Document:

exv10w2

 

GUARANTEE

     FOR VALUE RECEIVED, the sufficiency of which is hereby acknowledged, and in connection with
that certain funding agreement (the “Funding Agreement”), entered into by and between Principal
Life Insurance Company, an Iowa insurance company (“Principal Life”), and Principal Life Income
Fundings Trust 2008-019, a New York common law trust (the “Trust”), relating to the notes (the
“Notes”) issued by the Trust, Principal Financial Group, Inc., a Delaware corporation and the
indirect parent company of Principal Life (the “Guarantor”), hereby furnishes to the Trust its full
and unconditional guarantee of the Guaranteed Amounts (as hereinafter defined) as follows:

     1. Guarantee.

          (a) The Guarantor hereby fully, irrevocably, absolutely and unconditionally guarantees, as a
guarantee of payment and not merely as a guarantee of collection, immediate payment when due to the
Trust any payments required to be made by Principal Life to the Trust under the Funding Agreement
which shall become due and payable regardless of whether such payment is due at maturity, on an
interest payment date or as a result of redemption or otherwise (the “Scheduled Payments”) but
shall be unpaid by Principal Life (the “Guaranteed Amounts”). Notwithstanding anything to the
contrary contained herein, in no event shall the Guaranteed Amounts exceed the Deposit (as defined
in the Funding Agreement) of the Funding Agreement, plus accrued but unpaid interest and any other
amounts due and owing under the Funding Agreement, less any amounts paid by Principal Life to the
Trust.

          (b) In the event that Principal Life fails to make a Scheduled Payment in full when due (the
“Payment Notice Date”), then the Trust or Citibank, N.A., as indenture trustee for the benefit of
the holders of the Notes (the “Indenture Trustee”), pursuant to the indenture (the “Indenture”)
between the Trust and the Indenture Trustee, may present the Guarantor with notice (each, a
“Payment Notice”) of such failure in writing on or after the Payment Notice Date. The Payment
Notice shall identify (1) the Funding Agreement, (2) the Trust, (3) the Payment Notice Date and (4)
the amount of the Scheduled Payments not paid by Principal Life to the Trust as of the Payment
Notice Date. Upon receipt of such Payment Notice, the Guarantor will immediately pay the
Guaranteed Amounts pursuant to Section 7.

          (c) In the event that, after receipt of a Payment Notice from the Trust, the Guarantor fails
to make immediate payment to the Trust or the Indenture Trustee of the Guaranteed Amounts, then
the Trust and the Indenture Trustee may enforce the obligations of the Guarantor under this
Guarantee, including by immediately bringing suit directly against the Guarantor (without first
bringing suit against Principal Life) for the Guaranteed Amounts not paid to the Trust as of the
Payment Notice Date.

          (d) This Guarantee is an unsecured, unsubordinated and contingent obligation of the Guarantor
and ranks equally with all other unsecured and unsubordinated obligations of the Guarantor.

1

 

     2. Termination. This Guarantee is a continuing and irrevocable guarantee of the Guaranteed
Amounts now or hereafter existing and shall terminate and be of no further force and effect with
respect to the Funding Agreement and the Notes upon the full payment of the Scheduled Payments or
upon the earlier extinguishment of the obligations of Principal Life under the Funding Agreement.

     3. Amendments. Subject to the trust agreement relating to the Trust and the Indenture, no
provision of this Guarantee may be waived, amended, supplemented or modified, except by a written
instrument executed by the Trust and the Guarantor.

     4. Assignment; Governing Law. This Guarantee shall inure to the benefit of the Trust and its
successors, assigns and pledgees. This Guarantee shall be governed by, and construed in accordance
with, the laws of the State of New York without regard to conflict of law principles.

     5. Notices. All notices given pursuant to this Guarantee shall be in writing, and shall
either be delivered, mailed or telecopied to the locations listed below or at such other address or
to the attention of such other persons as such party shall have designated for such purpose in a
written notice complying as to delivery with the terms of this Section 5. Each such notice shall
be effective (i) if given by telecopy, when transmitted to the applicable number so specified in
this Section 5 (such notice shall also be sent by mail, with first class postage prepaid), (ii) if
given by mail, three days after deposit in the mails with first class postage prepaid, or (iii) if
given by any other means, when actually delivered at such address.

