Document:

Parent Guarantee Agreement dated as of November 1, 2005

 Exhibit 4.10 
 EXECUTION COPY 
 PARENT GUARANTEE AGREEMENT 
 between 
 HFF&L (BERMUDA)
HOLDINGS, LTD. 
 as Parent Guarantor, 
 and 
 JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, 
 as Guarantee Trustee 
 Dated
as of November 1, 2005 
 HFF&L (U.S.) HOLDINGS, INC. 

 TABLE OF CONTENTS 
  

							
	 	  	 	  	 	  	Page
	 ARTICLE 1. INTERPRETATION AND DEFINITIONS
	  	1
				
		  	 SECTION 1.1
	  	 Interpretation.
	  	1
		  	 SECTION 1.2
	  	 Definitions.
	  	2
		
	 ARTICLE 2. REPORTS
	  	5
				
		  	 SECTION 2.1
	  	 List of Holders.
	  	5
		  	 SECTION 2.2
	  	 Periodic Reports to the Guarantee Trustee.
	  	5
		  	 SECTION 2.3
	  	 Event of Default; Waiver.
	  	5
		  	 SECTION 2.4
	  	 Event of Default; Notice.
	  	6
		
	 ARTICLE 3. POWERS, DUTIES AND RIGHTS OF THE GUARANTEE TRUSTEE
	  	6
				
		  	 SECTION 3.1
	  	 Powers and Duties of the Guarantee Trustee.
	  	6
		  	 SECTION 3.2
	  	 Certain Rights of the Guarantee Trustee.
	  	7
		  	 SECTION 3.3
	  	 Compensation.
	  	9
		  	 SECTION 3.4
	  	 Indemnity.
	  	9
		  	 SECTION 3.5
	  	 Securities.
	  	10
		
	 ARTICLE 4. GUARANTEE TRUSTEE
	  	10
				
		  	 SECTION 4.1
	  	 Guarantee Trustee; Eligibility.
	  	10
		  	 SECTION 4.2
	  	 Appointment, Removal and Resignation of the Guarantee Trustee.
	  	10
		
	 ARTICLE 5. PARENT GUARANTEE
	  	11
				
		  	 SECTION 5.1
	  	 Parent Guarantee.
	  	11
		  	 SECTION 5.2
	  	 Waiver of Notice and Demand.
	  	12
		  	 SECTION 5.3
	  	 Obligations Not Affected.
	  	13
		  	 SECTION 5.4
	  	 Rights of Holders, the Note Holders and the Trust.
	  	13
		  	 SECTION 5.5
	  	 Guarantee of Payment.
	  	14
		  	 SECTION 5.6
	  	 Subrogation.
	  	14
		  	 SECTION 5.7
	  	 Independent Obligations.
	  	14
		  	 SECTION 5.8
	  	 Enforcement.
	  	15
		
	 ARTICLE 6. TERMINATION
	  	15
				
		  	 SECTION 6.1
	  	 Termination.
	  	15
		
	 ARTICLE 7. MISCELLANEOUS
	  	15
				
		  	 SECTION 7.1
	  	 Successors and Assigns.
	  	15
		  	 SECTION 7.2
	  	 Amendments.
	  	15

							
		  	 SECTION 7.3
	  	 Notices.
	  	16
		  	 SECTION 7.4
	  	 Benefit.
	  	18
		  	 SECTION 7.5
	  	 Governing Law.
	  	18
		  	 SECTION 7.6
	  	 Submission to Jurisdiction.
	  	18
		  	 SECTION 7.7
	  	 Counterparts.
	  	19
		  	 SECTION 7.8
	  	 The Indenture.
	  	19
		  	 SECTION 7.9
	  	 Currency Indemnity.
	  	19
		
	 ARTICLE 8. CONSOLIDATION, MERGER, CONVEYANCE, TRANSFEROR LEASE AND OWNERSHIP OF THE COMPANY
	  	20
				
		  	 SECTION 8.1
	  	 Parent Guarantor May Consolidate, etc., Only on Certain Terms.
	  	20
		  	 SECTION 8.2
	  	 Dividends, Distributions and Payments.
	  	21
		  	 SECTION 8.3
	  	 Successor Company Substituted.
	  	21
		  	 SECTION 8.4
	  	 Ownership of the Company.
	  	22
		
	 ARTICLE 9. REPRESENTATIONS AND WARRANTIES
	  	22
				
		  	 SECTION 9.1
	  	 Representations and Warranties of Parent Guarantor.
	  	22

  

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 This PARENT GUARANTEE AGREEMENT, dated as of November 1, 2005, executed and delivered by HFF&L
(Bermuda) Holdings, Ltd., a Bermuda exempted limited liability company (the “Parent Guarantor”), having its principal office at Canon’s Court, 22 Victoria Street, Hamilton HM 12 Bermuda, and JPMORGAN CHASE BANK, NATIONAL
ASSOCIATION, a national banking association, as trustee (in such capacity, the “Guarantee Trustee”), for the benefit of the Trust (as defined herein), the Holders (as defined herein) and the Note Holders (as defined herein) from
time to time of the Notes (as defined herein) of HFF&L (U.S.) Holdings, Inc., a Delaware corporation (the “Company”). 
 W I T N E S S E T H: 
 WHEREAS, pursuant to an Indenture, dated as of the date hereof (the “Indenture”), among the
Company and JPMorgan Chase Bank, National Association, as trustee, the Company is issuing Thirty Five Million Dollars ($35,000,000) aggregate principal amount of its junior subordinated deferrable interest notes (the “Notes”) having
the terms set forth in the Indenture to HFF&L (U.S.) Capital Trust I, a Delaware statutory trust (the “Trust”), evidencing loans made to the Company by the Trust of proceeds from the issuance of undivided preferred beneficial
interests in the assets of the Trust (the “Preferred Securities”), and undivided common beneficial interests in the assets of the Trust (collectively, together with the Preferred Securities, the “Trust Securities”);

 WHEREAS, the Parent Guarantor owns one hundred percent (100%) of the outstanding capital stock of the Company, and will substantially
benefit from the issuance of the Notes by the Company and the sale of the Preferred Securities by the Trust; and 
 WHEREAS, as incentive for
the Holders (as defined herein) to purchase Preferred Securities from the Trust and for the Trust to purchase the Notes with the proceeds from such purchase, the Parent Guarantor desires irrevocably and unconditionally to agree, to the extent set
forth herein, to pay to the Note Holders (as defined herein) the Parent Guarantee Payments (as defined herein) and to make certain other payments on the terms and conditions set forth herein. 
 NOW, THEREFORE, in consideration of the purchase by each Holder of Preferred Securities and the purchase of the Notes by the Trust, the Parent Guarantor
executes and delivers this Parent Guarantee Agreement to provide as follows for the benefit of the Holders and the Note Holders (as defined herein): 
 ARTICLE 1. 
 INTERPRETATION AND DEFINITIONS 
 SECTION 1.1 Interpretation. 
 In this Parent Guarantee Agreement, unless the context otherwise
requires: 
 (a) capitalized terms used in this Parent Guarantee Agreement but not defined in the preamble hereto have the respective meanings
assigned to them in Section 1.2; 
  

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 (b) the words “include”, “includes” and “including” shall be deemed to be
followed by the phrase “without limitation”; 
 (c) all references to “the Parent Guarantee Agreement” or “this
Parent Guarantee Agreement” are to this Parent Guarantee Agreement, as modified, supplemented or amended from time to time; 
 (d) all
references in this Parent Guarantee Agreement to articles and sections are to articles and sections of this Parent Guarantee Agreement unless otherwise specified; 
 (e) the words “hereby”, “herein”, “hereof” and “hereunder” and other words of similar import refer to this Parent Guarantee Agreement as a whole and not to any particular
Article, Section or other subdivision; 
 (f) a reference to the singular includes the plural and vice versa; 
 (g) the masculine, feminine or neuter genders used herein shall include the masculine, feminine and neuter genders. 
 SECTION 1.2 Definitions. 
 As used in
this Parent Guarantee Agreement, the terms set forth below shall, unless the context otherwise requires, have the following meanings: 
 “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. 
 “Beneficiaries” means the Guarantee Trustee, the Delaware Trustee, the Property Trustee, the Administrative Trustees and any successors thereof. 
 “Board of Directors” means either the board of directors of the Parent Guarantor or any duly authorized committee of that
board. 
 “Common Securities” means the securities representing common undivided beneficial interests in the
assets of the Trust. 
 “Debt” means with respect to any Person, whether recourse is to all or a portion of
the assets of such Person, whether currently existing or hereafter incurred, and whether or not contingent and without duplication, (i) every obligation of such Person for money borrowed; (ii) every obligation of such Person evidenced by
bonds, debentures, notes or other similar instruments, including obligations incurred in connection with the acquisition of property, assets or businesses; (iii) every reimbursement obligation of such Person with 

  

