Document:

EX-10.1

 Exhibit 10.1 

EXECUTION COPY 
  

 
  
 

 
 CREDIT AGREEMENT 

dated as of 
 November 12,
2013 
 among 
 THE HANOVER
INSURANCE GROUP, INC. 
 The Lenders Party Hereto 

JPMORGAN CHASE BANK, N.A. 
 as
Administrative Agent 
 LLOYDS BANK PLC and WELLS FARGO BANK, NATIONAL ASSOCIATION 

as Co-Syndication Agents 
 and 

BRANCH BANKING & TRUST COMPANY and BARCLAYS BANK PLC 

as Co-Documentation Agents 
  

 
 J.P. MORGAN
SECURITIES LLC, 
 LLOYDS SECURITIES INC. and 

WELLS FARGO SECURITIES, LLC 
 as
Joint Bookrunners and Joint Lead Arrangers 
  
  

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
		
	 Article I Definitions
	  	 	1	  
			
	 SECTION 1.01
	 	 Defined Terms
	  	 	1	  
	 SECTION 1.02
	 	 Classification of Loans and Borrowings
	  	 	22	  
	 SECTION 1.03
	 	 Terms Generally
	  	 	23	  
	 SECTION 1.04
	 	 Accounting Terms; GAAP; Pro Forma Calculations
	  	 	23	  
	 SECTION 1.05
	 	 Status of Obligations
	  	 	24	  
		
	 Article II The Credits
	  	 	24	  
			
	 SECTION 2.01
	 	 Commitments
	  	 	24	  
	 SECTION 2.02
	 	 Loans and Borrowings
	  	 	24	  
	 SECTION 2.03
	 	 Requests for Revolving Borrowings
	  	 	25	  
	 SECTION 2.04
	 	 Intentionally Omitted
	  	 	25	  
	 SECTION 2.05
	 	 Intentionally Omitted
	  	 	25	  
	 SECTION 2.06
	 	 Letters of Credit
	  	 	26	  
	 SECTION 2.07
	 	 Funding of Borrowings
	  	 	32	  
	 SECTION 2.08
	 	 Interest Elections
	  	 	33	  
	 SECTION 2.09
	 	 Termination and Reduction of Commitments
	  	 	34	  
	 SECTION 2.10
	 	 Repayment of Loans; Evidence of Debt
	  	 	34	  
	 SECTION 2.11
	 	 Prepayment of Loans
	  	 	35	  
	 SECTION 2.12
	 	 Fees
	  	 	35	  
	 SECTION 2.13
	 	 Interest
	  	 	36	  
	 SECTION 2.14
	 	 Alternate Rate of Interest
	  	 	37	  
	 SECTION 2.15
	 	 Increased Costs
	  	 	37	  
	 SECTION 2.16
	 	 Break Funding Payments
	  	 	38	  
	 SECTION 2.17
	 	 Taxes
	  	 	39	  
	 SECTION 2.18
	 	 Payments Generally; Pro Rata Treatment; Sharing of Set-offs
	  	 	42	  
	 SECTION 2.19
	 	 Mitigation Obligations; Replacement of Lenders
	  	 	44	  
	 SECTION 2.20
	 	 Expansion Option
	  	 	44	  
	 SECTION 2.21
	 	 Defaulting Lenders
	  	 	46	  
	 SECTION 2.22
	 	 Extension of Maturity Date
	  	 	47	  
		
	 Article III Representations and Warranties
	  	 	49	  
			
	 SECTION 3.01
	 	 Representations and Warranties
	  	 	49	  
		
	 Article IV Conditions
	  	 	52	  
			
	 SECTION 4.01
	 	 Effective Date
	  	 	52	  
	 SECTION 4.02
	 	 Each Credit Event
	  	 	53	  
		
	 Article V Affirmative Covenants
	  	 	53	  
			
	 SECTION 5.01
	 	 Reporting Requirements
	  	 	53	  
	 SECTION 5.02
	 	 Payment of Taxes, Etc.
	  	 	55	  
	 SECTION 5.03
	 	 Corporate Existence, Compliance with Laws, Etc.
	  	 	55	  
	 SECTION 5.04
	 	 Maintenance of Properties, Etc.
	  	 	56	  
	 SECTION 5.05
	 	 Keeping of Books
	  	 	56	  
	 SECTION 5.06
	 	 Visitation Rights
	  	 	56	  
	 SECTION 5.07
	 	 Use of Proceeds
	  	 	56	  
		
	 Article VI Negative Covenants
	  	 	57	  
			
	 SECTION 6.01
	 	 Financial Covenants
	  	 	57	  
	 SECTION 6.02
	 	 Financial Debt
	  	 	57	  
	 SECTION 6.03
	 	 Liens
	  	 	58	  
	 SECTION 6.04
	 	 Mergers, Etc.
	  	 	58	  

  
 i 

 Table of Contents 

(continued) 
  

							
	 	 	 	  	Page	 
			
	 SECTION 6.05
	 	 Disposition of Assets
	  	 	59	  
	 SECTION 6.06
	 	 Transactions with Affiliates
	  	 	59	  
	 SECTION 6.07
	 	 Line of Business
	  	 	59	  
	 SECTION 6.08
	 	 Anti-Dividend-Block
	  	 	59	  
	 SECTION 6.09
	 	 Restricted Payments
	  	 	60	  
		
	 Article VII Events of Default
	  	 	61	  
			
	 SECTION 7.01
	 	 Events of Default
	  	 	61	  
	 SECTION 7.02
	 	 Remedies
	  	 	62	  
		
	 Article VIII The Administrative Agent
	  	 	62	  
		
	 Article IX Miscellaneous
	  	 	64	  
			
	 SECTION 9.01
	 	 Notices
	  	 	64	  
	 SECTION 9.02
	 	 Waivers; Amendments
	  	 	66	  
	 SECTION 9.03
	 	 Expenses; Indemnity; Damage Waiver
	  	 	68	  
	 SECTION 9.04
	 	 Successors and Assigns
	  	 	70	  
	 SECTION 9.05
	 	 Survival
	  	 	73	  
	 SECTION 9.06
	 	 Counterparts; Integration; Effectiveness; Electronic Execution
	  	 	73	  
	 SECTION 9.07
	 	 Severability
	  	 	73	  
	 SECTION 9.08
	 	 Right of Setoff
	  	 	74	  
	 SECTION 9.09
	 	 Governing Law; Jurisdiction; Consent to Service of Process
	  	 	74	  
	 SECTION 9.10
	 	 WAIVER OF JURY TRIAL
	  	 	74	  
	 SECTION 9.11
	 	 Headings
	  	 	75	  
	 SECTION 9.12
	 	 Confidentiality
	  	 	75	  
	 SECTION 9.13
	 	 USA PATRIOT Act
	  	 	75	  
	 SECTION 9.14
	 	 Interest Rate Limitation
	  	 	75	  
	 SECTION 9.15
	 	 No Advisory or Fiduciary Responsibility
	  	 	76	  

  
 ii 

 Table of Contents 

(continued) 
  

			
	 	  	Page
		
	 SCHEDULES:
	  	
		
	 Schedule 2.01 – Commitments
	  	
	 Schedule 3.01 – Subsidiaries
	  	
	 Schedule 6.02 – Existing Financial Debt; Existing Liens
	  	
	 Schedule 6.08 – Existing Burdensome Agreements
	  	
		
	 EXHIBITS:
	  	
		
	 Exhibit A – Form of Assignment and Assumption
	  	
	 Exhibit B – Form of Opinion of Borrower’s Counsel
	  	
	 Exhibit C – Form of Increasing Lender Supplement
	  	
	 Exhibit D – Form of Augmenting Lender Supplement
	  	
	 Exhibit E – List of Closing Documents
	  	
	 Exhibit F – Form of Compliance Certificate
	  	
	 Exhibit G-1 – Form of U.S. Tax Certificate (Foreign Lenders That Are Not Partnerships)
	  	
	 Exhibit G-2 – Form of U.S. Tax Certificate (Foreign Participants That Are Not Partnerships)
	  	
	 Exhibit G-3 – Form of U.S. Tax Certificate (Foreign Participants That Are Partnerships)
	  	
	 Exhibit G-4 – Form of U.S. Tax Certificate (Foreign Lenders That Are Partnerships)
	  	
	 Exhibit H-1 – Form of Borrowing Request
	  	
	 Exhibit H-2 – Form of Interest Election Request
	  	
	 Exhibit I – Form of Note
	  	

  
 iii 

 CREDIT AGREEMENT (this “Agreement”) dated as of November 12, 2013 among THE
HANOVER INSURANCE GROUP, INC., the LENDERS from time to time party hereto, JPMORGAN CHASE BANK, N.A., as Administrative Agent, LLOYDS BANK PLC and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Co-Syndication Agents and BRANCH BANKING & TRUST
COMPANY and BARCLAYS BANK PLC, as Co-Documentation Agents. 
 The parties hereto agree as follows: 

ARTICLE I 
 Definitions

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

“ABR”, when used in reference to any Loan or Borrowing, refers to a Loan, or the Loans comprising such Borrowing, bearing
interest at a rate determined by reference to the Alternate Base Rate. 
 “Acquisition” means any transaction, or any
series of related transactions, by which the Borrower and/or any of its Subsidiaries directly or indirectly (i) acquires any ongoing business or all or substantially all of the assets of any Person or division thereof, whether through purchase
of assets, merger or otherwise, (ii) acquires (in one transaction or as the most recent transaction in a series of transactions) Control of at least a majority in ordinary voting power of the securities of a Person which have ordinary voting
power for the election of directors or (iii) otherwise acquires Control of a more than 50% ownership interest in any such Person. 

“Adjusted LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest Period, an interest rate per annum
(rounded upwards, if necessary, to the next 1/16 of 1%) equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate. 

“Administrative Agent” means JPMorgan Chase Bank, N.A., in its capacity as administrative agent for the Lenders hereunder.

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

 “Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through one or more
intermediaries, Controls or is Controlled by or is under common Control with the Person specified. For the avoidance of doubt, any Lloyd’s syndicate which is not a legal entity and has no power to enter into contracts or other binding
obligations shall not be deemed to be an Affiliate of the Borrower. 
 “Agent Party” has the meaning assigned to such term
in Section 9.01(d). 
 “Aggregate Commitment” means the aggregate of the Commitments of all of the Lenders, as reduced
or increased from time to time pursuant to the terms and conditions hereof. As of the Effective Date, the Aggregate Commitment is $200,000,000. 

“Alternate Base Rate” means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such
day, (b) the Federal Funds Effective Rate in effect on such day plus  1⁄2 of 1% and (c) the Adjusted LIBO Rate for a one month Interest Period on
such day (or if such day is not a 

 
Business Day, the immediately preceding Business Day) plus 1%, provided that, for the avoidance of doubt, the Adjusted LIBO Rate for any day shall be based on the rate appearing on Reuters
Screen LIBOR01 Page (or on any successor or substitute page of such page) at approximately 11:00 a.m. London time on such day. Any change in the Alternate Base Rate due to a change in the Prime Rate, the Federal Funds Effective Rate or the
Adjusted LIBO Rate shall be effective from and including the effective date of such change in the Prime Rate, the Federal Funds Effective Rate or the Adjusted LIBO Rate, respectively. 

“Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction applicable to the Borrower or its
Subsidiaries from time to time concerning or relating to bribery or corruption. 
 “Applicable Percentage” means, with
respect to any Lender, the percentage of the Aggregate Commitment represented by such Lender’s Commitment; provided that, in the case of Section 2.21 when a Defaulting Lender shall exist, “Applicable Percentage” shall mean
the percentage of the Aggregate Commitment (disregarding any Defaulting Lender’s Commitment) represented by such Lender’s Commitment. If the Commitments have terminated or expired, the Applicable Percentages shall be determined based upon
the Commitments most recently in effect, giving effect to any assignments and to any Lender’s status as a Defaulting Lender at the time of determination. 

“Applicable Rate” means, for any day, with respect to any Eurodollar Loan or any ABR Loan or with respect to the commitment
fees payable hereunder, as the case may be, the applicable rate per annum set forth below under the caption “Eurodollar Spread”, “ABR Spread” or “Commitment Fee Rate”, as the case may be, based upon the ratings by
Moody’s and S&P, respectively, applicable on such date to the Index Debt: 
  

															
	 	  	 Index Debt Ratings

(Moody’s/S&P)
	  	Commitment
Fee Rate	 	 	Eurodollar
Spread	 	 	ABR
Spread	 
	 Category 1:
	  	Baa1/BBB+ or higher	  	 	0.175	% 	 	 	1.25	% 	 	 	0.25	% 
	 Category 2:
	  	Baa2/BBB	  	 	0.20	% 	 	 	1.375	% 	 	 	0.375	% 
	 Category 3:
	  	Baa3/BBB-	  	 	0.225	% 	 	 	1.50	% 	 	 	0.50	% 
	 Category 4:
	  	Ba1/BB+ or lower	  	 	0.25	% 	 	 	1.625	% 	 	 	0.625	% 

 For purposes of the foregoing, (i) if only one of Moody’s and S&P shall have in effect a rating
for the Index Debt (other than by reason of the circumstances referred to in the last sentence of this definition), the Category then in effect shall be based on such rating, (ii) if neither Moody’s nor S&P shall have in effect a
rating for the Index Debt (other than by reason of the circumstances referred to in the last sentence of this definition), then both such rating agencies shall be deemed to have established a rating in Category 4; (iii) if the ratings
established or deemed to have been established by Moody’s and S&P for the Index Debt shall fall within different Categories, the Applicable Rate shall be based on the higher of the two ratings unless one of the two ratings is two or more
Categories lower than the other, in which case the Category then in effect shall be determined by reference to the Category next below that of the higher of the two ratings; and (iv) if the ratings established or deemed to have been established
by Moody’s and S&P for the Index Debt shall be changed (other than as a result of a change in the rating system of Moody’s or S&P), such change shall be effective as of the date on which it is first announced by the applicable
rating agency, irrespective of when notice of such change shall have been furnished by the 

  
 2 

 
Borrower to the Administrative Agent and the Lenders pursuant to Section 5.01 or otherwise. Each change in the Applicable Rate shall apply during the period commencing on the effective date
of such change and ending on the date immediately preceding the effective date of the next such change. If the rating system of Moody’s or S&P shall change, or if either such rating agency shall cease to be in the business of rating
corporate debt obligations, the Borrower and the Lenders shall negotiate in good faith to amend this definition to reflect such changed rating system or the unavailability of ratings from such rating agency and, pending the effectiveness of any such
amendment, the Applicable Rate shall be determined by reference to the rating most recently in effect prior to such change or cessation. 

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

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

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

“Availability Period” means the period from and including the Effective Date to but excluding the earlier of the Maturity
Date and the date of termination of the Commitments. 
 “Available Revolving Commitment” means, at any time with respect to
any Lender, the Commitment of such Lender then in effect minus the Revolving Credit Exposure of such Lender at such time. 

“Bankruptcy Event” means, with respect to any Person, such Person becomes the subject of a bankruptcy or insolvency
proceeding, or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the reorganization or liquidation of its business appointed for it, or, in the good faith
determination of the Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or appointment, provided that a Bankruptcy Event shall not result solely by virtue
of any ownership interest, or the acquisition of any ownership interest, in such Person by a Governmental Authority or instrumentality thereof, provided, further, that such ownership interest does not result in or provide such Person with immunity
from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Person (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm
any contracts or agreements made by such Person. 
 “Board” means the Board of Governors of the Federal Reserve System of
the United States of America. 
 “Borrower” means The Hanover Insurance Group, Inc., a Delaware corporation. 

“Borrowing” means Revolving Loans of the same Type, made, converted or continued on the same date and, in the case of
Eurodollar Loans, as to which a single Interest Period is in effect. 
 “Borrowing Request” means a request by the Borrower
for a Revolving Borrowing in accordance with Section 2.03 in the form attached hereto as Exhibit H-1. 
 “Burdensome
Agreement” has the meaning assigned to such term in Section 6.08. 

  
 3 

 “Business Day” means any day that is not a Saturday, Sunday or other day on
which commercial banks in New York City are authorized or required by law to remain closed; provided that, when used in connection with a Eurodollar Loan, the term “Business Day” shall also exclude any day on which banks are
not open for dealings in Dollars in the London interbank market. 
 “Cash Collateralize” means to pledge and deposit with
or deliver to the Administrative Agent, for the benefit of the Administrative Agent or the applicable LC Issuer (as applicable) and the Lenders, as collateral for the LC Exposure or obligations of Lenders to fund participations in respect of either
thereof (as the context may require), cash or deposit account balances or, if the LC Issuer benefiting from such collateral shall agree in its sole discretion, other credit support, in each case pursuant to documentation in form and substance
reasonably satisfactory to (a) the Administrative Agent and (b) the applicable LC Issuer. “Cash Collateral” shall have a meaning correlative to the foregoing and shall include the proceeds of such cash collateral and other
credit support. 
 “Change in Control” means any of the following events: 

(a) any “person” or “group” (as such terms are used for purposes of sections 13(d) and 14(d) of the Securities Exchange
Act of 1934, whether or not applicable, except that for purposes of this paragraph (a) such person or group shall be deemed to have “beneficial ownership” of all shares that such person or group has the right to acquire, whether such
right is exercisable immediately or only after the passage of time), is or becomes the “beneficial owner” (as such term is used in Rule 13d-3 promulgated pursuant to said Act), directly or indirectly, of more than 35% of the Voting Shares
of the Borrower; or 
 (b) during any period of 25 consecutive calendar months, a majority of the board of directors of the Borrower shall
no longer be composed of individuals (i) who were members of said board on the first day of such period or (ii) whose election or nomination to said board was approved by a majority of the board of the directors of the Borrower, which
members comprising such majority were either the individuals referred to in clause (i) or whose election or nomination was previously so approved. 

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

“CIC” means Citizens Insurance Company of America, a property and casualty insurance company organized under the laws of
Michigan as a corporation. 
 “CitySquare Project” means the CitySquare development in Worcester, Massachusetts as
described in Form 10-K of The Hanover Insurance Group, Inc. for the fiscal year ended December 31, 2010. 

  
 4 

 “Class”, when used in reference to any Loan or Borrowing, refers to such Loan,
or the Loans comprising such Borrowing, as being either Revolving Loans or Incremental Term Loans. 
 “Code” means the
Internal Revenue Code of 1986, as amended. 
 “Co-Documentation Agent” means each of Branch Banking & Trust
Company and Barclays Bank PLC in its capacity as co-documentation agent for the credit facility evidenced by this Agreement. 

“Commitment” means, with respect to each Lender, the commitment of such Lender to make Revolving Loans and to acquire
participations in Letters of Credit hereunder, expressed as an amount representing the maximum aggregate amount of such Lender’s Revolving Credit Exposure hereunder, as such commitment may be (a) reduced or terminated from time to time
pursuant to Section 2.09, (b) increased from time to time pursuant to Section 2.20 and (c) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 9.04. The initial amount of
each Lender’s Commitment is set forth on Schedule 2.01, or in the Assignment and Assumption or other documentation contemplated hereby pursuant to which such Lender shall have assumed its Commitment, as applicable. 

“Communications” has the meaning assigned to such term in Section 9.01(d). 

“Connection Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or
that are franchise Taxes or branch profits Taxes. 
 “conservator” has the meaning assigned to such term in
Section 7.01(f). 
 “Consolidated” refers to the consolidation of accounts of the Borrower and its Subsidiaries in
accordance with GAAP. 
 “Control” means the possession, directly or indirectly, of the power to direct or cause the
direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. The terms “Controlling” and “Controlled” have meanings correlative thereto. 

“Controlled Investment Affiliate” means, as to any future, present, or former employee, director, officer or consultant of
the Borrower and its Subsidiaries, any other Person, which directly or indirectly is in Control of, is Controlled by, or is under common Control with such Person and is organized by such Person (or any Person Controlling such Person) primarily for
making direct or indirect equity investments in the Borrower or its Subsidiaries. 
 “Co-Syndication Agent” means each of
Lloyds Bank plc and Wells Fargo Bank, National Association in its capacity as co-syndication agent for the credit facility evidenced by this Agreement. 

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

“CSL” means Chaucer Syndicates Limited. 

“Debt” of any Person means, without duplication, (a) indebtedness of such Person for borrowed money,
(b) obligations of such Person evidenced by bonds, debentures, notes or other similar instruments, (c) obligations of such Person to pay the deferred purchase price of Property or services (other than trade payables and accrued expenses
incurred in the ordinary course of business and not 

  
 5 

 
overdue by more than 90 days), (d) obligations of such Person as lessee under leases which shall have been or should be, in accordance with GAAP, recorded as capital leases, (e) Debt of
others secured by a Lien on the Property of such Person, whether or not the Debt so secured has been assumed by such Person, (f) obligations of such Person under Guaranties in respect of Debt of others (including any obligations constituting
Limited Originator Recourse in respect of Debt of a Securitization Subsidiary), (g) without duplication, (A) obligations of such Person in respect of Hybrid Securities (disregarding clause (ii) of the definition thereof) and
(B) in each case, Disqualified Equity Interests (disregarding clause (ii) of the definition thereof) and Preferred Securities (disregarding clause (ii) of the definition thereof) requiring repayments, prepayments, mandatory
redemptions or repurchases prior to 91 days after the Maturity Date, with the amount of Debt represented by such Disqualified Equity Interest or Preferred Security being equal to the greater of its voluntary or involuntary liquidation amount and its
maximum fixed repurchase price or redemption amount, (h) all indebtedness created or arising under any conditional sale or other title retention agreement with respect to Property acquired by such Person, (i) the net termination
obligations of such Person under any Hedge Agreements, calculated as of any date as if such agreement or arrangement were terminated as of such date and (j) the principal balance outstanding and owing by such Person under any synthetic lease,
tax retention operating lease or similar off-balance sheet financing product. 
 “Default” means any event or condition
which constitutes an Event of Default or which upon notice, lapse of time or both would, unless cured or waived, become an Event of Default. 

“Defaulting Lender” means any Lender that (a) has failed, within two (2) Business Days of the date required to be
funded or paid, to (i) fund any portion of its Loans, (ii) fund any portion of its participations in Letters of Credit or (iii) pay over to any Credit Party any other amount required to be paid by it hereunder, unless, in the case of
clause (i) above, such Lender notifies the Administrative Agent in writing that such failure is the result of such Lender’s good faith determination that a condition precedent to funding (specifically identified and including the
particular default, if any) has not been satisfied, (b) has notified the Borrower or any Credit Party in writing, or has made a public statement to the effect, that it does not intend or expect to comply with any of its funding obligations
under this Agreement (unless such writing or public statement indicates that such position is based on such Lender’s good faith determination that a condition precedent (specifically identified and including the particular default, if any) to
funding a loan under this Agreement cannot be satisfied) or generally under other agreements in which it commits to extend credit, (c) has failed, within three (3) Business Days after request by a Credit Party, acting in good faith, to
provide a certification in writing from an authorized officer of such Lender that it will comply with its obligations (and is financially able to meet such obligations) to fund prospective Loans and participations in then outstanding Letters of
Credit under this Agreement, provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon such Credit Party’s receipt of such certification in form and substance satisfactory to it and the Administrative
Agent, or (d) has become the subject of a Bankruptcy Event. 
 “Disqualified Equity Interest” means, with respect to
any Person, any Equity Interest of such Person that, by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable), or upon the happening of any event or otherwise, (i) (a) matures or is
mandatorily redeemable or subject to any mandatory repurchase requirement, pursuant to a sinking fund obligation or otherwise (except as a result of a change of control or asset sale so long as the rights of holder thereof upon the occurrence of a
change of control or asset sale event shall be subject to (1) the prior repayment in full of the Loans and all other Obligations that are accrued and payable, (2) the termination of the Commitments and (3) the Cash Collateralization
all Letters of Credit then outstanding (whether or not any beneficiary under any such Letter of Credit shall have drawn or be entitled at such time to draw thereunder) in an amount of cash equal to 103% of the aggregate Stated Amount thereof),
(b) is redeemable or subject to any mandatory repurchase requirement at the sole option of the holder thereof, 

  
 6 

 
or (c) is convertible into or exchangeable for (whether at the option of the issuer or the holder thereof) (y) debt securities or (z) any Equity Interest referred to in (a) or
(b) above, and (ii) requires no such repayments, prepayments, mandatory redemptions or repurchases, in each case in the foregoing clauses (a), (b) and (c), prior to 91 days after the Maturity Date; provided that (1) if
such Equity Interests are issued pursuant to a plan for the benefit of employees of the Borrower or any of its Subsidiaries or by any such plan to such employees, such Equity Interests shall not constitute Disqualified Equity Interests solely
because they may be required to be repurchased by the Borrower or its Subsidiaries in order to satisfy applicable statutory or regulatory obligations and (2) no such Equity Interests held by any future, present or former employee, director,
officer or individual consultant (or their respective Controlled Investment Affiliates or Immediate Family Members) of the Borrower (or any of its Subsidiaries) shall be considered Disqualified Equity Interests because such Equity Interests are
redeemable or subject to repurchase pursuant to any management equity subscription agreement, stock option, stock appreciation right or other stock award agreement, stock ownership plan, put agreement, stockholder agreement or similar agreement that
may be in effect from time to time. 
 “Dollars” or “$” refers to lawful money of the United States of
America. 
 “Effective Date” means the date on which the conditions specified in Section 4.01 are satisfied (or waived
in accordance with Section 9.02). 
 “Electronic Signature” means an electronic sound, symbol, or process attached to,
or associated with, a contract or other record and adopted by a Person with the intent to sign, authenticate or accept such contract or record. 

“Electronic System” means any electronic system, including e-mail, e-fax, Intralinks®, ClearPar® and any other Internet or extranet-based site, whether such electronic system is owned, operated or hosted by the
Administrative Agent and the Issuing Agent and any of its respective Related Parties or any other Person, providing for access to data protected by passcodes or other security system. 

“Environmental Liability” means any liability, contingent or otherwise (including any liability for damages, costs of
environmental remediation, fines, penalties or indemnities), of the Borrower or any Subsidiary directly or indirectly resulting from or based upon (a) violation of any laws, rules, regulations, codes, ordinances, orders, decrees, judgments,
injunctions, notices or binding agreements issued, promulgated or entered into by any Governmental Authority, relating in any way to the environment, preservation or reclamation of natural resources, the management, release or threatened release of
any Hazardous Material or to health and safety matters, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or
threatened release of any Hazardous Materials into the environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 

“Equity Interests” means shares of capital stock, partnership interests, membership interests in a limited liability company,
beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire any of the foregoing. 

“Equity Issuance” means any issuance or sale by the Borrower or any of its Subsidiaries after the Effective Date of Equity
Interests, other than (a) any such issuance or sale by a Subsidiary of the Borrower to the Borrower or to a Wholly-Owned Subsidiary of the Borrower, (b) any capital contribution by the Borrower or a Wholly-Owned Subsidiary of the Borrower
to any Subsidiary of the Borrower, (c) stocks, warrants, options or other rights to obtain Equity Interests issued to directors, officers, consultants and other employees of the Borrower or any of its Subsidiaries or (d) any sale or
disposition of a non-Material Subsidiary. 

  
 7 

 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended
from time to time, and the regulations promulgated and rulings issued thereunder. 
 “ERISA Affiliate” means any trade or
business (whether or not incorporated) that, together with the Borrower, is treated as a single employer under section 414(b) or (c) of the Code or, solely for purposes of section 302 of ERISA and section 412 of the Code, is
treated as a single employer under section 414 of the Code. 
 “ERISA Event” means (a) any “reportable
event”, as defined in section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the 30-day notice period is waived); (b) a determination that a Plan is, or is expected to be, in
“at risk” status (as defined in section 303(i)(4) of ERISA); (c) the failure to timely make a contribution required to be made with respect to any Plan or any Multiemployer Plan; (d) a determination that a Multiemployer Plan is,
or is expected to be, in “endangered status” or “critical status” (each as defined in section 305(b) of ERISA); (e) the incurrence by the Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA with
respect to the termination of any Plan; (f) the receipt by the Borrower or any of its ERISA Affiliates from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to
administer any Plan; (g) the incurrence by the Borrower or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan; or (h) the receipt by the Borrower or any of
its ERISA Affiliates of any notice, or the receipt by any Multiemployer Plan from the Borrower or any of its ERISA Affiliates of any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is
expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA; or (i) the occurrence of a non-exempt prohibited transaction under section 406 of ERISA or section 4975 of the Code which could reasonably be expected to
result in liability to the Borrower or any of its ERISA Affiliates. 
 “Eurodollar”, when used in reference to any Loan or
Borrowing, means that such Loan, or the Loans comprising such Borrowing, bears interest at a rate determined by reference to the Adjusted LIBO Rate. 

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

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

  
 8 

 “Existing Credit Agreement” means the Credit Agreement, dated as of
August 2, 2011, by and among the Borrower, the lenders party thereto and Wells Fargo Bank, National Association, as administrative agent, as amended, restated, supplemented or otherwise modified prior to the date hereof. 

“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor
version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreement (including intergovernmental agreements) entered into pursuant thereto.

 “Federal Funds Effective Rate” means, for any day, the weighted average (rounded upwards, if necessary, to the next
1/100 of 1%) of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such
rate is not so published for any day that is a Business Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions received by the Administrative Agent from three Federal funds
brokers of recognized standing selected by it. 
 “Financial Debt” means, without duplication, Debt of the kinds set forth
in clauses (a), (b), (d) or (g) of the definition of Debt, or of the kinds set forth in clauses (e) or (f) thereof to the extent relating to Debt of the type referred to in (a), (b), (d) and (g) of the definition
thereof. 
 “Foreign Lender” means (a) if the Borrower is a U.S. Person, a Lender, with respect to such Borrower,
that is not a U.S. Person, and (b) if the Borrower is not a U.S. Person, a Lender, with respect to such Borrower, that is resident or organized under the laws of a jurisdiction other than that in which the Borrower is resident for tax
purposes. 
 “Fronted Letter of Credit” has the meaning assigned to such term in Section 2.06(b). 

“Fronted Unpaid Drawing” means any unreimbursed LC Disbursement with respect to a Fronted Letter of Credit. 

“Fronting Bank” means any Lender (or any Affiliate thereof) which is requested by the Borrower, and which agrees in writing
in its sole discretion, to issue Fronted Letters of Credit hereunder pursuant to Section 2.06. 
 “Fronting
Participant” has the meaning assigned to such term in Section 2.06(b). 
 “GAAP” means generally accepted
accounting principles in the United States of America. 
 “Governmental Authority” means any federal, state, municipal,
national or other government, governmental department, commission, board, bureau, court, agency or instrumentality or political subdivision thereof or any entity, officer or examiner exercising executive, legislative, judicial, regulatory or
administrative functions of or pertaining to any government or any court, in each case whether associated with a state of the United States, the United States, or a foreign entity or government (including any supra-national bodies such as the
European Union or the European Central Bank). 
 “Guaranty” of or by any Person (the “guarantor”) means
any obligation, contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Debt of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, and including
any obligation of the guarantor, direct or indirect, (a) to purchase or pay (or to advance or supply funds for the 

  
 9 

 
purchase or payment of) such Debt or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease Property or services for
the purpose of assuring the owner of such Debt or other obligation of the payment thereof, or (c) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the
primary obligor to pay such Debt or other obligation or as an account party in respect of any letter of credit or letter of guarantee issued to support such Debt; provided that the term “Guaranty” shall not include
(i) endorsements for collection or deposit in the ordinary course of business or (ii) credit insurance or payment obligations under insurance policies or surety bonds issued by the Borrower and its Subsidiaries in the ordinary course of
business. 
 “Hazardous Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic
substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature
regulated pursuant to any laws, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions, notices or binding agreements issued, promulgated or entered into by any Governmental Authority, relating in any way to the environment,
preservation or reclamation of natural resources, the management, release or threatened release of any Hazardous Material or to health and safety matters. 

“Hedge Agreement” means any interest or foreign currency rate swap, cap, collar, option, hedge, forward rate or other similar
agreement or arrangement designed to protect against fluctuations in interest rates or currency exchange rates. 
 “HIC”
means The Hanover Insurance Company, a property and casualty insurance company organized under the laws of New Hampshire as a corporation. 

“Hybrid Securities” means securities (i) that afford equity benefit to the issuer thereof (under the procedures and
guidelines of S&P) by having ongoing payment requirements that are more flexible than interest payments associated with conventional indebtedness for borrowed money and by being contractually subordinated to such indebtedness and (ii) that
require no repayments or prepayments and no mandatory redemptions or repurchases, in each case, prior to 91 days after the Maturity Date. 

“Immediate Family Member” means with respect to any individual, such individual’s child, stepchild, grandchild or more
remote descendant, parent, stepparent, grandparent, spouse, former spouse, qualified domestic partner, sibling, mother-in-law, father-in-law, son-in-law and daughter-in-law (including adoptive relationships) and any trust, partnership or other bona
fide estate-planning vehicle the only beneficiaries of which are any of the foregoing individuals or any private foundation or fund that is controlled by any of the foregoing individuals or any donor-advised fund of which any such individual is the
donor. 
 “Impacted Interest Period” has the meaning assigned to such term in the definition of “LIBO Rate”. 

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

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

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

  
 10 

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

“Index Debt” means senior, unsecured, long-term indebtedness for borrowed money of the Borrower that is not guaranteed by any
other person or entity or subject to any other credit enhancement. 
 “Ineligible Institution” has the meaning assigned to
such term in Section 9.04(b). 
 “Information Memorandum” means the Confidential Information Memorandum dated October
2013 relating to the Borrower and the Transactions. 
 “Insurance Regulatory Authority” means, for any Insurance
Subsidiary, the insurance department or similar administrative authority or agency located in the state or other jurisdiction in which such Insurance Subsidiary is domiciled (including “commercially domiciled” as that term is defined under
relevant state law), including, for the avoidance of doubt, the Society and Corporation of Lloyd’s. 
 “Insurance
Subsidiary” means a Subsidiary of the Borrower that is licensed to do an insurance or reinsurance business. 
 “Interest
Election Request” means a request by the Borrower to convert or continue a Revolving Borrowing in accordance with Section 2.08 in the form attached hereto as Exhibit H-2. 

“Interest Payment Date” means (a) with respect to any ABR Loan, the last day of each March, June, September and December
and the Maturity Date and (b) with respect to any Eurodollar Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a Eurodollar Borrowing with an Interest Period of more than
three months’ duration, each day prior to the last day of such Interest Period that occurs at intervals of three months’ duration after the first day of such Interest Period and the Maturity Date. 

“Interest Period” means with respect to any Eurodollar Borrowing, the period commencing on the date of such Borrowing and
ending on the numerically corresponding day in the calendar month that is one, two, three or six months thereafter, as the Borrower may elect; provided, that (i) if any Interest Period would end on a day other than a Business Day, such
Interest Period shall be extended to the next succeeding Business Day unless, in the case of a Eurodollar Borrowing only, such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the
next preceding Business Day and (ii) any Interest Period pertaining to a Eurodollar Borrowing that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar
month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and thereafter shall be
the effective date of the most recent conversion or continuation of such Borrowing. 
 “Interpolated Rate” means, at any
time, the rate per annum determined by the Administrative Agent (which determination shall be conclusive and binding absent manifest error) to be equal to the rate that results from interpolating on a linear basis between: (a) the LIBOR Screen
Rate for the longest period (for which the LIBOR Screen Rate is available) that is shorter than the Impacted Interest Period and (b) the LIBOR Screen Rate for the shortest period (for which the LIBOR Screen Rate is available) that exceeds the
Impacted Interest Period, in each case, at such time. 

  
 11 

 “IRS” means the United States Internal Revenue Service. 

“Issuing Agent” means JPMorgan Chase Bank, N.A., in its capacity as the issuing agent of Several Letters of Credit hereunder,
and its successors in such capacity as provided in Section 2.06(h). The Issuing Agent may, in its discretion, arrange for Affiliates of the Issuing Agent to act as the issuing agent of the Several Letters of Credit, in which case the term
“Issuing Agent” shall include any such Affiliate with respect to Several Letters of Credit for which such Affiliate acts as Issuing Agent. 

“Joint Bookrunner” means each of J.P. Morgan Securities LLC, Lloyds Securities Inc. and Wells Fargo Securities, LLC in its
capacity as a joint bookrunner and joint lead arranger for the credit facility evidenced by this Agreement. 
 “LC Collateral
Account” has the meaning assigned to such term in Section 2.06(i). 
 “LC Disbursement” means a payment made
by a Lender (in the case of a Several Letter of Credit) or a Fronting Bank (in the case of a Fronted Letter of Credit) pursuant to a Letter of Credit. 

“LC Exposure” means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit at
such time plus (b) the aggregate amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the Borrower at such time. The LC Exposure of any Lender at any time shall be its Applicable Percentage of the total LC
Exposure at such time. 
 “LC Issuer” means each of the Issuing Agent and each Fronting Bank. 

“Lender Parent” means, with respect to any Lender, any Person as to which such Lender is, directly or indirectly, a
subsidiary. 
 “Lenders” means the Persons listed on Schedule 2.01 and any other Person that shall have become
a Lender hereunder pursuant to Section 2.20 or pursuant to an Assignment and Assumption, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption. Unless the context otherwise requires, the term
“Lenders” includes each LC Issuer. 
 “Letters of Credit” means the Several Letters of Credit and the Fronted
Letters of Credit. 
 “Leverage Ratio” means, at any time, the ratio of (i) Modified Total Debt to
(ii) Total Capitalization. 
 “LIBO Rate” means, with respect to any Eurodollar Borrowing for any applicable Interest
Period, the London interbank offered rate administered by the British Bankers Association (or any other Person that takes over the administration of such rate) for Dollars for a period equal in length to such Interest Period as displayed on pages
LIBOR01 or LIBOR02 of the Reuters screen or, in the event such rate does not appear on either of such Reuters pages, on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such other information
service that publishes such rate as shall be selected by the Administrative Agent from time to time in its reasonable discretion (in each case the “LIBOR Screen Rate”) at approximately 11:00 a.m., London time, two (2) Business
Days prior to the commencement of such Interest Period; provided that, if the LIBOR Screen Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement; provided, further, that if a LIBOR
Screen Rate shall not be available at such time for such Interest Period (the “Impacted Interest Period”), then the LIBO Rate for such Interest Period shall be the Interpolated Rate; provided, that, if any Interpolated Rate shall be
less than zero, such rate shall be deemed to be zero for purposes of this Agreement. It is understood and agreed that all of the terms and conditions of this definition of “LIBO Rate” shall be subject to Section 2.14. 

  
 12 

 “LIBOR Screen Rate” has the meaning assigned to such term in the definition of
“LIBO Rate”. 
 “Lien” means any lien, security interest or other charge or encumbrance of any kind, or any other
type of preferential arrangement, including, without limitation, the lien or retained security title of a conditional vendor. 

“Limited Originator Recourse” means a letter of credit, revolving loan commitment, cash collateral account or other such
credit enhancement issued in connection with the incurrence of Financial Debt by a Securitization Subsidiary in connection with a Securitization Transaction; provided that, the aggregate amount of such letter of credit reimbursement
obligations and the aggregate available amount of such revolving loan commitments, cash collateral accounts or other such credit enhancements of the Borrower and any of its Subsidiaries (other than any other Securitization Subsidiary) shall not
exceed 10% of the principal amount of such Financial Debt at any time. 
 “Loan Documents” means this Agreement, any
promissory notes issued pursuant to Section 2.10(e), any Letter of Credit applications, powers of attorney, letter of credit agreements and all other written agreements whether heretofore, now or hereafter executed by or on behalf of the
Borrower and delivered to the Administrative Agent or any Lender in connection with this Agreement or the transactions contemplated hereby. Any reference in this Agreement or any other Loan Document to a Loan Document shall include all appendices,
exhibits or schedules thereto, and all amendments, restatements, supplements or other modifications thereto, and shall refer to this Agreement or such Loan Document as the same may be in effect at any and all times such reference becomes operative.

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

“Margin Stock” means margin stock within the meaning of Regulation U. 

“Material Adverse Change” or “Material Adverse Effect” means a material adverse change in or effect on
(i) the business, financial condition or results of operations of the Borrower and its Subsidiaries, taken as a whole, or (ii) the ability of the Borrower to perform its obligations under this Agreement, or (iii) the legality,
validity or enforceability of this Agreement. 
 “Material Debt” has the meaning assigned to such term in
Section 7.01(d). 
 “Material Insurance Subsidiary” means any of CIC, HIC and CSL and any other Insurance Subsidiary
that constitutes a Material Subsidiary. 
 “Material Subsidiary” means any Subsidiary of the Borrower, other than any
Subsidiary the book value of whose assets do not constitute more than 5% of the book value (determined on a Consolidated basis) of the total assets of the Borrower and its Subsidiaries. 

“Maturity Date” means November 12, 2018, subject to extension (in the case of each Lender consenting thereto) as
provided in Section 2.22. 

  
 13 

 “Modified Total Debt” means, at any time, the sum of the following: 

(a) Total Debt plus 
 (b)
Without duplication, the amount (if any) by which (i) the aggregate outstanding amount of all Hybrid Securities that is attributed to Net Worth pursuant to clause (b) of the definition of “Net Worth” plus (ii) the
portion of all Preferred Securities issued by the Borrower or any Subsidiary (other than any Securitization Subsidiary) that is deemed to constitute equity, as determined in accordance with S&P’s methodology at such time plus
(iii) the portion of all Disqualified Equity Interests issued by the Borrower or any Subsidiary (other than any Securitization Subsidiary) that is deemed to constitute equity, as determined in accordance with S&P’s methodology at such
time plus (iv) the portion of all Specified Convertible Debt Securities issued by the Borrower or any Subsidiary (other than any Securitization Subsidiary) that is deemed to constitute equity, as determined in accordance with S&P’s
methodology at such time, exceeds 15% of Total Capitalization. 
 “Moody’s” means Moody’s Investors Service, Inc.

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

“NAIC” means the National Association of Insurance Commissioners or any successor thereto, or in lieu thereof, any other
association, agency or other organization performing substantially similar advisory, coordination or other like functions among insurance departments, insurance commissions and similar governmental authorities of the various states of the United
States of America toward the promotion of uniformity in the practices of such governmental authorities. 
 “Net Equity
Proceeds” means, with respect to any Equity Issuance, the aggregate amount of all cash received by the Borrower and its Subsidiaries (other than any Securitization Subsidiaries) in respect of such Equity Issuance net of all reasonable fees
and expenses incurred by the Borrower and its Subsidiaries in connection therewith. 
 “Net Worth” means, at any time, the
sum of the following for the Borrower and its Subsidiaries (other than any Securitization Subsidiaries) (determined on a Consolidated basis without duplication in accordance with GAAP): 

(a) total shareholders’ equity of the Borrower determined in accordance with GAAP; provided that the net unrealized appreciation and
depreciation of securities that are classified as available for sale and are subject to ASC 320 shall be excluded, plus 
 (b)
without duplication of clauses (c) and (d) hereof, solely for purposes of determining “Total Capitalization” the portion of all outstanding Hybrid Securities that is deemed to constitute equity, as determined in accordance with
S&P’s methodology at such time, minus 
 (c) without duplication of clauses (b) and (d) hereof, solely for
purposes of determining “Total Capitalization” the portion of all outstanding Preferred Securities that is deemed to constitute indebtedness, as determined in accordance with S&P’s methodology at such time, minus 

(d) without duplication of clauses (b) and (c) hereof, solely for purposes of determining “Total Capitalization” the
portion of all outstanding Disqualified Equity Interests that is deemed to constitute indebtedness, as determined in accordance with S&P’s methodology at such time. 

“Non-Public Information” means information which has not been disseminated in a manner making it available to investors
generally, within the meaning of Regulation FD. 

  
 14 

 “Obligations” means all unpaid principal of and accrued and unpaid interest on
the Loans, all LC Exposure, all accrued and unpaid fees and all expenses, reimbursements, indemnities and other obligations and indebtedness (including interest and fees accruing during the pendency of any bankruptcy, insolvency, receivership or
other similar proceeding, regardless of whether allowed or allowable in such proceeding), obligations and liabilities of any of the Borrower and its Subsidiaries to any of the Lenders, the Administrative Agent, any LC Issuer or any indemnified party
under this Agreement, individually or collectively, existing on the Effective Date or arising thereafter, direct or indirect, joint or several, absolute or contingent, matured or unmatured, liquidated or unliquidated, secured or unsecured, arising
by contract, operation of law or otherwise, arising or incurred under this Agreement or any of the other Loan Documents or in respect of any of the Loans made or reimbursement or other obligations incurred or any of the Letters of Credit or other
instruments at any time evidencing any thereof. 
 “OFAC” means the Office of Foreign Assets Control of the U.S. Department
of the Treasury. 
 “Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present
or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received
or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document). 

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

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

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

“Patriot Act” means the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)). 

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

(a) Liens imposed by any governmental authority for taxes, assessments or charges not yet due or that are being contested in good faith and by
appropriate proceedings; 
 (b) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s, construction
contractors’ or other like Liens arising in the ordinary course of business that are not overdue for a period of more than 60 days or that are being contested in good faith and by appropriate proceedings and Liens securing judgments or
orders for the payment of money but only to the extent not resulting in an Event of Default under Section 7.01(g) hereof; 

  
 15 

 (c) pledges or deposits made (i) in connection with, or to secure payment of, worker’s
compensation, unemployment insurance, old age pensions, other social security legislation and other statutory obligations and in each case in compliance therewith, (ii) to secure in the ordinary course of business the performance of bids,
tenders, contracts or leases, (iii) to secure statutory obligations, surety and customs bonds, performance bonds and other obligations of a like nature (including those to secure health, safety and environmental obligations) in the ordinary
course of business, (iv) to secure stay and appeal bonds, (v) to secure indemnity, performance or other similar bonds in the ordinary course of business, or (v) in connection with contested amounts in the ordinary course of business;

 (d) encumbrances in the nature of (i) easements, (ii) rights-of-way, (iii) zoning restrictions or similar laws or rights
reserved to or vested in any Governmental Authority to control or regulate the use of any real property, (iv) leases and subleases (other than any capital leases or synthetic leases), and licenses and sublicenses, (v) encroachments,
protrusions and other similar encumbrances and restrictions on the use of real property or minor imperfections in title thereto, (vi) landlords’ and lessors’ Liens on rented premises, and (vii) restrictions on transfers or
assignment of leases, which in each case do not secure monetary obligations and do not in any case materially detract from the value of the property subject thereto or interfere with the ordinary conduct of the business of the Borrower or any of its
Subsidiaries; 
 (e) Liens arising under escrows, trusts, custodianships, separate accounts, funds withheld procedures, and similar
deposits, arrangements, or agreements established with respect to insurance or reinsurance policies, annuities, guaranteed investment contracts and similar products underwritten by, or Reinsurance Agreements entered into by, the Borrower or any
Insurance Subsidiary in the ordinary course of business; 
 (f) deposits with Insurance Regulatory Authorities; 

(g) Liens securing obligations under letters of credit issued for the benefit of Insurance Regulatory Authorities and letters of credit issued
in support of funds at the Society and Corporation of Lloyd’s requirements, including as permitted under Section 6.02(n); 
 (h)
Liens granted by Securitization Subsidiaries in connection with Securitization Transactions; 
 (i) Liens on Property of any Person that
becomes a Subsidiary of the Borrower after the date hereof, provided that such Liens are in existence at the time such Person becomes a Subsidiary of the Borrower and were not created in anticipation thereof; 

(j) Liens upon real and/or tangible personal Property acquired after the date hereof (by purchase, construction or otherwise) by the Borrower
or any of its Subsidiaries, each of which Liens either (A) existed on such Property before the time of its acquisition and was not created in anticipation thereof or (B) was created solely for the purpose of securing Debt representing, or
incurred to finance, refinance or refund, the cost (including the cost of construction) of such Property, provided that no such Lien shall extend to or cover any Property of the Borrower or such Subsidiary other than the Property so acquired and
improvements thereon; 
 (k) Liens on securities or financial instruments arising out of (i) repurchase (and reverse repurchase)
agreements for liquidity or yield enhancement purposes and in no event outstanding for a period exceeding ninety (90) days in each case and (ii) other investment strategies with respect to securities and financial instruments, in each case
entered into in the ordinary course of business and on ordinary business terms; 

  
 16 

 (l) the sale of delinquent accounts receivable for collection in the ordinary course of business;

 (m) Liens in existence on the date hereof and set forth in Schedule 6.02 (and any extension, renewal or replacement thereof
permitted under Section 6.02(o)); 
 (n) Liens in favor of a Federal Home Loan Bank to secure borrowings from such Federal Home Loan
Bank in the ordinary course of business and on ordinary business terms pursuant to a membership in such Federal Home Loan Bank; 
 (o) Liens
on deposits made in connection with the discharge, defeasance or redemption of Debt; 
 (p) Liens securing Debt permitted under
Section 6.02(e); 
 (q) Liens (i) of a collection bank arising under Section 4-208 of the Uniform Commercial Code on the
items in the course of collection and (ii) in favor of a banking or other financial institution arising as a matter of law or under customary contractual provisions encumbering deposits or other funds maintained with such banking or other
financial institution (including the right of set off and grants of security interests in deposits and/or securities held by such banking or other financial institution) and that are within the general parameters customary in the banking industry;

 (r) Liens deemed to exist in connection with reasonable customary initial deposits, margin deposits and similar Liens attaching to
brokerage accounts maintained in the ordinary course of business and not for speculative purposes; 
 (s) Liens arising from Uniform
Commercial Code financing statements or similar filings that have not been authorized by the Borrower or a Subsidiary of the Borrower; 

(t) Liens solely on any cash earnest money deposits made by the Borrower or any of its Subsidiaries in connection with any letter of intent or
purchase agreement, provided that any such Lien is in existence for a period of no longer than one year; 
 (u) Liens on insurance
policies and the proceeds thereof securing the financing of the premiums with respect thereto; 
 (v) Customary rights of first refusal and
tag, drag and similar rights relating to the sale of equity in joint venture agreements and franchise agreements entered into in the ordinary course of business; 

(w) Liens on cash or securities to secure Hedge Agreements and obligations under other derivatives transactions entered into in the ordinary
course of business and not for speculative purposes; provided that the amount of Debt secured by such Liens shall not exceed $150,000,000 at any time outstanding; 

(x) Liens arising from the deposit of cash, securities or other property into collateral or reinsurance trusts for the benefit of ceding
companies or Insurance Regulatory Authorities; 
 (y) Liens arising in connection with securities lending transactions entered into in the
ordinary course of business for liquidity or yield enhancement purposes and in no event outstanding for a period exceeding two hundred and seventy (270) days in each case; and 

  
 17 

 (z) Liens securing Debt in an aggregate principal amount at any time outstanding not to exceed
$25,000,000. 
 “Person” means any natural person, corporation, limited liability company, trust, joint venture,
association, company, partnership, Governmental Authority or other entity. 
 “Plan” means an employee benefit or other
plan established or maintained by the Borrower or any ERISA Affiliate and that is covered by Title IV of ERISA, including a Multiemployer Plan. 

“Preferred Securities” of any Person shall mean any preferred Equity Interests (or capital stock) of such Person that
(i) have preferential rights with respect to dividends or redemptions or upon liquidation or dissolution of such Person over shares of common Equity Interests (or capital stock) of any other class of such Person and (ii) that require no
repayments or prepayments and no mandatory redemptions or repurchases, in each case, prior to 91 days after the Maturity Date. 

“Prime Rate” means the rate of interest per annum publicly announced from time to time by JPMorgan Chase Bank, N.A. as its
prime rate in effect at its principal office in New York City; each change in the Prime Rate shall be effective from and including the date such change is publicly announced as being effective. 

“Property” of any Person means any property or assets, or interest therein, of such Person. 

“Public Lenders” means the Lenders that do not wish to receive material non-public information with respect to the Borrower,
its Subsidiaries or their securities. 
 “RBC Ratio” of any Person means, at any time, the ratio of (i) “Total
Adjusted Capital” of such Person to (ii) the amount equal to (x) “Authorized Control Level Risk-Based Capital” of such Person multiplied by (y) 2, as such terms are defined by the Insurance Regulatory
Authority of the State in which such Person is incorporated, as amended from time to time. Using the annual SAP Financial Statements form prescribed by the NAIC Risk-Based Capital (RBC) for Insurers Model Act for the year ended December 31,
2012 (the “Convention Blank”), the RBC Ratio as of December 31, 2012 is equal to the quotient of (a) the amount that appears on line 28 on page 17 of the Convention Blank divided by (b) the amount equal to
(x) the amount that appears on line 29 on page 17 of the Convention Blank multiplied by (y) 2. 

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

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

“Regulation D” means Regulation D issued by the Board, as from time to time amended. 

“Regulation FD” means Regulation FD as promulgated by the U.S. Securities and Exchange Commission under the Securities Act of
1933 and the Securities and Exchange Act of 1934 as in effect from time to time. 
 “Regulations T, U and X” means
Regulations T, U and X issued by the Board, as from time to time amended. 

  
 18 

 “Reinsurance Agreement” means any agreement, contract, treaty or other
arrangement whereby other insurers assume insurance from the Borrower or any Insurance Subsidiary. 
 “Related Parties”
means, with respect to any specified Person, such Person’s Affiliates and the respective directors, officers, employees, agents, advisors and representatives of such Person and such Person’s Affiliates. 

“Required Lenders” means, at any time, Lenders having Revolving Credit Exposures and unused Commitments representing more
than 50% of the sum of the total Revolving Credit Exposures and unused Commitments at such time. 
 “Responsible Officer”
of the Borrower means the President, the Chief Executive Officer, the Chief Financial Officer, the Treasurer, any Executive Vice President, any Senior Vice President, or any Vice President of the Borrower. 

“Restricted Payments” means (a) any cash dividend or other distribution in cash with respect to any Equity Interests in
any Person, or any cash payment, including any sinking fund or similar cash deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such Equity Interests in such Person or any option, warrant or
other right to acquire any such Equity Interests in such Person and (b) any prepayment, redemption, purchase, defeasance or other satisfaction prior to the scheduled maturity thereof in any manner of any Subordinated Indebtedness of any Person
(it being understood that payments of regularly scheduled principal and interest payments shall not constitute a Restricted Payment). 

“Revolving Credit Exposure” means, with respect to any Lender at any time, the sum of the outstanding principal amount of
such Lender’s Revolving Loans and its LC Exposure at such time. 
 “Revolving Loan” means a Loan made pursuant to
Section 2.01. 
 “S&P” means Standard & Poor’s Ratings Services, a Standard & Poor’s
Financial Services LLC business. 
 “Sanctions” means economic or financial sanctions or trade embargoes imposed,
administered or enforced from time to time by (a) the U.S. government, including those administered by OFAC or the U.S. Department of State or (b) the European Union or Her Majesty’s Treasury of the United Kingdom. 

“Sanctioned Country” means, at any time, a country or territory which is the subject or target of any Sanctions and with
respect to which such Sanctions apply to all Persons in such country or territory (for example, as of the Effective Date, Cuba) as opposed to any country or territory with respect to which Sanctions are applicable only to Persons listed in any
Sanctions-related list. 
 “Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related list
of designated Persons maintained by OFAC, the U.S. Department of State, the European Union or Her Majesty’s Treasury of the United Kingdom, (b) any Person operating, organized or resident in a Sanctioned Country or (c) any Person
controlled by any such Person. 
 “SAP” means the accounting procedures and practices prescribed or permitted by the
applicable Insurance Regulatory Authority. 
 “SEC” means the United States Securities and Exchange Commission. 

  
 19 

 “Securitization Subsidiary” shall mean a Subsidiary which engages in no
activities other than in connection with the financing of accounts receivable or portfolio investments of the Borrower or any other Subsidiary (a) no portion of the Debt or any other obligations (contingent or otherwise) of which (i) is
guaranteed by the Borrower or any other Subsidiary (other than another Securitization Subsidiary) (excluding guarantees of obligations (other than the principal of, and interest on, Debt) pursuant to Standard Securitization Undertakings or Limited
Originator Recourse), (ii) is recourse to or obligates the Borrower or any other Subsidiary (other than another Securitization Subsidiary) in any way (other than pursuant to Standard Securitization Undertakings or Limited Originator Recourse)
or (iii) subjects any property or asset of the Borrower or any other Subsidiary (other than another Securitization Subsidiary), directly or indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to Standard
Securitization Undertakings or Limited Originator Recourse, (b) with which neither the Borrower nor any of its Subsidiaries (other than another Securitization Subsidiary) has any contract, agreement, arrangement or understanding (other than
pursuant to the documentation entered into in connection with any Securitization Transaction (including with respect to fees payable in the ordinary course of business in connection with the servicing of accounts receivable and related assets)) on
terms less favorable to the Borrower or such Subsidiary than those that might be obtained at the time from persons that are not Affiliates of the Borrower, and (c) to which neither the Borrower nor any other Subsidiary of the Borrower (other
than another Securitization Subsidiary) has any obligation to maintain or preserve such entity’s financial condition or cause such entity to achieve certain levels of operating results (other than pursuant to Standard Securitization
Undertakings or Limited Originator Recourse). Any such designation shall be evidenced to the Administrative Agent by filing with the Administrative Agent an officer’s certificate of the Borrower certifying that, to the best of such
officer’s knowledge and belief after consultation with counsel, such designation complied with the foregoing conditions. 

