	 	 
	 	By:	 
	 	 	Authorized Officer

 

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Section 2.03     Securities
Issuable in Global Form.

 

If Securities of or within
a series are issuable in global form, as specified as contemplated by Section 3.01, then, notwithstanding the provisions of Section 3.02,
any such Security shall represent such of the Outstanding Securities of such series as shall be specified therein and may provide that
it shall represent the aggregate amount of Outstanding Securities of such series from time to time endorsed thereon and that the aggregate
amount of Outstanding Securities of such series represented thereby may from time to time be increased or decreased to reflect exchanges.
Any endorsement of a Security in global form to reflect the amount, or any increase or decrease in the amount, of Outstanding Securities
represented thereby shall be made by the Trustee or the Security Registrar in such manner and upon instructions given by such Person
or Persons as shall be specified therein or in the Company Order to be delivered to the Trustee pursuant to Section 3.03 or 3.04.
Subject to the provisions of Section 3.03 and, if applicable, Section 3.04, the Trustee or the Security Registrar shall deliver
and redeliver any Security in permanent global form in the manner and upon instructions given by the Person or Persons specified therein
or in the applicable Company Order. If a Company Order pursuant to Section 3.03 or 3.04 has been, or simultaneously is, delivered,
any instructions by the Company with respect to endorsement, delivery or redelivery of a Security in global form shall be in writing
but need not comply with Section 1.02 and need not be accompanied by an Opinion of Counsel.

 

The provisions of the last
sentence of Section 3.03 shall apply to any Security represented by a Security in global form if such Security was never issued
and sold by the Company and the Company delivers to the Trustee or the Security Registrar the Security in global form together with written
instructions (which need not comply with Section 1.02 and need not be accompanied by an Opinion of Counsel) with regard to the reduction
in the principal amount of Securities represented thereby, together with the written statement contemplated by the last sentence of Section 3.03.

 

Notwithstanding the provisions
of Section 3.07, unless otherwise specified as contemplated by Section 3.01, payment of principal of (and premium, if any)
and interest, if any, on any Security in permanent global form shall be made to the Person or Persons specified therein.

 

Notwithstanding the provisions
of Section 3.09 and except as provided in the preceding paragraph, the Company, the Trustee and any agent of the Company and the
Trustee shall treat as the Holder of such principal amount of Outstanding Securities represented by a permanent global Security (i) in
the case of a permanent global Security in registered form, the Holder of such permanent global Security in registered form, or (ii) in
the case of a permanent global Security in bearer form, Euroclear or Clearstream.

 

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Article Three

 

THE SECURITIES

 

Section 3.01     Amount
Unlimited; Issuable in Series.

 

The aggregate principal amount
of Securities which may be authenticated and delivered under this Indenture is unlimited.

 

The Securities may be issued
in one or more series and shall be designated as Senior Securities, Senior Subordinated Securities or Junior Subordinated Securities.
Senior Securities are unsubordinated, shall rank equally and pari passu with all of the Company’s Senior Indebtedness and
senior to all Subordinated Securities. Senior Subordinated Securities shall rank junior to the Company’s Senior Indebtedness, equally
and pari passu with all other Senior Subordinated Indebtedness and senior to any Junior Subordinated Indebtedness. Junior Subordinated
Securities shall rank junior to the Company’s Senior Indebtedness and any Senior Subordinated Indebtedness and equally and pari
passu with all other Junior Subordinated Indebtedness. There shall be established in one or more Board Resolutions or pursuant to
authority granted by one or more Board Resolutions and, subject to Section 3.03, set forth, or determined in the manner provided,
in an Officers’ Certificate, or established in one or more indentures supplemental hereto, prior to the issuance of Securities
of any series, any or all of the following, as applicable (each of which (except for the matters set forth in clauses (i), (ii) and
(xv) below), if so provided, may be determined from time to time by the Company with respect to unissued Securities of the series
when issued from time to time):

 

(i)            the
title of the Securities of the series including CUSIP numbers (which shall distinguish the Securities of such series from all other series
of Securities);

 

(ii)           any
limit upon the aggregate principal amount of the Securities of the series that may be authenticated and delivered under this Indenture
(except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities
of the series pursuant to Section 3.04, 3.05, 3.06, 9.06, 11.07 or 13.05, and except for any Securities which, pursuant to Section 3.03,
are deemed never to have been authenticated and delivered hereunder);

 

(iii)          the
date or dates, or the method by which such date or dates will be determined or extended, on which the principal of the Securities of
the series shall be payable;

 

(iv)          the
rate or rates at which the Securities of the series shall bear interest, if any, or the method by which such rate or rates shall be determined,
the date or dates from which such interest shall accrue or the method by which such date or dates shall be determined, the Interest Payment
Dates on which such interest will be payable and the Regular Record Date, if any, for the interest payable on any Registered Security
on any Interest Payment Date, or the method by which such date shall be determined, and the basis upon which such interest shall be calculated
if other than that of a 360-day year of twelve 30-day months;

 

(v)           the
place or places, if any, other than or in addition to the Borough of Manhattan, The City of New York, where the principal of (and premium,
if any) and interest, if any, on Securities of the series shall be payable, any Registered Securities of the series may be surrendered
for registration of transfer, Securities of the series may be surrendered for exchange, where Securities of that series that are convertible
or exchangeable may be surrendered for conversion or exchange, as applicable, and where notices or demands to or upon the Company in
respect of the Securities of the series and this Indenture may be served;

 

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(vi)          the
period or periods within which, or the date or dates on which, the price or prices at which, the Currency or Currencies in which, and
other terms and conditions upon which Securities of the series may be redeemed, in whole or in part, at the option of the Company, if
the Company is to have the option;

 

(vii)         the
obligation, if any, of the Company to redeem, repay or purchase Securities of the series pursuant to any sinking fund or analogous provision
or at the option of a Holder thereof, and the period or periods within which or the date or dates on which, the price or prices at which,
the Currency or Currencies in which, and other terms and conditions upon which Securities of the series shall be redeemed, repaid or
purchased, in whole or in part, pursuant to such obligation;

 

(viii)        if
other than denominations of $1,000 and any integral multiple thereof, the denomination or denominations in which any Registered Securities
of the series shall be issuable and, if other than denominations of $5,000, the denomination or denominations in which any Bearer Securities
of the series shall be issuable;

 

(ix)           if
other than the Trustee, the identity of each Security Registrar and/or Paying Agent;

 

(x)            if
other than the principal amount thereof, the portion of the principal amount of Securities of the series that shall be payable upon declaration
of acceleration of the Maturity thereof pursuant to Section 5.02, upon redemption of the Securities of the series which are redeemable
before their Stated Maturity, upon surrender for repayment at the option of the Holder, or which the Trustee shall be entitled to claim
pursuant to Section 5.04 or the method by which such portion shall be determined;

 

(xi)          if
other than Dollars, the Currency or Currencies in which payment of the principal of (or premium, if any) or interest, if any, on the
Securities of the series shall be made or in which the Securities of the series shall be denominated and the particular provisions applicable
thereto in accordance with, in addition to or in lieu of any of the provisions of Section 3.12;

 

(xii)         whether
the amount of payments of principal of (or premium, if any) or interest, if any, on the Securities of the series may be determined with
reference to an index, formula or other method (which index, formula or method may be based, without limitation, on one or more Currencies,
commodities, equity indices or other indices), and the manner in which such amounts shall be determined;

 

(xiii)        whether
the principal of (or premium, if any) or interest, if any, on the Securities of the series are to be payable, at the election of the
Company or a Holder thereof, in one or more Currencies other than that in which such Securities are denominated or stated to be payable,
the period or periods within which (including the Election Date), and the terms and conditions upon which, such election may be made,
and the time and manner of determining the exchange rate between the Currency or Currencies in which such Securities are denominated
or stated to be payable and the Currency or Currencies in which such Securities are to be paid, in each case in accordance with, in addition
to or in lieu of any of the provisions of Section 3.12;

 

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(xiv)        provisions,
if any, granting special rights to the Holders of Securities of the series, including, without limitation, with respect to any collateral
securing such Securities;

 

(xv)         any
deletions from, modifications of or additions to the Events of Default or covenants (including any deletions from, modifications of or
additions to any of the provisions of Section 10.07) of the Company with respect to Securities of the series, whether or not such
Events of Default or covenants are consistent with the Events of Default or covenants set forth herein;

 

(xvi)        whether
Securities of the series are to be issuable as Registered Securities, Bearer Securities (with or without coupons) or both, any restrictions
applicable to the offer, sale or delivery of Bearer Securities and the terms upon which Bearer Securities of the series may be exchanged
for Registered Securities of the series and vice versa (if permitted by applicable laws and regulations), whether any Securities of the
series are to be issuable initially in temporary global form with or without coupons and whether any Securities of the series are to
be issuable in permanent global form with or without coupons and, if so, whether beneficial owners of interests in any such permanent
global Security may exchange such interests for Securities of such series in certificated form and of like tenor of any authorized form
and denomination and the circumstances under which any such exchanges may occur, if other than in the manner provided in Section 3.05,
whether Registered Securities of the series may be exchanged for Bearer Securities of the series (if permitted by applicable laws and
regulations), whether Bearer Securities of the series may be exchanged for Registered Securities of the series, and the circumstances
under which and the place or places where such exchanges may be made and if Securities of the series are to be issuable as a global Security,
the identity of the depository for such series;

 

(xvii)       the
date as of which any Bearer Securities of the series and any temporary global Security representing Outstanding Securities of the series
shall be dated if other than the date of original issuance of the first Security of the series to be issued;

 

(xviii)      the
Person to whom any interest on any Registered Security of the series shall be payable, if other than the Person in whose name such Security
(or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, the manner
in which, or the Person to whom, any interest on any Bearer Security of the series shall be payable, if otherwise than upon presentation
and surrender of the coupons appertaining thereto as they severally mature, and the extent to which, or the manner in which, any interest
payable on a temporary global Security on an Interest Payment Date will be paid if other than in the manner provided in Section 3.04;
and the extent to which, or the manner in which, any interest payable on a permanent global Security on an Interest Payment Date will
be paid if other than in the manner provided in Section 3.07;

 

(xix)         the
applicability, if any, of Sections 14.02 and/or 14.03 to the Securities of the series and any provisions in modification of, in addition
to or in lieu of any of the provisions of Article Fourteen;

 

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(xx)          if
the Securities of such series are to be issuable in definitive form (whether upon original issue or upon exchange of a temporary Security
of such series) only upon receipt of certain certificates or other documents or satisfaction of other conditions, then the form and/or
terms of such certificates, documents or conditions;

 

(xxi)         whether,
under what circumstances and the Currency in which, the Company will pay Additional Amounts as contemplated by Section 10.04 on
the Securities of the series to any Holder who is not a United States Person (including any modification to the definition of such term)
in respect of any tax, assessment or governmental charge and, if so, whether the Company will have the option to redeem such Securities
rather than pay such Additional Amounts (and the terms of any such option);

 

(xxii)        the
designation of the initial Exchange Rate Agent, if any;

 

(xxiii)       if
the Securities of the series are to be issued upon the exercise of warrants, the time, manner and place for such Securities to be authenticated
and delivered;

 

(xxiv)       if
the Securities of the series are to be convertible into or exchangeable for any securities of any Person (including the Company), the
terms and conditions upon which such Securities will be so convertible or exchangeable;

 

(xxv)       if
the Securities of the series are to be listed on a securities exchange, the name of such exchange; and

 

(xxvi)      any
other terms of the series (which terms shall not be inconsistent with the provisions of this Indenture or the requirements of the Trust
Indenture Act), including, but not limited to, secured Securities and guarantees of Securities.

 

All Securities of any one
series and the coupons appertaining to any Bearer Securities of such series shall be substantially identical except, in the case of Registered
Securities, as to denomination and except as may otherwise be provided in or pursuant to the Board Resolution referred to above (subject
to Section 3.03) and set forth in the Officers’ Certificate referred to above or in any such indenture supplemental hereto.
All Securities of any one series need not be issued at the same time and, unless otherwise provided, a series may be reopened, without
the consent of the Holders, for issuances of additional Securities of such series.

 

If any of the terms of the
Securities of any series are established by action taken pursuant to one or more Board Resolutions, a copy of an appropriate record of
such action(s) shall be certified by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior
to the delivery of the Officers’ Certificate setting forth the terms of the Securities of such series.

 

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Section 3.02     Denominations.

 

The Securities of each series
shall be issuable in such denominations as shall be specified as contemplated by Section 3.01. With respect to Securities of any
series denominated in Dollars, in the absence of any such provisions with respect to the Securities of any series, the Registered Securities
of such series, other than Registered Securities issued in global form (which may be of any denomination) shall be issuable in denominations
of $1,000 and any integral multiple thereof, and the Bearer Securities of such series, other than Bearer Securities issued in global
form (which may be of any denomination), shall be issuable in a denomination of $5,000.

 

Section 3.03     Execution,
Authentication, Delivery and Dating.

 

The Securities and any coupons
appertaining thereto shall be executed on behalf of the Company by its Chairman, the Chief Executive Officer, the Chief Financial Officer,
or its President or one of its Vice Presidents, and attested by its Secretary or one of its Assistant Secretaries. The signature of any
of these officers on the Securities and coupons may be manual or facsimile signatures of the present or any future such authorized officer
and may be imprinted or otherwise reproduced on the Securities.

 

Securities or coupons bearing
the manual or facsimile signatures of individuals who were at any time the proper officers of the Company shall bind the Company, notwithstanding
that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities or
did not hold such offices at the date of such Securities or coupons.

 

At any time and from time
to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series, together with any coupon
appertaining thereto, executed by the Company, to the Trustee for authentication, together with a Company Order for the authentication
and delivery of such Securities, and the Trustee in accordance with the Company Order shall authenticate and deliver such Securities;
provided, however, that, in connection with its original issuance, no Bearer Security shall be mailed or otherwise delivered
to any location in the United States; and provided further that, unless otherwise specified with respect to any series of Securities
pursuant to Section 3.01, a Bearer Security may be delivered in connection with its original issuance only if the Person entitled
to receive such Bearer Security shall have furnished a certificate in the form set forth in Exhibit A-1 to this Indenture or such
other certificate as may be specified with respect to any series of Securities pursuant to Section 3.01, dated no earlier than 15
days prior to the earlier of the date on which such Bearer Security is delivered and the date on which any temporary Security first becomes
exchangeable for such Bearer Security in accordance with the terms of such temporary Security and this Indenture. If any Security shall
be represented by a permanent global Bearer Security, then, for purposes of this Section and Section 3.04, the notation of
a beneficial owner’s interest therein upon original issuance of such Security or upon exchange of a portion of a temporary global
Security shall be deemed to be delivery in connection with its original issuance of such beneficial owner’s interest in such permanent
global Security. Except as permitted by Section 3.06, the Trustee shall not authenticate and deliver any Bearer Security unless
all appurtenant coupons for interest then matured have been detached and cancelled. If all the Securities of any series are not to be
issued at one time and if the Board Resolution or supplemental indenture establishing such series shall so permit, such Company Order
may set forth procedures acceptable to the Trustee for the issuance of such Securities and determining the terms of particular Securities
of such series, such as interest rate, maturity date, date of issuance and date from which interest shall accrue. In authenticating such
Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled
to receive, and (subject to TIA Section 315(a) through 315(d)) shall be fully protected in relying upon,

 

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(a)           an
Opinion of Counsel stating,

 

(i)            that
the form or forms of such Securities and any coupons have been established in conformity with the provisions of this Indenture;

 

(ii)           that
the terms of such Securities and any coupons have been established in conformity with the provisions of this Indenture; and

 

(iii)          that
such Securities, together with any coupons appertaining thereto, when completed by appropriate insertions and executed and delivered
by the Company to the Trustee for authentication in accordance with this Indenture, authenticated and delivered by the Trustee in accordance
with this Indenture and issued by the Company in the manner and subject to any conditions specified in such Opinion of Counsel, will
constitute legal, valid and binding obligations of the Company, enforceable in accordance with their terms, subject to applicable bankruptcy,
insolvency, reorganization and other similar laws of general applicability relating to or affecting the enforcement of creditors’
rights, to general equitable principles and to such other qualifications as such counsel shall conclude do not materially affect the
rights of Holders of such Securities and any coupons; and

 

(b)           an
Officers’ Certificate stating, to the best of the knowledge of the signers of such certificate, that no Event of Default with respect
to any of the Securities shall have occurred and be continuing.

 

Notwithstanding the provisions
of Section 3.01 and of this Section 3.03, if all the Securities of any series are not to be issued at one time, it shall not
be necessary to deliver an Officers’ Certificate otherwise required pursuant to Section 3.01 or the Company Order, Opinion
of Counsel or Officers’ Certificate otherwise required pursuant to the preceding paragraph at the time of issuance of each Security
of such series, but such order, opinion and certificates, with appropriate modifications to cover such future issuances, shall be delivered
at or before the time of issuance of the first Security of such series.

 

If such form or terms have
been so established, the Trustee shall not be required to authenticate such Securities if the issue of such Securities pursuant to this
Indenture will affect the Trustee’s own rights, duties, obligations or immunities under the Securities and this Indenture or otherwise
in a manner that is not reasonably acceptable to the Trustee. Notwithstanding the generality of the foregoing, the Trustee will not be
required to authenticate Securities denominated in a Foreign Currency if the Trustee reasonably believes that it would be unable to perform
its duties with respect to such Securities.

 

Each Registered Security
shall be dated the date of its authentication and each Bearer Security shall be dated as of the date specified as contemplated by Section 3.01.

 

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No Security or coupon shall
be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Security or Security
to which such coupon appertains a certificate of authentication substantially in the form provided for herein duly executed by the Trustee
or an Authenticating Agent by manual signature of an authorized signatory, and such certificate upon any Security shall be conclusive
evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder and is entitled to the benefits
of this Indenture. Notwithstanding the foregoing, if any Security shall have been authenticated and delivered hereunder but never issued
and sold by the Company, and the Company shall deliver such Security to the Trustee for cancellation as provided in Section 3.10
together with a written statement (which need not comply with Section 1.02 and need not be accompanied by an Opinion of Counsel)
stating that such Security has never been issued and sold by the Company, for all purposes of this Indenture such Security shall be deemed
never to have been authenticated and delivered hereunder and shall never be entitled to the benefits of this Indenture.

 

Section 3.04     Temporary
Securities.

 

(a)           Pending
the preparation of definitive Securities of any series, the Company may execute, and upon Company Order the Trustee shall authenticate
and deliver, temporary Securities that are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized
denomination, substantially of the tenor of the definitive Securities in lieu of which they are issued, in registered form, or, if authorized,
in bearer form with one or more coupons or without coupons, and with such appropriate insertions, omissions, substitutions and other
variations as the officers executing such Securities may determine, as conclusively evidenced by their execution of such Securities.
In the case of Securities of any series, such temporary Securities may be in global form.

 

Except in the case of temporary
Securities in global form (which shall be exchanged in accordance with Section 3.04(b) or as otherwise provided in or pursuant
to a Board Resolution), if temporary Securities of any series are issued, the Company will cause definitive Securities of that series
to be prepared without unreasonable delay. After the preparation of definitive Securities of such series, the temporary Securities of
such series shall be exchangeable for definitive Securities of such series upon surrender of the temporary Securities of such series
at the office or agency of the Company in a Place of Payment for that series, without charge to the Holder. Upon surrender for cancellation
of any one or more temporary Securities of any series (accompanied by any non-matured coupons appertaining thereto), the Company shall
execute and the Trustee shall authenticate and deliver in exchange therefor a like principal amount and like tenor of definitive Securities
of the same series of authorized denominations; provided, however, that no definitive Bearer Security shall be delivered
in exchange for a temporary Registered Security; and provided further that a definitive Bearer Security shall be delivered in
exchange for a temporary Bearer Security only in compliance with the conditions set forth in Section 3.03. Until so exchanged, the
temporary Securities of any series shall in all respects be entitled to the same benefits under this Indenture as definitive Securities
of such series.

 

(b)            Unless
otherwise provided in or pursuant to a Board Resolution, this Section 3.04(b) shall govern the exchange of temporary Bearer
Securities issued in global form. If temporary Bearer Securities of any series are issued in global form, any such temporary global Bearer
Security shall, unless otherwise provided therein, be delivered to the London office of a depositary or common depositary (the “Common
Depositary”), for the benefit of Euroclear and Clearstream, for credit to the respective accounts of the beneficial owners
of such Bearer Securities (or to such other accounts as they may direct).

 

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Without unnecessary delay
but in any event not later than the date specified in, or determined pursuant to the terms of, any such temporary global Bearer Security
(the “Exchange Date”), the Company shall deliver to the Trustee definitive Bearer Securities, in aggregate principal
amount equal to the principal amount of such temporary global Bearer Security, executed by the Company. On or after the Exchange Date,
such temporary global Bearer Security shall be surrendered by the Common Depositary to the Trustee, as the Company’s agent for
such purpose, or to the Security Registrar, to be exchanged, in whole or from time to time in part, for definitive Bearer Securities
without charge, and the Trustee shall authenticate and deliver, in exchange for each portion of such temporary global Bearer Security,
an equal aggregate principal amount of definitive Bearer Securities of the same series of authorized denominations and of like tenor
as the portion of such temporary global Bearer Security to be exchanged. The definitive Bearer Securities to be delivered in exchange
for any such temporary global Bearer Security shall be in bearer form, registered form, permanent global bearer form or permanent global
registered form, or any combination thereof, as specified as contemplated by Section 3.01, and, if any combination thereof is so
specified, as requested by the beneficial owner thereof; provided, however, that, unless otherwise specified in such temporary
global Bearer Security, upon such presentation by the Common Depositary, such temporary global Bearer Security is accompanied by a certificate
dated the Exchange Date or a subsequent date and signed by Euroclear as to the portion of such temporary global Bearer Security held
for its account then to be exchanged and a certificate dated the Exchange Date or a subsequent date and signed by Clearstream as to the
portion of such temporary global Bearer Security held for its account then to be exchanged, each in the form set forth in Exhibit A-2
to this Indenture or in such other form as may be established pursuant to Section 3.01; and provided further that definitive
Bearer Securities shall be delivered in exchange for a portion of a temporary global Bearer Security only in compliance with the requirements
of Section 3.03.