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respect to letters of credit, bankers’ acceptances or similar facilities issued for the account of such Person; (iv) every obligation of such
Person issued or assumed as the deferred purchase price of property or services (but excluding trade accounts payable arising in the ordinary course of business); (v) every capital lease obligation of such Person; (vi) all indebtedness of
such Person, whether incurred on or prior to the date of this Parent Guarantee Agreement or thereafter incurred, for claims in respect of derivative products, including interest rate, foreign exchange rate and commodity forward contracts, options,
swaps and similar arrangements; (vii) every obligation of the type referred to in clauses (i) through (vi) of another Person and all dividends of another Person the payment of which, in either case, such Person has guaranteed or is
responsible or liable for, directly or indirectly, as obligor or otherwise; and (viii) any renewals, extensions, refundings, amendments or modifications of any obligation of the type referred to in clauses (i) through (vii). 
 “Event of Default” means a default by the Parent Guarantor on any of its payment or other obligations under this Parent
Guarantee Agreement; provided, that except with respect to a default in payment of any Parent Guarantee Payments, such default shall not be an Event of Default unless the Parent Guarantor shall have received notice of such default in
accordance with the terms herein from the Guarantee Trustee, the Trust or any Holder and shall have failed to cure such default within thirty (30) days after receipt of such notice. 
 “Guarantee Trustee” means JPMorgan Chase Bank, National Association, until a Successor Guarantee Trustee, as defined
below, has been appointed and has accepted such appointment pursuant to the terms of this Parent Guarantee Agreement, and thereafter means each such Successor Guarantee Trustee, in any case solely in its capacity as guarantee trustee and not in its
individual capacity. 
 “Holder” means any holder, as registered on the books and records of the Trust, of
any Preferred Securities; provided, that, in determining whether the holders of the requisite percentage of Preferred Securities have given any request, notice, consent or waiver hereunder, “Holder” shall not include the Parent
Guarantor, the Guarantee Trustee or any Affiliate of the Parent Guarantor or the Guarantee Trustee. 
 “List of
Holders” has the meaning specified in Section 2.1. 
 “Majority in Liquidation Amount of the
Preferred Securities” means a vote by the Holder(s), voting separately as a class, of more than fifty percent (50%) of the aggregate Liquidation Amount of all then outstanding Preferred Securities issued by the Trust. 
 “Majority in Principal Amount of the Notes” means a vote by the Note Holder(s), voting separately as a class, of more
than fifty percent (50%) of the aggregate principal amount of all then outstanding Notes. 
 “Note
Holder” means any holder, as registered on the books and records of the Trustee (as defined in the Indenture), of any Notes; provided, that, in determining whether the holders of the requisite percentage of Notes have given any
request, notice, consent or waiver hereunder, “Note Holder” shall not include either the Parent Guarantor, the Company, the Guarantee Trustee or any Affiliate of either of the Parent Guarantor or the Guarantee Trustee. 
  

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 “Officers’ Certificate” means, with respect to any Person, a
certificate signed by the Chief Executive Officer, President or a Vice President of such Person, and by the Chief Financial Officer, Treasurer, an Assistant Treasurer, the Secretary or an Assistant Secretary of such Person, and delivered to the
Guarantee Trustee. Any Officers’ Certificate delivered with respect to compliance with a condition or covenant provided for in this Parent Guarantee Agreement (other than the certificate provided pursuant to Section 2.2) shall
include: 
 (a) a statement that each officer signing the Officers’ Certificate has read the covenant or condition and
the definitions relating thereto; 
 (b) a brief statement of the nature and scope of the examination or investigation
undertaken by each officer in rendering the Officers’ Certificate; 
 (c) a statement that each officer has made such
examination .or investigation as, in such officer’s opinion, is necessary to enable such officer to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
 (d) a statement as to whether, in the opinion of each officer, such condition or covenant has been complied with. 
 “Parent Guarantee Payments” means the following payments or distributions, without duplication, with respect to the
Notes, to the extent not fully and promptly paid or made by the Company immediately after the expiration of any grace or cure period applicable to the Company under the terms of the Indenture: (a) any accumulated and unpaid payments of interest
or principal, or other amounts, required to be paid on the Notes; and (b) payment of any other amounts to be paid by the Company under the Indenture, including all amounts due to any Beneficiary by the Company. 
 “Person” means a legal person, including any individual, corporation, estate, partnership, joint venture, association,
joint stock company, limited liability company, trust, unincorporated association, government or any agency or political subdivision thereof or any other entity of whatever nature. 
 “Responsible Officer” means, with respect to the Guarantee Trustee, the officer in the Institutional Trust Services
Department of the Trustee having direct responsibility for the administration of this Parent Guarantee Agreement. 
 “Trust Indenture Act” means the Trust Indenture Act of 1939, as amended and as in effect on the date of this Parent Guarantee Agreement. 
 “Successor Guarantee Trustee” means a successor Guarantee Trustee possessing the qualifications to act as Guarantee
Trustee under Section 4.1. Capitalized or otherwise defined terms used but not otherwise defined herein shall have the meanings assigned to such terms in the Indenture as in effect on the date hereof. 
  

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 ARTICLE 2. 
 REPORTS 
 SECTION 2.1 List of Holders. 
 The Parent Guarantor shall furnish or cause to be furnished to the Guarantee Trustee at such times as the Guarantee Trustee may request in writing, within
thirty (30) days after the receipt by the Parent Guarantor of any such request, a list, in such form as the Guarantee Trustee may reasonably require, of the names and addresses of the Holders or Note Holders (each a “List of
Holders”) as of a date not more than fifteen (15) days prior to the time such list is furnished, in each case to the extent such information is in the possession or control of the Parent Guarantor or the Company and is not identical to
a previously supplied List of Holders or has not otherwise been received by the Guarantee Trustee in its capacity as such. The Guarantee Trustee may destroy any List of Holders previously given to it on receipt of a new List of Holders. 

SECTION 2.2 Periodic Reports to the Guarantee Trustee. 
 (a) The Parent Guarantor shall deliver to the Guarantee Trustee, within ninety (90) days after the end of each fiscal year of the Parent Guarantor ending after the date of this Parent Guarantee Agreement, an
Officers’ Certificate covering the preceding fiscal year, stating whether or not to the knowledge of the signers thereof the Parent Guarantor is in default in the performance or observance of any of the terms or provisions or any of the
conditions of this Parent Guarantee Agreement (without regard to any period of grace or requirement of notice provided hereunder) and, if the Parent Guarantor shall be in default thereof, specifying all such defaults and the nature and status
thereof of which they have knowledge. 
 (b) The Parent Guarantor shall furnish
(i) to the Guarantee Trustee; (ii) Cohen Bros. Financial Management, LLC, 1818 Market Street, 28th Floor,
Philadelphia, Pennsylvania 19103 or such other address as designated by Cohen Bros. Financial Management, LLC); and (iii) any Owner of the Preferred Securities reasonably identified to the Company and the Trust (which identification may be made
either by such Owner or by Cohen Bros. Financial Management, LLC) a duly completed and executed certificate substantively and substantially in the form attached hereto as Exhibit A, including the financial statements referenced in such
Exhibit, which certificate and financial statements shall be so furnished by the Parent Guarantor not later than forty five (45) days after the end of each of the first three fiscal quarters of each fiscal year of the Parent Guarantor and not
later than ninety (90) days after the end of each fiscal year of the Parent Guarantor. The delivery requirements set forth in this Section 2.2(b) may be satisfied by compliance with Section 7.3(b) of the Indenture. 
 SECTION 2.3 Event of Default; Waiver. 
 Neither the Trust nor the Note Holders shall have the right to waive any past Event of Default without the consent of the Holders of a Majority in Liquidation Amount of the Preferred Securities. The Holders of a Majority in Liquidation
Amount of the Preferred Securities may, on 

  

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behalf of the Holders, the Trust or the Note Holders, waive any past Event of Default and its consequences. Upon such waiver, any such Event of Default shall
cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Parent Guarantee Agreement, but no such waiver shall extend to any subsequent or other default or Event of Default or impair any
right consequent therefrom. 
 SECTION 2.4 Event of Default; Notice. 
 (a) The Guarantee Trustee shall, within ninety (90) days after the occurrence hereunder of a default, transmit to the Trust, the Note Holders, the
Company and the Holders notices of all defaults actually known to the Guarantee Trustee, unless such defaults have been cured or waived before the giving of such notice. For the purpose of this Section 2.4, the term “default”
means any event that is, or after notice or lapse of time or both would become, an Event of Default. 
 (b) The Guarantee Trustee shall not
be deemed to have knowledge of any Event of Default unless the Guarantee Trustee shall have received written notice, or a Responsible Officer charged with the administration of this Parent Guarantee Agreement shall have obtained written notice, of
such Event of Default from the Parent Guarantor, the Company, a Note Holder or a Holder. 
 ARTICLE 3. 
 POWERS, DUTIES AND RIGHTS OF THE GUARANTEE TRUSTEE 
 SECTION 3.1 Powers and Duties of the Guarantee Trustee. 
 (a) This Parent Guarantee Agreement shall be held by the Guarantee
Trustee for the benefit of the Holders, the Note Holders and the Trust, and the Guarantee Trustee shall not transfer this Parent Guarantee Agreement to any Person except a Holder or Note Holder exercising its rights pursuant to
Section 5.4(d) or to a Successor Guarantee Trustee upon acceptance by such Successor Guarantee Trustee of its appointment to act as Successor Guarantee Trustee. The right, title and interest of the Guarantee Trustee shall automatically
vest in any Successor Guarantee Trustee, upon acceptance by such Successor Guarantee Trustee of its appointment hereunder, and such vesting and succession of title shall be effective whether or not conveyancing documents have been executed and
delivered pursuant to the appointment of such Successor Guarantee Trustee. 
 (b) The rights, immunities, duties and responsibilities of the
Guarantee Trustee shall be as provided by this Parent Guarantee Agreement and there shall be no other duties or obligations, express or implied, of the Guarantee Trustee. Notwithstanding the foregoing, no provisions of this Parent Guarantee
Agreement shall require the Guarantee Trustee 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. Whether or not herein expressly so provided, every provision of this Parent Guarantee Agreement
relating to the conduct or affecting the liability of or affording protection to the Guarantee Trustee shall be subject to the provisions of this Section 3.1. To the extent that, at 

  

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law or in equity, the Guarantee Trustee has duties and liabilities relating to the Trust, the Parent Guarantor or the Note Holders or the Holders, the
Guarantee Trustee shall not be liable to any Note Holders or the Holder for the Guarantee Trustee’s good faith reliance on the provisions of this Parent Guarantee Agreement. The provisions of this Parent Guarantee Agreement, to the extent that
they restrict the duties and liabilities of the Guarantee Trustee otherwise existing at law or in equity, are agreed by the Parent Guarantor and the Note Holders or the Holders to replace such other duties and liabilities of the Guarantee Trustee.