“Securitization Transaction” means any transaction or series of transactions that may be entered into by the Borrower or any
of its Subsidiaries pursuant to which the Borrower or such Subsidiary, as the case may be, may sell, convey or otherwise transfer assets to any special purpose, bankruptcy-remote Subsidiary in a true sale transaction and such special purpose
Subsidiary incurs Financial Debt to finance the purchase of such assets, provided that there shall be no recourse under any such securitization to the Borrower or any of its other Subsidiaries other than pursuant to Standard Securitization
Undertakings or Limited Originator Recourse. 
 “Several Letter of Credit” has the meaning assigned to such term in
Section 2.06(a). 
 “Several Unpaid Drawing” means any unreimbursed LC Disbursement with respect to a Several Letter
of Credit. 
 “Solvent” means, with respect to any Person at any time, that (a) the fair value of the Property of such
Person is greater than the total amount of liabilities (including without limitation contingent liabilities) of such Person, (b) the present fair saleable value of the Property of such Person is not less than the amount that will be required to
pay the probable liability of such Person on its debts as they become absolute and matured, (c) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay as such debts
and liabilities mature, and (d) such Person is not engaged in a business and is not about to engage in a business for which such Person’s Property would constitute an unreasonably small capital. 

“Specified Convertible Debt Securities” means any debt securities the terms of which provide for the conversion thereof into
Equity Interests, cash or a combination of Equity Interests and cash and (i) that afford equity benefit to the issuer thereof (under the procedures and guidelines of S&P) by having ongoing payment requirements that are more flexible than
interest payments associated with conventional indebtedness for borrowed money and by being contractually subordinated to such indebtedness and (ii) that require no repayments or prepayments and no mandatory redemptions or repurchases of
principal payable in cash, in each case, prior to 91 days after the Maturity Date. 

  
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 “Standard Securitization Undertakings” means representations, warranties,
covenants and indemnities entered into by the Borrower or any Subsidiary in connection with any Securitization Transaction that are customary in comparable non-recourse securitization transactions. 

“Stated Amount” means, with respect to any Letter of Credit at any time, the aggregate amount available to be drawn
thereunder at such time (regardless of whether any conditions for drawing could then be met). 
 “Statutory Reserve Rate”
means a fraction (expressed as a decimal), the numerator of which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental
reserves) expressed as a decimal established by the Board to which the Administrative Agent is subject for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board). Such reserve
percentages shall include those imposed pursuant to such Regulation D of the Board. Eurodollar Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration,
exemptions or offsets that may be available from time to time to any Lender under such Regulation D of the Board or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any
change in any reserve percentage. 
 “Statutory Statement” means, as to any Material Insurance Subsidiary, a statement of
the condition and affairs of such Material Insurance Subsidiary, prepared in accordance with SAP, and filed with the applicable Insurance Regulatory Authority. 

“Subordinated Indebtedness” means any Debt of the Borrower or any Subsidiary the payment of which is contractually
subordinated in right of payment of the obligations under the Loan Documents. 
 “subsidiary” means, with respect to any
Person, any other Person of which at least a majority of the securities or other ownership interests having by the terms thereof ordinary voting power to elect a majority of the board of directors or other persons performing similar functions of
such other Person (irrespective of whether or not at the time securities or other ownership interests of any other class or classes of such other Person shall have or might have voting power by reason of the happening of any contingency) is at the
time directly or indirectly owned or Controlled by such Person or one or more Subsidiaries of such first Person or by such first Person and one or more Subsidiaries of such first Person. 

“Subsidiary” means any subsidiary of the Borrower. For the avoidance of doubt, any Lloyd’s syndicate which is not a
legal entity and has no power to enter into contracts or other binding obligations shall not be deemed to be a Subsidiary of the Borrower. 

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

“Total Capitalization” means, at any time, the sum of (a) Total Debt plus (b) Net Worth. 

“Total Debt” means, at any time, an amount equal to the aggregate outstanding principal amount of Debt of the Borrower and
its Subsidiaries (other than any Securitization Subsidiary) of the 

  
 21 

 
kinds set forth in clauses (a) through (g) of the definition of Debt determined on a Consolidated basis without duplication in accordance with GAAP, but without giving effect to any
election under the Statement of Financial Accounting Standards No. 159 (ASC 825) (or any similar accounting principle) permitting a Person to value its financial liabilities or indebtedness at the fair value thereof; provided, that
solely for purposes of determining “Total Debt,” (i) without duplication of clauses (ii), (iii) and (iv) hereof, the outstanding principal amount of Debt attributed to any Hybrid Security shall be deemed equal to the portion
of such Hybrid Security that is deemed to constitute indebtedness, as determined in accordance with S&P’s methodology at such time, (ii) without duplication of clauses (i), (iii) and (iv) hereof, the outstanding principal
amount of Debt attributed to any Disqualified Equity Interest shall be deemed equal to the portion of such Disqualified Equity Interest that is deemed to constitute indebtedness, as determined in accordance with S&P’s methodology at such
time, (iii) without duplication of clauses (i), (ii) and (iv) hereof, the outstanding principal amount of Debt attributed to any Preferred Security shall be deemed equal to the portion of such Preferred Security that is deemed to
constitute indebtedness, as determined in accordance with S&P’s methodology at such time and (iv) without duplication of clauses (i), (ii) and (iii) hereof, the outstanding principal amount of Debt attributed to any Specified
Convertible Debt Securities shall be deemed equal to the portion of such Specified Convertible Debt Securities that is deemed to constitute indebtedness, as determined in accordance with S&P’s methodology at such time. 

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

“Type”, when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans
comprising such Borrowing, is determined by reference to the Adjusted LIBO Rate or the Alternate Base Rate. 
 “U.S.
Person” means a “United States person” within the meaning of Section 7701(a)(30) of the Code. 
 “U.S. Tax
Compliance Certificate” has the meaning assigned to such term in Section 2.17(f)(ii)(B)(3). 
 “UKGAAP” means
generally accepted accounting principles in the United Kingdom as in effect from time to time. 
 “Voting Shares” means,
with respect to any Person at any time, Equity Interests entitling the holder thereof to vote generally in an election of directors or other individuals performing similar functions. 

“Wholly-Owned Subsidiary” means, with respect to any Person, any corporation, partnership, limited liability company or other
entity of which all of the equity securities or other ownership interests (other than, in the case of a corporation, directors’ qualifying shares) are directly or indirectly owned or Controlled by such Person or one or more Wholly-Owned
Subsidiaries of such Person or by such Person and one or more Wholly-Owned Subsidiaries of such Person. 
 “Withdrawal
Liability” has the meaning specified in Part 1 of Subtitle E of Title IV of ERISA. 
 SECTION 1.02 Classification of
Loans and Borrowings. For purposes of this Agreement, Loans may be classified and referred to by Class (e.g., a “Revolving Loan”) or by Type (e.g., a “Eurodollar Loan”) or by Class and Type (e.g., a
“Eurodollar Revolving Loan”). Borrowings also may be classified and referred to by Class (e.g., a “Revolving Borrowing”) or by Type (e.g., a “Eurodollar Borrowing”) or by Class and Type (e.g., a
“Eurodollar Revolving Borrowing”). 

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

SECTION 1.04 Accounting Terms; GAAP; Pro Forma Calculations. (a) Except as otherwise expressly provided herein, all
terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; provided that, if the Borrower notifies the Administrative Agent that the Borrower requests an amendment to any provision
hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision (or if the Administrative Agent notifies the Borrower that the Required Lenders request an
amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and
applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith. Notwithstanding any other provision contained herein, all terms of an accounting or
financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made (i) without giving effect to any election under Accounting Standards Codification 825-10-25 (or any other Accounting
Standards Codification or Financial Accounting Standard having a similar result or effect) to value any Debt or other liabilities of the Borrower or any Subsidiary at “fair value”, as defined therein and (ii) except as otherwise
provided under the definition of “Modified Total Debt”, without giving effect to any treatment of Debt in respect of convertible debt instruments under Accounting Standards Codification 470-20 (or any other Accounting Standards
Codification or Financial Accounting Standard having a similar result or effect) to value any such Debt in a reduced or bifurcated manner as described therein, and such Debt shall at all times be valued at the full stated principal amount thereof.

 (b) All pro forma computations required to be made hereunder giving effect to any acquisition or disposition, or issuance,
incurrence or assumption of Debt, or other transaction shall in each 

  
 23 

 
case be calculated giving pro forma effect thereto (and, in the case of any pro forma computation made hereunder to determine whether such acquisition or disposition, or issuance,
incurrence or assumption of Debt, or other transaction is permitted to be consummated hereunder, to any other such transaction consummated since the first day of the period covered by any component of such pro forma computation and on or prior
to the date of such computation) as if such transaction had occurred on the first day of the period of four consecutive fiscal quarters ending with the most recent fiscal quarter for which financial statements shall have been delivered pursuant to
Section 5.01(a) or 5.01(b) (or, prior to the delivery of any such financial statements, ending with the last fiscal quarter included in the financial statements referred to in Section 3.01(a)(ii)), and, to the extent applicable, to the
historical earnings and cash flows associated with the assets acquired or disposed of (but without giving effect to any synergies or cost savings) and any related incurrence or reduction of Debt, all in accordance with Article 11 of Regulation
S-X under the Securities Act of 1933. If any Debt bears a floating rate of interest and is being given pro forma effect, the interest on such Debt shall be calculated as if the rate in effect on the date of determination had been the applicable
rate for the entire period (taking into account any Hedge Agreement applicable to such Debt). 
 SECTION 1.05 Status of
Obligations. In the event that the Borrower shall at any time issue or have outstanding any Subordinated Indebtedness, the Borrower shall take all such actions as shall be necessary to cause the Obligations to constitute senior indebtedness
(however denominated) in respect of such Subordinated Indebtedness and to enable the Administrative Agent and the Lenders to have and exercise any payment blockage or other remedies available or potentially available to holders of senior
indebtedness under the terms of such Subordinated Indebtedness. Without limiting the foregoing, the Obligations are hereby designated as “senior indebtedness” and as “designated senior indebtedness” and words of similar import
under and in respect of any indenture or other agreement or instrument under which such Subordinated Indebtedness is outstanding and are further given all such other designations as shall be required under the terms of any such Subordinated
Indebtedness in order that the Lenders may have and exercise any payment blockage or other remedies available or potentially available to holders of senior indebtedness under the terms of such Subordinated Indebtedness. 

ARTICLE II 
 The Credits

 SECTION 2.01 Commitments. Subject to the terms and conditions set forth herein, each Lender (severally and not jointly)
agrees to make Revolving Loans to the Borrower in Dollars from time to time during the Availability Period in an aggregate principal amount that will not result in (a) such Lender’s Revolving Credit Exposure exceeding such Lender’s
Commitment or (b) the sum of the total Revolving Credit Exposures exceeding the Aggregate Commitment. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Revolving
Loans. 
 SECTION 2.02 Loans and Borrowings. (a) Each Revolving Loan shall be made as part of a Borrowing consisting of
Revolving Loans made by the Lenders ratably in accordance with their respective Commitments. The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided that
the Commitments of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Loans as required. 

(b) Subject to Section 2.14, each Revolving Borrowing shall be comprised entirely of ABR Loans or Eurodollar Loans as the Borrower may
request in accordance herewith. Each Lender at its option may make any Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan (and in the case of an Affiliate, the provisions of Sections 2.14, 2.15, 2.16
and 2.17 shall 

  
 24 

 
apply to such Affiliate to the same extent as to such Lender); provided that any exercise of such option shall not affect the obligation of the Borrower to repay such Loan in accordance
with the terms of this Agreement. 
 (c) At the commencement of each Interest Period for any Eurodollar Revolving Borrowing, such Borrowing
shall be in an aggregate amount that is an integral multiple of $1,000,000 and not less than $10,000,000. At the time that each ABR Revolving Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of
$1,000,000 and not less than $10,000,000; provided that an ABR Revolving Borrowing may be in an aggregate amount that is equal to the entire unused balance of the Aggregate Commitment or that is required to finance the reimbursement of an LC
Disbursement as contemplated by Section 2.06(e). Borrowings of more than one Type and Class may be outstanding at the same time; provided that there shall not at any time be more than a total of ten (10) Eurodollar Revolving Borrowings
outstanding. 
 (d) Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to request, or to elect to
convert or continue, any Borrowing if the Interest Period requested with respect thereto would end after the Maturity Date. 

SECTION 2.03 Requests for Revolving Borrowings. To request a Revolving Borrowing, the Borrower shall notify the Administrative
Agent of such request by telephone (a) in the case of a Eurodollar Borrowing, not later than 11:00 a.m., New York City time, three (3) Business Days before the date of the proposed Borrowing or (b) in the case of an ABR
Borrowing, not later than 11:00 a.m., New York City time, on the date of the proposed Borrowing. Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative
Agent of a written Borrowing Request signed by the Borrower. Each such telephonic and written Borrowing Request shall specify the following information in compliance with Section 2.02: 

(i) the aggregate amount of the requested Borrowing; 

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

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

(iv) in the case of a Eurodollar Borrowing, the initial Interest Period to be applicable thereto, which shall be a period contemplated by the
definition of the term “Interest Period”; and 
 (v) the location and number of the Borrower’s account to which funds are to
be disbursed, which shall comply with the requirements of Section 2.07. 
 If no election as to the Type of Revolving Borrowing is specified, then the
requested Revolving Borrowing shall be an ABR Borrowing. If no Interest Period is specified with respect to any requested Eurodollar Revolving Borrowing, then the Borrower shall be deemed to have selected an Interest Period of one month’s
duration. Promptly following receipt of a Borrowing Request in accordance with this Section, the Administrative Agent shall advise each Lender of the details thereof and of the amount of such Lender’s Loan to be made as part of the requested
Borrowing. 
 SECTION 2.04 Intentionally Omitted. 

SECTION 2.05 Intentionally Omitted. 

  
 25 

 SECTION 2.06 Letters of Credit. 

(a) Several Letters of Credit. 

(i) Subject to and upon the terms and conditions set forth herein, the Borrower may request the Issuing Agent, at any time and
from time to time during the Availability Period, to issue, on behalf of each Lender, for the account of the Borrower or any Subsidiary, to any other Person, and subject to and upon the terms and conditions herein set forth, the Issuing Agent agrees
to issue at any time and from time to time during the Availability Period one or more irrevocable standby letters of credit denominated in Dollars and in such form as may be approved by the Issuing Agent (each such letter of credit, a
“Several Letter of Credit” and, collectively, the “Several Letters of Credit”). In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any form of letter
of credit application or other agreement submitted by the Borrower to, or entered into by the Borrower with, the Issuing Agent relating to any Several Letter of Credit, the terms and conditions of this Agreement shall control. The Borrower
unconditionally and irrevocably agrees that, in connection with any Several Letter of Credit issued for the support of any Subsidiary’s obligations as provided in the first sentence of this paragraph, the Borrower will be fully responsible for
the reimbursement of LC Disbursements in accordance with the terms hereof, the payment of interest thereon and the payment of fees due under Section 2.12(b) to the same extent as if it were the sole account party in respect of such Several
Letter of Credit (the Borrower hereby irrevocably waiving any defenses that might otherwise be available to it as a guarantor or surety of the obligations of such a Subsidiary that is an account party in respect of any such Several Letter of
Credit). 
 (ii) Each Several Letter of Credit will be issued by the Issuing Agent on behalf of the Lenders and the
obligations of each Lender under any Several Letter of Credit will be based on such Lender’s Applicable Percentage at the time such Several Letter of Credit is issued. The obligations of each Lender under and in respect of each Several Letter
of Credit are several, and the failure by any Lender to perform its obligations hereunder or under any Letter of Credit shall not affect the obligations of the Borrower toward any other party hereto nor shall any other such party be liable for the
failure by such Lender to perform its obligations hereunder or under any Several Letter of Credit. 
 (iii) Each Several
Letter of Credit shall be executed and delivered by the Issuing Agent in the name and on behalf of, and as attorney-in-fact for, each Lender and the Issuing Agent shall act under each Several Letter of Credit, and each Several Letter of Credit shall
expressly provide that the Issuing Agent shall act, as the agent of each Lender, to (a) receive drafts, other demands for payment and other documents presented by the beneficiary under such Several Letter of Credit, (b) determine whether
such drafts, demands and documents are in compliance with the terms and conditions of such Several Letter of Credit and (c) notify such Lender and the Borrower that a valid drawing has been made and the date that the related Several Unpaid
Drawing is to be made; provided that, the Issuing Agent shall have no obligation or liability for any Several Unpaid Drawing under such Several Letter of Credit, and each Several Letter of Credit shall expressly so provide. Each Lender hereby
irrevocably appoints and designates the Issuing Agent as its attorney-in-fact, acting through any duly authorized officer of the Issuing Agent, to execute and deliver in the name and on behalf of such Lender each Several Letter of Credit to be
issued by such Lender hereunder. Promptly upon the request of the Issuing Agent, each Lender will furnish to the Issuing Agent such powers of attorney or other evidence as any beneficiary of any Several Letter of Credit may reasonably request in
order to demonstrate that the Issuing Agent has the power to act as attorney-in-fact for such Lender to execute and deliver such Several Letter of Credit. 

  
 26 

 (iv) Each Lender represents and warrants that each Several Letter of Credit
constitutes a legal, valid and binding obligation of such Lender enforceable in accordance with its terms; provided that, the enforceability thereof is subject to general principles of equity and to bankruptcy, insolvency and similar laws affecting
the enforcement of creditors’ rights generally. 
 (v) Upon the request of any Lender, each Issuing Agent shall furnish
to such Lender copies of any Several Letters of Credit issued by it and such other related and reasonably available documentation as may be reasonably requested by such Lender. 

(b) Fronted Letters of Credit. 

(i) Subject to and upon the terms and conditions set forth herein, the Borrower may request any Fronting Bank, at any time and
from time to time during the Availability Period, to issue, for the account of the Borrower or any Subsidiary, to any other Person, and subject to and upon the terms and conditions herein set forth, such Fronting Bank agrees to issue at any time and
from time to time during the Availability Period one or more irrevocable standby letters of credit denominated in Dollars and in such form as may be approved by such Fronting Bank (each such letter of credit, a “Fronted Letter of
Credit” and, collectively, the “Fronted Letters of Credit”). In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any form of letter of credit application or
other agreement submitted by the Borrower to, or entered into by the Borrower with, a Fronting Bank relating to any Fronted Letter of Credit, the terms and conditions of this Agreement shall control. The Borrower unconditionally and irrevocably
agrees that, in connection with any Fronted Letter of Credit issued for the support of any Subsidiary’s obligations as provided in the first sentence of this paragraph, the Borrower will be fully responsible for the reimbursement of LC
Disbursements in accordance with the terms hereof, the payment of interest thereon and the payment of fees due under Section 2.12(b) to the same extent as if it were the sole account party in respect of such Fronted Letter of Credit (the
Borrower hereby irrevocably waiving any defenses that might otherwise be available to it as a guarantor or surety of the obligations of such a Subsidiary that is an account party in respect of any such Fronted Letter of Credit). 

(ii) Immediately upon the issuance by any Fronting Bank of any Fronted Letter of Credit (or an amendment to a Fronted Letter of
Credit increasing the amount thereof), such Fronting Bank shall be deemed to have sold and transferred to each Lender other than such Fronting Bank (each such Lender, in its capacity under this Section 2.06(b), a “Fronting
Participant”), and each such Fronting Participant shall be deemed irrevocably and unconditionally to have purchased and received from such Fronting Bank, without recourse or warranty, an undivided interest and participation, to the extent
of such Fronting Participant’s Applicable Percentage, in such Fronted Letter of Credit, each drawing made thereunder and the obligations of the Borrower under this Agreement with respect thereto, and any security therefor or guaranty pertaining
thereto. Upon any change in the Commitments or Applicable Percentages of the Lenders pursuant to this Agreement (including pursuant to Section 2.20), it is hereby agreed that, with respect to all outstanding Fronted Letters of Credit and
Fronted Unpaid Drawings, there shall be an automatic adjustment to the participations pursuant to this Section 2.06 to reflect the new Applicable Percentages of the assignor and assignee Lender or of all Lenders with Commitments, as the case
may be. 
 (iii) In the event that any Fronting Bank makes any payment under any Fronted Letter of Credit and the Borrower
shall not have reimbursed such amount in full to such Fronting Bank pursuant to Section 2.06(e), such Fronting Bank shall promptly notify the Administrative Agent, which shall promptly notify each Fronting Participant, of such failure, and each
Fronting 

  
 27 

 
Participant shall promptly and unconditionally pay to such Fronting Bank the amount of such Fronting Participant’s Applicable Percentage of such unreimbursed payment in Dollars and in
immediately available funds. If, prior to 11:00 a.m., New York City time, on any Business Day, the Administrative Agent so notifies any Fronting Participant required to fund a payment under a Fronted Letter of Credit, such Fronting Participant shall
make available to such Fronting Bank in Dollars and in immediately available funds such Fronting Participant’s Applicable Percentage of the amount of such payment on such Business Day (or, if notice is given after 11:00 a.m., New York City
time, on any Business Day, on the next Business Day). If and to the extent such Fronting Participant shall not have so made its Applicable Percentage of the amount of such payment available to such Fronting Bank, such Fronting Participant agrees to
pay to such Fronting Bank, forthwith on demand, such amount, together with interest thereon, for each day from such date to but excluding the date such amount is paid to such Fronting Bank at the overnight Federal Funds Effective Rate. The failure
of any Fronting Participant to make available to such Fronting Bank its Applicable Percentage of any payment under any Fronted Letter of Credit shall not relieve any other Fronting Participant of its obligation hereunder to make available to such
Fronting Bank its Applicable Percentage of any payment on the date required, as specified above. 
 (iv) Whenever any
Fronting Bank receives any payment by the Borrower as to which it has also received payments from the Fronting Participants pursuant to paragraph (iii) above, such Fronting Bank shall forward such payment to the Administrative Agent, which in
turn shall distribute to each Fronting Participant which has paid its Applicable Percentage thereof, in Dollars and in immediately available funds, an amount equal to such Fronting Participant’s share (based upon the amount funded by such
Fronting Participant to the aggregate amount funded by all Fronting Participants and retained by such Fronting Bank) of the principal amount of such payment and interest thereon accruing after the purchase of the respective participations. 

(v) The obligations of the Fronting Participants to make payments to each Fronting Bank with respect to Fronted Letters of
Credit issued by it shall be irrevocable and not subject to any qualification or exception whatsoever and shall be made in accordance with the terms and conditions of this Agreement under all circumstances, including any of the following
circumstances: 
 (A) any lack of validity or enforceability of this Agreement or any amendment, supplement or modification
hereof; 
 (B) the existence of any claim, setoff, defense or other right which the Fronting Participant or any of its
Affiliates may have at any time against a beneficiary named in a Fronted Letter of Credit, any transferee of any Fronted Letter of Credit (or any Person for whom any such transferee may be acting), the Administrative Agent, any Fronting Bank, any
Fronting Participant, any Lender, or any other Person, whether in connection with this Agreement, any Fronted Letter of Credit, the transactions contemplated herein or any unrelated transactions (including any underlying transaction between the
Borrower or any of its Affiliates and the beneficiary named in any such Fronted Letter of Credit); 
 (C) any draft,
certificate or any other document presented under any Fronted Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; 

  
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 (D) the surrender or impairment of any security for the performance or observance
of any of the terms of this Agreement; 
 (E) the occurrence of any Default or Event of Default; 

(F) any amendment, renewal or extension of any Fronted Letter of Credit or the reduction or termination of the Commitments; or

 (G) any matter or event set forth in Section 2.06(f). 

(vi) Upon the request of any Fronting Participant, each Fronting Bank shall furnish to such Fronting Participant copies of any
Fronted Letter of Credit issued by it and such other documentation as may reasonably be requested by such Fronting Participant. 
 (c)
Notice of Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), the Borrower shall hand deliver or telecopy (or
transmit by electronic communication, if arrangements for doing so have been approved by the applicable LC Issuer) to the applicable LC Issuer and the Administrative Agent (reasonably in advance of the requested date of issuance, amendment, renewal
or extension) a notice requesting the issuance of a Several Letter of Credit or Fronted Letter of Credit, as applicable, or identifying the Letter of Credit to be amended, renewed or extended, and specifying the date of issuance, amendment, renewal
or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with paragraph (d) of this Section), the amount of such Letter of Credit, the name and address of the beneficiary thereof and
such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. If requested by the applicable LC Issuer, the Borrower also shall submit a letter of credit application on the applicable LC Issuer’s
standard form in connection with any request for a Letter of Credit. A Letter of Credit shall be issued, amended, renewed or extended only if (and upon issuance, amendment, renewal or extension of each Letter of Credit the Borrower shall be deemed
to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension (i) the amount of the LC Exposure shall not exceed $50,000,000 and (ii) the sum of the total Revolving Credit Exposures shall not exceed
the Aggregate Commitment. No LC Issuer shall at any time be obligated to issue any Letter of Credit hereunder if such issuance would conflict with, or cause the Issuing Agent or any Fronting Participant to exceed any limits imposed by, any
Governmental Authority. 
 (d) Expiration Date. Each Letter of Credit shall expire (or be subject to termination by notice from the
applicable LC Issuer to the beneficiary thereof) at or prior to the close of business on the earlier of (i) the date one year after the date of the issuance of such Letter of Credit (or, in the case of any renewal or extension thereof, one year
after such renewal or extension) and (ii) the date that is five (5) Business Days prior to the Maturity Date; provided that each such Letter of Credit may by its terms automatically renew annually for one additional year unless
(a) such extension would cause such Letter of Credit to remain outstanding five (5) Business Days prior to the Maturity Date or (b) at least 30 days prior to the expiration date of such Letter of Credit, notice is given by the
respective LC Issuer in accordance with the terms of the respective Letter of Credit (a “Notice of Non-Extension”) that the expiration date of such Letter of Credit will not be extended beyond its current expiration date. The
respective LC Issuer will give Notices of Non-Extension as to any or all outstanding Letters of Credit if requested to do so by the Required Lenders pursuant to Article VII. The respective LC Issuer will give Notices of Non-Extension as
to all outstanding Letters of Credit (i) if the Maturity Date has occurred; provided, further, that if acceptable to the applicable Fronting Bank and the Administrative Agent, a Fronted Letter of Credit may have an expiration date
no later than the date that occurs one (1) year after the Maturity Date so long as on the Maturity Date, such Fronted Letter of Credit is cash collateralized in a manner 

  
 29 

 
reasonably satisfactory to such Fronting Bank and the Administrative Agent or other arrangements as may be acceptable to such Fronting Bank and the Administrative Agent have been put in place.
The respective LC Issuer will send a copy of each Notice of Non-Extension to the Borrower concurrently with delivery thereof to the respective beneficiary, unless prohibited by law from doing so. 

(e) Reimbursement. If any Lender or any Fronting Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower
shall reimburse such LC Disbursement by paying to such Lender or such Fronting Bank, as applicable, in Dollars the amount equal to such LC Disbursement, calculated as of the date such LC Disbursement is made not later than 4:00 p.m., New York City
time, on the date that such LC Disbursement is made, if the Borrower shall have received notice of such LC Disbursement prior to 10:00 a.m., New York City time, on such date, or, if such notice has not been received by the Borrower prior to
such time on such date, then not later than 12:00 noon, New York City time, on the Business Day immediately following the day that the Borrower receives such notice; provided that the Borrower may, subject to the conditions to borrowing set
forth herein, request in accordance with Section 2.03 (but without regard to the minimum and multiples specified in such Section) that such payment be financed with an ABR Revolving Borrowing in an equivalent amount of such LC Disbursement and,
to the extent so financed, the Borrower’s obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Borrowing. 

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

  
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 (g) Interim Interest. If any Lender or any Fronting Bank shall make any LC Disbursement,
then, unless the Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding
the date that the Borrower reimburses such LC Disbursement, at the rate per annum then applicable to ABR Revolving Loans; provided that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this
Section, then Section 2.13(c) shall apply. Interest accrued pursuant to this paragraph shall be for the account of (i) each Lender pro rata in accordance with its Applicable Percentage, in the case of Several Letters of Credit, or
(ii) the applicable Fronting Bank, in the case of Fronted Letters of Credit, except that interest accrued on and after the date of payment by any Lender pursuant to paragraph (b)(iii) of this Section to reimburse the applicable Fronting Bank
shall be for the account of such Lender to the extent of such payment. 
 (h) Replacement of Issuing Agent. The Issuing Agent may be
replaced at any time by written agreement among the Borrower, the Administrative Agent, the Lenders, the replaced Issuing Agent and the successor Issuing Agent. At the time any such replacement shall become effective, the Borrower shall pay all
unpaid fees accrued for the account of the replaced Issuing Agent pursuant to Section 2.12(b). From and after the effective date of any such replacement, (i) any successor Issuing Agent shall have all the rights and obligations of the
Issuing Agent under this Agreement with respect to the applicable Letters of Credit to be issued thereafter and (ii) references herein to the term “LC Issuer” and “Issuing Agent” shall be deemed to refer to such successor or
to any previous Issuing Agent, or to such successor and all previous Issuing Agents, as the context shall require. After the replacement of the Issuing Agent hereunder, the replaced Issuing Agent shall remain a party hereto and shall continue to
have all the rights and obligations of the Issuing Agent under this Agreement with respect to Letters of Credit then outstanding and issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit. 

(i) Cash Collateralization. If any Event of Default shall occur and be continuing, on the Business Day that the Borrower receives
notice from the Administrative Agent or the Required Lenders (or, if the maturity of the Loans has been accelerated, Lenders with LC Exposure representing greater than 50% of the total LC Exposure) demanding the deposit of Cash Collateral pursuant
to this paragraph, the Borrower shall deposit in an account with the Administrative Agent, in the name of the Administrative Agent and for the benefit of the Lenders (the “LC Collateral Account”), an amount in cash equal to 103% of
the amount of the LC Exposure as of such date plus any accrued and unpaid interest thereon; provided that the obligation to deposit such Cash Collateral shall become effective immediately, and such deposit shall become immediately due and
payable, without demand or other notice of any kind, upon the occurrence of any Event of Default with respect to the Borrower described in Sections 7.01(e) or 7.01(f). The Borrower shall also deposit Cash Collateral in accordance with and to the
extent required by Section 2.11, Section 2.21(c) and Section 6.09. Such deposit shall be held by the Administrative Agent as collateral for the payment and performance of the Obligations. The Administrative Agent shall have exclusive
dominion and control, including the exclusive right of withdrawal, over such account. Other than any interest earned on the investment of such deposits, which investments shall be made at the option of the Administrative Agent, with the consent of
the Borrower, and at the Borrower’s risk and expense, such deposits shall not bear interest. Interest or profits, if any, on such investments shall accumulate in such account. Moneys in such account shall be applied by the Administrative Agent
to reimburse the Lenders or the Fronting Banks, as applicable, for LC Disbursements which have not been reimbursed and, to the extent not so applied, shall be held for the satisfaction of the reimbursement obligations of the Borrower for the LC
Exposure at such time or, if the maturity of the Loans has been accelerated (but subject to the consent of Lenders with LC Exposure representing greater than 50% of the total LC Exposure), be applied to satisfy other Obligations. If the Borrower is
required to provide an amount of Cash Collateral hereunder as a result of the occurrence of an Event of Default, such amount (to the extent not applied as aforesaid) shall be returned to the Borrower within three (3) Business Days after all
Events of Default have been cured or waived. 

  
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 (j) Disbursement Procedures. The applicable LC Issuer shall, promptly following its
receipt thereof, examine all documents purporting to represent a demand for payment under a Letter of Credit. The applicable LC Issuer shall promptly notify the Administrative Agent and the Borrower by telephone (confirmed by telecopy) of such
demand for payment and whether such LC Issuer has made or will make an LC Disbursement thereunder; provided that any failure to give or delay in giving such notice shall not relieve the Borrower of its obligation to reimburse such LC Issuer
and the Lenders with respect to any such LC Disbursement. 
 (k) LC Issuer Agreements. Each LC Issuer agrees that, unless otherwise
requested by the Administrative Agent, such LC Issuer shall report in writing to the Administrative Agent (i) on the first Business Day of each week, the daily activity (set forth by day) during the immediately preceding week in respect of all
Letters of Credit issued by such LC Issuer, including all issuances, extensions, amendments and renewals, all expirations and cancellations and all disbursements and reimbursements, (ii) on or prior to each Business Day on which such LC Issuer
expects to issue, amend, renew or extend any Letter of Credit, the date of such issuance, amendment, renewal or extension, and the aggregate face amount of the Letters of Credit to be issued, amended, renewed or extended by it and outstanding after
giving effect to such issuance, amendment, renewal or extension (and whether the amount thereof changed), it being understood that such LC Issuer shall not permit any issuance, renewal, extension or amendment resulting in an increase in the amount
of any Letter of Credit to occur without first obtaining written confirmation from the Administrative Agent that it is then permitted under this Agreement, (iii) on each Business Day on which such LC Issuer makes any LC Disbursement, the date
of such LC Disbursement and the amount of such LC Disbursement, (iv) on any Business Day on which the Borrower fails to reimburse an LC Disbursement required to be reimbursed to such LC Issuer (or any Lender, with respect to any Several Letter
of Credit that such LC Issuer issued) on such day, the date of such failure and the amount and currency of such LC Disbursement and (v) on any other Business Day, such other information as the Administrative Agent shall reasonably request. 

SECTION 2.07 Funding of Borrowings. 

(a) Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately available funds
by 2:00 p.m., New York City time, to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders. The Administrative Agent will make such Loans available to the Borrower by promptly crediting the
amounts so received, in like funds, to an account of the Borrower maintained with the Administrative Agent in New York City or Chicago and designated by the Borrower in the applicable Borrowing Request; provided that ABR Revolving Loans made
to finance the reimbursement of an LC Disbursement as provided in Section 2.06(e) shall be remitted by the Administrative Agent to the Lenders pro rata in accordance with their respective Applicable Percentage (in the case of Several Letters of
Credit) or the applicable Fronting Bank (in the case of Fronted Letters of Credit). 
 (b) Unless the Administrative Agent shall have
received notice from a Lender prior to the proposed date of any Borrowing (or in the case of an ABR Borrowing, prior to 2:00 p.m., New York City time, on the date of such Borrowing) that such Lender will not make available to the Administrative
Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with this Section and may, in reliance upon such assumption, make available to the
Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative
Agent forthwith 

  
 32 

 
on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the
Administrative Agent, at (i) in the case of such Lender, the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the
case of the Borrower, the interest rate applicable to ABR Loans. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan included in such Borrowing. 

SECTION 2.08 Interest Elections. (a) Each Revolving Borrowing initially shall be of the Type specified in the applicable
Borrowing Request and, in the case of a Eurodollar Revolving Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Thereafter, the Borrower may elect to convert such Borrowing to a different Type or to continue
such Borrowing and, in the case of a Eurodollar Revolving Borrowing, may elect Interest Periods therefor, all as provided in this Section. The Borrower may elect different options with respect to different portions of the affected Borrowing, in
which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing. 

(b) To make an election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election by telephone by the time
that a Borrowing Request would be required under Section 2.03 if the Borrower were requesting a Revolving Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such telephonic Interest
Election Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Interest Election Request signed by the Borrower. Notwithstanding any contrary provision herein, this Section
shall not be construed to permit the Borrower to elect an Interest Period for Eurodollar Loans that does not comply with Section 2.02(d). 

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

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

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

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

(iv) if the resulting Borrowing is a Eurodollar Borrowing, the Interest Period to be applicable thereto after giving effect to such election,
which Interest Period shall be a period contemplated by the definition of the term “Interest Period”. 
 If any such Interest Election Request
requests a Eurodollar Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. 

(d) Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender of the details thereof and
of such Lender’s portion of each resulting Borrowing. 
 (e) If the Borrower fails to deliver a timely Interest Election Request with
respect to a Eurodollar Revolving Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be converted to an ABR
Borrowing. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower, then, so long as an Event of Default is
continuing (i) no outstanding Revolving Borrowing may be converted to or continued as a Eurodollar Borrowing and (ii) unless repaid, each Eurodollar Revolving Borrowing shall be converted to an ABR Borrowing at the end of the Interest
Period applicable thereto. 

  
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 SECTION 2.09 Termination and Reduction of Commitments. (a) Unless previously
terminated, the Commitments shall terminate on the Maturity Date. 
 (b) The Borrower may at any time terminate, or from time to time
reduce, the Commitments; provided that (i) each reduction of the Commitments shall be in an amount that is an integral multiple of $1,000,000 and not less than $2,500,000 and (ii) the Borrower shall not terminate or reduce the
Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.11, the sum of the Revolving Credit Exposures would exceed the Aggregate Commitment. 

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

SECTION 2.10 Repayment of Loans; Evidence of Debt. (a) The Borrower hereby unconditionally promises to pay to the
Administrative Agent for the account of each Lender the then unpaid principal amount of each Revolving Loan on the Maturity Date. 
 (b)
Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable
and paid to such Lender from time to time hereunder. 
 (c) The Administrative Agent shall maintain accounts in which it shall record
(i) the amount of each Loan made hereunder, the Class and Type thereof and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender
hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof. 

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

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

  
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 SECTION 2.11 Prepayment of Loans. The Borrower shall have the right at any time and
from time to time to prepay any Borrowing in whole or in part, subject to prior notice in accordance with the provisions of this Section 2.11. The Borrower shall notify the Administrative Agent by telephone (confirmed by telecopy) of any
prepayment hereunder (i) in the case of prepayment of a Eurodollar Revolving Borrowing, not later than 11:00 a.m., New York City time, three (3) Business Days before the date of prepayment or (ii) in the case of prepayment of an
ABR Revolving Borrowing, not later than 11:00 a.m., New York City time on the date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing or portion thereof to be
prepaid; provided that, a notice of prepayment may state that such notice is conditioned upon the effectiveness of other credit facilities or other transactions specified therein, in which case such notice may be revoked by the Borrower (by
notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Promptly following receipt of any such notice relating to a Revolving Borrowing, the Administrative Agent shall advise the Lenders of
the contents thereof. Each partial prepayment of any Revolving Borrowing shall be in an amount that would be permitted in the case of an advance of a Revolving Borrowing of the same Type as provided in Section 2.02. Each prepayment of a
Revolving Borrowing shall be applied ratably to the Loans included in the prepaid Borrowing. Prepayments shall be accompanied by (i) accrued interest to the extent required by Section 2.13 and (ii) break funding payments pursuant to
Section 2.16. If at any time the sum of the aggregate principal amount of all of the Revolving Credit Exposures exceeds the Aggregate Commitment, the Borrower shall immediately repay Borrowings or Cash Collateralize LC Exposure in an account
with the Administrative Agent pursuant to Section 2.06(i), as applicable, in an aggregate principal amount sufficient to cause the aggregate principal amount of all Revolving Credit Exposures to be less than or equal to the Aggregate
Commitment. 
 SECTION 2.12 Fees. (a) The Borrower agrees to pay to the Administrative Agent for the account of each Lender
a commitment fee, which shall accrue at the Applicable Rate on the average daily amount of the Available Revolving Commitment of such Lender during the period from and including the Effective Date to but excluding the date on which such Commitment
terminates; provided that, no commitment fee shall accrue on the Available Revolving Commitment of a Defaulting Lender as provided in Section 2.21(a) below. Accrued commitment fees shall be payable in arrears on the last day of March,
June, September and December of each year and on the date on which the Commitments terminate, commencing on the first such date to occur after the date hereof. All commitment fees shall be computed on the basis of a year of 360 days and shall
be payable for the actual number of days elapsed (including the first day but excluding the last day). 
 (b) The Borrower agrees to pay
(i) to the Administrative Agent for the account of each Lender a fee with respect to each Letter of Credit, which fee shall accrue at the same Applicable Rate used to determine the interest rate applicable to Eurodollar Revolving Loans on the
average daily amount of such Lender’s LC Exposure (excluding any portion thereof attributable to Fronted Unpaid Drawings) during the period from and including the Effective Date to but excluding the later of the date on which such Lender’s
Commitment terminates and the date on which such Lender ceases to have any LC Exposure, (ii) to the Issuing Agent, for its own account, its standard fees and commissions with respect to the issuance, amendment, cancellation, negotiation,
transfer, presentment, renewal or extension 

  
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of any Letter of Credit issued by the Issuing Agent or processing of drawings thereunder, and (iii) to each Fronting Bank, for its own account, a fronting fee, which shall accrue at a rate
per annum separately agreed upon between the Borrower and such Fronting Bank on the average daily amount of the LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) attributable to Letters of Credit issued by
such Fronting Bank during the period from and including the Effective Date to but excluding the later of the date of termination of the Commitments and the date on which there ceases to be any such LC Exposure, as well as such Fronting Bank’s
standard fees and commissions with respect to the issuance, amendment, cancellation, negotiation, transfer, presentment, renewal or extension of any Letter of Credit or processing of drawings thereunder. The foregoing fees accrued through and
including the last day of March, June, September and December of each year shall be payable on the third (3rd) Business Day following such last day, commencing on the first such date to occur
after the Effective Date; provided that all such fees shall be payable on the date on which the Commitments terminate and any such fees accruing after the date on which the Commitments terminate shall be payable on demand. Any other fees
payable to any LC Issuer pursuant to this paragraph shall be payable within ten (10) days after demand. The foregoing fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed
(including the first day but excluding the last day). 
 (c) The Borrower agrees to pay to the Administrative Agent, for its own account,
fees payable in the amounts and at the times separately agreed upon between the Borrower and the Administrative Agent. 
 (d) All fees
payable hereunder shall be paid on the dates due, in immediately available funds, to the Administrative Agent (or to the LC Issuers, in the case of fees payable to them) for distribution, in the case of commitment fees and other fees payable to the
Lenders, to the Lenders. Fees paid shall not be refundable under any circumstances. 
 SECTION 2.13 Interest. (a) The Loans
comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate. 
 (b) The Loans comprising
each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate. 

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

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

(e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the
Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a 

  
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leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable Alternate Base Rate, Adjusted LIBO Rate or
LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error. 

SECTION 2.14 Alternate Rate of Interest. If prior to the commencement of any Interest Period for a Eurodollar Borrowing: 

(a) the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that adequate and
reasonable means do not exist for ascertaining the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest Period; or 
 (b)
the Administrative Agent is advised by the Required Lenders that the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest Period will not adequately and fairly reflect the cost to such Lenders of making or maintaining their Loans
included in such Borrowing for such Interest Period; 
 then the Administrative Agent shall give notice thereof to the Borrower and the Lenders by telephone
or telecopy as promptly as practicable thereafter and, until the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (i) any Interest Election Request that requests the
conversion of any Borrowing to, or continuation of any Borrowing as, a Eurodollar Borrowing shall be ineffective and any such Eurodollar Borrowing shall be converted into an ABR Borrowing on the last day of the then current Interest Period
applicable thereto and (ii) if any Borrowing Request requests a Eurodollar Borrowing, such Borrowing shall be made as an ABR Borrowing. 

SECTION 2.15 Increased Costs. (a) If any Change in Law shall: 

(i) impose, modify or deem applicable any reserve, special deposit, liquidity or similar requirement (including any compulsory loan
requirement, insurance charge or other assessment) against assets of, deposits with or for the account of, or credit extended by, any Lender (except any such reserve requirement reflected in the Adjusted LIBO Rate) or any LC Issuer; 

(ii) impose on any Lender or any LC Issuer or the London interbank market any other condition, cost or expense (other than Taxes) affecting
this Agreement or Loans made by such Lender or any Letter of Credit or participation therein; or 
 (iii) subject any Recipient to any Taxes
(other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other
obligations, or its deposits, reserves, other liabilities or capital attributable thereto; 
 and the result of any of the foregoing shall be to increase
the cost to such Lender or such other Recipient of making, continuing, converting into or maintaining any Loan or of maintaining its obligation to make any such Loan or to increase the cost to such Lender, such LC Issuer or such other Recipient of
participating in, issuing or maintaining any Letter of Credit or to reduce the amount of any sum received or receivable by such Lender, such LC Issuer or such other Recipient hereunder, whether of principal, interest or otherwise, then the Borrower
will pay to such Lender, such LC Issuer or such other Recipient, as the case may be, such additional amount or amounts as will compensate such Lender, such LC Issuer or such other Recipient, as the case may be, for such additional costs incurred or
reduction suffered. 

  
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 (b) If any Lender or any LC Issuer determines that any Change in Law regarding capital or
liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s or such LC Issuer’s capital or on the capital of such Lender’s or such LC Issuer’s holding company, if any, as a consequence of
this Agreement or the Loans made by, or participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by such LC Issuer, to a level below that which such Lender or such LC Issuer or such Lender’s or such LC
Issuer’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or such LC Issuer’s policies and the policies of such Lender’s or such LC Issuer’s holding company with respect
to capital adequacy and liquidity), then from time to time the Borrower will pay to such Lender or such LC Issuer, as the case may be, such additional amount or amounts as will compensate such Lender or such LC Issuer or such Lender’s or such
LC Issuer’s holding company for any such reduction suffered. 
 (c) A certificate of a Lender or a LC Issuer setting forth the amount
or amounts necessary to compensate such Lender or such LC Issuer or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section shall be delivered to the Borrower and shall be conclusive absent manifest
error. The Borrower shall pay such Lender or such LC Issuer, as the case may be, the amount shown as due on any such certificate within ten (10) days after receipt thereof. 

(d) Failure or delay on the part of any Lender or any LC Issuer to demand compensation pursuant to this Section shall not constitute a waiver
of such Lender’s or such LC Issuer’s right to demand such compensation; provided that the Borrower shall not be required to compensate a Lender or a LC Issuer pursuant to this Section for any increased costs or reductions incurred
more than 270 days prior to the date that such Lender or such LC Issuer, as the case may be, notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s or such LC Issuer’s
intention to claim compensation therefor; provided further that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 270-day period referred to above shall be extended to include the period
of retroactive effect thereof. 
 SECTION 2.16 Break Funding Payments. In the event of (a) the payment of any principal of
any Eurodollar Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default or as a result of any prepayment pursuant to Section 2.11), (b) the conversion of any Eurodollar Loan
other than on the last day of the Interest Period applicable thereto, (c) the failure to borrow, convert, continue or prepay any Eurodollar Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice
may be revoked under Section 2.11 and is revoked in accordance therewith) or (d) the assignment of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto as a result of a request by the Borrower pursuant
to Section 2.19, then, in any such event, the Borrower shall compensate each Lender for the loss, cost and expense attributable to such event. Such loss, cost or expense to any Lender shall be deemed to include an amount determined by such
Lender to be the excess, if any, of (i) the amount of interest which would have accrued on the principal amount of such Loan had such event not occurred, at the Adjusted LIBO Rate that would have been applicable to such Loan, for the period
from the date of such event to the last day of the then current Interest Period therefor (or, in the case of a failure to borrow, convert or continue, for the period that would have been the Interest Period for such Loan), over (ii) the amount
of interest which would accrue on such principal amount for such period at the interest rate which such Lender would bid were it to bid, at the commencement of such period, for deposits in Dollars of a comparable amount and period from other banks
in the eurodollar market. A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower
shall pay such Lender the amount shown as due on any such certificate within ten (10) days after receipt thereof. 

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

(c) Evidence of Payments. As soon as practicable after any payment of Taxes by the Borrower to a Governmental Authority pursuant to
this Section 2.17, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence
of such payment reasonably satisfactory to the Administrative Agent. 
 (d) Indemnification by the Borrower. The Borrower shall
indemnify each Recipient, within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by such
Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the
relevant Governmental Authority. A certificate setting forth in reasonable detail a description of such Indemnified Taxes and the amount of such payment or liability for such Indemnified Taxes delivered to the Borrower by a Lender (with a copy to
the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. 

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

  
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the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably
requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent,
shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to
backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in
Section 2.17(f)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would
materially prejudice the legal or commercial position of such Lender (it being understood that providing any information currently required by any U.S. Federal income tax withholding form shall not be considered prejudicial to the position of a
Lender). 
 (ii) Without limiting the generality of the foregoing, in the event that the Borrower is a U.S. Person: 

(A) any Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or prior to the date on
which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed originals of IRS Form W-9 (or successor form) certifying that such
Lender is exempt from U.S. Federal backup withholding tax; provided, however, that if the Lender is a disregarded entity for U.S. Federal income tax purposes, it shall provide the appropriate withholding form of its owner (together with
appropriate supporting documentation); 
 (B) any Foreign Lender shall, to the extent it is legally entitled to do so,
deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon
the reasonable request of the Borrower or the Administrative Agent), whichever of the following is applicable: 
 (1) in the case of a
Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, executed originals of IRS Form W-8BEN (or successor form) establishing an
exemption from, or reduction of, U.S. Federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN (or successor
form) establishing an exemption from, or reduction of, U.S. Federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty; 

(2) executed originals of IRS Form W-8ECI (or successor form); 

(3) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code,
(x) a certificate substantially in the form of Exhibit G-1 to the effect that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrower within
the meaning of Section 881(c)(3)(B) 

  
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of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) executed
originals of IRS Form W-8BEN (or successor form); or 
 (4) to the extent a Foreign Lender is not the beneficial owner, executed
originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI (or successor form), IRS Form W-8BEN (or successor form), a U.S. Tax Compliance Certificate substantially in the form of Exhibit G-2 or Exhibit G-3, IRS Form W-9,
and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest
exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit G-4 on behalf of each such direct and indirect partner; 

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

(D) if a payment made to a Lender under any Loan Document would be subject to U.S. Federal withholding Tax imposed by
FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the
Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by
Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under
FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA” shall include
any amendments made to FATCA after the date of this Agreement. 
 Each Lender agrees that if any form or certification it previously
delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so. 

(g) Treatment of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has received a
refund of any Taxes as to which it has been indemnified pursuant to this Section 2.17 (including by the payment of additional amounts pursuant to this Section 2.17), it shall pay to the indemnifying party an amount equal to such refund
(but only to the extent of indemnity payments made under this Section 2.17 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without

  
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interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to
such indemnified party the amount paid over pursuant to this paragraph (g) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund
to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (g), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (g) the payment of
which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise
imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating
to its Taxes that it deems confidential) to the indemnifying party or any other Person. 
 (h) Survival. Each party’s
obligations under this Section 2.17 shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or
discharge of all obligations under any Loan Document. 
 (i) Defined Terms. For purposes of this Section 2.17, the term
“Lender” includes the LC Issuers and the term “applicable law” includes FATCA. 
 SECTION 2.18 Payments
Generally; Pro Rata Treatment; Sharing of Set-offs. (a) Except as otherwise provided herein with respect to the reimbursement of LC Disbursements, the Borrower shall make each payment required to be made by it hereunder (whether of
principal, interest, fees or of amounts payable under Section 2.15, 2.16 or 2.17, or otherwise) prior to 12:00 noon, New York City time on the date when due, in immediately available funds, without set-off or counterclaim. Any amounts received
after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to the Administrative
Agent at its offices at 10 South Dearborn Street, Chicago, Illinois 60603, except payments to be made directly to an LC Issuer as expressly provided herein and except that payments pursuant to Sections 2.15, 2.16, 2.17 and 9.03 shall be made
directly to the Persons entitled thereto. The Administrative Agent shall distribute any such payments received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall
be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. All
payments hereunder shall be made in Dollars. 
 (b) If at any time insufficient funds are received by and available to the Administrative
Agent to pay fully all amounts of principal, unreimbursed LC Disbursements, interest and fees then due hereunder, such funds shall be applied (i) first, towards payment of interest and fees then due hereunder, ratably among the parties entitled
thereto in accordance with the amounts of interest and fees then due to such parties, and (ii) second, towards payment of principal and unreimbursed LC Disbursements then due hereunder, ratably among the parties entitled thereto in accordance
with the amounts of principal and unreimbursed LC Disbursements then due to such parties. 
 (c) At the election of the Administrative
Agent, all payments of principal, interest, LC Disbursements, fees, premiums, reimbursable expenses (including, without limitation, all reimbursement for fees and expenses pursuant to Section 9.03), and other sums payable under the Loan
Documents that are not paid when due (after any applicable grace period) in accordance with the Loan 

  
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Documents, subject to three (3) Business Days prior written notice to the Borrower, may be paid from the proceeds of Borrowings made hereunder whether made following a request by the
Borrower pursuant to Section 2.03 or a deemed request as provided in this Section or may be deducted from any deposit account of the Borrower maintained with the Administrative Agent. The Borrower hereby irrevocably authorizes, solely to the
extent provided above, (i) the Administrative Agent to make a Borrowing for the purpose of paying each payment of principal, interest and fees as it becomes due hereunder or any other amount due under the Loan Documents and agrees that all such
amounts charged shall constitute Loans and that all such Borrowings shall be deemed to have been requested pursuant to Section 2.03 and (ii) the Administrative Agent to charge any deposit account of the Borrower maintained with the
Administrative Agent for each payment of principal, interest and fees as it becomes due hereunder or any other amount due under the Loan Documents. 

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

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

(f) If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.06(d) or (e), 2.07(b), 2.18(e) or
9.03(c), then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), (i) apply any amounts thereafter received by the Administrative Agent for the account of such Lender and for the benefit of the
Administrative Agent or the applicable LC Issuer to satisfy such Lender’s obligations to it under such Section until all such 

  
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unsatisfied obligations are fully paid and/or (ii) hold any such amounts in a segregated account over which the Administrative Agent shall have exclusive control as Cash Collateral for, and
application to, any future funding obligations of such Lender under any such Section; in the case of each of clauses (i) and (ii) above, in any order as determined by the Administrative Agent in its discretion. 

SECTION 2.19 Mitigation Obligations; Replacement of Lenders. (a) If any Lender or LC Issuer requests compensation under
Section 2.15, or the Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or LC Issuer or any Governmental Authority for the account of any Lender or LC Issuer pursuant to Section 2.17, then such Lender or
LC Issuer, as applicable, shall use reasonable efforts to designate a different lending office for funding or booking its Loans, LC Disbursements or participations in LC Disbursements (as applicable) hereunder or to assign its rights and obligations
hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender or LC Issuer, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.15 or 2.17, as the case may
be, in the future and (ii) would not subject such Lender or LC Issuer to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender or LC Issuer. The Borrower hereby agrees to pay all reasonable costs and
expenses incurred by any Lender or LC Issuer in connection with any such designation or assignment. 
 (b) If (i) any Lender or LC
Issuer requests compensation under Section 2.15, (ii) the Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or LC Issuer or any Governmental Authority for the account of any Lender or LC Issuer pursuant
to Section 2.17 or (iii) any Lender or LC Issuer becomes a Defaulting Lender, then the Borrower may, at its sole expense and effort, upon notice to such Lender or LC Issuer and the Administrative Agent, require such Lender or LC Issuer to
assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 9.04), all its interests, rights (other than its existing rights to payments pursuant to Sections 2.15 or 2.17) and obligations
under the Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender or LC Issuer, if a Lender or LC Issuer accepts such assignment); provided that (i) the Borrower shall have received the
prior written consent of the Administrative Agent (and if a Commitment is being assigned, each LC Issuer), which consent shall not unreasonably be withheld, (ii) such Lender shall have received payment of an amount equal to the outstanding
principal of its Loans and participations in LC Disbursements, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the
Borrower (in the case of all other amounts) and (iii) in the case of any such assignment resulting from a claim for compensation under Section 2.15 or payments required to be made pursuant to Section 2.17, such assignment will result
in a reduction in such compensation or payments. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require
such assignment and delegation cease to apply 
 SECTION 2.20 Expansion Option. The Borrower may from time to time elect to
increase the Commitments or enter into one or more tranches of term loans (each an “Incremental Term Loan”), in each case in minimum increments of $10,000,000 so long as, after giving effect thereto, the aggregate amount of such
increases and all such Incremental Term Loans does not exceed $100,000,000. The Borrower may arrange for any such increase or tranche to be provided by one or more Lenders (each Lender so agreeing to an increase in its Commitment, or to participate
in such Incremental Term Loans, an “Increasing Lender”), or by one or more new banks, financial institutions or other entities (each such new bank, financial institution or other entity, an “Augmenting Lender”;
provided that no Ineligible Institution may be an Augmenting Lender), which agree to increase their existing Commitments, or to participate in such Incremental Term Loans, or provide new Commitments, as the case may be; provided that
(i) each Augmenting Lender shall be subject to the approval (not to be unreasonably withheld) of the Borrower and the Administrative Agent and (ii) (x) in the case of an Increasing Lender, the Borrower and

  
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such Increasing Lender execute an agreement substantially in the form of Exhibit C hereto, and (y) in the case of an Augmenting Lender, the Borrower and such Augmenting Lender
execute an agreement substantially in the form of Exhibit D hereto. No consent of any Lender (other than the Lenders participating in the increase or any Incremental Term Loan) shall be required for any increase in Commitments or
Incremental Term Loan pursuant to this Section 2.20. Increases and new Commitments and Incremental Term Loans created pursuant to this Section 2.20 shall become effective on the date agreed by the Borrower, the Administrative Agent and the
relevant Increasing Lenders or Augmenting Lenders, and the Administrative Agent shall notify each Lender thereof. Notwithstanding the foregoing, no increase in the Commitments (or in the Commitment of any Lender) or tranche of Incremental Term Loans
shall become effective under this paragraph unless, (i) on the proposed date of the effectiveness of such increase or Incremental Term Loans, (A) the conditions set forth in paragraphs (a) and (b) of Section 4.02 shall be
satisfied or waived by the Required Lenders and the Administrative Agent shall have received a certificate to that effect dated such date and executed by a Responsible Officer of the Borrower and (B) the Borrower shall be in compliance (on a
pro forma basis) with the covenants contained in Section 6.01 and (ii) the Administrative Agent shall have received documents consistent with those delivered on the Effective Date as to the organizational power and authority of the
Borrower to borrow hereunder after giving effect to such increase. On the effective date of any increase in the Commitments or any Incremental Term Loans being made, (i) each relevant Increasing Lender and Augmenting Lender shall make available
to the Administrative Agent such amounts in immediately available funds as are equal to its commitment (if any) for Incremental Term Loans or, in the case of an increase in the Commitments, as the Administrative Agent shall determine, for the
benefit of the other Lenders, as being required in order to cause, after giving effect to such increase and the use of such amounts to make payments to such other Lenders, each Lender’s portion of the outstanding Revolving Loans of all the
Lenders to equal its Applicable Percentage of such outstanding Revolving Loans, and (ii) except in the case of an increase in Commitments effected solely by an increase in the Commitments of Increasing Lenders in conformity with their
Applicable Percentages prior to giving effect to such increase, the Borrower shall be deemed to have repaid and reborrowed all outstanding Revolving Loans as of the date of any increase in the Commitments (with such reborrowing to consist of the
Types of Revolving Loans, with related Interest Periods if applicable, specified in a notice delivered by the Borrower, in accordance with the requirements of Section 2.03). The deemed payments made pursuant to clause (ii) of the
immediately preceding sentence shall be accompanied by payment of all accrued interest on the amount prepaid and, in respect of each Eurodollar Loan, shall be subject to indemnification (unless waived by any Lender in its sole discretion) by the
Borrower pursuant to the provisions of Section 2.16 if the deemed payment occurs other than on the last day of the related Interest Periods. The Incremental Term Loans (a) shall rank pari passu in right of payment with the Revolving
Loans, (b) shall not mature earlier than the Maturity Date (but may have amortization prior to such date) and (c) shall be treated substantially the same as (and in any event no more favorably than) the Revolving Loans (as reasonably
determined by the Borrower and the Administrative Agent) and provided that (i) the terms and conditions applicable to any tranche of Incremental Term Loans maturing after the Maturity Date may provide for material additional or different
financial or other covenants applicable only during periods after the Maturity Date and (ii) the Incremental Term Loans may be priced differently, and have different fees and prepayment requirements, than the Revolving Loans. Incremental Term
Loans may be made hereunder pursuant to an amendment or restatement (an “Incremental Term Loan Amendment”) of this Agreement and, as appropriate, the other Loan Documents, executed by the Borrower, each Increasing Lender
participating in such tranche, each Augmenting Lender participating in such tranche, if any, and the Administrative Agent. The Incremental Term Loan Amendment may, without the consent of any other Lenders, effect such amendments to this Agreement
and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent, to effect the provisions of this Section 2.20. This Section 2.20 shall supersede any provisions in Sections 2.18 or
9.02 to the contrary. Nothing contained in this Section 2.20 shall constitute, or otherwise be deemed to be, a commitment on the part of any Lender to increase its Commitment hereunder, or provide Incremental Term Loans, at any time. 

