Document:

EX-10.1

 Exhibit 10.1 

AMENDMENT NO. 1 TO CREDIT AGREEMENT 

This Amendment No. 1 to Credit Agreement (this “Amendment”) is entered into as of March 2, 2022 by and among ARGO
GROUP INTERNATIONAL HOLDINGS, LTD, a company organized under the laws of Bermuda, ARGO GROUP US, INC., a Delaware corporation, ARGO INTERNATIONAL HOLDINGS LIMITED, a corporation organized under the laws of the United Kingdom, and ARGO UNDERWRITING
AGENCY LIMITED, a corporation organized under the laws of the United Kingdom (each a “Borrower” and collectively, the “Borrowers”), JPMORGAN CHASE BANK, N. A., individually and as administrative agent (the
“Administrative Agent”), and the other financial institutions signatory hereto. 
 RECITALS 

A. The Borrowers, the Administrative Agent and the Lenders are party to that certain Credit Agreement dated as of November 2, 2018 (as
amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”). Unless otherwise specified herein, capitalized terms used in this Amendment shall have the meanings ascribed to
them by the Credit Agreement. 
 B. Certain loans, commitments and/or other extensions of credit (the “Loans”) under the Credit
Agreement denominated in Sterling and Euros (the “Affected Currencies”) incur or are permitted to incur interest, fees or other amounts based on the London Interbank Offered Rate as administered by the ICE Benchmark Administration
(“LIBOR”) in accordance with the terms of the Credit Agreement. 
 C. With respect to the Affected Currencies and pursuant
to Section 2.14(c) of the Credit Agreement, the Administrative Agent has determined in accordance with the Credit Agreement that LIBOR for the Affected Currencies should be replaced with the applicable benchmark replacement as set forth
in Exhibit A attached hereto (the “Benchmark Replacement”) for all purposes under the Credit Agreement and any Credit Document and such changes shall become effective at and after 5:00 p.m. (New York City time) on the fifth
(5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders (such time, the “Objection Deadline”), so long as the Administrative Agent has not received, by such time, written notice of objection
to such applicable Benchmark Replacement from Lenders comprising Required Lenders. 
 D. To implement the Benchmark Replacement pursuant to
Section 2.14(c) of the Credit Agreement, the Administrative Agent and the Borrower wish to amend the Credit Agreement on, and subject to, the terms and conditions set forth herein. 

Now, therefore, in consideration of the mutual execution hereof and other good and valuable consideration, the parties hereto agree as
follows: 
 1. Amendment to Credit Agreement. The Credit Agreement is hereby amended to delete the stricken text (indicated textually
in the same manner as the following example: stricken text) and to add the double-underlined text (indicated
textually in the same manner as the following example: double-underlined text) as set forth in the pages attached as Exhibit A hereto. 

 2. Representations and Warranties of the Borrowers. Each Borrower represents and
warrants that: 
 (a) the execution, delivery and performance by the Borrowers of this Amendment are within the
Borrowers’ corporate powers and have been duly authorized by all necessary corporate action and, if required, stockholder action and this Amendment has been duly executed and delivered by the Borrowers and constitutes a legal, valid and binding
obligation of each Borrower enforceable against the Borrowers in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general
principles of equity, regardless of whether considered in a proceeding in equity or at law; 
 (b) each of the
representations and warranties contained in the Credit Agreement (treating this Amendment as a Credit Document for purposes thereof) is true and correct in all material respects (except that any representation or warranty which is already qualified
as to materiality or by reference to Material Adverse Effect shall be true and correct in all respects) on and as of the date of hereof, except to the extent such representations and warranties expressly relate to an earlier date (in which case such
representations and warranties shall be true and correct in all material respects (except that any representation or warranty which is already qualified as to materiality or by reference to Material Adverse Effect shall be true and correct in all
respects) as of such earlier date); and 
 (c) immediately before and after giving effect to this Amendment, no Default or
Event of Default has occurred and is continuing. 
 3. Effective Date. This Amendment shall become effective as of the date hereof
(the “Amendment No. 1 Effective Date”) upon which each of the following conditions precedent shall be satisfied or waived by the Lenders: 

(a) the Administrative Agent (or its counsel) shall have received from each Borrower, either (x) a counterpart of this
Amendment signed on behalf of such party or (y) written evidence reasonably satisfactory to the Administrative Agent (which may include delivery of a signed signature page of this Amendment by facsimile or other means of electronic transmission
(e.g., “pdf”)) that such party has signed a counterpart of this Amendment; 
 (b) the Administrative Agent has not
received, by the Objection Deadline, written notice of objection to such applicable Benchmark Replacement or the amendments to the Credit Agreement as provided herein from Lenders comprising Required Lenders; and 

(c) at the time of and immediately after effectiveness of this Amendment, no Default or Event of Default shall have occurred
and be continuing. 
 4. Reference to and Effect Upon the Credit Agreement. 

(a) Except as specifically amended or waived above, the Credit Agreement shall remain in full force and effect and is hereby
ratified and confirmed. 
 (b) 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 any Lender under the Credit Agreement, nor constitute a waiver of any provision of the Credit Agreement, except as specifically set forth herein. Upon the effectiveness of this Amendment,
each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of similar import shall mean and be a reference to the Credit Agreement as amended hereby. 

  
 - 2 - 

 (c) This Amendment shall be deemed a “Credit Document” for all
purposes under the Credit Agreement and the other Credit Documents. 
 5. Costs and Expenses. The Borrower hereby affirms its
obligation under Section 9.03 of the Credit Agreement to reimburse the Administrative Agent for all reasonable out-of-pocket expenses incurred by the Administrative
Agent in connection with the preparation, negotiation, execution and delivery of this Amendment, including but not limited to the reasonable fees, charges and disbursements of attorneys for the Administrative Agent with respect thereto. 

6. Reaffirmation. Each of the Borrowers party hereto as debtor, grantor, pledgor, guarantor, assignor, or in other any other similar
capacity in which such Borrower grants liens or security interests in its property or otherwise acts as accommodation party or guarantor, as the case may be, hereby (i) ratifies and reaffirms all of its payment and performance obligations,
contingent or otherwise, under each of the Credit Documents to which it is a party (after giving effect hereto) and (ii) to the extent such Borrower granted liens on or security interests in any of its property pursuant to any such Credit
Document as security for or otherwise guaranteed the Obligations under or with respect to the Credit Documents, ratifies and reaffirms such guarantee and grant of security interests and Liens and confirms and agrees that such security interests and
Liens hereafter secure all of the Obligations as amended hereby. 
 7. Governing Law; Jury Waiver; Etc. This Amendment shall be
construed in accordance with and governed by the law of the State of New York. Sections 9.09 and 9.10 of the Credit Amendment are hereby incorporated herein by reference, mutatis mutandis. 

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 purposes. 
 9. Counterparts. This Amendment may be executed in any number of counterparts, each of
which when so executed shall be deemed an original but all such counterparts shall constitute one and the same instrument. Delivery of a counterpart signature page by facsimile transmission or by e-mail
transmission of an Adobe portable document format file (also known as a “PDF” file) shall be effective as delivery of a manually executed counterpart signature page. 

[Signature Pages Follow] 

  
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 IN WITNESS WHEREOF, the parties have executed this Amendment as of the date and year first
above written. 
  

			
	BORROWERS:
	
	ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
		
	By	 	 /s/ Scott Kirk

	Name:	 	Scott Kirk
	Title:	 	Chief Financial Officer
	
	ARGO GROUP US, INC.
		
	By	 	 /s/ Kyle Struble

	Name:	 	Kyle Struble
	Title:	 	Chief Financial Officer
	
	ARGO INTERNATIONAL HOLDINGS LIMITED
		
	By	 	 /s/ Darren Argyle

	Name:	 	Darren Argyle
	Title:	 	Director
	
	ARGO UNDERWRITING AGENCY LIMITED
		
	By	 	 /s/ Darren Argyle

	Name:	 	Darren Argyle
	Title:	 	Director

 [Signature Page to Amendment No. 1] 

 JPMORGAN CHASE BANK, N.A., as Administrative Agent 

 

			
	By	 	 /s/ Danielle D. Babine

	Name:	 	Danielle D. Babine
	Title:	 	Executive Director

 [Signature Page to Amendment No. 1] 

 EXHIBIT A 

Amended Credit Agreement 

[See Attached] 

 EXECUTIONFINAL VERSION 
 Exhibit A 

$325,000,000 
 CREDIT AGREEMENT

 dated as of 
 November 2,
2018 
 among 
 ARGO GROUP
INTERNATIONAL HOLDINGS, LTD., 
 ARGO GROUP US, INC., 

ARGO INTERNATIONAL HOLDINGS LIMITED, and 

ARGO UNDERWRITING AGENCY LIMITED, 

as Borrowers, 
 The Lenders Party
Hereto 
 JPMORGAN CHASE BANK, N.A., 

as Administrative Agent, 
 WELLS
FARGO BANK, N.A. 
 and 
 BANK OF
AMERICA, N.A., 
 as Co-Syndication Agents 

and 
 U.S. BANK NATIONAL
ASSOCIATION 
 and 
 HSBC BANK
USA, N.A., 
 as Co-Documentation Agents 

 
  

JPMORGAN CHASE BANK, N.A., 
 WELLS
FARGO SECURITIES, LLC 
 and 

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, 

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
	  	 	3033	 
	 SECTION 1.03.
	  	 Terms Generally
	  	 	3033	 
	 SECTION 1.04.
	  	 Accounting Terms; GAAP
	  	 	3134	 
	 SECTION 1.05.
	  	 Foreign Currency Calculations
	  	 	3134	 
		
	 ARTICLE II The Credits
	  	 	3235	 
			
	 SECTION 2.01.
	  	 Commitments
	  	 	3235	 
	 SECTION 2.02.
	  	 Loans and Borrowings
	  	 	3336	 
	 SECTION 2.03.
	  	 Requests for Borrowings
	  	 	3437	 
	 SECTION 2.04.
	  	 [Intentionally Omitted]
	  	 	3538	 
	 SECTION 2.05.
	  	 [Intentionally Omitted]
	  	 	3538	 
	 SECTION 2.06.
	  	 Letters of Credit
	  	 	3538	 
	 SECTION 2.07.
	  	 Funding of Borrowings
	  	 	4547	 
	 SECTION 2.08.
	  	 Interest Elections
	  	 	4548	 
	 SECTION 2.09.
	  	 Termination and Reduction and Increase of Commitments
	  	 	4750	 
	 SECTION 2.10.
	  	 Repayment of Loans; Evidence of Debt
	  	 	4851	 
	 SECTION 2.11.
	  	 Prepayment of Loans
	  	 	4952	 
	 SECTION 2.12.
	  	 Fees
	  	 	5053	 
	 SECTION 2.13.
	  	 Interest
	  	 	5154	 
	 SECTION 2.14.
	  	 Alternate Rate of Interest
	  	 	5255	 
	 SECTION 2.15.
	  	 Increased Costs
	  	 	5458	 
	 SECTION 2.16.
	  	 Break Funding Payments
	  	 	5559	 
	 SECTION 2.17.
	  	 Taxes
	  	 	5660	 
	 SECTION 2.18.
	  	 Payments Generally; Pro Rata Treatment; Sharing of
Set-offs
	  	 	6165	 
	 SECTION 2.19.
	  	 Mitigation Obligations; Replacement of Lenders
	  	 	6367	 
	 SECTION 2.20.
	  	 Joint and Several Liability of the Borrowers
	  	 	6468	 
	 SECTION 2.21.
	  	 Defaulting Lenders
	  	 	6670	 
	 SECTION 2.22.
	  	 Extension of Revolving Maturity Date
	  	 	6771	 
		
	 ARTICLE III Representations and Warranties
	  	 	6973	 
			
	 SECTION 3.01.
	  	 Organization; Powers
	  	 	6973	 
	 SECTION 3.02.
	  	 Authorization; Enforceability
	  	 	7073	 
	 SECTION 3.03.
	  	 Governmental Approvals; No Conflicts
	  	 	7073	 
	 SECTION 3.04.
	  	 Financial Condition; No Material Adverse Change
	  	 	7074	 
	 SECTION 3.05.
	  	 Properties
	  	 	7074	 
	 SECTION 3.06.
	  	 Litigation
	  	 	7074	 
	 SECTION 3.07.
	  	 Compliance with Laws and Agreements
	  	 	7174	 
	 SECTION 3.08.
	  	 Investment Company Status
	  	 	7175	 

  
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	 SECTION 3.09.
	  	 Taxes
	  	 	7175	 
	 SECTION 3.10.
	  	 ERISA
	  	 	7175	 
	 SECTION 3.11.
	  	 Insurance Licenses
	  	 	7175	 
	 SECTION 3.12.
	  	 Subsidiaries
	  	 	7175	 
	 SECTION 3.13.
	  	 Material Agreements
	  	 	7276	 
	 SECTION 3.14.
	  	 Disclosure
	  	 	7276	 
	 SECTION 3.15.
	  	 Solvency
	  	 	7276	 
	 SECTION 3.16.
	  	 Foreign Pension Plan
	  	 	7276	 
	 SECTION 3.17.
	  	 Anti-Corruption Laws and Sanctions
	  	 	7377	 
	 SECTION 3.18.
	  	 EEA Financial Institutions
	  	 	7377	 
	 SECTION 3.19.
	  	 Plan Assets
	  	 	7377	 
		
	 ARTICLE IV Conditions
	  	 	7377	 
			
	 SECTION 4.01.
	  	 Effective Date
	  	 	7377	 
	 SECTION 4.02.
	  	 Each Credit Event
	  	 	7579	 
		
	 ARTICLE V Affirmative Covenants
	  	 	7679	 
			
	 SECTION 5.01.
	  	 Financial Statements; Ratings Change and Other Information
	  	 	7680	 
	 SECTION 5.02.
	  	 Notices of Material Events
	  	 	7882	 
	 SECTION 5.03.
	  	 Existence; Conduct of Business
	  	 	7983	 
	 SECTION 5.04.
	  	 Payment of Obligations
	  	 	7983	 
	 SECTION 5.05.
	  	 Maintenance of Properties; Insurance
	  	 	7983	 
	 SECTION 5.06.
	  	 Books and Records; Inspection Rights
	  	 	8083	 
	 SECTION 5.07.
	  	 Compliance with Laws
	  	 	8084	 
	 SECTION 5.08.
	  	 Use of Proceeds and Letters of Credit
	  	 	8084	 
		
	 ARTICLE VI Negative Covenants
	  	 	8084	 
			
	 SECTION 6.01.
	  	 Indebtedness
	  	 	8184	 
	 SECTION 6.02.
	  	 Liens
	  	 	8286	 
	 SECTION 6.03.
	  	 Fundamental Changes
	  	 	8286	 
	 SECTION 6.04.
	  	 Investments and Acquisitions
	  	 	8387	 
	 SECTION 6.05.
	  	 Swap Agreements
	  	 	8488	 
	 SECTION 6.06.
	  	 Restricted Payments
	  	 	8488	 
	 SECTION 6.07.
	  	 Transactions with Affiliates
	  	 	8588	 
	 SECTION 6.08.
	  	 Restrictive Agreements
	  	 	8589	 
	 SECTION 6.09.
	  	 Maximum Leverage Ratio
	  	 	8589	 
	 SECTION 6.10.
	  	 Tangible Net Worth
	  	 	8589	 
	 SECTION 6.11.
	  	 Sale and Leaseback Transactions
	  	 	8689	 
	 SECTION 6.12.
	  	 Rating
	  	 	8690	 

  
 -ii- 

							
	 ARTICLE VII Events of Default
	  	 	8690	 
		
	 ARTICLE VIII The Administrative Agent
	  	 	8892	 
		
	 ARTICLE IX Miscellaneous
	  	 	9195	 
			
	 SECTION 9.01.
	  	 Notices
	  	 	9195	 
	 SECTION 9.02.
	  	 Waivers; Amendments
	  	 	9397	 
	 SECTION 9.03.
	  	 Expenses; Indemnity; Damage Waiver
	  	 	9498	 
	 SECTION 9.04.
	  	 Successors and Assigns
	  	 	96100	 
	 SECTION 9.05.
	  	 Survival
	  	 	100104	 
	 SECTION 9.06.
	  	 Counterparts; Integration; Effectiveness
	  	 	100104	 
	 SECTION 9.07.
	  	 Severability
	  	 	101104	 
	 SECTION 9.08.
	  	 Right of Setoff
	  	 	101105	 
	 SECTION 9.09.
	  	 Governing Law; Jurisdiction; Consent to Service of Process
	  	 	101105	 
	 SECTION 9.10.
	  	WAIVER OF JURY TRIAL	  	 	102106	 
	 SECTION 9.11.
	  	 Headings
	  	 	102106	 
	 SECTION 9.12.
	  	 Confidentiality
	  	 	102106	 
	 SECTION 9.13.
	  	 Interest Rate Limitation
	  	 	103107	 
	 SECTION 9.14.
	  	USA PATRIOT Act	  	 	104107	 
	 SECTION 9.15.
	  	 Conversion of Currencies
	  	 	104107	 
	 SECTION 9.16.
	  	 Appointment and Authorization of Borrower Representative
	  	 	104108	 
	 SECTION 9.17.
	  	 No Fiduciary Duty
	  	 	105109	 
	 SECTION 9.18.
	  	 Termination of Existing Agreement
	  	 	106109	 
	 SECTION 9.19.
	  	 Acknowledgment and Consent to Bail-In of EEA Financial
Institutions
	  	 	106110	 
	 SECTION 9.20.
	  	 Certain ERISA Matters
	  	 	110	 

  
 -iii- 

 SCHEDULES: 
  

					
	Schedule 1.01	 	—	  	Existing Letters of Credit
	Schedule 1.02	 	—	  	Pricing Schedule
	Schedule 1.03	 	—	  	Advance Rates
	Schedule 1.04	 	—	  	Trust Preferred Securities
	Schedule 2.01	 	—	  	Commitments
	Schedule 3.11	 	—	  	Licenses
	Schedule 3.12	 	—	  	Subsidiaries
	Schedule 6.01	 	—	  	Existing Indebtedness
	Schedule 6.02	 	—	  	Existing Liens
	Schedule 6.08	 	—	  	Existing Restrictions

 EXHIBITS: 
  

					
	Exhibit A	  	—  	  	Form of Assignment and Assumption
	Exhibit B-1	  	—	  	U.S. Tax Compliance Certificate (For Non-U.S. Lenders that are not Partnerships for U.S. Federal; Income Tax Purposes)
	Exhibit B-2	  	—	  	U.S. Tax Compliance Certificate (For Non-U.S. Participants that are Partnerships for U.S. Federal; Income Tax Purposes)
	Exhibit B-3	  	—	  	U.S. Tax Compliance Certificate (For Non-U.S. Participants that are not Partnerships for U.S. Federal; Income Tax Purposes)
	Exhibit B-4	  	—	  	U.S. Tax Compliance Certificate (For Non-U.S. Lenders that are Partnerships for U.S. Federal; Income Tax Purposes)
	Exhibit C	  	—  	  	Form of Several Letter of Credit

  
 -iv- 

 CREDIT AGREEMENT dated as of November 2, 2018, among ARGO GROUP INTERNATIONAL HOLDINGS,
LTD, a company organized under the laws of Bermuda, ARGO GROUP US, INC., a Delaware corporation, ARGO INTERNATIONAL HOLDINGS LIMITED, a corporation organized under the laws of the United Kingdom, and ARGO UNDERWRITING AGENCY LIMITED, a corporation
organized under the laws of the United Kingdom, as Borrowers, the LENDERS party hereto from time to time, and JPMORGAN CHASE BANK, N.A., as Administrative Agent. 

WHEREAS, the Borrowers have requested that the Lenders provide a revolving credit facility and a term credit facility, and the Lenders are
willing to do so on the terms and conditions set forth herein; 
 NOW THEREFORE, in consideration of the mutual covenants and agreements
herein contained, 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 whether such Loan, or the Loans comprising such Borrowing, bear interest at a rate determined by reference to the Alternate Base Rate. 

“Acquired Entity or Business” means either (a) the assets constituting a business, division, facility, product line or
line of business of any Person not already a Subsidiary or (b) all of the Equity Interests of any such Person, which Person shall, as a result of such acquisition or merger, become a Wholly-Owned Subsidiary of the Parent (or shall be merged
with and into the Parent or a Wholly-Owned Subsidiary, with the Parent or such Wholly-Owned Subsidiary being the surviving Person). 

“Acquisition” means any transaction, or any series of related transactions, by which any Borrower and/or any of their
respective 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. 
 “Act” has the meaning assigned to it in
Section 9.14. 
 “Additional Revolving Commitment Lender” has the meaning assigned to it in Section 2.22(d). 

  
 -1- 

“Adjusted Daily
 Simple RFR” means, with respect to any RFR Borrowing denominated in Sterling, an interest rate per annum equal to (a) the Daily Simple RFR for Sterling, plus (b) 0.0326%; provided that if the Adjusted Daily Simple RFR Rate as so
determined would be less than the Floor, such rate shall be deemed to be equal to the Floor for the purposes of this Agreement. 

“Adjusted
 EURIBOR Rate” means, with respect to any Term Benchmark Borrowing denominated in Euros for any Interest Period, an interest rate per annum equal to (a) the EURIBOR Rate for such Interest Period multiplied by (b) the Statutory Reserve
Rate; provided that if the Adjusted EURIBOR Rate as so determined would be less than the Floor, such rate shall be deemed to be equal to the Floor for the purposes of this Agreement. 

“Adjusted Eurocurrency Rate” means, with respect to any EurocurrencyTerm
Benchmark Borrowing in Dollars for any Interest Period, an interest rate per annum (rounded upwards, if necessary, to the next 1/100 of 1%) equal to (a) the LIBO Rate for such Interest Period
multiplied by (b) the Statutory Reserve Rate. For all other Eurocurrency Borrowings, “Adjusted Eurocurrency Rate” means the Eurocurrency
Rate. 
 “Administrative Agent” means JPMCB, together with
its permitted successors and assigns, in its capacity as administrative agent for the Lenders hereunder. 
 “Administrative
Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent. 
 “Advance”
means any Loan or any Letter of Credit. 
 “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. 

“Agreed
Currencies” means Dollars and each Foreign Currency. 

“Agreement” means this Credit Agreement, as amended, restated, modified or supplemented from time to time. 

“Agreement Currency” shall have the meaning assigned to such term in Section 9.15(b). 

“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 NYFRB Rate in effect on such day plus 1⁄2 of 1% and (c) the Adjusted Eurocurrency 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 purpose of this definition, the Adjusted Eurocurrency Rate for any day shall be based on the LIBO Screen Rate (or if the LIBO Screen Rate is not
available for such one month Interest Period, the Interpolated Rate) 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 NYFRB Rate or the Adjusted Eurocurrency Rate shall
be effective from and including the effective date of such change in the Prime Rate, the NYFRB Rate or the Adjusted Eurocurrency Rate, respectively. If 

  
 -2- 

 
the Alternate Base Rate is being used as an alternate rate of interest pursuant to Section 2.14, then the Alternate Base Rate shall be the greater of clauses (a) and (b) above and shall
be determined without reference to clause (c) above. For the avoidance of doubt, if the Alternate Base Rate as determined pursuant to the foregoing would be less than 1.00%, such rate shall be deemed to be 1.00% for purposes of this Agreement.

 “Annual Statement” means the annual statutory financial statement of any Insurance Subsidiary required to be filed with
the insurance commissioner (or similar authority) of its jurisdiction of incorporation, which statement shall be in the form required by such Insurance Subsidiary’s jurisdiction of incorporation or, if no specific form is so required, in the
form of financial statements recommended by the NAIC to be used for filing annual statutory financial statements and shall contain the type of information recommended by the NAIC to be disclosed therein, together with all exhibits or schedules filed
therewith, or, in the case of an Insurance Subsidiary not domiciled in the United States, any comparable statement. 

“Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction applicable to the Borrowers or any of their
respective Subsidiaries from time to time concerning or relating to bribery or corruption. 
 “Applicable Creditor” has the
meaning assigned to such term in Section 9.15(b). 
 “Applicable Lending Installation” is defined in
Section 2.02(e). 
 “Applicable Percentage” means, (a) in respect of the Revolving Credit Facility, with respect
to any Lender, the percentage of the total Revolving Commitments represented by such Lender’s Revolving Commitment and (b) in respect of the Term Loan Facility, with respect to any Lender at any time, the percentage of the Term Loan
Facility represented by the outstanding amount of such Lender’s Term Loans at such time; provided that in the case of Section 2.21 when a Defaulting Lender shall exist, “Applicable Percentage” shall mean the percentage of
the total Commitments (disregarding any Defaulting Lender’s Commitments and Loans) represented by such Lender’s Commitment. If the Revolving Commitments have terminated or expired, the Applicable Percentages pursuant to clause
(a) shall be determined based upon the Revolving 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 ABR Loan, Term Benchmark Loan or EurocurrencyRFR Loan or with respect to the facility fees payable hereunder, the applicable rate per annum set forth on Schedule 1.02 under the caption “EurocurrencyTerm
Benchmark Spread for Revolving Loans”, “RFR
Spread for Revolving Loans”, “Alternate Base Rate Spread for Revolving Loans”,
“EurocurrencyTerm
 Benchmark Spread for Term Loans”, “RFR Spread
for Term Loans”, “Alternate Base Rate Spread for Term Loans” or “Commitment Fee Rate”. 

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

“Argo US” means Argo Group US, Inc., a Delaware corporation. 

  
 -3- 

 “Argo Investment Policy” means the investment policy of the Parent and its
Subsidiaries as approved by the board of directors of the Parent from time to time. 
 “Arranger” means JPMorgan Chase
Bank, N.A., Wells Fargo Bank Securities, LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated (or any other registered broker-dealer wholly-owned by Bank of America Corporation to which all or substantially all of Bank of America
Corporation’s or any of its subsidiaries’ investment banking, commercial lending services or related businesses may be transferred following the date of this Agreement), each in its respective capacity as a joint bookrunner and joint lead
arranger hereunder. 
 “Asset Disposition” means any sale, transfer or other disposition (excluding any loss portfolio
transfer or any surplus relief transaction (within the meanings prescribed by SAP) through assumption, reinsurance, cancellation and rewriting of insurance business or otherwise) of any asset of a Borrower or any Subsidiary in a single transaction
or in a series of related transactions (and whether effected pursuant to a Division or otherwise) (other than the sale of inventory or products in the ordinary course of business, the sale of obsolete or worn out property in the ordinary course of
business or the sale of cash, cash equivalents and other investments made in accordance with Section 6.04(a) in the ordinary course of business). 

“Assignment and Assumption” means an assignment and assumption 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 (including electronic records generated by the use of an electronic platform) approved by the
Administrative Agent. 
 “Australian Dollars” means the lawful currency of Australia. 

“Availability Period” means the period from and including the Effective Date to but excluding the earlier of the Revolving
Maturity Date and the date of termination of the Revolving Commitments. 
 “Bail-In
Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution. 

“Bail-In Legislation” means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament
and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule. 

“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 

  
 -4- 

 
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. 
 “Beneficial Ownership Certification” means a certification
regarding beneficial ownership or control as required by the Beneficial Ownership Regulation. 
 “Beneficial Ownership
Regulation” means 31 C.F.R. § 1010.230. 
 “Benefit Plan” means any of (a) an “employee benefit
plan” (as defined in Section 3(3) of ERISA) that is subject to Title I of ERISA, (b) a “plan” as defined in Section 4975 of the Code to which Section 4975 of the Code applies, and (c) any Person whose assets
include (for purposes of the Plan Asset Regulations or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”. 

“Board” means the Board of Governors of the Federal Reserve System of the United States of America. 

“Borrower Representative” shall mean Argo US in its capacity as borrowing agent and Loan administrator for the Borrowers
hereunder and under each of the other Credit Documents. 
 “Borrowers” means, individually and collectively, the Parent,
Argo US, Argo International Holdings Limited, a private limited liability company organized under the laws of England and Wales and registered under company number: 06543704, and Argo Underwriting Agency Limited, a private limited liability company
organized under the laws of England and Wales and registered under company number: 03741768. 
 “Borrowing” means
(a) Revolving Loans of the same Type, made, converted or continued on the same date and, in the case of EurocurrencyTerm Benchmark Loans, as to which a single Interest Period is in effect
or (b) Term Loans of the same Type, made, converted or continued on the same date and, in the case of EurocurrencyTerm Benchmark Loans, as to which a single Interest period is in effect.

 “Borrowing Request” means a request by the Borrower Representative for a Borrowing in accordance with
Section 2.03. 
 “Business Day”
means, any day that is not(other
than a
Saturday, or
a Sunday or other day) on which commercial
banks are open for business in New York City are authorized or required by law to remain closed; and when used in connection with a Eurocurrency Loan,
the term “Business Day” shall also excludeor Chicago; provided that, (a) in relation to
Loans denominated in Sterling, any day (other than a
Saturday or a Sunday) on which banks are not open
for general business in London;, (b) in relation to Loans
denominated in Euros and, if in relation to the Borrowing or LC Disbursements which are the subject of a borrowing, drawing,

  
 -5- 

 
payment, reimbursement or rate selection are denominated in Euro, the term “Business Day” shall also
excludecalculation or computation of EURIBOR, any
day on which
theis
a TARGET2 payment system is not open for the settlement of payments in Euro) Day and (c) in relation to RFR Loans and any interest rate settings, fundings, disbursements, settlements or payments
of any such RFR Loan, or any other dealings in the applicable Foreign Currency of such RFR Loan, any such day that is only an RFR Business Day. 

“Capital Lease Obligations” of any Person means the obligations of such Person to pay rent or other amounts under any lease
of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP, and the
amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP; provided, that the taking effect of any accounting standards or changes in GAAP after the Closing Date will not cause any lease obligation
that was not or would not have been a Capital Lease Obligation prior to the taking effect of such accounting standards or changes in GAAP to be deemed a Capital Lease Obligation. 

“CBR
Loan” means a Loan that bears interest at a rate determined by reference to the Central Bank Rate. 

“CBR
Spread” means the Applicable Rate, applicable to such Loan that is replaced by a CBR Loan. 

“Central Bank
 Rate” means, (A) the greater of (i) for any Loan denominated in (a) Sterling, the Bank of England’s (or any successor thereto) “Bank Rate” as published by the Bank of England (or any successor thereto) from time
to time, (b) Euro, one of the following three rates as may be selected by the Administrative Agent in its reasonable discretion: (1) the fixed rate for the main refinancing operations of the European Central Bank (or any successor
thereto), or, if that rate is not published, the minimum bid rate for the main refinancing operations of the European Central Bank (or any successor thereto), each as published by the European Central Bank (or any successor thereto) from time to
time, (2) the rate for the marginal lending facility of the European Central Bank (or any successor thereto), as published by the European Central Bank (or any successor thereto) from time to time or (3) the rate for the deposit facility
of the central banking system of the Participating Member States, as published by the European Central Bank (or any successor thereto) from time to time, and (c) any other Foreign Currency determined after the Amendment No. 1 Effective
Date, a central bank rate as determined by the Administrative Agent in its reasonable discretion and (ii) the Floor; plus (B) the applicable Central Bank Rate Adjustment.

“Central Bank
 Rate Adjustment” means, for any day, for any Loan denominated in (a) Euro, a rate equal to the difference (which may be a positive or negative value or zero) of (i) the average of the Adjusted EURIBOR Rate for the five most recent
Business Days preceding such day for which the EURIBOR Screen Rate was available (excluding, from such averaging, the highest and the lowest Adjusted EURIBOR Rate applicable during such period of five Business Days) minus (ii) the
Central Bank Rate in respect of Euro in effect on the last Business Day in such period, (b) Sterling, a rate equal to the difference (which may be a positive or negative value or zero) of (i) the average of Adjusted Daily Simple RFR for
Sterling Borrowings 

  
 -6- 

 
for the five most recent RFR Business Days preceding such day for
which SONIA was available (excluding, from such averaging, the highest and the lowest such Adjusted Daily Simple RFR applicable during such period of five RFR Business Days) minus (ii) the Central Bank Rate in respect of Sterling in
effect on the last RFR Business Day in such period, and (c) any other Foreign Currency determined after the Amendment No. 1 Effective Date, a Central Bank Rate Adjustment as determined by the Administrative Agent in its reasonable
discretion. For purposes of this definition, (x) the term Central Bank Rate shall be determined disregarding clause (B) of the definition of such term and (y) the EURIBOR Rate on any day shall be based on the EURIBOR Screen Rate on
such day at approximately the time referred to in the definition of such term for deposits in the applicable Foreign Currency for a maturity of one month. 

“Change in Control” means (a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any
Person or group (within the meaning of the Securities Exchange Act of 1934 and the rules of the SEC thereunder as in effect on the date hereof), of Equity Interests representing more than 35% of the aggregate ordinary voting power represented by the
issued and outstanding Equity Interests of the Parent; (b) occupation of a majority of the seats (other than vacant seats) on the board of directors of the Parent by Persons who were neither (i) nominated by the board of directors of the
Parent nor (ii) appointed by directors so nominated; (c) the acquisition of direct or indirect Control of the Parent by any Person or group; (d) except as otherwise expressly permitted under the terms of this Agreement (including a
disposition permitted under Section 6.03(b)), the Parent shall cease to own and control, directly or indirectly, free and clear of all Liens (other than Permitted Encumbrances) all of the economic and voting rights associated with all of the
outstanding Equity Interests of each of its Insurance Subsidiaries or shall cease to have the power, directly or indirectly, to elect all of the members of the board of directors of each of its Insurance Subsidiaries; (e) except as otherwise
expressly permitted under the terms of this Agreement (including a disposition permitted under Section 6.03(b)), Argo US shall cease to own and control, directly or indirectly, free and clear of all Liens (other than Permitted Encumbrances) all
of the economic and voting rights associated with all of the outstanding Equity Interests of each of its Insurance Subsidiaries or shall cease to have the power, directly or indirectly, to elect all of the members of the board of directors of each
of its Insurance Subsidiaries or (f) except as otherwise expressly permitted under the terms of this Agreement, the Parent shall cease to own and control, directly or indirectly, free and clear of all Liens and other encumbrances all of the
economic and voting rights associated with all of the outstanding Equity Interests of any of the other Borrowers or shall cease to have the power, directly or indirectly, to elect all of the members of the board of directors of any of the other
Borrowers. 
 “Change in Law” means the occurrence after the date of this Agreement or, with respect to any Lender, such
later date on which such Lender becomes a party to this Agreement, (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) compliance by any Lender or any LC Issuer (or, for purposes of Section 2.15(b), by any lending office of such Lender or by such Lender’s or such LC
Issuer’s holding company, if any) with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the date of this Agreement; provided that, notwithstanding anything herein to
the contrary, (x) the Dodd-Frank 

  
 -7- 

 
Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements and directives thereunder or issued in connection therewith or in the implementation thereof and
(y) all requests, rules, guidelines or 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; provided that, notwithstanding anything in this definition to the contrary,
the enactment of the changes to the UK bank levy contained in the draft Finance Bill 2014 provisions as published on December 10, 2013 shall be deemed not to be a “Change in Law” regardless of the date of their enactment or entry into
effect. 
 “Change of Tax Law” means any change in (or in the interpretation, administration or application of) any law
relating to Taxes or any Treaty, or in any published practice or published concession of any relevant Governmental Authority. 

“Charges” has the meaning set forth in Section 9.13. 

“Class” when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing,
are Revolving Loans or Term Loans. 
 “Co-Documentation Agent” means U.S. Bank
National Association and HSBC Bank USA, N.A., each in its respective capacity as a co-documentation agent hereunder. 

“Co-Syndication Agent” means Wells Fargo Bank Securities, LLC and Bank of America,
N.A., each in its respective capacity as a co-syndication agent hereunder. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time. 

“Collateral” means all property with respect to which any security interest has been granted (or purported to be granted)
pursuant to any Security Document. 
 “Collateral Account” means a depositary account or securities custody account
constituting Collateral and with respect to which a Control Agreement has been entered into and is in effect. 
 “Collateral
Agent” means U.S. Bank National Association or such other institution or institutions, including JPMCB, as the Administrative Agent may from time to time select. 

“Commitment” means either a Revolving Commitment or a Term Commitment. 

“Communications” has the meaning assigned to it 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. 

  
 -8- 

 “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. “Controlling” and “Controlled” have meanings correlative thereto. 

“Control Agreement” means one or more agreements, in form and substance reasonably satisfactory to the Administrative Agent,
among a Borrower, a securities intermediary or depository institution (which may be JPMCB or an Affiliate thereof) holding Collateral, and the Administrative Agent with respect to collection and control of all financial assets or deposits held in
the applicable securities custody or depository account maintained by such Borrower with such institution in the United States of America. 

“Credit Documents” means this Agreement, any Security Document, after the execution and delivery thereof pursuant to the
terms of this Agreement, each promissory note delivered pursuant to Section 2.10(e), each other document or agreement executed and delivered from time to time by any of the Borrowers in connection with or pursuant to the terms of this Agreement
or any other Credit Document, each amendment or waiver hereof or thereof, and each other document related to the Credit Documents which is from time to time designated as a Credit Document by any Borrower and the Administrative Agent. 

“Daily
Simple RFR” means, for any day (an “RFR Interest Day”), an interest rate per annum equal to, for any RFR Loan denominated in Sterling, SONIA for the day that is 5 RFR Business Days prior to (A) if such RFR Interest Day is an RFR
Business Day, such RFR Interest Day or (B) if such RFR Interest Day is not an RFR Business Day, the RFR Business Day immediately preceding such RFR Interest Day. 

“DBRS” means DBRS Limited or any successor. 

“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 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 Lender 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 any Borrower or any Lender 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 Business Days after request by the
Administrative Agent, the Issuing Agent or a Fronting Bank, acting in good faith, to provide a certification in writing from an authorized officer of such Lender that it will comply with its 

  
 -9- 

 
obligations (and is financially able to meet such obligations as of the date of certification) to fund prospective Loans and participations in then outstanding Letters of Credit under this
Agreement, provided that such Lender Party shall cease to be a Defaulting Lender pursuant to this clause (c) upon such Lender’s receipt of such certification in form and substance satisfactory to it and the Administrative Agent, or
(d) has become the subject of (A) a Bankruptcy Event or (B) a Bail-In Action. 

“Designated Person” means a person or entity. 

“Dividing Person” has the meaning assigned to it in the definition of “Division”. 

“Division” means the division of the assets, liabilities and/or obligations of a Person (the “Dividing
Person”) among two or more Persons (whether pursuant to a “plan of division” or similar arrangement), which may or may not include the Dividing Person and pursuant to which the Dividing Person may or may not survive. 

“Division Successor” means any Person that, upon the consummation of a Division of any assets, liabilities and/or obligations
of a Dividing Person, holds all or any portion of the assets, liabilities and/or obligations previously held by such Dividing Person immediately prior to the consummation of such Division. A Dividing Person which retains any of its assets,
liabilities and/or obligations after a Division shall be deemed a Division Successor upon the occurrence of such Division. 

“Dollar Equivalent” means, on any date of determination (a) with respect to any amount in Dollars, such amount, and
(b) with respect to any amount in any Foreign Currency, the equivalent in Dollars of such amount, determined by the Administrative Agent pursuant to Section 1.05 using the Exchange Rate with respect to such Foreign Currency at the time in
effect under the provisions of such Section. 
 “Dollars” or “$” refers to lawful money of the United
States of America. 
 “EEA Financial Institution” means (a) any institution established in any EEA Member Country
which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any institution established
in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent. 

“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway. 

“EEA Resolution Authority” means any public administrative authority or any Person entrusted with public administrative
authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“Effective Date” means the date on which the conditions specified in Section 4.01 are satisfied (or waived in accordance
with Section 9.02). 

  
 -10- 

 “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®, Debt Domain, Syndtrak 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. 
 “Eligible Collateral” means Collateral consisting of cash and other obligations and investments fitting within a
category specified on Schedule 1.03, subject to the term and maturity criteria set forth therein; provided that no Eligible Collateral shall consist of obligations or investments issued by any “affiliate” (within the meaning of
Section 23A of the Federal Reserve Act, as amended) of, or an “affiliated person” (as defined in Section 2(a)(3) of the Investment Company Act) of, any Lender. 

“Environmental Laws” means all applicable 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. 
 “Environmental Liability” means any liability, contingent or otherwise (including any liability
for damages, costs of environmental remediation, fines, penalties or indemnities), of the Parent or any Subsidiary directly or indirectly resulting from or based upon (a) violation of any Environmental Law, (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; provided that the definition of “Environmental Liability” shall not include any liability arising out
of any insurance policy issued by the Parent, the Borrowers or any Subsidiary thereof. 
 “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 (in each case, whether voting or
non-voting or common or preferred), and in each case, any warrants, options or other rights entitling the holder thereof to purchase or acquire any such equity interest. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time. 

“ERISA Affiliate” means any trade or business (whether or not incorporated) that, together with any 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. 

  
 -11- 

 “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) the existence with respect to any Plan of an “accumulated funding deficiency”
(as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived; (c) the filing pursuant to Section 412(d) of the Code or Section 303(d) of ERISA of an application for a waiver of the minimum funding
standard with respect to any Plan; (d) the incurrence by any Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by any Borrower or any ERISA
Affiliate 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; (f) the incurrence by any 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 (g) the receipt by any Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from any Borrower or any ERISA
Affiliate 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. 

“EU Bail-In Legislation Schedule” means the EU
Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in effect from time to time. 

“EURIBOR Rate”
 means, with respect to any Term Benchmark Borrowing denominated in Euros and for any Interest Period, the EURIBOR Screen Rate, two TARGET Days prior to the commencement of such Interest Period.

“EURIBOR Screen
 Rate” means the euro interbank offered rate administered by the European Money Markets Institute (or any other person which takes over the administration of that rate) for the relevant period displayed (before any correction, recalculation or
republication by the administrator) on page EURIBOR01 of the Thomson Reuters screen (or any replacement Thomson 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 Thomson Reuters as published at approximately 11:00 a.m. Brussels time two TARGET Days prior to the commencement of such Interest Period. If such page or service ceases to be available, the Administrative Agent may specify
another page or service displaying the relevant rate after consultation with the Borrower. 

“Euro” or “€” means the single currency unit of the Participating Member States. 

“Eurocurrency”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such
Borrowing, are bearing interest at a rate determined by reference to the Adjusted Eurocurrency Rate. 
 “Event of Default”
has the meaning assigned to such term in Article VII. 
 “Exchange Rate” means on any day, for purposes of determining the
Dollar Equivalent of any currency other than Dollars, the rate at which such currency may be exchanged into Dollars at 11:00 a.m. Local Time on such day on the Reuters Currency pages, if 

  
 -12- 

 
available, for such currency. In the event that such rate does not appear on any Reuters Currency pages, the Exchange Rate shall be determined by reference to such other publicly available
service for displaying exchange rates as may be agreed upon by the Administrative Agent and the Borrowers, or, in the absence of such an agreement, such Exchange Rate shall instead be the arithmetic average of the spot rates of exchange of the
Administrative Agent in the market where its foreign currency exchange operations in respect of such currency are then being conducted, at or about such time as the Administrative Agent shall elect after determining that such rates shall be the
basis for determining the Exchange Rate, on such date for the purchase of Dollars for delivery two Business Days later; provided that if at the time of any such determination, for any reason, no such spot rate is being quoted, the
Administrative Agent may use any reasonable method it deems appropriate to determine such rate, and such determination shall be conclusive absent manifest error. 

“Exchange Rate Date” means, if on such date any outstanding Loan or Letter of Credit is (or any Loan or Letter of Credit that
has been requested at such time would be) denominated in a currency other than Dollars, each of: 
 (a) the last Business Day of each
calendar month, 
 (b) if an Event of Default has occurred and is continuing, any Business Day designated as an Exchange Rate Date by the
Administrative Agent in its sole discretion, and 
 (c) each date (with such date to be reasonably determined by the Administrative Agent)
that is on or about the date of (i) a Borrowing Request or an Interest Election Request with respect to any Revolving Borrowing or (ii) each request for the issuance, amendment, renewal or extension of any Letter of Credit. 

“Existing Agreement” shall have the meaning assigned to such term in Section 9.18. 

“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 Parent 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, 

  
 -13- 

 (c) Taxes attributable to such Recipient’s failure to comply with Section 2.17(f)
or (g), 
 (d) any U.S. Federal withholding Taxes imposed under FATCA, and 

(e) in the case of a Lender, United Kingdom income tax deductible at source from interest payable to or for the account of such Lender with
respect to an applicable participation in a Loan: 
 (i) if, on the date on which the payment of interest falls due, the
payment could have been made to the relevant Lender without a deduction on account of United Kingdom income tax 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 a Change of Tax Law occurring after the date it became a Lender; or 
 (ii) the relevant Lender is a Qualifying
Lender solely by virtue of paragraph (b)(ii) of the definition of Qualifying Lender and (A) an officer of H.M. Revenue & Customs has given (and not revoked) a direction under section 931 of the Income Tax Act 2007 which relates to the
payment and the payment could have been made to the Lender without deduction or withholding for any Taxes if that direction had not been made or (B) the relevant Lender has not given a Tax Confirmation and the payment could have been made to
the Lender without deduction or withholding for any Taxes if the Lender had given a Tax Confirmation, on the basis that the Tax Confirmation would have enabled the UK Borrower to have formed a reasonable belief that the payment was an “excepted
payment” for the purposes of section 930 of the Income Tax Act 2007; or 
 (iii) the relevant Lender is a Treaty Lender
and the UK Borrower making the payment is able to demonstrate that the payment could have been made to the Lender without deduction or withholding for any Taxes had that Lender complied with its relevant obligations under Section 2.17(g)(ii) or
2.17(g)(iii) (as applicable); or 
 (iv) if such Lender acquired such participation in the Loan or Commitment by way of an
Assignment and Assumption (other than pursuant to an assignment request by the Parent under Section 2.19(b)), except to the extent that, pursuant to Section 2.17, amounts with respect to such Taxes were payable to such Lender’s
assignor immediately before such Lender acquired the applicable participation in the Loan or Commitment. 
 “Existing Letter of
Credit” means the letters of credit identified on Schedule 1.01. 
 “Existing Termination Date” has the meaning
assigned to it in Section 2.22(a). 
 “Extending Lender” has the meaning assigned to it in Section 2.22(b). 

“Extension Date” has the meaning assigned to it in Section 2.22(a). 

“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 

  
 -14- 

 
materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreement entered into pursuant to Section 1471(b)(1) of the Code and
any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities entered into in connection with the implementation of the foregoing. 

“Federal Funds Effective Rate” means, for any day, the rate calculated by the NYFRB based on such day’s federal funds
transactions by depositary institutions, as determined in such manner as the NYFRB shall set forth on its public website from time to time, and published on the next succeeding Business Day by the NYFRB as the effective federal funds rate, provided
that if the Federal Funds Effective Rate as so determined would be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement. 

“Financial Officer” means the chief financial officer, principal accounting officer, treasurer or controller of any Borrower.

 “Fitch” means Fitch Ratings, Inc. (or any successor). 

“Floor”
 means the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification, amendment or renewal of this Agreement or otherwise) with respect to the Adjusted EURIBOR Rate, each Adjusted
Daily Simple RFR or the Central Bank Rate, as applicable. For the avoidance of doubt the initial Floor for each of Adjusted EURIBOR Rate, the Adjusted Daily Simple RFR and the Central Bank Rate shall be 0.0%. 
 “Foreign Currency” means Euros, Sterling or, solely with respect to Letters
of Credit, Australian Dollars. 
 “Foreign Lender” means (a) if the applicable Borrower is a U.S. Person, a Lender,
with respect to such Borrower, that is not a U.S. Person, and (b) if the applicable 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
such Borrower is resident for tax purposes. 
 “Foreign Pension Plan” means any plan, fund (including, without limitation,
any superannuation fund) or other similar program established or maintained outside the United States by a Borrower or any Subsidiary primarily for the benefit of employees of such Borrower or any one or more of the Subsidiaries residing outside the
United States, which plan, fund or other similar program provides, or results in, retirement income, a deferral of income in contemplation of retirement or payments to be made upon termination or severance of employment, and which plan is not
subject to ERISA or the Code. 
 “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. 

  
 -15- 

 “Fronting Bank” means any Revolving Lender (or any Affiliate thereof) which
is requested by the Borrower, and which, in its sole discretion, agrees in writing, to issue one or more Fronted Letters of Credit hereunder pursuant to Section 2.06 and, with respect to any Fronted Letter of Credit, means the issuer thereof.

 “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 the government of the United States of America, any other nation or any political subdivision
thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity, including any insurance commissioner or other insurance regulatory authority, exercising executive, legislative,
judicial, taxing, regulatory or administrative powers or functions of or pertaining to government. 
 “Guarantee” 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 Indebtedness or other obligation 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 advance or supply funds for the purchase or payment of) such Indebtedness or
other obligation 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, securities or services for the purpose of assuring the owner of such Indebtedness or
other obligation of the payment thereof, (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 Indebtedness or other
obligation or (d) as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness or obligation; provided, that the term Guarantee shall not include endorsements for collection or deposit
in the ordinary course of business. The amount of any Guarantee made by any guarantor shall be deemed to be the lower of (a) an amount equal to the stated or determinable amount of the primary obligation in respect of which such Guarantee is
made and (b) the maximum amount for which such guarantor may be liable pursuant to the terms of the instrument embodying such Guarantee, unless (in the case of a primary obligation that is not Indebtedness) such primary obligation and the
maximum amount for which such guarantor may be liable are not stated or determinable, in which case the amount of such Guarantee shall be such guarantor’s maximum reasonably anticipated liability in respect thereof as determined by the
Borrowers in good faith. 
 “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 Environmental Law. 
 “Impacted Interest Period” has the meaning assigned to it in the
definition of “LIBO Rate.” 

  
 -16- 

 “Indebtedness” of any Person means, without duplication, (a) all
obligations of such Person for borrowed money, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person upon which interest charges are customarily paid,
(d) all obligations of such Person under conditional sale or other title retention agreements relating to property acquired by such Person, (e) all obligations of such Person in respect of the deferred purchase price of property or
services (excluding current accounts payable incurred in the ordinary course of business), (f) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any
Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed, (g) all Guarantees by such Person of Indebtedness of others, (h) all Capital Lease Obligations of such Person,
(i) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty, (j) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances,
(k) all Off-Balance Sheet Liabilities and (l) all Trust Preferred Securities and similarly structured indebtedness. The Indebtedness of any Person shall include the Indebtedness of any other entity
(including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such
Indebtedness provide that such Person is not liable therefor. 
 “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 any Borrower under any Credit Document and (b) to the extent not otherwise described in (a), Other Taxes. 

“Industry Loss Warranty” means an agreement, whether in the form of a reinsurance agreement or a Swap Agreement or other
similar agreement entered into by any Insurance Subsidiary in accordance with its customary insurance or reinsurance underwriting procedures, which creates a payment obligation arising from an industry wide loss. 

“Ineligible Institution” has the meaning assigned to it in Section 9.04(b). 

“Insurance Subsidiary” means any Subsidiary which is licensed by any Governmental Authority to engage in the insurance
business including, without limitation, issuing Primary Policies and/or entering into Reinsurance Agreements. 
 “Interest Election
Request” means a request by the Borrower Representative to convert or continue a Borrowing in accordance with Section 2.08. 

“Interest Payment Date” means (a) with respect to any ABR Loan, the last day of each March, June, September and December
and the Revolving Maturity Date or the Term Maturity Date, as applicable, (b) with respect to any EurocurrencyRFR Loan, the last day of the(1) each
date that is on the numerically corresponding day in each calendar month that is one month after the Borrowing of such Loan (or, if there is no such numerically corresponding day in such month, then the last day of such month) and (2) the
Revolving Maturity Date or the Term Maturity Date, as applicable, (c) with respect to any Term Benchmark Loan, the last day of each Interest Period applicable to the Borrowing of which such
Loan is a part and, in the case of a
EurocurrencyTerm
 Benchmark Borrowing with an Interest Period of more than three months’ 

  
 -17- 

 
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 Revolving Maturity Date or the Term Maturity Date, as
applicable. 
 “Interest Period” means, with respect to any EurocurrencyTerm
Benchmark 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
(or twelve months if
consentedin each case, subject to by all of the
Lendersavailability
 for the Benchmark applicable to the relevant Loan or Commitment for any Agreed Currency), as the Borrower Representative 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 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 Eurocurrency 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 and (iii) no tenor that has been
removed from this definition pursuant to Section 2.14(e) shall be available for specification in such
Borrowing Request or Interest Election Request. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and, in the
case of a Revolving Borrowing, thereafter shall be the
effective date of the most recent conversion or continuation of such Borrowing. 
 “Interpolated Rate” means, at any
time, for any Interest Period, the rate per annum (rounded to the same number of decimal places as the LIBO Screen Rate) 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 LIBO Screen Rate for the longest period (for which the LIBO Screen Rate is available for
the applicable
currencyDollars) that is shorter than the Impacted
Interest Period and (b) the LIBO Screen Rate for the shortest period (for which that LIBO Screen Rate is available for the applicable currencyDollars) that exceeds the Impacted Interest Period, in each case, at such time. 

“IRS” means the United States Internal Revenue Service. 

“Issuing Agent” means JPMCB, 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(i). The Issuing Agent may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates of the Issuing Agent acting 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. 

“JPMCB” means JPMorgan Chase Bank, N.A., a national banking association, and its successors. 

“LC Disbursement” means a payment made by a Revolving 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. 

  
 -18- 

 “LC Exposure” means, at any time, the sum of (a) the Dollar Equivalent
of the aggregate undrawn amount of all outstanding Letters of Credit at such time plus (b) the Dollar Equivalent of the aggregate amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the Borrowers at such time.
The LC Exposure of any Revolving Lender at any time shall be its Applicable Percentage under the Revolving Credit Facility of the total LC Exposure at such time. 

“LC Issuer” means each of the Issuing Agent and each Fronting Bank. 

“Lenders” means the Persons listed on Schedule 2.01 and any other Person that shall have become a party hereto pursuant to an
Assignment and Assumption or as provided in Section 2.09(d), other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption. 

“Lender Parent” means, with respect to any Lender, any Person as to which such Lender is, directly or indirectly, a
subsidiary. 
 “Lender Party” means the Administrative Agent, the Issuing Agent, each Fronting Bank and each other Lender.

 “Letter of Credit” means any and each of the Several Letters of Credit and the Fronted Letters of Credit. 

“Leverage Ratio” means at any time, the ratio of Total Debt at such time to Total Capitalization at such time. 

“LIBO Rate” means, with respect to any
EurocurrencyTerm
Benchmark Borrowing for any applicable currencyDollars and for any Interest Period, the LIBO Screen Rate at
approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period; provided that if the LIBO Screen Rate shall not be available at such time for such Interest Period (an “Impacted Interest
Period”) with respect to the applicable currency then the LIBO Rate shall be the Interpolated Rate. 
 “LIBO Screen
Rate” means, for any day and time, with respect to any
EurocurrencyTerm
Benchmark Borrowing for any applicable
currencyDollars and for any Interest Period, the
London interbank offered rate as administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate for the
relevant currencyDollars for a period equal in
length to such Interest Period as displayed on such day and time on pages LIBOR01 or LIBOR02 of the Reuters screen that displays such rate (or, in the event such rate does not appear on a Reuters page or screen, 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 from time to time as selected by the Administrative Agent in its reasonable discretion), provided that if the LIBO Screen Rate as so determined would be less
than zero, such rate shall be deemed to be zero for the purposes of this Agreement. 
 “Lien” means, with respect to
any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest in, on or of such asset, (b) the 

  
 -19- 

 
interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect as any of
the foregoing) relating to such asset and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to such securities. 

“Limited Fronting Lender” means any Revolving Lender which is an NAIC Approved Bank or any other Person acceptable to the
Borrowers and the Administrative Agent which is listed on the NAIC Bank List, in each case, to the extent that such Person agrees (in its sole and absolute discretion) to be an issuer with respect to any
Non-NAIC Approved Bank’s Applicable Percentage of Several Letters of Credit outstanding and/or issued during the period that such Revolving Lender is not listed on the NAIC Bank List, all pursuant to a
Limited Fronting Lender Agreement. 
 “Limited Fronting Lender Agreement” has the meaning provided in
Section 2.06(a)(v). 
 “LLC” means any Person that is a limited liability company under the laws of its jurisdiction
of formation. 
 “Loans” means a Revolving Loan and/or a Term Loan, as applicable. 

“Loan Value” means, with respect to any item of Eligible Collateral, the value assigned to such Collateral by the
Administrative Agent from time to time in its sole reasonable discretion. Such value shall be determined on the basis of the advance rates set forth on Schedule 1.03 hereto. The Administrative Agent shall make a determination of the Loan Value of
the Eligible Collateral at such time or times as it shall determine, but in no event less frequently than twice per month. 
 “Local
Time” means (a) with respect to a Loan or Borrowing denominated in Dollars, Chicago time and (b) with respect to a Loan or Borrowing denominated in any Foreign Currency, London time. 

“Material Adverse Effect” means a material adverse effect on (a) the business, assets, operations or financial condition
of the Parent and the Subsidiaries taken as a whole, (b) the ability of the Borrowers, taken as a whole, to perform any of their payment or other material obligations under this Agreement or any other Credit Document or (c) the material
rights of or benefits available to the Administrative Agent or the Lenders under this Agreement or any other Credit Document. 

“Material Indebtedness” means Indebtedness (other than the Loans and Letters of Credit), or obligations in respect of one or
more Swap Agreements, of any one or more of the Borrowers and the Subsidiaries in an aggregate principal amount exceeding $30,000,000. For purposes of determining Material Indebtedness, the “principal amount” of the obligations of a
Borrower or any Subsidiary in respect of any Swap Agreement at any time shall be the maximum aggregate amount (giving effect to any legally enforceable netting agreements) that such Borrower or such Subsidiary would be required to pay if such Swap
Agreement were terminated at such time. 

  
 -20- 

 “Maximum Rate” has the meaning set forth in Section 9.13. 

“Moody’s” means Moody’s Investors Service, Inc. (or any successor). 

“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. 
 “NAIC Approved
Bank” means (a) any bank listed on the most current list of banks approved by the Securities Valuation Office of the NAIC (the “NAIC Bank List”) or (b) any Revolving Lender as to which its Limited Fronting Lender
is a bank listed on the NAIC Bank List. 
 “Net Income” means, for any computation period, with respect to the Parent on a
consolidated basis with its Subsidiaries, cumulative net income earned during such period (determined before the deduction of minority interests) as determined in accordance with GAAP. 

“Net Worth Maintenance Agreement” means net worth maintenance agreements and similar agreements entered into by any Borrower
or any of its respective Subsidiaries with respect to any Wholly-Owned Subsidiary. 

“Non-Extending Lender” has the meaning assigned to it in Section 2.22(b). 

“Non-NAIC Approved Bank” means, at any time, any Lender that is not an NAIC Approved
Bank. 
 “Non-Consenting Lender” means a Lender which has not consented to a
proposed amendment, waiver or consent requiring the consent of “each Lender” or “each Lender affected thereby,” as to which the consent of such Lender is required and the consent of the Required Lenders has been obtained. 

“Non-Pro Rata Issuance Election” means an election by the Borrowers to have a Several
Letter of Credit issued, renewed, extended or amended on an adjusted pro rata basis, as more fully described in Section 2.19(c). 

“Non-Replaced Lender” has the meaning assigned to it in Section 2.22(e). 

“Notice Date” has the meaning assigned to it in Section 2.22(b). 

“NYFRB” means the Federal Reserve Bank of New York 

  
 -21- 

 “NYFRB Rate” means, for any day, the greater of (a) the Federal Funds
Effective Rate in effect on such day and (b) the Overnight Bank Funding Rate in effect on such day (or for any day that is not a Business Day, for the immediately preceding Business Day); provided that if none of such rates are published for
any day that is a Business Day, the term “NYFRB Rate” means the rate for a federal funds transaction quoted at 11:00 a.m. on such day received by the Administrative Agent from a federal funds broker of recognized standing selected by it;
provided, further, that if any of the aforesaid rates as so determined would be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 

“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 Borrowers 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 Credit 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. 

“Off-Balance Sheet Liability” of a Person means (a) any repurchase obligation or
liability of such Person with respect to accounts or notes receivable sold by such Person, (b) any liability under any Sale and Leaseback Transaction other than Capital Lease Obligations, (c) any liability under any so-called “synthetic lease” arrangement or transaction entered into by such Person, or (d) any obligation arising with respect to any other transaction which is the functional equivalent of or takes
the place of borrowing but which does not constitute a liability on the balance sheets of such Person. 
 “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 Taxes (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 Credit Document, or sold or assigned an interest in
any Loan or Credit 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
Credit Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 2.19). 

“Overnight Bank Funding Rate” means, for any day, the rate comprised of both overnight federal funds and overnight Eurodollar
borrowings by U.S.-managed banking offices of depository institutions, as such composite rate shall be determined by the NYFRB as set forth 

  
 -22- 

 
on its public website from time to time, and published on the next succeeding Business Day by the NYFRB as an overnight bank funding rate (from and after such date as the NYFRB shall commence to
publish such composite rate). 
 “Parent” means Argo Group International Holdings, Ltd., a company formed under the laws of
Bermuda. 
 “Participant” has the meaning set forth in Section 9.04(c). 

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

“Participating Member State” means any member state of the European Communities that adopts or has adopted the Euro as its
lawful currency in accordance with the legislation of the European Community relating to the Economic and Monetary Union. 

“PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing
similar functions. 
 “Permitted Acquisition” means the acquisition by the Parent or a Wholly-Owned Subsidiary thereof of
an Acquired Entity or Business (including by way of merger of such Acquired Entity or Business with and into the Parent (so long as the Parent is the surviving corporation) or a Wholly-Owned Subsidiary thereof (so long as the Wholly-Owned Subsidiary
is the surviving corporation); provided that (a) the Acquired Entity or Business acquired pursuant to the respective Permitted Acquisition is in a business permitted by Section 6.03(b); and (b) in the case of a stock
acquisition, such acquisition shall have been approved by the board of directors of the Acquired Entity or Business. 
 “Permitted
Encumbrances” means: 
 (a) Liens imposed by law for Taxes that are not yet due or are being contested in compliance with
Section 5.04; 
 (b) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like Liens
imposed by law, arising in the ordinary course of business and securing obligations that are not overdue by more than 30 days or are being contested in compliance with Section 5.04; 

(c) pledges and deposits made in the ordinary course of business for insurance regulatory or licensing purposes or in compliance with
workers’ compensation, unemployment insurance and other social security laws or regulations; 
 (d) deposits required for insurance
regulatory or licensing purposes or to secure the performance of bids, trade contracts, leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature, in each case in the ordinary course of
business; 
 (e) judgment liens in respect of judgments that do not constitute an Event of Default under clause (k) of Article VII;

  
 -23- 

 (f) easements, zoning restrictions, rights-of-way and similar encumbrances on real property imposed by law or arising in the ordinary course of business that do not secure any monetary obligations and do not materially detract from the value of
the affected property or interfere with the ordinary conduct of business of a Borrower or any Subsidiary; and 
 (g) licenses, sublicenses,
leases or subleases granted to other Persons not materially interfering with the conduct of the business of a Borrower or any Subsidiary; 

(h) Liens incurred pursuant to ordinary course investing, clearing and settling activities; 

(i) bankers’ Liens, rights of setoff and other similar Liens not granted to secure specific Indebtedness existing solely with respect to
cash and cash equivalents on deposit in one or more accounts maintained by a Borrower or any Subsidiary, in each case granted in the ordinary course of business in favor of the bank or banks with which such accounts are maintained; 

(j) any Lien on any property or asset of the Borrowers or any Subsidiary existing on the date hereof and set forth in Schedule 6.02;
provided that (i) such Lien shall not apply to any other property or asset of the Borrowers or any Subsidiary and (ii) such Lien shall secure only those obligations which it secures on the date hereof and extensions, renewals and
replacements thereof that do not increase the outstanding principal amount thereof; 
 (k) any Lien existing on any property or asset prior
to the acquisition thereof by a Borrower or any Subsidiary or existing on any property or asset of any Person that becomes a Subsidiary after the date hereof prior to the time such Person becomes a Subsidiary; provided that (i) such Lien
is not created in contemplation of or in connection with such acquisition or such Person becoming a Subsidiary, as the case may be, (ii) such Lien shall not apply to any other property or assets (other than proceeds) of the Borrowers or any
Subsidiary and (iii) such Lien shall secure only those obligations which it secures on the date of such acquisition or the date such Person becomes a Subsidiary, as the case may be, and extensions, renewals and replacements thereof that do not
increase the outstanding principal amount thereof; 
 (l) Liens securing Indebtedness at no time exceeding $100,000,000 in outstanding
aggregate principal amount; 
 (m) Liens securing the Obligations; and 

(n) Liens upon assets subject to, and arising out of, (i) Sale and Leaseback Transactions permitted by Section 6.11 or
(ii) Permitted Purchase Money Indebtedness, at no time exceeding $150,000,000 in outstanding aggregate principal amount for (i) and (ii) combined; 

provided that the term “Permitted Encumbrances” shall not, with respect to clauses (a)-(i) above, include any Lien securing
Indebtedness. 
 “Permitted Purchase Money Indebtedness” means, with respect to any Person, any Indebtedness, whether
secured or unsecured, including Capital Lease Obligations, incurred 

  
 -24- 

 
by such Person to finance the acquisition of fixed assets, so long as (a) at the time of such incurrence, no Default has occurred and is continuing or would result from such incurrence,
(b) such Indebtedness has a scheduled maturity and is not due on demand and (c) such Indebtedness does not exceed the lower of the fair market value or the cost of the applicable fixed assets on the date acquired. 

“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company,
partnership, Governmental Authority or other entity. 
 “Plan” means any employee pension benefit plan (other than a
Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which a Borrower or any ERISA Affiliate is (or, if such plan were terminated, would under
Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA. 
 “Plan Asset
Regulations” means 29 CFR § 2510.3-101 et seq., as modified by Section 3(42) of ERISA, as amended from time to time. 

“Platform” means Debt Domain, Intralinks, Syndtrak or a substantially similar electronic transmission system. 

“Primary Policies” means any insurance policies issued by any Insurance Subsidiary. 

“Prime Rate” means the rate of interest last quoted by The Wall Street Journal as the “Prime Rate” in the U.S. or,
if The Wall Street Journal ceases to quote such rate, the highest per annum interest rate published by the Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) as the “bank prime loan” rate or, if such rate is
no longer quoted therein, any similar rate quoted therein (as determined by the Administrative Agent) or any similar release by the Board (as determined by the Administrative Agent). Each change in the Prime Rate shall be effective from and
including the date such change is publicly announced or quoted as being effective. 
 “PTE” means a prohibited transaction
class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time. 
 “QPP
Certificate” means a credit certificate for the purposes of the Qualifying Private Placement Regulations 2015 (2015 No. 2002), given in the form set out in Schedule 2.17(g). 

“QPP Lender” means a Lender which has delivered a QPP Certificate, provided that such QPP Certificate is not cancelled or
withdrawn for the purposes of the Qualifying Private Placement Regulations 2015 (2015 No. 2002) and which is not a connected person for the purposes of such regulations. 

“Qualifying Lender” means (a) a Lender which is a building society (as defined for the purposes of section 880 of the
Income Tax Act 2007) making an advance under a Credit Document; or (b) a Lender which is beneficially entitled to the interest payable under any Credit 

  
 -25- 

 
Document and: (i) there is no duty to deduct United Kingdom income tax in respect of that interest by virtue of section 879 of the Income Tax Act 2007, or (ii) which is a Lender who
satisfies the conditions in section 933, section 934 or section 937 of the Income Tax Act 2007 in respect of the person to whom such interest is paid, or (iii) which is a Treaty Lender, or (iv) which is a QPP Lender. 

“Quotation Date” means,
with respect to any Eurocurrency Borrowing and any Interest Period, (i) if the currency is Euro, the day two TARGET Days before the first day of such Interest Period and (ii) if the currency is Dollars or Sterling, the day two Business
Days prior to the commencement of such Interest period (or such day as the Administrative Agent shall determine is the day on which it is market practice in the relevant interbank market for prime banks to give quotations for deposits in the
currency of such Borrowing for delivery on the first day of such Interest Period). 

“Rating” has the meaning set forth in Schedule 1.02. 

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

“Register” has the meaning set forth in Section 9.04(b). 

“Reinsurance Agreements” means any agreement, contract, treaty, certificate or other arrangement whereby a Borrower or any
Subsidiary agrees to assume from or reinsure an insurer or reinsurer all or part of the liability of such insurer or reinsurer under a policy or policies of insurance issued by such insurer or reinsurer. 

“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. 
 “Removal Effective
Date” has the meaning assigned to it in Article VIII. 
 “Required Lenders” means, at any time, subject to
Section 2.21, Lenders having more than 50% of the sum of (a) the Revolving Credit Exposures and unused Revolving Commitments and (b) the aggregate outstanding principal amount of the Term Loans. 

“Restricted Payment” means any dividend or other distribution (whether in cash, securities or other property) with respect to
any Equity Interests in the Parent or any Subsidiary, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or
termination of any such Equity Interests in the Parent or any Subsidiary or any option, warrant or other right to acquire any such Equity Interests in the Parent or any Subsidiary. 

“Revolving Borrowing” means a Borrowing comprised of Revolving Loans. 

“Revolving 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 

  
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Lender’s Revolving Credit Exposure hereunder, as such commitment may be (a) reduced or increased from time to time pursuant to Section 2.09 and (b) 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 Revolving Commitment is set forth on Schedule 2.01, or in the Assignment and Assumption pursuant to which such Lender
shall have assumed its Revolving Commitment, as applicable. The initial aggregate amount of the Lenders’ Revolving Commitments is $200,000,000. 

“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 Credit Facility” means the revolving
credit facility established pursuant to Article II hereof. 
 “Revolving Lender” means a Lender having a Revolving
Commitment or Revolving Credit Exposure. 
 “Revolving Loan” means a Loan made pursuant to Section 2.01(a). 

“Revolving Maturity Date” means November 2, 2023, subject to extension pursuant to Section 2.22. 

“RFR”
 means, for any RFR Loan denominated in Sterling, SONIA. 
 “RFR Borrowing” means, as to any Borrowing, the RFR Loans comprising such Borrowing. 

“RFR
Business Day” means, for any Loan denominated in Sterling, any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which banks are closed for general
business in London. 

“RFR
Interest Day” has the meaning specified in the definition of “Daily Simple RFR”. 

“RFR
Loan” means a Loan that bears interest at a rate based on the Adjusted Daily Simple RFR. 

“S&P” means Standard & Poor’s Rating Services, a Standard & Poor’s Financial Services LLC
business (or any successor). 
 “Sale and Leaseback Transaction” means any sale or other transfer of property by any Person
with the intent to lease such property as lessee. 
 “Sanctioned Country” means, at any time, a country, region or
territory which is itself the subject or target of any Sanctions (at the time of this Agreement, Crimea, Cuba, Iran, North Korea and Syria). 

  
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 “Sanctioned Person” means, at any time, (a) any Person listed in any
Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, the United Nations Security Council, the European Union, any European Union member
state, Her Majesty’s Treasury of the United Kingdom or any other relevant sanctions authority, (b) any Person operating, organized or resident in a Sanctioned Country, (c) any Person owned or controlled by any such Person or Persons
described in the foregoing clauses (a) or (b) or (d) any Person otherwise the subject of any Sanctions. 

“Sanctions” means all 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 the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, or (b) the United Nations Security Council, the European Union, any
European Union member state, Her Majesty’s Treasury of the United Kingdom or any other relevant sanctions authority. 

“SAP” means, with respect to any Insurance Subsidiary, the statutory accounting practices prescribed or permitted by the
insurance commissioner (or other similar authority) as of the date hereof in the jurisdiction of incorporation of such Insurance Subsidiary for the preparation of annual statements and other financial reports by insurance companies of the same type
as such Insurance Subsidiary. 
 “SEC” means the Securities and Exchange Commission of the United States of America or any
succeeding Governmental Authority thereto. 
 “Secured Letter of Credit” means a Letter of Credit issued at the request of
a Borrower which has been designated as a “Secured Letter of Credit” in the applicable Letter of Credit Application. 

“Security Agreement” means, individually and collectively, each security agreement or other collateral document, each in form
and substance satisfactory to the Administrative Agent, entered into between the Administrative Agent and a Borrower pursuant hereto. 

“Security Documents” means the Security Agreement, each Control Agreement and each other document or instrument pursuant to
which security or collateral is from time to time provided for the obligations of the Borrowers hereunder. 
 “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. 
 “Significant Insurance Subsidiary” means any
Significant Subsidiary which is an Insurance Subsidiary. 

  
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 “Significant Subsidiary” of a Person means a “significant
subsidiary” as defined in Rule 1 02(w) of Regulation S-X of the SEC (17 CFR Part 210). Unless otherwise expressly provided, all references herein to a “Significant Subsidiary” shall mean a
Significant Subsidiary of any of the Borrowers; provided that any entity that is a Significant Subsidiary on the Effective Date or becomes a Significant Subsidiary thereafter shall remain a Significant Subsidiary for all purposes of this Agreement.

 “Solvent” means, when used with respect to a Person, that (a) the fair saleable value of the assets of such Person
is in excess of the total amount of the present value of its liabilities (including for purposes of this definition all liabilities (including loss reserves as determined by such Person), whether or not reflected on a balance sheet prepared in
accordance with GAAP and whether direct or indirect, fixed or contingent, secured or unsecured, disputed or undisputed), (b) such Person is able to pay its debts or obligations in the ordinary course as they mature and (c) such Person does not
have unreasonably small capital to carry out its business as conducted and as proposed to be conducted. “Solvency” shall have a correlative meaning. 

“SONIA”
 means, with respect to any Business Day, a rate per annum equal to the Sterling Overnight Index Average for such Business Day published by the SONIA Administrator on the SONIA Administrator’s Website on the immediately succeeding Business
Day. 

“SONIA
Administrator” means the Bank of England (or any successor administrator of the Sterling Overnight Index Average). 

“SONIA
Administrator’s Website” means the Bank of England’s website, currently at http://www.bankofengland.co.uk, or any successor source for the Sterling Overnight Index Average identified as such by the SONIA Administrator from time to
time. 
 “Special Purpose Entity” means any Subsidiary formed
after the date hereof for the sole purpose of incurring Indebtedness, which Subsidiary (a) promptly remits to a Borrower the net proceeds of any such Indebtedness by way of loan or otherwise and (b) has received from the Parent and its
Subsidiaries aggregate capital contributions or other payments in respect of the Equity Interests thereof not exceeding five percent of the total assets of such Subsidiary. 

“Specified Amount” has the meaning set forth in the definition of Total Debt. 

“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 percentagespercentage (including any marginal, special, emergency or supplemental
reserves) expressed as a decimal established by the Board to which the Administrative Agent is subject with respect to the Adjusted
EURIBOR Rate or Adjusted Eurocurrency Rate, as applicable, for eurocurrency funding (currently referred to as
“Eurocurrency
Liabilitiesliabilities
” in Regulation D of the Board)) or any other reserve ratio or analogous requirement of any central banking or financial regulatory authority imposed in
respect of the maintenance of the Commitments or the funding of the Loans. Such reserve
percentagespercentage
 shall include those imposed pursuant to such
Regulation D. EurocurrencyTerm Benchmark 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 

  
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offsets that may be available from time to time to any Lender under such Regulation D 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. 

“Sterling” or “£” means the lawful currency of the United Kingdom of Great Britain and Northern
Ireland. 
 “Subordinated Indebtedness” means Indebtedness the payment of which is subordinated to any of the obligations
of the applicable Borrower or Borrowers hereunder or in connection herewith, including without limitation the obligations of the Borrowers in respect of the Trust Preferred Securities. 

“subsidiary” means, with respect to any Person (the “parent”) at any date, any corporation, limited
liability company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements were prepared in accordance with
GAAP as of such date, as well as any other corporation, limited liability company, partnership, association or other entity (a) of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the
ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held, or (b) that is, as of such date, otherwise Controlled, by the parent or one or more
subsidiaries of the parent or by the parent and one or more subsidiaries of the parent. 
 “Subsidiary” means any
subsidiary of the Parent. 
 “Substantial Portion” means, with respect to the property of the Parent and its Subsidiaries,
property which represents more than 10% of the consolidated assets of the Parent and its Subsidiaries as would be shown in the consolidated financial statements of the Parent and its Subsidiaries as at the beginning of the twelve-month period ending
with the last day of the fiscal quarter or year end for which financial statements have most recently been delivered pursuant to Section 5.01(a) or (b), as applicable, preceding the date upon which such determination is made. 

“Swap Agreement” means any agreement with respect to any swap, forward, future or derivative transaction or option or similar
agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or any
similar transaction or any combination of these transactions; provided that no phantom stock or similar plan providing for payments only on account of services provided by current or former directors, officers, employees or consultants of a
Borrower or the Subsidiaries shall be a Swap Agreement. 
 “Tangible Net Worth” means, with respect to the Parent, an
amount equal to (a) the Parent’s total shareholder’s equity determined in accordance with GAAP, minus (b) the aggregate book value of the intangible assets, including goodwill, all determined on a consolidated basis in accordance
with GAAP. 

  
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 “TARGET2” means the Trans-European Automated Real-time Gross Settlement
Express Transfer (TARGET2) payment system (or, if such payment system ceases to be operative, such other payment system (if any) reasonably determined by the Administrative Agent to be a suitable replacement) for
the settlement of payments in Eurowhich utilizes a single shared platform and which was launched on
November 19, 2007. 
 “TARGET Day” means any day on which
TARGET2 (or, if such payment system ceases to be operative, such other payment system, if any, determined by the Administrative Agent to be a suitable replacement) is open for the settlement of payments in Euro. 

“Tax Confirmation” means a confirmation by a Lender that the person beneficially entitled to interest payable to that Lender
in respect of an advance under a Credit Document falls within paragraph (b)(ii) of the definition of Qualifying Lender. 

“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. 

“Term
Benchmark” when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the Adjusted Eurocurrency Rate or the Adjusted EURIBOR
Rate. 
 “Term Borrowing” means a Borrowing comprised of Term
Loans. 
 “Term Commitment” means, with respect to each Lender, the commitment of such Lender to make a Term Loan
hereunder, expressed as an amount representing the maximum aggregate principal amount of such Lender’s Term Loan. The amount of each Lender’s Term Commitment is set forth on Schedule 2.01. The initial aggregate amount of the Lenders’
Term Commitments is $125,000,000. 
 “Term Loan” means, with respect to each Lender, such Lender’s pro-rata portion of the Term Borrowing made by the Lenders pursuant to Section 2.01(b) and, with respect to all Lenders, the aggregate of all such pro-rata portions. 

“Term Loan Facility” means the term loan facility established pursuant to Article II hereof. 

“Term Loan Maturity Date” means November 2, 2021. 

“Total Capitalization” means an amount equal to the sum of Tangible Net Worth of the Parent plus Total Debt plus (without
duplication) the Specified Amount. 
 “Total Debt” means all Indebtedness of the Parent and its Subsidiaries, on a
consolidated basis, which appears on a balance sheet calculated in accordance with GAAP plus, (a) without duplication (i) the face amount of all outstanding letters of credit in respect of which the Parent or any Subsidiary has any actual
or contingent reimbursement obligation (excluding letters of credit which are issued to support the reinsurance obligations of Subsidiaries of the Parent which have been fully collateralized and letters of credit which are issued to support the

  
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capital requirements at Lloyd’s of London, otherwise known as “Funds at Lloyd’s”), (ii) the maximum aggregate amount (giving effect to any legally enforceable netting
agreements) that the Parent and its Subsidiaries would be required to pay if all Swap Agreements of the Parent and its Subsidiaries with respect to interest on indebtedness for money borrowed were terminated at any date of determination and
(iii) the principal amount of all Guarantees of Indebtedness by the Parent and its Subsidiaries; provided that this clause (iii) shall not include Guarantees between or among the Parent and/or its consolidated Subsidiaries, minus
(b) that portion of the outstanding principal amount of all Trust Preferred Securities and similar long-term hybrid capital that is deemed to constitute equity, as determined in accordance with S&P’s methodology at such time (but only
to the extent that such amount does not exceed 15% of Total Capitalization) the amount described in this clause (b) being the “Specified Amount”. 

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

“Treaty Lender” means a Lender which is not a QPP Lender and which (a) is treated as resident of a Treaty State for the
purposes of the relevant Treaty, (b) does not carry on a business in the United Kingdom through a permanent establishment with which the Lender’s participation in the Loans or Commitment is effectively connected and (c) which is
entitled to claim the benefits of such Treaty with respect to payments made by any UK Borrower hereunder. 
 “Treaty State”
means a jurisdiction which has entered into 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. 

“Trust Preferred Securities” means those securities listed on Schedule 1.04 hereto. 

“Trust Preferred Security Indebtedness” means any Indebtedness of a Borrower or a Subsidiary arising under Trust Preferred
Securities. 
 “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 Eurocurrency Rate or, the Adjusted EURIBOR Rate, the Alternate Base Rate or the Adjusted Daily Simple RFR. 

“UK Borrower” means any Borrower (i) that is organized or formed under the laws of the United Kingdom or
(ii) payments from which under this Agreement or any Credit Document are subject to withholding Taxes imposed by the laws of the United Kingdom. 

“Unsecured Letter of Credit” means a Letter of Credit which is not a Secured Letter of Credit. 

“U.S. Person” means a “United States person” within the meaning of Section 7701(a)(30) of the Code. 

  
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 “U.S. Tax Compliance Certificate” has the meaning assigned to such term in
Section 2.17(f)(ii)(B)(3). 
 “Wholly-Owned Subsidiary” of a Person means (a) any subsidiary all of the
outstanding voting securities of which shall at the time be owned or controlled, directly or indirectly, 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, or (b) any partnership, limited liability company, association, joint venture or similar business organization 100% of the ownership interests having ordinary voting power of which shall at the time be so owned or controlled (other than
in the case of Foreign Subsidiaries, director’s qualifying shares and/or other nominal amounts of shares required to be held by Persons other than the Parent and its Subsidiaries under applicable law). 

“Withdrawal Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such
Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 
 “Write-Down and Conversion
Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable
EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule. 

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
“EurocurrencyTerm Benchmark
 Loan” or an “RFR Loan”) or by Class and Type (e.g., a
“EurocurrencyTerm
 Benchmark Revolving Loan” or an “RFR Revolving Loan”). Borrowings also may be classified and referred to by Class (e.g., a “Revolving Borrowing”) or by Type (e.g., a
“EurocurrencyTerm
 Benchmark Borrowing” or an “RFR Borrowing”) or by Class and Type (e.g., a
“EurocurrencyTerm
 Benchmark Revolving Borrowing” or an “RFR Revolving Borrowing”). 

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 

  
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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. 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 Representative notifies the Administrative Agent that the Borrowers request 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 Representative 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 Financial Accounting Standards Board Accounting Standards Codification 825 (or any other
Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of any Borrower or any Subsidiary at “fair value”, as defined therein, and (ii) in a manner such that any obligations
relating to a lease that, in accordance with GAAP as in effect on the Effective Date, would be accounted for by the Parent as an operating lease shall be accounted for as obligations relating to an operating lease and not as obligations relating to
a Capitalized Lease (and shall not constitute Indebtedness hereunder). 
 SECTION 1.05. Foreign Currency Calculations. (a) For
purposes of determining the Dollar Equivalent of any Advance denominated in a Foreign Currency or any related amount, the Administrative Agent shall determine the Exchange Rate as of the applicable Exchange Rate Date with respect to each Foreign
Currency in which any requested or outstanding Advance or Letter of Credit is denominated and shall apply such Exchange Rates to determine such amount (in each case after giving effect to any Advance to be made or repaid on or prior to the
applicable date for such calculation). 
 (b) For purposes of any determination hereunder (including determinations under Section 6.01,
6.02, 6.04, 6.09 or 6.10 or under Article VII), all amounts incurred, outstanding or proposed to be incurred or outstanding in currencies other than Dollars shall be translated into Dollars at the appropriate currency Exchange Rate; provided
that no Default shall arise as a result of any limitation set forth in Dollars in Section 6.01 or 6.02 being exceeded solely as a result of changes in Exchange Rates from those rates applicable at the time or times Indebtedness or Liens were
initially consummated in reliance on the exceptions under such 

  
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Sections. For purposes of any determination under Section 6.04, 6.09 or 6.10, the amount of each investment, asset disposition or other applicable transaction denominated in a currency other
than Dollars shall be translated into Dollars at the applicable Exchange Rate. Such Exchange Rates shall be determined in good faith by the Borrowers. 

SECTION 1.06. Interest Rates; LIBOR Notification. The interest rate on EurocurrencyTerm
Benchmark Loans denominated in Dollars is determined by reference to the LIBO Rate, which is derived from the London interbank offered rate. The London interbank offered rate is intended to represent the rate at which contributing banks may obtain
short-term borrowings from each other in the London interbank market. In July 2017, the U.K. Financial Conduct Authority announced that, after the end of 2021, it would no longer persuade or compel contributing banks to make rate submissions to the
ICE Benchmark Administration (together with any successor to the ICE Benchmark Administrator, the “IBA”) for purposes of the IBA setting the London interbank offered rate. As a result, it is possible that commencing in 2022, the
London interbank offered rate may no longer be available or may no longer be deemed an appropriate reference rate upon which to determine the interest rate on
EurocurrencyTerm
 Benchmark Loans denominated in Dollars. In light of this eventuality, public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of the London interbank offered rate. In the
event that the London interbank offered rate is no longer available or in certain other circumstances as set forth in Section 2.14(c) of this Agreement, Section 2.14(c) provides a mechanism for determining an alternative rate of interest.
The Administrative Agent will notify the Borrowers, pursuant to Section 2.14, in advance of any change to the reference rate upon which the interest rate on
EurocurrencyTerm
 Benchmark Loans denominated in Dollars is based. However, the Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to, the administration, submission or any other matter related to the
London interbank offered rate or other rates in the definition of “LIBO Rate” or with respect to any alternative or successor rate thereto, or replacement rate thereof, including without limitation, whether the composition or
characteristics of any such alternative, successor or replacement reference rate, as it may or may not be adjusted pursuant to Section 2.14(c), will be similar to, or produce the same value or economic equivalence of, the LIBO Rate or have the
same volume or liquidity as did the London interbank offered rate prior to its discontinuance or unavailability. 
 ARTICLE II 

The Credits 
 SECTION
2.01. Commitments. (a) Subject to the terms and conditions set forth herein, each Lender agrees to make Revolving Loans denominated in Dollars and Foreign Currencies to the Borrowers from time to time during the Availability Period in an
aggregate principal amount that will not result in (i) such Lender’s Revolving Credit Exposure exceeding such Lender’s Revolving Commitment or (ii) the sum of the total Revolving Credit Exposures exceeding the total Revolving
Commitments. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrowers may borrow, prepay and reborrow Revolving Loans. 

