Document:

EX-10.1

 EXHIBIT 10.1 

Lloyds Bank plc 
 CityMark 

150 Fountainbridge 
 Edinburgh EH3
9PE 
 September 11, 2018 
 The Hanover
Insurance Group, Inc. 
 440 Lincoln Street 
 Worcester, MA
01653 
 USA 
 Attention: Jeffrey Farber 

 

	 	Re:	 Waiver 

Ladies and Gentlemen: 
 Reference is made to
(i) that certain Letter of Credit Facility Agreement, dated as of October 15, 2015 (as amended and restated on October 27, 2017 and as the same may be amended, restated, amended and restated, supplemented or otherwise modified from
time to time, the “Facility Agreement”), entered into, between, among others, Chaucer Holdings Limited, a company incorporated in England and Wales (the “Borrower”) and Lloyds Bank plc, as Facility
Agent (in such capacity, the “Facility Agent”) and as Security Agent (in such capacity, the “Security Agent”) and (ii) that certain Amended and Restated Guaranty, dated as of October 27, 2017
(as the same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Guaranty”) among The Hanover Insurance Group, Inc. (“Guarantor”), the Facility
Agent and the Security Agent. Capitalized terms used herein and not otherwise defined herein shall have their respective meanings as set forth in the Facility Agreement and the Guaranty. 

The Guarantor has advised the Facility Agent that it intends to enter into an Agreement for the Sale and Purchase of Shares in the Capital of
The Hanover Insurance International Holdings Limited, Chaucer Insurance Company Designated Activity Company and Hanover Australia HoldCo Pty Ltd., to be dated on or about September 13, 2018 (the “SPA”), by and among the
Guarantor and China Reinsurance (Group) Corporation, a joint stock limited company incorporated in The People’s Republic of China, pursuant to which (i) the Guarantor intends to sell one hundred percent (100%) of its ownership interest in
each of The Hanover Insurance International Holdings Limited and Hanover Australia HoldCo Pty Ltd. and (ii) The Hanover Insurance Company intends to sell one hundred percent (100%) of its ownership interest in Chaucer Insurance Company
Designated Activity Company. 
 The Guarantor has requested that the Facility Agent waive compliance by the Guarantor with
Section 4.04(d) and Section 4.04(b) in the Guaranty as set forth herein. 

  
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 The Guarantor and the Facility Agent hereby agree as follows: 

Section 1. Waiver. From and after the date first set forth above through March 31, 2019, the Facility Agent hereby waives any
breach of the provisions of Section 4.04(d) and Section 4.04(b) of the Guaranty solely as a result of the Guarantor entering into the SPA and agrees that no Default will have occurred as a result of the Guarantor entering into the SPA. The
foregoing waiver is limited to the Guarantor’s entry into the SPA and shall not extend to the consummation of the sale pursuant to the SPA, which shall require an additional consent from the Facility Agent. The Guarantor shall promptly notify
the Facility Agent in writing of the date of its entry into and its execution and delivery of the SPA. The foregoing waiver shall automatically terminate upon the termination of the SPA or the sale contemplated by the SPA. 

Section 2. Continuation of Agreement. From and after the date first set forth above, the Guaranty, the Facility Agreement and the
other Finance Documents are and shall remain in full force and effect and are hereby ratified and confirmed in all respects. No provision of this letter agreement shall be deemed to waive or modify any rights of the Facility Agent or any Lender
under the Guaranty, the Facility Agreement or the other Finance Documents, except to the extent specifically set forth herein. The parties hereto acknowledge and agree that, except to the extent specifically set forth herein, the provisions of the
Guaranty shall remain in full force and effect and that the execution of this letter agreement by the Facility Agent does not operate as a waiver of any of their respective rights, powers, or privileges under the Guaranty, the Facility Agreement or
the other Finance Documents, or be deemed to create a course of dealing or otherwise obligate the Facility Agent or the Lenders to forebear or enter into waivers under the same, similar or any other circumstances in the future. 

Section 3. General Provisions. 

(a) This letter agreement shall constitute a Finance Document for all purposes. 