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

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

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

(c) if any LC Exposure with respect to Fronted Letters of Credit exists at the time such Lender becomes a Defaulting Lender then: 

(i) all or any part of such LC Exposure of such Defaulting Lender shall be reallocated among the non-Defaulting Lenders in accordance with
their respective Applicable Percentages but only to the extent that (A) no Default has occurred and is continuing at the time of such reallocation, (B) the sum of all non-Defaulting Lenders’ Revolving Credit Exposures plus such LC
Exposure of such Defaulting Lender’s does not exceed the total of all non-Defaulting Lenders’ Commitments and (C) each non-Defaulting Lender’s Revolving Credit Exposure does not exceed such non-Defaulting Lender’s
Commitment; 
 (ii) if the reallocation described in clause (i) above cannot, or can only partially, be effected, the Borrower shall
within one (1) Business Day following notice by the Administrative Agent Cash Collateralize the Borrower’s obligations corresponding to such LC Exposure of such Defaulting Lender (after giving effect to any partial reallocation pursuant to
clause (i) above) in accordance with the procedures set forth in Section 2.06(i) for so long as such LC Exposure is outstanding; 

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

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

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

  
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 (d) so long as such Lender is a Defaulting Lender, no Fronting Bank shall be required to issue,
amend or increase any Fronted Letter of Credit, unless it is satisfied that the related exposure and the Defaulting Lender’s then outstanding LC Exposure will be 100% covered by the Commitments of the non-Defaulting Lenders and/or Cash
Collateral will be provided by the Borrower in accordance with Section 2.21(c), and participating interests in any such newly issued or increased Letter of Credit shall be allocated among non-Defaulting Lenders in a manner consistent with
Section 2.21(c)(i) (and such Defaulting Lender shall not participate therein). 
 If (i) a Bankruptcy Event with respect to a
Lender Parent shall occur following the date hereof and for so long as such event shall continue or (ii) any Fronting Bank has a good faith belief that any Lender has defaulted in fulfilling its obligations under one or more other agreements in
which such Lender commits to extend credit, no Fronting Bank shall be required to issue, amend or increase any Letter of Credit, unless such Fronting Bank shall have entered into arrangements with the Borrower or such Lender, satisfactory to such
Fronting Bank to defease any risk to it in respect of such Lender hereunder. 
 In the event that the Administrative Agent, the Borrower and
each Fronting Bank each agrees that a Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then (i) the LC Exposure of the Lenders shall be readjusted to reflect the inclusion of such
Lender’s Commitment, (ii) on such date such Lender shall purchase at par such of the Loans of the other Lenders as the Administrative Agent shall determine may be necessary in order for such Lender to hold such Loans in accordance with its
Applicable Percentage and (iii) if the Borrower has been required to Cash Collateralize all or a portion of such Lender’s LC Exposure as a result of such Lender having been a Defaulting Lender, the amount of Cash Collateral so provided (to
the extent not previously applied by the Administrative Agent) shall be promptly returned to the Borrower. 
 SECTION 2.22 Extension
of Maturity Date. 
 (a) Request for Extension. The Borrower may, by notice to the Administrative Agent (who shall promptly
notify the Lenders) not earlier than 120 days and not later than 90 days prior to each anniversary of the date of this Agreement (each such date, an “Extension Date”), request that each Lender extend such Lender’s Maturity Date
to the date that is one year after the Maturity Date then in effect for such Lender (the “Existing Maturity Date”). 
 (b)
Lender Elections to Extend. Each Lender, acting in its sole and individual discretion, shall, by notice to the Borrower and the Administrative Agent given not later than the date that is 15 days after the date on which the Administrative
Agent received the Borrower’s extension request (the “Lender Notice Date”), advise the Borrower and the Administrative Agent whether or not such Lender agrees to such extension (each Lender that determines to so extend its
Maturity Date, an “Extending Lender”). Each Lender that determines not to so extend its Maturity Date (a “Non-Extending Lender”) shall notify the Borrower and the Administrative Agent of such fact promptly after
such determination (but in any event no later than the Lender Notice Date), and any Lender that does not so advise the Borrower and the Administrative Agent on or before the Lender Notice Date shall be deemed to be a Non-Extending Lender. The
election of any Lender to agree to such extension shall not obligate any other Lender to so agree, and it is understood and agreed that no Lender shall have any obligation whatsoever to agree to any request made by the Borrower for extension of the
Maturity Date. 
 (c) Intentionally Omitted. 

(d) Additional Commitment Lenders. The Borrower shall have the right, but shall not be obligated, on or before the applicable Maturity
Date for any Non-Extending Lender to replace such 

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

(e) Minimum Extension Requirement. If (and only if) the total of the Commitments of the Lenders that have agreed to extend their
Maturity Date and the new or increased Commitments of any Additional Commitment Lenders is more than 50% of the aggregate amount of the Commitments in effect immediately prior to the applicable Extension Date, then, effective as of the applicable
Extension Date, the Maturity Date of each Extending Lender and of each Additional Commitment Lender shall be extended to the date that is one year after the Existing Maturity Date (except that, if such date is not a Business Day, such Maturity Date
as so extended shall be the next preceding Business Day) and each Additional Commitment Lender shall thereupon become a “Lender” for all purposes of this Agreement and shall be bound by the provisions of this Agreement as a Lender
hereunder and shall have the obligations of a Lender hereunder. 
 (f) Conditions to Effectiveness of Extension. Notwithstanding the
foregoing, (x) no more than one (1) extension of the Maturity Date shall be permitted hereunder and (y) any extension of any Maturity Date pursuant to this Section 2.22 shall not be effective with respect to any Extending Lender
unless: 
 (i) no Default or Event of Default shall have occurred and be continuing on the applicable Extension Date and
immediately after giving effect thereto; 
 (ii) the representations and warranties of the Borrower set forth in this
Agreement are true and correct in all material respects (or, in the case of any representation or warranty qualified by materiality or Material Adverse Effect, in all respects) on and as of the applicable Extension Date and after giving effect
thereto, as though made on and as of such date (or, if any such representation or warranty is expressly stated to have been made as of a specific date, as of such specific date); 

(iii) the Administrative Agent shall have received a certificate from the Borrower signed by a Responsible Officer of the
Borrower certifying the accuracy of the foregoing clauses (i) and (ii); and 
 (iv) if there is a non-ratable increase
in the Commitments, each outstanding Several Letter of Credit shall have been amended giving effect to the reallocation of the Commitments or, if required, returned by each respective beneficiary to the Administrative Agent and cancelled and/or
exchanged for a new or amended Several Letter of Credit giving effect to the reallocated Commitments. 

  
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 (g) Maturity Date for Non-Extending Lenders. On the Maturity Date of each Non-Extending
Lender, (i) the Commitment of each Non-Extending Lender shall automatically terminate and (ii) the Borrower shall repay such Non-Extending Lender in accordance with Section 2.10 (and shall pay to such Non-Extending Lender all of the
other Obligations owing to it under this Agreement) and after giving effect thereto shall prepay any Revolving Loans outstanding on such date (and pay any additional amounts required pursuant to Section 2.16) to the extent necessary to keep
outstanding Revolving Loans ratable with any revised Applicable Percentages of the respective Lenders effective as of such date, and the Administrative Agent shall administer any necessary reallocation of the Revolving Credit Exposures (without
regard to any minimum borrowing, pro rata borrowing and/or pro rata payment requirements contained elsewhere in this Agreement). On the Maturity Date, the participations in outstanding Fronted Letters of Credit shall be automatically adjusted to
give effect to the revised Applicable Percentages of the respective Lenders. 
 (h) Conflicting Provisions. This Section shall
supersede any provisions in Section 2.18 or Section 9.02 to the contrary. 
 ARTICLE III 

Representations and Warranties 

SECTION 3.01 Representations and Warranties. The Borrower represents and warrants to the Lenders that: 

(a) (i) the Borrower has heretofore furnished to each of the Lenders (including by furnishing the Form 10-K of the Borrower filed with the
SEC) its audited Consolidated balance sheet and Consolidated statements of income and cash flows as at and for the fiscal year ended December 31, 2012, and such financial statements fairly present, in all material respects, the Consolidated
financial condition and results of operations of the Borrower and its Subsidiaries as at the date thereof and for such fiscal year, all in accordance with GAAP; 

(ii) the Borrower has heretofore furnished (including by furnishing the Form 10-Q of the Borrower filed with the SEC) to each
of the Lenders its unaudited Consolidated balance sheet and Consolidated statements of income and cash flows as at and for the nine-month period ended September 30, 2013, and such financial statements fairly present, in all material respects,
the Consolidated financial position and results of operations of the Borrower and its Subsidiaries as at the date thereof and for such nine-month period, all in accordance with GAAP (subject to normal year end audit adjustments and the absence of
footnotes); 
 (iii) the Borrower has heretofore furnished to each of the Lenders the annual Statutory Statement of each
Material Insurance Subsidiary and an equivalent financial statement for each Lloyd’s syndicate in which a Subsidiary of the Borrower has a membership interest, in each case for the fiscal year ended December 31, 2012, as filed with the
applicable Insurance Regulatory Authority, and each such annual Statutory Statement (or, with respect to any Lloyd’s syndicate in which a Subsidiary of the Borrower has membership interest, such equivalent financial statement filing) presents
fairly, in all material respects, the financial position and the results of operations of such Material Insurance Subsidiary or Lloyd’s syndicate, as applicable, as at and for the fiscal year ended December 31, 2012, in accordance with
SAP; and 
 (iv) since December 31, 2012, there has been no Material Adverse Change. 

  
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 (b) There is no action, proceeding or investigation pending, or to the knowledge of the Borrower,
overtly threatened in writing against the Borrower or any of its Subsidiaries before any court, governmental agency or arbitrator which (i) is reasonably likely to have a Material Adverse Effect or (ii) purports to affect this Agreement or
the Transactions. 
 (c) The Borrower and each of its Subsidiaries (i) is duly organized, validly existing and (to the extent
applicable in respect of the relevant jurisdiction) in good standing under the laws of its jurisdiction of organization, (ii) is duly qualified and (to the extent applicable in respect of the relevant jurisdiction) in good standing as a foreign
corporation in each other jurisdiction in which it owns or leases Property or in which the conduct of its business requires it to so qualify or be licensed and where, in each case, failure so to qualify and be in good standing would reasonably be
expected to have a Material Adverse Effect and (iii) has all requisite corporate power and authority to own or lease and operate its Properties and to carry on its business as now conducted and as proposed to be conducted except as could not
reasonably be expected to have a Material Adverse Effect. 
 (d) The Borrower and each of its Subsidiaries is in compliance with all
federal, state and local laws and regulations (including, without limitation, all applicable environmental laws and ERISA) applicable to the Borrower, its Subsidiaries and their respective Properties, except to the extent failure to so comply would
not (either individually or in the aggregate) reasonably be expected to have a Material Adverse Effect. 
 (e) All material consents,
licenses, permits and governmental and third-party consents and approvals required for the due making and performance by the Borrower of this Agreement and the other Loan Documents to which it is a party have been obtained and remain in full force
and effect. 
 (f) This Agreement is, and each of the other Loan Documents to which it is a party when duly executed and delivered will be,
a legal, valid and binding obligation of the Borrower, enforceable against the Borrower in accordance with its terms except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws affecting
enforcement of creditors’ rights generally or general principles of equity. 
 (g) The making and performance by the Borrower of this
Agreement and the other Loan Documents to which it is a party are within the Borrower’s corporate powers, have been duly authorized by all necessary corporate action, and (i) do not contravene the Borrower’s certificate of
incorporation or by-laws or (ii) contravene, violate or breach any material contractual restriction binding on the Borrower or its Subsidiaries or any material law, rule or regulation (including Regulations T, U or X), or any material order,
writ, judgment, injunction, decree, determination or award, except for any such contravention, violation or breach referred to in clause (ii) which could not reasonably be expected to have a Material Adverse Effect. 

(h) Each of the Borrower and its Subsidiaries has good and marketable title to, valid leasehold interests in, or valid licenses to use, all
Properties material to its business, and all such Properties are in good working order and condition, ordinary wear and tear excepted, in each case except as would not reasonably be expected to have a Material Adverse Effect. 

(i) The Borrower and each of its Subsidiaries have paid and discharged all Taxes, assessments, claims and governmental charges or levies
imposed upon it or upon its Property, except (i) any such Tax, assessment, claim or charge that is being contested in good faith and by proper proceedings and as to which appropriate reserves are being maintained in accordance with
Section 5.02 or (ii) to the extent that any failure to do so could not reasonably be expected to have a Material Adverse Effect. 

  
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 (j) The Borrower is not engaged principally, or as one of its important activities, in the
business of extending credit for the purpose of buying or carrying Margin Stock, and no proceeds of any Loan or Letter of Credit will be used, whether directly or indirectly for any purpose, that entails violation of Regulations T, U or X. At the
time of each Borrowing or issuance of a Letter of Credit (other than the automatic renewal of a Letter of Credit in accordance with its terms) and after giving effect thereto, not more than 25 percent of the value of the assets (either of the
Borrower or of the Borrower and its Subsidiaries on a Consolidated basis) that are subject to the restrictions in Section 6.03 and Section 6.05 consist of Margin Stock. 

(k) No ERISA Event has occurred or is reasonably expected to occur with respect to any Plan that, when taken together with all other such
ERISA Events for which liability is reasonably expected to occur, has resulted or would reasonably be expected to result in a liability to the Borrower or its ERISA Affiliates in excess of $10,000,000. 

(l) The Borrower is not an “investment company” as defined in the Investment Company Act of 1940, as amended. 

(m) As of the date hereof, (i) Schedule 3.01 hereto is a complete list of the Subsidiaries of the Borrower, (ii) each such
Subsidiary is duly organized and validly existing under the jurisdiction of its organization shown in said Schedule 3.01, and (iii) the percentage ownership by the Borrower of each such Subsidiary is as shown in said Schedule
3.01. 
 (n) The Borrower will use the proceeds of the Loans and the Letters of Credit only for the general corporate purposes of the
Borrower and its Subsidiaries in the ordinary course of business (in compliance in all material respects with all applicable legal and regulatory requirements, including Anti-Corruption Laws and applicable Sanctions); provided that neither
the Administrative Agent nor any Lender shall have any responsibility as to the use of any such proceeds. 
 (o) (i) The Borrower is, and
immediately after giving effect to the making of each Borrowing and each issuance, amendment, renewal or extension of a Letter of Credit and the use of proceeds thereof, will be, Solvent and (ii) the Borrower and its Subsidiaries, on a
consolidated basis and immediately after giving effect to the making of each Borrowing and each issuance, amendment, renewal or extension of a Letter of Credit hereunder and the use of proceeds thereof, will be, Solvent. 

(p) All written information (other than information of a general economic or industry specific nature) that has been made available by the
Borrower or any of its representatives to the Administrative Agent or any Lender in connection with the negotiation of this Agreement (including, for the avoidance of doubt, any such information in any Information Memorandum or related materials
provided in connection with the syndication of the Commitments), when taken as a whole, on or as of the dates on which such information was made available, did not contain any untrue statement of a material fact or omit to state a fact necessary to
make the statements contained therein not misleading in light of the time and circumstances under which such statements were made (after giving effect to all supplements and updates thereto). 

(q) The Borrower has implemented and maintains in effect policies and procedures designed to ensure compliance in all material respects by the
Borrower, its Subsidiaries and, when acting on its or their behalf, their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions, and the Borrower, its Subsidiaries and their respective officers and
employees 

  
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and, to the knowledge of the Borrower, its directors, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. None of (a) the Borrower, any Subsidiary
or to the knowledge of the Borrower or such Subsidiary any of their respective directors, officers or employees, or (b) to the knowledge of the Borrower, any agent of the Borrower or any Subsidiary that will act on behalf of the Borrower or any
Subsidiary in connection with or benefit from the credit facility established hereby, is a Sanctioned Person. No Borrowing or Letter of Credit, use of proceeds or other Transactions will violate, in any material respect, Anti-Corruption Laws or
applicable Sanctions. 
 ARTICLE IV 

Conditions 

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

(a) The Administrative Agent (or its counsel) shall have received (i) from each party hereto either (A) a counterpart of this
Agreement signed on behalf of such party or (B) written evidence reasonably satisfactory to the Administrative Agent (which may include telecopy or electronic transmission of a signed signature page of this Agreement) that such party has signed
a counterpart of this Agreement and (ii) duly executed copies of the Loan Documents and such other certificates, documents, instruments and agreements as the Administrative Agent shall reasonably request in connection with the Transactions, all
in form and substance reasonably satisfactory to the Administrative Agent and its counsel and as further described in the list of closing documents attached as Exhibit E. 

(b) The Administrative Agent shall have received a favorable written opinion (addressed to the Administrative Agent and the Lenders and dated
the Effective Date) of Ropes & Gray LLP, counsel for the Borrower, substantially in the form of Exhibit B, and covering such other matters relating to the Borrower, the Loan Documents or the Transactions as the Administrative Agent
shall reasonably request. The Borrower hereby requests such counsel to deliver such opinion. 
 (c) The Administrative Agent shall have
received such documents and certificates as the Administrative Agent or its counsel may reasonably request relating to the organization, existence and good standing of the Borrower, the authorization of the Transactions and any other legal matters
relating to the Borrower, the Loan Documents or the Transactions, all in form and substance reasonably satisfactory to the Administrative Agent and its counsel and as further described in the list of closing documents attached as Exhibit E.

 (d) The Administrative Agent shall have received a certificate, dated the Effective Date and signed by a Responsible Officer of the
Borrower, confirming compliance with the conditions set forth in paragraphs (a) and (b) of Section 4.02. 
 (e) The
Administrative Agent shall have received evidence reasonably satisfactory to it that the commitments under the Existing Credit Agreement shall have been terminated and cancelled and all indebtedness and accrued interest and fees thereunder shall
have been fully repaid (except to the extent being so repaid with the initial Revolving Loans). 
 (f) The Administrative Agent shall have
received all fees and other amounts due and payable to the Administrative Agent and the Lenders on or prior to the Effective Date, including, to the extent invoiced one (1) Business Day prior to the Effective Date, reimbursement or payment of
all out-of-pocket expenses required to be reimbursed or paid by the Borrower hereunder. 

  
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 The Administrative Agent shall notify the Borrower and the Lenders of the Effective Date, and such notice shall
be conclusive and binding. 
 SECTION 4.02 Each Credit Event. The obligation of each Lender to make a Loan on the occasion of
any Borrowing, and of any LC Issuer to issue, amend, renew or extend any Letter of Credit, is subject to the satisfaction of the following conditions: 

(a) The representations and warranties of the Borrower set forth in this Agreement shall be true and correct in all material respects (or, in
the case of any representation or warranty qualified by materiality or Material Adverse Effect, in all respects) on and as of the date of such Borrowing or the date of issuance, amendment, renewal or extension of such Letter of Credit, as applicable
(or, if any such representation or warranty is expressly stated to have been made as of a specific date, as of such specific date). 
 (b)
At the time of and immediately after giving effect to such Borrowing or the issuance, amendment, renewal or extension of such Letter of Credit, as applicable, no Default or Event of Default shall have occurred and be continuing. 

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

Affirmative Covenants 

Until the Commitments have expired or been terminated and the principal of and interest on each Loan and all fees payable hereunder shall have
been paid in full and all Letters of Credit shall have expired or terminated or, in the case of Fronted Letters of Credit, have been cash collateralized or backstopped in a manner reasonably satisfactory to the applicable Fronting Banks and the
Administrative Agent, in each case, without any pending draw, and all LC Disbursements shall have been reimbursed, the Borrower covenants and agrees with the Lenders that: 

SECTION 5.01 Reporting Requirements. The Borrower will furnish to the Administrative Agent for distribution to each Lender: 

(a) as soon as available and in any event within 60 days after the end of each of the first three quarters of each fiscal year of the
Borrower, the Consolidated balance sheet of the Borrower and its Subsidiaries as of the last day of such quarter and the related Consolidated statements of income and cash flows for such quarter, in each case setting forth in comparative form the
corresponding figures from the corresponding quarter in the previous fiscal year, all prepared in conformity with GAAP and accompanied by a certificate of a senior financial officer of the Borrower, which certificate shall state that such financial
statements present fairly, in all material respects, the Consolidated financial position of the Borrower and its Subsidiaries as of the date thereof and the Consolidated results of their operations for the period covered thereby in conformity with
GAAP, consistently applied (subject to normal year-end audit adjustments and the absence of footnotes); 
 (b) as soon as available and in
any event within 90 days after the end of each fiscal year of the Borrower, the Consolidated balance sheet of the Borrower and its Subsidiaries as of the last day of such fiscal year and the related Consolidated statements of income and cash flows
for such fiscal year, setting forth in comparative form the corresponding figures from the previous fiscal year, all 

  
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prepared in conformity with GAAP and accompanied by an unqualified report and opinion of independent certified public accountants of national standing and reputation, which shall state that such
financial statements, in the opinion of such accountants, present fairly, in all material respects, the Consolidated financial position of the Borrower and its Subsidiaries as of the date thereof and the Consolidated results of their operations for
such year in conformity with GAAP, consistently applied; 
 (c) as soon as possible and in any event within five Business Days after the
Borrower obtains knowledge of the occurrence of any Event of Default or Default continuing on the date of such statement, a statement of a Responsible Officer setting forth details of such Event of Default or Default and the action which the
Borrower has taken and proposes to take with respect thereto; 
 (d) within a reasonable time after filing thereof, copies of all
registration statements (without exhibits) and all annual, quarterly and monthly reports (if any) filed by the Borrower with the SEC and promptly upon the mailing thereof to the shareholders of the Borrower generally, copies of all financial
statements, reports and proxy statements so mailed; 
 (e) promptly after the Borrower or any ERISA Affiliate knows or should reasonably
know that any ERISA Event has occurred with respect to which the liability or potential liability of the Borrower or any of its ERISA Affiliates has had or would reasonably be expected to have a Material Adverse Effect, a statement of a Responsible
Officer describing such ERISA Event and the action, if any, which the Borrower or such ERISA Affiliate proposes to take with respect thereto; 

(f) promptly after receipt thereof by the Borrower or any ERISA Affiliate, copies of each notice from the PBGC stating its intention to
terminate any Plan or to have a trustee appointed to administer any Plan where such action would have a Material Adverse Effect; 
 (g)
promptly after filing with the applicable Insurance Regulatory Authority and in any event within 60 days after the end of each of the first three quarterly fiscal periods of each fiscal year of each Material Insurance Subsidiary and each
Lloyd’s syndicate in which a Subsidiary of the Borrower has a membership interest, the quarterly Statutory Statement of such Material Insurance Subsidiary for such quarterly fiscal period (or, with respect to each Lloyd’s syndicate in
which the Borrower has a membership interest, an equivalent financial statement of such Lloyd’s syndicate for such quarterly fiscal period); 

(h) promptly after filing with the applicable Insurance Regulatory Authority and in any event within 90 days after the end of each fiscal year
of each Material Insurance Subsidiary and each Lloyd’s syndicate in which a Subsidiary of the Borrower has a membership interest, the annual Statutory Statement of such Material Insurance Subsidiary, including, without limitation,
management’s discussion and analysis for such year (or, with respect to any Lloyd’s syndicate in which the Borrower has a membership interest, an equivalent financial statement of such Lloyd’s syndicate for such year); 

(i) promptly upon the occurrence of any change in Moody’s rating of the Index Debt or S&P’s rating of the Index Debt, or any
change in the A.M. Best Financial Strength Rating with respect to any Insurance Subsidiary, notice thereof (for the avoidance of doubt, a change in outlook shall not constitute a change in rating); 

(j) promptly upon the commencement of, or any material adverse development in, any litigation, investigation or proceeding against the
Borrower or any of its Subsidiaries that could reasonably be expected to have a Material Adverse Effect, notice thereof with a description thereof in reasonable detail; and 

(k) promptly after request therefor, such other business and financial information respecting the condition or operations, financial or
otherwise, of the Borrower or any of its Material Insurance Subsidiaries as the Administrative Agent or any Lender may from time to time reasonably request. 

  
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 Notwithstanding the foregoing, the obligations in clauses (a), (b) and (d) of this Section 5.01
shall be deemed satisfied with respect to financial information of the Borrower and its Subsidiaries by the furnishing the Form 10-K or 10-Q or any other document of the Borrower filed with the SEC, as applicable, on the date (i) on which the
Borrower posts such documents, or provides a link thereto on the Borrower’s website on the Internet at the website address provided to the Lenders; or (ii) on which such documents are posted on the Borrower’s behalf on an Internet or
intranet website, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent); provided that (A) the Borrower shall deliver paper
copies of such documents to the Administrative Agent or any Lender that requests in writing (including by electronic mail) the Borrower to deliver such paper copies and (B) the Borrower shall notify the Administrative Agent (by telecopier or
electronic mail) of the posting of any such documents satisfying the obligations in clauses (a), (b) and (d) of this Section 5.01. 
 The
Borrower will furnish to the Lenders at the time it furnishes its financial statements pursuant to paragraphs (a) and (b) above, a certificate of a Responsible Officer, in the form of Exhibit F, setting forth reasonably detailed
calculations demonstrating that the Borrower is in compliance with the covenants in Section 6.01. The Borrower and each Lender acknowledge that certain of the Lenders may be Public Lenders and, if documents or notices required to be delivered
pursuant to this Section 5.01 or otherwise are being distributed on an Electronic System pursuant to Section 9.01(d), any document or notice that the Borrower has indicated contains Non-Public Information shall not be posted on that
portion of the Electronic System designated for such Public Lenders. The Borrower agrees to clearly designate all information provided to the Administrative Agent by or on behalf the Borrower which is suitable to make available to Public Lenders. If
the Borrower has not indicated whether a document or notice delivered pursuant to this Section 5.01 contains Non-Public Information, the Administrative Agent reserves the right to post such document or notice solely on that portion of the
Electronic System designated for Lenders who wish to receive material nonpublic information with respect to the Borrower, its Subsidiaries and their securities. 

SECTION 5.02 Payment of Taxes, Etc. The Borrower will pay and discharge, and cause each of its Subsidiaries to pay and discharge,
before the same shall become delinquent, all Taxes, assessments, claims and governmental charges or levies imposed upon it or upon its Property, except to the extent that any failure to do so would not reasonably be expected to have a Material
Adverse Effect; provided that neither the Borrower nor any of its Subsidiaries shall be required to pay or discharge any such Tax, assessment, claim or charge that is being contested in good faith and by proper proceedings and as to which
appropriate reserves are being maintained. 
 SECTION 5.03 Corporate Existence, Compliance with Laws, Etc. The Borrower will,
and will cause each of its Material Subsidiaries to, (a) preserve and maintain all of its material rights, privileges, licenses and franchises, including all tradenames, patents and other intellectual property necessary for its business, except
to the extent the failure to preserve and maintain the same would not reasonably be expected to have a Material Adverse Effect, and (b) preserve and maintain its legal existence, provided that nothing in this sentence shall prohibit any
transaction not otherwise prohibited under Section 6.04. The Borrower will comply, and will cause each of its Subsidiaries to comply, with all applicable laws, statutes, rules, regulations and orders, including, without limitation, ERISA, the
Patriot Act, Anti-Corruption Laws and applicable Sanctions and all applicable environmental laws, except for any non-compliance which would not (either individually or in the aggregate) reasonably be expected to

  
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have a Material Adverse Effect. The Borrower will maintain in effect and enforce policies and procedures designed to ensure compliance in all material respects by the Borrower, its Subsidiaries
and, when acting on its or their behalf, their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions. 

SECTION 5.04 Maintenance of Properties, Etc. The Borrower will maintain and preserve, and will cause each of its Subsidiaries to
maintain and preserve, all of its Properties that are used or useful in the conduct of its business in good working order and condition, ordinary wear and tear excepted, except where failure to do so would not reasonably be expected to have a
Material Adverse Effect. The Borrower will maintain, and cause each of its Subsidiaries to maintain, appropriate and adequate insurance with responsible and reputable insurance companies or associations or with self-insurance programs to the extent
consistent with prudent practices of the Borrower and its Subsidiaries or otherwise customary in their respective industries in such amounts and covering such risks as is customary in the industries in which the Borrower or such Subsidiary operates.

 SECTION 5.05 Keeping of Books. The Borrower will, and will cause each of its Subsidiaries to, keep proper books of record and
account as are necessary to prepare Consolidated financial statements in accordance with GAAP, UKGAAP or SAP, as applicable, in which full and correct entries in all material respects shall be made of all financial transactions and the assets and
business of the Borrower and each such Subsidiary in accordance with GAAP, UKGAAP or SAP, as applicable. 
 SECTION 5.06 Visitation
Rights. The Borrower will, at any reasonable time during normal business hours and upon reasonable prior notice and from time to time, permit the Administrative Agent or any of the Lenders or any agents or representatives thereof (in each case
at their own expense (except as described below) and subject to Section 9.12 hereof) to examine and make copies of and abstracts from the records and books of account of, and visit the Properties of, the Borrower and any of its Subsidiaries,
and to discuss the affairs, finances and accounts of the Borrower and any of its Subsidiaries with any of their officers or directors; provided that, excluding any such examination or visit during the continuance of an Event of Default, the
Administrative Agent and the Lenders shall not, collectively, exercise such rights more than once during any calendar year. In addition, subject to customary access agreements, at any time when an Event of Default has occurred and is continuing, the
Borrower will, and will cause its Subsidiaries to, permit the Administrative Agent or any of the Lenders or any agents or representatives thereof to discuss the affairs, finances and accounts of the Borrower and its Subsidiaries with their
independent certified public accountants, and the Borrower will be responsible for the reasonable costs and expenses of the Administrative Agent and the Lenders and the agents and representatives thereof incurred in connection with this
Section 5.06. 
 SECTION 5.07 Use of Proceeds. The Borrower will use the proceeds of the Loans and Letters of Credit only
for the general corporate purposes of the Borrower and its Subsidiaries in the ordinary course of business (in compliance in all material respects with all applicable legal and regulatory requirements, including Anti-Corruption Laws and applicable
Sanctions); provided that (i) no such use of the proceeds will be, directly or indirectly, for the purpose, whether immediate, incidental or ultimate, of buying or carrying any Margin Stock in violation of Regulations T, U or X and
(ii) neither the Administrative Agent nor any Lender shall have any responsibility as to the use of any such proceeds. 

  
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 ARTICLE VI 

Negative Covenants 
 Until
the Commitments have expired or terminated and the principal of and interest on each Loan and all fees payable hereunder have been paid in full and all Letters of Credit have expired or terminated or, in the case of Fronted Letters of Credit, have
been cash collateralized or backstopped in a manner reasonably satisfactory to the applicable Fronting Banks and the Administrative Agent, in each case, without any pending draw, and all LC Disbursements shall have been reimbursed, the Borrower
covenants and agrees with the Lenders that: 
 SECTION 6.01 Financial Covenants. 

(a) Minimum Net Worth. The Borrower will not permit Net Worth as of the last day of any fiscal quarter of the Borrower to be less than
the sum of (i) $1,696,800,000 plus (ii) an amount equal to 50% of the Borrower’s Consolidated net income (if positive) for such fiscal quarter and for each prior fiscal quarter of the Borrower ending after the Effective Date
plus (iii) an amount equal to 50% of the aggregate Net Equity Proceeds of any Equity Issuances made after the Effective Date. 

(b) RBC Ratio. The Borrower will not permit the RBC Ratio of either HIC or CIC as of the last day of any fiscal quarter of the Borrower
to be less than 175%. 
 (c) Leverage Ratio. The Borrower will not permit the Leverage Ratio as of the last day of any fiscal quarter
of the Borrower to be greater than 35%. 
 SECTION 6.02 Financial Debt. The Borrower will not, and will not permit any
Subsidiary to, create, incur, assume or permit to exist any Financial Debt, except: 
 (a) Financial Debt created hereunder; 

(b) Financial Debt and commitments to provide Financial Debt existing on the date hereof and set forth on Schedule 6.02; 

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

(d) Financial Debt incurred by Securitization Subsidiaries pursuant to Securitization Transactions; 

(e) Financial Debt in respect of capitalized lease obligations, synthetic lease obligations or secured by purchase money security interests,
provided that the aggregate principal amount of Financial Debt permitted by this clause (e) shall not exceed $100,000,000 at any time outstanding; 

(f) Guaranties by the Borrower of Financial Debt incurred by its Subsidiaries otherwise permitted under this Section 6.02; 

(g) Financial Debt in respect of Hybrid Securities, Disqualified Equity Interests and Preferred Securities issued by the Borrower or any trust
or other special purpose entity formed by the Borrower as to which no Subsidiary (other than any such trust or other special purpose entity) of the Borrower has any obligation; 

(h) Financial Debt in respect of subordinated securities of the Borrower so long as (i) the obligations of the Borrower thereunder are
unsecured and fully subordinated as to payment and performance in all respects to all of the Obligations of the Borrower under this Agreement, (ii) no Subsidiary of the Borrower has any obligations thereunder and (iii) such subordinated
securities do not 

  
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have any required amortization, maturity, mandatory put, redemption, repayment, or other similar provision or requirement, or any cash interest thereon, and in any event is not payable, falling
due or capable of falling due, prior to at least 91 days after the Maturity Date, provided that the Borrower shall be permitted to make cash interest payments pursuant to the terms of such other subordinated securities so long as (A) no
payment Default or Event of Default has occurred and is continuing and (B) the interest rate in respect thereof shall be based on prevailing market rates at the time of issuance of such other subordinated securities; 

(i) Financial Debt in respect of borrowings from a Federal Home Loan Bank in the ordinary course of business and on ordinary business terms
pursuant to a membership in such Federal Home Loan Bank; 
 (j) [Reserved]; 

(k) Financial Debt assumed in connection with any Acquisition, provided that such Financial Debt is not incurred in contemplation of
such Acquisition and no other Subsidiary (other than the Subsidiary being acquired, if applicable) has any liability or obligations in respect of such Financial Debt; 

(l) Financial Debt incurred by the Borrower in addition to the foregoing; 

(m) Financial Debt incurred by the Subsidiaries of the Borrower, provided that the aggregate principal amount of Financial Debt
permitted by this clause shall not exceed $75,000,000 at any time outstanding; 
 (n) Financial Debt in respect of letters of credit issued
for the benefit of Insurance Regulatory Authorities and letters of credit issued in support of funds at the Society and Corporation of Lloyd’s requirements (including any such Financial Debt set forth on Schedule 6.02); and 

(o) Any extension, renewal or replacement of any of the foregoing Financial Debt that (i) does not include Financial Debt of an obligor
that was not an obligor with respect to the Financial Debt being extended, renewed or replaced, (ii) does not increase the outstanding principal amount of the Financial Debt being extended, renewed or replaced except by an amount equal to
unpaid accrued interest thereon, prepayment premiums not exceeding 5% of the outstanding principal amount of such Financial Debt, and fees and expenses incurred in connection with such extension, renewal or replacement, and by an amount equal to any
existing commitments unutilized thereunder and (iii) in the case of Financial Debt that is subordinated in right of payment to the Obligations, is subordinated to at least the same extent as, and has a maturity not earlier than, and weighted
average life to maturity not shorter than, the Financial Debt being renewed or replaced. 
 For purposes of determining compliance with this
Section 6.02, the Borrower will be entitled to divide an item of Financial Debt that meets the criteria of one of the categories of Financial Debt described in clauses (a) through (o) above between such applicable clause and any other
applicable clause. 
 SECTION 6.03 Liens. The Borrower will not, nor will it permit any of its Subsidiaries to, create, incur,
assume or suffer to exist any Lien upon any of its Property, whether now owned or hereafter acquired, except Permitted Liens. 

SECTION 6.04 Mergers, Etc.. The Borrower will not, and will not permit any of its Material Subsidiaries to, merge or consolidate
with or into, or convey, transfer, lease or otherwise dispose of, whether in one transaction or in a series of transactions, all or substantially all of the Property (whether 

  
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now owned or hereafter acquired) of the Borrower or such Material Subsidiary to, any Person, or liquidate or dissolve, except that, if at the time thereof and immediately after giving effect
thereto no Default shall have occurred and be continuing, (a) any Material Subsidiary may merge into (i) the Borrower in a transaction in which the Borrower is the surviving corporation or (ii) any other Subsidiary, (b) any
Material Subsidiary may sell, transfer, lease or otherwise dispose of its assets to the Borrower or to another Subsidiary, (c) any Material Subsidiary may liquidate or dissolve if the Borrower determines in good faith that such liquidation or
dissolution is in the best interests of the Borrower and is not materially disadvantageous to the Lenders, (d) any Subsidiary may merge into the Borrower in a transaction in which the Borrower is the surviving corporation and (e) the
Borrower and any Material Subsidiary may engage in a disposition permitted by Section 6.05. 
 SECTION 6.05 Disposition of
Assets. The Borrower will not, and will not permit any of its Material Subsidiaries to, sell, lease, transfer or otherwise dispose of any substantial part of its Property, except (a) sales of inventory and investments in the ordinary course
of its business, (b) sales of assets which are not material to the operation of the Borrower or such Material Subsidiaries or are no longer used or useful in connection with the operation of the Borrower or such Material Subsidiaries,
(c) transfers of Property by the Borrower or any Material Subsidiary to the Borrower or any other Subsidiary, (d) dispositions pursuant to Securitization Transactions, (e) dispositions in connection with the CitySquare Project,
(f) dispositions for fair market value of assets acquired after the Effective Date in connection with Acquisitions, to the extent that, at the time that the relevant Acquisition was consummated, the Borrower or such Material Subsidiary planned
to sell, lease, transfer or otherwise dispose of such assets and (g) other dispositions, the net cash proceeds of which, when aggregated with the net cash proceeds of any other such dispositions consummated after the Effective Date pursuant to
this clause (g), shall not exceed in the aggregate 5% of the total assets of the Borrower and its Subsidiaries (determined on a Consolidated basis as of the end of the most recent fiscal quarter for which financial statements are available). 

SECTION 6.06 Transactions with Affiliates. The Borrower will not, and will not permit any of its Subsidiaries to, sell, lease or
otherwise transfer any Property to, or purchase, lease or otherwise acquire any assets from, or otherwise engage in any transactions with, any of its Affiliates, except (a) at prices and on terms and conditions not less favorable to the
Borrower or such Subsidiary than could be obtained on an arm’s-length basis from unrelated third parties and (b) transactions between or among the Borrower and its Subsidiaries not involving any other Affiliate. 

SECTION 6.07 Line of Business. The Borrower will not, and will not permit any of its Material Subsidiaries to, make any material
change in the nature or conduct of the business of the Borrower or such Material Subsidiary as conducted on the date hereof. 

SECTION 6.08 Anti-Dividend-Block. Except to the extent required by applicable law, statute, rule, regulation, order or agreement
with regulators, the Borrower will not permit any of its Subsidiaries to agree to or have in effect any contractual restriction on the payment of dividends or the making of other distributions to the Borrower (each, a “Burdensome
Agreement”) other than: 
 (a) Burdensome Agreements (i) in existence on the date hereof (to the extent not otherwise
permitted by this Section 6.08) that are listed on Schedule 6.08 hereto and (ii) to the extent Burdensome Agreements permitted by clause (i) are contained in an agreement evidencing Financial Debt, any agreement evidencing any
permitted modification, replacement, renewal, extension or refinancing of such Financial Debt so long as such modification, replacement, renewal, extension or refinancing does not expand the scope of such Burdensome Agreement or include any other
Subsidiaries as parties thereto; 

  
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 (b) Burdensome Agreements that are binding on a Subsidiary of the Borrower at the time such
Person first becomes a Subsidiary of the Borrower, so long as such Burdensome Agreements were not entered into in contemplation of such Person becoming a Subsidiary of the Borrower; 

(c) Burdensome Agreements that are customary restrictions on leases, subleases, licenses or asset sale agreements otherwise permitted hereby
so long as such restrictions relate to the assets subject thereto; 
 (d) Burdensome Agreements that are customary provisions restricting
subletting or assignment of any lease governing a leasehold interest of any Subsidiary of the Borrower; 
 (e) Burdensome Agreements that
are customary provisions restricting assignment of any agreement entered into in the ordinary course of business; 
 (f) Burdensome
Agreements that are restrictions on cash or other deposits imposed by customers under contracts entered into in the ordinary course of business; 

(g) Burdensome Agreements to the extent set forth in an agreement evidencing Financial Debt of the Borrower permitted under Section 6.02;
and 
 (h) Burdensome Agreements entered into by a Securitization Subsidiary in respect of assets financed by such Securitization
Subsidiary, or Burdensome Agreements restricting a Securitization Subsidiary in connection with the incurrence of Financial Debt by such Securitization Subsidiary, in each case pursuant to a Securitization Transaction. 

SECTION 6.09 Restricted Payments. At any time after the occurrence and during the continuance of any Event of Default under
Section 7.01(a), Section 7.01(c) (only if such Event of Default arises due to the Borrower’s failure to perform or observe any term, covenant or agreement contained in Section 5.01(a), Section 5.01(b) or Section 6.01),
Section 7.01(d), Section 7.01(e), Section 7.01(f), or Section 7.01(j) , the Borrower shall not, directly or indirectly declare or make, or agree to make, directly or indirectly, any Restricted Payment other than Restricted
Payments for the repurchase, retirement or other acquisition or retirement for value of Equity Interests of the Borrower by any future, present or former employee, director, officer, manager or consultant (or any Immediate Family Member thereof) of
the Borrower or any of its Subsidiaries upon the death, disability, retirement or termination of employment of any such Person or otherwise pursuant to any employee or director equity plan, employee or director stock option plan or any other
employee or director benefit plan or any agreement (including any stock subscription or shareholder agreement) with any future, present or former employee, director, officer, manager or consultant of the Borrower or any of its Subsidiaries
(including, for the avoidance of doubt, any principal and interest payable on any notes issued by the Borrower (or of any direct or indirect parent of the Borrower) in connection with any such repurchase, retirement or other acquisition or
retirement). Notwithstanding the foregoing, the restrictions contained in this Section 6.09 shall not prohibit the Borrower from directly or indirectly declaring or making, or agreeing to make, directly or indirectly, any Restricted Payment at
any time (i) there are no Loans outstanding under this Agreement and (ii) the Borrower has delivered to the Administrative Agent (and the Administrative Agent is in possession of) Cash Collateral in an amount equal to 103% of the aggregate
Stated Amount of all Letters of Credit outstanding hereunder as contemplated by Section 2.06(i). 

  
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 ARTICLE VII 

Events of Default 

SECTION 7.01 Events of Default. Any of the following events shall be an “Event of Default” hereunder: 

(a) The Borrower shall fail to pay any principal of any Loan or reimburse any LC Disbursement when the same becomes due and payable; or the
Borrower shall fail to pay any interest on any Loan or in respect of any LC Disbursement, any fees pursuant to Section 2.12, or any other fee or Obligation payable hereunder or under any other Loan Document when due and such failure remains
unremedied for three Business Days; 
 (b) Any representation or warranty made by the Borrower herein or in connection with this Agreement
shall prove to have been incorrect in any material respect when made or deemed made; 
 (c) (i) The Borrower shall fail to perform or
observe any term, covenant or agreement contained in Section 5.01(c), 5.03(b), 5.07, or Article VI; or (ii) the Borrower shall fail to perform or observe any other term, covenant or agreement contained in this Agreement or in any
other Loan Document on its part to be performed or observed, and such failure remains unremedied for 30 days after notice thereof shall have been given to the Borrower by the Administrative Agent; 

(d) The Borrower or any of its Subsidiaries (other than a Securitization Subsidiary solely in the event the applicable Debt of such
Securitization Subsidiary does not provide for Limited Originator Recourse to or from the Borrower or any of its Subsidiaries (excluding any other Securitization Subsidiary)) shall fail to pay any principal of any Debt (other than Debt hereunder)
having an aggregate outstanding principal amount of more than $50,000,000 or its equivalent in other currencies (such Debt, “Material Debt”), when the same becomes due and payable (whether at scheduled maturity, by required
prepayment, acceleration, demand or otherwise); or any other event shall occur or condition shall exist under any agreement or instrument relating to any Material Debt (either individually or in the aggregate), if the effect of such event or
condition is to accelerate, or to permit the acceleration of, the maturity of any Material Debt, or to require the same to be prepaid or defeased (other than by a regularly required payment); 

(e) The Borrower or any of the Borrower’s Material Subsidiaries shall generally not pay its debts as such debts become due, or shall
admit in writing its inability to pay its debts generally, or shall make a general assignment for the benefit of creditors; or any proceeding shall be instituted by or against the Borrower or any of the Borrower’s Material Subsidiaries seeking
to adjudicate it a bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief
of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee, custodian or other similar official for it or for any substantial part of its Property and, in the case of any such proceeding instituted against the
Borrower or any of the Borrower’s Material Subsidiaries, such proceeding shall remain undismissed or unstayed for a period of 60 days; or the Borrower or any of the Material Subsidiaries shall take any corporate action to authorize any of the
actions set forth above in this clause (e); 
 (f) In connection with the actual or alleged insolvency of the Borrower or any Material
Insurance Subsidiary, any Insurance Regulatory Authority shall appoint a rehabilitator, receiver, custodian, trustee, conservator or liquidator or the like (collectively, a “conservator”) for the Borrower or such Material Insurance
Subsidiary, or cause possession of all or any substantial portion of the Property of the Borrower or such Material Insurance Subsidiary to be taken by any conservator; 

  
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 (g) Any judgment or order for the payment of money in excess of $50,000,000 (to the extent not
covered by an insurer having a minimum A.M. Best financial strength rating of A- that has not denied coverage) shall be rendered against the Borrower or any of its Subsidiaries and there shall be any period of 45 consecutive days during which a stay
of enforcement of such judgment or order, by reason of a pending appeal or otherwise, shall not be in effect; 
 (h) An ERISA Event shall
have occurred that when taken together with all other ERISA Events that have occurred, would reasonably be expected to have a Material Adverse Effect; 

(i) There shall occur a Change in Control; or 

(j) This Agreement shall at any time and for any reason be declared by a court of competent jurisdiction to be null and void, or a proceeding
shall be commenced by the Borrower or any Subsidiary, seeking to establish the invalidity or unenforceability thereof (exclusive of questions of interpretation of any provision thereof), or the Borrower or any Subsidiary shall repudiate or deny in
writing any portion of its liability or obligations hereunder, other than in each case due to the satisfaction in full of the Obligations and the termination of the Commitments hereunder. 

SECTION 7.02 Remedies. If any Event of Default shall occur and be continuing, then, and in every such event (other than an event
with respect to the Borrower described in Section 7.01(e) or 7.01(f)), and at any time thereafter during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the Borrower,
take either or both of the following actions, at the same or different times: (a) terminate the Commitments, and thereupon the Commitments shall terminate immediately, and (b) declare the Loans then outstanding to be due and payable in
whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest
thereon and all fees and other Obligations of the Borrower accrued hereunder and under the other Loan Documents, shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby
waived by the Borrower; and in case of any event with respect to the Borrower described in Section 7.01(e) or 7.01(f), the Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest
thereon and all fees and other Obligations accrued hereunder and under the other Loan Documents, shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the
Borrower. Upon the occurrence and during the continuance of an Event of Default, the Administrative Agent may, and at the request of the Required Lenders shall, exercise any rights and remedies provided to the Administrative Agent under the Loan
Documents or at law or equity. 
 ARTICLE VIII 

The Administrative Agent 

Each of the Lenders and each of the LC Issuers hereby irrevocably appoints the Administrative Agent as its agent and authorizes the
Administrative Agent to take such actions on its behalf, including execution of the other Loan Documents, and to exercise such powers as are delegated to the Administrative Agent by the terms of the Loan Documents, together with such actions and
powers as are reasonably incidental thereto. 
 The bank serving as the Administrative Agent hereunder shall have the same rights and powers
in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent, and such bank and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with the
Borrower or any Subsidiary or other Affiliate thereof as if it were not the Administrative Agent hereunder. 

  
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 The Administrative Agent shall not have any duties or obligations except those expressly set
forth in the Loan Documents. Without limiting the generality of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing,
(b) the Administrative Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated by the Loan Documents that the Administrative Agent is
required to exercise in writing as directed by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.02), and (c) except as expressly set forth in the
Loan Documents, the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Subsidiaries that is communicated to or obtained by the bank
serving as Administrative Agent or any of its Affiliates in any capacity. The Administrative Agent shall not be liable for any action taken or not taken by it with the consent or at the request of the Required Lenders (or such other number or
percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.02) or in the absence of its own gross negligence or willful misconduct. The Administrative Agent shall be deemed not to have knowledge of any
Default unless and until written notice thereof is given to the Administrative Agent by the Borrower or a Lender, and the Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement,
warranty or representation made in or in connection with any Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or in connection with any Loan Document, (iii) the performance or observance of
any of the covenants, agreements or other terms or conditions set forth in any Loan Document, (iv) the validity, enforceability, effectiveness or genuineness of any Loan Document or any other agreement, instrument or document, or (v) the
satisfaction of any condition set forth in Article IV or elsewhere in any Loan Document, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent. 

The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate,
consent, statement, instrument, document or other writing believed by it to be genuine and to have been signed or sent by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by
it to be made by the proper Person, and shall not incur any liability for relying thereon. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and
shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 

The Administrative Agent may perform any and all its duties and exercise its rights and powers by or through any one or more sub-agents
appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers through their respective Related Parties. The exculpatory provisions of the preceding
paragraphs shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for
herein as well as activities as Administrative Agent. 
 Subject to the appointment and acceptance of a successor Administrative Agent as
provided in this paragraph, the Administrative Agent may resign at any time by notifying the Lenders, the LC Issuers and the Borrower. Upon any such resignation, the Required Lenders shall have the right to appoint a successor (such successor to be
approved by the Borrower, such approval not to be unreasonably withheld or delayed; provided, however, if an Event of Default shall exist at such time, no approval of the Borrower shall be required hereunder). If no successor shall
have been so appointed by 

  
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the Required Lenders and shall have accepted such appointment within thirty (30) days after the retiring Administrative Agent gives notice of its resignation, then the retiring
Administrative Agent may, on behalf of the Lenders and the LC Issuers, appoint a successor Administrative Agent which shall be a bank with an office in New York, New York, or an Affiliate of any such bank. Upon the acceptance of its appointment as
Administrative Agent hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from
its duties and obligations hereunder. The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the
Administrative Agent’s resignation hereunder, the provisions of this Article and Section 9.03 shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of
any actions taken or omitted to be taken by any of them while it was acting as Administrative Agent. 
 Each Lender acknowledges and agrees
that the extensions of credit made hereunder are commercial loans and letters of credit and not investments in a business enterprise or securities. Each Lender further represents that it is engaged in making, acquiring or holding commercial loans in
the ordinary course of its business and has, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to
enter into this Agreement as a Lender, and to make, acquire or hold Loans hereunder. Each Lender shall, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information (which may
contain material, non-public information within the meaning of the United States securities laws concerning the Borrower and its Affiliates) as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking
action under or based upon this Agreement, any related agreement or any document furnished hereunder or thereunder and in deciding whether or to the extent to which it will continue as a lender or assign or otherwise transfer its rights, interests
and obligations hereunder. 
 None of the Lenders or their Affiliates, if any, identified in this Agreement as a Joint Bookrunner,
Co-Syndication Agent or Co-Documentation Agent shall have any right, power, obligation, liability, responsibility or duty under this Agreement other than, in the case of Lenders, those applicable to all Lenders as such. Without limiting the
foregoing, none of the Joint Bookrunners or such Lenders shall have or be deemed to have a fiduciary relationship with any Lender. Each Lender hereby makes the same acknowledgments with respect to the relevant Lenders and their Affiliates in their
respective capacities as Co-Syndication Agents, Co-Documentation Agents or Joint Bookrunners, as applicable, as it makes with respect to the Administrative Agent in the preceding paragraph. 

The Lenders are not partners or co-venturers, and no Lender shall be liable for the acts or omissions of, or (except as otherwise set forth
herein in case of the Administrative Agent) authorized to act for, any other Lender. The Administrative Agent shall have the exclusive right on behalf of the Lenders to enforce the payment of the principal of and interest on any Loan after the date
such principal or interest has become due and payable pursuant to the terms of this Agreement. 
 ARTICLE IX 

Miscellaneous 

SECTION 9.01 Notices. (a) Except in the case of notices and other communications expressly permitted to be given by telephone
(and subject to paragraph (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopy, as
follows: 
 (i) if to the Borrower, to it at 440 Lincoln Street, Worcester, Massachusetts 01653, Attention of Chief Financial Officer
(Telecopy No. (508) 926-4587; Telephone No. (508) 855-2200), with a copy (except in the case of invoices or other notices of a routine administrative nature) to General Counsel (Telecopy No. (508) 926-1926; Telephone No.
(508) 855-2691); 

  
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 (ii) if to the Administrative Agent, to JPMorgan Chase Bank, N.A., 10 South Dearborn Street,
Floor 7, Chicago, Illinois 60603, Attention of Nanette Wilson (Telecopy No. (888) 292-9533), with a copy to JPMorgan Chase Bank, N.A., 270 Park Avenue, 41st Floor, New York, New York,
Attention of Hector Varona (Telecopy No. (646) 534-2254); 
 (iii) if to the Issuing Agent, to it at JPMorgan Chase Bank, N.A.,
Attention of Anju Vanvala (Email: Chicago.LC.agency.closing.team@jpmorgan.com); and 
 (iv) if to any other Lender, to it at its address (or
telecopy number) set forth in its Administrative Questionnaire. 
 Notices sent by hand or overnight courier service, or mailed by certified or registered
mail, shall be deemed to have been given when received; notices sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the
opening of business on the next business day for the recipient). Notices delivered through Electronic Systems, to the extent provided in paragraph (b) below, shall be effective as provided in said paragraph (b). 

(b) Notices and other communications to the Lenders and the LC Issuers hereunder may be delivered or furnished by using Electronic Systems
pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Article II unless otherwise agreed by the Administrative Agent and the applicable Lender. The
Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such procedures may be
limited to particular notices or communications. 
 Unless the Administrative Agent otherwise prescribes, (i) notices and other
communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other
written acknowledgement), and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient, at its e-mail address as described in the foregoing
clause (i), of notification that such notice or communication is available and identifying the website address therefor; provided that, for both clauses (i) and (ii) above, if such notice, email or other communication is not
sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient. 

(c) Any party hereto may change its address or telecopy number for notices and other communications hereunder by notice to the other parties
hereto. All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt. 

(d) Any notice of Default or Event of Default may be provided by telephone if confirmed promptly thereafter by delivery of written notice
thereof. 

  
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 (e) Electronic Systems. 

(i) The Borrower agrees that the Administrative Agent may, but shall not be obligated to, make Communications (as defined
below) available to the LC Issuers and the other Lenders by posting the Communications on Debt Domain, Intralinks, Syndtrak, ClearPar or a substantially similar Electronic System. 

(ii) Any Electronic System used by the Administrative Agent is provided “as is” and “as available.” The
Agent Parties (as defined below) do not warrant the adequacy of such Electronic Systems and expressly disclaim liability for errors or omissions in the Communications. No warranty of any kind, express, implied or statutory, including, without
limitation, any warranty of merchantability, fitness for a particular purpose, non-infringement of third-party rights or freedom from viruses or other code defects, is made by any Agent Party in connection with the Communications or any Electronic
System. In no event shall the Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to the Borrower, any Lender, any LC Issuer or any other Person or entity for damages of any
kind, including, without limitation, direct or indirect, special, incidental or consequential damages, losses or expenses (whether in tort, contract or otherwise) arising out of the Borrower’s or the Administrative Agent’s transmission of
Communications through an Electronic System, except to the extent of direct or actual damages as are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct
of such Agent Party or any Related Party thereof. “Communications” means, collectively, any notice, demand, communication, information, document or other material provided by or on behalf of the Borrower pursuant to any Loan Document or
the transactions contemplated therein which is distributed by the Administrative Agent, any Lender or any LC Issuer by means of electronic communications pursuant to this Section, including through an Electronic System. 