 (c) No provision of this Parent Guarantee Agreement shall be construed to relieve the Guarantee Trustee from liability for its own
negligent action, negligent failure to act or own willful misconduct, except that: 
 (i) the Guarantee Trustee shall not be
liable for any error of judgment made in good faith by a Responsible Officer of the Guarantee Trustee, unless it shall be proved that the Guarantee Trustee was negligent in ascertaining the pertinent facts upon which such judgment was made; and

 (ii) the Guarantee 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 Note Holders of not less than a Majority in Principal Amount of the Notes or, in the case of a waiver under Section 2.3, the Holders of not less than a Majority in Liquidation Amount of the
Preferred Securities relating to the time, method and place of conducting any proceeding for any remedy available to the Guarantee Trustee, or exercising any trust or power conferred upon the Guarantee Trustee under this Parent Guarantee Agreement.

 SECTION 3.2 Certain Rights of the Guarantee Trustee. 
 (a) Subject to the provisions of Section 3.1: 
 (i) the Guarantee Trustee may
conclusively rely, and shall be fully protected in acting or refraining from acting in good faith and in accordance with the terms hereof, upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent,
order, bond, debenture, note, other evidence of indebtedness or other paper or document reasonably believed by it to be genuine and to have been signed, sent or presented by the proper party or parties; 
 (ii) any direction or act of the Parent Guarantor contemplated by this Parent Guarantee Agreement shall be sufficiently evidenced by an
Officers’ Certificate unless otherwise prescribed herein; 
 (iii) the Guarantee Trustee may consult with counsel, and
the advice of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted to be taken by it hereunder in good faith and in reliance thereon and in accordance with such advice. Such counsel
may be counsel to the Guarantee Trustee, the Parent Guarantor or any of their respective Affiliates and may be one of the Guarantee Trustee’s employees. The Guarantee Trustee shall have the right at any time to seek instructions concerning the
administration of this Parent Guarantee Agreement from any court of competent jurisdiction; 
  

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 (iv) the Guarantee Trustee shall be under no obligation to exercise any of the rights or
powers vested in it by this Parent Guarantee Agreement at the request or direction of any Holder or Note Holder, unless such Holder or Note Holder shall have provided to the Guarantee Trustee reasonable security or indemnity against the costs,
expenses (including reasonable attorneys’ fees and expenses) and liabilities that might be incurred by it in complying with such request or direction, including such reasonable advances as may be requested by the Guarantee Trustee;
provided, that, nothing contained in this Section 3.2(a)(iv) shall be taken to relieve the Guarantee Trustee, upon the occurrence of an Event of Default, of its obligation to exercise the rights and powers vested in it by this
Parent Guarantee Agreement; provided, further, that nothing contained in this Section 3.2(a)(iv) shall prevent the Guarantee Trustee from exercising its rights under Section 4.2 hereof; 
 (v) the Guarantee 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, other evidence of indebtedness or other paper or document, but the Guarantee Trustee, in its discretion, may make such further inquiry or
investigation into such facts or matters as it may see fit, and if the Guarantee Trustee shall determine to make such inquiry or investigation, it shall be entitled to examine the books, records and premises of the Parent Guarantor, personally or by
agent or attorney; 
 (vi) the Guarantee Trustee may execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or by or through its agents, attorneys, custodians or nominees and the Guarantee Trustee shall not be responsible for any misconduct or negligence on the part of any such agent, attorney, custodian or nominee appointed with
due care by it hereunder; 
 (vii) whenever in the administration of this Parent Guarantee Agreement the Guarantee Trustee
shall deem it desirable to receive instructions with respect to enforcing any remedy or right hereunder, the Guarantee Trustee (A) may request instructions from the Trust, the Note Holders of a Majority in Principal Amount of the Notes or the
Holders of a Majority in Liquidation Amount of the Preferred Securities, (B) may refrain from enforcing such remedy or right or taking such other action until such requested instructions are received and (C) shall be protected in acting in
accordance with such instructions; provided, however, that the Guarantee Trustee must first obtain the consent of the Holders of a Majority in Liquidation Amount of the Preferred Securities prior to taking any action upon the direction
of the Trust; 
 (viii) except as otherwise expressly provided by this Parent Guarantee Agreement, the Guarantee Trustee shall
not be under any obligation to take any action that is discretionary under the provisions of this Parent Guarantee Agreement; and 
 (ix) whenever, in the administration of this Parent Guarantee Agreement, the Guarantee Trustee shall deem it desirable that a matter be proved or established before taking, suffering or omitting to take any action hereunder, the Guarantee
Trustee (unless other evidence is herein specifically prescribed) may, in the absence of bad faith on its part, request and rely upon an Officers’ Certificate which, upon receipt of such request from the Guarantee Trustee, shall be promptly
delivered by the Parent Guarantor. 
  

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 (b) No provision of this Parent Guarantee Agreement shall be deemed to impose any duty or obligation on
the Guarantee Trustee to perform any act or acts or exercise any right, power, duty or obligation conferred or imposed on it in any jurisdiction in which it shall be illegal, or in which the Guarantee Trustee shall be unqualified or incompetent in
accordance with applicable law, to perform any such act or acts or to exercise any such right, power, duty or obligation. No permissive power or authority available to the Guarantee Trustee shall be construed to be a duty to act in accordance with
such power and authority. 
 SECTION 3.3 Compensation. 
 The Parent Guarantor agrees to pay to the Guarantee Trustee from time to time reasonable compensation for all services rendered by it hereunder as may be agreed by the Parent Guarantor with Guarantee Trustee from time
to time (which compensation shall not be limited by any provisions of law in regard to the compensation of a trustee of an express trust) and to reimburse the Guarantee Trustee upon request for all reasonable expenses, disbursements and advances
(including the reasonable fees and, expenses of its attorneys and agents) incurred or made by the Guarantee Trustee in accordance with any provisions of this Parent Guarantee Agreement, except for such expense, disbursement or advance as may be
attributable to its negligence, bad faith or willful misconduct. 
 SECTION 3.4 Indemnity. 
 The Parent Guarantor agrees to indemnify and’ hold harmless the Guarantee Trustee and any of its Affiliates and any of their officers, directors,
shareholders, employees, representatives or agents from and against any loss, damage, liability, tax (other than income, franchise or other taxes imposed on amounts paid pursuant to Section 3.3), penalty, expense or claim of any kind or
nature whatsoever incurred without negligence, bad faith or willful misconduct on its part, arising out of or in connection with the acceptance or administration of this Parent Guarantee Agreement, including the costs and expenses of defending
itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder. The Guarantee Trustee will not claim or exact any lien or charge on any Parent Guarantee Payments as a result of any
amount due to it under this Parent Guarantee Agreement. This indemnity shall survive the termination of this Parent Guarantee Agreement or the resignation or removal of the Guarantee Trustee. 
 In no event shall the Guarantee Trustee be liable for any indirect, special, punitive or consequential loss or damage of any kind whatsoever, including,
but not limited to, lost profits, even if the Guarantee Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 
 In no event shall the Guarantee Trustee be liable for any failure or delay in the performance of its obligations hereunder because of circumstances beyond its control, including, but not limited to, acts of God,
flood, war (declared or undeclared), terrorism, fire, riot, embargo, government action, including any laws, ordinances, regulations, governmental action or the like which delay, restrict or prohibit the providing of the services contemplated by this
Parent Guarantee Agreement. 
  

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 SECTION 3.5 Securities. 
 The Guarantee Trustee or any other agent of the Guarantee Trustee, in its individual or any other capacity, may become the owner or pledgee of the Notes.

 ARTICLE 4. 
 GUARANTEE TRUSTEE

 SECTION 4.1 Guarantee Trustee; Eligibility. 
 (a) There shall at all times be a Guarantee Trustee which shall: 
 (i) not be an Affiliate of
the Parent Guarantor or the Company; and 
 (ii) be a corporation organized and doing business under the laws of the United
States ‘or of any State thereof, authorized to exercise corporate trust powers, having a combined capital and surplus of at least fifty million dollars ($50,000,000), subject to supervision or examination by Federal or State authority and
having an office within the United States. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of such supervising or examining authority, then, for the purposes of this
Section 4.1, 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. 
 (b) If at any time the Guarantee Trustee shall cease to be eligible to so act under Section 4.1(a), the Guarantee Trustee shall immediately
resign in the manner and with the effect set out in Section 4.2(c). 
 (c) If the, Guarantee Trustee has or shall acquire any
“conflicting interest” within the meaning of Section 310(b) of the Trust Indenture Act, the Guarantee Trustee shall either eliminate such interest or resign in the manner and with the effect set out in Section 4.2(c).