(b) This letter agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall
constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of this letter agreement by telecopy or other electronic imaging means (e.g. pdf) shall be effective as delivery of
a manually executed counterpart thereof. 
 (c) This letter agreement shall inure to the benefit of the Guarantor and the Facility Agent in
such capacity and on behalf of the Lenders and their respective successors and assigns, except that the Guarantor shall not have the right to assign its respective rights hereunder except as may be provided in the Guaranty or the Facility Agreement.

 (d) This letter agreement, together with the Guaranty, the Facility Agreement and the other Finance Documents, contains the entire and
exclusive agreement of the parties hereto with reference to matters discussed herein and therein and supersede all prior agreements and understandings, if any, relating to the subject matter hereof and thereof. 

  
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 (e) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK. 
 [SIGNATURE PAGES FOLLOW] 

  
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 Please indicate your acceptance of and agreement with the terms and conditions set forth
herein by signing in the space below. 
  

			
	Very truly yours,
	
	LLOYDS BANK PLC, as Facility Agent
		
	By:	 	 /s/ Jennifer Espiner

	Name:	 	 Jennifer Espiner

	Title:	 	 Associate Director

  
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 AGREED AND ACCEPTED: 

GUARANTOR: 
 THE HANOVER INSURANCE GROUP, INC.

  

			
	By:	 	 /s/ Jeffrey M. Farber

	Name:	 	Jeffrey M. Farber
	Title:	 	Executive Vice President and Chief Financial Officer

  
 5EX-10.2

 EXHIBIT 10.2 

EXECUTION COPY 
 AMENDMENT
NO. 2 
 Dated as of September 11, 2018 

to 
 CREDIT AGREEMENT 

Dated as of November 12, 2013 

THIS AMENDMENT NO. 2 (this “Amendment”) is made as of September 11, 2018 by and among The Hanover Insurance Group, Inc., a
Delaware corporation (the “Borrower”), the financial institutions listed on the signature pages hereof and JPMorgan Chase Bank, N.A., as Administrative Agent (the “Administrative Agent”), the Issuing Agent and a
Fronting Bank under that certain Credit Agreement dated as of November 12, 2013 by and among the Borrower, the Lenders and the Administrative Agent (as previously amended by the Amendment No. 1, dated as of June 7, 2018, and as it may
be further amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”). Capitalized terms used herein and not otherwise defined herein shall have the respective meanings given to them in the
Credit Agreement. 
 WHEREAS, the Borrower proposes to enter into the Agreement for the Sale and Purchase of Shares in the Capital of The
Hanover Insurance International Holdings Limited, Chaucer Insurance Company Designated Activity Company Hanover Australia HoldCo Pty Ltd., to be dated on or around September 13, 2018, among the Borrower and China Reinsurance (Group) Corporation, a
joint stock limited company incorporated in The People’s Republic of China (the “Sale Agreement”), pursuant to which (i) the Borrower will sell 100% of the Equity Interests held by it of each of The Hanover Insurance
International Holdings Limited and Hanover Australia HoldCo Pty Ltd and (ii) The Hanover Insurance Company will sell 100% of the Equity Interests held by it of Chaucer Insurance Company DAC, in each case in exchange for the consideration
described in the Sale Agreement; 
 WHEREAS, the Borrower has requested that the requisite Lenders, the Issuing Agent, the Fronting Banks
and the Administrative Agent agree to make certain amendments to the Credit Agreement to facilitate the execution of the Sale Agreement and the dispositions contemplated thereby; 

WHEREAS, the Borrower, the Lenders party hereto, the Issuing Agent, the Fronting Banks and the Administrative Agent have so agreed on the
terms and conditions set forth herein; 
 NOW, THEREFORE, in consideration of the premises set forth above, the terms and conditions
contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Borrower, the Lenders party hereto, the Issuing Agent, the Fronting Banks and the Administrative Agent hereby agree to
enter into this Amendment. 
 1.    Initial Amendments to the Credit Agreement. Effective as of the Amendment
No. 2 Effective Date (as defined below), the parties hereto agree that the Credit Agreement is hereby amended as follows: 

(a)    The definition of “Permitted Lien” set forth in Section 1.01 of the Credit
Agreement is amended to (1) delete the word “and” at the end of clause (y) thereof, (2) replace the period 

 
at the end of clause (z) thereof with “; and” and (3) add the following new clause (aa) therein: 

