Document:

Amended and Restated Forbearance Agreement

 Exhibit 10.2 
 EXECUTION VERSION 
 AMENDED AND RESTATED FORBEARANCE AGREEMENT 
 THIS AMENDED AND RESTATED FORBEARANCE AGREEMENT (as the same may from time to time be amended, restated or otherwise modified, this
“Agreement”) is made as of January 11, 2008, and entered into by and among AMERICAN DENTAL PARTNERS, INC., a Delaware corporation (the “Borrower”), the Subsidiary Guarantors (as defined in the Credit Agreement
referred to below), the lending institutions party to the Credit Agreement, as hereinafter defined (“Lenders”), and KBCM BRIDGE LLC, as a Lender and as administrative agent for the Lenders (the “Administrative
Agent”). 
 RECITALS 
 WHEREAS, the Borrower, the Administrative Agent and the Lenders are parties to that certain Term Loan Agreement, dated as of September 25, 2007 (as the same may be amended, restated or otherwise modified from time to time, the
“Credit Agreement”); 
 WHEREAS, the Borrower, the Administrative Agent and the Lenders are parties to that certain
Forbearance Agreement, dated as of December 18, 2007 (the “Original Forbearance Agreement”); 
 WHEREAS, the Borrower
and PDHC, Ltd. (“PDHC”), a Subsidiary of the Borrower, have entered into the Settlement Agreement, dated as of December 26, 2007, an executed copy of which is attached hereto as Exhibit A (the “Settlement
Agreement”), among the Borrower, PDHC, PDG, P.A. (“PDG”) and Dental Specialists of Minnesota, P.A. (with PDG, collectively, the “Plaintiff”), and Northland Dental Partners, PLLC, fka James Ludke, D.D.S.,
PLLC, in connection with the civil actions captioned PDG, P.A. and Dental Specialists of Minnesota P.A. vs. PDHC, Ltd. and PDHC, Ltd. vs. PDG, P.A. and Dental Specialists of Minnesota, P.A. vs. PDHC, Ltd. and American Dental Partners,
Inc. (collectively, the “Civil Action”) filed with the District Court of Minnesota, Fourth Judicial District (the “Court”), in which the jury in the Civil Action returned a verdict for the Plaintiff against PDHC
and the Borrower awarding the Plaintiff $88,290,647 in compensatory damages on December 12, 2007 and awarding the Plaintiff $42,250,000 in punitive damages on December 13, 2007; 
 WHEREAS, an Event of Default exists under the Credit Agreement and, as a result of such Event of Default, the Lenders have the right, among other things,
to exercise any remedies available to the Lenders under the Credit Agreement; 
 WHEREAS, notwithstanding the existence of such Events of
Default, the Borrower has requested that the Lenders, among other things, continue to forbear from exercising their rights under the Credit Agreement and the other Credit Documents, in each case until February 29, 2008, and consent to the
Settlement Agreement; and 
 WHEREAS, the Lenders are willing to forbear from exercising such rights on the terms and conditions set forth in
this Agreement; 
 NOW, THEREFORE, in consideration of the foregoing, the parties agree as follows: 
 ARTICLE I. CONSENT 
 Section 1.1.
Settlement Agreement. The Administrative Agent and each Lender hereby consent to the execution by the Borrower and PDHC of the Settlement Agreement and consent to the 

  

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terms and provisions thereof; provided, however, that the agreements, documents and instruments to be entered into to effectuate the transfer
of the Settlement Assets (as defined below) (the “Transfer Documents”) shall be in form and substance reasonably satisfactory to the Administrative Agent. 
 Section 1.2 Release of Collateral. Pursuant to the Settlement Agreement, the Borrower and PDHC have agreed to transfer the operating assets
owned by PDHC and currently located at the PDG Offices (as defined in the Settlement Agreement) (collectively, the “Settlement Assets”) to PDG, all of which Settlement Assets constitute Collateral. Upon the transfer of the
Settlement Assets by the Borrower and PDHC to PDG in accordance with the terms of the Settlement Agreement, and so long as (i) the condition set forth in Section 2.5(g) of this Agreement has been satisfied, (ii) the Transfer Documents
are in form and substance reasonably satisfactory to the Administrative Agent, and (iii) the Civil Action has been dismissed with prejudice by the Court, the Administrative Agent’s and the Lenders’ security interest in and Liens on
the Settlement Assets shall be automatically released and terminated. The Administrative Agent agrees to promptly file UCC financing statement amendments (collectively, the “UCC Amendments”) to evidence the release of the
security interest in and Lien on the Settlement Assets and will provide to the Borrower a copy of the acknowledgments of the filing of such UCC Amendments promptly upon receipt by the Administrative Agent. The Administrative Agent agrees to execute
such other agreements, documents and instruments as the Borrower may reasonably request to effectuate the release described in this Section 1.2. 
 ARTICLE II. FORBEARANCE 
 Section 2.1. Outstanding Indebtedness. The Borrower
acknowledges and confirms (a) that Exhibit B hereto sets forth, as of the date hereof, the aggregate principal amount of all outstanding Loans and the issued and outstanding Letters of Credit, and (b) that such amounts are not
subject to any defense, counterclaim, recoupment or offset of any kind. 
 Section 2.2. Defaults. The Borrower acknowledges that
as of the date hereof, the Administrative Agent and the Lenders have notified the Borrower that, and the Borrower acknowledges that, the Borrower has failed to comply with the provision of the Credit Agreement as set forth in Exhibit C
hereto (the “Credit Agreement Default”). 
 Section 2.3. Continuing Defaults. With respect to the Credit
Agreement Default, the Borrower acknowledges that (a) such Credit Agreement Default is continuing and has not been waived by virtue of any previous actions (or failure to act) by the Administrative Agent or the Lenders through any course of
conduct or course of dealing or otherwise and (b) as a result of the existence of such Credit Agreement Default, the Lenders, pursuant to the terms and conditions of the Credit Agreement and the other Credit Documents, have the right to, among
other things, (i) accelerate the maturity of all of the Obligations, and (ii) exercise any or all rights and remedies available to them pursuant to the Credit Documents, applicable law or otherwise. 
 Section 2.4. Original Forbearance Agreement. The Borrower, the Administrative Agent and the Lenders each acknowledge that this Agreement
replaces in its entirety the Original Forbearance Agreement, and that the Original Forbearance Agreement shall be of no further force and effect. 
 Section 2.5 Forbearance and Forbearance Period. The Administrative Agent and the Lenders, by executing this Agreement and upon the satisfaction of the conditions set forth in Section 3.1 hereof, hereby agree to forbear from
exercising their rights and remedies that exist by virtue of the Credit Agreement Default, for the period from December 14, 2007 through February 29, 2008 (the “Forbearance Period”), on the conditions that: 
 (a) after giving effect to the terms of this Agreement, other than the Credit Agreement Default, no other Default or Event of Default
shall exist under the Credit Agreement or any Credit Document; 
  