SECTION 9.02 Waivers; Amendments. (a) No failure or delay by the Administrative Agent, any LC Issuer or any Lender in
exercising any right or power hereunder or under any other Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or
power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent, the LC Issuers and the Lenders hereunder and under the other Loan Documents are cumulative and
are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or consent to any departure by the Borrower therefrom shall in any event be effective unless the same shall be permitted by
paragraph (b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan or issuance of a Letter
of Credit shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent, any Lender or any LC Issuer may have had notice or knowledge of such Default at the time. 

(b) Except as provided in Section 2.20 with respect to an Incremental Term Loan Amendment and as provided in Section 2.22 with
respect to an extension of the Maturity Date, neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Borrower and the Required Lenders or by the
Borrower and the Administrative Agent with the consent of the Required Lenders; provided that no such agreement shall (i) increase the Commitment of any Lender without the written consent of such Lender, (ii) reduce the principal
amount of any Loan or LC Disbursement or reduce the rate of interest thereon, or reduce any fees payable hereunder, without the written consent of each Lender directly affected thereby, (iii) postpone the scheduled date of payment of the
principal amount of any Loan or LC Disbursement, or any interest thereon, or any fees payable hereunder, or reduce the amount of, waive or excuse any such 

  
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payment, or postpone the scheduled date of expiration of any Commitment, without the written consent of each Lender directly affected thereby, (iv) change Section 2.18(b) or (d) in
a manner that would alter the pro rata sharing of payments required thereby, without the written consent of each Lender or (v) change any of the provisions of this Section or the definition of “Required Lenders” or any other
provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent of each Lender (it being understood that,
solely with the consent of the parties prescribed by Section 2.20 to be parties to an Incremental Term Loan Amendment, (x) Incremental Term Loans may be included in the definition of “Applicable Percentage” and the defined terms
used therein and in the determination of Required Lenders on substantially the same basis as the Commitments and the Revolving Loans are included on the Effective Date and (y) this Section 9.02 may be amended to permit amendments, waivers
or other modifications that directly affect only one Class of Loans with the consent solely of the Borrower and the Lenders having either (A) in the case of amendments, waivers or other modifications directly affecting the Revolving Loans,
Revolving Credit Exposures and unused Commitments representing more than 50% of the sum of the total Revolving Credit Exposures and unused Commitments at such time and (B) in the case of amendments, waivers or other modifications directly
affecting the Incremental Term Loans, Incremental Term Loans representing more than 50% of the total Term Loans at such time); provided further that no such agreement shall amend, modify or otherwise affect the rights or duties of the
Administrative Agent or any LC Issuer hereunder without the prior written consent of the Administrative Agent or such LC Issuer, as the case may be (it being understood that any change to Section 2.21 shall require the consent of the
Administrative Agent and, except to the extent that such change relates solely to Incremental Term Loans, the LC Issuers). Notwithstanding the foregoing, no consent with respect to any amendment, waiver or other modification of this Agreement shall
be required of any Defaulting Lender, except with respect to any amendment, waiver or other modification referred to in clause (i), (ii) or (iii) of the first proviso of this paragraph and then only in the event such Defaulting Lender
shall be directly affected by such amendment, waiver or other modification. 
 (c) Notwithstanding the foregoing, this Agreement and any
other Loan Document may be amended (or amended and restated) with the written consent of the Required Lenders, the Administrative Agent and the Borrower (x) to add one or more credit facilities (in addition to the Incremental Term Loans
pursuant to an Incremental Term Loan Amendment) to this Agreement and to permit extensions of credit from time to time outstanding thereunder and the accrued interest and fees in respect thereof to share ratably in the benefits of this Agreement and
the other Loan Documents with the Revolving Loans, Incremental Term Loans and the accrued interest and fees in respect thereof and (y) to include appropriately the Lenders holding such credit facilities in any determination of the Required
Lenders and Lenders. 
 (d) If, in connection with any proposed amendment, waiver or consent requiring the consent of “each
Lender” or “each Lender directly affected thereby,” the consent of the Required Lenders is obtained, but the consent of other necessary Lenders is not obtained (any such Lender whose consent is necessary but not obtained being
referred to herein as a “Non-Consenting Lender”), then the Borrower may elect to replace a Non-Consenting Lender as a Lender party to this Agreement, provided that, (i) concurrently with such replacement, (A) another bank
or other entity which is reasonably satisfactory to the Borrower and the Administrative Agent shall agree, as of such date, to purchase for cash the Loans and other Obligations due to the Non-Consenting Lender pursuant to an Assignment and
Assumption and to become a Lender for all purposes under this Agreement and to assume all obligations of the Non-Consenting Lender to be terminated as of such date and to comply with the requirements of clause (b) of Section 9.04, and
(B) the Borrower shall pay to such Non-Consenting Lender in same day funds on the day of such replacement (1) all interest, fees and other amounts then accrued but unpaid to such Non-Consenting Lender by the Borrower hereunder to and
including the date of termination, including without limitation payments due to such Non-Consenting Lender under Sections 2.15 and 2.17, and (2) an 

  
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amount, if any, equal to the payment which would have been due to such Lender on the day of such replacement under Section 2.16 had the Loans of such Non-Consenting Lender been prepaid on
such date rather than sold to the replacement Lender and (ii) no assignment pursuant to this Section 9.02(d) shall be effective until all of the then outstanding Several Letters of Credit are either amended giving effect to such assignment
or, if required, returned by each beneficiary to the Issuing Agent and either cancelled or exchanged for new or amended Several Letters of Credit that give effect to such assignment (it being understood that to the extent the respective
beneficiaries whose consent is required do not consent to such assignment, such assignment cannot occur). 
 (e) Notwithstanding anything to
the contrary herein the Administrative Agent may, with the consent of the Borrower only, amend, modify or supplement this Agreement or any of the other Loan Documents to cure any ambiguity, omission, mistake, defect or inconsistency. 

SECTION 9.03 Expenses; Indemnity; Damage Waiver. (a) The Borrower shall pay (i) all reasonable out-of-pocket expenses
incurred by the Administrative Agent and its Affiliates (which, in the case of counsel, shall be limited to the reasonable fees, charges and disbursements of one primary counsel, and, if necessary, one local counsel in any relevant material
jurisdiction) in connection with the syndication and distribution (including, without limitation, via the internet or through a service such as Intralinks) of the credit facilities provided for herein, the preparation and administration of this
Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable out-of-pocket
expenses incurred by any LC Issuer in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder and (iii) all reasonable out-of-pocket expenses incurred by the Administrative
Agent, any LC Issuer or any Lender (which, in the case of counsel, shall be limited to the reasonable fees, charges and disbursements of one primary counsel for the Administrative Agent and the Lenders, taken as a whole, and in the case of an actual
or potential conflict of interest, one additional counsel for each group of affected parties similarly situated, taken as a whole, and, if necessary, one local counsel in any relevant material jurisdiction) in connection with the enforcement or
protection of its rights in connection with this Agreement and any other Loan Document, including its rights under this Section, or in connection with the Loans made or Letters of Credit issued hereunder, including all such reasonable out-of-pocket
expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit. 
 (b) The Borrower shall
indemnify the Administrative Agent, each LC Issuer and each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all
losses, claims, damages, liabilities and related expenses (which, in the case of counsel, shall be limited to the reasonable fees, charges and disbursements of one primary counsel for all Indemnitees, taken as a whole, and in the case of an actual
or potential conflict of interest, one additional counsel for each group of affected Indemnitees similarly situated, taken as a whole, and, if necessary, one local counsel in any relevant material jurisdiction) incurred by or asserted against any
Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of any Loan Document or any agreement or instrument contemplated thereby, the performance by the parties hereto of their respective obligations
thereunder or the consummation of the Transactions or any other transactions contemplated hereby, (ii) any Loan or Letter of Credit or the use of the proceeds therefrom (including any refusal by any LC Issuer to honor a demand for payment under
a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned
or operated by the Borrower or any of its Subsidiaries, or any Environmental Liability related in any way to the Borrower or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding (including
the preparation of 

  
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any defense thereto) relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by the Borrower or any of its Subsidiaries, and
regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of
competent jurisdiction by final and nonappealable judgment to have resulted from (x) the gross negligence or willful misconduct of such Indemnitee or any Related Indemnified Party thereof, (y) the material breach by such Indemnitee or any
Related Indemnified Party thereof of its express obligations under this Agreement pursuant to a claim initiated by the Borrower or (z) any dispute solely among Indemnitees (other than (A) claims against any of the Administrative Agent or
the Lenders or any of their Affiliates in its capacity or in fulfilling its role as the Administrative Agent, Issuing Agent, a Fronting Bank, a lead arranger, a bookrunner or any similar role under this Agreement and (B) arising as a result of
an act or omission by the Borrower or any of its Affiliates). As used herein, any “Related Indemnified Party” of a Person means (1) any Controlling Person or Controlled Affiliate of such Indemnitee, (2) the respective
directors, officers, or employees of such Indemnitee or any of its Controlling Persons or Controlled Affiliates and (3) the respective agents or representatives of such Indemnitee or any of its Controlling Persons or Controlled Affiliates, in
the case of this clause (3), acting on behalf of or at the instructions of such Indemnitee, Controlling Person or such Controlled Affiliate; provided that each reference to a Controlled Affiliate in this sentence pertains to a Controlled
Affiliate involved in the negotiation or syndication of this Agreement and the credit facility hereunder. This Section 9.03(b) shall not apply with respect to Taxes other than any Taxes that represent losses, claims or damages arising from any
non-Tax claim. 
 (c) To the extent that the Borrower fails to pay any amount required to be paid by it to the Administrative Agent or any
LC Issuer under paragraph (a) or (b) of this Section (and without limiting its obligation to do so), each Lender severally agrees to pay to the Administrative Agent or such LC Issuer such Lender’s Applicable Percentage (determined as
of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount (it being understood that the Borrower’s failure to pay any such amount shall not relieve the Borrower of any default in the payment
thereof); provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent, or such LC Issuer in its capacity as such.

 (d) To the extent permitted by applicable law, neither the Borrower nor any Indemnitee shall assert, and each of the Borrower, the
Administrative Agent, each Lender and each LC Issuer hereby waives, on its own behalf and on behalf of its Related Parties, any claim against any Indemnitee (in the case of such waiver by the Borrower) or against the Borrower (in the case of such
waiver by any Indemnitee) (i) for any damages arising from the use by others of information or other materials obtained through telecommunications, electronic or other information transmission systems (including the Internet) (except to
the extent of direct or actual damages as are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee), or (ii) on any theory of
liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated
hereby or thereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof; provided that nothing contained in this Section 9.03(d) shall limit the Borrower’s indemnification obligations set forth in
Section 9.03(b). 
 (e) All amounts due under this Section shall be payable not later than fifteen (15) days after written demand
therefor. 

  
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 SECTION 9.04 Successors and Assigns. (a) The provisions of this Agreement shall
be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby (including any Affiliate of any LC Issuer that issues any Letter of Credit), except that (i) the Borrower may not assign
or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void) and (ii) no Lender may
assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective
successors and assigns permitted hereby (including any Affiliate of any LC Issuer that issues any Letter of Credit), Participants (to the extent provided in paragraph (c) of this Section) and, to the extent expressly contemplated hereby, the
Related Parties of each of the Administrative Agent, the LC Issuers and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

(b) (i) Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more Persons (other than an
Ineligible Institution) all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it) with the prior written consent (such consent not to be unreasonably
withheld or delayed) of: 
 (A) the Borrower (provided that the Borrower shall be deemed to have consented to any such
assignment unless it shall object thereto by written notice to the Administrative Agent within ten (10) Business Days after having received notice thereof); provided, further, that no consent of the Borrower shall be required for an assignment
to a Lender, an Affiliate of a Lender, an Approved Fund or, if an Event of Default has occurred and is continuing, any other assignee; 

(B) the Administrative Agent; 

(C) the Issuing Agent; and 

(D) each Fronting Bank. 

(ii) Assignments shall be subject to the following additional conditions: 

(A) except in the case of an assignment to a Lender or an Affiliate of a Lender or an Approved Fund or an assignment of the
entire remaining amount of the assigning Lender’s Commitment or Loans of any Class, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with
respect to such assignment is delivered to the Administrative Agent) shall not be less than $10,000,000 unless each of the Borrower and the Administrative Agent otherwise consent, provided that no such consent of the Borrower shall be required if an
Event of Default has occurred and is continuing; 
 (B) each partial assignment shall be made as an assignment of a
proportionate part of all the assigning Lender’s rights and obligations under this Agreement, provided that this clause shall not be construed to prohibit the assignment of a proportionate part of all the assigning Lender’s rights and
obligations in respect of one Class of Commitments or Loans; 
 (C) the parties to each assignment shall execute and deliver
to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500, such fee to be paid (except as otherwise provided herein) by either the assigning Lender or the assignee Lender or shared between
such Lenders; and 
 (D) the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an
Administrative Questionnaire in which the assignee designates one or more credit contacts to whom all syndicate-level information (which may contain material non-public information about the Borrower and its affiliates and their Related Parties or
their respective securities) will be made available and who may receive such information in accordance with the assignee’s compliance procedures and applicable laws, including Federal and state securities laws. 

  
 70 

 For the purposes of this Section 9.04(b), the term “Approved Fund” and
“Ineligible Institution” have the following meanings: 
 “Approved Fund” means any Person (other than a natural
person) that is engaged in making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary course of its business and that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or
(c) an entity or an Affiliate of an entity that administers or manages a Lender. 
 “Ineligible Institution” means
(a) a natural person, (b) a Defaulting Lender, (c) the Borrower, any of its Subsidiaries or any of its Affiliates, or (d) a company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural
person or relative(s) thereof. 
 (iii) Subject to acceptance and recording thereof pursuant to paragraph (b)(iv) of
this Section, from and after the effective date specified in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and
obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an
Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.15, 2.16, 2.17 and
9.03); provided, however, that no Lender may assign any obligation under a Several Letter of Credit unless such Several Letter of Credit is either amended or returned by the beneficiary and reissued by the Issuing Agent, removing or amending, as the
case may be, the assigning Lender’s percentage obligations and replacing or amending the same with the percentage obligations of the assignee. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not
comply with this Section 9.04 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (c) of this Section. 

(iv) The Administrative Agent, acting for this purpose as an agent of the Borrower, shall maintain at one of its offices a copy
of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and principal amount (and stated interest) of the Loans and LC Disbursements owing to, each Lender
pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest error, and the Borrower, the Administrative Agent, the LC Issuers and the Lenders shall treat each
Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower, any LC
Issuer and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 
 (v) Upon its receipt of
a duly completed Assignment and Assumption executed by an assigning Lender and an assignee, the assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee
referred to in paragraph (b) of this Section and any written consent to such assignment required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Assumption and record the information contained
therein in the Register; provided that if either the assigning Lender or the assignee shall have failed to make any payment required to be made by it pursuant to Section 2.06(d) or (e), 2.07(b), 2.18(e) or 9.03(c), the Administrative
Agent shall have no obligation to accept such Assignment and Assumption and record the information therein in the Register unless and until such payment shall have been made in full, together with all accrued interest thereon. No assignment shall be
effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph. 

  
 71 

 (c) Any Lender may, without the consent of the Borrower, the Administrative Agent or any LC
Issuer, sell participations to one or more banks or other entities (a “Participant”), other than an Ineligible Institution, in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a
portion of its Commitment and the Loans owing to it); provided that (A) such Lender’s obligations under this Agreement shall remain unchanged; (B) such Lender shall remain solely responsible to the other parties hereto for the
performance of such obligations; and (C) the Borrower, the Administrative Agent, the LC Issuers and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under
this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any
provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in the first proviso to
Section 9.02(b) that affects such Participant. The Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.15, 2.16 and 2.17 (subject to the requirements and limitations therein, including the requirements
under Section 2.17(f) (it being understood that the documentation required under Section 2.17(f) shall be delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment
pursuant to paragraph (b) of this Section; provided that such Participant (A) agrees to be subject to the provisions of Sections 2.18 and 2.19 as if it were an assignee under paragraph (b) of this Section; and (B) shall not
be entitled to receive any greater payment under Sections 2.15 or 2.17, with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment
results from a Change in Law that occurs after the Participant acquired the applicable participation. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.08 as though it were a Lender, provided
such Participant agrees to be subject to Section 2.18(d) as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters
the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant Register”); provided
that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any Commitments, Loans, Letters of Credit
or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such Commitment, Loan, Letter of Credit or other obligation is in registered form under Section 5f.103-1(c)
of the United States Treasury Regulations (or such disclosure is otherwise required by applicable law). The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded
in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have
no responsibility for maintaining a Participant Register. 

  
 72 

 (d) Any Lender may at any time pledge or assign a security interest in all or any portion of its
rights under this Agreement to secure obligations of such Lender, including without limitation any pledge or assignment to secure obligations to a Federal Reserve Bank, and this Section shall not apply to any such pledge or assignment of a security
interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 

SECTION 9.05 Survival. All covenants, agreements, representations and warranties made by the Borrower in the Loan Documents and in
the certificates or other instruments delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of the
Loan Documents and the making of any Loans and issuance of any Letters of Credit, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent, any LC Issuer or any Lender may have
had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or
any other amount payable under this Agreement or any other Loan Document is outstanding and unpaid (other than contingent indemnification obligations that are not yet due and payable) or any Letter of Credit is outstanding (unless, in the case of
Fronted Letters of Credit, such Fronted Letters of Credit have been cash collateralized or backstopped in a manner reasonably satisfactory to the applicable Fronting Banks and the Administrative Agent) and so long as the Commitments have not expired
or terminated. The provisions of Sections 2.15, 2.16, 2.17 and 9.03 and Article VIII shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the
expiration or termination of the Letters of Credit and the Commitments or the termination of this Agreement or any other Loan Document or any provision hereof or thereof. 

SECTION 9.06 Counterparts; Integration; Effectiveness; Electronic Execution. This Agreement may be executed in counterparts (and
by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement, the other Loan Documents and any separate letter agreements
with respect to fees payable to the Administrative Agent constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the
subject matter hereof. Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when
taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a
signature page of this Agreement by telecopy, e-mailed .pdf or any other electronic means that reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart of this Agreement. The words
“execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to any document to be signed in connection with this Agreement and the transactions contemplated hereby shall be deemed
to include Electronic Signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a
paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act,
or any other similar state laws based on the Uniform Electronic Transactions Act. 
 SECTION 9.07 Severability. Any provision of
any Loan Document held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and
enforceability of the remaining provisions thereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 

  
 73 

 SECTION 9.08 Right of Setoff. If an Event of Default shall have occurred and be
continuing, each Lender and each of its Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final
and in whatever currency denominated) at any time held and other obligations at any time owing by such Lender or Affiliate to or for the credit or the account of the Borrower against any of and all of the Obligations held by such Lender,
irrespective of whether or not such Lender shall have made any demand under the Loan Documents and although such obligations may be unmatured. The rights of each Lender under this Section are in addition to other rights and remedies (including other
rights of setoff) which such Lender may have. 
 SECTION 9.09 Governing Law; Jurisdiction; Consent to Service of Process.
(a) This Agreement shall be construed in accordance with and governed by the law of the State of New York. 
 (b) The Borrower hereby
irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County, Borough of Manhattan, and of the United States District Court for the
Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to any Loan Document, or for recognition or enforcement of any judgment, and each of the parties hereto hereby
irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a
final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement or any other Loan Document shall affect any
right that the Administrative Agent, any LC Issuer or any Lender may otherwise have to bring any action or proceeding relating to this Agreement or any other Loan Document against the Borrower or its properties (x) in the courts of the
Commonwealth of Massachusetts or (y) any other forum in which jurisdiction can be established. 
 (c) The Borrower hereby irrevocably
and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or any
other Loan Document in any court referred to in paragraph (b) of this Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action
or proceeding in any such court. 
 (d) Each party to this Agreement irrevocably consents to service of process in the manner provided for
notices in Section 9.01. Nothing in this Agreement or any other Loan Document will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 

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

  
 74 

 
THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

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

SECTION 9.12 Confidentiality. Each of the Administrative Agent, the LC Issuers and the Lenders agrees to maintain the
confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and agents, including accountants, legal counsel and other advisors (it being
understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any regulatory authority
(including any self-regulatory authority, such as the NAIC), (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party to this Agreement, (e) in connection with
the exercise of any remedies under this Agreement or any other Loan Document or any suit, action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an
agreement containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (ii) any
actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower and its obligations, (g) with the consent of the Borrower or (h) to the extent such Information (i) becomes publicly
available other than as a result of a breach of this Section or (ii) becomes available to the Administrative Agent, any LC Issuer or any Lender on a nonconfidential basis from a source other than the Borrower. For the purposes of this Section,
“Information” means all information received from the Borrower relating to the Borrower or its business, other than any such information that is available to the Administrative Agent, any LC Issuer or any Lender on a nonconfidential basis
prior to disclosure by the Borrower; provided that, in the case of information received from the Borrower after the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain
the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person
would accord to its own confidential information. 
 SECTION 9.13 USA PATRIOT Act. Each Lender that is subject to the
requirements of the Patriot Act hereby notifies the Borrower that pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies the Borrower, which information includes the name and address
of the Borrower and other information that will allow such Lender to identify the Borrower in accordance with the Patriot Act. 

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

  
 75 

 SECTION 9.15 No Advisory or Fiduciary Responsibility. In connection with all aspects
of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), the Borrower acknowledges and agrees that: (i) (A) the arranging and other services
regarding this Agreement provided by the Lenders are arm’s-length commercial transactions between the Borrower and its Affiliates, on the one hand, and the Lenders and their Affiliates, on the other hand, (B) the Borrower has consulted its
own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) the Borrower is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and
by the other Loan Documents; (ii) (A) each of the Lenders and their Affiliates is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as
an advisor, agent or fiduciary for the Borrower or any of its Affiliates, or any other Person in connection with the transactions contemplated hereby and the other Loan Documents and (B) no Lender or any of its Affiliates has any obligation to
the Borrower or any of its Affiliates with respect to the transactions contemplated hereby except, in the case of a Lender, those obligations expressly set forth herein and in the other Loan Documents; and (iii) each of the Lenders and their
respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Borrower and its Affiliates, and no Lender or any of its Affiliates has any obligation to disclose any of such interests to
the Borrower or its Affiliates. To the fullest extent permitted by law, the Borrower hereby waives and releases any claims that it may have against each of the Lenders and their Affiliates with respect to any breach or alleged breach of agency or
fiduciary duty in connection with any aspect of any transaction contemplated hereby. 
 [Signature Pages Follow] 

  
 76 

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

					
	THE HANOVER INSURANCE GROUP, INC.,
	as the Borrower
		
	By	 	 /s/ David B. Greenfield

		 	Name:	 	David B. Greenfield
		 	Title:	 	Executive Vice President, Chief Financial Officer and Principal Accounting Officer
	
	JPMORGAN CHASE BANK, N.A., individually as a Lender, as the Issuing Agent and as Administrative Agent
		
	By	 	 /s/ Hector J. Varona

		 	Name:	 	Hector J. Varona
		 	Title:	 	Vice President
	
	[OTHER AGENTS AND LENDERS],

 Signature Page to Credit Agreement 

The Hanover Insurance Group, Inc. 

 SCHEDULE 2.01 

COMMITMENTS 
  

					
	 LENDER
	  	COMMITMENT	 
		
	 JPMORGAN CHASE BANK, N.A.
	  	$	35,000,000	  
		
	 LLOYDS BANK PLC
	  	$	35,000,000	  
		
	 WELLS FARGO BANK, NATIONAL ASSOCIATION
	  	$	35,000,000	  
		
	 BRANCH BANKING & TRUST COMPANY
	  	$	27,500,000	  
		
	 BARCLAYS BANK PLC
	  	$	27,500,000	  
		
	 GOLDMAN SACHS BANK USA
	  	$	20,000,000	  
		
	 MORGAN STANLEY BANK, N.A.
	  	$	20,000,000	  
		
	 AGGREGATE COMMITMENT
	  	$	200,000,000	  

 [Remaining schedules and exhibits omitted]EX-10.2

 Exhibit 10.2 
  

			
	

	  	EXECUTION VERSION

 Amendment and Restatement Agreement 

Chaucer Holdings plc 
 As Account Party 

Barclays Bank PLC, Lloyds Bank plc and The Royal Bank of Scotland plc 

As Mandated Lead Arrangers 
 Lloyds Bank plc 

As Bookrunner 
 Lloyds Bank plc 

As Facility Agent 
 Lloyds Bank plc 

As Security Agent 
 relating to a standby letter of credit
facility 
 agreement dated 28 November 2011 

15 November 2013 

 CONTENTS 
  

							
	CLAUSE	  	PAGE	 
			
	1.	 	 INTERPRETATION
	  	 	1	  
	2.	 	 AMENDMENT AND RESTATEMENT OF STANDBY LETTER OF CREDIT FACILITY AGREEMENT
	  	 	2	  
	3.	 	 STATUS OF DOCUMENTS
	  	 	3	  
	4.	 	 FEES AND TRANSACTION EXPENSES
	  	 	4	  
	5.	 	 REPRESENTATIONS AND WARRANTIES
	  	 	4	  
	6.	 	 MISCELLANEOUS
	  	 	5	  
	7.	 	 GOVERNING LAW AND SUBMISSION TO JURISDICTION
	  	 	5	  
		
	SCHEDULE 1	  	 	6	  
	Original Lenders	  	 	6	  
	SCHEDULE 2	  	 	7	  
	Existing Obligors	  	 	7	  
	SCHEDULE 3	  	 	8	  
	Conditions Precedent	  	 	8	  
	SCHEDULE 4	  	 	10	  
	Amended and Restated Standby Letter of Credit Facility Agreement	  	 	10	  

 THIS AMENDMENT AND RESTATEMENT AGREEMENT is made on 15 November 2013 

BETWEEN: 
  

	(1)	CHAUCER HOLDINGS PLC, a company incorporated in England and Wales with company number 02847982 (the “Account Party”); 

 

	(2)	THE COMPANIES listed in schedule 2 as existing obligors (the “Existing Obligors”); 

  

	(3)	BARCLAYS BANK PLC, LLOYDS BANK PLC and THE ROYAL BANK OF SCOTLAND PLC as mandated lead arrangers (the “Arrangers”); 

 

	(4)	LLOYDS BANK PLC as bookrunner (the “Bookrunner”); 

  

	(5)	THE FINANCIAL INSTITUTIONS listed in schedule 1 as original lenders (the “Original Lenders”); 

  

	(6)	LLOYDS BANK PLC as provider of the Overdraft Facility (the “Overdraft Provider”); 

  

	(7)	LLOYDS BANK PLC as agent of the other Finance Parties (the “Facility Agent”); and 

  

	(8)	LLOYDS BANK PLC as security agent of the other Secured Parties (the “Security Agent”). 

WHEREAS: 
  

	(A)	The parties to this agreement entered into a standby letter of credit facility agreement dated 28 November 2011 under which the Lenders made available to the Account Party a $180,000,000 facility (the
“Standby Letter of Credit Facility Agreement”). 

  

	(B)	The parties to this agreement have agreed to enter into this agreement in order to amend and restate the terms of the Standby Letter of Credit Facility Agreement in the manner set out below. 

THE PARTIES AGREE AS FOLLOWS: 
  

	1.	INTERPRETATION 

  

	1.1	Definitions 

 Unless a contrary intention appears in this agreement, any word or
expression defined in the Standby Letter of Credit Facility Agreement will have the same meaning when it is used in this agreement. 
 In
this agreement: 
 “Amended and Restated Standby Letter of Credit Facility Agreement” means the Standby Letter
of Credit Facility Agreement as amended and restated in accordance with this agreement in the form set out in schedule 4; 

“Effective Date” means the date on which the Facility Agent notifies the Account Party that all the conditions
precedent listed in schedule 3 have been fulfilled to its satisfaction; and 
 “New Deed of Priority” means
the “Deed of Priority” as that term is defined in the Amended and Restated Standby Letter of Credit Facility Agreement; 

“New Charge Over Account” means the “Charge Over Account” as that term is defined in the Amended and
Restated Standby Letter of Credit Facility Agreement; 

  
 1 

 “New FAL Providers Deed” means the “FAL Providers Deed”
as that term is defined in the Amended and Restated Standby Letter of Credit Agreement; 
 “New Finance
Documents” means: 
  

	 	(a)	this agreement; 

  

	 	(b)	the New Parent Guarantee; 

  

	 	(c)	the New Deed of Priority; 

  

	 	(d)	the New Charge Over Account; and 

  

	 	(e)	the Participation Fee Letter; 

 “New Letter of Comfort” means the
“Letter of Comfort” as that term is defined in the Amended and Restated Standby Letter of Credit Agreement; 
 “New
Parent Guarantee” means the “Parent Guarantee” as that term is defined in the Amended and Restated Standby Letter of Credit Agreement; 

“Participation Fee Letter” means the participation fee letter dated on or about the date of this agreement
between the Agent and the Account Party setting out the terms of the participation fee referred to in clause 4.1 (Participation Fee); and 

“Refinancing Financial Statements” means the “Refinancing Financial Statements” as that term is
defined in the Amended and Restated Standby Letter of Credit Agreement. 
  

	1.2	Construction 

 Clause 1.2 (Construction) of the Standby Letter of Credit Facility
Agreement will be deemed to be set out in full in this agreement, but as if references in that clause to the Standby Letter of Credit Facility Agreement were references to this agreement. 

 

	2.	AMENDMENT AND RESTATEMENT OF STANDBY LETTER OF CREDIT FACILITY AGREEMENT 

  

	2.1	Amendment and Restatement 

  

	 	(a)	The Standby Letter of Credit Facility Agreement will, with effect from (and including) the Effective Date, be amended and restated in the form set out in schedule 4 so that the rights and obligations of the parties to
this agreement relating to their performance under the Standby Letter of Credit Facility Agreement from (and including) the Effective Date shall be governed by, and construed in accordance with, the terms of the Amended and Restated Standby Letter
of Credit Facility Agreement. 

  

	 	(b)	The parties to this agreement agree that, with effect from (and including) the Effective Date, they shall have the rights and take on the obligations ascribed to them under the Amended and Restated Standby Letter of
Credit Facility Agreement. 

  

	 	(c)	 Notwithstanding any other term of the Amended and Restated Standby Letter of Credit Facility Agreement, the parties to this agreement agree that the
letter referred to in schedule 3 paragraph 6.2 of this agreement (the “LC Amendment Request Letter”) shall be deemed to be a Utilisation Request for the purposes of the Amended and Restated Standby Letter of Credit
Facility Agreement and that accordingly the Facility Agent will arrange for the delivery of the letter and the revocation notice to The Society and Council of Lloyd’s in the forms attached to the

  
 2 

	 	
LC Amendment Request Letter on the date specified in the LC Amendment Request Letter (such date to occur no earlier than the Effective Date) in accordance with clause 6.6(b) of the Amended and
Restated Standby Letter of Credit Facility Agreement. With effect from the date of delivery of such letter and revocation notice, all references in the Amended and Restated Standby Letter of Credit Facility Agreement to the Letter of Credit no.
SBYB111000556 will be to such Letter of Credit as amended pursuant to such letter and revocation notice. 

  

	2.2	Effective Date 

  

	 	(a)	The Facility Agent will notify the Account Party and the Lenders promptly when the Effective Date occurs. 

  

	 	(b)	If the Effective Date has not occurred by 27 November 2013 (or any later date which the Facility Agent and the Account Party may agree), then clauses 2.1 (Amendment and Restatement) and 3 (Status of Documents) will
lapse and none of the amendments recorded in clause 2.1 (Amendment and Restatement) will take effect. 

  

	3.	STATUS OF DOCUMENTS 

  

	3.1	Continuing Obligations 

  

	 	(a)	Except as varied by the terms of this agreement, the Standby Letter of Credit Facility Agreement and the other Finance Documents will remain in full force and effect. Each party to this agreement reconfirms all of its
obligations under the Standby Letter of Credit Facility Agreement (as amended and restated by this agreement) and under the other Finance Documents. 

  

	 	(b)	Any reference in the Finance Documents to the Standby Letter of Credit Facility Agreement or to any provision of the Standby Letter of Credit Facility Agreement will be construed as a reference to the Standby Letter of
Credit Facility Agreement, or that provision, as amended and restated by this agreement. 

  

	3.2	Finance Document 

 Each of the New Finance Documents will constitute a Finance Document
for the purposes of the Amended and Restated Standby Letter of Credit Facility Agreement. 
  

	3.3	Guarantee Confirmation 

 Each Guarantor confirms and agrees that with effect from (and
including) the Effective Date, the guarantees and indemnities set out in clause 21 (Guarantee and Indemnity) of the Amended and Restated Standby Letter of Credit Facility Agreement shall apply and extend to the obligations of each Obligor under the
Finance Documents (as defined in the Amended and Restated Standby Letter of Credit Facility Agreement) subject to the guarantee limitations set out in clause 21.11 (Guarantee Limitations) of the Amended and Restated Standby Letter of Credit Facility
Agreement. 

  
 3 

	4.	FEES AND TRANSACTION EXPENSES 

  

	4.1	Participation Fee 

 The Account Party shall pay to the Agent (for the account of each
Lender pro rata to its Commitments) a participation fee in the amount and at the times agreed in the Participation Fee Letter. 
  

	4.2	Transaction Expenses 

 The Account Party will on demand pay to the Facility Agent and the
Arrangers the amount of all costs and expenses (including legal fees and other out-of-pocket expenses and any value added tax or other similar tax thereon) reasonably incurred by any of the Facility Agent, the Security Agent or the Arrangers in
connection with the negotiation, preparation, execution and completion of this agreement and all documents, matters and things referred to in, or incidental to, this agreement. 

 

	5.	REPRESENTATIONS AND WARRANTIES 

  

	5.1	Reliance 

 Each Obligor represents and warrants as set out in the following provisions of
this clause 5 and acknowledges that each Finance Party has entered into this agreement and has agreed to the amendment and restatement effected by this agreement in full reliance on those representations and warranties. 

 

	5.2	Power and Authority 

 It has the power to enter into, perform and deliver, and has taken
all necessary action to authorise its entry into and performance of the New Finance Documents and the transactions contemplated by the New Finance Documents. 
  

	5.3	Non-conflict with Other Obligations 

 The entry into and performance by it of, and the
transactions contemplated by, the New Finance Documents do not and will not conflict with: 
  

	 	(a)	any law or regulation applicable to it; 

  

	 	(b)	its and each of its Subsidiaries’ constitutional documents; or 

  

	 	(c)	any agreement or instrument binding upon it or any of its Subsidiaries or any of its or any of its Subsidiaries’ assets. 

  

	5.4	Binding Obligations 

 The obligations expressed to be assumed by it in the New Finance
Documents are, subject to the Legal Reservations, legal, valid, binding and enforceable obligations. 
  

	5.5	Validity and Admissibility in Evidence 

 All Authorisations required or desirable: 

 

	 	(a)	to enable it lawfully to enter into, exercise its rights and comply with its obligations under the New Finance Documents; and 

  

	 	(b)	to make the New Finance Documents admissible in evidence in its jurisdiction of incorporation and in the courts of England, have been obtained or effected and are in full force and effect. 

  
 4 

	5.6	Repetition 

  

	 	(a)	The representations and warranties in this clause 5 are made on the date of this agreement and shall be deemed to be repeated on the Effective Date by reference to the facts and circumstances existing on that date.

  

	 	(b)	The representations and warranties in clause 22 (Representations) of the Amended and Restated Standby Letter of Credit Agreement are deemed to be repeated by each Obligor on the date of this agreement and the Effective
Date, in each case by reference to the facts and circumstances existing on that date. 

  

	6.	MISCELLANEOUS 

  

	6.1	Invalidity of any Provision 

 If any provision of this agreement is or becomes invalid,
illegal or unenforceable in any respect under any law, the validity, legality and enforceability of the remaining provisions shall not be affected or impaired in any way. 
  

	6.2	Counterparts 

 This agreement may be executed in any number of counterparts and all of
those counterparts taken together will be deemed to constitute one and the same instrument. 
  

	6.3	Third Party Rights 

 The Contracts (Rights of Third Parties) Act 1999 shall not apply to
this agreement and no person other than the parties to this agreement shall have any rights under it. 
  

	7.	GOVERNING LAW AND SUBMISSION TO JURISDICTION 

  

	7.1	Governing Law 

 This agreement and any non-contractual obligations arising out of or in
connection with it are governed by English law. 
  

	7.2	Jurisdiction of English Courts 

  

	 	(a)	The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this agreement (including a dispute regarding the existence, validity or termination of this agreement or any
non-contractual obligation arising out of or in connection with this agreement) (a “Dispute”). 

  

	 	(b)	The parties to this agreement agree that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly no party will argue to the contrary. 

IN WITNESS whereof this agreement has been duly executed on the date first above written. 

  
 5 

 SCHEDULE 1 

Original Lenders 
 Lloyds
Bank plc 
 Barclays Bank PLC 

The Royal Bank of Scotland plc 

  
 6 

 SCHEDULE 2 

Existing Obligors 
  

					
	Name of Original Guarantor	  	Jurisdiction of Incorporation	  	Registration number (or equivalent, if any)
			
	 The Hanover Insurance International Holdings Limited (previously known as 440 Tessera Limited)
	  	England and Wales	  	07606589
			
	 Chaucer Corporate Capital (No. 2) Limited
	  	England and Wales	  	03099078
			
	 Chaucer Corporate Capital (No. 3) Limited
	  	England and Wales	  	05203226

  
 7 

 SCHEDULE 3 

[Schedule 3 omitted] 

  
 8 

 SCHEDULE 4 

Amended and Restated Standby Letter of Credit Facility Agreement 

  
 10 

			
	

	  	AGREED FORM

 Standby Letter of Credit Facility 

Chaucer Holdings plc 
 As Account Party 

Barclays Bank PLC, Lloyds Bank plc and The Royal Bank of Scotland plc 

As Mandated Lead Arrangers 
 Lloyds Bank plc 

As Bookrunner 
 Lloyds Bank plc 

As Facility Agent 
 Lloyds Bank plc 

As Security Agent 
 Dated 28 November 2011 (as amended 

and restated pursuant to an amendment and 
 restatement agreement
dated 15 November 2013) 

  
 Page 1 

 CONTENTS 
  

							
	CLAUSE	  	PAGE	 
			
	 1.
	 	 DEFINITIONS AND INTERPRETATION
	  	 	1	  
	 2.
	 	 THE FACILITY
	  	 	21	  
	 3.
	 	 PURPOSE
	  	 	22	  
	 4.
	 	 RANKING AND APPLICATION OF FUNDS AT LLOYD’S
	  	 	22	  
	 5.
	 	 CONDITIONS OF UTILISATION
	  	 	23	  
	 6.
	 	 UTILISATION
	  	 	23	  
	 7.
	 	 EXTENSION OF THE FACILITY
	  	 	25	  
	 8.
	 	 TERMINATION OF LETTERS OF CREDIT
	  	 	26	  
	 9.
	 	 NOTIFICATION
	  	 	26	  
	 10.
	 	 ACCOUNT PARTY’S LIABILITIES IN RELATION TO LETTERS OF CREDIT
	  	 	27	  
	 11.
	 	 COLLATERALISATION AND CANCELLATION
	  	 	28	  
	 12.
	 	 COMMISSION AND FEES
	  	 	30	  
	 13.
	 	 TAX GROSS-UP AND INDEMNITIES
	  	 	31	  
	 14.
	 	 INCREASED COSTS
	  	 	36	  
	 15.
	 	 OTHER INDEMNITIES
	  	 	37	  
	 16.
	 	 ILLEGALITY
	  	 	38	  
	 17.
	 	 MITIGATION BY THE LENDERS
	  	 	39	  
	 18.
	 	 COSTS AND EXPENSES
	  	 	39	  
	 19.
	 	 DEFAULT INTEREST AND BREAKAGE COSTS
	  	 	40	  
	 20.
	 	 CHANGES TO THE CALCULATION OF INTEREST
	  	 	41	  
	 21.
	 	 GUARANTEE AND INDEMNITY
	  	 	42	  
	 22.
	 	 REPRESENTATIONS
	  	 	45	  
	 23.
	 	 INFORMATION UNDERTAKINGS
	  	 	49	  
	 24.
	 	 FINANCIAL CONDITION
	  	 	53	  
	 25.
	 	 GENERAL UNDERTAKINGS
	  	 	53	  
	 26.
	 	 EVENTS OF DEFAULT
	  	 	57	  
	 27.
	 	 CHANGES TO THE LENDERS
	  	 	63	  
	 28.
	 	 CHANGES TO THE OBLIGORS
	  	 	67	  
	 29.
	 	 ROLE OF THE FACILITY AGENT AND THE ARRANGERS
	  	 	68	  
	 30.
	 	 ROLE OF THE SECURITY AGENT
	  	 	73	  
	 31.
	 	 CONDUCT OF BUSINESS BY THE FINANCE PARTIES
	  	 	81	  
	 32.
	 	 SHARING AMONG THE FINANCE PARTIES
	  	 	81	  
	 33.
	 	 PAYMENT MECHANICS
	  	 	82	  
	 34.
	 	 SET-OFF
	  	 	86	  
	 35.
	 	 APPLICATION OF PROCEEDS
	  	 	86	  
	 36.
	 	 NOTICES
	  	 	87	  
	 37.
	 	 CALCULATIONS AND CERTIFICATES
	  	 	89	  
	 38.
	 	 PARTIAL INVALIDITY
	  	 	89	  
	 39.
	 	 REMEDIES AND WAIVERS
	  	 	89	  
	 40.
	 	 AMENDMENTS AND WAIVERS
	  	 	89	  
	 41.
	 	 CONFIDENTIALITY
	  	 	91	  
	 42.
	 	 COUNTERPARTS
	  	 	95	  
	 43.
	 	 GOVERNING LAW
	  	 	95	  
	 44.
	 	 ENFORCEMENT
	  	 	95	  
		
	 SCHEDULE 1
	  	 	97	  
	 The Original Parties
	  	 	97	  
	 Part 1 - The Original Guarantors
	  	 	97	  
	 Part 2 - The Original Lenders
	  	 	97	  
	 SCHEDULE 2
	  	 	98	  
	 Conditions Precedent
	  	 	98	  
	 Part 1 - Conditions Precedent to Initial Utilisation
	  	 	98	  

  
 Page 2 

					
	 Part 2 - Conditions Precedent Required to be Delivered by an Additional Guarantor
	  	 	101	  
	 SCHEDULE 3
	  	 	102	  
	 Utilisation Request
	  	 	102	  
	 SCHEDULE 4
	  	 	103	  
	 Form of Letter of Credit
	  	 	103	  
	 SCHEDULE 5
	  	 	108	  
	 Letter of Comfort
	  	 	108	  
	 SCHEDULE 6
	  	 	111	  
	 Form of Transfer Certificate
	  	 	111	  
	 SCHEDULE 7
	  	 	113	  
	 Form of Assignment Agreement
	  	 	113	  
	 THE SCHEDULE
	  	 	114	  
	 SCHEDULE 8
	  	 	116	  
	 Form of Accession Letter
	  	 	116	  
	 Part 1 - Form of Guarantor Accession Letter
	  	 	116	  
	 Part 2 – Form of New Lender Accession Letter
	  	 	117	  
	 SCHEDULE 9
	  	 	118	  
	 Form of Resignation Letter
	  	 	118	  
	 SCHEDULE 10
	  	 	119	  
	 Form of Compliance Certificate
	  	 	119	  
	 SCHEDULE 11
	  	 	120	  
	 Form of Parent Compliance Certificate
	  	 	120	  
	 SCHEDULE 12
	  	 	126	  
	 LMA Form of Confidentiality Undertaking
	  	 	126	  
	 SCHEDULE 13
	  	 	131	  
	 Form of Facility Extension Request
	  	 	131	  

  
 Page 3 

 THIS AGREEMENT is made on 28 November 2011, as amended and restated pursuant to an amendment and
restatement agreement dated 15 November 2013. 
 BETWEEN: 
  

	(1)	CHAUCER HOLDINGS PLC, a company incorporated in England and Wales with company number 02847982 (the “Account Party”); 

 

	(2)	THE COMPANIES listed in part 1 of schedule 1 (The Original Parties) as original guarantors (the “Original Guarantors”); 

 

	(3)	BARCLAYS BANK PLC, LLOYDS BANK PLC and THE ROYAL BANK OF SCOTLAND PLC as mandated lead arrangers (the “Arrangers”); 

 

	(4)	LLOYDS BANK PLC as bookrunner (the “Bookrunner”); 

  

	(5)	THE FINANCIAL INSTITUTIONS listed in part 2 of schedule 1 (The Original Parties) as lenders (the “Original Lenders”); 

 

	(6)	LLOYDS BANK PLC as provider of the Overdraft Facility (the “Overdraft Provider”); 

  

	(7)	LLOYDS BANK PLC as agent of the other Finance Parties (the “Facility Agent”); and 

  

	(8)	LLOYDS BANK PLC as security agent of the other Secured Parties (the “Security Agent”). 

THE PARTIES AGREE AS FOLLOWS: 
  

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	Definitions 

 In this agreement: 

“Accession Date” means, in relation to an accession by a New Lender pursuant to clauses 7 (Extension of the
Facility) and 27 (Changes to the Lenders), the later of: 
  

	 	(a)	the proposed Accession Date specified in the relevant Accession Letter; and 

  

	 	(b)	the date on which the Facility Agent executes the relevant Accession Letter; 

“Accession Letter” means: 
  

	 	(a)	in respect of a proposed Additional Guarantor, a document substantially in the form set out in part 1 of schedule 8 (Form of Guarantor Accession Letter); or 

 

	 	(b)	in respect of any proposed New Lender pursuant to clause 7 (Extension of the Facility) a document substantially in the form set out in part 2 of schedule 8 (Form of New Lender Accession Letter); 

“Account Party Group” means the Account Party, each of its Subsidiaries for the time being and HIIH; 

“Additional Guarantor” means a company which becomes an Additional Guarantor in accordance with clause 28
(Changes to the Obligors); 
 “Affiliate” means: 

 

	 	(a)	in relation to any person, a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of that Holding Company; and 

  
 Page 1 

	 	(b)	in relation to The Royal Bank of Scotland plc, shall include The Royal Bank of Scotland N.V. and each of its subsidiaries or subsidiary undertakings but shall not include: 

 

	 	(i)	the UK Government or any member or instrumentality thereof, including Her Majesty’s Treasury and UK Financial Investments Limited (or any directors, officers, employees or entities thereof); or 

 

	 	(ii)	any persons or entities controlled by or under common control with the UK Government or any member or instrumentality thereof (including Her Majesty’s Treasury and UK Financial Investments Limited) which are not
part of The Royal Bank of Scotland Group plc and its subsidiary or subsidiary undertakings (including The Royal Bank of Scotland N.V. and each of its subsidiary or subsidiary undertakings); 

“Amendment and Restatement Agreement” means the amendment and restatement agreement dated on or about 15 November 2013
relating to this agreement and made between, among others, the Account Party, the Original Guarantors, the Arrangers, the Bookrunner, the Original Lenders, the Overdraft Provider, the Facility Agent and the Security Agent; 

“Approved Credit Institution” means a credit institution within the meaning of the Council Directive on the co-ordination of
laws, regulations and administrative provisions relating to the taking up and pursuit of the business of credit institutions (No. 2006/48/EC) which has been approved by the Council of Lloyd’s for the purpose of providing guarantees and issuing
or confirming letters of credit comprising a Member’s Funds at Lloyd’s; 
 “Approved New Lender” has the meaning
given to it in clause 7(e) (Extension of the Facility); 
 “Assignment Agreement” means an agreement substantially in the
form set out in schedule 7 (Form of Assignment Agreement) or any other form agreed between the relevant assignor and assignee; 

“Authorisation” means an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation or
registration; 
 “Authorised Signatory” means, in relation to any Obligor, any person who is duly authorised (in such manner
as may be reasonably acceptable to the Facility Agent) and in respect of whom the Facility Agent has received a certificate signed by a director or authorised officer of that Obligor setting out the name and signature of that person and confirming
that person’s authority to act; 
 “Authority” means any of the European Union, Her Majesty’s Treasury of the
United Kingdom or the United States government including OFAC or the U.S. Department of State; 
 “Availability Period”
means the period from and including the Effective Date to and including 31 December 2014; 
 “Available Commitment”
means, in relation to a Lender at any time and save as otherwise provided in this agreement, its Commitment minus: 
  

	 	(a)	the amount of its participation in the Outstandings at that time; and 

  

	 	(b)	in relation to any proposed Utilisation, the amount of its participation in any other Utilisations that are due to be made on or before the proposed Utilisation Date. 

  
 Page 2 

 For the purposes of calculating a Lender’s Available Commitment in relation to any proposed
Utilisation, the amount of that Lender’s participation in any Letter of Credit that is due to expire or be returned as cancelled on or before the proposed Utilisation Date shall not be deducted from a Lender’s Commitments; 

“Available Facility” means, at any time, the aggregate of the Available Commitments of the Lenders; 

“Business Day” means a day (other than a Saturday or Sunday) on which banks are open for general business in London; 

“Cash Collateral” means, in relation to a Letter of Credit or (as applicable) any Lender’s Proportion of a Letter of
Credit, a cash deposit in the Specified Account and “Cash Collateralised” shall be construed accordingly; 
 “Change
in Control” means any of the following events: 
  

	 	(a)	any “person” or “group” (as such terms are used for purposes of sections 13(d) and 14(d) of the Securities Exchange Act of 1934, whether or not applicable, except that for purposes of this paragraph
(a) such person or group shall be deemed to have “beneficial ownership” of all shares that such person or group has the right to acquire, whether such right is exercisable immediately or only after the passage of time), is or becomes
the “beneficial owner” (as such term is used in Rule 13d-3 promulgated pursuant to said Act), directly or indirectly, of more than 35 per cent. of the Voting Shares of the Parent; or 

 

	 	(b)	during any period of 25 consecutive calendar months, a majority of the board of directors of the Parent shall no longer be composed of individuals (i) who were members of said board on the first day of such period
or (ii) whose election or nomination to said board was approved by a majority of the board of the directors of the Parent, which members comprising such majority were either the individuals referred to in sub-clause (i) in this paragraph
(b) or whose election or nomination was previously so approved; 

 “Charge Over Account” means the charge
over account dated on or about the date of the Amendment and Restatement Agreement and executed by the Account Party and the Security Agent pursuant to which a charge is granted by the Account Party to the Security Agent in respect of the Specified
Account; 
 “Charged Property” means all of the assets which from time to time are, or are expressed to be, the subject of
the Security; 
 “Chaucer Names” means Chaucer No. 2 and Chaucer No. 3, and “Chaucer Name” means
either one of them; 
 “Chaucer No. 2” means Chaucer Corporate Capital (No. 2) Limited, a company incorporated in
England and Wales with registered number 03099078; 
 “Chaucer No. 3” means Chaucer Corporate Capital (No. 3) Limited,
a company incorporated in England and Wales with registered number 05203226; 
 “Code” means the US Internal Revenue Code of
1986; 
 “Commencement Date” means, in relation to any Letter of Credit, the date as and from which the Lenders’
liabilities (whether actual or contingent) under that Letter of Credit start to accrue; 

  
 Page 3 

 “Commitment” means: 

 

	 	(a)	in relation to an Original Lender, the amount set opposite its name under the heading “Commitment” in part 2 of schedule 1 (The Original Parties) and the amount of any other Commitment transferred to it
under this agreement or assumed by it pursuant to clause 7 (Extension of the Facility); and 

  

	 	(b)	in relation to any other Lender, the amount of any Commitment transferred to it under this agreement or assumed by it pursuant to clause 7 (Extension of the Facility), 

to the extent not cancelled, reduced or transferred by it under this agreement; 

“Compliance Certificate” means a certificate substantially in the form set out in schedule 10 (Form of Compliance
Certificate); 
 “Confidential Information” means all information relating to the Parent, the Account Party, any Guarantor,
the Group, the Account Party Group, the Finance Documents or the Facility of which a Finance Party becomes aware in its capacity as, or for the purpose of becoming, a Finance Party or which is received by a Finance Party in relation to, or for the
purpose of becoming a Finance Party under, the Finance Documents or the Facility from either: 
  

	 	(a)	any member of the Group or any of its advisers; or 

  

	 	(b)	another Finance Party, if the information was obtained by that Finance Party directly or indirectly from any member of the Group or any of its advisers, 

in whatever form, and includes information given orally and any document, electronic file or any other way of representing or recording
information which contains or is derived or copied from such information but excludes information that: 
  

	 	(i)	is or becomes public information other than as a direct or indirect result of any breach by that Finance Party of clause 41 (Confidentiality); or 

 

	 	(ii)	is identified in writing at the time of delivery as non-confidential by any member of the Group or any of its advisers; or 

  

	 	(iii)	is known by that Finance Party before the date the information is disclosed to it in accordance with paragraphs (a) or (b) above or is lawfully obtained by that Finance Party after that date, from a source
which is, as far as that Finance Party is aware, unconnected with the Group and which, in either case, as far as that Finance Party is aware, has not been obtained in breach of, and is not otherwise subject to, any obligation of confidentiality;

 “Confidentiality Undertaking” means a confidentiality undertaking substantially in a recommended form of
the LMA as set out in schedule 12 (LMA Form of Confidentiality Undertaking) or in any other form agreed between the Account Party and the Facility Agent; 

“Corporate Member” means a corporate member of Lloyd’s; 

“Corporate Member’s Deed” means Lloyd’s Security and Trust Deed or such other deed or document as Lloyd’s may
from time to time require each Chaucer Name (being or having applied to become a Member) to execute and deliver for the purposes of providing a Lloyd’s Deposit; 

“CTA” means the Corporation Tax Act 2009; 

  
 Page 4 

 “Debt Rating” means, as of any date of determination, the rating of the
Parent’s senior, unsecured, non-credit enhanced, long-term debt obligations then outstanding most recently announced by Standard & Poor’s and Moody’s, provided that: 

 

	 	(a)	if the respective Debt Ratings issued by the foregoing rating agencies differ by one level, then the Pricing Level (as set out in the table in the definition of “L/C Commission Rate” below) for the higher of
such Debt Ratings shall apply (with the Debt Rating for Pricing Level 1 being the highest and the Debt Rating for Pricing Level 4 being the lowest); 

  

	 	(b)	if there is a split in Debt Ratings of more than one level, then the Pricing Level that is one level lower than the Pricing Level of the higher Debt Rating shall apply; 

 

	 	(c)	if the Parent has only one Debt Rating, the Pricing Level for that Debt Rating shall apply; 

  

	 	(d)	if the Parent does not have any Debt Rating, Pricing Level 4 shall apply; and 

  

	 	(e)	if the rating system of Standard & Poor’s and Moody’s shall change, or if either such rating agency shall cease to be in the business of rating corporate debt obligations, the Parent and the Lenders
shall negotiate in good faith to amend this definition to reflect such changed rating system or the unavailability of ratings from such rating agency and, pending the effectiveness of any such amendment, the Pricing Level shall be determined by
reference to the rating most recently in effect prior to such change or cessation; 

 “Deed of Priority” means
the deed of priority dated on or about the date of the Amendment and Restatement Agreement between the Security Agent, the Account Party and Lloyd’s; 

“Default” means an Event of Default or any event or circumstance specified in clause 26 (Events of Default) which would (with
the expiry of a grace period, the giving of notice, the making of any determination under the Finance Documents or any combination of any of the foregoing) be an Event of Default; 

“Defaulting Lender” means any Lender: 
  

	 	(a)	which has rescinded or repudiated a Finance Document; or 

  

	 	(b)	with respect to which an Insolvency Event has occurred and is continuing; 

“Delegate” means any delegate, agent, attorney or co-trustee appointed by the Security Agent; 

“Disruption Event” means either or both of: 
  

	 	(a)	a material disruption to those payment or communications systems or to those financial markets which are, in each case, required to operate in order for payments to be made in connection with the Facility (or otherwise
in order for the transactions contemplated by the Finance Documents to be carried out) which disruption is not caused by, and is beyond the control of, any of the Parties; or 

 

	 	(b)	the occurrence of any other event which results in a disruption (of a technical or systems-related nature) to the treasury or payments operations of a Party preventing that, or any other Party: 

 

	 	(i)	from performing its payment obligations under the Finance Documents; or 

  

	 	(ii)	from communicating with other Parties in accordance with the terms of the Finance Documents, 

  
 Page 5 

 and which (in either such case) is not caused by, and is beyond the control of, the Party whose
operations are disrupted; 
 “Effective Date” has the meaning given to that term in the Amendment and Restatement Agreement;

 “Encumbrance” means a mortgage, charge, pledge, lien or other security interest securing any obligation of any person or
any other agreement or arrangement having a similar effect; 
 “ERISA Event” has the meaning given to it in the Parent
Guarantee; 
 “Equity Interests” has the meaning given to it in the Parent Guarantee; 

“Event of Default” means any event or circumstance specified as such in clause 26 (Events of Default); 

“Existing Facility Agreement” means the £90,000,000 standby letter of credit facility agreement dated 28 November
2010 as amended on 28 February 2011, between, amongst others, the Account Party and Lloyds TSB Bank plc (now known as Lloyds Bank plc); 

“Expiry Date” means, in relation to any Letter of Credit, the date on which the maximum aggregate liability thereunder is
reduced to zero; 
 “Extreme Stress Scenario” means an extreme event which is not a Realistic Disaster Scenario and which
falls outside the guidelines issued by Lloyd’s’ Franchise Performance Directorate department; 
 “Facility” means
the Sterling letter of credit facility granted to the Account Party in this agreement; 
 “Facility Extension” means the
exercising by the Account Party of the option to increase the Total Commitments of the Facility by up to the Facility Extension Amount in accordance with clause 7 (Extension of the Facility); 