“(aa)    Liens consisting of any agreement to dispose of any Property in a transaction permitted under
Section 6.05 hereof.” 
 (b)    Section 6.05 of the Credit Agreement is hereby
amended to (1) delete the word “and” at the end of clause (f) thereof and replace it with a comma, (2) add the word “and” at the end of clause (g) thereof and (3) add the following new clause
(h) therein: 
 “(h) the sale (x) by the Borrower of 100% of the Equity Interests held by it of each of The Hanover Insurance
International Holdings Limited and Hanover Australia HoldCo Pty Ltd and (y) the sale by The Hanover Insurance Company of 100% of the Equity Interests held by it of Chaucer Insurance Company DAC, in each case pursuant to the Agreement for the
Sale and Purchase of Shares in the Capital of The Hanover Insurance International Holdings Limited, Chaucer Insurance Company Designated Activity Company Hanover Australia HoldCo Pty Ltd., to be dated on or around September 13, 2018, among the
Borrower and China Reinsurance (Group) Corporation, a joint stock limited company incorporated in The People’s Republic of China” 

2.    Springing Amendments. Effective as of the Springing Amendments Effective Date, the parties hereto agree that
the Credit Agreement shall be further amended, automatically and without any further action by the parties hereto, as follows: 

(a)    The definition of “CSL” set forth in Section 1.01 of the Credit Agreement shall
be deleted in its entirety. 
 (b)    The definition of “Material Insurance Subsidiary” set forth in
Section 1.01 of the Credit Agreement shall be amended to replace the comma after the word “CIC” with the word “and” and to delete the words “and CSL”. 

3.    Conditions of Effectiveness of Initial Amendments. The effectiveness of the amendments set forth in
Section 1 hereof is subject to the following conditions precedent (the date when all such conditions precedent are satisfied, the “Amendment No. 2 Effective Date”): 

(a)    The Administrative Agent shall have received counterparts of this Amendment duly executed by the Borrower, the
Required Lenders, the Issuing Agent, the Fronting Banks and the Administrative Agent. 
 (b)    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 this Amendment and the Sale
Agreement and any other legal matters relating to the Borrower, the Loan Documents or the Sale Agreement, all in form and substance reasonably satisfactory to the Administrative Agent and its counsel. 

(c)    The Administrative Agent shall have received a certificate signed by a Responsible Officer of the Borrower
certifying that, immediately after giving effect (including giving effect on a pro forma basis) to the amendments set forth in Section 1 hereof, (i) no Default or Event of Default has occurred and is continuing as of the Amendment
No. 2 Effective Date and (ii) the representations and warranties of the Borrower set forth in the Credit 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) as of the Amendment No. 2 Effective 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). 

  
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 (d)    The Administrative Agent shall have received payment of the
Administrative Agent’s and its affiliates’ fees and reasonable out-of-pocket expenses (including the reasonable fees, charges and disbursements of counsel for
the Administrative Agent) in connection with this Amendment and the other Loan Documents. 
 4.    Conditions of
Effectiveness of Springing Amendments. The effectiveness of the amendments set forth in Section 2 hereof is subject to the following conditions precedent (the date when all such conditions precedent are satisfied, the “Springing
Amendments Effective Date”): 
 (a)    The Amendment No. 2 Effective Date shall have occurred; and 

(b)    The Administrative Agent shall have received a certificate signed by a Responsible Officer of the Borrower
certifying that Completion (as defined in the Sale Agreement) has occurred. 
 5.    Representations and Warranties
of the Borrower. The Borrower hereby represents and warrants as follows: 
 (a)    This Amendment and the Credit
Agreement as modified hereby constitute legal, valid and binding obligations of the Borrower, enforceable against the Borrower in accordance with their 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. 

(b)    Immediately after giving effect (including giving effect on a pro forma basis) to this Amendment, (i) no
Default or Event of Default has occurred and is continuing as of the date hereof, and (ii) the representations and warranties of the Borrower set forth in the Credit 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) as of the date hereof (or, if any such representation or warranty is expressly stated to have been made as of a specific date, as of such specific
date). 
 6.    Reference to and Effect on the Credit Agreement. 