 

Unless otherwise specified
in such temporary global Bearer Security, the interest of a beneficial owner of Bearer Securities of a series in a temporary global Bearer
Security shall be exchanged for definitive Bearer Securities of the same series and of like tenor following the Exchange Date when the
account holder instructs Euroclear or Clearstream, as the case may be, to request such exchange on his behalf and delivers to Euroclear
or Clearstream, as the case may be, a certificate in the form set forth in Exhibit A-1 to this Indenture (or in such other form
as may be established pursuant to Section 3.01), dated no earlier than 15 days prior to the Exchange Date, copies of which certificate
shall be available from the offices of Euroclear and Clearstream, the Trustee, any Authenticating Agent appointed for such series of
Bearer Securities and each Paying Agent. Unless otherwise specified in such temporary global Bearer Security, any such exchange shall
be made free of charge to the beneficial owners of such temporary global Bearer Security, except that a Person receiving definitive Bearer
Securities must bear the cost of insurance, postage, transportation and the like unless such Person takes delivery of such definitive
Bearer Securities in person at the offices of Euroclear or Clearstream. Definitive Bearer Securities in bearer form to be delivered in
exchange for any portion of a temporary global Bearer Security shall be delivered only outside the United States.

 

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Until exchanged in full as
hereinabove provided, the temporary Bearer Securities of any series shall in all respects be entitled to the same benefits under this
Indenture as definitive Bearer Securities of the same series and of like tenor authenticated and delivered hereunder, except that, unless
otherwise specified as contemplated by Section 3.01, interest payable on a temporary global Bearer Security on an Interest Payment
Date for Bearer Securities of such series occurring prior to the applicable Exchange Date shall be payable to Euroclear and Clearstream
on such Interest Payment Date upon delivery by Euroclear and Clearstream to the Trustee or the applicable Paying Agent of a certificate
or certificates in the form set forth in Exhibit A-2 to this Indenture (or in such other forms as may be established pursuant to
Section 3.01), for credit without further interest on or after such Interest Payment Date to the respective accounts of Persons
who are the beneficial owners of such temporary global Bearer Security on such Interest Payment Date and who have each delivered to Euroclear
or Clearstream, as the case may be, a certificate dated no earlier than 15 days prior to the Interest Payment Date occurring prior to
such Exchange Date in the form set forth as Exhibit A-1 to this Indenture (or in such other forms as may be established pursuant
to Section 3.01). Notwithstanding anything to the contrary herein contained, the certifications made pursuant to this paragraph
shall satisfy the certification requirements of the preceding two paragraphs of this Section 3.04(b) and of the third paragraph
of Section 3.03 of this Indenture and the interests of the Persons who are the beneficial owners of the temporary global Bearer
Security with respect to which such certification was made will be exchanged for definitive Bearer Securities of the same series and
of like tenor on the Exchange Date or the date of certification if such date occurs after the Exchange Date, without further act or deed
by such beneficial owners. Except as otherwise provided in this paragraph, no payments of principal (or premium, if any) or interest,
if any, owing with respect to a beneficial interest in a temporary global Bearer Security will be made unless and until such interest
in such temporary global Bearer Security shall have been exchanged for an interest in a definitive Bearer Security. Any interest so received
by Euroclear and Clearstream and not paid as herein provided shall be returned to the Trustee or the applicable Paying Agent immediately
prior to the expiration of two years after such Interest Payment Date in order to be repaid to the Company.

 

Section 3.05     Registration,
Registration of Transfer and Exchange.

 

The Company shall cause to
be kept at the Corporate Trust Office of the Trustee or in any office or agency of the Company in a Place of Payment a register for each
series of Securities (the registers maintained in such office or in any such office or agency of the Company in a Place of Payment being
herein sometimes referred to collectively as the “Security Register”) in which, subject to such reasonable regulations
as it may prescribe, the Company shall provide for the registration of Registered Securities and of transfers of Registered Securities.
The Security Register shall be in written form or any other form capable of being converted into written form within a reasonable time.
The Trustee, at its Corporate Trust Office, is hereby initially appointed “Security Registrar” for the purpose of registering
Registered Securities and transfers of Registered Securities on such Security Register as herein provided, and for facilitating exchanges
of temporary global Securities for permanent global Securities or definitive Securities, or both, or of permanent global Securities for
definitive Securities, or both, as herein provided.

 

In the event that the Trustee
shall cease to be Security Registrar, it shall have the right to examine the Security Register at all reasonable times.

 

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Upon surrender for registration
of transfer of any Registered Security of any series at any office or agency of the Company in a Place of Payment for that series, the
Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or
more new Registered Securities of the same series, of any authorized denominations and of a like aggregate principal amount, bearing
a number not contemporaneously outstanding and containing identical terms and provisions.

 

At the option of the Holder,
Registered Securities of any series may be exchanged for other Registered Securities of the same series, of any authorized denomination
or denominations and of a like aggregate principal amount, containing identical terms and provisions, upon surrender of the Registered
Securities to be exchanged at any such office or agency. Whenever any Registered Securities are so surrendered for exchange, the Company
shall execute, and the Trustee shall authenticate and deliver, the Registered Securities that the Holder making the exchange is entitled
to receive. Unless otherwise specified with respect to any series of Securities as contemplated by Section 3.01, Bearer Securities
may not be issued in exchange for Registered Securities.

 

If (but only if) permitted
by the applicable Board Resolution and (subject to Section 3.03) set forth in the applicable Officers’ Certificate, or in
any indenture supplemental hereto, delivered as contemplated by Section 3.01, at the option of the Holder, Bearer Securities of
any series may be exchanged for Registered Securities of the same series of any authorized denominations and of a like aggregate principal
amount and tenor, upon surrender of the Bearer Securities to be exchanged at any such office or agency, with all unmatured coupons and
all matured coupons in default thereto appertaining. If the Holder of a Bearer Security is unable to produce any such unmatured coupon
or coupons or matured coupon or coupons in default, any such permitted exchange may be effected if the Bearer Securities are accompanied
by payment in funds acceptable to the Company in an amount equal to the face amount of such missing coupon or coupons, or the surrender
of such missing coupon or coupons may be waived by the Company and the Trustee if there is furnished to them such security or indemnity
as they may require to save each of them and any Paying Agent harmless. If thereafter the Holder of such Security shall surrender to
any Paying Agent any such missing coupon in respect of which such a payment shall have been made, such Holder shall be entitled to receive
the amount of such payment; provided, however, that, except as otherwise provided in Section 10.02, interest
represented by coupons shall be payable only upon presentation and surrender of those coupons at an office or agency located outside
the United States. Notwithstanding the foregoing, in case a Bearer Security of any series is surrendered at any such office or agency
in a permitted exchange for a Registered Security of the same series and like tenor after the close of business at such office or agency
on (i) any Regular Record Date and before the opening of business at such office or agency on the relevant Interest Payment Date,
or (ii) any Special Record Date and before the opening of business at such office or agency on the related proposed date for payment
of Defaulted Interest, such Bearer Security shall be surrendered without the coupon relating to such Interest Payment Date or proposed
date for payment, as the case may be, and interest or Defaulted Interest, as the case may be, will not be payable on such Interest Payment
Date or proposed date for payment, as the case may be, in respect of the Registered Security issued in exchange for such Bearer Security,
but will be payable only to the Holder of such coupon when due in accordance with the provisions of this Indenture.

 

Whenever any Securities are
so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Securities that the Holder
making the exchange is entitled to receive.

 

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Notwithstanding the foregoing,
except as otherwise specified as contemplated by Section 3.01, any permanent global Security shall be exchangeable only as provided
in this paragraph. If any beneficial owner of an interest in a permanent global Security is entitled to exchange such interest for Securities
of such series and of like tenor and principal amount of another authorized form and denomination, as specified as contemplated by Section 3.01
and provided that any applicable notice provided in the permanent global Security shall have been given, then without unnecessary delay
but in any event not later than the earliest date on which such interest may be so exchanged, the Company shall deliver to the Trustee
definitive Securities in aggregate principal amount equal to the principal amount of such beneficial owner’s interest in such permanent
global Security, executed by the Company. On or after the earliest date on which such interests may be so exchanged, such permanent global
Security shall be surrendered by the Common Depositary or such other depositary as shall be specified in the Company Order with respect
thereto to the Trustee, as the Company’s agent for such purpose, or to the Security Registrar, to be exchanged, in whole or from
time to time in part, for definitive Securities of the same series without charge and the Trustee shall authenticate and deliver, in
exchange for each portion of such permanent global Security, an equal aggregate principal amount of definitive Securities of the same
series of authorized denominations and of like tenor as the portion of such permanent global Security to be exchanged which, unless the
Securities of the series are not issuable both as Bearer Securities and as Registered Securities, in which case the definitive Securities
exchanged for the permanent global Security shall be issuable only in the form in which the Securities are issuable, as specified as
contemplated by Section 3.01, shall be in the form of Bearer Securities or Registered Securities, or any combination thereof, as
shall be specified by the beneficial owner thereof; provided, however, that no such exchanges may occur during a period
beginning at the opening of business 15 days before any selection of Securities to be redeemed and ending on the relevant Redemption
Date if the Security for which exchange is requested may be among those selected for redemption; and provided further that no
Bearer Security delivered in exchange for a portion of a permanent global Security shall be mailed or otherwise delivered to any location
in the United States. If a Registered Security is issued in exchange for any portion of a permanent global Security after the close of
business at the office or agency where such exchange occurs on (i) any Regular Record Date and before the opening of business at
such office or agency on the relevant Interest Payment Date, or (ii) any Special Record Date and before the opening of business
at such office or agency on the related proposed date for payment of Defaulted Interest or interest, as the case may be, will not be
payable on such Interest Payment Date or proposed date for payment, as the case may be, in respect of such Registered Security, but will
be payable on such Interest Payment Date or proposed date for payment, as the case may be, only to the Person to whom interest in respect
of such portion of such permanent global Security is payable in accordance with the provisions of this Indenture.

 

All Securities issued upon
any registration of transfer or exchange of Securities shall be valid obligations of the Company, evidencing the same debt and entitled
to the same benefits under this Indenture, as the Securities surrendered upon such registration of transfer or exchange.

 

Every Registered Security
presented or surrendered for registration of transfer or for exchange shall (if so required by the Company or the Security Registrar
or any transfer agent) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company and
the Security Registrar, duly executed by the Holder thereof or his attorney or any transfer agent duly authorized in writing.

 

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No service charge shall be
made for any registration of transfer or exchange of Securities, but the Company or the Trustee may require payment of a sum sufficient
to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Securities,
other than exchanges pursuant to Section 3.04, 9.06, 11.07 or 13.05 not involving any transfer.

 

If at any time the Depositary
for any permanent global Registered Securities of any series notifies the Company that it is unwilling or unable to continue as Depositary
for such permanent global Registered Securities or if at any time the Depositary for such permanent global Registered Securities shall
no longer be eligible to so continue under applicable law, the Company shall appoint a successor Depositary eligible under applicable
law with respect to such permanent global Registered Securities. If a successor Depositary eligible under applicable law for such global
Registered Securities is not appointed by the Company within 90 days after the Company receives such notice or becomes aware of such
ineligibility or if there has occurred and is continuing an Event of Default with respect to the Securities of any series, the Company
will execute, and the Trustee, upon receipt of the Company Order for the authentication and delivery of definitive Registered Securities
of such series and tenor, will authenticate and deliver such definitive Registered Securities of such series and tenor, in any authorized
denominations, in an aggregate principal amount equal to the principal amount of such permanent global Registered Securities, in exchange
for such permanent global Registered Securities. The Company shall not be required (i) to issue, register the transfer of or exchange
any Security if such Security may be among those selected for redemption during a period beginning at the opening of business 15 days
before selection of the Securities to be redeemed under Section 11.03 and ending at the close of business on (A) if such Securities
are issuable only as Registered Securities, the day of the mailing of the relevant notice of redemption and (B) if such Securities
are issuable as Bearer Securities, the day of the first publication of the relevant notice of redemption or, if such Securities are also
issuable as Registered Securities and there is no publication, the mailing of the relevant notice of redemption, or (ii) to register
the transfer of or exchange any Registered Security so selected for redemption in whole or in part, except, in the case of any Registered
Security to be redeemed in part, the portion thereof not to be redeemed, or (iii) to exchange any Bearer Security so selected for
redemption except that such a Bearer Security may be exchanged for a Registered Security of that series and like tenor, provided that
such Registered Security shall be simultaneously surrendered for redemption, or (iv) to issue, register the transfer of or exchange
any Security that has been surrendered for repayment at the option of the Holder, except the portion, if any, of such Security not to
be so repaid.

 

Section 3.06     Mutilated,
Destroyed, Lost and Stolen Securities.

 

If any mutilated Security
or a Security with a mutilated coupon appertaining to it is surrendered to the Trustee or the Company, together with, in proper cases,
such security or indemnity as may be required by the Company or the Trustee to save each of them or any agent of either of them harmless,
the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security of the same series and principal
amount, containing identical terms and provisions and bearing a number not contemporaneously outstanding, with coupons corresponding
to the coupons, if any, appertaining to the surrendered Security.

 

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If there shall be delivered
to the Company and to the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security or coupon,
and (ii) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then,
in the absence of notice to the Company or the Trustee that such Security or coupon has been acquired by a protected purchaser, the Company
shall, subject to the following paragraph, execute and upon its request the Trustee shall authenticate and deliver, in lieu of any such
destroyed, lost or stolen Security or in exchange for the Security to which a destroyed, lost or stolen coupon appertains (with all appurtenant
coupons not destroyed, lost or stolen), a new Security of the same series and principal amount, containing identical terms and provisions
and bearing a number not contemporaneously outstanding, with coupons corresponding to the coupons, if any, appertaining to such destroyed,
lost or stolen Security or to the Security to which such destroyed, lost or stolen coupon appertains.

 

Notwithstanding the provisions
of the previous two paragraphs, in case any such mutilated, destroyed, lost or stolen Security or coupon has become or is about to become
due and payable, the Company in its discretion may, instead of issuing a new Security, with coupons corresponding to the coupons, if
any, appertaining to such mutilated, destroyed, lost or stolen Security or to the Security to which such mutilated, destroyed, lost or
stolen coupon appertains, pay such Security or coupon, as the case may be; provided, however, that payment of principal
of (and premium, if any) and interest, if any, on Bearer Securities shall, except as otherwise provided in Section 10.02, be payable
only at an office or agency located outside the United States and, unless otherwise specified as contemplated by Section 3.01, any
interest on Bearer Securities shall be payable only upon presentation and surrender of the coupons appertaining thereto.

 

Upon the issuance of any
new Security under this Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge
that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith.

 

Every new Security of any
series with its coupons, if any, issued pursuant to this Section in lieu of any destroyed, lost or stolen Security, or in exchange
for a Security to which a destroyed, lost or stolen coupon appertains, shall constitute an original additional contractual obligation
of the Company, whether or not the destroyed, lost or stolen Security and its coupons, if any, or the destroyed, lost or stolen coupon
shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with
any and all other Securities of that series and their coupons, if any, duly issued hereunder.

 

The provisions of this Section are
exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Securities or coupons.

 

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Section 3.07     Payment
of Interest; Interest Rights Preserved; Optional Interest Reset.

 

(a)           Except
as otherwise specified with respect to a series of Securities in accordance with the provisions of Section 3.01, interest, if any,
on any Registered Security that is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to
the Person in whose name that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular
Record Date for such interest at the office or agency of the Company maintained for such purpose pursuant to Section 10.02; provided,
however, that each installment of interest, if any, on any Registered Security may at the Company’s option be paid by (i) mailing
a check for such interest, payable to or upon the written order of the Person entitled thereto pursuant to Section 3.09, to the
address of such Person as it appears on the Security Register or (ii) transfer to an account maintained by the payee located in
the United States.

 

Unless otherwise provided
as contemplated by Section 3.01 with respect to the Securities of any series, payments of interest, if any, may be made, in the
case of a Bearer Security, by transfer to an account maintained by the payee with a bank located outside the United States.

 

Unless otherwise provided
as contemplated by Section 3.01, every permanent global Bearer Security will provide that interest, if any, payable on any Interest
Payment Date will be paid to each of Euroclear and Clearstream with respect to that portion of such permanent global Bearer Security
held for its account by the Common Depositary, for the purpose of permitting each of Euroclear and Clearstream to credit the interest,
if any, received by it in respect of such permanent global Bearer Security to the accounts of the beneficial owners thereof.

 

In case a Bearer Security
of any series is surrendered in exchange for a Registered Security of such series after the close of business (at an office or agency
in a Place of Payment for such series) on any Regular Record Date and before the opening of business (at such office or agency) on the
next succeeding Interest Payment Date, such Bearer Security shall be surrendered without the coupon relating to such Interest Payment
Date and interest will not be payable on such Interest Payment Date in respect of the Registered Security issued in exchange for such
Bearer Security, but will be payable only to the Holder of such coupon when due in accordance with the provisions of this Indenture.

 

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Except as otherwise specified
with respect to a series of Securities in accordance with the provisions of Section 3.01, any interest on any Registered Security
of any series that is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein called “Defaulted
Interest”) shall forthwith cease to be payable to the registered Holder thereof on the relevant Regular Record Date by virtue
of having been such Holder, and such Defaulted Interest may be paid by the Company, at its election in each case, as provided in clause
(i) or (ii) below:

 

(i)            The
Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Registered Securities of such series (or
their respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted
Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest
proposed to be paid on each Registered Security of such series and the date of the proposed payment (which shall not be less than 20
days after such notice is received by the Trustee), and at the same time the Company shall deposit with the Trustee an amount of money
in the Currency in which the Securities of such series are payable (except as otherwise specified pursuant to Section 3.01 for the
Securities of such series and except, if applicable, as provided in Sections 3.12(b), 3.12(d) and 3.12(e)) equal to the aggregate
amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit
on or prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled
to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a Special Record Date for the payment of such
Defaulted Interest which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment and not less
than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of
such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted
Interest and the Special Record Date therefor to be mailed, first-class postage prepaid, to each Holder of Registered Securities of such
series at his address as it appears in the Security Register not less than 10 days prior to such Special Record Date. Notice of the proposed
payment of such Defaulted Interest and the Special Record Date therefor having been mailed as aforesaid, such Defaulted Interest shall
be paid to the Persons in whose names the Registered Securities of such series (or their respective Predecessor Securities) are
registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the following clause (ii).
In case a Bearer Security of any series is surrendered at the office or agency in a Place of Payment for such series in exchange for
a Registered Security of such series after the close of business at such office or agency on any Special Record Date and before the opening
of business at such office or agency on the related proposed date for payment of Defaulted Interest, such Bearer Security shall be surrendered
without the coupon relating to such proposed date of payment and Defaulted Interest will not be payable on such proposed date of payment
in respect of the Registered Security issued in exchange for such Bearer Security, but will be payable only to the Holder of such coupon
when due in accordance with the provisions of this Indenture.

 

(ii)           The
Company may make payment of any Defaulted Interest on the Registered Securities of any series in any other lawful manner not inconsistent
with the requirements of any securities exchange on which such Securities may be listed, and upon such notice as may be required by such
exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this clause (and certification by
the Company that the proposed manner of payment complies with the requirements of this clause (ii)), such manner of payment shall be
deemed practicable by the Trustee.

 

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(b)           The
provisions of this Section 3.07(b) may be made applicable to any series of Securities pursuant to Section 3.01 (with such
modifications, additions or substitutions as may be specified pursuant to such Section 3.01). The interest rate (or the spread or
spread multiplier used to calculate such interest rate, if applicable) on any Security of such series may be reset by the Company on
the date or dates specified on the face of such Security (each an “Optional Reset Date”). The Company may exercise
such option with respect to such Security by notifying the Trustee of such exercise at least 45 but not more than 60 days prior to an
Optional Reset Date for such Security. Not later than 40 days prior to each Optional Reset Date, the Trustee shall transmit, in the manner
provided for in Section 1.06, to the Holder of any such Security a notice (the “Reset Notice”) indicating whether
the Company has elected to reset the interest rate (or the spread or spread multiplier used to calculate such interest rate, if applicable),
and if so (i) such new interest rate (or such new spread or spread multiplier, if applicable) and (ii) the provisions, if any,
for redemption during the period from such Optional Reset Date to the next Optional Reset Date or if there is no such next Optional Reset
Date, to the Stated Maturity of such Security (each such period a “Subsequent Interest Period”), including the date
or dates on which or the period or periods during which and the price or prices at which such redemption may occur during the Subsequent
Interest Period.

 

Notwithstanding the foregoing,
not later than 20 days prior to the Optional Reset Date (or if 20 days does not fall on a Business Day, the next succeeding Business
Day), the Company may, at its option, revoke the interest rate (or the spread or spread multiplier used to calculate such interest rate,
if applicable) provided for in the Reset Notice and establish a higher interest rate (or a spread or spread multiplier providing for
a higher interest rate, if applicable) for the Subsequent Interest Period by causing the Trustee to transmit, in the manner provided
for in Section 1.06, notice of such higher interest rate (or such higher spread or spread multiplier providing for a higher interest
rate, if applicable) to the Holder of such Security. Such notice shall be irrevocable. All Securities with respect to which the interest
rate (or the spread or spread multiplier used to calculate such interest rate, if applicable) is reset on an Optional Reset Date, and
with respect to which the Holders of such Securities have not tendered such Securities for repayment (or have validly revoked any such
tender) pursuant to the next succeeding paragraph, will bear such higher interest rate (or such higher spread or spread multiplier providing
for a higher interest rate, if applicable).

 

The Holder of any such Security
will have the option to elect repayment by the Company of the principal of such Security on each Optional Reset Date at a price equal
to the principal amount thereof plus interest accrued to such Optional Reset Date. In order to obtain repayment on an Optional Reset
Date, the Holder must follow the procedures set forth in Article Thirteen for repayment at the option of Holders except that the
period for delivery or notification to the Trustee shall be at least 25 but not more than 35 days prior to such Optional Reset Date and
except that, if the Holder has tendered any Security for repayment pursuant to the Reset Notice, the Holder may, by written notice to
the Trustee, revoke such tender or repayment until the close of business on the tenth day before such Optional Reset Date.

 

Subject to the foregoing
provisions of this Section and Section 3.05, each Security delivered under this Indenture upon registration of transfer of
or in exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, that were carried
by such other Security.

