SEC Contract Filing

Filing Date: 2022-07-21

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>tm2221389d1_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="text-transform: none"><U>AMENDMENT
NO. 2 TO CREDIT AGREEMENT</U></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Amendment No. 2 to Credit
Agreement (this &#8220;<U>Amendment</U>&#8221;) is dated as of July 15, 2022 and effective as of April 1, 2022 (such effective date, the
 &#8220;<U>Amendment No. 2 Effective Date</U>&#8221;) 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 &#8220;<U>Borrower</U>&#8221;
and collectively, the &#8220;<U>Borrowers</U>&#8221;), JPMORGAN CHASE BANK, N. A., individually and as administrative agent (the &#8220;<U>Administrative
Agent</U>&#8221;), and the other financial institutions signatory hereto.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-weight: normal; text-transform: none"><U>RECITALS</U></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 &#8220;<U>Credit Agreement</U>&#8221;). Unless
otherwise specified herein, capitalized terms used in this Amendment shall have the meanings ascribed to them by the Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Administrative Agent, the Borrower and the undersigned Lenders (constituting Required Lenders) wish to amend the Credit Agreement on,
and subject to, the terms and conditions set forth herein.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Now, therefore, in consideration
of the mutual execution hereof and other good and valuable consideration, the parties hereto agree as follows:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment
to Credit Agreement</U>. Upon the Amendment No. 2 Effective Date, the definition of &#8220;Tangible Net Worth&#8221; in Section 1.01 of
the Credit Agreement is hereby amended and restated in its entirety to read as follows:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in; text-align: justify; text-indent: 0in">&#8220;<U>Tangible
Net Worth</U>&#8221; means, with respect to the Parent, an amount equal to (a) the Parent&#8217;s total shareholder&#8217;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; <U>provided</U>, <U>however</U>, that any accumulated other comprehensive income (loss) shown on a consolidated
balance sheet of the Parent and its Subsidiaries shall be excluded.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations
and Warranties of the Borrowers</U>. Each Borrower represents and warrants that:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
execution, delivery and performance by the Borrowers of this Amendment are within the Borrowers&#8217; 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&#8217; rights
generally and subject to general princi