  
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 (b) Subject to the terms and conditions set forth herein, each Lender agrees to make a Term
Loan denominated in Dollars to Parent on the Effective Date in a principal amount that will not result in (a) such Lender’s Term Loan exceeding such Lender’s Term Commitment or (b) the sum of the Term Loans exceeding the total
Term Commitments; provided that the joint and several liability provisions of Section 2.20 shall remain in full force and effect with respect to the Term Loan. No amount of the Term Loan which is repaid or prepaid by the Borrowers may be
reborrowed hereunder. 
 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 Revolving Commitments. Each Term Loan shall be made as a part of a Borrowing consisting of Term Loans made by the Lenders ratably in accordance with their
respective Term 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 hereby. 
 (b) Subject to Section 2.14, (i) each Revolving Borrowing
denominated in Dollars shall be comprised (A) in the case of Borrowings in Dollars, entirely of ABR Loans or
EurocurrencyTerm
 Benchmark Loans and (B) in the case of Borrowings in
any other Foreign Currency, entirely of Term Benchmark Loans or RFR Loans, as applicable, in each case of the same Foreign Currency, as the Borrower Representative may request in accordance
herewith and (ii) each Revolving Borrowing denominated in a Foreign Currency shall be comprised entirely of Eurocurrency Loans. Each Lender at its option may make any Eurocurrency Loan by
causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that any exercise of such option shall not affect the obligation of the Borrowers to repay such Loan in accordance with the terms of this
Agreement. 
 (c) At the commencement of each Interest Period for any EurocurrencyTerm Benchmark
Revolving Borrowing, such Borrowing shall be in an aggregate amount that is an integral multiple of $1,000,000 (or, for any Foreign Currency Borrowing, an approximate equivalent thereof as
determined by the Administrative Agent) and not less than $1,000,000 (or, for any Foreign Currency Borrowing, an approximate equivalent thereof as determined by the Administrative Agent). At the time that each ABR Borrowing and/or RFR Borrowing is made, such Borrowing shall be in an aggregate
amount that is an integral multiple of $1,000,000 and not less than $1,000,000; provided that an ABR Revolving Borrowing and a RFR Borrowing may be in an aggregate amount (i) that is equal to the entire unused balance of the total Revolving Commitments or (ii) 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 twelve EurocurrencyTerm
Benchmark Revolving Borrowings or RFR Borrowings
outstanding. Notwithstanding the foregoing, Loans which are not denominated in Dollars may be made in amounts and increments in the applicable Foreign Currency satisfactory to the Administrative
Agent. 
 (d) Notwithstanding any other provision of this Agreement, the Borrowers 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 Term Loan Maturity Date or Revolving Maturity Date, as applicable. 

  
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 (e) Notwithstanding any other provision of this Agreement, each Lender at its option may
make any ABR Loan or Eurocurrency Loan by causing any domestic or foreign office, branch or Affiliate of such
Lender (an “Applicable Lending Installation”) to make such Loan that has been designated by such Lender to the Administrative Agent. All terms of this Agreement shall apply to any such Applicable Lending Installation of such Lender
and the Loans and any Notes issued hereunder shall be deemed held by each Lender for the benefit of any such Applicable Lending Installation. Each Lender may, by written notice to the Administrative Agent and the Borrower Representative, designate
replacement or additional Applicable Lending Installations through which Loans will be made by it and for whose account Loan payments are to be made. Any exercise of such option shall not affect the obligation of the Borrowers to repay such Loan in
accordance with the terms of this Agreement. 
 SECTION 2.03. Requests for Borrowings. To request a Borrowing, the Borrower
Representative shall notify the Administrative Agent of such request by telephone (a) in the case of a EurocurrencyTerm Benchmark Borrowing in Dollars, not later than 10:00 a.m., Local Time, three Business Days
before the date of the proposed Borrowing, (b) in the case of a Term Benchmark Borrowing denominated in
Euros, not later than 12:00 p.m., New York City time, three Business Days before the date of the proposed Borrowing, (c) in the case of an RFR Borrowing denominated in Sterling, not later than 11:00 a.m., New York City time, five RFR Business
Days before the date of the proposed Borrowing or (bd) in the case of an ABR Borrowing, not later than 10:00 a.m., Local
Time, one Business Day before the date of the proposed Borrowing. Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy (or by electronic communication if, after the date hereof,
arrangements for doing so shall be approved by the Administrative Agent) to the Administrative Agent of a written Borrowing Request in a form approved by the Administrative Agent and signed by the Borrower Representative. Each such telephonic and
written Borrowing Request shall specify the following information in compliance with Section 2.02: 
 (i) the Borrower to which the proceeds of
the requested Borrowing shall be disbursed; 
 (ii) the aggregate amount of the requested Borrowing; 

(iii) the currency (which may be Dollars or a Foreign Currency) in which such Borrowing is to be denominated; 

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

(v) in the case of a Borrowing denominated in Dollars, whether such Borrowing is to be an ABR Borrowing, a Term Benchmark
Borrowing or a Eurocurrencyan RFR Borrowing; 

(vi) in the case of a EurocurrencyTerm Benchmark Borrowing, the initial Interest Period to be applicable
thereto, which shall be a period contemplated by the definition of the term “Interest Period”; and 

  
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 (vii) the location and number of the account of a Borrower 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 such Borrowing is specified, then the requested Borrowing shall be an
ABR Borrowing, unless such Borrowing is denominated in a Foreign Currency, in which case such Borrowing shall be a EurocurrencyTerm Benchmark Borrowing or an RFR Borrowing, as applicable. If no Interest Period is specified
with respect to any requested
EurocurrencyTerm
 Benchmark Borrowing, then the Borrower Representative 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 applicable 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]. 

SECTION 2.06. Letters of Credit. (a) Several Letters of Credit. 

(i) Subject to the terms and conditions set forth herein, the Borrower Representative may request the Issuing Agent to issue, on behalf of each Revolving
Lender, letters of credit denominated in Dollars or Foreign Currencies for the joint and several account of the Borrowers, in substantially the form attached hereto as Exhibit C or in such other form reasonably acceptable to the Administrative Agent
and the Issuing Agent (each such letter of credit, a “Several Letter of Credit” and collectively, the “Several Letters of Credit”) (which form may include having such Several Letters of Credit, though issued for the
joint and several account of the Borrowers, reflect on their face Subsidiaries of the Parent as the account party and name as the beneficiaries thereof commercial counterparties or creditors of such Subsidiaries), at any time and from time to time
during the Availability Period. It is the intention of the parties to this Agreement that Several Letters of Credit issued to support reinsurance-related obligations shall have terms and conditions necessary to qualify such Several Letters of Credit
as permissible collateral under applicable law and, subject to the terms and conditions of this Agreement, the Issuing Agent and the Revolving Lenders agree to issue such 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 any Borrower to, or entered into by any Borrower with, the Issuing Agent relating to any Several Letter of
Credit, the terms and conditions of this Agreement shall control. 
 (ii) By the issuance of a Several Letter of Credit (or an amendment to a Several Letter
of Credit increasing the amount thereof) by the Issuing Agent and without any further action on the part of the Issuing Agent or the Revolving Lenders, each Revolving Lender hereby acquires an obligation under such Several Letter of Credit equal to
such Revolving Lender’s Applicable Percentage under the Revolving Credit Facility (or other applicable share if the Borrowers have made a Non-Pro Rata Issuance Election with respect to such Several
Letters of Credit) of the aggregate amount to be drawn under such Several Letter of Credit (subject to the provisions in this Agreement regarding Limited Fronting Lenders). The obligations of each Revolving Lender under and in respect of each
Several Letter of Credit are several, and the failure by any 

  
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Revolving Lender to perform its obligations hereunder or under any Letter of Credit shall not affect the obligations of the Borrowers toward any other party hereto nor shall any other such party
be liable for the failure by such Revolving 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 Revolving 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 Revolving 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
Revolving Lender and the Borrowers that a valid drawing has been made and the date that the related Several Unpaid Drawing is to be made (and the Issuing Agent agrees to promptly make such determination and give such notice to the Revolving Lenders
and the Borrowers); 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 Revolving 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 Revolving Lender each Several Letter of Credit to be issued by such Revolving Lender hereunder and to take the other actions described in clauses (a) through (c) above. Promptly upon the request of the Issuing
Agent, each Revolving 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. 

(iv) Each Revolving Lender in respect of the issuance of Letters of Credit represents that on the date of this Agreement (or, if later, the date such
Revolving Lender becomes a party to this Agreement) it is a NAIC Approved Bank or it has in effect a Limited Fronting Agreement with a Limited Fronting Lender. Each Revolving Lender in respect of the issuance of Letters of Credit agrees to use
commercially reasonable efforts in order to, at all times, (i) be listed on the NAIC Approved Bank List or (ii) maintain in effect a Limited Fronting Agreement with a Limited Fronting Lender. If at any time any Revolving Lender shall cease
to be a NAIC Approved Bank, such Revolving Lender shall promptly notify the Borrower Representative and the Administrative Agent. 
 (v) In the event that
any Revolving Lender or any other Person acceptable to the Borrowers and the Administrative Agent which is listed on the NAIC Bank List agrees (in its sole and absolute discretion) to act as a Limited Fronting Lender for any Non-NAIC Approved Bank pursuant to which such Limited Fronting Lender will itself honor the obligations of such Non-NAIC Approved Bank in respect of Several Letters of Credit
as if, and to the extent, such Limited Fronting Bank were originally named on such Several Letters of Credit, and upon such other terms and conditions as such parties may agree (including fees payable by such
Non-NAIC 

  
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Approved Bank to such Limited Fronting Lender) (such agreement, a “Limited Fronting Lender Agreement”), the following provisions shall apply (in addition to any other provisions
hereof relating to Limited Fronting Lenders): 
 (A) Upon the issuance of any Several Letter of Credit pursuant hereto, with
respect to any Non-NAIC Approved Bank under such Several Letter of Credit, each applicable Limited Fronting Lender, in reliance upon the agreement of such Non- NAIC
Approved Bank set forth in this Section, agrees (A) to issue through the Issuing Agent, in addition to its own obligations as a Revolving Lender under such Several Letter of Credit, severally such Several Letter of Credit in an amount equal to
such Non-NAIC Approved Bank’s Applicable Percentage under the Revolving Credit Facility (or other applicable share if the Borrowers have made a Non-Pro Rata
Issuance Election with respect to such Several Letters of Credit) of the stated amount of such Several Letter of Credit (or the portion thereof for which such Limited Fronting Lender has agreed to be a Limited Fronting Lender), and (B) to amend
or extend each Several Letter of Credit previously issued by it as a Limited Fronting Lender for such Revolving Lender; 

(B) With respect to any Several Letter of Credit issued by a Limited Fronting Lender pursuant to clause (A) above, such
Revolving Lender agrees to purchase participations (as provided in Section 2.06(a)(vi)) in the obligations of such Limited Fronting Lender under such Several Letter of Credit attributable to such Revolving Lender for which such Limited Fronting
Lender has agreed to act as a Limited Fronting Lender hereunder; and 
 (C) Such Revolving Lender in respect of the issuance
of Letters of Credit shall promptly furnish a copy of its Limited Fronting Agreement to the Borrowers and the Administrative Agent. 

Notwithstanding anything herein to the contrary, no Revolving Lender shall have any obligation to agree to act hereunder as a Limited Fronting
Lender for any other Person unless such Revolving Lender has entered into a Limited Fronting Lender Agreement in its sole and absolute discretion. 
 (vi)
In the event any Revolving Lender purchases a participation in the Letter(s) of Credit of its Limited Fronting Lender pursuant to Section 2.06(a)(v), then, without any further action on the part of any party, such Limited Fronting Lender grants
to such Revolving Lender, and such Revolving Lender hereby acquires from such Limited Fronting Lender, a participation in such Limited Fronting Lender’s Applicable Percentage (or other applicable share if the Borrowers have made a Non-Pro Rata Issuance Election with respect to such Several Letters of Credit) of the relevant Letters of Credit attributable to such Revolving Lender for which such Limited Fronting Lender has agreed to act as a
Limited Fronting Lender hereunder. Each Revolving Lender purchasing a participation hereunder acknowledges and agrees that its obligation to acquire such participations in respect of Letters of Credit is absolute and unconditional and shall not be
affected by any circumstance whatsoever, including any amendment or extension of any Letter of Credit or the occurrence and continuance of a Default or reduction or termination of the Commitments. In consideration and in furtherance of the
foregoing, such Revolving Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for account of the applicable Limited Fronting Lender an amount equal to the amount of each payment made by such Limited Fronting
Lender in respect of the portion of such Letter of Credit in which such Revolving Lender holds a participation, promptly upon the request of such Limited Fronting Lender at any time from the time such payment is made until such payment is reimbursed
by the 

  
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Borrowers or at any time after any reimbursement payment is required to be refunded to the Borrowers for any reason or at any time as may be set forth in the Limited Fronting Lender Agreement
between such Limited Fronting Lender and such Revolving Lender. Such payment by such Revolving Lender shall be made for account of the applicable Limited Fronting Lender without any offset, abatement, withholding or reduction whatsoever. To the
extent that any Revolving Lender has made payments pursuant to this paragraph to reimburse a Limited Fronting Lender in respect of any participation interests purchased hereunder in respect of any Letter of Credit, promptly following receipt by the
Administrative Agent of any payment from the Borrowers or any other account party pursuant to Section 2.06(e) in respect of such Letter of Credit, the Administrative Agent shall distribute such payment to such Limited Fronting Lender and such
Revolving Lender, in each case as their interests may appear. Any payment made by a Revolving Lender in respect of its participation pursuant to this paragraph to reimburse the applicable Limited Fronting Lender for any payment made in any respect
of any drawing under a Letter of Credit shall not relieve the Borrower or any other account party of its obligation to reimburse the amount of such drawing pursuant to the terms of this Agreement. 

(c) Fronted Letters of Credit. 
 (i)
Subject to the terms and conditions set forth herein, the Borrower Representative may request any Fronting Bank to issue (and any Fronting Bank, in its sole discretion may issue), one or more Letters of Credit denominated in Dollars or Foreign
Currencies for the joint and several account of the Borrowers, in a form reasonably acceptable to the Administrative Agent and the Fronting Bank (each such letter of credit, a “Fronted Letter of Credit” and collectively, the
“Fronted Letters of Credit”) (which form may include having such Fronted Letters of Credit, though issued for the joint and several account of the Borrowers, reflect on their face Subsidiaries of the Parent as the account party and
name as the beneficiaries thereof commercial counterparties or creditors of such Subsidiaries), at any time and from time to time during the Availability Period. 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 any Borrower to, or entered into by any Borrower with, the Fronting Bank relating to any Fronted Letter of Credit, the terms and conditions of
this Agreement shall control. Upon the effectiveness of this Agreement, the Existing Letter of Credit shall, without any further action by any party, be deemed to have been issued as a Letter of Credit hereunder by JPMCB on the date of such
effectiveness and shall for all purposes hereof be treated as a Fronted Letter of Credit under this Agreement. 
 (ii) By the issuance of a Fronted Letter
of Credit (or an amendment to a Fronted Letter of Credit increasing the amount thereof) and without any further action on the part of the Fronting Bank or the Revolving Lenders, the Fronting Bank hereby grants to each Revolving Lender, and each
Revolving Lender hereby acquires from the Fronting Bank (each such Revolving Lender, in its capacity under this Section 2.06(b) a “Fronting Participant”), a participation in such Fronted Letter of Credit equal to such
Lender’s Applicable Percentage under the Revolving Credit Facility of the aggregate amount available to be drawn under such Fronted Letter of Credit. In consideration and in furtherance of the foregoing, each Revolving Lender hereby absolutely
and unconditionally agrees to pay to the Administrative Agent, for the account of the applicable Fronting Bank, such Revolving Lender’s Applicable Percentage of each LC Disbursement made by the Fronting Bank under the Fronted Letters of Credit
and not reimbursed by the Borrowers 

  
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on the date due as provided in paragraph (e) of this Section, or of any reimbursement payment required to be refunded to the Borrowers for any reason. Each Revolving Lender acknowledges and
agrees that its obligation to acquire participations pursuant to this paragraph in respect of Fronted Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including any amendment, renewal or
extension of any Fronted Letter of Credit or the occurrence and continuance of a Default or reduction or termination of the Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever.
Upon any change in the Revolving Commitments or Applicable Percentages with respect to the Revolving Credit Facility of the Revolving 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 with respect to the Revolving
Credit Facility of the assignor and assignee Revolving Lender or of all Revolving Lenders with Revolving 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 Borrowers fail to make such payment when due pursuant to Section 2.06(e), such amount (which, if denominated in a currency other than Dollars, shall be
converted into Dollars at the Exchange Rate) shall bear interest at the Alternate Base Rate and the Administrative Agent shall notify each Fronting Participant of the applicable LC Disbursement, the payment then due from the Borrowers in respect
thereof and such Fronting Participant’s Applicable Percentage under the Revolving Credit Facility thereof. Promptly following receipt of such notice, each Fronting Participant shall pay to the Administrative Agent its Applicable Percentage
under the Revolving Credit Facility of the payment then due from the Borrowers, in the same manner as provided in Section 2.07 with respect to Loans made by such Revolving Lender (and Section 2.07 shall apply, mutatis
mutandis, to the payment obligations of the Revolving Lenders), and the Administrative Agent shall promptly pay to the Fronting Bank the amounts so received by it from the Revolving Lenders. Promptly following receipt by the Administrative
Agent of any payment from the Borrowers pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Fronting Bank, or, to the extent that Revolving Lenders have made payments pursuant to this paragraph to reimburse the
Fronting Bank, then to such Revolving Lenders and the Fronting Bank as their interests may appear. Any payment made by a Revolving Lender pursuant to this paragraph to reimburse the Fronting Bank for any LC Disbursement (other than the funding of
ABR Revolving Loans as contemplated above) shall not constitute a Loan and shall not relieve the Borrowers of their obligation to reimburse such LC Disbursement. 

(d) 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 Representative 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, 

  
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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 and
currency of such Letter of Credit, the name and address of the beneficiary thereof, whether such Letter of Credit will be a Secured Letter of Credit or an Unsecured Letter of Credit 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 Representative 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 each Borrower shall be deemed to represent and warrant that), after giving effect
to such issuance, amendment, renewal or extension (i) the LC Exposure shall not exceed the Dollar Equivalent of an amount equal to the Revolving Commitments and (ii) the sum of the total Revolving Credit Exposures shall not exceed the
total Revolving Commitments. 
 (e) Expiration Date. Unless approved by the applicable LC Issuer and each Revolving Lender, each
Letter of Credit shall expire at or prior to the close of business on the date one year or less after the date of the issuance of such Letter of Credit (or, in the case of any renewal or extension thereof, one year or less after such renewal or
extension); provided that any Letter of Credit will include, if requested, customary “evergreen” provisions; provided further that (i) no Letter of Credit shall have an expiry date more than one year after the Revolving
Maturity Date, (ii) the applicable LC Issuer shall be under no obligation to renew or extend any Letter of Credit after the Revolving Maturity Date and (iii) with respect to of any Letter of Credit expiring after the Revolving Maturity
Date, the Borrowers shall cash collateralize such Letter of Credit on or before the date five (5) Business Days prior to the Revolving Maturity Date in the manner and to the extent described in Section 2.06(j). 

(f) Reimbursement. If any Revolving Lender or any Fronting Bank shall make any LC Disbursement in respect of a Letter of Credit, it may
notify the Borrowers and shall promptly notify the Administrative Agent (which shall promptly notify the Borrowers) and the Borrowers shall reimburse such LC Disbursement by paying to the Administrative Agent, for the account of such Revolving
Lender or such Fronting Bank, as applicable, an amount equal to such LC Disbursement calculated as of the date such LC Disbursement is made not later than 3:00 p.m., Local Time, on the second Business Day following the date that such LC Disbursement
is made, if the Borrower Representative shall have received notice of such LC Disbursement prior to 10:00 a.m., Local Time, on such date, or, if such notice has not been received by the Borrower Representative prior to such time on such date, then
not later than 3:00 p.m., Local Time, on (i) the second Business Day following the date that the Borrower Representative receives such notice, if such notice is received prior to 10:00 a.m., Local Time, on the day of receipt, or (ii) the
Business Day immediately following the second Business Day after the day that the Borrower Representative receives such notice, if such notice is not received prior to such time on the day of receipt; provided that the Borrowers 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 Borrowers’ obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Borrowing. 

  
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 (g) Obligations Absolute. The Borrowers’ 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 Revolving 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 Borrowers’ obligations hereunder. Neither the Administrative Agent, the Revolving 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 applicable LC Issuer; provided that the foregoing shall not be construed to excuse any LC Issuer from liability to the Borrowers to the extent of any direct damages (as opposed to
consequential damages, claims in respect of which are hereby waived by the Borrowers to the extent permitted by applicable law) suffered by the Borrowers that are caused by the 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 payment upon such documents without responsibility for further
investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of Credit. 

(h) 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 Representative 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 Borrowers of their obligation to reimburse such LC Issuer and the Revolving Lenders with respect to
any such LC Disbursement. 
 (i) Interim Interest. If any Revolving Lender or any Fronting Bank shall make any LC Disbursement, then,
unless the Borrowers shall reimburse such LC Disbursement 

  
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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 Borrowers reimburse such LC Disbursement, at the rate per annum then applicable to ABR Revolving Loans; provided that, if the Borrowers fail 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 Revolving Lender pro rata in accordance with its Applicable Percentage with respect to the Revolving Credit Facility, 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 Revolving Lender pursuant to paragraph (b)(iii) of this
Section to reimburse the applicable Fronting Bank shall be for the account of such Revolving Lender to the extent of such payment. 
 (j)
Replacement of the Issuing Agent. The Issuing Agent may be replaced at any time by written agreement among the Borrowers, the Administrative Agent, the Revolving Lenders, the replaced Issuing Agent and the successor Issuing Agent. At the time
any such replacement shall become effective, the Borrowers 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) the
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 “Issuing
Agent” shall be deemed to refer to such successor or to any previous Issuing Agent, or to such successor and all previous Issuing Agent, as the context shall require. After the replacement of an Issuing Agent hereunder, the replaced Issuing
Agent shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing Agent under this Agreement with respect to Letters of Credit issued by it prior to such replacement, but shall not be required to issue
additional Letters of Credit. 
 (k) Cash Collateralization. If (i) any Event of Default shall occur and be continuing and if
all outstanding Loans have been declared to be due and payable pursuant to Article VII, then, on the Business Day that the Borrowers receive notice from the Administrative Agent or the Required Lenders demanding the deposit of cash collateral
pursuant to this paragraph, the Borrowers shall deposit in an account with the Administrative Agent, in the name of the Administrative Agent and for the benefit of the Revolving Lenders, an amount in cash equal to 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 Borrowers described in clause (h) or (i) of Article VII or (ii) any Letter of Credit shall have an expiration date after the Revolving Maturity Date, on the date five
Business Days prior to the Revolving Maturity Date the Borrowers shall deposit in an account with the Administrative Agent, in the name of the Administrative Agent and for the benefit of the Revolving Lenders, (A) in the case of Letters of
Credit denominated in Dollars, an amount in cash in Dollars equal to 105% of the face amount of such Letters of Credit and (B) in the case of Letters of Credit denominated in a Foreign Currency, in cash in Dollars equal to 120% of the face
amount of such Letter of Credit or, at the request of the Issuing Agent or the Fronting Bank, as applicable, in cash in the relevant Foreign Currency equal to 105% of the face amount of such Letter of Credit. Any such deposit shall be

  
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held by the Administrative Agent as collateral for the payment and performance of the obligations of the Borrowers under this Agreement. 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 and sole discretion of the Administrative Agent and at the
Borrowers’ 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
Revolving Lenders or the Fronting Bank, as applicable, for LC Disbursements for which it has not been reimbursed and, to the extent not so applied, shall be held for the satisfaction of the reimbursement obligations of the Borrowers for the LC
Exposure at such time or, if the maturity of the Loans has been accelerated, be applied to satisfy other obligations of the Borrowers under this Agreement. If the Borrowers are required to provide an amount of cash collateral hereunder (i) 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 Borrowers within three Business Days after all Events of Default have been cured or waived and (ii) as a result of
the expiration of a Letter of Credit extending past the Revolving Maturity Date, such amount (to the extent not applied as aforesaid) shall be returned to the Borrowers within three Business Days after the surrender or expiration of such Letter of
Credit. 
 (l) 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 Borrowers fail to reimburse an LC Disbursement required to be reimbursed to such LC Issuer (or any Revolving 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. Such reports shall be provided to
any Lender upon such Lender’s request. 
 (m) Collateral for Secured Letters of Credit. If a Borrower requests that any Letter
of Credit be issued as a Secured Letter of Credit pursuant to Section 2.06(c), then at or prior to the time of issuance of such Letter of Credit such Borrower shall deposit (or cause to be deposited) with the Collateral Agent Eligible
Collateral having an aggregate Loan Value in an amount which results in the aggregate Loan Value of all such Eligible Collateral being at least 

  
 -46- 

 
equal to 100% of the face amount of such Secured Letters of Credit. If at any time the aggregate LC Exposure associated with such Letters of Credit shall exceed the amount of such Eligible
Collateral deposited with the Collateral Agent, such Borrower shall, within three Business Days of receipt of written request therefor from the Administrative Agent, deposit (or cause to be deposited) with the Collateral Agent such additional
Eligible Collateral as may be required to eliminate such excess. If such Borrower shall fail to provide such additional Eligible Collateral within such time period, such Letter of Credit shall (from and after such third Business Day until such
excess has been eliminated) be treated as an Unsecured Letter of Credit for purposes of determining the fees payable to the Lenders with respect thereto pursuant to Section 2.12(b). The Administrative Agent shall determine the Dollar Equivalent
of the LC Exposure in respect of Secured Letters of Credit from time to time in its discretion. For the avoidance of doubt, any cash collateral deposited with the Collateral Agent pursuant to Section 2.06(j) shall constitute Eligible Collateral
under this Section 2.06(l). 
 (n) Adjustment of Applicable Percentages. Upon (i) each addition of a new Revolving Lender
hereunder and (ii) each change in the Revolving Commitment of a Revolving Lender pursuant to this Agreement, including pursuant to an increase in the commitments pursuant to Section 2.09(d), then (A) in the case of each
outstanding Several Letter of Credit, with the consent of the beneficiary thereunder to the extent required by the terms thereof or under applicable law (including, if applicable, the Uniform Customs and Practices for Documentary Credits governing
such Several Letter of Credit), the Administrative Agent shall promptly amend such Several Letter of Credit to specify the Revolving Lenders that are parties thereto, after giving effect to such event, and such Revolving Lenders’ respective
Applicable Percentages (or other applicable share if the Borrowers have made a Non-Pro Rata Issuance Election with respect to such Several Letters of Credit) as of the effective date of such amendment and
(B) in the case of each outstanding Fronted Letter of Credit, the participation interest of each Revolving Lender therein shall automatically be adjusted to reflect, and each Lender shall have a participation in such Fronted Letter of Credit
equal to, such Revolving Lender’s Applicable Percentage of the aggregate amount available to be drawn under such Fronted Letter of Credit after giving effect to such event. However, it is acknowledged by the Administrative Agent and the
Revolving Lenders that amendments of outstanding Several Letters of Credit may not be immediately effected. Accordingly, whether or not Several Letters of Credit are amended as contemplated hereby, the Revolving Lenders agree that they shall
purchase and sell participations or otherwise make or effect such payments among themselves (but through the Administrative Agent) so that payments by the Revolving Lenders of drawings under Several Letters of Credit and payments by the Borrowers of
LC Disbursements and interest thereon are, except as otherwise expressly set forth herein, in each case shared by the Revolving Lenders in accordance with the respective Applicable Percentages (or other applicable shares if the Borrowers have made a
Non-Pro Rata Issuance Election with respect to such Several Letters of Credit) of the Revolving Lenders from time to time in effect. 

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 12:00 noon, Local 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 Borrowers by promptly crediting the amounts so received, 

  
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in like funds, to the account specified pursuant to Section 2.03, which shall be an account of a Borrower maintained with the Administrative Agent in New York City (or, in the case of Loans
denominated in a Foreign Currency, in such other location as may be designated by the Administrative Agent) and designated by the Borrowers 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 with respect to the Revolving Credit Facility (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 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 2.07 and may, in reliance upon such assumption, make available to the Borrowers 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 Borrowers severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest
thereon, for each day from and including the date such amount is made available to the Borrowers to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, (x) 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 (in the case of a Borrowing denominated in Dollars) or (y) the rate reasonably determined by the Administrative
Agent to be the cost to it of funding such amount (in the case of a Borrowing denominated in a Foreign Currency) or (ii) in the case of the Borrowers, 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. 
 (c) In the event that the
Borrowers have made a Non-Pro Rata Issuance Election and thereafter the Borrowers request a Revolving Loan, such Revolving Loan shall, subject to the other terms and provisions hereof, be advanced first, by
those Non-NAIC Approved Banks that do not participate in the issuance, renewal, extension or amendment of one or more Several Letters of Credit as the result of such
Non-Pro Rata Issuance Election until, after giving effect thereto, the Revolving Credit Exposure owing to the Lenders are held by the Lenders pro rata in accordance with their respective Revolving Commitments
and second, by the Lenders (including such Non-NAIC Approved Banks) pro rata in accordance with their respective Revolving Commitments; provided that, for the avoidance of doubt, the aggregate outstanding
amount of the Revolving Credit Exposure of such Lender shall not exceed the Revolving Commitment of such Lender notwithstanding the provisions of this Section 2.07(c). 

SECTION 2.08. Interest Elections. (a) Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request
and, in the case of a
EurocurrencyTerm
Benchmark Revolving Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Thereafter, the Borrower Representative may elect to convert such Borrowing to a
different Type, in the case of Borrowings denominated in Dollars, or to continue such Borrowing and, in the case of a EurocurrencyTerm Benchmark Borrowing, may elect Interest Periods therefor, all as
provided in this Section. The Borrower Representative may elect 

  
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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 Representative 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 Representative were requesting a Borrowing of the
Type and denominated in the currency 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 in a form approved by the Administrative Agent and signed by the Borrower Representative. 

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

(i) the currency and amount
of 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 EurocurrencyTerm
Benchmark Borrowing or an RFR Borrowing; and 
 (iv) if the resulting Borrowing is a EurocurrencyTerm
Benchmark Borrowing, the Interest Period to be applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of the term “Interest
Period”; 
 If any such Interest Election Request requests a
EurocurrencyTerm
Benchmark Borrowing but does not specify an Interest Period, then the Borrower Representative 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 applicable Lender of the details
thereof and of such Lender’s portion of each resulting Borrowing. 
 (e) If the Borrower Representative fails to deliver a timely
Interest Election Request with respect to a
EurocurrencyTerm
Benchmark 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 (unless such Borrowing is denominated in a Foreign Currency, in which case such Borrowing shall be continued as a
EurocurrencyTerm
 Benchmark Borrowing in its original Foreign Currency
with an Interest Period of one month’s duration commencing on the last day of 

  
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such Interest Period). 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 Representative then, so long as an Event of Default is continuing (i) no outstanding Revolving Borrowing may be converted to or continued as a
EurocurrencyTerm
Benchmark Borrowing, (ii) unless repaid, each EurocurrencyTerm Benchmark Revolving Borrowing denominated in Dollars shall be
converted to an ABR Borrowing at the end of the Interest Period applicable thereto, and (iii) unless repaid, each Eurocurrency RevolvingTerm Benchmark Borrowing denominated in a Foreign Currency shall be
continued as a Eurocurrency
RevolvingTerm Benchmark Borrowing with an Interest
Period of one month’s duration. 
 SECTION 2.09. Termination and Reduction and Increase of Commitments. (a) Unless
previously terminated (or extended pursuant to Section 2.22), the Revolving Commitments shall terminate on the Revolving Maturity Date. The Term Commitments shall terminate upon the making of the Term Loan on the Effective Date. 

(b) The Borrowers may at any time terminate, or from time to time reduce, the Revolving Commitments; provided that (i) each
reduction of the Revolving Commitments shall be in an amount that is an integral multiple of $1,000,000 and not less than $5,000,000 and (ii) the Borrowers shall not terminate or reduce the Revolving Commitments if, after giving effect to any
concurrent prepayment of the Revolving Loans in accordance with Section 2.11, the sum of the Revolving Credit Exposures would exceed the total Revolving Commitments. 

(c) The Borrower Representative shall notify the Administrative Agent of any election to terminate or reduce the Revolving Commitments under
paragraph (b) of this Section at least three 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 applicable Lenders of the contents thereof. Each notice delivered by the Borrower Representative pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by
the Borrower Representative may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower Representative (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 Revolving Commitments shall be permanent. Each reduction of the Revolving Commitments shall be made ratably among the Lenders, in each case
accordance with their respective Revolving Commitments. 
 (d) The Borrower Representative at its option may, from time to time, after the
Effective Date, seek to increase the total Revolving Commitments by up to an aggregate amount of $100,000,000 (resulting in maximum total Revolving Commitments of $300,000,000) upon at least three (3) Business Days’ prior written notice to
the Administrative Agent, which notice shall specify the amount of any such increase (which shall not be less than $10,000,000 or such lesser amount to which the Administrative Agent may agree) and shall certify that no Default has occurred and is
continuing. After delivery of such notice, the Parent, in its discretion, may offer the increase (which may be declined by any Lender in its sole discretion) in the total Revolving Commitments on either a ratable basis to the Lenders or on a non pro-rata basis to one or more Lenders and/or to other Lenders or entities that are NAIC Approved Banks and are reasonably acceptable to the Administrative Agent, the Issuing Agent, the Fronting

  
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Banks and the Borrower Representative; provided that no increase may be offered to any entity that is an Ineligible Institution. No increase in the total Revolving Commitments shall become
effective until the existing or new Lenders extending such incremental Revolving Commitment amount and the Borrowers shall have delivered to the Administrative Agent a document in form and substance reasonably satisfactory to the Administrative
Agent pursuant to which (i) any such existing Lender agrees to the amount of its Revolving Commitment increase, (ii) any such new Lender agrees to its Revolving Commitment and agrees to assume and accept the obligations and rights of a
Lender hereunder, (iii) the Borrowers accept such incremental Revolving Commitments, (iv) the effective date of any increase in the Revolving Commitments is specified and (v) the Borrowers certify that on such date the conditions for
a new Loan set forth in Section 4.02 are satisfied. Upon the effectiveness of any increase in the total Revolving Commitments pursuant hereto, (i) each Lender (new or existing) shall be deemed to have accepted an assignment from the
existing Lenders, and the existing Lenders shall be deemed to have made an assignment to each new or existing Lender accepting a new or increased Revolving Commitment, of an interest in each then outstanding Revolving Loan (in each case, on the
terms and conditions set forth in the Assignment and Assumption) and (ii) the LC Exposure of the existing and new Lenders shall be adjusted as contemplated by Section 2.06(m) such that, after giving effect to such assignments and
adjustments, all Revolving Credit Exposure hereunder is held ratably by the Lenders in proportion to their respective Revolving Commitments. Assignments pursuant to the preceding two sentences shall be made in exchange for, and substantially
contemporaneously with the payment to the assigning Lenders of, the principal amount assigned. Payments received by assigning Lenders pursuant to this Section in respect of the principal amount of any EurocurrencyTerm
Benchmark Loan shall, for purposes of Section 2.16 be deemed prepayments of such Loan. Any increase of the total Revolving Commitments pursuant to this Section 2.09(d) shall be subject
to receipt by the Administrative Agent from the Borrowers of such supplemental opinions, resolutions, certificates and other documents as the Administrative Agent may reasonably request. No consent of any Lender (other than the Lenders agreeing to
new or increased Revolving Commitments) shall be required for any incremental Revolving Commitment provided or Revolving Loan made pursuant to this Section 2.09(d). 

SECTION 2.10. Repayment of Loans; Evidence of Debt. (a) The Borrowers hereby jointly and severally unconditionally promise to pay
(i) to the Administrative Agent for the account of each applicable Lender the then unpaid principal amount of each Revolving Loan on the Revolving Maturity Date and (ii) to the Administrative Agent for the account of each applicable Lender
the unpaid principal amount of its Term Loan on the Term Loan Maturity Date. 
 (c) Each Lender shall maintain in accordance with its usual
practice an account or accounts evidencing the indebtedness of the Borrowers 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.

 (d) 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 Borrowers 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. 

  
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 (e) 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 obligation of the Borrowers to repay the Loans in accordance with the terms of this Agreement. 
 (f) Any
Lender may request that Loans made by it be evidenced by a promissory note. In such event, the Borrowers 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 a form approved by the Administrative Agent. 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, if such promissory note is a registered note, to such payee and its registered assigns). 

(g) If as of any date a determination is required or authorized to be made under the Credit Documents the aggregate Revolving Credit Exposure
of the Lenders exceeds the aggregate Revolving Commitments of the Lenders, the Borrowers shall within two (2) Business Days prepay the Loans in the amount of such excess. To the extent that, after the prepayment of all Loans an excess of the
Credit Exposure over the aggregate Revolving Commitments still exists, the Borrowers shall promptly cash collateralize the Letters of Credit in the manner described in Section 2.06(j) in an amount sufficient to eliminate such excess. 

(h) The Administrative Agent will determine the Dollar Equivalent of the aggregate LC Exposure and the Dollar Equivalent of each Loan on each
Exchange Rate Date. If at any time the sum of such amounts exceeds 105% of the aggregate Revolving Commitments of the Lenders, the Borrowers shall within two (2) Business Days prepay the Revolving Loans in an amount sufficient to reduce the sum
of such amounts to no greater than the amount of the aggregate Revolving Commitments of the Lenders. To the extent that, after the prepayment of all Loans an excess of the sum of such amounts over the aggregate Revolving Commitments still exists,
the Borrowers shall promptly cash collateralize the Letters of Credit in the manner described in Section 2.06(j) in an amount sufficient to eliminate such excess. 

SECTION 2.11. Prepayment of Loans. (a) The Borrowers shall have the right at any time and from time to time to prepay any
Borrowing in whole or in part and without prepayment or penalty, subject to prior notice in accordance with paragraph (b) of this Section. 

(b) The Borrower Representative shall notify the Administrative Agent by telephone (confirmed by telecopy) of any prepayment hereunder
(i) in the case of prepayment of a
EurocurrencyTerm
Benchmark Borrowing, not later than 11:00 a.m., Local Time, three Business Days before the date of
prepayment, (ii) in the case of prepayment of an RFR Revolving Borrowing denominated in Sterling, not later
than 11:00 a.m., Local Time, five RFR Business Days before the date of prepayment or (iiiii) in the case of prepayment of an ABR Borrowing, not later than 11:00
a.m., Local Time, one Business Day before the date of 

  
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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, if a
notice of prepayment is given in connection with a conditional notice of termination of the Revolving Commitments as contemplated by Section 2.09(d), then such notice of prepayment may be revoked if such notice of termination is revoked in
accordance with Section 2.09(d). Promptly following receipt of any such notice relating to a Borrowing, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each partial prepayment of any Borrowing shall be in
an amount that would be permitted in the case of an advance of a Borrowing of the same Type as provided in Section 2.02. Each prepayment of a Borrowing shall be applied ratably to the Loans included in the prepaid Borrowing. Prepayments shall
be accompanied by accrued interest to the extent required by Section 2.13. 
 SECTION 2.12. Fees. (a) Subject to
Section 2.21(a), the Borrowers agree to pay to the Administrative Agent for the account of each Lender a commitment fee in Dollars, which shall accrue at the Applicable Rate on such Lender’s Applicable Percentage under the Revolving Credit
Facility of the daily amount of the difference between the Revolving Commitment of such Lender and the Revolving Credit Exposure of such Lender during the period from and including the date hereof to but excluding the date on which such Revolving
Commitment terminates. Accrued commitment fees shall be payable quarterly in arrears on the fifth Business Day after receipt by the Borrowers of an invoice with respect to such fees. 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) Subject to
Section 2.21(c), the Borrowers agree to pay (i) to the Administrative Agent for the account of each Lender a participation fee with respect to its credit exposure in respect of Letters of Credit (whether in the form of participations in
Fronted Letters of Credit or as a ratable issuer of Several Letters of Credit), equal to (A) in the case of Unsecured Letters of Credit, the Applicable Rate used to determine the interest rate applicable to EurocurrencyTerm
Benchmark Revolving Loans on the average daily amount available to be drawn under such Unsecured Letter of Credit (excluding any portion thereof attributable to unreimbursed LC Disbursements) and
(B) in the case of Secured Letters of Credit, at the applicable rate per annum set forth on Schedule 1.02 under the caption “Secured Letter of Credit Fee” on the average daily amount available to be drawn under such Secured Letter of
Credit, in each case, 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, and (ii) to
each Fronting Bank a fronting fee, which shall accrue at the rate or rates per annum separately agreed upon between the Borrowers and such Fronting Bank on the average daily amount of the LC Exposure in respect of Fronted Letters of Credit issued by
it (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period from and including the Effective Date to but excluding the later of the date of termination of the Revolving Commitments and the date on which there
ceases to be any LC Exposure, as well as the applicable LC Issuer’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. Participation fees and fronting fees accrued through and including the last day of March, June, September and December of each year shall be payable on the fifth Business Day following

  
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receipt by the Borrowers of an invoice thereof, 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
Revolving Commitments terminate and any such fees accruing after the date on which the Revolving Commitments terminate shall be payable on demand. Any other fees payable to the applicable LC Issuer pursuant to this paragraph shall be payable within
10 days after demand. All participation fees and fronting 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 Borrowers agree to pay to the Administrative Agent, for its own account, fees payable in the amounts and at the times separately
agreed upon between the Borrowers 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 Issuing Agent or the applicable Fronting Bank, in the case of fees payable to it) for distribution, in the case of facility fees and participation fees, 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) (i) The Loans comprising each Term Benchmark Borrowing shall bear interest at the applicable Term Benchmark for the Interest Period
in effect for such Borrowing plus the Applicable Rate and (ii) the Loans comprising
of each EurocurrencyRFR Borrowing shall bear interest at the Adjusted Eurocurrency Rate for the Interest Period in effect for such
BorrowingDaily Simple RFR 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 any of
the Borrowers 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, upon
the final maturity thereof and, in the case of Revolving Loans, upon termination of the Revolving 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 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
EurocurrencyTerm
Benchmark 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 (i) interest on Borrowings computed by reference to the Daily Simply RFR

  
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denominated in Sterling shall be computed on the basis of a year of 365 days, (ii) interest on Borrowings denominated in any other Foreign Currency for which it is required by applicable law
or customary to compute interest on the basis of a year of 365 days or, if required by applicable law or customary, 366 days in a leap year, shall be computed on such basis, and (iii) 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 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 Eurocurrency Rate or, LIBO Rate, Adjusted EURIBOR Rate, EURIBOR Rate, Adjusted Daily Simple RFR or Daily Simple RFR shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error. 

SECTION 2.14. Alternate Rate of Interest. (a) If prior to the commencement of any Interest Period for a EurocurrencyTerm
Benchmark Borrowing denominated in any currency or at any
time for a RFR Loan: 
 (i) the Administrative Agent determines (which determination shall be
conclusive absent manifest error) that adequate and reasonable means (including by means of an Interpolated Rate, if
applicable) do not exist for ascertaining the Adjusted Eurocurrency Rate or, the LIBO Rate, the Adjusted EURIBOR Rate or the EURIBOR as applicable, for such
Interest Period, or the Adjusted Daily Simple RFR or the Daily Simple RFR; or 
 (ii) the Administrative Agent is advised by the Required Lenders that the Adjusted Eurocurrency Rate or the Adjusted EURIBOR Rate, as applicable, for such Interest Period
will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in such Borrowing for such Interest Period, which notice is accompanied by a written rationale for the
determination of the Required Lenders, which will be shared with the Borrowers; 
 then the Administrative Agent shall give notice thereof to the
Borrowers and the Lenders by telephone or telecopy as promptly as practicable thereafter and, until the Administrative Agent notifies the Borrowers 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 Revolving Borrowing to, or continuation of any Revolving Borrowing as, a EurocurrencyTerm Benchmark Borrowing or a RFR Borrowing, as applicable, denominated in such currency shall
be ineffective, (ii) such Borrowing shall be converted to or continued as on the last day of the Interest Period applicable thereto (A) if such Borrowing is denominated in Dollars, an ABR Borrowing or (B) if such Borrowing is
denominated in a Foreign Currency, as a Borrowing in respect of which the rate to apply to each Lender’s participation is anLoan that bears interest rate to include
(1)at the ApplicableCentral
Bank Rate for Eurocurrency Loans and (2) the rate notified tothe applicable Foreign Currency plus the CBR Spread; provided that, if
the Administrative Agent by such Lender as soon as practicable and in any event before interest is due to be paid in respect of the applicable Interest Period,
to be that which expresses as a percentage rate per annum the cost to such Lender of funding its participation in the applicable Borrowing from whatever source it may reasonably selectdetermines (which determination shall be conclusive and binding absent manifest error) that the Central Bank Rate for the
applicable Foreign Currency cannot be determined, any outstanding affected Term Benchmark Loans 

  
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denominated in any Foreign Currency shall either be
(1) converted to an ABR Borrowing denominated in Dollars (in an amount equal to the Dollar Equivalent of such Foreign Currency) at the end of the Interest Period, as applicable, therefor or (2) prepaid at the end of the applicable Interest
Period, as applicable, in full; provided that if no election is made by the Borrower Representative by the earlier of (x) the date that is three Business Days after receipt by the Borrower Representative of such notice and (y) the last day
of the current Interest Period for the applicable Term Benchmark Loan, the Borrower Representative shall be deemed to have elected clause (A) above; and (iii) if any Borrowing Request
requests a
EurocurrencyTerm
 Benchmark Borrowing or a RFR Borrowing, as applicable,
in such currency, such Borrowing shall be made as an ABR Borrowing (if such Borrowing is requested to be made in Dollars) or shall be made as a Borrowing bearing interest at the rate described
under (ii)(B) above. 
 (a) If, after the date hereof, any Change in Law shall make it unlawful or impossible for any of the Lenders
to honor its obligations hereunder to make or maintain any
EurocurrencyTerm
Benchmark Loan, RFR Loan or any ABR Loan as to which the interest rate is determined by reference to the Adjusted Eurocurrency Rate
or, the LIBO Rate, the Adjusted EURIBOR Rate, the EURIBOR Rate, the Daily Simply RFR or the Adjusted Daily Simple RFR, as applicable, such Lender shall promptly give notice thereof to the Administrative Agent and the Administrative Agent shall promptly give notice to the Parent and the other Lenders. Thereafter, until the
Administrative Agent notifies the Parent that such circumstances no longer exist, (i) the obligations of the Lenders to make EurocurrencyTerm Benchmark Loans, RFR Loan or ABR Loans as to which the interest rate is determined by
reference to the Adjusted Eurocurrency Rate, Adjusted EURIBOR Rate or the Adjusted Daily Simple RFR, as
applicable, and the right of the Borrowers to convert any Loan to a EurocurrencyTerm Benchmark Loan or RFR Loan or continue any Loan as a EurocurrencyTerm
Benchmark Loan, RFR Loan or an ABR Loan as to which the interest rate is determined by reference to the Adjusted Eurocurrency
Rate, Adjusted EURIBOR Rate or the Adjusted Daily Simple RFR, as applicable, shall be suspended and thereafter the Borrowers may select only ABR Loans as to which the interest rate is not determined by reference to the Adjusted Eurocurrency Rate hereunder, (ii) all ABR Loans shall
cease to be determined by reference to the Adjusted Eurocurrency Rate and (iii) if any of the Lenders may not lawfully continue to maintain a
EurocurrencyTerm
 Benchmark Loan to the end of the then current Interest Period applicable thereto, the applicable Loan shall immediately be converted to an ABR Loan as to which the interest rate is not determined
by reference to the Adjusted Eurocurrency Rate for the remainder of such Interest Period. 
 (b) If at any time the Administrative
Agent determines (which determination shall be conclusive absent manifest error) that (i) the circumstances set forth in clause (a)(i) have arisen and such circumstances are unlikely to be temporary or (ii) the circumstances set forth in
clause (a)(i) have not arisen but either (w) the supervisor for the administrator of the LIBO Screen Rate, the
EURIBOR Screen Rate or the Daily Simple RFR, as applicable, the has made a public statement that the administrator of the LIBO Screen Rate, the EURIBOR Screen Rate or the Daily Simple RFR, as applicable, is
insolvent (and there is no successor administrator that will continue publication of the LIBO Screen Rate, the
EURIBOR Screen Rate or the Daily Simple RFR, as applicable,), (x) the administrator of the LIBO Screen
Rate, the EURIBOR Screen Rate or the Daily Simple RFR, as applicable, has made a public statement identifying a specific date after which the LIBO Screen
Rate, the EURIBOR Screen Rate or the Daily Simple

  
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RFR, as applicable, will permanently or indefinitely cease to be published by it (and there is no successor administrator that will continue publication of the LIBO Screen Rate, the EURIBOR Screen Rate or the Daily Simple RFR, as applicable), (y)
the supervisor for the administrator of the LIBO Screen Rate, the EURIBOR Screen Rate or the Daily Simple RFR,
as applicable, has made a public statement identifying a specific date after which the LIBO Screen
Rate, the EURIBOR Screen Rate or the Daily Simple RFR, as applicable, will permanently or indefinitely cease to be published or (z) the supervisor for the administrator of the LIBO Screen
Rate, the EURIBOR Screen Rate or the Daily Simple RFR, as applicable, or a Governmental Authority having jurisdiction over the Administrative Agent has made a public statement identifying a specific date after which the LIBO Screen Rate, the EURIBOR Screen Rate or the Daily Simple RFR, as applicable, may no
longer be used for determining interest rates for loans, then the Administrative Agent and the Borrower shall endeavor to establish an alternate rate of interest to the LIBO Rate, the EURIBOR Rate or the Daily Simple RFR, as applicable, that gives
due consideration to the then prevailing market convention for determining a rate of interest for syndicated loans in the United States at such time, and shall enter into an amendment to this Agreement to reflect such alternate rate of interest and
such other related changes to this Agreement as may be applicable (but for the avoidance of doubt, such related changes shall not include a reduction of the Applicable Rate); provided that, if such alternate rate of interest as so determined
would be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement. Notwithstanding anything to the contrary in Section 9.02, such amendment shall become effective without any further action or consent of any other
party to this Agreement so long as the Administrative Agent shall not have received, within five Business Days of the date notice of such alternate rate of interest is provided to the Lenders, a written notice from the Required Lenders stating that
such Required Lenders object to such amendment. Until an alternate rate of interest shall be determined in accordance with this clause (c) (but only to the extent the LIBO Screen Rate the EURIBOR Screen Rate or the Daily Simple RFR, as applicable, for the
applicable currency and such Interest Period (if
applicable) is not available or published at such time on a current basis), (x) any Interest Election Request that requests the conversion of any Revolving Borrowing to, or continuation of any
Revolving Borrowing as, a Eurocurrency Borrowing denominated in such currency shall be ineffective,
(y) with respect to Term Benchmark Borrowings, such
Borrowing shall be converted to or continued as on the last day of the Interest Period applicable thereto (A) if such Borrowing is denominated in Dollars, an ABR Borrowing or (B) if such Borrowing is denominated in a Foreign Currency,
as a
Borrowing in respect of which the rate to apply to each Lender’s participation is anLoan that bears interest rate to include
(1)at the ApplicableCentral
Bank Rate for Eurocurrency Loans and (2) the rate notified tothe applicable Foreign Currency plus the CBR Spread; provided that, if
the Administrative Agent by such Lender as soon as practicable and in any event before interest is due to be paid in respect of the applicable Interest Period,
to be that which expresses as a percentage rate per annum the cost to such Lender of funding its participation in the applicable Borrowing from whatever source it may reasonably selectdetermines (which determination shall be conclusive and binding absent manifest error) that the Central Bank Rate for the
applicable Foreign Currency cannot be determined, any outstanding affected Term Benchmark Loans denominated in any Foreign Currency shall either be (1) converted to an ABR Borrowing denominated in Dollars (in an amount equal to the Dollar
Equivalent of such Foreign Currency) at the end of the Interest Period, as applicable, therefor or (2) prepaid at the end of the applicable Interest Period, as applicable, in full; provided that if no election is made by the Borrower 

  
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Representative by the earlier of (x) the date that is three
Business Days after receipt by the Borrower Representative of such notice and (y) the last day of the current Interest Period for the applicable Term Benchmark Loan, the Borrower Representative shall be deemed to have elected clause
(A) above; and (z) if any Borrowing Request requests a EurocurrencyTerm Benchmark Borrowing or a RFR Borrowing in such currency, such Borrowing shall be made as an
ABR Borrowing (if such Borrowing is requested to be made in Dollars) or shall be made as a Borrowing bearing interest at the rate described under (ii)(B) above. 

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 Eurocurrency Rate or Adjusted EURIBOR Rate, as applicable) 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 Eurocurrency 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 (e) 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, converting into, continuing 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 Borrowers 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. 

(a) 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 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 or liquidity), then from time to time the
Borrowers 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. 

  
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 (b) A certificate of a Lender or an 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 Representative and shall be conclusive absent manifest error. The
Borrowers shall pay such Lender or such LC Issuer, as the case may be, the amount shown as due on any such certificate within 10 days after receipt thereof. 

(c) 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 Borrowers shall not be required to compensate a Lender or an 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 Representative 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. 
 Notwithstanding the above, a Lender will not be
entitled to demand compensation for any increased cost or reduction set forth in this Section 2.15 at any time if it is not the general practice of such Lender to demand such compensation from similarly situated borrowers in similar
circumstances at such time. 
 SECTION 2.16. Break Funding Payments. 

In the event of (ai) the payment of any principal of any EurocurrencyTerm
Benchmark 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),
(bii
) the conversion of any EurocurrencyTerm Benchmark Loan other than on the last day of the Interest Period
applicable thereto,
(ciii
) the failure to borrow, convert, continue or prepay any EurocurrencyTerm Benchmark Loan on the date specified in any notice delivered
pursuant hereto (regardless of whether such notice may be revoked under Section 2.11(b) and is revoked in accordance therewith) or (div) the assignment of any EurocurrencyTerm
Benchmark Loan other than on the last day of the Interest Period applicable thereto as a result of a request by a Borrower pursuant to Section 2.19, then, in any such event, the Borrowers
shall compensate each Lender for the loss, cost and expense (excluding any loss of anticipated profits or loss of margin) attributable to such event. In the case of a
EurocurrencyTerm
 Benchmark Loan, such loss, cost or expense to any Lender shall be deemed to be an amount determined by such Lender to be the excess, if any, of (ix) the amount of interest which would have accrued on the principal amount of such Loan had such event not occurred, at the
Adjusted
Eurocurrencyapplicable Benchmark 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
(iiy
) 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 date of such event, for Dollar deposits in the
applicable currency of a comparable amount and period from other banks in the eurocurrency market. A certificate of any Lender setting forth any amount or amounts that such 

  
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Lender is entitled to receive pursuant to this Section and setting forth in reasonable detail the basis for such
claim, including supporting documentation and computations, shall
be delivered to the Borrower Representative and shall be conclusive absent manifest error. The Borrowers shall pay such Lender the amount shown as due on any such certificate within 10 daysBusiness
Days after receipt thereof. 
 SECTION 2.17. Taxes. (a) Payments
Free of Taxes. Any and all payments by or on account of any obligation of any Borrower under any Credit 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 applicable 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 Borrowers. The
Borrowers 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 any Borrower to a Governmental Authority pursuant to
this Section 2.17, such 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 Borrowers. The Borrowers
shall jointly and severally 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 as to the amount of such payment or liability delivered to the Borrowers 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 any Borrower has not already indemnified the Administrative Agent for such
Indemnified Taxes and without limiting the obligation of the Borrowers 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 

  
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Administrative Agent in connection with any Credit 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 Credit 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 Credit Document shall deliver to the Borrowers and the Administrative Agent, at the time or times reasonably requested by the Borrowers or the Administrative Agent, such properly
completed and executed documentation reasonably requested by the Borrowers 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 Borrowers or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrowers or the Administrative Agent as will enable the Borrowers 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. 
 (ii) Without limiting the generality of the
foregoing, in the event that any Borrower is a U.S. Person, 
 (A) any Lender that is a U.S. Person shall deliver to such
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 such Borrower or the Administrative Agent), executed originals
of IRS Form W-9 certifying that such Lender is exempt from U.S. Federal backup withholding tax; 

(B) any Foreign Lender (with respect to such Borrower) shall, to the extent it is legally entitled to do so, deliver to such
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 such 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 Credit Document, an executed IRS Form W-8BEN-E or IRS Form W-8BEN 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 

  
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payments under any Credit Document, IRS Form W-8BEN-E or IRS Form W-8BEN
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) in the case of a Foreign Lender claiming that its extension of credit will generate U.S. effectively connected income, an
executed IRS Form W-8ECI; 
 (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 B-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 such Borrower within the meaning of Section 881(c)(3)(B) 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) an executed IRS Form W-8BEN-E or IRS Form W-8BEN; or 
 (4) to the extent a Foreign Lender is not the beneficial owner, an executed
IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN-E, IRS Form W-8BEN, a U.S. Tax Compliance Certificate substantially in the form of Exhibit B-2 or Exhibit B-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 B-4 on behalf of each such direct and indirect partner; 

(C) any Foreign Lender (with respect to such Borrower) shall, to the extent it is legally entitled to do so, deliver to such
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 such 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 such 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 Credit 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 such Borrower and the Administrative
Agent at the time or times prescribed by law and at such time or times reasonably requested by such 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 such Borrower or the Administrative Agent as may be necessary for such Borrower and the Administrative Agent to comply with their obligations under

  
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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. 
 (iii) 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 Borrowers and the Administrative Agent in writing of its legal inability to do so.

 (g) Additional United Kingdom Withholding Tax Matters. 

(i) Without limiting the generality of the foregoing and subject to (ii) below, each Lender and each UK Borrower which makes a payment to such Lender
shall cooperate in completing as soon as reasonably possible any procedural formalities necessary for such UK Borrower to obtain authorization to make such payment without withholding or deduction or subject to a reduced rate of withholding or
deduction for Taxes imposed under the laws of the United Kingdom and renew such authorization where it expires or ceases to have effect. 
 (ii) (A) A
Lender on the day on which this Agreement closes that (x) holds a passport under the HMRC DT Treaty Passport scheme and (y) wishes such scheme to apply to this Agreement, shall confirm its scheme reference number and its jurisdiction of
tax residence opposite its name in Schedule 2.01; and 
 (B) a Lender which becomes a Lender hereunder after the day on which
this Agreement closes that (x) holds a passport under the HMRC DT Treaty Passport scheme and (y) wishes such scheme to apply to this Agreement, shall confirm its scheme reference number and its jurisdiction of tax residence to the Borrower
Representative and in the relevant documentation it executes to becomes a Lender, and 
 (C) Upon satisfying either clause
(A) or (B) above, such Lender shall have satisfied its obligation under paragraph (g)(i) above. 
 (iii) If a Lender has confirmed its scheme reference
number and its jurisdiction of tax residence in accordance with paragraph (g)(ii) above, the UK Borrower(s) shall duly complete and file HMRC form DTTP2 with HMRC within 30 days of the date of this Agreement in respect of a Lender falling within
Section 2.17(g)(ii)(A) and within 30 days of the date a Lender falling under Section 2.17(g)(ii)(B) becomes a Lender under this Agreement (a “Borrower DTTP Filing”) with respect to such Lender, and shall promptly provide
such Lender with a copy of such filing; provided that, if: 
 (A) each UK Borrower making a payment to such Lender has
not made a Borrower DTTP Filing in respect of such Lender; or 
 (B) each UK Borrower making a payment to such Lender has
made a Borrower DTTP Filing in respect of such Lender but: 
 (1) such Borrower DTTP Filing has been rejected by HM Revenue
& Customs; or 

  
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 (2) HM Revenue & Customs has not given such UK Borrower authority
to make payments to such Lender without a deduction for tax within 60 days of the date of such Borrower DTTP Filing; 
 and
in each case, such UK Borrower has notified that Lender in writing of either (1) or (2) above, then such Lender and such UK Borrower shall co-operate in completing any additional procedural formalities
necessary for such UK Borrower to obtain authorization as soon as reasonably possible to make that payment without withholding or deduction for Taxes imposed under the laws of the United Kingdom. 

(iv) If a Lender has not confirmed its scheme reference number and jurisdiction of tax residence in accordance with paragraph (g)(ii) above, no UK Borrower
shall make a Borrower DTTP Filing or file any other form relating to the HMRC DT Treaty Passport scheme in respect of that Lender’s Commitment(s) or its participation in any Loan unless the Lender otherwise agrees. 

(v) Each UK Borrower shall, promptly on making a Borrower DTTP Filing, deliver a copy of such Borrower DTTP Filing to the Administrative Agent for delivery to
the relevant Lender. 
 (vi) Each Lender shall promptly notify the Parent and Administrative Agent if it determines in its sole discretion that it ceases to
be entitled to claim the benefits of an income tax treaty to which the United Kingdom is a party with respect to payments made by any UK Borrower hereunder. 

(vii) A Lender on the day on which this Agreement closes which is a Qualifying Lender solely by virtue of (b)(ii) of the definition of Qualifying Lender gives
a Tax Confirmation by entering into this Agreement. 
 (viii) A Lender which has given a Tax Confirmation shall promptly notify the Parent and
Administrative Agent if there is any change in the position from that set out in the Tax Confirmation. 
 (ix) A QPP Lender shall promptly notify the Parent
and Administrative Agent if it becomes aware of any change in the position from that set out in the QPP Certificate. 
 (x) If the UK Borrower receives a
notification from H.M. Revenue & Customs that a QPP Certificate given by a Lender has no effect, the UK Borrower shall promptly provide a copy of such notification to the Parent and Administrative Agent for delivery to the relevant Lender.

 (h) 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 

  
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to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified
party and without 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 (h) (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 (h), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (h) 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. 
 (i) 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 Credit Document. 
 (j) Defined Terms. For purposes of this Section 2.17, the term
“Lender” includes the LC Issuers and the term “applicable law” includes FATCA. 
 (k) For purposes of determining
withholding Taxes imposed under FATCA, from and after the Effective Date, the Borrowers and the Administrative Agent shall treat (and the Lenders hereby authorize the Administrative Agent to treat) this Agreement as not qualifying as a
“grandfathered obligation” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i). 

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, each of the Borrowers 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, Local 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, Floor 19, Chicago, Illinois 60603 (or,
for payments denominated in a Foreign Currency, to J.P. Morgan Europe Limited, 125 London Wall, London EC2Y 5AJ), 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 

  
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extension. All payments hereunder of (i) principal or interest in respect of any Loan shall be made in the currency in which such Loan is denominated or (ii) any other amount due
hereunder or under another Credit Document shall be made in Dollars. Any payment required to be made by the Administrative Agent hereunder shall be deemed to have been made by the time required if the Administrative Agent shall at or before such
time have taken the necessary steps to make such payment in accordance with the regulations or operating procedures of the clearing or settlement system used by the Administrative Agent to make such payment. 

(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) 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 Loans or participations in LC Disbursements resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Loans and participations
in LC Disbursements and Term Loans 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 Loans and
participations in LC Disbursements of other Lenders without recourse or warranty from the other Lenders except as contemplated by Section 9.04 in respect of assignments 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 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 any of the Borrowers 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 Borrowers or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply). Each of the Borrowers 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 any of the Borrowers rights of
set-off and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of such Borrower in the amount of such participation. 

(d) Unless the Administrative Agent shall have received notice from the Borrower Representative 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 Borrowers will not make such payment, the Administrative Agent may assume that the Borrowers have 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 

  
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such event, if the Borrowers have 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 or 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,
(i) 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 (in the case of an amount denominated in Dollars) and (ii) the
rate reasonably determined by the Administrative Agent to be the cost to it of funding such amount (in the case of an amount denominated in a Foreign Currency). 

(e) If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.06(e), 2.07(c), 2.18(d) 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 under such Sections until all such unsatisfied obligations are fully paid, and/or (ii) hold any such amounts in a segregated account as cash collateral for, and application to,
any future funding obligations of such Lender under such Sections; in the case of each of (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 if any of the Borrowers 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, (at the written request of such Borrower) 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
Borrowers hereby agree to pay all reasonable costs and expenses incurred by any Lender or LC Issuer in connection with any such designation or assignment. 

(b) If any Lender or LC Issuer requests compensation under Section 2.15, or if any of the Borrowers is required to pay any additional
amount to any Lender or any Governmental Authority for the account of any Lender or LC Issuer pursuant to Section 2.17, or if any Lender or LC Issuer becomes a Defaulting Lender, a Non-NAIC Approved Bank
or a Non-Consenting Lender, then the Borrowers may, at their 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 and obligations under this Agreement 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 Representative shall have received the prior written consent of the Administrative Agent (and if a Revolving Commitment is
being assigned, each LC Issuer), which consent shall not unreasonably be 

  
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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 Borrowers (in the case of all other amounts), (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 and (iv) such assignee shall not be an Ineligible
Institution. 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 Borrowers to require such assignment and delegation cease
to apply. 
 (c) The Borrowers may, subject to the terms and conditions set forth in this clause (c), request that all Several Letters of
Credit that are required to be issued or that are outstanding during the period that a Non-NAIC Approved Bank (i) does not have a Limited Fronting Lender and (ii) continues to be a Revolving Lender
hereunder be issued or renewed, extended or amended, as applicable, by the Revolving Lenders on a pro rata basis that excludes the Revolving Commitment of such Non-NAIC Approved Bank, provided that, if the
Borrowers elect to request that any Several Letter of Credit be issued, renewed, extended or amended on an adjusted pro rata basis, (i) such issuance, renewal, extension or adjustment shall be made only to the extent that it would not cause the
Revolving Credit Exposure owing to any Revolving Lender to exceed such Revolving Lender’s Revolving Commitment and (ii) thereafter, if the Borrowers elect to request a Revolving Loan, such Revolving Loan shall be advanced as provided in
Section 2.07(c). 
 SECTION 2.20. Joint and Several Liability of the Borrowers. 

(a) Each of the Borrowers shall be jointly and severally liable hereunder and under each of the other Credit Documents with respect to all
Loans and all other Obligations, regardless of which of the Borrowers actually receives the proceeds of the Loans or the benefit of any other extensions of credit hereunder, or the manner in which the Borrowers, the Administrative Agent, the Lenders
or the applicable LC Issuer accounts therefore in their respective books and records. In furtherance and not in limitation of the foregoing, (i) each Borrower’s obligations and liabilities with respect to proceeds of Loans which it
receives or Letters of Credit issued for its account, and related fees, costs and expenses, and (ii) each Borrower’s obligations and liabilities arising as a result of the joint and several liability of Borrowers hereunder with respect to
proceeds of Loans received by, or Letters of Credit issued for the account of, any of the other Borrowers, together with the related fees, costs and expenses, shall be separate and distinct obligations, both of which are primary obligations of such
Borrower. The joint and several liability of each of the Borrowers shall not be impaired or released by (A) the failure of the Administrative Agent, any Lender or the applicable LC Issuer, any successors or assigns thereof, or any holder of any
of the Obligations to assert any claim or demand or to exercise or enforce any right, power or remedy against any Borrower, any Subsidiary, any other Person or otherwise; (B) any extension or renewal for any period (whether or not longer than
the original period) or exchange of any of the Obligations or the release or compromise of any obligation of any nature of any Person with respect thereto; (C) the surrender, release or exchange of all or any part of any property securing
payment, performance and/or observance of any of the Obligations or the compromise or extension or renewal for any 

  
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period (whether or not longer than the original period) of any obligations of any nature of any Person with respect to any such property; (D) any action or inaction on the part of the
Administrative Agent, any Lender or the applicable LC Issuer, or any other event or condition with respect to any other Borrower, including any such action or inaction or other event or condition, which might otherwise constitute a defense available
to, or a discharge of, such Borrower, or a guarantor or surety of or for any or all of the Obligations; and (E) any other act, matter or thing (other than indefeasible payment in full or performance of the Obligations) which would or might, in
the absence of this provision, operate to release, discharge or otherwise prejudicially affect the obligations of such Borrower or any other Borrower. 

(b) Notwithstanding any provision to the contrary contained herein or in any other of the Credit Documents, to the extent the joint
obligations of a Borrower shall be adjudicated to be invalid or unenforceable for any reason (including, without limitation, because of Section 548 of Chapter 11 of the Bankruptcy Code or under any applicable state Uniform Fraudulent Transfer
Act, Uniform Fraudulent Conveyance Act or similar U.S. or foreign statute or common law) then the Obligations of each Borrower hereunder shall be limited to the maximum amount that is permissible under applicable law (whether foreign, federal or
state and including, without limitation, the federal Bankruptcy Code). 
 (c) To the extent that any Borrower shall make a payment under
this Section 2.20 of all or any of the Obligations (other than Loans the proceeds of which were received by such Borrower) (a “Surety Payment”) that, taking into account all other Surety Payments then previously or concurrently
made by any other Borrower, exceeds the amount that such Borrower would otherwise have paid if each Borrower had paid the aggregate Obligations satisfied by such Surety Payment in the same proportion that such Borrower’s “Allocable
Amount” (as defined below) (as determined immediately prior to such Surety Payment) bore to the aggregate Allocable Amounts of each of the Borrowers as determined immediately prior to the making of such Surety Payment, then, following
indefeasible payment in full in cash of the Obligations and termination of the Commitments, such Borrower shall be entitled to receive contribution and indemnification payments from, and be reimbursed by, each other Borrower for the amount of such
excess, pro rata based upon their respective Allocable Amounts in effect immediately prior to such Surety Payment. As of any date of determination, the “Allocable Amount” of any Borrower shall be equal to the maximum amount of the
claim that could then be recovered from such Borrower under this Section 2.20 without rendering such claim voidable or avoidable under Section 548 of Chapter 11 of the Bankruptcy Code or under any applicable state Uniform Fraudulent
Transfer Act, Uniform Fraudulent Conveyance Act or similar U.S. or foreign statute or common law. This Section 2.20(c) is intended only to define the relative rights of Borrowers and nothing set forth in this Section 2.20(c) is intended to
or shall impair the obligations of Borrowers, jointly and severally, to pay any amounts as and when the same shall become due and payable in accordance with the terms of this Agreement, including Section 2.20(a). Nothing contained in this
Section 2.20(c) shall limit the liability of any Borrower to pay the Loans made directly or indirectly to that Borrower and accrued interest, fees and expenses with respect thereto for which such Borrower shall be primarily liable. The parties
hereto acknowledge that the rights of contribution and indemnification hereunder shall constitute assets of the Borrowers to which such contribution and indemnification is owing. The rights of the indemnifying Borrowers against other Borrowers under
this Section 2.20(c) shall be exercisable only upon the full and indefeasible payment of the Obligations and the termination of the Commitments. 

  
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 (d) The liability of Borrowers under this Section 2.20 is in addition to and shall be
cumulative with all liabilities of each Borrower to the Administrative Agent and Lenders under this Agreement and the other Credit Documents to which such Borrower is a party, without any limitation as to amount. 

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 Revolving Commitment of such Defaulting Lender pursuant to Section 2.12; 
 (b) the Revolving Commitment
and Revolving Credit Exposure of such Defaulting Lender shall not be included in determining whether all Lenders, the Required Lenders have taken or may take any action hereunder (including any consent to any amendment or waiver pursuant to
Section 9.02), provided that any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender which affects such Defaulting Lender differently than other affected Lenders shall require the consent of
such Defaulting Lender; 
 (c) if any LC Exposure with respect to Fronted Letters of Credit exists at the time a Lender becomes a Defaulting
Lender then: 
 (i) all or any part of such LC Exposure shall be reallocated among the non-Defaulting Lenders in
accordance with their respective Applicable Percentages under the Revolving Credit Facility but only to the extent (x) the sum of all non-Defaulting Lenders’ Revolving Credit Exposures plus such
Defaulting Lender’s LC Exposure does not exceed the total of all non-Defaulting Lenders’ Revolving Commitments and (y) the conditions set forth in Section 4.02 are satisfied at such time;
and 
 (ii) if the reallocation described in clause (i) above cannot, or can only partially, be effected, the Borrowers shall within one Business Day
following notice by the Administrative Agent cash collateralize such Defaulting Lender’s LC Exposure (after giving effect to any partial reallocation pursuant to clause (i) above) in accordance with the procedures set forth in
Section 2.06(j) for so long as such LC Exposure is outstanding; 
 (iii) if the Borrowers cash collateralize any portion of such Defaulting
Lender’s LC Exposure pursuant to Section 2.21(c), the Borrowers shall not be required to pay any fees to such Defaulting Lender pursuant to Section 2.12(b) with respect to such Defaulting Lender’s LC Exposure during the period
such Defaulting Lender’s LC Exposure is cash collateralized; 
 (iv) if the LC Exposure of the non-Defaulting
Lenders is reallocated pursuant to Section 2.21(c), then the fees payable to the Lenders pursuant to Section 2.12 shall be adjusted in accordance with such non-Defaulting Lenders’ Applicable
Percentages under the Revolving Credit Facility; or 

  
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 (v) if any Defaulting Lender’s LC Exposure is neither cash collateralized nor reallocated pursuant to
Section 2.21(c), then, without prejudice to any rights or remedies of any LC Issuer or any other Lender hereunder, all facility fees that otherwise would have been payable to such Defaulting Lender (solely with respect to the portion of such
Defaulting Lender’s Revolving Commitment that was utilized by such LC Exposure) and letter of credit fees payable under Section 2.12(b) with respect to such Defaulting Lender’s LC Exposure shall be payable to the Fronting Banks until
such LC Exposure is cash collateralized and/or reallocated; and 
 (d) so long as any 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 will be 100% covered by the Revolving Commitments of the non-Defaulting Lenders and/or
cash collateral will be provided by the Borrowers 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 Defaulting Lenders shall not participate therein). 

(e) 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, such Fronting Bank shall not be required to
issue, amend or increase any Letter of Credit, unless such Fronting Bank shall have entered into arrangements with a Borrower or such Lender, satisfactory to such Fronting Bank to defease any risk to it in respect of such Lender hereunder. 

(f) In the event that the Administrative Agent, the Borrowers 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 the LC Exposure of the Lenders shall be readjusted to reflect the inclusion of such Lender’s Revolving Commitment and 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. 

SECTION 2.22. Extension of Revolving Maturity Date. 

(a) Requests for Extension. The Parent may, on up to two (2) occasions and by notice to the Administrative Agent (who shall
promptly notify the Lenders) not less than sixty (60) days prior to the then effective Revolving Maturity Date (the “Extension Date”), request that each Lender extend such Lender’s Revolving Maturity Date for an
additional one year from the Revolving Maturity Date then in effect hereunder (the “Existing Termination Date”). 
 (b)
Lender Elections to Extend. Each Lender, acting in its sole and individual discretion, shall, by notice to the Administrative Agent given not later than the date that is ten (10) Business Days after receipt of notice from the
Administrative Agent of the Borrower’s request for an extension (the “Notice Date”) advise the Administrative Agent whether or not 

  
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such Lender agrees to such extension (each such Lender that determines to so extend its Revolving Maturity Date, being an “Extending Lender” and each Lender that determines not
to so extend its Revolving Maturity Date, being a “Non-Extending Lender”). In the event that a Lender that does not so advise the Administrative Agent on or before the Notice Date such Lender
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. 

(c) Notification by Administrative Agent. The Administrative Agent shall notify the Parent of each Lender’s determination under
this Section no later than the date fifteen (15) days prior to the Extension Date (or, if such date is not a Business Day, on the next preceding Business Day). 

(d) Additional Revolving Commitment Lenders. If (and only if) the Required Lenders have agreed to extend the Revolving Maturity Date
then in effect hereunder, the Parent shall have the right at any time prior to the date 30 days prior to the existing Revolving Maturity Date applicable to any Non-Extending Lender to replace such Non-Extending Lender with, and add as “Lenders” under this Agreement, one or more entities that are not Ineligible Institutions with the consent of the Administrative Agent and each Fronting Bank (such
consent not to be unreasonably withheld or denied) (each, an “Additional Revolving Commitment Lender”) in accordance with the provisions contained in Section 2.09(d), provided that each of such Additional Revolving
Commitment Lenders shall have entered into an Assignment and Assumption Agreement pursuant to which such Additional Revolving Commitment Lender shall, effective as of the date of the Assignment and Assumption, accept a new or incremental Revolving
Commitment which results in there being aggregate Revolving Commitments in an amount no greater than the aggregate amount of Revolving Commitments before giving effect to assignments contemplated by this Section 2.22(d). 

(e) Minimum Extension Requirement. If (and only if) the Required Lenders have agreed so to extend the Revolving Maturity Date then in
effect hereunder as described in this Section 2.22, then, effective as of such Extension Date, the Revolving Maturity Date of each Extending Lender and each Additional Revolving Commitment Lender shall be extended to the date falling one
year after the Existing Termination Date (except that, if such date is not a Business Day, such date shall be the next preceding Business Day) and each Additional Revolving Commitment Lender shall thereupon become a “Lender” for all
purposes of this Agreement; provided, however, that there shall be no change in the Revolving Maturity Date of any Non-Extending Lender that has not been replaced by an Additional Revolving
Commitment Lender (each a “Non-Replaced Lender”). 
 (f) Conditions to
Effectiveness of Extensions. Notwithstanding the foregoing, the extension of the Revolving Maturity Date pursuant to this Section shall not be effective with respect to any Lender unless: 

(i) no Default shall have occurred and be continuing on the date of such extension and after giving effect thereto; 

(ii) the representations and warranties contained in Article V or any other Credit Document are true and correct on and as of the date of such
extension and after giving effect thereto, as 

  
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though made on and as of such date, except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty shall
have been true and correct on and as of such earlier date; 
 (iii) since the date of the financial statements most recently delivered pursuant to
Section 5.01(a) or (c), no event, circumstance or development shall have occurred that has had or could reasonably be expected to have a Material Adverse Effect; 

(iv) the Parent shall have delivered to the Administrative Agent a certificate dated the Effective Date in form satisfactory to the Administrative Agent as to
the satisfaction of the conditions set forth in clauses (i) – (iii) above and other relevant documentation, including legal opinions, reasonably requested by the Administrative Agent; and 

(v) on the Revolving Maturity Date of each Non-Replaced Lender, the Borrowers shall prepay any Loans outstanding on
such date (and pay any additional amounts required pursuant to Section 2.16) to the extent necessary to repay, nonratably, the Loans of such Non-Replaced Lenders and the Revolving Commitment of
such Non-Replaced Lenders shall be terminated. The Applicable Percentages under the Revolving Credit Facility of the remaining Lenders shall be revised accordingly as of such date. 

(g) Conflicting Provisions. This Section shall supersede any provisions in Section 2.18 or 9.02 to the contrary.

 ARTICLE III 

Representations and Warranties 

Each of the Borrowers represents and warrants to the Administrative Agent and the Lenders that: 

SECTION 3.01. Organization; Powers. Each of the Parent and its Subsidiaries is duly organized, validly existing and in good standing
under the laws of the jurisdiction of its organization and has all requisite power and authority to carry on its business as now conducted and, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to
result in a Material Adverse Effect, is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required. 

SECTION 3.02. Authorization; Enforceability. The Transactions are within the Borrowers’ corporate powers and have been duly
authorized by all necessary corporate and, if required, stockholder action. This Agreement has been duly executed and delivered by the Borrowers and constitutes a legal, valid and binding obligation of the Borrowers, enforceable in accordance with
its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or
at law. 
 SECTION 3.03. Governmental Approvals; No Conflicts. The Transactions (a) do not require any consent or approval of,
registration or filing with, or any other action by, any 

  
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Governmental Authority, except such as have been obtained or made and are in full force and effect, (b) will not violate any applicable law or regulation or the charter, by-laws, memorandum or articles of association or other organizational documents of the Parent or any of its Subsidiaries or any order of any Governmental Authority applicable to the Parent or any of its
Subsidiaries and (c) will not violate or result in a default under any indenture, agreement or other instrument binding upon the Parent or any of its Subsidiaries or its assets, or give rise to a right thereunder to require any payment to be
made by the Parent or any of its Subsidiaries, but only to the extent that such violation or default could reasonably be expected to result in a Material Adverse Effect. 

SECTION 3.04. Financial Condition; No Material Adverse Change. (a) The Borrowers have heretofore furnished to the Lenders the
consolidated balance sheet and statements of income, stockholders equity and cash flows (including consolidating statements and schedules) of the Parent as of and for the fiscal years ended December 31, 2016 and December 31, 2017, reported
on without qualification by Ernst & Young LLP, independent public accountants. Such financial statements present fairly, in all material respects, the financial position and results of operations and cash flows of the Parent and its
consolidated Subsidiaries as of such dates and for such periods in accordance with GAAP. 
 (b) Since December 31, 2017, there has been
no material adverse change in the business, assets, operations or financial condition of the Parent and its Subsidiaries, taken as a whole. 

SECTION 3.05. Properties. (a) The Parent and its Subsidiaries have good title to, or valid leasehold interests in, all their real
and personal property material to their business, taken as a whole, except for minor defects in title that do not interfere with their ability to conduct their business as currently conducted or to utilize such properties for their intended
purposes. 
 (b) Each of the Parent and its Subsidiaries owns, or is licensed to use, all trademarks, tradenames, copyrights, patents and
other intellectual property material to its business, and, to the knowledge of the Borrowers, the use thereof by the Parent and its Subsidiaries does not infringe upon the rights of any other Person, except for any such infringements that,
individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 
 SECTION 3.06.
Litigation. There are no actions, suits or proceedings by or before any arbitrator or Governmental Authority pending against or, to the knowledge of the Borrowers, threatened against or affecting the Parent or any of its Subsidiaries
(i) that could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect or (ii) that involve this Agreement or the Transactions. 

SECTION 3.07. Compliance with Laws and Agreements. Each of the Parent and its Subsidiaries is in compliance with: (i) the charter,
by-laws, memorandum or articles of association or other organizational documents applicable to it and (ii) all laws, regulations and orders of any Governmental Authority applicable to it or its property,
except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 

  
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 SECTION 3.08. Investment Company Status. Neither the Parent nor any of its
Subsidiaries is an “investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940. 

SECTION 3.09. Taxes. Each of the Parent and its Subsidiaries has timely filed or caused to be filed all Tax returns and reports
required to have been filed and has paid or caused to be paid all Taxes required to have been paid by it, except (a) Taxes that are being contested in good faith by appropriate proceedings and for which the Parent or such Subsidiary, as
applicable, has set aside on its books adequate reserves or (b) to the extent that the failure to do so could not reasonably be expected to result in a Material Adverse Effect. 

SECTION 3.10. ERISA. No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA
Events for which liability is reasonably expected to occur, could reasonably be expected to result in a Material Adverse Effect. The present value of all accumulated benefit obligations under each Plan (based on the assumptions used for purposes of
Statement of Financial Accounting Standards No. 87) did not, as of the date of the most recent financial statements reflecting such amounts, exceed by more than $10,000,000 the fair market value of the assets of such Plan, and the present value
of all accumulated benefit obligations of all underfunded Plans (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the most recent financial statements reflecting such
amounts, exceed by more than $10,000,000 the fair market value of the assets of all such underfunded Plans. 
 SECTION 3.11. Insurance
Licenses. As of the Effective Date, (i) Schedule 3.11 attached hereto lists all of the jurisdictions in which any Significant Insurance Subsidiary holds active licenses and is authorized to transact insurance business, (ii) no such
license is the subject of a proceeding for suspension or revocation, there is no sustainable basis for such suspension or revocation, and to any Borrower’s knowledge, no such suspension or revocation has been threatened by any Governmental
Authority, except as could not reasonably be expected to result in a Material Adverse Effect, (iii) Schedule 3.11 also indicates the type or types of insurance in which each such Insurance Subsidiary is permitted to engage with respect to each
license therein listed, and (iv) none of the Significant Insurance Subsidiaries transacts any insurance business, directly or indirectly, in any state other than those enumerated in Schedule 3.11. 

SECTION 3.12. Subsidiaries. As of the Effective Date, the Parent has no Subsidiaries other than those Subsidiaries listed on Schedule
3.12. Schedule 3.12 correctly sets forth, as of the Effective Date, (i) the percentage ownership (direct or indirect) of the Parent in the Equity Interests of its Subsidiaries and also identifies the direct owner thereof, (ii) the
jurisdiction of organization of each such Subsidiary and (iii) with respect to each such Subsidiary, whether such Subsidiary is a Significant Subsidiary or Significant Insurance Subsidiary; provided that the identification of Significant
Subsidiaries on Schedule 3.12 may be provided within thirty (30) days after the Effective Date. Notwithstanding anything in Section 9.02 to the contrary, Schedule 3.12 shall be amended to reflect such Significant Subsidiaries upon
identification thereof as contemplated thereby. 

  
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 SECTION 3.13. Material Agreements. Neither the Parent nor any Subsidiary is in
default in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any agreement to which it is a party, which default could reasonably be expected to have a Material Adverse Effect. 

SECTION 3.14. Disclosure. 

(a) Each of the Borrowers has disclosed to the Lenders all agreements, instruments and corporate or other restrictions to which it or any of
its Subsidiaries is subject, and all other matters known to it, that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect. None of the reports, financial statements, certificates or other information
furnished by or on behalf of the Borrowers to the Administrative Agent or any Lender in connection with the negotiation of this Agreement or delivered hereunder taken as a whole (as modified or supplemented by other information so furnished)
contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that, with respect to projected
financial information, the Borrowers represent only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time (it being understood that projected financial information is as to future events and is
not to be viewed as fact and that actual results during the period or periods covered by any such information may differ significantly from the projected results and such differences may be material). 

(b) As of the Effective Date, the information included in the Beneficial Ownership Certification provided on or prior to the Effective Date to
any Lender in connection with this Agreement is true and correct in all respects. 
 SECTION 3.15. Solvency. The Parent and its
Subsidiaries are, on a consolidated basis, Solvent. 
 SECTION 3.16. Foreign Pension Plan. Except as, individually or in the
aggregate, could not reasonably be expected to result in a Material Adverse Effect, (i) each Foreign Pension Plan has been maintained in compliance with its terms and in compliance with the requirements of any and all applicable laws, statutes,
rules, regulations and orders (including all funding requirements and the respective requirements of the governing documents for each such Foreign Pension Plan) and has been maintained, where required, in good standing with applicable regulatory
authorities, (ii) all contributions required to be made with respect to a Foreign Pension Plan have been timely made, (iii) no actions or proceedings have been taken or instituted to terminate or wind up a Foreign Pension Plan, and
(iv) neither any Borrower nor any Subsidiary has incurred any obligation in connection with the termination of or withdrawal from any Foreign Pension Plan. The present value of the accrued benefit liabilities (whether or not vested) under each
Foreign Pension Plan, determined as of the end of the Parent’s most recently ended fiscal year on the basis of actuarial assumptions, each of which is reasonable, did not exceed by more than $10,000,000 the current value of the assets of such
Foreign Pension Plan allocable to such benefit liabilities. 

  
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 SECTION 3.17. Anti-Corruption Laws and Sanctions. The Borrowers have implemented and
maintain in effect policies and procedures reasonably designed to ensure compliance in all material respects by the Borrowers, their Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable
Sanctions, and the Borrowers, their Subsidiaries and their respective directors and officers and to the knowledge of the Borrowers its employees and agents (under the control of any Borrower or Subsidiary), are in compliance with Anti-Corruption
Laws and applicable Sanctions in all material respects. None of (a) the Borrowers, any Subsidiary or to the knowledge of the Borrowers or such Subsidiary any of their respective directors, officers or employees, or (b) to the knowledge of
the Borrowers, any agent (under the control of any Borrower or Subsidiary) of the Borrowers or any Subsidiary that will act in any capacity 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 transaction contemplated by the Credit Agreement will violate Anti-Corruption Laws or applicable Sanctions. 

SECTION 3.18. EEA Financial Institutions. No Loan Party is an EEA Financial Institution. 

SECTION 3.19. Plan Assets; Prohibited Transactions. None of the Borrowers or any of their Subsidiaries is an entity deemed to hold
“plan assets” (within the meaning of the Plan Asset Regulations) and neither the execution, delivery nor performance of the transactions contemplated under this Agreement, including the making of any Loan and the issuance of any Letter of
Credit hereunder, will give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code. 

ARTICLE IV 
 Conditions

 SECTION 4.01. Effective Date. The obligations of the Lenders to make Loans and of any Lender or 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 from each party hereto either (i) a counterpart of this Agreement
signed on behalf of such party or (ii) written evidence satisfactory to the Administrative Agent (which may include telecopy transmission of a signed signature page of this Agreement) that such party has signed a counterpart of this Agreement.