 

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Section 3.08     Optional
Extension of Maturity.

 

The provisions of this Section 3.08
may be made applicable to any series of Securities pursuant to Section 3.01 (with such modifications, additions or substitutions
as may be specified pursuant to such Section 3.01). The Stated Maturity of any Security of such series may be extended at the option
of the Company for the period or periods specified on the face of such Security (each an “Extension Period”) up to
but not beyond the date (the “Final Maturity”) set forth on the face of such Security. The Company may exercise such
option with respect to any Security by notifying the Trustee of such exercise at least 45 but not more than 60 days prior to the Stated
Maturity of such Security in effect prior to the exercise of such option (the “Original Stated Maturity”). If the
Company exercises such option, the Trustee shall transmit, in the manner provided for in Section 1.06, to the Holder of such Security
not later than 40 days prior to the Original Stated Maturity a notice (the “Extension Notice”), prepared by the Company,
indicating (i) the election of the Company to extend the Stated Maturity, (ii) the new Stated Maturity, (iii) the interest
rate (or spread, spread multiplier or other formula to calculate such interest rate, if applicable), if any, applicable to the Extension
Period and (iv) the provisions, if any, for redemption during such Extension Period. Upon the Trustee’s transmittal of the
Extension Notice, the Stated Maturity of such Security shall be extended automatically and, except as modified by the Extension Notice
and as described in the next paragraph, such Security will have the same terms as prior to the transmittal of such Extension Notice.

 

Notwithstanding the foregoing,
not later than 20 days before the Original Stated Maturity (or if 20 days does not fall on a Business Day, the next succeeding Business
Day) of such Security, the Company may, at its option, revoke the interest rate (or spread, spread multiplier or other formula to calculate
such interest rate, if applicable) provided for in the Extension Notice and establish a higher interest rate (or spread, spread multiplier
or other formula to calculate such higher interest rate, if applicable) for the Extension Period by causing the Trustee to transmit,
in the manner provided for in Section 1.06, notice of such higher interest rate (or spread, spread multiplier or other formula to
calculate such interest rate, if applicable) to the Holder of such Security. Such notice shall be irrevocable. All Securities with respect
to which the Stated Maturity is extended will bear such higher interest rate.

 

If the Company extends the
Stated Maturity of any Security, the Holder will have the option to elect repayment of such Security by the Company on the Original Stated
Maturity at a price equal to the principal amount thereof, plus interest accrued to such date. In order to obtain repayment on the Original
Stated Maturity once the Company has extended the Stated Maturity thereof, the Holder must follow the procedures set forth in Article Thirteen
for repayment at the option of Holders, except that the period for delivery or notification to the Trustee shall be at least 25 but not
more than 35 days prior to the Original Stated Maturity and except that, if the Holder has tendered any Security for repayment pursuant
to an Extension Notice, the Holder may by written notice to the Trustee revoke such tender for repayment until the close of business
on the tenth day before the Original Stated Maturity.

 

Section 3.09     Persons
Deemed Owners.

 

Prior to due presentment
of a Registered Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat
the Person in whose name such Registered Security is registered as the owner of such Registered Security for the purpose of receiving
payment of principal of (and premium, if any) and (subject to Sections 3.05 and 3.07) interest, if any, on such Registered Security and
for all other purposes whatsoever, whether or not such Registered Security be overdue, and neither the Company, the Trustee nor any agent
of the Company or the Trustee shall be affected by notice to the contrary.

 

Title to any Bearer Security
and any coupons appertaining thereto shall pass by delivery. The Company, the Trustee and any agent of the Company or the Trustee may
treat the bearer of any Bearer Security and the bearer of any coupon as the absolute owner of such Security or coupon for the purpose
of receiving payment thereof or on account thereof and for all other purposes whatsoever, whether or not such Security or coupon be overdue,
and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary.

 

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None of the Company, the
Trustee, any Paying Agent or the Security Registrar will have any responsibility or liability for any aspect of the records relating
to or payments made on account of beneficial ownership interests of a Security in global form or for maintaining, supervising or reviewing
any records relating to such beneficial ownership interests.

 

Notwithstanding the foregoing,
with respect to any global temporary or permanent Security, nothing herein shall prevent the Company, the Trustee, or any agent of the
Company or the Trustee, from giving effect to any written certification, proxy or other authorization furnished by any depositary (including
the Depositary or Common Depositary), as a Holder, with respect to such global Security or impair, as between such depositary and owners
of beneficial interests in such global Security, the operation of customary practices governing the exercise of the rights of such depositary
(or its nominee) as Holder of such global Security.

 

Section 3.10     Cancellation.

 

All Securities and coupons
surrendered for payment, redemption, repayment at the option of the Holder, registration of transfer or exchange or for credit against
any sinking fund payment shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee, and any such Securities
and coupons and Securities and coupons surrendered directly to the Trustee for any such purpose shall be promptly cancelled by the Trustee.
The Company may at any time deliver to the Trustee for cancellation any Securities previously authenticated and delivered hereunder which
the Company may have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee)
for cancellation any Securities previously authenticated hereunder which the Company has not issued and sold, and all Securities so delivered
shall be promptly cancelled by the Trustee. If the Company shall so acquire any of the Securities, however, such acquisition shall not
operate as a redemption or satisfaction of the indebtedness represented by such Securities unless and until the same are surrendered
to the Trustee for cancellation. No Securities shall be authenticated in lieu of or in exchange for any Securities cancelled as provided
in this Section, except as expressly permitted by this Indenture. Cancelled Securities and coupons held by the Trustee shall be destroyed
by the Trustee in accordance with its customary procedures, unless by a Company Order the Company directs the Trustee to deliver a certificate
of such destruction to the Company or to return them to the Company.

 

Section 3.11     Computation
of Interest.

 

Except as otherwise specified
as contemplated by Section 3.01 with respect to Securities of any series, interest, if any, on the Securities of each series shall
be computed on the basis of a 360-day year consisting of twelve 30-day months.

 

Section 3.12     Currency
and Manner of Payments in Respect of Securities.

 

(a)            Unless
otherwise specified with respect to any Securities pursuant to Section 3.01, with respect to Registered Securities of any series
not permitting the election provided for in paragraph (b) below or the Holders of which have not made the election provided for
in paragraph (b) below, and with respect to Bearer Securities of any series, except as provided in paragraph (d) below, payment
of the principal of (and premium, if any) and interest, if any, on any Registered or Bearer Security of such series will be made in the
Currency in which such Registered Security or Bearer Security, as the case may be, is payable. The provisions of this Section 3.12
may be modified or superseded with respect to any Securities pursuant to Section 3.01.

 

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(b)            It
may be provided pursuant to Section 3.01 with respect to Registered Securities of any series that Holders shall have the option,
subject to paragraphs (d) and (e) below, to receive payments of principal of (or premium, if any) or interest, if any, on such
Registered Securities in any of the Currencies which may be designated for such election by delivering to the Trustee for such series
of Registered Securities a written election with signature guarantees and in the applicable form established pursuant to Section 3.01,
not later than the close of business on the Election Date immediately preceding the applicable payment date. If a Holder so elects to
receive such payments in any such Currency, such election will remain in effect for such Holder or any transferee of such Holder until
changed by such Holder or such transferee by written notice to the Trustee for such series of Registered Securities (but any such change
must be made not later than the close of business on the Election Date immediately preceding the next payment date to be effective for
the payment to be made on such payment date and no such change of election may be made with respect to payments to be made on any Registered
Security of such series with respect to which an Event of Default has occurred or with respect to which the Company has deposited funds
pursuant to Article Four or Fourteen or with respect to which a notice of redemption has been given by the Company or a notice of
option to elect repayment has been sent by such Holder or such transferee). Any Holder of any such Registered Security who shall not
have delivered any such election to the Trustee of such series of Registered Securities not later than the close of business on the applicable
Election Date will be paid the amount due on the applicable payment date in the relevant Currency as provided in Section 3.12(a).
The Trustee for each such series of Registered Securities shall notify the Exchange Rate Agent as soon as practicable after the Election
Date of the aggregate principal amount of Registered Securities for which Holders have made such written election.

 

(c)            Unless
otherwise specified pursuant to Section 3.01, if the election referred to in paragraph (b) above has been provided for pursuant
to Section 3.01, then, unless otherwise specified pursuant to Section 3.01, not later than the fourth Business Day after the
Election Date for each payment date for Registered Securities of any series, the Exchange Rate Agent will deliver to the Company a written
notice specifying the Currency in which Registered Securities of such series are payable, the respective aggregate amounts of principal
of (and premium, if any) and interest, if any, on the Registered Securities to be paid on such payment date, specifying the amounts in
such Currency so payable in respect of the Registered Securities as to which the Holders of Registered Securities denominated in any
Currency shall have elected to be paid in another Currency as provided in paragraph (b) above. If the election referred to
in paragraph (b) above has been provided for pursuant to Section 3.01 and if at least one Holder has made such election, then,
unless otherwise specified pursuant to Section 3.01, on the second Business Day preceding such payment date the Company will deliver
to the Trustee for such series of Registered Securities an Exchange Rate Officer’s Certificate in respect of the Dollar or Foreign
Currency or Currencies payments to be made on such payment date. Unless otherwise specified pursuant to Section 3.01, the Dollar
or Foreign Currency or Currencies amount receivable by Holders of Registered Securities who have elected payment in a Currency as provided
in paragraph (b) above shall be determined by the Company on the basis of the applicable Market Exchange Rate in effect on the second
Business Day (the “Valuation Date”) immediately preceding each payment date, and such determination shall be conclusive
and binding for all purposes, absent manifest error.

 

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(d)            If
a Conversion Event occurs with respect to a Foreign Currency in which any of the Securities are denominated or payable other than pursuant
to an election provided for pursuant to paragraph (b) above, then with respect to each date for the payment of principal of (and
premium, if any) and interest, if any on the applicable Securities denominated or payable in such Foreign Currency occurring after the
last date on which such Foreign Currency was used (the “Conversion Date”), the Dollar shall be the currency of payment
for use on each such payment date. Unless otherwise specified pursuant to Section 3.01, the Dollar amount to be paid by the Company
to the Trustee of each such series of Securities and by such Trustee or any Paying Agent to the Holders of such Securities with respect
to such payment date shall be, in the case of a Foreign Currency other than a currency unit, the Dollar Equivalent of the Foreign Currency
or, in the case of a currency unit, the Dollar Equivalent of the Currency Unit, in each case as determined by the Exchange Rate Agent
in the manner provided in paragraph (f) or (g) below.

 

(e)            Unless
otherwise specified pursuant to Section 3.01, if the Holder of a Registered Security denominated in any Currency shall have elected
to be paid in another Currency as provided in paragraph (b) above, and a Conversion Event occurs with respect to such elected Currency,
such Holder shall receive payment in the Currency in which payment would have been made in the absence of such election; and if
a Conversion Event occurs with respect to the Currency in which payment would have been made in the absence of such election, such Holder
shall receive payment in Dollars as provided in paragraph (d) of this Section 3.12.

 

(f)            The
 “Dollar Equivalent of the Foreign Currency” shall be determined by the Exchange Rate Agent and shall be obtained for
each subsequent payment date by converting the specified Foreign Currency into Dollars at the Market Exchange Rate on the Conversion
Date.

 

(g)            The
 “Dollar Equivalent of the Currency Unit” shall be determined by the Exchange Rate Agent and subject to the provisions
of paragraph (h) below shall be the sum of each amount obtained by converting the Specified Amount of each Component Currency into
Dollars at the Market Exchange Rate for such Component Currency on the Valuation Date with respect to each payment.

 

(h)            For
purposes of this Section 3.12, the following terms shall have the following meanings:

 

A “Component Currency”
shall mean any currency which, on the Conversion Date, was a component currency of the relevant currency unit, including, but not limited
to, the ECU.

 

A “Specified Amount”
of a Component Currency shall mean the number of units of such Component Currency or fractions thereof which were represented in the
relevant currency unit, including, but not limited to, the ECU, on the Conversion Date. If after the Conversion Date the official unit
of any Component Currency is altered by way of combination or subdivision, the Specified Amount of such Component Currency shall be divided
or multiplied in the same proportion. If after the Conversion Date two or more Component Currencies are consolidated into a single currency,
the respective Specified Amounts of such Component Currencies shall be replaced by an amount in such single currency equal to the sum
of the respective Specified Amounts of such consolidated Component Currencies expressed in such single currency, and such amount shall
thereafter be a Specified Amount and such single currency shall thereafter be a Component Currency. If after the Conversion Date any
Component Currency shall be divided into two or more currencies, the Specified Amount of such Component Currency shall be replaced by
amounts of such two or more currencies, having an aggregate Dollar Equivalent value at the Market Exchange Rate on the date of such replacement
equal to the Dollar Equivalent of the Specified Amount of such former Component Currency at the Market Exchange Rate immediately before
such division, and such amounts shall thereafter be Specified Amounts and such currencies shall thereafter be Component Currencies. If,
after the Conversion Date of the relevant currency unit, including, but not limited to, the ECU, a Conversion Event (other than any event
referred to above in this definition of “Specified Amount”) occurs with respect to any Component Currency of such
currency unit and is continuing on the applicable Valuation Date, the Specified Amount of such Component Currency shall, for purposes
of calculating the Dollar Equivalent of the Currency Unit, be converted into Dollars at the Market Exchange Rate in effect on the Conversion
Date of such Component Currency.

 

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An “Election Date”
shall mean the Regular Record Date for the applicable series of Registered Securities or at least 16 days prior to Maturity, as the case
may be, or such other prior date for any series of Registered Securities as specified pursuant to clause (xiii) of Section 3.01
by which the written election referred to in Section 3.12(b) may be made.

 

All decisions and determinations
of the Exchange Rate Agent regarding the Dollar Equivalent of the Foreign Currency, the Dollar Equivalent of the Currency Unit, the Market
Exchange Rate and changes in the Specified Amounts as specified above shall be in its sole discretion and shall, in the absence of manifest
error, be conclusive for all purposes and irrevocably binding upon the Company, the Trustee for the appropriate series of Securities
and all Holders of such Securities denominated or payable in the relevant Currency. The Exchange Rate Agent shall promptly give written
notice to the Company and the Trustee for the appropriate series of Securities of any such decision or determination.

 

In the event that the Company
determines in good faith that a Conversion Event has occurred with respect to a Foreign Currency, the Company will immediately give written
notice thereof and of the applicable Conversion Date to the Trustee of the appropriate series of Securities and to the Exchange Rate
Agent (and such Trustee will promptly thereafter give notice in the manner provided in Section 1.06 to the affected Holders) specifying
the Conversion Date. In the event the Company so determines that a Conversion Event has occurred with respect to the ECU or any other
currency unit in which Securities are denominated or payable, the Company will immediately give written notice thereof to the Trustee
of the appropriate series of Securities and to the Exchange Rate Agent (and such Trustee will promptly thereafter give notice in the
manner provided in Section 1.06 to the affected Holders) specifying the Conversion Date and the Specified Amount of each Component
Currency on the Conversion Date. In the event the Company determines in good faith that any subsequent change in any Component Currency
as set forth in the definition of Specified Amount above has occurred, the Company will similarly give written notice to the Trustee
of the appropriate series of Securities and to the Exchange Rate Agent.

 

The Trustee of the appropriate
series of Securities shall be fully justified and protected in relying and acting upon information received by it from the Company and
the Exchange Rate Agent and shall not otherwise have any duty or obligation to determine the accuracy or validity of such information
independent of the Company or the Exchange Rate Agent.

 

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Section 3.13     Appointment
and Resignation of Successor Exchange Rate Agent.

 

(a)            Unless
otherwise specified pursuant to Section 3.01, if and so long as the Securities of any series (i) are denominated in a Foreign
Currency or (ii) may be payable in a Foreign Currency, or so long as it is required under any other provision of this Indenture,
then the Company will maintain with respect to each such series of Securities, or as so required, at least one Exchange Rate Agent. The
Company will cause the Exchange Rate Agent to make the necessary foreign exchange determinations at the time and in the manner specified
pursuant to Section 3.01 for the purpose of determining the applicable rate of exchange and, if applicable, for the purpose of converting
the issued Foreign Currency into the applicable payment Currency for the payment of principal (and premium, if any) and interest, if
any, pursuant to Section 3.12.

 

(b)            No
resignation of the Exchange Rate Agent and no appointment of a successor Exchange Rate Agent pursuant to this Section shall become
effective until the acceptance of appointment by the successor Exchange Rate Agent as evidenced by a written instrument delivered to
the Company and the Trustee of the appropriate series of Securities accepting such appointment executed by the successor Exchange Rate
Agent.

 

(c)            If
the Exchange Rate Agent shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of the Exchange
Rate Agent for any cause, with respect to the Securities of one or more series, the Company, by or pursuant to a Board Resolution, shall
promptly appoint a successor Exchange Rate Agent or Exchange Rate Agents with respect to the Securities of that or those series (it being
understood that any such successor Exchange Rate Agent may be appointed with respect to the Securities of one or more or all of such
series and that, unless otherwise specified pursuant to Section 3.01, at any time there shall only be one Exchange Rate Agent with
respect to the Securities of any particular series that are originally issued by the Company on the same date and that are initially
denominated and/or payable in the same Currency).

 

Section 3.14     CUSIP
Numbers.

 

The Company in issuing the
Securities may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall indicate the respective “CUSIP”
numbers of the Securities in notices of redemption as a convenience to Holders; provided that any such notice may state that
no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of
redemption and that reliance may be placed only on the other identification numbers printed on the Securities, and any such redemption
shall not be affected by any defect in or omission of such numbers. The Company shall advise the Trustee as promptly as practicable in
writing of any change in the CUSIP numbers.

 

Article Four

 

SATISFACTION AND DISCHARGE

 

Section 4.01     Satisfaction
and Discharge of Indenture.

 

Except as set forth below,
this Indenture shall upon Company Request cease to be of further effect with respect to any series of Securities specified in such Company
Request (except as to any surviving rights of registration of transfer or exchange of Securities of such series expressly provided for
herein or pursuant hereto, any surviving rights of tender for repayment at the option of the Holders and any right to receive Additional
Amounts, as provided in Section 10.04), and the Trustee, upon receipt of a Company Order, and at the expense of the Company, shall
execute proper instruments acknowledging satisfaction and discharge of this Indenture as to such series when

 

    40

     

    

 

(a)            either

 

(i)            all
Securities of such series theretofore authenticated and delivered and all coupons, if any, appertaining thereto (other than (i) coupons
appertaining to Bearer Securities surrendered for exchange for Registered Securities and maturing after such exchange, whose surrender
is not required or has been waived as provided in Section 3.05, (ii) Securities and coupons of such series that have been destroyed,
lost or stolen and which have been replaced or paid as provided in Section 3.06, (iii) coupons appertaining to Securities called
for redemption and maturing after the relevant Redemption Date, whose surrender has been waived as provided in Section 11.06, and
(iv) Securities and coupons of such series for whose payment money has theretofore been deposited in trust with the Trustee or any
Paying Agent or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided
in Section 10.03) have been delivered to the Trustee for cancellation; or

 

(ii)            all
Securities of such series and, in the case of (i) or (ii) below, any coupons appertaining thereto not theretofore delivered
to the Trustee for cancellation

 

(1)            have
become due and payable, or

 

(2)            will
become due and payable at their Stated Maturity within one year, or

 

(3)            if
redeemable at the option of the Company, are to be called for redemption within one year under arrangements satisfactory to the Trustee
for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company,

 

and the Company, in the case of (i),
(ii) or (iii) above, has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust for such
purpose, solely for the benefit of the Holders, an amount in the Currency in which the Securities of such series are payable, sufficient
to pay and discharge the entire indebtedness on such Securities and such coupons not theretofore delivered to the Trustee for cancellation,
for principal (and premium, if any) and interest, if any, to the date of such deposit (in the case of Securities which have become due
and payable) or to the Stated Maturity or Redemption Date, as the case may be;

 

(b)            the
Company has irrevocably paid or caused to be irrevocably paid all other sums payable hereunder by the Company; and

 

    41

     

    

 

(c)            the
Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent
herein provided for relating to the satisfaction and discharge of this Indenture as to such series have been complied with.

 

Notwithstanding the satisfaction and discharge
of this Indenture, the obligations of the Company to the Trustee and any predecessor Trustee under Section 6.06, the obligations
of the Company to any Authenticating Agent under Section 6.12 and, if money shall have been deposited with the Trustee pursuant
to subclause (ii) of clause (a) of this Section, the obligations of the Trustee under Section 4.02 and the last paragraph
of Section 10.03 shall survive any termination of this Indenture.

 

Section 4.02     Application
of Trust Funds.

 

Subject to the provisions
of the last paragraph of Section 10.03, all money deposited with the Trustee pursuant to Section 4.01 shall be held in trust
and applied by it, in accordance with the provisions of the Securities, the coupons and this Indenture, to the payment, either directly
or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled
thereto, of the principal (and premium, if any) and interest, if any, for whose payment such money has been deposited with or received
by the Trustee, but such money need not be segregated from other funds except to the extent required by law.

 

Article Five

 

REMEDIES

 

Section 5.01     Events
of Default.