If to the Guarantor:

Principal Financial Group, Inc.

711 High Street

Des Moines, Iowa 50392

Attention: General Counsel

Telephone: (515) 247-5111

Facsimile: (515) 248-3011

With a copy to:

Principal Life Insurance Company

711 High Street

Des Moines, Iowa 50392

Attention: Jim Fifield

Telephone: (515) 248-9196

Facsimile: (866) 496-6527

If to the Trust:

Principal Life Income Fundings Trust (followed by the number of the Trust specified in this Guarantee)

2

 

c/o U.S. Bank Trust National Association

100 Wall Street, 16th Floor

New York, New York 10005

Attention: Janet P. O’Hara

Telephone: (212) 361-2527

Facsimile: (212) 809-5459

With a copy to:

Citibank, N.A.

Corporate and Investment Banking

388 Greenwich Street, 14th Floor

New York, New York 10013

Attention: Jennifer H. McCourt

Telephone: (212) 816-5680

Facsimile: (212) 816-5527

     6. Representations and Warranties. The Guarantor represents and warrants that: (i) it is duly
organized and in good standing under the laws of the jurisdiction of its organization and has full
capacity and right to make and perform this Guarantee, and all necessary authority has been
obtained; (ii) this Guarantee constitutes a legal, valid and binding obligation of the Guarantor
enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency and similar
laws affecting creditors’ rights and general principles of equity, regardless of whether
enforcement is sought in a proceeding in equity or at law; (iii) the making and performance of this
Guarantee does not and will not violate the provisions of any applicable law, regulation or order,
and does not and will not result in the breach of, or constitute a default under, any material
agreement, instrument or document to which it is a party or by which it or any of its property may
be bound or affected, except to the extent disclosed in the registration statement registering the
issuance of this Guarantee and the Funding Agreement, as amended, supplemented or modified from
time to time (the “Registration Statement”), and to the extent that any such violation, breach or
default does not result in a material adverse effect on the Guarantor; and (iv) all consents,
approvals, licenses and authorizations of, and filings and registrations with, any governmental
authority required under applicable law and regulations for the making and performance of this
Guarantee have been obtained or made and are in full force and effect, except to the extent
disclosed in the Registration Statement and to the extent that the failure to acquire any such
consent, approval, license, authorization, filing or registration does not result in a material
adverse effect on the Guarantor.

     7. Notice of, and Consent to, Security Interest. The Trust hereby notifies the Guarantor that
it has granted to the Indenture Trustee, on behalf of the holders of the Notes, a security interest
in the Collateral (as defined in the Indenture), including, but not limited to, any and all payment
to be made by the Guarantor to the Trust under this Guarantee. The Trust hereby notifies the
Guarantor that it has collaterally assigned to the Indenture Trustee, for the benefit of the
holders of the Notes, this Guarantee. The Guarantor, by executing this Guarantee, hereby (i)
affirms that it has made or simultaneously will make changes to its books and records to reflect
such security interest and collateral assignment, (ii) consents to the security interest

3

 

granted, and collateral assignment made, by the Trust to the Indenture Trustee of this Guarantee,
(iii) agrees to make all payments due under this Guarantee to the Collection Account (as defined in
the Indenture) or any other account designated in writing to the Guarantor by the Indenture Trustee
and (iv) agrees to comply with all orders of the Indenture Trustee with respect to this Guarantee
without any further consent from the Trust.

     8. WAIVER OF JURY TRIAL; FINAL AGREEMENT. TO THE EXTENT ALLOWED BY APPLICABLE LAW, THE
GUARANTOR WAIVES TRIAL BY JURY WITH RESPECT TO ANY ACTION, CLAIM, SUIT OR PROCEEDING ON OR ARISING
OUT OF THIS GUARANTEE. THIS GUARANTEE REPRESENTS THE FINAL AGREEMENT BETWEEN THE GUARANTOR AND THE
TRUST AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL
AGREEMENTS AMONG SUCH PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG SUCH PARTIES.