 (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 (i) Willkie Farr & Gallagher LLP, US counsel for the Borrowers, (ii) Conyers Dill & Pearman, Bermuda counsel for the Borrowers, (iii) Willkie Farr & Gallagher (UK) LLP, UK
counsel for the Borrowers and (iv) in house counsel to Argo US, in form and substance reasonably satisfactory to the Administrative Agent and covering such other matters relating to the Borrowers, this Agreement or the Transactions as the
Administrative Agent shall reasonably request. The Borrowers hereby request such counsel to deliver such opinion. 

  
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 (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 Borrowers, the authorization of the Transactions and any other legal matters relating to the Borrowers, this Agreement or the
Transactions, all in form and substance reasonably satisfactory to the Administrative Agent and its counsel. 
 (d) The Administrative Agent
shall have received a certificate relating to the solvency of each of the Borrowers in form and substance reasonably satisfactory to the Administrative Agent. 

(e) The Administrative Agent shall have received a certificate, dated the Effective Date and signed by the President, a Vice President or a
Financial Officer of the Parent, confirming compliance with the conditions set forth in paragraphs (a) and (b) of Section 4.02, stating (i) the Rating of Argo US and (ii) the Rating of each Insurance Subsidiary of Argo US. 

(f) All obligations of the Borrowers under the Existing Agreement (other than any contingent indemnification obligations or obligations in
respect of outstanding letters of credit thereunder which are continued under this Agreement) shall have been or shall substantially contemporaneously be repaid in full and all commitments to extend credit pursuant to such agreement shall be
terminated. 
 (g) The Lenders shall have received audited (without qualification) consolidated financial statements of Argo Group
International Holdings, Ltd. for the fiscal years ended December 31, 2016 and December 31, 2017. 
 (h) The Administrative Agent
shall have received all fees and other amounts due and payable on or prior to the Effective Date, including, to the extent invoiced, reimbursement or payment of all out of pocket expenses required to be reimbursed or paid by the Borrowers hereunder.

 (i) All governmental and third party approvals necessary or, in the discretion of the Administrative Agent, advisable in connection with
the financing contemplated by this Agreement and the continuing operations of the Parent and its Subsidiaries shall have been obtained and be in full force and effect. 

(j) (i) The Administrative Agent shall have received, at least five days prior to the Effective Date, all documentation and other
information regarding the Borrowers requested in connection with applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act, to the extent requested in writing to the Borrowers at least 10
days prior to the Effective Date and (ii) to the extent any Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, at least five days prior to the Effective Date, any Lender that has requested, in a
written notice to such Borrower at least 10 days prior to the Effective Date, a Beneficial Ownership Certification in relation to such 

  
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 Borrower shall have received such Beneficial Ownership Certification (provided that, upon the execution and
delivery by such Lender of its signature page to this Agreement, the condition set forth in this clause (j)(ii) shall be deemed to be satisfied). 
 The
Administrative Agent shall notify the Borrower Representative and the Lenders of the Effective Date, and such notice shall be conclusive and binding. Notwithstanding the foregoing, the obligations of the Lenders to make Loans and of any Lender or LC
Issuer to issue Letters of Credit hereunder shall not become effective unless each of the foregoing conditions is satisfied (or waived pursuant to Section 9.02) at or prior to 5:00 p.m., Chicago time, on November 30, 2018 (and, in the
event such conditions are not so satisfied or waived, the Commitments shall terminate at such time). 
 SECTION 4.02. Each Credit
Event. The obligation of each Lender to make a Loan on the occasion of any Borrowing, and of any Lender or 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 Borrowers set forth in this Agreement shall be true and correct in all material respects (except
that any representation or warranty which is already qualified as to materiality or by reference to Material Adverse Effect shall be true and correct 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, except to the extent such representations and warranties expressly relate to an earlier date (in which case such representations and warranties shall be true and correct in all material
respects (except that any representation or warranty which is already qualified as to materiality or by reference to Material Adverse Effect shall be true and correct in all respects) as of such earlier 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 shall have occurred and be continuing. 
 (c) If a Secured Letter of Credit is being requested,
(i) the Borrowers shall have executed a Security Agreement and Control Agreement and the Administrative Agent shall have received such resolutions, certificates and opinions with respect thereto as the Administrative Agent may reasonably
request and (ii) the Borrowers shall have collateralized such Letter of Credit as set forth in, and to the extent required by, Section 2.06(l). 

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
Borrowers 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 any Letter of Credit extending past 

  
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the Revolving Maturity Date, been cash collateralized in accordance with Section 2.06(j)) and all LC Disbursements shall have been reimbursed, each of the Borrowers covenants and agrees with
the Lenders that: 
 SECTION 5.01. Financial Statements; Ratings Change and Other Information. The Borrowers will furnish to the
Administrative Agent for distribution to each Lender: 
 (a) within 90 days after the end of each fiscal year of the Parent, audited
consolidated balance sheet and related statements of operations, stockholders’ equity and cash flows as of the end of and for such year for the Parent and its consolidated subsidiaries. The consolidated financial statements will set forth in
each case in comparative form the figures for the previous fiscal year as available, all reported on by Ernst & Young LLP or other independent public accountants of recognized national standing (without a “going concern” or like
qualification or exception and without any qualification or exception as to the scope of such audit) to the effect that such consolidated financial statements present fairly in all material respects the financial condition and results of operations
of the Parent and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied; 
 (b) with respect to
Argonaut Insurance Company, Colony Insurance Company, Rockwood Casualty Insurance Company, Argo Re, Ltd and other Significant Insurance Subsidiaries created subsequent to the Effective Date, as soon as available, and in any event (i) within 15
days after the date required to be filed, a copy of each such entity’s statutory Annual Statement for such year ended December 31, as filed with the insurance department (or other equivalent insurance regulatory authority) of the state or
other jurisdiction of domicile of such entity, and (ii) within 15 days after the date required to be filed, a copy of each such entity’s audited or unaudited, as the case may be, financial statements for such year ended December 31,
as filed with the insurance department (or other equivalent insurance regulatory authority) of the state or other jurisdiction of domicile of such entity. The financial statements referred to in this Section 5.01(b)(ii) shall fairly present in
all material respects the statutory financial position of each such entity as of the dates therein specified and the statutory results of operations and cash flow of each such entity for the periods therein specified, and shall be prepared in
conformity with SAP (or an equivalent standard in the applicable jurisdiction). The financial statements referred to in sub-clause (ii) of this Section 5.01(b) shall, if required, be accompanied by
an audit report thereon of Ernst & Young LLP or such other firm of independent auditors of recognized national standing selected by the Parent that is reasonably satisfactory to the Administrative Agent to the effect that such financial
statements present fairly, in all material respects, the financial position of each such entity as of the end of the fiscal year being reported on in conformity with SAP and that the examination of such auditors in connection with such financial
statements has been conducted in accordance with generally accepted auditing standards and included such tests of the accounting records and such other auditing procedures as said auditors deemed necessary in the circumstances. 

(c) within 60 days after the end of each of the first three fiscal quarters of each fiscal year of the Parent (commencing with the fiscal
quarter ending September 30, 2018), unaudited consolidated balance sheet and related statements of operations, stockholders’ equity and cash flows as of the end of and for such fiscal quarter and the then elapsed portion of the fiscal year
for the Parent and its consolidated subsidiaries. The consolidated financial statements 

  
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will set forth in each case in comparative form the figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the previous fiscal year as
available, all certified by a Financial Officer of either the Parent or the Borrower Representative as presenting fairly in all material respects the financial condition and results of operations of the Parent and its consolidated Subsidiaries on a
consolidated basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes; 

(d) concurrently with any delivery of financial statements under clause (a) or (c) above, a certificate of a Financial Officer of either
the Parent or the Borrower Representative (i) certifying as to whether a Default has occurred and, if a Default has occurred, specifying the details thereof and any action taken or proposed to be taken with respect thereto, (ii) setting
forth reasonably detailed calculations demonstrating compliance with Sections 6.09 and 6.10, (iii) stating whether any change in GAAP or in the application thereof has occurred since the date of the audited financial statements referred to in
Section 3.04 and, if any such change has occurred, specifying the effect of such change on the financial statements accompanying such certificate and (iv) solely with respect to certificates delivered with Section 5.01(a) deliveries,
updated versions of Schedules 3.11 and 3.12 providing current lists of the information required thereby; 
 (e) (i) promptly after the
same become publicly available, copies of all 10-K and 10-Q reports (or successor forms thereof) and other material reports and other materials filed by any Borrower or
a Subsidiary with the SEC or with any national securities exchange, as the case may be, in any event other than routine reports which are required to be provided to any of the above-listed entities concerning the management of employee benefit
plans, including, without limitation, stock purchases or the exercise of stock options made under any such employee benefit plan and (ii) upon request by any Lender, copies of any 8-K reports (or any
successor form thereof) or proxy statements filed by any Borrower or a Subsidiary with the SEC or with any national securities exchange; 

(f) promptly after S&P or any other nationally recognized rating agency shall have announced a change in Rating, written notice of such
rating change; 
 (g) promptly after A.M. Best, S&P or any other nationally recognized rating agency shall have announced a change in
its financial strength rating of an Insurance Subsidiary or any Affiliate thereof, or shall have first assigned a rating thereto, written notice of such changed or initial rating; 

(h) promptly after the creation of any Significant Subsidiary or of any Person becoming a Significant Subsidiary, notice of such creation or
occurrence; and 
 (i) promptly following any request therefor, (x) such other information regarding the operations, business affairs
and financial condition of the Parent or any Subsidiary, or compliance with the terms of this Agreement, as the Administrative Agent or any Lender may reasonably request, including any actuarial reports prepared regarding any Insurance Subsidiary,
provided, that the delivery of any actuarial reports shall be subject to the consent of the applicable independent actuarial consulting firm (if then required) and (y) information and documentation reasonably requested by the Administrative
Agent or any Lender for purposes of compliance with applicable “know your customer” and anti-money laundering rules and regulations, including the Act and the Beneficial Ownership Regulation. 

  
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 Information required to be delivered pursuant to the foregoing Section 5.01(a), (c) and (e) shall
be deemed to have been delivered on the date on which the Borrowers deliver copies of such information to the Administrative Agent on behalf of the Lenders or on the date on which the Borrowers provide notice (including notice by electronic
transmission) to the Administrative Agent that such information has been posted on the SEC website on the Internet at sec.gov/edgar/searches.htm or at another website identified in such notice and accessible by the Lenders without charge. 

SECTION 5.02. Notices of Material Events. The Borrowers will furnish to the Administrative Agent for distribution to each Lender as
soon as possible but in any event within five (5) Business Days after any officer of a Borrower becomes aware thereof, written notice of the following: 

(a) the occurrence of any Default; 

(b) the filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against or affecting
any Borrower or any Affiliate thereof that could reasonably be expected to result in a Material Adverse Effect; 
 (c) the occurrence of any
ERISA Event that, alone or together with any other ERISA Events that have occurred, could reasonably be expected to result in liability of the Parent and its Subsidiaries in an aggregate amount exceeding $15,000,000; 

(d) the receipt by the Parent or any Subsidiary of any notice from any Governmental Authority, trustee or actuary in relation to any non-compliance with any laws, regulations and rules applicable to any Foreign Pension Plan, including funding requirements and the respective requirements of the governing documents for such Foreign Pension Plan,
which could reasonably be expected to result in liability of the Parent and its Subsidiaries in an aggregate amount which, either alone or with any other such events which have occurred, exceeds $15,000,000; 

(e) (i) the receipt by any Borrower or any Insurance Subsidiary of any notice from any Governmental Authority of the expiration without
renewal, revocation or suspension of, or the institution of any proceedings to revoke or suspend, any license now or hereafter held by any Insurance Subsidiary which is required to conduct insurance business in compliance with all applicable laws
and regulations, other than such expiration, revocation or suspension which, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect, (ii) the receipt of any notice from any Governmental Authority of
the institution of any disciplinary proceedings against or in respect of any Insurance Subsidiary, or the issuance of any order, the taking of any action or any request for an extraordinary audit for cause by any Governmental Authority which, if
adversely determined, could reasonably be expected to have a Material Adverse Effect or (iii) any judicial or administrative order limiting or controlling the insurance business of any Insurance Subsidiary (and not the insurance industry
generally) which has been issued or adopted and which could reasonably be expected to have a Material Adverse Effect; 

  
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 (f) any change in the information provided in the Beneficial Ownership Certification
delivered to any Lender in connection with this Agreement that would result in a material change to the list of beneficial owners identified in such certification; and 

(g) any other development that results in, or could reasonably be expected to result in, a Material Adverse Effect. 

Each notice delivered under this Section shall be accompanied by a statement of a Financial Officer or other executive officer of either the Parent or the
Borrower Representative setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto. 

SECTION 5.03. Existence; Conduct of Business. The Borrowers will, and will cause each Subsidiary to, do or cause to be done all things
necessary to preserve, renew and keep in full force and effect (i) its legal existence and (ii) the rights, licenses, permits, privileges and franchises (including without limitation, certificates of authority and other required insurance
licenses) material to the conduct of the business of the Borrowers and their Subsidiaries, taken as a whole, except, in the case of clause (ii), where failure to do so, individually or in the aggregate, could not be expected to result in a Material
Adverse Effect; provided that the foregoing shall not prohibit any merger, consolidation, Division, liquidation or dissolution permitted under Section 6.03. 

SECTION 5.04. Payment of Obligations. The Borrowers will, and will cause each Subsidiary to, pay its obligations, including Tax
liabilities, that, if not paid, could result in a Material Adverse Effect before the same shall become delinquent or in default, except where (a) the validity or amount thereof is being contested in good faith by appropriate proceedings,
(b) such Borrower or such Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP and (c) the failure to make payment pending such contest could not reasonably be expected to result in a
Material Adverse Effect. 
 SECTION 5.05. Maintenance of Properties; Insurance. The Borrowers will, and will cause each Subsidiary
to, (a) keep and maintain all property material to the conduct of the business of the Borrowers and their Subsidiaries taken as a whole in good working order and condition, ordinary wear and tear excepted, and (b) maintain, with
financially sound and reputable insurance companies, insurance in such amounts and against such risks as are customarily maintained by companies engaged in the same or similar businesses operating in the same or similar locations. 

SECTION 5.06. Books and Records; Inspection Rights. The Borrowers will, and will cause each Subsidiary to, keep proper books of record
and account in which full, true and correct entries are made of all dealings and transactions in relation to its business and activities. The Borrowers will, and will cause each Subsidiary to, permit any representatives designated by the
Administrative Agent or any Lender, upon reasonable prior notice, to visit and inspect its properties, to examine and make extracts from its books and records, and to discuss its affairs, finances and condition with its officers and independent
accountants, all at such reasonable times and as often as reasonably requested. 

  
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 SECTION 5.07. Compliance with Laws. The Borrowers will, and will cause each
Subsidiary to, comply with all applicable laws, rules, regulations and orders of any Governmental Authority applicable to it or its property, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to
result in a Material Adverse Effect. The Borrowers will maintain in effect and enforce policies and procedures reasonably designed to ensure compliance in all material respects by the Borrowers, their Subsidiaries and their respective directors,
officers, employees and agents under their control with Anti-Corruption Laws and applicable Sanctions. 
 SECTION 5.08. Use of Proceeds
and Letters of Credit. The proceeds of the Loans and the Letters of Credit will be used only for general corporate purposes, including working capital and acquisitions permitted hereby (and, for the avoidance of doubt, repayment in full of the
obligations under the Existing Agreement). No part of the proceeds of any Loan will be used, whether directly or indirectly, for any purpose that entails a violation of any of the Regulations of the Board, including Regulations T, U and X.
Notwithstanding anything herein to the contrary, no Letter of Credit hereunder shall be issued to support the capital requirements at Lloyd’s of London, otherwise known as “Funds at Lloyd’s”. The Borrowers will not request any
Borrowing or Letter of Credit, and the Borrowers shall not use, and shall procure that their Subsidiaries and its or their respective directors, officers, employees and agents shall not use, the proceeds of any Borrowing or Letter of Credit
(A) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (B) for the purpose of funding, financing or
facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, or (C) in any manner that would result in the violation of any Sanctions applicable to any party hereto. 

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 any Letter of Credit extending past the Revolving Maturity Date, been cash collateralized in accordance with Section 2.06(j)) and all LC Disbursements
shall have been reimbursed, each of the Borrowers covenants and agrees with the Lenders that: 
 SECTION 6.01. Indebtedness. The
Borrowers will not, and will not permit any Subsidiary to, create, incur, assume or permit to exist any Indebtedness, except: 
 (a)
Indebtedness created hereunder; 
 (b) Indebtedness and commitments to provide Indebtedness existing on the date hereof and set forth on
Schedule 6.01 (and any guaranties by the Borrowers thereof) and extensions, renewals and replacements of any such Indebtedness that do not increase the outstanding principal amount thereof; 

  
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 (c) Indebtedness of any Borrower to any Subsidiary and of any Subsidiary to any Borrower or
any other Subsidiary; 
 (d) Guarantees, including Net Worth Maintenance agreements or similar capital support or credit enhancement
agreements, by the Parent or any Subsidiary of the obligations of the Parent or any Wholly-Owned Subsidiary of the Parent; provided, however, that (i) this clause (d) shall not permit any Guarantee by a Subsidiary which is not a Borrower
of the obligations of a Borrower unless such Subsidiary has also guaranteed the Obligations pursuant to a guarantee in form and substance reasonably satisfactory to the Administrative Agent), (ii) no Subsidiary other than a Borrower shall Guarantee
the Indebtedness of any Special Purpose Entity and (iii) any Guarantee by a Borrower of the Indebtedness of a Special Purpose Entity shall rank pari passu with, or be subordinated to, the Obligations; 

(e) Indebtedness in respect of Trust Preferred Securities or other instruments of the same or a similar character issued by a trust or other
special purpose entity formed by a Borrower as to which no Subsidiary (other than a Borrower, such trust or other special purpose entity) has any obligation, together with all guaranty obligations owing by a Borrower in respect thereof and
constituting Subordinated Indebtedness; 
 (f) Indebtedness assumed in connection with any Acquisition, provided that such
Indebtedness 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 Indebtedness; 

(g) Indebtedness in respect of (i) collateralized letters of credit in the ordinary course of business of insurance or reinsurance
operations or (ii) letters of credit which are to support the capital requirements applicable to the Borrowers or any Subsidiary at Lloyd’s of London; 

(h) Indebtedness in respect of letters of credit in the ordinary course of business as long as with respect to any such letter of credit at
the time of issuance of any such letter of credit no Default shall have occurred and be continuing or would result from such issuance; 

(i) Indebtedness incurred by the Borrowers and Special Purpose Entities in addition to the foregoing to the extent that after giving effect
thereto the Borrowers are in compliance with Section 6.09; and 
 (j) Indebtedness incurred by the Subsidiaries of the Borrowers (which
Subsidiaries are not themselves Borrowers), provided that the aggregate outstanding principal amount of Indebtedness permitted by this clause shall not at any time exceed $100,000,000. 

For purposes of determining compliance with this Section 6.01, the Borrowers will be entitled to divide an item of Indebtedness that meets the criteria
of one of the categories of Indebtedness described in clauses (a) through (i) above between such applicable clause and any other clause of this Section 6.01 the criteria of which such item of Indebtedness also meets. 

  
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 SECTION 6.02. Liens. The Borrowers will not, and will not permit any Subsidiary to,
create, incur, assume or permit to exist any Lien on any property or asset now owned or hereafter acquired by it, or assign or sell any income or revenues (including accounts receivable) or rights in respect of any thereof, except: 

(a) Permitted Encumbrances; 

(b) Liens which (x) do not secure Indebtedness and (y) are incurred in the ordinary course of business, including Liens granted in
connection with any Swap Agreement or investments, trades, facilities or other arrangements with any counterparty, securities or other broker/dealer or clearing exchange; provided that the aggregate amount of all obligations secured pursuant
to this clause (b) shall at no time exceed $150,000,000; and 
 (c) Liens on cash or debt securities and other investments pursuant to
Section 6.04(a) securing (i) Indebtedness permitted pursuant to Section 6.01(g) or (ii) obligations under or in respect of any Primary Policy, Reinsurance Agreement, Industry Loss Warranty and/or collateralized trusts, withheld
balances or other collateral or security arrangements in the ordinary course of reinsurance or insurance business. 
 For purposes of determining compliance
with this Section 6.02, the Borrowers will be entitled to divide an item of Liens that meets the criteria of one of the categories of Liens described in clauses (a) and (b) above between or among such applicable clause and any other clause
of this Section 6.02 the criteria of which such item of Liens also meets. 
 SECTION 6.03. Fundamental Changes. (a) The
Borrowers will not, and will not permit any Subsidiary to, merge into or consolidate with any other Person, or permit any other Person to merge into or consolidate with it, consummate a Division as the Dividing 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 (i) any Person may merge into or consolidate with a Borrower in a transaction in which such Borrower is the
surviving corporation, (ii) any Subsidiary (other than a Borrower) may merge into or consolidate with any Person in a transaction in which the surviving entity is a Borrower or a Subsidiary, (iii) a Person may be merged into a Borrower or
any Subsidiary pursuant to a Permitted Acquisition, (iv) any Subsidiary that is an LLC may consummate a Division as the Dividing Person if, immediately upon the consummation of the Division, the assets of the applicable Dividing Person are held
by one or more Wholly-Owned Subsidiaries at such time, or, with respect to assets not so held by one or more Wholly-Owned Subsidiaries, such Division, in the aggregate would otherwise result in an Asset Disposition permitted by Section 6.03(b)
and (v) any Subsidiary (other than a Borrower) may liquidate or dissolve if the Borrowers determine in good faith that such liquidation or dissolution is in the best interests of the Borrowers and is not materially disadvantageous to the
Lenders; provided that any such merger involving a Person that is not a wholly owned Subsidiary immediately prior to such merger shall not be permitted unless also permitted by Section 6.04. 

(b) The Borrowers will not, nor will they permit any Subsidiary to, make any Asset Disposition except for (i) Asset Dispositions
expressly permitted by Sections 6.06 or 6.07 and (ii) other Asset Dispositions of property that, together with all other property of the 

  
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Borrowers and the Subsidiaries previously leased, sold or disposed of in Asset Dispositions made pursuant to this Section 6.03(b) during the twelve-month period ending with the month in
which any such lease, sale or other disposition occurs, do not constitute a Substantial Portion of the property of the Parent and its Subsidiaries; provided that under no circumstances shall the Equity Interests in a Borrower be included in a
permitted Asset Disposition. 
 (c) The Borrowers will not, and will not permit any Subsidiary to, engage to any material extent in any
business other than businesses of the type conducted by the Parent and its Subsidiaries on the date of execution of this Agreement and businesses complementary, reasonably related or incidental thereto. 

SECTION 6.04. Investments and Acquisitions. The Borrowers will not, and will not permit any Subsidiary to, purchase, hold or acquire
(including pursuant to any merger with, or as a Division Successor pursuant to the Division of, any Person that was not a Wholly-Owned Subsidiary prior to such merger or Division) any capital stock or other equity securities (including any option,
warrant or other right to acquire any of the foregoing) of any other Person, or purchase or otherwise acquire (in one transaction or a series of transactions) any assets of any other Person constituting a business unit, except: 

(a) investments complying with the terms of the Argo Investment Policy; 

(b) subject to the provisions of this Section 6.04 and, as applicable, the requirements contained in the definition of Permitted
Acquisition, the Parent and its Wholly-Owned Subsidiaries may from time to time (i) effect Permitted Acquisitions for aggregate consideration (including Equity Interests and the assumption of Indebtedness) such that the Borrowers remain in
compliance with the financial covenants set forth in Sections 6.09 and 6.10 and (ii) make investments in joint ventures; provided that (A) no Default is existing either at the time of the consummation of such proposed investment and
immediately after giving effect thereto; provided that with respect to a Permitted Acquisition whose consummation is not conditioned on the availability of, or on obtaining, third party financing (including the assumption or incurrence of
Indebtedness in connection therewith), the determination of whether this condition has been satisfied may be made, at the election of the Borrowers, at the time of the execution of the definitive agreement with respect to such Permitted Acquisition;
provided further that no Default under Article VII(a) or (b) shall exist on the date of consummation of such Permitted Acquisition; (B) with respect to any such proposed investment for aggregate consideration (including Equity Interests
and the assumption of Indebtedness) exceeding $85,000,000, (1) the Rating shall be at least BBB- both immediately before the consummation of such proposed investment and immediately after giving effect thereto
(and after giving effect to any adjustment of the Rating associated with the consummation of such proposed investment) and (2) the Administrative Agent shall have received written notice of any such proposed investment and information materials
related thereto in form and substance reasonably satisfactory to it from the Borrower Representative not less than 5 days prior to the consummation of such investment (or such shorter period as may be agreed to by the Administrative Agent in its
sole discretion) and (C) the aggregate amount invested in joint ventures pursuant to this Section 6.04(b) (valued at initial cost less dividends and capital distributions) shall not exceed $85,000,000; 

  
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 (c) investments of any Person in existence at the time such Person becomes a Subsidiary
pursuant to a Permitted Acquisition; provided that such investment was not made in connection with or in anticipation of such Person becoming a Subsidiary; and 

(d) investments by the Parent or any Subsidiary in any Subsidiary. 

SECTION 6.05. Swap Agreements. The Borrowers will not, and will not permit any Subsidiary to, enter into any Swap Agreement, except (a) non-speculative Swap Agreements entered into to hedge or mitigate risks to which a Borrower or any Subsidiary has (or reasonably expects to have) actual exposure (other than those in respect of Equity
Interests of a Borrower or any of its Subsidiaries), (b) non-speculative Swap Agreements entered into in order to effectively cap, collar or exchange interest rates (from fixed to floating rates, from one
floating rate to another floating rate or otherwise) with respect to any interest-bearing liability or investment of a Borrower or any Subsidiary, (c) Swap Agreements entered into in connection with any Restricted Payments permitted to be made
under Section 6.06(a)(ii) and (d) Swap Agreements entered into in accordance with the terms of the Argo Investment Policy. 

SECTION 6.06. Restricted Payments. The Borrowers will not, and will not permit any Subsidiary to, declare, pay or make, or agree to
declare, pay or make, directly or indirectly, any Restricted Payment, except: 
 (a) (i) the Parent may declare and pay publicly
announced and regularly scheduled dividends on its issued and outstanding common stock that is traded publicly on a national securities exchange, and (ii) the Parent or any Subsidiary may make stock repurchases and declare and make other
Restricted Payments, in each case of or relating to the Equity Interests of the Parent, after the Effective Date; provided, however that no Restricted Payment shall be permitted to be declared, and no Restricted Payment (other than
dividends declared in compliance herewith) shall be permitted to be paid, under this clause (a) if any Default is existing either at the time of the proposed Restricted Payment or immediately after giving effect thereto; 

(b) Parent may pay dividends payable solely in its common stock; 

(c) (i) any Wholly-Owned Subsidiary may declare and pay dividends to its equity holder, (ii) any Subsidiary that is not a
Wholly-Owned Subsidiary may declare and pay dividends pro rata to its equity holders and (iii) any Subsidiary may declare and pay or make other Restricted Payments to any of the Borrowers or to a Wholly-Owned Subsidiary; provided,
however, that Argo US shall not make any Restricted Payment pursuant to this clause (c) upon the occurrence and during the continuance of a Default or if a Default would result therefrom; and 

(d) the Parent or any Subsidiary may make Restricted Payments in respect of Trust Preferred Securities or other instruments described in
Section 6.01(e) so long as no Default is existing either at the time of the proposed Restricted Payment or immediately thereafter. 

SECTION 6.07. Transactions with Affiliates. The Borrowers will not, and will not permit any Subsidiary to, sell, lease or otherwise
transfer any property or assets to, or 

  
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purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions with, any of its Affiliates, except (a) at prices and on terms and conditions
not less favorable to such Borrower or such Subsidiary than could be obtained on an arm’s-length basis from unrelated third parties, (b) transactions between or among the Parent and its Wholly Owned
Subsidiaries not involving any other Affiliate, (c) any Restricted Payment permitted by Section 6.06 and (d) as permitted by Section 6.01(d) or Section 6.04. 

SECTION 6.08. Restrictive Agreements. The Borrowers will not, and will not permit any Subsidiary to, directly or indirectly, enter
into, incur or permit to exist any agreement or other arrangement that prohibits, restricts or imposes any condition upon (a) the ability of the Borrowers or any Subsidiary to create, incur or permit to exist any Lien upon any of its property
or assets to secure the obligations of the Borrowers hereunder or under any guaranty thereof, or (b) the ability of any Subsidiary to pay dividends or other distributions with respect to its Equity Interests or to make or repay loans or
advances to the Borrowers or any other Subsidiary or to Guarantee Indebtedness of the Borrowers or any other Subsidiary; provided that (i) the foregoing shall not apply to restrictions and conditions imposed by law, regulation or by this
Agreement, (ii) the foregoing shall not apply to restrictions and conditions existing on the date hereof identified on Schedule 6.08 (but shall apply to any extension or renewal of, or any amendment or modification expanding the scope of, any
such restriction or condition) or to restrictions and conditions similar to those set forth in the Trust Preferred Securities upon the ability of special purpose trust Subsidiaries and other entities to pay dividends or make distributions related to
Indebtedness of the same or similar character as the Trust Preferred Securities, (iii) the foregoing shall not apply to customary restrictions and conditions contained in agreements relating to the sale of a Subsidiary or assets pending such
sale, provided that such restrictions and conditions apply only to the Subsidiary or assets to be sold and such sale is permitted hereunder, (iv) clause (a) of the foregoing shall not apply to customary provisions in joint venture
agreements entered into in the ordinary course of business that restrict pledges or transfers of ownership interests in such Persons, (v) clause (a) of the foregoing shall not apply to restrictions or conditions imposed by any agreement
relating to secured Indebtedness permitted by this Agreement if such restrictions or conditions apply only to the property or assets securing such Indebtedness and (vi) clause (a) of the foregoing shall not apply to customary provisions in
leases and other contracts restricting the assignment thereof. 
 SECTION 6.09. Maximum Leverage Ratio. The Borrowers will not permit
the Leverage Ratio to exceed .35 to 1.00 at any time. 
 SECTION 6.10. Tangible Net Worth. The Parent will not permit at any time its
Tangible Net Worth to be less than the sum of (i) $1,160,000,000 plus (ii) 50% of the positive Net Income of the Parent and its Subsidiaries for each fiscal quarter ending after June 30, 2018 plus (iii) 50% of the net proceeds received by the
Parent and its Subsidiaries from the issuance and sale of Equity Interests of the Parent or any Subsidiary (other than the issuance to the Parent or a Wholly-Owned Subsidiary and the issuance in connection with any director or employee stock plan or
other director or employee compensation arrangements), including any conversion of debt securities of the Parent or any Subsidiary into Equity Interests after June 30, 2018. 

SECTION 6.11. Sale and Leaseback Transactions. Except for Sale and Leaseback Transactions entered into in the ordinary course of
business with respect to real 

  
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property owned by the Borrowers on the Effective Date or acquired thereafter pursuant to a Permitted Acquisition or with respect to any personal property, the Borrowers will not, and will not
permit any Subsidiary to, enter into or suffer to exist any Sale and Leaseback Transaction. 
 SECTION 6.12. Rating. The Borrowers
will cause all Significant Insurance Subsidiaries of Argo US to at all times maintain an AM Best Financial Strength Rating of at least B++. 

ARTICLE VII 
 Events of Default

 If any of the following events (“Events of Default”) shall occur: 

(a) any of the Borrowers shall fail to pay any principal of any Loan or any reimbursement obligation in respect of any LC Disbursement or any
cash collateral amount due pursuant to Section 2.06(j) when and as the same shall become due and payable (including under Section 2.20 hereof), whether at the due date thereof or at a date fixed for prepayment thereof or otherwise; 

(b) any of the Borrowers shall fail to pay any interest on any Loan or any fee or any other amount (other than an amount referred to in clause
(a) of this Article) payable under this Agreement, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of three Business Days; 

(c) any representation or warranty made or deemed made by or on behalf of any of the Borrowers or any Subsidiary in or in connection with this
Agreement or any amendment or modification hereof or waiver hereunder, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with this Agreement or any amendment or modification hereof or waiver
hereunder, shall prove to have been incorrect when made or deemed made; 
 (d) any of the Borrowers shall fail to observe or perform any
covenant, condition or agreement contained in Sections 5.02, 5.03 (with respect to such Borrower’s existence), 5.08 or in Article VI; 

(e) any of the Borrowers shall fail to observe or perform any covenant, condition or agreement contained in this Agreement (other than those
specified in clause (a), (b) or (d) of this Article), and such failure shall continue unremedied for a period of 30 days after notice thereof from the Administrative Agent to the Borrower Representative (which notice will be given at the
request of any Lender); 
 (f) any of the Borrowers or any Subsidiary shall fail to make any payment (whether of principal or interest and
regardless of amount) in respect of any Material Indebtedness (other than the Obligations), when and as the same shall become due and payable (giving effect to any applicable cure period relating thereto); 

  
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 (g) any event or condition occurs that results in any Material Indebtedness or any Trust
Preferred Security Indebtedness becoming due prior to its scheduled maturity or that enables or permits (with or without the giving of notice, the lapse of time or both) the holder or holders of any Material Indebtedness or Trust Preferred Security
Indebtedness or any trustee or agent on its or their behalf to cause any Material Indebtedness or Trust Preferred Security Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled
maturity; provided that this clause (g) shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness; 

(h) an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, winding-up, administration, reorganization or other relief in respect of any of the Borrowers or any Significant Subsidiary or its debts, or of a substantial part of its assets, under any Federal, state or foreign
bankruptcy, insolvency, administration, receivership or similar law now or hereafter in effect or (ii) the appointment of a liquidator, receiver, trustee, custodian, sequestrator, conservator, administrator, administrative receiver or similar
official for any of the Borrowers or any Significant Subsidiary or for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed for 60 days or an order or decree approving or ordering any of the
foregoing shall be entered; 
 (i) any of the Borrowers or any Significant Subsidiary shall (i) voluntarily commence any proceeding or
file any petition seeking liquidation, winding-up, administration, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in
effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in clause (h) of this Article, (iii) apply for or consent to the appointment of a liquidator,
receiver, trustee, custodian, sequestrator, conservator, administrator or similar official for any of the Borrowers or any Significant Subsidiary or for a substantial part of its assets, (iv) file an answer admitting the material allegations of
a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors or (vi) take any action for the purpose of effecting any of the foregoing; 

(j) any Borrower or any Significant Subsidiary shall become unable, admit in writing its inability or fail generally to pay its debts as they
become due; 
 (k) one or more judgments for the payment of money in an aggregate amount in excess of $30,000,000 shall be rendered against
any Borrower, any Significant Subsidiary or any combination thereof and the same shall remain undischarged for a period of 45 consecutive days during which execution shall not be effectively stayed, or any action shall be legally taken by a judgment
creditor to attach or levy upon any assets of any Borrower or any Significant Subsidiary to enforce any such judgment; 
 (l) an ERISA Event
or circumstance in respect of any Foreign Pension Plan shall have occurred that, in the opinion of the Required Lenders, when taken together with all other ERISA Events and such circumstances that have occurred, could reasonably be expected to
result in a Material Adverse Effect and continues unremedied for five (5) Business Days; 

  
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 (m) a Change in Control shall occur; 

(n) obligations owing in connection with the Trust Preferred Securities or any other Subordinated Indebtedness shall at any time and for any
reason cease to be fully subordinated to the Obligations outstanding in connection with the Credit Documents; 
 (o) any governmental
authority revokes or fails to renew any material license, permit or franchise of any Borrower or any Significant Insurance Subsidiary, or any Borrower or any Significant Insurance Subsidiary for any reason loses any material license, permit or
franchise, or any Borrower or any Significant Insurance Subsidiary suffers the imposition of any restraining order, escrow, suspension or impound of funds in connection with any proceeding (judicial or administrative) with respect to any material
license, permit or franchise, which could reasonably be expected to result in losses or liability of the Borrowers or any of the Significant Insurance Subsidiaries, individually or in the aggregate, in excess of $15,000,000 and such event shall
continue unremedied for a period of five (5) Business Days; 
 then, and in every such event (other than an event with respect to any of the Borrowers
described in clause (h) or (i) of this Article), 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 Representative, take
either or both of the following actions, at the same or different times: (i) terminate the Commitments, and thereupon the Commitments shall terminate immediately, and (ii) 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 Borrowers accrued hereunder, shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrowers; and in case of any event
with respect to any of the Borrowers described in clause (h) or (i) of this Article, the Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon and all fees and other
obligations of the Borrowers accrued hereunder, shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrowers. 

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 and to exercise such powers as are delegated to the Administrative Agent by the terms hereof, 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 Borrowers 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 herein. 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 hereby 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 herein, 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 Borrowers 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 as determined by a final non-appealable judgment of a court of competent
jurisdiction. 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 Representative 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 this Agreement, (ii) the contents of any certificate, report or other document delivered
hereunder or in connection herewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement
or any other agreement, instrument or document, or (v) the satisfaction of any condition set forth in Article IV or elsewhere herein, 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 Borrowers), 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, including JP Morgan Europe Ltd. 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. 

  
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 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 Borrowers. Upon any such resignation, the Required Lenders shall have the right, in consultation with the Borrowers, to appoint a
successor. If no successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 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 Borrowers to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrowers 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. 
 If the Person serving as Administrative Agent is
a Defaulting Lender pursuant to clause (d) of the definition thereof, the Required Lenders may, to the extent permitted by applicable law, by notice in writing to the Borrower and such Person remove such Person as Administrative Agent
and, in consultation with the Borrowers, appoint a successor. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days (or such earlier day as shall be agreed by the Required
Lenders) (the “Removal Effective Date”), then such removal shall nonetheless become effective in accordance with such notice on the Removal Effective Date. 

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 Borrowers and their 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. 

The Administrative Agent shall be permitted from time to time to designate one of its Affiliates to perform the duties to be performed by the
Administrative Agent hereunder with respect to Loans and Borrowings denominated in Foreign Currencies. The provisions of this Article VIII shall apply to any such Affiliate mutatis mutandis. 

  
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 The Lenders identified on the front page of this Agreement as
Co-Syndication Agents or Co-Documentation Agents shall not have any right, power, obligation, liability, responsibility or duty under this Agreement other than those
applicable to all Lenders as such. Without limiting the foregoing, none of 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 such Lenders as it
makes with respect to the Administrative Agent in this Article VIII. 
 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 (if a telecopy number is provided below), as follows: 

(i) if to any Borrower, to it c/o Argo Group US, Inc., 175 East Houston Street, Suite 1300, San Antonio, Texas 78205, Attention of Jay Bullock, (email:
jay.bullock@argolimited.com); with a copy to Lynn Geurin, (email: lgeurin@argogroupus.com) and Craig Comeaux, (email: ccomeaux@argogroupus.com); 
 (ii) if
to the Administrative Agent, to JPMorgan Chase Bank, N.A., 10 S. Dearborn, 9th Floor, Suite IL1-0364, Chicago, IL 60603, Attention of Danielle Babine (Telecopy No. (312)
325-3190); 
 (iii) if to the Administrative Agent for EurocurrencyTerm
Benchmark Loans and/or RFR Loans in Foreign Currencies, to J.P. Morgan Europe Limited, 125 London Wall, London EC1W 2JD, Attention of Ching Loh/The Manager, Telecopy No. +44(0) 207 777 2360); 

(iv) if to the Issuing Agent, to it at JPMorgan Chase Bank, N.A., 10 S. Dearborn, Floor L2S, Suite IL1-0480, Chicago,
IL 60603, Attention of Muoy Lim (Telecopy No. (888) 303-9732); and 
 (v) 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). 

  
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 (c) Notices and other communications to the Lenders hereunder may be delivered or furnished
by using Electronic Systems or other electronic communications 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 Representative 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. 
 (d) 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. 
 (e) Electronic Systems. 

(i) Each 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 Borrowers, 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 any Borrower’s or the Administrative Agent’s transmission of Communications through an Electronic System. “Communications” means, collectively, any notice,
demand, communication, information, document or other material provided by or on behalf of any Borrower pursuant to any Credit Document or the 

  
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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 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 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 Borrowers 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) 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 Borrowers and the Required Lenders or by the Borrowers 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 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 payment, or postpone the
scheduled date of expiration of any Commitment, without the written consent of each Lender affected thereby, (iv) change any portion of this Agreement in a manner that would alter the pro rata nature of payments, loans and Commitment reductions
under this Agreement, without the written consent of each Lender, (v) change any of the provisions of this Section or the definitions 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, (vi) release any Borrower from any of its joint and several liabilities in respect of
the Obligations without the written consent of each Lender or (vii) change any provision of Sections 2.06(d), 2.06(j), 2.10(g) or 2.10(h) without the consent of each Lender adversely affected thereby; 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 any LC Issuer, as the case may be. 

(c) Notwithstanding the foregoing, Schedule 3.11 hereto shall be deemed amended without the consent of any other party solely to reflect
revisions or supplements of the type described in the parenthetical in the first sentence of Section 3.11 upon the delivery by the Borrower Representative to the Administrative Agent of a revised Schedule 3.11 reflecting such revisions and
supplements. 

  
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 (d) Notwithstanding the foregoing, no amendment or amendment and restatement of this
Agreement which is in all other respects approved by the Lenders in accordance with this Section 9.02 shall require the consent or approval of any Lender (i) which immediately after giving effect to such amendment or amendment and
restatement, shall have no Commitment or other obligation to maintain or extend credit under this Agreement (as so amended or amended and restated), including, without limitation, any obligation in respect of any drawing under or participation in
any Letter of Credit and (ii) which, substantially contemporaneously with the effectiveness of such amendment or amendment and restatement, is paid in full all amounts owing to it hereunder (including, without limitation principal, interest and
fees, but excluding unmatured contingent obligations). From and after the effectiveness of any such amendment or amendment and restatement, any such Lender shall be deemed to no longer be a “Lender” hereunder or a party hereto;
provided, that any such Lender shall retain the benefit of indemnification and other provisions hereof which, by the terms hereof would survive a termination of this Agreement. 

(e) Notwithstanding the foregoing, upon the execution and delivery of all documentation required by Section 2.09(e) to be delivered in
connection with an increase to the aggregate Revolving Commitments, the Administrative Agent, the Borrowers and the new or existing Lenders whose Revolving Commitments have been affected may and shall enter into an amendment hereof (which shall be
binding on all parties hereto and the new Lenders) solely for the purpose of reflecting any new Lenders and their new Revolving Commitments and any increase in the Revolving Commitment of any existing Lender. 

(f) Notwithstanding the foregoing, the Administrative Agent and the Borrowers may amend any Credit Document to correct administrative or
technical errors or omissions, or to effect administrative changes that are not adverse to any Lender and any such amendment shall become effective without any further consent of any other party to such Credit Document. 

SECTION 9.03. Expenses; Indemnity; Damage Waiver. (a) The Borrowers shall pay (i) all reasonable, documented out of pocket
expenses incurred by the Administrative Agent and its Affiliates, including the reasonable fees, charges and disbursements of one firm of legal counsel for the Administrative Agent plus any required local counsel, in connection with the syndication
of the credit facilities provided for herein, the preparation and administration of this Agreement or any amendments, modifications or waivers of the provisions hereof (whether or not the transactions contemplated hereby or thereby shall be
consummated), (ii) without duplication of amounts otherwise payable hereunder, all reasonable, documented 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, documented out-of-pocket
expenses incurred by the Administrative Agent, any LC Issuer or any Lender, including the fees, charges and disbursements of (A) (1) one primary counsel and, as deemed appropriate by the Administrative Agent, one additional local counsel and/or
regulatory counsel in each applicable jurisdiction for the Administrative Agent and (2) one primary counsel and, as deemed appropriate by the Lenders, one additional local and/or regulatory counsel for all

  
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the Lenders in each applicable jurisdiction (as well as additional counsel for the Lenders in light of actual or potential conflicts of interest), and (B) a financial advisor for the
Administrative Agent, the LC Issuers and the Lenders, in connection with the enforcement or protection of its rights in connection with this Agreement, including its rights under this Section, or in connection with the Loans made or Letters of
Credit issued hereunder, including all such out-of pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit. 

(b) The Borrowers 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, penalties, liabilities and related expenses, including the fees, charges and disbursements
of any counsel for any Indemnitee, incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement or any agreement or instrument contemplated hereby, the
performance by the parties hereto of their respective obligations hereunder 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 Borrowers or any of its Subsidiaries, or any Environmental Liability related in any way to the Borrowers or any of its Subsidiaries, or (iv) any actual or
prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by any Borrower or any of the Borrowers’ directors,
shareholders or creditors, 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 resulting from the gross negligence or willful misconduct of such Indemnitee. 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 Borrowers fail to pay any amount required to be paid by them
to the Administrative Agent or any LC Issuer under paragraph (a) or (b) of this Section, each Lender severally agrees to pay to the Administrative Agent or such LC Issuer, as the case may be, such Lender’s Revolving Commitment Exposure
Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; 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, the Borrowers shall not assert, and hereby waive, any claim against any Indemnitee, 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 or any agreement or instrument contemplated hereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof; provided that, nothing in this clause
(d) shall relieve any Borrower of any obligation it may have to indemnify an Indemnitee against special, indirect, consequential or punitive damages asserted against such Indemnitee by a third party. 

  
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 (e) All amounts due under this Section shall be payable not later than ten days after
written demand therefor. 
 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 Borrowers may not assign or otherwise
transfer any of their respective rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by the Borrowers 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 assignees (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) of: 
 (ii) the Parent; provided that after the passage of ten (10) Business Days from receipt of written notice to the Parent from
the Administrative Agent of a proposed assignment without the Parent giving the Administrative Agent written notice of the Parent’s objection to such assignment, the Parent shall be deemed to have consented to such assignment; provided
further that no consent of the Parent 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; 

(iii) the Administrative Agent, provided that no consent of the Administrative Agent shall be required for an assignment of any Commitment to an assignee that
is a Lender with a Commitment immediately prior to giving effect to such assignment; 
 (iv) the Issuing Agent; and 

(v) each Fronting Bank. 
 (vi) Assignments shall be subject to
the following additional conditions: 
 (vii) except in the case of an assignment to a Lender or an Affiliate of a Lender or an assignment of the entire
remaining amount of the assigning Lender’s Commitment or Loans of 

  
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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 $5,000,000 unless the Parent and the Administrative Agent otherwise consent, provided that no such consent of the Parent shall be required if an Event of Default has occurred
and is continuing; 
 (viii) 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;

 (ix) 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; and 
 (x) 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 Borrowers and their 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. 

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) any Borrower or any of their Affiliates, (d) a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural person or relative(s) thereof (provided that such holding
company, investment vehicle or trust shall not constitute an Ineligible Institution if it (x) has not been established for the primary purpose of acquiring any Loans or Commitments, (y) is managed by a professional advisor, who is not such
natural person or a relative thereof, having significant experience in the business of making or purchasing commercial loans, and (z) has assets greater than $25,000,000 and a significant part of its activities consist of making or purchasing
commercial loans and similar extensions of credit in the ordinary course of its business) or (e) solely with respect to the Revolving Credit Facility, any Person which is not an NAIC Approved Bank. 

(xi) 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 

  
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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. 
 (xii) The Administrative Agent, acting
for this purpose as an agent of the Borrowers, 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 of (and stated interest on) 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, and the Borrowers,
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 Borrowers, any LC Issuer and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 

(xiii) Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an assignee or (y) to the extent applicable, an
agreement incorporating an Assignment and Assumption by reference pursuant to a Platform as to which the Administrative Agent and the parties to the Assignment and Assumption are participants), 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(e), 2.07(b), 2.18(d) 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. 

(c) Any Lender may, without the consent of the Borrowers, 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
Borrowers, the Administrative Agent, the LC Issuers and the other Lenders shall continue to deal solely and directly with such Lender in 

  
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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 Borrowers 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 2.17(f) and (g) (it being understood that the documentation required under Section 2.17(f) shall be delivered to the participating Lender
and the information and documentation required under 2.17(g) will be delivered to the Borrowers and the Administrative Agent)) 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 Section 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 Section 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. Each Lender that sells a participation agrees, at any Borrower’s request and expense, to use reasonable efforts to cooperate with such Borrower to effectuate the provisions of
Section 2.19(b) with respect to any Participant. 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 that such Participant agrees to be subject
to Section 2.18(c) 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 Borrowers, 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 Credit 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 or its
other obligations under any Credit Document) to any Person except to the extent that such disclosure is necessary to establish that such Commitment or other obligation is in registered form under
Section 5f.103-1(c) of the United States Treasury Regulations. 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. 
 (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.

  
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 SECTION 9.05. Survival. All covenants, agreements, representations and warranties
made by the Borrowers herein and in the certificates or other instruments delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto and shall survive the execution and
delivery of this Agreement 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, 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 is outstanding and unpaid 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 provision hereof. 
 SECTION 9.06. Counterparts; Integration; Effectiveness. (a) 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 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 shall be effective as delivery of a manually executed counterpart of this Agreement. 
 (b) Delivery of
an executed counterpart of a signature page of this Agreement by telecopy, emailed 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 this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to 

  
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the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular
provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 
 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) 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 any of the Borrowers against any of and all the
obligations of such Person now or hereafter existing under this Agreement held by such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement 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) Each of the Borrowers 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 of the Southern District of New York, and any appellate court
from any thereof, in any action or proceeding arising out of or relating to this Agreement, 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 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 against the Borrowers or their respective properties in the courts of any jurisdiction. 

(c) Each of the Borrowers 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 Credit 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 will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 

  
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 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 OR THE TRANSACTIONS CONTEMPLATED HEREBY (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 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 Governmental 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 hereunder
or any suit, action or proceeding relating to this Agreement or the enforcement of rights hereunder, (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 any Borrower and its
obligations, (g) with the consent of the Borrowers 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 non-confidential basis from a source other than the Borrowers. For the purposes of this Section, “Information” means all information received from the Borrowers
relating to any Borrower or its business, other than any such information that is available to the Administrative Agent, any LC Issuer or any Lender on a non-confidential basis prior to disclosure by the
Borrowers and other than information pertaining to this Agreement routinely provided by arrangers to data service providers, including league table providers, that serve the lending industry. 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. 
 EACH LENDER ACKNOWLEDGES THAT INFORMATION AS DEFINED IN THE PRECEDING PARAGRAPH FURNISHED TO IT PURSUANT TO

  
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THIS AGREEMENT MAY INCLUDE MATERIAL NON-PUBLIC INFORMATION CONCERNING THE PARENT AND ITS RELATED PARTIES OR THEIR RESPECTIVE SECURITIES, AND CONFIRMS THAT
IT HAS DEVELOPED COMPLIANCE PROCEDURES REGARDING THE USE OF MATERIAL NON-PUBLIC INFORMATION AND THAT IT WILL HANDLE SUCH MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE
WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS. 
 ALL INFORMATION, INCLUDING REQUESTS FOR
WAIVERS AND AMENDMENTS, FURNISHED BY THE BORROWERS OR THE ADMINISTRATIVE AGENT PURSUANT TO, OR IN THE COURSE OF ADMINISTERING, THIS AGREEMENT WILL BE SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL
NON-PUBLIC INFORMATION ABOUT THE BORROWERS AND THEIR AFFILIATES AND THEIR RELATED PARTIES OR THEIR RESPECTIVE SECURITIES) AND ITS SECURITIES. ACCORDINGLY, EACH LENDER REPRESENTS TO THE BORROWERS AND THE
ADMINISTRATIVE AGENT THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT WHO MAY RECEIVE INFORMATION THAT MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE
PROCEDURES AND APPLICABLE LAW. 
 SECTION 9.13. 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. 
 SECTION 9.14. USA PATRIOT Act. Each Lender that
is subject to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”) hereby notifies the Borrowers that pursuant to the
requirements of the Act, it is required to obtain, verify and record information that identifies such Person, which information includes the names and addresses of the Borrowers and other information that will allow such Lender to identify the
Borrowers in accordance with the Act. 
 SECTION 9.15. Conversion of Currencies. (a) If, for the purpose of obtaining judgment
in any court, it is necessary to convert a sum owing hereunder in one currency into another currency, each party hereto agrees, to the fullest extent that it may effectively do so, that the rate of exchange used shall be that at which in accordance
with normal banking procedures in the relevant jurisdiction the first currency could be purchased with such other currency on the Business Day immediately preceding the day on which final judgment is given. 

  
 -107- 

 (b) The obligations of each Borrower in respect of any sum due to any party hereto or any
holder of the obligations owing hereunder (the “Applicable Creditor”) shall, notwithstanding any judgment in a currency (the “Judgment Currency”) other than the currency in which such sum is stated to be due
hereunder (the “Agreement Currency”), be discharged only to the extent that, on the Business Day following receipt by the Applicable Creditor of any sum adjudged to be so due in the Judgment Currency, the Applicable Creditor may in
accordance with normal banking procedures in the relevant jurisdiction purchase the Agreement Currency with the Judgment Currency; if the amount of the Agreement Currency so purchased is less than the sum originally due to the Applicable Creditor in
the Agreement Currency, the Borrowers agree, as a separate obligation and notwithstanding any such judgment, to indemnify the Applicable Creditor against such loss. The obligations of the Borrowers contained in this Section 9.15 shall survive
the termination of this Agreement and the payment of all other amounts owing hereunder. 
 SECTION 9.16. Appointment and Authorization of
Borrower Representative. 
 (a) Each Borrower hereby designates, appoints, authorizes and empowers Argo US as its agent to act as
specified in the capacity of Borrower Representative under this Agreement and each of the other Credit Documents and Argo US hereby acknowledges such designation, authorization and empowerment, and accepts such appointment. Each Borrower hereby
irrevocably authorizes and directs the Borrower Representative to take such action on its behalf under the respective provisions of this Agreement and the other Credit Documents, and any other instruments, documents and agreements referred to herein
or therein, and to exercise such powers and to perform such duties hereunder and thereunder as are specifically delegated to or required of the Borrower Representative by the respective terms and provisions hereof and thereof, and such other powers
as are reasonably incidental thereto, including, without limitation, to take the following actions for and on such Borrower’s behalf: 
 (i) to submit
on behalf of each Borrower Borrowing Requests, and notices of conversion or continuation of Loans to the Administrative Agent in accordance with the provisions of this Agreement, each such notice to be submitted by the Borrower Representative to the
Administrative Agent as soon as practicable after its receipt of a request to do so from a Borrower; and 
 (ii) to submit on behalf of each Borrower
requests for the issuance of Letters of Credit in accordance with the provisions of this Agreement, each such request for the issuance of a Letter of Credit to be submitted by the Borrower Representative as soon as practicable after its receipt of a
request to do so from any Borrower. 
 (b) The Borrower Representative is further authorized and directed by each of the Borrowers to take
all such actions on behalf of such Borrower necessary to exercise the specific powers granted in clauses (i) and (ii) above and to perform such other duties hereunder and under the other Credit Documents, and deliver such documents as delegated
to or required of the Borrower Representative by the terms hereof or thereof. The Administrative Agent and each 

  
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Lender may regard any notice or other communication pursuant to any Credit Documents from the Borrower Representative as a notice or communication from all Borrowers, and may give any notice or
communication required or permitted to be given to any Borrower or Borrowers hereunder to the Borrower Representative on behalf of such Borrower or Borrowers. Each Borrower agrees that each notice, election, representation and warranty, covenant,
agreement and undertaking made on its behalf by the Borrower Representative shall be deemed for all purposes to have been made by such Borrower and shall be binding upon and enforceable against such Borrower to the same extent as if the same had
been made directly by such Borrower. 
 (c) The Borrower Representative may perform any of its duties hereunder or under any of the other
Credit Documents by or through its agents or employees. 
 (d) Each Borrower (other than Argo US) hereby irrevocably appoints Argo US as its
agent to receive on behalf of itself and its property service of copies of the summons and complaint and any other process which may be served in any such action or proceeding. Such service may be made by mailing or delivering a copy of such process
to such Borrower in care of Argo US at its address set forth in Section 9.01(a) hereto. Each Borrower hereby irrevocably authorizes and directs Argo US to accept such service on its behalf. 

SECTION 9.17. No Fiduciary Duty. The Administrative Agent, each Lender and their Affiliates (collectively, solely for purposes of this
paragraph, the “Lenders”) may have economic interests that conflict with those of the Parent, its stockholders and/or its Affiliates. The Borrowers agrees that nothing in the Credit Documents or otherwise will be deemed to create an
advisory, fiduciary or agency relationship or fiduciary or other implied duty between any Lender, on the one hand, and any Borrower, its stockholders or its Affiliates, on the other. The Borrowers acknowledge and agree that (i) the transactions
contemplated by the Credit Documents (including the exercise of rights and remedies hereunder and thereunder) are arm’s-length commercial transactions between the Lenders, on the one hand, and the
Borrowers, on the other, and (ii) in connection therewith and with the process leading thereto, (x) no Lender has assumed an advisory or fiduciary responsibility in favor of the Borrowers, its stockholders or its Affiliates with respect to
the transactions contemplated hereby (or the exercise of rights or remedies with respect thereto) or the process leading thereto (irrespective of whether any Lender has advised, is currently advising or will advise the Borrowers, their respective
stockholders or Affiliates on other matters) or any other obligation to the Borrowers except the obligations expressly set forth in the Credit Documents and (y) each Lender is acting solely as principal and not as the agent or fiduciary of the
Borrowers, their management, stockholders, creditors or any other Person. The Borrowers acknowledge and agree that it has consulted its own legal and financial advisors to the extent it deemed appropriate and that it is responsible for making its
own independent judgment with respect to such transactions and the process leading thereto. The Borrowers agree that it will not claim that any Lender has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty, to
the Borrowers in connection with such transactions or the process leading thereto. 
 SECTION 9.18. Termination of Existing
Agreement. The Lenders party to this Agreement, in their capacities as “Lenders” under the Credit Agreement dated as of March 3, 2017 among the Borrowers, the lenders party thereto and the Administrative Agent (as amended, the
“Existing Agreement”), constituting the Required Lenders (as such term is defined in the 

  
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Existing Agreement) thereunder, hereby waive (a) the notice required pursuant to Section 2.11(b) thereof of the prepayment of obligations thereunder contemplated by Section 4.01(f)
hereof and (b) the notice required pursuant to Section 2.09(c) thereof to terminate the Commitments (as such term is defined in the Existing Agreement) thereunder and agree with Borrower that upon effectiveness of this Agreement, the
Existing Agreement, the other Credit Documents (as such term is defined in the Existing Agreement), the Commitments (as such term is defined in the Existing Agreement) and the Obligations (as such term is defined in the Existing Agreement) (other
than those that expressly survive termination) will be terminated without any further act of any Person. 
 SECTION 9.19. Acknowledgment
and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in any Credit Document or in any other agreement, arrangement or understanding among any such parties, each
party hereto acknowledges that any liability of any EEA Financial Institution arising under any Credit Document may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and
agrees to be bound by: 
 (a) the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities
arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and 
 (b) the effects of any Bail-In Action on any such liability, including, if applicable: 
 (i) a reduction in full or in part or cancellation of
any such liability; 
 (ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial
Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability
under this Agreement or any other Credit Document; or 
 (iii) the variation of the terms of such liability in connection with the exercise of the
write-down and conversion powers of any EEA Resolution Authority. 
 SECTION 9.20. Certain ERISA Matters. (a) Each Lender
(x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit
of, the Administrative Agent, and each Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that at least one of the following is and will be true: 

(i) such Lender is not using “plan assets” (within the meaning of the Plan Asset Regulations) of one or more Benefit
Plans in connection with the Loans, the Letters of Credit or the Commitments, 

  
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 (ii) the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions
involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a
class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house
asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, 

(iii) (A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the
meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the
Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, or 

(iv) such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole
discretion, and such Lender. 
 (b) In addition, unless sub-clause (i) in the immediately
preceding clause (a) is true with respect to a Lender or such Lender has not provided another representation, warranty and covenant as provided in sub-clause (iv) in the immediately preceding clause
(a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender
party hereto, for the benefit of, the Administrative Agent, and each Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that none of the Administrative Agent,
or any Arranger, any Co-Syndication Agent, any Co-Documentation Agent or any of their respective Affiliates is a fiduciary with respect to the assets of such Lender
(including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Credit Document or any documents related to hereto or thereto). 

(c) The Administrative Agent, and each Arranger, Co-Syndication Agent and Co-Documentation Agent hereby informs the Lenders that each such Person is not undertaking to provide investment advice or to give advice in a fiduciary capacity, in connection with the transactions contemplated
hereby, and that such Person has a financial interest in the transactions contemplated hereby in that such Person or an Affiliate thereof (i) may receive interest or other payments with respect to the Loans, the Letters of Credit, the
Commitments, this Agreement and any other Credit Documents (ii) may recognize a gain if it extended the Loans, the Letters of 

  
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Credit or the Commitments for an amount less than the amount being paid for an interest in the Loans, the Letters of Credit or the Commitments by such Lender or (iii) may receive fees or
other payments in connection with the transactions contemplated hereby, the Credit Documents or otherwise, including structuring fees, commitment fees, arrangement fees, facility fees, upfront fees, underwriting fees, ticking fees, agency fees,
administrative agent or collateral agent fees, utilization fees, minimum usage fees, letter of credit fees, fronting fees, deal-away or alternate transaction fees, amendment fees, processing fees, term out premiums, banker’s acceptance fees,
breakage or other early termination fees or fees similar to the foregoing. 
 [Signature pages follows] 

  
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 Schedule 1.02 

PRICING SCHEDULE 
  

																					
	 APPLICABLE

MARGIN       
	  	LEVEL I
STATUS	 	 	LEVEL II
STATUS	 	 	LEVEL III
STATUS	 	 	LEVEL IV
STATUS	 	 	LEVEL V
STATUS	 
	
EurocurrencyTerm
 Benchmark Spread for Revolving Loans
	  	 	1.25	% 	 	 	1.375	% 	 	 	1.50	% 	 	 	1.75	% 	 	 	2.125	% 
	 Alternate Base Rate Spread for Revolving Loans
	  	 	.25	% 	 	 	.375	% 	 	 	.50	% 	 	 	.75	% 	 	 	1.125	% 
	 RFR Spread for
Revolving Loans
	  	 	1.25	% 	 	 	1.375	% 	 	 	1.50	% 	 	 	1.75	% 	 	 	2.125	% 
	
EurocurrencyTerm
 Benchmark Spread for Term Loans
	  	 	1.00	% 	 	 	1.125	% 	 	 	1.25	% 	 	 	1.50	% 	 	 	1.875	% 
	 Alternate Base Rate Spread for Term Loans
	  	 	.00	% 	 	 	.125	% 	 	 	.25	% 	 	 	.50	% 	 	 	.875	% 
	 RFR Spread for Term
Loans
	  	 	1.00	% 	 	 	1.125	% 	 	 	1.25	% 	 	 	1.50	% 	 	 	1.875	% 

  

																					
	 APPLICABLE FEE

RATE              
     
	  	LEVEL I
STATUS	 	 	LEVEL II
STATUS	 	 	LEVEL III
STATUS	 	 	LEVEL IV
STATUS	 	 	LEVEL V
STATUS	 
	 Commitment Fee
	  	 	.15	% 	 	 	.20	% 	 	 	.225	% 	 	 	.275	% 	 	 	.375	% 
	 Letter of Credit Fee
	  	 	1.25	% 	 	 	1.375	% 	 	 	1.50	% 	 	 	1.75	% 	 	 	2.125	% 
	 Secured Letter of Credit Fee
	  	 	.30	% 	 	 	.35	% 	 	 	.40	% 	 	 	.50	% 	 	 	.575	% 

 “Level I Status” exists at any date if, on such date, the
S&P Rating or Fitch Rating is BBB+ or better or the Moody’s Rating is Baa1 or better. 
 [Signature Page to Argo Credit Agreement] 

  
 3 

 “Level II Status” exists at any date if, on such date,
(i) the Borrowers have not qualified for Level I Status and (ii) the S&P Rating or Fitch Rating is BBB or better or the Moody’s Rating is Baa2 or better. 

“Level III Status” exists at any date if, on such date, (i) the Borrowers have not qualified for Level I Status
or Level II Status and (ii) the S&P Rating or Fitch Rating is BBB- or better or the Moody’s Rating is Baa3 or better. 

“Level IV Status” exists at any date if, on such date, (i) the Borrowers have not qualified for Level I Status,
Level II Status or Level III Status and (ii) the S&P Rating or Fitch Rating is BB+ or better or the Moody’s Rating is Ba1 or better. 

“Level V Status” exists at any date if, on such date, the Borrowers have not qualified for Level I Status, Level II
Status, Level III Status or Level IV Status. 
 “Fitch Rating” means, at any time, the issuer credit rating (or
comparable rating) issued by Fitch and then in effect with respect to Argo US or Parent. 
 “Moody’s Rating”
means, at any time, the issuer credit rating (or comparable rating) issued by Moody’s and then in effect with respect to Argo US or Parent. 

“Rating” means a Moody’s Rating, a Fitch Rating or an S&P Rating. 

“S&P Rating” means, at any time, the issuer credit rating issued by S&P and then in effect with respect to
Argo US or Parent. 
 The Applicable Rate shall be determined in accordance with the foregoing table based on the Borrowers’ Status as
determined from the then-current Moody’s Rating, Fitch Rating and S&P Ratings. The Rating in effect on any date for the purposes of this Schedule is that in effect at the close of business on such date. If at any time only one Rating
exists, then Status shall be determined on the basis of the existing Rating. If at any time a Borrower has no Moody’s Rating, no Fitch Rating and no S&P Rating, Level V Status shall exist. If at any time a different credit rating is issued
by either Moody’s, Fitch or S&P, then the highest of such credit ratings shall apply (with the credit rating for Level I being the highest and the credit rating for Level V being the lowest), unless there is a split in credit ratings of
more than one Level, in which case the Level that is one Level higher than the Level of the lowest credit rating shall apply. 
 If on any
date of determination of the Moody’s Rating, Fitch Rating or S&P Rating, as applicable, there exists both an Argo US rating by such rating agency and a Parent rating by such rating agency and there is a split between such ratings, then the
higher of such ratings shall apply for purposes of determining the Moody’s Rating, Fitch Rating or S&P Rating, as applicable, (unless there is a split in the ratings of such ratings agency by more than one level, in which case the level
that is one level higher than the lower rating shall apply). 
 Until adjusted after the Effective Date, Level III Status shall be deemed to
exist. 
 [Signature Page to Argo Credit Agreement]

  
 4 

 Schedule 1.03 

ADVANCE RATES 
  

			
	 Eligible Collateral
	  	 Advance Rate

(expressed as a percentage of

principal amount)

	Cash:	  	100%
		
	Dollars and any overnight or other investment money market funds of the Collateral Agent or Administrative Agent (or an Affiliate of the Collateral Agent or Administrative Agent) at which a Collateral Account is held	  	
		
	Time Deposits, CDs, Money Market Deposits and Money Market Mutual Funds:	  	90%
		
	Time deposits, certificates of deposit and money market deposits, denominated in Dollars, of any commercial bank incorporated in the United States with a rating of at least (i) AA- from
S&P, (ii) Aa3 from Moody’s or (ii) AA- from Fitch and maturing within two years from the date of determination. Money market mutual funds with institutions not affiliated with the Lenders
with same-day liquidity and with a rating of (i) AAA from S&P, (ii) Aaa from Moody’s, (iii) AAA from Fitch or (iv) 1 by the NAIC Securities Valuation Office.	  	
		
	U.S. Government Securities:	  	
		
	 Securities issued or directly and fully guaranteed or insured by the United States or any agency or instrumentality thereof (provided that
the full faith and credit of the United States is pledged in support thereof).
	  	With maturities of (x) two years or less from the date of determination, 95%, (y) more than two years and ten years or less from the date of determination, 90% and (z) more than ten years from the date of
determination, 85%
		
	Investment Grade Municipal Bonds Level I:	  	90%
		
	Municipal bonds maturing within eleven years from the date of determination rated at least (i) AAA from S&P, (ii) Aaa from Moody’s or (iii) AAA from Fitch.	  	
		
	Investment Grade Nonconvertible Corporate Bonds Level I:	  	
		
	Nonconvertible corporate bonds denominated in Dollars or Foreign Currencies which are traded publicly maturing within eleven years from the date of determination rated (a) at least
(i) AA- from S&P, (ii) Aa3 from Moody’s or (iii) AA- from Fitch, or (b) in the case of corporate bonds rated solely by DBRS, at least AA low
from DBRS.	  	With maturities of (x) two years or less from the date of determination, 90% and (y) more than two years and eleven years or less from the date of determination,
85%

			
	 Eligible Collateral
	  	 Advance Rate

(expressed as a percentage of

principal amount)

	Investment Grade Nonconvertible Corporate Bonds Level II:	  	80%
		
	Nonconvertible corporate bonds denominated in Dollars or Foreign Currencies which are traded publicly, maturing within eleven years from the date of determination rated (a) at least
(i) A- from S&P, (ii) A3 from Moody’s or (iii) A- from Fitch, or (b) in the case of corporate bonds rated solely by DBRS, at least A low
from DBRS.	  	
		
	Commercial Paper:	  	90%
		
	Commercial paper issued by any entity organized in the United States and denominated in Dollars and maturing not more than one year after the date of determination rated at least (i) A-1
or the equivalent thereof by S&P, (ii) P-1 or the equivalent thereof by Moody’s or (iii) F-1 or the equivalent thereof by Fitch.	  	
		
	Agency Securities:	  	
		
	(i) Single-class mortgage participation certificates in book-entry form and denominated in Dollars backed by single-family residential mortgage loans, the full and timely payment of interest at the applicable certificate rate
and the ultimate collection of principal of which are guaranteed by the Federal Home Loan Mortgage Corporation (excluding REMIC or other multi-class pass-through certificates, collateralized mortgage obligations, pass-through certificates backed by
adjustable rate mortgages, securities paying interest or principal only and similar derivative securities); (ii) single-class mortgage pass-through certificates in book-entry form and denominated in Dollars backed by single-family residential
mortgage loans, the full and timely payment of interest at the applicable certificate rate and ultimate collection of principal of which are guaranteed by the Federal National Mortgage Association (excluding REMIC or other multi-class pass-through
certificates, pass-through certificates backed by adjustable rate mortgages, collateralized mortgage obligations, securities paying interest or principal only and similar derivative securities); and (iii) single-class fully modified
pass-through certificates in book-entry form and denominated in Dollars backed by single-family residential mortgage loans, the full and timely payment of principal and interest of which is guaranteed by the Government National Mortgage Association
(excluding REMIC or other multi-class pass-through certificates, collateralized mortgage obligations,	  	With a weighted average life from the date of determination of (x) two years or less from the date of determination, 95%, (y) more than two years and ten years or less from the date of determination, 90% and
(z) more than ten years from the date of determination, 85%

  
 2 

			
	 Eligible Collateral
	  	 Advance Rate

(expressed as a percentage of

principal amount)

	pass-through certificates backed by adjustable rate mortgages, securities paying interest or principal only and similar derivatives securities), in each case rated at least CD AA- by S&P,
(ii) Aa3 by Moody’s or (iii) AA- by Fitch.	  	
		
	Asset-Backed Securities:	  	85%
		
	Asset-backed securities denominated in Dollars rated at least (i) AAA by S&P, (ii) Aaa by Moody’s or AAA by Fitch; provided that (x) such securities are backed by credit card receivables, automobile loans,
commercial mortgages or utility charges (as in rate reduction bonds) and have a weighted average life from the date of determination of 10 years or less and (y) asset-backed securities will not constitute Eligible Collateral if they are
certificated securities that cannot be paid or delivered by book entry (and all asset-backed securities issued by an issuer incorporated in the United States of America must be capable of settlement through DTC).	  	
		
	Other Securities:	  	0%
		
	All other cash, investments, obligations or securities.	  	

  
 3exhibit101ameresco-fifth

EXHIBIT 10.1    Execution Version      101652522v.7  Deal CUSIP #: 02361MAG5  Revolver CUSIP #:02361MAH3  Term A Loan CUSIP #:02361MAJ9  Delayed Draw Term A Loan CUSIP #:02361MAK6    __________________________________________________________________________________  FIFTH AMENDED AND RESTATED CREDIT AGREEMENT  Dated as of March 4, 2022  among  AMERESCO, INC.,  as the Borrower,  CERTAIN SUBSIDIARIES OF THE BORROWER PARTY HERETO,  as the Guarantors,  BANK OF AMERICA, N.A.,  as Administrative Agent, Swingline Lender and  L/C Issuer,  and  THE LENDERS PARTY HERETO  BOFA SECURITIES, INC., FIFTH THIRD SECURITIES, INC. AND  KEYBANC CAPITAL MARKETS, INC.,  as Joint Lead Arrangers and Joint Bookrunners      WEBSTER BANK, N.A.,  as Co-Documentation Agent  

 

  i  TABLE OF CONTENTS  Page  ARTICLE I DEFINITIONS AND ACCOUNTING TERMS ...................................................................... 1  1.01 Defined Terms. ................................................................................................................... 1  1.02 Other Interpretive Provisions ............................................................................................ 41  1.03 Accounting Terms. ............................................................................................................ 41  1.04 Rounding ........................................................................................................................... 42  1.05 Times of Day .................................................................................................................... 42  1.06 Letter of Credit Amounts .................................................................................................. 43  1.07 Interest Rates ..................................................................................................................... 43  1.08 Exchange Rates; Currency Equivalents. ........................................................................... 43  1.09 Additional Alternative Currencies. ................................................................................... 43  1.10 Change of Currency. ......................................................................................................... 44  ARTICLE II COMMITMENTS AND CREDIT EXTENSIONS .............................................................. 45  2.01 Loans. ................................................................................................................................ 45  2.02 Borrowings, Conversions and Continuations of Loans. ................................................... 46  2.03 Letters of Credit. ............................................................................................................... 48  2.04 Swingline Loans. .............................................................................................................. 57  2.05 Prepayments. ..................................................................................................................... 59  2.06 Termination or Reduction of Commitments. .................................................................... 63  2.07 Repayment of Loans. ........................................................................................................ 64  2.08 Interest and Default Rate. ................................................................................................. 65  2.09 Fees ................................................................................................................................... 66  2.10 Computation of Interest and Fees; Retroactive Adjustments of Applicable Rate............. 67  2.11 Evidence of Debt. ............................................................................................................. 67  2.12 Payments Generally; Administrative Agent’s Clawback. ................................................. 68  2.13 Sharing of Payments by Lenders ...................................................................................... 70  2.14 Cash Collateral. ................................................................................................................. 71  2.15 Defaulting Lenders. .......................................................................................................... 72  2.16 Increase in Revolving Facility. ......................................................................................... 74  ARTICLE III TAXES, YIELD PROTECTION AND ILLEGALITY ....................................................... 76  3.01 Taxes. ................................................................................................................................ 76  3.02 Illegality ............................................................................................................................ 80  3.03 Inability to Determine Rates. ............................................................................................ 80  3.04 Increased Costs. ................................................................................................................ 83  3.05 Compensation for Losses .................................................................................................. 84  3.06 Mitigation Obligations; Replacement of Lenders. ............................................................ 85  3.07 Survival. ............................................................................................................................ 85  ARTICLE IV CONDITIONS PRECEDENT TO CREDIT EXTENSIONS .............................................. 85  4.01 Conditions of Initial Credit Extension .............................................................................. 85  4.02 Conditions to all Credit Extensions .................................................................................. 88  ARTICLE V REPRESENTATIONS AND WARRANTIES ..................................................................... 89  5.01 Existence, Qualification and Power .................................................................................. 89  5.02 Authorization; No Contravention ..................................................................................... 89  5.03 Governmental Authorization; Other Consents .................................................................. 89  5.04 Binding Effect ................................................................................................................... 89  

 

ii  5.05 Financial Statements; No Material Adverse Effect........................................................... 90  5.06 Litigation and Environmental Matters. ............................................................................. 91  5.07 Compliance with Laws and Agreements .......................................................................... 91  5.08 Properties. ......................................................................................................................... 91  5.09 Insurance ........................................................................................................................... 92  5.10 Taxes ................................................................................................................................. 92  5.11 ERISA Compliance. .......................................................................................................... 92  5.12 Margin Regulations; Investment Company Act................................................................ 93  5.13 Disclosure ......................................................................................................................... 94  5.14 Capitalization .................................................................................................................... 94  5.15 Subsidiaries. ...................................................................................................................... 94  5.16 Compliance with Laws and Agreements .......................................................................... 95  5.17 Solvency............................................................................................................................ 95  5.18 Casualty, Etc ..................................................................................................................... 95  5.19 Sanctions Concerns and Anti-Corruption Laws................................................................ 95  5.20 Material Indebtedness, Liens and Agreements. ................................................................ 96  5.21 Federal Reserve Regulations............................................................................................. 96  5.22 Force Majeure ................................................................................................................... 96  5.23 Bank Accounts .................................................................................................................. 96  5.24 Matters Relating to Inactive Subsidiaries ......................................................................... 96  5.25 EEA Financial Institutions ................................................................................................ 97  5.26 Covered Entities ................................................................................................................ 97  5.27 Beneficial Ownership Certification .................................................................................. 97  5.28 Labor and Employment Matters. ...................................................................................... 97  ARTICLE VI AFFIRMATIVE COVENANTS ......................................................................................... 97  6.01 Financial Statements and Other Information .................................................................... 97  6.02 Notices of Material Events.............................................................................................. 100  6.03 Existence; Conduct of Business ...................................................................................... 101  6.04 Payment of Obligations .................................................................................................. 101  6.05 Maintenance of Properties; Insurance ............................................................................. 101  6.06 Books and Records; Inspection Rights ........................................................................... 101  6.07 Fiscal Year ...................................................................................................................... 102  6.08 Compliance with Laws ................................................................................................... 102  6.09 Use of Proceeds .............................................................................................................. 102  6.10 Certain Obligations Respecting Subsidiaries; Additional Guarantors. ........................... 102  6.11 ERISA ............................................................................................................................. 103  6.12 Environmental Matters; Reporting ................................................................................. 103  6.13 Matters Relating to Additional Real Property Collateral. ............................................... 103  6.14 Anti-Corruption Laws ..................................................................................................... 104  6.15 Further Assurances ......................................................................................................... 104  ARTICLE VII NEGATIVE COVENANTS ............................................................................................. 105  7.01 Indebtedness.................................................................................................................... 105  7.02 Liens ............................................................................................................................... 106  7.03 Contingent Liabilities ..................................................................................................... 107  7.04 Fundamental Changes; Asset Sales; Permitted Acquisitions. ......................................... 108  7.05 Investments; Hedging Agreements. ................................................................................ 111  7.06 Restricted Junior Payments. ............................................................................................ 112  7.07 Transactions with Affiliates ............................................................................................ 113  7.08 Restrictive Agreements ................................................................................................... 113  

 

iii  7.09 Sale-Leaseback Transactions .......................................................................................... 114  7.10 Certain Financial Covenants. .......................................................................................... 114  7.11 Lines of Business ............................................................................................................ 114  7.12 Other Indebtedness ......................................................................................................... 114  7.13 Modifications of Certain Documents .............................................................................. 114  7.14 Sanctions. ........................................................................................................................ 114  7.15 Anti-Corruption Laws ..................................................................................................... 115  ARTICLE VIII EVENTS OF DEFAULT AND REMEDIES .................................................................. 115  8.01 Events of Default ............................................................................................................ 115  8.02 Remedies upon Event of Default .................................................................................... 117  8.03 Application of Funds. ..................................................................................................... 118  ARTICLE IX ADMINISTRATIVE AGENT ........................................................................................... 119  9.01 Appointment and Authority. ........................................................................................... 119  9.02 Rights as a Lender. .......................................................................................................... 120  9.03 Exculpatory Provisions. .................................................................................................. 120  9.04 Reliance by Administrative Agent .................................................................................. 121  9.05 Delegation of Duties ....................................................................................................... 121  9.06 Resignation of Administrative Agent. ............................................................................ 122  9.07 Non-Reliance on Administrative Agent, the Arranger and the Other Lenders ............... 123  9.08 No Other Duties, Etc ....................................................................................................... 124  9.09 Administrative Agent May File Proofs of Claim; Credit Bidding. ................................. 124  9.10 Collateral and Guaranty Matters. .................................................................................... 125  9.11 Secured Cash Management Agreements and Secured Hedge Agreements .................... 126  9.12 Certain ERISA Matters. .................................................................................................. 126  9.13 Recovery of Erroneous Payments ................................................................................... 127  ARTICLE X CONTINUING GUARANTY ............................................................................................ 128  10.01 Guaranty.......................................................................................................................... 128  10.02 Rights of Lenders ............................................................................................................ 128  10.03 Certain Waivers .............................................................................................................. 128  10.04 Obligations Independent ................................................................................................. 129  10.05 Subrogation ..................................................................................................................... 129  10.06 Termination; Reinstatement ............................................................................................ 129  10.07 Stay of Acceleration ........................................................................................................ 129  10.08 Condition of Borrower .................................................................................................... 129  10.09 Appointment of Borrower ............................................................................................... 130  10.10 Right of Contribution ...................................................................................................... 130  10.11 Keepwell ......................................................................................................................... 130  ARTICLE XI MISCELLANEOUS .......................................................................................................... 130  11.01 Amendments, Etc. ........................................................................................................... 130  11.02 Notices; Effectiveness; Electronic Communications. ..................................................... 133  11.03 No Waiver; Cumulative Remedies; Enforcement. .......................................................... 135  11.04 Expenses; Indemnity; Damage Waiver. .......................................................................... 136  11.05 Payments Set Aside ........................................................................................................ 137  11.06 Successors and Assigns. ................................................................................................. 138  11.07 Treatment of Certain Information; Confidentiality. ........................................................ 142  11.08 Right of Setoff.   ............................................................................................................. 144  11.09 Interest Rate Limitation .................................................................................................. 144  11.10 Integration; Effectiveness ............................................................................................... 144  

 

iv  11.11 Survival of Representations and Warranties ................................................................... 145  11.12 Severability ..................................................................................................................... 145  11.13 Replacement of Lenders. ................................................................................................ 145  11.14 Governing Law; Jurisdiction; Etc. .................................................................................. 146  11.15 Waiver of Jury Trial ........................................................................................................ 147  11.16 Subordination .................................................................................................................. 147  11.17 Release of Collateral and Guarantees ............................................................................. 148  11.18 No Advisory or Fiduciary Responsibility ....................................................................... 148  11.19 Electronic Execution; Electronic Records; Counterparts. ............................................... 149  11.20 USA Patriot Act Notice .................................................................................................. 150  11.21 Acknowledgement and Consent to Bail-In of Affected Financial Institutions ............... 150  11.22 Acknowledgement Regarding Any Supported QFCs ..................................................... 150  11.23 Judgment Currency ......................................................................................................... 151  11.24 Transitional Arrangements.............................................................................................. 151       

 

v  BORROWER PREPARED SCHEDULES  Schedule 1.01(d) Material Owned Properties  Schedule 5.05 Financial Condition; No Material Adverse Changes  Schedule 5.06 Litigation and Environmental Matters  Schedule 5.07 Compliance with Laws and Agreements  Schedule 5.08 Properties; Intellectual Property  Schedule 5.09 Insurance  Schedule 5.10 Taxes  Schedule 5.11 Pension Plans  Schedule 5.15 Subsidiaries  Schedule 5.16 Compliance with Laws, Agreements  Schedule 5.20 Material Indebtedness, Liens and Agreements  Schedule 5.23 Bank Accounts  Schedule 5.28 Labor and Employment Matters  Schedule 7.01 Existing Indebtedness  Schedule 7.05 Existing Investments  Schedule 7.07 Transactions with Affiliates  Schedule 7.08 Restrictive Agreements  ADMINISTRATIVE AGENT PREPARED SCHEDULES  Schedule 1.01(a)  Certain Addresses for Notices  Schedule 1.01(b)  Initial Commitments and Applicable Percentages  Schedule 1.01(c)  Existing Letters of Credit  Schedule 2.01 Swingline Commitments  Schedule 2.03 Letter of Credit Commitments  EXHIBITS  Exhibit A Form of Loan Notice  Exhibit B Form of Swingline Loan Notice  Exhibit C Form of Revolving Note  Exhibit D-1 Form of Term Note for Term A Loans  Exhibit D-2 Form of Term Note for Delayed Draw Term A Loans  Exhibit E Form of Security Agreement  Exhibit F Form of Joinder Agreement  Exhibit G Form of Compliance Certificate  Exhibit H Form of Secured Party Designation Notice  Exhibit I Form of Solvency Certificate  Exhibit J Form of Officer’s Certificate  Exhibit K Form of Administrative Questionnaire  Exhibit L Form of Assignment and Assumption  Exhibit M Forms of U.S. Tax Compliance Certificates  Exhibit N Form of Funding Indemnity Letter  Exhibit O Form of Landlord Waiver  Exhibit P Form of Financial Condition Certificate  Exhibit Q Form of Authorization to Share Insurance Information  Exhibit R Form of Notice of Loan Prepayment  

 

  1  FIFTH AMENDED AND RESTATED CREDIT AGREEMENT  This FIFTH AMENDED AND RESTATED CREDIT AGREEMENT is entered into as of  March 4, 2022, among Ameresco, Inc., a Delaware corporation (the “Borrower”), the Guarantors (defined  herein), the Lenders (defined herein), and BANK OF AMERICA, N.A., as Administrative Agent,  Swingline Lender and L/C Issuer.  PRELIMINARY STATEMENTS:  WHEREAS, the Loan Parties (as hereinafter defined) have requested that the Lenders, the  Swingline Lender and the L/C Issuer make loans and other financial accommodations to the Loan Parties  in an aggregate amount of up to $495,000,000.  WHEREAS, the Lenders, the Swingline Lender and the L/C Issuer have agreed to make such loans  and other financial accommodations to the Loan Parties on the terms and subject to the conditions set forth  herein.  WHEREAS, this Agreement amends and restates that certain Fourth Amended and Restated Credit  and Security Agreement dated as of June 28, 2019, as amended (the “Prior Credit Agreement”), by and  among the Borrower, the guarantors party thereto, the lenders party thereto and Bank of America, N.A., as  Agent, which Prior Credit Agreement amended and restated that certain Third Amended and Restated  Credit and Security Agreement dated as of June 30, 2015, as amended, by and among the Borrower, the  guarantors party thereto, the lenders party thereto, and Bank of America, N.A., as Agent, which in turn  amended and restated that certain Second Amended and Restated Credit and Security Agreement dated as  of June 30, 2011, as amended, by and among the Borrower, the guarantors party thereto, the lenders party  thereto and Bank of America, N.A., as Agent, which in turn amended and restated that certain Amended  and Restated Credit and Security Agreement dated as of June 10, 2008, as amended, by and among the  Borrower, the guarantors party thereto, the lenders party thereto and Bank of America, N.A., as Agent (as  successor by merger to Fleet National Bank), which in turn amended and restated that certain Credit and  Security Agreement dated as of December 29, 2004, as amended, by and among the Borrower, the  guarantors party thereto, the lenders party thereto and Fleet National Bank, as Agent.  NOW THEREFORE, in consideration of the mutual covenants and agreements herein contained,  the parties hereto covenant and agree as follows:  ARTICLE I    DEFINITIONS AND ACCOUNTING TERMS  1.01 Defined Terms.  As used in this Agreement, the following terms shall have the meanings set forth below:  “Acquisition” means the acquisition, whether through a single transaction or a series of related  transactions, of (a) a majority of the Voting Stock or other controlling ownership interest in another Person  (including the purchase of an option, warrant or convertible or similar type security to acquire such a  controlling interest at the time it becomes exercisable by the holder thereof), whether by purchase of such  equity or other ownership interest or upon the exercise of an option or warrant for, or conversion of  securities into, such equity or other ownership interest, or (b) assets of another Person which constitute all  or substantially all of the assets of such Person or of a division, line of business or other business unit of  such Person.  