 

“Event of Default”,
wherever used herein with respect to any particular series of Securities, means any one of the following events (whatever the reason
for such Event of Default and whether or not it shall be voluntary or involuntary or be effected by operation of law or pursuant to any
judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body), unless it is
either inapplicable to a particular series or is specifically deleted or modified in or pursuant to the supplemental indenture or a Board
Resolution establishing such series of Securities or is in the form of Security for such series:

 

(i)            default
in the payment of any interest upon any Security of that series or of any coupon appertaining thereto, when such interest or coupon becomes
due and payable, and continuance of such default for a period of 30 days; or

 

(ii)            default
in the payment of the principal of (or premium, if any) any Security of that series when it becomes due and payable at its Maturity,
and continuance of such default for a period of 5 days; or

 

(iii)            default
in the deposit of any sinking fund payment, when and as due by the terms of any Security of that series, and continuance of such default
for a period of 5 days; or

 

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(iv)            default
in the performance, or breach, of any covenant or agreement of the Company in this Indenture with respect to any Security of that series
(other than a covenant or agreement a default in whose performance or whose breach is elsewhere in this Section specifically dealt
with or that has expressly been included in this Indenture solely for the benefit of a series of Securities other than that series),
and continuance of such default or breach for a period of 60 days after there has been given, by registered or certified mail, to the
Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the Outstanding Securities
of that series a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice
of Default” hereunder;

 

(v)            the
Company, pursuant to or within the meaning of any Bankruptcy Law:

 

(1)            commences
a voluntary case or proceeding under any Bankruptcy Law,

 

(2)            consents
to the commencement of any bankruptcy or insolvency case or proceeding against it, or files a petition or answer or consent seeking reorganization
or relief against it,

 

(3)            consents
to the entry of a decree or order for relief against it in an involuntary case or proceeding,

 

(4)            consents
to the filing of such petition or to the appointment of or taking possession by a Custodian of the Company or for all or substantially
all of its property, or

 

(5)            makes
an assignment for the benefit of creditors, or admits in writing of its inability to pay its debts generally as they become due

 

or takes any corporate action in furtherance
of any such action;

 

(vi)            a
court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

 

(1)            is
for relief against the Company in an involuntary case or proceeding, or

 

(2)            adjudges
the Company bankrupt or insolvent, or approves as properly filed a petition seeking reorganization, arrangement, adjustment or composition
of or in respect of the Company, or

 

(3)            appoints
a Custodian of the Company or for all or substantially all of its property, or

 

(4)            orders
the winding up or liquidation of the Company,

 

and the continuance of any such decree
or order for relief or any such other decree or order remains unstayed and in effect for a period of 60 consecutive days; or

 

(vii)            any
other Event of Default provided with respect to Securities of that series.

 

    43

     

    

 

The term “Bankruptcy
Law” means title 11, U.S. Code or any applicable federal or state bankruptcy, insolvency, reorganization or other similar law.
The term “Custodian” means any custodian, receiver, trustee, assignee, liquidator, sequestrator or other similar official
under any Bankruptcy Law.

 

Section 5.02     Acceleration
of Maturity; Rescission and Annulment.

 

If an Event of Default with
respect to Securities of any series at the time Outstanding occurs and is continuing, then and in every such case the Trustee or the
Holders of not less than 25% in principal amount of the Outstanding Securities of that series may declare the principal (or, if any Securities
are Original Issue Discount Securities or Indexed Securities, such portion of the principal as may be specified in the terms thereof)
of all the Securities of that series to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if
given by the Holders), and upon any such declaration such principal or specified portion thereof shall become immediately due and payable.

 

At any time after such a
declaration of acceleration with respect to Securities of any series has been made and before a judgment or decree for payment of the
money due has been obtained by the Trustee as hereinafter provided in this Article, the Holders of a majority in principal amount of
the Outstanding Securities of that series, by written notice to the Company and the Trustee, may rescind and annul such declaration and
its consequences if:

 

(i)            the
Company has paid or deposited with the Trustee a sum sufficient to pay in the Currency in which the Securities of such series are payable
(except as otherwise specified pursuant to Section 3.01 for the Securities of such series and except, if applicable, as provided
in Sections 3.12(b), 3.12(d) and 3.12(e)):

 

(1)            all
overdue installments of interest, if any, on all Outstanding Securities of that series and any related coupons,

 

(2)            the
principal of (and premium, if any) all Outstanding Securities of that series that have become due otherwise than by such declaration
of acceleration and interest thereon at the rate or rates borne by or provided for in such Securities,

 

(3)            to
the extent that payment of such interest is lawful, interest upon overdue installments of interest at the rate or rates borne by or provided
for in such Securities, and

 

(4)            all
sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel; and

 

(ii)            all
Events of Default with respect to Securities of that series, other than the nonpayment of the principal of (or premium, if any) or interest
on Securities of that series that have become due solely by such declaration of acceleration, have been cured or waived as provided in
Section 5.13.

 

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No such rescission shall affect any subsequent
default or impair any right consequent thereon.

 

Section 5.03     Collection
of Indebtedness and Suits for Enforcement by Trustee.

 

The Company covenants that
if:

 

(i)            default
is made in the payment of any installment of interest on any Security of any series and any related coupon when such interest becomes
due and payable and such default continues for a period of 30 days, or

 

(ii)            default
is made in the payment of the principal of (or premium, if any) any Security of any series at its Maturity,

 

then the Company will, upon demand of the Trustee,
pay to the Trustee, for the benefit of the Holders of Securities of such series and coupons, the whole amount then due and payable on
such Securities and coupons for principal (and premium, if any) and interest, if any, with interest upon any overdue principal (and premium,
if any) and, to the extent that payment of such interest shall be legally enforceable, upon any overdue installments of interest, if
any, at the rate or rates borne by or provided for in such Securities, and, in addition thereto, such further amount as shall be sufficient
to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel.

 

If the Company fails to pay
such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding
for the collection of the sums so due and unpaid, and may prosecute such proceeding to judgment or final decree, and may enforce the
same against the Company or any other obligor upon Securities of such series and collect the moneys adjudged or decreed to be payable
in the manner provided by law out of the property of the Company or any other obligor upon such Securities of such series, wherever situated.

 

If an Event of Default with
respect to Securities of any series occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights
and the rights of the Holders of Securities of such series and any related coupons by such appropriate judicial proceedings as the Trustee
shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in
this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy.

 

Section 5.04     Trustee
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 the Company or any other obligor upon the Securities or the property of the Company or of such other obligor or their creditors,
the Trustee (irrespective of whether the principal of the Securities of any series shall then be due and payable as therein expressed
or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment of any
overdue principal, premium or interest) shall be entitled and empowered, by intervention in such proceeding or otherwise:

 

    45

     

    

 

(i)            to
file and prove a claim for the whole amount of principal (or in the case of Original Issue Discount Securities or Indexed Securities,
such portion of the principal as may be provided for in the terms thereof) (and premium, if any) and interest, if any, owing and unpaid
in respect of the Securities and to file such other papers or documents (and take such other actions, including serving on a committee
of creditors) as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceeding,
and

 

(ii)            to
collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; 40

 

and any custodian, receiver, assignee, trustee,
liquidator, sequestrator (or other similar official) in any such judicial proceeding is hereby authorized by each Holder of Securities
of such series and coupons to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such
payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements
and advances of the Trustee and any predecessor Trustee, their agents and counsel, and any other amounts due the Trustee or any predecessor
Trustee under Section 6.06.

 

Subject to Article Eight
and Section 9.02 and unless otherwise provided as contemplated by Section 3.01, nothing herein contained shall be deemed to
authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder of a Security or coupon any plan of reorganization,
arrangement, adjustment or composition affecting the Securities or coupons or the rights of any Holder thereof, or to authorize the Trustee
to vote in respect of the claim of any Holder of a Security or coupon in any such proceeding.

 

Section 5.05     Trustee
May Enforce Claims Without Possession of Securities or Coupons.

 

All rights of action and
claims under this Indenture or any of the Securities or coupons may be prosecuted and enforced by the Trustee without the possession
of any of the Securities or coupons or the production thereof in any proceeding relating thereto, and any such proceeding instituted
by the Trustee shall be brought in its own name and as trustee of an express trust, and any recovery of judgment shall, after provision
for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the
ratable benefit of the Holders of the Securities and coupons in respect of which such judgment has been recovered.

 

Section 5.06     Application
of Money Collected.

 

Any money collected by the
Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case
of the distribution of such money on account of principal (or premium, if any) or interest, if any, upon presentation of the Securities
or coupons, or both, as the case may be, and the notation thereon of the payment if only partially paid and upon surrender thereof if
fully paid:

 

    46

     

    

 

FIRST: To the payment of
all amounts due the Trustee and any predecessor Trustee under Section 6.06;

 

SECOND: To the payment of
the amounts then due and unpaid upon any Senior Securities and coupons for principal (and premium, if any) and interest, if any, in respect
of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to
the aggregate amounts due and payable on such Senior Securities and coupons for principal (and premium, if any) and interest, if any,
respectively; and

 

THIRD: To the payment of
the amounts then due and unpaid upon any Senior Subordinated Securities and coupons for principal (and premium, if any) and interest,
if any, in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any
kind, according to the aggregate amounts due and payable on such Senior Subordinated Securities and coupons for principal (and premium,
if any) and interest, if any, respectively; and

 

FOURTH: To the payment of
the amounts then due and unpaid upon any other Securities and coupons for principal (and premium, if any) and interest, if any, in respect
of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to
the aggregate amounts due and payable on such Securities and coupons for principal (and premium, if any) and interest, if any, respectively;
and

 

FIFTH: To the payment of
the remainder, if any, to the Company or any other Person or Persons entitled thereto.

 

Section 5.07     Limitation
on Suits.

 

No Holder of any Security
of any series or any related coupon shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture,
or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless:

 

(i)            such
Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities of that series;

 

(ii)            the
Holders of not less than 25% in principal amount of the Outstanding Securities of that series shall have made written request to the
Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;

 

(iii)            such
Holder or Holders have offered to the Trustee reasonable indemnity against the costs, expenses and liabilities to be incurred in compliance
with such request;

 

(iv)            the
Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and

 

(v)            no
direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority
in principal amount of the Outstanding Securities of that series;

 

    47

     

    

 

it being understood and intended that no one
or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture
to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over
any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable
benefit of all such Holders.

 

Section 5.08     Unconditional
Right of Holders to Receive Principal, Premium and Interest.

 

Notwithstanding any other
provision in this Indenture, the Holder of any Security or coupon shall have the right, which is absolute and unconditional, to receive
payment of the principal of (and premium, if any) and (subject to Sections 3.05 and 3.07) interest, if any, on such Security or payment
of such coupon on the Stated Maturity or Maturities expressed in such Security or coupon (or, in the case of redemption, on the Redemption
Date or, in the case of repayment at the option of the Holders on the Repayment Date) and to institute suit for the enforcement of any
such payment, and such rights shall not be impaired without the consent of such Holder.

 

Section 5.09     Restoration
of Rights and Remedies.

 

If the Trustee or any Holder
of a Security or coupon has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been
discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case
the Company, the Trustee and the Holders of Securities and coupons shall, subject to any determination in such proceeding, be restored
severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders
shall continue as though no such proceeding had been instituted.

 

Section 5.10     Rights
and Remedies Cumulative.

 

Except as otherwise provided
with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities or coupons in the last paragraph of Section 3.06,
no right or remedy herein conferred upon or reserved to the Trustee or to the Holders of Securities or coupons is intended to be exclusive
of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every
other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of
any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right
or remedy.

 

Section 5.11     Delay
or Omission Not Waiver.

 

No delay or omission of the
Trustee or of any Holder of any Security or coupon to exercise any right or remedy accruing upon any Event of Default shall impair any
such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by
this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient,
by the Trustee or by the Holders of Securities or coupons, as the case may be.

 

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Section 5.12     Control
by Holders of Securities.

 

Subject to Section 6.02(v),
the Holders of a majority in principal amount of the Outstanding Securities of any series shall have the right to direct the time, method
and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee
with respect to the Securities of such series, provided that

 

(i)            such
direction shall not be in conflict with any rule of law or with this Indenture,

 

(ii)            the
Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction, and

 

(iii)            the
Trustee need not take any action that it determines in good faith may involve it in personal liability or be unjustly prejudicial to
the Holders of Securities of such series not consenting.

 

Section 5.13     Waiver
of Past Defaults.

 

Subject to Section 5.02,
the Holders of not less than a majority in principal amount of the Outstanding Securities of any series may on behalf of the Holders
of all the Securities of such series and any related coupons waive any past default hereunder with respect to Securities of such series
and its consequences, except a default

 

(i)            in
the payment of the principal of (or premium, if any) or interest, if any, on any Security of such series or any related coupons, or

 

(ii)            in
respect of a covenant or provision hereof which under Article Nine cannot be modified or amended without the consent of the Holder
of each Outstanding Security of such series affected.

 

Upon any such waiver, such
default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this
Indenture; but no such waiver shall extend to any subsequent or other default or Event of Default or impair any right consequent thereon.

 

Section 5.14     Waiver
of Stay or Extension Laws.

 

The Company covenants (to
the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take
the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, that may affect the covenants
or the performance of this Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefit
or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the
Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.

 

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Article Six

 

THE TRUSTEE

 

Section 6.01     Notice
of Defaults.

 

(a)            Within
90 days after the occurrence of any Default hereunder with respect to the Securities of any series, the Trustee shall transmit in the
manner and to the extent provided in TIA Section 313(c), notice of such Default hereunder known to the Trustee, unless such Default
shall have been cured or waived; provided, however, that, except in the case of a Default in the payment of the principal
of (or premium, if any) or interest, if any, on any Security of such series, or in the payment of any sinking or purchase fund installment
with respect to the Securities of such series, the Trustee shall be protected in withholding such notice if and so long as the board
of directors, the executive committee or a trust committee of directors and/or Responsible Officers of the Trustee in good faith determines
that the withholding of such notice is in the interest of the Holders of the Securities and coupons of such series; and provided further
that in the case of any Default or breach of the character specified in Section 5.01(iv) with respect to the Securities
and coupons of such series, no such notice to Holders shall be given until at least 90 days after the occurrence thereof.

 

(b)            Prior
to the time when the occurrence of an Event of Default becomes known to a Responsible Officer of the Trustee and after the curing or
waiving of all such Events of Default with respect to a series of Securities that may have occurred:

 

(i)            the
duties and obligations of the Trustee shall with respect to the Securities of any series be determined solely by the express provisions
of this Indenture, and the Trustee shall not be liable with respect to the Securities except for the performance of such duties and obligations
as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the
Trustee; and

 

(ii)            in
the absence of bad faith on the part of the Trustee, the Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee and conforming to the requirements of this
Indenture; but in the case of any such certificates or opinions that by any provision hereof are specifically required to be furnished
to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform on their face to the requirements
of this Indenture (but need not confirm or investigate the accuracy of any mathematical calculations or other facts stated therein);
and

 

(iii)            The
Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer or Responsible Officers, unless it
shall be proved that the Trustee was negligent in ascertaining the pertinent facts.

 

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Section 6.02     Certain
Rights of Trustee.

 

Subject to the provisions
of TIA Section 315(a) through 315(d):

 

(i)            The
Trustee may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, debenture, note, coupon or other paper or document believed by it
to be genuine and to have been signed or presented by the proper party or parties. The Trustee need not investigate any fact or
matter stated in any document.

 

(ii)            Any
request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order (other than
delivery of any Security, together with any coupons appertaining thereto, to the Trustee for authentication and delivery pursuant to
Section 3.03 which shall be sufficiently evidenced as provided therein) and any resolution of the Board of Directors may be sufficiently
evidenced by a Board Resolution.

 

(iii)            Whenever
in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering
or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith
on its part, rely upon a Board Resolution, an Opinion of Counsel or an Officers’ Certificate.

 

(iv)            The
Trustee may consult with counsel and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and
protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon.

 

(v)            The
Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction
of any of the Holders of Securities of any series or any related coupons pursuant to this Indenture, unless such Holders shall have offered
to the Trustee reasonable security or indemnity against the costs, expenses and liabilities (including the reasonable fees and expenses
of its agents and counsel) which might be incurred by it in compliance with such request or direction.

 

(vi)            The
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, debenture, note, coupon or other paper or document, but the Trustee,
in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall
determine to make such further inquiry or investigation, it shall be entitled upon reasonable notice and at reasonable times during normal
business hours to examine the books, records and premises of the Company, personally or by agent or attorney.

 

(vii)            The
Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or
attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with
due care by it hereunder.

 

(viii)            The
Trustee shall not deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge
thereof or unless written notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust Office
of the Trustee, and such notice references the Securities and this Indenture.

 

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(ix)            The
rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified,
are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder.

 

(x)            The
permissive rights of the Trustee enumerated herein shall not be construed as duties.

 

(xi)            The
Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction
of the Holders of not less than a majority in principal amount of the Outstanding Securities of a series relating to the time, method
and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee
under this Indenture with respect to such Securities.

 

(xii)            Before
the Trustee acts or refrains from acting, it may require an Officers’ Certificate (unless other evidence is specifically prescribed
herein). The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate.

 

(xiii)            The
Trustee may consult with counsel and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and
protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon.

 

(xiv)            The
Trustee shall not be liable for any action taken or omitted to be taken by it in good faith and believed by it to be authorized or within
the discretion or rights or powers conferred upon it by this Indenture.

 

(xv)            The
Trustee may request that the Company deliver an Officers’ Certificate setting forth the names of individuals and/or titles of officers
authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate may be signed by any
person authorized to sign an Officers’ Certificate, including any person specified as so authorized in any such certificate previously
delivered and not superseded.

 

(xvi)            Anything
in this Indenture notwithstanding, in no event shall the Trustee be liable for special, indirect, punitive or consequential loss or damage
of any kind whatsoever (including but not limited to loss of profit), even if the Trustee has been advised as to the likelihood of such
loss or damage and regardless of the form of action.

 

(xvii)            The
Trustee shall not be responsible or liable for any failure or delay in the performance of its obligations under this Indenture arising
out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including acts of God; earthquakes; fire; flood;
terrorism; wars and other military disturbances; sabotage; epidemics; riots; interruptions; loss or malfunctions of utilities, computer
(hardware or software) or communication services; accidents; labor disputes; acts of civil or military authority and governmental action.

 

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The Trustee shall not be
required to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder,
or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or
adequate indemnity against such risk or liability is not reasonably assured to it.

 

Section 6.03     Not
Responsible for Recitals or Issuance of Securities.

 

The recitals contained herein
and in the Securities, except the Trustee’s certificate of authentication, and in any coupons shall be taken as the statements
of the Company, and neither the Trustee nor any Authenticating Agent assumes any responsibility for their correctness. The Trustee makes
no representations as to the validity or sufficiency of this Indenture or of the Securities or coupons, except that the Trustee represents
that it is duly authorized to execute and deliver this Indenture, authenticate the Securities and perform its obligations hereunder and
that the statements made by it in a Statement of Eligibility on Form T-1 supplied to the Company are true and accurate, subject
to the qualifications set forth therein. Neither the Trustee nor any Authenticating Agent shall be accountable for the use or application
by the Company of Securities or the proceeds thereof.

 

Section 6.04     May Hold
Securities.

 

The Trustee, any Paying Agent,
Security Registrar, Authenticating Agent or any other agent of the Company, in its individual or any other capacity, may become the owner
or pledgee of Securities and coupons and, subject to TIA Sections 310(b) and 311, may otherwise deal with the Company with the same
rights it would have if it were not Trustee, Paying Agent, Security Registrar, Authenticating Agent or such other agent.

 

Section 6.05     Money
Held in Trust.

 

Money held by the Trustee
in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability
for interest on any money received by it hereunder except as otherwise agreed with the Company.

 

Section 6.06     Compensation
and Reimbursement and Indemnification of Trustee.

 

The Company agrees:

 

(i)            To
pay to the Trustee or any predecessor Trustee from time to time such reasonable compensation for all services rendered by it hereunder
as has been agreed upon from time to time in writing (which compensation shall not be limited by any provision of law in regard to the
compensation of a trustee of an express trust).

 

(ii)            Except
as otherwise expressly provided herein, to reimburse each of the Trustee and any predecessor Trustee upon its request for all reasonable
expenses, disbursements and advances incurred or made by the Trustee or any predecessor Trustee in accordance with any provision of this
Indenture (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense,
disbursement or advance as may be attributable to its negligence or bad faith.

 

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(iii)            To
indemnify each of the Trustee or any predecessor Trustee for, and to hold it harmless against, any loss, liability or expense incurred
without negligence or bad faith on its own part, arising out of or in connection with the acceptance or administration of the trust or
trusts hereunder, including the costs and expenses (including the reasonable fees and expenses of its agents and counsel) of defending
itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder.

 

As security for the performance
of the obligations of the Company under this Section, the Trustee shall have a claim prior to the Securities upon all property and funds
held or collected by the Trustee as such, except funds held in trust for the payment of principal of (or premium, if any) or interest,
if any, on particular Securities or any coupons.

 

When the Trustee incurs expenses
or renders services after an Event of Default specified in Section 5.01 occurs, the expenses and compensation for such services
are intended to constitute expenses of administration under Title 11, U.S. Code, or any similar Federal, State or analogous foreign law
for the relief of debtors.

 

The provisions of this Section 6.06
shall survive the resignation or removal of the Trustee and the satisfaction, termination or discharge of this Indenture.

 

Section 6.07     Corporate
Trustee Required: Eligibility.

 

There shall at all times
be a Trustee hereunder that shall be eligible to act as Trustee under TIA Section 310(a)(1) and shall have a combined capital
and surplus of at least $50,000,000. If such corporation publishes reports of condition at least annually, pursuant to law or to the
requirements of Federal, State, Territorial or District of Columbia supervising or examining authority, then for the purposes of this
Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in
its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions
of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article.

 

Section 6.08     Disqualification:
Conflicting Interests.

 

If the Trustee has or shall
acquire a conflicting interest within the meaning of the Trust Indenture Act, the Trustee shall either eliminate such interest or resign,
to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this Indenture.

 

Section 6.09     Resignation
and Removal: Appointment of Successor.

 

(a)            No
resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective
until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 6.10.

 

(b)            The
Trustee may resign at any time with respect to the Securities of one or more series by giving written notice thereof to the Company.

 

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(c)            The
Trustee may be removed at any time with respect to the Securities of any series by (i) the Company, by an Officers’ Certificate
delivered to the Trustee, provided that contemporaneously therewith (x) the Company immediately appoints a successor Trustee
with respect to the Securities of such series meeting the requirements of Section 6.07 hereof and (y) the terms of Section 6.10
hereof are complied with in respect of such appointment (the Trustee being removed hereby agreeing to execute the instrument contemplated
by Section 6.10(b) hereof, if applicable, under such circumstances) and provided further that no Default with respect
to such Securities shall have occurred and then be continuing at such time, or (ii) Act of the Holders of a majority in principal
amount of the Outstanding Securities of such series delivered to the Trustee and to the Company.

 

(d)            If
at any time:

 

(i)            the
Trustee shall fail to comply with the provisions of TIA Section 310(b) after written request therefor by the Company or by
any Holder of a Security who has been a bona fide Holder of a Security for at least six months, or

 

(ii)            the
Trustee shall cease to be eligible under Section 6.07 and shall fail to resign after written request therefor by the Company or
by any Holder of a Security who has been a bona fide Holder of a Security for at least six months, or

 

(iii)            the
Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property
shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of
rehabilitation, conservation or liquidation,

 

then, in any such case, (i) the Company
by or pursuant to a Board Resolution may remove the Trustee and appoint a successor Trustee with respect to all Securities, or (ii) subject
to TIA Section 315(e), any Holder of a Security who has been a bona fide Holder of a Security for at least six months may, on behalf
of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee with respect
to all Securities and the appointment of a successor Trustee or Trustees.