 SECTION 4.2 Appointment, Removal and Resignation of the Guarantee Trustee. 
 (a) Subject to Section 4.2(b), the Guarantee Trustee may be appointed or removed without cause at any time by the Parent Guarantor, except
during an Event of Default. 
 (b) The Guarantee Trustee shall not be removed until a Successor Guarantee Trustee has been appointed and has
accepted such appointment by written instrument executed by such Successor Guarantee Trustee and delivered to the Parent Guarantor. 
 (c)
The Guarantee Trustee appointed hereunder shall hold office until a Successor Guarantee Trustee shall have been appointed or until its removal or resignation. The Guarantee Trustee may resign from office (without need for prior or subsequent
accounting) by an instrument in writing executed by the Guarantee Trustee and delivered to the Parent Guarantor, 

  

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which resignation shall not take effect until a Successor Guarantee Trustee has been appointed and has accepted such appointment by instrument in writing
executed by such Successor Guarantee Trustee and delivered to the Parent Guarantor and the resigning Guarantee Trustee. 
 (d) If no
Successor Guarantee Trustee shall have been appointed and accepted appointment as provided in this Section 4.2 within thirty (30) days after delivery to the Parent Guarantor of an instrument of resignation, the resigning Guarantee
Trustee may petition, at the expense of the Parent Guarantor, any court of competent jurisdiction for appointment of a Successor Guarantee Trustee. Such court may thereupon, after prescribing such notice, if any, as it may deem proper, appoint a
Successor Guarantee Trustee. 
 ARTICLE 5. 
 PARENT GUARANTEE 
 SECTION 5.1 Parent Guarantee. 
 (a) The Parent Guarantor irrevocably and unconditionally agrees to pay in full to the Note Holders and/or the Beneficiaries, as the case may be, the
Parent Guarantee Payments (without duplication of amounts theretofore timely paid by or on behalf of the Company), as and when due, regardless of any defense (except for the defense of timely payment by the Company), right of set-off or counterclaim
which the Company may have or assert. The Parent Guarantor’s obligation to make a Parent Guarantee Payment may be satisfied by direct payment of the required amounts by the Parent Guarantor to the Note Holders and/or the Beneficiaries, as the
case may be, or by causing the Company to pay such amounts to the Note Holders and/or the Beneficiaries, as the case may be. The Parent Guarantor shall give prompt written notice to the Guarantee Trustee in the event the Parent Guarantor makes any
direct payment to the Note Holders and/or the Beneficiaries, as the case may be. 
 (b) The Parent Guarantor expressly agrees that the
guarantee set forth in the immediately preceding paragraph includes, but is not limited to, the guarantee of the full and prompt payment of the Parent Guarantor’s obligation to make any and all interest payments on the Notes which would be
required to be made by the Company under the Indenture, including, without limitation, any amounts of Additional Interest, the Optional Redemption Price, Liquidation Amount, the Special Redemption Price, Additional Tax Sums, or any other amount set
forth in the Indenture or the Note. 
 (c) All Parent Guarantee Payments made from time to time with respect to this Parent Guarantee
Agreement shall be in U.S. dollars and shall be payable free and clear of, and without deduction or withholding for, or on account of, any and all present or future taxes, duties, assessments, levies and other governmental charges of any nature
whatsoever now or hereafter imposed, levied, collected, withheld or assessed by or on behalf of Bermuda or any other jurisdiction from which such payments are made, or any territory or political subdivision thereof, unless such deduction or
withholding is required by law (“Foreign Taxes”). If by operation of law or otherwise, Foreign Taxes are required to be deducted or withheld from any amounts payable under this Parent Guarantee Agreement, the Parent Guarantor agrees
to pay such additional amounts under this Guarantee Agreement (the “Additional Amounts”) as may be necessary to ensure that the net amount actually received by such Note Holder, Holder or Beneficiary, after 

  

 11 

 
deduction of any Foreign Taxes will not be less than equal the amount such Note Holder, Holder or Beneficiary would have received if Foreign Taxes had not
been deducted or withheld from such payment; provided, however, that no Additional Amounts shall be so payable for or on account of: 
 (i) any Foreign Taxes which would not have been imposed but for the fact that any Beneficiary, Note Holder or Holder: 
 (A) had a present or former personal or business connection with Bermuda or any other jurisdiction from which payments are made, or any territory or political subdivision thereof (a “Foreign
Jurisdiction”) other than by reason of the mere ownership of, or receipt of payment under, the Notes; 
 (B)
presented such Notes for payment in any Foreign Jurisdiction unless such Notes could not have been presented for payment elsewhere; or 
 (C) presented a Note for payment more than fifteen (15) days after the date on which such payment became due and payable or the date on which payment thereof is duly provided for, whichever occurs later; or

 (ii) any Foreign Taxes which are imposed or withheld by reason of the failure by the Beneficiary, Note Holder or Holder (or
beneficial owner of a Note or a Preferred Security) to comply in a timely manner with any reasonable and timely written request by the Parent Guarantor or its agent to provide information concerning the nationality, residence or identity of the
Beneficiary, Note Holder or Holder (or Beneficial owner of a Note or a Preferred Security) or to make any declaration or other similar claim or satisfy any information, certification, identification, documentation or other reporting requirement,
which in either case is required or imposed by statute, treaty, regulation or administrative practice of Bermuda or any province, territory or political subdivision thereof as a precondition to exemption from all or part of such Foreign Taxes;

 (iii) any estate, inheritance, gift, sale, transfer, personal property or similar tax, assessment or other governmental
charge; or 
 (iv) any Foreign Taxes which are payable otherwise than by withholding or deduction. 
 SECTION 5.2 Waiver of Notice and Demand. 
 The Parent Guarantor hereby waives notice of acceptance of the Parent Guarantee Agreement and of any liability to which it applies or may apply, presentment, demand for payment, any right to require a proceeding first against the Guarantee
Trustee, the Company, the Trust, the Note Holders or any other Person before proceeding against the Parent Guarantor, protest, notice of nonpayment, notice of dishonor, notice of redemption and all other notices and demands. 
  

 12 

 SECTION 5.3 Obligations Not Affected. 
 The obligations, covenants, agreements and duties of the Parent Guarantor under this Parent Guarantee Agreement shall be absolute and unconditional, and
shall in no way be affected or impaired by reason of the happening from time to time of any of the following: 
 (a) the release or waiver, by
operation of law or otherwise, of the performance or observance by the Company of any express or implied agreement, covenant, term or condition relating to the Notes to be performed or observed by the Company; 
 (b) the extension of time for the payment by the Company of all or any portion of the obligations under the Notes (including the extension of any
interest payment period on the Notes as provided in the Indenture) or any other sums payable under the terms of the Notes or the extension of time for the performance of any other obligation under, arising out of, or in connection with, the Notes;

 (c) any failure, omission, delay or lack of diligence on the part of the Trust or the Holders to enforce, assert or exercise any right,
privilege, power or remedy conferred on the Trust or the Holders pursuant to the terms of the Notes, or any action on the part of the Company granting indulgence or extension of any kind; 
 (d) the voluntary or involuntary liquidation, dissolution, sale of any collateral, receivership, insolvency, bankruptcy, assignment for the benefit of
creditors, reorganization, arrangement, composition or readjustment of debt of, or other similar proceedings affecting, the Company or any of the assets of the Company; 
 (e) any invalidity of, or defect or deficiency in, the Notes; 
 (f) the settlement or compromise of any
obligation guaranteed hereby or hereby incurred; or 
 (g) any other circumstance whatsoever that might otherwise constitute a legal or
equitable discharge or defense of a guarantor, it being the intent of this Section 5.3 that the obligations of the Parent Guarantor hereunder shall be absolute and unconditional under any and all circumstances. 
 There shall be no obligation of the Holders, the Note Holders or the Trust to give notice to, or obtain the consent of, the Parent Guarantor with respect to the
happening of any of the foregoing. No set-off, counterclaim, reduction or diminution of any obligation, or any defense of any kind or nature that the Parent Guarantor has or may have shall be available hereunder to the Parent Guarantor against the
Trust, any Holder or any Note Holder to reduce the payments thereto under this Parent Guarantee Agreement. 
 SECTION 5.4 Rights of
Holders, the Note Holders and the Trust. 
 The Parent Guarantor expressly acknowledges that: (a) this Parent Guarantee Agreement
will be deposited with the Guarantee Trustee to be held for the benefit of the Holders, the Note Holders and the Trust; (b) the Guarantee Trustee has the right to enforce this Parent Guarantee 

  