 2 

 (b) during the Forbearance Period, other than the Credit Agreement Default, no other
Default or Event of Default shall occur under the Credit Agreement and no default or event of default shall occur under this Agreement; 
 (c) the Borrower shall only be permitted to request Borrowings of Base Rate Loans and Eurodollar Loans with an Interest Period of one month (any Loan made on or after the date hereof shall be referred to as an
“Interim Loan”), provided that any Eurodollar Loan outstanding on the date hereof may be continued with an Interest Period of one, two or three months; 
 (d) at the time of each Interim Loan and after giving effect thereto, (i) there shall exist no Default or Event of Default (other
than the Credit Agreement Default) and (ii) all representations and warranties of the Credit Parties contained herein or in the other Credit Documents (other than the representation and warranty set forth in Section 6.9 of the Credit
Agreement solely as a result of the Credit Agreement Default) shall be true and correct in all material respects with the same effect as though such representations and warranties had been made on and as of the date of such Interim Loan, except to
the extent that such representations and warranties expressly relate to an earlier specified date, in which case such representations and warranties shall have been true and correct in all material respects as of the date when made; 
 (e) the Borrower and each Subsidiary Guarantor shall comply with all of the terms and provisions of this Agreement (and the failure to so
comply shall constitute an Event of Default under the Credit Agreement); 
 (f) the Amended and Restated Forbearance Agreement
and Amendment No. 4 to Credit Agreement, dated the date hereof, among the Borrower, the subsidiary guarantors signatory thereto, the lenders signatory thereto and KeyBank National Association, as a lender and as administrative agent, and
entered into in connection with the Revolving Credit Agreement (the “Revolving Credit Forbearance Agreement”), shall not have been terminated; and 
 (g) the Settlement Agreement shall not have been amended or otherwise modified without the Administrative Agent’s and the
Lenders’ written consent and shall not fail to be in full force and effect in all respects, and the Borrower and PDHC shall not have breached their respective obligations thereunder. 
 Section 2.6. End of Forbearance Period. The Borrower acknowledges and agrees that upon the failure of the Borrower to satisfy any of the
foregoing conditions at any time, the Forbearance Period shall automatically terminate without notice to the Borrower of any kind. The Borrower hereby waives any such notice. Upon termination of the Forbearance Period, the Administrative Agent and
the Lenders shall be permitted to exercise any and all rights and remedies that exist with respect to the Credit Agreement Default and any other Default or Event of Default that may then exist. 
 Section 2.7. Default Interest. The Lenders agree that, notwithstanding the existence of the Credit Agreement Default and anything in
Section 2.5(c) of the Credit Agreement to the contrary, the default rate of interest set forth in Section 2.5(c) shall not accrue on the outstanding principal amount of the Loans during the Forbearance Period. 
  

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 Section 2.8. Interest on Loans. 
 (a) Base Rate Loans. Notwithstanding Section 2.5(a) of the Credit Agreement, from the date hereof through the date that the Credit Agreement
Default is no longer in existence, any Loan that is a Base Rate Loan shall bear interest at a fluctuating rate per annum that shall be equal to the Base Rate in effect from time to time plus 175.00 basis points. 
 (b) Eurodollar Loans. Notwithstanding Section 2.5(b) of the Credit Agreement, from the date hereof through the date that the Credit Agreement
Default is no longer in existence, any Loan that is a Eurodollar Loan shall bear interest at a rate per annum that shall be equal to the relevant Adjusted Eurodollar Rate for each such Eurodollar Loan for such one month Interest Period plus
250.00 basis points. 
 ARTICLE III. MISCELLANEOUS 
 Section 3.1. Conditions Precedent. The effectiveness of this Agreement is subject to the satisfaction of the following conditions precedent: 
 (a) Agreement Executed. This Agreement shall have been executed by the Borrower, each Subsidiary Guarantor, the Administrative Agent and each
Lender, and counterparts hereof as so executed shall have been delivered to the Administrative Agent. 
 (b) Revolving Credit Forbearance
Agreement. The Borrower shall have delivered to the Administrative Agent an executed copy of the Revolving Credit Forbearance Agreement. 
 (c) Other Conditions. The Borrower shall have satisfied such other conditions or delivered such other items as the Administrative Agent or any Lender shall reasonably request. 
 Section 3.2. Representations and Warranties. The Borrower and each Subsidiary Guarantor hereby represents and warrants to Administrative
Agent that (a) the Borrower and each Subsidiary Guarantor has the legal power and authority to execute and deliver this Agreement; (b) the officers of the Borrower and each Subsidiary Guarantor executing this Agreement have been duly
authorized to execute and deliver the same and bind the Borrower and each Subsidiary Guarantor with respect to the provisions hereof; (c) the execution and delivery hereof by the Borrower and each Subsidiary Guarantor and the performance and
observance by the Borrower and each Subsidiary Guarantor of the provisions hereof do not violate or conflict with the organizational documents, operating agreement or bylaws, as applicable, of the Borrower and each Subsidiary Guarantor or any law
applicable to the Borrower or any Subsidiary Guarantor or result in a breach of any provision of or constitute a default under any other agreement, instrument or document binding upon or enforceable against the Borrower or any Subsidiary Guarantor;
(d) except with respect to the Credit Agreement Default, no Default or Event of Default exists under the Credit Agreement, nor will any occur immediately after the execution and delivery of this Agreement or by the performance or observance of
any provision hereof; (e) the Borrower and each Subsidiary Guarantor are not aware of any claim or offset against, or defense or counterclaim to, the Borrower’s and each Subsidiary Guarantor’s obligations or liabilities under the
Credit Agreement or any Credit Document; (f) this Agreement and each document executed by the Borrower and each Subsidiary Guarantor in connection herewith constitute valid and binding obligations of the Borrower and each Subsidiary Guarantor
in every respect, enforceable in accordance with their terms; and (g) the Borrower and each Subsidiary Guarantor have not received a notice of default of any kind from any material account debtor and no material account debtor has asserted any
right of set-off, deduction or counterclaim with respect to any account. 
  