 

(e)            If
an instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee within 30 days after the giving of a
notice of resignation or the delivery of an Act of removal, the Trustee resigning or being removed may petition any court of competent
jurisdiction for the appointment of a successor Trustee.

 

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(f)            If
the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause
with respect to the Securities of one or more series, the Company, by or pursuant to a Board Resolution, shall promptly appoint a successor
Trustee or Trustees with respect to the Securities of that or those series (it being understood that any such successor Trustee may be
appointed with respect to the Securities of one or more or all of such series and that at any time there shall be only one Trustee with
respect to the Securities of any particular series). If, within one year after such resignation, removal or incapability, or the occurrence
of such vacancy, a successor Trustee with respect to the Securities of any series shall be appointed by Act of the Holders of a majority
in principal amount of the Outstanding Securities of such series delivered to the Company and the retiring Trustee, the successor Trustee
so appointed shall, forthwith upon its acceptance of such appointment, become the successor Trustee with respect to the Securities of
such series and to that extent supersede the successor Trustee appointed by the Company. If no successor Trustee with respect to the
Securities of any series shall have been so appointed by the Company or the Holders of Securities and accepted appointment in the manner
hereinafter provided, any Holder of a Security who has been a bona fide Holder of a Security of such series for at least six months may,
on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor
Trustee with respect to Securities of such series.

 

(g)           The
Company shall give notice of each resignation and each removal of the Trustee with respect to the Securities of any series and each appointment
of a successor Trustee with respect to the Securities of any series in the manner provided for notices to the Holders of Securities in
Section 1.06.

 

Each notice shall include the name of the successor
Trustee with respect to the Securities of such series and the address of its Corporate Trust Office.

 

Section 6.10      Acceptance
of Appointment by Successor.

 

(a)            In
case of the appointment hereunder of a successor Trustee with respect to all Securities, every such successor Trustee shall execute,
acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation
or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall
become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on request of the Company or the successor
Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to such successor Trustee
all the rights, powers and trusts of the retiring Trustee, and shall duly assign, transfer and deliver to such successor Trustee all
property and money held by such retiring Trustee hereunder, subject nevertheless to its claim, if any, provided for in Section 6.06.

 

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(b)           In
case of the appointment hereunder of a successor Trustee with respect to the Securities of one or more (but not all) series, the Company,
the retiring Trustee and each successor Trustee with respect to the Securities of one or more series shall execute and deliver an indenture
supplemental hereto wherein each successor Trustee shall accept such appointment and that (i) shall contain such provisions as shall
be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts and duties
of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates,
(ii) if the retiring Trustee is not retiring with respect to all Securities, shall contain such provisions as shall be deemed necessary
or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that
or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (iii) shall
add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the
trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute
such Trustees co-trustees of the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder separate
and apart from any trust or trusts hereunder administered by any other such Trustee; and upon the execution and delivery of such supplemental
indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided therein and each such successor
Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring
Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates; but, on request
of the Company or any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor Trustee all
property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment
of such successor Trustee relates. Whenever there is a successor Trustee with respect to one or more (but less than all) series of securities
issued pursuant to this Indenture, the terms “Indenture” and “Securities” shall have the meanings
specified in the provisos to the respective definition of those terms in Section 1.01 which contemplate such situation.

 

(c)           Upon
request of any such successor Trustee, the Company shall execute any and all instruments reasonably necessary to more fully and certainly
vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in paragraph (a) or (b) of
this Section, as the case may be.

 

(d)           No
successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified and eligible
under this Article.

 

Section 6.11     Merger,
Conversion, Consolidation or Succession to Business.

 

Any corporation into which
the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion
or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust
business of the Trustee, shall be the successor of the Trustee hereunder, provided such corporation shall be otherwise qualified
and eligible under this Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto.
In case any Securities or coupons shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger,
conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities or coupons so authenticated
with the same effect as if such successor Trustee had itself authenticated such Securities or coupons. In case any Securities or coupons
shall not have been authenticated by such predecessor Trustee, any such successor Trustee may authenticate and deliver such Securities
or coupons, in either its own name or that of its predecessor Trustee, with the full force and effect which this Indenture provides for
the certificate of authentication of the Trustee; provided, however, that the right to adopt the certificate of authentication
of any predecessor Trustee or to authenticate Securities in the name of any predecessor Trustee shall apply only to its successor or
successors by merger, conversion or consolidation.

 

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Section 6.12     Appointment
of Authenticating Agent.

 

At any time when any of the
Securities remain Outstanding, the Trustee may appoint an Authenticating Agent or Agents (which may be an Affiliate or Affiliates of
the Company) with respect to one or more series of Securities that shall be authorized to act on behalf of the Trustee to authenticate
Securities of such series issued upon original issue or upon exchange, registration of transfer or partial redemption thereof, and Securities
so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated
by the Trustee hereunder. Any such appointment shall be evidenced by an instrument in writing signed by a Responsible Officer of the
Trustee, a copy of which instrument shall be promptly furnished to the Company. Wherever reference is made in this Indenture to the authentication
and delivery of Securities by the Trustee or the Trustee’s certificate of authentication, such reference shall be deemed to include
authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf
of the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the Company and, except as may otherwise
be provided pursuant to Section 3.01, shall at all times be a bank or trust company or corporation organized and doing business
and in good standing under the laws of the United States of America or of any State or the District of Columbia, authorized under such
laws to act as Authenticating Agent, having a combined capital and surplus of not less than $1,500,000 and subject to supervision or
examination by Federal or State authorities. If such Authenticating Agent publishes reports of condition at least annually, pursuant
to law or the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section, the combined capital
and surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus as set forth in its most recent report
of condition so published. In case at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of
this Section, such Authenticating Agent shall resign immediately in the manner and with the effect specified in this Section.

 

Any corporation into which
an Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to the corporate agency
or corporate trust business of an Authenticating Agent, shall continue to be an Authenticating Agent, provided such corporation shall
be otherwise eligible under this Section, without the execution or filing of any paper or further act on the part of the Trustee or the
Authenticating Agent.

 

An Authenticating Agent for
any series of Securities may at any time resign by giving written notice of resignation to the Trustee for such series and to the Company.
The Trustee for any series of Securities may at any time terminate the agency of an Authenticating Agent by giving written notice of
termination to such Authenticating Agent and to the Company. Upon receiving such a notice of resignation or upon such a termination,
or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee
for such series may appoint a successor Authenticating Agent which shall be acceptable to the Company and shall promptly give written
notice of such appointment to all Holders of Securities of the series with respect to which such Authenticating Agent will serve in the
manner set forth in Section 1.06. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested
with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent
herein. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section.

 

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The Company agrees to pay
to each Authenticating Agent from time to time reasonable compensation including reimbursement of its reasonable expenses for its services
under this Section.

 

If an appointment with respect
to one or more series is made pursuant to this Section, the Securities of such series may have endorsed thereon, in addition to or in
lieu of the Trustee’s certificate of authentication, an alternate certificate of authentication substantially in the following
form:

 

This is one of the Securities
of the series designated therein referred to in the within-mentioned Indenture.

 

	 	[                            
    ], as Trustee
	 	 
	 	By:	 
	 	 	as Authenticating Agent

 

	 	By:	 

	 	 	Authenticating Agent

 

If all of the Securities
of a series may not be originally issued at one time, and the Trustee does not have an office capable of authenticating Securities upon
original issuance located in a Place of Payment where the Company wishes to have Securities of such series authenticated upon original
issuance, the Trustee, if so requested by the Company in writing (which writing need not comply with Section 1.02 and need not be
accompanied by an Opinion of Counsel), shall appoint in accordance with this Section an Authenticating Agent (which, if so requested
by the Company, shall be an Affiliate of the Company) having an office in a Place of Payment designated by the Company with respect to
such series of Securities, provided that the terms and conditions of such appointment are reasonably acceptable to the Trustee.

 

Article Seven

 

HOLDERS’ LISTS AND REPORTS BY TRUSTEE
AND COMPANY

 

Section 7.01     Disclosure
of Names and Addresses of Holders.

 

Every Holder of Securities
or coupons, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company nor the Trustee nor any
Authenticating Agent nor any Paying Agent nor any Security Registrar nor any agent of any of them shall be held accountable by reason
of the disclosure of any information as to the names and addresses of the Holders of Securities in accordance with TIA Section 312,
regardless of the source from which such information was derived, and that the Trustee shall not be held accountable by reason of mailing
any material pursuant to a request made under TIA Section 312(b).

 

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Section 7.02     Preservation
of Information; Communications to Holders.

 

(a)           The
Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders contained in the most recent
list furnished to the Trustee as provided in Section 7.01 and the names and addresses of Holders received by the Trustee
in its capacity as Security Registrar. The Trustee may destroy any list furnished to it as provided in Section 7.01 upon receipt
of a new list so furnished.

 

(b)           The
rights of Holders to communicate with other Holders with respect to their rights under this Indenture or under the Securities, and the
corresponding rights and duties of the Trustee, shall be as provided by the Trust Indenture Act.

 

(c)           Every
Holder of Securities, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company nor the Trustee
nor any agent of either of them shall be held accountable by reason of any disclosure of information as to names and addresses of Holders
made pursuant to the Trust Indenture Act.

 

Section 7.03     Reports
by Trustee.

 

Within 60 days after May 15
of each year commencing with the first May 15 after the first issuance of Securities pursuant to this Indenture, the Trustee shall
transmit by mail to all Holders Securities as provided in TIA Section 313(c) a brief report dated as of such May 15 which
meets the requirements of TIA Section 313(a).

 

A copy of each such report
shall, at the time of such transmission to Holders, be filed by the Trustee with each stock exchange, if any, upon which the Securities
are listed, with the Commission and with the Company. The Company will promptly notify the Trustee of the listing of the Securities on
any stock exchange. In the event that, on any such reporting date, no events have occurred under the applicable sections of the TIA within
the 12 months preceding such reporting date, the Trustee shall be under no duty or obligation to provide such reports.

 

Section 7.04     Reports
by Company.

 

The Company will file with
the Trustee and the Commission, and transmit to Holders, such information, documents and other reports, and such summaries thereof, as
may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant to the Trust Indenture Act; provided,
that any such information, documents or reports filed electronically with the Commission pursuant to Section 13 or 15(d) of
the Exchange Act shall be deemed filed with and delivered to the Trustee and the Holders at the same time as filed with the Commission.

 

Delivery of such reports,
information, and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute
constructive notice of any information contained therein or determinable from information contained therein, including the Company’s
compliance with any of its covenants hereunder (as to which the Trustee is entitled to conclusively rely exclusively on Officers’
Certificates).

 

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Section 7.05     Calculation
of Original Issue Discount.

 

Upon request of the Trustee,
the Company shall file with the Trustee promptly at the end of each calendar year a written notice specifying the amount of original
issue discount (including daily rates and accrual periods), if any, accrued on Outstanding Securities as of the end of such year.

 

Article Eight

 

CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER

 

Section 8.01     Company
May Consolidate, Etc., Only on Certain Terms.

 

Unless otherwise provided
in the terms of such Securities, the Company shall not consolidate with or merge with or into any other corporation or convey or transfer
all or substantially all of its properties and assets to any Person, unless:

 

(i)            either
the Company shall be the continuing corporation, or the corporation (if other than the Company) formed by such consolidation or into
which the Company is merged or the Person which acquires by conveyance or transfer all or substantially all of the properties and assets
of the Company shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form reasonably
satisfactory to the Trustee, the due and punctual payment of the principal of (and premium, if any) and interest, if any, on all the
Securities and the performance of every covenant of this Indenture on the part of the Company to be performed or observed;

 

(ii)           immediately
after giving effect to such transaction, no Default or Event of Default shall have happened and be continuing; and

 

(iii)          the
Company and the successor Person have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel each stating
that such consolidation, merger, conveyance or transfer and such supplemental indenture comply with this Article and that all conditions
precedent herein provided for relating to such transaction have been complied with.

 

Section 8.02     Successor
Person Substituted.

 

Upon any consolidation or
merger, or any conveyance or transfer of the properties and assets of the Company substantially as an entirety in accordance with Section 8.01,
the successor corporation formed by such consolidation or into which the Company is merged or the successor Person to which such conveyance
or transfer is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture
with the same effect as if such successor had been named as the Company herein; and in the event of any such conveyance or transfer,
the Company shall be discharged from all obligations and covenants under this Indenture and the Securities and coupons and may be dissolved
and liquidated.

 

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Article Nine

 

SUPPLEMENTAL INDENTURES

 

Section 9.01     Supplemental
Indentures Without Consent of Holders.

 

Without the consent of any
Holders of Securities or coupons, the Company, when authorized by or pursuant to a Board Resolution, and the Trustee, at any time and
from time to time, may enter into one or more indentures supplemental hereto, in form reasonably satisfactory to the Trustee, for any
of the following purposes:

 

(i)            to
evidence the succession of another Person to the Company and the assumption by any such successor of the covenants of the Company herein
and in the Securities contained; or

 

(ii)           to
add to the covenants of the Company for the benefit of the Holders of all or any series of Securities or any coupon appertaining thereto
(and if such covenants are to be for the benefit of less than all series of Securities, stating that such covenants are expressly being
included solely for the benefit of such series) or to surrender any right or power herein conferred upon the Company; or

 

(iii)          to
add any additional Events of Default for the benefit of the Holders of all or any series of Securities (and if such Events of Default
are to be for the benefit of less than all series of Securities, stating that such Events of Default are expressly being included solely
for the benefit of such series); provided, however, that in respect of any such additional Events of Default such supplemental
indenture may provide for a particular period of grace after default (which period may be shorter or longer than that allowed in the
case of other defaults) or may provide for an immediate enforcement upon such default or may limit the remedies available to the Trustee
upon such default or may limit the right of the Holders of a majority in aggregate principal amount of that or those series of Securities
to which such additional Events of Default apply to waive such default; or

 

(iv)          to
add to or change any of the provisions of this Indenture to provide that Bearer Securities may be registrable as to principal, to change
or eliminate any restrictions on the payment of principal of or any premium or interest on Bearer Securities, to permit Bearer Securities
to be issued in exchange for Registered Securities, to permit Bearer Securities to be issued in exchange for Bearer Securities of other
authorized denominations or to permit or facilitate the issuance of Securities in uncertificated form; provided that any such
action shall not adversely affect the interests of the Holders of Securities of any series or any related coupons in any material respect;
or

 

(v)           to
change or eliminate any of the provisions of this Indenture; provided that any such change or elimination shall become effective
only when there is no Security Outstanding of any series created prior to the execution of such supplemental indenture that is entitled
to the benefit of such provision; or

 

(vi)          to
secure the Securities pursuant to the requirements of Section 8.01 or 10.06, or otherwise; or

 

(vii)         to
establish the form or terms of Securities of any series and any related coupons as permitted by Sections 2.01 and 3.01, including the
provisions and procedures relating to Securities convertible into or exchangeable for any securities of any Person (including the Company);
or

 

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(viii)        to
evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or more
series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration
of the trusts hereunder by more than one Trustee; or

 

(ix)            to
cure any ambiguity, to correct or supplement any provision herein that may be inconsistent with any other provision herein, or to make
any other provisions with respect to matters or questions arising under this Indenture; provided that such action shall not adversely
affect the interests of the Holders of Securities of any series or any related coupons in any material respect; or

 

(x)            to
supplement any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the defeasance and discharge
of any series of Securities pursuant to Sections 4.01, 14.02 and 14.03; provided that any such action shall not adversely affect
the interests of the Holders of Securities of such series and any related coupons or any other series of Securities in any material respect.

 

Section 9.02     Supplemental
Indentures with Consent of Holders.

 

With the consent of the Holders
of not less than a majority in aggregate principal amount of all Outstanding Securities affected by such supplemental indenture, by Act
of said Holders delivered to the Company and the Trustee, the Company, when authorized by or pursuant to a Board Resolution, and the
Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions of this Indenture that affects such series of Securities or of modifying in any manner the
rights of the Holders of such series of Securities and any related coupons under this Indenture; provided, however, that
no such supplemental indenture shall, without the consent of the Holder of each Outstanding Security affected thereby:

 

(i)            change
the Stated Maturity of the principal of (or premium, if any) or any installment of principal of or interest on, any Security, subject
to the provisions of Section 3.08; or the terms of any sinking fund with respect to any Security; or reduce the principal amount
thereof or the rate of interest (or change the manner of calculating the rate of interest, thereon, or any premium payable upon the redemption
thereof, or change any obligation of the Company to pay Additional Amounts pursuant to Section 10.04 (except as contemplated by
Section 8.01(i) and permitted by Section 9.01(i)), or reduce the portion of the principal of an Original Issue Discount
Security or Indexed Security that would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 5.02,
or upon the redemption thereof or the amount thereof provable in bankruptcy pursuant to Section 5.04, or adversely affect any right
of repayment at the option of the Holder of any Security, or change any Place of Payment where, or the Currency in which, any Security
or any premium or interest thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or after
the Stated Maturity thereof (or, in the case of redemption or repayment at the option of the Holder, on or after the Redemption Date
or the Repayment Date, as the case may be), or adversely affect any right to convert or exchange any Security as may be provided pursuant
to Section 3.01 herein, or modify the subordination provisions set forth in Article Sixteen in a manner that is adverse to
the Holder of any Security, or

 

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(ii)            reduce
the percentage in principal amount of the Outstanding Securities of any series, the consent of whose Holders is required for any such
supplemental indenture, or the consent of whose Holders is required for any waiver with respect to such series (of compliance with certain
provisions of this Indenture or certain defaults hereunder and their consequences) provided for in this Indenture, or reduce the requirements
of Section 15.04 for quorum or voting, or

 

(iii)          modify
any of the provisions of this Section, Section 5.13 or Section 10.07, except to increase any such percentage or to provide
that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security
affected thereby; provided, however, that this clause shall not be deemed to require the consent of any Holder of a Security
or coupon with respect to changes in the references to “the Trustee” and concomitant changes in this Section, or the deletion
of this proviso, in accordance with the requirements of Sections 6.10(b) and 9.01(viii).

 

It shall not be necessary
for any Act of Holders under this Section to approve the particular form of any proposed supplemental indenture, but it shall be
sufficient if such Act shall approve the substance thereof.

 

A supplemental indenture
that changes or eliminates any covenant or other provision of this Indenture which has expressly been included solely for the benefit
of one or more particular series of Securities, or that modifies the rights of the Holders of Securities of such series with respect
to such covenant or other provision, shall be deemed not to affect the rights under this Indenture of the Holders of Securities of any
other series.

 

The Company may, but shall
not be obligated to, fix a record date for the purpose of determining the Persons entitled to consent to any indenture supplemental hereto.
If a record date is fixed, the Holders on such record date, or their duly designated proxies, and only such Persons, shall be entitled
to consent to such supplemental indenture, whether or not such Holders remain Holders after such record date; provided, that unless such
consent shall have become effective by virtue of the requisite percentage having been obtained prior to the date that is eleven months
after such record date, any such consent previously given shall automatically and without further action by any Holder be cancelled and
of no further effect.

 

Section 9.03     Execution
of Supplemental Indentures.

 

In executing, or accepting
the additional trusts created by, any supplemental indenture permitted by this Article or the modification thereby of the trusts
created by this Indenture, the Trustee shall be entitled to receive, and shall be fully protected in relying upon, in addition to the
documents required by Section 1.02 of this Indenture, an Officers’ Certificate and an Opinion of Counsel stating that the
execution of such supplemental indenture is authorized or permitted by this Indenture and that all conditions precedent to such supplemental
indenture have been complied with. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture that affects
the Trustee’s own rights, duties or immunities under this Indenture or otherwise.

 

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Section 9.04     Effect
of Supplemental Indentures.

 

Upon the execution of any
supplemental indenture under this Article, this Indenture shall be modified in accordance therewith, and such supplemental indenture
shall form a part of this Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated and delivered
hereunder and of any coupon appertaining thereto shall be bound thereby.

 

Section 9.05     Conformity
with Trust Indenture Act.

 

Every supplemental indenture
executed pursuant to this Article shall conform to the requirements of the Trust Indenture Act as then in effect.

 

Section 9.06     Reference
in Securities to Supplemental Indentures.

 

Securities of any series
authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall, if required
by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the
Company shall so determine, new Securities of any series so modified as to conform, in the opinion of the Trustee and the Company, to
any such supplemental indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange
for Outstanding Securities of such series.

 

Article Ten

 

COVENANTS

 

Section 10.01     Payment
of Principal, Premium, if any, and Interest.

 

The Company covenants and
agrees for the benefit of the Holders of each series of Securities and any coupons appertaining thereto that it will duly and punctually
pay the principal of (and premium, if any) and interest, if any, on the Securities of that series in accordance with the terms of such
series of Securities, any coupons appertaining thereto and this Indenture. Any interest due on Bearer Securities on or before Maturity,
other than Additional Amounts, if any, payable as provided in Section 10.04 in respect of principal of (or premium, if any) such
a Security, shall be payable only upon presentation and surrender of the several coupons for such interest installments as are evidenced
thereby as they severally mature. Unless otherwise specified with respect to Securities of any series pursuant to Section 3.01,
at the option of the Company, all payments of principal may be paid by check to the registered Holder of the Registered Security or other
person entitled thereto against surrender of such Security. Unless otherwise specified as contemplated by Section 3.01 with respect
to any series of Securities, any interest due on Bearer Securities on or before Maturity shall be payable only upon presentation and
surrender of the several coupons for such interest installments as are evidenced thereby as they severally mature.

 

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Section 10.02     Maintenance
of Office or Agency.