“Facility Extension Amount” means an additional amount of up to £65,000,000; 

“Facility Extension Request” means a request in the form set out in schedule 13 (Form of Facility Extension Request); 

“Facility Office” means the office or offices notified by a Finance Party to the Facility Agent in writing on or before the
date it becomes a Finance Party (or, following that date, by not less than five Business Days’ written notice) as the office or offices through which it will perform its obligations under this agreement; 

“FAL Providers Deed” means the FAL providers deed dated on or around the date of the Amendment and Restatement Agreement
between the Facility Agent, the Account Party, the Chaucer Names and Flagstone Reassurance Suisse SA – Bermuda Branch; 

“FATCA” means: 
  

	 	(a)	sections 1471 to 1474 of the Code or any associated regulations or other official guidance; 

  
 Page 6 

	 	(b)	any treaty, law, regulation or other official guidance enacted in any other jurisdiction, or relating to an intergovernmental agreement between the US and any other jurisdiction, which (in either case) facilitates the
implementation of paragraph (a) above; or 

  

	 	(c)	any agreement pursuant to the implementation of paragraphs (a) or (b) above with the US Internal Revenue Service, the US government or any governmental or taxation authority in any other jurisdiction;

 “FATCA Application Date” means: 
  

	 	(a)	in relation to a “withholdable payment” described in section 1473(1)(A)(i) of the Code (which relates to payments of interest and certain other payments from sources within the US), 1 July 2014;

  

	 	(b)	in relation to a “withholdable payment” described in section 1473(1)(A)(i) of the Code (which relates to “gross proceeds” from the disposition of property of a type that can produce interest from
sources within the US), 1 January 2017; or 

  

	 	(c)	in relation to a “passthru payment” described in section 1471(d)(7) of the Code not falling within paragraphs (a) or (b) above, 1 January 2017, 

or, in each case, such other date from which such payment may become subject to a deduction or withholding required by FATCA as a result of any
change in FATCA after the date of this agreement; 
 “FATCA Deduction” means a deduction or withholding from a payment under
a Finance Document required by FATCA; 
 “FATCA Exempt Party” means a Party that is entitled to receive payments free from
any FATCA Deduction; 
 “FCA” means the Financial Conduct Authority in the United Kingdom and any regulatory body which
succeeds to one or more of the functions and/or duties performed by it as at the date of the Amendment and Restatement Agreement; 

“Fee Letter” means any letter or letters dated on or about the date of this agreement between the Arrangers and the Account
Party (or the Facility Agent and the Account Party or the Security Agent and the Account Party) setting out any of the fees referred to in clause 12 (Commission and Fees); 

“Finance Document” means this agreement, any Fee Letter, any Accession Letter, any Resignation Letter, each Compliance
Certificate, the Mandate Letter, the Refinancing Mandate Letter, each Utilisation Request, a Facility Extension Request, the Security Documents, the Parent Guarantee, the Deed of Priority and any other document designated as such by the Facility
Agent and the Account Party; 
 “Finance Party” means the Facility Agent, the Security Agent, an Arranger or a Lender; 

“Financial Indebtedness” means any indebtedness for or in respect of: 

 

	 	(a)	Indebtedness for Borrowed Money; 

  

	 	(b)	any documentary or standby letter of credit facility or performance bond facility; 

  

	 	(c)	 any interest rate swap, currency swap, forward foreign exchange transaction, cap, floor, collar or option transaction or any other treasury
transaction or any combination thereof or any other transaction entered into in connection with protection against or benefit from fluctuation in any rate or price (and the amount 

  
 Page 7 

	 	
of the Financial Indebtedness in relation to any such transaction shall be calculated by reference to the mark-to-market valuation of such transaction at the relevant time); and

  

	 	(d)	any guarantee or indemnity for any of the items referred to in paragraphs (a) to (c) above; 

“Funds at Lloyd’s” or “FAL” has the meaning given in paragraph 16 of the Membership Byelaw (No. 5 of
2005); 
 “GAAP” means generally accepted accounting principles in the United Kingdom, including IFRS; 

“General Prudential Sourcebook” means the General Prudential Sourcebook for Banks, Building Societies, Insurers and Investment
Firms (as amended and replaced from time to time), which forms part of the Handbook; 
 “Group” means the Parent and each of
its Subsidiaries (as defined in the Parent Guarantee) for the time being; 
 “Group Obligor” means the Parent or an Obligor;

 “Guaranteed Documents” means the Finance Documents and the Overdraft Letter; 

“Guaranteed Finance Parties” means the Finance Parties and the Overdraft Provider; 

“Guarantor” means an Original Guarantor or an Additional Guarantor, unless it has ceased to be a Guarantor in accordance with
clause 28 (Changes to the Obligors); 
 “Handbook” means the PRA Handbook of Rules and Guidance or the FCA Handbook of Rules
and Guidance, as applicable (each as amended from time to time); 
 “Hanover Credit Agreement” means the $200,000,000 credit
agreement dated on or about the date of the Amendment and Restatement Agreement between, amongst others, the Parent as borrower, JPMorgan Chase Bank, N.A., as administrative agent, Wells Fargo Bank, National Association and Lloyds Bank plc as
co-syndication agents and Branch Banking and Trust Company and Barclays Bank PLC as co-documentation agents; 
 “HIIH” means
The Hanover Insurance International Holdings Limited (previously known as 440 Tessera Limited), a company incorporated in England and Wales with company number 7606589; 

“Holding Company” means, in relation to a company or corporation, any other company or corporation in respect of which it is a
Subsidiary; 
 “IFRS” means international accounting standards within the meaning of the IAS Regulation 1606/2002 to the
extent applicable to the relevant financial statements; 
 “Impaired Agent” means the Agent at any time when: 

 

	 	(a)	it has failed to make (or has notified a Party that it will not make) a payment required to be made by it under the Finance Documents by the due date for that payment; 

 

	 	(b)	the Agent otherwise rescinds or repudiates a Finance Document; 

  

	 	(c)	(if the Agent is also a Lender) it is a Defaulting Lender under paragraph (a) of the definition of Defaulting Lender; or 

  

	 	(d)	an Insolvency Event has occurred and is continuing with respect to the Agent; 

  
 Page 8 

 “Indebtedness for Borrowed Money” means any indebtedness (other than such
indebtedness incurred by a Managed Syndicate as a result of a Syndicate Arrangement) for or in respect of: 
  

	 	(a)	moneys borrowed; 

  

	 	(b)	any amount raised by acceptance under any acceptance credit facility or dematerialised equivalent; 

  

	 	(c)	any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument; 

 

	 	(d)	the amount of any liability in respect of any lease or hire purchase contract which would, in accordance with GAAP, be treated as a finance or capital lease; 

 

	 	(e)	receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis); 

  

	 	(f)	any agreement or option to re-acquire on asset if one of primary reasons for entering into such agreement or option is to raise finance; 

 

	 	(g)	any counter-indemnity obligation in respect of a guarantee, indemnity, bond, standby or documentary letter of credit or any other instrument issued by a bank or financial institution; 

 

	 	(h)	any redeemable preference share; 

  

	 	(i)	any amount raised under any other transaction (including any forward sale or purchase agreement) having the commercial effect of a borrowing; and 

 

	 	(j)	the amount of any liability in respect of any guarantee or indemnity for any of the items referred to in paragraphs (a) to (i) (inclusive) above; 

“Insolvency Event” means, in relation to a Finance Party: 

 

	 	(a)	any receiver, administrative receiver, administrator, liquidator, bank liquidator, bank administrator, compulsory manager or other similar officer is appointed in respect of that Finance Party or all or substantially
all of its assets; 

  

	 	(b)	that Finance Party is subject to any event which has an analogous effect to any of the events specified in paragraph (a) above under the applicable laws of any jurisdiction; or 

 

	 	(c)	that Finance Party suspends making payments on all or substantially all of its debts or publicly announces an intention to do so; 

“INSPRU” means the Prudential Sourcebook for Insurers (as amended and replaced from time to time), which forms part of the
Handbook; 
 “Interest Period” means, save as otherwise provided herein, in relation to an Unpaid Sum, any of those periods
mentioned in clause 19.1 (Default Interest Periods); 

  
 Page 9 

 “Interpolated Screen Rate” means, in relation to LIBOR for any Utilisation, the
rate (rounded to the same number of decimal places as the two relevant Screen Rates) which results from interpolating on a linear basis between: 
  

	 	(a)	the applicable Screen Rate for the longest period (for which that Screen Rate is available) which is less than the Term of that Utilisation; and 

 

	 	(b)	the applicable Screen Rate for the shortest period (for which that Screen Rate is available) which exceeds the Term of that Utilisation, 

each as of 11.00 a.m. on the Quotation Day for the currency of that Utilisation; 

“ITA” means the Income Tax Act 2007; 

“L/C Commission Rate” means: 
  

	 	(a)	in relation to the portion of any Letter of Credit that is not Cash Collateralised, the rate per annum set out opposite the applicable Debt Rating in the table below: 

 

					
	Pricing Level	  	Debt Rating (S&P/Moody’s)	  	L/C Commission Rate
			
	 1
	  	BBB+ / Baa1 or above	  	1.375 per cent
			
	 2
	  	BBB / Baa2	  	1.50 per cent
			
	 3
	  	BBB- / Baa3	  	1.625 per cent
			
	 4
	  	BB+ / Ba1 or below	  	1.75 per cent

 provided that any change in the applicable L/C Commission Rate resulting from a publicly announced change in
the Debt Rating shall be effective on the date on which the relevant change in such Debt Rating is first announced by Standard & Poor’s or Moody’s, as the case may be; and 

 

	 	(b)	in relation to any portion of any Letter of Credit that is Cash Collateralised, 0.275 per cent per annum; 

“Legal Reservations” means: 
  

	 	(a)	the principle that equitable remedies may be granted or refused at the discretion of a court and the limitation of enforcement by laws relating to insolvency, reorganisation and other laws generally affecting the rights
of creditors; 

  

	 	(b)	the time barring of claims under applicable statutes of limitation, the possibility that an undertaking to assume liability for or indemnify a person against non-payment of stamp duty may be void and defences of set-off
or counterclaim; 

  

	 	(c)	similar principles, rights and defences under the laws of any jurisdiction of incorporation of any Obligor; and 

  

	 	(d)	any other matters which are set out as qualifications or reservations as to matters of law of general application in any legal opinion delivered pursuant to clause 5 (Conditions of Utilisation) or clause 28 (Changes to
the Obligors); 

 “Lender” means: 
  

	 	(a)	any Original Lender; and 

  

	 	(b)	any bank, financial institution, trust, fund or other entity which has become a Party in accordance with clause 27 (Changes to the Lenders), which in each case has not ceased to be a Party in accordance with the terms
of this agreement; 

  
 Page 10 

 “Letter of Comfort” means a letter of comfort from Lloyd’s to the Account
Party in substantially the form set out in schedule 5 (Letter of Comfort) or in such other form as may be agreed between the Facility Agent and the Account Party in order to procure the execution of that letter by Lloyd’s; 

“Letter of Credit” means a letter of credit issued or to be issued pursuant to clause 6 (Utilisation) substantially in the
form set out in schedule 4 (Form of Letter of Credit); 
 “LIBOR” means, in relation to any Unpaid Sum: 

 

	 	(a)	the applicable Screen Rate; or 

  

	 	(b)	(if no Screen Rate is available for the currency or Interest Period) the Interpolated Screen Rate; or 

  

	 	(c)	if: 

  

	 	(i)	no Screen Rate is available for the currency of that Unpaid Sum; and 

  

	 	(ii)	no Screen Rate is available for the Interest Period and it is not possible to calculate an Interpolated Screen Rate, 

the arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the Facility Agent at its request quoted by the
Reference Banks to leading banks in the Relevant Interbank Market, 
 as at 11.00 a.m. on the Quotation Day for the currency of that Unpaid
Sum and for a period comparable to the Interest Period for that Unpaid Sum and, if any such rate is below zero, LIBOR will be deemed to be zero; 

“Lloyd’s” means the Society incorporated by Lloyd’s Act 1871 by the name of Lloyd’s; 

“Lloyd’s Deposit” has the meaning given in the Definitions Byelaw (No. 7 of 2005); 

“Lloyd’s Syndicate Accounting Rules” means the Lloyd’s syndicate accounting rules within the meaning of the
Definitions Byelaw (No. 7 of 2005); 
 “LMA” means the Loan Market Association; 

“Majority Lenders” means a Lender or Lenders whose Commitments aggregate at least
66 2⁄3 per cent of the Total Commitments (or, if the Commitments have been reduced to zero, aggregated at least
66 2⁄3 per cent of the Commitments immediately prior to the reduction); 

“Managed Syndicate” means: 
  

	 	(a)	any one of Syndicate 1084, Syndicate 1176, Syndicate 4000; and 

  

	 	(b)	any other Syndicate at Lloyd’s managed by the Managing Agent and through which a Chaucer Name underwrites business at Lloyd’s of more than ten per cent of the aggregate underwriting risk in respect of all such
Syndicates; 

 “Managing Agent” means Chaucer Syndicates Limited, a company incorporated in England and Wales
with company number 00184915; 

  
 Page 11 

 “Mandate Letter” means the mandate letter dated on or about the date of this
agreement from the Arrangers to the Parent; 
 “Material Adverse Effect” means a material adverse effect on: 

 

	 	(a)	the business, financial condition or results of operations of the Group (taken as a whole); 

  

	 	(b)	the ability of any Group Obligor to perform or comply with its payment obligations under the Finance Documents (taking into account the existence of the guarantee contained in clause 21 (Guarantee and Indemnity) and the
guarantee contained in section 2.01 (The Guaranty) of the Parent Guarantee); 

  

	 	(c)	the ability of the Parent to comply with its financial covenant obligations under section 4.03 (Financial Covenants) of the Parent Guarantee or the Account Party to comply with its financial covenant obligations under
clause 24.1 (Financial Condition of the Account Party); 

  

	 	(d)	the ability of the Group Obligors, taken as a whole, to perform any of their other obligations under the Finance Documents not referred to in paragraph (b) or (c) above; or 

 

	 	(e)	the legality, validity or enforceability of any Finance Document; 

 “Material
Company” means, at any time: 
  

	 	(a)	an Obligor; 

  

	 	(b)	a member of the Group (other than the Parent and Chaucer Syndicates Limited) that holds shares in an Obligor; or 

  

	 	(c)	a Subsidiary of the Account Party (other than Chaucer Syndicates Limited) which has profit before tax representing five per cent or more of consolidated profit before tax of the Account Party Group or has gross assets
representing five per cent or more of the gross assets of the Account Party Group, calculated on a consolidated basis. 

Compliance with the conditions set out in paragraph (c) above shall be determined by reference to the latest annual financial statements
of that Subsidiary (consolidated in the case of a Subsidiary which itself has Subsidiaries) and the latest annual consolidated financial statements of the Account Party Group delivered pursuant to clause 23.1(a) (Financial Statements of the Account
Party Group) or clause 23.1(b) (Financial Statements of the Account Party Group). However, if a Subsidiary has been acquired since the date as at which the latest consolidated financial statements of the Account Party Group were prepared, the
financial statements shall be deemed to be adjusted in order to take into account the acquisition of that Subsidiary; 
 A report by the
auditors of the Account Party that a Subsidiary is or is not a Material Company shall, in the absence of manifest error, be conclusive and binding on all Parties; 

“Material Subsidiary” has the meaning given to it in the Parent Guarantee; 

“Member” means a Corporate Member or a Name; 

“Member’s Share” means the Member’s Syndicate Premium Limit of an Underwriting Member divided by the Syndicate
Allocated Capacity of the Managed Syndicate on which the Lloyd’s Member writes business; 

  
 Page 12 

 “Member’s Syndicate Premium Limit” means a Member’s syndicate premium
limit within the meaning of paragraph 26 of the Membership Byelaw (No. 5 of 2005); 
 “Month” means a period starting on one
day in a calendar month and ending on the numerically corresponding day in the next calendar month, except that: 
  

	 	(a)	if the numerically corresponding day is not a Business Day, that period shall end on the next Business Day in that calendar month in which that period is to end if there is one, or if there is not, on the immediately
preceding Business Day; and 

  

	 	(b)	if there is no numerically corresponding day in the calendar month in which that period is to end, that period shall end on the last Business Day in that calendar month. 

The above exceptions will only apply to the last Month of any period; “Monthly” shall be construed accordingly; 

“Moody’s” means Moody’s Investors Service Limited and any successor to the rating agency business of Moody’s
Investors Service Limited; 
 “Name” means an individual member of Lloyd’s; 

“New Lender” has the meaning given to it in clause 27.1 (Assignments and Transfers by the Lenders); 

“Notice of Termination” means a notice of the kind defined in clause 8.1 (Availability and Termination Provisions); 

“Obligor” means the Account Party or a Guarantor; 

“Obligors’ Agent” means the Account Party, appointed to act on behalf of each Obligor in relation to the Finance
Documents pursuant to clause 2.3 (Obligors’ Agent); 
 “OFAC” means the Office of Foreign Assets Control of the U.S.
Department of the Treasury; 
 “Open Year Solvency Deficiency” has the meaning given to that expression in the Lloyd’s
Membership and Underwriting Conditions and Requirements (Funds at Lloyd’s); 
 “Original Financial Statements” means:

  

	 	(a)	in relation to the Account Party, the audited consolidated financial statements of the Account Party Group for the financial year ended 31 December 2010; and 

 

	 	(b)	in relation to each Original Guarantor (other than HIIH)), its audited financial statements for its financial year ended 31 December 2010; 

“Other FAL” means, in relation to Chaucer No. 2 or (as applicable) Chaucer No. 3, its Funds at Lloyd’s other
than Own FAL, Reinsurance FAL and FAL provided under this agreement; 
 “Outstandings” means, at any time, the aggregate of
the maximum actual and contingent liabilities of the Lenders in respect of any outstanding Letter of Credit; 
 “Overdraft”
means the £2,000,000 overdraft facility made available to the Account Party by Lloyds TSB Bank plc (now known as Lloyds Bank plc) and which is documented by the Overdraft Letter; 

  
 Page 13 

 “Overdraft Letter” means the overdraft facility letter between Lloyds TSB Bank
plc (now known as Lloyds Bank plc) and the Account Party dated 25 November 2011, as amended, supplemented or extended from time to time, which documents the terms and conditions of a £2,000,000 overdraft facility made available to the
Account Party; 
 “Own FAL” means, in relation to any Chaucer Name, such part of its Funds at Lloyd’s as is provided by
the Account Party or by that Chaucer Name by way of cash and/or investments and/or covenant and charge or otherwise as permitted by Lloyd’s from time, to time excluding the Reinsurance FAL; 

“Parent” means The Hanover Insurance Group, Inc. a Delaware corporation; 

“Parent Guarantee” means the guarantee agreement dated on or about the date of the Amendment and Restatement Agreement,
between the Parent, the Facility Agent and the Security Agent; 
 “Party” means a party to this agreement; 

“Permitted Encumbrance” means: 
  

	 	(a)	any Encumbrance arising under the Finance Documents; 

  

	 	(b)	any Encumbrance granted with the prior consent of the Majority Lenders, provided the amount secured thereby is not increased; 

  

	 	(c)	any Encumbrance granted or subsisting under any deed or agreement required by Lloyd’s or by the PRA or its successor or successors to be executed or entered into by or on behalf of a Chaucer Name in connection with
its insurance business at Lloyd’s; 

  

	 	(d)	any Encumbrance over or affecting any asset forming part of a trust fund (or, in the case of reinsurance recoveries or other things in action, whose proceeds will form part of a trust fund) which is held subject to the
provisions of any deed or agreement of the kind referred to in paragraph (c) above, where that Encumbrance is created to secure obligations arising under a Syndicate Arrangement; 

 

	 	(e)	any Encumbrance over or affecting any asset acquired by a member of the Account Party Group after the date of this agreement and subject to which that asset is acquired, provided: 

 

	 	(i)	that Encumbrance was not created in contemplation of the acquisition of that asset by a member of the Account Party Group; 

  

	 	(ii)	the amount secured by that Encumbrance has not been increased in contemplation of, or since the date of, the acquisition of that asset by a member of the Account Party Group; and 

 

	 	(iii)	that Encumbrance is released or discharged within six Months of the date of acquisition of that asset; 

  

	 	(f)	any Encumbrance over or affecting any asset of any company which becomes a member of the Account Party Group after the date of this agreement, where that Encumbrance is created prior to the date on which that company
becomes a member of the Account Party Group, provided: 

  

	 	(i)	that Encumbrance was not created in contemplation of the acquisition of that company; 

  
 Page 14 

	 	(ii)	the amount secured by that Encumbrance has not been increased in contemplation of, or since the date of, the acquisition of that company; and 

 

	 	(iii)	such Encumbrance is released or discharged within six Months of that company becoming a member of the Account Party Group; 

  

	 	(g)	any netting or set-off arrangement entered into by any member of the Account Party Group in the normal course of its banking arrangements for the purpose of netting debit and credit balances; 

 

	 	(h)	any title transfer or retention of title arrangement entered into by any member of the Account Party Group in the normal course of its trading activities on the counterparty’s standard or usual terms;

  

	 	(i)	any lien arising by operation of law and in the normal course of business, provided that lien is discharged within ten days of the date on which it arises; 

 

	 	(j)	any Encumbrance securing amounts outstanding under the Existing Facility Agreement, provided such Encumbrance is irrevocably released on or before the first Utilisation Date; 

 

	 	(k)	any Encumbrance that is registered at Companies House at the date of this agreement in respect of a member of the Account Party Group; and 

 

	 	(l)	any other Encumbrance granted by a member of the Account Party Group securing Financial Indebtedness provided the amount secured by the aggregate of any such Encumbrances does not at any time exceed £5,000,000 (or
its equivalent in other currencies); 

 “Permitted Financial Indebtedness” means Financial Indebtedness: 

 

	 	(a)	arising under the Finance Documents; 

  

	 	(b)	arising under the Overdraft Letter provided that the principal amount borrowed under the Overdraft Letter does not exceed £2,000,000 (or its equivalent in other currencies); 

 

	 	(c)	arising under any Syndicate Arrangement; 

  

	 	(d)	arising under loan notes issued by HIIH under a loan note instrument dated 6 July 2011 constituting up to £20,000,000 fixed rate unsecured loan notes due 31 December 2016; 

 

	 	(e)	approved in writing by the Majority Lenders in accordance with a written request delivered by the Account Party to the Facility Agent in accordance with clause 40 (Amendments and Waivers); 

 

	 	(f)	among members of the Account Party Group; 

  

	 	(g)	arising under the $300,000,000 loan agreement between the Parent and HIIH dated 2 August 2011; 

  

	 	(h)	of a member of the Account Party Group where such Financial Indebtedness is owed to a member of the Group; 

  

	 	(i)	arising under any multicurrency pooling arrangements entered into by any member of the Account Party Group in the ordinary course of their banking arrangements which involves a netting or a set-off of any debit and
credit balances of such member of the Account Party Group, provided that the net amount of such financial indebtedness does not exceed zero; 

  
 Page 15 

	 	(j)	arising under any interest rate swap, currency swap, forward foreign exchange transaction, cap, floor, collar or option transaction or any other treasury transaction or any combination thereof or any other transaction
entered into in connection with protection against or benefit from fluctuation in any rate or price (and the amount of the Financial Indebtedness in relation to any such transaction shall be calculated by reference to the mark-to-market valuation of
such transaction at the relevant time) in an amount not exceeding in aggregate £20,000,000 (or its equivalent in other currencies) and not for investment or speculative purposes; and 

 

	 	(k)	other Indebtedness for Borrowed Money of members of the Account Party Group not exceeding in aggregate £5,000,000 (or its equivalent in other currencies); 

“PRA” means the Prudential Regulation Authority in the United Kingdom and any regulatory body which succeeds to one or more of
the functions and/or duties performed by it as at the date of the Amendment and Restatement Agreement; 
 “Proportion”
means, in relation to a Lender: 
  

	 	(a)	the proportion borne by its Commitment to the Total Commitments (or, if the Total Commitments are then zero, by its Commitment to the Total Commitments immediately prior to their reduction to zero); and

  

	 	(b)	in respect of any Letter of Credit and save as otherwise provided in this agreement, the proportion (expressed as a percentage) borne by that Lender’s Available Commitment to the Available Facility immediately
prior to the issue of that Letter of Credit; 

 “Qualifying Lender” has the meaning given to it in clause 13
(Tax Gross-Up and Indemnities); 
 “Quotation Day” means, in relation to any period for which an interest rate is to be
determined, the first day of that period; 
 “Realistic Disaster Scenario” means any realistic disaster scenario presented
in a business plan prepared in relation to a Managed Syndicate under paragraph 35 of the Underwriting Byelaw (No. 2 of 2003) which shows the potential impact upon a Managed Syndicate of a catastrophic event, which for the avoidance of doubt, shall
not be taken to include any Extreme Stress Scenario which may be requested to be covered by Lloyd’s from time to time; 

“Receiver” means a receiver or receiver and manager, or administrative receiver, administrator or trustee (as the context
requires) or other similar officer of the whole or any part of the Charged Property; 
 “Reference Banks” means the
principal London office of Lloyds Bank plc and Barclays Bank PLC or such other banks as may be appointed by the Facility Agent in consultation with the Account Party; 

“Refinancing Financial Statements” means: 
  

	 	(a)	in relation to the Account Party, the audited consolidated financial statements of the Account Party Group for the financial year ended 31 December 2012; and 

 

	 	(b)	in relation to each Original Guarantor (other than HIIH), its audited financial statements for its financial year ended 31 December 2012; 

  
 Page 16 

 “Refinancing Mandate Letter” means the mandate letter dated 10 October 2013
from Lloyds Bank plc to the Parent; 
 “Reinsurance FAL” means any letter or letters of credit to be provided to
Lloyd’s on behalf of the Account Party and/or any Chaucer Name and which are supported by a reinsurance contract; 
 “Related
Fund” in relation to a fund (the “First Fund”), means a fund which is managed or advised by the same investment manager or adviser as the First Fund or, if it is managed by a different investment manager or adviser, a fund
whose investment manager or adviser is an Affiliate of the investment manager or adviser of the First Fund; 
 “Relevant Interbank
Market” means the London interbank market; 
 “Repeating Representations” means each of the representations set out
in clauses 22.1 (Status) to 22.6 (Legality, Validity and Enforceability) (inclusive), clauses 22.10 (No Filing or Stamp Taxes) to 22.13 (Financial Statements) (inclusive), clauses 22.15 (No Proceedings Pending or Threatened) to 22.18 (Shares)
(inclusive), clause 22.21 (No Breach of Borrowing Restrictions) and clause 22.22 (Sanctions); 
 “Representative” means any
delegate, agent, manager, administrator, nominee, attorney, trustee or custodian; 
 “Resignation Letter” means a letter
substantially in the form set out in schedule 9 (Form of Resignation Letter); 
 “Sanctions” means economic or financial
sanctions or trade embargoes imposed, administered or enforced from time to time by any Authority; 
 “Screen Rate” means,
in relation to LIBOR, the London interbank offered rate administered by the British Bankers Association (or any other person which takes over the administration of that rate) for the relevant currency and period displayed on pages LIBOR1 or LIBOR2
of the Reuters screen (or any replacement Reuters page which displays that rate) or, on the appropriate page of such other information service which publishes that rate from time to time in place of Reuters. If such page or service ceases to be
available, the Facility Agent may specify another page or service displaying the relevant rate after consultation with the Account Party and the Lenders; 

“SDN List” means the Specially Designated Nationals List maintained by OFAC, or any similar list maintained by any Authority;

 “Secured Obligations” means all present and future obligations at any time due, owing or incurred by any Group Obligor to
any Secured Party under the Guaranteed Documents, both actual and contingent and whether incurred solely or jointly and as principal or surety or in any other capacity; 

“Secured Party” means the Security Agent, any Receiver or Delegate, or any other Guaranteed Finance Party; 

“Security” means the security granted under or pursuant to the Security Documents; 

“Security and Trust Deed” means the following security and trust deeds, in each case in form and substance satisfactory to the
Facility Agent: 
  

	 	(a)	the security and trust deed, between the Account Party, Chaucer No. 3, Chaucer No. 2 and Lloyd’s evidencing the arrangement by which Chaucer No. 2 agrees to make its Own FAL interavailable to Chaucer
No. 3; 

  
 Page 17 

	 	(b)	the security and trust deed between Chaucer No. 3, Chaucer No. 2 and Lloyd’s evidencing the arrangement by which Chaucer No. 2 agrees to make the Reinsurance FAL interavailable to Chaucer No. 3;
and 

  

	 	(c)	the security and trust deed between Chaucer No. 3, Chaucer No. 2 and Lloyd’s evidencing the arrangement by which Chaucer No. 2 agrees to make the Letter of Credit to be issued on its behalf pursuant
to clause 6 (Utilisation) interavailable to Chaucer No. 3; 

 “Security Documents” means the Charge Over
Account together with any other document entered into by any Obligor or any other member of the Group, in form and substance acceptable to the Security Agent, creating or expressed to create any Encumbrance over all or any part of its assets in
respect of the obligations of any of the Group Obligors under any of the Guaranteed Documents; 
 “Specified Account” means
the Sterling interest-bearing account in the name of the Account Party held with the Security Agent, at the Security Agent’s branch at 39 Threadneedle Street, London EC2R 8AU, with account number 01193214, sort code 30-00-09 and designated LTSB
plc re Chaucer Holdings plc Sterl; 
 “Standard & Poor’s” means Standard and Poor’s Rating Service and
any successor to the rating agency business of Standard & Poor’s Rating Services; 
 “Sterling” and
“£” means the lawful currency of the United Kingdom; 
 “Subordinated Funds at Lloyd’s” has the
meaning given to it in clause 4.1 (Ranking of Funds at Lloyd’s); 
 “Subsidiary” means a subsidiary undertaking within
the meaning of section 1162 of the Companies Act 2006; 
 “Substitution Letter” a letter dated on or about the date of this
agreement from Lloyd’s to the Account Party in the form agreed between the Facility Agent and the Account Party; 

“Syndicate” means a group of Members or a single Corporate Member underwriting insurance business at Lloyd’s through the
agency of a managing agent to which a particular syndicate number is assigned by the Council of Lloyd’s; 
 “Syndicate Allocated
Capacity” means, in relation to any Syndicate, a reference to the aggregate of the Member’s Syndicate Premium Limits of all the members for the time being that Syndicate; 

“Syndicate Arrangement” means any arrangement (whether pursuant to guarantees, letters of credit or otherwise) entered into by
a managing agent at Lloyd’s on behalf of the Chaucer Names, together with the other members of a Syndicate with respect to financing or reinsurance for the purposes of or in connection with the underwriting business carried on by all such
members of that Syndicate; 
 “Tax” means any tax, levy, impost, duty or other charge or withholding of a similar nature
(including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same); 

“Term” means, save as otherwise provided in this agreement: 

 

	 	(a)	in relation to any Letter of Credit, the period from its Commencement Date until its Expiry Date; and 

  

	 	(b)	in relation to an Unpaid Sum, any Interest Period; 

  
 Page 18 

 “Third Party Syndicate” means a syndicate at Lloyd’s: 

 

	 	(a)	which is managed by the Third Party Syndicate Managing Agent; or 

  

	 	(b)	through which the Chaucer Name underwrites business at Lloyd’s, 

 and which, in each case,
is not a Managed Syndicate; 
 “Third Party Syndicate Managing Agent” means: 

 

	 	(a)	the Managing Agent; or 

  

	 	(b)	a limited liability company which is controlled by the Account Party and acts as a managing agent; 

“Total Commitments” means, at any time, the aggregate of the Lenders’ Commitments, being £130,000,000 at the
Effective Date; 
 “Transfer Certificate” means a certificate substantially in the form set out in schedule 6 (Form of
Transfer Certificate) or any other form agreed between the Facility Agent and the Account Party; 
 “Transfer Date” means,
in relation to an assignment or a transfer, the later of: 
  

	 	(a)	the proposed Transfer Date specified in the relevant Assignment Agreement or Transfer Certificate; and 

  

	 	(b)	the date on which the Facility Agent executes the relevant Assignment Agreement or Transfer Certificate; 

“Uncollateralised Outstandings” means the Outstandings in respect of which the Account Party has not provided funds by way of
Cash Collateral to the Security Agent; 
 “Uncovered Deficit” means the aggregate of any Open Year Solvency Deficiency of
the Chaucer Names in relation to which funds at Lloyd’s have not been provided by the date upon which Lloyd’s has requested such funds at Lloyd’s be provided; 

“Underwriting Member” means any one of the Chaucer Names; 

“Unpaid Sum” means any sum due and payable but unpaid by an Obligor under the Finance Documents; 

“US Dollars” and “$” means the lawful currency of the United States; 

“US GAAP” means generally accepted accounting principles in the United States, including IFRS; 

“Utilisation” means a utilisation of the Facility; 

“Utilisation Date” means the date of a Utilisation, being the date on which the relevant Letter of Credit is to be issued (or,
as applicable, amended); 
 “Utilisation Request” means a notice substantially in the form set out in schedule 3 (Requests);

 “VAT” means value added tax as provided for in the Value Added Tax Act 1994 and any other tax of a similar nature; 

  
 Page 19 

 “Voluntary Collateralisation Date” means, in any year, any of 1 January,
31 March, 30 June and 30 September or, if such date is not a Business Day, the next Business Day; and 
 “Voting
Shares” means, with respect to any Person (as defined in the Hanover Credit Agreement) at any time, Equity Interests entitling the holder thereof to vote generally in an election of directors or other individuals performing similar
functions. 
  

	1.2	Construction 

  

	 	(a)	Unless a contrary indication appears, any reference in this agreement to: 

  

	 	(i)	the “Facility Agent”, the “Arrangers”, the “Security Agent”, any “Secured Party”, any “Finance Party”, any “Lender”,
the “Overdraft Provider”, any “Obligor”, the “Parent” or any “Party” or any other person shall be construed so as to include its successors in title, permitted assigns and
permitted transferees; 

  

	 	(i)	“amendment” includes any amendment, supplement, variation, novation, modification, replacement or restatement and “amend”, “amending” and “amended”
shall be construed accordingly; 

  

	 	(ii)	“assets” includes present and future properties, revenues and rights of every description; 

  

	 	(iii)	a “Finance Document” or any other agreement or instrument is (unless otherwise specified in this agreement) a reference to that Finance Document or other agreement or instrument as amended, novated,
supplemented, extended or restated (however fundamentally) (excluding any amendment, novation, supplement, extension or restatement made contrary to any provision of the Finance Documents); 

 

	 	(iv)	“including” means including without limitation and “includes” and “included” shall be construed accordingly; 

 

	 	(v)	“indebtedness” includes any obligation (whether incurred as principal or as surety) for the payment or repayment of money, whether present or future, actual or contingent; 

 

	 	(vi)	a “person” includes any individual, firm, company, corporation, government, state or agency of a state or any association, trust, joint venture, consortium or partnership (whether or not having separate
legal personality) of two or more of the foregoing; 

  

	 	(vii)	a “regulation” includes any regulation, rule, official directive, request or guideline (whether or not having the force of law) of any governmental, intergovernmental or supranational body, agency,
department or of any regulatory, self-regulatory or other authority or organisation; 

  

	 	(viii)	“controlled” for the purposes of the defined term “Third Party Syndicate Managing Agent” means that the Account Party: 

 

	 	(A)	has the power (whether by way of ownership of shares, proxy, contract, agency or otherwise) to cast, or control the casting of, more than 50 per cent of the maximum number of votes that might be cast at a general
meeting of the relevant company; or 

  

	 	(B)	holds beneficially 50 per cent or more of the issued share capital of such a company (excluding any part of that issued share capital that carries no right to participate beyond a specified amount in a distribution
of either profits or capital); 

  
 Page 20 

	 	(ix)	a provision of law (including any by-law) is a reference to that provision as amended or re-enacted; and 

  

	 	(x)	a time of day is a reference to London time. 

  

	 	(b)	Clause and schedule headings are for ease of reference only. 

  

	 	(c)	Unless a contrary indication appears, a term used in any other Finance Document or in any notice given under or in connection with any Finance Document has the same meaning in that Finance Document or notice as in this
agreement. 

  

	 	(d)	A Default is “continuing” if it has not been remedied or waived. 

  

	1.3	Third Party Rights 

  

	 	(a)	Unless expressly provided to the contrary in a Finance Document a person who is not a Party has no right under the Contracts (Rights of Third Parties) Act 1999 (the “Third Parties Act”) to enforce or to
enjoy the benefit of any term of this agreement. 

  

	 	(b)	Notwithstanding any term of any Finance Document, the consent of any person who is not a Party is not required to rescind or vary this agreement at any time. 

 

	2.	THE FACILITY 

  

	2.1	The Facility 

 Subject to the terms of this agreement, the Lenders make available to the
Account Party a Sterling letter of credit facility in an aggregate principal amount equal to the Total Commitments. 
  

	2.2	Finance Parties’ Rights and Obligations 

  

	 	(a)	The obligations of each Finance Party under the Finance Documents are several. Failure by a Finance Party to perform its obligations under the Finance Documents does not affect the obligations of any other Party under
the Finance Documents. No Finance Party is responsible for the obligations of any other Finance Party under the Finance Documents. 

  

	 	(b)	The rights of each Finance Party under or in connection with the Finance Documents are separate and independent rights and any debt arising under the Finance Documents to a Finance Party from an Obligor shall be a
separate and independent debt. 

  

	 	(c)	A Finance Party may, except as otherwise stated in the Finance Documents, separately enforce its rights under the Finance Documents. 

 

	2.3	Obligors’ Agent 

  

	 	(a)	Each Guarantor by its execution of this agreement or an Accession Letter irrevocably appoints the Account Party to act on its behalf as its agent in relation to the Finance Documents and irrevocably authorises:

  

	 	(i)	 the Account Party on its behalf to supply all information concerning itself contemplated by this agreement to the Finance Parties and to give all
notices and instructions, to execute on its behalf any Accession Letter, to 

  
 Page 21 

	 	
make such agreements and to effect the relevant amendments, supplements and variations (in each case, however fundamental) capable of being given, made or effected by any Guarantor
(notwithstanding that they may increase the Guarantor’s obligations or otherwise affect the Guarantor) and to give confirmation as to continuation of surety obligations, without further reference to or the consent of that Guarantor; and

  

	 	(ii)	each Finance Party to give any notice, demand or other communication to that Guarantor pursuant to the Finance Documents to the Account Party, 

and in each case the Guarantor shall be bound as though the Guarantor itself had given the notices and instructions (including, without
limitation, any Utilisation Requests) or executed or made the agreements or effected the amendments, supplements or variations, or received the relevant notice, demand or other communication. 

 

	 	(b)	Every act, omission, agreement, undertaking, settlement, waiver, amendment, supplement, variation, notice or other communication given or made by the Obligors’ Agent or given to the Obligors’ Agent under any
Finance Document on behalf of a Guarantor or in connection with any Finance Document (whether or not known to any Guarantor and whether occurring before or after such Guarantor became a Guarantor under any Finance Document) shall be binding for all
purposes on that Guarantor as if that Guarantor had expressly made, given or concurred with it. In the event of any conflict between any notices or other communications of the Obligors’ Agent and any Guarantor, those of the Obligors’ Agent
shall prevail. 

  

	3.	PURPOSE 

  

	3.1	Purpose and Application 

 The Facility is made available to the Account Party for the
purpose of providing one or more Letters of Credit to be used as Funds at Lloyd’s to support and stand security for the general business at Lloyd’s of each of the Chaucer Names for the 2014 and 2015 years of account and each prior open
year of account and, accordingly, the Account Party shall ensure that each Chaucer Name will apply all amounts raised by it under this agreement towards the satisfaction of that purpose. 

 

	3.2	Monitoring 

 No Finance Party is bound to monitor or verify the application of any amount
raised pursuant to this agreement. 
  

	4.	RANKING AND APPLICATION OF FUNDS AT LLOYD’S 

  

	4.1	Ranking of Funds at Lloyd’s 

 It is acknowledged by the Parties that, subject to the
duties of Lloyd’s as trustee of all Funds at Lloyd’s and to any conditions and requirements prescribed under the Membership Byelaw (No. 5 of 2005) which are for the time being applicable, the Facility will provide Funds at Lloyd’s for
each Chaucer Name for the 2014 and 2015 years of account and each prior open year of account which, to the extent that the Account Party is able to procure the same upon and subject to the terms of this agreement, shall rank senior to all Funds at
Lloyd’s of the relevant Chaucer Name constituted from time to time by Own FAL, Reinsurance FAL and Other FAL (together the “Subordinated Funds at Lloyd’s”). 

  
 Page 22 

	4.2	Application of Funds at Lloyd’s 

 The Account Party shall use all reasonable
endeavours to ensure that the Subordinated Funds at Lloyd’s of a Chaucer Name are applied or otherwise utilised to the fullest extent possible before any payment is requested under a Letter of Credit. 

 

	5.	CONDITIONS OF UTILISATION 

  

	5.1	Initial Conditions Precedent 

 The Account Party may only deliver a Utilisation
Request if the Facility Agent has received all of the documents and other evidence listed in part 1 of schedule 2 (Conditions Precedent) in form and substance satisfactory to the Facility Agent. The Facility Agent shall notify the Account Party and
the Lenders promptly upon being so satisfied. 
  

	5.2	Further Conditions Precedent 

 Subject to clause 5.1 (Initial Conditions Precedent), the
Lenders will only be obliged to comply with clause 6.4 (Each Lender’s Participation in Letters of Credit) if, on the date of the Utilisation Request and on the proposed Utilisation Date: 

 

	 	(a)	no Default is continuing or would result from the issue of the proposed Letter of Credit; and 

  

	 	(b)	the Repeating Representations to be made by each Obligor and the representations to be made by the Parent in the Parent Guarantee are true in all material respects. 

 

	6.	UTILISATION 

  

	6.1	Delivery of a Utilisation Request 

 The Account Party may utilise the Facility by
delivery to the Facility Agent of a duly completed Utilisation Request no later than five Business Days before the proposed Utilisation Date (or such shorter period as the Facility Agent may agree). 

 

	6.2	Completion of a Utilisation Request 

 Each Utilisation Request is irrevocable and will
not be regarded as having been duly completed unless: 
  

	 	(a)	the proposed Utilisation Date is a Business Day falling on or before 31 December 2014; 

  

	 	(b)	the proposed Term of the Letter of Credit is not less than four years and the Expiry Date of the Letter of Credit is no later than 31 December 2018; 

 

	 	(c)	the proposed Commencement Date of the Letter of Credit is a Business Day falling within the Availability Period; 

  

	 	(d)	the Letter of Credit is substantially in the form set out in schedule 4 (Form of Letter of Credit); 

  

	 	(e)	the beneficiary of the Letter of Credit is Lloyd’s; 

  

	 	(f)	the currency and amount of the Letter of Credit comply with clause 6.3 (Currency and Amount); and 

  

	 	(g)	as a result of the proposed Utilisation, no more than three Letters of Credit would be outstanding. 

  
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	6.3	Currency and Amount 

  

	 	(a)	The currency specified in a Utilisation Request must be Sterling; 

  

	 	(b)	The amount of the proposed Letter of Credit is: 

  

	 	(i)	a minimum of £250,000 or, if less, the Available Facility; and 

  

	 	(ii)	less than or equal to the Available Facility. 

  

	6.4	Each Lender’s Participation in Letters of Credit 

  

	 	(a)	If the conditions set out in this agreement have been met, each Lender shall participate in each Letter of Credit through its Facility Office. 

 

	 	(b)	Save as otherwise provided in this agreement, the amount of each Lender’s participation in each Letter of Credit issued in accordance with this clause 6 will be equal to the proportion borne by its Available
Commitment to the Available Facility immediately prior to the issue of that Letter of Credit. 

  

	6.5	Applied Letters of Credit 

 If, notwithstanding the provisions of clause 4.2 (Application
of Funds at Lloyd’s), any sum is paid under a Letter of Credit (an “Applied Letter of Credit”) which is greater than any sum which would have been paid had Subordinated Funds at Lloyd’s been applied prior to
the Funds at Lloyd’s provided pursuant to this Facility in accordance with clause 4.2 (Application of Funds at Lloyd’s) (the difference between the sum paid under the Applied Letter of Credit and the sum which should have been paid being
the “Overpayment”), the Account Party shall, to any extent necessary to facilitate the indemnification of the Lenders under clause 10.1 (Account Party’s Indemnity to the Lenders), use all reasonable endeavours to
procure the release by Lloyd’s of the Subordinated Funds at Lloyd’s and, upon the Lenders being indemnified in full thereunder (but subject to the Lenders receiving confirmation in writing from the Account Party that no Default is
continuing): 
  

	 	(a)	a supplementary Letter of Credit will be issued by the Facility Agent on behalf of the Lenders in an amount equal to the Overpayment having an Expiry Date which is the same as that of the Applied Letter of Credit; or

  

	 	(b)	the Applied Letter of Credit will be amended by increasing the amount thereof by an amount equal to the Overpayment. 

  

	6.6	Completion of Letters of Credit 

 The Facility Agent is authorised to arrange for the
issue or amendment of any Letter of Credit pursuant to clause 6.2 (Completion of a Utilisation Request) or clause 6.5 (Applied Letters of Credit) by: 
  

	 	(a)	completing the Commencement Date and the Expiry Date of that Letter of Credit; 

  

	 	(b)	(in the case of an amendment increasing or decreasing the amount thereof) amending that Letter of Credit in such manner as Lloyd’s may agree; 

 

	 	(c)	completing schedule 1 to that Letter of Credit with the percentage participation of each Lender as allocated pursuant to the terms of this agreement; 

 

	 	(d)	executing that Letter of Credit and following such execution delivering that Letter of Credit to Lloyd’s on the Utilisation Date; and 

 

	 	(e)	issuing such formal notification as Lloyd’s may require confirming that the Letter of Credit has been issued or amended. 

  
 Page 24 

	7.	EXTENSION OF THE FACILITY 

  

	 	(a)	The Account Party may, on one occasion only during the life of the Facility, request that the Total Commitments are increased by up to the Facility Extension Amount by delivery to the Facility Agent of a duly completed
Facility Extension Request. 

  

	 	(b)	The Facility Agent shall promptly notify each Lender of the receipt of the Facility Extension Request. 

  

	 	(c)	A Facility Extension shall only be permitted with the consent of all the Lenders. 

  

	 	(d)	Each Lender shall have 20 Business Days from receipt of the completed Facility Extension Request from the Facility Agent to notify the Account Party and Facility Agent: 

 

	 	(i)	if such Lender grants its consent to the proposed Facility Extension; 

  

	 	(ii)	of its decision (which shall be in its absolute and sole discretion) whether or not to participate in the proposed Facility Extension Amount; and 

 

	 	(iii)	in the case of a Lender which agrees to participate in the Facility Extension Amount (an “Accepting Lender”), of the proportion of the Facility Extension Amount in which it is prepared to
participate and subject to such conditions as it may specify (the “Existing Lender Notice”). 

  

	 	(e)	If all of the Lenders consent to the Facility Extension but no, or insufficient, Lenders give an Existing Lender Notice on terms satisfactory to the Account Party within any time limit specified by the Account Party in
the Facility Extension Request (being not less than 20 Business Days) then, subject to compliance with the terms of this clause 7 (Extension of the Facility), any other bank, financial institution, trust, fund or other entity which is regularly
engaged in or established for the purpose of making, purchasing or investing in loans, securities or other financial assets and which is acceptable to the Lenders (an “Approved New Lender”) may provide or participate
in that Facility Extension provided that such Approved New Lender is an Approved Credit Institution. 

  

	 	(f)	If all of the Lenders consent to the Facility Extension Request and all give an Existing Lender Notice agreeing to make available, in aggregate, an amount equal to or greater than the Facility Extension Amount requested
by the Account Party in the Facility Extension Request, each Lender shall participate in the Facility Extension Amount in the same proportion as their Commitment bears to the Total Commitments immediately preceding the date of receipt by the
Facility Agent of the Facility Extension Request. 

  

	 	(g)	The Account Party shall confirm to each Accepting Lender and each Approved New Lender (if any) that Accepting Lender or Approved New Lender (as appropriate) proportion of the Facility Extension Amount and shall notify
the Facility Agent of each Accepting Lender and each Approved New Lender (if any) and their respective proportions of the Facility Extension Amount. 

  

	 	(h)	Each Lender, each Approved New Lender and the Obligors agree to negotiate (in good faith and acting reasonably) and document any necessary amendments to this agreement to facilitate the Facility Extension.

  

	 	(i)	A New Lender shall accede as a Lender in accordance with clause 27.5 (Procedure for Transfer or Accession). 

  
 Page 25 

	8.	TERMINATION OF LETTERS OF CREDIT 

  

	8.1	Availability and Termination Provisions 

 The Finance Parties agree that each Letter of
Credit will continue in effect until such time as a notice is given in accordance with the terms of clause 8.2 (Notice of Termination) and that accordingly such Letter of Credit will expire on the later of the date specified in the notice and: 

 

	 	(a)	in relation to any Letter of Credit that the Parties intend to cover the 2014 year of account (and each prior open year of account but no subsequent year of account), 31 December 2017; and 

 

	 	(b)	in relation to any Letter of Credit that the Parties intend to cover the 2015 year of account (and each prior open year of account but no subsequent year of account), 31 December 2018. 

 

	8.2	Notice of Termination 

 The Parties agree that, in respect of every Letter of Credit
issued in accordance with this agreement, the Facility Agent shall, in respect of: 
  

	 	(a)	the 2014 year of account (and each prior open year of account but no subsequent year of account) no earlier than 28 November 2013 and no later than 31 December 2013, give a Notice of Termination to
Lloyd’s so that each such Letter of Credit expires no later than the 31 December 2017; and 

  

	 	(b)	the 2015 year of account (and each prior open year of account but no subsequent year of account) no earlier than 28 November 2014 and no later than 31 December 2014, give a Notice of Termination to
Lloyd’s so that each such Letter of Credit expires no later than 31 December 2018, 

 and upon such expiry, the
maximum actual and contingent liabilities of the Finance Parties thereunder are reduced to zero). 
  

	9.	NOTIFICATION 

  

	9.1	Letters of Credit 

 Not less than one Business Day before the first day of a Letter of
Credit, the Facility Agent shall notify each Lender of: 
  

	 	(a)	the proposed length of the relevant Term; and 

  

	 	(b)	the aggregate principal amount, 

 of that Letter of Credit allocated to that Lender pursuant to
this agreement. 
  

	9.2	Demands under a Letter of Credit 

 If a demand is made under a Letter of Credit, the
Facility Agent shall promptly make demand upon the Account Party in accordance with this agreement and notify the Lenders. 

  
 Page 26 

	10.	ACCOUNT PARTY’S LIABILITIES IN RELATION TO LETTERS OF CREDIT 

  

	10.1	Account Party’s Indemnity to the Lenders 

 The Account Party shall irrevocably and
unconditionally as a primary obligation indemnify each Finance Party, within 3 Business Days of a written demand by the Facility Agent, against: 
  

	 	(a)	any sum paid or due and payable by that Finance Party under or in connection with any Letter of Credit; and 

  

	 	(b)	all liabilities, costs (including, without limitation, any costs incurred in funding any amount which falls due from that Finance Party under or in connection with any Letter of Credit), claims, losses and expenses
which that Finance Party may at any time incur or sustain in connection with any Letter of Credit (other than as a result of its gross negligence or wilful misconduct). 

 

	10.2	Preservation of Rights 

 The obligations of the Account Party under this clause 10 will
not be affected by any act, omission, matter or thing which, but for this clause, would reduce, release or prejudice any of its obligations under this clause including (without limitation and whether or not known to it or any other person): 

 

	 	(a)	any time, waiver or consent granted to, or composition with, any Obligor, any beneficiary under a Letter of Credit or any other person; 

 

	 	(b)	the release of any other Group Obligor or any other person under the terms of any composition or arrangement with any creditor or any member of the Group; 

 

	 	(c)	the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets of, any Obligor, any beneficiary under a Letter of
Credit or other person or any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security; 

 

	 	(d)	any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of a Group Obligor, any beneficiary under a Letter of Credit or any other person; 

 

	 	(e)	any amendment (however fundamental) or replacement of a Finance Document, any Letter of Credit or any other document or security; 

  

	 	(f)	any unenforceability, illegality or invalidity of any obligation of any person under any Finance Document, any Letter of Credit or any other document or security; or 

 

	 	(g)	any insolvency or similar proceedings. 

  

	10.3	Settlement Conditional 

 Any settlement or discharge between the Account Party and the
Facility Agent or any Lender shall be conditional upon no security or payment to the Facility Agent or any Lender by the Account Party, or any other person on behalf of the Account Party, being avoided or reduced by virtue of any laws relating to
bankruptcy, insolvency, liquidation or similar laws of general application and, if any such security or payment is so avoided or reduced, the Facility Agent shall be entitled to recover the value or amount of such security or payment from the
Account Party subsequently as if such settlement or discharge had not occurred. 

  
 Page 27 

	10.4	Right to make Payments under Letters of Credit 

  

	 	(a)	Each Lender shall be entitled to make any payment in accordance with the terms of a Letter of Credit without any reference to or further authority from the Account Party, the other Finance Parties or any other
investigation or enquiry. The Account Party irrevocably authorises the Lenders to comply with any demand under a Letter of Credit which appears on its face to be in order (a “demand”). 

 

	 	(b)	The obligations of the Account Party under this clause 10 will not be affected by: 

  

	 	(i)	the sufficiency, accuracy or genuineness of any demand or other document; or 

  

	 	(ii)	any incapacity of, or limitation on the powers of, any person signing a demand or other document. 

  

	11.	COLLATERALISATION AND CANCELLATION 

  

	11.1	Cancellation of the Facility 

  

	 	(a)	The Account Party may, by giving to the Facility Agent not less than five Business Days’ prior notice to that effect, cancel the whole or any part (being a minimum amount of £5,000,000 and an integral
multiple of £1,000,000) of the Available Facility. Any such cancellation shall reduce the Available Commitment and Commitment of each Lender rateably. 

  

	 	(b)	On the last day of the Availability Period, the Available Commitment shall be cancelled and reduced to zero. 

  

	11.2	Voluntary Cash Collateralisation of Letters of Credit 

  

	 	(a)	The Account Party may, by giving to the Facility Agent not less than five Business Days’ prior notice to that effect, procure that, on any Voluntary Collateralisation Date, the liability of the Lenders under any
Letter of Credit is Cash Collateralised in full or in part, in minimum amounts of £5,000,000 (and in integral multiples of £1,000,000 thereafter). On receipt by the Facility Agent of such notice, the Facility Agent shall promptly notify
the Lenders of the Account Party’s intention to provide Cash Collateral. 

  

	 	(b)	On receipt by the Facility Agent of Cash Collateral in accordance with paragraph (a) above or at any time where the Account Party has provided Cash Collateral to the Facility Agent in respect of any Letter of
Credit pursuant to the terms of this agreement, the L/C Commission Rate on the maximum actual and contingent liabilities of the Lenders under the relevant Letter of Credit in respect of which Cash Collateral has been provided by the Account Party
shall fall to 0.275 per cent per annum at that time. 

  

	 	(c)	For so long as no Event of Default has occurred which is continuing, the Account Party may give the Facility Agent not less than five Business Days’ notice of its intention to procure that on any Voluntary
Collateralisation Date the Account Party shall have the right to withdraw any Cash Collateral provided in accordance with paragraph (a) above (whereupon it shall do so). At any time when the Account Party has withdrawn Cash Collateral in
respect of any Letter of Credit pursuant to the terms of this agreement, the L/C Commission Rate on the maximum actual and contingent liabilities of the Lenders under all Letters of Credit in respect of the Uncollateralised Outstandings shall
immediately be increased to the applicable L/C Commission Rate as set out in limb (a) of the definition of L/C Commission Rate. 

  
 Page 28 

	11.3	Mandatory Cash Collateralisation or Cancellation of Letters of Credit 

 If: 

 

	 	(a)	the Account Party ceases to be a direct wholly-owned Subsidiary of HIIH; or 

  

	 	(b)	HIIH ceases to be a direct wholly-owned Subsidiary of the Parent, 

 then: 

 

	 	(i)	the Account Party and HIIH shall promptly notify the Facility Agent upon becoming aware of that event; 

  

	 	(ii)	the Lenders shall not thereafter be obliged to participate in or issue any further Letter of Credit; 

  

	 	(iii)	the Facility Agent shall, if so instructed by all the Lenders, by not less than five Business Days’ notice to the Account Party, cancel the Total Commitments and declare all amounts (together with any accrued
interest, commission and fees) accrued under the Finance Documents immediately due and payable; 

  

	 	(iv)	the Account Party shall procure that on such date as the Facility Agent shall have specified (acting on the instructions of all the Lenders) the liabilities of the Lenders under or in respect of each Letter of Credit is
reduced to zero or otherwise secured by providing Cash Collateral in an amount equal to the aggregate Outstandings; and 

  

	 	(v)	the Facility Agent shall give a Notice of Termination to Lloyd’s in respect of each Letter of Credit for which the Outstandings are reduced to zero in accordance with this clause 11.3. 

 

	11.4	Mandatory Cancellation –Extension of Facility 

 If, by 27 November 2015, the
Lenders and the Account Party have not: 
  

	 	(a)	agreed to extend the Facility to provide Funds at Lloyd’s for each Chaucer Name for the 2016 underwriting year of account and each prior open year of account; and 

 

	 	(b)	effected such amendments to the Finance Documents as the Lenders consider necessary to effect such extension or otherwise require in connection with such extension, 

the Account party shall procure that, no later than the date falling three Business Days after 31 December 2015, the aggregate liability
of the Lenders under each Letter of Credit is reduced to zero or otherwise secured by providing Cash Collateral, in an amount equal to the aggregate Outstandings. 
  