 13 

 
Agreement on behalf of the Holders, the Note Holders and the Trust; (c) the Holders of a Majority in Liquidation Amount of the Preferred Securities, the
Note Holders of a Majority in Principal Amount of the Notes and the Trust have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Guarantee Trustee in respect of this Parent Guarantee
Agreement or exercising any trust or power conferred upon the Guarantee Trustee under this Parent Guarantee Agreement (provided, however, the Trust shall not exercise such right without the consent of the Holders of a Majority in
Liquidation Amount of the Preferred Securities); and (d) the Trust, any Note Holder or any Holder may institute a legal proceeding directly against the Parent Guarantor to enforce their respective rights under this Parent Guarantee Agreement,
without first instituting a legal proceeding against the Guarantee Trustee, the Company or any other Person. 
 SECTION 5.5 Guarantee of
Payment. 
 This Parent Guarantee Agreement creates a guarantee of payment and not of collection. This Parent Guarantee Agreement will not
be discharged except by payment of the Parent Guarantee Payments in full (without duplication of amounts theretofore paid by the Company) or upon payment in full of the Notes and all amounts owed by the Company under the Indenture to the Note
Holders or beneficiary thereof. 
 SECTION 5.6 Subrogation. 
 The Parent Guarantor shall be subrogated to all (if any) rights of the Trust, the Note Holders and the Holders against the Company in respect of any
amounts paid to the Trust or the Note Holders by the Parent Guarantor under this Parent Guarantee Agreement and shall have the right to waive payment by the Company pursuant to Section 5.1; provided; that, the Parent Guarantor
shall not (except to the extent required by mandatory provisions of law) be entitled to enforce or exercise any rights it may acquire by way of subrogation or any indemnity, reimbursement or other agreement, in all cases as a result of payment under
this Parent Guarantee Agreement, if, at the time of any such payment, any amounts are due and unpaid under this Parent Guarantee Agreement. If any amount shall be paid to the Parent Guarantor in violation of the preceding sentence, the Parent
Guarantor agrees to hold such amount in trust for the Holders, Note Holders and the holders of any beneficial interests thereof and to pay over such amount to the appropriate Note Holder or Holder, as applicable. 
 SECTION 5.7 Independent Obligations. 
 The Parent Guarantor acknowledges that its obligations hereunder are independent of the obligations of the Company with respect to the Notes, any other guarantee agreement and with respect to any obligations of the Parent Guarantor, the
Trust or the Company with respect to the Notes and the Preferred Securities and that the Parent Guarantor shall be liable as principal and as debtor hereunder to make Parent Guarantee Payments pursuant to the terms of this Parent Guarantee Agreement
notwithstanding the occurrence of any event referred to in subsections (a) through (g), inclusive, of Section 5.3. 
  

 14 

 SECTION 5.8 Enforcement. 
 A Beneficiary or a Note Holder may enforce the Obligations of the Parent Guarantor contained in Section 5.1(c) directly against the Parent
Guarantor, and the Parent Guarantor waives any right or remedy to require that any action be brought against the Company or any other person or entity before proceeding against the Parent Guarantor. 
 ARTICLE 6. 
 TERMINATION 
 SECTION 6.1 Termination. 
 This Parent
Guarantee Agreement shall terminate and be of no further force and effect upon (a) full payment of the Redemption Price of all Preferred Securities or (b) full payment of the Notes and all amounts payable in accordance with the Indenture
upon liquidation of the Trust. Notwithstanding the foregoing, this Parent Guarantee Agreement will continue to be effective or will be reinstated, as the case may be, if at any time any Holder, the Note Holder or the Trust must restore payment of
any sums paid with respect to Preferred Securities (including amounts paid under that certain Guarantee Agreement issued by the Company and the Parent Guarantor to JPMorgan Chase Bank, National Association, as guarantee trustee, dated even herewith
with respect to the Preferred Securities, the Notes or this Parent Guarantee Agreement). The obligations of the Parent Guarantor under Sections 3.3 and 3.4 shall survive any such termination or the resignation and removal of the
Guarantee Trustee. 
 ARTICLE 7. 
 MISCELLANEOUS 
 SECTION 7.1 Successors and Assigns. 
 All guarantees and agreements contained in this Parent Guarantee Agreement shall bind the successors, assigns, receivers, trustees and representatives of
the Parent Guarantor and shall inure to the benefit of the Trust and the Holders or the Note Holders. Except in connection with a consolidation, merger or sale involving the Parent Guarantor that is permitted under Article VIII hereof, and
pursuant to which the successor or assignee agrees in writing to perform the Parent Guarantor’s obligations hereunder, the Parent Guarantor shall not assign its rights or delegate its obligations hereunder without the prior approval of the
Holders of a Majority in Liquidation Amount of the Preferred Securities. 
 SECTION 7.2 Amendments. 
 Except with respect to any changes that do not adversely affect the rights of the Trust and of the Holders in any material respect (in which case no
consent of the Holders will be required), this Parent Guarantee Agreement may only be amended with the prior approval of the Parent Guarantor, the Guarantee Trustee, the Trust and the Holders of not less than a Majority in Liquidation Amount of the
Preferred Securities. The provisions of Article VI of the Trust Agreement (as defined in the Indenture) concerning meetings or consents of the Holders shall apply to the giving of such approval. 
  

 15 

 SECTION 7.3 Notices. 
 Any notice, request or other communication required or permitted to be given hereunder shall be in writing, duly signed by the party giving such notice, and delivered, telecopied or mailed by first class mail as
follows: 
 (a) if given to the Parent Guarantor, to the address or facsimile number set forth below or such other address, facsimile number
or to the attention of such other Person as the Parent Guarantor may give notice to the Guarantee Trustee and the Holders: 
  

			
	HFF&L (Bermuda) Holdings, Ltd.
	Canon’s Court
	22 Victoria Street
	Hamilton HM 12
	Bermuda
	Facsimile No.:	 	(441) 298-3391
	Attention:	 	Alan Bossin

 with a copy to the Company at the address indicated below: 
 (b) if given to the Trust, at the address or facsimile number set forth below or such other address, facsimile number or to the attention of such other
Person as the Trust may give notice to the Guarantee Trustee and the Holders: 
  

					
	HFF&L (U.S.) HOLDINGS, INC.
	4820 Business Center Drive
	Suite 200
	Fairfield, CA 94534
	Facsimile No.:	 	(707) 863-9342
	Attention:	 	Chief Operating Officer

 with a copy to: 
  

					
	Friedman Fleischer & Lowe, LLC
	One Maritime Plaza, 10th Floor
	San Francisco, CA 94111
	Facsimile No.:	 	(415) 402-2111
	Attention:	 	David L. Lowe

  

 16 

 and 
  

					
	Hellman & Friedman LLC
	One Maritime Plaza, 12th Floor
	San Francisco, CA 94111
	Facsimile No.:	 	(415) 788-0176
	Attention:	 	David R. Tunnell & Arrie R. Park, Esq.

 and 
  

					
	Bingham McCutchen LLP
	399 Park Avenue
	New York, NY 10022
	Facsimile No.:	 	(212) 752-5378
	Attention:	 	Neil W. Townsend, Esq.

 (c) if given to the Company, at the address or facsimile number set forth below or such other
address, facsimile number or to the attention of such other Person as the Company may give notice to the Guarantee Trustee and the Holders: 
  

			
	HFF&L (U.S.) HOLDINGS, INC.
	4820 Business Center Drive
	Suite 200
	Fairfield, CA 94534
	Facsimile No.:	 	(707) 863-9342
	Attention:	 	Chief Operating Officer

 with a copy to: 
  

					
	Friedman Fleischer & Lowe, LLC
	One Maritime Plaza, 10th Floor
	San Francisco, CA 94111
	Facsimile No.:	 	(415) 402-2111
	Attention:	 	David L. Lowe

 and 
  

					
	Hellman & Friedman LLC
	One Maritime Plaza, 12th Floor
	San Francisco, CA 94111
	Facsimile No.:	 	(415) 788-0176
	Attention:	 	David R. Tunnell & Arrie R. Park, Esq.

  

 17 

 and 
  

					
	Bingham McCutchen LLP
	399 Park Avenue
	New York, NY 10022
	Facsimile No.:	 	(212) 752-5378
	Attention:	 	Neil W. Townsend, Esq.

 (d) if given to the Guarantee Trustee, at the address or facsimile number set forth below or such
other address, facsimile number or to the attention of such other Person as the Guarantee Trustee may give notice to the Parent Guarantor and the Holders: 
  

					
	 JPMorgan Chase Bank, National Association

	600 Travis, 50th Floor
	Houston, Texas 77002
	Facsimile No.:	 	(713) 216-2101
	Attention:	 	Institutional Trust Services – HFF&L (U.S.) Capital Trust I

 (e) if given to any Note Holder, at the address set forth on the books and records of the Trustee
(as defined in the Indenture), and if to any Holder, at the address set forth in the books and records of the Trust. 
 All notices hereunder
shall be deemed to have been given when received in person, telecopied with receipt confirmed, or mailed by first class mail, postage prepaid, except that if a notice or other document is refused delivery or cannot be delivered because of a changed
address of which no notice was given, such notice or other document shall be deemed to have been delivered on the date of such refusal or inability to deliver. 
 SECTION 7.4 Benefit. 
 This Parent Guarantee Agreement is solely for the benefit of the Trust, the
Note Holders and the Holders and is not separately transferable from the Notes. 
 SECTION 7.5 Governing Law. 
 This Parent Guarantee Agreement and the rights and obligations of each party hereto, shall be construed and enforced in accordance with and governed by
the laws of the State of New York without reference to its conflict of laws provisions (other than Section 5-1401 of the General Obligations Law). 
 SECTION 7.6 Submission to Jurisdiction. 
 ANY LEGAL ACTION OR PROCEEDING BY OR AGAINST ANY PARTY
HERETO OR WITH RESPECT TO OR ARISING OUT OF THIS PARENT GUARANTEE AGREEMENT MAY BE BROUGHT IN OR REMOVED TO THE COURTS OF THE STATE OF NEW YORK, IN AND FOR THE COUNTY OF NEW YORK, OR OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW
YORK (IN EACH CASE SITTING IN THE BOROUGH OF MANHATTAN). BY EXECUTION AND DELIVERY OF 

  

 18 

 
THIS PARENT GUARANTEE AGREEMENT, EACH PARTY ACCEPTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE JURISDICTION OF THE
AFORESAID COURTS (AND COURTS OF APPEALS THEREFROM) FOR LEGAL PROCEEDINGS ARISING OUT OF OR IN CONNECTION WITH THIS PARENT GUARANTEE AGREEMENT. 
 The Parent Guarantor will designate and appoint the Company as its process agent (the “Process Agent”) upon which process may be served in any action arising out of or relating to this Parent Guarantee Agreement which may
be instituted in any New York Court by the Guarantee Trustee or the Holders, in accordance with legal procedures prescribed for such courts within fifteen (15) days of execution of the Parent Guarantee Agreement by the parties hereto, and will
expressly consent to the non-exclusive jurisdiction of any such court in respect of any such action, and waive any other requirements of or objections to personal jurisdiction with respect thereto. Such appointment shall be irrevocable. Service of
process upon the Process Agent and written notice of such service of process to it shall be deemed, in every respect, effective service of process upon the Parent Guarantor. Nothing herein shall in any way be deemed to limit the ability of the
Guarantee Trustee or the Holders to serve any such legal process, summons, notices and documents in any other manner permitted by applicable, law or to obtain jurisdiction over the Parent Guarantor or to bring actions, suits or proceedings against
the Parent Guarantor in such other jurisdictions, and in such manner, as may be permitted by applicable law. 
 SECTION 7.7
Counterparts. 
 This instrument 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 instrument. 
 SECTION 7.8 The Indenture.