 

If Securities of a series
are issuable only as Registered Securities, the Company shall maintain in each Place of Payment for any series of Securities an office
or agency where Securities of that series may be presented or surrendered for payment, where Securities of that series may be surrendered
for registration of transfer or exchange, where Securities of that series that are convertible or exchangeable may be surrendered for
conversion or exchange, as applicable, and where notices and demands to or upon the Company in respect of the Securities of that series
and this Indenture may be served. If Securities of a series are issuable as Bearer Securities, the Company will maintain (A) in
the Borough of Manhattan, The City of New York, an office or agency where any Registered Securities of that series may be presented or
surrendered for payment, where any Registered Securities of that series may be surrendered for registration of transfer, where Securities
of that series may be surrendered for exchange, where Securities of that series that are convertible or exchangeable may be surrendered
for conversion or exchange, as applicable, and where notices and demands to or upon the Company in respect of the Securities of that
series and this Indenture may be served and where Bearer Securities of that series and related coupons may be presented or surrendered
for payment in the circumstances described in the following paragraph (and not otherwise), (B) subject to any laws or regulations
applicable thereto, in a Place of Payment for that series which is located outside the United States, an office or agency where Securities
of that series and related coupons may be presented and surrendered for payment (including payment of any Additional Amounts payable
on Securities of that series pursuant to Section 10.04); provided, however, that if the Securities of that series
are listed on the Luxembourg Stock Exchange or any other stock exchange located outside the United States and such stock exchange shall
so require, the Company will maintain a Paying Agent for the Securities of that series in Luxembourg or any other required city located
outside the United States, as the case may be, so long as the Securities of that series are listed on such exchange, and (C) subject
to any laws or regulations applicable thereto, in a Place of Payment for that series located outside the United States an office or agency
where any Registered Securities of that series may be surrendered for registration of transfer, where Securities of that series may be
surrendered for exchange, where Securities of that series that are convertible or exchangeable may be surrendered for conversion or exchange,
as applicable and where notices and demands to or upon the Company in respect of the Securities of that series and this Indenture may
be served. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of each such office
or agency. If at any time the Company shall fail to maintain any such required office or agency in respect of any series of Securities
or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served
at the Corporate Trust Office of the Trustee, except that Bearer Securities of that series and the related coupons may be presented and
surrendered for payment (including payment of any Additional Amounts payable on Bearer Securities of that series pursuant to Section 10.04)
at the offices specified in the Security, in London, England, and the Company hereby appoints the Trustee as its agent to receive such
respective presentations, surrenders, notices and demands, and the Company hereby appoints the Trustee at its Corporate Trust Office
its agent to receive all such presentations, surrenders, notices and demands.

 

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Unless otherwise specified
with respect to any Securities pursuant to Section 3.01, no payment of principal, premium or interest on Bearer Securities shall
be made at any office or agency of the Company in the United States or by check mailed to any address in the United States or by transfer
to any account maintained with a financial institution located in the United States; provided, however, that, if the Securities
of a series are denominated and payable in Dollars, payment of principal of (and premium, if any) and interest, if any, on any Bearer
Security (including payment of any Additional Amounts payable on Bearer Securities of that series pursuant to Section 10.04) shall
be made at the office of the Company’s Paying Agent in the Borough of Manhattan, The City of New York, if (but only if) payment
in Dollars of the full amount of such principal, premium, if any, interest or Additional Amounts, as the case may be, at all offices
or agencies outside the United States maintained for such purpose by the Company in accordance with this Indenture, is illegal or effectively
precluded by exchange controls or other similar restrictions.

 

The Company may also from
time to time designate one or more other offices or agencies where the Securities of one or more series may be presented or surrendered
for any or all of such purposes, and may from time to time rescind such designations; provided, however, that no such designation
or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in accordance with the requirements
set forth above for Securities of any series for such purposes. The Company will give prompt written notice to the Trustee of any such
designation or rescission and of any change in the location of any such other office or agency. Unless otherwise specified with respect
to any Securities pursuant to Section 3.01 with respect to a series of Securities, the Company hereby designates as a Place of Payment
for each series of Securities the office or agency of the Company in the Borough of Manhattan, The City of New York, and initially appoints
the Trustee as Paying Agent with its office at [                             
], and as its agent to receive all such presentations, surrenders, notices and demands.

 

Unless otherwise specified
with respect to any Securities pursuant to Section 3.01, if and so long as the Securities of any series (i) are denominated
in a currency other than Dollars or (ii) may be payable in a currency other than Dollars, or so long as it is required under any
other provision of the Indenture, then the Company will maintain with respect to each such series of Securities, or as so required, at
least one Exchange Rate Agent. The Company will notify the Trustee of the name and address of any Exchange Rate Agent retained by it.

 

Section 10.03     Money
for Securities Payments to Be Held in Trust.

 

If the Company shall at any
time act as its own Paying Agent with respect to any series of any Securities and any related coupons, it will, on or before each due
date of the principal of (or premium, if any) or interest, if any, on any of the Securities of that series, segregate and hold in trust
for the benefit of the Persons entitled thereto a sum in the Currency in which the Securities of such series are payable (except as otherwise
specified pursuant to Section 3.01 for the Securities of such series and except, if applicable, as provided in Sections 3.12(b),
3.12(d) and 3.12(e)) sufficient to pay the principal (and premium, if any) and interest, if any, on Securities of such series so
becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided, and will promptly notify the
Trustee of its action or failure so to act.

 

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Whenever the Company shall
have one or more Paying Agents for any series of Securities and any related coupons, it will, on or before each due date of the principal
of (or premium, if any) or interest, if any, on any Securities of that series, deposit with a Paying Agent a sum (in the Currency or
Currencies described in the preceding paragraph) sufficient to pay the principal (or premium, if any) or interest, if any, so becoming
due, such sum of money to be held in trust for the benefit of the Persons entitled to such principal, premium or interest and (unless
such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action or failure so to act.

 

The Company may at any time,
for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order direct
any Paying Agent to pay, to the Trustee all sums of money held in trust by the Company or such Paying Agent, such sums to be held by
the Trustee upon the same trusts as those upon which such sums were held by the Company or such Paying Agent; and, upon such payment
by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such sums.

 

Except as otherwise provided
in the Securities of any series, any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for
the payment of the principal of (or premium, if any) or interest, if any, on any Security of any series, or any coupon appertaining thereto,
and remaining unclaimed for two years after such principal, premium or interest has become due and payable shall be paid to the Company
upon Company Request, or (if then held by the Company) shall be discharged from such trust; and the Holder of such Security or any coupon
appertaining thereto shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability
of the Trustee or such Paying Agent with respect to such money held in trust, and all liability of the Company as trustee thereof, shall
thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment,
may at the expense of the Company cause to be published once, in an Authorized Newspaper, notice that such money remains unclaimed and
that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of
such money then remaining will be repaid to the Company.

 

Section 10.04     Additional
Amounts.

 

If the Securities of a series
provide for the payment of Additional Amounts, the Company will pay to the Holder of any Security of such series or any coupon appertaining
thereto such Additional Amounts as may be specified as contemplated by Section 3.01. Whenever in this Indenture there is mentioned,
in any context, the payment of the principal of (or premium, if any) or interest, if any, on any Security of any series or payment of
any related coupon or the net proceeds received on the sale or exchange of any Security of any series, such mention shall be deemed to
include mention of the payment of Additional Amounts provided for by the terms of such series established pursuant to Section 3.01
to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof pursuant to such terms and express
mention of the payment of Additional Amounts (if applicable) in any provisions hereof shall not be construed as excluding Additional
Amounts in those provisions hereof where such express mention is not made.

 

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Except as otherwise specified
as contemplated by Section 3.01, if the Securities of a series provide for the payment of Additional Amounts, at least 10 days prior
to the first Interest Payment Date with respect to that series of Securities (or if the Securities of that series will not bear interest
prior to Maturity, the first day on which a payment of principal premium is made), and at least 10 days prior to each date of payment
of principal, premium or interest if there has been any change with respect to the matters set forth in the below-mentioned Officers’
Certificate, the Company will furnish the Trustee and the Company’s principal Paying Agent or Paying Agents, if other than the
Trustee, with an Officers’ Certificate instructing the Trustee and such Paying Agent or Paying Agents whether such payment of principal,
premium or interest on the Securities of that series shall be made to Holders of Securities of that series or any related coupons who
are not United States persons without withholding for or on account of any tax, assessment or other governmental charge described in
the Securities of that series. If any such withholding shall be required, then such Officers’ Certificate shall specify by country
the amount, if any, required to be withheld on such payments to such Holders of Securities of that series or related coupons and the
Company will pay to the Trustee or such Paying Agent the Additional Amounts required by the terms of such Securities. In the event that
the Trustee or any Paying Agent, as the case may be, shall not so receive the above-mentioned certificate, then the Trustee or such Paying
Agent shall be entitled (i) to assume that no such withholding or deduction is required with respect to any payment of principal
or interest with respect to any Securities of a series or related coupons until it shall have received a certificate advising otherwise
and (ii) to make all payments of principal and interest with respect to the Securities of a series or related coupons without withholding
or deductions until otherwise advised. The Company covenants to indemnify the Trustee and any Paying Agent for, and to hold them harmless
against, any loss, liability or expense reasonably incurred without negligence or bad faith on their part arising out of or in connection
with actions taken or omitted by any of them in reliance on any Officers’ Certificate furnished pursuant to this Section or
in reliance on the Company’s not furnishing such an Officers’ Certificate.

 

Section 10.05     Statement
as to Compliance.

 

The Company will deliver
to the Trustee, within 120 days after the end of each fiscal year ending after the date hereof so long as any Security is Outstanding
hereunder, an Officers’ Certificate stating to the knowledge of the signers thereof whether the Company is in default in the performance
of any of the terms, provisions or conditions of this Indenture. For purposes of this Section 10.05, such default shall be determined
without regard to any period of grace or requirement of notice under this Indenture.

 

Section 10.06     Payment
of Taxes and Other Claims.

 

The Company will pay or discharge
or cause to be paid or discharged, before the same shall become delinquent, (1) all taxes, assessments and governmental charges
levied or imposed upon the Company or upon the income, profits or property of the Company, and (2) all lawful claims for labor,
materials and supplies that, if unpaid, might by law become a lien upon the property of the Company, except where the failure to do so
would not be reasonably expected to have a material adverse effect on the business, assets, financial condition or results of operations
of the Company; provided, however, that the Company shall not be required to pay or discharge or cause to be paid or discharged
any such tax, assessment, charge or claim whose amount, applicability or validity is being contested in good faith by appropriate proceedings.

 

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Section 10.07     Waiver
of Certain Covenants.

 

The Company may omit in any
particular instance to comply with any covenant or condition set forth in Section 10.06, and, as specified pursuant to Section 3.01(xv) for
Securities of any series, in any covenants of the Company added to Article Ten pursuant to Section 3.01(xiv) or Section 3.01(xv) in
connection with the Securities of a series, if before or after the time for such compliance the Holders of at least a majority in aggregate
principal amount of all Outstanding Securities of such series, by Act of such Holders, either waive such compliance in such instance
or generally waive compliance with such covenant or condition, but no such waiver shall extend to or affect such covenant or condition
except to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company and the duties
of the Trustee in respect of any such covenant or condition shall remain in full force and effect.

 

Article Eleven

 

REDEMPTION OF SECURITIES

 

Section 11.01     Applicability
of Article.

 

Securities of any series
that are redeemable before their Stated Maturity shall be redeemable in accordance with their terms and (except as otherwise specified
as contemplated by Section 3.01 for Securities of any series) in accordance with this Article.

 

Section 11.02     Election
to Redeem; Notice to Trustee.

 

The election of the Company
to redeem any Securities shall be evidenced by or pursuant to a Board Resolution. In case of any redemption at the election of the Company
of less than all of the Securities of any series, the Company shall, at least 60 days prior to the Redemption Date fixed by the Company
(unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee in writing of such Redemption Date and of the principal
amount of Securities of such series to be redeemed, and, if applicable, of the tenor of the Securities to be redeemed, and shall deliver
to the Trustee such documentation and records as shall enable the Trustee to select the Securities to be redeemed pursuant to Section 11.03.
In the case of any redemption of Securities of any series prior to the expiration of any restriction on such redemption provided in the
terms of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officers’ Certificate evidencing
compliance with such restriction.

 

Section 11.03     Selection
by Trustee of Securities to Be Redeemed.

 

If less than all the Securities
of any series issued on the same day with the same terms are to be redeemed, the particular Securities to be redeemed shall be selected
not more than 60 days prior to the Redemption Date by the Trustee, from the Outstanding Securities of such series issued on such date
with the same terms not previously called for redemption, by such method as the Trustee shall deem fair and appropriate; provided
that such method complies with the rules of any national securities exchange or quotation system on which the Securities are
listed (which rules shall be certificated to the Trustee by the Company or such national securities exchange at the Trustee’s
request), and may provide for the selection for redemption of portions (equal to the minimum authorized denomination for Securities of
that series or any integral multiple thereof) of the principal amount of Securities of such series of a denomination larger than the
minimum authorized denomination for Securities of that series; provided, however, that no such partial redemption shall
reduce the portion of the principal amount of a Security not redeemed to less than the minimum authorized denomination for Securities
of such series.

 

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The Trustee shall promptly
notify the Company and the Security Registrar (if other than itself) in writing of the Securities selected for redemption and, in the
case of any Securities selected for partial redemption, the principal amount thereof to be redeemed.

 

For all purposes of this
Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities shall relate, in the case of
any Security redeemed or to be redeemed only in part, to the portion of the principal amount of such Security which has been or is to
be redeemed.

 

Section 11.04     Notice
of Redemption.

 

Notice of redemption shall
be given in the manner provided in Section 1.06, not less than 30 days nor more than 60 days prior to the Redemption Date, unless
a shorter period is specified by the terms of such series established pursuant to Section 3.01, to each Holder of Securities to
be redeemed, but failure to give such notice in the manner herein provided to the Holder of any Security designated for redemption as
a whole or in part, or any defect in the notice to any such Holder, shall not affect the validity of the proceedings for the redemption
of any other such Security or portion thereof.

 

Any notice that is mailed
to the Holders of Registered Securities in the manner herein provided shall be conclusively presumed to have been duly given, whether
or not the Holder receives the notice.

 

All notices of redemption
shall state:

 

(i)            the
Redemption Date,

 

(ii)           the
Redemption Price and accrued interest, if any, to the Redemption Date payable as provided in Section 11.06,

 

(iii)          if
less than all Outstanding Securities of any series are to be redeemed, the identification (and, in the case of partial redemption, the
principal amount) of the particular Security or Securities to be redeemed,

 

(iv)          in
case any Security is to be redeemed in part only, the notice that relates to such Security shall state that on and after the Redemption
Date, upon surrender of such Security, the Holder will receive, without a charge, a new Security or Securities of authorized denominations
for the principal amount thereof remaining unredeemed,

 

(v)           that
on the Redemption Date, the Redemption Price and accrued interest, if any, to the Redemption Date payable as provided in Section 11.06
will become due and payable upon each such Security, or the portion thereof, to be redeemed and, if applicable, that interest thereon
shall cease to accrue on and after said date,

 

(vi)          the
Place or Places of Payment where such Securities, together in the case of Bearer Securities with all coupons appertaining thereto, if
any, maturing after the Redemption Date, are to be surrendered for payment of the Redemption Price and accrued interest, if any,

 

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(vii)         that
the redemption is for a sinking fund, if such is the case,

 

(viii)        that,
unless otherwise specified in such notice, Bearer Securities of any series, if any, surrendered for redemption must be accompanied by
all coupons maturing subsequent to the Redemption Date or the amount of any such missing coupon or coupons will be deducted from the
Redemption Price, unless security or indemnity satisfactory to the Company, the Trustee for such series and any Paying Agent is furnished,

 

(ix)          if
Bearer Securities of any series are to be redeemed and any Registered Securities of such series are not to be redeemed, and if such Bearer
Securities may be exchanged for Registered Securities not subject to redemption on this Redemption Date pursuant to Section 3.05
or otherwise, the last date, as determined by the Company, on which such exchanges may be made, and

 

(x)           the
CUSIP number of such Security, if any.

 

A notice of redemption published
as contemplated by Section 1.06 need not identify particular Registered Securities to be redeemed. Notice of redemption of Securities
to be redeemed shall be given by the Company or, at the Company’s request, by the Trustee in the name and at the expense of the
Company.

 

Section 11.05     Deposit
of Redemption Price.

 

On or prior to 10:00 am,
New York City time, on the Business Day prior to any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent
(or, if the Company is acting as its own Paying Agent, in accordance with the terms of this Indenture, segregate and hold in trust as
provided in Section 10.03) an amount of money in the Currency in which the Securities of such series are payable (except as otherwise
specified pursuant to Section 3.01 for the Securities of such series and except, if applicable, as provided in Sections 3.12(b),
3.12(d) and 3.12(e)) sufficient to pay on the Redemption Date the Redemption Price of, and (unless otherwise specified pursuant
to Section 3.01) accrued interest on, all the Securities or portions thereof which are to be redeemed on that date.

 

Section 11.06     Securities
Payable on Redemption Date.

 

Notice of redemption having
been given as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price
therein specified in the Currency in which the Securities of such series are payable (except as otherwise specified pursuant to Section 3.01
for the Securities of such series and except, if applicable, as provided in Sections 3.12(b), 3.12(d) and 3.12(e)) (together with
accrued interest, if any, to the Redemption Date), and from and after such date (unless the Company shall default in the payment of the
Redemption Price and accrued interest, if any) such Securities shall if the same were interest-bearing cease to bear interest and the
coupons for such interest appertaining to any Bearer Securities so to be redeemed, except to the extent provided below,

 

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shall be void. Upon surrender of any such Security
for redemption in accordance with said notice, together with all coupons, if any, appertaining thereto maturing after the Redemption
Date, such Security shall be paid by the Company at the Redemption Price, together with accrued interest, if any, to the Redemption Date;
provided, however, that installments of interest on Bearer Securities whose Stated Maturity is on or prior to the Redemption
Date shall be payable only at an office or agency located outside the United States (except as otherwise provided in Section 10.02)
and, unless otherwise specified as contemplated by Section 3.01, only upon presentation and surrender of coupons for such interest;
and provided further that, unless otherwise specified as contemplated by Section 3.01, installments of interest on Registered
Securities whose Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Securities, or one or
more Predecessor Securities, registered as such at the close of business on the relevant Record Dates according to their terms and the
provisions of Section 3.07.

 

If any Bearer Security surrendered
for redemption shall not be accompanied by all appurtenant coupons maturing after the Redemption Date, such Security may be paid after
deducting from the Redemption Price an amount equal to the face amount of all such missing coupons, or the surrender of such missing
coupon or coupons may be waived by the Company and the Trustee if there be furnished to them such security or indemnity as they may require
to save each of them and any Paying Agent harmless. If thereafter the Holder of such Security shall surrender to the Trustee or any Paying
Agent any such missing coupon in respect of which a deduction shall have been made from the Redemption Price, such Holder shall be entitled
to receive the amount so deducted; provided, however, that interest represented by coupons shall be payable only at an
office or agency located outside the United States (except as otherwise provided in Section 10.02) and, unless otherwise specified
as contemplated by Section 3.01, only upon presentation and surrender of those coupons.

 

If any Security called for
redemption shall not be so paid upon surrender thereof for redemption, the Redemption Price shall, until paid, bear interest from the
Redemption Date at the rate of interest set forth in such Security or, in the case of an Original Issue Discount Security, at the Yield
to Maturity of such Security.

 

Section 11.07     Securities
Redeemed in Part.

 

Any Registered Security that
is to be redeemed only in part (pursuant to the provisions of this Article or of Article Twelve) shall be surrendered at a
Place of Payment therefor (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in
form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or such Holder’s attorney duly authorized
in writing) and the Company shall execute and the Trustee shall authenticate and deliver to the Holder of such Security without service
charge a new Security or Securities of the same series and of like tenor, of any authorized denomination as requested by such Holder
in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered. If
a temporary global Security or permanent global Security is so surrendered, such new Security so issued shall be a new temporary global
Security or permanent global Security, respectively. However, if less than all the Securities of any series with differing issue dates,
interest rates and stated maturities are to be redeemed, the Company in its sole discretion shall select the particular Securities to
be redeemed and shall notify the Trustee in writing thereof at least 45 days prior to the relevant redemption date.

 

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Article Twelve

 

SINKING FUNDS

 

Section 12.01     Applicability
of Article.

 

The provisions of this Article shall
be applicable to any sinking fund for the retirement of Securities of a series except as otherwise specified as contemplated by Section 3.01
for Securities of such series.

 

The minimum amount of any
sinking fund payment provided for by the terms of Securities of any series is herein referred to as a “mandatory sinking fund payment”,
and any payment in excess of such minimum amount provided for by the terms of such Securities of any series is herein referred to as
an “optional sinking fund payment”. If provided for by the terms of any Securities of any series, the cash amount of any
mandatory sinking fund payment may be subject to reduction as provided in Section 12.02. Each sinking fund payment shall be applied
to the redemption of Securities of any series as provided for by the terms of Securities of such series.

 

Section 12.02     Satisfaction
of Sinking Fund Payments with Securities.

 

The Company may, in satisfaction
of all or any part of any mandatory sinking fund payment with respect to the Securities of a series, (i) deliver Outstanding Securities
of such series (other than any previously called for redemption) together in the case of any Bearer Securities of such series with all
unmatured coupons appertaining thereto and (ii) apply as a credit Securities of such series which have been redeemed either at the
election of the Company pursuant to the terms of such Securities or through the application of permitted optional sinking fund payments
pursuant to the terms of such Securities, as provided for by the terms of such Securities; provided that such Securities so delivered
or applied as a credit have not been previously so credited. Such Securities shall be received and credited for such purpose by the Trustee
at the applicable Redemption Price specified in such Securities for redemption through operation of the sinking fund and the amount of
such mandatory sinking fund payment shall be reduced accordingly.

 

Section 12.03     Redemption
of Securities for Sinking Fund.

 

Not less than 60 days prior
to each sinking fund payment date for Securities of any series, the Company will deliver to the Trustee an Officers’ Certificate
specifying the amount of the next ensuing mandatory sinking fund payment for that series pursuant to the terms of that series, the portion
thereof, if any, which is to be satisfied by payment of cash in the Currency in which the Securities of such series are payable (except
as otherwise specified pursuant to Section 3.01 for the Securities of such series and except, if applicable, as provided in Sections
3.12(b), 3.12(d) and 3.12(e)) and the portion thereof, if any, which is to be satisfied by delivering and crediting Securities of
that series pursuant to Section 12.02, and the optional amount, if any, to be added in cash to the next ensuing mandatory sinking
fund payment, and will also deliver to the Trustee any Securities to be so delivered and credited. If such Officers’ Certificate
shall specify an optional amount to be added in cash to the next ensuing mandatory sinking fund payment, the Company shall thereupon
be obligated to pay the amount therein specified. Not less than 30 days before each such sinking fund payment date the Trustee shall
select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 11.03 and cause notice
of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in Section 11.04.
Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections
11.06 and 11.07.

