SEC Contract Filing

Filing Date: 2018-02-21

Document Content:
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<TYPE>EX-10.8(E)
<SEQUENCE>7
<FILENAME>proassuranceamendmentno5.htm
<DESCRIPTION>EXHIBIT 10.8(E) REVOLVER AMENDMENT 5
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<DIV><FONT size="1" style="font-size:1pt;color:white">EXECUTION VERSION &#13;&#10; &#13;&#10; &#13;&#10; &#13;&#10;AMENDMENT NO. 5 TO CREDIT AGREEMENT &#13;&#10; &#13;&#10; THIS AMENDMENT NO. 5 (this &#8220;Amendment&#8221;) is made as of November 7, 2017 (the &#13;&#10;&#8220;Effective Date&#8221;) by and among PROASSURANCE CORPORATION (the &#8220;Borrower&#8221;), the &#13;&#10;lenders listed on the signature pages hereto (the &#8220;Lenders&#8221;) and U.S. BANK NATIONAL &#13;&#10;ASSOCIATION, as Administrative Agent (in such capacity, the &quot;Administrative Agent&quot;), under &#13;&#10;that certain Credit Agreement, dated as of April 15, 2011 (as amended, supplemented or otherwise &#13;&#10;modified from time to time, the &quot;Credit Agreement&quot;), by and among the Borrower, the Lenders and &#13;&#10;the Administrative Agent. Capitalized terms used herein and not otherwise defined herein shall &#13;&#10;have the respective meanings set forth in the Credit Agreement. &#13;&#10; &#13;&#10;WHEREAS, the Borrower has requested that the Lenders and the Administrative Agent &#13;&#10;agree to make certain modifications to the Credit Agreement; and &#13;&#10;WHEREAS, the Borrower, the Lenders and the Administrative Agent have so agreed on &#13;&#10;the terms and conditions set forth herein; &#13;&#10;NOW, THEREFORE, in consideration of the premises set forth above, the terms and &#13;&#10;conditions contained herein, and other good and valuable consideration, the receipt and &#13;&#10;sufficiency of which are hereby acknowledged, the Borrower, the Lenders and the &#13;&#10;Administrative Agent hereby agree as follows. &#13;&#10;ARTICLE I - AMENDMENT &#13;&#10;Effective as of the Effective Date but subject to the satisfaction of the conditions &#13;&#10;precedent set forth in Article III below, clause (xiii) of Section 6.16 of the Credit Agreement is &#13;&#10;hereby amended to (1) delete the reference to &#8220;clause (x)&#8221; therein and insert &#8220;clause (xiii)&#8221; in &#13;&#10;place thereof and (2) delete the reference to &#8220;$25,000,000&#8221; contained therein and insert &#13;&#10;&#8220;$75,000,000&#8221; in place thereof. &#13;&#10; &#13;&#10;ARTICLE II- REPRESENTATIONS AND WARRANTIES &#13;&#10;The Borrower hereby represents and warrants as follows: &#13;&#10;2.1 This Amendment and the Credit Agreement, as amended hereby, constitute legal, &#13;&#10;valid and binding obligations of the Borrower and are enforceable against the Borrower in &#13;&#10;accordance with their terms, except as enforceability may be limited by bankruptcy, insolvency, &#13;&#10;or similar laws affecting the enforcement of creditors&#8217; rights generally. &#13;&#10; &#13;&#10;2.2 As of the date hereof and after giving effect to the terms of this Amendment, (i) &#13;&#10;no Default or Event of Default shall have occurred and be continuing and (ii) the representations &#13;&#10;and warranties of the Borrower set forth in the Credit Agreement, as amended hereby, are &#13;&#10;(x) with respect to any representations or warranties that contain a materiality qualifier, true and &#13;&#10;ACTIVE 225744210v.5 &#13;&#10;&#13;&#10;</FONT></DIV>
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<DIV><FONT size="1" style="font-size:1pt;color:white">2 &#13;&#10; &#13;&#10;correct in all respects as of the date hereof except to the extent any such representation or &#13;&#10;warranty is stated to relate solely to an earlier date, in which case such representation or warranty &#13;&#10;shall have been true and correct in all respects on and as of such earlier date and (y) with respect &#13;&#10;to any representations or warranties that do not contain a materiality qualifier, true and correct in &#13;&#10;all material respects as of the date hereof except to the extent any such representation or warranty &#13;&#10;is stated to relate solely to an earlier date, in which case such representation or warranty shall &#13;&#10;have been true and correct in all material respects on and as of such earlier date. &#13;&#10;ARTICLE III- CONDITIONS PRECEDENT &#13;&#10; This Amendment shall become effective on the Effective Date; provided, however, that the &#13;&#10;effectiveness of this Amendment is subject to the satisfaction of each of the following conditions &#13;&#10;precedent: &#13;&#10; &#13;&#10;3.1 The Administrative Agent shall have received counterparts of this Amendment &#13;&#10;duly executed by the Borrower, the Administrative Agent and the Lenders. &#13;&#10;3.2 All of the Administrative Agent&#8217;s accrued costs, fees and expenses through the &#13;&#10;date hereof shall be fully paid. &#13;&#10;ARTICLE IV- GENERAL &#13;&#10;4.1 Expenses. The Borrower agrees to reimburse the Administrative Agent upon &#13;&#10;demand for all reasonable out-of-pocket expenses paid or incurred by the Administrative Agent, &#13;&#10;including, without limitation, reasonable fees, charges and disbursements of outside counsel to &#13;&#10;the Administrative Agent incurred in connection with preparation, negotiation and execution of &#13;&#10;this Amendment and any other document required to be furnished herewith. &#13;&#10;4.2 Counterparts. This Amendment may be executed in counterparts (and by &#13;&#10;different parties hereto in different counterparts), each of which shall constitute an original, but &#13;&#10