	11.5	Notice of Removal of a Lender 

 If: 

 

	 	(a)	any sum payable to any Lender by an Obligor is required to be increased pursuant to clause 13.2 (Tax Gross-up); or 

  

	 	(b)	any Lender claims indemnification from the Account Party under clause 13.3 (Tax Indemnity) or clause 14 (Increased Costs); or 

  

	 	(c)	any Lender is a Defaulting Lender, 

  
 Page 29 

 the Account Party may, whilst such circumstance giving rise to the requirement or indemnification
continues or (as the context requires) whilst the relevant Lender is a Defaulting Lender, give the Facility Agent at least five Business Days’ notice (which notice shall be irrevocable) of its intention to procure that the liabilities of that
Lender under each Letter of Credit are reduced to zero and/or provide Cash Collateral in an amount equal to such Lender’s Proportion of each Letters of Credit. 

Upon receipt by the Facility Agent of such notice, the Commitment of the relevant Lender shall immediately be reduced to zero and, on the last
day of each Term which ends after the Account Party has given any such notice (or, if earlier, the date specified by the Account Party in that notice) the Account Party shall procure either that that Lender’s Proportion of each Letter of Credit
be reduced to zero (by reduction of the amount of that Letter of Credit in an amount equal to that Lender’s Proportion) or that it is otherwise secured by providing Cash Collateral to the Facility Agent in an amount equal to that Lender’s
Outstandings. 
  

	11.6	No Further Availability 

 A Lender whose total aggregate liabilities under each Letter of
Credit have been reduced to zero or Cash Collateralised pursuant to clause 11.4 (Notice of Removal of a Lender) or have been Cash Collateralised pursuant to clause 11.2 (Voluntary Cash Collateralisation of Letters of Credit) shall not be obliged to
participate in any Letter of Credit issued on or after the date upon which the Facility Agent receives the Account Party’s notice of its intention to procure the repayment of or provide Cash Collateral in respect of such Lender’s share of
the Outstandings, and such Lender’s Available Commitment shall be reduced to zero. 
  

	11.7	No Other Cancellation 

 The Available Facility may be cancelled, and the
liabilities of each Lender under any Letter of Credit may be reduced to zero, only at the times and in the manner expressly provided for herein. 
  

	11.8	Reduction of Liabilities to Zero 

 For the purposes of this clause 11 and all
other purposes of this agreement, each Lender’s liability under any Letter of Credit shall be deemed to be reduced to zero upon the determination by Lloyd’s (or other trustee for the time being) of the trusts created by the Corporate
Member’s Deed in respect of that Letter of Credit and the return to each Lender of that Letter of Credit for cancellation. 
  

	12.	COMMISSION AND FEES 

  

	12.1	Letter of Credit Commission 

 The Account Party shall, in respect of each Letter
of Credit requested by it, pay to the Facility Agent for the account of each Lender (for distribution in proportion to each Lender’s Proportion of such Letter of Credit) a letter of credit commission in Sterling at the relevant L/C Commission
Rate on the Outstandings under the relevant Letter of Credit. Such letter of credit commission shall be paid in arrears in respect of each successive period of three Months (or such shorter period as shall end on the relevant Expiry Date) which
begins during the Term of the relevant Letter of Credit, the first such payment to be made on the date falling three Months after the Utilisation Date for such Letter of Credit and thereafter on the last day of each successive three Month period.

  

	12.2	Commitment Fee 

  

	 	(a)	 The Account Party shall pay to the Facility Agent (for the account of each Lender) a commitment fee in Sterling computed at the rate per annum equal
to 40 per cent 

  
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of the applicable L/C Commission Rate, as set out in paragraph (a) of the definition of L/C Commission Rate, on that Lender’s Available Commitment under the Facility for the
Availability Period. 

  

	 	(b)	The accrued commitment fee is payable quarterly in arrears on the last day of each successive period of three Months which ends during the relevant Availability Period, on the last day of a Availability Period and on
any cancelled amount of the Lender’s Commitment at the time the cancellation is effective. 

  

	12.3	Participation Fee 

 The Account Party shall pay to the Facility Agent (for the
account of each Original Lender) a participation fee in the amount and at the time agreed in a Fee Letter. 
  

	12.4	Agency Fee 

 The Account Party shall pay to the Facility Agent and the Security Agent an
agency fee in the amount and at the times agreed in a Fee Letter. 
  

	13.	TAX GROSS-UP AND INDEMNITIES 

  

	13.1	Definitions 

  

	 	(a)	In this agreement: 

 “Protected Party” means a Finance Party
which is or will be subject to any liability, or required to make any payment, for or on account of Tax in relation to a sum received or receivable (or any sum deemed for the purposes of Tax to be received or receivable) under a Finance Document;

 “Qualifying Lender” means: 
  

	 	(i)	a Lender (other than a Lender within paragraph (ii) below) which is beneficially entitled to interest payable to that Lender in respect of an advance under a Finance Document and is: 

 

	 	(A)	a Lender: 

  

	 	(aa)	which is a bank (as defined for the purpose of section 879 of the ITA) making an advance under a Finance Document; or 

  

	 	(bb)	in respect of an advance made under a Finance Document by a person that was a bank (as defined for the purpose of section 879 of the ITA) at the time that that advance was made, 

and which is within the charge to United Kingdom corporation tax as respects any payments of interest made in respect of that advance; or 

 

	 	(B)	a Treaty Lender; or 

  

	 	(ii)	a building society (as defined for the purpose of section 880 of the ITA) making an advance under a Finance Document; 

“Tax Credit” means a credit against, relief or remission for, or repayment of any Tax; 

“Tax Deduction” means a deduction or withholding for or on account of Tax from a payment under a Finance
Document other than a FATCA Deduction; 

  
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 “Tax Payment” means an increased payment made by an Obligor to a
Finance Party under clause 13.2 (Tax Gross-Up) or a payment under clause 13.3 (Tax Indemnity); 
 “Treaty
Lender” means a Lender which: 
  

	 	(i)	is treated as a resident of a Treaty State for the purposes of the Treaty; and 

  

	 	(ii)	does not carry on a business in the United Kingdom through a permanent establishment with which that Lender’s participation in the Loan is effectively connected; and 

“Treaty State” means a jurisdiction having a double taxation agreement (a
“Treaty”) with the United Kingdom which makes provision for full exemption from tax imposed by the United Kingdom on interest. 
  

	 	(b)	Unless a contrary indication appears, in this clause 13 a reference to “determines” or “determined” means a determination made in the absolute discretion of
the person making the determination. 

  

	13.2	Tax Gross-Up 

  

	 	(a)	Each Obligor shall make all payments to be made by it without any Tax Deduction, unless a Tax Deduction is required by law. 

  

	 	(b)	The Account Party shall promptly upon becoming aware that an Obligor must make a Tax Deduction (or that there is any change in the rate or the basis of a Tax Deduction) notify the Facility Agent accordingly. Similarly,
a Lender shall notify the Facility Agent on becoming so aware in respect of a payment payable to that Lender. If the Facility Agent receives such notification from a Lender it shall notify the Account Party and that Obligor. 

 

	 	(c)	If a Tax Deduction is required by law to be made by an Obligor, the amount of the payment due from that Obligor shall be increased to an amount which (after making any Tax Deduction) leaves an amount equal to the
payment which would have been due if no Tax Deduction had been required. 

  

	 	(d)	A payment shall not be increased under paragraph (c) above by reason of a Tax Deduction on account of Tax imposed by the United Kingdom if on the date on which the payment falls due: 

 

	 	(i)	the payment could have been made to the relevant Lender without a Tax Deduction if the Lender had been a Qualifying Lender, but on that date that Lender is not or has ceased to be a Qualifying Lender other than as a
result of any change after the date it became a Lender under this agreement in (or in the interpretation, administration, or application of) any law or Treaty, or any published practice or published concession of any relevant taxing authority
provided, however, this clause (i) shall not apply to the extent (x) the relevant Lender is a New Lender that is a Qualifying Lender at the date it becomes a New Lender (or it would have been a Qualifying Lender on that date but for a
change in any Treaty which change occurs between the date of this agreement and the date on which it becomes a New Lender) and (y) the corresponding Existing Lender would have received, in respect of a payment, at the time of transfer or
assignment to that New Lender, additional amounts with respect to such Tax Deduction pursuant to paragraphs (c) above; or 

  

	 	(ii)	the relevant Lender is a Treaty Lender and the Obligor making the payment is able to demonstrate that the payment could have been made to the Lender without the Tax Deduction had that Lender complied with its
obligations under paragraph (g) below. 

  
 Page 32 

	 	(e)	If an Obligor is required to make a Tax Deduction, that Obligor shall make that Tax Deduction and any payment required in connection with that Tax Deduction within the time allowed and in the minimum amount required by
law. 

  

	 	(f)	Within 30 days of making either a Tax Deduction or any payment required in connection with that Tax Deduction, the Obligor making that Tax Deduction shall deliver to the Facility Agent for the Finance Party entitled to
the payment a statement under section 975 of the ITA or other evidence reasonably satisfactory to that Finance Party that the Tax Deduction has been made or (as applicable) any appropriate payment paid to the relevant taxing authority.

  

	 	(g)	A Treaty Lender and each Obligor which makes a payment to which that Treaty Lender is entitled shall co-operate in completing any procedural formalities necessary for that Obligor to obtain authorisation to make that
payment without a Tax Deduction. 

  

	13.3	Tax Indemnity 

  

	 	(a)	The Account Party shall (within three Business Days of demand by the Facility Agent) pay to a Protected Party an amount equal to the loss, liability or cost which that Protected Party determines will be or has been
(directly or indirectly) suffered for or on account of Tax by that Protected Party in respect of a Finance Document. 

  

	 	(b)	Paragraph (a) above shall not apply: 

  

	 	(i)	with respect to any Tax assessed on a Finance Party: 

  

	 	(A)	under the law of the jurisdiction in which that Finance Party is incorporated or, if different, the jurisdiction (or jurisdictions) in which that Finance Party is treated as resident for tax purposes; or

  

	 	(B)	under the law of the jurisdiction in which that Finance Party’s Facility Office is located in respect of amounts received or receivable in that jurisdiction, 

if that Tax is imposed on or calculated by reference to the net income received or receivable (but not any sum deemed to be received or
receivable) by that Finance Party; or 
  

	 	(ii)	to the extent a loss, liability or cost: 

  

	 	(A)	is compensated for by an increased payment under clause 13.2 (Tax Gross-Up); 

  

	 	(B)	would have been compensated for by an increased payment under clause 13.2 (Tax Gross-Up) but was not so compensated solely because one of the exclusions in clause 13.2(d) (Tax Gross-Up) applied; or 

 

	 	(C)	relates to a FATCA Deduction required to be made by a Party. 

  

	 	(c)	A Protected Party making, or intending to make a claim under paragraph (a) above shall promptly notify the Facility Agent of the event which will give, or has given, rise to the claim, following which the Facility
Agent shall notify the Account Party. 

  

	 	(d)	A Protected Party shall, on receiving a payment from an Obligor under this clause 13.3, notify the Facility Agent. 

  
 Page 33 

	13.4	Tax Credit 

 If an Obligor makes a Tax Payment and the relevant Finance Party determines
that: 
  

	 	(a)	a Tax Credit is attributable to all or part of that Tax Payment; and 

  

	 	(b)	that Finance Party has obtained, utilised and retained that Tax Credit, 

 the Finance Party
shall pay an amount to the Obligor which that Finance Party determines will leave it (after that payment) in the same after-Tax position as it would have been in had the Tax Payment not been made by the Obligor. 

 

	13.5	Lender Status Confirmation 

 Each Lender which becomes a Party to this agreement after
the date of this agreement shall indicate, in the Transfer Certificate, Assignment Agreement or Accession Letter which it executes on becoming a Party, and for the benefit of the Facility Agent and without liability to any Obligor, which of the
following categories it falls in: 
  

	 	(a)	not a Qualifying Lender; 

  

	 	(b)	a Qualifying Lender (other than a Treaty Lender); or 

  

	 	(c)	a Treaty Lender. 

 If a New Lender fails to indicate its status in accordance with this clause
13.5 then such New Lender shall be treated for the purposes of this agreement (including by each Obligor) as if it is not a Qualifying Lender until such time as it notifies the Facility Agent which category applies (and the Facility Agent, upon
receipt of such notification, shall inform the Account Party). For the avoidance of doubt, a Transfer Certificate or Assignment Agreement shall not be invalidated by any failure of a Lender to comply -with this clause 13.5. 

 

	13.6	Stamp Taxes 

 The Account Party shall pay and, within three Business Days of
demand, indemnify each Secured Party against any cost, loss or liability that Finance Party incurs in relation to all stamp duty, registration and other similar Taxes payable in respect of any Finance Document. 

 

	13.7	VAT 

  

	 	(a)	All amounts set out or expressed in a Finance Document to be payable by any Party to a Finance Party which (in whole or in part) constitute the consideration for a supply or supplies for VAT purposes shall be deemed to
be exclusive of any VAT which is chargeable on such supply or supplies, and accordingly, subject to paragraph (b) below, if VAT is or becomes chargeable on any supply made by any Finance Party to any Party under a Finance Document, that Party
shall pay to the Finance Party (in addition to and at the same time as paying any other consideration for such supply) an amount equal to the amount of such VAT (and such Finance Party shall promptly provide an appropriate VAT invoice to such
Party). 

  

	 	(b)	 If VAT is or becomes chargeable on any supply made by any Finance Party (the “Supplier”) to any other Finance Party
(the “Recipient”) under a Finance Document, and any Party other than the Recipient (the “Subject Party”) is 

  
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required by the terms of any Finance Document to pay an amount equal to the consideration for such supply to the Supplier (rather than being required to reimburse the Recipient in respect of that
consideration), such Party shall also pay to the Supplier (in addition to and at the same time as paying such amount) an amount equal to the amount of such VAT. The Recipient will promptly pay to the Subject Party an amount equal to any credit or
repayment obtained by the Recipient from the relevant tax authority which it reasonably determines is in respect of such VAT. 

  

	 	(c)	Where a Finance Document requires any Party to reimburse or indemnify a Finance Party for any cost or expense, that Party shall reimburse or indemnify (as the case may be) such Finance Party for the full amount of such
cost or expense, including such part thereof as represents VAT, save to the extent that such Finance Party reasonably determines that it is entitled to credit or repayment in respect of such VAT from the relevant tax authority. 

 

	 	(d)	Any reference in this clause 13.7 to any Party shall, at any time when such Party is treated as a member of a group for VAT purposes, include (where appropriate and unless the context otherwise requires) a reference to
the representative member of such group at such time (the term “representative member” to have the same meaning as in the Value Added Tax Act 1994). 

  

	13.8	FATCA Information 

  

	 	(a)	Subject to paragraph (c) below, each Party shall, within ten Business Days of a reasonable request by another Party: 

  

	 	(i)	confirm to that other Party whether it is: 

  

	 	(A)	a FATCA Exempt Party; or 

  

	 	(B)	not a FATCA Exempt Party; and 

  

	 	(ii)	supply to that other Party such forms, documentation and other information relating to its status under FATCA (including its applicable “passthru payment percentage” or other information required under the US
Treasury Regulations or other official guidance including intergovernmental agreements) as that other Party reasonably requests for the purposes of that other Party’s compliance with FATCA. 

 

	 	(b)	If a Party confirms to another Party pursuant to paragraph (a)(i) above that it is a FATCA Exempt Party and it subsequently becomes aware that it is not, or has ceased to be, a FATCA Exempt Party, that Party shall
notify that other Party reasonably promptly. 

  

	 	(c)	Paragraph (a) above shall not oblige any Finance Party to do anything which would or might in its reasonable opinion constitute a breach of: 

 

	 	(i)	any law or regulation; 

  

	 	(ii)	any fiduciary duty; or 

  

	 	(iii)	any duty of confidentiality. 

  
 Page 35 

	 	(d)	If a Party fails to confirm its status or to supply forms, documentation or other information requested in accordance with paragraph (a) above (including, for the avoidance of doubt, where paragraph (c) above
applies), then: 

  

	 	(i)	if that Party failed to confirm whether it is (and/or remains) a FATCA Exempt Party then such Party shall be treated for the purposes of the Finance Documents as if it is not a FATCA Exempt Party; and 

 

	 	(ii)	if that Party failed to confirm its applicable “passthru payment percentage” then such Party shall be treated for the purposes of the Finance Documents (and payments made thereunder) as if its applicable
“passthru payment percentage” is 100 per cent, 

 until (in each case) such time as the Party in question
provides the requested confirmation, forms, documentation or other information. 
  

	13.9	FATCA Deduction 

  

	 	(a)	Each Party may make any FATCA Deduction it is required to make by FATCA, and any payment required in connection with that FATCA Deduction, and no Party shall be required to increase any payment in respect of which it
makes such a FATCA Deduction or otherwise compensate the recipient of the payment for that FATCA Deduction. 

  

	 	(b)	Each Party shall promptly, upon becoming aware that it must make a FATCA Deduction (or that there is any change in the rate or the basis of such FATCA Deduction) notify the Party to whom it is making the payment and, in
addition, shall notify the Account Party, the Facility Agent and the other Finance Parties. 

  

	14.	INCREASED COSTS 

  

	14.1	Increased Costs 

  

	 	(a)	Subject to clause 14.3 (Exceptions) the Account Party shall, within three Business Days of a demand by the Facility Agent, pay for the account of a Finance Party the amount of any Increased Costs incurred by that
Finance Party or any of its Affiliates as a result of: 

  

	 	(i)	the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation; or 

  

	 	(ii)	compliance with any law or regulation, 

 made after the date of this agreement, provided,
however, that for purposes of this agreement, the Dodd-Frank Wall Street Reform and Consumer Protection Act and all regulations, rules, requests, guidelines and directives in connection therewith shall be deemed to be a change in law or regulation
regardless of the date enacted, adopted or issued. 
  

	 	(b)	In this agreement “Increased Costs” means: 

  

	 	(i)	a reduction in the rate of return from the Facility or on a Finance Party’s (or its Affiliate’s) overall capital; 

  

	 	(ii)	an additional or increased cost; or 

  

	 	(iii)	a reduction of any amount due and payable under any Finance Document, 

 which is incurred or
suffered by a Finance Party or any of its Affiliates to the extent that it is attributable to that Finance Party having entered into its Commitment or funding or performing its obligations under any Finance Document. 

  
 Page 36 

	14.2	Increased Cost Claims 

  

	 	(a)	A Finance Party intending to make a claim pursuant to clause 14.1 (Increased Costs) shall notify the Facility Agent of the event giving rise to the claim, following which the Facility Agent shall promptly notify the
Account Party. 

  

	 	(b)	Each Finance Party shall, as soon as practicable after a demand by the Facility Agent, provide a certificate confirming the amount of its Increased Costs. 

 

	14.3	Exceptions 

  

	 	(a)	Clause 14.1 (Increased Costs) does not apply to the extent that any Increased Cost is: 

  

	 	(i)	attributable to a Tax Deduction required by law to be made by an Obligor; 

  

	 	(ii)	attributable to a FATCA Deduction required to be made by a Party; 

  

	 	(iii)	compensated for by clause 13.3 (Tax Indemnity) (or would have been compensated for under clause 13.3 (Tax Indemnity) but was not so compensated solely because any of the exclusions in clause 13.3(b) (Tax Indemnity)
applied); or 

  

	 	(iv)	attributable to the wilful breach by the relevant Finance Party or its Affiliates of any law or regulation. 

  

	 	(b)	In this clause 14.3, a reference to a “Tax Deduction” has the same meaning given to the term in clause 13.1 (Definitions). 

 

	15.	OTHER INDEMNITIES 

  

	15.1	Currency Indemnity 

  

	 	(a)	If any sum due from an Obligor under the Finance Documents (a “Sum”), or any order, judgment or award given or made in relation to a Sum, has to be converted from the currency (the
“First Currency”) in which that Sum is payable into another currency (the “Second Currency”) for the purpose of: 

 

	 	(i)	making or filing a claim or proof against that Obligor; 

  

	 	(ii)	obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings, 

that Obligor shall as an independent obligation, within three Business Days of demand, indemnify each Finance Party to whom that Sum is due
against any cost, loss or liability arising out of or as a result of the conversion including any discrepancy between (A) the rate of exchange used to convert that Sum from the First Currency into the Second Currency and (B) the rate or
rates of exchange available to that person at the time of its receipt of that Sum. 
  

	 	(b)	Each Obligor waives any right it may have in any jurisdiction to pay any amount under the Finance Documents in a currency or currency unit other than that in which it is expressed to be payable. 

 

	15.2	Other Indemnities 

 The Account Party shall (or shall procure that an Obligor will),
within three Business Days of demand, indemnify each Finance Party against any cost, loss or liability incurred by that Finance Party as a result of: 
  

	 	(a)	the occurrence of any Event of Default; 

  
 Page 37 

	 	(b)	a failure by an Obligor to pay any amount due under a Finance Document on its due date, including without limitation, any cost, loss or liability arising as a result of clause 32 (Sharing among the Finance Parties);

  

	 	(c)	issuing or making arrangements to issue a Letter of Credit requested by the Account Party in a Utilisation Request but not issued by reason of the operation of any one or more of the provisions of this agreement (other
than by reason of default or negligence by that Finance Party alone); and 

  

	 	(d)	any claim by the Facility Agent against any Lender pursuant to clause 29.10 (Lenders’ indemnity to the Agent). 

  

	15.3	Indemnity to the Facility Agent 

 The Account Party shall promptly indemnify the Facility
Agent against any cost, loss or liability incurred by the Facility Agent (acting reasonably) as a result of: 
  

	 	(a)	investigating any event which it reasonably believes is a Default; or 

  

	 	(b)	acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct and appropriately authorised. 

 

	15.4	Indemnity to the Security Agent 

  

	 	(a)	Each Obligor shall promptly indemnify the Security Agent and every Receiver and Delegate against any cost, loss or liability incurred by any of them: 

 

	 	(i)	(acting reasonably) as a result of the taking, holding or protection of the Security; 

  

	 	(ii)	as a result of enforcement of the Security; 

  

	 	(iii)	(acting reasonably at any time other than when a Default is continuing) as a result of the exercise of any of the rights, powers, discretions and remedies vested in the Security Agent and each Receiver and Delegate by
the Finance Documents or by law; or 

  

	 	(iv)	any default by any Obligor in the performance of any of the obligations expressed to be assumed by it in the Finance Documents. 

  

	 	(b)	The Security Agent may, in priority to any payment to the Secured Parties, indemnify itself out of the Charged Property in respect of, and pay and retain, all sums necessary to give effect to the indemnity in this
clause 15.4 and shall have a lien on the Security and the proceeds of the enforcement of the Security for all monies payable to it. 

  

	16.	ILLEGALITY 

 The provisions of this clause 16 shall take effect subject to clause 17.1
(Mitigation). If, at any time, it is or becomes unlawful in any applicable jurisdiction or prohibited pursuant to any request from or requirement of any central bank or other fiscal, monetary or other authority (being a request or requirement with
which banks are accustomed to comply) for a Lender to make, fund, issue, participate in or allow to remain outstanding all or part of the Letters of Credit, or to perform any of its obligations as contemplated by this agreement, then: 

 

	 	(a)	that Lender shall, promptly after becoming aware of the same, deliver to the Account Party through the Facility Agent a notice to that effect; 

  
 Page 38 

	 	(b)	that Lender shall not, following delivery of a notice in accordance with paragraph (a) above, be obliged to participate in or issue any Letter of Credit and its Commitment shall be immediately reduced to zero;

  

	 	(c)	if that Lender so requires, the Account Party shall, on such date as the Facility Agent shall have specified: 

  

	 	(i)	repay all amounts owing to that Lender under this agreement; and 

  

	 	(ii)	ensure that the liabilities of that Lender under or in respect of each affected Letter of Credit are reduced to zero or otherwise secured by providing Cash Collateral in an amount equal to that Lender’s Proportion
of the Outstandings under that Letter of Credit; and 

  

	 	(d)	the Account Party shall use best endeavours to procure that the liabilities of that Lender under or in respect of each affected Letter of Credit are promptly reduced to zero and/or a replacement Lender is identified who
is prepared to take an assignment of the liabilities of that Lender in accordance with clause 27.5 (Procedure for Transfer or Accession). 

  

	17.	MITIGATION BY THE LENDERS 

  

	17.1	Mitigation 

  

	 	(a)	Each Finance Party shall, in consultation with the Account Party, take all reasonable steps to mitigate any circumstances which arise and which would result in any amount becoming payable under or pursuant to, or
cancelled pursuant to, any of clause 13 (Tax Gross-Up and Indemnities), clause 14 (Increased Costs) or clause 16 (Illegality) or including (but not limited to) transferring its rights and obligations under the Finance Documents to another Affiliate
or Facility Office. 

  

	 	(b)	Paragraph (a) above does not in any way limit the obligations of any Obligor under the Finance Documents. 

  

	17.2	Limitation of Liability 

  

	 	(a)	The Account Party shall promptly indemnify each Finance Party for all costs and expenses reasonably incurred by that Finance Party as a result of steps taken by it under clause 17.1 (Mitigation). 

 

	 	(b)	A Finance Party is not obliged to take any steps under clause 17.1 (Mitigation) if, in the opinion of that Finance Party (acting reasonably), to do so might be prejudicial to it. 

 

	18.	COSTS AND EXPENSES 

  

	18.1	Transaction Expenses 

 The Account Party shall, promptly on demand pay the Facility
Agent, the Arrangers and the Security Agent the amount of all costs and expenses (including legal fees) reasonably incurred by any of them in connection with the negotiation, preparation, printing, execution, syndication and perfection of: 

 

	 	(a)	this agreement and any other documents referred to in this agreement and the Security; and 

  

	 	(b)	any other Finance Documents executed after the date of this agreement. 

  
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	18.2	Amendment Costs 

 If (a) an Obligor or the Parent requests an amendment, waiver or
consent or (b) an amendment is required pursuant to clause 33.9 (Change of Currency), the Account Party shall, within three Business Days of demand, reimburse the Facility Agent, the Security Agent and any Receiver for the amount of all
costs and expenses (including legal fees) reasonably incurred by any of them in responding to, evaluating, negotiating or complying with that request or requirement. 
  

	18.3	Security Agent’s Ongoing Costs 

  

	 	(a)	Any amount payable to the Security Agent under clause 15.4 (Indemnity to the Security Agent) and this clause 18 shall include the cost of utilising the Security Agent’s management time or other resources and will
be calculated on the basis of such reasonable daily or hourly rates as the Security Agent may notify to the Parent and the Lenders, and is in addition to any other fee paid or payable to the Security Agent. 

 

	 	(a)	In the event of: 

  

	 	(i)	a Default; or 

  

	 	(ii)	the Security Agent considering it necessary or expedient; or 

  

	 	(iii)	the Security Agent being requested by an Obligor, the Parent or the Majority Lenders to undertake duties which the Security Agent and the Account Party agree to be of an exceptional nature and/or outside the scope of
the normal duties of the Security Agent under the Finance Documents, 

 the Account Party shall pay to the Security Agent any
additional remuneration that may be agreed between them. 
  

	 	(b)	If the Security Agent and the Account Party fail to agree upon the nature of the duties or upon any additional remuneration, that dispute shall be determined by an investment bank (acting as an expert and not as an
arbitrator) selected by the Security Agent and approved by the Account Party or, failing approval, nominated (on the application of the Security Agent) by the President for the time being of the Law Society of England and Wales (the costs of the
nomination and of the investment bank being payable by the Account Party) and the determination of any investment bank shall be final and binding upon the Parties. 

 

	18.4	Enforcement and Preservation Costs 

 The Account Party shall, within three Business Days
of demand, pay to the Arrangers and each other Secured Party the amount of all costs and expenses (including legal fees) incurred by it in connection with the enforcement of or the preservation of any rights under any Finance Document and the
Security and any proceedings instituted by or against the Security Agent as a consequence of taking or holding the Security or enforcing these rights. 
  

	19.	DEFAULT INTEREST AND BREAKAGE COSTS 

  

	19.1	Default Interest Periods 

 If any sum due and payable by an Obligor under a Finance
Document is not paid on its due date or if any sum due and payable by the Obligor under any judgement of any court 

  
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in connection with any Finance Document is not paid on the date of such judgement, the period beginning on such due date or, as the case may be, the date of such judgement and ending on the date
upon which the obligation of such Obligor to pay such sum is discharged shall be divided into successive periods, each of which (other than the first) shall start on the last day of the preceding such period and the duration of each of which shall
(except as otherwise provided in this clause 19) be selected by the Facility Agent. 
  

	19.2	Default Interest 

 An Unpaid Sum shall bear interest during each Term in respect thereof
at the rate per annum which is the sum from time to time of 2.0 per cent per annum above LIBOR (on the Quotation Day therefor) plus: 
  

	 	(a)	in respect of any portion of an Unpaid Sum under clause 10.1 (Account Party’s Indemnity to the Lenders) which is Cash Collateralised, 0.275 per cent per annum; and 

 

	 	(b)	in respect of the balance of an Unpaid Sum or any other Unpaid Sum, 1.75 per cent per annum. 

  

	19.3	Payment of Default Interest 

 Any interest which has accrued under clause 19.2
(Default Interest) in respect of an Unpaid Sum shall be due and payable and shall be paid by the Obligor owing such Unpaid Sum on the last day of each Interest Period in respect thereof or on such other dates as the Facility Agent may specify by
notice to such Obligor or the Parent (as the case may be). 
  

	19.4	Break Costs 

 If any Lender or the Facility Agent on its behalf receives or recovers all
or any part of an Unpaid Sum otherwise than on the last day of a Term in respect thereof, the Account Party shall pay to the Facility Agent on demand for the account of that Lender an amount equal to the amount (if any) by which (a) the
additional interest which would have been payable on the amount so received or recovered had it been received or recovered on the last day of such Term exceeds (b) the amount of interest which in the opinion of the Facility Agent would have
been payable to the Facility Agent on the last day of that Term in respect of a sterling deposit equal to the amount so received or recovered placed by it with a prime bank in the Relevant Interbank Market for a period starting on the first Business
Day following the date of such receipt or recovery and ending on the last day of that Term. 
  

	20.	CHANGES TO THE CALCULATION OF INTEREST 

  

	20.1	Absence of Quotations 

 Subject to clause 20.2 (Market Disruption), if LIBOR is to be
determined by reference to the Reference Banks but a Reference Bank does not supply a quotation by 11.00 a.m. on the Quotation Day, the applicable LIBOR shall be determined on the basis of the quotations of the remaining Reference Banks. 

 

	20.2	Market Disruption 

  

	 	(a)	If a Market Disruption Event occurs in relation to an Unpaid Sum for any Interest Period, then the rate of interest on each Lender’s share of that Unpaid Sum for the Interest Period shall be the percentage rate per
annum which is the sum of: 

  

	 	(i)	two per cent per annum; plus 

  
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	 	(ii)	the rate notified to the Facility Agent by that Lender as soon as practicable and in any event before interest is due to be paid in respect of that Interest Period, to be that which expresses as a percentage rate per
annum the cost to that Lender of funding its participation in that Unpaid Sum from whatever source it may reasonably select; and 

  

					
	(iii)	  	(A)	  	in respect of any portion of an Unpaid Sum under clause 10.1 (Account Party’s Indemnity to the Lenders) which is Cash Collateralised, 0.275 per cent per annum; and

  

	 	(B)	in respect of the balance of an Unpaid Sum or any other Unpaid Sum, 1.75 per cent per annum. 

  

	 	(b)	In this agreement “Market Disruption Event” means: 

  

	 	(i)	at or about noon on the Quotation Day for the relevant Interest Period the Screen Rate is not available and none or only one of the Reference Banks supplies a rate to the Facility Agent to determine LIBOR for the
relevant currency and Interest Period; or 

  

	 	(ii)	before close of business in London on the Quotation Day for the relevant Interest Period, the Facility Agent receives notifications from a Lender or Lenders (whose participations in a Loan exceed 35 per cent of
that Unpaid Sum) that the cost to it of obtaining matching deposits in the Relevant Interbank Market would be in excess of LIBOR. 

  

	20.3	Alternative Basis of Interest or Funding 

  

	 	(a)	If a Market Disruption Event occurs and the Facility Agent or the Account Party so requires, the Facility Agent and the Account Party shall enter into negotiations (for a period of not more than 30 days) with a view to
agreeing a substitute basis for determining the rate of interest. 

  

	 	(b)	Any alternative basis agreed pursuant to paragraph (a) above shall, with the prior consent of all the Lenders and the Account Party, be binding on all Parties. 

 

	21.	GUARANTEE AND INDEMNITY 

  

	21.1	Guarantee and Indemnity 

 Each Guarantor irrevocably and unconditionally jointly and
severally: 
  

	 	(a)	guarantees to each Guaranteed Finance Party punctual performance by each other Group Obligor of all that Group Obligor’s obligations under the Guaranteed Documents; 

 

	 	(b)	undertakes with each Guaranteed Finance Party that whenever another Group Obligor does not pay any amount when due under or in connection with any Guaranteed Document, that Guarantor shall immediately on demand pay that
amount as if it was the principal obligor; and 

  

	 	(c)	agrees with each Guaranteed Finance Party that if any obligation guaranteed by it is or becomes unenforceable, invalid or illegal, it will, as an independent and primary obligation, indemnify that Guaranteed Finance
Party immediately on demand against any cost, loss or liability it incurs as a result of the Account Party not paying any amount which would, but for such unenforceability, invalidity or illegality, have been payable by it under any Guaranteed
Document on the date when it would have been due. The amount payable by a Guarantor under this indemnity will not exceed the amount it would have had to pay under this clause 21 if the amount claimed had been recoverable on the basis of a guarantee.

  
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	21.2	Continuing Guarantee 

 This guarantee is a continuing guarantee and will extend to the
ultimate balance of sums payable by any Group Obligor under the Guaranteed Documents, regardless of any intermediate payment or discharge in whole or in part. 
  

	21.3	Reinstatement 

 If any discharge, release or arrangement (whether in respect of the
obligations of any Group Obligor or any security for those obligations or otherwise) is made by a Guaranteed Finance Party in whole or in part on the basis of any payment, security or other disposition which is avoided or must be restored in
insolvency, liquidation, administration or otherwise, without limitation, then the liability of each Guarantor under this clause 21 will continue or be reinstated as if the discharge, release or arrangement had not occurred. 

 

	21.4	Waiver of Defences 

 The obligations of each Guarantor under this clause 21 will not be
affected by an act, omission, matter or thing which, but for this clause, would reduce, release or prejudice any of its obligations under this clause 21 (without limitation and whether or not known to it or any Guaranteed Finance Party) including:

  

	 	(a)	any time, waiver or consent granted to, or composition with, any Group Obligor or other person; 

  

	 	(b)	the release of any other Group Obligor or any other person under the terms of any composition or arrangement with any creditor of any member of the Group; 

 

	 	(c)	the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets of, any Group Obligor or other person or any
non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security; 

  

	 	(d)	any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of a Group Obligor or any other person; 

 

	 	(e)	any amendment, novation, supplement, extension, restatement (however fundamental and whether or not more onerous) or replacement of any Guaranteed Document or any other document or security including without limitation
any change in the purpose of, any extension of or any increase in any facility or the addition of any new facility under any Guaranteed Document or other document or security; 

 

	 	(f)	any unenforceability, illegality or invalidity of any obligation of any person under any Guaranteed Document or any other document or security; or 

 

	 	(g)	any insolvency or similar proceedings. 

  

	21.5	Guarantor Intent 

 Without prejudice to the generality of clause 21.4 (Waiver of
Defences), each Guarantor expressly confirms that it intends that this guarantee shall extend from time to time to any (however fundamental) variation, increase, extension or addition of or to any of the Guaranteed Documents and/or any facility or
amount made available under any of the 

  
 Page 43 

 
Guaranteed Documents for the purposes of or in connection with any of the following: acquisitions of any nature; increasing working capital; enabling investor distributions to be made; carrying
out restructurings; refinancing existing facilities; refinancing any other indebtedness; making facilities available to new borrowers; any other variation or extension of the purposes for which any such facility or amount might be made available
from time to time; and any fees, costs and/or expenses associated with any of the foregoing. 
  

	21.6	Immediate Recourse 

 Each Guarantor waives any right it may have of first requiring any
Guaranteed Finance Party (or any trustee or agent on its behalf) to proceed against or enforce any other rights or security or claim payment from any person before claiming from that Guarantor under this clause 21. This waiver applies
irrespective of any law or any provision of a Guaranteed Document to the contrary. 
  

	21.7	Appropriations 

 Until all amounts which may be or become payable by the Group Obligors
under or in connection with the Guaranteed Documents have been irrevocably paid in full, each Guaranteed Finance Party (or any trustee or agent on its behalf) may: 
  

	 	(a)	refrain from applying or enforcing any other moneys, security or rights held or received by that Guaranteed Finance Party (or any trustee or agent on its behalf) in respect of those amounts, or apply and enforce the
same in such manner and order as it sees fit (whether against those amounts or otherwise) and no Guarantor shall be entitled to the benefit of the same; and 

  

	 	(b)	hold in an interest-bearing suspense account any moneys received from any Guarantor or on account of any Guarantor’s liability under this clause 21. 

 

	21.8	Deferral of Guarantors’ Rights 

 Until all amounts which may be or become payable by
the Group Obligors under or in connection with the Guaranteed Documents have been irrevocably paid in full and unless the Facility Agent otherwise directs, no Guarantor will exercise any rights which it may have by reason of performance by it of its
obligations under the Guaranteed Documents or by reason of any amount being payable, or liability arising under this clause 21: 
  

	 	(a)	to be indemnified by a Group Obligor; 

  

	 	(b)	to claim any contribution from any other guarantor of any Group Obligor’s obligations under the Guaranteed Documents; 

  

	 	(c)	to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Guaranteed Finance Parties under the Guaranteed Documents or of any other guarantee or security taken
pursuant to, or in connection with, the Guaranteed Documents by any Finance Party; 

  

	 	(d)	to bring legal or other proceedings for an order requiring any Group Obligor to make any payment, or perform any obligation, in respect of which any Guarantor has given a guarantee, undertaking or indemnity under
clause 21.1 (Guarantee and Indemnity); 

  

	 	(e)	to exercise any right of set-off against any Group Obligor; and/or 

  

	 	(f)	to claim or prove as a creditor of any Obligor in competition with any Guaranteed Finance Party. 

  
 Page 44 

 If a Guarantor receives any benefit, payment or distribution in relation to such rights it shall
hold that benefit, payment or distribution to the extent necessary to enable all amounts which may be or become payable to the Guaranteed Finance Parties by the Group Obligors under or in connection with the Guaranteed Documents to be repaid in full
on trust for the Guaranteed Finance Parties and shall promptly pay or transfer the same to the Facility Agent or as the Facility Agent may direct for application in accordance with clause 33 (Payment Mechanics). 

 

	21.9	Release of Guarantors’ Right of Contribution 

 If any Guarantor (a
“Retiring Guarantor”) ceases to be a Guarantor in accordance with the terms of the Guaranteed Documents for the purpose of any sale or other disposal of that Retiring Guarantor then on the date such Retiring Guarantor
ceases to be a Guarantor: 
  

	 	(a)	that Retiring Guarantor is released by each other Guarantor from any liability (whether past, present or future and whether actual or contingent) to make a contribution to any other Guarantor arising by reason of the
performance by any other Guarantor of its obligations under the Guaranteed Documents; and 

  

	 	(b)	each other Guarantor waives any rights it may have by reason of the performance of its obligations under the Guaranteed Documents to take the benefit (in whole or in part and whether by way of subrogation or otherwise)
of any rights of the Finance Parties under any Guaranteed Document or of any other security taken pursuant to, or in connection with, any Guaranteed Document where such rights or security are granted by or in relation to the assets of the Retiring
Guarantor. 

  

	21.10	Additional Security 

 This guarantee is in addition to and is not in any way prejudiced
by any other guarantee or security now or subsequently held by any Guaranteed Finance Party. 
  

	22.	REPRESENTATIONS 

 Each Obligor makes the representations and warranties set out in this
clause 22 to each Finance Party on the date of this agreement. 
  

	22.1	Status 

  

	 	(a)	It is a corporation, duly incorporated and validly existing under the law of its jurisdiction of incorporation. 

  

	 	(b)	It and each of its Subsidiaries has the power to own its assets and carry on its business as it is being conducted. 

  

	22.2	Binding Obligations 

 Subject to the Legal Reservations, the obligations expressed to be
assumed by it in each Finance Document are legal, valid, binding and enforceable obligations. 
  

	22.3	Non-Conflict with other Obligations 

 The entry into and performance by it of, and the
transactions contemplated by, the Finance Documents do not and will not conflict with: 
  

	 	(a)	any law or regulation applicable to it; 

  

	 	(b)	its constitutional documents; or 

  

	 	(c)	any agreement or instrument binding upon it or any of its assets in such a way which is likely to have a material adverse effect on the interest of the Lenders under the Finance Documents. 

  
 Page 45 

	22.4	Power and Authority 

 It has the power to enter into, perform and deliver, and has taken
all necessary action to authorise its entry into, performance and delivery of, the Finance Documents to which it is a party and the transactions contemplated by those Finance Documents. 

 

	22.5	Validity and Admissibility in Evidence 

 All Authorisations required: 

 

	 	(a)	to enable it lawfully to enter into, exercise its rights and comply with its obligations in the Finance Documents to which it is a party; and 

 

	 	(b)	to make the Finance Documents to which it is a party admissible in evidence in its jurisdiction of incorporation, 

have been obtained or effected and are in full force and effect. 
  

	22.6	Legality, Validity and Enforceability 

 All acts, conditions and things required to be
done, fulfilled and performed (other than compliance with section 860 of the Companies Act 2006) in order (a) to enable it lawfully to enter into, exercise its rights under and perform and comply with the obligations expressed to be assumed by
it in the Finance Documents and (b) to ensure that (subject to the Legal Reservations) the obligations expressed to be assumed by it in the Finance Documents are legal, valid, binding and enforceable have been done, fulfilled and performed.

  

	22.7	No Material Adverse Change 

 Since the date as at which the most recent financial
statements of the Account Party Group were stated to be prepared and save as disclosed in writing to the Facility Agent on or prior to the Effective Date, there has been no material adverse change in its business or financial condition or, as the
case may be, that of the Account Party Group as a whole. 
  

	22.8	Insolvency 

 No: 

 

	 	(a)	corporate action, legal proceeding or other procedure or step described in clause 26.9(a) (Insolvency Proceedings); or 

  

	 	(b)	creditors’ process described in clause 26.10 (Creditors’ Process), 

 has been taken
or, to the knowledge of the Account Party, threatened in relation to a member of the Account Party Group and none of the circumstances described in clause 26.8 (Insolvency) applies to a member of the Account Party Group. 

 

	22.9	Deduction of Tax 

 It is not required under the law of its jurisdiction of incorporation
to make any deduction for or on account of Tax from any payment it may make under any Finance Document. 

  
 Page 46 

	22.10	No Filing or Stamp Taxes 

 Under the law of its jurisdiction of incorporation, it is not
necessary that the Finance Documents be filed, recorded or enrolled with any court or other authority in that jurisdiction or that any stamp, registration or similar tax be paid on or in relation to the Finance Documents or the transactions
contemplated by the Finance Documents, save for the registration of any registrable charges created under the Security Documents and the payment of a fee in connection therewith. 

 

	22.11	No Default 

  

	 	(a)	No Event of Default and, on the date of this agreement, no Default is continuing or might reasonably be expected to result from the making of any Utilisation. 

 

	 	(b)	No other event or circumstance is outstanding which constitutes a default under any other agreement or instrument which is binding on it or any of its Subsidiaries or to which its (or any of its Subsidiaries’)
assets are subject which would have a Material Adverse Effect. 

  

	22.12	No Misleading Information 

 All written information provided to a Finance Party by any
member of the Account Party Group was true, complete and accurate in all material respects as at the date it was provided and is not misleading in any material respect. No information has been given or withheld that results in the information
supplied to the Finance Parties by any member of the Account Party Group being untrue or misleading in any material respect. 
  

	22.13	Financial Statements 

 Its most recent financial statements, which at the date of this
agreement are the Original Financial Statements, and at the Effective Date are the Refinancing Financial Statements, (in each case consolidated, if appropriate): 
  

	 	(a)	were prepared in accordance with accounting principles generally accepted in its jurisdiction of incorporation and consistently applied; 

 

	 	(b)	disclose all liabilities (contingent or otherwise) of which its directors were or might reasonably be expected to have been aware and all unrealised or anticipated losses of such Obligor (or, as the case may be, any
member of the Account Party Group); and 

  

	 	(c)	save as disclosed therein, give a true and fair view of the financial condition and operations of such Obligor (or, as the case may be, the Account Party Group) during the relevant financial year. 

 

	22.14	Pari Passu Ranking 

 Its payment obligations under the Finance Documents rank at least
pari passu with the claims of all its other unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law applying to companies generally. 
  

	22.15	No Proceedings Pending or Threatened 

 No litigation, arbitration or administrative
proceedings of or before any court, arbitral body or agency which, if adversely determined, might reasonably be expected to have a material adverse effect on its business or financial condition have (to the best of its knowledge and belief) been
started or threatened against it or any of its Subsidiaries or involves a Managed Syndicate in the ordinary course of its insurance business. 

  
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	22.16	Ranking 

 The Security has or (when duly registered) will have first ranking priority and
is not subject to any prior ranking or pari passu ranking Encumbrances other than any Permitted Encumbrances which have prior ranking or pari passu ranking. 
  

	22.17	Security 

 Subject to the Legal Reservations, each Security Document to which it is a
party validly creates each of the Encumbrances which is expressed by that Security Document and evidences each of the Encumbrances it is expressed to evidence. 
  

	22.18	Shares 

  

	 	(a)	The shares of any member of the Account Party Group which are subject to the Security are fully paid and not subject to any option to purchase or similar rights. 

 

	 	(b)	The constitutional documents of companies whose shares are subject to the Security do not and could not restrict or inhibit any transfer of those shares on creation or enforcement of the Security. 

 

	 	(c)	There are no agreements in force which provide for the issue or allotment of, or grant any person the right to call for the issue or allotment of, any share or loan capital of any Obligor or member of the Account Party
Group (including any option or right of pre-emption or conversion). 

  

	22.19	Encumbrances 

 Save for Permitted Encumbrances, no Encumbrance exists over all or any of
the present or future revenues or assets of any member of the Account Party Group. 
  

	22.20	Ownership of the Chaucer Name 

 Each Chaucer Name is a wholly-owned Subsidiary of the
Account Party and is duly authorised to underwrite business at Lloyd’s. 
  

	22.21	No Breach of Borrowing Restrictions 

 The utilisation of the Facility in full by the
Account Party will not result in or cause a breach of any borrowing restriction which applies to any Obligor. 
  

	22.22	Sanctions 

 No Obligor, nor any of its Subsidiaries or directors, is either: 

 

	 	(a)	listed, or is owned or controlled, directly or indirectly, by any person which is listed, on an SDN List; 

  

	 	(b)	located, organised or resident in a country which is the subject of Sanctions; or 

  

	 	(c)	a governmental agency, authority, or body or state-owned enterprise of any country which is the subject of Sanctions. 

  

	22.23	Repetition 

 The Repeating Representations are deemed to be made by each Obligor by
reference to the facts and circumstances then existing on: 
  

	 	(a)	the date of each Utilisation Request; and 

  

	 	(b)	the Commencement Date of each Letter of Credit and every six Months after that date until the Expiry Date of that Letter of Credit. 

  
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	23.	INFORMATION UNDERTAKINGS 

 The undertakings in this clause 23 remain in force from the
date of this agreement for so long as any amount is outstanding under the Finance Documents or any Commitment is in force. 
  

	23.1	Financial Statements of the Account Party Group 

 The Account Party shall supply to the
Facility Agent in sufficient copies for all the Lenders: 
  

	 	(a)	as soon as the same become available, but in any event within 210 days after the end of each of its financial years, the annual financial statements of each Chaucer Name and any other member of the Account Party Group
which is an Obligor for that financial year; and 

  

	 	(b)	as soon as the same become available, but in any event within 60 days after the end of each quarter of its financial years, its consolidated management accounts for that quarter prepared in accordance with US GAAP.

  

	23.2	Compliance Certificates 

  

	 	(a)	The Account Party shall supply to the Facility Agent, with each set of financial statements delivered pursuant to clause 23.1 (Financial Statements of the Account Party Group), a Compliance Certificate:

  

	 	(i)	setting out (in reasonable detail) computations as to compliance with clause 24.1 (Financial Condition of the Account Party) as at the date as at which those financial statements were drawn up; and 

 

	 	(ii)	listing all Material Companies and setting out (in reasonable detail) computations which determine those companies’ classification as Material Companies. 

 

	 	(b)	Each Compliance Certificate shall be signed by two directors of the Account Party. 

  

	23.3	Budget of the Account Party 

  

	 	(a)	The Account Party shall supply to the Facility Agent in sufficient copies for all the Lenders, as soon as the same have been approved by its board of directors but in any event no later than 30 days prior to the start
of each of its financial years, an annual budget and/or annual consolidated budget for that financial year. 

  

	 	(b)	The Account Party shall ensure that each budget: 

  

	 	(i)	is in a form reasonably acceptable to the Facility Agent and includes a projected consolidated profit and loss account (or equivalent income statement) and cashflow statement for the Account Party Group and projected
financial covenant calculations; 

  

	 	(ii)	is prepared in accordance with US GAAP, and the accounting practices and financial reference periods applied to financial statements under clause 23.1 (Financial Statements of the Account Party Group),

 and has been approved by the board of directors of the Account Party. 

  
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	23.4	Annual Report for each Managed Syndicate 

 The Account Party shall, as soon as the same
become available, but in any event within 90 days after the end of each year of account of each Managed Syndicate, deliver to the Facility Agent in sufficient copies for all the Lenders, the annual report for that Managed Syndicate, audited by an
internationally recognised firm of auditors licensed to practice in the jurisdiction of incorporation of the Managing Agent and on the list of auditors approved by the Council of Lloyd’s from time to time. 

 

	23.5	Quarterly Information Pack 

 The Account Party shall, as soon as the same become
available, but in any event within 60 days after the end of each quarter of each year of account of each Managed Syndicate, deliver to the Facility Agent an information pack which will include (but is not limited to) a profit and loss statement,
balance sheet, cashflow statement, quarterly returns or its equivalent, settlement statistics, a statement of current forecast underwriting results and a statement on the solvency deficit position (including calculations in reasonable detail) for
each Managed Syndicate. 
  

	23.6	Business Plan and Realistic Disaster Scenario for each Managed Syndicate 

 The Account
Party shall, as soon as the same becomes available, but in any event within 30 days of the date prescribed by the Council of Lloyd’s with respect to the preparation and despatch thereof, deliver to the Facility Agent the annual business plan
then prepared in respect of a Managed Syndicate (including details of the capital stack and reinsurance layers) and (if separate) the Realistic Disaster Scenario relating thereto. 

 

	23.7	Reinsurance Resume for each Managed Syndicate 

 The Account Party shall, as soon as the
same becomes available but in any event within 90 days of 1 January each year, deliver to the Facility Agent a copy of the reinsurance resume of each Managed Syndicate as delivered by the Account Party to Lloyd’s from time to time in
accordance with the Lloyd’s Syndicate Accounting Rules. 
  

	23.8	Information in respect of Third Party Syndicates 

 The Account Party shall, as soon as
the same become available but in any event within 90 days after the end of each year of account of each Third Party Syndicate, deliver to the Facility Agent the annual report of that Third Party Syndicate audited by an internationally recognised
firm of auditors licensed to practise in the jurisdiction of incorporation of the Managing Agent and on the list of auditors approved by the Council of Lloyd’s from time to time. 

 

	23.9	Requirements as to Financial Statements 

  

	 	(a)	Each set of financial statements delivered by the Account Party pursuant to clause 23.1 (Financial Statements of the Account Party Group) shall be certified by a director of the relevant company as fairly representing
its financial condition as at the date as at which those financial statements were drawn up. 

  

	 	(b)	 The Account Party shall procure that each set of financial statements of an Obligor delivered pursuant to clause 23.1 (Financial Statements of
the Account Party Group) is prepared using accounting policies, practices, procedures and reference periods consistent with those applied in the preparation of the Original Financial Statements for that Obligor (or, in respect of the financial
statements of HIIH, is prepared using accounting policies, practices, procedures and reference periods consistent with those applied in the preparation of the Original Financial Statements for the Account Party) (other than the consolidated
management accounts for each quarter which will be prepared in accordance with US GAAP) 

  
 Page 50 

	 	
unless, in relation to any set of financial statements, it notifies the Facility Agent that there has been a change in such accounting policies, practices, procedures or reference periods and its
auditors (or, if appropriate, the auditors of that Obligor) deliver to the Facility Agent: 

  

	 	(i)	a description of any change necessary for those financial statements to reflect the accounting policies, practices, procedures and reference periods upon which that Obligor’s Original Financial Statements were
prepared; and 

  

	 	(ii)	sufficient information, in form and substance as may be reasonably required by the Facility Agent, to enable the Lenders to determine whether clause 24 (Financial Conditions) has been complied with and make an accurate
comparison between the financial position indicated in those financial statements and that Obligor’s Original Financial Statements. 

  

	23.10	Lloyd’s Syndicate Accounting Rules 

 The Account Party shall ensure that each annual
report in respect of each Managed Syndicate delivered pursuant to clause 23.3 (Annual Report for each Managed Syndicate) is prepared in accordance with Lloyd’s Syndicate Accounting Rules under accounting policies consistently applied. 

 

	23.11	Litigation and Regulatory Intervention 

 The Account Party shall notify the Facility
Agent of any actual or (upon it becoming aware of the same) any threatened litigation or arbitration (whether as plaintiff or defendant and whether civil, criminal or administrative) and/or any actual or threatened regulatory intervention by
Lloyd’s and/or the FCA and/or the PRA in respect of the Account Party Group and/or a Managed Syndicate which are likely to be adversely determined and/or made and which, if adversely determined and/or made, would have a material adverse effect
on the business or financial condition of the Account Party Group and/or a Managed Syndicate (but excluding any litigation or arbitration involving a Managed Syndicate in the ordinary course of its insurance business). 

 

	23.12	Inspection of Books and Records 

 If there are reasonable grounds to believe that an
Event of Default has occurred and is continuing, each Obligor shall, on request of the Facility Agent and upon reasonable notice, provide the Facility Agent and/or its advisers with access, during the normal business hours to and permit inspection
of its books and records. 
  

	23.13	Information on FAL 

 The Account Party shall provide the Facility Agent with a
description and valuation of its FAL in the Compliance Certificate to be accompanied with the quarterly financial statements delivered in accordance with clause 23.1 (Financial Statements of the Account Party Group). 

 

	23.14	Information: Miscellaneous 

 The Account Party shall supply to the Facility Agent (in
sufficient copies for all the Lenders, if the Facility Agent so requests): 
  

	 	(a)	all documents dispatched by the Account Party to its shareholders (or any class of them) or its creditors generally at the same time as they are dispatched; 

 

	 	(b)	all regulatory returns dispatched by the Account Party to Lloyd’s; 

  
 Page 51 

	 	(c)	promptly, such information as the Security Agent may reasonably require about the Charged Property and compliance of the Obligors with the terms of any Security Documents; and 

 

	 	(d)	promptly, such further information regarding the financial condition and business of any member of the Group, the Managed Syndicates and the Third Party Syndicates as any Finance Party (through the Facility Agent) may
reasonably request except (i) where the furnishing of such information is restricted or prohibited by applicable law or regulation or (ii) the furnishing of such information does not comply with any requirement as to confidentiality which
applies to such Obligor. 

  

	23.15	Notification of Default 

  

	 	(a)	Each Obligor shall (unless that Obligor is aware that a notification has already been provided by another Obligor) notify the Facility Agent of any Default (and the steps, if any, being taken to remedy it) promptly upon
becoming aware of its occurrence. 

  

	 	(b)	Promptly upon a request by the Facility Agent, the Account Party shall supply to the Facility Agent a certificate signed by two of its directors or senior officers on its behalf certifying that no Default is continuing
(or if a Default is continuing, specifying the Default and the steps, if any, being taken to remedy it). 

  

	23.16	“Know Your Customer” Checks 

  

	 	(a)	If: 

  

	 	(i)	the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation made after the date of this agreement; 

 

	 	(ii)	any change in the status of an Obligor or the composition of the shareholders of an Obligor after the date of this agreement; or 

  

	 	(iii)	a proposed assignment or transfer by a Lender of any of its rights and obligations under this agreement to a party that is not a Lender prior to such assignment or transfer, 

obliges the Facility Agent or any Lender (or, in the case of paragraph (iii) above, any prospective new Lender) to comply with “know
your customer” or similar identification procedures in circumstances where the necessary information is not already available to it, each Obligor shall promptly upon the request of the Facility Agent or any Lender supply, or procure the supply
of, such documentation and other evidence as is reasonably requested by the Facility Agent (for itself or on behalf of any Lender) or any Lender (for itself or, in the case of the event described in paragraph (iii) above, on behalf of any
prospective new Lender) in order for the Facility Agent, such Lender or, in the case of the event described in paragraph (iii) above, any prospective new Lender to carry out and be satisfied it has complied with all necessary “know your
customer” or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents. 
  

	 	(b)	Each Lender shall promptly upon the request of the Facility Agent supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Facility Agent (for itself) in order for the
Facility Agent to carry out and be satisfied it has complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents.