 

  2  “Additional Mortgage” has the meaning assigned to such term in Section 6.13(a).  “Additional Mortgaged Property” means any Material Leasehold Property or Material Owned  Property, with respect to which the Administrative Agent determines to acquire a Mortgage on or following  the Closing Date.  “Additional Secured Obligations” means (a) all obligations arising under Secured Cash  Management Agreements and Secured Hedge Agreements and (b) all costs and expenses incurred in  connection with enforcement and collection of the foregoing, including the fees, charges and disbursements  of counsel, in each case whether direct or indirect (including those acquired by assumption), absolute or  contingent, due or to become due, now existing or hereafter arising and including interest, expenses and  fees that accrue after the commencement by or against any Loan Party or any Affiliate thereof of any  proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless  of whether such interest, expenses and fees are allowed claims in such proceeding; provided that Additional  Secured Obligations of a Guarantor shall exclude any Excluded Swap Obligations with respect to such  Guarantor.  “Administrative Agent” means Bank of America in its capacity as administrative agent under any  of the Loan Documents, or any successor administrative agent.  “Administrative Agent’s Office” means the Administrative Agent’s address and, as appropriate,  account as set forth on Schedule 1.01(a), or such other address or account as the Administrative Agent may  from time to time notify the Borrower and the Lenders.  “Administrative Questionnaire” means an Administrative Questionnaire in substantially the form  of Exhibit K or any other form approved by the Administrative Agent.  “Affected Financial Institution” means (a) any EEA Financial Institution or (b) any UK Financial  Institution.  “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; provided, that for purposes of this Agreement, no Loan Party shall be deemed to be an  Affiliate of any other Loan Party.  “Agreed Currency” means Dollars or any Alternative Currency, as applicable.  “Aggregate Commitments” means the Commitments of all the Lenders.  “Agreement” means this Credit Agreement, including all schedules, exhibits and annexes hereto.  “Agreement Currency” has the meaning specified in Section 11.23.   “Alternative Currency” means each of the following currencies:  Canadian Dollar, Euro and  Sterling, together with each other currency (other than Dollars) that is approved in accordance with Section  1.09; provided that for each Alternative Currency, such requested currency is an Eligible Currency.  “Alternative Currency Daily Rate” means, for any day, with respect to any Credit Extension:  (a) denominated in Sterling, the rate per annum equal to SONIA determined pursuant to the  definition thereof plus the SONIA Adjustment; and  

 

  3  (b) denominated in any other Alternative Currency (to the extent such Loans denominated in  such currency will bear interest at a daily rate), the daily rate per annum as designated with respect to such  Alternative Currency at the time such Alternative Currency is approved by the Administrative Agent and  the relevant Lenders pursuant to Section 1.09(a) plus the adjustment (if any) determined by the  Administrative Agent and the relevant Lenders pursuant to Section 1.09(c);  provided, that, if any Alternative Currency Daily Rate shall be less than zero, such rate shall be deemed  zero for purposes of this Agreement.  Any change in an Alternative Currency Daily Rate shall be effective  from and including the date of such change without further notice.  “Alternative Currency Daily Rate Loan” means a Loan that bears interest at a rate based on the  Alternative Currency Daily Rate. All Alternative Currency Daily Rate Loans must be denominated in an  Alternative Currency.  “Alternative Currency Equivalent” means, at any time, with respect to any denominated in Dollars,  the equivalent amount thereof in the applicable Alternative Currency as determined by the Administrative  Agent or the L/C Issuer, as the case may be, by reference to Bloomberg (or such other publicly available  service for displaying exchange rates), to be the exchange rate for the purchase of such Alternative Currency  with Dollars at approximately 11:00 a.m. on the date two (2) Business Days prior to the date as of which  the foreign exchange computation is made; provided, however, that if no such rate is available, the  “Alternative Currency Equivalent” shall be determined by the Administrative Agent or the L/C Issuer, as  the case may be, using any reasonable method of determination its deems appropriate in its sole discretion  (and such determination shall be conclusive absent manifest error).  “Alternative Currency Loans” means an Alternative Currency Daily Rate Loan or an Alternative  Currency Term Rate Loan, as applicable.  “Alternative Currency Sublimit” means an amount equal to the lesser of the total Revolving  Commitments and $20,000,000.  The Alternative Currency Sublimit is part of, and not in addition to, the  Revolving Commitments.  “Alternative Currency Term Rate” means, for any Interest Period, with respect to any Credit  Extension:   (a) denominated in Euros, the rate per annum equal to the Euro Interbank Offered Rate  (“EURIBOR”), as published on the applicable Reuters screen page (or such other commercially  available source providing such quotations as may be designated by the Administrative Agent from  time to time) on the day that is two TARGET Days preceding the first day of such Interest Period  with a term equivalent to such Interest Period;  (b) denominated in Canadian dollars, the rate per annum equal to the Canadian Dollar  Offered Rate (“CDOR”), as published on the applicable Reuters screen page (or such other  commercially available source providing such quotations as may be designated by the  Administrative Agent from time to time) (in such case, the “CDOR Rate”) on the Rate  Determination Date with a term equivalent to such Interest Period;  (c) denominated in any other Alternative Currency (to the extent such Loans  denominated in such currency will bear interest at a term rate), the term rate per annum as  designated with respect to such Alternative Currency at the time such Alternative Currency is  approved by the Administrative Agent and the relevant Lenders pursuant to Section 1.09(a) plus  

 

  4  the adjustment (if any) determined by the Administrative Agent and the relevant Lenders pursuant  to Section 1.09(c),  provided that if the Alternative Currency Term Rate shall be less than zero percent (0%), such rate shall be  deemed to be zero percent (0%) for purposes of this Agreement.  “Alternative Currency Term Rate Loan” means a Loan that bears interest at a rate based on the  definition of “Alternative Currency Term Rate.”  All Alternative Currency Term Rate Loans must be  denominated in an Alternative Currency.  “Ameresco Canada” means Ameresco Canada, Inc., a company organized under the laws of  Ontario, Canada.  “Applicable Authority” means (a) with respect to SOFR, the SOFR Administrator or any  Governmental Authority having jurisdiction over the Administrative Agent or the SOFR Administrator and  (b) with respect to any Alternative Currency, the applicable administrator for the Relevant Rate for such  Alternative Currency or any Governmental Authority having jurisdiction over the Administrative Agent or  such administrator.  “Applicable Law” means, as to any Person, all applicable Laws binding upon such Person or to  which such a Person is subject.  “Applicable Percentage” means (a) in respect of the Term A Facility, with respect to any Term  Lender at any time, the percentage (carried out to the ninth decimal place) of the Term A Facility  represented by (i) on or prior to the Closing Date, such Term Lender’s Term Commitment at such time and  (ii) thereafter, the outstanding principal amount of such Term Lender’s Term Loans at such time, (b) in  respect of the Delayed Draw Term A Facility, with respect to any Term Lender at any time, the percentage  (carried out to the ninth decimal place) of the Delayed Draw Term A Facility represented by (i) on or prior  to the Closing Date, such Term Lender’s Term Commitment under the Delayed Draw Term A Facility and  (ii) thereafter, such Term Lender’s remaining Term Commitment under the Delayed Draw Term A Facility  at such time plus the outstanding principal amount of such Term Lender’s Delayed Draw Term A Loans at  such time and (c) in respect of the Revolving Facility, with respect to any Revolving Lender at any time,  the percentage (carried out to the ninth decimal place) of the Revolving Facility represented by such  Revolving Lender’s Revolving Commitment at such time, in each case, subject to adjustment as provided  in Section 2.15. If the Commitment of all of the Revolving Lenders to make Revolving Loans, the  Commitment of all the Term Lenders to make Delayed Draw Term A Loans, and the obligation of the L/C  Issuer to make L/C Credit Extensions have been terminated pursuant to Section 8.02, or if the Revolving  Commitments and the Term Commitments of the Term Lenders to make Delayed Draw Term A Loans  have expired, then the Applicable Percentage of each Lender in respect of such Lender’s Facility shall be  determined based on the Applicable Percentage of such Lender in respect of such Lender’s Facility most  recently in effect, giving effect to any subsequent assignments and to any Lender’s status as a Defaulting  Lender at the time of determination. The Applicable Percentage of each Lender in respect of each Facility  is set forth opposite the name of such Lender on Schedule 1.01(b) or in the Assignment and Assumption  pursuant to which such Lender becomes a party hereto, as applicable.  “Applicable Rate” means, for any day, the rate per annum set forth below opposite the applicable  Level then in effect (based on the Core Leverage Ratio), it being understood that the Applicable Rate for  (a) Revolving Loans that are Base Rate Loans and Swingline Loans shall be the percentage set forth under  the column “Revolving Loans” and “Base Rate”, (b) Revolving Loans that are Term SOFR Loans or  Alternative Currency Loans shall be the percentage set forth under the column “Revolving Loans” and  “Term SOFR & Letter of Credit Fee”, (c) that portion of the Term Loan comprised of Base Rate Loans  

 

  5  shall be the percentage set forth under the column “Term Loan” and “Base Rate”, (d) that portion of the  Term Loan comprised of Term SOFR Loans shall be the percentage set forth under the column “Term  Loan” and “Term SOFR & Letter of Credit Fee”, (e) the Letter of Credit Fee shall be the percentage set  forth under the column “Revolving Loans” and “Term SOFR & Letter of Credit Fee”, and (f) the  Commitment Fee applicable to the Revolving Facility and the Delayed Draw Term A Facility shall be the  percentage set forth under the column “Commitment Fee”:  Applicable Rate  Level Core Leverage Ratio  Term SOFR & Letter of  Credit Fee Base Rate Commitment  Fee Revolving  Loans Term Loan Revolving  Loans Term Loan  1 Greater than 3.75 2.75% 2.75% 1.75% 1.75% 0.400%  2  Greater than 3.25 but  less than or equal to  3.75  2.50% 2.50% 1.50% 1.50% 0.375%  3  Greater than 2.50 but  less than or equal to  3.25  2.25% 2.25% 1.25% 1.25% 0.350%  4  Greater than 1.75 but  less than or equal to  2.50  2.00% 2.00% 1.00% 1.00% 0.300%  5  Greater than 1.00 but  less than or equal to  1.75   1.75% 1.75% 0.75% 0.75% 0.250%  6 Less than or equal to  1.00  1.50% 1.50% 0.50% 0.50% 0.250%           Any increase or decrease in the Applicable Rate resulting from a change in the Core Leverage Ratio  shall become effective as of the first Business Day immediately following the date a Compliance Certificate  is delivered pursuant to Section 6.01(c); provided, however, that if a Compliance Certificate is not delivered  when due in accordance with Section 6.01(c), then, upon the request of the Required Lenders, Pricing Level  1 shall apply, in each case as of the first Business Day after the date on which such Compliance Certificate  was required to have been delivered and in each case shall remain in effect until the first Business Day  following the date on which such Compliance Certificate is delivered. In addition, at all times while the  Default Rate is in effect, the highest rate set forth in each column of the above table shall apply.  Notwithstanding anything to the contrary contained in this definition, (i) the determination of the  Applicable Rate for any period shall be subject to the provisions of Section 2.10(b) and (ii) the initial  Applicable Rate shall be set at Pricing Level 4 until the first Business Day immediately following the date  a Compliance Certificate is delivered to the Administrative Agent pursuant to Section 6.01(c) for the fiscal  quarter ending March 31, 2022. Any adjustment in the Applicable Rate shall be applicable to all Credit  Extensions then existing or subsequently made or issued.  “Applicable Revolving Percentage” means with respect to any Revolving Lender at any time, such  Revolving Lender’s Applicable Percentage in respect of the Revolving Facility at such time.  “Applicable Time” means, with respect to any borrowings and payments in any Alternative  Currency, the local time in the place of settlement for such Alternative Currency as may be determined by  

 

  6  the Administrative Agent or the L/C Issuer, as the case may be, to be necessary for timely settlement on the  relevant date in accordance with normal banking procedures in the place of payment.  “Appropriate Lender” means, at any time, (a) with respect to any Facility, a Lender that has a  Commitment with respect to such Facility or holds a Loan under such Facility at such time, (b) with respect  to the Letter of Credit Sublimit, (i) the L/C Issuer and (ii) if any Letters of Credit have been issued pursuant  to Section 2.03, the Revolving Lenders and (c) with respect to the Swingline Sublimit, (i) the Swingline  Lender and (ii) if any Swingline Loans are outstanding pursuant to Section 2.04(a), the Revolving Lenders.  “Approved Fund” means any Fund 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.  “Assignee Group” means two or more Eligible Assignees that are Affiliates of one another.  “Arranger” means BofA Securities, Inc., in its capacity as sole lead arranger and sole bookrunner.  “Assignment and Assumption” means an assignment and assumption entered into by a Lender and  an Eligible Assignee (with the consent of any party whose consent is required by Section 11.06(b)), and  accepted by the Administrative Agent, in substantially the form of Exhibit L or any other form (including  an electronic documentation form generated by use of an electronic platform) approved by the  Administrative Agent.  “Audited Financial Statements” has the meaning assigned to such term in Section 5.05(a)(i).  “Authorization to Share Insurance Information” means the authorization substantially in the form  of Exhibit Q (or such other form as required by each of the Loan Party’s insurance companies).  “Auto-Extension Letter of Credit” has the meaning specified in Section 2.03(b).  “Availability Period” means (a) in respect of the Revolving Facility, the period from and including  the Closing Date to the earliest of (i) the Maturity Date for the Revolving Facility, (ii) the date of  termination of the Revolving Commitments pursuant to Section 2.06, and (iii) the date of termination of the  Commitment of each Revolving Lender to make Revolving Loans and of the obligation of the L/C Issuer  to make L/C Credit Extensions pursuant to Section 8.02 and (b) in respect of the Delayed Draw Term A  Facility, the period from and including the Closing Date to the earliest of (i) the date that falls twelve (12)  months after the Closing Date, (ii) the date of termination of the Term Commitments for the Delayed Draw  Term A Facility pursuant to Section 2.06, and (iii) the date of termination of the Term Commitments of the  respective Term Lenders to make Delayed Draw Term A Loans pursuant to Section 8.02.  “Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable  Resolution Authority in respect of any liability of an Affected Financial Institution.  “Bail-In Legislation” means, (a) with respect to any EEA Member Country implementing  Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union,  the implementing law, rule, regulation or requirement for such EEA Member Country from time to time  which is described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom,  Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law,  regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks,  investment firms or other financial institutions or their affiliates (other than through liquidation,  administration or other insolvency proceedings).  

 

  7  “Bank of America” means Bank of America, N.A. and its successors.  “Base Rate” means for any day a fluctuating rate of interest per annum equal to the highest of  (a) the Federal Funds Rate plus 0.50%, (b) the rate of interest in effect for such day as publicly announced  from time to time by Bank of America as its “prime rate,” and (c) the Term SOFR plus 1.00%, subject to  the interest rate floors set forth therein; provided that if the Base Rate shall be less than zero, such rate shall  be deemed zero for purposes of this Agreement.  The “prime rate” is a rate set by Bank of America based  upon various factors including Bank of America’s costs and desired return, general economic conditions  and other factors, and is used as a reference point for pricing some loans, which may be priced at, above,  or below such announced rate. Any change in such prime rate announced by Bank of America shall take  effect at the opening of business on the day specified in the public announcement of such change. If the  Base Rate is being used as an alternate rate of interest pursuant to Section 3.03 hereof, then the Base Rate  shall be the greater of clauses (a) and (b) above and shall be determined without reference to clause (c)  above.  “Base Rate Loan” means a Revolving Loan or a Term Loan that bears interest based on the Base  Rate.  “Beneficial Ownership Certification” means a certification regarding beneficial ownership  required by the Beneficial Ownership Regulation.  “Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230.  “Benefit Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject  to Title I of ERISA, (b) a “plan” as defined in and subject to Section 4975 of the Code or (c) any Person  whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA  or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”.  “BHC Act Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted  in accordance with, 12 U.S.C. 1841(k)) of such party.  “Borrower” has the meaning specified in the introductory paragraph hereto.  “Borrower Materials” has the meaning specified in Section 6.01.  “Borrowing” means a Revolving Borrowing, a Swingline Borrowing or a Term Borrowing, as the  context may require.  “Business Day” means any day other than a Saturday, Sunday or other day on which commercial  banks are authorized to close under the Laws of, or are in fact closed in, the state where the Administrative  Agent’s Office is located, and:  (a) if such day relates to any interest rate settings as to an Alternative Currency Loan  denominated in Euro, any fundings, disbursements, settlements and payments in Euro in respect of  any such Alternative Currency Loan, or any other dealings in Euro to be carried out pursuant to  this Agreement in respect of any such Alternative Currency Loan, means a Business Day that is  also a TARGET Day;  (b) if such day relates to any interest rate settings as to an Alternative Currency Loan  denominated in Sterling, means a day other than a day banks are closed for general business in  

 

  8  London because such day is a Saturday, Sunday or a legal holiday under the laws of the United  Kingdom; and  (c) if such day relates to any fundings, disbursements, settlements and payments in a  currency other than Euro or Sterling in respect of an Alternative Currency Loan denominated in a  currency other than Euro or Sterling, or any other dealings in any currency other than Euro or  Sterling to be carried out pursuant to this Agreement in respect of any such Alternative Currency  Loan (other than any interest rate settings), means any such day on which banks are open for foreign  exchange business in the principal financial center of the country of such currency.  “Canadian Dollar” and “CAD” means the lawful currency of Canada.  “Capital Expenditures” means, for any period, the sum for the Core Ameresco Companies  (determined on a consolidated basis without duplication in accordance with GAAP) of the aggregate  amount of cash payments in respect of expenditures made during such period to acquire or construct fixed  assets, plant and equipment (including renewals, improvements and replacements, but excluding repairs)  computed in accordance with GAAP; provided that such term shall not include any such expenditures in  connection with any replacement or repair of Property affected by a Casualty Event.  “Cash Collateralize” means to  pledge and deposit with or deliver to the Administrative Agent,  for the benefit of one or more of the L/C Issuer or Swingline Lender (as applicable) or the Lenders, as  Collateral for L/C Obligations, the Obligations in respect of Swingline Loans, or obligations of the  Revolving Lenders to fund participations in respect of L/C Obligations or Swingline Loans (as the  context may require), (a) cash or deposit account balances, (b) backstop letters of credit entered into  on terms, from issuers and in amounts satisfactory to the Administrative Agent and the applicable L/C  Issuer, and/or (c) if the Administrative Agent and the applicable L/C Issuer or Swingline Lender shall  agree, in their sole discretion, other credit support, in each case, in Dollars and pursuant to  documentation in form and substance satisfactory to the Administrative Agent and the L/C Issuer or  the Swingline Lender (as applicable). “Cash Collateral” shall have a meaning correlative to the  foregoing and shall include the proceeds of such Cash Collateral and other credit support.  “Cash Flow” means for the period of four consecutive quarters most recently ended, (i) EBITDA  of the Core Ameresco Companies for such period minus (ii) the sum of the following for the Core Ameresco  Companies of (1) Capital Expenditures made during such fiscal period, (2) the aggregate amount paid in  cash in respect of income, franchise, real estate and other like taxes during such fiscal period, and (3)  dividends, withdrawals and other distributions paid in cash by the Core Ameresco Companies during such  fiscal period.  “Cash Management Agreement” means any agreement that is not prohibited by the terms hereof  to provide treasury or cash management services, including deposit accounts, overnight draft, credit cards,  debit cards, p-cards (including purchasing cards and commercial cards), funds transfer, automated  clearinghouse, zero balance accounts, returned check concentration, controlled disbursement, lockbox,  account reconciliation and reporting and trade finance services and other cash management services.  “Cash Management Bank” means any Person in its capacity as a party to a Cash Management  Agreement that, at the time it enters into a Cash Management Agreement with a Loan Party or any  Subsidiary, is a Lender or an Affiliate of a Lender, in its capacity as a party to such Cash Management  Agreement (even if such Person ceases to be a Lender or such Person’s Affiliate ceased to be a Lender);  provided, however, that for any of the foregoing to be included as a “Secured Cash Management  Agreement” on any date of determination by the Administrative Agent, the applicable Cash Management  

 

  9  Bank (other than the Administrative Agent or an Affiliate of the Administrative Agent) must have delivered  a Secured Party Designation Notice to the Administrative Agent prior to such date of determination.   “Casualty Event” means, with respect to any Property of any Person, any loss of or damage to, or  any condemnation or other taking of, such Property for which such Person or any of its Subsidiaries receives  insurance proceeds, or proceeds of a condemnation award or other compensation.  “Change in Law” means the occurrence, after the Closing Date, 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, rule, guideline or directive (whether  or not having the force of law) by any Governmental Authority; provided that notwithstanding anything  herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all  requests, rules, guidelines or directives thereunder or issued in connection therewith or in the  implementation thereof and (ii) all requests, rules, guidelines or 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.  “Change of Control” means an event or series of events by which:  (a) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the  Securities Exchange Act of 1934, but excluding any employee benefit plan of such person or its  subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or  administrator of any such plan) other than one or more of the Specified Shareholders becomes the  “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of  1934, except that a person or group shall be deemed to have “beneficial ownership” of all securities  that such person or group has the right to acquire, whether such right is exercisable immediately or  only after the passage of time (such right, an “option right”)), directly or indirectly, of 35% or more  of the Equity Interests of the Borrower entitled to vote for members of the board of directors or  equivalent governing body of the Borrower on a fully-diluted basis (and taking into account all  such securities that such person or group has the right to acquire pursuant to any option right); or  (b) during any period of 12 consecutive months, a majority of the members of the  board of directors or other equivalent governing body of the Borrower cease to be composed of  individuals (i) who were members of that board or equivalent governing body on the first day of  such period, (ii) whose election or nomination to that board or equivalent governing body was  approved by individuals referred to in clause (i) above constituting at the time of such election or  nomination at least a majority of that board or equivalent governing body, or (iii) whose election  or nomination to that board or other equivalent governing body was approved by individuals  referred to in clauses (i) and (ii) above constituting at the time of such election or nomination at  least a majority of that board or equivalent governing body.  “Class”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the  Loans comprising such Borrowing, are Revolving Loans or Term Loans and, when used in reference to any  Commitment, refers to whether such Commitment is a Revolving Commitment or Term Commitment.  “Closing Date” means the date hereof.  “CME” means CME Group Benchmark Administration Limited.  

 

  10  “Code” means the Internal Revenue Code of 1986.  “Collateral” means all of the “Collateral” referred to in the Collateral Documents and all of the  other property that is or is intended under the terms of the Collateral Documents to be subject to Liens in  favor of the Administrative Agent for the benefit of the Secured Parties.  “Collateral Account” has the meaning set forth in Section 2.03(q).  “Collateral Documents” means, collectively, the Security Agreement, each Joinder Agreement,  each of the collateral assignments, security agreements, pledge agreements, account control agreements or  other similar agreements delivered to the Administrative Agent pursuant to Section 6.13, and each of the  other agreements, instruments or documents that creates or purports to create a Lien in favor of the  Administrative Agent for the benefit of the Secured Parties.  “Commitment” means a Term Commitment or a Revolving Commitment, as the context may  require.  “Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as  amended from time to time, and any successor statute.  “Communication” means this Agreement, any Loan Document and any document, any  amendment, approval, consent, information, notice, certificate, request, statement, disclosure or  authorization related to any Loan Document.  “Competitor” means each of BlueWave Solar, Borrego Solar, Citizens Energy, Clean Energy  Collective, Comfort Systems USA and Veolia, Constellation NewEnergy (and Exelon Company), EMCOR  Group, Energy Systems Group, Honeywell, Johnson Controls, Nexamp, NORESCO, Schneider Electric,  Siemens Building Technologies, Solect Energy, SunPower Corp., Syncarpha Capital, Trane and Veolia and  each of their Subsidiaries.  “Compliance Certificate” means a certificate signed by a Responsible Officer, in substantially the  form of Exhibit G annexed hereto, (i) certifying as to whether a Default has occurred and, if a Default has  occurred, specifying the details thereof and any action taken or proposed to be taken with respect thereto,  (ii) certifying compliance with Section 7.05(a)(vi), (iii) setting forth reasonably detailed calculations  demonstrating compliance with Section 7.10, (iv) attaching a current listing of all Subsidiaries in the form  of Schedule 5.15, showing any changes since the most recently delivered Schedule 5.15, (v) setting forth  in reasonable detail all adjustments to the consolidated financial statements of the Borrower and its  Subsidiaries necessary to reflect the exclusion of all Subsidiaries of the Borrower other than the Core  Ameresco Companies from the financial covenant calculations set forth therein, and (vi) stating whether  any change in GAAP or in the application thereof has occurred since the date of the audited financial  statements referred to in Section 5.05 and, if any such change has occurred, specifying the effect of such  change on the financial statements accompanying such certificate.  “Conforming Changes” means, with respect to the use, administration of or any conventions  associated with Term SOFR or any proposed Successor Rate for Term SOFR, as applicable, any conforming  changes to the definitions of “Base Rate”, “SOFR”, “Term SOFR” and “Interest Period”, timing and  frequency of determining rates and making payments of interest and other technical, administrative or  operational matters (including, for the avoidance of doubt, the definitions of “Business Day” and “U.S.  Government Securities Business Day”, timing of borrowing requests or prepayment, conversion or  continuation notices and length of lookback periods) as may be appropriate, in the discretion of the  Administrative Agent, to reflect the adoption and implementation of such applicable rate(s) and to permit  

 

  11  the administration thereof by the Administrative Agent in a manner substantially consistent with market  practice (or, if the Administrative Agent determines that adoption of any portion of such market practice is  not administratively feasible or that no market practice for the administration of such rate exists, in such  other manner of administration as the Administrative Agent determines is reasonably necessary in  connection with the administration of this Agreement and any other Loan Document).  “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.  “Consolidated Interest Charges” means, for any period, for the Core Ameresco Companies on a  consolidated basis, the sum of (i) all interest, premium payments, debt discount, fees, charges and related  expenses of the Core Ameresco Companies in connection with borrowed money (including capitalized  interest) or in connection with the deferred purchase price of assets, in each case to the extent treated as  interest in accordance with GAAP, and (ii) the portion of rent expense of the Core Ameresco Companies  with respect to such period under financing leases that is treated as interest in accordance with GAAP.  “Consolidated Net Income” means, at any date of determination, the net income (or loss) of the  Core Ameresco Companies on a consolidated basis for the most recently completed applicable period.  “Construction Completion and Cost Overrun Guaranty” means, in connection with any Non-Core  Project, a guaranty of (i) the lien-free completion and operation of such Non-Core Project on or prior to the  date set forth in such guaranty and (ii) the payment of all construction costs and expenses related to such  Non-Core Project (x) in excess of the proposed budget for such Non-Core Project or (y) resulting from the  level of performance or any delay in the completion of such Non-Core Project.   “Contractor Event of Default” has the meaning specified in the SoCal Contract.  “Contractual Obligation” means, as to any Person, any provision of any security issued by such  Person or of any agreement, instrument or other undertaking to which such Person is a party or by which it  or any of its property is bound.  “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. “Controlling” and “Controlled” have meanings correlative thereto. A Person who owns or  holds capital stock, beneficial interests or other securities representing ten percent (10%) or more of the  Total Voting Power of another Person shall be deemed, for purposes of this Agreement, to “control” such  other Person.  “Control Agreement” means, with respect to any deposit or securities account of any Loan Party,  a control agreement, in form and substance reasonably satisfactory to the Administrative Agent, executed  and delivered by such Loan Party, the financial institution at which such account is maintained and the  Administrative Agent, as any such agreement may be amended, supplemented or otherwise modified from  time to time.  “Copyrights” means all copyrights, whether statutory or common law, owned by or assigned to the  Loan Parties, and all exclusive and nonexclusive licenses to the Loan Parties from third parties or rights to  use copyrights owned by such third parties, including, without limitation, the registrations, applications and  licenses listed on Schedule 5.08 hereto, along with any and all (i) renewals and extensions thereof, (ii)  income, royalties, damages, claims and payments now and hereafter due and/or payable with respect  thereto, including, without limitation, damages and payments for past, present or future infringements  

 

  12  thereof, (iii) rights to sue for past, present and future infringements thereof, and (iv) foreign copyrights and  any other rights corresponding thereto throughout the world.  “Core Ameresco Companies” means the Loan Parties, the Core Canadian Subsidiaries, the Dutch  Subsidiary and all of the Subsidiaries of the Dutch Subsidiary, in each case other than Non-Core Companies  that are not Guarantors, as shown on Schedule 5.15, as the same may be revised from time to time in  accordance with this Agreement.  “Core Canadian Subsidiaries” means each of Ameresco Canada, Ameresco Quebec, Inc. and any  other subsidiary of the Borrower organized under the laws of Canada or any jurisdiction within Canada,  other than Non-Core Companies.  “Core Foreign Subsidiary” means a Foreign Subsidiary that is also a Core Ameresco Company.  “Core Leverage Ratio” means the ratio of (i) Total Funded Debt of the Core Ameresco Companies  to (ii) EBITDA of the Core Ameresco Companies for the period of four consecutive fiscal quarters most  recently ended.  “Covered Entity” means any of the following:  (a) a “covered entity” as that term is defined in, and  interpreted in accordance with, 12 C.F.R. § 252.82(b); (b) a “covered bank” as that term is defined in, and  interpreted in accordance with, 12 C.F.R. § 47.3(b); or (c) a “covered FSI” as that term is defined in, and  interpreted in accordance with, 12 C.F.R. § 382.2(b).  “Credit Extension” means each of the following: (a) a Borrowing and (b) an L/C Credit Extension.  “Credit Party” has the meaning specified in Section 11.19(a).  “Daily Simple SOFR” with respect to any applicable determination date means the SOFR  published on such date on the Federal Reserve Bank of New York’s website (or any successor source).  “Debt Service” means, for the period of four consecutive quarters most recently ended, the sum,  for the Core Ameresco Companies (determined on a consolidated basis in accordance with GAAP) of (i)  all regularly scheduled principal payments, as such amounts may be adjusted from time to time by reason  of any prepayments, of Indebtedness (including the principal component of any payments in respect of  Financing Lease Obligations), but excluding (A) any prepayments pursuant to Section 2.05 made during  such period, (B) any principal payments in respect of the Revolving Loans made during such period, and  (C) for purposes of the calculation in Section 7.10(b) the payment due on the Maturity Date of the Delayed  Draw Term A Loan, plus (ii) all Consolidated Interest Charges paid in cash (excluding amortization of  deferred financing costs and interest by its terms “paid-in-kind”) for such period, plus (iii) any “Federal  ESPC Liabilities” (as set forth on the Borrower’s most recent consolidated balance sheet) related to an  Energy Savings Performance Contract for an Energy Conservation Project, where such Core Ameresco  Company is in default beyond any applicable grace or notice periods.  “Debtor Relief Laws” means the Bankruptcy Code of the United States, and all other liquidation,  conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement,  receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other  applicable jurisdictions from time to time in effect.  “Default” means any event or condition that constitutes an Event of Default or that, with the giving  of any notice, the passage of time, or both, would be an Event of Default.  

 

  13  “Default Rate” means (a) with respect to any Obligation for which a rate is specified, a rate per  annum equal to two percent (2%) in excess of the rate otherwise applicable thereto and (b) with respect to  any Obligation for which a rate is not specified or available, a rate per annum equal to the Base Rate plus  the Applicable Rate for Revolving Loans that are Base Rate Loans plus two percent (2%), in each case, to  the fullest extent permitted by Applicable Law.  “Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance  with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.  “Defaulting Lender” means, subject to Section 2.15(b), any Lender that (a) has failed to (i) fund  all or any portion of its Loans within two (2) Business Days of the date such Loans were required to be  funded hereunder unless such Lender notifies the Administrative Agent and the Borrower in writing that  such failure is the result of such Lender’s determination that one or more conditions precedent to funding  (each of which conditions precedent, together with any applicable default, shall be specifically identified  in such writing) has not been satisfied, or (ii) pay to the Administrative Agent, the L/C Issuer, the Swingline  Lender or any other Lender any other amount required to be paid by it hereunder (including in respect of  its participation in Letters of Credit or Swingline Loans) within two (2) Business Days of the date when  due, (b) has notified the Borrower, the Administrative Agent, the L/C Issuer or the Swingline Lender in  writing that it does not intend to comply with its funding obligations hereunder, or has made a public  statement to that effect (unless such writing or public statement relates to such Lender’s obligation to fund  a Loan hereunder and states that such position is based on such Lender’s determination that a condition  precedent to funding (which condition precedent, together with any applicable default, shall be specifically  identified in such writing or public statement) cannot be satisfied), (c) has failed, within three (3) Business  Days after written request by the Administrative Agent or the Borrower, to confirm in writing to the  Administrative Agent and the Borrower that it will comply with its prospective funding obligations  hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon  receipt of such written confirmation by the Administrative Agent and the Borrower), or (d) has, or has a  direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief  Law, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the  benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets,  including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting  in such a capacity or (iii) become the subject of a Bail-In Action; provided that a Lender shall not be a  Defaulting Lender solely by virtue of the ownership or acquisition of any Equity Interest in that Lender or  any direct or indirect parent company thereof by a Governmental Authority so long as such ownership  interest does not result in or provide such Lender 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  Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or  agreements made with such Lender. Any determination by the Administrative Agent that a Lender is a  Defaulting Lender under any one or more of clauses (a) through (d) above, and the effective date of such  status, shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a  Defaulting Lender (subject to Section 2.15(b)) as of the date established therefor by the Administrative  Agent in a written notice of such determination, which shall be delivered by the Administrative Agent to  the Borrower, the L/C Issuer, the Swingline Lender and each other Lender promptly following such  determination.  “Delayed Draw Term A Facility” means, as to each Term Lender, its obligation to make Delayed  Draw Term A Loans to the Borrower pursuant to Section 2.01(a) in an aggregate principal amount at any  one time outstanding not to exceed the amount set forth opposite such Term Lender’s name on Schedule  1.01(b) under the caption “Delayed Draw Term A Commitment” or opposite such caption in the  Assignment and Assumption pursuant to which such Term Lender becomes a party hereto, as applicable,  as such amount may be adjusted from time to time in accordance with this Agreement. The aggregate of  

 

  14  the Term Commitments under Delayed Draw Term A Facility of all of the Term Lenders on the Closing  Date shall be $220,000,000.  “Delayed Draw Term A Loans” has the meaning set forth in Section 2.01(a).  “Designated Jurisdiction” means any country or territory to the extent that such country or territory  is the subject of any Sanction.  “Disclosed Matters” means the actions, suits and proceedings and the environmental matters  disclosed in Schedule 5.06.  “Disposition” means any sale, assignment, transfer or other disposition of any property, whether  now owned or hereafter acquired (in one transaction or in a series of transactions and whether effected  pursuant to a Division or otherwise) by any Loan Party to any Person, other than to another Loan Party, and  excluding (a) the granting of Liens to the Administrative Agent and Lenders and other Liens permitted  hereunder, (b) any sale, assignment, transfer or other disposition by any Loan Party of the assets of a Non- Core Project or the Equity Interests of any Non-Core Company, and (c) any sale, assignment, transfer or  other disposition of (i) any property sold or disposed of in the ordinary course of business and on ordinary  business terms, (ii) any property no longer used or useful in the business of the Loan Parties, and (iii) any  Collateral pursuant to an exercise of remedies by the Administrative Agent hereunder or under any other  Loan Document.  “Division” means the division of the assets, liabilities and/or obligations of a Person (the “Dividing  Person”) among two or more Persons (whether pursuant to a “plan of division” or similar arrangement),  which may or may not include the Dividing Person and pursuant to which the Dividing Person may or may  not survive.   “Dollar” and “$” mean lawful money of the United States.  “Dollar Equivalent” means, for any amount, at the time of determination thereof, (a) if such  amount is expressed in Dollars, such amount, (b) if such amount is expressed in an Alternative Currency,  the equivalent of such amount in Dollars determined by using the rate of exchange for the purchase of  Dollars with the Alternative Currency last provided (either by publication or otherwise provided to the  Administrative Agent or the L/C Issuer, as applicable) by the applicable Bloomberg source (or such other  publicly available source for displaying exchange rates) on date that is two (2) Business Days immediately  preceding the date of determination (or if such service ceases to be available or ceases to provide such rate  of exchange, the equivalent of such amount in Dollars as determined by the Administrative Agent or the  L/C Issuer, as applicable using any method of determination it deems appropriate in its sole discretion) and  (c) if such amount is denominated in any other currency, the equivalent of such amount in Dollars as  determined by the Administrative Agent or the L/C Issuer, as applicable, using any method of determination  it deems appropriate in its sole discretion. Any determination by the Administrative Agent or the L/C Issuer  pursuant to clauses (b) or (c) above shall be conclusive absent manifest error.  “Dutch Subsidiary” means Ameresco International Holdings B.V., a private limited liability  company organized under the laws of the Netherlands.  “EBITDA” means, for any period, for the Core Ameresco Companies on a consolidated basis, an  amount equal to Consolidated Net Income for such period plus (a) the following to the extent deducted in  calculating such Consolidated Net Income: (i) Consolidated Interest Charges for such period, (ii) the  provision for federal, state, local and foreign income taxes payable for such period, (iii) depreciation and  amortization expense for such period, (iv) Non-Cash Charges for such period, (v) extraordinary or non- 

 

  15  recurring expenses for such period, in an amount not to exceed $5,000,000 after the Closing Date (it being  understood that any payment required to be made by any Core Ameresco Company in respect of any Non- Core Project Guaranty Liability shall reduce Consolidated Net Income of the Core Ameresco Companies  and shall not be added back to EBITDA), and (vi) the aggregate amount received in cash by the Core  Ameresco Companies during such period in respect of regularly scheduled dividends or distributions from  the Non-Core Companies, calculated and paid in accordance with the organizational documents of such  Non-Core Companies; (provided, that the amount added back pursuant to this clause (vi) shall not include  any amounts received by the Core Ameresco Companies, in connection with any sale, transfer or other  disposition of assets or Equity Interests of any Non-Core Company); minus (b) the following to the extent  included in calculating such Consolidated Net Income (i) extraordinary or non-recurring gains during such  period (including, without limitation, non-cash gains attributable to the mark to market movement in the  valuation of hedging obligations (to the extent the cash impact resulting from such gain has not been  realized) or other derivative instruments, and foreign currency translations), and (ii) proceeds received  during such period in respect of Casualty Events and Dispositions. For purposes of calculating EBITDA  for any period during which a Permitted Acquisition is consummated, EBITDA shall be adjusted in a  manner proposed by the Borrower and reasonably satisfactory to the Required Lenders.  “EEA Financial Institution” means (a) any credit institution or investment firm established in any  EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity  established in an EEA Member Country which is a parent of an institution described in clause (a) of this  definition, or (c) any financial institution established in an EEA Member Country which is a Subsidiary of  an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with  its parent.  “EEA Member Country” means any of the member states of the European Union, Iceland,  Liechtenstein, and Norway.  “EEA Resolution Authority” means any public administrative authority or any Person entrusted  with public administrative authority of any EEA Member Country (including any delegee) having  responsibility for the resolution of any EEA Financial Institution.  “Electronic Record” and “Electronic Signature” shall have the meanings assigned to them,  respectively, by 15 USC §7006, as it may be amended from time to time.  “Eligible Assignee” means any Person that meets the requirements to be an assignee under Section  11.06 (subject to such consents, if any, as may be required under Section 11.06(b)(iii)).   “Eligible Currency” means any lawful currency other than Dollars that is readily available, freely  transferable and convertible into Dollars in the international interbank market available to the Lenders in  such market and as to which a Dollar Equivalent may be readily calculated. If, after the designation by the  Lenders of any currency as an Alternative Currency, any change in currency controls or exchange  regulations or any change in the national or international financial, political or economic conditions are  imposed in the country in which such currency is issued, result in, in the reasonable opinion of the Required  Lenders (in the case of any Loans to be denominated in an Alternative Currency) or the L/C Issuer (in the  case of any Letter of Credit to be denominated in an Alternative Currency), (a) such currency no longer  being readily available, freely transferable and convertible into Dollars, (b) a Dollar Equivalent is no longer  readily calculable with respect to such currency, (c) providing such currency is impracticable for the  Lenders or (d) no longer a currency in which the Required Lenders are willing to make such Credit  Extensions (each of (a), (b), (c), and (d) a “Disqualifying Event”), then the Administrative Agent shall  promptly notify the Lenders and the Borrower, and such country’s currency shall no longer be an  Alternative Currency until such time as all such Disqualifying Events no longer exist. Within, five (5)  

 

  16  Business Days after receipt of such notice from the Administrative Agent, the Borrower shall repay all  Loans in such currency to which the Disqualifying Event applies or convert such Loans into the Dollar  Equivalent of Loans in Dollars, subject to the other terms contained herein.  “Energy Conservation Financing Collateral” means all rights of any Loan Party or Core Canadian  Subsidiary in and to task orders or contracts and any related equipment which are subject to a security  interest in favor of the Energy Conservation Project Financing Agent in connection with any Energy  Conservation Project Financing.  “Energy Conservation Projects” means (a) any energy conservation project conducted by any  Loan Party or Core Canadian Subsidiary pursuant to an Energy Savings Performance Contract between  such Loan Party or Core Canadian Subsidiary, any governmental entity and/or an agency thereof and (b)  any energy conservation project conducted by a Loan Party or Core Canadian Subsidiary for a non- governmental entity on terms substantially similar to the projects described in clause (a) of this definition.  “Energy Conservation Project Financing” means the loan, lease or bond financing arrangements  or master purchase agreements and assignment schedules or similar financing arrangements entered into by  any Loan Party or Core Canadian Subsidiary from time to time with an Energy Conservation Project  Financing Agent to finance the construction and completion of the Energy Conservation Projects.  “Energy Conservation Project Financing Agent” means the financial institution acting in the  capacity of agent or trustee for itself and/or other lenders or bondholders in connection with any Energy  Conservation Project Financing.  “Energy Savings Performance Contract” means a contract providing for the construction or  installation of energy savings facilities or equipment, energy generating, energy storage, resiliency or other  infrastructure to be paid for in whole or in part based upon energy savings expected to be achieved from  such facilities or equipment.  “Environment” means ambient air, indoor air, surface water, groundwater, drinking water, soil,  surface and subsurface strata, and natural resources such as wetland, flora and fauna.  “Environmental Laws” means any and all federal, state, local, and foreign statutes, laws (including  common law), regulations, standards, ordinances, rules, judgments, interpretations, orders, decrees,  permits, agreements or governmental restrictions relating to pollution or the protection of the Environment  or human health (to the extent related to exposure to hazardous materials), including those relating to the  manufacture, generation, handling, transport, storage, treatment, Release or threat of Release of Hazardous  Materials, air emissions and discharges to waste or public systems.  “Environmental Liability” means any liability, contingent or otherwise (including any liability for  damages, costs of environmental remediation, fines, penalties or indemnities) whether based in contract,  tort, implied or express warranty, strict liability, criminal or civil statute or common law of any Loan Party,  directly or indirectly relating to (a) any Environmental Law, (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 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, with respect to any Person, all of the shares of capital stock of (or other  ownership or profit interests in) such Person, all Equity Rights with respect to such Person, and all of the  other ownership or profit interests in such Person (including partnership, member or trust interests therein),  

 

  17  whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other interests are  outstanding on any date of determination.  “Equity Rights” means, with respect to any Person, any subscriptions, options, warrants,  commitments, preemptive rights or agreements of any kind (including any stockholders’ or voting trust  agreements) for the issuance or sale of, or securities convertible into, any additional shares of capital stock  of any class, or partnership or other ownership interests of any type in, such Person.  “ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and the rules  and regulations promulgated thereunder.  “ERISA Affiliate” means any trade or business (whether or not incorporated) under common  control with the Borrower within the meaning of Sections 414(b) or (c) of the Code (and Sections 414(m)  and (o) of the Code for purposes of provisions relating to Section 412 of the Code).  “ERISA Event” means (a) a Reportable Event with respect to a Pension Plan; (b) the withdrawal  of the Borrower or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a  plan year in which such entity was a “substantial employer” as defined in Section 4001(a)(2) of ERISA or  a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA; (c) a  complete or partial withdrawal by the Borrower or any ERISA Affiliate from a Multiemployer Plan or  notification that a Multiemployer Plan is insolvent; (d) the filing of a notice of intent to terminate, the  treatment of a Pension Plan amendment as a termination under Section 4041 or 4041A of ERISA; (e) the  institution by the PBGC of proceedings to terminate a Pension Plan; (f) any event or condition which  constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to  administer, any Pension Plan; (g) the determination that any Pension Plan is considered an at-risk plan or a  plan in endangered or critical status within the meaning of Sections 430, 431 and 432 of the Code or  Sections 303, 304 and 305 of ERISA; (h) the imposition of any liability under Title IV of ERISA, other  than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon the Borrower or any  ERISA Affiliate or (i) a failure by the Borrower or any ERISA Affiliate to meet all applicable requirements  under the Pension Funding Rules in respect of a Pension Plan, whether or not waived, or the failure by the  Borrower or any ERISA Affiliate to make any required contribution to a Multiemployer Plan.  “EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the  Loan Market Association (or any successor person), as in effect from time to time.  “Euro” and “€” mean the single currency of the Participating Member States.  “Event of Default” has the meaning specified in Section 8.01.  “Excluded Swap Obligation” means, with respect to any Guarantor, any Swap Obligation if, and  to the extent that, all or a portion of the Guaranty of such Guarantor of, or the grant by such Guarantor of a  Lien to secure, such Swap Obligation (or any Guarantee thereof) is or becomes illegal under the Commodity  Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the  application or official interpretation thereof) by virtue of such Guarantor’s failure for any reason to  constitute an “eligible contract participant” as defined in the Commodity Exchange Act (determined after  giving effect to Section 10.11 and any other “keepwell”, support or other agreement for the benefit of such  Guarantor and any and all guarantees of such Guarantor’s Swap Obligations by other Loan Parties) at the  time the Guaranty of such Guarantor, or grant by such Guarantor of a Lien, becomes effective with respect  to such Swap Obligation. If a Swap Obligation arises under a Master Agreement governing more than one  Swap Contract, such exclusion shall apply only to the portion of such Swap Obligation that is attributable  

 

  18  to Swap Contracts for which such Guaranty or Lien is or becomes excluded in accordance with the first  sentence of this definition.  “Excluded Taxes” means any of the following Taxes imposed on or with respect to any 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 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 11.13) or (ii) such Lender changes its Lending Office, except in each case to the extent that,  pursuant to Sections 3.01(b) or (d), amounts with respect to such Taxes were payable either to such Lender’s  assignor immediately before such Lender became a party hereto or to such Lender immediately before it  changed its Lending Office, (c) Taxes attributable to such Recipient’s failure to comply with Section 3.01(f)  and (d) any U.S. federal withholding Taxes imposed pursuant to FATCA.  “Existing Debt” means (1) Indebtedness of the Loan Parties existing as of the Closing Date which  is being repaid in full with the proceeds of the Loans made by the Lenders at the Closing Date and (2)  Indebtedness of the Loan Parties existing as of the Closing Date which is permitted to remain outstanding  after the Closing Date under Section 7.01 and is listed on Schedule 7.01 hereto.  “Existing Letters of Credit” means those certain letters of credit set forth on Schedule 1.01(c).  “Facility” means the Term A Facility, the Delayed Draw Term A Facility or the Revolving Facility,  as the context may require.  “Facility Termination Date” means the date as of which all of the following shall have occurred:  (a) the Aggregate Commitments have terminated, (b) all Obligations have been paid in full (other than  contingent indemnification obligations), and (c) all Letters of Credit have terminated or expired (other than  Letters of Credit as to which other arrangements with respect thereto satisfactory to the Administrative  Agent and the L/C Issuer shall have been made).  “FASB ASC” means the Accounting Standards Codification of the Financial Accounting Standards  Board.  “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) and any current or future regulations or official interpretations thereof and any agreements entered  into pursuant to Section 1471(b)(1) of the Code, as of the date of this Agreement (or any amended or  successor version described above)  and any intergovernmental agreement (and related fiscal or regulatory  legislation, or related official rules or practices) implementing the foregoing.  “Federal Funds Rate” means, for any day, the rate per annum calculated by the Federal Reserve  Bank of New York based on such day’s federal funds transactions by depository institutions (as determined  in such manner as the Federal Reserve Bank of New York shall set forth on its public website from time to  time) and published on the next succeeding Business Day by the Federal Reserve Bank of New York as the  federal funds effective rate; provided that if the Federal Funds Rate as so determined would be less than  zero, such rate shall be deemed to be zero for the purposes of this Agreement.   

 

  19  “Fee Letter” means the letter agreement, dated December 23, 2021, among the Borrower, the  Administrative Agent and the Arranger.  “Financing Lease Obligations” of any Person means the obligations of such Person to pay rent or  other amounts under any lease of (or other arrangement conveying the right to use) real or personal property,  or a combination thereof, which obligations are required to be classified and accounted for as financing  leases on a balance sheet of such Person under GAAP, and the amount of such obligations shall be the  capitalized amount thereof determined in accordance with GAAP.   “Foreign Lender” means, a Lender that is resident or organized under the laws of a jurisdiction  other than that in which the Borrower is resident for tax purposes. For purposes of this definition, the United  States, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction.  “Foreign Subsidiary” means any Subsidiary that is organized under the laws of a jurisdiction other  than the United States, a State thereof or the District of Columbia.  “FRB” means the Board of Governors of the Federal Reserve System of the United States.  “Fronting Exposure” means, at any time there is a Defaulting Lender that is a Revolving Lender,  (a) with respect to the L/C Issuer, such Defaulting Lender’s Applicable Percentage of the outstanding L/C  Obligations other than L/C Obligations as to which such Defaulting Lender’s participation obligation has  been reallocated to other Revolving Lenders or Cash Collateralized in accordance with the terms hereof,  and (b) with respect to the Swingline Lender, such Defaulting Lender’s Applicable Percentage of Swingline  Loans other than Swingline Loans as to which such Defaulting Lender’s participation obligation has been  reallocated to other Revolving Lenders or Cash Collateralized in accordance with the terms hereof.  “Fund” means any Person (other than a natural Person) that is (or will be) engaged in making,  purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the  ordinary course of its activities.  “Funding Indemnity Letter” means a funding indemnity letter, substantially in the form of Exhibit  N.  “GAAP” means generally accepted accounting principles in the United States set forth from time  to time in the opinions and pronouncements of the Accounting Principles Board and the American Institute  of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards  Board (or agencies with similar functions of comparable stature and authority within the accounting  profession) including, without limitation, the FASB Accounting Standards Codification, that are applicable  to the circumstances as of the date of determination, consistently applied and subject to Section 1.03.  “Governmental Authority” means the government of the United States or any other nation, or of  any political subdivision thereof, whether state or local, and any agency, authority, instrumentality,  regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing,  regulatory or administrative powers or functions of or pertaining to government (including, without  limitation, any supra-national bodies such as the European Union or the European Central Bank).  “Guarantee” means, as to any Person, means a guarantee, an endorsement, a contingent agreement  to purchase or to furnish funds for the payment or maintenance of, or otherwise to be or become  contingently liable under or with respect to, the Indebtedness, other obligations, net worth, working capital  or earnings of any Person, or a guarantee of the payment of dividends or other distributions upon the Equity  Interests of any Person, or an agreement to purchase, sell or lease (as lessee or lessor) property, products,  

 

  20  materials, supplies or services primarily for the purpose of enabling a debtor to make payment of such  debtor’s obligations or an agreement to assure a creditor against loss, and including, without limitation,  causing a bank or other financial institution to issue a letter of credit or other similar instrument for the  benefit of another Person, but excluding endorsements for collection or deposit in the ordinary course of  business.  The terms “Guarantee” and “Guaranteed” used as a verb shall have a correlative meaning.  The  amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of  the primary obligations in respect of which such Guarantee is made or, if not stated or determinable, the  maximum reasonably anticipated liability in respect thereof (assuming such Person is required to perform  thereunder).  “Guaranteed Obligations” has the meaning set forth in Section 10.01.  “Guarantors” means, collectively, (a) the Subsidiaries of the Borrower as are or may from time to  time become parties to this Agreement pursuant to Section 6.10, and (b) with respect to Additional Secured  Obligations owing by any Loan Party or any of its Subsidiaries and any Swap Obligation of a Specified  Loan Party (determined before giving effect to Sections 10.01 and 10.11) under the Guaranty, the Borrower.  “Guaranty” means, collectively, the Guarantee made by the Guarantors under Article X in favor  of the Secured Parties, together with each other guaranty delivered pursuant to Section 6.10.  “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, natural gas,  natural gas liquids, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas, toxic  mold, infectious or medical wastes and all other substances, wastes, chemicals, pollutants, contaminants or  compounds of any nature in any form regulated pursuant to any Environmental Law.  “Hedge Bank” means any Person in its capacity as a party to a Swap Contract that, at the time it  enters into a Swap Contract not prohibited under Articles VI or VII, is a Lender or an Affiliate of a Lender,  in its capacity as a party to such Swap Contract (even if such Person ceases to be a Lender or such Person’s  Affiliate ceased to be a Lender); provided, in the case of a Secured Hedge Agreement with a Person who is  no longer a Lender (or Affiliate of a Lender), such Person shall be considered a Hedge Bank only through  the stated termination date (without extension or renewal) of such Secured Hedge Agreement and provided  further that for any of the foregoing to be included as a “Secured Hedge Agreement” on any date of  determination by the Administrative Agent, the applicable Hedge Bank (other than the Administrative  Agent or an Affiliate of the Administrative Agent) must have delivered a Secured Party Designation Notice  to the Administrative Agent prior to such date of determination.  “Hedging Agreement” means any interest rate protection agreement, foreign currency exchange  agreement, commodity price protection agreement or other interest or currency exchange rate or commodity  price hedging arrangement.  “Inactive Subsidiaries” means each of the Subsidiaries of the Borrower designated by the Borrower  as an inactive subsidiary on Schedule 5.15 attached hereto as of the Closing Date and from time to time  after the Closing Date.  “Indebtedness” means, for any Person, without duplication, (a) obligations created, issued or  incurred by such Person for borrowed money (whether by loan, advance, the issuance and sale of debt  securities or the sale of Property to another Person subject to an understanding or agreement, contingent or  otherwise, to repurchase such Property from such Person); (b) obligations of such Person to pay the deferred  purchase or acquisition price of Property or services, other than trade accounts payable (other than for  borrowed money) arising, and accrued expenses and deferred taxes incurred and paid, in the ordinary course  

 

  21  of business; (c) Financing Lease Obligations of such Person; (d) obligations of such Person in respect of  Hedging Agreements; and (e) obligations of such Person in respect of letters of credit or similar instruments  issued or accepted by banks and other financial institutions for the account of such Person.  The  Indebtedness of any Person shall include, without duplication, the Indebtedness of any other entity  (including any partnership in which such Person is a general partner) to the extent such Person is liable  therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to  the extent the terms of such Indebtedness provide that such Person is not liable therefor.  “Indemnified Taxes” means all (a) Taxes, other than Excluded Taxes, imposed on or with respect  to any payment made by or on account of any obligation of any Loan Party under any Loan Document and  (b) to the extent not otherwise described in clause (a), Other Taxes.  “Indemnitee” has the meaning specified in Section 11.04(b).  “Information” has the meaning specified in Section 11.07(a).  “Intellectual Property” has the meaning set forth in the Security Agreement.  “Intercompany Debt” has the meaning specified in Section 11.16.  “Interest Payment Date” means, (a) as to any Term SOFR Loan, the last day of each Interest Period  applicable to such Loan and the Maturity Date; (b) as to any Base Rate Loan (including a Swingline Loan),  the last Business Day of each March, June, September and December and the Maturity Date, (c) as to any  Alternative Currency Daily Rate Loan, the last Business Day of each March, June, September and  December and the Maturity Date and (d) as to any Alternative Currency Term Rate Loan, the last day of  each Interest Period applicable to such Loan and the Maturity Date; provided, however, that if any Interest  Period for a Term SOFR Loan or an Alternative Currency Term Rate Loan exceeds three months, the  respective dates that fall every three months after the beginning of such Interest Period shall be Interest  Payment Dates.  “Interest Period” means as to each Term SOFR Loan and Alternative Currency Term Rate Loan,  the period commencing on the date such Term SOFR Loan or Alternative Currency Term Rate Loan is  disbursed or converted to or continued as a Term SOFR Loan or Alternative Currency Term Rate Loan and  ending on the date one, three or six months thereafter (in each case, subject to availability for the interest  rate applicable to the relevant currency), as selected by the applicable Borrower in its Committed Loan  Notice; provided that:  (a) any Interest Period that would otherwise end on a day that is not a Business Day  shall be extended to the next succeeding Business Day unless, in the case of a Term SOFR Loan or  Alternative Currency Term Rate Loan, such Business Day falls in another calendar month, in which  case such Interest Period shall end on the next preceding Business Day;  (b) any Interest Period pertaining to a Term SOFR Loan or Alternative Currency Term  Rate Loan that begins on the last Business Day of a calendar month (or on a day for which there is  no numerically corresponding day in the calendar month at the end of such Interest Period) shall  end on the last Business Day of the calendar month at the end of such Interest Period; and  (c) no Interest Period shall extend beyond the Maturity Date.  “Investment” means, for any Person: (a) the acquisition (whether for cash, Property, services or  securities or otherwise) of capital stock, bonds, notes, debentures, partnership, limited liability company or  

 

  22  other ownership interests or other securities of any other Person or any agreement to make any such  acquisition (including, without limitation, any “short sale” or any sale of any securities at a time when such  securities are not owned by the Person entering into such short sale); (b) the making of any deposit with, or  advance, loan or other extension of credit to, any other Person (including the purchase of Property from  another Person subject to an understanding or agreement, contingent or otherwise, to resell such Property  to such Person, but excluding any such advance, loan or extension of credit representing the purchase price  of inventory or supplies sold by such Person in the ordinary course of business provided that in no event  shall the term of any such inventory or supply advance, loan or extension of credit exceed 270 days); or (c)  the entering into of any Guarantee of, or other contingent obligation with respect to, Indebtedness or other  liability of any other Person and (without duplication) any amount committed to be advanced, loaned or  extended to such Person.  Notwithstanding the foregoing, Capital Expenditures shall not be deemed  “Investments” for purposes hereof.  “IP Collateral” means, collectively, the Collateral relating to intellectual property rights of the  Loan Parties hereunder or under any other Loan Document.  “IRS” means the United States Internal Revenue Service.  “ISP” means the International Standby Practices, International Chamber of Commerce Publication  No. 590 (or such later version thereof as may be in effect at the applicable time).  “Issuer Documents” means with respect to any Letter of Credit, the Letter of Credit Application,  and any other document, agreement or instrument entered into by the L/C Issuer and the Borrower (or any  Subsidiary) or in favor of the L/C Issuer and relating to such Letter of Credit.  “Joinder Agreement” means a joinder agreement substantially in the form of Exhibit F executed  and delivered in accordance with the provisions of Section 6.10.  “Judgment Currency” has the meaning specified in Section 11.23.  “Landlord Waiver” means a landlord or warehouse waiver substantially in the form of Exhibit O.  “Laws” means, collectively, all international, foreign, federal, state and local statutes, treaties,  rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities,  including the interpretation or administration thereof by any Governmental Authority charged with the  enforcement, interpretation or administration thereof, and all applicable administrative orders, directed  duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority,  in each case whether or not having the force of law.  “L/C Advance” means, with respect to each Revolving Lender, such Revolving Lender’s funding  of its participation in any L/C Borrowing in accordance with its Applicable Revolving Percentage. All L/C  Advances shall be denominated in Dollars.  “L/C Borrowing” means an extension of credit resulting from a drawing under any Letter of Credit  which has not been reimbursed on the date when made or refinanced as a Revolving Borrowing. All L/C  Borrowings shall be denominated in Dollars.  “L/C Commitment” means, with respect to the L/C Issuer, the commitment of the L/C Issuer to  issue Letters of Credit hereunder. The initial amount of the L/C Issuer’s Letter of Credit Commitment is set  forth on Schedule 2.03. The Letter of Credit Commitment of the L/C Issuer may be modified from time to  time by agreement between the L/C Issuer and the Borrower, and notified to the Administrative Agent.  

 

  23  “L/C Credit Extension” means, with respect to any Letter of Credit, the issuance thereof or  extension of the expiry date thereof, or the increase of the amount thereof.  “L/C Disbursement” means the amount of any payment by the L/C Issuer to a beneficiary pursuant  to a drawing on a Letter of Credit.  “L/C Issuer” means Bank of America or any other Lender designated by the Administrative Agent  in its sole discretion and with the consent of such other Lender in its sole discretion, in each case, in its  capacity as issuer of Letters of Credit hereunder, or any successor issuer of Letters of Credit hereunder.   Each reference herein to the “L/C Issuer” in connection with a Letter of Credit or other matter shall be  deemed to be a reference to the relevant L/C Issuer with respect thereto.  “L/C Obligations” means, at any time, the sum of (a) the aggregate undrawn amount of all  outstanding Letters of Credit at such time, including any automatic or scheduled increases provided for by  the terms of such Letters of Credit, determined without regard to whether any conditions to drawing could  be met at that time, plus (b) the aggregate amount of all Unreimbursed Amounts, including all L/C  Borrowings.  The L/C Obligations of any Lender at any time shall be its Applicable Percentage of the total  L/C Obligations at such time.  For purposes of computing the amount available to be drawn under any  Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.06.   For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its  terms but any amount may still be drawn thereunder by reason of the operation of Article 29(a) of the UCP  or Rule 3.13 or Rule 3.14 of the ISP or similar terms of the Letter of Credit itself, or if compliant documents  have been presented but not yet honored, such Letter of Credit shall be deemed to be “outstanding” and  “undrawn” in the amount so remaining available to be paid, and the obligations of the Borrowers and each  Lender shall remain in full force and effect until the L/C Issuer and the Lenders shall have no further  obligations to make any payments or disbursements under any circumstances with respect to any Letter of  Credit.  “Lender” means each of the Persons identified as a “Lender” on the signature pages hereto, each  other Person that becomes a “Lender” in accordance with this Agreement and, their successors and assigns  and, unless the context requires otherwise, includes the Swingline Lender.  “Lender Party” and “Lender Recipient Party” means collectively, the Lenders, the Swingline  Lender and the L/C Issuer.  “Lending Office” means, as to the Administrative Agent, the L/C Issuer or any Lender, the office  or offices of such Person described as such in such Person’s Administrative Questionnaire, or such other  office or offices as such Person may from time to time notify the Borrower and the Administrative Agent,  which office may include any Affiliate of such Person or any domestic or foreign branch of such Person or  such Affiliate.  Unless the context otherwise requires, each reference to a Lender shall include its applicable  Lending Office.  “Letter of Credit” means any standby letter of credit issued hereunder and shall include the Existing  Letters of Credit.   “Letter of Credit Application” means an application and agreement for the issuance or amendment  of a Letter of Credit in the form from time to time in use by the L/C Issuer.  “Letter of Credit Expiration Date” means the day that is seven (7) days prior to the Maturity Date  then in effect for the Revolving Facility (or, if such day is not a Business Day, the next preceding Business  Day).  

 

  24  “Letter of Credit Fee” has the meaning specified in Section 2.03(l).  “Letter of Credit Sublimit” means, as of any date of determination, an amount equal to the lesser  of (a) $40,000,000 and (b) the Revolving Facility. The Letter of Credit Sublimit is part of, and not in  addition to, the Revolving Facility.  “Lien” means any mortgage, pledge, hypothecation, assignment, deposit arrangement,  encumbrance, lien (statutory or otherwise), charge, or preference, priority or other security interest or  preferential arrangement in the nature of a security interest of any kind or nature whatsoever (including any  conditional sale or other title retention agreement, any easement, right of way or other encumbrance on title  to real property and any financing lease having substantially the same economic effect as any of the  foregoing, and in the case of securities, any purchase option, call or similar right of a third party with respect  to such securities).  “Loan” means an extension of credit by a Lender to the Borrower under Article II in the form of a  Term Loan, a Revolving Loan or a Swingline Loan.  “Loan Documents” means, collectively, (a) this Agreement, (b) the Notes, (c) the Guaranty, (d) the  Collateral Documents, (e) the Fee Letter, (f) each Issuer Document, (g) each Joinder Agreement, (h) any  agreement creating or perfecting rights in Cash Collateral pursuant to the provisions of Section 2.14, and  (i) all other certificates, agreements, documents and instruments executed and delivered, in each case, by  or on behalf of any Loan Party pursuant to the foregoing (but specifically excluding any Secured Hedge  Agreement or any Secured Cash Management Agreement) and any amendments, modifications or  supplements thereto or to any other Loan Document or waivers hereof or to any other Loan Document;  provided, however, that for purposes of Section 11.01, “Loan Documents” shall mean this Agreement, the  Guaranty and the Collateral Documents.  “Loan Notice” means a notice of (a) a Borrowing, (b) a conversion of Loans from one Type to the  other, or (c) a continuation of Term SOFR Loans or Alternative Currency Term Rate Loans, pursuant to  Section 2.02(a), which shall be substantially in the form of Exhibit A or such other form as may be approved  by the Administrative Agent (including any form on an electronic platform or electronic transmission  system as shall be approved by the Administrative Agent), appropriately completed and signed by a  Responsible Officer of the Borrower.  “Loan Parties” means, collectively, the Borrower and each Guarantor.  “Master Agreement” has the meaning set forth in the definition of “Swap Contract.”  “Material Adverse Effect” means (a) a material adverse change in, or a material adverse effect  upon, the operations, business, properties, liabilities (actual or contingent) or financial condition of the  Borrower or the Loan Parties taken as a whole; (b) a material impairment of the rights and remedies of the  Administrative Agent or any Lender under any Loan Document, or of the ability of any Loan Party to  perform its obligations under any Loan Document to which it is a party; or (c) a material adverse effect  upon the legality, validity, binding effect or enforceability against any Loan Party of any Loan Document  to which it is a party.  “Material Agreement” has the meaning set forth in Section 5.20(c).  “Material Core Canadian Subsidiary” means any Core Canadian Subsidiary having assets with a  total book value of greater than or equal to 10% of the total book value of all assets of the Core Ameresco  Companies on a consolidated basis.  

 

  25  “Material Indebtedness” means Indebtedness (other than the Loans or Letters of Credit), including,  without limitation, obligations in respect of one or more Hedging Agreements, in an aggregate principal  amount exceeding $10,000,000.  For purposes of determining Material Indebtedness, the “principal  amount” of the obligations of any Person in respect of a Hedging Agreement at any time shall be the  maximum aggregate amount (giving effect to any netting agreements) that such Person would be required  to pay if such Hedging Agreement were terminated at such time.  “Material Leasehold Property” means any leased Real Property Asset that is leased for a term of  more than 3 years for more than $3,000,000 per year or is reasonably determined by the Administrative  Agent to be of material importance to the operations of the Loan Parties (taken as a whole), other than  operating leases for office space.  “Material Owned Property” means any owned or acquired Real Property Asset that has a fair  market value in excess of $5,000,000 or is reasonably determined by the Administrative Agent to be of  material importance to the operations of the Loan Parties (taken as a whole), and which is listed on  Schedule 1.01(d) hereto from time to time.  “Material Rental Obligations” means obligations of the Loan Parties to pay rent under any one or  more operating leases with respect to any real or personal property that is material to the business of the  Loan Parties (taken as a whole).  “Maturity Date” means (a) with respect to the Revolving Facility, March 4, 2025, (b) with respect  to the Term A Facility, March 4, 2025 and (c) with respect to the Delayed Draw Term A Facility,  September 4, 2023; provided, however, that, in each case, if such date is not a Business Day, the Maturity  Date shall be the next preceding Business Day.  “Mentoring Joint Venture” means a Person formed by a Loan Party, or in which a Loan Party  acquires an Equity Interest, and in which a Loan Party serves as a mentor to a small, or disadvantaged  business in the United States Small Business Administration’s Mentor-Protege Program.  “Minimum Collateral Amount” means, at any time, (a) with respect to Cash Collateral consisting  of cash or deposit account balances, an amount equal to 102% of the Fronting Exposure of the L/C Issuer  with respect to Letters of Credit issued and outstanding at such time, (b)  with respect to Cash Collateral  consisting of cash or deposit account balances provided in accordance with the provisions of  Section 2.14(a), an amount equal to 102% of the Outstanding Amount of all L/C Obligations, and (c)  otherwise, an amount determined by the Administrative Agent and the L/C Issuer in their sole discretion.  “Moody’s” means Moody’s Investors Service, Inc. and any successor thereto.  “Mortgage” means a security instrument (whether designated as a deed of trust or a mortgage,  leasehold mortgage, assignment of leases and rents or by any similar title) executed and delivered by any  Loan Party in such form as may be approved by the Administrative Agent in its sole and reasonable  discretion, in each case with such changes thereto as may be recommended by the Administrative Agent’s  local counsel based on local laws or customary local practices, and at the Administrative Agent’s option,  in the case of an Additional Mortgaged Property, an amendment to an existing Mortgage, in form  satisfactory to the Administrative Agent, adding such Additional Mortgaged Property to the Real Property  Assets encumbered by such existing Mortgage, in either cases as such security instrument or amendment  may be amended, supplemented or otherwise modified from time to time.  

 

  26  “Multiemployer Plan” means any employee benefit plan of the type described in  Section 4001(a)(3) of ERISA, to which the Borrower or any ERISA Affiliate makes or is obligated to make  contributions, or during the preceding five (5) plan years, has made or been obligated to make contributions.  “Multiple Employer Plan” means a Plan which has two or more contributing sponsors (including  the Borrower or any ERISA Affiliate) at least two of whom are not under common control, as such a plan  is described in Section 4064 of ERISA.  “Net Cash Payments” means,  (a) with respect to any Casualty Event, the aggregate amount of cash proceeds of  insurance, condemnation awards and other compensation received by the Loan Parties in respect  of such Casualty Event net of (i) reasonable expenses incurred by the Loan Parties in connection  therewith and (ii) contractually required repayments of Indebtedness to the extent secured by a Lien  on such property and (iii) any income and transfer taxes payable by the Loan Parties in respect of  such Casualty Event;  (b) with respect to any Disposition, the aggregate amount of all cash payments  received by the Loan Parties directly or indirectly in connection with such Disposition, whether at  the time of such Disposition or after such Disposition under deferred payment arrangements or  Investments entered into or received in connection with such Disposition, net of (i) the amount of  any legal, title, transfer and recording tax expenses, commissions and other fees and expenses  payable by the Loan Parties in connection therewith, (ii) any Federal, state and local income or  other Taxes estimated to be payable by the Loan Parties as a result thereof, (iii) any repayments by  the Loan Parties of Indebtedness to the extent that such Indebtedness is secured by a Lien on the  property that is the subject of such Disposition and the transferee of (or holder of a Lien on) such  property requires that such Indebtedness be repaid as a condition to the purchase of such property,  (iv) any repayments by the Loan Parties to minority stockholders if and to the extent permitted  hereby, and (v) a reasonable reserve for retained liabilities; and  (c) with respect to any incurrence of Indebtedness, the aggregate amount of all cash  proceeds received by the Loan Parties therefrom less all legal, underwriting, registration,  marketing, filing and similar fees and expenses incurred in connection therewith.  “Non-Cash Charges” means (a) any impairment charge or asset write-off or write-down related to  intangible assets (including goodwill), long-lived assets, and Investments in debt and equity securities  pursuant to GAAP (it being understood and agreed that any impairment charge or asset write-off or write- down of any accounts receivable realized in connection with any Energy Savings Performance Contract for  an Energy Conservation Project shall not be added back to EBITDA), (b) all losses from Investments  recorded using the equity method, (c) the non-cash impact of acquisition method accounting, (d) non-cash  losses attributable to the mark to market movement in the valuation of (i) hedging obligations (to the extent  the cash impact resulting from such loss has not been realized) or other derivative instruments pursuant to  Financial Accounting Standards Accounting Standards Codification No. 815—Derivatives and Hedging,  and(ii) foreign currency translations, (e) non-cash losses from Dispositions for such period and (f) other  non-cash charges, expenses or charges, including expenses and costs that result from stock based awards,  partnership interest based awards and similar incentive based awards or arrangements.  “Non-Consenting Lender” means any Lender that does not approve any consent, waiver or  amendment that (a) requires the approval of all Lenders or all affected Lenders, or all Lenders or all affected  Lenders in a Facility, in accordance with the terms of Section 11.01 and (b) has been approved by the  Required Lenders.  

 

  27  “Non-Core Company” means (i) a direct or indirect domestic Subsidiary or Foreign Subsidiary of  the Borrower, or (ii) a domestic or foreign joint venture to which a Loan Party, a Core Foreign Subsidiary  or Non-Core Company is a party, which, in either case, is (x) not itself a Loan Party, and (y) is identified  as a Non-Core Company on Schedule 5.15.  “Non-Core Project” means any energy or other infrastructure project.   “Non-Core Project Financing” means a credit facility or Financing Lease Obligation entered into  by one or more Non-Core Companies to finance the acquisition, construction or implementation of one or  more Non-Core Projects and any Hedging Agreement related thereto.  “Non-Core Project Guaranty” means in connection with any Non-Core  Project, (a) any Guarantee  (other than a Construction Completion and Cost Overrun Guaranty) by any Loan Party or a Core Foreign  Subsidiary of the obligations of the Non-Core Company in connection with such Non-Core Project; (b) any  indemnification by any Loan Party or a Core Foreign Subsidiary of (i) the Non-Core Company’s customer,  (ii) the owner of property used for such Non-Core Project, (iii) the third party purchaser of gas or energy  and related products (including tax and environmental credits, heating, cooling, renewable natural gas,  energy, energy as a service, and/or battery storage, wastewater or other Non-Core Project offtake) produced  from such Non-Core Project; and (c) any indemnification by any Loan Party in connection with the tax  equity financing (including sale leaseback financing) of such Non-Core Project; provided, however, that no  Non-Core Project Guaranty shall guarantee the Indebtedness of any Person (or in the case of any sale  leaseback financing of such Non-Core Project, any basic rent).   “Non-Core Project Guaranty Liability” means, in connection with any Non-Core Project  Guaranty, any liability required to be accrued on the consolidated balance sheet of the Core Ameresco  Companies in accordance with GAAP.  “Non-Defaulting Lender” means, at any time, each Lender that is not a Defaulting Lender at such  time.  “Non-Extension Notice Date” has the meaning specified in Section 2.03(b).  “Note” means a Revolving Note, a Swingline Loan Note or a Term Note, as the context may  require.  “Notice of Loan Prepayment” means a notice of prepayment with respect to a Loan, which shall  be substantially in the form of Exhibit R or such other form as may be approved by the Administrative  Agent (including any form on an electronic platform or electronic transmission system as shall be approved  by the Administrative Agent), appropriately completed and signed by a Responsible Officer.  “Obligations” means (a) all advances to, and debts, liabilities, obligations, covenants and duties of,  any Loan Party arising under any Loan Document or otherwise with respect to any Loan, or Letter of Credit  and (b) all costs and expenses incurred in connection with enforcement and collection of the foregoing,  including the fees, charges and disbursements of counsel, in each case to the extent payable under the Loan  Documents and whether direct or indirect (including those acquired by assumption), absolute or contingent,  due or to become due, now existing or hereafter arising and including interest, expenses and fees that accrue  after the commencement by or against any Loan Party or any Affiliate thereof pursuant to any proceeding  under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether  such interest, expenses and fees are allowed claims in such proceeding; provided that, without limiting the  foregoing, the Obligations of a Guarantor shall exclude any Excluded Swap Obligations with respect to  such Guarantor.  

 

  28  “OFAC” means the Office of Foreign Assets Control of the United States Department of the  Treasury.  “Officer’s Certificate” means a certificate substantially the form of Exhibit J or any other form  approved by the Administrative Agent.  “Organization Documents” means, (a) with respect to any corporation, the charter or certificate or  articles of incorporation and the bylaws (or equivalent or comparable constitutive documents with respect  to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the certificate or articles of  formation or organization and operating agreement or limited liability company agreement (or equivalent  or comparable documents with respect to any non-U.S. jurisdiction); (c) with respect to any partnership,  joint venture, trust or other form of business entity, the partnership, joint venture or other applicable  agreement of formation or organization (or equivalent or comparable documents with respect to any non- U.S. jurisdiction) and (d) with respect to all entities, any agreement, instrument, filing or notice with respect  thereto filed in connection with its formation or organization with the applicable Governmental Authority  in the jurisdiction of its formation or organization (or equivalent or comparable documents with respect to  any non-U.S. jurisdiction).  “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 (other than an assignment made pursuant to Section 3.06).  “Outstanding Amount” means (a) with respect to Term Loans, Revolving Loans and Swingline  Loans on any date, the Dollar Equivalent amount of the aggregate outstanding principal amount thereof  after giving effect to any Borrowings and prepayments or repayments of Term Loans, Revolving Loans and  Swingline Loans, as the case may be, occurring on such date; and (b) with respect to any L/C Obligations  on any date, the Dollar Equivalent Amount of the aggregate outstanding amount of such L/C Obligations  on such date after giving effect to any L/C Credit Extension occurring on such date and any other changes  in the aggregate amount of the L/C Obligations as of such date, including as a result of any reimbursements  by the Borrower of Unreimbursed Amounts.  “Overnight Rate” means, for any day, (a) with respect to any amount denominated in Dollars, the  greater of (i) the Federal Funds Rate and (ii) an overnight rate determined by the Administrative Agent, the  L/C Issuer, or the Swingline Lender, as the case may be, in accordance with banking industry rules on  interbank compensation, and (b) with respect to any amount denominated in an Alternative Currency, an  overnight rate determined by the Administrative Agent or the L/C Issuer, as the case may be, in accordance  with banking industry rules on interbank compensation.  “Participant” has the meaning specified in Section 11.06(d).  “Participant Register” has the meaning specified in Section 11.06(d).  

 

  29  “Participating Member State” means any member state of the European Union that adopts or has  adopted the Euro as its lawful currency in accordance with legislation of the European Union relating to  Economic and Monetary Union.  “Patents” means all patents issued or assigned to and all patent applications made by the Loan  Parties and, to the extent that the grant of a security interest does not cause a breach or termination thereof,  all exclusive and nonexclusive licenses to the Loan Parties from third parties or rights to use patents owned  by such third parties, including, without limitation, the patents, patent applications and licenses listed on  Schedule 5.08 hereto, along with any and all (a) inventions and improvements described and claimed  therein, (b) reissues, divisions, continuations, extensions and continuations-in-part thereof, (c) income,  royalties, damages, claims and payments now and hereafter due and/or payable under and with respect  thereto, including, without limitation, damages and payments for past or future infringements thereof, (d)  rights to sue for past, present and future infringements thereof, and (e) any other rights corresponding  thereto throughout the world.  “Patriot Act” has the meaning specified in Section 11.20.  “PBGC” means the Pension Benefit Guaranty Corporation.  “Pension Funding Rules” means the rules of the Code and ERISA regarding minimum funding  standards with respect to Pension Plans and set forth in Sections 412, 430, 431, 432 and 436 of the Code  and Sections 302, 303, 304 and 305 of ERISA.  “Pension Plan” means any employee pension benefit plan (including a Multiple Employer Plan  but excluding a Multiemployer Plan) that is maintained or is contributed to by the Borrower and any ERISA  Affiliate or with respect to which the Borrower or any ERISA Affiliate has any liability and is either covered  by Title IV of ERISA or is subject to the minimum funding standards under Section 412 of the Code.  “Permitted Acquisition” has the meaning set forth in Section 7.04(d).  “Permitted Investments” means:  (a) direct obligations of, or obligations the principal of and interest on which are  unconditionally guaranteed by, the United States of America (or by any agency thereof to the extent  such obligations are backed by the full faith and credit of the United States of America), in each  case maturing within one year from the date of acquisition thereof;  (b) investments in commercial paper maturing within 270 days from the date of  acquisition thereof and having, at such date of acquisition, the highest credit rating obtainable from  Standard and Poor’s Ratings Service or from Moody’s Investors Service, Inc.;  (c) investments in certificates of deposit, banker’s acceptances and time deposits  maturing within 180 days from the date of acquisition thereof issued or guaranteed by or placed  with, and money market deposit accounts issued or offered by, any domestic office of any  commercial bank organized under the laws of the United States of America or any State thereof  which has a combined capital and surplus and undivided profits of not less than $250,000,000;  (d) fully collateralized repurchase agreements with a term of not more than 30 days  for securities described in clause (a) above and entered into with a financial institution satisfying  the criteria described in clause (d) above;  

 

  30  (e) advances, loans and extensions of credit to any director, officer or employee of the  Loan Parties, if the aggregate outstanding amount of all such advances, loans and extensions of  credit (excluding travel advances in the ordinary course of business) does not at any time exceed  $750,000; and  (f) investments in money market mutual funds that are rated AAA by S&P.  “Permitted Liens” has the meaning specified in Section 7.02.  “Person” means any natural person, corporation, limited liability company, trust, joint venture,  association, company, partnership, Governmental Authority or other entity.  “Plan” means any employee benefit plan within the meaning of Section 3(3) of ERISA (including  a Pension Plan), maintained for employees of the Borrower or any Subsidiary or any such Plan to which  the Borrower or any Subsidiary is required to contribute on behalf of any of its employees or with respect  to which the Borrower has any liability.  “Platform” has the meaning specified in Section 6.01.  “Pledged Equity” has the meaning specified in the Security Agreement.  “Pro Forma Basis” and “Pro Forma Effect” means, for any Disposition of all or substantially all  of a division or a line of business, for any Acquisition or for any Junior Restricted Payment, whether actual  or proposed, for purposes of determining compliance with the financial covenants set forth in Section 7.10,  and with respect to a Junior Restricted Payment pursuant to Section 7.06(d), each such transaction or  proposed transaction shall be deemed to have occurred on and as of the first day of the relevant period, and  the following pro forma adjustments shall be made:  (a) in the case of an actual or proposed Disposition, all income statement items  (whether positive or negative) attributable to the line of business or the Person subject to such  Disposition shall be excluded from the results of the Core Ameresco Companies for such period;   (b) in the case of an actual or proposed Acquisition, income statement items (whether  positive or negative) attributable to the property, line of business or the Person subject to such  Acquisition shall be included in the results of the Core Ameresco Companies for such period;   (c) interest accrued during the relevant period on, and the principal of, any  Indebtedness repaid or to be repaid or refinanced in such transaction shall be excluded from the  results of the Core Ameresco Companies for such period; and  (d) any Indebtedness actually or proposed to be incurred or assumed in such  transaction shall be deemed to have been incurred as of the first day of the applicable period, and  interest thereon shall be deemed to have accrued from such day on such Indebtedness at the  applicable rates provided therefor (and in the case of interest that does or would accrue at a formula  or floating rate, at the rate in effect at the time of determination) and shall be included in the results  of the Core Ameresco Companies for such period.  “Pro Forma Compliance” means, with respect to any transaction, that such transaction does not  cause, create or result in a Default after giving Pro Forma Effect, based upon the results of operations for  the most recently completed applicable period to (a) such transaction and (b) all other transactions which  

 

  31  are contemplated or required to be given Pro Forma Effect hereunder that have occurred on or after the first  day of the relevant period.  “Property” means any interest of any kind in property or assets, whether real, personal or mixed,  and whether tangible or intangible.  “Proprietary Rights” has the meaning assigned to such term in Section 5.08(b).  “PTE” means a prohibited transaction class exemption issued by the U.S. Department of Labor, as  any such exemption may be amended from time to time.  “PTO” means the United States Patent and Trademark Office or any successor or substitute office  in which filings are necessary or, in the opinion of the Administrative Agent, desirable in order to create or  perfect Liens on any IP Collateral.  “Public Lender” has the meaning specified in Section 6.01.  “QFC” has the meaning assigned to the term “qualified financial contract” in, and shall be  interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).  “QFC Credit Support” has the meaning specified in Section 11.22.  “Qualified ECP Guarantor” means, at any time, each Loan Party with total assets exceeding  $10,000,000 or that qualifies at such time as an “eligible contract participant” under the Commodity  Exchange Act and can cause another Person to qualify as an “eligible contract participant” at such time  under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.  “Rate Determination Date” means two (2) Business Days prior to the commencement of such  Interest Period (or such other day as is generally treated as the rate fixing day by market practice in such  interbank market, as determined by the Administrative Agent; provided that, to the extent such market  practice is not administratively feasible for the Administrative Agent, then “Rate Determination Date”  means such other day as otherwise reasonably determined by the Administrative Agent).  “Real Property Asset” means, at any time of determination, any and all real property owned or  leased by the Loan Parties.  “Recipient” means the Administrative Agent, any Lender, the L/C Issuer or any other recipient of  any payment to be made by or on account of any obligation of any Loan Party hereunder.  “Register” has the meaning specified in Section 11.06(c).  “Registered Proprietary Rights” has the meaning assigned to such term in Section 5.08(c).  “Regulation U” means Regulation U of the FRB, as in effect from time to time and all official  rulings and interpretations thereunder or thereof.  “Reimbursement Obligation” has the meaning assigned to such term in Section 2.03(f).  “Related Parties” means, with respect to any Person, such Person’s Affiliates and the partners,  directors, officers, employees, agents, trustees, administrators, managers, advisors, consultants, service  providers and representatives of such Person and of such Person’s Affiliates.  

 

  32  “Release” means any release, spill, emission, discharge, deposit, disposal, leaking, pumping,  pouring, dumping, emptying, injection or leaching into the Environment, or into, from or through any  building, structure or facility.  “Relevant Governmental Body” means (a) with respect to Loans denominated in Dollars, the  Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed  or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York, (b) with respect  to Loans denominated in Sterling, the Bank of England, or a committee officially endorsed or convened by  the Bank of England or, in each case, any successor thereto, (c) with respect to Loans denominated in Euros,  the European Central Bank, or a committee officially endorsed or convened by the European Central Bank  or, in each case, any successor thereto, and (d) with respect to Loans denominated in any other Agreed  Currency, (i) the central bank for the currency in which such Loan is denominated or any central bank or  other supervisor which is responsible for supervising either (x) such Successor Rate or (y) the administrator  of such Successor Rate or (ii) any working group or committee officially endorsed or convened by (w) the  central bank for the currency in which such Successor Rate is denominated, (x) any central bank or other  supervisor that is responsible for supervising either (A) such Successor Rate or (B) the administrator of  such Successor Rate, (y) a group of those central banks or other supervisors or (z) the Financial Stability  Board or any part thereof.  “Relevant Rate” means with respect to any Credit Extension denominated in (a) Dollars, Term  SOFR, (b) Sterling, SONIA, (c) Euros, EURIBOR, and (d) Canadian Dollars, the CDOR Rate, as applicable  “Removal Effective Date” has the meaning specified in Section 9.06(b).  “Reportable Event” means any of the events set forth in Section 4043(c) of ERISA, other than  events for which the thirty (30) day notice period has been waived.  “Request for Credit Extension” means (a) with respect to a Borrowing, conversion or continuation  of Term Loans or Revolving Loans, a Loan Notice, (b) with respect to an L/C Credit Extension, a Letter of  Credit Application, and (c) with respect to a Swingline Loan, a Swingline Loan Notice.  “Required Class Lenders” means, at any time with respect to any Class of Loans or Commitments,  Lenders having Total Credit Exposures with respect to such Class representing more than 50% of the Total  Credit Exposures of all Lenders of such Class. The Total Credit Exposure of any Defaulting Lender with  respect to such Class shall be disregarded in determining Required Class Lenders at any time.  “Required Lenders” means, at any time, Lenders having Total Credit Exposures representing more  than 50% of the Total Credit Exposures of all Lenders. The Total Credit Exposure of any Defaulting Lender  shall be disregarded in determining Required Lenders at any time; provided that, the amount of any  participation in any Swingline Loan and Unreimbursed Amounts that such Defaulting Lender has failed to  fund that have not been reallocated to and funded by another Lender shall be deemed to be held by the  Lender that is the Swingline Lender or the L/C Issuer, as the case may be, in making such determination;  provided further that, this definition is subject to Section 3.03.  “Required Revolving Lenders” means, at any time, Revolving Lenders having Total Revolving  Exposures representing more than 50% of the Total Revolving Exposures of all Revolving Lenders. The  Total Revolving Exposure of any Defaulting Lender shall be disregarded in determining Required  Revolving Lenders at any time; provided that, the amount of any participation in any Swingline Loan and  Unreimbursed Amounts that such Defaulting Lender has failed to fund that have not been reallocated to  and funded by another Lender shall be deemed to be held by the Revolving Lender that is the Swingline  Lender or the L/C Issuer, as the case may be, in making such determination.  