 Each of the parties hereto hereby acknowledges that it is familiar with the terms of the Indenture. The Indenture shall be deemed to be
specifically described in this Parent Guarantee Agreement. 
 SECTION 7.9 Currency Indemnity. 
 If, for the purposes of obtaining judgment in any court in any jurisdiction with respect to any payment due hereunder, it becomes necessary to convert
into the currency of such jurisdiction (the “Judgment Currency”) any amount due hereunder in any currency other than the Judgment Currency (the “Currency Due”), then conversion shall be made at the rate of exchange
prevailing on the Business Day before the day on which judgment is given. For this purpose, “rate of exchange” means the rate at which the Guarantee Trustee is able, on the relevant date, to purchase the Currency Due with the Judgment
Currency in accordance with its normal practice at its main branch in Houston, Texas. In the event that there is a change in the rate of exchange prevailing between the Business Day before the day on which the judgment is given and the date of
payment of the amount due, the Parent Guarantor will, on the day of payment, pay such additional amount, if any, or be entitled to receive reimbursement of such amount, if any, as may be necessary to ensure that the amount paid on such date is the
amount in the Judgment Currency which when converted at the rate of exchange prevailing on the date of payment is the amount then due 

  

 19 

 
hereunder in the Currency Due. If the amount of the Currency Due which the Trustee is so able to purchase is less than the amount of the Currency Due
originally due to it, the Parent Guarantor shall indemnify and save the Guarantee Trustee, the Note Holders, and the Trust harmless from and against loss or damage arising as a result of such deficiency. This indemnity shall constitute an obligation
separate and independent from the other obligations contained herein, shall give rise to a separate and independent cause of action and shall continue in full force and effect notwithstanding any judgment or order for a liquidated sum in respect of
an amount due hereunder or under any judgment or order. 
 ARTICLE 8. 
 CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR 
 LEASE AND OWNERSHIP OF THE COMPANY

 SECTION 8.1 Parent Guarantor May Consolidate, etc., Only on Certain Terms. 
 The Parent Guarantor shall not consolidate with or merge into any other Person or convey, transfer or lease its properties and assets substantially as an
entirety to any Person, and no Person shall consolidate with or merge into the Parent Guarantor or convey, transfer or lease its properties and assets substantially as an entirety to the Parent Guarantor, unless: 
 (a) if the Parent Guarantor shall consolidate with or merge into another Person or convey, transfer or lease its properties and assets substantially as an
entirety to any Person, the entity formed by such consolidation or into which the Parent Guarantor is merged or the Person that acquires by conveyance or transfer, or that leases, the properties and assets of the Parent Guarantor substantially as an
entirety shall be an entity organized and existing under the laws of the United States of America or any State or Territory thereof or the District of Columbia unless otherwise approved by Holders of a Majority Liquidation Amount of the Preferred
Securities and shall expressly assume, in writing, executed and delivered to the Guarantee Trustee, inform reasonably satisfactory to the Guarantee Trustee, the due and punctual payment of the Parent Guarantee Payments required hereunder and the
performance of every covenant and obligation of the Parent Guarantor to be performed under this Parent Guarantee Agreement on the part of the Parent Guarantor to be performed or observed; 
 (b) immediately after giving effect to such transaction, no Event of Default, and no event that, after notice or lapse of time, or both, would constitute
an Event of Default, shall have happened and be continuing; and 
 (c) the Parent Guarantor has delivered to the Guarantee Trustee an
Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger, conveyance, transfer or lease and, if a written agreement evidencing any assignment or assumption is required in connection with such transaction,
any such agreement complies with this Article IX, and that all conditions precedent herein provided for relating to such transaction have been complied with; and the Trustee may rely upon such Officers’ Certificate and Opinion of Counsel
as conclusive evidence that such transaction complies with this Section 8.1. 
  

 20 

 SECTION 8.2 Dividends, Distributions and Payments. 
 So long as any Notes or Preferred Securities remain outstanding, if there shall have occurred and be continuing an Event of Default or the Company shall
have entered into an Extension Period as provided for in the Indenture and such period, or any extension thereof, shall have commenced and be continuing, then the Parent Guarantor shall not and shall not permit the Company to (a) declare or pay
any dividends or distributions on, or redeem, purchase, acquire or make liquidation payment with respect to, any of its respective capital stock (other than payments of dividends or distributions by the Company to the Parent Guarantor, its successor
or any of its Subsidiaries, provided that such Subsidiary is wholly-owned, directly or indirectly, by the Parent Guarantor) or (b) make any payment of principal of or any interest or premium, if any, on or repay, repurchase or redeem any
debt securities of the Company or the Parent Guarantor that rank pari passu in all respects with or junior in interest to the Notes (other than (i) repurchases, redemptions or other acquisitions of shares of capital stock of the Company
or the Parent Guarantor by either the Company or the Parent Guarantor in connection with any employment contract, benefit plan or other similar arrangement with or for the benefit of any one of more employees, officers, directors or consultants, in
connection with a dividend reinvestment or stockholder stock purchase plan or in connection with the issuance of capital stock of the Company or the Parent Guarantor (or securities convertible into or exercisable for such capital stock) as
consideration in an acquisition transaction entered into prior to the occurrence of such Event of Default or the applicable Extension Period, (ii) as a result of an exchange or conversion of any class or series of the Company’s or the
Parent Guarantor’s capital stock (or any capital stock of a subsidiary of either the Company or the Parent Guarantor) for any class or series of the Company’s or the Parent Guarantor’s capital stock or any class of series of the
Company’s or the Parent Guarantor’s indebtedness for any class or series of the Company’s or the Parent Guarantor’s capital stock, (iii) the purchase of fractional interests in shares of the Company’s or the Parent
Guarantor’s capital stock pursuant to the conversion or exchange provisions of such capital stock or the security being converted or exchanged, (iv) any declaration of a dividend in connection with any rights plan, the issuance of rights,
stock or other property under any rights plan or the redemption or repurchase of rights pursuant thereto, or (v) any dividend in the form of stock, warrants, options or other rights where the dividend stock or the stock issuable upon exercise
of such warrants, options or other rights is the same stock as that on which the dividend is being paid or ranks pari passu with or junior to such stock). 
 SECTION 8.3 Successor Company Substituted. 
 Upon any consolidation or merger by the Parent Guarantor
with or into any other Person, or any conveyance, transfer or lease by the Parent Guarantor of its properties and assets substantially as an entirety to any Person in accordance with Section 8.1 and the execution and delivery to the
Trustee of the written agreement described in Section 8.1(a), the successor entity formed by such consolidation or into which the Parent Guarantor is merged or to which such conveyance, transfer or lease is made shall succeed to, and be
substituted for, and may exercise every right and power of, the Parent Guarantor under this Parent Guarantee Agreement with the same effect as if such successor Person had been named as the Parent Guarantor herein; and in the event of any such
conveyance, or transfer, or lease following the execution and delivery of such written agreement, the Parent Guarantor shall be discharged from all obligations and covenants under the Parent Guarantee Agreement and the Notes. 
  

 21 

 SECTION 8.4 Ownership of the Company. 
 At all times while this Parent Guarantee Agreement is in effect and while any of the obligations of the Parent Guarantor hereunder remain outstanding, one
hundred percent (100%) of the outstanding capital stock of the Company shall be owned, directly or indirectly, by the Parent Guarantor. 
 ARTICLE 9. 
 REPRESENTATIONS AND WARRANTIES 
 SECTION 9.1 Representations and Warranties of Parent Guarantor. 
 The Parent Guarantor hereby
represents and warrants for the benefit of the Note Holders and the Holders that: 
 (a) the Parent Guarantor is a company duly organized,
validly existing and in good standing under the laws of Bermuda; 
 (b) the Parent Guarantor has full corporate power, authority and legal
right to execute, deliver and perform its obligations under this Parent Guarantee Agreement and has taken all necessary action to authorize the execution, delivery and performance by it of this Parent Guarantee Agreement; 
 (c) this Parent Guarantee Agreement has been duly authorized, executed and delivered by the Parent Guarantor and constitutes the legal, valid and binding
agreement of the Parent Guarantor enforceable against the Parent Guarantor in accordance with its terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally and to general principles of equity;
and 
 (d) the execution, delivery and performance of this Parent Guarantee Agreement have been duly authorized by all necessary corporate or
other action on the part of the Parent Guarantor and do not require any approval of stockholders of the Parent Guarantor and such execution, delivery and performance will not (i) violate the articles or certificate of incorporation or by-laws
(or other organizational documents) of the Parent Guarantor or (ii) violate any applicable law, governmental rule or regulation governing the Parent Guarantor, any material agreement to which it is a party or any material portion of its
property or any order, judgment or decree applicable to the Company or the Parent Guarantor, respectively, or any material portion of its property. 
 [SIGNATURE PAGE FOLLOWS] 
  

 22 

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

			
	HFF&L (BERMUDA) HOLDINGS, LTD.
		