  
 Page 52 

	 	(c)	The Account Party shall, by giving not less than ten Business Days’ prior written notice to the Facility Agent, notify the Facility Agent (which shall promptly notify the Lenders) of its intention to request that
one of its Subsidiaries becomes an Additional Guarantor pursuant to clause 28 (Changes to the Obligors). 

  

	 	(d)	Following the giving of any notice pursuant to paragraph (c) above, if the accession of such Additional Guarantor obliges the Facility Agent or any Lender to comply with “know your customer” or similar
identification procedures in circumstances where the necessary information is not already available to it, the Account Party shall promptly upon the request of the Facility Agent or any Lender supply, or procure the supply of, such documentation and
other evidence as is reasonably requested by the Facility Agent (for itself or on behalf of any Lender) or any Lender (for itself or on behalf of any prospective new Lender) in order for the Facility Agent or such Lender or any prospective new
Lender to carry out and be satisfied it has complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations pursuant to the accession of such Subsidiary to this agreement as an Additional
Guarantor. 

  

	24.	FINANCIAL CONDITION 

  

	24.1	Financial Condition of the Account Party 

 The Account Party shall ensure that its
financial condition is such that: 
  

	 	(a)	any Uncovered Deficit shall not exceed 10 per cent of the aggregate of the Chaucer Names’ Member’s Syndicate Premium Limits; 

 

	 	(b)	the aggregate of the Member’s Share of the estimated net losses in respect of any of the scenarios contained in the Realistic Disaster Scenarios prepared in relation to Syndicate 1084 of each Underwriting Member
shall not exceed 20 per cent of the aggregate Member’s Syndicate Premium Limit of such Underwriting Members in any one year of account; and 

  

	 	(c)	the Uncollateralised Outstandings shall not at any time exceed 40 per cent of the total Funds at Lloyd’s of the Account Party (including Subordinated Funds at Lloyd’s and FAL provided in accordance with
this agreement). 

  

	24.2	Financial Testing 

 The financial covenants set out in clause 24.1 (Financial Condition
of the Account Party) shall be complied with at all times but compliance with such financial covenants shall be verified by reference to each of the relevant financial statements and each relevant Compliance Certificate delivered pursuant to clause
23.2 (Compliance Certificates). 
  

	24.3	Accounting Terms 

 All accounting expressions which are not otherwise defined in this
agreement shall be construed in accordance with GAAP. 
  

	25.	GENERAL UNDERTAKINGS 

 The undertakings in this clause 25 remain in force from the date
of this agreement for so long as any amount is outstanding under the Finance Documents or any Commitment is in force. 

  
 Page 53 

	25.1	Authorisations 

 Each Obligor shall promptly: 

 

	 	(a)	obtain, comply with and do all that is necessary to maintain in full force and effect; and 

  

	 	(b)	supply certified copies to the Facility Agent of, 

 any Authorisation required under any law or
regulation of its jurisdiction of incorporation to enable it to perform its obligations under the Finance Documents and to ensure the legality, validity, enforceability or admissibility in evidence in its jurisdiction of incorporation of any Finance
Document. 
  

	25.2	Compliance with Laws 

 Each Obligor shall comply in all respects with all laws, by-laws
and regulations (including, without limitation, under the Financial Services and Markets Act 2000 (and related subordinate legislation), the Lloyd’s Acts 1871 to 1982 and the Lloyd’s Sourcebook Instrument 2001 (as amended from time to
time) and any conditions or requirements prescribed thereunder) to which it may be subject, if failure so to comply would reasonably be expected to have a Material Adverse Effect. 

 

	25.3	Negative Pledge 

  

	 	(a)	No Obligor shall (and the Account Party shall ensure that no other member of the Account Party Group will) create or permit to subsist any Security over any of its assets other than a Permitted Encumbrance.

  

	 	(b)	No Obligor shall (and the Account Party shall ensure that no other member of the Account Party Group will): 

  

	 	(i)	sell, transfer or otherwise dispose of any of its assets on terms whereby they are or may be leased to or re-acquired by an Obligor or any other member of the Group; 

 

	 	(ii)	sell, transfer or otherwise dispose of any of its receivables on recourse terms; 

  

	 	(iii)	enter into any arrangement under which money or the benefit of a bank or other account may be applied, set-off or made subject to a combination of accounts; or 

 

	 	(iv)	enter into any other preferential arrangement having a similar effect, 

 in circumstances where
the arrangement or transaction is entered into primarily as a method of raising Financial Indebtedness or of financing the acquisition of an asset, other than a Permitted Encumbrance. 

 

	25.4	Disposals 

  

	 	(a)	No Obligor shall (and the Account Party shall ensure that no other member of the Account Party Group will), enter into a single transaction or a series of transactions (whether related or not) and whether voluntary or
involuntary to sell, lease, transfer or otherwise dispose of any asset. 

  

	 	(b)	Paragraph (a) does not apply to any sale, lease, transfer or other disposal by a member of the Account Party Group: 

  

	 	(i)	of any investments made in the ordinary course of business of the disposing entity; 

  

	 	(ii)	of obsolete assets for cash; 

  
 Page 54 

	 	(iii)	made with the prior consent of the Majority Lenders; or 

  

	 	(iv)	of tangible assets where the book value (when aggregated with the book value of all other tangible assets sold, leased, transferred or otherwise disused of in the same financial year) does not exceed £10,000,000
(or its equivalent in another currency or currencies). 

  

	25.5	Merger 

 No Obligor shall (and the Account Party shall ensure that no other member of the
Account Party Group will) enter into any amalgamation, demerger, merger or corporate reconstruction without the prior consent of the Majority Lenders (which consent, in the case of a merger or amalgamation between two members of the Group which are
not Obligors, shall not be unreasonably withheld or delayed). 
  

	25.6	Change of Business 

 The Account Party shall procure that no substantial change is made
to the general nature of the business of the Account Party, any member of the Account Party Group or any other Obligor from that carried on at the date of this agreement. 
  

	25.7	Financial Indebtedness 

 No Obligor shall (and the Account Party shall ensure that no
other member of the Account Party Group will) incur or allow to remain outstanding any Financial Indebtedness, other than Permitted Financial Indebtedness. 
  

	25.8	Pari Passu Ranking 

 Each Obligor shall ensure that at all times the claims of a Finance
Party against it under the Finance Documents rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors except those creditors whose claims are mandatorily preferred by laws of general application to companies.

  

	25.9	Insurance 

 Each Obligor shall (and the Account Party shall ensure that each other member
of the Account Party Group will) maintain insurance (other than and in addition to any reinsurance in respect of such members’ underwriting business) on and in relation to its business and assets against those risks and to such extent as is
usual for companies carrying on the same or substantially similar business with any reputable underwriters or reputable insurance company. 
  

	25.10	Further Assurance 

 Each Obligor shall take all steps reasonably requested by the
Facility Agent to ensure the creation, perfection and maintenance at all times of the Security intended to be constituted by the Security Documents. 
  

	25.11	Ownership of the Chaucer Names 

 The Account Party shall ensure that each Chaucer Name
remains its wholly-owned Subsidiary. 
  

	25.12	Application of Funds at Lloyd’s and Cash Calls 

  

	 	(a)	The Account Party shall use all reasonable endeavours to ensure that the Subordinated Funds at Lloyd’s of the Account Party are applied to the fullest extent possible before any payment is requested under a Letter
of Credit. 

  

	 	(b)	The Account Party shall ensure that the Managing Agent will make a request for funds of a Chaucer Name in its capacity as a member of each Managed Syndicate before applying the Funds at Lloyd’s of that Chaucer Name
in the payment of any claims, expenses or outgoings made or incurred in connection with its underwriting business. 

  
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	25.13	Demands for Payment of FAL 

 The Account Party shall upon service on it by Lloyd’s
(or the trustee for the time being of such Funds at Lloyd’s) of a written demand for the payment of a sum on account of its Funds at Lloyd’s immediately inform the Facility Agent of such demand. 

 

	25.14	Investment Strategy 

 The Account Party shall ensure that there is no material change to
the investment strategy pursued by the Account Party Group as at the date of this agreement without the prior written consent of the Majority Lenders. 
  

	25.15	Business plan 

 The Account Party shall ensure that there is no material change to the
business plan submitted in accordance with clause 23.6 (Business Plan and Realistic Disaster Scenario for each Managed Syndicate) without the prior written consent of the Majority Lenders. 

 

	25.16	Prohibition on underwriting by Obligors 

 The Account Party shall procure that the only
members of the Account Party Group to underwrite business at Lloyd’s will be the Chaucer Names. 
  

	25.17	Reinsurance FAL 

  

	 	(a)	The Account Party will not amend its FAL arrangements, including the addition of any Reinsurance FAL, without first obtaining the written consent of the Majority Lenders, such consent not to be unreasonably withheld or
delayed. 

  

	 	(b)	If the Account Party obtains any Reinsurance FAL for the 2014 or 2015 years of account (“2014/2015 Reinsurance FAL”), the Account Party shall use its best endeavours to: 

 

	 	(i)	obtain and deliver to the Facility Agent, a replacement Letter of Comfort executed by Lloyd’s incorporating the 2014/2015 Reinsurance FAL as additional Subordinated Funds at Lloyd’s for the 2014/2015 years of
account; and 

  

	 	(ii)	procure an amendment to the FAL Providers Deed to provide for the accession of the provider or providers of the 2014/2015 Reinsurance FAL and to amend clause 2.4 of the FAL Providers Deed so that the order of priority
includes the application of 2014/2015 Reinsurance FAL prior to the FAL provided under this agreement. 

  

	25.18	Ownership of Obligors 

 The Account Party shall ensure that each other Obligor (other
than HIIH) is and remains a direct or indirect Subsidiary of the Account Party. 
  

	25.19	Centre of Main Interests 

 No Obligor shall, and each Obligor will procure that none of
its Subsidiaries will, do anything to change the location of its centre of main interests, for the purposes of Council 

  
 Page 56 

 
Regulation (EC) No 1346/2000 of 29 May 2000 on insolvency proceedings, where that change would be reasonably likely to be materially adverse to the interests of the Finance Parties. 

 

	25.20	Sanctions 

  

	 	(a)	Each Obligor will ensure that the proceeds of the Letter of Credit will not, directly or indirectly, be used or paid for the purposes of any transaction in violation of applicable Sanctions, to the extent that such use
or payment would reasonably be expected to result in a Material Adverse Effect. 

  

	 	(b)	No Obligor shall engage in any conduct which would reasonably be expected to cause it to become a subject of Sanctions in any material respect. 

 

	26.	EVENTS OF DEFAULT 

 Each of the events or circumstances set out in clause 26 is an Event
of Default (save for clause 26.27 (Acceleration and Cancellation)). 
  

	26.1	Non-Payment 

 Any Group Obligor does not pay on the due date any amount payable pursuant
to a Finance Document at the place at and in the currency in which it is expressed to be payable unless: 
  

	 	(a)	its failure to pay is caused by: 

  

	 	(i)	administrative or technical error; or 

  

	 	(ii)	a Disruption Event; and 

  

	 	(b)	payment is made within five Business Days of its due date. 

  

	26.2	Financial Condition and Other Specific Covenants 

  

	 	(a)	At any time any requirement of clause 24.1 (Financial Condition of the Account Party) or section 4.03 (Financial Covenants) of the Parent Guarantee is not satisfied. 

 

	 	(b)	An Obligor fails duly to perform or comply with any of the obligations expressed to be assumed by it in clause 23 (Information Undertakings), clause 25.3 (Negative Pledge), clause 25.4 (Disposals), clause 25.5
(Mergers), clause 25.7 (Financial Indebtedness), clause 25.11 (Ownership of the Chaucer Names), clause 25.12(a) (Application of Funds at Lloyd’s and Cash Calls) and clause 25.13 (Demands for Payment of FAL). 

 

	 	(c)	The Parent fails duly to perform or comply with any of the obligations expressed to be assumed by it in sections 4.02(a) (Reporting Requirements) and section 4.04(a) (Financial Debt) to (d) (Disposition of
Assets) (inclusive) of the Parent Guarantee. 

  

	26.3	Other Obligations 

  

	 	(a)	Any Group Obligor does not comply with any provision of the Finance Documents (other than those referred to in clause 26.1 (Non-Payment) and clause 26.2 (Financial Condition and Other Specific Covenants)).

  

	 	(b)	No Event of Default under paragraph (a) will occur if the failure to comply is capable of remedy and is remedied within 30 days of the earlier of: 

 

	 	(i)	the Facility Agent giving notice to the Account Party or the Parent; and 

  

	 	(ii)	any Group Obligor becoming aware of the failure to comply. 

  
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	26.4	Misrepresentation 

 Any representation or statement made or deemed to be made by any
Group Obligor in the Finance Documents or any notice or other document, certificate or statement delivered by or on behalf of any Group Obligor under or in connection with any Finance Document is or proves to have been incorrect or misleading in any
material respect when made or deemed to be made. 
  

	26.5	Change in Control 

 The occurrence of a Change in Control. 

 

	26.6	Cross Default 

  

	 	(a)	Any Financial Indebtedness of any member of the Group is not paid when due nor within any originally applicable grace period. 

  

	 	(b)	Any Financial Indebtedness of any member of the Group is declared to be or otherwise becomes due and payable prior to its specified maturity as a result of an event of default (however described). 

 

	 	(c)	Any commitment for any Financial Indebtedness of any member of the Group is cancelled or suspended by a creditor of any member of the Group as a result of an event of default (however described). 

 

	 	(d)	Any creditor of any member of the Group becomes entitled to declare any Financial Indebtedness of any member of the Group due and payable prior to its specified maturity as a result of an event of default (however
described). 

  

	 	(e)	No Event of Default will occur under this clause 26.6 if the aggregate amount of Financial Indebtedness or commitment for Financial Indebtedness falling within paragraphs (a) to (d) (inclusive) above in
respect of the Group, is less than $50,000,000 (or its equivalent in any other currency or currencies). 

  

	26.7	Failure to Comply with Final Judgment 

 Any member of the Group fails to comply with or
pay any sum due from it in excess of $50,000,000 (to the extent not covered by an insurer having a minimum A.M. Best financial strength rating of A- that has not denied coverage) under any final judgement or any final order made or given by any
court of competent jurisdiction within 45 days of any such judgement or order being made or given. 
  

	26.8	Insolvency 

  

	 	(a)	Any Group Obligor or a Material Subsidiary is unable or admits inability to pay its debts as they fall due, suspends making payments on any of its debts or, by reason of actual or anticipated financial difficulties,
commences negotiations with one or more of its creditors with a view to rescheduling any of its indebtedness. 

  

	 	(b)	The value of the assets of any Group Obligor or a Material Subsidiary is less than its liabilities (taking into account contingent and prospective liabilities). 

 

	 	(c)	A moratorium is declared in respect of any indebtedness of any Group Obligor or a Material Subsidiary. 

  
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	26.9	Insolvency Proceedings 

  

	 	(a)	Any corporate action, legal proceedings or other procedure or step is taken in relation to: 

  

	 	(i)	the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of any Group Obligor or a
Material Subsidiary; 

  

	 	(ii)	a composition, compromise, assignment or arrangement with any creditor of any Group Obligor or a Material Subsidiary; 

  

	 	(iii)	the appointment of a liquidator, receiver, administrative receiver, administrator, compulsory manager or other similar officer in respect of any Group Obligor or a Material Subsidiary or any of its assets; or

  

	 	(iv)	enforcement of any Security over any assets of any Group Obligor or a Material Subsidiary provided such enforcement is not stayed within 15 Business Days or any event occurs which under the laws of any jurisdiction has
a similar or analogous effect. 

  

	 	(b)	Paragraph (a)(i) to (iii) shall not apply to any winding-up petition which is frivolous or vexatious and is discharged, stayed or dismissed within 60 days of commencement or, if earlier, the date on which it is
advertised. 

  

	26.10	Creditors’ Process 

 Any expropriation, attachment, sequestration, distress or
execution affects any asset or assets of any Group Obligor or a Material Subsidiary and is not discharged within 15 Business Days. 
  

	26.11	Similar Events Elsewhere 

 There occurs in relation to any Group Obligor or any Material
Subsidiary or any of its assets in any country or territory in which it is incorporated or carries on business or to the jurisdiction of whose courts it or any of its assets is subject any event which appears to the Facility Agent to correspond in
that country or territory with any of those mentioned in clauses 26.8 (Insolvency) to 26.10 (Creditors’ Process) (inclusive). 
  

	26.12	Unlawfulness 

  

	 	(a)	It is or becomes unlawful for any Group Obligor to perform any of its obligations under the Finance Documents. 

  

	 	(b)	Any Finance Document or any obligation of any Group Obligor thereunder are not or ceases to be in full force and effect or is alleged by a Group Obligor to be ineffective for any reason. 

 

	26.13	Repudiation 

 Any Group Obligor repudiates a Finance Document or evidences an intention
to repudiate a Finance Document. 
  

	26.14	Cessation of Business 

 Any member of the Account Party Group or the Parent suspends or
ceases to carry on (or threatens to suspend or cease to carry on) all or a material part of the business which it carries on at the date of this agreement or enters into any unrelated business. 

  
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	26.15	Litigation 

 Any litigation, arbitration, administrative, governmental, regulatory or
other investigations, proceedings or disputes are commenced against any member of the Group or its assets which, in the opinion of the Majority Lenders (acting reasonably), has, or is reasonably likely to have, a Material Adverse Effect. 

 

	26.16	Solvency Test 

 A Chaucer Name fails as a Member to maintain the members’ capital
resources requirement calculated by Lloyd’s and notified to it in accordance with the General Prudential Sourcebook and INSPRU. 
  

	26.17	Ownership of the Chaucer Names 

 Any Chaucer Name ceases to be a wholly-owned Subsidiary
of the Account Party. 
  

	26.18	Financial Services and Markets Act 2000 and Lloyd’s Acts 1871-1982 

  

	 	(a)	A failure by Lloyd’s (or, where appropriate, the members of Lloyd’s taken together) to satisfy the solvency requirements to which it is or they are subject by virtue of Part XIX of the Financial Services and
Markets Act 2000, the General Prudential Sourcebook, INSPRU (each as amended from time to time) or any statutory provision enacted after the date of this agreement and a failure to comply with any binding requirement to rectify the position within
the time period permitted for such rectification; or 

  

	 	(b)	the authorisation or permission granted to Lloyd’s to carry on a regulated activity pursuant to the Financial Markets and Services Act 2000 is withdrawn, removed, revoked or cancelled by the PRA, 

which, in either such case, in the reasonable opinion of the Majority Lenders, is reasonably likely materially and adversely to affect the
ability of the Account Party to perform or comply with its material obligations under the Finance Documents. 
  

	26.19	Modification of Lloyd’s Acts, Byelaws or Trusts 

 Any modification, repeal,
amendment, replacement or revocation of Lloyd’s Acts 1871 to 1982, any byelaw or any deed or agreement required by Lloyd’s to be executed or entered into by any person in connection with insurance business at Lloyd’s (whether carried
on by such person or otherwise) or any trust created thereby is made or proposed which, in the reasonable opinion of the Majority Lenders, is reasonably likely materially and adversely to affect the ability of the Account Party to perform or comply
with its material obligations under the Finance Documents. 
  

	26.20	Lloyd’s Market Reorganisation Order 

 The making of a Lloyd’s Market
Reorganisation Order provided that: 
  

	 	(a)	the Account Party is an affected market participant as defined in the Insurers (Reorganisation and Winding Up) (Lloyd’s) Regulations 2005; and 

 

	 	(b)	the making of the order in the reasonable opinion of the Facility Agent (acting on the instructions of the Majority Lenders) is reasonably likely materially and adversely to affect the ability of the Account Party to
perform or comply with its material obligations under the Finance Documents. 

  
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	26.21	FAL Providers Deed 

  

	 	(a)	Any party to the FAL Providers Deed (other than the Facility Agent) does not comply with any provision of the FAL Providers Deed. 

  

	 	(b)	No Event of Default under paragraph (a) above will occur if the failure to comply is capable of remedy and is remedied within 15 Business Days of the earlier of: 

 

	 	(i)	the Facility Agent giving notice to the Account Party; and 

  

	 	(ii)	an Obligor becoming aware of the failure to comply. 

  

	 	(c)	Any representation or statement made or deemed to be made by a party in the FAL Providers Deed (other than the Facility Agent) or any notice or other document, certificate or statement delivered by or on behalf of any
such party under or in connection with the FAL Providers Deed is or proves to have been incorrect or misleading in any material respect when made or deemed to be made. 

 

	 	(d)	The FAL Providers Deed or any obligation of a party (other than the Facility Agent) thereunder is not or ceases to be in full force and effect or is alleged by any such party to be ineffective for any reason.

  

	26.22	Cash Collateral 

 The Account Party fails duly to perform or comply with its obligations
to pay Cash Collateral into the Specified Account in the amounts and at the times required under clause 11.3 (Mandatory Cash Collateralisation of Letters of Credit). 
  

	26.23	Material Adverse Change 

 Any event or circumstance occurs which the Majority Lenders
reasonably believe has or is reasonably likely to have a Material Adverse Effect. 
  

	26.24	Deed of Priority 

  

	 	(a)	Any party to the Deed of Priority (other than the Security Agent) does not comply with any provision of the Deed of Priority. 

  

	 	(b)	No Event of Default under paragraph (a) above will occur if the failure to comply is capable of remedy and is remedied within 15 Business Days of the earlier of: 

 

	 	(i)	the Facility Agent giving notice to the Account Party; and 

  

	 	(ii)	an Obligor becoming aware of the failure to comply. 

  

	 	(c)	The Deed of Priority or any obligation of a party (other than the Security Agent) thereunder is not or ceases to be in full force and effect or is alleged by any such party to be ineffective for any reason.

  

	26.25	ERISA 

 An ERISA Event shall have occurred that, in the opinion of the Majority Lenders,
when taken together with all other ERISA Events that have occurred, would reasonably be expected to have a Material Adverse Effect. 

  
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	26.26	US Bankruptcy Proceeding 

 Without limiting any of the other clauses of this clause 26:

  

	 	(a)	a court of the United States of America or any state thereof (a “US Federal or State Court”) having jurisdiction in the premises shall enter a decree or order for relief in respect of the Parent or any
Material Subsidiary in an involuntary case under the US Bankruptcy Code or under any other applicable bankruptcy, insolvency or similar law of the United States of America or any state thereof now or hereafter in effect, which decree or order is not
stayed within seven days of it being entered; or any other similar relief shall be granted under any applicable US federal or state law; 

  

	 	(b)	an involuntary case shall be commenced against the Parent or any Material Subsidiary under the US Bankruptcy Code or under any other applicable bankruptcy, insolvency or similar law of the United States of America or
any state thereof now or hereafter in effect; or a decree or order of a US Federal or State Court having jurisdiction in the premises for the appointment of a receiver, liquidator, sequestrator, trustee, custodian or other officer having similar
powers over the Parent or any Material Subsidiary, or over all or a substantial part of its property, shall have been entered; and in any such event described in this paragraph (b) shall continue for 60 days unless dismissed, bonded or
discharged; or 

  

	 	(c)	the Parent or any Material Subsidiary shall have an order for relief entered with respect to it or commence a voluntary case under the US Bankruptcy Code or under any other applicable bankruptcy, insolvency or similar
law of the United States of America or any state thereof now or hereafter in effect, or shall consent to the entry of an order for relieve in an involuntary case, or to the conversion of an involuntary case to a voluntary case, under any such law.

  

	26.27	Acceleration and Cancellation 

  

	 	(a)	Subject to paragraph (b) below, on and at any time after the occurrence of an Event of Default which is continuing, the Facility Agent may, and shall if so directed by all the Lenders: 

 

	 	(i)	by notice to the Account Party: 

  

	 	(A)	require the Account Party to use best endeavours to procure that the liabilities of the Lenders under each Letter of Credit are promptly reduced to zero; and/or 

 

	 	(B)	require the Account Party to procure that Cash Collateral is, within 3 Business Days of demand, provided for each Letter of Credit in an amount specified by the Facility Agent (acting on the instructions of the Majority
Lenders) (whereupon the Account Party shall do so); and/or 

  

	 	(C)	declare that the whole of the Available Facility shall be cancelled, whereupon the same shall be cancelled and the Available Commitment of each Lender shall be reduced to zero; 

 

	 	(ii)	require the Account Party to use best endeavours to procure that: 

  

	 	(A)	all Letters of Credit are cancelled and returned by Lloyd’s to the Facility Agent; and 

  

	 	(B)	in relation to any Letters of Credit which are cancelled, Lloyd’s deliver written confirmation to the Facility Agent (on behalf of the Lenders) that: 

 

	 	(aa)	Lloyd’s has not retained any copies of any Letter of Credit; and 

  

	 	(bb)	Lloyd’s no longer places any reliance on any Letter of Credit, 

  
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 in form and substance reasonably satisfactory to the Facility Agent; 

 

	 	(iii)	exercise (or direct the Security Agent to exercise) any or all of its rights, remedies, powers or discretions under any of the Finance Documents; and/or 

 

	 	(iv)	give a Notice of Termination to Lloyd’s in respect of any Letter of Credit. 

  

	 	(b)	If an Event of Default under clause 26.26 (US Bankruptcy Proceeding) occurs, then without notice to the Parent or any other act by the Facility Agent or any other person, the Facility, interest thereon, Cash Collateral
in respect of each Letter of Credit issued for the account of the relevant member of the Group and all other amounts owed by such Obligor under the Finance Documents shall become immediately due and payable without presentment, demand, protest or
notice of any kind, all of which are expressly waived. 

  

	27.	CHANGES TO THE LENDERS 

  

	27.1	Assignments and Transfers by the Lenders 

 Subject to this clause 27, a Lender (the
“Existing Lender”) may: 
  

	 	(a)	assign any of its rights; or 

  

	 	(b)	transfer by novation any of its rights and obligations, 

 to another bank or financial
institution or to a trust, fund or other entity which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other financial assets (the “New Lender”) provided that such
bank, financial institution, trust, fund or other entity is an Approved Credit Institution. 
  

	27.2	Conditions of Assignment, Transfer or Accession 

  

	 	(a)	An assignment will only be effective on: 

  

	 	(i)	receipt by the Facility Agent (whether in the Assignment Agreement or otherwise) of written confirmation from the New Lender (in form and substance satisfactory to the Facility Agent) that the New Lender will assume the
same obligations to the other Finance Parties as it would have been under if it was an Original Lender; and 

  

	 	(ii)	performance by the Facility Agent (to the extent it thinks fit) of all necessary “know your customer” or other similar checks under all applicable laws and regulations in relation to such assignment to a New
Lender, the completion of which the Facility Agent shall promptly notify to the Existing Lender and the New Lender. 

  

	 	(b)	A transfer or accession will only be effective if the procedure set out in clause 27.5 (Procedure for Transfer or Accession) is complied with. 

 

	 	(c)	If: 

  

	 	(i)	a Lender assigns or transfers any of its rights or obligations under the Finance Documents or changes its Facility Office; and 

  

	 	(ii)	as a result of circumstances existing at the date the assignment, transfer or change occurs, an Obligor would be obliged to make a payment to the New Lender or Lender acting through its new Facility Office under clause
13 (Tax Gross-Up and Indemnities) or clause 14 (Increased Costs), 

  
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 then the New Lender or Lender acting through its new Facility Office is only entitled to receive
payment under those clauses to the same extent as the Existing Lender or Lender acting through its previous Facility Office would have been if the assignment, transfer or change had not occurred. 

 

	 	(d)	Each New Lender, by executing the relevant Transfer Certificate, Assignment Agreement or Accession Letter, confirms, for the avoidance of doubt, that the Facility Agent has authority to execute on its behalf any
amendment or waiver that has been approved by or on behalf of the requisite Lender or Lenders in accordance with this agreement on or prior to the date on which the transfer or assignment or accession becomes effective in accordance with this
agreement and that it is bound by that decision to the same extent as the Existing Lender would have been had it remained a Lender. 

  

	27.3	Assignment, Transfer or Accession Fee 

 The New Lender shall, on the date upon which an
assignment, transfer or accession takes effect, pay to the Facility Agent (for its own account) a fee of £3,000. 
  

	27.4	Limitation of Responsibility of Existing Lenders 

  

	 	(a)	Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no responsibility to a New Lender for: 

 

	 	(i)	the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents or any other documents; 

  

	 	(ii)	the financial condition of any Obligor; 

  

	 	(iii)	the performance and observance by any Obligor of its obligations under the Finance Documents or any other documents; or 

  

	 	(iv)	the accuracy of any statements (whether written or oral) made in or in connection with any Finance Document or any other document, 

and any representations or warranties implied by law are excluded. 
  

	 	(b)	Each New Lender confirms to the Existing Lender and the other Finance Parties that it: 

  

	 	(i)	has made (and shall continue to make) its own independent investigation and assessment of the financial condition and affairs of each Obligor and its related entities in connection with its participation in this
agreement and has not relied exclusively on any information provided to it by the Existing Lender in connection with any Finance Document; and 

  

	 	(ii)	will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related entities whilst any amount is or may be outstanding under the Finance Documents or any Commitment is in force.

  

	 	(c)	Nothing in any Finance Document obliges an Existing Lender to: 

  

	 	(i)	accept a re-transfer or re-assignment from a New Lender of any of the rights and obligations assigned or transferred under this clause 27; or 

 

	 	(ii)	support any losses directly or indirectly incurred by the New Lender by reason of the non-performance by any Obligor of its obligations under the Finance Documents or otherwise. 

  
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	27.5	Procedure for Transfer or Accession 

  

	 	(a)	Subject to the conditions set out in clause 27.2 (Conditions of Assignment, Transfer or Accession) a transfer or accession is effected in accordance with paragraph (c) below when the Facility Agent executes an
otherwise duly completed (i) Transfer Certificate delivered to it by the Existing Lender and the New Lender or (ii) Accession Letter duly completed by the New Lender. The Facility Agent shall, subject to paragraph (b) below, as soon
as reasonably practicable after receipt by it of a duly completed Transfer Certificate or Accession Letter appearing on its face to comply with the terms of this agreement and delivered in accordance with the terms of this agreement, execute that
Transfer Certificate or Accession Letter. 

  

	 	(b)	The Facility Agent shall only be obliged to execute a Transfer Certificate delivered to it by the Existing Lender and the New Lender or an Accession Letter delivered to it by a New Lender once it is satisfied it has
complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations in relation to the transfer to such New Lender. 

 

	 	(c)	On the Transfer Date: 

  

	 	(i)	to the extent that in the Transfer Certificate the Existing Lender seeks to transfer by novation its rights and obligations under the Finance Documents each of the Obligors and the Existing Lender shall be released from
further obligations towards one another under the Finance Documents and their respective rights against one another under the Finance Documents shall be cancelled (being the “Discharged Rights and Obligations”);

  

	 	(ii)	each of the Obligors and the New Lender shall assume obligations towards one another and/or acquire rights against one another which differ from the Discharged Rights and Obligations only insofar as that Obligor and the
New Lender have assumed and/or acquired the same in place of that Obligor and the Existing Lender; 

  

	 	(iii)	the Facility Agent, the Arrangers, the New Lender and other Lenders shall acquire the same rights and assume the same obligations between themselves as they would have acquired and assumed had the New Lender been an
Original Lender with the rights and/or obligations acquired or assumed by it as a result of the transfer and to that extent the Facility Agent, the Arrangers and the Existing Lender shall each be released from further obligations to each other under
the Finance Documents; and 

  

	 	(iv)	the New Lender shall become a Party as a “Lender”. 

  

	 	(d)	On the Accession Date: 

  

	 	(i)	each of the New Lender and the other Parties shall assume the same obligations between themselves as they would have acquired and assumed had the New Lender been an Original Lender with the rights and obligations
acquired as a result of the Accession Letter; and 

  

	 	(ii)	the New Lender shall become a Party to this agreement as a “Lender”. 

  
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	27.6	Procedure for Assignment 

  

	 	(a)	Subject to the conditions set out in clause 27.2 (Conditions of Assignment, Transfer or Accession) an assignment may be effected in accordance with paragraph (c) below when the Facility Agent executes an otherwise
duly completed Assignment Agreement delivered to it by the Existing Lender and the New Lender. The Facility Agent shall, subject to paragraph (b) below, as soon as reasonably practicable after receipt by it of a duly completed Assignment
Agreement appearing on its face to comply with the terms of this agreement and delivered in accordance with the terms of this agreement, execute that Assignment Agreement. 

 

	 	(b)	The Facility Agent shall only be obliged to execute an Assignment Agreement delivered to it by the Existing Lender and the New Lender once it is satisfied it has complied with all necessary “know your
customer” or other similar checks under all applicable laws and regulations in relation to the assignment to such New Lender. 

  

	 	(c)	On the Transfer Date: 

  

	 	(i)	the Existing Lender will assign absolutely to the New Lender the rights under the Finance Documents expressed to be the subject of the assignment in the Assignment Agreement; 

 

	 	(ii)	the Existing Lender will be released by each Obligor and the other Finance Parties from the obligations owed by it (the “Relevant Obligations”) and expressed to be the subject of the release in the
Assignment Agreement; and 

  

	 	(iii)	the New Lender shall become a Party as a “Lender” and will be bound by obligations equivalent to the Relevant Obligations. 

 

	 	(d)	Lenders may utilise procedures other than those set out in this clause 27.6 to assign their rights under the Finance Documents (but not, without the consent of the relevant Obligor or unless in accordance with clause
27.5 (Procedure for Transfer), to obtain a release by that Obligor from the obligations owed to that Obligor by the Lenders nor the assumption of equivalent obligations by a New Lender) provided that they comply with the conditions set out in
clause 27.2 (Conditions of Assignment, Transfer or Accession). 

  

	27.7	Copy of Transfer Certificate or Assignment Agreement to Account Party 

 The Facility
Agent shall, as soon as reasonably practicable after it has executed a Transfer Certificate or an Assignment Agreement, send to the Account Party a copy of that Transfer Certificate or Assignment Agreement. 

 

	27.8	Security over Lenders’ rights 

 In addition to the other rights provided to Lenders
under this clause 27, each Lender may without consulting with or obtaining consent from any Obligor, at any time charge, assign or otherwise create Security in or over (whether by way of collateral or otherwise) all or any of its rights under any
Finance Document to secure obligations of that Lender including, without limitation: 
  

	 	(a)	any charge, assignment or other Security to secure obligations to a federal reserve or central bank or to a government authority, department or agency (including, without limitation, HM Treasury); and 

 

	 	(b)	in the case of any Lender which is a fund, any charge, assignment or other Security granted to any holders (or trustee or representatives of holders) of obligations owed, or securities issued, by that Lender as security
for those obligations or securities, 

  
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 except that no such charge, assignment or Security shall: 

 

	 	(i)	release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary of the relevant charge, assignment or Security for the Lender as a party to any of the Finance Documents; or

  

	 	(ii)	require any payments to be made by an Obligor other than or in excess of, or grant to any person any more extensive rights than, those required to be made or granted to the relevant Lender under the Finance Documents.

  

	28.	CHANGES TO THE OBLIGORS 

  

	28.1	Assignments and Transfer by Obligors 

 No Obligor may assign any of its rights or
transfer any of its rights or obligations under the Finance Documents. 
  

	28.2	Additional Guarantors 

  

	 	(a)	Subject to compliance with the provisions of clauses 23.16(c) and (d) (“Know Your Customer” Checks), the Account Party may request that any of its wholly-owned Subsidiaries become an Additional Guarantor.

  

	 	(b)	The Account Party shall procure that any other member of the Account Party Group which is a Material Company shall, as soon as possible after becoming a Material Company, become an Additional Guarantor.

  

	 	(c)	A Subsidiary of the Account Party shall become an Additional Guarantor if: 

  

	 	(i)	all the Lenders and the Overdraft Provider approve the addition of that Subsidiary (and each Lender hereby approves each Material Company); 

 

	 	(ii)	the Account Party delivers to the Security Agent a duly completed and executed Accession Letter; and 

  

	 	(iii)	the Security Agent has received all of the documents and other evidence listed in part 2 of schedule 2 (Conditions Precedent) in relation to that Additional Guarantor, each in form and substance satisfactory to the
Security Agent. 

  

	 	(d)	The Security Agent shall notify the Account Party and all the Guaranteed Finance Parties promptly upon being satisfied that it has received (in form and substance satisfactory to it) all the documents and other evidence
listed in part 2 of schedule 2 (Conditions Precedent). 

  

	28.3	Repetition of Representations 

 Delivery of an Accession Letter constitutes confirmation
by the relevant Subsidiary that the Repeating Representations are true and correct in relation to it as at the date of delivery as if made by reference to the facts and circumstances then existing. 

 

	28.4	Resignation of a Guarantor 

  

	 	(a)	The Account Party may request that a Guarantor (other than the Account Party) ceases to be a Guarantor by delivering to the Security Agent a Resignation Letter. 

  
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	 	(b)	The Security Agent shall accept a Resignation Letter and notify the Account Party and the Facility Agent, the Lenders and the Overdraft Provider of its acceptance if: 

 

	 	(i)	no Default is continuing or would result from the acceptance of the Resignation Letter (and the Account Party has confirmed this is the case); and 

 

	 	(ii)	all the Lenders and the Overdraft Provider have consented to the Account Party’s request. 

  

	29.	ROLE OF THE FACILITY AGENT AND THE ARRANGERS 

  

	29.1	Appointment of the Facility Agent 

  

	 	(a)	Each of the Finance Parties appoints the Facility Agent to act as its facility agent under and in connection with the Finance Documents. 

 

	 	(b)	Each of the Finance Parties authorises the Facility Agent to exercise the rights, powers, authorities and discretions specifically given to the Facility Agent under or in connection with the Finance Documents together
with any other incidental rights, powers, authorities and discretions. 

  

	29.2	Duties of the Facility Agent 

  

	 	(a)	Subject to paragraph (b) below, the Facility Agent shall promptly forward to a Party the original or a copy of any document which is delivered to the Facility Agent for that Party by any other Party.

  

	 	(b)	Without prejudice to clause 27.7 (Copy of Transfer Certificate or Assignment Agreement to Account Party), paragraph (a) above shall not apply to any Transfer Certificate or to any Assignment Agreement.

  

	 	(c)	Except where a Finance Document specifically provides otherwise, the Facility Agent is not obliged to review or check the adequacy, accuracy or completeness of any document it forwards to another Party.

  

	 	(d)	If the Facility Agent receives notice from a Party referring to this agreement, describing a Default and stating that the circumstance described is a Default, it shall promptly notify the Finance Parties.

  

	 	(e)	If the Facility Agent is aware of the non-payment of any principal, interest, commitment fee or other fee payable to a Finance Party (other than the Facility Agent or the Arrangers or the Security Agent) under this
agreement it shall promptly notify the other Finance Parties. 

  

	 	(f)	The Facility Agent’s duties under the Finance Documents are solely mechanical and administrative in nature. 

  

	29.3	Role of the Arrangers 

 Except as specifically provided in the Finance Documents, the
Arrangers has no obligations of any kind to any other Party under or in connection with any Finance Document. 
  

	29.4	No Fiduciary Duties 

  

	 	(a)	Nothing in this agreement constitutes the Facility Agent or the Arrangers as a trustee or fiduciary of any other person. 

  

	 	(b)	None of the Facility Agent nor the Arrangers or the Security Agent shall be bound to account to any Lender for any sum or the profit element of any sum received by it for its own account. 

  
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	29.5	Business with the Group 

 The Facility Agent and the Arrangers may accept deposits from,
lend money to and generally engage in any kind of banking or other business with any member of the Group. 
  

	29.6	Rights and Discretions of the Facility Agent 

  

	 	(a)	The Facility Agent may rely on: 

  

	 	(i)	any representation, notice or document believed by it to be genuine, correct and appropriately authorised; and 

  

	 	(ii)	any statement made by a director, Authorised Signatory or employee of any person regarding any matters which may reasonably be assumed to be within his knowledge or within his power to verify. 

 

	 	(b)	The Facility Agent may assume (unless it has received notice to the contrary in its capacity as agent for the Lenders) that: 

  

	 	(i)	no Default has occurred (unless it has actual knowledge of a Default arising under clause 26.1 (Non-Payment)); 

  

	 	(ii)	any right, power, authority or discretion vested in any Party or the Majority Lenders has not been exercised; and 

  

	 	(iii)	any notice or request made by the Account Party (other than a Utilisation Request) is made on behalf of and with the consent and knowledge of all the Obligors. 

 

	 	(c)	The Facility Agent may engage, pay for and rely on the advice or services of any lawyers, accountants, surveyors or other experts. 

  

	 	(d)	The Facility Agent may act in relation to the Finance Documents through its personnel and agents. 

  

	 	(e)	The Facility Agent may disclose to any other Party any information it reasonably believes it has received as agent under this agreement. 

 

	 	(f)	Notwithstanding any other provision of any Finance Document to the contrary, neither the Facility Agent nor the Arrangers is obliged to do or omit to do anything if it would or might in its reasonable opinion constitute
a breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality. 

  

	29.7	Majority Lenders’ Instructions 

  

	 	(a)	Unless a contrary indication appears in a Finance Document, the Facility Agent shall: 

  

	 	(i)	exercise any right, power, authority or discretion vested in it as Facility Agent in accordance with any instructions given to it by the Majority Lenders (or, if so instructed by the Majority Lenders, refrain from
exercising any right, power, authority or discretion vested in it as Facility Agent); and 

  

	 	(ii)	not be liable for any act (or omission) if it acts (or refrains from taking any action) in accordance with an instruction of the Majority Lenders. 

  
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	 	(b)	Unless a contrary indication appears in a Finance Document, any instructions given by the Majority Lenders will be binding on all the Finance Parties other than the Security Agent. 

 

	 	(c)	The Facility Agent may refrain from acting in accordance with the instructions of the Majority Lenders (or, if appropriate, the Lenders) until it has received such security as it may require for any cost, loss or
liability (together with any associated VAT) which it may incur in complying with the instructions. 

  

	 	(d)	In the absence of instructions from the Majority Lenders, (or, if appropriate, the Lenders) the Facility Agent may act (or refrain from taking action) as it considers to be in the best interest of the Lenders.

  

	 	(e)	The Facility Agent is not authorised to act on behalf of a Lender (without first obtaining that Lender’s consent) in any legal or arbitration proceedings relating to any Finance Document. 

 

	29.8	Responsibility for Documentation 

 Neither the Facility Agent nor the Arrangers: 

 

	 	(a)	is responsible for the adequacy, accuracy and/or completeness of any information (whether oral or written) supplied by the Facility Agent, the Arrangers, any Group Obligor or any other person given in or in connection
with any Finance Document or the transactions contemplated by the Finance Documents; or 

  

	 	(b)	is responsible for the legality, validity, effectiveness, adequacy or enforceability of any Finance Document or Security or any other agreement, arrangement or document entered into, made or executed in anticipation of
or in connection with any Finance Document or the Security; or 

  

	 	(c)	is responsible for any determination as to whether any information provided or to be provided to any Finance Party is non-public information the use of which may be regulated or prohibited by applicable law or
regulation relating to insider dealing or otherwise. 

  

	29.9	Exclusion of Liability 

  

	 	(a)	Without limiting paragraph (b) below, and without prejudice to the provisions of clause 33.10(e) (Disruption to Payment Systems etc.) the Facility Agent will not be liable (including, without limitation, for
negligence or any other category of liability whatsoever) for any action taken by it under or in connection with any Finance Document or the Security, unless directly caused by its gross negligence or wilful misconduct. 

 

	 	(b)	No Party (other than the Facility Agent) may take any proceedings against any officer, employee or agent of the Facility Agent in respect of any claim it might have against the Facility Agent or in respect of any act or
omission of any kind by that officer, employee or agent in relation to any Finance Document and any officer, employee or agent of the Facility Agent may rely on this clause subject to clause 1.3 (Third Party Rights) and the provisions of the Third
Parties Act. 

  

	 	(c)	The Facility Agent will not be liable for any delay (or any related consequences) in crediting an account with an amount required under the Finance Documents to be paid by the Facility Agent if the Facility Agent has
taken all necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system used by the Facility Agent for that purpose. 

 

	 	(d)	Nothing in this agreement shall oblige the Facility Agent or the Arrangers to carry out any “know your customer” or other checks in relation to any person on behalf of any Lender and each Lender confirms to
the Facility Agent and the Arrangers that it is solely responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the Facility Agent or the Arrangers. 

  
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	29.10	Lenders’ Indemnity to the Facility Agent 

 Each Lender shall (in proportion to its
share of the Total Commitments or, if the Total Commitments are then zero, to its share of the Total Commitments immediately prior to their reduction to zero) indemnify the Facility Agent, within three Business Days of demand, against any cost, loss
or liability (including, without limitation, for negligence or any other category of liability whatsoever) incurred by the Facility Agent (otherwise than by reason of the Facility Agent’s gross negligence or wilful misconduct) (or, in the case
of any cost, loss or liability pursuant to clause 33.10 (Disruption to Payment Systems etc.) notwithstanding the Facility Agent’s negligence, gross negligence or any other category of liability whatsoever but not including any claim based on
the fraud of the Facility Agent) in acting as Facility Agent under the Finance Documents. 
  

	29.11	Resignation of the Facility Agent 

  

	 	(a)	The Facility Agent may resign and appoint one of its Affiliates acting through an office in the United Kingdom as successor by giving notice to the other Finance Parties and the Account Party. 

 

	 	(b)	Alternatively the Facility Agent may resign by giving 30 days’ notice to the other Finance Parties and the Account Party, in which case the Majority Lenders (after consultation with the Account Party) may appoint a
successor Facility Agent. In addition, the Majority Lenders (after consultation with the Account Party) may require an Impaired Agent to resign after any notice period and (after consultation with the Account Party) may appoint a successor Facility
Agent. 

  

	 	(c)	If the Majority Lenders have not appointed a successor Facility Agent in accordance with paragraph (b) above within 30 days after notice of resignation was given, the retiring Facility Agent (after consultation
with the Account Party) may appoint a successor Facility Agent (acting through an office in the United Kingdom). 

  

	 	(d)	The retiring Facility Agent shall, at its own cost, make available to the successor Facility Agent such documents and records and provide such assistance as the successor Facility Agent may reasonably request for the
purposes of performing its functions as Facility Agent under the Finance Documents. 

  

	 	(e)	The Facility Agent’s resignation notice shall only take effect upon the appointment of a successor. 

  

	 	(f)	Upon the appointment of a successor, the retiring Facility Agent shall be discharged from any further obligation in respect of the Finance Documents but shall remain entitled to the benefit of this clause 29. Any
successor and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had been an original Party. 

 

	 	(g)	After consultation with the Account Party, the Majority Lenders may, by notice to the Facility Agent, require it to resign in accordance with paragraph (b) above. In this event, the Facility Agent shall resign in
accordance with paragraph (b) above. 

  
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	29.12	Confidentiality 

  

	 	(a)	In acting as agent for the Finance Parties, the Facility Agent shall be regarded as acting through its agency division which shall be treated as a separate entity from any other of its divisions or departments.

  

	 	(b)	If information is received by another division or department of the Facility Agent, it may be treated as confidential to that division or department and the Facility Agent shall not be deemed to have notice of it.

  

	 	(c)	Notwithstanding any other provision of any Finance Document to the contrary, neither the Facility Agent nor the Arrangers are obliged to disclose to any other person: 

 

	 	(i)	any confidential information; or 

  

	 	(ii)	any other information 

 if the disclosure would or might in its reasonable opinion constitute a
breach of any law or a breach of a fiduciary duty. 
  

	29.13	Relationship with the Lenders 

  

	 	(a)	The Facility Agent may treat the person shown in its records as Lender at the opening of business (in the place of the Facility Agent’s principal office as notified to the Finance Parties from time to time) as the
Lender acting through its Facility Office: 

  

	 	(i)	entitled to or liable for any payment due under any Finance Document on that day; and 

  

	 	(ii)	entitled to receive and act upon any notice, request, document or communication or make any decision or determination under any Finance Document made or delivered on that day, 

unless it has received not less than five Business Days’ prior notice from that Lender to the contrary in accordance with the terms of
this agreement. 
  

	 	(b)	Each Lender shall supply the Facility Agent with any information that the Security Agent may reasonably specify (through the Facility Agent) as being necessary or desirable to enable the Security Agent to perform its
functions as Security Agent. Each Lender shall deal with the Security Agent exclusively through the Facility Agent and shall not deal directly with the Security Agent. 

 

	 	(c)	Any Lender may by notice to the Facility Agent appoint a person to receive on its behalf all notices, communications, information and documents to be made or despatched to that Lender under the Finance Documents. Such
notice shall contain the address, fax number and (where communication by electronic mail or other electronic means is permitted under clause 36.6 (Electronic communication)) electronic mail address and/or any other information required to enable the
sending and receipt of information by that means (and, in each case, the department or officer, if any, for whose attention communication is to be made) and be treated as a notification of a substitute address, fax number, electronic mail address,
department and officer by that Lender for the purposes of clause 36.2 (Addresses) and clause 36.6(a)(iii) (Electronic communication) and the Facility Agent shall be entitled to treat such person as the person entitled to receive all such notices,
communications, information and documents as though that person were that Lender. 

  
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	29.14	Credit Appraisal by the Lenders 

 Without affecting the responsibility of any Group
Obligor for information supplied by it or on its behalf in connection with any Finance Document, each Lender confirms to the Facility Agent and the Arrangers that it has been, and will continue to be, solely responsible for making its own
independent appraisal and investigation of all risks arising under or in connection with any Finance Document including but not limited to: 
  

	 	(a)	the financial condition, status and nature of each member of the Group; 

  

	 	(b)	the legality, validity, effectiveness, adequacy or enforceability of any Finance Document and the Security and any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in
connection with any Finance Document or the Security; 

  

	 	(c)	whether that Lender has recourse, and the nature and extent of that recourse, against any Party or any of its respective assets under or in connection with any Finance Document, the Security, the transactions
contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; 

 

	 	(d)	the adequacy, accuracy and/or completeness of any other information provided by the Facility Agent, any Party or by any other person under or in connection with any Finance Document, the transactions contemplated by the
Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; and 

 

	 	(e)	the right or title of any person in or to, or the value or sufficiency of any part of the Charged Property, the priority of any of the Security or the existence of any Encumbrance affecting the Charged Property.

  

	29.15	Facility Agent’s Management Time 

 Any amount payable to the Agent under clause 15.3
(Indemnity to the Facility Agent), clause 18 (Costs and Expenses) and clause 29.10 (Lenders’ indemnity to the Facility Agent) shall include the cost of utilising the Facility Agent’s management time or other resources, up to a maximum of
£10,000 in any 12 month period, and will be calculated on the basis of such reasonable daily or hourly rates as the Agent may notify to the Account Party and the Lenders. 

 

	29.16	Deduction from Amounts Payable by the Facility Agent 

 If any Party owes an amount to the
Facility Agent under the Finance Documents the Facility Agent may, after giving notice to that Party, deduct an amount not exceeding that amount from any payment to that Party which the Facility Agent would otherwise be obliged to make under the
Finance Documents and apply the amount deducted in or towards satisfaction of the amount owed. For the purposes of the Finance Documents that Party shall be regarded as having received any amount so deducted. 

 

	30.	ROLE OF THE SECURITY AGENT 

  

	30.1	Appointment of the Security Agent 

  

	 	(a)	Each of the Guaranteed Finance Parties appoints the Security Agent to act as its security agent under and in connection with the Guaranteed Documents. 

 

	 	(b)	Each of the Guaranteed Finance Parties authorises the Security Agent to exercise the rights, powers, authorities and discretions specifically given to the Security Agent under or in connection with the Guaranteed
Documents together with any other incidental rights, powers, authorities and discretions. 

  
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	30.2	Trust 

  

	 	(a)	The Security Agent declares that it shall hold the Security on trust for the Secured Parties on the terms contained in this agreement. 

 

	 	(b)	Each of the Parties agrees that the Security Agent shall have only those duties, obligations and responsibilities expressly specified in this agreement or in the Security Documents to which the Security Agent is
expressed to be a party (and no others shall be implied). 

  

	30.3	No Independent Power 

 The Secured Parties shall not have any independent power to
enforce, or have recourse to, any of the Security or to exercise any rights or powers arising under the Security Documents except through the Security Agent. 
  

	30.4	Instructions to Security Agent and Exercise of Discretion 

  

	 	(a)	Subject to paragraphs (d) and (e) below, the Security Agent shall act in accordance with any instructions given to it by the Majority Lenders or, if so instructed by the Majority Lenders, refrain from
exercising any right, power, authority or discretion vested in it as Security Agent and shall be entitled to assume that (i) any instructions received by it from the Facility Agent, the Lenders or a group of Lenders are duly given in accordance
with the terms of the relevant Finance Documents and (ii) unless it has received actual notice of revocation, that those instructions or directions have not been revoked. 

 

	 	(b)	The Security Agent shall be entitled to request instructions, or clarification of any direction, from the Majority Lenders as to whether, and in what manner, it should exercise or refrain from exercising any rights,
powers, authorities and discretions and the Security Agent may refrain from acting unless and until those instructions or clarification are received by it. 

  

	 	(c)	Any instructions given to the Security Agent by the Majority Lenders shall override any conflicting instructions given by any other Parties. 

 

	 	(d)	Paragraph (a) above shall not apply: 

  

	 	(i)	where a contrary indication appears in this agreement; 

  

	 	(ii)	where this agreement requires the Security Agent to act in a specified manner or to take a specified action; 

  

	 	(iii)	in respect of any provision which protects the Security Agent’s own position in its personal capacity as opposed to its role of Security Agent for the Secured Parties including, without limitation, the provisions
set out in clauses 30.6 (Security Agent’s Discretions) to clause 30.21 (Disapplication) (inclusive). 

  

	 	(e)	In exercising any discretion to exercise a right, power or authority under this agreement where it has not received any instructions from the Majority Lenders as to the exercise of that discretion, the Security Agent
shall do so having regard to the interests of all the Secured Parties. 

  
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	30.5	Security Agent’s Actions 

 The Security Agent may (but shall not be obliged to), in
the absence of any instructions to the contrary, take such action in the exercise of any of its powers and duties under the Finance Documents as it considers in its discretion to be appropriate. 

 

	30.6	Security Agent’s Discretions 

 The Security Agent may: 

 

	 	(a)	assume (unless it has received actual notice to the contrary from the Facility Agent) that (i) no Default has occurred and no Group Obligor is in breach of or default under its obligations under any of the
Guaranteed Documents and (ii) any right, power, authority or discretion vested by any Guaranteed Document in any person has not been exercised; 

  

	 	(b)	if it receives any instructions or directions from the Agent to take any action in relation to the Security, assume that all applicable conditions under the Guaranteed Documents for taking that action have been
satisfied 

  

	 	(c)	engage, pay for and rely on the advice or services of any legal advisers, accountants, tax advisers, surveyors or other experts (whether obtained by the Security Agent or by any other Secured Party) whose advice or
services may at any time seem necessary, expedient or desirable; 

  

	 	(d)	rely upon any communication or document believed by it to be genuine and, as to any matters of fact which might reasonably be expected to be within the knowledge of a Secured Party or any Group Obligor, upon a
certificate signed by or on behalf of that person; and 

  

	 	(e)	refrain from acting in accordance with the instructions of any Party (including bringing any legal action or proceeding arising out of or in connection with the Guaranteed Documents) until it has received any
indemnification and/or security that it may in its discretion require (whether by way of payment in advance or otherwise) for all costs, losses and liabilities which it may incur in so acting. 

 

	30.7	Security Agent’s Obligations 

 The Security Agent shall promptly: 

 

	 	(a)	copy to the Facility Agent the contents of any notice or document received by it from any Group Obligor under any Finance Document; 

  

	 	(b)	forward to a Party the original or a copy of any document which is delivered to the Security Agent for that Party by any other Party provided that, except where a Finance Document expressly provides otherwise, the
Security Agent is not obliged to review or check the adequacy, accuracy or completeness of any document it forwards to another Party; and 

  

	 	(c)	inform the Facility Agent of the occurrence of any Default or any default by any Group Obligor in the due performance of or compliance with its obligations under any Guaranteed Document of which the Security Agent has
received notice from any other party to this agreement. 

  
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	30.8	Excluded Obligations 

 Notwithstanding anything to the contrary expressed or implied in
the Guaranteed Documents, the Security Agent shall not: 
  

	 	(a)	be bound to enquire as to (i) whether or not any Default has occurred or (ii) the performance, default or any breach by any Group Obligor of its obligations under any of the Guaranteed Documents;

  

	 	(b)	be bound to account to any other Party for any sum or the profit element of any sum received by it for its own account; 

  

	 	(c)	be bound to disclose to any other person (including but not limited to any Secured Party) (i) any confidential information or (ii) any other information if disclosure would, or might in its reasonable opinion,
constitute a breach of any law or be a breach of fiduciary duty; or 

  

	 	(d)	have or be deemed to have any relationship of trust or agency with any Group Obligor. 

  

	30.9	Exclusion of Liability 

 None of the Security Agent, any Receiver nor any Delegate shall
accept responsibility or be liable for: 
  

	 	(a)	the adequacy, accuracy or completeness of any information (whether oral or written) supplied by the Security Agent or any other person in or in connection with any Guaranteed Document or the transactions contemplated in
the Guaranteed Documents, or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Guaranteed Document; 

 

	 	(b)	the legality, validity, effectiveness, adequacy or enforceability of any Guaranteed Document, the Charged Property or any other agreement, arrangement or document entered into, made or executed in anticipation of, under
or in connection with any Guaranteed Document or the Charged Property; 

  

	 	(c)	any losses to any person or any liability arising as a result of taking or refraining from taking any action in relation to any of the Guaranteed Documents, the Charged Property or otherwise, whether in accordance with
an instruction from the Facility Agent or otherwise unless directly caused by its gross negligence or wilful misconduct; 

  

	 	(d)	the exercise of, or the failure to exercise, any judgment, discretion or power given to it by or in connection with any of the Guaranteed Documents, the Charged Property or any other agreement, arrangement or document
entered into, made or executed in anticipation of, under or in connection with, the Guaranteed Documents or the Charged Property; or 

  

	 	(e)	any shortfall which arises on the enforcement or realisation of the Charged Property. 