	 	 	 	 	 	 	 
	 	 	PRINCIPAL FINANCIAL GROUP, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Elizabeth D. Swanson	 	 
	 

	 	 	 	 

	 	 
	 

	 	Name:
	 	Elizabeth D. Swanson	 	 
	 
	 	 	 	 	 	 
	 

	 	Title:
	 	Counsel	 	 
	 
	 	 	 	 	 	 
	 

	 	Date:
	 	The Effective Date (as defined in
the Funding Agreement)	 	 
	 
	 	 	 	 	 	 
	Acknowledged and Agreed:
	 	 	 	 	 	 

THE PRINCIPAL LIFE INCOME FUNDINGS

TRUST DESIGNATED IN THIS GUARANTEE

	 	 	 
	By:    

	 	U.S. Bank Trust National Association,

not in its individual capacity, but solely in its

capacity as trustee
	 
	 	 
	By:    

	 	Bankers Trust Company, N.A., 

under Limited Power of Attorney, dated November 21, 2007

	 	 	 	 	 
	By:

	 	/s/ Diana L. Cook
 

	 	 
	 
	 	 	 	 
	Name:

	 	Diana L. Cook	 	 
	 
	 	 	 	 
	Title:

	 	Vice President	 	 
	 
	 	 	 	 
	Date:

	 	The Effective Date (as defined in
the Funding Agreement)	 	 

4EX-10.1

 

Exhibit 10.1

EXECUTION COPY

FOURTH AMENDMENT

TO

CREDIT AGREEMENT

          THIS FOURTH AMENDMENT TO CREDIT AGREEMENT (the “Agreement”) is being executed and
delivered as of April 3, 2008 by and among CBIZ, Inc., a Delaware corporation (the
“Company”), the “Guarantors” as defined in the Credit Agreement, the several financial
institutions from time to time party to the Credit Agreement referred to and defined below
(collectively, the “Lenders”), and Bank of America, N.A. (“Bank of America”), as
administrative agent for the Lenders (in such capacity, the “Agent”). Undefined
capitalized terms used herein shall have the meanings ascribed to such terms in such Credit
Agreement as defined below, and section references used herein, shall, unless otherwise specified,
refer to sections of such Credit Agreement as defined below.

WITNESSETH:

          WHEREAS, the Company, the Lenders and the Agent have entered into that certain Credit
Agreement dated as of February 13, 2006 (as heretofore amended, restated, supplemented or otherwise
modified, the “Credit Agreement”), pursuant to which, among other things, the Lenders have
agreed to provide, subject to the terms and conditions contained therein, certain loans and other
financial accommodations to or for the benefit of the Company;

          WHEREAS, in connection with the Credit Agreement, the Guarantors have each executed and
delivered in favor of the Agent and the Lenders a certain Guaranty pursuant to which the Guarantors
have guaranteed the Company’s obligations under the Credit Agreement;

          WHEREAS, the Company desires to increase the Revolving Loan Commitment (as defined in the
Credit Agreement);

          WHEREAS, the Company has requested that the Lenders agree, and subject to the terms and
conditions set forth herein, the Lenders have agreed, to amend the Credit Agreement in certain
respects as hereinafter set forth.

          NOW, THEREFORE, in consideration of the foregoing premises, the terms and conditions stated
herein and other valuable consideration, the receipt and sufficiency of which are hereby
acknowledged by the Company, the Guarantors, the Majority Lenders and the Agent, such parties
hereby agree as follows:

          1. Amendment. Subject to the satisfaction of the conditions set forth in
Paragraph 3 of this Agreement, the Credit Agreement is hereby amended as follows (unless
otherwise specified, section references used in this section shall refer to such sections of the
Credit Agreement):

 

 

          (a) Each of the definitions of “Buying Lender(s)”, “Commitment Increase
Notice”, “Effective Commitment Amount”, “Lender Increase Notice”, “Proposed
New Lender”, and “Selling Lender(s)” set forth in Section 1.01 is hereby deleted in its
entirety.

          (b) Section 2.01(c) is hereby deleted in its entirety.