	By:	 	 /s/ David L. Lowe

	Name:	 	David L. Lowe
	Title:	 	Chairman of the Board
	
	 JPMORGAN CHASE BANK, NATIONAL
 ASSOCIATION,
as Parent Guarantee Trustee

		
	By:	 	 /s/ Maria D. Calzado

	Name:	 	Maria D. Calzado
	Title:	 	Vice President

  

 23Agent-Agency Agreement effective as of January 5, 2006

 Exhibit 10.5 
 AGENT-AGENCY AGREEMENT 
 THIS AGENT – AGENCY AGREEMENT by
and between GeoVera Insurance Company, a Maryland corporation (hereinafter referred to as “GeoVera”), and Ivantage Select Agency, Inc. (hereinafter referred to as either “Agent” or “Agency”), is effective the
5th day of January, 2006. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 
 1.
APPROVED PROGRAM OF INSURANCE: 
  

	a)	Agent shall be authorized to submit applications for insurance with respect to the products listed in Appendix 1a of this Agreement GeoVera may, acting alone, amend or supplement
Agent’s authority, list of available products, rates of commission, method of billing, premium collection and policy distribution. In the event of such amendment or supplement, GeoVera will provide 90 days written notice or longer as required
by state law. 

  

	b)	GeoVera will provide the Agency and its approved sub-agents and sub-producers access to GeoVera’s Systems as needed for the purpose of quoting and binding coverage under this
Agreement. The Agency’s access and use of such Systems, as made available by Geovera from time to time shall be subject to the terms and conditions set forth in Appendix C of this Agreement. 

  

	c)	Notwithstanding the entering of this Agreement, GeoVera is not obligated to the Agent or others to continue to offer the products referenced in this Agreement. Further, GeoVera
continues to have the right, in its sole discretion, to withdraw from the writing of any line of insurance covered by this Agreement without any liability or obligation to the Agency, other than notice as provided above. 

 2. BINDING/UNDERWRITING AUTHORITY: Agent shall have no authority to bind insurance coverage or to underwrite insurance coverage and Agent shall have no authority to
modify the terms of any insurance placed with GeoVera. 
 3. OWNERSHIP OF THE BUSINESS: GeoVera recognizes Agent’s ownership interest in insurance
policy expirations that are subject to this Agreement. Unless authorized by Agent, GeoVera may not use or authorize another party to use its records of Agent’s expirations in order to sell, service or renew any policy, provided Agent has
fulfilled its payment obligation sunder this Agreement. 
 4. COMMISSIONS: GeoVera shall pay Agent commissions in an amount equal to a percentage rate of the
premium on each policy written and paid for by Agent as compensation in full for Agent’s services hereunder. Commissions shall be paid at the rate or rates set forth in Appendix 1b of this Agreement. GeoVera may unilaterally revise the rates of
commission set forth in Appendix 1b upon written notice to Agent which shall be effective no earlier than thirty (30) days after mailing by GeoVera of such notice to Agent or such longer period as may be required by law. Agent shall pay GeoVera
return commissions at the same rate as such commissions were paid by GeoVera on any return premiums, including return premiums on cancellations. Inspection and/or engineering fees, if any, are not subject to commission. 
 5. PREMIUMS AND ACCOUNTS: While it is the intention that all premiums be billed and received by GeoVera, in the event that Agency should receive any premiums due
GeoVera, Agency will hold those premiums as trustee for GeoVera. Agency will immediately forward to GeoVera any such premium Agency may receive. GeoVera direct-billed premiums will be paid to GeoVera without deduction for commissions. 
  

 1 

 GeoVera will assume responsibility for collecting additional amounts due on audit premiums, if Agency requests in writing
that GeoVera collects those premiums directly. Agency must make this request within 60 days after the billing date shown on the audit statements. No commissions are payable on audit premiums GeoVera collects without regard to whether Agency
requested GeoVera to assume collection. On any renewal policies, GeoVera shall be responsible for direct issuance of any billings, credits or return premiums using GeoVera’s direct bill system. If premium payments are not received by GeoVera
from Agent’s client when due, GeoVera may send notice of cancellation of such policies. In the event that an applicant for insurance pays the initial premium directly to the Agent, the agent shall submit to GeoVera the gross premium (with no
deduction for commission). The Agent understands that no coverage is provided such an applicant, even if such applicant otherwise qualifies for insurance with GeoVera, until GeoVera receives payment of premium. 
 GeoVera will provide Agent with a monthly commission statement, which shall set forth all premium transactions for the entire calendar month. The commission statement
shall detail account billings, premiums received, credits, subagent number, and refunds for each transaction identified by policy number, named insured, premium or return premium including taxes and any applicable fees or other charges and resulting
commission. Commissions due the Agent shall be paid by GeoVera to Agent no later than fifteen (15) days after the end of the particular month summarized in the commission statement. If the statement shows an unearned commission balance due
GeoVera as a result of policy cancellations or reductions in coverage, Agent shall pay this unearned commission to GeoVera no later than ten (10) calendar days after GeoVera mails the monthly commission statement to Agent. 
 6. CANCELLATION OF INSURANCE: GeoVera has the right to cancel any binder, or policy of insurance issued under this Agreement in accordance with the cancellation
provisions of such binder or policy insurance and in conformity with any applicable laws and regulations. 
 Nothing in this Agreement shall
be construed as limiting or restricting the right of GeoVera to cancel or non-renew any policy or policies of insurance or any part thereof issued pursuant to this Agreement. 
 Agency may request GeoVera cancel or nonrenew policies issued through Agency, as permitted by law, and GeoVera shall reasonably comply with any such request. 
 7. CLAIMS: The Agent shall immediately notify GeoVera of all claims, suits and notices of loss reported to Agent and agrees to cooperate fully with GeoVera to facilitate
the investigation, adjustment, settlement and payment of any claim when and as requested by GeoVera, and under any procedures as may be agreed from time to time; however, Agent has no authority to adjust, compromise, settle, or in any way commit
GeoVera to liability with respect to claims arising under policies written hereunder. 
 8. ADVERTISING: Each party must receive the other party’s prior
written consent or authorization to use such party’s name or logo on any advertising material that such party did not prepare including any promotion, letter, circular, pamphlet or other publication or statement or website. In addition, any
framing or banners used in connection with a link to the other party’s website and the information contained therein shall also require the express written consent of the party. In the event a party is subjected to loss or expense arising out
of any unauthorized advertisement, publication or statement by the other party, such other party shall be liable for all resulting damages and costs. 
  

 2 

 9. INSPECTIONS, AUDITS, REPORTING: GeoVera or a duly authorized representative may (but shall not be obligated to), upon
fifteen (15) days’ written notice and during normal business hours, inspect the operation or premises or audit the books or records of Agent pertaining to any insurance submitted by Agent hereunder. 
 10. COUNTERSIGNATURE FEES/AGENCY COMMISSIONS: Any countersignature fees or commissions of any nature due sub-agents or sub-producers by Agent with respect to business
written under this Agreement shall be the exclusive expense of Agent, unless otherwise provided for in writing, and Agent agrees to hold GeoVera harmless in the event of any claim related thereto. 
 11. COMPLIANCE WITH STATUTE: Each party agrees to comply with all applicable laws governing the conduct of business and subject to this Agreement, including but not
limited to the Federal Fair Credit Reporting Act and the Gramm-Leach-Bliley Act. 
 12. TERMINATION OF AGREEMENT: 
  

	a)	This agreement will be terminated automatically, subject to any state statutes or other regulatory requirements that may apply: 

 I. Upon the loss and failure of Agent or GeoVera to reinstate or replace any licenses or any other regulatory approval necessary to place coverage;

 II. Upon insolvency or dissolution of the Agent or GeoVera; or 
 III. Upon the suspension or termination of the Agent’s or GeoVera’s license to conduct an insurance business. 
  

	b)	This Agreement may be terminated, subject to any state statutes or other regulatory requirements that may apply: 

 I. At any time by the mutual agreement of the parties in writing; 
 II. By either party, without cause, by giving written notice to the other party not less than ninety (90) days prior to the date upon which such termination shall be effective; 
 III. Upon the effective date of the sale, change in majority ownership, or the merger of Agent’s business, including, the sale, assignment or
transfer of a substantial portion of Agent’s expirations or book of business. 
 IV. By either party in the event of a material breach
of the terms and conditions of this Agreement by the other party, effective thirty (30) days following written notice of such breach, unless such breach is cured before the expiration of the thirty (30) day period; or 
 V. Immediately by either party for cause by giving written notice to the other party if the other party commits fraud, forgery, misrepresentation or is
convicted of a felony. The foregoing list of examples for cause shall not be construed to exclude any other possible ground as cause for termination of this Agreement. 
 13. AFTER TERMINATION: If, upon termination of this Agreement, Agency is entitled to the ownership, use and control of expirations and renewals, GeoVera will continue policies for as long as required by law or until
their normal expiration or anniversary date, which ever occurs first, and subject to these conditions: 
  

	a)	GeoVera is not obligated under this section of the Agreement to continue in force or renew policies where prohibited by law or regulation. 