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 Section 3.3. Release. The Borrower and each Subsidiary Guarantor hereby waive and release the
Administrative Agent and the Lenders and their respective directors, officers, employees, agents, attorneys, affiliates and subsidiaries from any and all claims, offsets, defenses and counterclaims that the Borrower or any Subsidiary Guarantor may
have as of the date of this Agreement, such waiver and release being with full knowledge and understanding of the circumstances and effect thereof and after having consulted legal counsel with respect thereto. 
 Section 3.4. Credit Documents Unaffected. Except as herein otherwise specifically provided, all provisions of the Credit Agreement and the
Credit Documents shall remain in full force and effect and be unaffected hereby. 
 Section 3.5. Subsidiary Guarantor
Acknowledgement. Each of the Subsidiary Guarantors (collectively, the “Guarantors”), by signing this Agreement: 
 (a)
consents and agrees to and acknowledges the terms of this Agreement; 
 (b) acknowledges and agrees that all of the Credit Documents to which
such Guarantor is a party or otherwise bound shall continue in full force and effect and that all of such Guarantor’s obligations thereunder shall be valid and enforceable and shall not be impaired or limited by the execution or effectiveness
of this Agreement; 
 (c) represents and warrants to the Administrative Agent and the Lenders that all representations and warranties made by
such Guarantor and contained in this Agreement or any other Credit Document to which it is a party are true and correct in all material respects on and as of the date of this Agreement to the same extent as though made on and as of such date, except
to the extent that any thereof expressly relate to an earlier date and other than the representation and warranty set forth in Section 6.9 of the Credit Agreement solely as a result of the Credit Agreement Default; and 
 (d) acknowledges and agrees that (i) notwithstanding the conditions to effectiveness set forth in this Agreement, such Guarantor is not required by
the terms of the Credit Agreement or any other Credit Document to which such Guarantor is a party to consent to the terms of this Agreement and (ii) nothing in the Credit Agreement, this Agreement or any other Credit Document shall be deemed to
require the consent of such Guarantor to any future amendments or modifications to the Credit Agreement. 
 Section 3.6. No Other
Promises or Inducements. There are no promises or inducements that have been made to any party hereto to cause such party to enter into this Agreement other than those that are set forth in this Agreement. This Agreement has been entered into by
the Borrower and each Guarantor freely, voluntarily, with full knowledge, and without duress, and, in executing this Agreement, neither the Borrower nor any Guarantor is relying on any other representations, either written or oral, express or
implied, made to the Borrower or any Guarantor by Administrative Agent. The Borrower and each Guarantor agrees that the consideration received by the Borrower under this Agreement has been actual and adequate. 
 Section 3.7. No Course of Dealing. The Borrower acknowledges and agrees that (a) this Agreement is not intended to, nor shall it,
establish any course of dealing among the Borrower, the Administrative Agent and the Lenders that is inconsistent with the express terms of the Credit Agreement or any other Credit Document, (b) notwithstanding any course of dealing among the
Borrower, the Administrative Agent and the Lenders prior to the date hereof, except as set forth herein, the Lenders shall not be obligated to make any Loan, except in accordance with the terms and conditions of this Agreement and the Credit
Agreement, and (c) except with respect to the limited forbearance granted 

  

 5 

 
herein specifically relating to the Credit Agreement Default, Administrative Agent shall not be under any obligation to forbear from exercising any of its
rights or remedies upon the occurrence of any Default or Event of Default. 
 Section 3.8. No Waiver. The Borrower acknowledges
and agrees that (a) this Agreement shall not operate as a waiver of any right, power or remedy of the Administrative Agent or the Lenders under the Credit Agreement or any Credit Document, nor shall it constitute a continuing waiver at any
time, (b) the Lenders shall not have any obligation to extend the term of the Forbearance Period, and (c) nothing herein shall be deemed to constitute a waiver of any Default or Event of Default, including the Credit Agreement Default, and
nothing herein shall in any way prejudice the rights and remedies of the Administrative Agent or the Lenders under the Credit Agreement, any Credit Document or applicable law. In addition, the Administrative Agent shall have the right to waive any
condition or conditions set forth in this Agreement, the Credit Agreement or any Credit Document, in its sole discretion, and any such waiver shall not prejudice, waive or reduce any other right or remedy that the Administrative Agent may have
against the Borrower. 
 Section 3.9. Survival. All representations, warranties, covenants, agreements, releases and waivers made
by or on behalf of the Borrower under this Agreement shall survive and continue after the expiration or termination of the Forbearance Period. 
 Section 3.10. No Waiver of Rights. No waiver shall be deemed to be made by any party hereunder of any of its rights hereunder unless the same shall be in writing signed on behalf of such party. 
 Section 3.11 Governing Law. This Agreement shall be construed according to the laws of the State of Ohio, without regard to conflicts of law
principles. 
 Section 3.12. Entire Agreement. This Agreement sets forth the entire agreement and understanding among the parties
as to the subject matter hereof and merges and supersedes all prior discussions, agreements, and undertakings of every kind and nature among them with respect to the subject matter hereof. 
 Section 3.13. Counterparts. This Agreement may be executed in any number of counterparts, and by the parties hereto on the same or separate
counterparts and by facsimile signature, and each such counterpart, when executed and delivered, shall be deemed to be an original, but all such counterparts shall together constitute but one and the same Agreement. 
 Section 3.14. Severability Of Provisions; Captions; Attachments. Wherever possible each provision of this Agreement shall be interpreted in
such manner as to be effective and valid under applicable law. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof or affecting the validity or enforceability of such provision in any other jurisdiction. The several captions to Sections and subsections herein are inserted for convenience only
and shall be ignored in interpreting the provisions of this Agreement. Each schedule or exhibit attached to this Agreement shall be incorporated herein and shall be deemed to be a part hereof. 
 Section 3.15. JURY TRIAL WAIVER. EACH OF THE UNDERSIGNED, TO THE EXTENT PERMITTED BY LAW, HEREBY WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE
IN RESOLVING ANY DISPUTE WHETHER SOUNDING IN CONTRACT, TORT, OR OTHERWISE, AMONG THEM, OR ANY OF THEM, ARISING OUT OF, IN CONNECTION WITH, RELATED TO OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED AMONG THEM IN CONNECTION WITH THIS AGREEMENT OR ANY
DOCUMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS RELATED THERETO. 
  

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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date referenced in the
first paragraph of this Agreement. 
  

			
	THE ADMINISTRATIVE AGENT AND THE LENDERS:
	
	 KBCM BRIDGE LLC,
as a Lender and the Administrative Agent

		
	By:	 	 /s/ Laurie Muller-Girard

	Name:	 	Laurie Muller-Girard
	Title:	 	Vice President
	
	RBS CITIZENS N.A.
		
	By:	 	 /s/ Michael Ouiellet

	Name:	 	Michael Ouiellet
	Title:	 	Senior Vice President
	
	BORROWER:
	
	AMERICAN DENTAL PARTNERS, INC.
		
	By:	 	 /s/ Ian H. Brock

	Name:	 	Ian H. Brock
	Title:	 	Vice President, Planning and Investment

			
	THE SUBSIDIARY GUARANTORS:
	