 

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Article Thirteen

 

REPAYMENT AT THE OPTION OF HOLDERS

 

Section 13.01     Applicability
of Article.

 

Repayment of Securities of
any series before their Stated Maturity at the option of Holders thereof shall be made in accordance with the terms of such Securities
and (except as otherwise specified by the terms of such series established pursuant to Section 3.01) in accordance with this Article.

 

Section 13.02     Repayment
of Securities.

 

Securities of any series
subject to repayment in whole or in part at the option of the Holders thereof will, unless otherwise provided in the terms of such Securities,
be repaid at the Repayment Price thereof, together with interest, if any, thereon accrued to the Repayment Date specified in or pursuant
to the terms of such Securities. The Company covenants that on or before 10:00 am, New York City time, on the Business Day preceding
the Repayment Date it will deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate
and hold in trust as provided in Section 10.03) an amount of money in the Currency in which the Securities of such series are payable
(except as otherwise specified pursuant to Section 3.01 for the Securities of such series and except, if applicable, as provided
in Sections 3.12(b), 3.12(d) and 3.12(e)) sufficient to pay the Repayment Price of, and (unless otherwise specified pursuant to
Section 3.01) accrued interest on, all the Securities or portions thereof, as the case may be, to be repaid on such date.

 

Section 13.03     Exercise
of Option.

 

Securities of any series
subject to repayment at the option of the Holders thereof will contain an “Option to Elect Repayment” form on the reverse
of such Securities. To be repaid at the option of the Holder, any Security so providing for such repayment, with the “Option to
Elect Repayment” form on the reverse of such Security duly completed by the Holder (or by the Holder’s attorney duly authorized
in writing), must be received by the Company at the Place of Payment therefor specified in the terms of such Security (or at such other
place or places of which the Company shall from time to time notify the Holders of such Securities) not earlier than 45 days nor later
than 30 days prior to the Repayment Date. If less than the entire Repayment Price of such Security is to be repaid in accordance with
the terms of such Security, the portion of the Repayment Price of such Security to be repaid, in increments of the minimum denomination
for Securities of such series, and the denomination or denominations of the Security or Securities to be issued to the Holder for the
portion of such Security surrendered that is not to be repaid, must be specified. Any Security providing for repayment at the option
of the Holder thereof may not be repaid in part if, following such repayment, the unpaid principal amount of such Security would be less
than the minimum authorized denomination of Securities of the series of which such Security to be repaid is a part. Except as otherwise
may be provided by the terms of any Security providing for repayment at the option of the Holder thereof, exercise of the repayment option
by the Holder shall be irrevocable unless waived by the Company.

 

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Section 13.04     When
Securities Presented for Repayment Become Due and Payable.

 

If Securities of any series
providing for repayment at the option of the Holders thereof shall have been surrendered as provided in this Article and as provided
by or pursuant to the terms of such Securities, such Securities or the portions thereof, as the case may be, to be repaid shall become
due and payable and shall be paid by the Company on the Repayment Date therein specified, and on and after such Repayment Date (unless
the Company shall default in the payment of such Securities on such Repayment Date) such Securities shall, if the same were interest-bearing,
cease to bear interest and the coupons for such interest appertaining to any Bearer Securities so to be repaid, except to the extent
provided below, shall be void. Upon surrender of any such Security for repayment in accordance with such provisions, together with all
coupons, if any, appertaining thereto maturing after the Repayment Date, the Repayment Price of such Security so to be repaid shall be
paid by the Company, together with accrued interest, if any, to the Repayment Date; provided, however, that coupons whose
Stated Maturity is on or prior to the Repayment Date shall be payable only at an office or agency located outside the United States (except
as otherwise provided in Section 10.02) and, unless otherwise specified pursuant to Section 3.01, only upon presentation and
surrender of such coupons; and provided further that installments of interest on Registered Securities, whose Stated Maturity
is prior to (or, if specified pursuant to Section 3.01, on) the Repayment Date shall be payable (but without interest thereon, unless
the Company shall default in the payment thereof) to the Holders of such Securities, or one or more Predecessor Securities, registered
as such at the close of business on the relevant Record Dates according to their terms and the provisions of Section 3.07.

 

If any Bearer Security surrendered
for repayment shall not be accompanied by all appurtenant coupons maturing after the Repayment Date, such Security may be paid after
deducting from the amount payable therefor as provided in Section 13.02 an amount equal to the face amount of all such missing coupons,
or the surrender of such missing coupon or coupons may be waived by the Company and the Trustee if there be furnished to them such security
or indemnity as they may require to save each of them and any Paying Agent harmless. If thereafter the Holder of such Security shall
surrender to the Trustee or any Paying Agent any such missing coupon in respect of which a deduction shall have been made as provided
in the preceding sentence, such Holder shall be entitled to receive the amount so deducted; provided, however, that interest
represented by coupons shall be payable only at an office or agency located outside the United States (except as otherwise provided in
Section 10.02) and, unless otherwise specified as contemplated by Section 3.01, only upon presentation and surrender of those
coupons.

 

If any Security surrendered
for repayment shall not be so repaid upon surrender thereof, the Repayment Price shall, until paid, bear interest from the Repayment
Date at the rate of interest set forth in such Security or, in the case of an Original Issue Discount Security, at the Yield to Maturity
of such Security.

 

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Section 13.05     Securities
Repaid in Part.

 

Upon surrender of any Registered
Security that is to be repaid in part only, the Company shall execute and the Trustee shall authenticate and deliver to the Holder of
such Security, without service charge and at the expense of the Company, a new Registered Security or Securities of the same series,
and of like tenor, of any authorized denomination specified by the Holder, in an aggregate principal amount equal to and in exchange
for the portion of the principal of such Security so surrendered that is not to be repaid. If a temporary global Security or permanent
global Security is so surrendered, such new Security so issued shall be a new temporary global Security or a new permanent global Security,
respectively.

 

Article Fourteen

 

DEFEASANCE AND COVENANT DEFEASANCE

 

Section 14.01     Applicability
of Article; Company’s Option to Effect Defeasance or Covenant Defeasance.

 

If pursuant to Section 3.01
provision is made for either or both of (a) defeasance of the Securities of or within a series under Section 14.02 or (b) covenant
defeasance of the Securities of or within a series under Section 14.03, then the provisions of such Section or Sections, as
the case may be, together with the other provisions of this Article (with such modifications thereto as may be specified pursuant
to Section 3.01 with respect to any Securities), shall be applicable to such Securities and any coupons appertaining thereto, and
the Company may at its option by Board Resolution, at any time, with respect to such Securities and any coupons appertaining thereto,
elect to have either Section 14.02 (if applicable) or Section 14.03 (if applicable) be applied to such Outstanding Securities
and any coupons appertaining thereto upon compliance with the conditions set forth below in this Article.

 

Section 14.02     Defeasance
and Discharge.

 

Upon the Company’s
exercise of the above option applicable to this Section with respect to any Securities of or within a series, the Company shall
be deemed to have been discharged from its obligations with respect to such Outstanding Securities and any coupons appertaining thereto
on and after the date the conditions set forth in Section 14.04 are satisfied (hereinafter, “defeasance”). For this
purpose, such defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness represented by such
Outstanding Securities and any coupons appertaining thereto, which shall thereafter be deemed to be “Outstanding” only for
the purposes of Section 14.05 and the other Sections of this Indenture referred to in clauses (A) and (B) of this Section,
and to have satisfied all its other obligations under such Securities and any coupons appertaining thereto and this Indenture insofar
as such Securities and any coupons appertaining thereto are concerned (and the Trustee, at the expense of the Company, shall execute
proper instruments acknowledging the same), except for the following which shall survive until otherwise terminated or discharged hereunder:
(A) the rights of Holders of such Outstanding Securities and any coupons appertaining thereto to receive, solely from the trust
fund described in Section 14.04 and as more fully set forth in such Section, payments in respect of the principal of (and premium,
if any) and interest, if any, on such Securities and any coupons appertaining thereto when such payments are due, (B) the Company’s
obligations with respect to such Securities under Sections 3.05, 3.06, 10.02 and 10.03 and with respect to the payment of Additional
Amounts, if any, on such Securities as contemplated by Section 10.04, (C) the rights, powers, trusts, duties and immunities
of the Trustee hereunder and (D) this Article. Subject to compliance with this Article Fourteen, the Company may exercise its
option under this Section notwithstanding the prior exercise of its option under Section 14.03 with respect to such Securities
and any coupons appertaining thereto. Following a defeasance, payment of such Securities may not be accelerated because of an Event of
Default.

 

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Section 14.03     Covenant
Defeasance.

 

Upon the Company’s
exercise of the above option applicable to this Section with respect to any Securities of or within a series, the Company shall
be released from its obligations under Section 10.06, and, if specified pursuant to Section 3.01, its obligations under any
other covenant with respect to such Outstanding Securities and any coupons appertaining thereto on and after the date the conditions
set forth in Section 14.04 are satisfied (hereinafter, “covenant defeasance”), and such Securities and any coupons appertaining
thereto shall thereafter be deemed to be not “Outstanding” for the purposes of any direction, waiver, consent or declaration
or Act of Holders (and the consequences of any thereof) in connection with Section 10.06, or such other covenant, but shall continue
to be deemed “Outstanding” for all other purposes hereunder. For this purpose, such covenant defeasance means that, with
respect to such Outstanding Securities and any coupons appertaining thereto, the Company may omit to comply with and shall have no liability
in respect of any term, condition or limitation set forth in any such Section or such other covenant, whether directly or indirectly,
by reason of any reference elsewhere herein to any such Section or such other covenant or by reason of reference in any such Section or
such other covenant to any other provision herein or in any other document and such omission to comply shall not constitute a Default
or an Event of Default under Section 5.01(iv) or 5.01(vii) or otherwise, as the case may be, but, except as specified
above, the remainder of this Indenture and such Securities and any coupons appertaining thereto shall be unaffected thereby. Following
a covenant defeasance, payment of such Securities may not be accelerated because of an Event of Default solely by reference to such Sections
specified above in this Section 14.03.

 

Section 14.04     Conditions
to Defeasance or Covenant Defeasance.

 

The following shall be the
conditions to application of either Section 14.02 or Section 14.03 to any Outstanding Securities of or within a series and
any coupons appertaining thereto:

 

(i)            The
Company shall have irrevocably deposited or caused to be irrevocably deposited with the Trustee (or another trustee satisfying the requirements
of Section 6.07 who shall agree to comply with the provisions of this Article Fourteen applicable to it) as trust funds in
trust for the purpose of making the following payments, specifically pledged as security for the benefit of, and dedicated solely to,
the Holders of such Securities and any coupons appertaining thereto, (A) an amount (in such Currency in which such Securities and
any coupons appertaining thereto are then specified as payable at Stated Maturity), or (B) Government Obligations applicable to
such Securities and coupons appertaining thereto (determined on the basis of the Currency in which such Securities and coupons appertaining
thereto are then specified as payable at Stated Maturity) which through the scheduled payment of principal and interest in respect thereof
in accordance with their terms will provide, without reinvestment thereof, not later than one day before the due date of any payment
of principal of (and premium, if any) and interest, if any, on such Securities and any coupons appertaining thereto, money in an amount,
or (C) a combination thereof in an amount, sufficient, in the opinion of a nationally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the Trustee, to pay and discharge, and which shall be applied by the Trustee
(or other qualifying trustee) to pay and discharge, (1) the principal of (and premium, if any) and interest, if any, on such Outstanding
Securities and any coupons appertaining thereto on the Stated Maturity of such principal or installment of principal or interest and
(2) any mandatory sinking fund payments or analogous payments applicable to such Outstanding Securities and any coupons appertaining
thereto on the day on which such payments are due and payable in accordance with the terms of this Indenture and of such Securities and
any coupons appertaining thereto.

 

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(ii)            Such
defeasance or covenant defeasance shall not result in a breach or violation of, or constitute a default under, this Indenture or any
other material agreement or instrument to which the Company is a party or by which it is bound.

 

(iii)            No
Default or Event of Default with respect to such Securities and any coupons appertaining thereto shall have occurred and be continuing
on the date of such deposit or, insofar as Sections 5.01(v) and 5.01(vi) are concerned, at any time during the period ending
on the 91st day after the date of such deposit (it being understood that this condition shall not be deemed satisfied until the expiration
of such period).

 

(iv)            In
the case of an election under Section 14.02, the Company shall have delivered to the Trustee an Opinion of Counsel stating that
(i) the Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (ii) since the
date of execution of this Indenture, there has been a change in the applicable Federal income tax law, in either case to the effect that,
and based thereon such opinion shall confirm that, the Holders of such Outstanding Securities and any coupons appertaining thereto will
not recognize income, gain or loss for Federal income tax purposes as a result of such defeasance and will be subject to Federal income
tax on the same amounts, in the same manner and at the same times as would have been the case if such defeasance had not occurred.

 

(v)            In
the case of an election under Section 14.03, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect
that the Holders of such Outstanding Securities and any coupons appertaining thereto will not recognize income, gain or loss for Federal
income tax purposes as a result of such covenant defeasance and will be subject to Federal income tax on the same amounts, in the same
manner and at the same times as would have been the case if such covenant defeasance had not occurred.

 

(vi)            The
Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent to either the defeasance under Section 14.02 or the covenant defeasance under Section 14.03 (as the case may be)
have been complied with.

 

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(vii)            Notwithstanding
any other provisions of this Section, such defeasance or covenant defeasance shall be effected in compliance with any additional or substitute
terms, conditions or limitations which may be imposed on the Company in connection therewith pursuant to Section 3.01.

 

Section 14.05     Deposited
Money and Government Obligations to Be Held in Trust; Other Miscellaneous Provisions.

 

Subject to the provisions
of the last paragraph of Section 10.03, all money and Government Obligations (or other property as may be provided pursuant to Section 3.01)
(including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 14.05,
the “Trustee”) pursuant to Section 14.04 in respect of any Outstanding Securities of any series and any coupons
appertaining thereto shall be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and any
coupons appertaining thereto and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting
as its own Paying Agent) as the Trustee may determine, to the Holders of such Securities and any coupons appertaining thereto of all
sums due and to become due thereon in respect of principal (and premium, if any) and interest, if any, but such money need not be segregated
from other funds except to the extent required by law.

 

Unless otherwise specified
with respect to any Security pursuant to Section 3.01, if, after a deposit referred to in Section 14.04(a) has been made,
(a) the Holder of a Security in respect of which such deposit was made is entitled to, and does, elect pursuant to Section 3.12(b) or
the terms of such Security to receive payment in a Currency other than that in which the deposit pursuant to Section 14.04(a) has
been made in respect of such Security, or (b) a Conversion Event occurs as contemplated in Section 3.12(d) or 3.12(e) or
by the terms of any Security in respect of which the deposit pursuant to Section 14.04(a) has been made, the indebtedness represented
by such Security and any coupons appertaining thereto shall be deemed to have been, and will be, fully discharged and satisfied through
the payment of the principal of (and premium, if any) and interest, if any, on such Security as the same becomes due out of the proceeds
yielded by converting (from time to time as specified below in the case of any such election) the amount or other property deposited
in respect of such Security into the Currency in which such Security becomes payable as a result of such election or Conversion Event
based on the applicable Market Exchange Rate for such Currency in effect on the second Business Day prior to each payment date, except,
with respect to a Conversion Event, for such Currency in effect (as nearly as feasible) at the time of the Conversion Event.

 

The Company shall pay and
indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the money or Government Obligations deposited
pursuant to Section 14.04 or the principal and interest received in respect thereof other than any such tax, fee or other charge
which by law is for the account of the Holders of such Outstanding Securities and any coupons appertaining thereto.

 

Anything in this Article to
the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon Company Request any money or Government
Obligations (or other property and any proceeds therefrom) held by it as provided in Section 14.04 which, in the opinion of a nationally
recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, are in excess
of the amount thereof which would then be required to be deposited to effect a defeasance or covenant defeasance, as applicable, in accordance
with this Article.

 

    80

     

    

 

If, after the Company has
made a deposit with the Trustee pursuant to Section 14.04, the Trustee is unable to apply any money in accordance with Section 14.05
by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining
or otherwise prohibiting such application, then the Company’s obligations under this Indenture and the applicable Securities shall
be revived and reinstated as though no deposit had occurred pursuant to Section 14.04 until such time as the Trustee is permitted
to apply all such money in accordance with this Article Fourteen; provided, however, that if the Company has made any payment
of the principal of or interest on any series of Securities because of the reinstatement of its obligations, the Company shall be subrogated
to the rights of the Holders of such Securities to receive any such payment from the money held by the Trustee.

 

Money deposited with the
Trustee in trust pursuant to this Section 14.05 shall not be subject to the subordination provisions of Article Sixteen.

 

Article Fifteen

 

MEETINGS OF HOLDERS OF SECURITIES

 

Section 15.01     Purposes
for Which Meetings May Be Called.

 

If Securities of a series
are issuable as Bearer Securities, a meeting of Holders of Securities of such series may be called at any time and from time to time
pursuant to this Article to make, give or take any request, demand, authorization, direction, notice, consent, waiver or other action
provided by this Indenture to be made, given or taken by Holders of Securities of such series.

 

Section 15.02     Call,
Notice and Place of Meetings.

 

(a)            The
Trustee may at any time call a meeting of Holders of Securities of any series for any purpose specified in Section 15.01, to be
held at such time and at such place in the Borough of Manhattan, The City of New York or in London as the Trustee shall determine. Notice
of every meeting of Holders of Securities of any series, setting forth the time and the place of such meeting and in general terms the
action proposed to be taken at such meeting, shall be given, in the manner provided in Section 1.06, not less than 21 nor more than
180 days prior to the date fixed for the meeting.

 

(b)            In
case at any time the Company, pursuant to a Board Resolution, or the Holders of at least 10% in principal amount of the Outstanding Securities
of any series shall have requested the Trustee to call a meeting of the Holders of Securities of such series for any purpose specified
in Section 15.01, by written request setting forth in reasonable detail the action proposed to be taken at the meeting, and the
Trustee shall not have made the first publication or mailing of the notice of such meeting within 21 days after receipt of such request
or shall not thereafter proceed to cause the meeting to be held as provided herein, then the Company or the Holders of Securities of
such series in the amount above specified, as the case may be, may determine the time and the place in the Borough of Manhattan, The
City of New York or in London for such meeting and may call such meeting for such purposes by giving notice thereof as provided in subsection
(a) of this Section.

 

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Section 15.03     Persons
Entitled to Vote at Meetings.

 

To be entitled to vote at
any meeting of Holders of Securities of any series, a Person shall be (i) a Holder of one or more Outstanding Securities of such
series, or (ii) a Person appointed by an instrument in writing as proxy for a Holder or Holders of one or more Outstanding Securities
of such series by such Holder or Holders. The only Persons who shall be entitled to be present or to speak at any meeting of Holders
of Securities of any series shall be the Persons entitled to vote at such meeting and their counsel, any representatives of the Trustee
and its counsel and any representatives of the Company and its counsel.

 

Section 15.04     Quorum;
Action.

 

The Persons entitled to vote
a majority in principal amount of the Outstanding Securities of a series shall constitute a quorum for a meeting of Holders of Securities
of such series; provided, however, that if any action is to be taken at such meeting with respect to a consent, waiver,
request, demand, notice, authorization, direction or other action that this Indenture expressly provides may be made, given or taken
by the Holders of not less than a specified percentage in principal amount of the Outstanding Securities of a series, the Persons entitled
to vote such specified percentage in principal amount of the Outstanding Securities of such series shall constitute a quorum. In the
absence of a quorum within 30 minutes of the time appointed for any such meeting, the meeting shall, if convened at the request of Holders
of Securities of such series, be dissolved. In any other case the meeting may be adjourned for a period of not less than 10 days as determined
by the chairman of the meeting prior to the adjournment of such meeting. In the absence of a quorum at any such adjourned meeting, such
adjourned meeting may be further adjourned for a period of not less than 10 days as determined by the chairman of the meeting prior to
the adjournment of such adjourned meeting. Notice of the reconvening of any adjourned meeting shall be given as provided in Section 15.02(a),
except that such notice need be given only once not less than five days prior to the date on which the meeting is scheduled to be reconvened.
Notice of the reconvening of any adjourned meeting shall state expressly the percentage, as provided above, of the principal amount of
the Outstanding Securities of such series which shall constitute a quorum.

 

Except as limited by the
proviso to Section 9.02, any resolution presented to a meeting or adjourned meeting duly reconvened at which a quorum is present
as aforesaid may be adopted by the affirmative vote of the Holders of a majority in principal amount of the Outstanding Securities of
that series; provided, however, that, except as limited by the proviso to Section 9.02, any resolution with respect
to any consent, waiver, request, demand, notice, authorization, direction or other action which this Indenture expressly provides may
be made, given or taken by the Holders of a specified percentage, which is less than a majority, in principal amount of the Outstanding
Securities of a series may be adopted at a meeting or an adjourned meeting duly reconvened and at which a quorum is present as aforesaid
by the affirmative vote of the Holders of such specified percentage in principal amount of the Outstanding Securities of that series.

 

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Any resolution passed or
decision taken at any meeting of Holders of Securities of any series duly held in accordance with this Section shall be binding
on all the Holders of Securities of such series and the related coupons, whether or not present or represented at the meeting.

 

Notwithstanding the foregoing
provisions of this Section 15.04, if any action is to be taken at a meeting of Holders of Securities of any series with respect
to any consent, waiver, request, demand, notice, authorization, direction or other action that this Indenture expressly provides may
be made, given or taken by the Holders of a specified percentage in principal amount of all Outstanding Securities affected thereby,
or of the Holders of such series and one or more additional series:

 

(i)            there
shall be no minimum quorum requirement for such meeting; and

 

(ii)            the
principal amount of the Outstanding Securities of such series that vote in favor of such consent, waiver, request, demand, notice, authorization,
direction or other action shall be taken into account in determining whether such request, demand, authorization, direction, notice,
consent, waiver or other action has been made, given or taken under this Indenture.