 

  33  “Required Term Lenders” means, at any time, (a) with respect to the Term A Facility, Term  Lenders having Total Term Credit Exposures representing more than 50% of the Total Term Credit  Exposures of all Term Lenders with respect to the Term A Facility, and (b) with respect to the Delayed  Draw Term A Facility, Term Lenders having Total Term Credit Exposures representing more than 50% of  the Total Term Credit Exposures of all Term Lenders with respect to the Delayed Draw Term A Facility.  The Total Term Credit Exposure of any Defaulting Lender shall be disregarded in determining Required  Term Lenders at any time.  “Rescindable Amount” has the meaning as defined in Section 2.12(b)(ii).  “Resignation Effective Date” has the meaning set forth in Section 9.06(a).  “Resolution Authority” means an EEA Resolution Authority or, with respect to any UK Financial  Institution, a UK Resolution Authority.  “Responsible Officer” means the chief financial officer, principal accounting officer, treasurer,  assistant treasurer or controller of a Loan Party, solely for purposes of the delivery of incumbency  certificates pursuant to Section 4.01(b), the secretary or any assistant secretary of a Loan Party and, solely  for purposes of notices given pursuant to Article II, any other officer or employee of the Borrower so  designated by any of the foregoing officers in a notice to the Administrative Agent or any other officer or  employee of the Borrower designated in or pursuant to an agreement between the applicable Loan Party  and the Administrative Agent. Any document delivered hereunder that is signed by a Responsible Officer  of a Loan Party shall be conclusively presumed to have been authorized by all necessary corporate,  partnership and/or other action on the part of such Loan Party and such Responsible Officer shall be  conclusively presumed to have acted on behalf of such Loan Party. To the extent requested by the  Administrative Agent, each Responsible Officer will provide an incumbency certificate and to the extent  requested by the Administrative Agent, appropriate authorization documentation, in form and substance  satisfactory to the Administrative Agent.  “Restricted Junior Payment” means (i) any dividend or other distribution, direct or indirect, on  account of any shares of any class of Equity Interest in, any Loan Party or any Subsidiary now or hereafter  outstanding, except a dividend payable solely in shares of Equity Interests, (ii) any redemption, retirement,  sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, of any shares of  any class of Equity Interest in, any Loan Party or any Subsidiary now or hereafter outstanding by such Loan  Party or Subsidiary, (iii) any payment made to retire, or to obtain the surrender of, any outstanding warrants,  options or other rights to acquire shares of any class of Equity Interest in, any Loan Party or any Subsidiary,  (iv) any payment or prepayment of principal of, premium, if any, or interest on, or redemption purchase,  retirement, defeasance (including economic or legal defeasance), sinking fund or similar payment with  respect to, any Subordinated Indebtedness, and (v) any payment made to any Affiliates of any Loan Party  or any Subsidiary in respect of management, consulting or other similar services provided to any Loan Party  or any Subsidiary.  “Restrictive Agreements” has the meaning assigned to such term in Section 5.15(b).  “Revaluation Date” means (a) with respect to any Loan, each of the following: (i) each date of a  Borrowing of an Alternative Currency Loan, (ii) each date of a continuation of an Alternative Currency  Term Rate Loan pursuant to Section 2.02, and (iii) such additional dates as the Administrative Agent shall  determine or the Required Lenders shall require; and (b) with respect to any Letter of Credit, each of the  following: (i) each date of issuance, amendment and/or extension of a Letter of Credit denominated in an  Alternative Currency, (ii) each date of any payment by the L/C Issuer under any Letter of Credit  denominated in an Alternative Currency, (iii) in the case of all Existing Letters of Credit denominated in  

 

  34  Alternative Currencies, the Closing Date, and (iv) such additional dates as the Administrative Agent or the  L/C Issuer shall determine or the Required Lenders shall require.  “Revolving Borrowing” means a borrowing consisting of simultaneous Revolving Loans of the  same Type and, in the case of Term SOFR Loans or Alternative Currency Loans, having the same Interest  Period made by each of the Revolving Lenders pursuant to Section 2.01(b).  “Revolving Commitment” means, as to each Revolving Lender, its obligation to (a) make  Revolving Loans to the Borrower pursuant to Section 2.01(b), (b) purchase participations in L/C  Obligations, and (c) purchase participations in Swingline Loans, in an aggregate principal amount at any  one time outstanding not to exceed the amount set forth opposite such Lender’s name on Schedule 1.01(b)  under the caption “Revolving Commitment” or opposite such caption in the Assignment and Assumption  pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from  time to time in accordance with this Agreement. The Revolving Commitment of all of the Revolving  Lenders on the Closing Date shall be $200,000,000.  “Revolving Exposure” means, as to any Lender at any time, the aggregate principal amount at such  time of its outstanding Revolving Loans and such Lender’s participation in L/C Obligations and Swingline  Loans at such time.  “Revolving Facility” means, at any time, the aggregate amount of the Revolving Lenders’  Revolving Commitments at such time.  “Revolving Lender” means, at any time, (a) so long as any Revolving Commitment is in effect, any  Lender that has a Revolving Commitment at such time or (b) if the Revolving Commitments have  terminated or expired, any Lender that has a Revolving Loan or a participation in L/C Obligations or  Swingline Loans at such time.  “Revolving Loan” has the meaning specified in Section 2.01(b).  “Revolving Note” means a promissory note made by the Borrower in favor of a Revolving Lender  evidencing Revolving Loans or Swingline Loans, as the case may be, made by such Revolving Lender,  substantially in the form of Exhibit C.  “S&P” means Standard & Poor’s Financial Services LLC, a subsidiary of S&P Global Inc., and  any successor thereto.  “Same Day Funds” means (a) with respect to disbursements and payments in Dollars, immediately  available funds, and (b with respect to disbursements and payments in an Alternative Currency, same day  or other funds as may be determined by the Administrative Agent or the L/C Issuer, as the case may be, to  be customary in the place of disbursement or payment for the settlement of international banking  transactions in the relevant Alternative Currency.  “Sanction(s)” means any sanction administered or enforced by the United States Government  (including, without limitation, OFAC), the United Nations Security Council, the European Union, Her  Majesty’s Treasury (“HMT”) or other relevant sanctions authority.  “SEC” means the Securities and Exchange Commission, or any Governmental Authority  succeeding to any of its principal functions.  

 

  35  “Secured Cash Management Agreement” means any Cash Management Agreement between the  any Loan Party and any Cash Management Bank.  “Secured Hedge Agreement” means any interest rate, currency, foreign exchange, or commodity  Swap Contract required by or not prohibited under Article VI or VII between any Loan Party and any Hedge  Bank.  “Secured Obligations” means all Obligations and all Additional Secured Obligations.  “Secured Parties” means, collectively, the Administrative Agent, the Lenders, the L/C Issuer, the  Hedge Banks, the Cash Management Banks, the Indemnitees and each co-agent or sub-agent appointed by  the Administrative Agent from time to time pursuant to Section 9.05.  “Secured Party Designation Notice” means a notice from any Lender or an Affiliate of a Lender  substantially in the form of Exhibit H.  “Security Agreement” means the security and pledge agreement, dated as of the Closing Date,  executed in favor of the Administrative Agent by each of the Loan Parties, substantially in the form of  Exhibit E.  “SoCal Contract” means that certain Turnkey Engineering, Procurement, Construction and  Maintenance Agreement dated as of October 21, 2021, as the same may be amended from time to time, and  the related purchase orders entered into thereunder, between the Borrower and Southern California Edison,  as listed on Schedule 5.20.  “SOFR” means the Secured Overnight Financing Rate as administered by the SOFR Administrator.  “SOFR Adjustment” with respect to Daily Simple SOFR means 0.15000% (15.000 basis points);  and with respect to Term SOFR means 0.10000% (10.000 basis points) for an Interest Period of one- month’s duration, 0.15000% (15.000 basis points) for an Interest Period of three-month’s duration, and  0.25000% (25.000 basis points) for an Interest Period of six-months’ duration.  “SOFR Administrator” means the Federal Reserve Bank of New York, as the administrator of  SOFR, or any successor administrator of SOFR designated by the Federal Reserve Bank of New York or  other Person acting as the SOFR Administrator at such time.  “Solvency Certificate” means a solvency certificate in substantially in the form of Exhibit I.  “SONIA” means, with respect to any applicable determination date, the Sterling Overnight Index  Average Reference Rate published on fifth Business Day preceding such date on the applicable Reuters  screen page (or such other commercially available source providing such quotations as may be designated  by the Administrative Agent from time to time); provided that if such day is not a Business Day, then  SONIA means such rate published on the Business Day immediately prior thereto.  “SONIA Adjustment” means, with respect to SONIA, 0.1193%.  “Southern California Edison” means Southern California Edison Company, a California  corporation.  “Specified Loan Party” means any Loan Party that is not then an “eligible contract participant”  under the Commodity Exchange Act (determined prior to giving effect to Section 10.11).  

 

  36  “Specified Shareholders” means any one or more of George Sakellaris and his immediate family  members and heirs and any trusts for the benefit of the foregoing.  “Sterling” and “£” mean the lawful currency of the United Kingdom.  “Subordinated Debt Documents” means all instruments, agreements and other documents  executed and delivered by the Loan Parties in connection with Subordinated Indebtedness.  “Subordinated Indebtedness” means, any Indebtedness of the Core Ameresco Companies incurred  after the Closing Date with the consent of the Administrative Agent that by its terms (or by the terms of the  instrument under which it is outstanding and to which appropriate reference is made in the instrument  evidencing such Subordinated Indebtedness) (a) is subordinated in right of payment to the prior payment  of the Obligations and (b) contains other terms, including without limitation, standstill, interest rate,  maturity and amortization, and insolvency-related provisions, in all respects reasonably satisfactory to the  Administrative Agent.  “Subsidiary” means, with respect to any Person (the “parent”) at any date, any corporation, limited  liability company, partnership, association or other entity the accounts of which would be consolidated with  those of the parent in the parent’s consolidated financial statements if such financial statements were  prepared in accordance with GAAP as of such date, as well as any other corporation, limited liability  company, partnership, association or other entity (a) of which securities or other ownership interests  representing more than 50% of the ordinary voting power or, in the case of a partnership, more than 50%  of the general partnership interests are, as of such date, owned, controlled or held, or (b) that is, as of such  date, otherwise Controlled (as described in the first sentence of the definition of “Control”), by the parent  and/or one or more subsidiaries of the parent.  References herein to “Subsidiaries” shall, unless the context  requires otherwise, be deemed to be references to Subsidiaries of the Borrower.  “Successor Rate” has the meaning specified in Section 3.03(b).  “Supported QFC” has the meaning specified in Section 11.22.  “Swap Contract” means (a) any and all rate swap transactions, basis swaps, credit derivative  transactions, forward rate transactions, commodity swaps, commodity options, forward commodity  contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or  forward bond or forward bond price or forward bond index transactions, interest rate options, forward  foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap  transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar  transactions or any combination of any of the foregoing (including any options to enter into any of the  foregoing), whether or not any such transaction is governed by or subject to any master agreement, and  (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and  conditions of, or governed by, any form of master agreement published by the International Swaps and  Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master  agreement (any such master agreement, together with any related schedules, a “Master Agreement”),  including any such obligations or liabilities under any Master Agreement.  “Swap Obligations” means with respect to any Guarantor any obligation to pay or perform under  any agreement, contract or transaction that constitutes a “swap” within the meaning of Section 1a(47) of  the Commodity Exchange Act.  “Swap Termination Value” means, in respect of any one or more Swap Contracts, after taking into  account the effect of any legally enforceable netting agreement relating to such Swap Contracts, (a) for any  

 

  37  date on or after the date such Swap Contracts have been closed out and termination value(s) determined in  accordance therewith, such termination value(s), and (b) for any date prior to the date referenced in clause  (a), the amount(s) determined as the mark-to-market value(s) for such Swap Contracts, as determined based  upon one or more mid-market or other readily available quotations provided by any recognized dealer in  such Swap Contracts (which may include a Lender or any Affiliate of a Lender).  “Swingline Borrowing” means a borrowing of a Swingline Loan pursuant to Section 2.04.  “Swingline Commitment” means, as to any Lender (a) the amount set forth opposite such Lender’s  name on Schedule 2.01 hereof or (b) if such Lender has entered into an Assignment and Assumption or has  otherwise assumed a Swingline Commitment after the Closing Date, the amount set forth for such Lender  as its Swingline Commitment in the Register maintained by the Administrative Agent pursuant to Section  11.06(c).  “Swingline Lender” means Bank of America in its capacity as provider of Swingline Loans, or any  successor swingline lender hereunder.  “Swingline Loan” has the meaning specified in Section 2.04(a).  “Swingline Loan Notice” means a notice of a Swingline Borrowing pursuant to Section 2.04(b),  which shall be substantially in the form of Exhibit B or such other form as approved by the Administrative  Agent (including any form on an electronic platform or electronic transmission system as shall be approved  by the Administrative Agent), appropriately completed and signed by a Responsible Officer of the  Borrower.  “Swingline Sublimit” means an amount equal to the lesser of (a) $5,000,000 and (b) the Revolving  Facility. The Swingline Sublimit is part of, and not in addition to, the Revolving Facility.  “TARGET Day” means any day on which TARGET2 (or, if such payment system ceases to be  operative, such other payment system, if any, determined by the Administrative Agent to be a suitable  replacement) is open for the settlement of payments in Euro.  “TARGET2” means the Trans-European Automated Real-time Gross Settlement Express Transfer  payment system which utilizes a single shared platform and which was launched on November 19, 2007.  “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.  “Term A Facility” means, as to each Term Lender, its obligation to make Term A Loans to the  Borrower pursuant to Section 2.01(a) in an aggregate principal amount at any one time outstanding not to  exceed the amount set forth opposite such Term Lender’s name on Schedule 1.01(b) under the caption  “Term A Commitment” or opposite such caption in the Assignment and Assumption pursuant to which  such Term Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time  in accordance with this Agreement. The aggregate of the Term Commitments under the Term A Facility of  all of the Term Lenders on the Closing Date shall be $75,000,000.  “Term A Loan” has the meaning set forth in Section 2.01(a).  

 

  38  “Term Borrowing” means a borrowing consisting of simultaneous Term Loans of the same Type  and, in the case of Term SOFR Loans, having the same Interest Period made by each of the Term Lenders  pursuant to Section 2.01(a).  “Term Commitment” means, as to each Term Lender, its obligation to make Term Loans to the  Borrower pursuant to Section 2.01(a) in an aggregate principal amount at any one time outstanding not to  exceed the amount set forth opposite such Term Lender’s name on Schedule 1.01(b) under the caption  “Term Commitment” or opposite such caption in the Assignment and Assumption pursuant to which such  Term Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in  accordance with this Agreement. The Term Commitment of all of the Term Lenders on the Closing Date  shall be $75,000,000 with respect to Term A Loans and $220,000,000 with respect to Delayed Draw Term  A Loans.  “Term Facility” means the Delayed Draw Term A Facility or the Term A Facility, or both, as the  context may require.  “Term Lender” means (a) at any time on or prior to the Closing Date, any Lender that has a Term  Commitment at such time, (b) at any time during the Availability Period in respect of the Delayed Draw  Term A Loans, any Lender that has a Term Commitment for Delayed Draw Term A Loans or that holds  Delayed Draw Term A Loans at such time and (c) at any time after the Closing Date, any Lender that holds  Term Loans at such time.  “Term Loan” means an advance made by any Term Lender under the Term A Facility or the  Delayed Draw Term A Facility.  “Term Note” means a promissory note made by the Borrower in favor of a Term Lender evidencing  Term Loans made by such Term Lender, substantially in the form of Exhibit D-1 for Term A Loans and  substantially in the form of Exhibit D-2 for Delayed Draw Term A Loans.  “Term SOFR” means:  (a) for any Interest Period with respect to a Term SOFR Loan, the rate per annum  equal to the Term SOFR Screen Rate two U.S. Government Securities Business Days prior to the  commencement of such Interest Period with a term equivalent to such Interest Period; provided that  if the rate is not published prior to 11:00 a.m. on such determination date then Term SOFR means  the Term SOFR Screen Rate on the first U.S. Government Securities Business Day immediately  prior thereto, in each case, plus the SOFR Adjustment for such Interest Period; and  (b) for any interest calculation with respect to a Base Rate Loan on any date, the rate  per annum equal to the Term SOFR Screen Rate with a term of one month commencing that day;  provided that if the Term SOFR determined in accordance with either of the foregoing provisions (a) or (b)  of this definition would otherwise be less than zero, the Term SOFR shall be deemed zero for purposes of  this Agreement.  “Term SOFR Loan” means a Loan that bears interest at a rate based on clause (a) of the definition  of Term SOFR.  “Term SOFR Screen Rate” means the forward-looking SOFR term rate administered by CME (or  any successor administrator satisfactory to the Administrative Agent) and published on the applicable  

 

  39  Reuters screen page (or such other commercially available source providing such quotations as may be  designated by the Administrative Agent from time to time).  “Total Credit Exposure” means, as to any Lender at any time, the unused Commitments, Revolving  Exposure and Outstanding Amount of all Term Loans of such Lender at such time.  “Total Funded Debt” means (a) the outstanding principal amount of all Indebtedness of the Core  Ameresco Companies determined on a consolidated basis (without duplication) in respect of borrowed  money, plus the face amount of letters of credit for which a Core Ameresco Company is an obligor to the  extent such letters of credit are not secured by cash deposits, including (i) all Indebtedness described in  clauses (a), (b), (c) and (e) of the definition of Indebtedness set forth herein, including all guarantees of any  of such Indebtedness, and (ii) all Non-Core Project Guaranty Liabilities, but excluding any Indebtedness  incurred by the Loan Parties in connection with any Energy Conservation Project Financing other than as  set forth in clause (b) below, plus (b) any “Federal ESPC Liabilities” (as set forth on the Borrower’s most  recent consolidated balance sheet) related to an Energy Savings Performance Contract for an Energy  Conservation Project, where such Core Ameresco Company is in default beyond any applicable grace or  notice periods.  “Total Revolving Exposure” means, as to any Revolving Lender at any time, the unused  Commitments and Revolving Exposure of such Revolving Lender at such time.  “Total Revolving Outstandings” means the aggregate Outstanding Amount of all Revolving Loans,  Swingline Loans and L/C Obligations.  “Total Term Credit Exposure” means, as to any Term Lender at any time, the sum of the unused  Commitments with respect to the Delayed Draw Term A Loans and the Outstanding Amount of all Term  Loans of such Term Lender at such time.  “Total Voting Power” means, with respect to any Person, the total number of votes which holders  of securities having the ordinary power to vote, in the absence of contingencies, are entitled to cast in the  election of directors of such Person.  “Trademarks” means all trademarks (including service marks), federal and state trademark  registrations and applications made by the Loan Parties, common law trademarks and trade names owned  by or assigned to the Loan Parties, all registrations and applications for the foregoing and all exclusive and  nonexclusive licenses from third parties of the right to use trademarks of such third parties, including,  without limitation, the registrations, applications, unregistered trademarks, service marks and licenses listed  on Schedule 5.08 hereto, along with any and all (a) renewals thereof,(b) income, royalties, damages and  payments now and hereafter due and/or payable with respect thereto, including, without limitation,  damages, claims and payments for past or future infringements thereof, (c) rights to sue for past, present  and future infringements thereof, and (d) foreign trademarks, trademark registrations, and trade name  applications for any thereof and any other rights corresponding thereto throughout the world.  “Type” means, with respect to a Loan, its character as a Base Rate Loan or a Term SOFR Loan.  “UCC” means the Uniform Commercial Code as in effect in the State of New York; provided that,  if perfection or the effect of perfection or non-perfection or the priority of any security interest in any  Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State  of New York, “UCC” means the Uniform Commercial Code as in effect from time to time in such other  jurisdiction for purposes of the provisions hereof relating to such perfection, effect of perfection or non- perfection or priority.  

 

  40  “UCP” means the Uniform Customs and Practice for Documentary Credits, International Chamber  of Commerce Publication No. 600 (or such later version thereof as may be in effect at the applicable time).  “UK Financial Institution” means any BRRD Undertaking (as such term is defined under the  PRA Rulebook (as amended form time to time) promulgated by the United Kingdom Prudential Regulation  Authority) or any person subject to IFPRU 11.6 of the FCA Handbook (as amended from time to time)  promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions  and investment firms, and certain affiliates of such credit institutions or investment firms.  “UK Resolution Authority” means the Bank of England or any other public administrative  authority having responsibility for the resolution of any UK Financial Institution.  “United States” and “U.S.” mean the United States of America.  “Unreimbursed Amount” has the meaning specified in Section 2.03(f).  “U.S. Government Securities Business Day” means any Business Day, except any Business Day  on which any of the Securities Industry and Financial Markets Association, the New York Stock Exchange  or the Federal Reserve Bank of New York is not open for business because such day is a legal holiday under  the federal laws of the United States or the laws of the State of New York, as applicable.  “U.S. Person” means any Person that is a “United States Person” as defined in Section 7701(a)(30)  of the Code.  “U.S. Special Resolution Regimes” has the meaning specified in Section 11.22.  “U.S. Tax Compliance Certificate” has the meaning specified in Section 3.01(f)(ii)(B)(3).  “Voting Stock” means, with respect to any Person, Equity Interests issued by such Person the  holders of which are ordinarily, in the absence of contingencies, entitled to vote for the election of directors  (or persons performing similar functions) of such Person, even though the right to so vote has been  suspended by the happening of such contingency.  “Wholly Owned Subsidiary” means, with respect to any Person at any date, any corporation,  limited liability company, partnership, association or other entity of which securities or other ownership  interests representing 100% of the equity or ordinary voting power (other than directors’ qualifying shares)  or, in the case of a partnership, 100% of the general partnership interests are, as of such date, directly or  indirectly owned, controlled or held 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.  “Withholding Agent” means the Borrower and the Administrative Agent.  “Write-Down and Conversion Powers” means, (a) with respect to any EEA Resolution Authority,  the write-down and conversion powers of such EEA Resolution Authority from time to time under the  Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are  described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers  of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change  the form of a liability of any UK Financial Institution or any contract or instrument under which that liability  arises, to convert all or part of that liability into shares, securities or obligations of that person or any other  person, to provide that any such contract or instrument is to have effect as if a right had been exercised  

 

  41  under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In  Legislation that are related to or ancillary to any of those powers.  1.02 Other Interpretive Provisions.  With reference to this Agreement and each other Loan  Document, unless otherwise specified herein or in such other Loan Document:  (a) 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.” Unless the context  requires otherwise, (i) any definition of or reference to any agreement, instrument or other  document (including the Loan Documents and any Organization Document) shall be construed as  referring to such agreement, instrument or other document as from time to time amended, amended  and restated, modified, extended, restated, replaced or supplemented from time to time (subject to  any restrictions on such amendments, supplements or modifications set forth herein or in any other  Loan Document), (ii) any reference herein to any Person shall be construed to include such Person’s  successors and assigns, (iii) the words “hereto,” “herein,” “hereof” and “hereunder,” and words of  similar import when used in any Loan Document, shall be construed to refer to such Loan  Document in its entirety and not to any particular provision thereof, (iv) all references in a Loan  Document to Articles, Sections, Preliminary Statements, Exhibits and Schedules shall be construed  to refer to Articles and Sections of, and Preliminary Statements, Exhibits and Schedules to, the  Loan Document in which such references appear, (v) any reference to any law shall include all  statutory and regulatory rules, regulations, orders and provisions consolidating, amending,  replacing or interpreting such law and any reference to any law, rule or regulation shall, unless  otherwise specified, refer to such law, rule or regulation as amended, modified, extended, restated,  replaced or supplemented from time to time, and (vi) 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.   (b) In the computation of periods of time from a specified date to a later specified date,  the word “from” means “from and including;” the words “to” and “until” each mean “to but  excluding;” and the word “through” means “to and including.”  (c) Section headings herein and in the other Loan Documents are included for  convenience of reference only and shall not affect the interpretation of this Agreement or any other  Loan Document.  (d) Any reference herein to a merger, transfer, consolidation, amalgamation,  assignment, sale, disposition or transfer, or similar term, shall be deemed to apply to a Division of  or by a limited liability company, or an allocation of assets to a series of a limited liability company  (or the unwinding of such a Division or allocation), as if it were a merger, transfer, consolidation,  amalgamation, assignment, sale, disposition or transfer, or similar term, as applicable, to, of or with  a separate Person. Any Division of a limited liability company shall constitute a separate Person  hereunder (and each Division of any limited liability company that is a Subsidiary, joint venture or  any other like term shall also constitute such a Person or entity).  1.03 Accounting Terms.  (a) Generally. All accounting terms not specifically or completely defined herein shall  be construed in conformity with, and all financial data (including financial ratios and other financial  

 

  42  calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity  with, GAAP applied on a consistent basis, as in effect from time to time, applied in a manner  consistent with that used in preparing the Audited Financial Statements, except as otherwise  specifically prescribed herein. Notwithstanding the foregoing, for purposes of determining  compliance with any covenant (including the computation of any financial covenant) contained  herein, (i) Indebtedness of the Borrower and its Subsidiaries shall be deemed to be carried at 100%  of the outstanding principal amount thereof, and the effects of FASB ASC 825 and FASB ASC  470–20 on financial liabilities shall be disregarded, (ii) all liability amounts shall be determined  excluding any liability relating to any operating lease, all asset amounts shall be determined  excluding any right-of-use assets relating to any operating lease, all amortization amounts shall be  determined excluding any amortization of a right-of-use asset relating to any operating lease, and  all interest amounts shall be determined excluding any deemed interest  comprising a portion of  fixed rent payable under any operating lease, in each case to the extent that such liability, asset,  amortization or interest pertains to an operating lease under which the covenantor or a member of  its consolidated group is the lessee and would not have been accounted for as such under GAAP as  in effect on December 31, 2015, and (iii) 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,  without giving effect to any election under FASB ASC Topic 825 “Financial Instruments” (or any  other financial accounting standard having a similar result or effect) to value any Indebtedness of  the Borrower or any Subsidiary at “fair value”, as defined therein. For purposes of determining the  amount of any outstanding Indebtedness, no effect shall be given to any election by the Borrower  to measure an item of Indebtedness using fair value (as permitted by Financial Accounting  Standards Board Accounting Standards Codification 825–10–25 (formerly known as FASB 159)  or any similar accounting standard).  (b) Changes in GAAP. If at any time any change in GAAP would affect the  computation of any financial ratio or requirement set forth in any Loan Document, and either the  Borrower or the Required Lenders shall so request, the Administrative Agent, the Lenders and the  Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original  intent thereof in light of such change in GAAP (subject to the approval of the Required Lenders);  provided that, until so amended, (i) such ratio or requirement shall continue to be computed in  accordance with GAAP prior to such change therein and (ii) the Borrower shall provide to the  Administrative Agent and the Lenders financial statements and other documents required under  this Agreement or as reasonably requested hereunder setting forth a reconciliation between  calculations of such ratio or requirement made before and after giving effect to such change in  GAAP.   (c) Pro Forma Treatment. Each Disposition of all or substantially all of a line of  business, and each Acquisition, by the Borrower and its Subsidiaries that is consummated during  any fiscal period shall, for purposes of determining compliance with the financial covenants set  forth in Section 7.11 and for purposes of determining the Applicable Rate, be given Pro Forma  Effect as of the first day of such fiscal period.  1.04 Rounding.  Any financial ratios required to be maintained by the Borrower pursuant to  this Agreement shall be calculated by dividing the appropriate component by the other component, carrying  the result to one place more than the number of places by which such ratio is expressed herein and rounding  the result up or down to the nearest number (with a rounding-up if there is no nearest number).  1.05 Times of Day.  Unless otherwise specified, all references herein to times of day shall be  references to Eastern time (daylight or standard, as applicable).  

 

  43  1.06 Letter of Credit Amounts.  Unless otherwise specified herein, the amount of a Letter of  Credit at any time shall be deemed to be  the stated amount of such Letter of Credit in effect at such time;  provided, however, that with respect to any Letter of Credit that, by its terms or the terms of any Issuer  Document related thereto, provides for one or more automatic increases in the stated amount thereof, the  amount of such Letter of Credit shall be deemed to be  the maximum stated amount of such Letter of Credit  after giving effect to all such increases, whether or not such maximum stated amount is in effect at such  time.  1.07 Interest Rates.  The Administrative Agent does not warrant, nor accept responsibility, nor  shall the Administrative Agent have any liability with respect to the administration, submission or any other  matter related to the rates in the definition of “Term SOFR”, “Alternative Currency Daily Rate”,  “Alternative Currency Term Rate” or with respect to any rate (including, for the avoidance of doubt, the  selection  of such rate and any related spread or other adjustment) that is an alternative or replacement for  or successor to any such rate (including, without limitation, any Successor Rate) or the effect of any of the  foregoing, or of any Conforming Changes.  The Administrative Agent and its affiliates or other related  entities may engage in transactions or other activities that affect any reference rate referred to herein, or  any alternative, successor or replacement rate (including, without limitation, any Successor Rate) (or any  component of any of the foregoing) or any related spread or other adjustments thereto, in each case, in a  manner adverse to the Borrower.  The Administrative Agent may select information sources or services in  its reasonable discretion to ascertain any reference rate referred to herein or any alternative, successor or  replacement rate (including, without limitation, any Successor Rate) (or any component of any of the  foregoing), in each case pursuant to the terms of this Agreement, and shall have no liability to the Borrower,  any Lender or any other person or entity for damages of any kind, including direct or indirect, special,  punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or  otherwise and whether at law or in equity), for any error or other action or omission related to or affecting  the selection, determination, or calculation of any rate (or component thereof) provided by any such  information source or service.  1.08 Exchange Rates; Currency Equivalents.  (a) The Administrative Agent or the L/C Issuer, as applicable, shall determine the  Dollar Equivalent amounts of Credit Extensions and Outstanding Amounts denominated in  Alternative Currencies. Such Dollar Equivalent shall become effective as of such Revaluation Date  and shall be the Dollar Equivalent of such amounts until the next Revaluation Date to occur. Except  for purposes of financial statements delivered by Loan Parties hereunder or calculating financial  covenants hereunder or except as otherwise provided herein, the applicable amount of any currency  (other than Dollars) for purposes of the Loan Documents shall be such Dollar Equivalent amount  as so determined by the Administrative Agent or the L/C Issuer, as applicable.  (b) Wherever in this Agreement in connection with a Borrowing, conversion,  continuation or prepayment of an Alternative Currency Loan or the issuance, amendment or  extension of a Letter of Credit, an amount, such as a required minimum or multiple amount, is  expressed in Dollars, but such Borrowing, Loan or Letter of Credit is denominated in an Alternative  Currency, such amount shall be the relevant Alternative Currency Equivalent of such Dollar  amount (rounded to the nearest unit of such Alternative Currency, with 0.5 of a unit being rounded  upward), as determined by the Administrative Agent or the L/C Issuer, as the case may be.  1.09 Additional Alternative Currencies.  (a) The Borrower may from time to time request that Alternative Currency Loans be  made and/or Letters of Credit be issued in a currency other than those specifically listed in the  

 

  44  definition of “Alternative Currency”; provided that such requested currency is an Eligible  Currency. In the case of any such request with respect to the making of Alternative Currency Loans,  such request shall be subject to the approval of the Administrative Agent and each Lender; and in  the case of any such request with respect to the issuance of Letters of Credit, such request shall be  subject to the approval of the Administrative Agent and the L/C Issuer.  (b) Any such request shall be made to the Administrative Agent not later than  11:00 a.m., twenty (20) Business Days prior to the date of the desired Credit Extension (or such  other time or date as may be agreed by the Administrative Agent and, in the case of any such request  pertaining to Letters of Credit, the L/C Issuer, in its or their sole discretion). In the case of any such  request pertaining to Alternative Currency Loans, the Administrative Agent shall promptly notify  each Lender thereof; and in the case of any such request pertaining to Letters of Credit, the  Administrative Agent shall promptly notify the L/C Issuer thereof. Each Lender (in the case of any  such request pertaining to Alternative Currency Loans) or the L/C Issuer (in the case of a request  pertaining to Letters of Credit) shall notify the Administrative Agent, not later than 11:00 a.m., ten  (10) Business Days after receipt of such request whether it consents, in its sole discretion, to the  making of Alternative Currency Loans or the issuance of Letters of Credit, as the case may be, in  such requested currency.  (c) Any failure by a Lender or the L/C Issuer, as the case may be, to respond to such  request within the time period specified in the preceding sentence shall be deemed to be a refusal  by such Lender or the L/C Issuer, as the case may be, to permit Alternative Currency Loans to be  made or Letters of Credit to be issued in such requested currency. If the Administrative Agent and  all the Lenders consent to making Alternative Currency Loans in such requested currency and the  Administrative Agent and such Lenders reasonably determine that an appropriate interest rate is  available to be used for such requested currency, the Administrative Agent shall so notify the  Borrower and (i) the Administrative Agent and such Lenders may amend the definition of  Alternative Currency Daily Rate or Alternative Currency Term Rate to the extent necessary to add  the applicable rate for such currency and any applicable adjustment for such rate and (ii) to the  extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as  applicable, has been amended to reflect the appropriate rate for such currency, such currency shall  thereupon be deemed for all purposes to be an Alternative Currency for purposes of any Borrowings  of Alternative Currency Loans. If the Administrative Agent and the L/C Issuer consent to the  issuance of Letters of Credit in such requested currency, the Administrative Agent shall so notify  the Borrower and (iii) the Administrative Agent and the L/C Issuer may amend the definition of  Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, to the extent  necessary to add the applicable rate for such currency and any applicable adjustment for such rate  and (iv) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency  Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such  currency shall thereupon be deemed for all purposes to be an Alternative Currency, for purposes of  any Letter of Credit issuances. If the Administrative Agent shall fail to obtain consent to any request  for an additional currency under this Section 1.09, the Administrative Agent shall promptly so  notify the Borrower.  1.10 Change of Currency.   (a) Each obligation of the Borrower to make a payment denominated in the national  currency unit of any member state of the European Union that adopts the Euro as its lawful currency  after the date hereof shall be redenominated into Euro at the time of such adoption. If, in relation  to the currency of any such member state, the basis of accrual of interest expressed in this  Agreement in respect of that currency shall be inconsistent with any convention or practice in the  

 

  45  interbank market for the basis of accrual of interest in respect of the Euro, such expressed basis  shall be replaced by such convention or practice with effect from the date on which such member  state adopts the Euro as its lawful currency; provided that, if any Borrowing in the currency of such  member state is outstanding immediately prior to such date, such replacement shall take effect,  with respect to such Borrowing, at the end of the then current Interest Period.  (b) Each provision of this Agreement shall be subject to such reasonable changes of  construction as the Administrative Agent may from time to time specify to be appropriate to reflect  the adoption of the Euro by any member state of the European Union and any relevant market  conventions or practices relating to the Euro.  (c) Each provision of this Agreement also shall be subject to such reasonable changes  of construction as the Administrative Agent may from time to time specify to be appropriate to  reflect a change in currency of any other country and any relevant market conventions or practices  relating to the change in currency.  ARTICLE II    COMMITMENTS AND CREDIT EXTENSIONS  2.01 Loans.  (a) Term Borrowing. Subject to the terms and conditions set forth herein, (i) each  Term Lender severally agrees to make a single loan (each such loan, a “Term A Loan”) to the  Borrower, in Dollars, on the Closing Date in an amount not to exceed such Term Lender’s  Applicable Percentage of the Term A Facility; and (ii) each Term Lender severally agrees to make  up to three (3) loans (each such loan, a “Delayed Draw Term A Loan”) to the Borrower, in Dollars,  from time to time on any Business Day during the Availability Period for the Delay Draw Term A  Facility, in an aggregate amount not to exceed such Term Lender’s Applicable Percentage of the  Delayed Draw Term A Facility. Each Term Borrowing shall consist of Term Loans made  simultaneously by the Term Lenders in accordance with their respective Applicable Percentage of  the Term A Facility or the Delayed Draw Term A Facility, as applicable. Term Borrowings repaid  or prepaid may not be reborrowed. Term Loans may be Base Rate Loans or Term SOFR Loans, as  further provided herein; provided, however, any Term Borrowing made on the Closing Date or any  of the three (3) Business Days following the Closing Date shall be made as Base Rate Loans unless  the Borrower delivers a Funding Indemnity Letter not less than three (3) Business Days prior to the  date of such Term Borrowing.  (b) Revolving Borrowings. Subject to the terms and conditions set forth herein, each  Revolving Lender severally agrees to make loans (each such loan, a “Revolving Loan”) to the  Borrower, in Dollars or in one or more Alternative Currencies, from time to time, on any Business  Day during the Availability Period for the Revolving Facility, in an aggregate amount not to exceed  at any time outstanding the amount of such Lender’s Revolving Commitment; provided, however,  that after giving effect to any Revolving Borrowing, (i) the Total Revolving Outstandings shall not  exceed the Revolving Facility, (ii) the Revolving Exposure of any Lender shall not exceed such  Revolving Lender’s Revolving Commitment, and (iii) the aggregate Outstanding Amount of all  Loans denominated in Alternative Currencies shall not exceed the Alternative Currency Sublimit.  Within the limits of each Revolving Lender’s Revolving Commitment, and subject to the other  terms and conditions hereof, the Borrower may borrow Revolving Loans, prepay under Section  2.05, and reborrow under this Section 2.01(b). Revolving Loans may be Base Rate Loans, Term  SOFR Loans, Alternative Currency Daily Rate Loans or Alternative Currency Term Rate Loans,  

 

  46  as further provided herein; provided, however, any Revolving Borrowings made on the Closing  Date or any of the three (3) Business Days following the Closing Date shall be made as Base Rate  Loans unless the Borrower delivers a Funding Indemnity Letter not less than three (3) Business  Days prior to the date of such Revolving Borrowing.  2.02 Borrowings, Conversions and Continuations of Loans.  (a) Each Borrowing, each conversion of Loans from one Type to the other, and each  continuation of Term SOFR Loans or an Alternative Currency Term Rate Loan shall be made upon  the Borrower’s irrevocable notice to the Administrative Agent, which may be given by  (A) telephone or (B) a Loan Notice; provided that any telephonic notice must be confirmed  immediately by delivery to the Administrative Agent of a Loan Notice. Each such Loan Notice  must be received by the Administrative Agent not later than 11:00 a.m. (i) two Business Days prior  to the requested date of any Borrowing of, conversion to or continuation of Term SOFR Loans or  of any conversion of Term SOFR Loans to Base Rate Loans, (ii)) four Business Days (or five  Business Days in the case of Special Notice Currency) before the date of the proposed Borrowing  if such Borrowing is requested in an Alternative Currency, and (iii) on the requested date of any  Borrowing of Base Rate Loans; provided, however, that if the Borrower wishes to request Term  SOFR Loans or Alternative Currency Term Rate Loans having an Interest Period other than one,  three or six months in duration as provided in the definition of “Interest Period,” the applicable  notice must be received by the Administrative Agent not later than 11:00 a.m. five Business Days  (or six Business Days in the case of a Special Notice Currency) prior to the requested date of such  Borrowing, conversion or continuation, whereupon the Administrative Agent shall give prompt  notice to the Appropriate Lenders of such request and determine whether the requested Interest  Period is acceptable to all of them.  Not later than 11:00 a.m., three Business Days before the  requested date of such Borrowing, conversion or continuation, the Administrative Agent shall  notify the Borrower (which notice may be by telephone) whether or not the requested Interest  Period has been consented to by all the Lenders and the Administrative Agent.  Each Borrowing  of, conversion to or continuation of Term SOFR Loans or Alternative Currency Loans shall be in  a principal amount of the Dollar Equivalent of $1,000,000 or a whole multiple of the Dollar  Equivalent of $500,000 in excess thereof.  Except as provided in Sections 2.03(c) and 2.04(b), each  Borrowing of or conversion to Base Rate Loans shall be in a principal amount of $500,000 or a  whole multiple of $100,000 in excess thereof.  Each Loan Notice shall specify (i) whether the  Borrower is requesting a Borrowing, a conversion of Loans from one Type to the other, or a  continuation of Term SOFR Loans or Alternative Currency Loans, (ii) the requested date of the  Borrowing,  conversion or continuation, as the case may be (which shall be a Business Day), (iii)  the principal amount of Loans to be borrowed, converted or continued, (iv) the Type of Loans to  be borrowed or to which existing Loans are to be converted, and (v) if applicable, the duration of  the Interest Period with respect thereto.  If the Borrower fails to specify a currency in a Loan Notice  requesting a Borrowing, then the Loans so requested shall be made in Dollars.  If the Borrower  fails to specify a Type of Loan in a Loan Notice or if the Borrower fails to give a timely notice  requesting a conversion or continuation, then the applicable Loans shall be made as, or converted  to, Base Rate Loans.  Any such automatic conversion to Base Rate Loans shall be effective as of  the last day of the Interest Period then in effect with respect to the applicable Term SOFR Loans  or Alternative Currency Loans.  If the Borrower requests a Borrowing of, conversion to, or  continuation of Term SOFR Loans or Alternative Currency Loans in any such Loan Notice, but  fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one  month. Except as provided pursuant to Section 2.12(a) and 3.03, no Loan may be converted into or  continued as a Loan denominated in a different currency, but instead must be repaid in the original  currency of such Loan and reborrowed in the other currency.  

 

  47  (b) Following receipt of a Loan Notice, the Administrative Agent shall promptly  notify each Lender of the amount of its Applicable Percentage of the applicable Loans, and if no  timely notice of a conversion or continuation is provided by the Borrower, the Administrative  Agent shall notify each Lender of the details of any automatic conversion to Base Rate Loans  described in the preceding subsection.  In the case of a Borrowing, each Lender shall make the  amount of its Loan available to the Administrative Agent in Same Day Funds at the Administrative  Agent’s Office for the applicable currency not later than 1:00 p.m. in the case of Loans denominated  in Dollars, and not later than the Applicable Time in the case of an Loan denominated in an  Alternative Currency, in each case, on the Business Day specified in the applicable Loan Notice.   Upon satisfaction of the applicable conditions set forth in Section 4.02 (and, if such Borrowing is  the initial Credit Extension, Section 4.01), the Administrative Agent shall make all funds so  received available to the Borrower in like funds as received by the Administrative Agent either by  (i) crediting the account of the Borrower on the books of Bank of America with the amount of such  funds or (ii) wire transfer of such funds, in each case in accordance with instructions provided to  (and reasonably acceptable to) the Administrative Agent by the Borrower; provided, however, that  if, on the date the Loan Notice with respect to such Borrowing is given by the Borrower, there are  L/C Borrowings outstanding, then the proceeds of such Borrowing, first, shall be applied to the  payment in full of any such L/C Borrowings, and second, shall be made available to the Borrower  as provided above.  (c) Except as otherwise provided herein, a Term SOFR Loan or an Alternative  Currency Loan may be continued or converted only on the last day of an Interest Period for such  Term SOFR Loan or Alternative Currency Loan.  During the existence of a Default, no Loans may  be requested as, converted to or continued as Term SOFR Loans or Alternative Currency Loans  without the consent of the Required Lenders.  (d) The Administrative Agent shall promptly notify the Borrower and the Lenders of  the interest rate applicable to any Interest Period for Term SOFR Loans or Alternative Currency  Loans upon determination of such interest rate.  (e) After giving effect to all Borrowings, all conversions of Loans from one Type to  the other, and all continuations of Loans as the same Type, there shall not be more than seven  Interest Periods in effect with respect to Loans.  (f) Notwithstanding anything to the contrary in this Agreement, any Lender may  exchange, continue or rollover all of the portion of its Loans in connection with any refinancing,  extension, loan modification or similar transaction permitted by the terms of this Agreement,  pursuant to a cashless settlement mechanism approved by the Borrower, the Administrative Agent,  and such Lender.  (g) With respect to SOFR or Term SOFR, the Administrative Agent will have the right  to make Conforming Changes from time to time and, notwithstanding anything to the contrary  herein or in any other Loan Document, any amendments implementing such Conforming Changes  will become effective without any further action or consent of any other party to this Agreement or  any other Loan Document; provided that, with respect to any such amendment effected, the  Administrative Agent shall post each such amendment implementing such Conforming Changes to  the Borrower and the Lenders reasonably promptly after such amendment becomes effective.  

 

  48  2.03 Letters of Credit.  (a) The Letter of Credit Commitment. Subject to the terms and conditions set forth  herein, in addition to the Loans provided for in Section 2.01, the Borrower may request that the  L/C Issuer, in reliance on the agreements of the Revolving Lenders set forth in this Section 2.03,  issue, at any time and from time to time during the Availability Period, Letters of Credit  denominated in Dollars or in one or more Alternative Currencies for its own account or the account  of any of its Subsidiaries in such form as is acceptable to the L/C Issuer in its reasonable  determination. Letters of Credit issued hereunder shall constitute utilization of the Revolving  Commitments.  (b) Notice of Issuance, Amendment, Extension, Reinstatement or Renewal.   (i) To request the issuance of a Letter of Credit (or the amendment of the  terms and conditions, extension of the terms and conditions, extension of the expiration  date, or reinstatement of amounts paid, or renewal of an outstanding Letter of Credit), the  Borrower shall deliver (or transmit by electronic communication, if arrangements for doing  so have been approved by the L/C Issuer) to the L/C Issuer and to the Administrative Agent  not later than 11:00 a.m. at least two (2) Business Days (or such later date and time as the  Administrative Agent and the L/C Issuer may agree in a particular instance in their sole  discretion) prior to the proposed issuance date or date of amendment, as the case may be a  notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be  amended, extended, reinstated or renewed, and specifying the date of issuance,  amendment, extension, reinstatement or renewal (which shall be a Business Day), the date  on which such Letter of Credit is to expire (which shall comply with clause (d) of this  Section 2.03), the amount of such Letter of Credit, the name and address of the beneficiary  thereof, the purpose and nature of the requested Letter of Credit and such other information  as shall be necessary to prepare, amend, extend, reinstate or renew such Letter of Credit. If  requested by the L/C Issuer, the Borrower also shall submit a letter of credit application  and reimbursement agreement on the L/C Issuer’s standard form in connection with any  request for a Letter 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 and reimbursement agreement or other agreement submitted by the Borrower  to, or entered into by the Borrower with, the L/C Issuer relating to any Letter of Credit, the  terms and conditions of this Agreement shall control.  (ii) If the Borrower so requests in any applicable Letter of Credit Application  (or the amendment of an outstanding Letter of Credit), the L/C Issuer may, in its sole  discretion, agree to issue a Letter of Credit that has automatic extension provisions (each,  an “Auto-Extension Letter of Credit”); provided that any such Auto-Extension Letter of  Credit shall permit the L/C Issuer to prevent any such extension at least once in each  twelve-month period (commencing with the date of issuance of such Letter of Credit) by  giving prior notice to the beneficiary thereof not later than a day (the “Non-Extension  Notice Date”) in each such twelve-month period to be agreed upon by the Borrower and  the  L/C Issuer at the time such Letter of Credit is issued. Unless otherwise directed by the  L/C Issuer, the Borrower shall not be required to make a specific request to the L/C Issuer  for any such extension. Once an Auto-Extension Letter of Credit has been issued, the  Revolving Lenders shall be deemed to have authorized (but may not require) the L/C Issuer  to permit the extension of such Letter of Credit at any time to an expiration date not later  than the date permitted pursuant to Section 2.03(d); provided, that the L/C Issuer shall not  (A) permit any such extension if (1) the L/C Issuer has determined that it would not be  

 

  49  permitted, or would have no obligation, at such time to issue such Letter of Credit in its  extended form under the terms hereof (except that the expiration date may be extended to  a date that is no more than one (1) year from the then-current expiration date) or (2) it has  received notice (which may be in writing or by telephone (if promptly confirmed in  writing)) on or before the day that is seven (7) Business Days before the Non-Extension  Notice Date from the Administrative Agent that the Required Revolving Lenders have  elected not to permit such extension or (B) be obligated to permit such extension if it has  received notice (which may be in writing or by telephone (if promptly confirmed in  writing)) on or before the day that is seven (7) Business Days before the Non-Extension  Notice Date from the Administrative Agent, any Revolving Lender or the Borrower that  one or more of the applicable conditions set forth in Section 4.02 is not then satisfied, and  in each such case directing the L/C Issuer not to permit such extension.  (c) Limitations on Amounts, Issuance and Amendment. A Letter of Credit shall be  issued, amended, extended, reinstated or renewed only if (and upon issuance, amendment,  extension, reinstatement or renewal of each Letter of Credit the Borrower shall be deemed to  represent and warrant that), after giving effect to such issuance, amendment, extension,  reinstatement or renewal (w) the aggregate amount of the outstanding Letters of Credit issued by  the L/C Issuer shall not exceed its L/C Commitment, (x) the aggregate L/C Obligations shall not  exceed the L/C Sublimit, (y) the Revolving Exposure of any Lender shall not exceed its Revolving  Commitment and (z) the Total Revolving Exposure shall not exceed the total Revolving  Commitments.  (i) The L/C Issuer shall not be under any obligation to issue any Letter of  Credit if:  (A) any order, judgment or decree of any Governmental Authority or  arbitrator shall by its terms purport to enjoin or restrain the L/C Issuer from issuing  the Letter of Credit, or any Law applicable to the L/C Issuer or any request or  directive (whether or not having the force of law) from any Governmental  Authority with jurisdiction over the L/C Issuer shall prohibit, or request that the  L/C Issuer refrain from, the issuance of letters of credit generally or the Letter of  Credit in particular or shall impose upon the L/C Issuer with respect to the Letter  of Credit any restriction, reserve or capital requirement (for which the L/C Issuer  is not otherwise compensated hereunder) not in effect on the Closing Date, or shall  impose upon the L/C Issuer any unreimbursed loss, cost or expense which was not  applicable on the Closing Date and which the L/C Issuer in good faith deems  material to it;  (B) the issuance of such Letter of Credit would violate one or more  policies of the L/C Issuer applicable to letters of credit generally;  (C) except as otherwise agreed by the Administrative Agent and the  L/C Issuer, the Letter of Credit is in an initial stated amount less than $100,000;  (D) except as otherwise agreed by the Administrative Agent and the  L/C Issuer, the Letter of Credit is to be denominated in a currency other than  Dollars or an Alternative Currency;  (E) any Revolving Lender is at that time a Defaulting Lender, unless  the L/C Issuer has entered into arrangements, including the delivery of Cash  

 

  50  Collateral, satisfactory to the L/C Issuer (in its sole discretion) with the Borrower  or such Lender to eliminate the L/C Issuer’s actual or potential Fronting Exposure  (after giving effect to Section 2.15(a)(iv)) with respect to the Defaulting Lender  arising from either the Letter of Credit then proposed to be issued or that Letter of  Credit and all other L/C Obligations as to which the L/C Issuer has actual or  potential Fronting Exposure, as it may elect in its sole discretion; or  (F) the Letter of Credit contains any provisions for automatic  reinstatement of the stated amount after any drawing thereunder.  (ii) The L/C Issuer shall be under no obligation to amend any Letter of Credit  if (A) the L/C Issuer would have no obligation at such time to issue the Letter of Credit in  its amended form under the terms hereof, or (B) the beneficiary of the Letter of Credit does  not accept the proposed amendment to the Letter of Credit.  (d) Expiration Date. Each Letter of Credit shall have a stated expiration date no later  than the earlier of (ix) the date twelve (12) months after the date of the issuance of such Letter of  Credit (or, in the case of any extension of the expiration date thereof, whether automatic or by  amendment, twelve months after the then-current expiration date of such Letter of Credit) and  (x) the date that is five (5) Business Days prior to the Maturity Date.  (e) Participations.  (i) By the issuance of a Letter of Credit (or an amendment to a Letter of Credit  increasing the amount or extending the expiration date thereof), and without any further  action on the part of the L/C Issuer or the Lenders, the L/C Issuer hereby grants to each  Revolving Lender, and each Revolving Lender hereby acquires from the L/C Issuer, a  participation in such Letter of Credit equal to such Lender’s Applicable Percentage of the  aggregate amount available to be drawn under such Letter of Credit. Each Revolving  Lender acknowledges and agrees that its obligation to acquire participations pursuant to  this clause (e) in respect of Letters of Credit is absolute, unconditional and irrevocable and  shall not be affected by any circumstance whatsoever, including any amendment,  extension, reinstatement or renewal of any Letter of Credit or the occurrence and  continuance of a Default or reduction or termination of the Revolving Commitments.  (ii) In consideration and in furtherance of the foregoing, each Revolving  Lender hereby absolutely, unconditionally and irrevocably agrees to pay to the  Administrative Agent, for account of the L/C Issuer, such Lender’s Applicable Percentage  of each L/C Disbursement made by the L/C Issuer not later than 1:00 p.m. on the Business  Day specified in the notice provided by the Administrative Agent to the Revolving Lenders  pursuant to Section 2.03(f) until such L/C Disbursement is reimbursed by the Borrower or  at any time after any reimbursement payment is required to be refunded to the Borrower  for any reason, including after the Maturity Date. Such payment shall be made without any  offset, abatement, withholding or reduction whatsoever. Each such payment shall be made  in the same manner as provided in Section 2.02 with respect to Loans made by such Lender  (and Section 2.02 shall apply, mutatis mutandis, to the payment obligations of the  Revolving Lenders pursuant to this Section 2.03), and the Administrative Agent shall  promptly pay to the L/C Issuer the amounts so received by it from the Lenders. Promptly  following receipt by the Administrative Agent of any payment from the Borrower pursuant  to Section 2.03(f), the Administrative Agent shall distribute such payment to the L/C Issuer  or, to the extent that the Revolving Lenders have made payments pursuant to this clause  

 

  51  (e) to reimburse the L/C Issuer, then to such Lenders and the L/C Issuer as their interests  may appear. Any payment made by a Lender pursuant to this clause (e) to reimburse the  L/C Issuer for any L/C Disbursement shall not constitute a Loan and shall not relieve the  Borrower of its obligation to reimburse such L/C Disbursement.  (iii) Each Revolving Lender further acknowledges and agrees that its  participation in each Letter of Credit will be automatically adjusted to reflect such Lender’s  Applicable Percentage of the aggregate amount available to be drawn under such Letter of  Credit at each time such Lender’s Commitment is amended pursuant to the operation of  Sections 2.16, as a result of an assignment in accordance with Section 11.06, or otherwise  pursuant to this Agreement.  (iv) If any Revolving Lender fails to make available to the Administrative  Agent for the account of the L/C Issuer any amount required to be paid by such Lender  pursuant to the foregoing provisions of this Section 2.03(e), then, without limiting the other  provisions of this Agreement, the L/C Issuer shall be entitled to recover from such Lender  (acting through the Administrative Agent), on demand, such amount with interest thereon  for the period from the date such payment is required to the date on which such payment  is immediately available to the L/C Issuer at a rate per annum equal to the greater of the  applicable Overnight Rate and a rate determined by the L/C Issuer in accordance with  banking industry rules on interbank compensation, plus any administrative, processing or  similar fees customarily charged by the L/C Issuer in connection with the foregoing. If  such Lender pays such amount (with interest and fees as aforesaid), the amount so paid  shall constitute such Lender’s Revolving Loan included in the relevant Revolving  Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be.  A certificate of the L/C Issuer submitted to any Revolving Lender (through the  Administrative Agent) with respect to any amounts owing under this clause (e)(iv) shall be  conclusive absent manifest error.  (f) Reimbursement. If the L/C Issuer shall make any L/C Disbursement in respect of  a Letter of Credit, the Borrower shall reimburse the L/C Issuer in respect of such L/C Disbursement  by paying to the Administrative Agent an amount equal to such L/C Disbursement.  In the case of  a Letter of Credit denominated in an Alternative Currency, the Borrower shall reimburse the L/C  Issuer in such Alternative Currency, unless (A) the L/C Issuer (at its option) shall have specified in  such notice that it will require reimbursement in Dollars, or (B) in the absence of any such  requirement for reimbursement in Dollars, the Borrower shall have notified the L/C Issuer promptly  following receipt of the notice of drawing that the Borrower will reimburse the L/C Issuer in  Dollars.  In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit  denominated in an Alternative Currency, the L/C Issuer shall notify the Borrower of the Dollar  Equivalent of the amount of the drawing promptly following the determination thereof.  Not later  than 11:00 a.m. on the date of any payment by the L/C Issuer under a Letter of Credit to be  reimbursed in Dollars, or the Applicable Time on the date of any payment by the L/C Issuer under  a Letter of Credit to be reimbursed in an Alternative Currency (each such date, an “Honor Date”),  the Borrower shall reimburse the L/C Issuer through the Administrative Agent in an amount equal  to the amount of such drawing and the applicable currency (each such obligation of the Borrower,  a “Reimbursement Obligation”).  In the event that (C) a drawing denominated in an Alternative  Currency is to be reimbursed in Dollars pursuant to the second sentence in this Section 2.03(f) and  (D) the Dollar amount paid by the Borrower, whether on or after the Honor Date, shall not be  adequate on the date of that payment to purchase in accordance with normal banking procedures a  sum denominated in the Alternative Currency equal to the drawing, the Borrower agrees, as a  separate and independent obligation, to indemnify the L/C Issuer for the loss resulting from its  

 

  52  inability on that date to purchase the Alternative Currency in the full amount of the drawing.  If the  Borrower fails to timely reimburse the L/C Issuer on the Honor Date, the Administrative Agent  shall promptly notify each Revolving Lender of the Honor Date, the amount of the unreimbursed  drawing (expressed in Dollars in the amount of the Dollar Equivalent thereof in the case of a Letter  of Credit denominated in an Alternative Currency) (the “Unreimbursed Amount”), and the amount  of such Revolving Lender’s Applicable Percentage thereof.  Promptly upon receipt of such notice,  each Revolving Lender shall pay to the Administrative Agent its Applicable Percentage of the  Unreimbursed Amount pursuant to Section 2.03(e)(ii), subject to the amount of the unutilized  portion of the aggregate Revolving Commitments. Any notice given by the L/C Issuer or the  Administrative Agent pursuant to this Section 2.03(f) may be given by telephone if immediately  confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the  conclusiveness or binding effect of such notice.  (g) Obligations Absolute. The Borrower’s obligation to reimburse L/C Disbursements  as provided in clause (f) of this Section 2.03 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 this Agreement, any other Loan  Document or any Letter of Credit, or any term or provision herein or therein;  (ii) the existence of any claim, counterclaim, setoff, defense or other right that  the Borrower or any Subsidiary may have at any time against any beneficiary or any  transferee of such Letter of Credit (or any Person for whom any such beneficiary or any  such transferee may be acting), the L/C Issuer or any other Person, whether in connection  with this Agreement, the transactions contemplated hereby or by such Letter of Credit or  any agreement or instrument relating thereto, or any unrelated transaction;  (iii) any draft, demand, certificate or other document presented under such  Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or  any statement in such draft or other document being untrue or inaccurate in any respect; or  any loss or delay in the transmission or otherwise of any document required in order to  make a drawing under such Letter of Credit;  (iv) waiver by the L/C Issuer of any requirement that exists for the L/C Issuer’s  protection and not the protection of the Borrower or any waiver by the L/C Issuer which  does not in fact materially prejudice the Borrower;  (v) honor of a demand for payment presented electronically even if such Letter  of Credit required that demand be in the form of a draft;  (vi) any payment made by the L/C Issuer in respect of an otherwise complying  item presented after the date specified as the expiration date of, or the date by which  documents must be received under such Letter of Credit if presentation after such date is  authorized by the UCC, the ISP or the UCP, as applicable;  (vii) any payment by the L/C Issuer under a Letter of Credit against  presentation of a draft or other document that does not comply strictly with the terms of  such Letter of Credit; or any payment made by the L/C Issuer under such Letter of Credit  to any Person purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for  the benefit of creditors, liquidator, receiver or other representative of or successor to any  

 

  53  beneficiary or any transferee of such Letter of Credit, including any arising in connection  with any proceeding under any Debtor Relief Law;  (viii) any adverse change in the relevant exchange rates or in the availability of  the relevant Alternative Currency to the Borrower or any Subsidiary or in the relevant  currency markets generally; or  (ix) any other event or circumstance whatsoever, whether or not similar to any  of the foregoing, that might, but for the provisions of this Section 2.03, constitute a legal  or equitable discharge of, or provide a right of setoff against, the Borrower’s obligations  hereunder.  (h) Examination. The Borrower shall promptly examine a copy of each Letter of Credit  and each amendment thereto that is delivered to it and, in the event of any claim of noncompliance  with the Borrower’s instructions or other irregularity, the Borrower will immediately notify the L/C  Issuer. The Borrower shall be conclusively deemed to have waived any such claim against the L/C  Issuer and its correspondents unless such notice is given as aforesaid.  (i) Liability. None of the Administrative Agent, the Lenders, the L/C Issuer, or 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 by the L/C Issuer 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, any error in translation  or any consequence arising from causes beyond the control of the L/C Issuer; provided that the  foregoing shall not be construed to excuse the L/C Issuer from liability to the Borrower to the extent  of any direct damages (as opposed to consequential 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 the L/C 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 the L/C  Issuer (as finally determined by a court of competent jurisdiction), the L/C Issuer shall be deemed  to have exercised care in each such determination, and that:  (i) the L/C Issuer may replace a purportedly lost, stolen, or destroyed original  Letter of Credit or missing amendment thereto with a certified true copy marked as such  or waive a requirement for its presentation;  (ii) the L/C Issuer may accept documents that appear on their face to be in  substantial compliance with the terms of a Letter of Credit without responsibility for further  investigation, regardless of any notice or information to the contrary, and may make  payment upon presentation of documents that appear on their face to be in substantial  compliance with the terms of such Letter of Credit and without regard to any non- documentary condition in such Letter of Credit;  (iii) the L/C Issuer shall have the right, in its sole discretion, to decline to accept  such documents and to make such payment if such documents are not in strict compliance  with the terms of such Letter of Credit; and  

 

  54  (iv) this sentence shall establish the standard of care to be exercised by the L/C  Issuer when determining whether drafts and other documents presented under a Letter of  Credit comply with the terms thereof (and the parties hereto hereby waive, to the extent  permitted by Applicable Law, any standard of care inconsistent with the foregoing).  Without limiting the foregoing, none of the Administrative Agent, the Lenders, the L/C  Issuer, or any of their Related Parties shall have any liability or responsibility by reason of  (A) any presentation that includes forged or fraudulent documents or that is otherwise  affected by the fraudulent, bad faith, or illegal conduct of the beneficiary or other Person,  (B) the L/C Issuer declining to take-up documents and make payment, (C) against  documents that are fraudulent, forged, or for other reasons by which that it is entitled not  to honor, (D) following a Borrower’s waiver of discrepancies with respect to such  documents or request for honor of such documents or (E) the L/C Issuer retaining proceeds  of a Letter of Credit based on an apparently applicable attachment order, blocking  regulation, or third-party claim notified to the L/C Issuer.  (j) Applicability of ISP and UCP. Unless otherwise expressly agreed by the L/C Issuer  and the Borrower when a Letter of Credit is issued by it (including any such agreement applicable  to an Existing Letter of Credit), (i) the rules of the ISP shall apply to each standby Letter of Credit,  and (ii) the rules of the UCP shall apply to each commercial Letter of Credit. Notwithstanding the  foregoing, the L/C Issuer shall not be responsible to the Borrower for, and the L/C Issuer’s rights  and remedies against the Borrower shall not be impaired by, any action or inaction of the L/C Issuer  required or permitted under any law, order, or practice that is required or permitted to be applied to  any Letter of Credit or this Agreement, including the Law or any order of a jurisdiction where the  L/C Issuer or the beneficiary is located, the practice stated in the ISP or UCP, as applicable, or in  the decisions, opinions, practice statements, or official commentary of the ICC Banking  Commission, the Bankers Association for Finance and Trade – International Financial Services  Association (BAFT-IFSA), or the Institute of International Banking Law & Practice, whether or  not any Letter of Credit chooses such law or practice.  (k) Benefits. The L/C Issuer shall act on behalf of the Lenders with respect to any  Letters of Credit issued by it and the documents associated therewith, and the L/C Issuer shall have  all of the benefits and immunities (i) provided to the Administrative Agent in Article IX with  respect to any acts taken or omissions suffered by the L/C Issuer in connection with Letters of  Credit issued by it or proposed to be issued by it and Issuer Documents pertaining to such Letters  of Credit as fully as if the term “Administrative Agent” as used in Article IX included the L/C  Issuer with respect to such acts or omissions, and (ii) as additionally provided herein with respect  to the L/C Issuer.  (l) Letter of Credit Fees. The Borrower shall pay to the Administrative Agent for the  account of each Revolving Lender in accordance with its Applicable Revolving Percentage a Letter  of Credit fee (the “Letter of Credit Fee”) for each Letter of Credit equal to the Applicable Rate  times the daily amount available to be drawn under such Letter of Credit. For purposes of  computing the daily amount available to be drawn under any Letter of Credit, the amount of such  Letter of Credit shall be determined in accordance with Section 1.06. Letter of Credit Fees shall be  (i) payable in arrears on the first Business Day following the end of each March, June, September  and December, commencing with the first such date to occur after the issuance of such Letter of  Credit  and (ii) accrued through and including the last day of each calendar quarter in arrears. If  there is any change in the Applicable Rate during any quarter, the daily amount available to be  drawn under each Letter of Credit shall be computed and multiplied by the Applicable Rate  separately for each period during such quarter that such Applicable Rate was in effect.  

 

  55  Notwithstanding anything to the contrary contained herein, upon the request of the Required  Revolving Lenders, while any Event of Default exists, all Letter of Credit Fees shall accrue at the  Default Rate.  (m) Fronting Fee and Documentary and Processing Charges Payable to L/C Issuer. The  Borrower shall pay directly to the L/C Issuer for its own account a fronting fee with respect to each  Letter of Credit, at the rate per annum equal to the percentage separately agreed upon between the  Borrower and the L/C Issuer, computed on the daily amount available to be drawn under such Letter  of Credit on a quarterly basis in arrears. Such fronting fee shall be due and payable no later than  the tenth Business Day after the end of each March, June, September and December in the most  recently- ended quarterly period (or portion thereof, in the case of the first payment), commencing  with the first such date to occur after the issuance of such Letter of Credit, on the Maturity Date  and thereafter on demand. For purposes of computing the daily amount available to be drawn under  any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with  Section 1.06. In addition, the Borrower shall pay directly to the L/C Issuer for its own account, in  Dollars the customary issuance, presentation, amendment and other processing fees, and other  standard costs and charges, of the L/C Issuer relating to letters of credit as from time to time in  effect. Such customary fees and standard costs and charges are due and payable on demand and are  nonrefundable.  (n) Disbursement Procedures. The L/C Issuer for any Letter of Credit shall, within the  time allowed by Applicable Laws or the specific terms of the Letter of Credit following its receipt  thereof, examine all documents purporting to represent a demand for payment under such Letter of  Credit. The L/C Issuer shall promptly after such examination notify the Administrative Agent and  the Borrower in writing of such demand for payment if the L/C Issuer has made or will make an  L/C Disbursement thereunder; provided that any failure to give or delay in giving such notice shall  not relieve the Borrower of its obligation to reimburse the L/C Issuer and the Lenders with respect  to any such L/C Disbursement.  (o) Interim Interest. If the L/C Issuer for any standby Letter of Credit shall make any  L/C Disbursement, then, unless the Borrower shall reimburse such L/C Disbursement in full on the  date such L/C Disbursement is made, the unpaid amount thereof shall bear interest, for each day  from and including the date such L/C Disbursement is made to but excluding the date that the  Borrower reimburses such L/C Disbursement, at the rate per annum then applicable to Base Rate  Loans; provided that if the Borrower fails to reimburse such L/C Disbursement when due pursuant  to clause (f) of this Section 2.03, then Section 2.08(b) shall apply. Interest accrued pursuant to this  clause (o) shall be for account of the L/C Issuer, except that interest accrued on and after the date  of payment by any Lender pursuant to clause (f) of this Section 2.03 to reimburse the L/C Issuer  shall be for account of such Lender to the extent of such payment.  (p) Replacement of the L/C Issuer. The L/C Issuer may be replaced at any time by  written agreement between the Borrower, the Administrative Agent, the replaced L/C Issuer and  the successor L/C Issuer. The Administrative Agent shall notify the Lenders of any such  replacement of the L/C Issuer. At the time any such replacement shall become effective, the  Borrower shall pay all unpaid fees accrued for the account of the replaced L/C Issuer pursuant to  Section 2.03(l). From and after the effective date of any such replacement, (i) the successor L/C  Issuer shall have all the rights and obligations of an L/C Issuer under this Agreement with respect  to Letters of Credit to be issued by it thereafter and (ii) references herein to the term “L/C Issuer”  shall be deemed to include such successor or any previous L/C Issuer, or such successor and all  previous L/C Issuer, as the context shall require. After the replacement of the L/C Issuer hereunder,  the replaced L/C Issuer shall remain a party hereto and shall continue to have all the rights and  

 

  56  obligations of an L/C Issuer under this Agreement with respect to Letters of Credit issued by it  prior to such replacement, but shall not be required to issue additional Letters of Credit.  (q) Cash Collateralization.  (i) 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  Revolving Lenders demanding the deposit of Cash Collateral pursuant to this clause (q),  the Borrower shall immediately deposit into an account established and maintained on the  books and records of the Administrative Agent (the “Collateral Account”) an amount in  cash equal to the Minimum Collateral Amount 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 clause (g) or clause (h) of Section 8.01. Such  deposit shall be held by the Administrative Agent as collateral for the payment and  performance of the obligations of the Borrower under this Agreement. In addition, and  without limiting the foregoing or clause (d) of this Section 2.03, if any L/C Obligations  remain outstanding after the expiration date specified in said clause (d), the Borrower shall  immediately deposit into the Collateral Account an amount in cash equal to the Minimum  Collateral Amount as of such date plus any accrued and unpaid interest thereon.  (ii) The Administrative Agent shall have exclusive dominion and control,  including the exclusive right of withdrawal, over the Collateral Account. Other than any  interest earned on the investment of such deposits, which investments shall be made at the  option and sole discretion of the Administrative Agent 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 the Collateral Account. Moneys in the Collateral Account shall be  applied by the Administrative Agent to reimburse the L/C Issuer for L/C Disbursements  for which it has not been reimbursed, together with related fees, costs, and customary  processing charges, and, to the extent not so applied, shall be held for the satisfaction of  the reimbursement obligations of the Borrower for the L/C Obligations at such time or, if  the maturity of the Loans has been accelerated, be applied to satisfy other obligations of  the Borrower under this Agreement. 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.  (r) Letters of Credit Issued for Subsidiaries. Notwithstanding that a Letter of Credit  issued or outstanding hereunder is in support of any obligations of, or is for the account of, a  Subsidiary, the Borrower shall be obligated to reimburse, indemnify and compensate the L/C Issuer  hereunder for any and all drawings under such Letter of Credit as if such Letter of Credit had been  issues solely for the account of the Borrower. The Borrower irrevocably waives any and all defenses  that might otherwise be available to it as a guarantor or surety of any or all of the obligations of  such Subsidiary in respect of such Letter of Credit. The Borrower hereby acknowledges that the  issuance of Letters of Credit for the account of Subsidiaries inures to the benefit of the Borrower,  and that the Borrower’s business derives substantial benefits from the businesses of such  Subsidiaries.  

 

  57  (s) Confirmation of Existing Letters of Credit Issued Under Prior Credit Agreement.   All Existing Letters of Credit (including those issued under the Prior Credit Agreement)  outstanding on the Closing Date shall be deemed to be Letters of Credit issued hereunder.  (t) Conflict with Issuer Documents. In the event of any conflict between the terms  hereof and the terms of any Issuer Document, the terms hereof shall control.  2.04 Swingline Loans.   (a) The Swingline. Subject to the terms and conditions set forth herein, the Swingline  Lender, in reliance upon the agreements of the other Lenders set forth in this Section 2.04, may in  its sole discretion make loans to the Borrower (each such loan, a “Swingline Loan”). Each such  Swingline Loan may be made, subject to the terms and conditions set forth herein, to the Borrower,  in Dollars, from time to time on any Business Day during the Availability Period in an aggregate  amount not to exceed at any time outstanding the amount of the Swingline Sublimit; provided,  however, that (i) after giving effect to any Swingline Loan, (A) the Total Revolving Outstandings  shall not exceed the Revolving Facility at such time, (B) the Revolving Exposure of any Revolving  Lender at such time shall not exceed such Lender’s Revolving Commitment and (C) the aggregate  amount of all Swingline Loans outstanding shall not exceed the Swingline Commitment of the  Swingline Lender, (ii) the Borrower shall not use the proceeds of any Swingline Loan to refinance  any outstanding Swingline Loan, and (iii) the Swingline Lender shall not be under any obligation  to make any Swingline Loan if it shall determine (which determination shall be conclusive and  binding absent manifest error) that it has, or by such Credit Extension may have, Fronting  Exposure. Within the foregoing limits, and subject to the other terms and conditions hereof, the  Borrower may borrow under this Section 2.04, prepay under Section 2.05, and reborrow under this  Section 2.04. Each Swingline Loan shall bear interest only at a rate based on the Base Rate plus the  Applicable Rate. Immediately upon the making of a Swingline Loan, each Revolving Lender shall  be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Swingline  Lender a risk participation in such Swingline Loan in an amount equal to the product of such  Revolving Lender’s Applicable Revolving Percentage times the amount of such Swingline Loan.  (b) Borrowing Procedures. Each Swingline Borrowing shall be made upon the  Borrower’s irrevocable notice to the Swingline Lender and the Administrative Agent, which may  be given by: (ii) telephone or (iii) a Swingline Loan Notice; provided that any telephonic notice  must be confirmed immediately by delivery to the Swingline Lender and the Administrative Agent  of a Swingline Loan Notice. Each such Swingline Loan Notice must be received by the Swingline  Lender and the Administrative Agent not later than 1:00 p.m. on the requested borrowing date, and  shall specify (A) the amount to be borrowed, which shall be in an aggregate amount at least equal  to $100,000 or any greater multiple of $100,000, and (B) the requested date of the Borrowing  (which shall be a Business Day). Promptly after receipt by the Swingline Lender of any Swingline  Loan Notice, the Swingline Lender will confirm with the Administrative Agent (by telephone or in  writing) that the Administrative Agent has also received such Swingline Loan Notice and, if not,  the Swingline Lender will notify the Administrative Agent (by telephone or in writing) of the  contents thereof. Unless the Swingline Lender has received notice (by telephone or in writing) from  the Administrative Agent (including at the request of any Revolving Lender) prior to 2:00 p.m. on  the date of the proposed Swingline Borrowing (1) directing the Swingline Lender not to make such  Swingline Loan as a result of the limitations set forth in the first proviso to the first sentence of  Section 2.04(a), or (2) that one or more of the applicable conditions specified in Article IV is not  then satisfied, then, subject to the terms and conditions hereof, the  Swingline Lender will, not later  than 3:00 p.m. on the borrowing date specified in such Swingline Loan Notice, make the amount  

 

  58  of its Swingline Loan available to the Borrower at its office by crediting the account of the  Borrower on the books of the Swingline Lender in Same Day Funds.  (c) Refinancing of Swingline Loans.  (i) The Swingline Lender at any time in its sole and absolute discretion may  request, on behalf of the Borrower (which hereby irrevocably authorizes the Swingline  Lender to so request on its behalf), that each Revolving Lender make a Base Rate Loan in  an amount equal to such Lender’s Applicable Revolving Percentage of the amount of  Swingline Loans then outstanding. Such request shall be made in writing (which written  request shall be deemed to be a Loan Notice for purposes hereof) and in accordance with  the requirements of Section 2.02, without regard to the minimum and multiples specified  therein for the principal amount of Base Rate Loans, but subject to the unutilized portion  of the Revolving Facility and the conditions set forth in Section 4.02. The Swingline  Lender shall furnish the Borrower with a copy of the applicable Loan Notice promptly after  delivering such notice to the Administrative Agent. Each Revolving Lender shall make an  amount equal to its Applicable Revolving Percentage of the amount specified in such Loan  Notice available to the Administrative Agent in immediately available funds (and the  Administrative Agent may apply Cash Collateral available with respect to the applicable  Swingline Loan) for the account of the Swingline Lender at the Administrative Agent’s  Office not later than 1:00 p.m. on the day specified in such Loan Notice, whereupon,  subject to Section 2.04(c)(ii), each Revolving Lender that so makes funds available shall  be deemed to have made a Base Rate Loan to the Borrower in such amount. The  Administrative Agent shall remit the funds so received to the Swingline Lender.  (ii) Notwithstanding anything to the contrary in the foregoing, if for any  reason any Swingline Loan cannot be refinanced by such a Revolving Borrowing in  accordance with Section 2.04(c)(i) (including, without limitation, the failure to satisfy the  conditions set forth in Section 4.02), the request for Base Rate Loans submitted by the  Swingline Lender as set forth herein shall be deemed to be a request by the Swingline  Lender that each of the Revolving Lenders fund its risk participation in the relevant  Swingline Loan and each Revolving Lender’s payment to the Administrative Agent for the  account of the Swingline Lender pursuant to Section 2.04(c)(i) shall be deemed payment  in respect of such participation.  (iii) If any Revolving Lender fails to make available to the Administrative  Agent for the account of the Swingline Lender any amount required to be paid by such  Lender pursuant to the foregoing provisions of this Section 2.04(c) by the time specified in  Section 2.04(c)(i), the Swingline Lender shall be entitled to recover from such Lender  (acting through the Administrative Agent), on demand, such amount with interest thereon  for the period from the date such payment is required to the date on which such payment  is immediately available to the Swingline Lender at a rate per annum equal to the applicable  Overnight Rate from time to time in effect, plus any administrative, processing or similar  fees customarily charged by the Swingline Lender in connection with the foregoing. If such  Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall  constitute such Lender’s Revolving Loan included in the relevant Revolving Borrowing or  funded participation in the relevant Swingline Loan, as the case may be. A certificate of  the Swingline Lender submitted to any Lender (through the Administrative Agent) with  respect to any amounts owing under this clause (c)(iii) shall be conclusive absent manifest  error.  

 

  59  (iv) Each Revolving Lender’s obligation to make Revolving Loans or to  purchase and fund risk participations in Swingline Loans pursuant to this Section 2.04(c)  shall be absolute and unconditional and shall not be affected by any circumstance,  including (A) any setoff, counterclaim, recoupment, defense or other right which such  Lender may have against the Swingline Lender, the Borrower or any other Person for any  reason whatsoever, (B) the occurrence or continuance of a Default or (C) any other  occurrence, event or condition, whether or not similar to any of the foregoing; provided,  however, that each Revolving Lender’s obligation to make Revolving Loans pursuant to  this Section 2.04(c) is subject to the conditions set forth in Section 4.02 (other than delivery  by the Borrower of a Loan Notice). No such funding of risk participations shall relieve or  otherwise impair the obligation of the Borrower to repay Swingline Loans, together with  interest as provided herein.  (d) Repayment of Participations.  (i) At any time after any Revolving Lender has purchased and funded a risk  participation in a Swingline Loan, if the Swingline Lender receives any payment on  account of such Swingline Loan, the Swingline Lender will distribute to such Revolving  Lender its Applicable Revolving Percentage thereof in the same funds as those received by  the Swingline Lender.  (ii) If any payment received by the Swingline Lender in respect of principal  or interest on any Swingline Loan is required to be returned by the Swingline Lender under  any of the circumstances described in Section 11.05 (including pursuant to any settlement  entered into by the Swingline Lender in its discretion), each Revolving Lender shall pay to  the Swingline Lender its Applicable Revolving Percentage thereof on demand of the  Administrative Agent, plus interest thereon from the date of such demand to the date such  amount is returned, at a rate per annum equal to the applicable Overnight Rate. The  Administrative Agent will make such demand upon the request of the Swingline Lender.  The obligations of the Lenders under this clause shall survive the payment in full of the  Obligations and the termination of this Agreement.  (e) Interest for Account of Swingline Lender. The Swingline Lender shall be  responsible for invoicing the Borrower for interest on the Swingline Loans. Until each Revolving  Lender funds its Base Rate Loan or risk participation pursuant to this Section 2.04 to refinance such  Revolving Lender’s Applicable Revolving Percentage of any Swingline Loan, interest in respect  of such Applicable Revolving Percentage shall be solely for the account of the Swingline Lender.  (f) Payments Directly to Swingline Lender. The Borrower shall make all payments of  principal and interest in respect of the Swingline Loans directly to the Swingline Lender.  2.05 Prepayments.  (a) Optional.  (i) The Borrower may, upon notice to the Administrative Agent pursuant to  delivery to the Administrative Agent of a Notice of Loan Prepayment, at any time or from  time to time voluntarily prepay Term Loans and Revolving Loans in whole or in part  without premium or penalty; provided that, unless otherwise agreed by the Administrative  Agent, (i) such notice must be received by the Administrative Agent not later than 11:00  a.m. (A) three (3) Business Days prior to any date of prepayment of Term SOFR Loans  

 

  60  denominated in Dollars, (B) four (4) Business Days prior to any date of prepayment for  Alternative Currency Loans (five Business Days in the case of prepayment of Loans  denominated in Special Notice Currencies) and (C) on the date of prepayment of Base Rate  Loans; (ii) any prepayment of Term SOFR Loans or Alternative Currency Loans shall be  in a principal amount of $1,000,000 or a whole multiple of $500,000 in excess thereof; and  (iii) any prepayment of Base Rate Loans shall be in a principal amount of $500,000 or a  whole multiple of $100,000 in excess thereof or, in each case, if less, the entire principal  amount thereof then outstanding.  Each such notice shall specify the date, the currency and  amount of such prepayment and the Type(s) of Loans to be prepaid and, if Term SOFR  Loans or Alternative Currency Loans are to be prepaid, the Interest Period(s) of such  Loans.  The Administrative Agent will promptly notify each Lender of its receipt of each  such notice, and of the amount of such Lender’s Applicable Percentage of such  prepayment.  If such notice is given by the Borrower, the Borrower shall make such  prepayment and the payment amount specified in such notice shall be due and payable on  the date specified therein.  Any prepayment of any Term SOFR Loan or Alternative  Currency Term Rate Loan shall be accompanied by all accrued interest on the amount  prepaid, together with any additional amounts required pursuant to Section 3.05.  Each  prepayment of the outstanding Term A Loans pursuant to this Section 2.05(a) shall be  applied to the principal repayment installments thereof in inverse order of maturity.   Subject to Section 2.15, each such prepayment shall be applied to the Loans of the Lenders  in accordance with their respective Applicable Percentages in respect of each of the  Relevant Facilities.  (ii) The Borrower may, upon notice to the Swingline Lender pursuant to  delivery to the Swingline Lender of a Notice of Loan Prepayment (with a copy to the  Administrative Agent), at any time or from time to time, voluntarily prepay Swingline  Loans in whole or in part without premium or penalty; provided that, unless otherwise  agreed by the Swingline Lender, (A) such notice must be received by the  Swingline Lender  and the Administrative Agent not later than 1:00 p.m. on the date of the prepayment, and  (B) any such prepayment shall be in a minimum principal amount of $100,000 or a whole  multiple of $100,000 in excess hereof (or, if less, the entire principal thereof then  outstanding). Each such notice shall specify the date and amount of such prepayment. If  such notice is given by the Borrower, the Borrower shall make such prepayment and the  payment amount specified in such notice shall be due and payable on the date specified  therein. Any prepayment of principal shall be accompanied by all accrued interest on the  amount prepaid, together with any additional amounts required pursuant to Section 3.05.  (b) Mandatory Prepayments.  The Borrower shall be obligated to, and shall, make  prepayments of the Loans hereunder as follows:  (i) Incurrence of Debt.  Without limiting the obligation of the Borrower to  obtain the consent of the Required Lenders to any incurrence of Indebtedness not otherwise  permitted hereunder, the Borrower agrees, on the closing of any incurrence of Indebtedness  by any Loan Party (other than Indebtedness permitted pursuant to Section 7.01) to prepay  the Loans hereunder (and provide Cash Collateral for L/C Obligations, if applicable, as  specified in Section 2.05(c) and Section 2.14), upon the date of such incurrence of  Indebtedness, in an aggregate amount equal to 100% of the amount of the Net Cash  Payments from such incurrence of Indebtedness received by any Loan Party, such  prepayment to be effected in each case in the manner and to the extent specified in  Section 2.05(c) below.  

 

  61  (ii) Sale of Assets.  Without limiting the obligation of the Borrower to obtain  the consent of the Required Lenders to any Disposition not otherwise permitted hereunder,  the Borrower agrees, on or prior to the occurrence of any Disposition by any Loan Party,  the Net Cash Proceeds from which would exceed $5,000,000 individually or $10,000,000  in the aggregate after the Closing Date (as used in this section, the “Max NCPs”) to deliver  to the Administrative Agent a statement certified by a Responsible Officer of the Borrower,  in form and detail reasonably satisfactory to the Administrative Agent, of the estimated  amount of the Net Cash Payments of such Disposition that will (on the date of such  Disposition) be received by any Loan Party in cash, indicating on such certificate, whether  the Borrower intends to reinvest such Net Cash Payments (to the extent Net Cash Payments  from Dispositions do not exceed the Max NCPs) or will be prepaying the Loans, as  hereinafter provided, and the Borrower will be obligated to either (A) cause the applicable  Loan Party to reinvest such Net Cash Payments (to the extent Net Cash Payments from  Dispositions do not exceed the Max NCPs) within 180 days after receipt (or, if within such  180 day period the Borrower or any Loan Party enters into contracts related to the  reinvestment of such Net Cash Payments, such longer period not to exceed 365 days after  the original date of receipt of such Net Cash Payments as is contemplated by such  contracts) into replacement assets or the repair of existing assets or other assets useful to  the business of the Borrower or (B) to the extent such Net Cash Payments exceed the Max  NCPs, prepay the Loans hereunder (and provide Cash Collateral for L/C Obligations, if  applicable, as specified in Section 2.05(c) and Section 2.14 in an amount equal to 102% of  such L/C Obligations), as follows:  (x) upon the date of such Disposition, or on the date (the  “Reinvestment Date”) which is 180 days after such date (or such longer period not  to exceed 365 days as contemplated by contracts related to the reinvestment of  such Net Cash Payments) if the Borrower had indicated on the certificate delivered  as hereinabove required that it intended to reinvest the Net Cash Payments of such  Disposition, in an aggregate amount equal to 100% of the amount of such Net Cash  Payments, to the extent received by any Loan Party in cash on the date of such  Disposition or, if applicable, the Reinvestment Date to the extent of any Net Cash  Payments not so reinvested; and  (y) thereafter, quarterly, on the date of the delivery by the Borrower  to the Administrative Agent pursuant to Section 6.01 of the financial statements  for any quarterly fiscal period or fiscal year, to the extent any Loan Party shall  receive Net Cash Payments during the quarterly fiscal period ending on the date of  such financial statements in cash under deferred payment arrangements or  Investments entered into or received in connection with any Disposition, an  amount equal to (A) 100% of the aggregate amount of such Net Cash Payments  minus (B) any transaction expenses associated with Dispositions and not  previously deducted in the determination of Net Cash Payments plus (or minus, as  the case may be) (C) any other adjustment received or paid by any Loan Party  pursuant to the respective agreements giving rise to Dispositions and not  previously taken into account in the determination of the Net Cash Payments.  Prepayments of Loans (and Cash Collateral for L/C Obligations) shall be effected in each case in the manner  and to the extent specified in paragraph (c) of this Section 2.05; provided that if at the time of any such  Disposition a Default shall have occurred and be continuing, the Loan Parties shall not have the right to  reinvest any Net Cash Payments and shall instead prepay the Loans by 100% of the amount of Net Cash  Payments received from such Disposition.  