          (c) Section 4.04(vi) is amended and restated in its entirety as follows:

          “(vi) any Lender purchases a Eurodollar Rate Loan bearing interest at a rate which is less
than the prevailing rate of interest on Eurodollar Rate Loans at the time of purchase in accordance
with Paragraph 2 of that certain Fourth Amendment to this Agreement, dated as of April 3,
2008; or”

          (d) Section 4.04 (vii) is amended and restated in its entirety as follows:

          “(vii) any Lender sells a Eurodollar Rate Loan bearing interest at a rate which is higher than
the prevailing rate of interest on Eurodollar Rate Loans at the time of sale in accordance with
Paragraph 2 of that certain Fourth Amendment to this Agreement, dated as of April 3, 2008;”

          (e) Schedule 2.01 is hereby amended and replaced with Schedule 2.01 attached
hereto and the Lenders’ aggregate Revolving Loan Commitment is thereupon increased to $150,000,000
allocated among the Lenders in the manner set forth therein.

          2. Reconciliation of Outstanding Loans and Letters of Credit. For purposes of this
Agreement, (A) the term “Buying Lender(s)” shall mean each Lender the Pro Rata Share of which
immediately after to the effectiveness of this Agreement is greater than its Pro Rata Share
immediately prior to the effectiveness hereof and (B) the term “Selling Lender(s)” shall mean each
Lender the Pro Rata Share of which immediately after to the effectiveness of this Agreement is less
than its Pro Rata Share immediately prior to the effectiveness of this Agreement. Effective on the
satisfaction of the conditions set forth in Paragraph 3 of this Agreement, each Selling
Lender hereby sells, grants, assigns and conveys to each Buying Lender, without recourse, warranty,
or representation of any kind, except as specifically provided herein, an undivided percentage in
such Selling Lender’s right, title and interest in and to its outstanding Loans and participation
interests in outstanding Letters of Credit in the respective dollar amounts and percentages
necessary so that, from and after such sale, each such Selling Lender’s outstanding Loans and
participation interests in outstanding Letters of Credit shall equal such Selling Lender’s Pro Rata
Share outstanding Loans and participations in Letters of Credit (calculated based upon the
Revolving Loan Commitments set forth on the amended Schedule 2.01 attached hereto).
Effective on the satisfaction of the conditions set forth in Paragraph 3 of this Agreement,
each Buying Lender hereby purchases and accepts such grant, assignment and conveyance from the
Selling Lenders. Each Buying Lender hereby agrees that its respective purchase price for the
portion of the outstanding Loans and participations in Letters of Credit purchased hereby shall
equal the respective dollar amount necessary so that, from and after such payments, each Buying
Lender’s outstanding Loans and participations in Letters of Credit shall equal such Buying Lender’s
Pro Rata Share of the outstanding Loans and participations in Letters of Credit (calculated based
upon the Revolving Loan Commitments set

2

 

forth on the amended Schedule 2.01 attached
hereto). Such amount shall be payable pursuant to and in accordance with Paragraph 3(f)
hereof. The Agent, in turn, shall wire transfer any such funds received to the Selling Lenders, in
same day funds, for the sole account of the Selling Lenders. From and after the effective date of
this Agreement, the Agent shall allocate all payments of interest and fees received with respect to
the portion of the outstanding Loans and participations in Letters of Credit purchased by each
Buying Lender (i) to the Selling Lender for amounts which accrued prior to the effective date of
this Agreement and (ii) to the Buying Lender for amounts which accrued on and after such date. Each
Selling Lender hereby represents and warrants to each Buying Lender that such Selling Lender owns
the Loans and participations in Letters of Credit being sold and assigned hereby for its own
account and has not sold, transferred or encumbered any or all of its interest in such Loans or
participation interests. Each Buying Lender hereby acknowledges and agrees that, except for each
Selling Lender’s representations and warranties contained in the foregoing sentence, each such
Buying Lender has entered into this Agreement with respect to such increase on the basis of its own
independent investigation and has not relied upon, and will not rely upon, any explicit or implicit
written or oral representation, warranty or other statement of the Lenders or the Agent concerning
the authorization, execution, legality, validity, effectiveness, genuineness, enforceability or
sufficiency of this Agreement or the other Loan Documents. The
Company hereby agrees to compensate each Lender for all losses, expenses and liabilities
incurred by each Lender in connection with the sale and assignment of any Eurodollar Rate Loan
hereunder on the terms and in the manner as set forth in Section 4.04 as amended hereby.