	 ADP OF NEW YORK, LLC,
 a Subsidiary Guarantor

		
	By:	 	 /s/ Ian H. Brock

	Name:	 	Ian H. Brock
	Title:	 	Vice President
	
	 AMERICAN DENTAL PARTNERS
 OF ALABAMA, LLC, a
Subsidiary Guarantor

		
	By:	 	 /s/ Ian H. Brock

	Name:	 	Ian H. Brock
	Title:	 	Vice President
	
	 AMERICAN DENTAL PARTNERS
 OF CALIFORNIA,
INC., a Subsidiary Guarantor

		
	By:	 	 /s/ Ian H. Brock

	Name:	 	Ian H. Brock
	Title:	 	Vice President
	
	 AMERICAN DENTAL PARTNERS
 OF LOUISIANA, LLC,
a Subsidiary Guarantor

		
	By:	 	 /s/ Ian H. Brock

	Name:	 	Ian H. Brock
	Title:	 	Vice President
	
	 AMERICAN DENTAL PARTNERS
 OF MARYLAND, LLC, a
Subsidiary Guarantor

		
	By:	 	 /s/ Ian H. Brock

	Name:	 	Ian H. Brock
	Title:	 	Vice President
	
	 AMERICAN DENTAL PARTNERS
 OF MICHIGAN, LLC, a
Subsidiary Guarantor

		
	By:	 	 /s/ Ian H. Brock

	Name:	 	Ian H. Brock
	Title:	 	Vice President

			
	 AMERICAN DENTAL PARTNERS
 OF MISSOURI, LLC, a
Subsidiary Guarantor

		
	By:	 	 /s/ Ian H. Brock

	Name:	 	Ian H. Brock
	Title:	 	Vice President
	
	 AMERICAN DENTAL PARTNERS
 OF NORTH CAROLINA,
LLC, a Subsidiary
 Guarantor

		
	By:	 	 /s/ Ian H. Brock

	Name:	 	Ian H. Brock
	Title:	 	Vice President
	
	 AMERICAN DENTAL PARTNERS
 OF OKLAHOMA, LLC, a
Subsidiary Guarantor

		
	By:	 	 /s/ Ian H. Brock

	Name:	 	Ian H. Brock
	Title:	 	Vice President
	
	 AMERICAN DENTAL PARTNERS
 OF PENNSYLVANIA,
LLC, a Subsidiary Guarantor

		
	By:	 	 /s/ Ian H. Brock

	Name:	 	Ian H. Brock
	Title:	 	Vice President
	
	 AMERICAN DENTAL PARTNERS
 OF TENNESSEE, LLC,
a Subsidiary Guarantor

		
	By:	 	 /s/ Ian H. Brock

	Name:	 	Ian H. Brock
	Title:	 	Vice President

			
	 AMERICAN DENTAL PARTNERS
 OF VIRGINIA, LLC, a
Subsidiary Guarantor

		
	By:	 	 /s/ Ian H. Brock

	Name:	 	Ian H. Brock
	Title:	 	Vice President
	
	 AMERICAN DENTAL PROFESSIONAL SERVICES, LLC,
 a Subsidiary Guarantor

		
	By:	 	 /s/ Breht T. Feigh

	Name:	 	Breht T. Feigh
	Title:	 	Vice President
	
	 APPLE PARK ASSOCIATES, INC.,
 a Subsidiary
Guarantor

		
	By:	 	 /s/ Ian H. Brock

	Name:	 	Ian H. Brock
	Title:	 	Vice President
	
	 AMERICAN DENTAL PARTNERS
 OF ARIZONA, LLC, a
Subsidiary Guarantor

		
	By:	 	 /s/ Ian H. Brock

	Name:	 	Ian H. Brock
	Title:	 	Vice President
	
	 AMERICAN DENTAL PARTNERS
 OF WISCONSIN, LLC,
a Subsidiary Guarantor

		
	By:	 	 /s/ Ian H. Brock

	Name:	 	Ian H. Brock
	Title:	 	Vice President

			
	 PDHC, LTD.,
 a Subsidiary
Guarantor

		
	By:	 	 /s/ Ian H. Brock

	Name:	 	Ian H. Brock
	Title:	 	Vice President
	
	 TEXAS DENTAL MANAGEMENT, INC.,
 a Subsidiary
Guarantor

		
	By:	 	 /s/ Ian H. Brock

	Name:	 	Ian H. Brock
	Title:	 	Vice President
	
	 TEXAS DENTAL PARTNERS, LP,
 a Subsidiary
Guarantor

	
	By: TEXAS DENTAL MANAGEMENT, INC.,
	as its General Partner
		
	By:	 	 /s/ Ian H. Brock

	Name:	 	Ian H. Brock
	Title:	 	Vice President
	
	 VOSS DENTAL LAB, INC.,
 a Subsidiary
Guarantor

		
	By:	 	 /s/ Ian H. Brock

	Name:	 	Ian H. Brock
	Title:	 	Vice President
	
	 ADP-CFK, LLC,
 a Subsidiary
Guarantor

		
	By:	 	 /s/ Ian H. Brock

	Name:	 	Ian H. Brock
	Title:	 	Vice President

			
	 CARE FOR KIDS — USA, LLC,
 a Subsidiary
Guarantor

		
	By:	 	 /s/ Ian H. Brock

	Name:	 	Ian H. Brock
	Title:	 	Vice President
	
	 CARE FOR KIDS OF ARIZONA, LLC,
 a Subsidiary
Guarantor

		
	By:	 	 /s/ Ian H. Brock

	Name:	 	Ian H. Brock
	Title:	 	Vice President
	
	 AMERICAN DENTAL PARTNERS
 OF MINNESOTA, LLC,
a Subsidiary Guarantor

		
	By:	 	 /s/ Ian H. Brock

	Name:	 	Ian H. Brock
	Title:	 	Vice President
	
	 METROPOLITAN DENTAL HOLDINGS, INC.,
 a
Subsidiary Guarantor

		
	By:	 	 /s/ Ian H. Brock

	Name:	 	Ian H. Brock
	Title:	 	Vice President
	
	 METROPOLITAN DENTAL MANAGEMENT, INC.,
 a Subsidiary Guarantor

		
	By:	 	 /s/ Ian H. Brock

	Name:	 	Ian H. Brock
	Title:	 	Vice President

 Exhibit A 
 Settlement Agreement 

 Exhibit B 
 Outstanding Indebtedness 
  

											
	 Loans
	 	$ 100,000,000	 		 		 		 	

 Exhibit C 
 Credit Agreement Default 
 An Event of Default under Section 9.1(e) of the Credit Agreement with respect to the
Revolving Credit Agreement as a result of the representation and warranty set forth in Section 7.9 of the Revolving Credit Agreement failing to be true and correct on the date of the Borrowing (as defined in the Revolving Credit Agreement) that
was requested and made on December 13, 2007. 

 Execution Version 
 LETTER AGREEMENT 
 January 11, 2008 
 Reference is made to (a) the Term Loan Agreement, dated as of September 25, 2007 (as the same may from time to time be amended, restated or
otherwise modified, the “Credit Agreement”), among American Dental Partners, Inc., a Delaware corporation (the “Borrower”), the lenders party thereto from time to time (collectively, the “Lenders”
and, individually, each a “Lender”) and KBCM Bridge LLC, as a Lender and the administrative agent (the “Administrative Agent”) and (b) the Forbearance Agreement, dated as of December 18, 2007 (the
“Forbearance Agreement”) as amended by Amendment No. 1 to the Forbearance Agreement, dated as of the date hereof (the “Amendment”), among the Borrower, the Lenders and the Administrative Agent. Capitalized
terms used in this side letter (this “Letter”) but not otherwise defined herein shall have the meanings given such terms in the Credit Agreement, the Forbearance Agreement or the Amendment, as applicable. 
 As a material inducement to the Administrative Agent and the Lenders entering into the Amendment, until such time as the Administrative Agent and the
Required Lenders otherwise consent, the Borrower agrees, and agrees to cause the Subsidiary Guarantors, to cooperate with the Administrative Agent, the Lenders and a consultant hired by Jones Day on behalf of the Administrative Agent and the Lenders
(the “Consultant”) to perform the tasks and functions set forth on Schedule A hereto and shall allow the Consultant access to the Credit Parties’ books and records for the purpose of performing such tasks and functions.
The Administrative Agent and the Lenders shall retain the Consultant no later than the earlier of (a) January 25, 2008 and (b) the date that the Credit Agreement is amended or amended and restated. All of the costs and expenses of the
Consultant shall be paid for by the Borrower. 
 This Letter is a Credit Document pursuant to the Credit Agreement. 
 This Letter shall be governed by, and construed in accordance with, the laws of the State of Ohio. 
 [Signature pages follow.] 