 

  62  (iii) Proceeds of Casualty Events.  Upon the date 180 days following the receipt  by any Loan Party (or, if within such 180 day period any Loan Party enters into contracts  related to the reinvestment of such Net Cash Payments, such longer period not to exceed  365 days after the original date of receipt of such Net Cash Payments as is contemplated  by such contracts) of the proceeds of insurance, condemnation award or other  compensation in respect of any Casualty Event affecting any property of any Loan Party  (or upon such earlier date as such Loan Party, as the case may be, shall have determined  not to repair or replace the property affected by such Casualty Event), except to the extent  Net Cash Payments from Casualty Events do not exceed $2,500,000 in the aggregate after  the Closing Date, the Borrower shall prepay the Loans (and provide Cash Collateral for  L/C Obligations as specified in Section 2.14), in an aggregate amount, if any, equal to  100% of the Net Cash Payments from such Casualty Event not theretofore applied or  committed to be applied to the repair or replacement of such property (it being understood  that if Net Cash Payments committed to be applied are not in fact applied within 180 days  after receipt thereof (or such longer period not to exceed 365 days as contemplated by  contracts related to the reinvestment of such Net Cash Payments), then such Net Cash  Payments shall be applied to the prepayment of Loans and cover for L/C Obligations as  provided in this clause (iii) at the expiration of such 180 day or 365 day period, as  applicable), such prepayment to be effected in each case in the manner and to the extent  specified in paragraph (c) of this Section 2.05; provided that if an Event of Default has  occurred and is continuing, no Net Cash Payments from any Casualty Event may be applied  to the repair or replacement of any property and such Net Cash Payments shall be applied  instead to prepay the Loans by 100% of the amount of Net Cash Payments received from  such Casualty Event.  (iv) Revolving Outstandings. If for any reason the Total Revolving  Outstandings at any time exceed the Revolving Facility at such time, the Borrower shall  immediately prepay Revolving Loans, Swingline Loans and L/C Borrowings (together  with all accrued but unpaid interest thereon) and/or Cash Collateralize the L/C Obligations  in an aggregate amount equal to such excess; provided, however, that the Borrower shall  not be required to Cash Collateralize the L/C Obligations pursuant to this Section  2.05(b)(iv) unless, after the prepayment of the Revolving Loans and Swingline Loans, the  Total Revolving Outstandings exceed the Revolving Facility at such time.  (v) Alternative Currencies.  If the Administrative Agent notifies the Borrower  at any time that the Revolving Credit Exposure of all Revolving Loans and L/C Obligations  denominated in Alternative Currencies at such time exceeds the Dollar Equivalent of the  Alternative Currency Sublimit then in effect, then, within two (2) Business Days after  receipt of such notice, the Borrower shall prepay Revolving Loans and/or Cash  Collateralize Letters of Credit in an aggregate amount sufficient to reduce such Revolving  Credit Exposure as of such date of payment to an amount not to exceed 100% of the  Alternative Currency Sublimit then in effect.  (c) Application.  (i) In the event of any mandatory prepayment of Loans pursuant to  subsection (b) of this Section 2.05, the proceeds shall be applied as follows:  (A) first, if such prepayment pursuant to clauses (i) through (iii) of  Section 2.05(b) is made at a time when any part of the Delayed Draw Term A Loan  remains outstanding, such prepayment shall be applied to the repayment of the  

 

  63  Delayed Draw Term A Loan to be shared and applied ratably among the Term  Lenders in proportion to the Outstanding Amount of their Delayed Draw Term A  Loans;  (B) second, if such prepayment pursuant to clauses (i) through (iii) of  Section 2.05 is made at a time when any part of the Term A Loan remains  outstanding, such prepayment shall be applied to the repayment of the Term A  Loan to be shared and applied ratably among the Term Lenders in proportion to  the Outstanding Amount of their Term A Loans, in inverse order of maturity;  (C) third, to the extent that a repayment of Swingline Loans shall at  such time be required pursuant to Section 2.05(a) or 2.05(b)(iv), to the repayment  of Swingline Loans, but only to such extent (with no reduction in the  Commitments);  (D) fourth, to the extent that total Revolving Credit Exposure shall at  such time exceed the total Revolving Commitments or the Revolving Credit  Exposure of all Revolving Loans and L/C Obligations denominated in Alternative  Currencies at such time exceeds the Dollar Equivalent of the Alternative Currency  Sublimit at such time, such prepayment shall be applied to the repayment of  Revolving Loans to be shared and applied ratably among the Revolving Lenders  in proportion to their respective Revolving Commitments (with no reduction in the  Commitments); and  (E) fifth, the amount of any mandatory prepayment shall be applied to  repay Revolving Loans, and, thereafter, to provide Cash Collateral for L/C  Obligations as specified in Section 2.14 in an amount equal to 102% of such L/C  Obligations (with no reduction in the Commitments).  (ii) Within the parameters of the applications set forth above, prepayments  pursuant to this Section 2.05(c) shall be applied first to Base Rate Loans and then to Term  SOFR Loans and Alternative Currency Loans in direct order of Interest Period maturities.   All prepayments under this Section 2.05(c) shall be subject to Section 3.05, but otherwise  without premium or penalty, and shall be accompanied by interest on the principal amount  prepaid through the date of prepayment.  2.06 Termination or Reduction of Commitments.  (a) Optional. The Borrower may, upon notice to the Administrative Agent, terminate  the Revolving Facility, the Letter of Credit Sublimit or the Swingline Sublimit, or from time to  time permanently reduce the Revolving Facility, the Letter of Credit Sublimit or the Swingline  Sublimit; provided that (i) any such notice shall be received by the Administrative Agent not later  than 11:00 a.m. five (5) Business Days prior to the date of termination or reduction, (ii) any such  partial reduction of the Revolving Facility shall be in an aggregate amount of $5,000,000 or any  whole multiple of $1,000,000 in excess thereof, (iii) any such partial reduction of the Swingline  Sublimit shall be in an aggregate amount of $1,000,000 or any whole multiple of $100,000 in excess  thereof, and (iv) the Borrower shall not terminate or reduce (A) the Revolving Facility if, after  giving effect thereto and to any concurrent prepayments hereunder, the Total Revolving  Outstandings would exceed the Revolving Facility, (B) the Letter of Credit Sublimit if, after giving  effect thereto, the Outstanding Amount of L/C Obligations not fully Cash Collateralized hereunder  would exceed the Letter of Credit Sublimit, or (C) the Swingline Sublimit if, after giving effect  

 

  64  thereto and to any concurrent prepayments hereunder, the Outstanding Amount of Swingline Loans  would exceed the Letter of Credit Sublimit. In addition, during the Availability Period in respect  of the Delayed Draw Term A Facility, the Borrower may, upon notice to the Administrative Agent  as set forth above, from time to time terminate (in whole or in part) the unused portion of the  aggregate Term Commitments under the Delayed Draw Term A Facility.  (b) Mandatory.  (i) The aggregate Term Commitments for the Term A Facility shall be  automatically and permanently reduced to zero on the date of the Term Borrowing (after  giving effect to any Term Borrowing made on such day), and the aggregate Term  Commitments for the Delayed Draw Term A Facility shall be automatically and  permanently reduced to zero on the last day of the Availability Period for the Delayed Draw  Term A Facility (after giving effect to any Term Borrowing made on such day).  (ii) If after giving effect to any reduction or termination of Revolving  Commitments under this Section 2.06, the Letter of Credit Sublimit or the Swingline  Sublimit exceeds the Revolving Facility at such time, the Letter of Credit Sublimit or the  Swingline Sublimit, as the case may be, shall be automatically reduced by the amount of  such excess.  (c) Application of Commitment Reductions; Payment of Fees.  (i) The Administrative Agent will promptly notify the Lenders of any  termination or reduction of the Letter of Credit Sublimit, Swingline Sublimit or the  Revolving Commitment under this Section 2.06. Upon any reduction of the Revolving  Commitments, the Revolving Commitment of each Revolving Lender shall be reduced by  such Lender’s Applicable Revolving Percentage of the amount of such reduction. All fees  in respect of the Revolving Facility accrued until the effective date of any termination of  the Revolving Facility shall be paid on the effective date of such termination.  (ii) The Administrative Agent will promptly notify the Lenders of any  termination or reduction of the unused portion of the aggregate Term Commitment under  Delayed Draw Term A Facility under this Section 2.06. Upon any reduction of the unused  portion of the aggregate Term Commitments under the Delayed Draw Term A Facility, the  Term Commitment of each Term Lender under the Delayed Draw Term A Facility shall  be reduced by such Lender’s ratable portion of the amount of such reduction. All fees in  respect of the Term Facility accrued until the effective date of any termination of the Term  Facility shall be paid on the effective date of such termination.  2.07 Repayment of Loans.  (a) Term Loans. The Borrower shall repay to the Term Lenders the aggregate principal  amount of all Term A Loans outstanding in quarterly principal installments on the last Business  Day of each quarter commencing March 31, 2024, in the amount of $1,250,000, and shall pay the  aggregate principal amount of all Delayed Draw Term A Loans in full on September 4, 2023 (which  amounts shall be reduced as a result of the application of prepayments in accordance with the order  of priority set forth in Section 2.05), unless accelerated sooner pursuant to Section 8.02; provided,  however, that (i) the final principal repayment installment of the Term A Loans shall be repaid on  the Maturity Date for the Term A Facility and in any event shall be in an amount equal to the  aggregate principal amount of all Term A Loans outstanding on such date, (ii) if any principal  

 

  65  repayment installment to be made by the Borrower (other than principal repayment installments on  Term SOFR Loans) shall come due on a day other than a Business Day, such principal repayment  installment shall be due on the next succeeding Business Day, and such extension of time shall be  reflected in computing interest or fees, as the case may be and (iii) if any principal repayment  installment to be made by the Borrower on a Term SOFR Loan shall come due on a day other than  a Business Day, such principal repayment installment shall be extended to the next succeeding  Business Day unless the result of such extension would be to extend such principal repayment  installment into another calendar month, in which event such principal repayment installment shall  be due on the immediately preceding Business Day.  (b) Revolving Loans. The Borrower shall repay to the Revolving Lenders on the  Maturity Date for the Revolving Facility the aggregate principal amount of all Revolving Loans  outstanding on such date.  (c) Swingline Loans. The Borrower shall repay each Swingline Loan on the earlier to  occur of (i) the date ten (10) Business Days after such Loan is made and (ii) the Maturity Date for  the Revolving Facility.  2.08 Interest and Default Rate.  (a) Interest. Subject to the provisions of Section 2.08(b), (i) each Term SOFR Loan  under a Facility shall bear interest on the outstanding principal amount thereof for each Interest  Period from the applicable Borrowing date at a rate per annum equal to the Term SOFR for such  Interest Period plus the Applicable Rate for such Facility; (ii) each Base Rate Loan shall bear  interest on the outstanding principal amount thereof from the applicable borrowing date at a rate  per annum equal to the Base Rate plus the Applicable Rate; (iii) each Alternative Currency Daily  Rate Loan shall bear interest on the outstanding principal amount thereof from the applicable  borrowing date at a rate per annum equal to the Alternative Currency Daily Rate plus the Applicable  Rate; (iv) each Alternative Currency Term Rate Loan shall bear interest on the outstanding  principal amount thereof for each Interest Period at a rate per annum equal to the Alternative  Currency Term Rate for such Interest Period plus the Applicable Rate; and (v) each Swingline Loan  shall bear interest on the outstanding principal amount thereof from the applicable borrowing date  at a rate per annum equal to the Base Rate plus the Applicable Rate. To the extent that any  calculation of interest or any fee required to be paid under this Agreement shall be based on (or  result in) a calculation that is less than zero, such calculation shall be deemed zero for purposes of  this Agreement.  (b) Default Rate.  (i) If any amount of principal of any Loan is not paid when due (without  regard to any applicable grace periods), whether at stated maturity, by acceleration or  otherwise, such amount shall thereafter bear interest at a fluctuating interest rate per annum  at all times equal to the Default Rate to the fullest extent permitted by Applicable Laws.  (ii) If any amount (other than principal of any Loan) payable by the Borrower  under any Loan Document is not paid when due (without regard to any applicable grace  periods), whether at stated maturity, by acceleration or otherwise, then upon the request of  the Required Lenders such amount shall thereafter bear interest at a fluctuating interest rate  per annum at all times equal to the Default Rate to the fullest extent permitted by  Applicable Laws.  

 

  66  (iii) Upon the request of the Required Lenders, while any Event of Default  exists (other than as set forth in clauses (b)(i) and (b)(ii) above), the Borrower shall pay  interest on the principal amount of all outstanding Obligations (including Letter of Credit  Fees) hereunder at a fluctuating interest rate per annum at all times equal to the Default  Rate to the fullest extent permitted by Applicable Laws.  (iv) Accrued and unpaid interest on past due amounts (including interest on  past due interest) shall be due and payable upon demand.  (c) Interest Payments. Interest on each Loan shall be due and payable in arrears on  each Interest Payment Date applicable thereto and at such other times as may be specified herein.  Interest hereunder shall be due and payable in accordance with the terms hereof before and after  judgment, and before and after the commencement of any proceeding under any Debtor Relief Law.  2.09 Fees.  In addition to certain fees described in clauses (l), (m), (o) and (p) of Section 2.03:  (a) Commitment Fee. The Borrower shall pay to the Administrative Agent for the  account of each Revolving Lender in accordance with its Applicable Revolving Percentage, a  commitment fee equal to the Applicable Rate times the actual daily amount by which the Revolving  Facility exceeds the sum of (i) the Outstanding Amount of Revolving Loans and (ii) the  Outstanding Amount of L/C Obligations, subject to adjustment as provided in Section 2.15. For the  avoidance of doubt, the Outstanding Amount of Swingline Loans shall not be counted towards or  considered usage of the Revolving Facility for purposes of determining the commitment fee. In  addition, the Borrower shall pay to the Administrative Agent for the account of each Term Lender  in accordance with its Applicable Percentage of the Delayed Draw Term A Facility, a commitment  fee equal to the Applicable Rate times the actual daily amount by which the aggregate of the Term  Commitments under the Delayed Draw Term A Facility exceed the Outstanding Amount of  Delayed Draw Term A Loans, subject to adjustment as provided in Section 2.15. The commitment  fee shall accrue at all times during the relevant Availability Period, including at any time during  which one or more of the conditions in Article IV is not met, and shall be due and payable quarterly  in arrears on the last Business Day of each March, June, September and December, commencing  with the first such date to occur after the Closing Date, and, in the case of the commitment fee with  respect to the Revolving Facility, on the last day of the Availability Period for the Revolving  Facility or, in the case of the commitment fee with respect to the Delayed Draw Term A Facility,  on the last day of the Availability Period for the Delayed Draw Term A Facility. The commitment  fee shall be calculated quarterly in arrears, and if there is any change in the Applicable Rate during  any quarter, the actual daily amount shall be computed and multiplied by the Applicable Rate  separately for each period during such quarter that such Applicable Rate was in effect.  (b) Other Fees.  (i) The Borrower shall pay to the Administrative Agent and the Arranger for  its own account fees in the amounts and at the times specified in the Fee Letter. Such fees  shall be fully earned when paid and shall not be refundable for any reason whatsoever.  (ii) The Borrower shall pay to the Lenders such fees as shall have been  separately agreed upon in writing in the amounts and at the times so specified. Such fees  shall be fully earned when paid and shall not be refundable for any reason whatsoever.  

 

  67  2.10 Computation of Interest and Fees; Retroactive Adjustments of Applicable Rate.  (a) Computation of Interest and Fees. All computations of interest for Base Rate Loans  (including Base Rate Loans determined by reference to the Term SOFR) shall be made on the basis  of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations  of fees and interest shall be made on the basis of a three hundred sixty (360) day year and actual  days elapsed (which results in more fees or interest, as applicable, being paid than if computed on  the basis of a 365 day year), or in the case of interest in respect of Revolving Loans denominated  in Alternative Currencies as to which market practice differs from the foregoing, in accordance  with such market practice. Interest shall accrue on each Loan for the day on which the Loan is  made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such  portion is paid, provided that any Loan that is repaid on the same day on which it is made shall,  subject to Section 2.12(a), bear interest for one (1) day. Each determination by the Administrative  Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent  manifest error.  (b) Financial Statement Adjustments or Restatements. If, as a result of any restatement  of or other adjustment to the financial statements of the Borrower and its Subsidiaries or for any  other reason, the Borrower or the Lenders determine that (i) the Core Leverage Ratio as calculated  by the Borrower as of any applicable date was inaccurate and (ii) a proper calculation of the Core  Leverage Ratio would have resulted in higher pricing for such period, the Borrower shall  immediately and retroactively be obligated to pay to the Administrative Agent for the account of  the applicable Lenders or the L/C Issuer, as the case may be, promptly on demand by the  Administrative Agent (or, after the occurrence of an actual or deemed entry of an order for relief  with respect to the Borrower under the Bankruptcy Code of the United States, automatically and  without further action by the Administrative Agent, any Lender or the L/C Issuer), an amount equal  to the excess of the amount of interest and fees that should have been paid for such period over the  amount of interest and fees actually paid for such period. This clause (b) shall not limit the rights  of the Administrative Agent, any Lender or the L/C Issuer, as the case may be, under any provision  of this Agreement to payment of any Obligations hereunder at the Default Rate or under Article  VIII. The Borrower’s obligations under this clause (b) shall survive the termination of the  Aggregate Commitments and the repayment of all other Obligations hereunder.  2.11 Evidence of Debt.  (a) Maintenance of Accounts. The Credit Extensions made by each Lender shall be  evidenced by one or more accounts or records maintained by such Lender in the ordinary course of  business. The Administrative Agent shall maintain the Register in accordance with Section  11.06(c). The accounts or records maintained by each Lender shall be conclusive absent manifest  error of the amount of the Credit Extensions made by the Lenders to the Borrower and the interest  and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or  otherwise affect the obligation of the Borrower hereunder to pay any amount owing with respect to  the Obligations. In the event of any conflict between the accounts and records maintained by any  Lender and the Register, the Register shall control in the absence of manifest error. Upon the  request of any Lender made through the Administrative Agent, the Borrower shall execute and  deliver to such Lender (through the Administrative Agent) a Note, which shall evidence such  Lender’s Loans in addition to such accounts or records. Each Lender may attach schedules to its  Note and endorse thereon the date, Type (if applicable), amount and maturity of its Loans and  payments with respect thereto.  

 

  68  (b) Maintenance of Records. In addition to the accounts and records referred to in  Section 2.11(a), each Lender and the Administrative Agent shall maintain in accordance with its  usual practice accounts or records evidencing the purchases and sales by such Lender of  participations in Letters of Credit and Swingline Loans. In the event of any conflict between the  accounts and records maintained by the Administrative Agent and the accounts and records of any  Lender in respect of such matters, the accounts and records of the Administrative Agent shall  control in the absence of manifest error.  2.12 Payments Generally; Administrative Agent’s Clawback.  (a) General. All payments to be made by the Borrower shall be made free and clear of  and without condition or deduction for any counterclaim, defense, recoupment or setoff. Except as  otherwise expressly provided herein, all payments by the Borrower hereunder shall be made to the  Administrative Agent, for the account of the respective Lenders to which such payment is owed, at  the Administrative Agent’s Office in Dollars and in Same Day Funds not later than 2:00 p.m. (or  the Applicable Time specified by the Administrative Agent with respect to Loans denominated in  an Alternative Currency) on the date specified herein. If, for any reason, the Borrower is prohibited  by any Law from making any required payment hereunder in an Alternative Currency, the Borrower  shall make such payment in Dollars in the Dollar Equivalent of the Alternative Currency payment  amount. The Administrative Agent will promptly distribute to each Lender its Applicable  Percentage in respect of the relevant Facility (or other applicable share as provided herein) of such  payment in like funds as received by wire transfer to such Lender’s Lending Office. Except as  otherwise expressly provided herein, all payments by the Borrower hereunder with respect to  principal and interest on Loans denominated in an Alternative Currency shall be made to the  Administrative Agent, for the account of the respective Lenders to which such payment is owed, at  the Administrative Agent’s office in such Alternative Currency and in Same Day Funds not later  than the Applicable Time specified by the Administrative Agent on the dates specified herein.  Without limiting the generality of the foregoing, the Administrative Agent may require that any  payments due under this Agreement be made in the United States.  If, for any reason, the Borrower  is prohibited by any Law from making any required payment hereunder in an Alternative Currency,  such Borrower shall make such payment in Dollars in the Dollar Equivalent of the Alternative  Currency payment amount.  All payments received by the Administrative Agent after (i) 2:00 p.m.,  in the case of payments in Dollars, or (ii) the Applicable Time specified by the Administrative  Agent, in the case of payments in an Alternative Currency, shall, in each case, be deemed received  on the next succeeding Business Day and any applicable interest or fee shall continue to accrue.  Subject to Section 2.07(a) and as otherwise specifically provided for in this Agreement, if any  payment to be made by the Borrower shall come due on a day other than a Business Day, payment  shall be made on the next following Business Day, and such extension of time shall be reflected in  computing interest or fees, as the case may be. On each date when the payment of any principal,  interest or fees are due hereunder or under any Loan Document, the Borrower agrees to maintain  on deposit in an ordinary checking account maintained by the Borrower with Administrative Agent  (as such account shall be designated by the Borrower in a written notice to Agent from time to time,  the “Borrower Account”) an amount sufficient to pay such principal, interest or fees in full on such  date. The Borrower hereby authorizes the Administrative Agent to deduct automatically all  principal, interest or fees when due hereunder or under any Note from the Borrower Account, and  if and to the extent any payment of principal, interest or fees under this Agreement or any Loan  Document is not made when due to deduct any such amount from any or all of the accounts of the  Borrower maintained at the Administrative Agent. The Administrative Agent agrees to provide  written notice to the Borrower of any automatic deduction made pursuant to this Section showing  in reasonable detail the amounts of such deduction. Lenders agree to reimburse the Borrower based  

 

  69  on their Applicable Percentage for any amounts deducted from such accounts in excess of amount  due hereunder and under any other Loan Documents.  (b) (i) Funding by Lenders; Presumption by Administrative Agent. Unless the  Administrative Agent shall have received notice from a Lender prior to the proposed date of any  Borrowing of Term SOFR Loans or Alternative Currency Loans (or, in the case of any Borrowing  of Base Rate Loans, prior to 12:00 noon 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 Section 2.02 (or, in the case of a Borrowing of Base Rate Loans, that such Lender  has made such share available in accordance with and at the time required by Section 2.02) 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 on demand such corresponding amount in Same Day Funds  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 (A) in the case  of a payment to be made by such Lender, the Overnight Rate, plus any administrative, processing  or similar fees customarily charged by the Administrative Agent in connection with the foregoing,  and (B) in the case of a payment to be made by the Borrower, the interest rate applicable to Base  Rate Loans. If the Borrower and such Lender shall pay such interest to the Administrative Agent  for the same or an overlapping period, the Administrative Agent shall promptly remit to the  Borrower the amount of such interest paid by the Borrower for such period. If such Lender pays its  share of the applicable Borrowing to the Administrative Agent, then the amount so paid shall  constitute such Lender’s Loan included in such Borrowing. Any payment by the Borrower shall be  without prejudice to any claim the Borrower may have against a Lender that shall have failed to  make such payment to the Administrative Agent.  (ii) Payments by Borrower; Presumptions by Administrative Agent. 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  the L/C 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 Appropriate Lenders  or the L/C Issuer, as the case may be, the amount due. With respect to any payment that  the Administrative Agent makes for the account of the Lenders or the L/C Issuer hereunder  as to which the Administrative Agent determines (which determination shall be conclusive  absent manifest error) that any of the following applies (such payment referred to as the  “Rescindable Amount”): (1) the Borrower has not in fact made such payment; (2) the  Administrative Agent has made a payment in excess of the amount so paid by the Borrower  (whether or not then owed); or (3) the Administrative Agent has for any reason otherwise  erroneously made such payment; then each of the Appropriate Lenders or the L/C Issuer,  as the case may be, severally agrees to repay to the Administrative Agent forthwith on  demand the Rescindable Amount so distributed to such Lender or the L/C Issuer, in Same  Day Funds 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  Overnight Rate.  A notice of the Administrative Agent to any Lender or the Borrower with respect to any  amount owing under this clause (b) shall be conclusive, absent manifest error.  

 

  70  (c) Failure to Satisfy Conditions Precedent. If any Lender makes available to the  Administrative Agent funds for any Loan to be made by such Lender as provided in the foregoing  provisions of this Article II, and such funds are not made available to the Borrower by the  Administrative Agent because the conditions to the applicable Credit Extension set forth in Article  IV are not satisfied or waived in accordance with the terms hereof, the Administrative Agent shall  return such funds (in like funds as received from such Lender) to such Lender, without interest.  (d) Obligations of Lenders Several. The obligations of the Lenders hereunder to make  Term Loans and Revolving Loans, to fund participations in Letters of Credit and Swingline Loans  and to make payments pursuant to Section 11.04(c) are several and not joint. The failure of any  Lender to make any Loan, to fund any such participation or to make any payment under Section  11.04(c) on any date required hereunder shall not relieve any other Lender of its corresponding  obligation to do so on such date, and no Lender shall be responsible for the failure of any other  Lender to so make its Loan, to purchase its participation or to make its payment under  Section 11.04(c).  (e) Funding Source. Nothing herein shall be deemed to obligate any Lender to obtain  the funds for any Loan in any particular place or manner or to constitute a representation by any  Lender that it has obtained or will obtain the funds for any Loan in any particular place or manner.  (f) Pro Rata Treatment. Except to the extent otherwise provided herein: (i) each  Borrowing (other than Swingline Borrowings) shall be made from the Appropriate Lenders, each  payment of fees under Section 2.09 and clauses (l), (m), (o) and (p) of Section 2.03 shall be made  for account of the Appropriate Lenders, and each termination or reduction of the amount of the  Commitments shall be applied to the respective Commitments of the Lenders, pro rata according  to the amounts of their respective Commitments; (ii) each Borrowing shall be allocated pro rata  among the Lenders according to the amounts of their respective Commitments (in the case of the  making of Revolving Loans or Delayed Draw Term A Loans) or their respective Loans that are to  be included in such Borrowing (in the case of conversions and continuations of Loans); (iii) each  payment or prepayment of principal of Loans by the Borrower shall be made for account of the  Appropriate Lenders pro rata in accordance with the respective unpaid principal amounts of the  Loans held by them; and (iv) each payment of interest on Loans by the Borrower shall be made for  account of the Appropriate Lenders pro rata in accordance with the amounts of interest on such  Loans then due and payable to the respective Appropriate Lenders.  2.13 Sharing of Payments by Lenders.  If any Lender shall, by exercising any right of setoff  or counterclaim or otherwise, obtain payment in respect of (a) Obligations in respect of any of the Facilities  due and payable to such Lender hereunder and under the other Loan Documents at such time in excess of  its ratable share (according to the proportion of (i) the amount of such Obligations due and payable to such  Lender at such time to (ii) the aggregate amount of the Obligations in respect of the Facilities due and  payable to all Lenders hereunder and under the other Loan Documents at such time) of payments on account  of the Obligations in respect of the Facilities due and payable to all Lenders hereunder and under the other  Loan Documents at such time obtained by all the Lenders at such time or (b) Obligations in respect of any  of the Facilities owing (but not due and payable) to such Lender hereunder and under the other Loan  Documents at such time in excess of its ratable share (according to the proportion of (i) the amount of such  Obligations owing (but not due and payable) to such Lender at such time to (ii) the aggregate amount of  the Obligations in respect of the Facilities owing (but not due and payable) to all Lenders hereunder and  under the other Loan Documents at such time) of payments on account of the Obligations in respect of the  Facilities owing (but not due and payable) to all Lenders hereunder and under the other Loan Documents  at such time obtained by all of the Lenders at such time, then, in each case under clauses (a) and (b) above,  the Lender receiving such greater proportion shall (A) notify the Administrative Agent of such fact, and  

 

  71  (B) purchase (for cash at face value) participations in the Loans and sub-participations in L/C Obligations  and Swingline Loans of the other Lenders, or make such other adjustments as shall be equitable, so that the  benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount  of Obligations in respect of the Facilities then due and payable to the Lenders or owing (but not due and  payable) to the Lenders, as the case may be, provided that:  (i) if any such participations or sub-participations are purchased and all or  any portion of the payment giving rise thereto is recovered, such participations or sub- participations shall be rescinded and the purchase price restored to the extent of such  recovery, without interest; and  (ii) the provisions of this Section 2.13 shall not be construed to apply to  (A) any payment made by or on behalf of the Borrower pursuant to and in accordance with  the express terms of this Agreement (including the application of funds arising from the  existence of a Defaulting Lender), (B) the application of Cash Collateral provided for in  Section 2.14, or (C) any payment obtained by a Lender as consideration for the assignment  of or sale of a participation in any of its Loans or sub-participations in L/C Obligations or  Swingline Loans to any assignee or participant, other than an assignment to any Loan Party  or any Affiliate thereof (as to which the provisions of this Section 2.13 shall apply).  Each Loan Party 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 such Loan Party rights of setoff and counterclaim with respect to such participation as fully  as if such Lender were a direct creditor of such Loan Party in the amount of such participation.  2.14 Cash Collateral.   (a) Obligation to Cash Collateralize. At any time there shall exist a Defaulting Lender,  within one Business Day following the written request of the Administrative Agent or the L/C  Issuer (with a copy to the Administrative Agent), the Borrower shall Cash Collateralize the L/C  Issuer’s Fronting Exposure with respect to such Defaulting Lender (determined after giving effect  to Section 2.15(a)(iv) and any Cash Collateral provided by such Defaulting Lender) in an amount  not less than the Minimum Collateral Amount. Additionally, if the Administrative Agent notifies  the Borrower at any time that the Outstanding Amount of all L/C Obligations at such time exceeds  102% of the Letter of Credit Sublimit then in effect, then within two (2) Business Days after receipt  of such notice, the Borrower shall provide Cash Collateral for the Outstanding Amount of the L/C  Obligations in an amount not less than the amount by which the Outstanding Amount of all L/C  Obligations exceeds the Letter of Credit Sublimit.  (b) Grant of Security Interest. The Borrower, and to the extent provided by any  Defaulting Lender, such Defaulting Lender, hereby grants to (and subjects to the control of) the  Administrative Agent, for the benefit of the Administrative Agent, the L/C Issuer and the Lenders,  and agrees to maintain, a first priority security interest in all such cash, deposit accounts and all  balances therein, and all other property so provided as Collateral pursuant hereto, and in all  proceeds of the foregoing, all as security for the obligations to which such Cash Collateral may be  applied pursuant to Section 2.14(c). If at any time the Administrative Agent determines that Cash  Collateral is subject to any right or claim of any Person other than the Administrative Agent or the  L/C Issuer as herein provided or that the total amount of such Cash Collateral is less than the  Minimum Collateral Amount, the Borrower will, promptly upon demand by the Administrative  Agent, pay or provide to the Administrative Agent additional Cash Collateral in an amount  sufficient to eliminate such deficiency (determined in the case of Cash Collateral provided pursuant  

 

  72  to Section 2.15(a)(v), after giving effect to Section 2.15(a)(v) and any Cash Collateral provided by  the Defaulting Lender). All Cash Collateral (other than credit support not constituting funds subject  to deposit) shall be maintained in blocked, non-interest bearing deposit accounts at Bank of  America. The Borrower shall pay on demand therefor from time to time all customary account  opening, activity and other administrative fees and charges in connection with the maintenance and  disbursement of Cash Collateral.  (c) Application. Notwithstanding anything to the contrary contained in this  Agreement, Cash Collateral provided under any of this Section 2.14 or Sections 2.03, 2.05, 2.15 or  8.02 in respect of Letters of Credit shall be held and applied to the satisfaction of the specific L/C  Obligations, obligations to fund participations therein (including, as to Cash Collateral provided by  a Revolving Lender that is a Defaulting Lender, any interest accrued on such obligation) and other  obligations for which the Cash Collateral was so provided, prior to any other application of such  property as may be provided for herein.  (d) Release. Cash Collateral (or the appropriate portion thereof) provided to reduce  Fronting Exposure or to secure other obligations shall be released promptly following (i) the  elimination of the applicable Fronting Exposure or other obligations giving rise thereto (including  by the termination of Defaulting Lender status of the applicable Revolving Lender (or, as  appropriate, its assignee following compliance with Section 11.06(b)(vi))) or (ii) the determination  by the Administrative Agent and the L/C Issuer that there exists excess Cash Collateral; provided,  however, (A) any such release shall be without prejudice to, and any disbursement or other transfer  of Cash Collateral shall be and remain subject to, any other Lien conferred under the Loan  Documents and the other applicable provisions of the Loan Documents, and (B) the Person  providing Cash Collateral and the L/C Issuer may agree that Cash Collateral shall not be released  but instead held to support future anticipated Fronting Exposure or other obligations.  2.15 Defaulting Lenders.   (a) Adjustments. Notwithstanding anything to the contrary contained in this  Agreement, if any Lender becomes a Defaulting Lender, then, until such time as that Lender is no  longer a Defaulting Lender, to the extent permitted by Applicable Law:  (i) Waivers and Amendments. Such Defaulting Lender’s right to approve or  disapprove any amendment, waiver or consent with respect to this Agreement shall be  restricted as set forth in the definition of “Required Lenders” and Section 11.01.  (ii) Defaulting Lender Waterfall. Any payment of principal, interest, fees or  other amounts received by the Administrative Agent for the account of such Defaulting  Lender (whether voluntary or mandatory, at maturity, pursuant to Article VIII or otherwise)  or received by the Administrative Agent from a Defaulting Lender pursuant to Section  11.08 shall be applied at such time or times as may be determined by the Administrative  Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender  to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any  amounts owing by such Defaulting Lender to the L/C Issuer or the Swingline Lender  hereunder; third, to Cash Collateralize the L/C Issuer’s Fronting Exposure with respect to  such Defaulting Lender in accordance with Section 2.14; fourth, as the Borrower may  request (so long as no Default or Event of Default exists), to the funding of any Loan in  respect of which such Defaulting Lender has failed to fund its portion thereof as required  by this Agreement, as determined by the Administrative Agent; fifth, if so determined by  the Administrative Agent and the Borrower, to be held in a deposit account and released  

 

  73  pro rata in order to (A) satisfy such Defaulting Lender’s potential future funding  obligations with respect to Loans under this Agreement and (B) Cash Collateralize the L/C  Issuer’s future Fronting Exposure with respect to such Defaulting Lender with respect to  future Letters of Credit issued under this Agreement, in accordance with Section 2.14;  sixth, to the payment of any amounts owing to the Lenders, the L/C Issuer or Swingline  Lender as a result of any judgment of a court of competent jurisdiction obtained by any  Lender, the L/C Issuer or the Swingline Lender against such Defaulting Lender as a result  of such Defaulting Lender’s breach of its obligations under this Agreement; seventh, so  long as no Default or Event of Default exists, to the payment of any amounts owing to the  Borrower as a result of any judgment of a court of competent jurisdiction obtained by the  Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of  its obligations under this Agreement; and eighth, to such Defaulting Lender or as otherwise  as may be required under the Loan Documents in connection with any Lien conferred  thereunder or directed by a court of competent jurisdiction; provided that if (x) such  payment is a payment of the principal amount of any Loans or L/C Borrowings in respect  of which such Defaulting Lender has not fully funded its appropriate share, and (y) such  Loans were made or the related Letters of Credit were issued at a time when the conditions  set forth in Section 4.02 were satisfied or waived, such payment shall be applied solely to  pay the Loans of, and L/C Obligations owed to, all Non-Defaulting Lenders on a pro rata  basis prior to being applied to the payment of any Loans of, or L/C Obligations owed to,  such Defaulting Lender until such time as all Loans and funded and unfunded participations  in L/C Obligations and Swingline Loans are held by the Lenders pro rata in accordance  with the Commitments hereunder without giving effect to Section 2.15(a)(v). Any  payments, prepayments or other amounts paid or payable to a Defaulting Lender that are  applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral  pursuant to this Section 2.15(a)(ii) shall be deemed paid to and redirected by such  Defaulting Lender, and each Lender irrevocably consents hereto.  (iii) Certain Fees.  (A) Fees. No Defaulting Lender shall be entitled to receive any fee  payable under Section 2.09(a) for any period during which that Lender is a  Defaulting Lender (and the Borrower shall not be required to pay any such fee that  otherwise would have been required to have been paid to that Defaulting Lender).  (B) Letter of Credit Fees. Each Defaulting Lender shall be entitled to  receive Letter of Credit Fees for any period during which that Lender is a  Defaulting Lender only to the extent allocable to its Applicable Revolving  Percentage of the stated amount of Letters of Credit for which it has provided Cash  Collateral pursuant to Section 2.14.  (C) Defaulting Lender Fees. With respect to any Letter of Credit Fee  not required to be paid to any Defaulting Lender pursuant to clause (B) above, the  Borrower shall (1) pay to each Non-Defaulting Lender that portion of any such fee  otherwise payable to such Defaulting Lender with respect to such Defaulting  Lender’s participation in L/C Obligations that has been reallocated to such Non- Defaulting Lender pursuant to clause (iv) below, (2) pay to the L/C Issuer the  amount of any such fee otherwise payable to such Defaulting Lender to the extent  allocable to such L/C Issuer’s Fronting Exposure to such Defaulting Lender, and  (3) not be required to pay the remaining amount of any such fee.  

 

  74  (iv) Reallocation of Applicable Revolving Percentages to Reduce Fronting  Exposure. All or any part of such Defaulting Lender’s participation in L/C Obligations and  Swingline Loans shall be reallocated among the Non-Defaulting Lenders in accordance  with their respective Applicable Revolving Percentages (calculated without regard to such  Defaulting Lender’s Commitment) but only to the extent that such reallocation does not  cause the aggregate Revolving Exposure of any Non-Defaulting Lender to exceed such  Non-Defaulting Lender’s Revolving Commitment. Subject to Section 11.21, no  reallocation hereunder shall constitute a waiver or release of any claim of any party  hereunder against a Defaulting Lender arising from that Lender having become a  Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such  Non-Defaulting Lender’s increased exposure following such reallocation.  (v) Cash Collateral, Repayment of Swingline Loans. If the reallocation  described in clause (a)(v) above cannot, or can only partially, be effected, the Borrower  shall, without prejudice to any right or remedy available to it hereunder or under Applicable  Law, (A) first, prepay Swingline Loans in an amount equal to the Swingline Lender’s  Fronting Exposure and (B) second, Cash Collateralize the L/C Issuer’s Fronting Exposure  in accordance with the procedures set forth in Section 2.14.  (b) Defaulting Lender Cure. If the Borrower, the Administrative Agent, the Swingline  Lender and the L/C Issuer agree in writing that a Lender is no longer a Defaulting Lender, the  Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified  in such notice and subject to any conditions set forth therein (which may include arrangements with  respect to any Cash Collateral), that Lender will, to the extent applicable, purchase at par that  portion of outstanding Loans of the other Lenders or take such other actions as the Administrative  Agent may determine to be necessary to cause the Loans and funded and unfunded participations  in Letters of Credit and Swingline Loans to be held pro rata by the Lenders in accordance with their  Revolving Commitments (without giving effect to Section 2.15(a)(iv)), whereupon such Lender  will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with  respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was a  Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by  the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver  or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting  Lender.  (c) New Swingline Loans/Letters of Credit. So long as any Revolving Lender is a  Defaulting Lender, (i) the Swingline Lender shall not be required to fund any Swingline Loans  unless it is satisfied that it will have no Fronting Exposure after giving effect to such Swingline  Loan and (ii) the L/C Issuer shall not be required to issue, extend, increase, reinstate or renew any  letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto.  2.16 Increase in Revolving Facility.  (a) Request for Increase. Provided there exists no Default, upon notice to the  Administrative Agent (which shall promptly notify the Revolving Lenders), the Borrower may  from time to time, request an increase in the Revolving Facility by an amount (for all such requests)  not exceeding $100,000,000 (an “Incremental Facility”); provided that (i) any such request for an  Incremental Facility shall be in a minimum amount of $25,000,000, and (ii) the Borrower may  make a maximum of three (3) such requests. At the time of sending such notice, the Borrower (in  consultation with the Administrative Agent) shall specify the time period within which each  

 

  75  Revolving Lender is requested to respond (which shall in no event be less than ten (10) Business  Days from the date of delivery of such notice to the Revolving Lenders).  (b) Lender Elections to Increase. Each Revolving Lender shall notify the  Administrative Agent within such time period whether or not it agrees to increase its Revolving  Commitment and, if so, whether by an amount equal to, greater than, or less than its Applicable  Revolving Percentage of such requested increase. Any Revolving Lender not responding within  such time period shall be deemed to have declined to increase its Revolving Commitment.  (c) Notification by Administrative Agent; Additional Revolving Lenders. The  Administrative Agent shall notify the Borrower and each Revolving Lender of the Revolving  Lenders’ responses to each request made hereunder. To achieve the full amount of a requested  increase, and subject to the approval of the Administrative Agent, the L/C Issuer and the Swingline  Lender (which approvals shall not be unreasonably withheld), the Borrower may also invite  additional Eligible Assignees to become Revolving Lenders pursuant to a joinder agreement (“New  Revolving Lenders”) in form and substance satisfactory to the Administrative Agent and its  counsel.  (d) Effective Date and Allocations. If the Revolving Facility is increased in  accordance with this Section 2.16, the Administrative Agent and the Borrower shall determine the  effective date (the “Revolving Increase Effective Date”) and the final allocation of such increase.  The Administrative Agent shall promptly notify the Borrower and the Revolving Lenders and the  New Revolving Lenders of the final allocation of such increase and the Revolving Increase  Effective Date.  (e) Conditions to Effectiveness of Increase. As a condition precedent to such increase,  the Borrower shall deliver to the Administrative Agent a certificate of each Loan Party dated as of  the Revolving Increase Effective Date (in sufficient copies for each Lender) signed by a  Responsible Officer of such Loan Party (i) certifying and attaching the resolutions adopted by such  Loan Party approving or consenting to such increase, and (ii) in the case of the Borrower, certifying  that, before and after giving effect to such increase, (A) the representations and warranties  contained in Article V and the other Loan Documents are true and correct in all material respects,  on and as of the Revolving Increase Effective Date, except to the extent that such representations  and warranties specifically refer to an earlier date, in which case they are true and correct as of such  earlier date, and except that for purposes of this Section 2.16, the representations and warranties  contained in clauses (a) and (b) of Section 5.05 shall be deemed to refer to the most recent  statements furnished pursuant to clauses (a) and (b), respectively, of Section 6.01, and (B) both  before and after giving effect to the Incremental Facility, no Default exists. The Borrower shall  deliver or cause to be delivered any other customary documents (including, without limitation, legal  opinions) as reasonably requested by the Administrative Agent in connection with any Incremental  Facility. The Borrower shall borrow Revolving Loans and prepay any Revolving Loans outstanding  on the Revolving Increase Effective Date (and pay any additional amounts required pursuant to  Section 3.05) to the extent necessary to keep the outstanding Revolving Loans ratable with any  revised Applicable Revolving Percentages arising from any nonratable increase in the Revolving  Commitments under this Section 2.16.  (f) Conflicting Provisions. This Section 2.16 shall supersede any provisions in Section  2.13 or 11.01 to the contrary.  

 

  76  (g) Incremental Facility. Except as otherwise specifically set forth herein, all of the  other terms and conditions applicable to such Incremental Facility shall be identical to the terms  and conditions applicable to the Revolving Facility.  ARTICLE III    TAXES, YIELD PROTECTION AND ILLEGALITY  3.01 Taxes.  (a) Defined Terms. For purposes of this Section 3.01, the term “Applicable Law”  includes FATCA and the term “Lender” includes any L/C Issuer.  (b) Payments Free of Taxes; Obligation to Withhold; Payments on Account of Taxes.  Any and all payments by or on account of any obligation of any Loan Party under any Loan  Document shall be made without deduction or withholding for any Taxes, except as required by  Applicable Laws. If any Applicable Laws (as determined in the good faith discretion of an  applicable Withholding Agent) require the deduction or withholding of any Tax from any such  payment by the applicable 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 applicable Loan Party shall be increased  as necessary so that after any required withholding or the making of all required deductions  (including deductions applicable to additional sums payable under this Section 3.01) the applicable  Recipient receives an amount equal to the sum it would have received had no such withholding or  deduction been made.  (c) Payment of Other Taxes by the Loan Parties. The Loan Parties 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 the payment of, any Other Taxes.  (d) Tax Indemnifications.  (i) Each of the Loan Parties shall, and does hereby, jointly and severally  indemnify each Recipient, and shall make payment in respect thereof within ten (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 3.01)  payable or paid by such Recipient or required to be withheld or deducted from a payment  to such Recipient, and any penalties, interest and 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 as to the amount  of such payment or liability 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. Each of the Loan Parties shall also, and  does hereby, jointly and severally indemnify the Administrative Agent, and shall make  payment in respect thereof within ten (10) days after demand therefor, for any amount  which a Lender for any reason fails to pay indefeasibly to the Administrative Agent as  required pursuant to Section 3.01(d)(ii) below.  (ii) Each Lender shall, and does hereby, severally indemnify and shall make  payment in respect thereof within ten (10) days after demand therefor, (A) the  

 

  77  Administrative Agent against any Indemnified Taxes attributable to such Lender (but only  to the extent that any Loan Party has not already indemnified the Administrative Agent for  such Indemnified Taxes and without limiting the obligation of the Loan Parties to do so),  (B) the Administrative Agent and the Loan Parties, as applicable, against any Taxes  attributable to such Lender’s failure to comply with the provisions of Section 11.06(d)  relating to the maintenance of a Participant Register and (C) the Administrative Agent and  the Loan Parties, as applicable, against any Excluded Taxes attributable to such Lender, in  each case, that are payable or paid by the Administrative Agent or a Loan Party 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 clause (d)(ii).  (e) Evidence of Payments. As soon as practicable after any payment of Taxes by any  Loan Party to a Governmental Authority, as provided in this Section 3.01, 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 any return reporting such payment or  other evidence of such payment reasonably satisfactory to the Administrative Agent.  (f) Status of Lenders; Tax Documentation.  (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 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 3.01(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.  (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 copies of IRS  

 

  78  Form W–9 certifying that such Lender is exempt from U.S. federal backup  withholding tax;  (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 copies of IRS  Form W–8BEN–E (or W–8BEN, as applicable) 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–E  (or W–8BEN, as applicable) 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 copies of IRS Form W–8ECI;  (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 M–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) 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 copies of IRS Form W– 8BEN–E (or W–8BEN, as applicable); or  (4) to the extent a Foreign Lender is not the beneficial owner,  executed copies of IRS Form W–8IMY, accompanied by IRS Form W– 8ECI, IRS Form W–8BEN–E (or W–8BEN, as applicable), a U.S. Tax  Compliance Certificate substantially in the form of Exhibit M–2 or Exhibit  M–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 M–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 copies (or originals, as required) of any other form prescribed by  Applicable Law as a basis for claiming exemption from or a reduction in U.S.  

 

  79  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 the purposes of this clause (f)(ii)(D), “FATCA” shall  include any amendments made to FATCA after the date of this Agreement.  (iii) Each Lender agrees that if any form or certification it previously delivered  pursuant to this Section 3.01 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. Unless required by Applicable Laws, at no time  shall the Administrative Agent have any obligation to file for or otherwise pursue on behalf of a  Lender, or have any obligation to pay to any Lender, any refund of Taxes withheld or deducted  from funds paid for the account of such Lender. If any Recipient 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 by any Loan Party or with respect to which any Loan Party has paid additional amounts  pursuant to this Section 3.01, it shall pay to such Loan Party an amount equal to such refund (but  only to the extent of indemnity payments made, or additional amounts paid, by such Loan Party  under this Section 3.01 with respect to the Taxes giving rise to such refund), net of all out-of-pocket  expenses (including Taxes) incurred by such Recipient, as the case may be, and without interest  (other than any interest paid by the relevant Governmental Authority with respect to such refund),  provided that each Loan Party, upon the request of the Recipient, agrees to repay the amount paid  over to such Loan Party (plus any penalties, interest or other charges imposed by the relevant  Governmental Authority) to the Recipient in the event the Recipient is required to repay such refund  to such Governmental Authority. Notwithstanding anything to the contrary in this clause (g), in no  event will the applicable Recipient be required to pay any amount to such Loan Party pursuant to  this clause (g) the payment of which would place the Recipient in a less favorable net after-Tax  position than such Recipient 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 clause (g) shall  not be construed to require any Recipient to make available its tax returns (or any other information  relating to its Taxes that it deems confidential) to any Loan Party or any other Person.  (h) Survival. Each party’s obligations under this Section 3.01 shall survive the  resignation or replacement of the Administrative Agent or any assignment of rights by, or the  

 

  80  replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or  discharge of all other Obligations.  3.02 Illegality.   If any Lender determines that any Law has made it unlawful, or that any  Governmental Authority has asserted that it is unlawful, for any Lender or its applicable Lending Office to  make, maintain or fund Loans whose interest is determined by reference to a Relevant Rate or any  Governmental Authority has imposed material restrictions on the authority of such Lender to engage in  reverse repurchase of U.S. Treasury securities transactions of the type included in the determination of  Term SOFR, or to determine or charge interest rates based upon a Relevant Rate or to purchase or sell, or  to take deposits of, any Alternative Currency in the applicable interbank market, then, upon notice thereof  by such Lender to the Borrower (through the Administrative Agent), (a) any obligation of such Lender to  make or maintain Alternative Currency Loans in the affected currency or currencies or, in the case of Loans  denominated in Dollars, to make or continue Term SOFR Loans or to convert Base Rate Loans to Term  SOFR Loans shall be suspended, and (b) if such notice asserts the illegality of such Lender making or  maintaining Base Rate Loans the interest rate on which is determined by reference to the Term SOFR  component of the Base Rate, the interest rate on which Base Rate Loans of such Lender shall, if necessary  to avoid such illegality, be determined by the Administrative Agent without reference to the Term SOFR  component of the Base Rate, in each case until such Lender notifies the Administrative Agent and the  Borrower that the circumstances giving rise to such determination no longer exist.  Upon receipt of such  notice, (i) the Borrower shall, upon demand from such Lender (with a copy to the Administrative Agent),  prepay all Alternative Currency Loans, as applicable, in the affected currency or currencies or, if applicable  and such Loans are denominated in Dollars, convert all Term SOFR Loans of such Lender to Base Rate  Loans (the interest rate on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality,  be determined by the Administrative Agent without reference to the Term SOFR component of the Base  Rate), either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain  such Term SOFR Loan to such day, or immediately, if such Lender may not lawfully continue to maintain  such Term SOFR Loan and (ii) if such notice asserts the illegality of such Lender determining or charging  interest rates based upon Term SOFR, the Administrative Agent shall during the period of such suspension  compute the Base Rate applicable to such Lender without reference to the Term SOFR component thereof  until the Administrative Agent is advised in writing by such Lender that it is no longer illegal for such  Lender to determine or charge interest rates based upon Term SOFR.  Upon any such prepayment or  conversion, the Borrower shall also pay accrued interest on the amount so prepaid or converted, together  with any additional amounts required pursuant to Section 3.05.  3.03 Inability to Determine Rates.  (a) If in connection with any request for a Term SOFR Loan or an Alternative  Currency Loan or a conversion of Base Rate Loans to Term SOFR Loans or a continuation of any  of such Loans, as applicable, (i) the Administrative Agent determines (which determination shall  be conclusive absent manifest error) that (A) no Successor Rate for the Relevant Rate for the  applicable Agreed Currency has been determined in accordance with Section 3.03(b), and the  circumstances under clause (i) of Section 3.03(b) or the Scheduled Unavailability Date has occurred  with respect to the Relevant Rate (as applicable), or (B) adequate and reasonable means do not  otherwise exist for determining such Relevant Rate for the applicable Agreed Currency for any  determination date or requested Interest Period, as applicable, with respect to a proposed Term  SOFR Loan or Alternative Currency Loan or in connection with an existing or proposed Base Rate  Loan, or (ii) the Administrative Agent or the Required Lenders determine that for any reason that  the Relevant Rate with respect to a proposed Loan denominated in an Agreed Currency for any  requested Interest Period or determination date(s) does not adequately and fairly reflect the cost to  such Lenders of funding such Loan, the Administrative Agent will promptly so notify the Borrower  and each Lender.  

 

  81  Thereafter, (x) the obligation of the Lenders to make or maintain Loans in the affected currencies, as  applicable, or to convert Base Rate Loans to Term SOFR Loans, shall be suspended in each case to the  extent of the affected Term SOFR Loans or Alternative Currency Loans or Interest Periods or determination  dates, as applicable, and (y) in the event of a determination described in the preceding sentence with respect  to the Term SOFR component of the Base Rate, the utilization of the Term SOFR component in determining  the Base Rate shall be suspended, in each case until the Administrative Agent (or, in the case of a  determination by the Required Lenders described in clause (ii) of this Section 3.03(a), until the  Administrative Agent upon instruction of the Required Lenders) revokes such notice.  Upon receipt of such notice, (i) the Borrower may revoke any pending request for a Borrowing of,  or conversion to Term SOFR Loans, or Borrowing of, or continuation of Term SOFR Loans or Alternative  Currency Loans to the extent of the affected Term SOFR Loans, Alternative Currency Loans, Interest  Periods or determination dates, as applicable, or, failing that, will be deemed to have converted such request  into a request for a Borrowing of Base Rate Loans denominated in Dollars in the Dollar Equivalent of the  amount specified therein and (ii) (A) any outstanding Term SOFR Loans shall be deemed to have been  converted to Base Rate Loans immediately and (B) any outstanding affected Alternative Currency Loans,  at the Borrower’s election, shall either (1) be converted into a Borrowing of Base Rate Loans denominated  in Dollars in the Dollar Amount of the amount of such outstanding Alternative Currency Loan immediately,  in the case of an Alternative Currency Daily Rate Loan or at the end of the applicable Interest Period, in  the case of a Term SOFR Loan or Alternative Currency Term Rate Loan or (2) be prepaid in full  immediately, in the case of an Alternative Currency Daily Rate Loan, or at the end of the applicable Interest  Period, in the case of a Term SOFR Loan or Alternative Currency Term Rate Loan; provided that if no  election is made by the Borrower  (x) in the case of an Alternative Currency Daily Rate Loan, by the date  that is three Business Days after receipt by the Borrower of such notice or (y) in the case of a Term SOFR  Loan or Alternative Currency Term Rate Loan, by the last day of the current Interest Period for the  applicable Term SOFR Loan or Alternative Currency Term Rate Loan, the Borrower shall be deemed to  have elected clause (1) above.  (b) Replacement of Relevant Rate Successor Rate.  Notwithstanding anything to the  contrary in this Agreement or any other Loan Documents, if the Administrative Agent determines  (which determination shall be conclusive absent manifest error), or the Borrower or Required  Lenders notify the Administrative Agent (with, in the case of the Required Lenders, a copy to the  Borrower) that the Borrower or Required Lenders (as applicable) have determined, that:  (i) adequate and reasonable means do not exist for ascertaining the Relevant  Rate for an Agreed Currency because none of the one month, three month or six month  Interest Periods of such Relevant Rate (including any forward-looking term rate thereof) is  available or published on a current basis and such circumstances are unlikely to be  temporary;  (ii) the Applicable Authority (or any successor administrator of the Term  SOFR Screen Rate) has made a public statement identifying a specific date after which one  month, three month and six month Interest Periods of the Relevant Rate for an Available  Currency (including any forward-looking term rate thereof) or the Term SOFR Screen Rate  shall or will no longer be representative or made available, or permitted to be used for  determining the interest rate of loans denominated in such Available Currency, or shall or  will otherwise cease, provided that, in each case, at the time of such statement, there is no  successor administrator that is satisfactory to the Administrative Agent that will continue  to provide such interest period(s) of the Relevant Rate for such Available Currency (the  latest date on which one month, three month and six month interest periods of the Relevant  Rate for such Available Currency (including any forward-looking term rate thereof) are no  

 

  82  longer representative or available permanently or indefinitely, the “Scheduled  Unavailability Date”); or  (iii) syndicated loans currently being executed and agented in the U.S., are  being executed or amended (as applicable) to incorporate or adopt a new benchmark  interest rate to replace the Relevant Rate for an Alternative Currency;  or if the events or circumstances of the type described in Section 3.03(b)(i), (ii) or (iii) have occurred with  respect to the Successor Rate then in effect, then, (x) with respect to Term SOFR, on a date and time  determined by the Administrative Agent (any such date, the “Term SOFR Replacement Date”), which date  shall be at the end of an Interest Period or on the relevant Interest Payment Date, as applicable, for interest  calculated and, solely with respect to clause (ii) above, no later than the Scheduled Unavailability Date,  Term SOFR will be replaced hereunder and under any Loan Document with Daily Simple SOFR plus the  SOFR Adjustment for any payment period for interest calculated that can be determined by the  Administrative Agent, in each case, without any amendment to, or further action or consent of any other  party to, this Agreement or any other Loan Document (the “Term SOFR Successor Rate”), and (y) with  respect to any other Relevant Rate (or if Daily Simple SOFR is not available on or prior to the Term SOFR  Replacement Date), reasonably promptly after such determination by the Administrative Agent or receipt  by the Administrative Agent of such notice, as applicable, the Administrative Agent and the Borrower may  amend this Agreement to replace the Relevant Rate for an Available Currency or any then current Successor  Rate for an Available Currency in accordance with this Section 3.03 with an alternate benchmark rate giving  due consideration to any evolving or then existing convention for similar credit facilities syndicated and  agented in the U.S. and denominated in such Available Currency for such alternative benchmarks, and, in  each case, including any mathematical or other adjustments to such benchmark giving due consideration to  any evolving or then existing convention for similar credit facilities syndicated and agented in the U.S. and  denominated in such Available Currency for such benchmarks, which adjustment or method for calculating  such adjustment shall be published on an information service as selected by the Administrative Agent from  time to time in its reasonable discretion and may be periodically updated (and any such proposed rate,  including for the avoidance of doubt, any adjustment thereto, an “Other Relevant Rate Successor Rate”  and together with the Term SOFR Successor Rate, a “Successor Rate”), and any such amendment shall  become effective at 5:00 p.m. on the fifth Business Day after the Administrative Agent shall have posted  such proposed amendment to all Lenders and the Borrower unless, prior to such time, Lenders comprising  the Required Lenders have delivered to the Administrative Agent written notice that such Required Lenders  object to such amendment.   If the Successor Rate is Daily Simple SOFR plus the SOFR Adjustment, all interest payments will  be payable on a quarterly basis.  The Administrative Agent will promptly (in one or more notices) notify the Borrower and each  Lender of the implementation of any Successor Rate.  Any Successor Rate shall be applied in a manner consistent with market practice; provided that to  the extent such market practice is not administratively feasible for the Administrative Agent, such Successor  Rate shall be applied in a manner as otherwise reasonably determined by the Administrative Agent.  Notwithstanding anything else herein, if at any time any Successor Rate as so determined would  otherwise be less than zero%, the Successor Rate will be deemed to be zero% for the purposes of this  Agreement and the other Loan Documents.  In connection with the implementation of a Successor Rate, the Administrative Agent will have the  right to make Conforming Changes from time to time, in consultation with the Borrower, and,  

 

  83  notwithstanding anything to the contrary herein or in any other Loan Document, any amendments  implementing such Conforming Changes will become effective without any further action or consent of  any other party to this Agreement; provided that, with respect to any such amendment effected, the  Administrative Agent shall post each such amendment implementing such Conforming Changes to the  Borrower and the Lenders reasonably promptly after such amendment becomes effective.  For purposes of this Section 3.03, those Lenders that either have not made, or do not have an  obligation under this Agreement to make, the relevant Loans in the relevant Alternative Currency shall be  excluded from any determination of Required Lenders.  3.04 Increased Costs.  (a) Increased Costs Generally. If any Change in Law shall:  (i) impose, modify or deem applicable any reserve, special deposit,  compulsory loan, insurance charge or similar requirement against assets of, deposits with  or for the account of, or credit extended or participated in by, any Lender or the L/C Issuer;  (ii) 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;  or  (iii) impose on any Lender or the L/C Issuer or any applicable interbank market  any other condition, cost or expense affecting this Agreement or Term SOFR Loans or  Alternative Currency Loans made by such Lender or any Letter of Credit or participation  therein;  and the result of any of the foregoing shall be to increase the cost to such Lender of making,  converting to, continuing or maintaining any Loan (or of maintaining its obligation to make any  such Loan), or to increase the cost to such Lender or the L/C Issuer of participating in, issuing or  maintaining any Letter of Credit (or of maintaining its obligation to participate in or to issue any  Letter of Credit), or to reduce the amount of any sum received or receivable by such Lender or the  L/C Issuer hereunder (whether of principal, interest or any other amount) then, upon request of  such Lender or the L/C Issuer, the Borrower will pay to such Lender or the L/C Issuer, as the case  may be, such additional amount or amounts as will compensate such Lender or the L/C Issuer, as  the case may be, for such additional costs incurred or reduction suffered.  (b) Capital Requirements. If any Lender or the L/C Issuer determines that any Change  in Law affecting such Lender or the L/C Issuer or any Lending Office of such Lender or such  Lender’s or the L/C Issuer’s holding company, if any, regarding capital or liquidity requirements  has or would have the effect of reducing the rate of return on such Lender’s or the L/C Issuer’s  capital or on the capital of such Lender’s or the L/C Issuer’s holding company, if any, as a  consequence of this Agreement, the Commitments of such Lender or the Loans made by, or  participations in Letters of Credit or Swingline Loans held by, such Lender, or the Letters of Credit  issued by the L/C Issuer, to a level below that which such Lender or the L/C Issuer or such Lender’s  or the L/C Issuer’s holding company could have achieved but for such Change in Law (taking into  consideration such Lender’s or the L/C Issuer’s policies and the policies of such Lender’s or the  L/C Issuer’s holding company with respect to capital adequacy), then from time to time the  Borrower will pay to such Lender or the L/C Issuer, as the case may be, such additional amount or  

 

  84  amounts as will compensate such Lender or the L/C Issuer or such Lender’s or the L/C Issuer’s  holding company for any such reduction suffered.  (c) Certificates for Reimbursement. A certificate of a Lender or the L/C Issuer setting  forth the amount or amounts necessary to compensate such Lender or the L/C Issuer or its holding  company, as the case may be, as specified in clause (a) or (b) of this Section 3.04 and delivered to  the Borrower shall be conclusive absent manifest error. The Borrower shall pay such Lender or the  L/C Issuer, as the case may be, the amount shown as due on any such certificate within ten (10)  days after receipt thereof.  (d) Delay in Requests. Failure or delay on the part of any Lender or the L/C Issuer to  demand compensation pursuant to the foregoing provisions of this Section 3.04 shall not constitute  a waiver of such Lender’s or the L/C Issuer’s right to demand such compensation, provided that  the Borrower shall not be required to compensate a Lender or the L/C Issuer pursuant to the  foregoing provisions of this Section 3.04 for any increased costs incurred or reductions suffered  more than nine (9) months prior to the date that such Lender or the L/C 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 the L/C Issuer’s intention to claim compensation therefor (except that, if the  Change in Law giving rise to such increased costs or reductions is retroactive, then the nine (9)  month period referred to above shall be extended to include the period of retroactive effect thereof).  3.05 Compensation for Losses.  Upon demand of any Lender (with a copy to the  Administrative Agent) from time to time, the Borrower shall promptly compensate such Lender for and  hold such Lender harmless from any loss, cost or expense incurred by it as a result of:  (a) any continuation, conversion, payment or prepayment of any Loan other than a  Base Rate Loan  on a day other than the last day of the Interest Period for such Loan (whether  voluntary, mandatory, automatic, by reason of acceleration, or otherwise);  (b) any failure by the Borrower (for a reason other than the failure of such Lender to  make a Loan) to prepay, borrow, continue or convert any Loan other than a Base Rate Loan on the  date or in the amount notified by the Borrower;  (c) any failure by the Borrower to make payment of any Loan or drawing under any  Letter of Credit (or interest due thereon) denominated in an Alternative Currency on its scheduled  due date or any payment thereof in a different currency; or  (d) any assignment of a Term SOFR Loan or an Alternative Currency Loan on a day  other than the last day of the Interest Period therefor as a result of a request by the Borrower  pursuant to Section 11.13;   including any loss of anticipated profits, any foreign exchange losses and any loss or expense  arising from the liquidation or reemployment of funds obtained by it to maintain such Loan or from  fees payable to terminate the deposits from which such funds were obtained or from the  performance of any foreign exchange contract. The Borrower shall also pay any customary  administrative fees charged by such Lender in connection with the foregoing.  For purposes of calculating amounts payable by the Borrower to the Lenders under this  Section 3.05, each Lender shall be deemed to have funded each Alternative Currency Term Rate  Loan made by it at the Alternative Currency Term Rate for such Loan by a matching deposit or  other borrowing in the offshore interbank eurodollar market for such currency for a comparable  

 

  85  amount and for a comparable period, whether or not such Alternative Currency Term Rate Loan  was in fact so funded.  3.06 Mitigation Obligations; Replacement of Lenders.   (a) Designation of a Different Lending Office. If any Lender requests compensation  under Section 3.04, or requires the Borrower to pay any Indemnified Taxes or additional amounts  to any Lender, the L/C Issuer, or any Governmental Authority for the account of any Lender or the  L/C Issuer pursuant to Section 3.01, or if any Lender gives a notice pursuant to Section 3.02, then  at the request of the Borrower, such Lender or the L/C Issuer shall, as applicable, use reasonable  efforts to designate a different Lending Office for funding or booking its Loans 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 the L/C Issuer, such designation or assignment (i) would eliminate or  reduce amounts payable pursuant to Section 3.01 or 3.04, as the case may be, in the future, or  eliminate the need for the notice pursuant to Section 3.02, as applicable, and (ii) in each case, would  not subject such Lender or the L/C Issuer, as the case may be, to any unreimbursed cost or expense  and would not otherwise be disadvantageous to such Lender or the L/C Issuer, as the case may be.  The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender or  the L/C Issuer in connection with any such designation or assignment.   (b) Replacement of Lenders. Each Lender may make any Credit Extension to the  Borrower through any Lending Office, provided that the exercise of this option shall not affect the  obligation of the Borrower to repay the Credit Extension in accordance with the terms of this  Agreement. If any Lender requests compensation under Section 3.04, or if the Borrower is required  to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority  for the account of any Lender pursuant to Section 3.01 and, in each case, such Lender has declined  or is unable to designate a different lending office in accordance with Section 3.06(a), the Borrower  may replace such Lender in accordance with Section 11.13.  3.07 Survival.  All of the Borrower’s obligations under this Article III shall survive termination of the Aggregate  Commitments, repayment of all other Obligations hereunder, resignation of the Administrative Agent and  the Facility Termination Date.  ARTICLE IV    CONDITIONS PRECEDENT TO CREDIT EXTENSIONS  4.01 Conditions of Initial Credit Extension.  The obligation of the L/C Issuer and each Lender  to make its initial Credit Extension hereunder is subject to satisfaction of the following conditions  precedent:  (a) Execution of Credit Agreement; Loan Documents. The Administrative Agent shall  have received (i) counterparts of this Agreement, executed by a Responsible Officer of each Loan  Party and a duly authorized officer of each Lender, (ii) for the account of each Lender requesting a  Note, a Note executed by a Responsible Officer of the Borrower, (iii) counterparts of the Security  Agreement and each other Collateral Document, executed by a Responsible Officer of the  applicable Loan Parties and a duly authorized officer of each other Person party thereto, as  applicable and (iv) counterparts of any other Loan Document, executed by a Responsible Officer  of the applicable Loan Party and a duly authorized officer of each other Person party thereto.  

 

  86  (b) Officer’s Certificate; Evidence of Existence and Good Standing. The  Administrative Agent shall have received an Officer’s Certificate dated the Closing Date, certifying  as to the Organization Documents of each Loan Party (which, to the extent filed with a  Governmental Authority, shall be certified as of a recent date by such Governmental Authority),  the resolutions of the governing body of each Loan Party, and of the incumbency (including  specimen signatures) of the Responsible Officers of each Loan Party, and such documents and  certificates of existence and good standing as my be reasonably requested by the Administrative  Agent.  (c) Legal Opinions of Counsel. The Administrative Agent shall have received an  opinion or opinions (including, if requested by the Administrative Agent, local counsel opinions)  of counsel for the Loan Parties, dated the Closing Date and addressed to the Administrative Agent  and the Lenders, in form and substance acceptable to the Administrative Agent.  (d) Financial Statements. The Administrative Agent and the Lenders shall have  received copies of the financial statements and projections referred to in Section 5.05, each in form  and substance satisfactory to each of them.  (e) Personal Property Collateral. The Administrative Agent shall have received, in  form and substance satisfactory to the Administrative Agent:  (i) (A) searches of UCC filings in the jurisdiction of incorporation or  formation, as applicable, of each Loan Party and each jurisdiction where any Collateral is  located or where a filing would need to be made in order to perfect the Administrative  Agent’s security interest in the Collateral, copies of the financing statements on file in such  jurisdictions and evidence that no Liens exist other than Permitted Liens and (B) tax lien,  judgment and bankruptcy searches;  (ii) searches of ownership of Intellectual Property in the appropriate  governmental offices and such patent/trademark/copyright filings as requested by the  Administrative Agent in order to perfect the Administrative Agent’s security interest in the  Intellectual Property;  (iii) completed UCC financing statements for each appropriate jurisdiction as  is necessary, in the Administrative Agent’s sole discretion, to perfect the Administrative  Agent’s security interest in the Collateral; and  (iv) stock or membership certificates, if any, evidencing the Pledged Equity  and undated stock or transfer powers duly executed in blank; in each case to the extent such  Pledged Equity is certificated.  (f) Liability, Casualty, Property, Terrorism and Business Interruption Insurance. The  Administrative Agent shall have received copies of insurance policies, declaration pages,  certificates, and endorsements of insurance or insurance binders evidencing liability, casualty,  property, terrorism and business interruption insurance meeting the requirements set forth herein  or in the Collateral Documents or as required by the Administrative Agent. The Loan Parties shall  have delivered to the Administrative Agent an Authorization to Share Insurance Information.  (g) Solvency Certificate. The Administrative Agent shall have received a Solvency  Certificate signed by a Responsible Officer of the Borrower as to the financial condition, solvency  

 

  87  and related matters of the Borrower and its Subsidiaries, after giving effect to the initial Borrowings  under the Loan Documents and the other transactions contemplated hereby.  (h) Financial Condition Certificate. The Administrative Agent shall have received a  certificate or certificates executed by a Responsible Officer of the Borrower as of the Closing Date,  as to certain financial matters, substantially in the form of Exhibit P.  (i) Material Agreements. The Administrative Agent shall have received true and  complete copies, certified by an officer of the Borrower as true and complete, of all agreements  listed in Schedule 5.20 requested by the Administrative Agent, including the SoCal Contract.  (j) Loan Notice. The Administrative Agent shall have received a Loan Notice with  respect to the Loans to be made on the Closing Date.  (k) Existing Debt; Liens.  Evidence that all principal, interest, and other amounts  owing in respect of all Existing Debt of the Loan Parties (other than Indebtedness permitted to  remain outstanding in accordance with Section 7.01 hereof) will be repaid in full as of the Closing  Date, and that with respect to all Indebtedness permitted to remain outstanding in accordance with  Section 7.01 hereof, any defaults or events of default existing as of the Closing Date with respect  to such Indebtedness will be cured or waived immediately following the funding of the initial  Loans; and evidence that as of the Closing Date, the Property of the Loan Parties is not subject to  any Liens (other than Liens in favor of the Administrative Agent and Liens permitted to remain  outstanding in accordance with Section 7.02 hereof).  (l) Organizational Structure.  The corporate organizational structure, capitalization  and ownership of the Borrower and its Subsidiaries shall be as set forth on Schedule 5.15 annexed  hereto.  The Administrative Agent shall have had the opportunity to review, and shall be satisfied  with, the Loan Parties’ state and federal tax assumptions, and the ownership, capital, organization  and structure of the Loan Parties.  (m) Necessary Governmental Permits, Licenses and Authorizations and Consents; Etc.   The Loan Parties shall have obtained all other permits, licenses, authorizations and consents from  all other Governmental Authorities and all consents of other Persons with respect to Material  Indebtedness, Liens and Material Agreements listed on Schedule 5.16 (and so identified thereon)  annexed hereto, in each case that are necessary or advisable in connection with the transactions  contemplated by the Loan Documents, and each of the foregoing shall be in full force and effect,  in each case other than those the failure to obtain or maintain which, either individually or in the  aggregate, would not reasonably be expected to have a Material Adverse Effect.  No action, request  for stay, petition for review or rehearing, reconsideration or appeal with respect to any of the  foregoing shall be pending, and the time for any applicable Governmental Authority to take action  to set aside its consent on its own motion shall have expired.  (n) No Material Adverse Change.  Since December 30, 2021, there shall have occurred  no material adverse change (in the reasonable opinion of the Administrative Agent) in the  businesses, operations, properties (including tangible properties), or conditions (financial or  otherwise), assets, liabilities or income of the Loan Parties, taken as a whole.  (o) Anti-Money-Laundering; Beneficial Ownership. Upon the reasonable request of  any Lender, the Borrower shall have provided to such Lender, and such Lender shall be reasonably  satisfied with, the documentation and other information so requested in connection with applicable  “know your customer” and anti-money-laundering rules and regulations, including, without  

 

  88  limitation, the Patriot Act, and any Loan Party that qualifies as a “legal entity customer” under the  Beneficial Ownership Regulation shall have delivered to each Lender that so requests, a Beneficial  Ownership Certification in relation to such Loan Party.  (p) Fees and Expenses. The Administrative Agent and the Lenders shall have received  all fees and expenses, if any, owing pursuant to the Fee Letter and Section 2.09.  (q) Due Diligence. The Lenders shall have completed a due diligence investigation of  the Borrower and its Subsidiaries in scope, and with results, satisfactory to the Lenders.  (r) Other Documents. All other documents provided for herein or which the  Administrative Agent or any other Lender may reasonably request.  (s) Additional Information. Such additional information and materials which the  Administrative Agent and/or any Lender shall reasonably request.  Without limiting the generality of the provisions of Section 9.03(c), for purposes of determining  compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement  shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other  matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender  unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing  Date specifying its objection thereto.  4.02 Conditions to all Credit Extensions.  The obligation of each Lender and the L/C Issuer  to honor any Request for Credit Extension (other than a Loan Notice requesting only a conversion of Loans  to the other Type, or a continuation of Term SOFR Loans or Alternative Currency Loans) is subject to the  following conditions precedent:  (a) Representations and Warranties. The representations and warranties of the  Borrower and each other Loan Party contained in Article II, Article V or any other Loan Document,  or which are contained in any other Loan Document delivered by any Loan Party to the  Administrative Agent or any Lender on or after the Closing Date, shall (i) with respect to  representations and warranties that contain a materiality qualification, be true and correct on and  as of the date of such Credit Extension and (ii) with respect to representations and warranties that  do not contain a materiality qualification, be true and correct in all material respects on and as of  the date of such Credit Extension, both before and after giving effect thereto and to the use of the  proceeds thereof (or, if any such representation or warranty is expressly stated to have been made  as of a specific date, such representation or warranty shall be or have been true and correct in all  material respects as of such specific date and provided that, to the extent any change in  circumstances expressly permitted by this Agreement causes any representation and warranty set  forth herein to no longer be true, such representation and warranty shall be deemed modified to  reflect such change in circumstances and except that for purposes of this Section 4.02, the  representations and warranties contained in Sections 5.05(a)(i)) and 5.05(a)(ii) shall be deemed to  refer to the most recent statements furnished pursuant to Sections 6.01(a) and (b), respectively.).  (b) Default. No Default shall exist, or would result from such proposed Credit  Extension or from the application of the proceeds thereof.  (c) Request for Credit Extension. The Administrative Agent and, if applicable, the   L/C Issuer or the Swingline Lender shall have received a Request for Credit Extension in  accordance with the requirements hereof.  

 

  89  (d) Alternative Currency. In the case of a Credit Extension to be denominated in an  Alternative Currency, such currency remains an Eligible Currency.  Each Request for Credit Extension (other than a Loan Notice requesting only a conversion of Loans  to the other Type or a continuation of Term SOFR Loans or Alternative Currency Loans) submitted by the  Borrower shall be deemed to be a representation and warranty that the conditions specified in Sections  4.02(a) and (b) have been satisfied on and as of the date of the applicable Credit Extension.  ARTICLE V    REPRESENTATIONS AND WARRANTIES  Each Loan Party represents and warrants to the Administrative Agent and the Lenders, as of the  date made or deemed made, that:  5.01 Existence, Qualification and Power.  Each Loan Party (a) is duly organized or formed,  validly existing and, as applicable, in good standing under the Laws of the jurisdiction of its incorporation  or organization, (b) has all requisite power and authority and all requisite governmental licenses,  authorizations, consents and approvals to (i) own or lease its assets and carry on its business as presently  conducted and (ii) execute, deliver and perform its obligations under the Loan Documents to which it is a  party, and (c) is duly qualified and is licensed and, as applicable, in good standing under the Laws of each  jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such  qualification or license; except in each case referred to in clause (b)(i) or (c), to the extent that failure to do  so could not reasonably be expected to have a Material Adverse Effect. The copy of the Organization  Documents of each Loan Party provided to the Administrative Agent pursuant to the terms of this  Agreement is a true and correct copy of each such document, each of which is valid and in full force and  effect.  5.02 Authorization; No Contravention.  The execution, delivery and performance by each  Loan Party of each Loan Document to which such Person is or is to be a party have been duly authorized  by all necessary corporate or other organizational action, and do not and will not (a) contravene the terms  of any of such Person’s Organization Documents; (b) conflict with or result in any breach or contravention  of, or the creation of (or the requirement to create) any Lien under, or require any payment to be made  under (i) any Contractual Obligation to which such Person is a party or affecting such Person or the  properties of such Person or any of its Subsidiaries or (ii) any order, injunction, writ or decree of any  Governmental Authority or any arbitral award to which such Person or its property is subject; or (c) violate  any Applicable Law.  5.03 Governmental Authorization; Other Consents.  No approval, consent, exemption,  authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other  Person is necessary or required in connection with (a) the execution, delivery or performance by, or  enforcement against, any Loan Party of this Agreement or any other Loan Document, (b) the grant by any  Loan Party of the Liens granted by it pursuant to the Collateral Documents, (c) the perfection or  maintenance of the Liens created under the Collateral Documents (including the first priority nature thereof)  or (d) the exercise by the Administrative Agent or any Lender of its rights under the Loan Documents or  the remedies in respect of the Collateral pursuant to the Collateral Documents, other than (i) authorizations,  approvals, actions, notices and filings which have been duly obtained and (ii) filings to perfect the Liens  created by the Collateral Documents.  5.04 Binding Effect.   This Agreement has been, and each other Loan Document, when  delivered hereunder, will have been, duly executed and delivered by each Loan Party that is party thereto.  

 

  90  This Agreement constitutes, and each other Loan Document when so delivered will constitute, a legal, valid  and binding obligation of such Loan Party, enforceable against each Loan Party that is party thereto in  accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or  other laws affecting creditors’ rights generally and subject to general principals of equity.  5.05 Financial Statements; No Material Adverse Effect.  (a) The Loan Parties have heretofore delivered to the Lenders the following financial  statements:  (i) the consolidated balance sheets and statements of operations,  shareholders’ equity and cash flows of the Borrower and all Subsidiaries of the Borrower,  as of and for the fiscal years ended December 31, 2020 and December 31, 2021, in each  case, audited and accompanied by an opinion of the Borrower’s independent public  accountants (the “Audited Financial Statements”);  (ii) the unaudited consolidated balance sheet and statements of operations,  shareholders’ equity and cash flows of the Borrower and all Subsidiaries of the Borrower  and all Subsidiaries of the Borrower, as of and for the fiscal year-to-date period ended  September 30, 2021, certified by a Responsible Officer that such financial statements fairly  present in all material respects the financial condition of the Borrower and all Subsidiaries  of the Borrower as at such date and the results of the operations of the Borrower and all  Subsidiaries of the Borrower for the period ended on such date and that all such financial  statements, including the related schedules and notes thereto have been prepared in all  material respects in accordance with GAAP applied consistently throughout the periods  involved, except as disclosed on Schedule 5.05; and  (iii) the projected consolidated balance sheets, statements of operations and  cash flows for the Borrower and all Subsidiaries of the Borrower on a quarterly basis for  fiscal year 2022.  Except as disclosed on Schedule 5.05, such financial statements (except for the projections) present fairly,  in all material respects, the respective consolidated financial position and results of operations and cash  flows of the respective entities as of such respective dates and for such periods in accordance with GAAP,  subject to year-end audit adjustments and the absence of footnotes in the case of such unaudited or pro  forma statements.  The projections were prepared by the Borrower in good faith and were based on  assumptions that the Borrower believed were reasonable when made, it being understood, that actual results  during the periods covered thereby may differ from the projected results.  (b) Except as disclosed on Schedule 5.05, since December 31, 2021, there has been no  material adverse change in the business, assets, operations or condition, financial or otherwise, of  the Loan Parties (taken as a whole) from that set forth in the December 31, 2021 financial  statements referred to in clause (ii) of paragraph (a) above.  (c) None of the Loan Parties has on the date hereof any contingent liabilities, liabilities  for taxes, unusual forward or long-term commitments or unrealized or anticipated losses from any  unfavorable commitments in each case that are material and would need to be disclosed on financial  statements in accordance with GAAP, except (i) as referred to or reflected or provided for in the  financial statements described in this Section 7.04, (ii) as provided for in Schedule 5.05 annexed  hereto, or (iii) as otherwise permitted pursuant to this Agreement.  

 

  91  5.06 Litigation and Environmental Matters.    (a) There are no actions, suits or proceedings by or before any arbitrator or  Governmental Authority pending against or, to the knowledge of the Loan Parties, threatened  against or affecting any Loan Party as to which there is a reasonable possibility of an adverse  determination and that, if adversely determined, could reasonably be expected, individually or in  the aggregate, to result in a Material Adverse Effect (other than the Disclosed Matters set forth in  part (a) of Schedule 5.06).  (b) Except for the Disclosed Matters set forth in Schedule 5.06 and except with respect  to any other matters that, individually or in the aggregate, could not reasonably be expected to result  in a Material Adverse Effect, the Loan Parties (i) have not failed to comply with any Environmental  Law or to obtain, maintain or comply with any permit, license or other approval required in  connection with the operation of the Loan Parties’ business to be in compliance with all applicable  Environmental Laws, (ii) have not become subject to any Environmental Liability; (iii) have not  received notice of any claim with respect to any Environmental Liability or any inquiry, allegation,  notice or other communication from any Governmental Authority which is currently outstanding  or pending concerning its compliance with any Environmental Law or (iv) do not know of any basis  for any Environmental Liability.  (c) Since the date of this Agreement, there has been no change in the status of the  Disclosed Matters that, individually or in the aggregate, has resulted in, or could reasonably be  expected to result in, a Material Adverse Effect.  5.07 Compliance with Laws and Agreements.  Except as set forth on Schedule 5.07, each  Loan Party is in compliance with all laws, regulations, policies and orders of any Governmental Authority  applicable to it or its property and all its Contractual Obligations, except where the failure to do so,  individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.  5.08 Properties.  (a) Each Loan Party has good and marketable title to, or valid, subsisting and  enforceable leasehold interests in, all its Property material to its business.  All machinery and  equipment of the Loan Parties material to their business is in good operating condition and repair  (ordinary wear and tear excepted), and all necessary replacements of and repairs thereto have been  made so as to preserve and maintain the value and operating efficiency of such machinery and  equipment.  (b) Set forth on Schedule 5.08 hereto is a complete list of all Patents, Trademarks and  Copyrights.  Each Loan Party owns, or is licensed to use, all Patents, Trademarks and Copyrights  and other intellectual property material to its business (“Proprietary Rights”), and to the knowledge  of the Borrower, the use thereof by the Loan Parties does not infringe upon the rights of any other  Person, except for any such infringements that, individually or in the aggregate, could not  reasonably be expected to result in a Material Adverse Effect.  (c) Schedule 5.08 clearly identifies all Patents, Trademarks and Copyrights that have  been duly registered in, filed in or issued by the PTO or the United States Register of Copyrights  (collectively, the “Registered Proprietary Rights”).  The Registered Proprietary Rights have been  properly maintained and renewed in accordance with all applicable provisions of law and  administrative regulations in the United States, as applicable.  The Loan Parties have taken  commercially reasonable steps to protect the Registered Proprietary Rights material to their  

 

  92  businesses and to maintain the confidentiality of all Proprietary Rights that are not generally in the  public domain.  (d) As of the date hereof, Schedule 5.08 annexed hereto contains a true, accurate and  complete list of (i) all Real Property Assets, whether owned or leased, and (ii) all leases, subleases  or assignments of leases (together with all amendments, modifications, supplements, renewals or  extensions of any thereof) affecting each Material Leasehold Property, regardless of whether such  Loan Party is the landlord or tenant (whether directly or as an assignee or successor in interest)  under such lease, sublease or assignment.  Except as specified in Schedule 5.08, each agreement  listed in clause (c) of the immediately preceding sentence is in full force and effect and the  Borrower has no knowledge of any default that has occurred and is continuing thereunder, and each  such agreement constitutes the legal, valid and binding obligation of each applicable Loan Party,  enforceable against such Loan Party in accordance with its terms, except as enforcement may be  limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or  limiting creditors’ rights generally or by equitable principles.  5.09 Insurance.  The properties of the Borrower and its Subsidiaries are insured with financially  sound and reputable insurance companies not Affiliates of the Borrower, in such amounts (after giving  effect to any self-insurance compatible with the following standards), with such deductibles and covering  such risks as are customarily carried by companies engaged in similar businesses and owning similar  properties in localities where the applicable Loan Party or the applicable Subsidiary operates. The general  liability, casualty, property, terrorism and business interruption insurance coverage of the Loan Parties as  in effect on the Closing Date, and as of the last date such Schedule was required to be updated in accordance  with Sections 6.02, 6.05 and 6.13, is outlined as to carrier, policy number, expiration date, type, amount  and deductibles on Schedule 5.09 and such insurance coverage complies with the requirements set forth in  this Agreement and the other Loan Documents.  5.10 Taxes.  Except as set forth on Schedule 5.10, each Loan Party has timely filed or caused  to be filed all Tax returns and reports required to have been filed and has paid or caused to be paid all Taxes  required to have been paid by it, except (a) Taxes that are being contested in good faith by appropriate  proceedings and for which such Loan Party has set aside on its books adequate reserves with respect thereto  in accordance with GAAP, which reserves shall be acceptable to Agent, or (b) to the extent that the failure  to do so could not reasonably be expected to result in a Material Adverse Effect.  5.11 ERISA Compliance.  (a) Except as would not reasonably be expected to result in a Material Adverse Effect,  (i) each Plan is in compliance in all material respects with the applicable provisions of ERISA, the  Code and other federal or state laws; (ii) each Pension Plan that is intended to be a qualified plan  under Section 401(a) of the Code has received a favorable determination letter or is subject to a  favorable opinion letter from the IRS to the effect that the form of such Plan is qualified under  Section 401(a) of the Code and the trust related thereto has been determined by the IRS to be exempt  from federal income tax under Section 501(a) of the Code, or an application for such a letter is  currently being processed by the IRS; and (iii) to the best knowledge of the Loan Parties, nothing  has occurred that would prevent or cause the loss of such tax-qualified status.  (b) There are no pending or, to the best knowledge of the Loan Parties, threatened  claims, actions or lawsuits, or action by any Governmental Authority, with respect to any Plan that  could reasonably be expected to have a Material Adverse Effect. There has been no prohibited  transaction or violation of the fiduciary responsibility rules with respect to any Plan that has resulted  or could reasonably be expected to result in a Material Adverse Effect.  