          3. Effectiveness of this Agreement; Conditions Precedent. The provisions of
Paragraphs 1 and 2 of this Agreement shall be deemed to have become effective as of
the date of this Agreement, but such effectiveness shall be expressly conditioned upon:

          (a) the receipt by the Agent of an executed counterpart of this Agreement executed and
delivered by duly authorized officers of the Company, the Guarantors, the Majority Lenders and each
of the Buying Lenders;

          (b) the receipt by the Agent of a secretary’s certificate, in form, scope and substance
acceptable to the Agent, from the secretary or assistant secretary of the Company, certifying (i)
as to the Company’s board of directors’ resolutions authorizing the Company’s execution, delivery
and performance of this Agreement and the Credit Agreement as amended by this Agreement (with
copies thereof attached to such certificate), (ii) as to the incumbency of the officer of the
Company who executes and delivers this Agreement and as to such officer’s signature or facsimile
thereof and (iii) as to the currency and completeness of the Company’s certificate of incorporation
and by-laws (with copies thereof attached to such certificate);

          (c) the receipt by the Agent of legal opinion, in form, scope and substance acceptable to the
Agent, from the Company’s general counsel, with respect to this Agreement and the Credit Agreement
as amended by this Agreement;

          (d) payment in full, in immediately available funds, to the Agent of (i) an upfront fee for
the account of each Buying Lender in the amount of 0.10% of the amount that such Lender’s Revolving
Loan Commitment is increased pursuant to this Agreement and (ii) an arrangement fee for the sole
account of the Arranger as described in that certain fee letter dated

3

 

as of March 20, 2008 among
Bank of America, the Arranger and the Company (all of which fees the Company hereby covenants and
agrees to pay concurrently with the execution and delivery of this Agreement);

          (e) payment by the Company in full, in immediately available funds, to the Agent, for the
account of the Lenders, of all amounts owing, if any, pursuant to Section 4.04 of the
Credit Agreement as amended by this Agreement;

          (f) the receipt by the Agent of immediately available funds from each Buying Lender in amounts
sufficient so that each such Buying Lender’s outstanding Loans shall equal such Buying Lender’s Pro
Rata Share of the then outstanding Loans (calculated based upon the amended Revolving Loan
Commitments set forth on Schedule 2.01 attached to this Agreement); and

          (g) the receipt by the Agent on behalf of each Lender of substitute amended promissory notes
duly executed by the Company in the amount of such Lender’s Revolving Loan Commitment set forth on
Schedule 2.01).

          4. Representations and Warranties.

     (a) The Company hereby represents and warrants that this Agreement and the Credit
Agreement as amended by this Agreement constitute the legal, valid and binding obligations
of the Company enforceable against the Company in accordance with their terms.

     (b) The Company hereby represents and warrants that its execution, delivery and
performance of this Agreement and the Credit Agreement as amended by this Agreement have
been duly authorized by all proper corporate action, do not violate any provision of its
certificate of incorporation or bylaws, will not violate any law, regulation, court order or
writ applicable to it, and will not require the approval or consent of any Governmental
Authority, or of any other third party under the terms of any contract or agreement to which
the Company or any of the Company’s Subsidiaries is bound.

     (c) The Company hereby represents and warrants that (i) no Default or Event of Default
has occurred and is continuing or will have occurred and be continuing and (ii) all of the
representations and warranties of the Company contained in the Credit Agreement and in each
other Loan Document (other than representations and warranties which, in accordance with
their express terms, are made only as of an earlier specified date) are, and will be, true
and correct as of the date of the Company’s execution and delivery of this Agreement in all
material respects as though made on and as of such date.

     (d) The Company hereby represents and warrants that there has not occurred since
December 31, 2007, any event or circumstance that has resulted or could reasonably be
expected to result in a Material Adverse Effect.