 This Letter may be executed in any number of counterparts, by different parties hereto in separate
counterparts and by facsimile signature, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same agreement. 
  

			
	Very truly yours,
	
	 KBCM BRIDGE LLC,
as the Administrative Agent

		
	By:	 	 /s/ Laurie Muller-Girard

	Name:	 	Laurie Muller-Girard
	Title:	 	Vice President
	
	AMERICAN DENTAL PARTNERS, as the Borrower
		
	By:	 	 /s/ Breht T. Feigh

	Name:	 	Breht T. Feigh
	Title:	 	EVP, CFO & Treasurer

 Schedule A 
  

	1.	Review and validate Consolidated EBITDA for the fiscal year ended December 31, 2007 

  

	2.	Review and validate the projected balance sheet, income statement and cash flows for the fiscal years ending December 31, 2008 and December 31, 2009

  

	3.	Review and analyze the projected Consolidated Capital Expenditures and the proposed acquisitions for the fiscal year of 2008 

  

	4.	Any other financial review and analysis reasonably requested by the Administrative Agent and reasonably acceptable to the BorrowerCustody Agreement

 EXHIBIT 10.1 
 CUSTODY AGREEMENT 
 by and between 
 IPCRe LIMITED 
 and 
 MELLON BANK, N.A. 

 TABLE OF CONTENTS 
  

					
	SECTION	  	PAGE
	  1.	  	 ESTABLISHMENT OF ACCOUNT
	  	1
			
	  2.	  	 MAINTENANCE OF PROPERTY AT CUSTODIAN AND SUBCUSTODIAN LOCATIONS
	  	1
			
	  3.	  	 USE OF SUBCUSTODIANS
	  	2
			
	  4.	  	 DISTRIBUTIONS
	  	3
			
	  5.	  	 AUTHORIZED PARTIES
	  	3
			
	  6.	  	 AUTHORIZED INSTRUCTIONS
	  	3
			
	  7.	  	 AUTHORIZED TRANSACTIONS
	  	4
			
	  8.	  	 DIRECTED POWERS OF CUSTODIAN
	  	4
			
	  9.	  	 ADMINISTRATIVE POWERS OF CUSTODIAN
	  	5
			
	10.	  	 DUTIES OF CUSTODIAN
	  	5
			
	11.	  	 INCOME AND SETTLEMENT; MARKET PRACTICE SETTLEMENTS
	  	7
			
	12.	  	 TAX OBLIGATIONS
	  	7
			
	13.	  	 NON-ACCOUNT ASSETS
	  	8
			
	14.	  	 STATEMENTS AND RECORDS
	  	8
			
	15.	  	 STANDARD OF CARE
	  	8
			
	16.	  	 LIMITATION OF LIABILITY
	  	8
			
	17.	  	 FORCE MAJEURE
	  	9
			
	18.	  	 COMPENSATION AND EXPENSES
	  	9
			
	19.	  	 INDEMNIFICATION
	  	9
			
	20.	  	 AMENDMENT OR TERMINATION
	  	9
			
	21.	  	 SUCCESSORS AND ASSIGNS
	  	9
			
	22.	  	 GOVERNING LAW AND LEGAL PROCEEDINGS
	  	10
			
	23.	  	 REPRESENTATIONS
	  	10
			
	24.	  	 NECESSARY PARTIES
	  	10
			
	25.	  	 CUSTODIAN NON-FIDUCIARY STATUS
	  	10
			
	26.	  	 ENTIRE AGREEMENT
	  	10
			
	27.	  	 EXECUTION IN COUNTERPARTS
	  	10
		
	EXHIBIT A	  	1

 THIS CUSTODY AGREEMENT, effective as of the
1st day of January, 2008 (this “Agreement”) by and between IPCRe LIMITED, a company organized under the laws of Bermuda (the
“Client”) and MELLON BANK, N.A., a national banking association (the “Custodian”). 
 WITNESSETH: 
 WHEREAS, the Client and the Custodian desire to establish a custody account to provide for the
safekeeping and recordkeeping of certain property of the Client; 
 NOW, THEREFORE, the Client and the Custodian, each intending to be
legally bound, agree as follows: 
 1. Establishment of Account. 
 a. The Client hereby appoints the Custodian as custodian for any Property that the Client may deposit to the Custodian’s care in one
or more accounts established for the Client pursuant to this Agreement (collectively, the “Account”). As used in this Agreement, “Property” may include cash, cash equivalents, stocks, bonds, rights, warrants or
other negotiable and non-negotiable instruments, whether issued in certificated or uncertificated form, that are commonly traded or dealt in on securities exchanges or financial markets, and also includes other obligations of an issuer, or shares,
participations and interests in an issuer recognized in the country in which it is issued or dealt in as a medium for investment and any other property, and includes security entitlements in respect of each of the foregoing, as applicable;
provided that Property shall not include any direct interest in real property, leaseholds, mineral interests or property not permitted under the Custodian’s established policies and procedures. 
 b. The Custodian shall have no responsibility for any Property of the Client until they are received in the Account by the Custodian or
Subcustodians, as applicable. 
 c. For the avoidance of doubt, the Custodian shall segregate on its books and records the
Property credited to the Account from assets held by the Custodian for other customers or for the Custodian itself. To the extent permitted by applicable law or accepted in market practice, the Custodian will require each Subcustodian to identify in
its own books and records that the Property held at such Subcustodian by the Custodian on behalf of its customers belong to the customers of the Custodian, such that it is readily apparent that the Property does not belong to the Custodian or the
Subcustodian. 
 2. Maintenance of Property at Custodian and Subcustodian Locations. 
 a. Unless Authorized Instructions (as defined below) require another location acceptable to the Custodian, Property (other than cash) will
be held in the 

 
country or jurisdiction in which its principal trading market is located, where such Property may be presented for payment, where such Property was acquired
or where such Property is held, and, in the case of cash, will be deposited in an account in a country or other jurisdiction in which such cash may be legally deposited or is the legal currency for the payment of public or private debts. 