  

 3 

	b)	Agency will try to replace all policies with other insurers. For direct-billed business, at Agency’s request, GeoVera will notify all clients of its intent not to renew their
policies. 

  

	c)	GeoVera reserves all of its rights to cancel or nonrenew policies for nonpayment of premiums or for underwriting reasons. 

  

	d)	For policies continued in force or renewed after the termination of this Agreement, Agency will continue to be GeoVera’s authorized representative, subject to all the
conditions of this Agreement. However, Agency may not bind any new risk, renew any policy or increase or extend the term of GeoVera’s liability under any policy. 

  

	e)	GeoVera will pay commissions for these policies either at the rate specified in this Agreement and applicable at the time of termination, or at the general rate that prevails among
GeoVera’s agents at the time of renewal, whichever is less. However, to the extent permitted by law, GeoVera may reduce the commission rate upon 90 days written notice for any renewal occurring on or after the second anniversary of the
termination of this Agreement. 

  

	f)	If this Agreement terminates and within ten (10) days of receipt of notice of termination Agent has not paid all premiums then due for which Agent is responsible hereunder,
Agent’s rights of ownership, use and control of the expirations of all business placed with GeoVera will automatically pass to GeoVera and Agent hereby grants to GeoVera a security interest in such expirations. GeoVera will have the right under
such circumstances to sell the expirations and records in order to collect what Agent owes GeoVera. 

  

	g)	If, within ten (10) days of termination, Agent fails to perform any duty required under this Agreement, Agent is liable for and agrees to pay GeoVera any costs incurred by
GeoVera in performing or otherwise securing performance of such duties. 

 14. INDEMNIFICATION: Agent shall defend, indemnify and hold GeoVera
harmless from and against all claims, actions, causes of action, liability or loss which result from any negligent act, willful misconduct, or error or omission of Agent or the sub-agents, sub-producers, employees or representatives of Agent in the
performance or breach of responsibilities under this Agreement, including all damages, costs, expenses, attorneys’ fees and other legal fees, penalties, fines, and any other expense or expenditure incurred by GeoVera. 
 GeoVera shall defend, indemnify and hold Agent harmless from and against all claims, actions, causes of action, liability or loss which result from any
negligent act, willful misconduct, or error or omission of GeoVera in the performance or breach of responsibilities under this Agreement, including all damages, costs, expenses, attorneys’ fees and other legal fees, penalties, fines and any
other expense or expenditure incurred by Agent. The indemnification obligations under this Agreement are conditioned upon the indemnified party providing written notice to the indemnifying party immediately upon receipt or notice of any claim,
action or event that may give rise to the above obligations. The indemnifying party shall defend or settle at its sole expense all suits or proceedings arising out of such claims or actions. The indemnified party shall have the right to participate
in the defense of any such 

  

 4 

 
suit or proceeding through counsel of its own choosing at its own cost. Notwithstanding the above, in the event that such proceedings concern the indemnified
party’s licensure by any governmental or regulatory authority, the indemnified party shall control the process and settlement of any such regulatory proceedings but is not authorized to represent or act on behalf of the indemnifying party in
such process or settlement. This Section shall survive termination of this Agreement. 
 15. FIDUCIARY RESPONSIBILITY OF AGENT: The Agent shall faithfully
perform as an independent contractor, and not as an employee of GeoVera, all duties of Agent hereunder in compliance with the instructions of GeoVera and shall protect and further the best interests of GeoVera at all times. Agent and Agent’s
authorized employees have the right to exercise authorities given by this Agreement. Agent exercises exclusive and independent control of Agent’s time and the conduct of the Agency. 
 16. SUCCESSION TO BUSINESS: If the Agent has succeeded to and carries on business formerly owned or conducted by another insurance producer, Agent shall pay return commissions on such business in the same manner and
to the same extent as upon Agent’s own business. 
 17. CONFIDENTIALITY: Neither party, nor its officers, directors, or employees shall disclose the
terms of this Agreement to any unaffiliated third party without the prior written consent of the other party, except pursuant to a valid court order or as otherwise required by law. Each party shall notify the other in writing of any court
proceeding or other legal requirement that may result in such court order or other legal requirement. 
 GeoVera and the Agent acknowledge
that certain information received from the other party affecting or relating to the business practices, plans, insurance products, and underwriting guidelines of either party or its affiliates, as well as personal information about the sub-agents
and sub-producers of the Agent (including, but not limited to, agent numbers and office locations), and current or prospective customers of either party, is confidential and proprietary. All such information, as well as other information labeled by
either party as propriety and confidential, shall be used by the other party solely for the purpose of placing and servicing coverage as contemplated by this Agreement, and shall not be disclosed to any third party, nor shall the receiving party
permit any third party to access any such information, except as authorized in writing by the party providing the confidential information. The restrictions set forth herein shall not apply to any information: (i) which is or becomes generally
available to the public; (ii) which was known to the receiving party at the time of disclosure; or (iii) which the receiving party rightfully learned from a third party that was not under a confidentiality obligation to the party providing
the confidential information. 
 18. DISPUTE RESOLUTION: In the event of any dispute arising out of or under this Agreement between the Agent and GeoVera,
the Agent and GeoVera shall make every reasonable effort to resolve such dispute in good faith, informally. If the parties cannot agree on a settlement of the dispute, then both parties agree to submit such dispute to arbitration, and the expense
will be borne equally. There will be three arbitrators; one will be selected by the Agent, one will be selected by GeoVera, and a third will be selected by those two arbitrators. In the event that the arbitrators so chosen do not agree as to the
third arbitrator, the third arbitrator shall be chosen by the American Arbitration Association or any other mutually agreeable dispute resolution organization. The determination of the arbitrator will be final and binding on all parties hereto.
Costs of the arbitration shall be split as follows; Agent shall pay for the costs associated with the arbitrator selected by Agent, GeoVera shall pay the costs associated with the arbitrator selected by GeoVera, both parties shall equally pay the
costs associated with the third arbitrator. Such arbitration shall be held at the location of the respondent’s choice. This provision shall survive termination of this Agreement. 
  

 5 

 19. AGENT’S LICENSE: Agent hereby warrants that a valid Agent’s and/or Agency License is held in each state
identified on Appendix 1a to this agreement. Agent hereby agrees to give GeoVera immediate notice if the Agent’s or Agency’s License is suspended or canceled for any reason. It is the obligation of Agent to assure that all sub-agents and
sub-producers retained by Agent in connection with this Agreement are properly licensed as required by applicable law. 
 20. NONCOMPETITION: During the term
of this Agreement and for a period of two (2) years following its termination, neither party may solicit the purchase of any insurance products or services with respect to any person, including any company or organization, who was a customer of
the other party or any affiliates of the other party at the time of termination, and whose identity became known to the soliciting party as a result of such party’s responsibilities under this Agreement or as a result of such party’s
access to confidential information of the other party. Such restriction is without regard to whether GeoVera provided coverage under this Agreement for such customer. 
 During the term of this Agreement, GeoVera will not solicit the purchase of any insurance products or services, other than the renewal of policies written pursuant to this Agreement, with respect to any person,
including any company or organization, for which GeoVera has placed coverage pursuant to the terms of this Agreement. 
 21. INVALIDITY: The invalidity or
unenforceability of any provision hereof shall not affect or impair any other provision hereof. 
 22. NOTICES: All notices to the parties pursuant to this
Agreement shall be in writing and shall be deemed effective when given by personal delivery or by regular mail addressed to the party at the last known address. 
 23. ENTIRE AGREEMENT: This Agreement contains the complete understanding between Agent and GeoVera and supersedes any and all previous Agreements between Agent and GeoVera or its successor, and it may not be altered or modified except in
writing signed by both parties hereto. 
 24. GOVERNING LAW: This Agreement shall be construed under the laws of the State of Illinois. 
 25. GENERAL PROVISIONS: 
  

	a)	Agency retains the right to assign this agreement to an affiliate of the agency upon 30 days prior written notice to GeoVera; provided, however that GeoVera has the right to
terminate this agreement upon 30 days notice if agency assignee is, in GeoVera’s sole discretion, unacceptable. This agreement shall be binding upon and shall inure to the benefit of all parties hereto and their respective successors and
assignees. 

  

	b)	The descriptive headings of this agreement are intended for reference only and do not affect the construction or interpretation of this agreement. 

  

	c)	All exhibits, as they may be amended from time to time by agreement of the parties, are expressly incorporated in their entirety as part of the agreement. 

 

	d)	The failure to insist upon strict compliance with any of the terms, covenants, or conditions hereof shall not be deemed a waiver of such terms, covenants, or conditions.

  

 6 

	e)	This agreement may be executed in one or more counterparts, each of which shall be deemed an original, but which when taken together, will constitute one instrument.

 IN WITNESS WHEREOF, this Agent Agreement is executed by these parties. 
  

					
	For GeoVera:	  		  	
		  	Mailing Address:	  	GeoVera Insurance Company
		  		  	4820 Business Center Dr., Suite 200
		  		  	Fairfield, CA 94534

  

			
	Authorized Signature:	 	 /s/ Karen M. Padovese

		
	Typed Name:	 	Karen M. Padovese
		
	Title:	 	Chief Operating Officer

  

									
	For AGENT:	 		  	Ivantage Select Agency, Inc.	  		  	
				
		 	Mailing Address:	  	51 W. Higgins Road, Suite S1C, South Barrington, IL 60010	  	
					
	Authorized Signature:	 		  	 /s/ Andrew T. Rieder
	  		  	
	Typed Name:	 		  	Andrew T. Rieder	  		  	
	Title:	 		  	Assistant Vice President	  		  	

  

 7

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