     (e) The Company hereby represents and warrants that there are no actions, suits,
investigations, proceedings, claims or disputes pending, or to the best knowledge of the
Company, threatened or contemplated, at law, in equity, in arbitration or before any

4

 

Governmental Authority, against the Company, its Subsidiaries or any of their respective
properties which purport to affect or pertain to this Agreement, the Credit Agreement or any
other Loan Document or any of the transactions contemplated hereby or thereby, or which
could reasonably be expected to have a Material Adverse Effect

          5. Reaffirmation, Ratification and Acknowledgment; Reservation. The Company and each
Guarantor hereby (a) ratify and reaffirm all of their payment and performance obligations,
contingent or otherwise, under each Loan Document to which they are a party, (b) agree and
acknowledge that such ratification and reaffirmation are not a condition to the continued
effectiveness of such Loan Documents, and (c) agree that neither such ratification and
reaffirmation, nor the Agent’s or any Lender’s solicitation of such ratification and reaffirmation,
constitutes a course of dealing giving rise to any obligation or condition requiring a similar or
any other ratification or reaffirmation from the Company or such Guarantors with respect to any
subsequent modifications to the Credit Agreement or the other Loan Documents. The Credit Agreement
as amended hereby and each of the other Loan Documents shall remain in full force and effect and is
hereby ratified and confirmed. Neither the execution, delivery nor effectiveness of this Agreement
shall operate as a waiver of any right, power or remedy of the Agent or the Lenders, or of any
Default or Event of Default (whether or not known to the Agent or the Lenders), under any of the
Loan Documents, all of which rights, powers and remedies, with respect to any such Default or Event
of Default or otherwise, are hereby expressly reserved by the Agent and the Lenders. This
Agreement shall constitute a Loan Document for purposes of the Credit Agreement.

          6. New Guarantors; Name Change Guarantors. Each of the entities listed on Exhibit
I hereto (the “Name Change Guarantors”) hereby reaffirm its obligations under the
Guaranty as executed under its former corporate name and confirms that its current and former
corporate names are correctly set forth on such Exhibit. The entities listed on Exhibit II
hereto (the “New Guarantors”), by its execution of this Agreement each becomes a Guarantor
under the Guaranty with the same force and effect as if originally named therein as a Guarantor and
each New Guarantor hereby agrees to all the terms and provisions of the Guaranty applicable to it
as a Guarantor thereunder. Each reference to a “Guarantor” in
the Guaranty and other Loan Documents shall be deemed to include the New Guarantors. The
Guaranty is hereby incorporated herein by reference as if fully set forth herein. Each of the Name
Change Guarantors and the New Guarantors shall deliver within thirty (30) days of the date hereof
(1) a secretary’s certificate, in form, scope and substance acceptable to the Agent, from the
secretary or assistant secretary of such Guarantor, certifying (i) as to such Guarantor’s board of
directors’ resolutions or manager’s consent authorizing such Guarantor’s execution, delivery and
performance of the Guaranty and this Agreement (with copies thereof attached to such certificate),
(ii) as to the incumbency of the officer of such Guarantor who executes and delivers this Agreement
and as to such officer’s signature or facsimile thereof and (iii) as to the currency and
completeness of such Guarantor’s certificate of incorporation or formation and by-laws or operating
agreement (with copies thereof attached to such certificate) and (2) a legal opinion, in form,
scope and substance acceptable to the Agent, from such Guarantor’s general counsel, with respect to
this Agreement and the Guaranty.

          7. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAW OF THE STATE OF

5

 

ILLINOIS; PROVIDED THAT THE PARTIES SHALL RETAIN ALL RIGHTS ARISING
UNDER FEDERAL LAW.

          8. Agent’s Expenses. The Company hereby agrees to promptly reimburse the Agent for
all of the reasonable out-of-pocket expenses, including, without limitation, attorneys’ and
paralegals’ fees, it has heretofore or hereafter incurred or incurs in connection with the
preparation, negotiation and execution of this Agreement.

          9. Counterparts. This Agreement may be executed in counterparts and all of which
together shall constitute one and the same agreement among the parties.

* * * *

6

 

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

	 	 	 	 	 
	 	CBIZ, INC.

 	 
	 	By  	/s/  Ware Grove
 	 
	 	 	Name:  	Ware Grove 	 
	 	 	Title:  	Senior Vice President and Chief
Financial Officer 	 
	 

Signature Page to

Fourth Amendment to

Credit Agreement

 

 

THE GUARANTORS:

CBIZ GEBCORP INSURANCE, INC (FORMERLY
 BENMARK, INC.)