b. Cash may be held pursuant to Authorized Instructions in either interest or non-interest bearing accounts as may be available for the
particular currency. The Custodian is authorized to maintain cash balances on deposit for the Client with one of its affiliates at such reasonable rates of interest as may from time to time be paid on such accounts, or in non-interest bearing
accounts as the Client may direct. 
 3. Use of Subcustodians. 
 a. The Custodian is authorized under this Agreement to act through and hold the Client’s Property with subcustodians that have
existing relationships with the Custodian and/or such other entities as the Custodian may appoint as subcustodians pursuant to this Agreement (“Subcustodians”). The Custodian will make available to the Client a list of all
Subcustodians when requested by the Client. The Custodian will use reasonable care in the selection and continued appointment of such Subcustodians. In addition (and in accordance with market practice, custom or regulation), the Custodian and each
Subcustodian may deposit Property with, and hold Property in, any recognized foreign or domestic clearing facility, book-entry system, centralized custodial depository, or similar organization, including international depositories such as Euroclear
and Clearstream (together, a “Securities Depository”) on such terms as such systems customarily operate and the Client will provide the Custodian with such documentation or acknowledgements that the Custodian may require to hold the
Property in such systems. 
 b. Any agreement the Custodian enters into with a Subcustodian for holding the Client’s
assets will provide that such assets will not be subject to any right, charge, security interest, lien or claim of any kind in favor of such Subcustodian or its creditors except a claim for payment for their safe custody or administration, or, in
the case of cash deposits, except for liens or rights in favor of creditors of the Subcustodian arising under bankruptcy, insolvency or similar law, and that the beneficial ownership thereof will be freely transferable without the payment of money
or value other than for safe custody or administration. Where a Subcustodian deposits securities with a Securities Depository, the Custodian will cause the Subcustodian to identify on its records as belonging to the Custodian, as agent, the
securities shown on the Subcustodian’s account at such Securities Depository. This Section 3.b will not apply to the extent of any special agreement or arrangement made by Client with any particular Subcustodian. 
 c. The Custodian shall not be responsible for any losses resulting from the deposit or maintenance of securities or other Property with a
Securities Depository. In the event the Client incurs a loss due to the negligence, willful misconduct or insolvency of a Securities Depository, the Custodian will make reasonable 

  

 2 

 
endeavors, in its discretion, to seek recovery from the Securities Depository but the Custodian will not be obligated to institute legal proceedings, file a
proof claim in any insolvency proceeding, or take any similar action. 
 d. Subject to Section 16.d, the Custodian shall
be liable for (1) losses or damages incurred by the Client arising from the failure by a Subcustodian to use reasonable care in the provision of custodial services by it to the same extent that the Custodian would be liable to the Client if the
Custodian were holding such Property in New York and (2) the insolvency of any affiliated Subcustodian. Subject to Section 3.a and the Custodian’s duty to use reasonable care in the monitoring of a Subcustodian’s financial
condition as reflected in its published financial statements and other publicly available financial information customarily reviewed by the Custodian in its oversight process, the Custodian shall not be liable for any losses or damages incurred by
the Client arising from the insolvency of any non-affiliate Subcustodian. For purposes of this Agreement, the term “affiliate” (or a person “affiliated” with another), shall have the meaning assigned in Rule 10A-3 under the
Securities Exchange Act of 1934, as amended. 
 4. Distributions. The Custodian shall make distributions or
transfers out of the Account pursuant to Authorized Instructions (as defined below). In making payments to service providers pursuant to Authorized Instructions, the Client acknowledges that the Custodian is acting as a paying agent, and not as the
payor, for tax information reporting and withholding purposes. 
 5. Authorized Parties. The Client shall
furnish the Custodian with a written list of the names, sample signatures and extent of authority of all persons authorized to direct the Custodian on behalf of the Client under the terms of this Agreement. The Client may appoint and remove one or
more investment managers (each, an “Investment Manager”) for such portion or portions of the Account as the Client shall designate to the Custodian in writing. The Client shall cause all Investment Managers to furnish the Custodian
with a written list of the names and sample signatures of the person or persons that are authorized to direct the Custodian on behalf of the Investment Manager under the terms of this Agreement. The Custodian shall be entitled to rely upon the
authority of any person or entity properly designated by the Client or an Investment Manager pursuant to this Section 5 (any such person or entity, an “Authorized Party”) to the Custodian until the Custodian is notified
otherwise in writing. 
 6. Authorized Instructions. 
 a. “Authorized Instructions” shall mean (i) all directions to the Custodian from an Authorized Party pursuant to the
terms of this Agreement; (ii) all directions by or on behalf of the Client or an Investment Manager to the Custodian in its corporate capacity (or any of its affiliates) relating to foreign exchange; (iii) all directions by or on behalf of
the Client or an Investment Manager pursuant to an agreement with the Custodian (or any of its affiliates) with respect to benefit disbursement services or information or transactional services provided via a web site sponsored by the Custodian (or
any of its affiliates) (e.g., the “Workbench web site”); and (iv) all directions by or on behalf of an Authorized Party pursuant to any other agreement or procedure between the 

  

 3 

 
Custodian (or any of its affiliates) and such Authorized Party, if such agreement or procedure specifically provides that authorized persons thereunder are
deemed to be authorized to give instructions under this Agreement. Authorized Instructions shall be in writing, transmitted by first class mail, overnight delivery, private courier, facsimile, electronic transmission (subject to the Custodian’s
established policies and procedures), other institutional delivery systems or trade matching utilities as directed by an Authorized Party and supported by the Custodian, or other methods agreed upon in writing by the Client and the Custodian. The
Custodian may, in its discretion, accept oral directions from an Authorized Party and may require confirmation in writing. However, where the Custodian acts on an oral direction prior to receipt of a written confirmation, the Custodian shall not be
liable if a subsequent written confirmation fails to conform to the oral direction. 
 b. The Custodian shall be fully
protected in acting in accordance with all instructions that the Custodian reasonably believes to be Authorized Instructions and in failing to act in the absence thereof. The Custodian shall be under no duty to question any direction of an
Authorized Party with respect to the portion of the Account over which such Authorized Party has authority, to review any Property held in the Account, to make any suggestions with respect to the investment, retention and reinvestment of the assets
in the Account, or to evaluate or question the performance of any Authorized Party. The Custodian shall not be responsible or liable for any diminution of value of any securities or other Property held by the Custodian or its Subcustodians pursuant
to Authorized Instructions. In following an Authorized Instruction, the Custodian shall be fully protected and shall not be liable for the acts or omissions of any person or entity not selected or retained by the Custodian in its sole discretion,
including, but not limited to, any broker-dealer or other entity designated by the Client or an Investment Manager to hold Property of the Account as collateral or otherwise pursuant to an investment strategy. 
 7. Authorized Transactions. The term “Authorized Transactions” shall mean any action or series of actions
resulting from Authorized Instructions. 
 8. Directed Powers of Custodian. The Custodian shall take the
following actions in the administration of the Account pursuant to Authorized Instructions: 
 a. Settle purchases and sales
and engage in other transactions, including free receipts and deliveries, exchanges and other voluntary corporate actions, with respect to securities or other Property received by the Custodian; 
 b. Submit master ballots in accordance with Authorized Instructions in bankruptcy matters in cases where an Authorized Party is unable to
submit or cause the Custodian to submit an individual ballot with respect to the Account; 
 c. Lend the assets of the Account
if the Client advises the Custodian that it has entered into a separate securities lending agreement; and 
  