 

  93  (c) Except as would not reasonably be expected to result in a Material Adverse Effect,  (i) no ERISA Event has occurred, and no Loan Party nor any ERISA Affiliate is aware of any fact,  event or circumstance that could reasonably be expected to constitute or result in an ERISA Event  with respect to any Pension Plan or Multiemployer Plan; (ii) no Loan Party nor any ERISA Affiliate  has incurred any liability to the PBGC other than for the payment of premiums, and there are no  premium payments which have become due that are unpaid; (iii) neither the Borrower nor any  ERISA Affiliate has engaged in a transaction that could be subject to Section 4069 or Section  4212(c) of ERISA; and (iv) no Pension Plan has been terminated by the plan administrator thereof  nor by the PBGC, and no event or circumstance has occurred or exists that could reasonably be  expected to cause the PBGC to institute proceedings under Title IV of ERISA to terminate any  Pension Plan  (d) As of the Closing Date, neither the Borrower nor any ERISA Affiliate maintains  or contributes to, or has any unsatisfied obligation to contribute to, or liability under, any active or  terminated Pension Plan other than those listed on Schedule 5.11 hereto.  (e) As of the most recent valuation date for any Pension Plan, except where the same  could not have a Material Adverse Effect, the funding target attainment percentage (as defined in  Section 430(d)(2) of the Code) is 60% or higher, and no Loan Party nor any ERISA Affiliate knows  of any facts or circumstances that could reasonably be expected to cause the funding target  attainment percentage for any such plan to drop below 60% as of the most recent valuation date  except where the same could not have a Material Adverse Effect.  As of the most recent valuation  date for each Multiemployer Plan, the potential liability of the Borrower or any ERISA Affiliate  for a complete withdrawal from such Multiemployer Plan (within the meaning of Section 4203 or  Section 4205 of ERISA), when aggregated with such potential liability for a complete withdrawal  from all Multiemployer Plans, is less than $1,000,000.  (f) The Borrower represents and warrants as of the Closing Date, subject to the  accuracy of the Lender’s representations in Section 9.12, that the Borrower is not and will not be  using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise) of one or more  Benefit Plans with respect to the Borrower’s entrance into, participation in, administration of and  performance of the Loans, the Letters of Credit, the Commitments or this Agreement.   5.12 Margin Regulations; Investment Company Act.  (a) Margin Regulations. Neither the Borrower nor any of its Subsidiaries is engaged  or will engage, principally or as one of its important activities, in the business of purchasing or  carrying margin stock (within the meaning of Regulation U), or extending credit for the purpose of  purchasing or carrying margin stock. Following the application of the proceeds of each Borrowing  or drawing under each Letter of Credit, not more than twenty-five percent (25%) of the value of  the assets (either of the Borrower only or of the Borrower and its Subsidiaries on a Consolidated  basis) subject to the provisions of Section 7.01 or Section 7.05 or subject to any restriction  contained in any agreement or instrument between the Borrower or any of its Subsidiaries and any  Lender or any Affiliate of any Lender relating to Indebtedness and within the scope of Section  8.01(e) will be margin stock.  (b) Investment and Holding Company Status.  No Loan Party or any Person  Controlling the Borrower is (a) an “investment company” as defined in, or subject to regulation  under, the Investment Company Act of 1940, as amended, (b) a “holding company” as defined in,  or subject to regulation under, the Public Utility Holding Company Act of 1935, as amended or (c)  

 

  94  a “bank holding company” as defined in, or subject to regulation under, the Bank Holding Company  Act of 1956, as amended.  5.13 Disclosure.  As of the Closing Date, the Loan Parties have disclosed to the Administrative  Agent all Material Agreements, instruments and corporate or other restrictions to which any Loan Party is  subject after the Closing Date, and all other matters known to the Loan Parties, that, individually or in the  aggregate, could reasonably be expected to result in a Material Adverse Effect.  The organizational structure  of the Loan Parties is as set forth on Schedule 5.15 annexed hereto.  The information, reports, financial  statements, exhibits and schedules furnished at or prior to the Closing Date in writing by or on behalf of the  Loan Parties to the Administrative Agent in connection with the negotiation, preparation or delivery of this  Agreement and the other Loan Documents or included herein or therein or delivered pursuant hereto or  thereto, at the Closing Date, when taken as a whole do not contain any untrue statement of material fact or  omit to state any material fact necessary to make the statements herein or therein, in light of the  circumstances under which they were made, not materially misleading.  All written information furnished  after the Closing Date by the Loan Parties to the Administrative Agent and/or the Lenders in connection  with this Agreement and the other Loan Documents and the transactions contemplated hereby and thereby  will be true, complete and accurate in every material respect, or (in the case of pro-forma information and  projections) prepared in good faith based on assumptions believed by such Loan Party to be reasonable as  of the date when such information is stated or certified.  There is no fact known to the Loan Parties that  could reasonably be expected to have a Material Adverse Effect that has not been disclosed herein, in the  other Loan Documents or in a report, financial statement, exhibit, schedule, disclosure letter or other writing  furnished to the Agent for use in connection with the transactions contemplated hereby or thereby.  5.14 Capitalization.  As of the Closing Date, the capital structure and ownership of the  Subsidiaries are correctly described on Schedule 5.15.  As of the Closing Date, the authorized, issued and  outstanding capital stock of each Subsidiary of the Borrower consists of the capital stock described on  Schedule 5.15, all of which is duly and validly issued and outstanding, fully paid and nonassessable.  Except  as set forth on Schedule 5.15, as of the date hereof, (x) there are no outstanding Equity Rights with respect  to any Subsidiary of the Borrower and, (y) there are no outstanding obligations of the any Subsidiary of the  Borrower to repurchase, redeem, or otherwise acquire any shares of capital stock of or other interest in any  Subsidiary of the Borrower, nor are there any outstanding obligations of the any Subsidiary of the Borrower  to make payments to any Person, such as “phantom stock” payments, where the amount thereof is calculated  with reference to the fair market value or equity value of any Subsidiary of the Borrower.  5.15 Subsidiaries.    (a) Set forth on Schedule 5.15 is a complete and correct list of all Subsidiaries of the  Borrower as of the date hereof (or, from and after the delivery of the first Compliance Certificate  with a revised Schedule 5.15, as of the date of the most recently delivered Compliance Certificate),  together with, for each such Subsidiary, (i) the jurisdiction of organization of such Subsidiary, (ii)  each Person holding ownership interests in such Subsidiary, (iii) the nature of the ownership  interests held by each such Person and the percentage of ownership of such Subsidiary represented  by such ownership interests and (iv) a statement with respect to each Subsidiary as to whether such  Subsidiary is a Core Ameresco Company (and if so, if it is a Guarantor) or a Non-Core Company,  if it is a Foreign Subsidiary or an Inactive Subsidiary.  Except as disclosed in Schedule 5.15, (x)  each Loan Party and its respective Subsidiaries owns, free and clear of Liens (other than Liens  permitted hereunder), and has the unencumbered right to vote, all outstanding ownership interests  in each Person shown to be held by it in Schedule 5.15, (y) all of the issued and outstanding capital  stock of each such Person organized as a corporation is validly issued, fully paid and nonassessable  and (z) there are no outstanding Equity Rights with respect to such Person.  

 

  95  (b) Except as set forth on Schedule 5.15, as of the date of this Agreement none of the  Loan Parties is subject to any indenture, agreement, instrument or other arrangement containing  any provision of the type described in Section 7.08 (“Restrictive Agreements”), other than any such  provision the effect of which has been unconditionally, irrevocably and permanently waived or  constitute Permitted Liens.  5.16 Compliance with Laws and Agreements.  Except as set forth on Schedule 5.16, each  Loan Party is in compliance with all laws, regulations, policies and orders of any Governmental Authority  applicable to it or its property and all of its Contractual Obligations, except where the failure to do so,  individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.  5.17 Solvency.  As of the Effective Time and after giving effect to the initial Loans hereunder  and the other transactions contemplated hereby:  (a) the aggregate value of all properties of the Loan Parties at their present fair saleable  value on a consolidated, going concern basis (i.e., the amount that may be realized within a  reasonable time, considered to be six months to one year, either through collection or sale at the  regular market value, conceiving the latter as the amount that could be obtained for such properties  within such period by a capable and diligent businessman from an interested buyer who is willing  to purchase under ordinary selling conditions), exceeds the amount of all the consolidated debts  and liabilities (including contingent, subordinated, unmatured and unliquidated liabilities) of the  Loan Parties;  (b) the Loan Parties will not, on a consolidated basis, have an unreasonably small  capital with which to conduct their business operations as heretofore conducted; and  (c) the Loan Parties will have, on a consolidated basis, sufficient cash flow to enable  them to pay their debts as they mature.  5.18 Casualty, Etc.  Neither the businesses nor the properties of any Loan Party or any of its  Subsidiaries are affected by any fire, explosion, accident, strike, lockout or other labor dispute, drought,  storm, hail, earthquake, embargo, act of God or of the public enemy or other casualty (whether or not  covered by insurance) that, either individually or in the aggregate, could reasonably be expected to have a  Material Adverse Effect.    5.19 Sanctions Concerns and Anti-Corruption Laws.  (a) Sanctions Concerns. No Loan Party, nor any Subsidiary, nor, to the knowledge of  the Loan Parties and their Subsidiaries, any director, officer, employee, agent, affiliate or  representative thereof, is an individual or entity that is, or is owned or controlled by one or more  individuals or entities that are (i) currently the subject or target of any Sanctions, (ii) included on  OFAC’s List of Specially Designated Nationals or HMT’s Consolidated List of Financial Sanctions  Targets, or any similar list enforced by any other relevant sanctions authority or (iii) located,  organized or resident in a Designated Jurisdiction. The Borrower and its Subsidiaries have  conducted their businesses in compliance in all material respects with all applicable Sanctions and  have instituted and maintained policies and procedures designed to promote and achieve  compliance with such Sanctions.  (b) Anti-Corruption Laws. The Loan Parties and their Subsidiaries have conducted  their business in compliance in all material respects with the United States Foreign Corrupt  Practices Act of 1977, the UK Bribery Act 2010 and other applicable anti-corruption legislation in  

 

  96  other jurisdictions, and have instituted and maintained policies and procedures designed to promote  and achieve compliance with such laws.  5.20 Material Indebtedness, Liens and Agreements.  (a) Schedule 5.20 hereto contains a complete and correct list, as of the date of this  Agreement, of all Material Indebtedness or any extension of credit (or commitment for any  extension of credit) to, or guarantee by, any Loan Party the aggregate principal or face amount of  which equals or exceeds (or may equal or exceed) $10,000,000, and the aggregate principal or face  amount outstanding or that may become outstanding with respect thereto is correctly described on  Schedule 5.20.  (b) Schedule 5.20 hereto is a complete and correct list, as of the date of this  Agreement, of each Lien (other than the Liens in favor of the Administrative Agent and Lenders)  securing Indebtedness of any Person and covering any property of the Loan Parties, and the  aggregate Indebtedness secured (or which may be secured) by each such Lien and the Property  covered by each such Lien is correctly described in the appropriate part of Schedule 5.20.  (c) Schedule 5.20 hereto is a complete and correct list, as of the date of this  Agreement, of each Contractual Obligation to which any Loan Party is a party for which breach,  nonperformance, cancellation or failure to renew would have a Material Adverse Effect other than  purchase orders made in the ordinary course of business and subject to customary terms (each, a  “Material Agreement”).  (d) To the extent requested by the Administrative Agent, true and complete copies of  each agreement listed on the appropriate part of Schedule 5.20 have been delivered to the  Administrative Agent, together with all amendments, waivers and other modifications thereto.  All  such agreements, including the SoCal Contract, are valid, subsisting, in full force and effect, are  currently binding and will continue to be binding upon each Loan Party that is a party thereto and,  to the best knowledge of the Loan Parties, binding upon the other parties thereto in accordance with  their terms.  The Loan Parties are not in default under any such agreements, which default could  have a Material Adverse Effect.  5.21 Federal Reserve Regulations. No Loan Party is engaged principally or as one of its  important activities in the business of extending credit for the purpose of purchasing or carrying margin  stock (as defined in Regulation U of the FRB).  The making of the Loans hereunder, the use of the proceeds  thereof as contemplated hereby, and the security arrangements contemplated by the Loan Documents, will  not violate or be inconsistent with any of the provisions of Regulations T, U, or X of the FRB.  5.22 Force Majeure.  Since December 31, 2021, the business, properties and other assets of the  Loan Parties, taken as a whole, have not been affected in any way as the result of any fire or other casualty,  strike, lockout or other labor trouble, embargo, sabotage, confiscation, contamination, riot, civil  disturbance, activity of armed forces or act of God that would have a Material Adverse Effect.  5.23 Bank Accounts.  Schedule 5.23 lists all banks and other financial institutions at which any  Loan Party maintains deposits and/or other accounts as of the Closing Date, and such Schedule correctly  identifies the name and address of each depository, the name in which the account is held, a description of  the purpose of the account, and the complete account number.  5.24 Matters Relating to Inactive Subsidiaries.  No Inactive Subsidiary (i) owns or otherwise  holds any property or other assets or (ii) conducts any business.  

 

  97  5.25 EEA Financial Institutions.   No Loan Party is an EEA Financial Institution.  5.26 Covered Entities.  No Loan Party is a Covered Entity.  5.27 Beneficial Ownership Certification.  The information included in the Beneficial  Ownership Certification, if applicable, is true and correct in all respects.  5.28 Labor and Employment Matters.  (a) Except as set forth on Schedule 5.28 as of the Closing Date, and thereafter with  respect to which such would have a Material Adverse Effect, (A) no employee of the Loan Parties  is represented by a labor union, no labor union has been certified or recognized as a representative  of any such employee, and the Loan Parties do not have any obligation under any collective  bargaining agreement or other agreement with any labor union or any obligation to recognize or  deal with any labor union, and there are no such contracts or other agreements pertaining to or  which determine the terms or conditions of employment of any employee of the Loan Parties; (B)  no Loan Party has knowledge of any pending or threatened representation campaigns, elections or  proceedings; (C) the Loan Parties do not have knowledge of any strikes, slowdowns or work  stoppages of any kind, or threats thereof, and no such activities occurred during the 24-month  period preceding the date hereof; and (D) no Loan Party has engaged in, admitted committing or  been held to have committed any unfair labor practice.  (b) Except as set forth on Schedule 5.28, the Loan Parties have at all times complied  in all material respects, and are in material compliance with, all applicable laws, rules and  regulations respecting employment, wages, hours, compensation, benefits, and payment and  withholding of taxes in connection with employment.  (c) Except as set forth on Schedule 5.28, except as could not reasonably be expected  to have, individually or in the aggregate, a Material Adverse Effect, the Loan Parties have at all  times complied with, and are in compliance with, all applicable laws, rules and regulations  respecting occupational health and safety, whether now existing or subsequently amended or  enacted, including, without limitation, the Occupational Safety & Health Act of 1970, 29 U.S.C.  Section 651 et seq. and the state analogies thereto, all as amended or superseded from time to time,  and any common law doctrine relating to worker health and safety.  ARTICLE VI    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 Cash Collateralized and all L/C Disbursements shall have been reimbursed, each Loan  Party covenants and agrees with the Administrative Agent and the Lenders that:  6.01 Financial Statements and Other Information.  The Loan Parties will furnish to the  Administrative Agent and each Lender:  (a) as soon as available and in any event within 90 days after the end of each fiscal  year of the Loan Parties:  

 

  98  (i) consolidated statements of operations, shareholders’ equity and cash flows  of the Borrower and its Subsidiaries for such fiscal year and the related consolidated  balance sheets of the Borrower and its Subsidiaries as at the end of such fiscal year, setting  forth in each case in comparative form the corresponding consolidated figures for the  preceding fiscal year; provided that the consolidated statements of operations,  shareholders’ equity and cash flows of the Borrower and its Subsidiaries and the  consolidated balance sheets of the Borrower and its Subsidiaries for any such fiscal year  shall present separately the results of the Core Ameresco Companies (taken as a whole) for  such fiscal year, and  (ii) an opinion of independent certified public accountants of recognized  national standing (without a “going concern” or like qualification or exception and without  any qualification or exception as to the scope of such audit) stating that the consolidated  financial statements referred to in the preceding clause (i) (other than those described in  the proviso thereto) fairly present in all material respects the consolidated financial  condition and results of operations of the Loan Parties and their Subsidiaries as at the end  of, and for, such fiscal year in accordance with GAAP.  (b) as soon as available and in any event within 45 days after the end of each of the  first three fiscal quarters:  (i) consolidated and consolidating statements of operations, shareholders’  equity and cash flows of the Borrower and its Subsidiaries for such fiscal quarter and for  the period from the beginning of the respective fiscal year to the end of such fiscal quarter,  and the related consolidated and consolidating balance sheets of the Borrower and its  Subsidiaries as at the end of such period, setting forth in each case in comparative form the  corresponding consolidated figures for the corresponding period in the preceding fiscal  year, and the corresponding figures for the forecasts most recently delivered to the  Administrative Agent for such period; provided that the consolidated statements of  operations, shareholders’ equity and cash flows of the Borrower and its Subsidiaries and  the consolidated balance sheets of the Borrower and its Subsidiaries for any such fiscal  period shall present separately the results of the Core Ameresco Companies (taken as a  whole) for such fiscal period, and  (ii) a certificate of a Responsible Officer, which certificate shall state that said  consolidated financial statements referred to in the preceding clause (i) fairly present in all  material respects the consolidated financial condition and results of operations of the  Borrower and its Subsidiaries and that said consolidating financial statements referred to  in the preceding clause (i) fairly present the respective individual unconsolidated financial  conditions and results of operations of the Borrower and each Subsidiary, in each case in  accordance with GAAP, consistently applied, as at the end of, and for, such period (subject  to normal year-end audit adjustments and the omission of footnotes);  (c) as soon as available and in any event within (i) 45 days after the end of each  of  the first three fiscal quarters a Compliance Certificate duly executed by a Responsible Officer with  respect to the quarterly financial statements delivered pursuant to Section 6.01(b) above, and (ii)  within 90 days after the end of each fiscal year, a Compliance Certificate duly executed by a  Responsible Officer with respect to the annual financial statements delivered pursuant to Section  6.01(a) above, together with, in the case of each of clauses (i) and (ii) of this subsection (c), such  supporting financial information with respect to the Core Ameresco Companies as shall be  reasonably acceptable to the Administrative Agent;  

 

  99  (d) as soon as available and in any event within 60 days after the end of each fiscal  year of the Loan Parties, statements of forecasted consolidated and consolidating income and cash  flows for the Loan Parties for each fiscal month in such fiscal year and a forecasted consolidated  and consolidating balance sheet of the Loan Parties as of the last day of each fiscal month in such  fiscal year, together with supporting assumptions which the Borrower believed were reasonable  when made, all prepared in good faith in reasonable detail and consistent with the Loan Parties’  past practices in preparing projections and otherwise reasonably satisfactory in scope to the  Administrative Agent;  (e) promptly upon receipt thereof, copies of all management letters and accountants’  letters received by the Loan Parties;  (f) promptly after the same are available, copies of each annual report, proxy or  financial statement or other report or communication sent to the stockholders of the Borrower, and  copies of all annual, regular, periodic and special reports and registration statements which the  Borrower may file or be required to file with the SEC under Section 13 or 15(d) of the Securities  Exchange Act of 1934, and not otherwise required to be delivered to the Administrative Agent  pursuant hereto;  (g) promptly, and in any event within five Business Days after receipt thereof by any  Loan Party or any Subsidiary thereof, to the extent permitted by applicable Law, copies of each  notice or other correspondence received from the SEC (or comparable agency in any applicable  non-U.S. jurisdiction) concerning any investigation or possible investigation or other inquiry by  such agency regarding financial or other operational results of any Loan Party or any Subsidiary  thereof  (h) promptly following any request therefor, information and documentation  reasonably requested by the Administrative Agent or any Lender for purposes of compliance with  applicable “know your customer” and anti-money-laundering rules and regulations, including,  without limitation, the Patriot Act.; and  (i) promptly following any request therefor, such other information regarding the  operations, business affairs and financial condition of the Loan Parties, or compliance with the  terms of this Agreement, as the Administrative Agent or any Lender may reasonably request.  Documents required to be delivered pursuant to Section 6.01(a), (b) or (g) (to the extent any such documents  are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered,  shall be deemed to have been delivered 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 listed on Schedule  1.01(a); 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: (x) the Borrower  shall deliver paper copies of such documents to the Administrative Agent or any Lender upon its request to  the Borrower to deliver such paper copies until a written request to cease delivering paper copies is given  by the Administrative Agent or such Lender and (y) the Borrower shall notify the Administrative Agent  and each Lender (by fax transmission or e-mail transmission) of the posting of any such documents and  provide to the Administrative Agent by e-mail electronic versions (i.e., soft copies) of such documents. The  Administrative Agent shall have no obligation to request the delivery of or to maintain paper copies of the  documents referred to above, and in any event shall have no responsibility to monitor compliance by the  Borrower with any such request by a Lender for delivery, and each Lender shall be solely responsible for  requesting delivery to it or maintaining its copies of such documents.  

 

  100  The Borrower hereby acknowledges that (a) the Administrative Agent or any Affiliate thereof may, but  shall not be obligated to, make available to the Lenders and the L/C Issuer materials and/or information  provided by or on behalf of the Borrower hereunder (collectively, “Borrower Materials”) by posting the  Borrower Materials on IntraLinks, Syndtrak, ClearPar or a substantially similar electronic transmission  system (the “Platform”) and (b) certain of the Lenders (each, a “Public Lender”) may have personnel who  do not wish to receive material non-public information with respect to the Borrower or its Affiliates or the  respective securities of any of the foregoing, and who may be engaged in investment and other market- related activities with respect to such Persons’ securities.  The Borrower hereby agrees that, to the extent  that and, so long as, the Borrower is the issuer of any outstanding debt or Equity Interests that are registered  or issued pursuant to a private offering or is actively contemplating issuing any such securities (w) all  Borrower Materials that are to be made available to Public Lenders shall be clearly and conspicuously  marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on  the first page thereof; (x) by marking Borrower Materials “PUBLIC,” Borrower shall be deemed to have  authorized the Administrative Agent, any Affiliate thereof, the L/C Issuer and the Lenders to treat such  Borrower Materials as not containing any material non-public information (although it may be sensitive  and proprietary) with respect to the Borrower or its securities for purposes of United States Federal and  state securities laws (provided, however, that to the extent such Borrower Materials constitute confidential  information (as described in Section 11.07), they shall be treated as set forth in Section 11.07); (y) all  Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform  that is designated “Public Side Information;” and (z) the Administrative Agent and any Affiliate thereof  shall be entitled to treat any Borrower Materials that are not marked “PUBLIC” as being suitable only for  posting on a portion of the Platform not designated “Public Side Information.  Notwithstanding the  foregoing, the Borrower shall be under no obligation to mark any Borrower Materials “PUBLIC.”  6.02 Notices of Material Events.   The Loan Parties will furnish to the Administrative Agent prompt written notice of the following:  (a) the occurrence of any Default;  (b) the filing or commencement of any action, suit or proceeding by or before any  arbitrator or Governmental Authority against or affecting any Loan Party or Affiliate that could  reasonably be expected to result in a Material Adverse Effect;  (c) the occurrence of any ERISA Event related to the Plan of any Loan Party or  knowledge after due inquiry of any ERISA Event related to a Plan of any other ERISA Affiliate  that, alone or together with any other ERISA Events that have occurred, could reasonably be  expected to result in liability of the Loan Parties in an aggregate amount exceeding $5,000,000;  (d) the occurrence of any of the following events: (i) the receipt by the Borrower of a  notice of any Contractor Event of Default from Southern California Edison under the SoCal  Contract; (ii) the termination of the SoCal Contract (other than at its maturity in accordance with  its terms); or (iii) any payment default in excess of $5,000,000 by Southern California Edison under  the SoCal Contract that has not been cured within 10 Business Days; and   (e) any other development (including, without limitation, any default by a Loan Party  under or dispute under a task order or other government contract) that results in, or could reasonably  be expected to result in, a Material Adverse Effect.  

 

  101  Each notice delivered under this Section 6.02 shall be accompanied by a statement of a Responsible Officer  setting forth the details of the event or development requiring such notice and any action taken or proposed  to be taken with respect thereto.  6.03 Existence; Conduct of Business.  Each Loan Party shall do or cause to be done all things  necessary to preserve, renew and keep in full force and effect its legal existence and the rights, licenses,  permits, privileges and franchises material to the conduct of its business, except to the extent such failure  could not reasonably be expected to have a Material Adverse Effect; provided that the foregoing shall not  prohibit any merger, consolidation, liquidation, dissolution or any discontinuance or sale of such business  permitted under Section 7.04.  6.04 Payment of Obligations. Each Loan Party shall pay its obligations, including Tax  liabilities, that, if not paid, could result in a Material Adverse Effect before the same shall become  delinquent or in default, except where (a) the validity or amount thereof is being contested in good faith by  appropriate proceedings, (b) such Loan Party has set aside on its books adequate reserves with respect  thereto in accordance with GAAP, which reserves shall be acceptable to Agent, and (c) the failure to make  payment pending such contest could not reasonably be expected to result in a Material Adverse Effect.  6.05 Maintenance of Properties; Insurance.  Each Loan Party shall (a) keep and maintain all  property material to the conduct of its business in good working order and condition, ordinary wear and  tear excepted, and (b) maintain insurance, with financially sound and reputable insurance companies, as  may be required by law and such other insurance in such amounts and against such risks as are customarily  maintained by companies engaged in the same or similar businesses operating in the same or similar  locations, including, without limitation, business interruption insurance.  Without limiting the generality of  the foregoing, the Loan Parties will maintain or cause to be maintained replacement value casualty  insurance on the Collateral under such policies of insurance and flood insurance on all Additional  Mortgaged Property in compliance with applicable flood laws and regulations, in each case with such  insurance companies, in such amounts, with such deductibles, and covering such terms and risks as are  standard and customary, available on commercially reasonable terms and at all times satisfactory to the  Administrative Agent in its commercially reasonable judgment.  The Loan Parties shall cause the Agent to  be named as lenders’ loss payable, loss payee or mortgagee, as its interest may appear, and/or additional  insured with respect of any such insurance providing liability coverage or coverage in respect of any  Collateral, and cause, unless otherwise agreed to by the Administrative Agent, each provider of any such  insurance to agree, by endorsement upon the policy or policies issued by it or by independent instruments  furnished to the Administrative Agent that it will give the Administrative Agent thirty (30) days prior  written notice before any such policy or policies shall be altered or cancelled (or ten (10) days prior notice  in the case of cancellation due to the nonpayment of premiums).  Annually, upon expiration of current  insurance coverage, the Loan Parties shall provide, or cause to be provided, to the Administrative Agent,  such evidence of insurance as required by the Administrative Agent, including, but not limited to: (i)  certified copies of such insurance policies, (ii) evidence of such insurance policies (including, without  limitation and as applicable, ACORD Form 28 certificates (or similar form of insurance certificate), and  ACORD Form 25 certificates (or similar form of insurance certificate)), (iii) declaration pages for each  insurance policy and (iv) lender’s loss payable endorsement if the Administrative Agent for the benefit of  the Secured Parties is not on the declarations page for such policy.  As requested by the Administrative  Agent, the Loan Parties agree to deliver to the Administrative Agent an Authorization to Share Insurance  Information.  6.06 Books and Records; Inspection Rights.  Each Loan Party shall keep proper books of  record and account in which entries are made of all dealings and transactions in relation to its business and  activities which fairly record such transactions and activities.  Each Loan Party shall permit any  representatives designated by the Administrative Agent or any Lender to visit and inspect its properties, to  

 

  102  examine and make extracts from its books and records, and to discuss its affairs, finances and condition  with its officers and independent accountants as frequently as the Administrative Agent deems appropriate  provided that all such visits shall be on reasonable prior notice, at reasonable times during regular business  hours of such Loan Party and, unless an Event of Default shall have occurred and be continuing, shall not  occur more than once per year, and provided further that during the continuance of any Event of Default,  the Administrative Agent and any of the Lenders may visit at any reasonable time.  The Borrower shall  reimburse the Administrative Agent for all examination and inspections costs, internal costs at the  customary rate charged by the Administrative Agent plus all out-of-pocket expenses incurred in connection  with such inspections, provided that, unless an Event of Default shall have occurred and be continuing,  such costs and expenses shall not exceed $7,000 during any period of twelve (12) consecutive months from  and after the Closing Date.  The Loan Parties, in consultation with the Administrative Agent, will arrange  for a meeting to be held at least once every year (and during the continuance of an Event of Default, more  frequently, if requested by the Administrative Agent or the Required Lenders) with the Lenders and the  Administrative Agent hereunder at which the business and operations of the Loan Parties are discussed.  6.07 Fiscal Year.  To enable the ready and consistent determination of compliance with the  covenants set forth in Section 7.10 hereof, the Loan Parties shall maintain their current fiscal year and  current method of determining the last day of the first three fiscal quarters in each fiscal year.  6.08 Compliance with Laws. Each Loan Party shall comply with the requirements of all Laws  and all orders, writs, injunctions and decrees applicable to it or to its business or property, except in such  instances in which (i) such requirement of Law or order, writ, injunction or decree is being contested in  good faith by appropriate proceedings diligently conducted; or (ii) the failure to comply therewith could  not reasonably be expected to have a Material Adverse Effect.  6.09 Use of Proceeds.  The proceeds of the Loans will be used only for (i) the refinancing of  existing indebtedness, including Indebtedness under the Prior Credit Agreement, (ii) fees and expenses  incurred in connection with the transactions contemplated by this Agreement, (iii) financing work under  the SoCal Contract, and (iv) for general corporate and working capital purposes of the Loan Parties and  their Subsidiaries consistent with the limitations in this Agreement.  No part of the proceeds of any Loan  will be used, whether directly or indirectly, for any purpose that entails a violation of any of the Regulations  of the FRB, including Regulations T, U and X.  6.10 Certain Obligations Respecting Subsidiaries; Additional Guarantors.  (a) Except as otherwise permitted hereunder, each Loan Party will, and will cause each  of its Subsidiaries to, take such action from time to time as shall be necessary to ensure that the  percentage of the issued and outstanding shares of capital stock of any class or character owned by  it in any Subsidiary on the date hereof is not at any time decreased, other than by reason of transfers  to another Loan Party.  (b) Without limiting the obligation of the Borrower to obtain the consent of the  Administrative Agent in connection with any formation or acquisition of Subsidiaries not otherwise  permitted hereunder, in the event that any Person becomes a Subsidiary after the Closing Date, the  Borrower shall promptly, and in any event, if it is to be a Core Ameresco Company, within 30 days  of its formation or acquisition, (i) notify the Administrative Agent of its desire that such new  Subsidiary be a Core Ameresco Company, and (ii) provide to the Administrative Agent the  information required by Section 5.15 with respect to such Person, and if required by the  Administrative Agent, any certificate(s) and stock powers with respect to the Pledged Equity of  such Person.  If the Borrower desires such Person to be a Core Ameresco Company, and such  Person is not a Foreign Subsidiary, the Borrower shall, within 30 days of its formation or  

 

  103  acquisition, cause such Person to (x) become a Guarantor hereunder by delivering to the  Administrative Agent a Joinder Agreement and such other joinder documents as the Administrative  Agent shall reasonably require (including any update to the Perfection Certificate) and (y) deliver  to the Administrative Agent (A) documents of the types referred to in Sections 4.01(b) and 4.01(e)  and (B) if requested by the Administrative Agent in its reasonable discretion, opinions of counsel  to such Person (which shall cover, among other things, the legality, validity, binding effect and  enforceability of the documentation referred to in clause (x)), all in form and substance reasonably  satisfactory to the Administrative Agent.  If such Person is to become a Non-Core Company, the  Loan Parties will provide the information required by Section 5.15 with respect to such Person  under Section 5.15, at the time of delivery of the next Compliance Certificate.  6.11 ERISA.   Except where a failure to comply with any of the following, individually or in  the aggregate, would not or could not reasonably be expected to result in a Material Adverse Effect, (i) the  Loan Parties will maintain, and cause each ERISA Affiliate to maintain, each Plan in compliance with all  applicable requirements of ERISA and of the Code and with all applicable rulings and regulations issued  under the provisions of ERISA and of the Code and (ii) the Loan Parties will not and, to the extent  authorized, will not permit any of the ERISA Affiliates to (a) engage in any transaction with respect to any  Plan which would subject any Loan Party to either a civil penalty assessed pursuant to Section 502(i) of  ERISA or a tax imposed by Section 4975 of the Code, (b) fail to make full payment when due of all amounts  which, under the provisions of any Plan, any Loan Party or any ERISA Affiliate is required to pay as  contributions thereto, whether or not waived or (c) fail to make any payments to any Multiemployer Plan  that any Loan Party or any of the ERISA Affiliates may be required to make under any agreement relating  to such Multiemployer Plan or any law pertaining thereto  6.12 Environmental Matters; Reporting.  The Loan Parties will observe and comply with,  and cause each Subsidiary to observe and comply with all Environmental Laws to the extent non- compliance could reasonably be expected to have a Material Adverse Effect.  The Loan Parties will give  the Administrative Agent prompt written notice of any violation as to any Environmental Law by any Loan  Party and of the commencement of any judicial or administrative proceeding relating to Environmental  Laws (a) in which an adverse result would have a material adverse effect on any operating permits, air  emission permits, water discharge permits, hazardous waste permits or other environmental permits held  by any Loan Party, or (b) which will, or is likely to, have a Material Adverse Effect on such Loan Party or  which will require a material expenditure by such Loan Party to cure any alleged problem or violation.  6.13 Matters Relating to Additional Real Property Collateral.   (a) From and after the Closing Date, in the event that any Loan Party acquires any  Real Property Asset that could be a Material Owned Property, the Loan Party shall promptly notify  the Administrative Agent of such acquisition, and in the event that the Administrative Agent  determines that such (or any other) Real Property Asset should become an Additional Mortgaged  Property, the Borrower shall deliver, to the Administrative Agent, within 45 days (or such extended  period of time as agreed to by the Administrative Agent) after its receipt of such determination  from the Administrative Agent, fully executed and notarized Mortgages (“Additional Mortgages”),  in proper form for recording in all appropriate places in all applicable jurisdictions, encumbering  the interest of the applicable Loan Party in such Additional Mortgaged Property, together with  mortgagee title insurance policies or commitments therefor, and copies of all surveys, deeds, title  exception documents, flood hazard certificates and other documents as the Administrative Agent  may reasonably require with respect to such Additional Mortgaged Property, including an update  to Schedule 1.01(d).  

 

  104  (b) From and after the Closing Date, in the event that any Loan Party enters into any  lease with respect to any Real Property Asset that could be a Material Leasehold Property, the  Borrower shall deliver to the Administrative Agent copies of the lease, and all amendments thereto,  between the Loan Party and the landlord or tenant, together with, if the Administrative Agent  determines the same to be a Material Leasehold Property and so requests, a Landlord Waiver with  respect thereto and where required by the terms of any lease, the consent of the mortgagee, ground  lessor or other party.  (c) If requested by the Administrative Agent, the Loan Parties shall permit an  independent real estate appraiser satisfactory to the Administrative Agent, upon reasonable notice,  to visit and inspect any Additional Mortgaged Property for the purpose of preparing an appraisal  of such Additional Mortgaged Property satisfying the requirements of all applicable laws and  regulations (in each case to the extent required under such laws and regulations as determined by  the Administrative Agent in its sole discretion).  (d) Notwithstanding anything contained in this Agreement to the contrary, no  Mortgage shall be executed and delivered with respect to any real property unless and until each  Lender (i) has received, at least twenty Business Days prior to such execution and delivery, a  completed “Life-of-Loan” Federal Emergency Management Agency Standard Flood Hazard  Determination, and, if such Additional Mortgaged Property is located in a special flood hazard area,  (1) a notice to (and confirmations of receipt by) the Borrower as to the existence of a special flood  hazard and, if applicable, the availability of flood hazard insurance under the National Flood  Insurance Program and (2) evidence of applicable flood insurance, if available, in each case in such  form, on such terms and in such amounts as required by the Flood Insurance Laws or as otherwise  required by the Lenders.  All such documentation shall be reasonably satisfactory to the  Administrative Agent.  (e) From and after the date on which any Additional Mortgages have been executed  and delivered, any increase, extension or renewal of the Facility shall be subject to flood insurance  due diligence and flood insurance compliance reasonably satisfactory to all Lenders.  6.14 Anti-Corruption Laws.   Each of the Loan Parties shall conduct its business in compliance  in all material respects with the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act  2010 and other similar anti-corruption legislation in other jurisdictions and maintain policies and procedures  designed to promote and achieve compliance with such laws.  6.15 Further Assurances.  Promptly upon request by the Administrative Agent, or any Lender  through the Administrative Agent, (a) correct any material defect or error that may be discovered in any  Loan Document or in the execution, acknowledgment, filing or recordation thereof, and (b) do, execute,  acknowledge, deliver, record, re-record, file, re-file, register and re-register any and all such further acts,  deeds, certificates, assurances and other instruments as the Administrative Agent, or any Lender through  the Administrative Agent, may reasonably require from time to time in order to (i) carry out more  effectively the purposes of the Loan Documents, (ii) to the fullest extent permitted by Applicable Law,  subject any Loan Party’s or any of its Subsidiaries’ properties, assets, rights or interests to the Liens now  or hereafter intended to be covered by any of the Collateral Documents, (iii) perfect and maintain the  validity, effectiveness and priority of any of the Collateral Documents and any of the Liens intended to be  created thereunder and (iv) assure, convey, grant, assign, transfer, preserve, protect and confirm more  effectively unto the Secured Parties the rights granted or now or hereafter intended to be granted to the  Secured Parties under any Loan Document or under any other instrument executed in connection with any  Loan Document to which any Loan Party or any of its Subsidiaries is or is to be a party, and cause each of  its Subsidiaries to do so.  

 

  105  ARTICLE VII    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 shall have expired or  terminated or Cash Collateralized and all L/C Disbursements shall have been reimbursed, each Loan Party  covenants and agrees with the Administrative Agent and the Lenders that:  7.01 Indebtedness.    (a) The Loan Parties will not, and will not permit any Core Foreign Subsidiary to,  create, incur, assume or permit to exist any Indebtedness, except:  (i) Indebtedness created hereunder;  (ii) Existing Indebtedness on the Closing Date which is set forth in  Schedule 7.01 and has been designated on such schedule as Indebtedness that will remain  outstanding following the funding of the initial Loans, and any extension, renewal,  refunding or replacement of any such Indebtedness that does not increase the principal  amount thereof (except in an amount equal to fees and premiums reserved in connection  therewith);  (iii) Intercompany Indebtedness among the Loan Parties;  (iv) other Indebtedness incurred after the Closing Date (determined on a  consolidated basis without duplication in accordance with GAAP) consisting of Financing  Lease Obligations (but subtracting therefrom, for avoidance of doubt, financing leases  attributable to Non-Core Companies) and/or secured by Liens permitted under  Section 7.02(h), in an aggregate principal amount at any time outstanding not in excess of  $15,000,000 less the aggregate outstanding principal amount of Indebtedness incurred  pursuant to Section 7.01(a)(viii);  (v) Subordinated Indebtedness;  (vi) Guarantees permitted under Section 7.03;  (vii) Indebtedness incurred by any Loan Party or Core Foreign Subsidiary  under an Energy Conservation Project Financing (including, without limitation,  Indebtedness incurred by the Loan Parties under an Energy Conservation Project Financing  existing as of the Closing Date and set forth on Schedule 7.01 attached hereto) in an  aggregate principal amount outstanding at any time not in excess of $650,000,000;  (viii) Other unsecured Indebtedness in an aggregate principal amount at any  time outstanding not in excess of $15,000,000 less the aggregate outstanding principal  amount of Indebtedness incurred pursuant to Section 7.01(a)(iv);  (ix) Indebtedness of the Core Canadian Subsidiaries to any Loan Party in an  aggregate principal amount not to exceed $35,000,000 outstanding at any time;  

 

  106  (x) Indebtedness of the Core Foreign Subsidiaries (other than any Core  Canadian Subsidiary) to any Loan Party in an aggregate principal amount not to exceed  $30,000,000 outstanding at any time;  (xi) Hedging Agreements with a Lender or an Affiliate of a Lender or  permitted by Section 7.05(b); and  (xii) Performance and surety bonds entered into by any Core Ameresco  Company in the ordinary course of business.  (b) The Loan Parties will not permit the Non-Core Companies to incur or remain  outstanding any indebtedness under GAAP other than (x) Non-Core Project Financings, (y)  intercompany Indebtedness reflecting investments permitted under Section 7.05(a)(vi) and (z) other  Indebtedness not to exceed $1,000,000 in the aggregate for all Non-Core Companies at all times  outstanding.  7.02 Liens.  The Loan Parties will not, and will not permit any Core Foreign Subsidiary to,  create, incur, assume or permit to exist any Lien on any Property or asset now owned or hereafter acquired  by it, or assign or sell any income or revenues (including accounts receivable) or rights in respect of any  thereof, except (the following being called “Permitted Liens”):  (a) Liens created hereunder or under the other Loan Documents;  (b) any Lien on any property or asset of any Loan Party or Core Foreign Subsidiary  existing on the date hereof and set forth in Schedule 7.01 (excluding, however, following the  making of the initial Loans hereunder, the Liens in favor of any Person other than the  Administrative Agent securing Indebtedness not designated on said schedule as Indebtedness to  remain outstanding following the funding of the initial Loans), provided that (i) such Lien shall not  apply to any other property or asset of any Loan Party or Core Foreign Subsidiary and (ii) such  Lien shall secure only those obligations which it secures on the date hereof and extensions,  renewals and replacements thereof that do not increase the outstanding principal amount thereof;  (c) Liens imposed by any Governmental Authority for taxes, assessments or charges  not yet delinquent or (in the case of property taxes and assessments not exceeding $250,000 in the  aggregate more than 90 days overdue) which are being contested in good faith and by appropriate  proceedings if adequate reserves with respect thereto are maintained on the books of the applicable  Loan Party or Core Foreign Subsidiary in accordance with GAAP and which reserves shall be  acceptable to the Administrative Agent;  (d) landlords’, carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or  other like Liens, and vendors’ Liens imposed by statute or common law not securing the repayment  of Indebtedness, arising in the ordinary course of business which are not overdue for a period of  more than 90 days or which are being contested in good faith and by appropriate proceedings and  Liens securing judgments (including, without limitation, pre-judgment attachments) but only to the  extent for an amount and for a period not resulting in an Event of Default under Section 8.01(j)  hereof;  (e) pledges or deposits under worker’s compensation, unemployment insurance and  other social security legislation and pledges or deposits to secure the performance of bids, tenders,  trade contracts (other than for borrowed money), leases (other than financing leases), utility  

 

  107  purchase obligations, statutory obligations, surety and appeal bonds, performance bonds and other  obligations of a like nature incurred in the ordinary course of business;  (f) easements, rights-of-way, restrictions and other similar encumbrances incurred in  the ordinary course of business and encumbrances consisting of zoning restrictions, easements,  licenses, restrictions on the use of Property or minor imperfections in title thereto which, in the  aggregate, are not material in amount, and which do not, in the aggregate, materially detract from  the value of the Property of any Loan Party or Core Foreign Subsidiary or materially interfere with  the ordinary conduct of the business of any Loan Party or Core Foreign Subsidiary;  (g) Liens consisting of bankers’ liens and rights of setoff, in each case, arising by  operation of law, and Liens on documents presented in letter of credit drawings;  (h) Liens on fixed or capital assets, including real or personal property, acquired,  constructed or improved by any Loan Party or Core Foreign Subsidiary, provided that (A) such  Liens secure Indebtedness (including Financing Lease Obligations) permitted by  Section 7.01(a)(iv), (B) such Liens and the Indebtedness secured thereby are incurred prior to or  within 90 days after such acquisition or the completion of such construction or improvement or  were in effect at the time the applicable Loan Party or Core Foreign Subsidiary acquired the assets  or stock, (C) the Indebtedness secured thereby does not exceed the cost of acquiring, constructing  or improving such fixed or capital assets, and (D) such security interests shall not apply to any other  property or assets of the Loan Parties or Core Foreign Subsidiaries;  (i) Liens on Equity Interests in a Non-Core Company held by any Loan Party or Core  Foreign Subsidiary; provided that such Liens do not encumber any other property or assets of any  such Loan Parties or Core Foreign Subsidiaries; and  (j) Liens on Energy Conservation Financing Collateral in connection with an Energy  Conservation Financing and Liens securing Indebtedness permitted under Section 7.01(a)(vii);  provided that, in each case, such Liens do not encumber any other property or assets of any of the  Loan Parties or Core Foreign Subsidiaries.  7.03 Contingent Liabilities.  The Loan Parties will not, and will not permit any Core Foreign  Subsidiary to, Guarantee the Indebtedness or other obligations of any Person, or Guarantee the payment of  dividends or other distributions upon the stock of, or the earnings of, any Person, except:  (a) endorsements of negotiable instruments for deposit or collection or similar  transactions in the ordinary course of business;  (b) Guarantees and letters of credit in effect on the date hereof which are disclosed in  Schedule 7.01, and any replacements thereof in amounts not exceeding such Guarantees;  (c) Guarantees of any Indebtedness permitted under Sections 7.01(a)(i), (a)(iii),  (a)(iv), (a)(v), and (a)(vii);  (d) Guarantees of any Indebtedness permitted under Section 7.01(a)(ii) (other than  Indebtedness of any Non-Core Company);  (e) obligations in respect of Letters of Credit;  

 

  108  (f) any Construction Completion and Cost Overrun Guaranty delivered by any Loan  Party or Core Foreign Subsidiary in connection with a Non-Core Project;  (g) Guarantees of obligations of Foreign Subsidiaries and Mentoring Joint Ventures  (including indemnities for surety and performance bonds) with respect to contracts entered into in  the ordinary course of business of such Foreign Subsidiary or Mentoring Joint Venture;  (h) any Non-Core Project Guaranty delivered by any Loan Party or any Core Foreign  Subsidiary in connection with a Non-Core Project, provided, however, that:  (i) one or more of the Core Ameresco Companies or Non-Core Companies  shall control the operation and maintenance of the Non-Core Project during the term of the  renewable energy purchase or infrastructure agreement with respect to such Non-Core  Project; and  (ii) in connection with the delivery of any Non-Core Project Guaranty, the  Borrower shall deliver to the Administrative Agent (A) contemporaneously with the  delivery of such Non-Core Project Guaranty, a certificate executed by the Chief Financial  Officer of the Borrower certifying (based upon such consultation with the Borrower’s  independent certified public accountants as the Borrower shall reasonably deem  appropriate) that, in accordance with GAAP, such Non-Core Project Guaranty will not  result in the accrual of a liability upon the consolidated balance sheet of the Core Ameresco  Companies for the fiscal period during which such Non-Core Project Guaranty is delivered;  (B) a copy of such Non-Core Project Guaranty and all other documents related thereto; and  (C) such other information or reports as the Administrative Agent may reasonably request  with respect to such Non-Core Project Guaranty;  (i) Guarantees by a Core Ameresco Company entered into in connection with a  Permitted Acquisition for the payment of any portion of the purchase price which is contingent on  the earnings of the target of such Permitted Acquisition;  (j) Guarantees by a Core Foreign Subsidiary for which the sole recourse is a Lien  permitted by Section 7.02(i); and  (k) Guarantees of Indebtedness of Mentoring Joint Ventures, provided that such  Indebtedness would have been permitted by Section 7.01(a)(vii) if it were Indebtedness of a Loan  Party.  7.04 Fundamental Changes; Asset Sales; Permitted Acquisitions.    (a) No Loan Party will enter into any transaction of merger or consolidation or  amalgamation or Division or liquidate, wind up or dissolve itself (or suffer any liquidation or  dissolution).  No Loan Party will acquire any business or property from, or Equity Interests in, or  be a party to any acquisition of, any Person except for purchases of property to be used in the  ordinary course of business, Permitted Acquisitions, Investments permitted under Section 7.05 and  Capital Expenditures.  No Loan Party will form or acquire any Subsidiary, other than a Non-Core  Company or a Subsidiary formed or acquired in connection with a Permitted Acquisition, without  the express prior written consent of the Administrative Agent, unless such Subsidiary becomes a  Core Ameresco Company pursuant to Section 6.10.  

 

  109  (b) No Loan Party will convey, sell, lease, transfer or otherwise dispose (including any  Disposition) of, in one transaction or a series of transactions, any part of its business or property,  whether now owned or hereafter acquired (including, without limitation, receivables and leasehold  interests).  (c) Notwithstanding the foregoing provisions of this Section 7.04:  (i) any Loan Party may be merged or combined with or into any other Loan  Party (provided that if such merger involves the Borrower, (x) the Borrower shall be the  surviving entity and (y) no Change of Control shall occur);  (ii) any Loan Party may sell, convey, lease, transfer or otherwise dispose of  any or all of its assets or property (upon voluntary liquidation or otherwise) to any other  Loan Party;  (iii) any Loan Party or Core Canadian Subsidiary may convey, sell, transfer or  otherwise dispose of a portion of the outstanding capital stock of any Core Canadian  Subsidiary, so long as no Change of Control shall result therefrom;  (iv) any Loan Party may sublease real property to the extent such sublease  would not interfere with the operation of the business of the Loan Parties;  (v) any Loan Party may sell, assign, transfer or otherwise dispose of obsolete  or worn out property or immaterial assets, whether now owned or hereafter acquired, in the  ordinary course of business, and any property no longer used or useful in the business of  the Loan Parties;  (vi) any Loan Party may sell, transfer or otherwise dispose of inventory or  other assets in the ordinary course of business, including the sale of electricity, gas, solar  and other renewable energy credits and other environmental attributes in the ordinary  course of business, and including the movement of allocations of renewable energy credits  amongst utilities;  (vii) any Loan Party may sell, transfer or otherwise dispose of equipment to the  extent that (i) such equipment is exchanged for credit against the purchase price of similar  replacement equipment, (ii) the proceeds of such disposition are reasonably promptly  applied to the purchase price of such replacement equipment, or (iii) such equipment was  acquired by, and transferred or sold in the ordinary course of business by such Loan Party,  to satisfy its obligations under any construction, operation or similar contract entered into  with any third party or Non-Core Company;  (viii) any Loan Party may sell, transfer or otherwise dispose of a receivable and  the related equipment of an Energy Conservation Project in the ordinary course of business  for fair value;  (ix) any Loan Party may sell, transfer, assign or otherwise dispose of a  receivable and related equipment in connection with an Energy Conservation Project  Financing);  (x) any Loan Party may sell receivables for collection;  

 

  110  (xi) any Loan Party may sell cash equivalents;  (xii) any Loan Party may sell, transfer assign or otherwise dispose of the assets  of any Non-Core Project or the Equity Interests of a Non-Core Company including the  transfer or assignment of the assets of a Non-Core Project to a Non-Core Company;  (xiii) any Loan Party may make other asset sales resulting in Net Cash Proceeds  not to exceed $5,000,000, individually, or $10,000,000 in the aggregate after the Closing  Date; and  (xiv) any Loan Party may acquire Equity Interests in, or form, a Mentoring Joint  Venture.  (d) in addition to the formation and acquisition of Non-Core Companies permitted  pursuant to subsection (a) of this Section 7.04 and subject to Sections 7.01, 7.02 and 7.05 and the  third sentence of Section 7.04(a), the Loan Parties may acquire all or substantially all of the  business and assets of any corporation, partnership, limited liability company, or other entity  located in and organized under the laws of the United States or any state thereof (“Permitted  Acquisitions”), subject to satisfaction of the following conditions:  (i) the business or assets so acquired shall be located in the United States and  in the same or a substantially similar line of business as that of the Loan Parties;  (ii) both immediately prior to and after giving effect to such Permitted  Acquisition on a Pro Forma Basis, incorporating such pro-forma assumptions as are  satisfactory to the Administrative Agent in its reasonable discretion, (A) the Loan Parties  shall be in compliance with the financial covenant set forth in Section 7.10(b) hereof, and  (B) the Core Leverage Ratio shall not exceed 3.00 to 1.00;  (iii) the assets so acquired shall be transferred free and clear of any Liens (other  than Liens permitted by Section 7.02) and no Indebtedness shall be incurred, guaranteed,  assumed or combined except to the extent otherwise permitted by Section 7.01;  (iv) to the extent requested by the Administrative Agent, the Administrative  Agent shall have received Lien searches reasonably satisfactory to the Administrative  Agent with respect to the assets being acquired, provided, that such Lien searches may be  delivered within fifteen days after the closing for an acquisition for which the aggregate  purchase price is less than $10,000,000;  (v) the Administrative Agent shall have received perfected Liens (subject only  to Liens permitted by Section 7.02) on substantially all of the assets being acquired in such  Permitted Acquisition, provided that such Liens shall not be required on any Property if  (A) such Liens are prohibited pursuant to any agreement binding on the Person owning  such Property and (B) the failure to obtain such Liens is not reasonably likely to have a  Material Adverse Effect on the rights of and remedies available to the Lender, and provided  further, that such perfected Liens may be delivered within fifteen days after the closing for  an acquisition for which the aggregate purchase price is less than $10,000,000;  (vi) to the extent requested by the Administrative Agent, the Administrative  Agent shall have received an opinion of counsel in each applicable jurisdiction reasonably  satisfactory to it to the effect that the Liens granted pursuant to this Agreement are  

 

  111  perfected security interests in such assets and as to such other matters as the Administrative  Agent may reasonably require, provided, that such opinion of counsel may be delivered  within fifteen days after the closing for an acquisition for which the aggregate purchase  price is less than $10,000,000;  (vii) in connection with such Permitted Acquisition, the Loan Parties shall  deliver to the Administrative Agent (A) a copy of the purchase agreement pursuant to  which such Permitted Acquisition will be consummated; (B) a copy of each existing  material agreement relating to the assets to be acquired in such Permitted Acquisition and  which is to be in effect after the consummation of such Permitted Acquisition; (C) a  Compliance Certificate calculating compliance (as of the last day of the then most recently  ended fiscal quarter) with the requirements of Section 7.04(d)(ii) on a Pro Forma Basis,  assuming such acquisition had occurred prior to the first day of the earliest fiscal quarter  included in the applicable test period for calculating such compliance; (D) the Loan Parties  shall use best efforts to provide such other information or reports as the Lender may  reasonably request with respect to such Permitted Acquisition; (E) to the extent available  to the Loan Parties, historical financial statements (for the prior three fiscal years provided  that if such statements are not available for the prior three fiscal years, historical financial  statements for not less than the prior four fiscal quarters) of the entity whose assets are  being acquired; and (F) if the Borrower is acquiring any interest in real property, and if  required by the Administrative Agent, reports and other information in form, scope and  substance reasonably satisfactory to the Administrative Agent and prepared by  environmental consultants reasonably satisfactory to the Administrative Agent, concerning  any environmental hazards or liabilities to which any Loan Party is likely to be subject with  respect to such acquired real property;  (viii) immediately prior to such Permitted Acquisition no Default shall have  occurred and be continuing and after giving effect to such Permitted Acquisition, no  Default shall have occurred and be continuing and no Material Adverse Effect shall result;  and  (ix) such acquisition shall be consensual and shall have been approved by the  board of directors or comparable governing body of the business so acquired.  7.05 Investments; Hedging Agreements.  (a) The Loan Parties will not make or permit to remain outstanding any Investment,  except:  (i) Investments consisting of Indebtedness permitted by Section 7.01,  Guarantees permitted by Section 7.03, and capital contributions by any Loan Party to (A)  any other Loan Party, (B) any Core Canadian Subsidiary, up to an amount which when  added to the Investments consisting of Indebtedness of such Core Canadian Subsidiary  permitted by Section 7.01(a)(ix), does not exceed $35,000,000, and (C) any Core Foreign  Subsidiary (other than any Core Canadian Subsidiary) up to an amount which when added  to the Investments consisting of Indebtedness of such Core Foreign Subsidiary permitted  by Section 7.01(a)(x), does not exceed $30,000,000;  (ii) Permitted Investments;  (iii) Permitted Acquisitions;  

 

  112  (iv) Investments existing on the Closing Date and set forth in Schedule 7.05  hereto;  (v) Checking and deposit accounts with banks used in the ordinary course of  business maintained with depository institutions that have executed Control Agreements;  (vi) Investments by the Loan Parties in Non-Core Companies; provided, that  at the time of each such Investment and immediately after giving effect thereto, (A) no  Event of Default shall have occurred and be continuing, (B) the Loan Parties shall be in  Pro Forma Compliance with all financial covenants set forth in Section 7.10; and (C) such  Investments shall not in the aggregate, at any time, exceed forty-nine percent (49%) of the  Borrower’s consolidated stockholders equity;  (vii) Investments by the Loan Parties in Mentoring Joint Ventures that shall not  in the aggregate, at any time, exceed $10,000,000 outstanding; and  (viii) other Investments not described above in an aggregate amount not to  exceed $10,000,000.  (b) The Loan Parties will not enter into any Hedging Agreement, other than as required  or permitted hereunder and Hedging Agreements entered into in the ordinary course of business  with the prior written consent of the Administrative Agent to hedge or mitigate risks to which the  Loan Parties are exposed in the conduct of their business or the management of their liabilities.  For  avoidance of doubt, the Loan Parties may from time to time enter into contracts with Non-Core  Companies to purchase power, gas, environmental attributes or other assets, even if such contracts  might constitute a commodity price hedging arrangement, if such arrangements are permitted under  Section 7.05(a) or Section 7.07.  7.06 Restricted Junior Payments.  Except as otherwise permitted by this Agreement, the Loan Parties will not declare or make any  Restricted Junior Payment at any time; provided, however, that:  (a) any Subsidiary of any Core Ameresco Company may make Restricted Junior  Payments to such Core Ameresco Company and any Subsidiary of the Borrower may make  Restricted Junior Payments to the Borrower;  (b) so long as no Default or Event of Default has occurred and is continuing and no  Default or Event of Default shall be caused thereby, the Borrower may redeem or purchase the  capital stock or Equity Rights of any employee, officer or director of any Loan Party for aggregate  cash consideration not to exceed $1,000,000 in any fiscal year;  (c) so long as no Default or Event of Default shall have occurred and be continuing  and no Default or Event of Default shall be caused thereby, the Borrower may declare and pay cash  dividends, provided, that (i) such payments shall be made only during the period commencing not  earlier than 10 days after and ending not later than 90 days after, the date of delivery of the quarterly  financial statements for the previous fiscal quarter required to be delivered by the Loan Parties  pursuant to Section 6.01(a) or 6.01(b) hereof, together with the Compliance Certificate required to  be delivered pursuant to Section 6.01(c) hereof, and (ii) the Loan Parties shall have delivered to the  Administrative Agent evidence that after giving effect to such payment, the Loan Parties (A) would  have been in compliance with the financial covenants set forth in Section 7.10 for the period of four  

 

  113  fiscal quarters ended immediately before such payment if such payment had been made during such  four fiscal quarters, and (B) shall be in projected pro-forma compliance with the financial covenants  set forth in Section 7.10 hereof for the period of four fiscal quarters occurring immediately after  such payment;  (d) the Borrower may make repurchases of its Equity Interests in an aggregate amount  under this paragraph (d) up to $15,000,000 after the Closing Date so long as immediately before  and immediately after such repurchase on a Pro Forma Basis, incorporating such pro-forma  assumptions as are satisfactory to the Administrative Agent in its reasonable discretion, (i) no  Default or Event of Default shall have occurred and be continuing, and (ii)(A) the Loan Parties  shall be in compliance with the financial covenant set forth in Section 7.10(b), and (B) the Core  Leverage Ratio shall not exceed 3.00 to 1.00;  (e) any Subsidiary of the Borrower may redeem, retire, purchase or otherwise acquire  an Equity Interest of such Subsidiary with the proceeds of an Investment in such Subsidiary that is  permitted by Section 7.05; and  (f) so long as no Default under Section 8.01(a)(ii) or Event of Default shall have  occurred and be continuing and no Event of Default shall be caused thereby, the Loan Parties may  make regularly scheduled payments of interest but no principal in respect of Subordinated  Indebtedness on the dates and in the amounts set forth in the applicable Subordinated Debt  Documents.  7.07 Transactions with Affiliates.  Except as expressly permitted by this Agreement, the Loan  Parties will not directly or indirectly (a) make any Investment in an Affiliate; (b) transfer, sell, lease, assign  or otherwise dispose of any property to an Affiliate; (c) merge into or consolidate with an Affiliate, or  purchase or acquire property from an Affiliate; or (d) enter into any other transaction directly or indirectly  with or for the benefit of an Affiliate (including, without limitation, guarantees and assumptions of  obligations of an Affiliate); provided that:  (i) any Affiliate who is an individual may serve as a director, officer,  employee or consultant of any Loan Party, receive reasonable compensation and  indemnification for his or her services in such capacity and benefit from Permitted  Investments to the extent specified in clause (e) of the definition thereof;  (ii) the Loan Parties may engage in and continue the transactions with or for  the benefit of Affiliates which are described in Schedule 7.07 or are referred to in  Section 7.06 (but only to the extent specified in such section); and  (iii) the Loan Parties may engage in transactions with Affiliates in the ordinary  course of business on terms which are not materially less favorable to the Loan Parties than  those likely to be obtained in an arms’ length transaction between a Loan Party and a non- affiliated third party.  7.08 Restrictive Agreements.  The Loan Parties will not directly or indirectly, enter into, incur  or permit to exist any agreement or other arrangement (other than this Agreement) that prohibits, restricts  or imposes any condition upon (a) the ability of any Loan Party to create, incur or permit to exist any Lien  upon any of its property or assets, except Permitted Liens, or (b) the ability of any Loan Party that is a  Subsidiary of another Loan Party to pay dividends or other distributions with respect to any shares of its  Equity Interests or to make or repay loans or advances to any other Loan Party or to Guarantee Indebtedness  of any other Loan Party; provided that (i) the foregoing shall not apply to restrictions and conditions  

 

  114  imposed by law or by this Agreement, (ii) the foregoing shall not apply to restrictions and conditions  existing on the date hereof identified on Schedule 7.08 (but shall apply to any extension or renewal of, or  any amendment or modification expanding the scope of, any such restriction or condition), (iii) the  foregoing shall not apply to restrictions applicable to a Subsidiary at the time it was acquired, (iv) the  foregoing shall not apply to customary restrictions and conditions contained in agreements relating to the  sale of stock or assets of a Subsidiary of a Loan Party pending such sale, provided such restrictions and  conditions apply only to the Subsidiary (or to the Loan Party with respect to the equity in such Subsidiary)  that is to be sold and such sale is permitted hereunder, (v) the foregoing shall not apply to customary  restrictions in a joint venture agreement permitted hereunder or other Permitted Liens contained therein,  (vi) clause (a) of the foregoing shall not apply to restrictions or conditions imposed by any agreement  relating to secured Indebtedness permitted by this Agreement if such restrictions or conditions apply only  to the property or assets securing such Indebtedness, and (vii) clause (a) of the foregoing shall not apply to  customary provisions in leases and other contracts restricting the assignment thereof.  7.09 Sale-Leaseback Transactions.  No Loan Party will directly or indirectly, enter into any  arrangements with any Person whereby such Loan Party shall sell or transfer (or request another Person to  purchase) any property, real, personal or mixed, used or useful in its business, whether now owned or  hereafter acquired, and thereafter rent or lease such property from any Person.  7.10 Certain Financial Covenants.    (a) Total Funded Debt to EBITDA Ratio.  The Loan Parties shall not permit the Core  Leverage Ratio as of the end of each fiscal quarter (i) ending on March 31, 2022, to exceed 4.50 to  1.00, (ii) ending on June 30, 2022, to exceed 4.25 to 1.00, (iii) ending on September 30, 2022 or  December 31, 2022, to exceed 4.00 to 1.00, and (iv) for any quarter ending thereafter, to exceed  3.50 to 1.00.  (b) Debt Service Coverage Ratio.  The Loan Parties shall not permit the ratio of (a)  Cash Flow of the Core Ameresco Companies, to (b) Debt Service of the Core Ameresco Companies  as of the end of each fiscal quarter to be less than 1.50 to 1.00.  7.11 Lines of Business.  The Loan Parties and all Subsidiaries of the Loan Parties will not  engage to any substantial extent in any line or lines of business activity other than (i) the types of businesses  engaged in by the Loan Parties as of the Closing Date and businesses substantially related or complementary  thereto , and (ii) such other lines of business as may be consented to by the Required Lenders and the  Administrative Agent, which consents shall not be unreasonably withheld or delayed.  7.12 Other Indebtedness.  The Loan Parties will not purchase, redeem, retire or otherwise  acquire for value, or set apart any money for a sinking, defeasance or other analogous fund for the purchase,  redemption, retirement or other acquisition of, or make any voluntary payment or prepayment of the  principal of or interest on, or any other amount owing in respect of any Subordinated Indebtedness, except,  to the extent permitted by Section 7.06.  7.13 Modifications of Certain Documents.  The Loan Parties will not consent to any  modification, supplement or waiver of any of the provisions of any documents or agreements evidencing  or governing any Subordinated Indebtedness or any other Existing Debt in a manner that could reasonably  be expected to be materially adverse to the Lenders.  7.14 Sanctions.  No Loan Party shall, nor shall it permit any Subsidiary to, directly or indirectly,  use any Credit Extension or the proceeds of any Credit Extension, or lend, contribute or otherwise make  available such Credit Extension or the proceeds of any Credit Extension to any Person, to fund any activities  

 

  115  of or business with any Person, or in any Designated Jurisdiction, that, at the time of such funding, is the  subject of Sanctions, or in any other manner that will result in a violation by any Person (including any  Person participating in the transaction, whether as Lender, Administrative Agent, L/C Issuer, Swing Line  Lender, or otherwise) of Sanctions.  7.15 Anti-Corruption Laws.  No Loan Party shall, nor shall it permit any Subsidiary to, directly  or indirectly, use any Credit Extension or the proceeds of any Credit Extension for any purpose which  would breach the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010 and other  similar anti-corruption legislation in other jurisdictions.  ARTICLE VIII    EVENTS OF DEFAULT AND REMEDIES  8.01 Events of Default.  The occurrence of any of the following shall constitute an event of  default (each, an “Event of Default”):  (a) the Loan Parties shall fail to pay to the Administrative Agent, the L/C Issuer, or  the Lenders, (i) any principal of any Loan when the same shall become due and payable, whether  at the due date thereof or at a date fixed for prepayment thereof, by acceleration of such due or  prepayment date, or otherwise or (ii) any interest or fees in respect of any Loan or any  Reimbursement Obligation in respect of any L/C Disbursement or any other Obligation of the Loan  Parties to the Administrative Agent, the L/C Issuer, or the Lenders within three (3) Business Days  after the same shall become due and payable, whether at the due date thereof or at a date fixed for  prepayment thereof, by acceleration of such due or prepayment date, or otherwise;  (b) any representation or warranty made or deemed made by or on behalf of any Loan  Party or any Subsidiary in or in connection with this Agreement, any of the other Loan Documents  or any amendment or modification hereof or thereof, or in any report, certificate, financial statement  or other document furnished pursuant to or in connection with this Agreement, any of the other  Loan Documents or any amendment or modification hereof or thereof, shall prove to have been  incorrect in any material respect when made or deemed made;  (c) the Loan Parties (i) shall fail to observe or perform any covenant, condition or  agreement contained in Sections 6.01(a), (b), (c) or (d), 6.02(a), 6.05, 6.06, 6.08, 6.09, 6.10, or in  Article VII (it being expressly acknowledged and agreed that any Event of Default resulting from  the failure of the Loan Parties at any measurement date to satisfy any financial covenant set forth  in Section 7.10 shall not be deemed to be “cured” or remedied by the Loan Parties’ satisfaction of  such financial covenant at any subsequent measurement date) or (ii) shall fail to observe or perform  any other covenant, condition or agreement contained in Sections 6.03, 6.04, 6.07, 6.11, 6.12 or  6.13 and such failure described in this clause (ii) shall continue unremedied for a period of 30 days  after the earlier of (x) actual knowledge by an officer of any Loan Party or (y) notice thereof from  the Administrative Agent (given at the request of any Lender) to the Loan Parties;  (d) the Loan Parties shall fail to observe or perform any covenant, condition or  agreement contained in this Agreement (other than those specified in clauses (a), (b) or (c) of this  Section 8.01) or any other Loan Document, and such failure shall continue unremedied for a period  of 30 days after notice thereof from the Administrative Agent (at the request of any Lender) to the  Loan Parties;  

 

  116  (e) the Loan Parties shall fail to make any payment (whether of principal, interest or  otherwise and regardless of amount) in respect of any Material Indebtedness or any Material Rental  Obligation, when and as the same shall become due and payable, after giving effect to any grace  period with respect thereto;  (f) any event or condition occurs that results in any Material Indebtedness of any Loan  Party becoming due prior to its scheduled maturity or that enables or permits (with or without the  giving of notice, the lapse of time or both) the holder or holders of any Material Indebtedness or  any trustee or agent on its or their behalf to cause such Material Indebtedness to become due, or to  require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled  maturity, other than any secured Indebtedness that becomes due on the sale of the assets securing  such Indebtedness in a disposition permitted, or otherwise consented to, under Section 7.04;   (g) an involuntary proceeding shall be commenced or an involuntary petition shall be  filed seeking (i) liquidation, reorganization or other relief in respect of any Loan Party or any  Material Core Canadian Subsidiary or its debts, or of a substantial part of its assets, under any  Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in  effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar  official for any Loan Party or any Material Core Canadian Subsidiary or for a substantial part of its  assets, and, in any such case, such proceeding or petition shall continue undismissed for 60 days or  an order or decree approving or ordering any of the foregoing shall be entered;  (h) any Loan Party or any Material Core Canadian Subsidiary shall (i) voluntarily  commence any proceeding or file any petition seeking liquidation, reorganization or other relief  under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or  hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate  manner, any proceeding or petition described in clause (g) of this Article, (iii) apply for or consent  to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for  any Loan Party or any Material Core Canadian Subsidiary or for a substantial part of its assets, (iv)  file an answer admitting the material allegations of a petition filed against it in any such proceeding,  (v) make a general assignment for the benefit of creditors or (vi) take any action for the purpose of  effecting any of the foregoing;  (i) any Loan Party or any Material Core Canadian Subsidiary shall become unable,  admit in writing or fail generally to pay its debts as they become due;  (j) a final judgment or judgments for the payment of money in excess of $10,000,000  in the aggregate (exclusive of judgment amounts fully covered by insurance where the insurer has  admitted liability in respect of such judgment), shall be rendered by one or more courts,  administrative tribunals or other bodies having jurisdiction against any Loan Party and the same  shall not be discharged (or provision shall not be made for such discharge), bonded, or a stay of  execution thereof shall not be procured, within 60 days from the date of entry thereof and the  relevant Loan Party shall not, within said period of 60 days, or such longer period during which  execution of the same shall have been stayed, appeal therefrom and cause the execution thereof to  be stayed during such appeal;  (k) an ERISA Event shall have occurred that, when taken together with all other  ERISA Events that have occurred, could reasonably be expected to result in a Material Adverse  Effect;  (l) there shall occur any Change of Control;  

 

  117  (m) any of the following shall occur: (i) the Liens created hereunder or under the other  Loan Documents shall at any time (other than by reason of the Administrative Agent relinquishing  such Lien) cease in any material respect to constitute valid and perfected Liens on the Collateral  intended to be covered thereby; (ii) except for expiration in accordance with its respective terms,  any Loan Document shall for whatever reason be terminated, or shall cease to be in full force and  effect; or (iii) the enforceability of any Loan Document shall be contested by any Loan Party;  (n) there shall occur any material loss theft, damage or destruction of any Collateral  not fully covered (subject to such reasonable deductibles as the Administrative Agent shall have  approved) by insurance;  (o) at any time before the Term Commitments of the Term Lenders under the Delayed  Draw Term A Facility have terminated and the Delayed Draw Term A Loans have been paid in  full, (i) a Contractor Event of Default (A) has been called by Southern California Edison, and (B)  results in Southern California Edison enforcing remedies to terminate the SoCal Contract, which  termination would be reasonably likely to result in a Material Adverse Effect on the Borrower or  its ability to make payments under the Credit Facility; or (ii) a payment default in excess of  $5,000,000 by Southern California Edison under the SoCal Contract, where the Borrower has not  consulted with the Administrative Agent on steps toward enforcement, within ten (10) Business  Days of such occurrence, or where such payment default is not cured or enforcement under the  SoCal Contract has not commenced within thirty (30) Business Days of such occurrence; or  (p) any Guarantor shall assert that its obligations under any Loan Document shall be  invalid or unenforceable.   Without limiting the provisions of Article IX, if a Default shall have occurred under the Loan  Documents, then such Default will continue to exist until it either is cured (to the extent specifically  permitted) in accordance with the Loan Documents or is otherwise expressly waived by Administrative  Agent (with the approval of Required Lenders (in their sole discretion)) as determined in accordance with  Section 11.01; and once an Event of Default occurs under the Loan Documents, then such Event of Default  will continue to exist until it is expressly waived by the Required Lenders or by the Administrative Agent  with the approval of the Required Lenders, as required hereunder in Section 11.01.  8.02 Remedies upon Event of Default.  If any Event of Default occurs and is continuing, the  Administrative Agent shall, at the request of, or may, with the consent of, the Required Lenders, take any  or all of the following actions:  (a) declare the Commitment of each Lender to make Loans and any obligation of the  L/C Issuer to make L/C Credit Extensions to be terminated, whereupon such commitments and  obligation shall be terminated;  (b) declare the unpaid principal amount of all outstanding Loans, all interest accrued  and unpaid thereon, and all other amounts owing or payable hereunder or under any other Loan  Document to be immediately due and payable, without presentment, demand, protest or other notice  of any kind, all of which are hereby expressly waived by the Borrower;  (c) notify the Borrower that the outstanding principal of the Loans shall bear interest  at the Default Rate, and thereupon the outstanding principal of the Loans shall bear interest at the  Default Rate;   

 

  118  (d) require that the Borrower Cash Collateralize the L/C Obligations (in an amount  equal to the Minimum Collateral Amount with respect thereto); and  (e) exercise on behalf of itself, the Lenders and the L/C Issuer all rights and remedies  available to it, the Lenders and the L/C Issuer under the Loan Documents or Applicable Law or  equity;  provided, however, that upon the occurrence of an event described in Section 8.01(g) or (h) with respect to  the Borrower, the Commitment of each Lender to make Loans and any obligation of the L/C Issuer to make  L/C Credit Extensions shall automatically terminate, the unpaid principal amount of all outstanding Loans  and all interest and other amounts as aforesaid shall automatically become due and payable, the outstanding  principal of the Loans shall bear interest at the Default Rate, and the obligation of the Borrower to Cash  Collateralize the L/C Obligations as aforesaid shall automatically become effective, in each case without  further act of the Administrative Agent or any Lender.  8.03 Application of Funds.    (a) After the exercise of remedies provided for in Section 8.02 (or after the Loans have  automatically become immediately due and payable and the L/C Obligations have automatically  been required to be Cash Collateralized as set forth in the proviso to Section 8.02) or if at any time  insufficient funds are received by and available to the Administrative Agent to pay fully all Secured  Obligations then due hereunder, any amounts received on account of the Secured Obligations shall,  subject to the provisions of Sections 2.14 and 2.15, be applied by the Administrative Agent in the  following order:  First, to payment of that portion of the Secured Obligations constituting fees, indemnities,  expenses and other amounts (including fees, charges and disbursements of counsel to the  Administrative Agent and amounts payable under Article III) payable to the Administrative Agent  in its capacity as such;  Second, to payment of that portion of the Secured Obligations constituting fees,  indemnities and other amounts (other than principal, interest and Letter of Credit Fees) payable to  the Lenders and the L/C Issuer (including fees, charges and disbursements of counsel to the  respective Lenders and the L/C Issuer (including fees and time charges for attorneys who may be  employees of any Lender or the L/C Issuer)) arising under the Loan Documents and amounts  payable under Article III, ratably among them in proportion to the respective amounts described in  this Second clause payable to them;  Third, to payment of that portion of the Secured Obligations constituting accrued and  unpaid Letter of Credit Fees and interest on the Loans, L/C Borrowings and other Secured  Obligations arising under the Loan Documents, ratably among the Lenders and the L/C Issuer in  proportion to the respective amounts described in this Third clause payable to them;  Fourth, to payment of that portion of the Secured Obligations constituting unpaid principal  of the Loans, L/C Borrowings and Secured Obligations then owing under Secured Hedge  Agreements and Secured Cash Management Agreements and to the to the Administrative Agent  for the account of the L/C Issuer, to Cash Collateralize that portion of L/C Obligations comprised  of the aggregate undrawn amount of Letters of Credit to the extent not otherwise Cash  Collateralized by the Borrower pursuant to Sections 2.03 and 2.14, in each case ratably among the  Administrative Agent, the Lenders, the L/C Issuer, the Hedge Banks and the Cash Management  Banks in proportion to the respective amounts described in this Fourth clause held by them; and  

 

  119  Last, the balance, if any, after all of the Secured Obligations have been indefeasibly paid  in full, to the Borrower or as otherwise required by Law.  (b) Subject to Sections 2.03(c) and 2.14, amounts used to Cash Collateralize the  aggregate undrawn amount of Letters of Credit pursuant to the Fourth clause above shall be applied  to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as  Cash Collateral after all Letters of Credit have either been fully drawn or expired, such remaining  amount shall be applied to the other Secured Obligations, if any, in the order set forth above.  Excluded Swap Obligations with respect to any Guarantor shall not be paid with amounts received  from such Guarantor or its assets, but appropriate adjustments shall be made with respect to  payments from other Loan Parties to preserve the allocation to Secured Obligations otherwise set  forth above in this Section 8.03.  (c) Notwithstanding the foregoing, Secured Obligations arising under Secured Cash  Management Agreements and Secured Hedge Agreements shall be excluded from the application  described above if the Administrative Agent has not received a Secured Party Designation Notice,  together with such supporting documentation as the Administrative Agent may request, from the  applicable Cash Management Bank or Hedge Bank, as the case may be. Each Cash Management  Bank or Hedge Bank not a party to this Agreement that has given the notice contemplated by the  preceding sentence shall, by such notice, be deemed to have acknowledged and accepted the  appointment of the Administrative Agent pursuant to the terms of Article IX for itself and its  Affiliates as if a “Lender” party hereto.  ARTICLE IX    ADMINISTRATIVE AGENT  9.01 Appointment and Authority.  (a) Appointment. Each of the Lenders and the L/C Issuer hereby irrevocably appoints,  designates and authorizes Bank of America to act on its behalf as the Administrative Agent  hereunder and under the other Loan Documents and authorizes the Administrative Agent to take  such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent  by the terms hereof or thereof, together with such actions and powers as are reasonably incidental  thereto. The provisions of this Article IX are solely for the benefit of the Administrative Agent, the  Lenders and the L/C Issuer, and neither the Borrower nor any other Loan Party shall have rights as  a third party beneficiary of any of such provisions. It is understood and agreed that the use of the  term “agent” herein or in any other Loan Documents (or any other similar term) with reference to  the Administrative Agent is not intended to connote any fiduciary or other implied (or express)  obligations arising under agency doctrine of any Applicable Law. Instead such term is used as a  matter of market custom, and is intended to create or reflect only an administrative relationship  between contracting parties.  (b) Collateral Agent. The Administrative Agent shall also act as the “collateral agent”  under the Loan Documents, and each of the Lenders (including in its capacities as a potential Hedge  Bank and a potential Cash Management Bank) and the L/C Issuer hereby irrevocably appoints and  authorizes the Administrative Agent to act as the Administrative Agent of such Lender and the L/C  Issuer for purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by  any of the Loan Parties to secure any of the Secured Obligations, together with such powers and  discretion as are reasonably incidental thereto. In this connection, the Administrative Agent, as  “collateral agent” and any co-agents, sub-agents and attorneys-in-fact appointed by the  

 

  120  Administrative Agent pursuant to Section 9.05 for purposes of holding or enforcing any Lien on  the Collateral (or any portion thereof) granted under the Collateral Documents, or for exercising  any rights and remedies thereunder at the direction of the Administrative Agent, shall be entitled  to the benefits of all provisions of this Article IX and Article XI (including Section 11.04(c), as  though such co-agents, sub-agents and attorneys-in-fact were the “collateral agent” under the Loan  Documents) as if set forth in full herein with respect thereto.  9.02 Rights as a Lender.  The Person 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 the term “Lender” or “Lenders” shall, unless otherwise  expressly indicated or unless the context otherwise requires, include the Person serving as the  Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept  deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity  for and generally engage in any kind of banking, trust, financial, advisory, underwriting or other business  with any Loan Party or any Subsidiary or other Affiliate thereof as if such Person were not the  Administrative Agent hereunder and without any duty to account therefor to the Lenders or to provide  notice to or consent of the Lenders with respect thereto.  9.03 Exculpatory Provisions.  (a) The Administrative Agent or the Arranger, as applicable, shall not have any duties  or obligations except those expressly set forth herein and in the other Loan Documents, and its  duties hereunder shall be administrative in nature. Without limiting the generality of the foregoing,  the Administrative Agent or the Arranger, as applicable, and its Related Parties:  (i) shall not be subject to any fiduciary or other implied duties, regardless of  whether a Default has occurred and is continuing;  (ii) shall not have any duty to take any discretionary action or exercise any  discretionary powers, except discretionary rights and powers expressly contemplated  hereby or by the other Loan Documents that the Administrative Agent is required to  exercise as directed in writing by the Required Lenders (or such other number or percentage  of the Lenders as shall be expressly provided for herein or in the other Loan Documents),  provided that the Administrative Agent shall not be required to take any action that, in its  opinion or the opinion of its counsel, may expose the Administrative Agent to liability or  that is contrary to any Loan Document or Applicable Law, including for the avoidance of  doubt any action that may be in violation of the automatic stay under any Debtor Relief  Law or that may effect a forfeiture, modification or termination of property of a Defaulting  Lender in violation of any Debtor Relief Law; and  (iii) shall not have any duty or responsibility to disclose, and shall not be liable  for the failure to disclose, to any Lender or the L/C Issuer any credit or other information  concerning the business, prospects, operations, property, financial and other condition or  creditworthiness of any of the Loan Parties or any of their Affiliates that is communicated  to, or in the possession of, the Administrative Agent, Arranger or any of their Related  Parties in any capacity, except for notices, reports and other documents expressly required  to be furnished to the Lenders by the Administrative Agent herein.  (b) Neither the Administrative Agent nor any of its Related Parties shall be liable for  any action taken or not taken by the Administrative Agent under or in connection with this  Agreement or any other Loan Document or the transactions contemplated hereby or thereby (i) with  

 

  121  the consent or at the request of the Required Lenders (or such other number or percentage of the  Lenders as shall be necessary), or as the Administrative Agent shall believe in good faith shall be  necessary, under the circumstances as provided in Sections 11.01 and 8.02) or (ii) in the absence  of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction  by final and non-appealable judgment. The Administrative Agent shall be deemed not to have  knowledge of any Default unless and until notice describing such Default is given in writing to the  Administrative Agent by the Borrower, a Lender or the L/C Issuer.  (c) Neither the Administrative Agent nor any of its Related Parties have any duty or  obligation to any Lender or participant or any other Person to ascertain or inquire into (i) any  statement, warranty or representation made in or in connection with this Agreement or any other  Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder  or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of  the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence  of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement,  any other Loan Document or any other agreement, instrument or document, or the creation,  perfection or priority of any Lien purported to be created by the Collateral Documents, (v) the value  or the sufficiency of any Collateral, or (vi) the satisfaction of any condition set forth in Article IV  or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the  Administrative Agent.  9.04 Reliance by Administrative Agent.  The Administrative Agent shall be entitled to rely  upon, and shall be fully protected in relying and shall not incur any liability for relying upon, any notice,  request, certificate, communication, consent, statement, instrument, document or other writing (including  any electronic message, Internet or intranet website posting or other distribution) believed by it to be  genuine and to have been signed, sent or otherwise authenticated 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 have been  made by the proper Person, and shall be fully protected in relying and shall not incur any liability for relying  thereon. In determining compliance with any condition hereunder to the making of a Loan, or the issuance,  extension, renewal or increase of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of  a Lender or the L/C Issuer, the Administrative Agent may presume that such condition is satisfactory to  such Lender or the L/C Issuer unless the Administrative Agent shall have received notice to the contrary  from such Lender or the L/C Issuer prior to the making of such Loan or the issuance of such Letter of  Credit. The Administrative Agent may consult with legal counsel (who may be counsel for the Loan  Parties), 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. For  purposes of determining compliance with the conditions specified in Section 4.01, each Lender that has  signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with,  each document or other matter required thereunder to be consented to or approved by or acceptable or  satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior  to the proposed Closing Date specifying its objections.  9.05 Delegation of Duties.  The Administrative Agent may perform any and all of its duties and  exercise its rights and powers hereunder or under any other Loan Document 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 of its duties and exercise its rights and powers by or through their respective Related  Parties. The exculpatory provisions of this Article IX 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 Facilities as well as activities as Administrative Agent. The  Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agents except  to the extent that a court of competent jurisdiction determines in a final and non-appealable judgment that  

 

  122  the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub- agents.  9.06 Resignation of Administrative Agent.  (a) Notice. The Administrative Agent may at any time give notice of its resignation to  the Lenders, the L/C Issuer and the Borrower. Upon receipt of any such notice of resignation, the  Required Lenders shall have the right, in consultation with the Borrower, to appoint a successor,  which shall be a bank with an office in the United States, or an Affiliate of any such bank with an  office in the United States. If no such successor shall have been so appointed by the Required  Lenders and shall have accepted such appointment within thirty (30) days after the retiring  Administrative Agent gives notice of its resignation (or such earlier day as shall be agreed by the  Required Lenders) (the “Resignation Effective Date”), then the retiring Administrative Agent may  (but shall not be obligated to) on behalf of the Lenders and the L/C Issuer, appoint a successor  Administrative Agent meeting the qualifications set forth above; provided that in no event shall  any successor Administrative Agent be a Defaulting Lender. Whether or not a successor has been  appointed, such resignation shall become effective in accordance with such notice on the  Resignation Effective Date.  (b) Defaulting Lender. If the Person serving as Administrative Agent is a Defaulting  Lender pursuant to clause (d) of the definition thereof, the Required Lenders may, to the extent  permitted by Applicable Law, by notice in writing to the Borrower and such Person remove such  Person as Administrative Agent and, in consultation with the Borrower, appoint a successor. If no  such successor shall have been so appointed by the Required Lenders and shall have accepted such  appointment within thirty (30) days (or such earlier day as shall be agreed by the Required Lenders)  (the “Removal Effective Date”), then such removal shall nonetheless become effective in  accordance with such notice on the Removal Effective Date.  (c) Effect of Resignation or Removal. With effect from the Resignation Effective Date  or the Removal Effective Date (as applicable) (i) the retiring or removed Administrative Agent  shall be discharged from its duties and obligations hereunder and under the other Loan Documents  (except that in the case of any collateral security held by the Administrative Agent on behalf of the  Lenders or the L/C Issuer under any of the Loan Documents, the retiring or removed Administrative  Agent shall continue to hold such collateral security until such time as a successor Administrative  Agent is appointed) and (ii) except for any indemnity payments or other amounts then owed to the  retiring or removed Administrative Agent, all payments, communications and determinations  provided to be made by, to or through the Administrative Agent shall instead be made by or to each  Lender and the L/C Issuer directly, until such time, if any, as the Required Lenders appoint a  successor Administrative Agent as provided for above. Upon the acceptance of a successor’s  appointment as Administrative Agent hereunder, such successor shall succeed to and become  vested with all of the rights, powers, privileges and duties of the retiring or removed Administrative  Agent (other than as provided in Section 3.01(g) and other than any rights to indemnity payments  or other amounts owed to the retiring or removed Administrative Agent as of the Resignation  Effective Date or the Removal Effective Date, as applicable), and the retiring or removed  Administrative Agent shall be discharged from all of its duties and obligations hereunder or under  the other Loan Documents (if not already discharged therefrom as provided above in this Section  9.06). 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 retiring or removed Administrative Agent’s resignation or removal hereunder and under  the other Loan Documents, the provisions of this Article XI and Section 11.04 shall continue in  effect for the benefit of such retiring or removed Administrative Agent, its sub-agents and their  

 

  123  respective Related Parties in respect of any actions taken or omitted to be taken by any of them (A)  while the retiring or removed Administrative Agent was acting as Administrative Agent and (B)  after such resignation or removal for as long as any of them continues to act in any capacity  hereunder or under the other Loan Documents, including, without limitation, (1) acting as collateral  agent or otherwise holding any collateral security on behalf of any of the Secured Parties and (2)  in respect of any actions taken in connection with transferring the agency to any successor  Administrative Agent.  (d) L/C Issuer and Swingline Lender. Any resignation or removal by Bank of America  as Administrative Agent pursuant to this Section 9.06 shall also constitute its resignation as L/C  Issuer and Swingline Lender. If Bank of America resigns as the L/C Issuer, it shall retain all the  rights, powers, privileges and duties of the L/C Issuer hereunder with respect to all Letters of Credit  outstanding as of the effective date of its resignation as the L/C Issuer and all L/C Obligations with  respect thereto, including the right to require the Lenders to make Base Rate Loans or fund risk  participations in Unreimbursed Amounts pursuant to Section 2.03(c). If Bank of America resigns  as Swingline Lender, it shall retain all the rights of the Swingline Lender provided for hereunder  with respect to Swingline Loans made by it and outstanding as of the effective date of such  resignation, including the right to require the Lenders to make Base Rate Loans or fund risk  participations in outstanding Swingline Loans pursuant to Section 2.04(c). Upon the appointment  by the Borrower of a successor L/C Issuer or Swingline Lender hereunder (which successor shall  in all cases be a Lender other than a Defaulting Lender), (i) such successor shall succeed to and  become vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer or  Swingline Lender, as applicable, (ii) the retiring L/C Issuer and Swingline Lender shall be  discharged from all of their respective duties and obligations hereunder or under the other Loan  Documents, and (iii) the successor L/C Issuer shall issue Letters of Credit in substitution for the  Letters of Credit, if any, outstanding at the time of such succession or make other arrangements  satisfactory to Bank of America to effectively assume the obligations of Bank of America with  respect to such Letters of Credit.  9.07 Non-Reliance on Administrative Agent, the Arranger and the Other Lenders.  Each  Lender and the L/C Issuer expressly acknowledges that neither the Administrative Agent nor the Arranger  has made any representation or warranty to it, and that no act by the Administrative Agent or the Arranger  hereafter taken, including any consent to, and acceptance of any assignment or review of the affairs of any  Loan Party or any Affiliate thereof, shall be deemed to constitute any representation or warranty by the  Administrative Agent or the Arranger to any Lender or the L/C Issuer as to any matter, including whether  the Administrative Agent or the Arranger have disclosed material information in their (or their Related  Parties’) possession.  Each Lender and the L/C Issuer represents to the Administrative Agent and the  Arranger that it has, independently and without reliance upon the Administrative Agent, the Arranger, any  other Lender or any of their Related Parties and based on such documents and information as it has deemed  appropriate, made its own credit analysis of, appraisal of, and investigation into, the business, prospects,  operations, property, financial and other condition and creditworthiness of the Loan Parties and their  Subsidiaries, and all applicable bank or other regulatory Laws relating to the transactions contemplated  hereby, and made its own decision to enter into this Agreement and to extend credit to the Borrower  hereunder. Each Lender and the L/C Issuer also acknowledges that it will, independently and without  reliance upon the Administrative Agent, the Arranger, any other Lender or any of their Related Parties and  based on such documents and information as it shall from time to time deem appropriate, continue to make  its own credit analysis, appraisals and decisions in taking or not taking action under or based upon this  Agreement, any other Loan Document or any related agreement or any document furnished hereunder or  thereunder, and to make such investigations as it deems necessary to inform itself as to the business,  prospects, operations, property, financial and other condition and creditworthiness of the Loan Parties.   Each Lender and the L/C Issuer represents and warrants that (i) the Loan Documents set forth the terms of  

 

  124  a commercial lending facility and (ii) it is engaged in making, acquiring or holding commercial loans in the  ordinary course and is entering into this Agreement as a Lender or L/C Issuer for the purpose of making,  acquiring or holding commercial loans and providing other facilities set forth herein as may be applicable  to such Lender or L/C Issuer, and not for the purpose of purchasing, acquiring or holding any other type of  financial instrument, and each Lender and the L/C Issuer agrees not to assert a claim in contravention of  the foregoing.  Each Lender and the L/C Issuer represents and warrants that it is sophisticated with respect  to decisions to make, acquire and/or hold commercial loans and to provide other facilities set forth herein,  as may be applicable to such Lender or such L/C Issuer, and either it, or the Person exercising discretion in  making its decision to make, acquire and/or hold such commercial loans or to provide such other facilities,  is experienced in making, acquiring or holding such commercial loans or providing such other facilities.  9.08 No Other Duties, Etc.  Anything herein to the contrary notwithstanding, none of the titles  listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement or  any of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent, the  Arranger, a Lender or the L/C Issuer hereunder.  9.09 Administrative Agent May File Proofs of Claim; Credit Bidding.  (a) In case of the pendency of any proceeding under any Debtor Relief Law or any  other judicial proceeding relative to any Loan Party, the Administrative Agent (irrespective of  whether the principal of any Loan or L/C Obligation shall then be due and payable as herein  expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall  have made any demand on the Borrower) shall be entitled and empowered, by intervention in such  proceeding or otherwise:  (i) to file and prove a claim for the whole amount of the principal and interest  owing and unpaid in respect of the Loans, L/C Obligations and all other Secured  Obligations that are owing and unpaid and to file such other documents as may be  necessary or advisable in order to have the claims of the Lenders, the L/C Issuer and the  Administrative Agent (including any claim for the reasonable compensation, expenses,  disbursements and advances of the Lenders, the L/C Issuer and the Administrative Agent  and their respective agents and counsel and all other amounts due the Lenders, the L/C  Issuer and the Administrative Agent under Sections 2.03(l), (m), (o) and (p), 2.09, 2.10(b)  and 11.04) allowed in such judicial proceeding; and  (ii) to collect and receive any monies or other property payable or deliverable  on any such claims and to distribute the same;  and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in  any such judicial proceeding is hereby authorized by each Lender and the L/C Issuer to make such  payments to the Administrative Agent and, in the event that the Administrative Agent shall consent  to the making of such payments directly to the Lenders and the L/C Issuer, to pay to the  Administrative Agent any amount due for the reasonable compensation, expenses, disbursements  and advances of the Administrative Agent and its agents and counsel, and any other amounts due  the Administrative Agent under Sections 2.03, 2.09, 2.10(b) and 11.04.  (b) Nothing contained herein shall be deemed to authorize the Administrative Agent  to authorize or consent to or accept or adopt on behalf of any Lender or the L/C Issuer any plan of  reorganization, arrangement, adjustment or composition affecting the Secured Obligations or the  rights of any Lender or the L/C Issuer to authorize the Administrative Agent to vote in respect of  the claim of any Lender or the L/C Issuer or in any such proceeding.  