(a)    Upon the effectiveness hereof, each reference to the Credit Agreement in the Credit Agreement or any other Loan
Document shall mean and be a reference to the Credit Agreement as amended hereby. 
 (b)    Each Loan Document and all
other documents, instruments and agreements executed and/or delivered in connection therewith shall remain in full force and effect and are hereby ratified and confirmed. 

(c)    The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or
remedy of the Administrative Agent or the Lenders, nor constitute a waiver of any provision of the Credit Agreement, the Loan Documents or any other documents, instruments and agreements executed and/or delivered in connection therewith. 

(d)    This Amendment is a Loan Document. 

7.    Governing Law. This Amendment shall be construed in accordance with and governed by the law of the State of
New York. 

  
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 8.    Headings. Section headings in this Amendment are included
herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose. 

9.    Counterparts. This Amendment may be executed by one or more of the parties hereto on any number of separate
counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Signatures delivered by facsimile or PDF shall have the same force and effect as manual signatures delivered in person. 

[Signature Pages Follow] 

  
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 IN WITNESS WHEREOF, this Amendment has been duly executed as of the day and year first above
written. 
  

			
	THE HANOVER INSURANCE GROUP, INC.,
	as the Borrower
		
	By:	 	 /s/ Jeffrey M. Farber

	Name:	 	Jeffrey M. Farber
	Title:	 	Executive Vice President and Chief Financial Officer

  
 Signature Page to
Amendment No. 2 to 
 Credit Agreement dated as of November 12, 2013 

The Hanover Insurance Group, Inc. 

 
			
	JPMORGAN CHASE BANK, N.A., individually as a Lender, as a Fronting Bank, as the Issuing Agent and as the Administrative Agent
		
	By:	 	 /s/ Hector J. Varona

	Name:	 	Hector J. Varona
	Title:	 	Executive Director

  
 Signature Page to
Amendment No. 2 to 
 Credit Agreement dated as of November 12, 2013 

The Hanover Insurance Group, Inc. 

 
			
	 LLOYDS BANK PLC,
 as a
Lender

		
	By:	 	 /s/ Kamala Basdeo

	Name:	 	Kamala Basdeo
	Title:	 	Assistant Manager
		
	By:	 	 /s/ Tina Wong

	Name:	 	Tina Wong
	Title:	 	Assistant Director

  
 Signature Page to
Amendment No. 2 to 
 Credit Agreement dated as of November 12, 2013 

The Hanover Insurance Group, Inc. 

 
			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

as a Lender

		
	By:	 	 /s/ Karen Hanke

	Name:	 	Karen Hanke
	Title:	 	Managing Director

  
 Signature Page to
Amendment No. 2 to 
 Credit Agreement dated as of November 12, 2013 

The Hanover Insurance Group, Inc. 

 
			
	 BRANCH BANKING & TRUST COMPANY,

as a Lender

		
	By:	 	 /s/ Scott Hennessee

	Name:	 	Scott Hennessee
	Title:	 	Senior Vice President

  
 Signature Page to
Amendment No. 2 to 
 Credit Agreement dated as of November 12, 2013 

The Hanover Insurance Group, Inc. 

 
			
	 BARCLAYS BANK PLC,
 as a
Lender

		
	By:	 	 /s/ Evan Moriarty

	Name:	 	Evan Moriarty
	Title:	 	Associate

  
 Signature Page to
Amendment No. 2 to 
 Credit Agreement dated as of November 12, 2013 

The Hanover Insurance Group, Inc. 

 
			
	 GOLDMAN SACHS BANK USA,
 as a
Lender

		
	By:	 	 /s/ Jaime Minieri

	Name:	 	Jaime Minieri
	Title:	 	Authorized Signatory

  
 Signature Page to
Amendment No. 2 to 
 Credit Agreement dated as of November 12, 2013 

The Hanover Insurance Group, Inc. 

 
			
	 MORGAN STANLEY BANK, N.A.,
 as a
Lender

		
	By:	 	 /s/ Cindy Tse

	Name:	 	Cindy Tse
	Title:	 	Managing Director

  
 Signature Page to
Amendment No. 2 to 
 Credit Agreement dated as of November 12, 2013 

The Hanover Insurance Group, Inc.

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