 4 

 d. Take actions necessary to settle transactions in futures and/or options contracts,
short-selling programs, foreign exchange or foreign exchange contracts, swaps and other derivative investments with third parties. 
 9. Administrative Powers of Custodian. The Custodian shall have the authority, without the necessity of receiving Authorized Instructions, to take the following actions in the administration of the Account unless otherwise
instructed by the Client: 
 a. Subject to Section 3 of this Agreement, appoint, replace or remove Subcustodians,
including affiliates of the Custodian, domestic or foreign, as to part or all of the Account. The Custodian will notify the Client of such action and provide such information as may be reasonably requested by Client including, its name and principal
place of business and the name and address of the governmental agency or other regulatory authority that supervises or regulates such proposed Subcustodian. 
 b. Subject to Section 3 of this Agreement, hold property in nominee name, in bearer form or in book-entry form, in a Securities
Depository. 
 c. Employ suitable outside agents and legal counsel, who may be counsel for the Client and, as a part of its
reimbursable expenses under this Agreement, pay their reasonable compensation and expenses. The Custodian shall be entitled to rely on and may act upon advice of counsel on all matters, and shall be without liability for any action reasonably taken
or omitted pursuant to such advice. 
 d. Take all action necessary to pay for, and settle, Authorized Transactions, including
exercising the power to borrow or raise monies from the Custodian in its corporate capacity or an affiliate and hold Property as security for such advances to the Account. If the Client is in default of its obligation to reimburse advances or pay
Expenses (as defined below) hereunder, the Custodian shall be entitled to collect from the Account sufficient cash for reimbursement and, if such cash is insufficient, dispose of the assets of the Account to the extent necessary to obtain
reimbursement. 
 e. Make, execute and deliver any and all documents, agreements or other instruments in writing as is
necessary or desirable for the accomplishment of any of the powers in this Agreement. 
 f. Generally take all action, whether
or not expressly authorized, that the Custodian may deem necessary or desirable for the fulfillment of its duties hereunder. 
 The Custodian
may also be directed pursuant to Authorized Instructions to exercise the powers described in this Section. 
 10.
Duties of Custodian. The Custodian shall perform or cause its agents or Subcustodians to perform the following duties with respect to the Account: 
 a. Hold the Property in safekeeping facilities pursuant to the terms of this Agreement. 
  

 5 

 b. Collect income payable to and distributions due to the Account and sign on the
Account’s behalf all declarations, affidavits and certificates of ownership required to collect income and principal payments. The Custodian shall not be responsible for the failure to receive payment of (or late payment of) distributions with
respect to securities or other Property held in the Account. 
 c. Subject to the timely receipt of notice from an issuer or
Authorized Party, collect all proceeds from securities, certificates of deposit or other investments held in the Account that may mature, be called, be redeemed or otherwise become payable. 
 d. Forward to the Authorized Party designated by the Client proxies or ballots received for any stocks, bonds or other securities held in
the Account in a form to enable the Authorized Party to effect the voting of proxies, excluding bankruptcy matters to which the Custodian’s duties are set forth in paragraph (f) below. 
 e. Submit or cause to be submitted to the Authorized Party designated by the Client information received by the Custodian, or summaries of
information, regarding Corporate Action in respect of Property held in the Account, in accordance with the Custodian’s established practices, excluding bankruptcy matters to which the Custodian’s duties are set forth in Section
(f) below. “Corporate Action” means any subscription right, bonus issue, stock repurchase place, legal notice, redemption, exchange, tender offer or similar matter that requires discretionary action by the holder, but does not
include proxy solicitations. 
 f. Forward to the Authorized Party designated by the Client an initial notice of bankruptcy
cases relating to securities held in the Account and a notice of any required action related to such bankruptcy cases as may be actually received by the Custodian. No further action or notification related to the bankruptcy case shall be required
absent the specific agreement of the parties hereto. 
 g. Attend to corporate actions with respect to which no discretionary
decision is required. 
 h. Report the value of the Account as of such dates as the Client and the Custodian may agree upon,
in accordance with methods consistently followed and uniformly applied. In reporting the value of the Account, the Custodian, in accordance with the Custodian’s then current established practices, shall obtain and rely upon prices and quotes
from pricing sources or, if such prices or quotes are unavailable from sources utilized by the Custodian in accordance with its then current established practices, from the Client, an Investment Manager or other Authorized Party, and shall be
without liability or responsibility for any loss occasioned by such reliance. Notwithstanding the foregoing, in accordance with the Custodian’s then current established pricing practices, the Client, an Investment Manager or other Authorized
Party may direct the Custodian as to a price or quote to be used, and the Custodian shall be fully protected when relying upon such direction and when utilizing any such price or quote. 
  

 6 

 i. Render statements, for such periods as agreed by the parties with respect to the
Account (or each of them, as the case may be) for Property held therein, to an Authorized Party or its designee. 
 11.
Income and Settlement; Market Practice Settlements. 
 a. In accordance with the Custodian’s established
operating procedures, the Custodian shall credit the Account with income and maturity proceeds on securities on the contractual payment date, net of any taxes, or upon actual receipt. To the extent the Custodian credits income on the contractual
payment date, the Custodian may reverse such accounting entries to the contractual payment date if the Custodian reasonably believes that such amount will not be received. 
 b. In accordance with the Custodian’s established operating procedures, the Custodian will attend to the settlement of securities
transactions on the basis of either (1) contractual settlement date accounting or (2) actual settlement date accounting. To the extent the Custodian settles certain securities transactions on the basis of contractual settlement date
accounting, the Custodian may reverse to the contractual settlement date any entry relating to such contractual settlement if the Custodian reasonably believes that such amount will not be received. 
 c. Settlements of transactions may be effected in trading and processing practices customary in the jurisdiction or market where the
transaction occurs. The Client acknowledges that this may, in certain circumstances, require the delivery of cash or securities (or other property) without the concurrent receipt of securities (or other property) or cash. In such circumstances, the
Custodian shall have no responsibility for nonreceipt of payment (or late payment) or nondelivery of securities or other property (or late delivery) by the counterparty. 
 12. Tax Obligations. 
 For purposes of this Agreement, “Tax Obligations” shall mean taxes, withholding, certification and reporting requirements, claims for exemptions or refund, interest, penalties, additions to tax and other related expenses.
To the extent that the Custodian has received relevant and necessary information with respect to the Account, the Custodian shall perform the following services with respect to Tax Obligations: 
 a. The Custodian shall file claims for exemptions or refunds with respect to withheld foreign (non-U.S.) taxes in instances in which such
claims are appropriate upon receipt of sufficient information; 
 b. The Custodian shall withhold appropriate amounts, as
required by U.S. tax laws, with respect to amounts received on behalf of nonresident aliens upon receipt of Authorized Instructions; and 
 c. The Custodian shall provide to the Client or the Authorized Party such information received by the Custodian that could, in the Custodian’s reasonable belief, assist the Client or the Authorized Party in the
submission of any reports or returns with respect to Tax Obligations. The Client shall inform the Custodian in writing as to which party or parties shall receive information from the Custodian. 
  