CBIZ ACCOUNTING, TAX & ADVISORY OF
 ATLANTA, LLC

CBIZ ACCOUNTING, TAX & ADVISORY OF
 MARYLAND, LLC

CBIZ ACCOUNTING, TAX & ADVISORY OF
 CHICAGO, LLC

CBIZ ACCOUNTING, TAX & ADVISORY OF
 COLORADO, LLC

CBIZ ACCOUNTING, TAX & ADVISORY OF
 KANSAS CITY, INC.

CBIZ ACCOUNTING, TAX & ADVISORY OF
 NEW YORK, LLC

CBIZ ACCOUNTING, TAX & ADVISORY OF
 OHIO, LLC

CBIZ ACCOUNTING, TAX & ADVISORY OF
 NORTHERN CALIFORNIA, LLC

CBIZ ACCOUNTING, TAX & ADVISORY OF
 ORANGE COUNTY, LLC

CBIZ ACCOUNTING, TAX & ADVISORY OF
 PHOENIX, LLC

CBIZ ACCOUNTING, TAX & ADVISORY OF
 SAN DIEGO, LLC

CBIZ ACCOUNTING, TAX & ADVISORY OF
 FLORIDA, LLC

CBIZ ACCOUNTING, TAX & ADVISORY OF
 TOPEKA, LLC

CBIZ ACCOUNTING, TAX & ADVISORY OF
 WICHITA, LLC

CBIZ ACCOUNTING, TAX & ADVISORY OF
 ST. LOUIS, LLC

CBIZ ACCOUNTING, TAX & ADVISORY OF
 UTAH, LLC

CBIZ ACCOUNTING, TAX & ADVISORY, LLC

CBIZ BEATTY SATCHELL, LLC

CBIZ BENEFITS & INSURANCE SERVICES, INC.

CBIZ BVKT, LLC

CBIZ GIBRALTAR REAL ESTATE SERVICES, LLC

CBIZ RISK & ADVISORY SERVICES LLC
 (FORMERLY CBIZ HARBORVIEW, LLC)

CBIZ INSURANCE SERVICES, INC.

CBIZ KA CONSULTING SERVICES, LLC

Signature Page to

Fourth Amendment to

Credit Agreement

 

 

CBIZ KESSLER GOVERNMENT RELATIONS, LLC

CBIZ M & S CONSULTING SERVICES, LLC

CBIZ M.T. DONAHOE & ASSOCIATES, LLC

CBIZ MEDICAL MANAGEMENT PROFESSIONALS, INC.

CBIZ MMP OF TEXAS, LLC

CBIZ NETWORK SOLUTIONS, LLC

CBIZ UNCLAIMED PROPERTY SERVICES, LLC

CBIZ RETIREMENT CONSULTING, INC.

CBIZ SK&B, LLC

CBIZ SOUTHERN CALIFORNIA, LLC

CBIZ SPECIAL RISK INSURANCE SERVICES, INC.

CBIZ TAX AND ADVISORY OF NEBRASKA INC.

CBIZ TECHNOLOGIES, LLC

CBIZ VALUATION GROUP, LLC

CBIZ VINE STREET HOLDING CORP.

GOVERNMENT EMPLOYEE BENEFITS CORPORATION OF GEORGIA

CBIZ FLEX, INC. (FORMERLY MHM RESOURCES, INC.)

HAWTHORN FINANCIAL CORPORATION

MHM RETIREMENT PLAN SOLUTIONS, LLC

MEDICAL MANAGEMENT SYSTEMS, INC.

TRIMED INDIANA, LLC

GEB CORP.

HEALTHCARE BUSINESS RESOURCES, INC.

SPECIALTY SERVICES GROUP, INC.

	 	 	 	 	 
	 	 	 
	 	By:  	                 /s/  Jerome P. Grisko Jr.
 	 
	 	 	Name:  	Jerome P. Grisko, Jr. 	 
	 	 	Title:  	Executive Vice President 	 
	 

Signature Page to

Fourth Amendment to

Credit Agreement

 

 

CBIZ ACCOUNTING, TAX & ADVISORY OF COLUMBIA, INC.

CBIZ ACCOUNTING, TAX & ADVISORY SERVICES, LLC

CBIZ ACQUISITION A, LLC

CBIZ NETWORK SOLUTIONS CANADA, INC.

CBIZ OPERATIONS, INC.