  

	30.10	No Proceedings 

 No Party (other than the Security Agent, that Receiver or that Delegate)
may take any proceedings against any officer, employee or agent of the Security Agent, a Receiver or a Delegate in respect of any claim it might have against the Security Agent, a Receiver or a Delegate or in respect of any act or omission of any
kind by that officer, employee or agent in relation to any Guaranteed Document or any Charged Property and any officer, employee or agent of the Security Agent, a Receiver or a Delegate may rely on this clause subject to clause 1.3 (Third Party
Rights) and the provisions of the Third Parties Rights Act. 

  
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	30.11	Own Responsibility 

 Without affecting the responsibility of any Group Obligor for
information supplied by it or on its behalf in connection with any Guaranteed Document, each Secured Party confirms to the Security Agent that it has been, and will continue to be, solely responsible for making its own independent appraisal and
investigation of all risks arising under or in connection with any Guaranteed Document including but not limited to: 
  

	 	(a)	the financial condition, status and nature of each member of the Group; 

  

	 	(b)	the legality, validity, effectiveness, adequacy and enforceability of any Guaranteed Document, the Charged Property and any other agreement, arrangement or document entered into, made or executed in anticipation of,
under or in connection with any Guaranteed Document or the Charged Property; 

  

	 	(c)	whether that Secured Party has recourse, and the nature and extent of that recourse, against any Party or any of its respective assets under or in connection with any Guaranteed Document, the Charged Property, the
transactions contemplated by the Guaranteed Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Guaranteed Document or the Charged Property; 

 

	 	(d)	the adequacy, accuracy and/or completeness of any information provided by the Security Agent or by any other person under or in connection with any Guaranteed Document, the transactions contemplated by any Guaranteed
Document or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Guaranteed Document; and 

 

	 	(e)	the right or title of any person in or to, or the value or sufficiency of any part of the Charged Property, the priority of any of the Security or the existence of any Security affecting the Charged Property,

 and each Secured Party warrants to the Security Agent that it has not relied on and will not at any time rely on the
Security Agent in respect of any of these matters. 
  

	30.12	No Responsibility to Perfect Security 

 The Security Agent shall not be liable for any
failure to: 
  

	 	(a)	require the deposit with it of any deed or document certifying, representing or constituting the title of any Group Obligor to any of the Charged Property; 

 

	 	(b)	obtain any licence, consent or other authority for the execution, delivery, legality, validity, enforceability or admissibility in evidence of any of the Guaranteed Documents or the Security; 

 

	 	(c)	register, file or record or otherwise protect any of the Security (or the priority of any of the Security) under any applicable laws in any jurisdiction or to give notice to any person of the execution of any of the
Guaranteed Documents or of the Security; 

  

	 	(d)	take, or to require any of the Group Obligors to take, any steps to perfect its title to any of the Charged Property or to render the Security effective or to secure the creation of any ancillary Encumbrance under the
laws of any jurisdiction; or 

  

	 	(e)	require any further assurances in relation to any of the Security Documents. 

  
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	30.13	Insurance by Security Agent 

  

	 	(a)	The Security Agent shall not be under any obligation to insure any of the Charged Property, to require any other person to maintain any insurance or to verify any obligation to arrange or maintain insurance contained in
the Guaranteed Documents. The Security Agent shall not be responsible for any loss which may be suffered by any person as a result of the lack of or inadequacy of any such insurance. 

 

	 	(b)	Where the Security Agent is named on any insurance policy as an insured party, it shall not be responsible for any loss which may be suffered by reason of, directly or indirectly, its failure to notify the insurers of
any material fact relating to the risk assumed by such insurers or any other information of any kind, unless the Facility Agent shall have requested it to do so in writing and the Security Agent shall have failed to do so within fourteen days after
receipt of that request. 

  

	30.14	Custodians and Nominees 

 The Security Agent may appoint and pay any person to act as a
custodian or nominee on any terms in relation to any assets of the trust as the Security Agent may determine, including for the purpose of depositing with a custodian this agreement or any document relating to the trust created under this agreement
and the Security Agent shall not be responsible for any loss, liability, expense, demand, cost, claim or proceedings incurred by reason of the misconduct, omission or default on the part of any person appointed by it under this agreement or be bound
to supervise the proceedings or acts of any person. 
  

	30.15	Acceptance of Title 

 The Security Agent shall be entitled to accept without enquiry, and
shall not be obliged to investigate, any right and title that any of the Group Obligors may have to any of the Charged Property and shall not be liable for or bound to require any Obligor to remedy any defect in its right or title. 

 

	30.16	Refrain from Illegality 

 Notwithstanding anything to the contrary expressed or implied
in the Guaranteed Documents, the Security Agent may refrain from doing anything which in its opinion will or may be contrary to any relevant law, directive or regulation of any jurisdiction and the Security Agent may do anything which is, in its
opinion, necessary to comply with any such law, directive or regulation. 
  

	30.17	Business with the Obligors 

 The Security Agent may accept deposits from, lend money to,
and generally engage in any kind of banking or other business with any of the Group Obligors. 
  

	30.18	Winding up of Trust 

 If the Security Agent, with the approval of the Majority Lenders,
determines that (a) all of the Secured Obligations and all other obligations secured by the Security Documents have been fully and finally discharged and (b) none of the Secured Parties is under any commitment, obligation or liability
(actual or contingent) to make advances or provide other financial accommodation to any Obligor pursuant to the Guaranteed Documents: 
  

	 	(a)	the trusts set out in this agreement shall be wound up and the Security Agent shall release, without recourse or warranty, all of the Security and the rights of the Security Agent under each of the Security Documents;
and 

  

	 	(b)	any Retiring Security Agent shall release, without recourse or warranty, all of its rights under each of the Security Documents. 

  
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	30.19	Powers Supplemental 

 The rights, powers and discretions conferred upon the Security
Agent by this agreement shall be supplemental to the Trustee Act 1925 and the Trustee Act 2000 and in addition to any which may be vested in the Security Agent by general law or otherwise. 

 

	30.20	Trustee Division Separate 

  

	 	(a)	In acting as trustee for the Secured Parties, the Security Agent shall be regarded as acting through its trustee division which shall be treated as a separate entity from any of its other divisions or departments.

  

	 	(b)	If information is received by another division or department of the Security Agent, it may be treated as confidential to that division or department and the Security Agent shall not be deemed to have notice of it.

  

	30.21	Disapplication 

 Section 1 of the Trustee Act 2000 shall not apply to the duties of
the Security Agent in relation to the trusts constituted by this agreement. Where there are any inconsistencies between the Trustee Act 1925 or the Trustee Act 2000 and the provisions of this agreement, the provisions of this agreement shall, to the
extent allowed by law, prevail and, in the case of any inconsistency with the Trustee Act 2000, the provisions of this agreement shall constitute a restriction or exclusion for the purposes of that Act. 

 

	30.22	Resignation of the Security Agent 

  

	 	(a)	The Security Agent may resign and appoint one of its affiliates as successor by giving notice to the Account Party and the Secured Parties. 

 

	 	(b)	Alternatively the Security Agent may resign by giving notice to the other Parties in which case the Majority Lenders may appoint a successor Security Agent. 

 

	 	(c)	After consultation with the Account Party, the Majority Lenders may, by notice to the Security Agent, terminate the appointment of the Security Agent and appoint a successor Security Agent. That termination and new
appointment may be made in respect of all or any part of the Security Agent’s duties, obligations and responsibilities. 

  

	 	(d)	If the Majority Lenders have not appointed a successor Security Agent in accordance with paragraph (b) or (c) above within 30 days after the notice of resignation or termination was given, the Security Agent
(after consultation with the Facility Agent) may appoint a successor Security Agent. 

  

	 	(e)	The resigning or terminated Security Agent (the “Retiring Security Agent”) shall, at its own cost (in the case of resignation) and at the Account Party’s cost (in the case of termination), make
available to the successor Security Agent such documents and records and provide such assistance as the successor Security Agent may reasonably request for the purposes of performing its functions as Security Agent under the Guaranteed Documents.

  

	 	(f)	The Security Agent’s resignation or termination shall only take effect upon the transfer of all of the Charged Property to a duly appointed successor (unless the Security Agent, the intended successor and the
Majority Lenders agree otherwise). 

  
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	 	(g)	Upon the appointment of a successor, the Retiring Security Agent shall be discharged from any further obligation in respect of the Guaranteed Documents (other than its obligations under clause 30.18 (Winding up of
Trust) and under paragraph (d) above) but shall, in respect of any act or omission by it whilst it was the Security Agent, remain entitled to the benefit of clauses 30 (Role of the Security Agent) and clause 10.1 (Account Party’s Indemnity
to the Secured Parties). Its successor and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if that successor had been an original Party. 

 

	 	(h)	The Facility Agent shall resign in accordance with paragraph (b) above (and, to the extent applicable, shall use reasonable endeavours to appoint a successor Facility Agent pursuant to paragraph (c) above) if
on or after the date which is three Months before the earliest FATCA Application Date relating to any payment to the Facility Agent under the Finance Documents, either: 

 

	 	(i)	the Facility Agent fails to respond to a request under clause 13.8 (FATCA Information) and a Lender reasonably believes that the Facility Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after
that FATCA Application Date; 

  

	 	(ii)	the information supplied by the Facility Agent pursuant to clause 13.8 (FATCA Information) indicates that the Facility Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA
Application Date; or 

  

	 	(iii)	the Facility Agent notifies the Account Party and the Lenders that the Facility Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date, 

and (in each case) a Lender reasonably believes that a Party will be required to make a FATCA Deduction that would not be required if the
Facility Agent were a FATCA Exempt Party, and that Lender, by notice to the Agent, requires it to resign. 
  

	30.23	Delegation 

  

	 	(a)	Each of the Security Agent, any Receiver and any Delegate may, at any time, delegate by power of attorney or otherwise to any person for any period, all or any of the rights, powers and discretions vested in it by any
of the Guaranteed Documents. 

  

	 	(b)	That delegation may be made upon any terms and conditions (including the power to sub-delegate) and subject to any restrictions that the Security Agent, that Receiver or that Delegate (as the case may be) may, in its
discretion, think fit in the interests of the Secured Parties and it shall not be bound to supervise, or be in any way responsible for any loss incurred by reason of any misconduct or default on the part of any such delegate or sub-delegate.

  

	30.24	Additional Security Agents 

  

	 	(a)	The Security Agent may at any time appoint (and subsequently remove) any person to act as a separate trustee or as a co-trustee jointly with it (i) if it considers that appointment to be in the interests of the
Secured Parties or (ii) for the purposes of conforming to any legal requirements, restrictions or conditions which the Security Agent deems to be relevant or (iii) for obtaining or enforcing any judgment in any jurisdiction, and the
Security Agent shall give prior notice to the Account Party and to the Facility Agent of that appointment. 

  
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	 	(b)	Any person so appointed shall have the rights, powers and discretions (not exceeding those conferred on the Security Agent by this agreement) and the duties and obligations that are conferred or imposed by the
instrument of appointment. 

  

	 	(c)	The remuneration that the Security Agent may pay to that person, and any costs and expenses (together with any applicable VAT) incurred by that person in performing its functions pursuant to that appointment shall, for
the purposes of this agreement, be treated as costs and expenses incurred by the Security Agent. 

  

	31.	CONDUCT OF BUSINESS BY THE FINANCE PARTIES 

 No provision of this agreement will: 

 

	 	(a)	interfere with the right of any Finance Party to arrange its affairs (tax or otherwise) in whatever manner it thinks fit; 

  

	 	(b)	oblige any Finance Party to investigate or claim any credit, relief, remission or repayment available to it or the extent, order and manner of any claim; or 

 

	 	(c)	oblige any Finance Party to disclose any information relating to its affairs (tax or otherwise) or any computations in respect of Tax. 

 

	32.	SHARING AMONG THE FINANCE PARTIES 

  

	32.1	Payments to Finance Parties 

 If a Finance Party (a “Recovering Finance
Party”) receives or recovers any amount from any Obligor other than in accordance with clause 33 (Payment Mechanics) (a “Recovered Amount”) and applies that amount to a payment due under the Finance
Documents then: 
  

	 	(a)	the Recovering Finance Party shall, within three Business Days, notify details of the receipt or recovery to the Facility Agent; 

  

	 	(b)	the Facility Agent shall determine whether the receipt or recovery is in excess of the amount the Recovering Finance Party would have been paid had the receipt or recovery been received or made by the Facility Agent and
distributed in accordance with clause 33 (Payment Mechanics), without taking account of any Tax which would be imposed on the Facility Agent in relation to the receipt, recovery or distribution; and 

 

	 	(c)	the Recovering Finance Party shall, within three Business Days of demand by the Facility Agent, pay to the Facility Agent an amount (the “Sharing Payment”) equal to such receipt or
recovery less any amount which the Facility Agent determines may be retained by the Recovering Finance Party as its share of any payment to be made, in accordance with clause 33.5 (Partial Payments). 

 

	32.2	Redistribution of Payments 

 The Facility Agent shall treat the Sharing Payment as if it
had been paid by the relevant Obligor and distribute it between the Finance Parties (other than the Recovering Finance Party) (the “Sharing Finance Parties”) in accordance with clause 33.5 (Partial Payments) towards
the obligations of that Obligor to the Sharing Finance Parties. 
  

	32.3	Recovering Finance Party’s Rights 

 On a distribution by the Facility Agent under
clause 32.2 (Redistribution of payments) of a payment received by a Recovering Finance Party from an Obligor, as between the relevant Obligor and the Recovering Finance Party, an amount of the Recovered Amount equal to the Sharing Payment will be
treated as not having been paid by that Obligor. 

  
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	32.4	Reversal of Redistribution 

 If any part of the Sharing Payment received or recovered by
a Recovering Finance Party becomes repayable and is repaid by that Recovering Finance Party, then: 
  

	 	(a)	each Sharing Finance Party shall, upon request of the Facility Agent, pay to the Facility Agent for the account of that Recovering Finance Party an amount equal to the appropriate part of its share of the Sharing
Payment (together with an amount as is necessary to reimburse that Recovering Finance Party for its proportion of any interest on the Sharing Payment which that Recovering Finance Party is required to pay) (the “Redistributed
Amount”); and 

  

	 	(b)	as between the relevant Obligor and each relevant Sharing Finance Party, an amount equal to the relevant Redistributed Amount will be treated as not having been paid by that Obligor. 

 

	32.5	Exceptions 

  

	 	(a)	This clause 32 shall not apply to the extent that the Recovering Finance Party would not, after making any payment pursuant to this clause, have a valid and enforceable claim against the relevant Obligor.

  

	 	(b)	A Recovering Finance Party is not obliged to share with any other Finance Party any amount which the Recovering Finance Party has received or recovered as a result of taking legal or arbitration proceedings, if:

  

	 	(i)	it notified that other Finance Party of the legal or arbitration proceedings; and 

  

	 	(ii)	that other Finance Party had an opportunity to participate in those legal or arbitration proceedings but did not do so as soon as reasonably practicable having received notice and did not take separate legal or
arbitration proceedings. 

  

	33.	PAYMENT MECHANICS 

  

	33.1	Payments to the Facility Agent 

  

	 	(a)	On each date on which an Obligor or a Lender is required to make a payment under a Finance Document, that Obligor or Lender shall make the same available to the Facility Agent (unless a contrary indication appears in a
Finance Document) for value on the due date at the time and in such funds specified by the Facility Agent as being customary at the time for settlement of transactions in the relevant currency in the place of payment. 

 

	 	(b)	Payment shall be made to such account in the principal financial centre of the country of that currency with such bank as the Facility Agent specifies. 

 

	33.2	Distributions by the Facility Agent 

 Each payment received by the Facility Agent under
the Finance Documents for another Party shall, subject to clause 33.3 (Distributions to an Obligor) and clause 33.4 (Clawback), be made available by the Facility Agent as soon as practicable after receipt to the Party entitled to receive
payment in accordance with this agreement (in the case of a Lender, for the account of its Facility Office), to such account as that Party may notify to the Facility Agent by not less than five Business Days’ notice with a bank in the principal
financial centre of the country of that currency (or, in relation to euro, in the principal financial centre of a Participating Member State or London). 

  
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	33.3	Distributions to an Obligor 

 The Facility Agent may (with the consent of the Obligor or
in accordance with clause 34 (Set-Off)) apply any amount received by it for that Obligor in or towards payment (on the date and in the currency and funds of receipt) of any amount due from that Obligor under the Finance Documents or in or towards
purchase of any amount of any currency to be so applied. 
  

	33.4	Clawback 

  

	 	(a)	Where a sum is to be paid to the Facility Agent under the Finance Documents for another Party, the Facility Agent is not obliged to pay that sum to that other Party (or to enter into or perform any related exchange
contract) until it has been able to establish to its satisfaction that it has actually received that sum. 

  

	 	(b)	If the Facility Agent pays an amount to another Party and it proves to be the case that the Facility Agent had not actually received that amount, then the Party to whom that amount (or the proceeds of any related
exchange contract) was paid by the Facility Agent shall on demand refund the same to the Facility Agent together with interest on that amount from the date of payment to the date of receipt by the Facility Agent, calculated by the Facility Agent to
reflect its cost of funds. 

  

	33.5	Partial Payments 

  

	 	(a)	If the Facility Agent receives a payment that is insufficient to discharge all the amounts then due and payable by any Obligor under the Finance Documents, the Facility Agent shall (to the extent permitted by applicable
law) apply that payment towards the obligations of that Obligor under the Finance Documents in the following order: 

  

	 	(i)	first, in or towards payment pro rata of any unpaid fees, costs and expenses of the Facility Agent and the Security Agent under the Finance Documents; 

 

	 	(ii)	secondly, in or towards payment pro rata of any accrued interest, fee or commission due but unpaid under this agreement; 

  

	 	(iii)	thirdly, in or towards payment pro rata of any principal due but unpaid under this agreement; and 

  

	 	(iv)	fourthly, in or towards payment pro rata of any other sum due but unpaid under the Finance Documents. 

  

	 	(b)	The Facility Agent shall, if so directed by Majority Lenders, vary the order set out in paragraphs (a)(ii) to (iv) (inclusive) above. 

 

	 	(c)	Paragraphs (a) and (b) above will override any appropriation made by an Obligor. 

  

	33.6	No Set-Off by Obligors 

 All payments to be made by an Obligor under the Finance
Documents shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim. 

  
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	33.7	Business Days 

  

	 	(a)	Any payment which is due to be made on a day that is not a Business Day shall be made on the next Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not).

  

	 	(b)	During any extension of the due date for payment of any principal or Unpaid Sum under this agreement interest is payable on the principal or Unpaid Sum at the rate payable on the original due date. 

 

	33.8	Currency of Account 

  

	 	(a)	Subject to paragraphs (b) to (e) (inclusive) below, Sterling is the currency of account and payment for any sum due from an Obligor under any Finance Document. 

 

	 	(b)	A repayment or prepayment of an Unpaid Sum or a part of a Loan or Unpaid Sum shall be made in the currency in which that Unpaid Sum is denominated on its due date. 

 

	 	(c)	Each payment of interest shall be made in the currency in which the sum in respect of which the interest is payable was denominated when that interest accrued. 

 

	 	(d)	Each payment in respect of costs, expenses or Taxes shall be made in the currency in which the costs, expenses or Taxes are incurred. 

 

	 	(e)	Any amount expressed to be payable in a currency other than Sterling shall be paid in that other currency. 

  

	33.9	Change of Currency 

  

	 	(a)	Unless otherwise prohibited by law, if more than one currency or currency unit are at the same time recognised by the central bank of any country as the lawful currency of that country, then: 

 

	 	(i)	any reference in the Finance Documents to, and any obligations arising under the Finance Documents in, the currency of that country shall be translated into, or paid in, the currency or currency unit of that country
designated by the Facility Agent (after consultation with the Account Party); and 

  

	 	(ii)	any translation from one currency or currency unit to another shall be at the official rate of exchange recognised by the central bank for the conversion of that currency or currency unit into the other, rounded up or
down by the Facility Agent (acting reasonably). 

  

	 	(b)	If a change in any currency of a country occurs, this agreement will, to the extent the Facility Agent (acting reasonably and after consultation with the Account Party) specifies to be necessary, be amended to comply
with any generally accepted conventions and market practice in the Relevant Interbank Market and otherwise to reflect the change in currency. 

  

	33.10	Disruption to Payment Systems etc. 

 If either the Facility Agent determines (in its
discretion) that a Disruption Event has occurred or the Facility Agent is notified by the Account Party that a Disruption Event has occurred: 
  

	 	(a)	the Facility Agent may, and shall if requested to do so by the Account Party, consult with the Account Party with a view to agreeing with the Account Party such changes to the operation or administration of the
Facilities as the Facility Agent may deem necessary in the circumstances; 

  
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	 	(b)	the Facility Agent shall not be obliged to consult with the Account Party in relation to any changes mentioned in paragraph (a) above if, in its opinion, it is not practicable to do so in the circumstances and, in
any event, shall have no obligation to agree to such changes; 

  

	 	(c)	the Facility Agent may consult with the Finance Parties in relation to any changes mentioned in paragraph (a) above but shall not be obliged to do so if, in its opinion, it is not practicable to do so in the
circumstances; 

  

	 	(d)	any such changes agreed upon by the Facility Agent and the Account Party shall (whether or not it is finally determined that a Disruption Event has occurred) be binding upon the Parties as an amendment to (or, as the
case may be, waiver of) the terms of the Finance Documents notwithstanding the provisions of clause 40 (Amendments and Waivers); 

  

	 	(e)	the Facility Agent shall not be liable for any damages, costs or losses whatsoever (including, without limitation for negligence, gross negligence or any other category of liability whatsoever but not including any
claim based on the fraud of the Facility Agent) arising as a result of its taking, or failing to take, any actions pursuant to or in connection with this clause 33.10; and 

 

	 	(f)	the Facility Agent shall notify the Finance Parties of all changes agreed pursuant to paragraph (d) above. 

  

	33.11	Impaired Agent 

  

	 	(a)	If, at any time, the Facility Agent becomes an Impaired Agent, an Obligor or a Lender which is required to make a payment under the Finance Documents to the Facility Agent in accordance with this clause 33 may instead
either pay that amount direct to the required recipient or pay that amount to an interest-bearing account held with a Lender nominated by the Majority Lenders and in relation to which no Insolvency Event has occurred and is continuing, in the name
of the Obligor or the Lender making the payment and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents. In each case such payments must be made on the due date for
payment under the Finance Documents. 

  

	 	(b)	All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the beneficiaries of that trust account pro rata to their respective entitlements. 

 

	 	(c)	A Party which has made a payment in accordance with this clause 33.11 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts
standing to the credit of the trust account. 

  

	 	(d)	Promptly upon the appointment of a successor Facility Agent in accordance with this agreement, each Party which has made a payment to a trust account in accordance with this clause 33.11 shall give all requisite
instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Facility Agent for distribution in accordance with clause 33.2 (Distributions by the Facility Agent).

  
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	34.	SET-OFF 

 Following an Event of Default which is continuing, a Finance Party may set off
any matured obligation due from an Obligor under the Finance Documents (to the extent beneficially owned by that Finance Party) against any matured obligation owed by that Finance Party to that Obligor, regardless of the place of payment, booking
branch or currency of either obligation. If the obligations are in different currencies, the Finance Party may convert either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off. 

 

	35.	APPLICATION OF PROCEEDS 

  

	35.1	Order of Application 

 All amounts from time to time received or recovered by the
Security Agent in connection with the realisation or enforcement of all or any part of the Security shall be held by the Security Agent on trust to apply them at any time as the Security Agent (in its discretion) sees fit, to the extent permitted by
applicable law (and subject to the provisions of this clause 35), in the following order of priority: 
  

	 	(a)	in discharging any sums owing to the Security Agent, any Receiver or any Delegate; 

  

	 	(b)	in payment to the Agent, on behalf of the Secured Parties (or, in the case of the Overdraft Facility, directly to the Overdraft Provider), for application on a pro rata basis towards the discharge of all sums due and
payable by any Obligor under any of the Finance Documents (to be applied) in accordance with clause 33.5 (Partial Payments) and the Overdraft Facility Letter to the extent that it constitutes Permitted Financial Indebtedness; 

 

	 	(c)	if none of the Obligors is under any further actual or contingent liability under any Guaranteed Document, in payment to any person to whom the Security Agent is obliged to pay in priority to any Obligor; and

  

	 	(d)	the balance, if any, in payment to the relevant Obligor. 

  

	35.2	Investment of Proceeds 

 Prior to the application of the proceeds of the Security
Property in accordance with clause 35.1 (Order of Application), the Security Agent may, in its discretion, hold all or part of those proceeds in an interest-bearing suspense or impersonal account(s) in the name of the Security Agent with such
financial institution (including itself) and for so long as the Security Agent shall think fit (the interest being credited to the relevant account) pending the application from time to time of those monies in the Security Agent’s discretion in
accordance with the provisions of this clause 35. 
  

	35.3	Currency Conversion 

  

	 	(a)	For the purpose of, or pending the discharge of, any of the Secured Obligations, the Security Agent may convert any moneys received or recovered by the Security Agent from one currency to another, at the Security
Agent’s spot rate of exchange. 

  

	 	(b)	The obligations of any Obligor to pay in the due currency shall only be satisfied to the extent of the amount of the due currency purchased after deducting the costs of conversion. 

  
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	35.4	Permitted Deductions 

 The Security Agent shall be entitled, in its discretion,
(a) to set aside by way of reserve amounts required to meet and (b) to make and pay, any deductions and withholdings (on account of taxes or otherwise) which it is or may be required by any applicable law to make from any distribution or
payment made by it under this agreement, and to pay all Taxes which may be assessed against it in respect of any of the Charged Property, or as a consequence of performing its duties, or by virtue of its capacity as Security Agent under any of the
Finance Documents or otherwise (other than in connection with its remuneration for performing its duties under this agreement). 
  

	35.5	Good Discharge 

  

	 	(a)	Any payment to be made in respect of the Secured Obligations by the Security Agent may be made to the Facility Agent on behalf of the Lenders or (as applicable) the Overdraft Provider and any payment made in that way
shall be a good discharge, to the extent of that payment, by the Security Agent. 

  

	 	(b)	The Security Agent is under no obligation to make the payments to the Facility Agent or (as applicable) the Overdraft Provider under paragraph (a) above in the same currency as that in which the Secured Obligations
owing to the relevant Lender or (as applicable) the Overdraft Provider are denominated. 

  

	35.6	Sums received by Obligors 

 If any of the Obligors receives any sum which, pursuant to
any of the Guaranteed Documents, should have been paid to the Security Agent, that sum shall promptly be paid to the Security Agent for application in accordance with this clause 35. 

 

	36.	NOTICES 

  

	36.1	Communications in Writing 

 Any communication to be made under or in connection with the
Finance Documents shall be made in writing and, unless otherwise stated, may be made by fax or letter. 
  

	36.2	Addresses 

 The address and fax number (and the department or officer, if any, for whose
attention the communication is to be made) of each Party for any communication or document to be made or delivered under or in connection with the Finance Documents is: 
  

	 	(a)	in the case of the Account Party, that identified with its name below; 

  

	 	(b)	in the case of each Lender or any other Obligor, that notified in writing to the Facility Agent on or prior to the date on which it becomes a Party; and 

 

	 	(c)	in the case of the Facility Agent or the Security Agent, that identified with its name below, 

or any substitute address or fax number or department or officer as the Party may notify to the Facility Agent (or the Facility Agent may
notify to the other Parties, if a change is made by the Facility Agent) by not less than five Business Days’ notice. 
  

	36.3	Delivery 

  

	 	(a)	Any communication or document made or delivered by one person to another under or in connection with the Finance Documents will only be effective: 

 

	 	(i)	if by way of fax, when received in legible form; or 

  

	 	(ii)	if by way of letter, when it has been left at the relevant address or five Business Days after being deposited in the post postage prepaid in an envelope addressed to it at that address, 

  
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 and, if a particular department or officer is specified as part of its address details provided
under clause 36.2 (Addresses), if addressed to that department or officer. 
  

	 	(b)	Any communication or document to be made or delivered to the Facility Agent or the Security Agent will be effective only when actually received by the Facility Agent and then only if it is expressly marked for the
attention of the department or officer identified with the Facility Agent’s signature below (or any substitute department or officer as the Facility Agent shall specify for this purpose). 

 

	 	(c)	All notices from or to an Obligor shall be sent through the Facility Agent. 

  

	 	(d)	Any communication or document made or delivered to the Account Party or the Parent (as applicable) in accordance with this clause will be deemed to have been made or delivered to each of the Obligors. 

 

	36.4	Notification of Address and Fax Number 

 Promptly upon receipt of notification of an
address or fax number or change of address or fax number pursuant to clause 36.2 (Addresses) or changing its own address or fax number, the Facility Agent shall notify the other Parties. 

 

	36.5	Communication when Facility Agent is Impaired Agent 

 If the Facility Agent is an
Impaired Agent, the Parties may, instead of communicating with each other through the Facility Agent, communicate with each other directly and (while the Facility Agent is an Impaired Agent) all the provisions of the Finance Documents which require
communications to be made or notices to be given to or by the Facility Agent shall be varied so that communications may be made and notices given to or by the relevant Parties directly. This provision shall not operate after a replacement Facility
Agent has been appointed. 
  

	36.6	Electronic Communication 

  

	 	(a)	Any communication to be made between the Facility Agent and a Lender or the Security Agent under or in connection with the Finance Documents may be made by electronic mail or other electronic means, if the Facility
Agent, the Security Agent and the relevant Lender: 

  

	 	(i)	agree that, unless and until notified to the contrary, this is to be an accepted form of communication; 

  

	 	(ii)	notify each other in writing of their electronic mail address and/or any other information required to enable the sending and receipt of information by that means; and 

 

	 	(iii)	notify each other of any change to their address or any other such information supplied by them. 

  

	 	(b)	Any electronic communication made between the Facility Agent and a Lender or the Security Agent will be effective only when actually received in readable form and in the case of any electronic communication made by a
Lender to the Facility Agent or the Security Agent only if it is addressed in such a manner as the Facility Agent or the Security Agent shall specify for this purpose. 

  
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	36.7	English Language 

  

	 	(a)	Any notice given under or in connection with any Finance Document must be in English. 

  

	 	(b)	All other documents provided under or in connection with any Finance Document must be: 

  

	 	(i)	in English; or 

  

	 	(ii)	if not in English, and if so required by the Facility Agent, accompanied by a certified English translation and, in this case, the English translation will prevail unless the document is a constitutional, statutory or
other official document. 

  

	37.	CALCULATIONS AND CERTIFICATES 

  

	37.1	Accounts 

 In any litigation or arbitration proceedings arising out of or in connection
with a Finance Document, the entries made in the accounts maintained by a Finance Party are prima facie evidence of the matters to which they relate. 
  

	37.2	Certificates and Determinations 

 Any certification or determination by a Finance Party
of a rate or amount under any Finance Document is, in the absence of manifest error, conclusive evidence of the matters to which it relates. 
  

	37.3	Day Count Convention 

 Any interest, commission or fee accruing under a Finance Document
will accrue from day to day and is calculated on the basis of the actual number of days elapsed and a year of 365 days or, in any case where the practice in the Relevant Interbank Market differs, in accordance with that market practice. 

 

	38.	PARTIAL INVALIDITY 

 If, at any time, any provision of the Finance Documents is or
becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such provision under the law of
any other jurisdiction will in any way be affected or impaired. 
  

	39.	REMEDIES AND WAIVERS 

 No failure to exercise, nor any delay in exercising, on the part
of any Finance Party, any right or remedy under the Finance Documents shall operate as a waiver, nor shall any single or partial exercise of any right or remedy prevent any further or other exercise or the exercise of any other right or remedy. The
rights and remedies provided in this agreement are cumulative and not exclusive of any rights or remedies provided by law. 
  

	40.	AMENDMENTS AND WAIVERS 

  

	40.1	Required Consents 

  

	 	(a)	Subject to clause 40.2 (Exceptions) any term of the Finance Documents may be amended or waived only with the consent of the Majority Lenders, the Account Party and the Parent and any such amendment or waiver will be
binding on all Parties. 

  
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	 	(b)	The Facility Agent or in respect of the Security Documents, the Security Agent may effect, on behalf of any Finance Party, any amendment or waiver permitted by this clause. 

 

	 	(c)	Each Obligor agrees to any such amendment or waiver permitted by this clause 40. which is agreed to by the Account Party and the Parent. This includes any amendment or waiver which would, but for this paragraph (c),
require the consent of all of the Guarantors. 

  

	40.2	Exceptions 

  

	 	(a)	An amendment or waiver that has the effect of changing or which relates to: 

  

	 	(i)	the definition of “Majority Lenders” in clause 1.1 (Definitions); 

  

	 	(ii)	an extension to the date of payment of any amount under the Finance Documents; 

  

	 	(iii)	a reduction in the amount of any payment of principal, interest, fees or commission payable; 

  

	 	(iv)	an increase in or an extension of any Commitment; 

  

	 	(v)	a change to the Guarantors other than in accordance with clause 28 (Changes to the Obligors) or a change to the identity of the guarantor under the Parent Guarantee; 

 

	 	(vi)	any provision which expressly requires the consent of all the Lenders; 

  

	 	(vii)	clause 2.2 (Finance Parties’ Rights and Obligations), clause 27 (Changes to the Lenders), clause 32 (Sharing among the Finance Parties) or this clause 40; 

 

	 	(viii)	clause 11.3 (Mandatory Cash Collateralisation or Cancellation of Letters of Credit) or clause 11.4 (Mandatory Cancellation – Extension of Facility); 

 

	 	(ix)	the definition of “Availability Period” in clause 1.1 (Definitions); 

  

	 	(x)	clause 24.1 (Financial Condition) or section 4.03 (Financial Covenants) of the Parent Guarantee; 

  

	 	(xi)	a waiver of an Event of Default; 

  

	 	(xii)	the nature or scope of the guarantee and indemnity granted under clause 20 (Guarantee and Indemnity) or under the Parent Guarantee; 

  

	 	(xiii)	the nature and scope of the Charged Property or the manner in which the proceeds of enforcement of the Security are distributed; or 

  

	 	(xiv)	the release of any Security or the Parent Guarantee, 

 shall not be made without the prior
consent of all the Lenders. 
  

	 	(b)	An amendment or waiver which relates to the rights or obligations of the Facility Agent, an Arranger or the Security Agent (each in their capacity as such) may not be effected without the consent of the Facility Agent,
that Arranger or, as the case may be, the Security Agent. 

  

	 	(c)	An amendment or waiver which relates to the rights or obligations of the Overdraft Provider (including any such amendment or waiver referred to in paragraphs (a)(v), (viii), (ix) or (x) above) may not be
effected without the consent of the Overdraft Provider. 

  
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	40.3	Replacement of a Defaulting Lender 

  

	 	(a)	The Account Party may, at any time a Lender has become and continues to be a Defaulting Lender, by giving ten Business Days’ prior written notice to the Facility Agent and that Lender: 

 

	 	(i)	replace that Lender by requiring that Lender to (and that Lender shall) transfer pursuant to clause 27 (Changes to the Lenders) all (and not part only) of its rights and obligations under this agreement;

  

	 	(ii)	require that Lender to (and that Lender shall) transfer pursuant to clause 27 (Changes to the Lenders) all (and not part only) of the undrawn Commitment of that Lender; or 

 

	 	(iii)	require that Lender to (and that Lender shall) transfer pursuant to clause 27 (Changes to the Lenders) all (and not part only) of its rights and obligations in respect of the Facility, 

to a Lender or other Approved Credit Institution selected by the Account Party, and which (unless the Facility Agent is an Impaired Agent) is
acceptable to the Facility Agent (acting reasonably), which confirms its willingness to assume and does assume all the obligations or all the relevant obligations of the transferring Lender (including the assumption of the transferring Lender’s
participations on the same basis as the transferring Lender). 
  

	 	(b)	Any transfer of rights and obligations of a Defaulting Lender pursuant to this clause shall be subject to the following conditions: 

  

	 	(i)	the Account Party shall have no right to replace the Facility Agent or Security Agent; 

  

	 	(ii)	the Default Lender must receive the purchase price in cash payable at the time of transfer equal to any amount paid by that Defaulting Lender under or in connection with any Letter of Credit and all accrued interest,
fees, break costs and any other amount payable to such Defaulting Lender under the Finance Documents; 

  

	 	(iii)	neither the Facility Agent nor the Defaulting Lender shall have any obligation to the Account Party to find a replacement Lender; and 

 

	 	(iv)	in no event shall the Defaulting Lender be required to pay or surrender to the replacement Lender any of the fees received by the Defaulting Lender pursuant to the Finance Documents. 

 

	41.	CONFIDENTIALITY 

  

	41.1	Confidential Information 

 Each Finance Party agrees to keep all Confidential Information
confidential and not to disclose it to anyone, save to the extent permitted by clause 41.2 (Disclosure of Confidential Information), and to ensure that all Confidential Information is protected with security measures and a degree of care that would
apply to its own confidential information. 

  
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	41.2	Disclosure of Confidential Information 

 Any Finance Party may disclose: 

 

	 	(a)	to any of its Affiliates and Related Funds and any of its or their officers, directors, employees, professional advisers, auditors, partners and Representatives such Confidential Information as that Finance Party shall
consider appropriate if any person to whom the Confidential Information is to be given pursuant to this paragraph (a) is informed in writing of its confidential nature and that some or all of such Confidential Information may be price-sensitive
information except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of the information or is otherwise bound by requirements of confidentiality in relation
to the Confidential Information; 

  

	 	(b)	to any person: 

  

	 	(i)	to (or through) whom it assigns or transfers (or may potentially assign or transfer) all or any of its rights and/or obligations under one or more Finance Documents and to any of that person’s Affiliates, Related
Funds, Representatives and professional advisers; 

  

	 	(ii)	with (or through) whom it enters into (or may potentially enter into), whether directly or indirectly, any sub-participation in relation to, or any other transaction under which payments are to be made or may be made by
reference to, one or more Finance Documents and/or one or more Obligors and to any of that person’s Affiliates, Related Funds, Representatives and professional advisers; 

 

	 	(iii)	appointed by any Finance Party or by a person to whom paragraph (b)(i) or (ii) above applies to receive communications, notices, information or documents delivered pursuant to the Finance Documents on its behalf
(including, without limitation, any person appointed of clause 29.13(c) (Relationship with the Lenders)); 

  

	 	(iv)	who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly or indirectly, any transaction referred to in paragraph (b)(i) or (b)(ii) above; 

 

	 	(v)	to whom information is required or requested to be disclosed by any court of competent jurisdiction or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock
exchange or pursuant to any applicable law or regulation; 

  

	 	(vi)	to whom information is required to be disclosed in connection with, and for the purposes of, any litigation, arbitration, administrative or other investigations, proceedings or disputes; 

 

	 	(vii)	who is a Party; or 

  

	 	(viii)	with the consent of the Account Party; 

 in each case, such Confidential Information as that
Finance Party shall consider appropriate if: 
  

	 	(A)	in relation to paragraphs (b)(i), (b)(ii) and b(iii) above, the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking except that there shall be no requirement for a
Confidentiality Undertaking if the recipient is a professional adviser and is subject to professional obligations to maintain the confidentiality of the Confidential Information; 

  
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	 	(B)	in relation to paragraph (b)(iv) above, the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking or is otherwise bound by requirements of confidentiality in relation
to the Confidential Information they receive and is informed that some or all of such Confidential Information may be price-sensitive information; 

  

	 	(C)	in relation to paragraphs (b)(v), (b)(vi) and (b)(vii) above, the person to whom the Confidential Information is to be given is informed of its confidential nature and that some or all of such Confidential Information
may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion of that Finance Party, it is not practicable so to do in the circumstances; 

 

	 	(c)	to any person appointed by that Finance Party or by a person to whom paragraph (b)(i) or (b)(ii) above applies to provide administration or settlement services in respect of one or more of the Finance Documents
including without limitation, in relation to the trading of participations in respect of the Finance Documents, such Confidential Information as may be required to be disclosed to enable such service provider to provide any of the services referred
to in this paragraph (c) if the service provider to whom the Confidential Information is to be given has entered into a confidentiality agreement substantially in the form of the LMA Master Confidentiality Undertaking for Use With
Administration/Settlement Service Providers or such other form of confidentiality undertaking agreed between the Parent and the relevant Finance Party; 

  

	 	(d)	to any rating agency (including its professional advisers) such Confidential Information as may be required to be disclosed to enable such rating agency to carry out its normal rating activities in relation to the
Finance Documents and/or the Obligors if the rating agency to whom the Confidential Information is to be given is informed of its confidential nature and that some or all of such Confidential Information may be price-sensitive information; and

  

	 	(e)	the size and term of the Facilities and the name of each of the Obligors to any investor or a potential investor in a securitisation (or similar transaction of broadly equivalent economic effect) of that Lender’s
rights or obligations under the Finance Documents. 

  

	41.3	Disclosure to Numbering Service Providers 

  

	 	(a)	Any Finance Party may disclose to any national or international numbering service provider appointed by that Finance Party to provide identification numbering services in respect of this agreement, the Facility and/or
one or more Obligors the following information: 

  

	 	(i)	names of Group Obligors; 

  

	 	(ii)	country of domicile of Group Obligors; 

  

	 	(iii)	place of incorporation of Group Obligors; 

  

	 	(iv)	date of this agreement; 

  
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	 	(v)	the names of the Facility Agent and the Arrangers; 

  

	 	(vi)	date of each amendment and restatement of this agreement; 

  

	 	(vii)	amount of Total Commitments; 

  

	 	(viii)	currency of the Facility; 

  

	 	(ix)	type of Facility; 

  

	 	(x)	ranking of Facility; 

  

	 	(xi)	Termination Date for Facility; 

  

	 	(xii)	changes to any of the information previously supplied pursuant to paragraphs (i) to (xi) (inclusive) above; and 

  

	 	(xiii)	such other information agreed between such Finance Party and the Parent, 

 to enable such
numbering service provider to provide its usual syndicated loan numbering identification services. 
  

	 	(b)	The Parties acknowledge and agree that each identification number assigned to this agreement, the Facility and/or one or more Group Obligors by a numbering service provider and the information associated with each such
number may be disclosed to users of its services in accordance with the standard terms and conditions of that numbering service provider. 

  

	 	(c)	The Account Party represents that none of the information set out in paragraphs (i) to (xiii) (inclusive) of paragraph (a) above is, nor will at any time be, unpublished price-sensitive information.

  

	 	(d)	The Facility Agent shall notify the Parent and the other Finance Parties of: 

  

	 	(i)	the name of any numbering service provider appointed by the Facility Agent in respect of this agreement, the Facility and/or one or more Group Obligors; and 

 

	 	(ii)	the number or, as the case may be, numbers assigned to this agreement, the Facility and/or one or more Group Obligors by such numbering service provider. 

 

	41.4	Entire agreement 

 This clause 41 (Confidentiality) constitutes the entire agreement
between the Parties in relation to the obligations of the Finance Parties under the Finance Documents regarding Confidential Information and supersedes any previous agreement, whether express or implied, regarding Confidential Information. 

 

	41.5	Inside information 

 Each of the Finance Parties acknowledges that some or all of the
Confidential Information is or may be price-sensitive information and that the use of such information may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and each of the
Finance Parties undertakes not to use any Confidential Information for any unlawful purpose. 

  
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	41.6	Notification of disclosure 

 Each of the Finance Parties agrees (to the extent permitted
by law and regulation) to inform the Account Party: 
  

	 	(a)	of the circumstances of any disclosure of Confidential Information made pursuant to clause 41.2(b)(v) (Disclosure of Confidential Information) except where such disclosure is made to any of the persons referred to in
that paragraph during the ordinary course of its supervisory or regulatory function; and 

  

	 	(b)	upon becoming aware that Confidential Information has been disclosed in breach of this clause 41 (Confidentiality). 

  

	41.7	Continuing obligations 

 The obligations in this clause 41 (Confidentiality) are
continuing and, in particular, shall survive and remain binding on each Finance Party for a period of twelve Months from the earlier of: 
  

	 	(a)	the date on which all amounts payable by the Obligors under or in connection with this agreement have been paid in full and all Commitments have been cancelled or otherwise cease to be available; and 

 

	 	(b)	the date on which such Finance Party otherwise ceases to be a Finance Party. 

  

	42.	COUNTERPARTS 

 Each Finance Document may be executed in any number of counterparts, and
this has the same effect as if the signatures on the counterparts were on a single copy of the Finance Document. 
  

	43.	GOVERNING LAW 

 This agreement and any non-contractual obligations arising out of or in
connection with it are governed by the laws of England. 
  

	44.	ENFORCEMENT 

  

	44.1	Jurisdiction of English Courts 

  

	 	(a)	The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this agreement (including a dispute relating to the existence, validity or termination of this agreement or
any non-contractual obligation arising out of or in connection with this agreement) (a “Dispute”). 

  

	 	(b)	The Parties agree that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly no Party will argue to the contrary. 

 

	 	(c)	This clause 44 is for the benefit of the Finance Parties only. As a result, no Finance Party shall be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction. To the extent allowed
by law, the Finance Parties may take concurrent proceedings in any number of jurisdictions. 

  
 Page 95 

	44.2	Service of Process 

  

	 	(a)	Without prejudice to any other mode of service allowed under any relevant law, each Guarantor (other than any Guarantor incorporated in England and Wales): 

 

	 	(i)	irrevocably appoints the Account Party as its agent for service of process in relation to any proceedings before the English courts in connection with any Finance Document the Account Party by its execution of this
agreement, accepts that appointment); and 

  

	 	(ii)	agrees that failure by an agent for service of process to notify the relevant Guarantor of the process will not invalidate the proceedings concerned. 

 

	 	(b)	If any person appointed as an agent for service of process is unable for any reason to act as agent for service of process, the Account Party (on behalf of all the Obligors) must immediately (and in any event within
five days of such event taking place) appoint another agent on terms acceptable to the Facility Agent. Failing this, the Facility Agent may appoint another agent for this purpose. 

 

	 	(c)	The Account Party expressly agrees and consents to the provisions of this clause 44 and clause 43 (Governing Law). 

IN WITNESS whereof this agreement has been executed on the date first above written 

  
 Page 96 

 SCHEDULE 1 

The Original Parties 

Part 1 - The Original Guarantors 
  

					
	Name of Original Guarantor	  	 Jurisdiction of

Incorporation
	  	 Registration number (or
 equivalent,
if any)

			
	The Hanover Insurance International Holdings Limited (previously known as 440 Tessera Limited)	  	England and Wales	  	07606589
			
	Chaucer Corporate Capital (No. 2) Limited	  	England and Wales	  	03099078
			
	Chaucer Corporate Capital (No. 3) Limited	  	England and Wales	  	05203226

 Part 2 - The Original Lenders 
  

					
	Name of Original Lender	  	Commitment	 
		
	 Lloyds Bank plc
	  	£	58,000,000	  
		
	 Barclays Bank PLC
	  	£	36,000,000	  
		
	 The Royal Bank of Scotland plc
	  	£	36,000,000	  
		
		  	£	130,000,000	  

  
 Page 97 

 SCHEDULE 2 

[Schedules 2 through 13 omitted] 

  
 Page 98 

 SIGNATURES TO THE FACILITY AGREEMENT 

THE ACCOUNT PARTY 
 CHAUCER HOLDINGS PLC 

 

			
	By:	 	K D Curtis
		
	Address:	 	Plantation Place
		 	30 Fenchurch Street
		 	London
		 	EC3M 3AD
	Fax:	 	+44 (0)207 397 9710
	Attention:	 	Company Secretary

 ORIGINAL GUARANTORS 

CHAUCER CORPORATE CAPITAL (NO. 2) LIMITED 
  

			
	By:	 	K D Curtis
		
	Address:	 	Plantation Place
		 	30 Fenchurch Street
		 	London
		 	EC3M 3AD
	Fax:	 	+44 (0)207 397 9710
	Attention:	 	Company Secretary

 CHAUCER CORPORATE CAPITAL (NO. 3) LIMITED 
  

			
	By:	 	K D Curtis
		
	Address:	 	Plantation Place
		 	30 Fenchurch Street
		 	London
		 	EC3M 3AD
	Fax:	 	+44 (0)207 397 9710
	Attention:	 	Company Secretary

 THE HANOVER INSURANCE INTERNATIONAL HOLDINGS LIMITED (PREVIOUSLY KNOWN AS 440 TESSERA LIMITED) 

 

			
	By:	 	K D Curtis
		
	Address:	 	Plantation Place
		 	30 Fenchurch Street
		 	London
		 	EC3M 3AD
	Fax:	 	+44 (0)207 397 9710
	Attention:	 	Company Secretary

 THE ARRANGERS 

BARCLAYS BANK PLC 
  

			
	By:	 	J V French
		
	Address:	 	1 Churchill Place
		 	London
		 	E14 5HP
	Fax:	 	+44 (0)207 116 6]919
	Attention:	 	John French

 LLOYDS TSB BANK PLC 
  

			
	By:	 	E Salter
		
	Address:	 	25 Gresham Street
		 	London
		 	EC2V 7HN
	Fax:	 	+44 (0)207 661 4790
	Attention:	 	Mark Jackson

 THE ROYAL BANK OF SCOTLAND PLC 
  

			
	By:	 	J Mehmood
		
	Address:	 	3rd Floor
		 	280 Bishopsgate
		 	London
		 	EC2M 4RB
	Fax:	 	+44(0)20 7672 1067
	Attention:	 	David Weaver

 THE BOOKRUNNER 

LLOYDS TSB BANK PLC 
  

			
	By:	 	E Salter
		
	Address:	 	10 Gresham Street
		 	London
		 	EC2V 7AE
		
	Fax number:	 	+44 (0)207 1583198
	Attention:	 	Ian Baggott, Loan Markets

 THE OVERDRAFT PROVIDER 

LLOYDS TSB BANK PLC 
  

			
	By:	 	E Salter
		
	Address:	 	25 Gresham Street
		 	London
		 	EC2V 7HN
	Fax:	 	+44 (0)207 661 4790
	Attention:	 	Mark Jackson

 THE FACILITY AGENT 

LLOYDS TSB BANK PLC 
  

			
	By:	 	E Salter

 For Operational Duties (such as Utilisations, Interest Rate Fixing, Interest/fee calculations and payments): 

 

			
	Address:	 	Lloyds TSB Bank plc
		 	CityMark
		 	150 Fountainbridge
		 	Edinburgh EH3 9PE
	Fax number:	 	+44 (0)207 1583204
	Attention:	 	Wholesale Loans Servicing Agency Operations

 For Non Operational Matters (such as documentation; covenant compliance; amendments and waivers etc): 

 

			
	Address:	 	Lloyds TSB Bank plc
		 	10 Gresham Street
		 	London EC2V 7AE
	Fax Number:	 	+44 (0)207 1583198
	Attention:	 	Wholesale Loans Agency

 THE SECURITY AGENT 

LLOYDS TSB BANK PLC 
  

			
	By:	 	E Salter
		
	Address:	 	Lloyds TSB Bank plc
		 	10 Gresham Street
		 	London EC2V 7AE
	Fax Number:	 	+44 (0)207 1583198
	Attention:	 	Wholesale Loans Agency

 THE ORIGINAL LENDERS 

BARCLAYS BANK PLC 
  

			
	By:	 	J V French
		
	Address:	 	1 Churchill Place
		 	London
		 	E14 5HP
	Fax:	 	+44 (0)207 116 6]919
	Attention:	 	John French

 LLOYDS TSB BANK PLC 
  

			
	By:	 	E Salter
		
	Address:	 	25 Gresham Street
		 	London
		 	EC2V 7HN
	Fax:	 	+44 (0)207 661 4790
	Attention:	 	Mark Jackson

 THE ROYAL BANK OF SCOTLAND PLC 
  

			
	By:	 	J Mehmood
		
	Address:	 	3rd Floor
		 	280 Bishopsgate
		 	London
		 	EC2M 4RB
	Fax:	 	+44(0)20 7672 1067
	Attention:	 	David Weaver

 Signatories To The Amendment Agreement 

THE ACCOUNT PARTY 
 CHAUCER HOLDINGS PLC 

 

			
	By:	 	/s/ J.G. Slabbert
		
	Name:	 	J.G. Slabbert
		
	Address:	 	Plantation Place
		 	30 Fenchurch Street
		 	London
		 	EC3M 3AD
	Fax:	 	+44 (0)207 397 9710
	Attention:	 	Company Secretary

 ORIGINAL GUARANTORS 

CHAUCER CORPORATE CAPITAL (NO. 2) LIMITED 
  

			
	By:	 	/s/ S. Smith
		
	Name:	 	S. Smith
		
	Address:	 	Plantation Place
		 	30 Fenchurch Street
		 	London
		 	EC3M 3AD
	Fax:	 	+44 (0)207 397 9710
	Attention:	 	Company Secretary

 CHAUCER CORPORATE CAPITAL (NO. 3) LIMITED 
  

			
	By:	 	/s/ S. Smith
		
	Name:	 	S. Smith
		
	Address:	 	Plantation Place
		 	30 Fenchurch Street
		 	London
		 	EC3M 3AD
	Fax:	 	+44 (0)207 397 9710
	Attention:	 	Company Secretary

  
 11 

 THE HANOVER INSURANCE INTERNATIONAL HOLDINGS LIMITED (PREVIOUSLY KNOWN AS 440 TESSERA LIMITED) 

 

			
	By:	 	/s/ J.G. Slabbert
		
	Name:	 	J.G. Slabbert
		
	Address:	 	Plantation Place
		 	30 Fenchurch Street
		 	London
		 	EC3M 3AD
	Fax:	 	+44 (0)207 397 9710
	Attention:	 	Company Secretary

  
 12 

 THE ARRANGERS 

BARCLAYS BANK PLC 
  

			
	By:	 	/s/ Dan Broome
		
	Name:	 	Dan Broome
		
	Address:	 	1 Churchill Place
		 	London
		 	E14 5HP
	Fax:	 	+44 (0)207 116 6919
	Attention:	 	John French

 LLOYDS BANK PLC 
  

			
	By:	 	/s/ Jonathan Ferris
		
	Name:	 	Jonathan Ferris
		
	Address:	 	25 Gresham Street
		 	London
		 	EC2V 7HN
	Fax:	 	+44 (0)207 661 4790
	Attention:	 	Mark Jackson

 THE ROYAL BANK OF SCOTLAND PLC 
  

			
	By:	 	/s/ David Weaver
		
	Name:	 	David Weaver
		
	Address:	 	3rd Floor
		 	280 Bishopsgate
		 	London
		 	EC2M 4RB
	Fax:	 	+44(0)20 7672 1067
	Attention:	 	David Weaver

  
 13 

 THE BOOKRUNNER 

LLOYDS BANK PLC 
  

			
	By:	 	/s/ Jonathan Ferris
		
	Name:	 	Jonathan Ferris
		
	Address:	 	10 Gresham Street
		 	London
		 	EC2V 7AE
		
	Fax:	 	+44 (0)207 1583198
	Attention:	 	Ian Baggott, Loan Markets

 THE OVERDRAFT PROVIDER 

LLOYDS BANK PLC 
  

			
	By:	 	/s/ Jonathan Ferris
		
	Name:	 	Jonathan Ferris
		
	Address:	 	25 Gresham Street
		 	London
		 	EC2V 7HN
	Fax:	 	+44 (0)207 661 4790
	Attention:	 	Mark Jackson

  
 14 

 THE FACILITY AGENT 

LLOYDS BANK PLC 
  

			
	By:	 	/s/ Jonathan Ferris
		
	Name:	 	Jonathan Ferris

 For Operational Duties (such as Utilisations, Interest Rate Fixing, Interest/fee calculations and payments): 

 

			
	Address:	 	Lloyds Bank plc
		 	CityMark
		 	150 Fountainbridge
		 	Edinburgh EH3 9PE
	Fax:	 	+44 (0)207 1583204
	Attention:	 	Libor Loans Operations

 For Non Operational Matters (such as documentation; covenant compliance; amendments and waivers etc): 

 

			
	Address:	 	Lloyds Bank plc
		 	10 Gresham Street
		 	London EC2V 7AE
	Fax:	 	+44 (0)207 1583198
	Attention:	 	Loans Agency

 THE SECURITY AGENT 

LLOYDS BANK PLC 
  

			
	By:	 	/s/ Jonathan Ferris
		
	Name:	 	Jonathan Ferris
		
	Address:	 	Lloyds Bank plc
		 	10 Gresham Street
		 	London EC2V 7AE
	Fax:	 	+44 (0)207 1583198
	Attention:	 	Loans Agency

  
 15 

 THE ORIGINAL LENDERS 

BARCLAYS BANK PLC 
  

			
	By:	 	/s/ Dan Broome
		
	Name:	 	Dan Broome
		
	Address:	 	1 Churchill Place
		 	London
		 	E14 5HP
	Fax:	 	+44 (0)207 116 6919
	Attention:	 	John French

 LLOYDS BANK PLC 
  

			
	By:	 	/s/ Jonathan Ferris
		
	Name:	 	Jonathan Ferris
		
	Address:	 	10 Gresham Street
		 	London
		 	EC2V 7AE
	Fax:	 	+44 (0)207 158 3198
	Attention:	 	Loans Agency

 THE ROYAL BANK OF SCOTLAND PLC 
  

			
	By:	 	/s/ David Weaver
		
	Name:	 	David Weaver
		
	Address:	 	3rd Floor
		 	280 Bishopsgate
		 	London
		 	EC2M 4RB
	Fax:	 	+44(0)20 7672 1067
	Attention:	 	David Weaver

  
 16

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