 7 

 The Custodian shall provide such other services with respect to Tax Obligations, including preparation
and filing of tax returns and reports and payment of amounts due (to the extent funded), as requested by the Client and agreed to by the Custodian in writing. The Custodian shall have no independent obligation to determine the existence of any
information with respect to, or the extent of, any Tax Obligations now or hereafter imposed on the Client or the Account by any taxing authority. Except as specifically provided herein or agreed to in writing by the Custodian, the Custodian shall
have no obligations or liability with respect to Tax Obligations, including, without limitation, any obligation to file or submit returns or reports with any state, foreign or other taxing authorities. 
 13. Non-Account Assets. The Client may request the Custodian to perform a recordkeeping function with respect to property
held by others and not otherwise subject to the terms of this Agreement. To the extent the Custodian shall agree to perform this service, its sole responsibility shall be to accurately reflect information on its books that it has received from an
Authorized Party. 
 14. Statements and Records. If, within ninety (90) days after the Custodian provides
to the Client a statement with respect to the Account, the Client has not given the Custodian written notice of any exception or objection thereto, the statement shall be deemed to have been approved, and in such case, the Custodian shall not be
liable for any matters in such statements. The Client shall have the right, at its own expense and with prior written notice to the Custodian, to inspect the Custodian’s books and records directly relating to the Account during normal business
hours or to designate an accountant or other representative to make such inspection. 
 15. Standard of Care.
In performing its duties under this Agreement, the Custodian shall exercise the same care and diligence that a professional custodian engaged in the banking or trust company industry and having professional expertise in financial and securities
processing transactions and custody would observe in these affairs. 
 16. Limitation of Liability. Without
limiting any other provisions contained in this Agreement: 
 a. The duties of the Custodian shall only be those specifically
undertaken pursuant to this Agreement. 
 b. The Custodian shall not be responsible for the title, validity or genuineness of
any Property or evidence of title thereto received by it or delivered by it pursuant to this Agreement. 
 c. The Custodian
shall not be liable for any act or omission of any other person except for its affiliates and its agents selected and retained in its sole discretion. 
  

 8 

 d. Under no circumstances shall the Custodian be liable for any indirect, consequential
or special damages with respect to its role as the Custodian. 
 17. Force Majeure. The Custodian shall
maintain and update from time to time business continuation and disaster recovery procedures with respect to its global custody business that it determines from time to time meet reasonable commercial standards. Notwithstanding anything in this
Agreement to the contrary, the Custodian shall not be responsible or liable for its failure to perform under this Agreement or for any losses to the Account resulting from any event beyond the reasonable control of the Custodian, its agents or
Subcustodians, as applicable. This provision shall survive the termination of this Agreement. 
 18. Compensation and
Expenses. The Custodian shall be entitled to compensation for services under this Agreement as mutually agreed. The Client acknowledges that, as part of the Custodian’s compensation, the Custodian will earn interest on balances,
including disbursement balances and balances arising from purchase and sale transactions as disclosed in the Custodian’s float policy, a copy of which is attached hereto, as such policy is updated from time to time and disclosed to the Client.
The Custodian shall also be entitled to reimbursement for reasonable expenses incurred by it in the discharge of its duties under this Agreement (the “Expenses”). The Custodian is authorized to charge and collect from the Account
any and all fees and Expenses earned unless such fees and Expenses are paid directly by the Client. To the extent the Custodian advances funds to the Account for disbursements pursuant to Authorized Instructions or to settle or pay for Authorized
Transactions, the Custodian shall be entitled to collect from the Account reasonable charges established under the Custodian’s standard overdraft terms, conditions and procedures. 
 19. Indemnification. The Client shall indemnify and hold harmless the Custodian from all liability and costs, including
reasonable counsel fees and expenses, relating to or arising out of the performance of the Custodian’s obligations under this Agreement, except to the extent resulting from the Custodian’s negligence or willful misconduct. This provision
shall survive the termination of this Agreement. 
 20. Amendment or Termination. This Agreement may be amended
by written agreement of the Client and the Custodian and may be terminated by either party upon ninety (90) days’ notice in writing to the other party. 
 21. Successors and Assigns. Neither the Client nor the Custodian may assign this Agreement without the prior written
consent of the other, except that the Custodian may assign this Agreement to any entity that directly or indirectly is controlled by, or is under common control with, the Custodian. Any entity that shall by merger, consolidation, purchase, or
otherwise succeed to substantially all the custody business of the Custodian shall, upon such succession and without any appointment or other action by the Client, be and become successor custodian hereunder upon notification to the Client. This
Agreement shall be binding upon, and inure to the benefit of, the Client and the Custodian and their respective successors and permitted assigns. 
  

 9 

 22. Governing Law and Legal Proceedings. This Agreement shall be construed
in accordance with and governed by the substantive laws of the state of New York without regard to its conflicts of law provisions. The parties hereby expressly waive, to the full extent permitted by applicable law, any right to trial by jury with
respect to any judicial proceeding arising from or related to this Agreement. 
 23. Representations. Each
party represents and warrants to the other that it has full authority to enter into this Agreement upon the terms and conditions hereof and that the individual executing this Agreement on its behalf has the requisite authority to bind the Client or
the Custodian to this Agreement. The Client has received and read the “Client Identification Program Notice”, a copy of which is attached to this Agreement as Exhibit A. 
 24. Necessary Parties. All of the understandings, agreements, representations and warranties contained herein are solely
for the benefit of the Client and the Custodian and there are no other parties who are intended to be benefited, in any way whatsoever, by this Agreement. 
 25. Custodian Non-Fiduciary Status. The Client hereby acknowledges and agrees that the Custodian is not a fiduciary by virtue of accepting and carrying out its custodian duties under this Agreement, and
has not accepted any fiduciary duties, responsibilities or liabilities with respect to custodial services. 
 26.
Entire Agreement. This Agreement and any related fee agreement constitute the entire agreement with respect to the matters dealt with herein, and supersede all previous agreements, whether oral or written, and documents with respect
to such matters. 
 27. Execution in Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be deemed an original, and said counterparts when taken together shall constitute but one and the same instrument and may be sufficiently evidenced by one set of counterparts. 
 [Remainder of page intentionally left blank] 
  

 10 

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

									
	Authorized Signer of:	 		 	Authorized Officer of:
			
	IPCRe LIMITED	 		 	MELLON BANK, N.A.
					
	By:	 	 /s/ James P. Bryce
	 		 	By:	 	 /s/ Dawn V. Robertson

	Name:	 	 James P. Bryce
	 		 	Name:	 	 Dawn V. Robertson

	Title:	 	 Director & President
	 		 	Title:	 	 Vice President

	Date:	 	 January 9, 2008
	 		 	Date:	 	 January 9, 2008

  

							
	Address for Notice:	 		 	Address for Notice:
			
	 IPCRe Limited
 29 Richmond Road
 Pembroke, Bermuda HM 08
	 		 	 Mellon Bank, N.A.
 One Mellon
Center
 Pittsburgh, PA 15258

				
	Attention: John Weale	 		 	Attention:	 	  

 Taxable:
                                        

 or 
 Tax Exempt: X 
 (Under IRC Section:                     ) 
 Fiscal Year End: December 31 
  

 11 

 EXHIBIT A 
 CUSTOMER IDENTIFICATION PROGRAM NOTICE 
 IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW

 ACCOUNT 
 To help the government
fight the funding of terrorism and money laundering activities, all financial institutions are required by law to obtain, verify and record information that identifies each individual or entity that opens an account. 
 What this means for you: When you open an account, we will ask you for your name, address, taxpayer or other government identification number and other
information, such as date of birth for individuals, that will allow us to identify you. We may also ask to see identification documents such as a driver’s license, passport or documents showing existence of the entity. 
  

 A-1

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