 

Section 15.05     Determination
of Voting Rights; Conduct and Adjournment of Meetings.

 

(a)            Notwithstanding
any other provisions of this Indenture, the Trustee may make such reasonable regulations as it may deem advisable for any meeting of
Holders of Securities of a series in regard to proof of the holding of Securities of such series and of the appointment of proxies and
in regard to the appointment and duties of inspectors of votes, the submission and examination of proxies, certificates and other evidence
of the right to vote, and such other matters concerning the conduct of the meeting as it shall deem appropriate. Except as otherwise
permitted or required by any such regulations, the holding of Securities shall be proved in the manner specified in Section 1.04
and the appointment of any proxy shall be proved in the manner specified in Section 1.04 or by having the signature of the Person
executing the proxy witnessed or guaranteed by any trust company, bank or banker authorized by Section 1.04 to certify to the holding
of Bearer Securities. Such regulations may provide that written instruments appointing proxies, regular on their face, may be presumed
valid and genuine without the proof specified in Section 1.04 or other proof.

 

(b)            The
Trustee shall, by an instrument in writing appoint a temporary chairman of the meeting, unless the meeting shall have been called by
the Company or by Holders of Securities as provided in Section 15.02(b), in which case the Company or the Holders of Securities
of the series calling the meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman and a
permanent secretary of the meeting shall be elected by vote of the Persons entitled to vote a majority in principal amount of the Outstanding
Securities of such series represented at the meeting.

 

(c)            At
any meeting of Holders, each Holder of a Security of such series or proxy shall be entitled to one vote for each $1,000 principal amount
of the Outstanding Securities of such series held or represented by such Holder; provided, however, that no vote shall
be cast or counted at any meeting in respect of any Security challenged as not Outstanding and ruled by the chairman of the meeting to
be not Outstanding. The chairman of the meeting shall have no right to vote, except as a Holder of a Security of such series or proxy.

 

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(d)            Any
meeting of Holders of Securities of any series duly called pursuant to Section 15.02 at which a quorum is present may be adjourned
from time to time by Persons entitled to vote a majority in principal amount of the Outstanding Securities of such series represented
at the meeting, and the meeting may be held as so adjourned without further notice.

 

Section 15.06     Counting
Votes and Recording Action of Meetings.

 

The vote upon any resolution
submitted to any meeting of Holders of Securities of any series shall be by written ballots on which shall be subscribed the signatures
of the Holders of Securities of such series or of their representatives by proxy and the principal amounts and serial numbers of the
Outstanding Securities of such series held or represented by them. The permanent chairman of the meeting shall appoint two inspectors
of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary of
the meeting their verified written reports in duplicate of all votes cast at the meeting. A record, at least in duplicate, of the proceedings
of each meeting of Holders of Securities of any Series shall be prepared by the secretary of the meeting and there shall be attached
to said record the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more persons
having knowledge of the fact, setting forth a copy of the notice of the meeting and showing that said notice was given as provided in
Section 15.02 and, if applicable, Section 15.04. Each copy shall be signed and verified by the affidavits of the permanent
chairman and secretary of the meeting and one such copy shall be delivered to the Company and another to the Trustee to be preserved
by the Trustee, the latter to have attached thereto the ballots voted at the meeting. Any record so signed and verified shall be conclusive
evidence of the matters therein stated.

 

Article Sixteen

 

SUBORDINATION OF SECURITIES

 

Section 16.01     Agreement
to Subordinate.

 

The Company, for itself,
its successors and assigns, covenants and agrees, and each Holder of Senior Subordinated Securities by his acceptance thereof, likewise
covenants and agrees, that the payment of the principal of (and premium, if any) and interest, if any, on each and all of the Senior
Subordinated Securities is hereby expressly subordinated, to the extent and in the manner hereinafter set forth, in right of payment
to the prior payment in full of all Senior Indebtedness.

 

The Company, for itself,
its successors and assigns, covenants and agrees, and each Holder of Junior Subordinated Securities by his acceptance thereof, likewise
covenants and agrees, that the payment of the principal of (and premium, if any) and interest, if any, on each and all of the Junior
Subordinated Securities is hereby expressly subordinated, to the extent and in the manner hereinafter set forth, in right of payment
to the prior payment in full of all Senior Indebtedness and Senior Subordinated Indebtedness.

 

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Section 16.02     Distribution
on Dissolution, Liquidation and Reorganization; Subrogation of Subordinated Securities.

 

Upon any distribution of
assets of the Company upon any dissolution, winding up, liquidation or reorganization of the Company, whether in bankruptcy, insolvency,
reorganization or receivership proceedings or upon an assignment for the benefit of creditors or any other marshalling of the assets
and liabilities of the Company or otherwise (subject to the power of a court of competent jurisdiction to make other equitable provision
reflecting the rights conferred in this Indenture upon the Senior Indebtedness and the holders thereof with respect to the Securities
and the holders thereof by a lawful plan of reorganization under applicable bankruptcy law):

 

(i)            the
holders of all Senior Indebtedness shall be entitled to receive payment in full of the principal thereof (and premium, if any) and interest
due thereon before the Holders of the Subordinated Securities are entitled to receive any payment upon the principal (or premium, if
any) or interest, if any, on indebtedness evidenced by the Subordinated Securities; and

 

(ii)            the
holders of all Senior Subordinated Indebtedness shall be entitled to receive payment in full of the principal thereof (and premium, if
any) and interest due thereon before the Holders of the Junior Subordinated Securities are entitled to receive any payment upon the principal
(or premium, if any) or interest, if any, on indebtedness evidenced by the Junior Subordinated Securities; and

 

(iii)            any
payment or distribution of assets of the Company of any kind or character, whether in cash, property or securities, to which the Holders
of the Securities or the Trustee would be entitled except for the provisions of this Article Sixteen shall be paid by the liquidating
trustee or agent or other person making such payment or distribution, whether a trustee in bankruptcy, a receiver or liquidating trustee
or otherwise, directly to the holders of Senior Indebtedness or their representative or representatives or to the trustee or trustees
under any indenture under which any instruments evidencing any of such Senior Indebtedness may have been issued, ratably according to
the aggregate amounts remaining unpaid on account of the principal of (and premium, if any) and interest on the Senior Indebtedness held
or represented by each, to the extent necessary to make payment in full of all Senior Indebtedness remaining unpaid, after giving effect
to any concurrent payment or distribution to the holders of such Senior Indebtedness; and

 

(iv)            in
the event that, notwithstanding the foregoing, any payment or distribution of assets of the Company of any kind or character, whether
in cash, property or securities, shall be received by the Trustee or the Holders of the Subordinated Securities before all Senior Indebtedness
is paid in full, such payment or distribution shall be paid over, upon written notice to the Trustee, to the holder of such Senior Indebtedness
or their representative or representatives or to the trustee or trustees under any indenture under which any instrument evidencing any
of such Senior Indebtedness may have been issued, ratably as aforesaid, for application to payment of all Senior Indebtedness remaining
unpaid until all such Senior Indebtedness shall have been paid in full, after giving effect to any concurrent payment or distribution
to the holders of such Senior Indebtedness.

 

    85

     

    

 

Subject to the payment in
full of all Senior Indebtedness, the Holders of the Subordinated Securities shall be subrogated to the rights of the holders of Senior
Indebtedness to receive payments or distributions of cash, property or securities of the Company applicable to Senior Indebtedness until
the principal of (and premium, if any) and interest, if any, on the Subordinated Securities shall be paid in full and no such payments
or distributions to the Holders of the Subordinated Securities of cash, property or securities otherwise distributable to the holders
of Senior Indebtedness shall, as between the Company, its creditors other than the holders of Senior Indebtedness, and the Holders of
the Subordinated Securities be deemed to be a payment by the Company to or on account of the Subordinated Securities. It is understood
that the provisions of this Article Sixteen are and are intended solely for the purpose of defining the relative rights of the Holders
of the Subordinated Securities, on the one hand, and the holders of the Senior Indebtedness, on the other hand. Nothing contained in
this Article Sixteen or elsewhere in this Indenture or in the Subordinated Securities is intended to or shall impair, as between
the Company, its creditors other than the holders of Senior Indebtedness, and the Holders of the Subordinated Securities, the obligation
of the Company, which is unconditional and absolute, to pay to the Holders of the Subordinated Securities the principal of (and premium,
if any) and interest, if any, on the Subordinated Securities as and when the same shall become due and payable in accordance with their
terms, or to affect the relative rights of the Holders of the Subordinated Securities and creditors of the Company other than the holders
of Senior Indebtedness, nor shall anything herein or in the Subordinated Securities prevent the Trustee or the Holder of any Subordinated
Security from exercising all remedies otherwise permitted by applicable law upon default under this Indenture, subject to the rights,
if any, under this Article Sixteen of the holders of Senior Indebtedness in respect of cash, property or securities of the Company
received upon the exercise of any such remedy. Upon any payment or distribution of assets of the Company referred to in this Article Sixteen,
the Trustee, subject to the provisions of Section 6.01, shall be entitled to rely upon a certificate of the liquidating trustee
or agent or other person making any distribution to the Trustee for the purpose of ascertaining the Persons entitled to participate in
such distribution, the holders of Senior Indebtedness and other indebtedness of the Company, the amount thereof or payable thereon, the
amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article Sixteen.

 

If the Trustee or any Holder
of Subordinated Securities does not file a proper claim or proof of debt in the form required in any proceeding referred to above prior
to 30 days before the expiration of the time to file such claim in such proceeding, then the holder of any Senior Indebtedness is hereby
authorized, and has the right, to file an appropriate claim or claims for or on behalf of such Holder of Subordinated Securities.

 

With respect to the holders
of Senior Indebtedness, the Trustee undertakes to perform or to observe only such of its covenants or obligations as are specifically
set forth in this Article and no implied covenants or obligations with respect to holders of Senior Indebtedness shall be read into
this Indenture against the Trustee. The Trustee does not owe any fiduciary duties to the holders of Senior Indebtedness, including any
holder of Securities other than Securities issued under this Indenture.

 

    86

     

    

 

Section 16.03     No
Payment on Subordinated Securities in Event of Default on Senior Indebtedness.

 

No payment by the Company
on account of principal (or premium, if any), sinking funds or interest, if any, on the Subordinated Securities shall be made unless
full payment of amounts then due for principal (premium, if any), sinking funds and interest on Senior Indebtedness has been made or
duly provided for in money or money’s worth.

 

Section 16.04     Payments
on Subordinated Securities Permitted.

 

Nothing contained in this
Indenture or in any of the Subordinated Securities shall (a) affect the obligation of the Company to make, or prevent the Company
from making, at any time except as provided in Sections 16.02 and 16.03, payments of principal of (or premium, if any) or interest, if
any, on the Subordinated Securities or (b) prevent the application by the Trustee of any moneys deposited with it hereunder to the
payment of or on account of the principal of (or premium, if any) or interest, if any, on the Subordinated Securities, unless the Trustee
shall have received at its Corporate Trust Office written notice of any event prohibiting the making of such payment more than three
Business Days prior to the date fixed for such payment.

 

Section 16.05     Authorization
of Holders to Trustee to Effect Subordination.

 

Each Holder of Subordinated
Securities by his acceptance thereof authorizes and directs the Trustee on his behalf to take such action as may be necessary or appropriate
to effectuate the subordination as provided in this Article Sixteen and appoints the Trustee his attorney-in-fact for any and all
such purposes.

 

Section 16.06     Notices
to Trustee.

 

Notwithstanding the provisions
of this Article or any other provisions of this Indenture, neither the Trustee nor any Paying Agent (other than the Company) shall
be charged with knowledge of the existence of any Senior Indebtedness or of any event which would prohibit the making of any payment
of moneys to or by the Trustee or such Paying Agent, unless and until the Trustee or such Paying Agent shall have received (in the case
of the Trustee, at its Corporate Trust Office) written notice thereof from the Company or from the holder of any Senior Indebtedness
or from the trustee for any such holder, together with proof reasonably satisfactory to the Trustee of such holding of Senior Indebtedness
or of the authority of such trustee; provided, however, that if at least three Business Days prior to the date upon
which by the terms hereof any such moneys may become payable for any purpose (including, without limitation, the payment of either the
principal (or premium, if any) or interest, if any, on any Subordinated Security) the Trustee shall not have received with respect to
such moneys the notice provided for in this Section 16.06, then, anything herein contained to the contrary notwithstanding, the
Trustee shall have full power and authority to receive such moneys and to apply the same to the purpose for which they were received,
and shall not be affected by any notice to the contrary, which may be received by it within three Business Days prior to such date. The
Trustee shall be entitled to rely on the delivery to it of a written notice by a Person representing himself to be a holder of Senior
Indebtedness (or a trustee on behalf of such holder) to establish that such a notice has been given by a holder of Senior Indebtedness
or a trustee on behalf of any such holder. In the event that the Trustee determines in good faith that further evidence is required with
respect to the right of any Person as a holder of Senior Indebtedness to participate in any payment or distribution pursuant to this
Article Sixteen, the Trustee may request such Person to furnish evidence to the reasonable satisfaction of the Trustee as to the
amount of Senior Indebtedness held by such Person, the extent to which such Person is entitled to participate in such payment or distribution
and any other facts pertinent to the rights of such Person under this Article Sixteen and, if such evidence is not furnished, the
Trustee may defer any payment to such Person pending judicial determination as to the right of such Person to receive such payment.

 

    87

     

    

 

Section 16.07     Trustee
as Holder of Senior Indebtedness.

 

The Trustee in its individual
capacity shall be entitled to all the rights set forth in this Article Sixteen in respect of any Senior Indebtedness at any time
held by it to the same extent as any other holder of Senior Indebtedness and nothing in this Indenture shall be construed to deprive
the Trustee of any of its rights as such holder.

 

Nothing in this Article Sixteen
shall apply to claims of, or payments to, the Trustee under or pursuant to Section 6.06.

 

Section 16.08     Modifications
of Terms of Senior Indebtedness.

 

Any renewal or extension
of the time of payment of any Senior Indebtedness or the exercise by the holders of Senior Indebtedness of any of their rights under
any instrument creating or evidencing Senior Indebtedness, including, without limitation, the waiver of default thereunder, may be made
or done all without notice to or assent from the Holders of the Subordinated Securities or the Trustee.

 

No compromise, alteration,
amendment, modification, extension, renewal or other change of, or waiver, consent or other action in respect of, any liability or obligation
under or in respect of, or of any of the terms, covenants or conditions of any indenture or other instrument under which any Senior Indebtedness
is outstanding or of such Senior Indebtedness, whether or not such release is in accordance with the provisions of any applicable document,
shall in any way alter or affect any of the provisions of this Article Sixteen or of the Subordinated Securities relating to the
subordination thereof.

 

Section 16.09     Reliance
on Judicial Order or Certificate of Liquidating Agent.

 

Upon any payment or distribution
of assets of the Company referred to in this Article Sixteen, the Trustee and the Holders of the Securities shall be entitled to
rely upon any order or decree entered by any court of competent jurisdiction in which such insolvency, bankruptcy, receivership, liquidation,
reorganization, dissolution, winding up or similar case or proceeding is pending, or a certificate of the trustee in bankruptcy, liquidating
trustee, custodian, receiver, assignee for the benefit of creditors, agent or other person making such payment or distribution, delivered
to the Trustee or to the Holders of Subordinated Securities, for the purpose of ascertaining the persons entitled to participate in such
payment or distribution, the holders of Senior Indebtedness and other indebtedness of the Company, the amount thereof or payable thereon,
the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article Sixteen.

 

    88

     

    

 

* * * * *

 

This Indenture may be executed
in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together
constitute but one and the same Indenture.

 

    89

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Indenture to be duly executed, as of the day and year first above written.

 

	 	ARES
    COMMERCIAL REAL ESTATE CORPORATION
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	[                                
    ],
	 	as
    Trustee
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     

     

    

 

EXHIBIT A

 

FORMS OF CERTIFICATION

 

     

     

    

 

EXHIBIT A-1

 

FORM OF CERTIFICATE TO BE GIVEN BY PERSON
ENTITLED

TO RECEIVE BEARER SECURITY OR TO OBTAIN INTEREST

PAYABLE PRIOR TO THE EXCHANGE DATE

 

CERTIFICATE

 

[Insert title or sufficient description of Securities
to be delivered]

 

This is to certify that,
as of the date hereof, and except as set forth below, the above-captioned Securities held by you for our account (i) are owned by
person(s) that are not “United States persons” (“United States Person(s)”) within the meaning of
Section 7701(a)(30) of the United States Internal Revenue Code of 1986, as amended (the “Code”), (ii) are
owned by United States person(s) that are (a) foreign branches of United States financial institutions (financial institutions,
as defined in United States Treasury Regulations Section 1.165-12(c)(1)(v)[(iv)] are herein referred to as “financial institutions”)
purchasing for their own account or for resale, or (b) United States person(s) who acquired the Securities through foreign
branches of United States financial institutions and who hold the Securities through such United States financial institutions on the
date hereof (and in either case (a) or (b), each such United States financial institution hereby agrees, on its own behalf or through
its agent, that you may advise Ares Commercial Real Estate Corporation or its agent that such financial institution will comply with
the requirements of Section 165(j)(3)(A), (B) or (C) of the Code and the United States Treasury Regulations thereunder),
or (iii) are owned by United States or foreign financial institution(s) for purposes of resale during the restricted period
(as defined in United States Treasury Regulations Section 1.163-5(c)(2)(i)(D)(7)), and, in addition, if the owner is a United States
or foreign financial institution described in clause (iii) above (whether or not also described in clause (i) or (ii)), this
is to further certify that such financial institution has not acquired the Securities for purposes of resale directly or indirectly to
a United States person or to a person within the United States or its possessions.

 

As used herein, “United
States” means the United States of America (including the States and the District of Columbia); and its “possessions”
include Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands.

 

We undertake to advise you
promptly by tested telex on or prior to the date on which you intend to submit your certification relating to the above-captioned Securities
held by you for our account in accordance with your Operating Procedures if any applicable statement herein is not correct on such date,
and in the absence of any such notification it may be assumed that this certification applies as of such date.

 

This certificate excepts
and does not relate to [U.S.$         ] of such interest in the above-captioned Securities in
respect of which we are not able to certify and as to which we understand an exchange for an interest in a Permanent Global Security
or an exchange for and delivery of definitive Securities (or, if relevant, collection of any interest) cannot be made until we do so
certify.

 

    A-1-1

     

    

 

We understand that this certificate
may be required in connection with certain tax legislation in the United States. If administrative or legal proceedings are commenced
or threatened in connection with which this certificate is or would be relevant, we irrevocably authorize you to produce this certificate
or a copy thereof to any interested party in such proceedings.

 

	Dated:	 	 

 

	[To be dated no earlier than the 15th day prior to (i) the
    Exchange Date or (ii) the relevant Interest Payment Date occurring prior to the Exchange Date, as applicable]	 

 

	 	[Name of Person Making Certification]
	 	 
	 	 
	 	(Authorized Signatory)
	 	Name:
	 	Title:

 

    A-1-2

     

    

 

EXHIBIT A-2

 

FORM OF CERTIFICATE TO BE GIVEN BY EUROCLEAR
AND

CLEARSTREAM IN CONNECTION WITH THE EXCHANGE OF

A PORTION OF A TEMPORARY GLOBAL SECURITY

OR TO OBTAIN INTEREST PAYABLE PRIOR

TO THE EXCHANGE DATE

 

CERTIFICATE

 

[Insert title or sufficient description of Securities
to be delivered]

 

This is to certify that,
based solely on written certifications that we have received in writing, by tested telex or by electronic transmission from each of the
persons appearing in our records as persons entitled to a portion of the principal amount set forth below (our “Member Organizations”)
substantially in the form attached hereto, as of the date hereof, [U.S.$ ] principal amount of the above-captioned Securities (i) is
owned by person(s) that are not “United States persons” (“United States Person(s)”) within the meaning
of Section 7701(a)(30) of the United States Internal Revenue Code of 1986, as amended (the “Code”), (ii) is
owned by United States person(s) that are (a) foreign branches of United States financial institutions (financial institutions,
as defined in U.S. Treasury Regulations Section 1.165-12(c)(1)(v)[(iv)] are herein referred to as “financial institutions”)
purchasing for their own account or for resale, or (b) United States person(s) who acquired the Securities through foreign
branches of United States financial institutions and who hold the Securities through such United States financial institutions on the
date hereof (and in either case (a) or (b), each such financial institution has agreed, on its own behalf or through its agent,
that we may advise Ares Commercial Real Estate Corporation or its agent that such financial institution will comply with the requirements
of Section 165(j)(3)(A), (B) or (C) of the Code and the United States Treasury Regulations thereunder), or (iii) is
owned by United States or foreign financial institution(s) for purposes of resale during the restricted period (as defined in United
States Treasury Regulations Section 1.163-5(c)(2)(i)(D)(7)), and, to the further effect, that financial institutions described in
clause (iii) above (whether or not also described in clause (i) or (ii)) have certified that they have not acquired the Securities
for purposes of resale directly or indirectly to a United States person or to a person within the United States or its possessions.

 

As used herein, “United
States” means the United States of America (including the States and the District of Columbia); and its “possessions”
include Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands.

 

We further certify that (i) we
are not making available herewith for exchange (or, if relevant, collection of any interest) any portion of the temporary global Security
representing the above-captioned Securities excepted in the above-referenced certificates of Member Organizations and (ii) as of
the date hereof we have not received any notification from any of our Member Organizations to the effect that the statements made by
such Member Organizations with respect to any portion of the part submitted herewith for exchange (or, if relevant, collection of any
interest) are no longer true and cannot be relied upon as of the date hereof.

 

    A-2-1

     

    

 

We understand that this certification
is required in connection with certain tax legislation in the United States. If administrative or legal proceedings are commenced or
threatened in connection with which this certificate is or would be relevant, we irrevocably authorize you to produce this certificate
or a copy thereof to any interested party in such proceedings.

 

	Dated:	 	 

 

	[To be
    dated no earlier than the Exchange Date or the relevant Interest Payment Date occurring prior to the Exchange Date, as applicable]	 

 

	 	[                             ],
	 	as Operator of the Euroclear System
	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title

 

    A-2-2

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