CBIZ ACCOUNTING, TAX & ADVISORY OF NAPERVILLE, LLC (FORMERLY
CBIZ PHILIP-RAE, LLC)

CBIZ WEST, INC.

CBIZ WESTERN KANSAS, INC.

G&C BUSINESS SERVICES, INC.

ONECBIZ, INC.

	 	 	 	 	 
	 	 	 
	 	By:  	                  /s/  Jerome P. Grisko Jr.
 	 
	 	 	Name:  	Jerome P. Grisko, Jr. 	 
	 	 	Title:  	President 	 
	 

Signature Page to

Fourth Amendment to

Credit Agreement

 

 

	 	 	 	 	 
	 	BANK OF AMERICA, N.A., as Agent

 	 
	 	By 	/s/  Suzanne M. Paul
 	 
	 	 	Name:  	Suzanne M. Paul 	 
	 	 	Title:  	Vice President 	 
	 
	 	BANK OF AMERICA, N.A., as a Lender

 	 
	 	By 	/s/  Jonathan M. Phillips
 	 
	 	 	Name:  	Jonathan M. Phillips 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page to

Fourth Amendment to

Credit Agreement

 

 

	 	 	 	 	 
	 	FIFTH THIRD BANK, as a Lender

 	 
	 	By 	/s/  James P. Byrnes
 	 
	 	 	Name:  	James P. Byrnes 	 
	 	 	Title:  	Senior Vice President 	 
	 

Signature Page to

Fourth Amendment to

Credit Agreement

 

 

	 	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, as a Lender

 	 
	 	By 	/s/  Patrick McGraw
 	 
	 	 	Name:  	Patrick McGraw 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page to

Fourth Amendment to

Credit Agreement

 

 

	 	 	 	 	 
	 	HUNTINGTON NATIONAL BANK, as a Lender

 	 
	 	By 	/s/  Matthew Rodusky
 	 
	 	 	Name:  	Matthew Rodusky 	 
	 	 	Title:  	Staff Officer 	 
	 

Signature Page to

Fourth Amendment to

Credit Agreement

 

 

	 	 	 	 	 
	 	KEYBANK NATIONAL ASSOCIATION, as a Lender

 	 
	 	By 	/s/  Christopher L. Williams
 	 
	 	 	Name:  	Christopher L. Williams 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page to

Fourth Amendment to

Credit Agreement

 

 

SCHEDULE 2.01

Amended Schedule of Revolving Loan Commitments

	 	 	 	 	 	 	 	 	 
	Lender	 	Commitment	 	 	Pro Rata Share	 
	Bank of America, N.A.
	 	$	40,000,000.00	 	 	 	26.666666667	%
	Fifth Third Bank
	 	$	30,000,000.00	 	 	 	20.000000000	%
	U.S. Bank National Association
	 	$	30,000,000.00	 	 	 	20.000000000	%
	Huntington National Bank
	 	$	25,000,000.00	 	 	 	16.666666667	%
	Keybank National Association
	 	$	25,000,000.00	 	 	 	16.666666667	%
	 
	 	 	 	 	 	 
	Total
	 	$	150,000,000.00	 	 	 	100.000000000	%
	 
	 	 	 	 	 	 

SCH-2.01

 

EXHIBIT I

Name Change Guarantors

CBIZ ACCOUNTING, TAX & ADVISORY OF FLORIDA, LLC (FORMERLY CBIZ ACCOUNTING, TAX & ADVISORY OF BOCA
RATON, LLC & CBIZ ACCOUNTING, TAX & ADVISORY OF SOUTH FLORIDA, LLC)

CBIZ RISK & ADVISORY SERVICES LLC (FORMERLY CBIZ HARBORVIEW, LLC)

CBIZ GEBCORP INSURANCE, INC. (FORMERLY BENMARK, INC.)

CBIZ FLEX, INC. (FORMERLY MHM RESOURCES, INC.)

EX-I

 

EXHIBIT II

New Guarantors

CBIZ ACQUISITION A, LLC

GEB CORP.

HEALTHCARE BUSINESS RECOURCES, INC.

SPECIALTY SERVICES GROUP, INC.

CBIZ ACCOUNTING, TAX & ADVISORY SERVICES, LLC

CBIZ UNCLAIMED PROPERTY SERVICES, LLC

EX-II

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