 

  125  (c) The Secured Parties hereby irrevocably authorize the Administrative Agent, at the  direction of the Required Lenders, to credit bid all or any portion of the Secured Obligations  (including accepting some or all of the Collateral in satisfaction of some or all of the Secured  Obligations pursuant to a deed in lieu of foreclosure or otherwise) and in such manner purchase  (either directly or through one or more acquisition vehicles) all or any portion of the Collateral (i)  at any sale thereof conducted under the provisions of the Bankruptcy Code of the United States,  including under Sections 363, 1123 or 1129 of the Bankruptcy Code of the United States, or any  similar Laws in any other jurisdictions to which a Loan Party is subject, (ii) at any other sale or  foreclosure or acceptance of collateral in lieu of debt conducted by (or with the consent or at the  direction of) the Administrative Agent (whether by judicial action or otherwise) in accordance with  any Applicable Law. In connection with any such credit bid and purchase, the Secured Obligations  owed to the Secured Parties shall be entitled to be, and shall be, credit bid on a ratable basis (with  Secured Obligations with respect to contingent or unliquidated claims receiving contingent  interests in the acquired assets on a ratable basis that would vest upon the liquidation of such claims  in an amount proportional to the liquidated portion of the contingent claim amount used in  allocating the contingent interests) in the asset or assets so purchased (or in the Equity Interests or  debt instruments of the acquisition vehicle or vehicles that are used to consummate such purchase).  In connection with any such bid (A) the Administrative Agent shall be authorized to form one or  more acquisition vehicles to make a bid, (B) to adopt documents providing for the governance of  the acquisition vehicle or vehicles (provided that any actions by the Administrative Agent with  respect to such acquisition vehicle or vehicles, including any disposition of the assets or Equity  Interests thereof shall be governed, directly or indirectly, by the vote of the Required Lenders,  irrespective of the termination of this Agreement and without giving effect to the limitations on  actions by the Required Lenders contained in clauses (i) through (x) of Section 11.1(a) of this  Agreement), and (C) to the extent that Secured Obligations that are assigned to an acquisition  vehicle are not used to acquire Collateral for any reason (as a result of another bid being higher or  better, because the amount of Secured Obligations assigned to the acquisition vehicle exceeds the  amount of debt credit bid by the acquisition vehicle or otherwise), such Secured Obligations shall  automatically be reassigned to the Lenders pro rata and the Equity Interests and/or debt instruments  issued by any acquisition vehicle on account of the Secured Obligations that had been assigned to  the acquisition vehicle shall automatically be cancelled, without the need for any Secured Party or  any acquisition vehicle to take any further action.  9.10 Collateral and Guaranty Matters.  (a) Each of the Lenders (including in its capacities as a potential Cash Management  Bank and a potential Hedge Bank) and the L/C Issuer irrevocably authorize the Administrative  Agent, at its option and in its discretion,  (i) to release any Lien on any property granted to or held by the  Administrative Agent under any Loan Document (i) upon the Facility Termination Date,  (ii) that is sold or otherwise disposed of or to be sold or otherwise disposed of as part of or  in connection with any sale or other disposition permitted hereunder or under any other  Loan Document, or (iii) if approved, authorized or ratified in writing by the Required  Lenders in accordance with Section 11.01;  (ii) to subordinate any Lien on any property granted to or held by the  Administrative Agent under any Loan Document to the holder of any Lien on such property  that is permitted by Section 7.02(h); and  

 

  126  (iii) to release any Guarantor from its obligations under the Guaranty if such  Person ceases to be a Subsidiary as a result of a transaction permitted under the Loan  Documents.  (b) Upon request by the Administrative Agent at any time, the Required Lenders will  confirm in writing the Administrative Agent’s authority to release or subordinate its interest in  particular types or items of property, or to release any Guarantor from its obligations under the  Guaranty pursuant to this Section 9.10. In each case as specified in this Section 9.10, the  Administrative Agent will, at the Borrower’s expense, execute and deliver to the applicable Loan  Party such documents as such Loan Party may reasonably request to evidence the release of such  item of Collateral from the assignment and security interest granted under the Collateral Documents  or to subordinate its interest in such item, or to release such Guarantor from its obligations under  the Guaranty, in each case in accordance with the terms of the Loan Documents and this Section  9.10.  (c) The Administrative Agent shall not be responsible for or have a duty to ascertain  or inquire into any representation or warranty regarding the existence, value or collectability of the  Collateral, the existence, priority or perfection of the Administrative Agent’s Lien thereon, or any  certificate prepared by any Loan Party in connection therewith, nor shall the Administrative Agent  be responsible or liable to the Lenders for any failure to monitor or maintain any portion of the  Collateral.  9.11 Secured Cash Management Agreements and Secured Hedge Agreements.  Except as  otherwise expressly set forth herein or in the Guaranty or any Collateral Document, no Cash Management  Bank or Hedge Bank that obtains the benefit of the provisions of Section 8.03, the Guaranty or any  Collateral by virtue of the provisions hereof or any Collateral Document shall have any right to notice of  any action or to consent to, direct or object to any action hereunder or under any other Loan Document or  otherwise in respect of the Collateral (including the release or impairment of any Collateral) (or to notice  of or to consent to any amendment, waiver or modification of the provisions hereof or of the Guaranty or  any Collateral Document) other than in its capacity as a Lender and, in such case, only to the extent  expressly provided in the Loan Documents. Notwithstanding any other provision of this Article IX to the  contrary, the Administrative Agent shall not be required to verify the payment of, or that other satisfactory  arrangements have been made with respect to, Secured Obligations arising under Secured Cash  Management Agreements and Secured Hedge Agreements except to the extent expressly provided herein  and unless the Administrative Agent has received a Secured Party Designation Notice of such Secured  Obligations, together with such supporting documentation as the Administrative Agent may request, from  the applicable Cash Management Bank or Hedge Bank, as the case may be. The Administrative Agent shall  not be required to verify the payment of, or that other satisfactory arrangements have been made with  respect to, Secured Obligations arising under Secured Cash Management Agreements and Secured Hedge  Agreements in the case of a Facility Termination Date.  9.12 Certain ERISA Matters.  (a) Each Lender (x) represents and warrants, as of the date such Person became a  Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto  to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative  Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan  Party, that at least one of the following is and will be true:  (i) such Lender is not using “plan assets” (within the meaning of Section  3(42) of ERISA or otherwise) of one or more Benefit Plans with respect to such Lender’s  

 

  127  entrance into, participation in, administration of and performance of the Loans, the Letters  of Credit, the Commitments, or this agreement,  (ii) the transaction exemption set forth in one or more PTEs, such as PTE 84– 14 (a class exemption for certain transactions determined by independent qualified  professional asset managers), PTE 95–60 (a class exemption for certain transactions  involving insurance company general accounts), PTE 90–1 (a class exemption for certain  transactions involving insurance company pooled separate accounts), PTE 91–38 (a class  exemption for certain transactions involving bank collective investment funds) or PTE 96– 23 (a class exemption for certain transactions determined by in-house asset managers), is  applicable with respect to such Lender’s entrance into, participation in, administration of  and performance of the Loans, the Letters of Credit, the Commitments and this Agreement,  (iii) (A) such Lender is an investment fund managed by a “Qualified  Professional Asset Manager” (within the meaning of Part VI of PTE 84–14), (B) such  Qualified Professional Asset Manager made the investment decision on behalf of such  Lender to enter into, participate in, administer and perform the Loans, the Letters of Credit,  the Commitments and this Agreement, (C) the entrance into, participation in,  administration of and performance of the Loans, the Letters of Credit, the Commitments  and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of  PTE 84–14 and (D) to the best knowledge of such Lender, the requirements of subsection  (a) of Part I of PTE 84–14 are satisfied with respect to such Lender’s entrance into,  participation in, administration of and performance of the Loans, the Letters of Credit, the  Commitments and this Agreement, or  (iv) such other representation, warranty and covenant as may be agreed in  writing between the Administrative Agent, in its sole discretion, and such Lender.  (b) In addition, unless either (1) clause (i) in the immediately preceding clause (a) is  true with respect to a Lender or (2) a Lender has provided another representation, warranty and  covenant in accordance with clause (iv) in the immediately preceding clause (a), such Lender  further (x) represents and warrants, as of the date such Person became a Lender party hereto, to,  and (y) covenants, from the date such Person became a Lender party hereto to the date such Person  ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the  avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that the  Administrative Agent is not a fiduciary with respect to the assets of such Lender involved in such  Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters  of Credit, the Commitments and this Agreement (including in connection with the reservation or  exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or  any documents related hereto or thereto).  9.13 Recovery of Erroneous Payments.  Without limitation of any other provision in this  Agreement, if at any time the Administrative Agent makes a payment hereunder in error to any Lender  Recipient Party, whether or not in respect of an Obligation due and owing by the Borrower at such time,  where such payment is a Rescindable Amount, then in any such event, each Lender Recipient Party  receiving a Rescindable Amount severally agrees to repay to the Administrative Agent forthwith on demand  the Rescindable Amount received by such Lender Recipient Party  in immediately available funds in the  currency so received, with interest thereon, for each day from and including the date such Rescindable  Amount is received by it to but excluding the date of payment to the Administrative Agent, at the greater  of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking  industry rules on interbank compensation. Each Lender Recipient Party irrevocably waives any and all  

 

  128  defenses, including any “discharge for value” (under which a creditor might otherwise claim a right to retain  funds mistakenly paid by a third party in respect of a debt owed by another) or similar defense to its  obligation to return any Rescindable Amount.  The Administrative Agent shall inform each Lender  Recipient Party promptly upon determining that any payment made to such Lender Recipient Party  comprised, in whole or in part, a Rescindable Amount.  ARTICLE X    CONTINUING GUARANTY  10.01 Guaranty.  Each Guarantor hereby absolutely and unconditionally, jointly and severally  guarantees, as primary obligor and as a guaranty of payment and performance and not merely as a guaranty  of collection, prompt payment when due, whether at stated maturity, by required prepayment, upon  acceleration, demand or otherwise, and at all times thereafter, of any and all Secured Obligations (for each  Guarantor, subject to the proviso in this sentence, its “Guaranteed Obligations”); provided that (a) the  Guaranteed Obligations of a Guarantor shall exclude any Excluded Swap Obligations with respect to such  Guarantor and (b) the liability of each Guarantor individually with respect to this Guaranty shall be limited  to an aggregate amount equal to the largest amount that would not render its obligations hereunder subject  to avoidance under Section 548 of the Bankruptcy Code of the United States or any comparable provisions  of any applicable state law or other Applicable Law. Without limiting the generality of the foregoing, the  Guaranteed Obligations shall include any such indebtedness, obligations, and liabilities, or portion thereof,  which may be or hereafter become unenforceable or compromised or shall be an allowed or disallowed  claim under any proceeding or case commenced by or against any debtor under any Debtor Relief Laws.  The Administrative Agent’s books and records showing the amount of the Obligations shall be admissible  in evidence in any action or proceeding, and shall be binding upon each Guarantor, and conclusive for the  purpose of establishing the amount of the Secured Obligations. This Guaranty shall not be affected by the  genuineness, validity, regularity or enforceability of the Secured Obligations or any instrument or  agreement evidencing any Secured Obligations, or by the existence, validity, enforceability, perfection,  non-perfection or extent of any collateral therefor, or by any fact or circumstance relating to the Secured  Obligations which might otherwise constitute a defense to the obligations of the Guarantors, or any of them,  under this Guaranty, and each Guarantor hereby irrevocably waives any defenses it may now have or  hereafter acquire in any way relating to any or all of the foregoing.  10.02 Rights of Lenders.  Each Guarantor consents and agrees that the Secured Parties may, at  any time and from time to time, without notice or demand, and without affecting the enforceability or  continuing effectiveness hereof: (a) amend, extend, renew, compromise, discharge, accelerate or otherwise  change the time for payment or the terms of the Secured Obligations or any part thereof; (b) take, hold,  exchange, enforce, waive, release, fail to perfect, sell, or otherwise dispose of any security for the payment  of this Guaranty or any Secured Obligations; (c) apply such security and direct the order or manner of sale  thereof as the Administrative Agent, the L/C Issuer and the Lenders in their sole discretion may determine;  and (d) release or substitute one or more of any endorsers or other guarantors of any of the Secured  Obligations. Without limiting the generality of the foregoing, each Guarantor consents to the taking of, or  failure to take, any action which might in any manner or to any extent vary the risks of such Guarantor  under this Guaranty or which, but for this provision, might operate as a discharge of such Guarantor.  10.03 Certain Waivers.  Each Guarantor waives (a) any defense arising by reason of any  disability or other defense of the Borrower or any other guarantor, or the cessation from any cause  whatsoever (including any act or omission of any Secured Party) of the liability of the Borrower or any  other Loan Party; (b) any defense based on any claim that such Guarantor’s obligations exceed or are more  burdensome than those of the Borrower or any other Loan Party; (c) the benefit of any statute of limitations  affecting any Guarantor’s liability hereunder; (d) any right to proceed against the Borrower or any other  

 

  129  Loan Party, proceed against or exhaust any security for the Secured Obligations, or pursue any other remedy  in the power of any Secured Party whatsoever; (e) any benefit of and any right to participate in any security  now or hereafter held by any Secured Party; and (f) to the fullest extent permitted by law, any and all other  defenses or benefits that may be derived from or afforded by Applicable Law limiting the liability of or  exonerating guarantors or sureties. Each Guarantor expressly waives all setoffs and counterclaims and all  presentments, demands for payment or performance, notices of nonpayment or nonperformance, protests,  notices of protest, notices of dishonor and all other notices or demands of any kind or nature whatsoever  with respect to the Secured Obligations, and all notices of acceptance of this Guaranty or of the existence,  creation or incurrence of new or additional Secured Obligations.  10.04 Obligations Independent.  The obligations of each Guarantor hereunder are those of  primary obligor, and not merely as surety, and are independent of the Secured Obligations and the  obligations of any other guarantor, and a separate action may be brought against each Guarantor to enforce  this Guaranty whether or not the Borrower or any other person or entity is joined as a party.  10.05 Subrogation.  No Guarantor shall exercise any right of subrogation, contribution,  indemnity, reimbursement or similar rights with respect to any payments it makes under this Guaranty until  all of the Secured Obligations and any amounts payable under this Guaranty have been indefeasibly paid  and performed in full and the Commitments and the Facilities are terminated. If any amounts are paid to a  Guarantor in violation of the foregoing limitation, then such amounts shall be held in trust for the benefit  of the Secured Parties and shall forthwith be paid to the Secured Parties to reduce the amount of the Secured  Obligations, whether matured or unmatured.  10.06 Termination; Reinstatement.  This Guaranty is a continuing and irrevocable guaranty of  all Secured Obligations now or hereafter existing and shall remain in full force and effect until the Facility  Termination Date. Notwithstanding the foregoing, this Guaranty shall continue in full force and effect or  be revived, as the case may be, if any payment by or on behalf of the Borrower or a Guarantor is made, or  any of the Secured Parties exercises its right of setoff, in respect of the Secured Obligations and such  payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be  fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by any of  the Secured Parties in their discretion) to be repaid to a trustee, receiver or any other party, in connection  with any proceeding under any Debtor Relief Laws or otherwise, all as if such payment had not been made  or such setoff had not occurred and whether or not the Secured Parties are in possession of or have released  this Guaranty and regardless of any prior revocation, rescission, termination or reduction. The obligations  of each Guarantor under this Section 10.06 shall survive termination of this Guaranty.  10.07 Stay of Acceleration.  If acceleration of the time for payment of any of the Secured  Obligations is stayed, in connection with any case commenced by or against a Guarantor or the Borrower  under any Debtor Relief Laws, or otherwise, all such amounts shall nonetheless be payable by each  Guarantor, jointly and severally, immediately upon demand by the Secured Parties.  10.08 Condition of Borrower.  Each Guarantor acknowledges and agrees that it has the sole  responsibility for, and has adequate means of, obtaining from the Borrower and any other guarantor such  information concerning the financial condition, business and operations of the Borrower and any such other  guarantor as such Guarantor requires, and that none of the Secured Parties has any duty, and such Guarantor  is not relying on the Secured Parties at any time, to disclose to it any information relating to the business,  operations or financial condition of the Borrower or any other guarantor (each Guarantor waiving any duty  on the part of the Secured Parties to disclose such information and any defense relating to the failure to  provide the same).  

 

  130  10.09 Appointment of Borrower.  Each of the Loan Parties hereby appoints the Borrower to act  as its agent for all purposes of this Agreement, the other Loan Documents and all other documents and  electronic platforms entered into in connection herewith and agrees that (a) the Borrower may execute such  documents and provide such authorizations on behalf of such Loan Parties as the Borrower deems  appropriate in its sole discretion and each Loan Party shall be obligated by all of the terms of any such  document and/or authorization executed on its behalf, (b) any notice or communication delivered by the  Administrative Agent, L/C Issuer or a Lender to the Borrower shall be deemed delivered to each Loan Party  and (c) the Administrative Agent, L/C Issuer or the Lenders may accept, and be permitted to rely on, any  document, authorization, instrument or agreement executed by the Borrower on behalf of each of the Loan  Parties.  10.10 Right of Contribution.  The Guarantors agree among themselves that, in connection with  payments made hereunder, each Guarantor shall have contribution rights against the other Guarantors as  permitted under Applicable Law.  10.11 Keepwell.  Each Loan Party that is a Qualified ECP Guarantor at the time the Guaranty or  the grant of a Lien under the Loan Documents, in each case, by any Specified Loan Party becomes effective  with respect to any Swap Obligation, hereby jointly and severally, absolutely, unconditionally and  irrevocably undertakes to provide such funds or other support to each Specified Loan Party with respect to  such Swap Obligation as may be needed by such Specified Loan Party from time to time to honor all of its  obligations under the Loan Documents in respect of such Swap Obligation (but, in each case, only up to the  maximum amount of such liability that can be hereby incurred without rendering such Qualified ECP  Guarantor’s obligations and undertakings under this Article X voidable under Applicable Law relating to  fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations and  undertakings of each Qualified ECP Guarantor under this Section 10.11 shall remain in full force and effect  until the Secured Obligations have been indefeasibly paid and performed in full. Each Loan Party intends  this Section 10.11 to constitute, and this Section 10.11 shall be deemed to constitute, a guarantee of the  obligations of, and a “keepwell, support, or other agreement” for the benefit of, each Specified Loan Party  for all purposes of the Commodity Exchange Act.  ARTICLE XI    MISCELLANEOUS  11.01 Amendments, Etc.  (a) Subject to Section 3.03 and the last paragraph of this Section 11.01(a), no  amendment or waiver of any provision of this Agreement or any other Loan Document, and no  consent to any departure by the Borrower or any other Loan Party therefrom, shall be effective  unless in writing signed by the Required Lenders (or by the Administrative Agent with the consent  of the Required Lenders) and the Borrower or the applicable Loan Party, as the case may be, and  acknowledged by the Administrative Agent, and each such waiver or consent shall be effective  only in the specific instance and for the specific purpose for which given; provided, however, that  no such amendment, waiver or consent shall:  (i) waive any condition set forth in Section 4.01, or, in the case of the initial  Credit Extension, Section 4.02, without the written consent of each Lender;  (ii) extend or increase the Commitment of any Lender (or reinstate any  Commitment terminated pursuant to Section 8.02) without the written consent of such  Lender (it being understood and agreed that a waiver of any condition precedent in Section  

 

  131  4.02 or of any Default or a mandatory reduction in Commitments is not considered an  extension or increase in Commitments of any Lender);  (iii) postpone any date fixed by this Agreement or any other Loan Document  for (A) any payment (excluding mandatory prepayments) of principal, interest, fees or  other amounts due to the Lenders (or any of them) hereunder or under such other Loan  Document without the written consent of each Lender entitled to such payment or (B) any  scheduled reduction of any Facility hereunder or under any other Loan Document without  the written consent of each Appropriate Lender;  (iv) reduce the principal of, or the rate of interest specified herein on (other  than the decision not to change, or cease to change, Default Interest), any Loan or L/C  Borrowing, or any fees or other amounts payable hereunder or under any other Loan  Document without the written consent of each Lender entitled to such amount; provided,  however, that only the consent of the Required Lenders shall be necessary to amend the  definition of “Default Rate” or to waive any obligation of the Borrower to pay interest or  Letter of Credit Fees at the Default Rate;  (v) change (A) Section 8.03 or Section 2.13 in a manner that would have the  effect of altering the ratable reduction of Commitments, pro rata payments or pro rata  sharing of payments required hereunder without the written consent of each Lender or  (B) the order of application of any reduction in the Commitments or any prepayment of  Loans among the Facilities from the application thereof set forth in the applicable  provisions of Section 2.05(c) or 2.06(c), respectively, in any manner that materially and  adversely affects the Lenders under a Facility without the written consent of the Required  Revolving Lenders,  the Required Term Lenders under the Term A Facility, or the Required  Term Lenders under the Delayed Draw Term A Facility, as applicable or (C) Section  2.12(f) in a manner that would alter the pro rata application required thereby without the  written consent of each Lender directly affected thereby, or (D) subordinate, or have the  effect of subordinating, the Obligations hereunder to any other Indebtedness or other  obligation, in each case, without the written consent of each Lender;  (vi) change (A) any provision of this Section 11.01 or the definition of  “Required Lenders” or “Required Class Lenders” or any other provision of any Loan  Document specifying the number or percentage of Lenders required to amend, waive or  otherwise modify any rights hereunder or thereunder or make any determination or grant  any consent hereunder, without the written consent of each Lender or (B) the definitions  of “Required Revolving Lenders” or “Required Term Lenders” as each relates to the related  Facility (or the constituent definition therein relating to such Facility) without the written  consent of each Lender under such Facility;  (vii) release any material portion of the Collateral in any transaction or series  of related transactions (or terminate any Lien with respect thereto), except as expressly  permitted in this Agreement (in which case such release may be made by the  Administrative Agent acting alone), without the written consent of each Lender;  (viii) release any of the Guarantors, without the written consent of each Lender,  except to the extent the release of any Subsidiary from the Guaranty is permitted pursuant  to Section 9.10 (in which case such release may be made by the Administrative Agent  acting alone);   

 

  132  (ix) amend Section 1.09 or the definition of “Alternative Currency” without  the consent of each Lender directly affected thereby; or  (x) directly and materially adversely affect the rights of Lenders holding  Commitments or Loans of one Class differently from the rights of Lenders holding  Commitments or Loans of any other Class without the written consent of the applicable  Required Class Lenders;  and provided, further, that (A) no amendment, waiver or consent shall, unless in writing and signed  by the L/C Issuer in addition to the Lenders required above, affect the rights or duties of the L/C  Issuer under this Agreement or any Issuer Document relating to any Letter of Credit issued or to be  issued by it; (B) no amendment, waiver or consent shall, unless in writing and signed by the  Swingline Lender in addition to the Lenders required above, affect the rights or duties of the  Swingline Lender under this Agreement; (C) no amendment, waiver or consent shall, unless in  writing and signed by the Administrative Agent in addition to the Lenders required above, affect  the rights or duties of the Administrative Agent under this Agreement or any other Loan Document;  and (D) the Fee Letter may be amended, or rights or privileges thereunder waived, in a writing  executed only by the parties thereto.   (b) Notwithstanding anything to the contrary herein, (i) no Defaulting Lender shall  have any right to approve or disapprove any amendment, waiver or consent hereunder (and any  amendment, waiver or consent which by its terms requires the consent of all Lenders or each  affected Lender, or all Lenders or each affected Lender under a Facility, may be effected with the  consent of the applicable Lenders other than Defaulting Lenders), except that (A) the Commitment  of any Defaulting Lender may not be increased or extended without the consent of such Lender and  (B) any waiver, amendment or modification requiring the consent of all Lenders or each affected  Lender, or all Lenders or each affected Lender under a Facility, that by its terms affects any  Defaulting Lender disproportionately adversely relative to other affected Lenders shall require the  consent of such Defaulting Lender; (ii) each Lender is entitled to vote as such Lender sees fit on  any bankruptcy reorganization plan that affects the Loans, and each Lender acknowledges that the  provisions of Section 1126(c) of the Bankruptcy Code of the United States supersedes the  unanimous consent provisions set forth herein and (iii) the Required Lenders shall determine  whether or not to allow a Loan Party to use cash collateral in the context of a bankruptcy or  insolvency proceeding and such determination shall be binding on all of the Lenders.  (c) Notwithstanding anything to the contrary herein, this Agreement may be amended  and restated without the consent of any Lender (but with the consent of the Borrower and the  Administrative Agent) if, upon giving effect to such amendment and restatement, such Lender shall  no longer be a party to this Agreement (as so amended and restated), the Commitments of such  Lender shall have terminated, such Lender shall have no other commitment or other obligation  hereunder and shall have been paid in full all principal, interest and other amounts owing to it or  accrued for its account under this Agreement.  (d) Notwithstanding any provision herein to the contrary, if the Administrative Agent  and the Borrower acting together identify any ambiguity, omission, mistake, typographical error or  other defect in any provision of this Agreement or any other Loan Document (including the  schedules and exhibits thereto), then the Administrative Agent and the Borrower shall be permitted  to amend, modify or supplement such provision to cure such ambiguity, omission, mistake,  typographical error or other defect, and such amendment shall become effective without any further  action or consent of any other party to this Agreement.  

 

  133  (e) Notwithstanding any provision herein to the contrary, this Agreement may be  amended with the written consent of the Administrative Agent, the L/C Issuer, the Borrower and  the Lenders affected thereby to amend the definition of “Alternative Currency” solely to add  additional currency options and the applicable interest rate with respect thereto, in each case solely  to the extent permitted pursuant to Section 1.09.  (f) If any Lender does not consent to a proposed amendment, waiver, consent or  release with respect to any Loan Document that requires the consent of each Lender or each Lender  affected thereby and that has been approved by the Required Lenders, the Borrower may replace  such Non-Consenting Lender in accordance with Section 11.13; provided that such amendment,  waiver, consent or release can be effected as a result of the assignment contemplated by such  Section (together with all other such assignments required by the Borrower to be made pursuant to  this paragraph).  11.02 Notices; Effectiveness; Electronic Communications.   (a) Notices Generally. Except in the case of notices and other communications  expressly permitted to be given by telephone (and except as provided in clause (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 fax transmission  or e-mail transmission as follows, and all notices and other communications expressly permitted  hereunder to be given by telephone shall be made to the applicable telephone number, as follows:  (i) if to  the Borrower or any other Loan Party, the Administrative Agent, the  L/C Issuer or the Swingline Lender, to the address, fax number, e-mail address or telephone  number specified for such Person on Schedule 1.01(a); and  (ii) if to any other Lender, to the address, fax number, e-mail address or  telephone number specified in its Administrative Questionnaire (including, as appropriate,  notices delivered solely to the Person designated by a Lender on its Administrative  Questionnaire then in effect for the delivery of notices that may contain material non-public  information relating to the Borrower).  Notices and other communications sent by hand or overnight courier service, or mailed by  certified or registered mail, shall be deemed to have been given when received; notices and other  communications sent by fax transmission 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 and other  communications delivered through electronic communications to the extent provided in clause (b)  below shall be effective as provided in such clause (b).  (b) Electronic Communications.  (i) Notices and other communications to the Administrative Agent, the  Lenders, the Swingline Lender and the L/C Issuer hereunder may be delivered or furnished  by electronic communication (including e-mail, FPML messaging, and Internet or intranet  websites) pursuant to an electronic communications agreement (or such other procedures  approved by the Administrative Agent in its sole discretion); provided that the foregoing  shall not apply to notices to any Lender, the Swingline Lender or the L/C Issuer pursuant  to Article II if such Lender, the Swingline Lender or the L/C Issuer, as applicable, has  notified the Administrative Agent that it is incapable of receiving notices under such  

 

  134  Article II by electronic communication. The Administrative Agent, the Swingline Lender,  the L/C Issuer or the Borrower may each, 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.  (ii) Unless the Administrative Agent otherwise prescribes, (A) notices and  other communications sent to an e-mail address shall be deemed received upon the sender’s  receipt of an acknowledgment from the intended recipient (such as by the “return receipt  requested” function, as available, return e-mail or other written acknowledgement) and (B)  notices and other communications posted to an Internet or intranet website shall be deemed  received by the intended recipient 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 address or other written acknowledgement) indicating that such notice or  communication is available and identifying the website address therefor; provided that for  both clauses (A) and (B), if such notice or other communication is not sent during the  normal business hours of the recipient, such notice, email or communication shall be  deemed to have been sent at the opening of business on the next Business Day for the  recipient.  (c) The Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS  AVAILABLE.” THE ADMINISTRATIVE AGENT PARTIES (AS DEFINED BELOW) DO  NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER  MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM  LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO  WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING 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  BORROWER MATERIALS OR THE PLATFORM. 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, the L/C Issuer or any other Person for losses, claims, damages, liabilities or expenses  of any kind (whether in tort, contract or otherwise) arising out of the Borrower’s, any Loan Party’s  or the Administrative Agent’s transmission of Borrower Materials or notices through the Platform,  any other electronic platform or electronic messaging service, or through the Internet.  (d) Change of Address, Etc. Each of the Borrower, the Administrative Agent, the L/C  Issuer and the Swingline Lender may change its address, fax number or telephone number or e- mail address for notices and other communications hereunder by notice to the other parties hereto.  Each other Lender may change its address, fax number or telephone number or e-mail address for  notices and other communications hereunder by notice to the Borrower, the Administrative Agent,  the L/C Issuer and the Swingline Lender. In addition, each Lender agrees to notify the  Administrative Agent from time to time to ensure that the Administrative Agent has on record (i) an  effective address, contact name, telephone number, fax number and e-mail address to which notices  and other communications may be sent and (ii) accurate wire instructions for such Lender.  Furthermore, each Public Lender agrees to cause at least one (1) individual at or on behalf of such  Public Lender to at all times have selected the “Private Side Information” or similar designation on  the content declaration screen of the Platform in order to enable such Public Lender or its delegate,  in accordance with such Public Lender’s compliance procedures and Applicable Law, including  United States federal and state securities Laws, to make reference to Borrower Materials that are  not made available through the “Public Side Information” portion of the Platform and that may  

 

  135  contain material non-public information with respect to the Borrower or its securities for purposes  of United States federal or state securities laws.  (e) Reliance by Administrative Agent, L/C Issuer and Lenders. The Administrative  Agent, the L/C Issuer and the Lenders shall be entitled to rely and act upon any notices (including,  without limitation, telephonic or electronic notices, Loan Notices, Letter of Credit Applications,  Notice of Loan Prepayment and Swingline Loan Notices) purportedly given by or on behalf of any  Loan Party even if (i) such notices were not made in a manner specified herein, were incomplete  or were not preceded or followed by any other form of notice specified herein, or (ii) the terms  thereof, as understood by the recipient, varied from any confirmation thereof. The Loan Parties  shall indemnify the Administrative Agent, the L/C Issuer, each Lender and the Related Parties of  each of them from all losses, costs, expenses and liabilities resulting from the reliance by such  Person on each notice purportedly given by or on behalf of a Loan Party. All telephonic notices to  and other telephonic communications with the Administrative Agent may be recorded by the  Administrative Agent, and each of the parties hereto hereby consents to such recording.  11.03 No Waiver; Cumulative Remedies; Enforcement.  (a) No failure by any Lender, the L/C Issuer or the Administrative Agent to exercise,  and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder or  under any other Loan Document shall operate as a waiver thereof; nor shall any single or partial  exercise of any right, remedy, power or privilege hereunder or under any other Loan Document  preclude any other or further exercise thereof or the exercise of any other right, remedy, power or  privilege. The rights, remedies, powers and privileges herein provided, and provided under each  other Loan Document, are cumulative and not exclusive of any rights, remedies, powers and  privileges provided by law.  (b) Notwithstanding anything to the contrary contained herein or in any other Loan  Document, the authority to enforce rights and remedies hereunder and under the other Loan  Documents against the Loan Parties or any of them shall be vested exclusively in, and all actions  and proceedings at law in connection with such enforcement shall be instituted and maintained  exclusively by, the Administrative Agent in accordance with Section 8.02 for the benefit of all the  Lenders and the L/C Issuer; provided, however, that the foregoing shall not prohibit (a) the  Administrative Agent from exercising on its own behalf the rights and remedies that inure to its  benefit (solely in its capacity as Administrative Agent) hereunder and under the other Loan  Documents, (b) the L/C Issuer or the Swingline Lender from exercising the rights and remedies  that inure to its benefit (solely in its capacity as L/C Issuer or Swingline Lender, as the case may  be) hereunder and under the other Loan Documents, (c) any Lender from exercising setoff rights  in accordance with Section 11.08 (subject to the terms of Section 2.13), or (d) any Lender from  filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a  proceeding relative to any Loan Party under any Debtor Relief Law; and provided, further, that if  at any time there is no Person acting as Administrative Agent hereunder and under the other Loan  Documents, then (i) the Required Lenders shall have the rights otherwise ascribed to the  Administrative Agent pursuant to Section 8.02 and (ii) in addition to the matters set forth in clauses  (b), (c) and (d) of the preceding proviso and subject to Section 2.13, any Lender may, with the  consent of the Required Lenders, enforce any rights and remedies available to it and as authorized  by the Required Lenders.  

 

  136  11.04 Expenses; Indemnity; Damage Waiver.   (a) Costs and Expenses. The Loan Parties shall pay (i) all reasonable out-of-pocket  expenses incurred by the Administrative Agent and its Affiliates (including, but not limited to, (A)  the reasonable fees, charges and disbursements of counsel for the Administrative Agent and its  Affiliates and (B) due diligence expenses), in connection with the syndication of the credit facilities  provided for herein, the preparation, negotiation, execution, delivery 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 the L/C Issuer in  connection with the issuance, amendment, extension, reinstatement or renewal of any Letter of  Credit or any demand for payment thereunder and (iii) all out-of-pocket expenses incurred by the  Administrative Agent, any Lender or the L/C Issuer (including the fees, charges and disbursements  of any counsel for the Administrative Agent, any Lender or the L/C Issuer), in connection with the  enforcement or protection of its rights (A) in connection with this Agreement and the other Loan  Documents, including its rights under this Section 11.04, or (B) in connection with Loans made or  Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred during any  workout, restructuring or negotiations in respect of such Loans or Letters of Credit.  (b) Indemnification by the Loan Parties. The Loan Parties shall indemnify the  Administrative Agent (and any sub-agent thereof), each Lender and the L/C Issuer, 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 (including the fees, charges and disbursements of any counsel for any  Indemnitee), incurred by any Indemnitee or asserted against any Indemnitee by any Person  (including the Borrower or any other Loan Party) arising out of, in connection with, or as a result  of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or  instrument contemplated hereby or thereby (including, without limitation, the Indemnitee’s reliance  on any Communication executed using an Electronic Signature, or in the form of an Electronic  Record, the performance by the parties hereto of their respective obligations hereunder or  thereunder or the consummation of the transactions contemplated hereby or thereby, or, in the case  of the Administrative Agent (and any sub-agent thereof) and its Related Parties only, the  administration of this Agreement and the other Loan Documents (including in respect of any  matters addressed in Section 3.01), (ii) any Loan or Letter of Credit or the use or proposed use of  the proceeds therefrom (including any refusal by the L/C 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, leased or operated by a Loan Party or any of  its Subsidiaries, or any Environmental Liability related in any way to a Loan Party or any of its  Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding 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 other Loan Party or any of the Borrower’s or such Loan  Party’s directors, shareholders or creditors, 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 (x) are determined by a court of  competent jurisdiction by final and non-appealable judgment to have resulted from the gross  negligence or willful misconduct of such Indemnitee or (y) result from a claim not involving an act  or omission of a Loan Party and that is brought by an Indemnitee against another Indemnitee (other  than against the Arranger or the Administrative Agent in their capacities as such). Without limiting  the provisions of Section 3.01(c), this Section 11.04(b) shall not apply with respect to Taxes other  than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.  

 

  137  (c) Reimbursement by Lenders. To the extent that the Loan Parties for any reason fail  to indefeasibly pay any amount required under clauses (a) or (b) of this Section 11.04 to be paid by  it to the Administrative Agent (or any sub-agent thereof), the L/C Issuer, the Swingline Lender or  any Related Party of any of the foregoing, each Lender severally agrees to pay to the Administrative  Agent (or any such sub-agent), the L/C Issuer, the Swingline Lender or such Related Party, as the  case may be, such Lender’s pro rata share (determined as of the time that the applicable  unreimbursed expense or indemnity payment is sought based on each Lender’s share of the Total  Credit Exposure at such time) of such unpaid amount (including any such unpaid amount in respect  of a claim asserted by such Lender), such payment to be made severally among them based on such  Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed  expense or indemnity payment is sought), 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 any such sub-agent), the L/C Issuer or the Swingline Lender  in its capacity as such, or against any Related Party of any of the foregoing acting for the  Administrative Agent (or any such sub-agent), the L/C Issuer or the Swingline Lender in connection  with such capacity. The obligations of the Lenders under this clause (c) are subject to the provisions  of Section 2.12(d).  (d) Waiver of Consequential Damages, Etc. To the fullest extent permitted by  Applicable Law, no Loan Party shall assert, and each Loan Party hereby waives, and acknowledges  that no other Person shall have, any claim against any Indemnitee, 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, the transactions contemplated hereby or thereby,  any Loan or Letter of Credit or the use of the proceeds thereof. No Indemnitee referred to in  clause (b) above shall be liable for any damages arising from the use by unintended recipients of  any information or other materials distributed to such unintended recipients by such Indemnitee  through telecommunications, electronic or other information transmission systems in connection  with this Agreement or the other Loan Documents or the transactions contemplated hereby or  thereby.  (e) Payments. All amounts due under this Section 11.04 shall be payable not later than  ten (10) Business Days after written demand therefor.  (f) Survival. The agreements in this Section 11.04 and the indemnity provisions of  Section 11.02(e) shall survive the resignation of the Administrative Agent, the L/C Issuer and the  Swingline Lender, the replacement of any Lender, the termination of the Aggregate Commitments  and the repayment, satisfaction or discharge of all the other Obligations.  11.05 Payments Set Aside.   To the extent that any payment by or on behalf of the Borrower is  made to the Administrative Agent, the L/C Issuer or any Lender, or the Administrative Agent, the L/C  Issuer or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any  part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required  (including pursuant to any settlement entered into by the Administrative Agent, the L/C Issuer or such  Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any  proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of such recovery, the obligation  or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as  if such payment had not been made or such setoff had not occurred, and (b) each Lender and the L/C Issuer  severally agrees to pay to the Administrative Agent upon demand its applicable share (without duplication)  of any amount so recovered from or repaid by the Administrative Agent, plus interest thereon from the date  of such demand to the date such payment is made at a rate per annum equal to the applicable Overnight  

 

  138  Rate, in the applicable course of such recovery or payment, from time to time in effect. The obligations of  the Lenders and the L/C Issuer under clause (b) of the preceding sentence shall survive the payment in full  of the Obligations and the termination of this Agreement.  11.06 Successors and Assigns.  (a) Successors and Assigns Generally. The provisions of this Agreement and the other  Loan Documents shall be binding upon and inure to the benefit of the parties hereto and thereto  and their respective successors and assigns permitted hereby, except neither the Borrower nor any  other Loan Party may assign or otherwise transfer any of its rights or obligations hereunder without  the prior written consent of the Administrative Agent, the L/C Issuer and each Lender, and no  Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an  assignee in accordance with the provisions of Section 11.06(b), (ii) by way of participation in  accordance with the provisions of Section 11.06(d), or (iii) by way of pledge or assignment of a  security interest subject to the restrictions of Section 11.06(e) (and any other attempted assignment  or transfer by any party hereto shall be null and void). 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, Participants to the extent provided in Section 11.06(d)  and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative  Agent, the L/C Issuer and the Lenders) any legal or equitable right, remedy or claim under or by  reason of this Agreement.  (b) Assignments by Lenders. Any Lender may at any time assign to one or more  assignees all or a portion of its rights and obligations under this Agreement and the other Loan  Documents (including all or a portion of its Commitment(s) and the Loans (including for purposes  of this clause (b), participations in L/C Obligations and in Swingline Loans) at the time owing to  it); provided that (in each case with respect to any Facility) any such assignment shall be subject to  the following conditions:  (i) Minimum Amounts.  (A) in the case of an assignment of the entire remaining amount of the  assigning Lender’s Commitment under any Facility and/or the Loans at the time  owing to it (in each case with respect to any Facility) or contemporaneous  assignments to related Approved Funds (determined after giving effect to such  assignments) that equal at least the amount specified in clause (b)(i)(B) of this  Section 11.06 in the aggregate or in the case of an assignment to a Lender, an  Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned;  and  (B) in any case not described in clause (b)(i)(A) of this Section 11.06,  the aggregate amount of the Commitment (which for this purpose includes Loans  outstanding thereunder) or, if the Commitment is not then in effect, the principal  outstanding balance of the 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 or, if “Trade  Date” is specified in the Assignment and Assumption, as of the Trade Date, shall  not be less than $5,000,000, in the case of any assignment in respect of the  Revolving Facility, or $1,000,000, in the case of any assignment in respect of any  Term Facility, unless each of the Administrative Agent and, so long as no Event  of Default has occurred and is continuing, the Borrower otherwise consents (each  

 

  139  such consent not to be unreasonably withheld or delayed) provided, however, that  concurrent assignments to members of an Assignee Group and concurrent  assignments from members of an Assignee Group to a single Eligible Assignee (or  to an Eligible Assignee and members of its Assignee Group) will be treated as a  single assignment for purposes of determining whether such minimum amount has  been met.  (ii) Proportionate Amounts. 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 and the other Loan Documents with respect to the Loans and/or the  Commitment assigned, except that this clause (b)(ii) shall not (A) apply to the Swingline  Lender’s rights and obligations in respect of Swingline Loans or (B) prohibit any Lender  from assigning all or a portion of its rights and obligations among separate Facilities on a  non-pro rata basis.  (iii) Required Consents. No consent shall be required for any assignment  except to the extent required by clause (b)(i)(B) of this Section 11.06 and, in addition:  (A) the consent of the Borrower (such consent not to be unreasonably  withheld or delayed) shall be required for any assignment to a Competitor, and for  any other assignment, provided, that the Consent of the Borrower shall not be  required in connection with an assignment to a non-Competitor if (1) an Event of  Default has occurred and is continuing at the time of such assignment or (2) such  assignment is to a Lender, an Affiliate of a Lender or an Approved Fund; 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 five (5)  Business Days after having received notice thereof; and provided, further, that the  Borrower’s consent shall not be required during the primary syndication of the  Facilities;  (B) the consent of the Administrative Agent (such consent not to be  unreasonably withheld or delayed) shall be required for assignments in respect of  (1) any unfunded Term Commitment or any Revolving Commitment if such  assignment is to a Person that is not a Lender with a Commitment in respect of the  applicable Facility, an Affiliate of such Lender or an Approved Fund with respect  to such Lender or (2) any Term Loan to a Person that is not a Lender, an Affiliate  of a Lender or an Approved Fund; and  (C) the consent of the L/C Issuer and the Swingline Lender shall be  required for any assignment in respect of the Revolving Facility.  (iv) Assignment and Assumption. The parties to each assignment shall execute  and deliver to the Administrative Agent an Assignment and Assumption, together with a  processing and recordation fee in the amount of $3,500; provided, however, that the  Administrative Agent may, in its sole discretion, elect to waive such processing and  recordation fee in the case of any assignment. The assignee, if it is not a Lender, shall  deliver to the Administrative Agent an Administrative Questionnaire.  (v) No Assignment to Certain Persons. No such assignment shall be made  (A) to the Borrower or any of the Borrower’s Affiliates or Subsidiaries, (B) to any  Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender  

 

  140  hereunder, would constitute any of the foregoing Persons described in this clause (B), or  (C) to a natural Person (or a holding company, investment vehicle or trust for, or owned  and operated by or for the primary benefit of one or more natural Persons).  (vi) Certain Additional Payments. In connection with any assignment of rights  and obligations of any Defaulting Lender hereunder, no such assignment shall be effective  unless and until, in addition to the other conditions thereto set forth herein, the parties to  the assignment shall make such additional payments to the Administrative Agent in an  aggregate amount sufficient, upon distribution thereof as appropriate (which may be  outright payment, purchases by the assignee of participations or sub-participations, or other  compensating actions, including funding, with the consent of the Borrower and the  Administrative Agent, the applicable pro rata share of Loans previously requested but not  funded by the Defaulting Lender, to each of which the applicable assignee and assignor  hereby irrevocably consent), to (A) pay and satisfy in full all payment liabilities then owed  by such Defaulting Lender to the Administrative Agent, the L/C Issuer or any Lender  hereunder (and interest accrued thereon) and (B) acquire (and fund as appropriate) its full  pro rata share of all Loans and participations in Letters of Credit and Swingline Loans in  accordance with its Applicable Percentage. Notwithstanding the foregoing, in the event  that any assignment of rights and obligations of any Defaulting Lender hereunder shall  become effective under Applicable Law without compliance with the provisions of this  clause (b)(vi), then the assignee of such interest shall be deemed to be a Defaulting Lender  for all purposes of this Agreement until such compliance occurs.  (vii) Subject to acceptance and recording thereof by the Administrative Agent  pursuant to Section 11.06(c), from and after the effective date specified in each Assignment  and Assumption, the assignee thereunder shall be a party to this Agreement 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 3.01, 3.04, 3.05 and 11.04 with respect to facts and circumstances occurring prior  to the effective date of such assignment); provided, that except to the extent otherwise  expressly agreed by the affected parties, no assignment by a Defaulting Lender will  constitute a waiver or release of any claim of any party hereunder arising from that  Lender’s having been a Defaulting Lender. Upon request, the Borrower (at its expense)  shall execute and deliver a Note to the assignee Lender. Any assignment or transfer by a  Lender of rights or obligations under this Agreement that does not comply with this clause  (b) 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 Section 11.06(d).  (c) Register. The Administrative Agent, acting solely for this purpose as a non- fiduciary agent of the Borrower (and such agency being solely for Tax purposes), shall maintain at  the Administrative Agent’s Office a copy of each Assignment and Assumption delivered to it (or  the equivalent thereof in electronic form) and a register for the recordation of the names and  addresses of the Lenders, and the Commitments of, and principal amounts (and interest amounts)  of the Loans and L/C Obligations 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 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  

 

  141  Agreement. The Register shall be available for inspection by the Borrower and any Lender (with  respect to such Lender’s interest only), at any reasonable time and from time to time upon  reasonable prior notice.  (d) Participations.  (i) Any Lender may at any time, without the consent of, or notice to, the  Borrower or the Administrative Agent, sell participations to any Person (other than a  natural Person, or a holding company, investment vehicle or trust for, or owned and  operated for the primary benefit of one or more natural Persons, a Defaulting Lender or the  Borrower or any of the Borrower’s Affiliates or Subsidiaries) (each, a “Participant”) in all  or a portion of such Lender’s rights and/or obligations under this Agreement (including all  or a portion of its Commitment and/or the Loans (including such Lender’s participations  in L/C Obligations and/or Swingline Loans) owing to it); provided that (i) such Lender’s  obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain  solely responsible to the other parties hereto for the performance of such obligations and  (iii) the Borrower, the Administrative Agent, the Lenders and the L/C Issuer shall continue  to deal solely and directly with such Lender in connection with such Lender’s rights and  obligations under this Agreement. For the avoidance of doubt, each Lender shall be  responsible for the indemnity under Section 11.04(c) without regard to the existence of any  participations.  (ii) 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, waiver or other  modification described in the first proviso to Section 11.01 that affects such Participant.  The Borrower agrees that each Participant shall be entitled to the benefits of Sections 3.01,  3.04 and 3.05 (subject to the requirements and limitations therein, including the  requirements under Section 3.01(e) (it being understood that the documentation required  under Section 3.01(e) shall be delivered to the Lender who sells the participation)) to the  same extent as if it were a Lender and had acquired its interest by assignment pursuant to  clause (b) of this Section 11.06; provided that such Participant (A) shall be subject to the  provisions of Sections 3.06 and 11.13 as if it were an assignee under clause (b) of this  Section 11.06 and (B) shall not be entitled to receive any greater payment under Sections  3.01 or 3.04, with respect to any participation, than the Lender from whom it acquired the  applicable participation 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. Each Lender that sells a participation  agrees, at the Borrower’s request and expense, to use reasonable efforts to cooperate with  the Borrower to effectuate the provisions of Section 3.06 with respect to any Participant.  To the extent permitted by law, each Participant also shall be entitled to the benefits of  Section 11.08 as though it were a Lender; provided that such Participant agrees to be  subject to Section 2.13 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 interest amounts) 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  

 

  142  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. 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.  (e) Certain Pledges. Any Lender may at any time pledge or assign a security interest  in all or any portion of its rights under this Agreement (including under its Note or Notes, if any)  to secure obligations of such Lender, including any pledge or assignment to secure obligations to a  Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from  any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a  party hereto.  (f) Resignation as L/C Issuer or Swingline Lender after Assignment. Notwithstanding  anything to the contrary contained herein, if at any time Bank of America assigns all of its  Revolving Commitment and Revolving Loans pursuant to clause (b) above, Bank of America may,  (i) upon thirty (30) days’ notice to the Administrative Agent, the Borrower and the Lenders, resign  as L/C Issuer and/or (ii) upon thirty (30) days’ notice to the Borrower, resign as Swingline Lender.  In the event of any such resignation as L/C Issuer or Swingline Lender, the Borrower shall be  entitled to appoint from among the Lenders a successor L/C Issuer or Swingline Lender hereunder;  provided, however, that no failure by the Borrower to appoint any such successor shall affect the  resignation of Bank of America as L/C Issuer or Swingline Lender, as the case may be. If Bank of  America resigns as L/C Issuer, it shall retain all the rights, powers, privileges and duties of the L/C  Issuer hereunder with respect to all Letters of Credit outstanding as of the effective date of its  resignation as L/C Issuer and all L/C Obligations with respect thereto (including the right to require  the Lenders to make Base Rate Loans or fund risk participations in Unreimbursed Amounts  pursuant to Section 2.03(c)). If Bank of America resigns as Swingline Lender, it shall retain all the  rights of the Swingline Lender provided for hereunder with respect to Swingline Loans made by it  and outstanding as of the effective date of such resignation, including the right to require the  Lenders to make Base Rate Loans or fund risk participations in outstanding Swingline Loans  pursuant to Section 2.04(c). Upon the appointment of a successor L/C Issuer and/or Swingline  Lender, (A) such successor shall succeed to and become vested with all of the rights, powers,  privileges and duties of the retiring L/C Issuer or Swingline Lender, as the case may be, and (B) the  successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any,  outstanding at the time of such succession or make other arrangements satisfactory to Bank of  America to effectively assume the obligations of Bank of America with respect to such Letters of  Credit.  11.07 Treatment of Certain Information; Confidentiality.   (a) Treatment of Certain Information. Each of the Administrative Agent, the Lenders  and the L/C Issuer agrees to maintain the confidentiality of the Information (as defined below),  except that Information may be disclosed (i) to its Affiliates, its auditors and its Related Parties (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), (ii) to  the extent required or requested by any regulatory authority purporting to have jurisdiction over  such Person or its Related Parties (including any self-regulatory authority, such as the National  

 

  143  Association of Insurance Commissioners), (iii) to the extent required by Applicable Laws or  regulations or by any subpoena or similar legal process, (iv) to any other party hereto, (v) in  connection with the exercise of any remedies hereunder or under any other Loan Document or any  action or proceeding relating to this Agreement or any other Loan Document or the enforcement of  rights hereunder or thereunder, (vi) subject to an agreement containing provisions substantially the  same as those of this Section 11.07, to (A) any assignee of or Participant in, or any prospective  assignee of or Participant in, any of its rights and obligations under this Agreement or any Eligible  Assignee invited to be a Lender pursuant to Section 2.16(c) or Section 11.06 or (B) any actual or  prospective party (or its Related Parties) to any swap, derivative or other transaction under which  payments are to be made by reference to the Borrower and its obligations, this Agreement or  payments hereunder, (vii) on a confidential basis to (A) any rating agency in connection with rating  the Borrower or its Subsidiaries or the credit facilities provided hereunder or (B) the provider of  any Platform or other electronic delivery service used by the Administrative Agent, the L/C Issuer  and/or the Swingline Lender to deliver Borrower Materials or notices to the Lenders or (viii) the  CUSIP Service Bureau or any similar agency in connection with the application, issuance,  publishing and monitoring of CUSIP numbers or other market identifiers with respect to the credit  facilities provided hereunder, or (ix) with the consent of the Borrower or to the extent such  Information (x) becomes publicly available other than as a result of a breach of this Section 11.07,  (xi) becomes available to the Administrative Agent, any Lender, the L/C Issuer or any of their  respective Affiliates on a nonconfidential basis from a source other than the Borrower or (xii) is  independently discovered or developed by a party hereto without utilizing any Information received  from the Borrower or violating the terms of this Section 11.07. For purposes of this Section 11.07,  “Information” means all information received from the Borrower or any Subsidiary relating to the  Borrower or any Subsidiary or any of their respective businesses, other than any such information  that is available to the Administrative Agent, any Lender or the L/C Issuer on a nonconfidential  basis prior to disclosure by the Borrower or any Subsidiary, provided that, in the case of information  received from the Borrower or any Subsidiary 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 11.07 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. In addition, the Administrative Agent and the Lenders may disclose the existence of  this Agreement and information about this Agreement to market data collectors, similar service  providers to the lending industry and service providers to the Administrative Agent and the Lenders  in connection with the administration of this Agreement, the other Loan Documents and the  Commitments.  (b) Non-Public Information. Each of the Administrative Agent, the Lenders and the  L/C Issuer acknowledges that (i) the Information may include material non-public information  concerning a Loan Party or a Subsidiary, as the case may be, (ii) it has developed compliance  procedures regarding the use of material non-public information and (iii) it will handle such  material non-public information in accordance with Applicable Law, including United States  federal and state securities Laws.  (c) Press Releases. The Loan Parties and their Affiliates agree that they will not in the  future issue any press releases or other public disclosure using the name of the Administrative  Agent or any Lender or their respective Affiliates or referring to this Agreement or any of the Loan  Documents without the prior written consent of the Administrative Agent, unless (and only to the  extent that) the Loan Parties or such Affiliate is required to do so under law (including required  filings with the SEC) and then, in any event the Loan Parties or such Affiliate will consult with  such Person before issuing such press release or other public disclosure.  

 

  144  (d) Customary Advertising Material. The Loan Parties consent to the publication by  the Administrative Agent or any Lender of customary advertising material relating to the  transactions contemplated hereby using the name, product photographs, logo or trademark of the  Loan Parties.  11.08 Right of Setoff.  If an Event of Default shall have occurred and be continuing, each Lender,  the L/C Issuer and each of their respective Affiliates is hereby authorized at any time and from time to time,  after obtaining the prior written consent of the Required Lenders, to the fullest extent permitted by  Applicable Law to set off and apply any and all deposits (general or special, time or demand, provisional  or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time  owing by such Lender, the L/C Issuer or any such Affiliate to or for the credit or the account of the Borrower  or any other Loan Party against any and all of the obligations of the Borrower or such Loan Party now or  hereafter existing under this Agreement or any other Loan Document to such Lender, the L/C Issuer or such  Affiliates, irrespective of whether or not such Lender, the L/C Issuer or Affiliate shall have made any  demand under this Agreement or any other Loan Document and although such obligations of the Borrower  or such Loan Party may be contingent or unmatured, secured or unsecured, or are owed to a branch, office  or Affiliate of such Lender or the L/C Issuer different from the branch, office or Affiliate holding such  deposit or obligated on such indebtedness; provided that in the event that any Defaulting Lender shall  exercise any such right of setoff, (a) all amounts so set off shall be paid over immediately to the  Administrative Agent for further application in accordance with the provisions of Section 2.15 and, pending  such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust  for the benefit of the Administrative Agent, the L/C Issuer and the Lenders, and (b) the Defaulting Lender  shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Secured  Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. The rights of  each Lender, the L/C Issuer and their respective Affiliates under this Section 11.08 are in addition to other  rights and remedies (including other rights of setoff) that such Lender, the L/C Issuer or their respective  Affiliates may have under Applicable Law. Each Lender and the L/C Issuer agrees to notify the Borrower  and the Administrative Agent promptly after any such setoff and application, provided that the failure to  give such notice shall not affect the validity of such setoff and application.  11.09 Interest Rate Limitation.  Notwithstanding anything to the contrary contained in any  Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the  maximum rate of non-usurious interest permitted by Applicable Law (the “Maximum Rate”). If the  Administrative Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate,  the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal,  refunded to the Borrower. In determining whether the interest contracted for, charged, or received by the  Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted  by Applicable Law, (a) characterize any payment that is not principal as an expense, fee, or premium rather  than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate,  and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the  Obligations hereunder.  11.10 Integration; Effectiveness.  This Agreement, the other Loan Documents, and any separate  letter agreements with respect to fees payable to the Administrative Agent or the L/C Issuer, 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 that, 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 successor and assigns.  

 

  145  11.11 Survival of Representations and Warranties.  All representations and warranties made  hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or in  connection herewith or therewith shall survive the execution and delivery hereof and thereof. Such  representations and warranties have been or will be relied upon by the Administrative Agent and each  Lender, regardless of any investigation made by the Administrative Agent or any Lender or on their behalf  and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of  any Default at the time of any Credit Extension, and shall continue in full force and effect as long as any  Loan or any other Obligation hereunder shall remain unpaid or unsatisfied or any Letter of Credit shall  remain outstanding.  11.12 Severability.  If any provision of this Agreement or the other Loan Documents is held to  be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions  of this Agreement and the other Loan Documents shall not be affected or impaired thereby and (b) the  parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions  with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid  or unenforceable provisions. The invalidity of a provision in a particular jurisdiction shall not invalidate or  render unenforceable such provision in any other jurisdiction. Without limiting the foregoing provisions of  this Section 11.12, if and to the extent that the enforceability of any provisions in this Agreement relating  to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good faith by the  Administrative Agent, the L/C Issuer or the Swingline Lender, as applicable, then such provisions shall be  deemed to be in effect only to the extent not so limited.  11.13 Replacement of Lenders.  (a) If the Borrower is entitled to replace a Lender pursuant to the provisions of  Section 3.06, or if any Lender is a Defaulting Lender or a Non-Consenting Lender or if any other  circumstance exists hereunder that gives the Borrower the right to replace a Lender as a party  hereto, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the  Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance  with and subject to the restrictions contained in, and consents required by, Section 11.06), all of its  interests, rights (other than its existing rights to payments pursuant to Sections 3.01 and 3.04) and  obligations under this Agreement and the related Loan Documents to an Eligible Assignee that  shall assume such obligations (which assignee may be another Lender, if a Lender accepts such  assignment), provided that:  (i) the Borrower shall have paid to the Administrative Agent the assignment  fee (if any) specified in Section 11.06(b);  (ii) such Lender shall have received payment of an amount equal to 100% of  the outstanding principal of its Loans and L/C Advances, accrued interest thereon, accrued  fees and all other amounts payable to it hereunder and under the other Loan Documents  (including any amounts under Section 3.05) 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);  (iii) in the case of any such assignment resulting from a claim for compensation  under Section 3.04 or payments required to be made pursuant to Section 3.01, such  assignment will result in a reduction in such compensation or payments thereafter;  (iv) such assignment does not conflict with Applicable Laws; and  

 

  146  (v) in the case of an assignment resulting from a Lender becoming a Non- Consenting Lender, the applicable assignee shall have consented to the applicable  amendment, waiver or consent.  (b) A Lender shall not be required to make any such assignment or 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.  (c) Each party hereto agrees that (i) an assignment required pursuant to this Section  11.13 may be effected pursuant to an Assignment and Assumption executed by the Borrower, the  Administrative Agent and the assignee and (ii) the Lender required to make such assignment need  not be a party thereto in order for such assignment to be effective and shall be deemed to have  consented to an be bound by the terms thereof; provided, that, following the effectiveness of any  such assignment, the other parties to such assignment agree to execute and deliver such documents  necessary to evidence such assignment as reasonably requested by the applicable Lender, provided  further that any such documents shall be without recourse to or warranty by the parties thereto.  (d) Notwithstanding anything in this Section 11.13 to the contrary, (A) the Lender that  acts as the L/C Issuer may not be replaced hereunder at any time it has any Letter of Credit  outstanding hereunder unless arrangements satisfactory to such Lender (including the furnishing of  a backstop standby letter of credit in form and substance, and issued by an issuer, reasonably  satisfactory to the L/C Issuer or the depositing of Cash Collateral into a Cash Collateral account in  amounts and pursuant to arrangements reasonably satisfactory to the L/C Issuer) have been made  with respect to such outstanding Letter of Credit and (B) the Lender that acts as the Administrative  Agent may not be replaced hereunder except in accordance with the terms of Section 9.06.  11.14 Governing Law; Jurisdiction; Etc.  (a) GOVERNING LAW. THIS AGREEMENT AND THE OTHER LOAN  DOCUMENTS (EXCEPT, AS TO ANY OTHER LOAN DOCUMENT, AS EXPRESSLY SET  FORTH THEREIN) AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF  ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING  OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT  (EXCEPT, AS TO ANY OTHER LOAN DOCUMENT, AS EXPRESSLY SET FORTH  THEREIN) AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY  SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF  THE STATE OF NEW YORK.  (b) SUBMISSION TO JURISDICTION. THE BORROWER AND EACH OTHER  LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT  COMMENCE ANY ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR  DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT  OR OTHERWISE, AGAINST THE ADMINISTRATIVE AGENT, ANY LENDER, THE L/C  ISSUER, OR ANY RELATED PARTY OF THE FOREGOING IN ANY WAY RELATING TO  THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS  RELATING HERETO OR THERETO, IN ANY FORUM OTHER THAN THE COURTS OF  THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED  STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY  APPELLATE COURT FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO  IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF SUCH  COURTS AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION,  

 

  147  LITIGATION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW  YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE  LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A  FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION 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 IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT  THAT THE ADMINISTRATIVE AGENT, ANY LENDER OR THE L/C ISSUER MAY  OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS  AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST THE BORROWER OR ANY  OTHER LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.  (c) WAIVER OF VENUE. THE BORROWER AND EACH OTHER LOAN PARTY  IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT  PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR  HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING  ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN  DOCUMENT IN ANY COURT REFERRED TO IN CLAUSE (b) OF THIS SECTION 11.14.  THE BORROWER AND EACH OTHER LOAN PARTY IRREVOCABLY AND  UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY  APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE  MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.  (d) SERVICE OF PROCESS. EACH PARTY HERETO IRREVOCABLY  CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN  SECTION 11.02. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY  PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY  APPLICABLE LAW.  11.15 Waiver of Jury Trial.  EACH PARTY HERETO HEREBY IRREVOCABLY 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 OR 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 PERSON HAS REPRESENTED,  EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF  LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (b) ACKNOWLEDGES THAT  IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS  AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE  MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 11.15.  11.16 Subordination.  Each Loan Party (a “Subordinating Loan Party”) hereby subordinates  the payment of all obligations and indebtedness of any other Loan Party owing to it (“Intercompany Debt”),  whether now existing or hereafter arising, including but not limited to any obligation of any such other  Loan Party to the Subordinating Loan Party as subrogee of the Secured Parties or resulting from such  Subordinating Loan Party’s performance under this Guaranty, to the indefeasible payment in full in cash of  all Obligations. If the Secured Parties so request, any such obligation or indebtedness of any such other  Loan Party to the Subordinating Loan Party shall be enforced and performance received by the  Subordinating Loan Party as trustee for the Secured Parties and the proceeds thereof shall be paid over to  the Secured Parties on account of the Secured Obligations, but without reducing or affecting in any manner  

 

  148  the liability of the Subordinating Loan Party under this Agreement. Without limitation of the foregoing, so  long as no Default has occurred and is continuing, the Loan Parties may make and receive payments with  respect to Intercompany Debt; provided, that in the event that any Loan Party receives any payment of any  Intercompany Debt at a time when such payment is prohibited by this Section 11.16, such payment shall  be held by such Loan Party, in trust for the benefit of, and shall be paid forthwith over and delivered, upon  written request, to the Administrative Agent.  11.17 Release of Collateral and Guarantees.  The Administrative Agent and the Lenders agree  that if (x) the assets of any Non-Core Project or (y) the assets or Equity Interests in any Subsidiary that are  owned by the Loan Parties are sold to any Person as permitted by the terms of this Agreement and the other  Loan Documents, or if any Subsidiary is merged or consolidated with or into any other Person as permitted  by the terms of this Agreement and such Subsidiary is not the continuing or surviving corporation, the  Administrative Agent shall, upon request of the Borrower (and upon the receipt by the Administrative  Agent of such evidence as the Administrative Agent or any Lender may reasonably request to establish that  such sale, designation, merger or consolidation is permitted by the terms of this Agreement), but without  the consent of any Lender, terminate the Guarantee of such Subsidiary under Article X hereof and authorize  the Administrative Agent to release the Liens created by the Loan Documents on such assets or Equity  Interests in such Subsidiary.  The Administrative Agent and the Lenders further agree that if any task order  or contract of any Loan Party shall become Energy Conservation Financing Collateral as permitted by the  terms of this Agreement, the Administrative Agent shall, upon request by the Borrower (and upon the  receipt by the Administrative Agent of such evidence as the  Administrative Agent or any Lender may  reasonably request to establish that grant of such security interest in such task orders or contracts in favor  of the Energy Conservation Project Financing Agent is permitted by the terms of this Agreement), release  the Lien created by the Loan Documents on such Energy Conservation Financing Collateral.  11.18 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 and each other Loan Party  acknowledges and agrees, and acknowledges its Affiliates’ understanding, that: (a) (i) the arranging and  other services regarding this Agreement provided by the Administrative Agent, the Arranger and the  Lenders and their respective Affiliates are arm’s-length commercial transactions between the Borrower,  each other Loan Party and their respective Affiliates, on the one hand, and the Administrative Agent, the  Arranger and the Lenders and their respective Affiliates, on the other hand, (ii) each of the Borrower and  the other Loan Parties has consulted its own legal, accounting, regulatory and tax advisors to the extent it  has deemed appropriate, and (iii) the Borrower and each other Loan Party is capable of evaluating, and  understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the  other Loan Documents; (b) (i) the Administrative Agent, the Arranger and each Lender and each of their  respective Affiliates each 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, any other Loan Party or any of their respective Affiliates, or any other Person and  (ii) neither the Administrative Agent, the Arranger, nor any Lender nor any of their respective Affiliates  has any obligation to the Borrower, any other Loan Party or any of their respective Affiliates with respect  to the transactions contemplated hereby except those obligations expressly set forth herein and in the other  Loan Documents; and (c) the Administrative Agent, the Arranger and 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, the other Loan Parties and their respective Affiliates, and neither the Administrative Agent,  the Arranger, nor any Lender nor any of their respective Affiliates has any obligation to disclose any of  such interests to the Borrower, any other Loan Party or any of their respective Affiliates. To the fullest  extent permitted by law, each of the Borrower and each other Loan Party hereby waives and releases any  claims that it may have against the Administrative Agent, the Arranger, the Lenders and their respective  

 

  149  Affiliates with respect to any breach or alleged breach of agency or fiduciary duty in connection with any  aspect of any transactions contemplated hereby.  11.19 Electronic Execution; Electronic Records; Counterparts.    (a) This Agreement, any Loan Document and any other Communication, including  Communications required to be in writing, may be in the form of an Electronic Record and may be  executed using Electronic Signatures.  Each of the Loan Parties and each of the Administrative  Agent, the L/C Issuer, the Swingline Lender, and each Lender (collectively, each a “Credit Party”)  agrees that any Electronic Signature on or associated with any Communication shall be valid and  binding on such Person to the same extent as a manual, original signature, and that any  Communication entered into by Electronic Signature, will constitute the legal, valid and binding  obligation of such Person enforceable against such Person in accordance with the terms thereof to  the same extent as if a manually executed original signature was delivered.   Any Communication  may be executed in as many counterparts as necessary or convenient, including both paper and  electronic counterparts, but all such counterparts are one and the same Communication.  For the  avoidance of doubt, the authorization under this paragraph may include, without limitation, use or  acceptance of a manually signed paper Communication which has been converted into electronic  form (such as scanned into PDF format), or an electronically signed Communication converted into  another format, for transmission, delivery and/or retention. The Administrative Agent and each of  the Credit Parties may, at its option, create one or more copies of any Communication in the form  of an imaged Electronic Record (“Electronic Copy”), which shall be deemed created in the ordinary  course of such Person’s business, and destroy the original paper document.  All Communications  in the form of an Electronic Record, including an Electronic Copy, shall be considered an original  for all purposes, and shall have the same legal effect, validity and enforceability as a paper record.   Notwithstanding anything contained herein to the contrary, neither the Administrative Agent, L/C  Issuer nor Swingline Lender is under any obligation to accept an Electronic Signature in any form  or in any format unless expressly agreed to by such Person pursuant to procedures approved by it;  provided, further, without limiting the foregoing, (a) to the extent the Administrative Agent, L/C  Issuer and/or Swingline Lender has agreed to accept such Electronic Signature, the Administrative  Agent and each of the Credit Parties shall be entitled to rely on any such Electronic Signature  purportedly given by or on behalf of any Loan Party and/or any Credit Party without further  verification and (b) upon the request of the Administrative Agent or any Credit Party, any  Electronic Signature shall be promptly followed by such manually executed counterpart.  For  purposes hereof, “Electronic Record” and “Electronic Signature” shall have the meanings  assigned to them, respectively, by 15 USC §7006, as it may be amended from time to time.  (b) Neither the Administrative Agent, L/C Issuer nor Swingline Lender shall be  responsible for or have any duty to ascertain or inquire into the sufficiency, validity, enforceability,  effectiveness or genuineness of any Loan Document or any other agreement, instrument or  document (including, for the avoidance of doubt, in connection with the Administrative Agent’s,  L/C Issuer’s or Swingline Lender’s reliance on any Electronic Signature transmitted by telecopy,  emailed .pdf or any other electronic means). The Administrative Agent, L/C Issuer and Swingline  Lender shall be entitled to rely on, and shall incur no liability under or in respect of this Agreement  or any other Loan Document by acting upon, any Communication (which writing may be a fax,  any electronic message, Internet or intranet website posting or other distribution or signed using an  Electronic Signature) or any statement made to it orally or by telephone and believed by it to be  genuine and signed or sent or otherwise authenticated (whether or not such Person in fact meets the  requirements set forth in the Loan Documents for being the maker thereof).    

 

  150  (c) Each of the Loan Parties and each Credit Party hereby waives (i) any argument,  defense or right to contest the legal effect, validity or enforceability of this Agreement or any other  Loan Document based solely on the lack of paper original copies of this Agreement or such other  Loan Document, and (ii) waives any claim against the Administrative Agent, each Credit Party and  each Related Party for any liabilities arising solely from the Administrative Agent’s and/or any  Credit Party’s reliance on or use of Electronic Signatures, including any liabilities arising as a result  of the failure of the Loan Parties to use any available security measures in connection with the  execution, delivery or transmission of any Electronic Signature.  11.20 USA Patriot Act Notice.  Each Lender that is subject to the Patriot Act and the  Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Borrower and the  other Loan Parties that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107– 56 (signed into law October 26, 2001)) (the “Patriot Act”), it is required to obtain, verify and record  information that identifies the Borrower and each other Loan Party, which information includes the name  and address of the Borrower and each other Loan Party and other information that will allow such Lender  or the Administrative Agent, as applicable, to identify the Borrower and each other Loan Party in  accordance with the Patriot Act. The Borrower and each other Loan Party shall, promptly following a  request by the Administrative Agent or any Lender, provide all such other documentation and information  that the Administrative Agent or such Lender requests in order to comply with its ongoing obligations under  applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot  Act.  11.21 Acknowledgement and Consent to Bail-In of Affected Financial Institutions.   Solely  to the extent any Lender or L/C Issuer that is an Affected Financial Institution is a party to this Agreement  and notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement  or understanding among any such parties, each party hereto acknowledges that any liability of any Lender  or L/C Issuer that is an Affected Financial Institution arising under any Loan Document, to the extent such  liability is unsecured, may be subject to the Write-Down and Conversion Powers of an Affected  Resolution  Authority and agrees and consents to, and acknowledges and agrees to be bound by:  (a) the application of any Write-Down and Conversion Powers by the applicable  Resolution Authority to any such liabilities arising hereunder which may be payable to it by any  Lender or L/C Issuer that is an Affected  Financial Institution; and  (b) the effects of any Bail-In Action on any such liability, including, if applicable:  (i) a reduction in full or in part or cancellation of any such liability;  (ii) a conversion of all, or a portion of, such liability into shares or other  instruments of ownership in such Affected Financial Institution, its parent undertaking, or  a bridge institution that may be issued to it or otherwise conferred on it, and that such shares  or other instruments of ownership will be accepted by it in lieu of any rights with respect  to any such liability under this Agreement or any other Loan Document; or  (iii) the variation of the terms of such liability in connection with the exercise  of the Write-Down and Conversion Powers of the applicable Resolution Authority.  11.22 Acknowledgement Regarding Any Supported QFCs.   To the extent that the Loan  Documents provide support, through a guarantee or otherwise, for any Swap Contract or any other  agreement or instrument that is a QFC (such support, “QFC Credit Support”, and each such QFC, a  “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution power of  

 

  151  the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the  Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated  thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit  Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported  QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States  or any other state of the United States):   In the event a Covered Entity that is party to a Supported QFC  (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the  transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation  in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such  Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent  as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such  QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws  of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of  a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights  under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support  that may be exercised against such Covered Party are permitted to be exercised to no greater extent than  such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC  and the Loan Documents were governed by the laws of the United States or a state of the United States.  Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with  respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a  Supported QFC or any QFC Credit Support.    11.23 Judgment Currency.  If, for the purposes of obtaining judgment in any court, it is  necessary to convert a sum due hereunder or any other Loan Document in one currency into another  currency, the rate of exchange used shall be that at which in accordance with normal banking procedures  the Administrative Agent could purchase the first currency with such other currency on the Business Day  preceding that on which final judgment is given. The obligation of each Loan Party in respect of any such  sum due from it to the Administrative Agent or any Lender hereunder or under the other Loan Documents  shall, notwithstanding any judgment in a currency (the “Judgment Currency”) other than that in which  such sum is denominated in accordance with the applicable provisions of this Agreement (the “Agreement  Currency”), be discharged only to the extent that on the Business Day following receipt by the  Administrative Agent or such Lender, as the case may be, of any sum adjudged to be so due in the Judgment  Currency, the Administrative Agent or such Lender, as the case may be, may in accordance with normal  banking procedures purchase the Agreement Currency with the Judgment Currency. If the amount of the  Agreement Currency so purchased is less than the sum originally due to the Administrative Agent or any  Lender from any Loan Party in the Agreement Currency, such Loan Party agrees, as a separate obligation  and notwithstanding any such judgment, to indemnify the Administrative Agent or such Lender, as the case  may be, against such loss. If the amount of the Agreement Currency so purchased is greater than the sum  originally due to the Administrative Agent or any Lender in such currency, the Administrative Agent or  such Lender, as the case may be, agrees to return the amount of any excess to such Loan Party (or to any  other Person who may be entitled thereto under Applicable law).  11.24 Transitional Arrangements.  This Agreement shall supersede and amend and restate the  Prior Credit Agreement in its entirety, except as provided in this Section 11.24 and Section 2.03(s), and this  Agreement shall not constitute a novation of the obligations and liabilities of the parties under the Prior  Credit Agreement.  At the Closing Date, the rights and obligations of the parties under the Prior Credit  Agreement and the “Revolving Notes” defined therein shall be subsumed within and be governed by this  Agreement and the Revolving Notes; provided, however, that (x) any of the “Loans” (as defined in the Prior  Credit Agreement) outstanding under the Prior Credit Agreement and not prepaid at the Closing Date shall,  for purposes of this Agreement, be Loans hereunder, and (y) this Agreement shall not in any way release  or impair the rights, duties or obligations created pursuant to the Prior Credit Agreement or any other Loan  

 

  152  Document or affect the relative priorities thereof, in each case to the extent in force and effect thereunder  as of the Closing Date, except as modified hereby or by documents, instruments and agreements executed  and delivered in connection herewith, and all of such rights, duties and obligations are assumed, ratified  and affirmed by the Borrower and the other Loan Parties.    [Remainder of page intentionally left blank]  

 

  [Signature page of Credit Agreement]  IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as  of the date first above written.  BORROWER    AMERESCO, INC.      By: /s/ Spencer Doran Hole    Name: Spencer Doran Hole  Title: Treasurer, Senior Vice President and  Chief Financial Officer  GUARANTORS    AMERESCO ENERTECH, INC.  AMERESCO FEDERAL SOLUTIONS, INC.  AMERESCO PLANERGY HOUSING, INC.  AMERESCO SELECT, INC.  AMERESCOSOLUTIONS, INC.  APPLIED ENERGY GROUP INC.  JUICE TECHNOLOGIES, INC.  SIERRA ENERGY COMPANY      By: /s/ Spencer Doran Hole    Name: Spencer Doran Hole   Title: Vice President and Treasurer  AMERESCO SOUTHWEST, INC.      By: /s/ Spencer Doran Hole    Name: Spencer Doran Hole   Title: Vice President and Treasurer  E.THREE CUSTOM ENERGY SOLUTIONS, LLC,  By: Sierra Energy Company, its sole member      By: /s/ Spencer Doran Hole    Name: Spencer Doran Hole   Title: Vice President and Treasurer     

 

  [Signature page of Credit Agreement]  AMERESCO ASSET SUSTAINABILITY GROUP LLC  AMERESCO CT LLC  AMERESCO DELAWARE ENERGY LLC  AMERESCO EVANSVILLE, LLC  AMERESCO HAWAII LLC  AMERESCO INTELLIGENT SYSTEMS, LLC  AMERESCO LFG HOLDINGS LLC  AMERESCO NAVY YARD PEAKER LLC  AMERESCO PALMETTO LLC  AMERESCO SOLAR, LLC  AMERESCO SOLAR NEWBURYPORT LLC  AMERESCO STAFFORD LLC  SELDERA LLC  SOLUTIONS HOLDINGS, LLC    By: Ameresco, Inc., its sole member      By: /s/ Spencer Doran Hole    Name: Spencer Doran Hole   Title: Treasurer, Senior Vice President and  Chief Financial Officer  AMERESCO SOLAR – PRODUCTS LLC  AMERESCO SOLAR – SOLUTIONS LLC  AMERESCO SOLAR – TECHNOLOGIES LLC  By: Ameresco Solar LLC, its sole member  By:  Ameresco, Inc., its sole member      By: /s/ Spencer Doran Hole    Name: Spencer Doran Hole   Title: Treasurer, Senior Vice President and   Chief Financial Officer  

 

  [Signature page of Credit Agreement]  AGENT    BANK OF AMERICA, N.A.,  as Agent      By: /s/ Henry Pennell       Name: Henry Pennell   Title: Vice President     

 

  [Signature page of Credit Agreement]  LENDER    BANK OF AMERICA, N.A.,  as Lender, L/C Issuer, and Swingline Lender      By: /s/John F. Lynch       Name: John F. Lynch   Title:  Senior Vice President     

 

  [Signature page of Credit Agreement]  LENDER   FIFTH THIRD BANK      By: /s/ Natalie Trojan       Name: Natalie Trojan   Title: Executive Director     

 

  [Signature page of Credit Agreement]  LENDER   KEYBANK NATIONAL ASSOCIATION      By: /s/ Renee M. Bonnell       Name: Renee M. Bonnell   Title: Senior Vice President     

 

  [Signature page of Credit Agreement]  LENDER   WEBSTER BANK, N.A.      By: /s/ Samuel Pepe        Name: Samuel Pepe   Title: Vice President     

 

  [Signature page of Credit Agreement]  LENDER   PEOPLE’S UNITED BANK, NATIONAL  ASSOCIATION      By: /s/ Kathryn Williams       Name:  Kathryn Williams   Title: SVP

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