Common use of Purchase and Sale of the Interests Clause in Contracts

Purchase and Sale of the Interests. CLOSING 5 2.1 Purchase and Sale of the Interests 5 2.2 Closing 5 2.3 Closing Deliverables 5 Article III REPRESENTATIONS AND WARRANTIES OF SELLER 6 3.1 Organization and Standing 6 3.2 Authority 6 3.3 Consents; No Conflicts 6 3.4 Interests; Beneficiary 7 3.5 Trust Series; Derivative Contracts 7 3.6 No Undisclosed Liabilities 7 3.7 Taxes 7 3.8 Litigation 7 3.9 Employees 7 3.10 Business 7 3.11 Solvency 7 3.12 Limitations of Representations and Warranties 8 Article IV REPRESENTATIONS AND WARRANTIES OF BUYER 8 4.1 Organization and Standing 8 4.2 Authority 8 4.3 Consents; No Conflicts 9 4.4 Purchase Not for Distribution 9 4.5 Limitations of Representations and Warranties 9 Article V COVENANTS 9 5.1 Commercially Reasonable Efforts; Other Action 9 5.2 Access to Books and Records 10 5.3 Public Announcement 10 Article VI CONDITIONS PRECEDENT 11 6.1 Conditions to Each Party’s Obligations 11 6.2 Conditions to Obligations of Buyer 11 6.3 Conditions to Obligations of Seller 11 Article VII TERMINATION 12 7.1 Termination of Agreement 12 7.2 Effect of Termination 12

Purchase and Sale of the Interests. CLOSING 5 2.1 Purchase and Sale of the Interests 5 2.2 Closing 5 2.3 Closing Deliverables 5 Article ARTICLE III REPRESENTATIONS AND WARRANTIES OF SELLER 6 3.1 Organization and Standing 6 3.2 Authority 6 3.3 Consents; No Conflicts 6 3.4 Interests; Beneficiary 7 3.5 Trust Series; Derivative Contracts 7 3.6 No Undisclosed Liabilities 7 3.7 Taxes 7 3.8 Litigation 7 3.9 Employees 7 3.10 Business 7 8 3.11 Solvency 7 8 3.12 Limitations of Representations and Warranties 8 Article ARTICLE IV REPRESENTATIONS AND WARRANTIES OF BUYER 8 9 4.1 Organization and Standing 8 9 4.2 Authority 8 9 4.3 Consents; No Conflicts 9 4.4 Purchase Not for Distribution 9 10 4.5 Limitations of Representations and Warranties 9 Article 10 ARTICLE V COVENANTS 9 10 5.1 Commercially Reasonable Efforts; Other Action 9 10 5.2 Access to Books and Records 10 11 5.3 Public Announcement 10 Article 11 ARTICLE VI CONDITIONS PRECEDENT 11 6.1 Conditions to Each Party’s Obligations 11 6.2 Conditions to Obligations of Buyer 11 12 6.3 Conditions to Obligations of Seller 11 Article 12 ARTICLE VII TERMINATION 12 13 7.1 Termination of Agreement 12 13 7.2 Effect of Termination 1213 ARTICLE VIII INDEMNIFICATION 14 8.1 Survival of Representations, Warranties and Covenants 14 8.2 Indemnification 14 8.3 Certain Limitations 15 8.4 Definitions 17 8.5 Procedures for Third Party Claims 17 8.6 Direct Claims 19 8.7 Sole Remedy 19 8.8 Certain Other Matters 19 8.9 No Contribution 19 8.10 Effect of Investigation 19 ARTICLE IX MISCELLANEOUS 20 9.1 Fees and Expenses 20 9.2 Notices 20 9.3 Interpretation 21 9.4 Entire Agreement; Third Party Beneficiaries 21 9.5 Governing Law 21 9.6 Assignment 22 9.7 Jurisdiction; Enforcement 22 9.8 Severability; Amendment; Modification; Waiver 23 9.9 Counterparts 23 SCHEDULE 3.3 – Consents; No Conflicts SCHEDULE 3.5 –Trust Series; Derivative Contracts EXHIBIT A – Assignment of Interests THIS AGREEMENT OF PURCHASE AND SALE, dated as of December 22, 2014 (this “Agreement”), is made by and between Enhance Financial Services Group Inc., a New York corporation (“Seller”), and Assured Guaranty US Holdings Inc., a Delaware corporation (“Buyer”).

Purchase and Sale of the Interests. CLOSING 5 8 Section 2.1 Purchase and Sale of the Interests 5 Shares 8 Section 2.2 Purchase Price. 8 Section 2.3 The Closing 5 2.3 9 Section 2.4 Deliveries at Closing Deliverables 5 Article 9 Section 2.5 Indemnity Escrow 10 Section 2.6 Working Capital Escrow 10 Section 2.7 Working Capital Adjustment. 11 Section 2.8 Withholding 12 ARTICLE III REPRESENTATIONS AND WARRANTIES OF SELLER 6 SELLERS 12 Section 3.1 Organization Power and Standing 6 Authority 13 Section 3.2 Authority 6 Enforceability 13 Section 3.3 Consents; No Conflicts 6 Violation 13 Section 3.4 Interests; Beneficiary 7 No Conflict 13 Section 3.5 Trust Series; Derivative Contracts 7 Litigation 13 Section 3.6 No Undisclosed Liabilities 7 Other Agreement 13 Section 3.7 Taxes 7 No Broker 13 Section 3.8 Litigation 7 Ownership of the Shares 14 Section 3.9 Employees 7 Withholding Tax 14 Section 3.10 Business 7 Investment Representation 14 Section 3.11 Solvency 7 3.12 Limitations of Representations and Warranties 8 Article Legend 14 ARTICLE IV REPRESENTATIONS AND WARRANTIES OF BUYER 8 REGARDING THE COMPANY 14 Section 4.1 Organization and Good Standing 8 15 Section 4.2 Authority 8 Authorization and Effect of Agreement. 15 Section 4.3 Consents; No Conflicts 9 Capitalization of the Company. 15 Section 4.4 Purchase Not for Distribution 9 4.5 Limitations Capitalization of Representations and Warranties 9 Article V COVENANTS 9 5.1 Commercially Reasonable Effortsthe Subsidiaries; Other Action 9 5.2 Access to Interests. 16 Section 4.5 No Conflict 17 Section 4.6 Permits; Compliance with Law. 17 Section 4.7 Books and Records 10 5.3 Public Announcement 10 Article VI CONDITIONS PRECEDENT 11 6.1 Conditions to Each Party’s Obligations 11 6.2 Conditions to Obligations 18 Section 4.8 Litigation 18 Section 4.9 Financial Statements; Undisclosed Liabilities. 18 Section 4.10 Absence of Buyer 11 6.3 Conditions to Obligations of Seller 11 Article VII TERMINATION 12 7.1 Termination of Agreement 12 7.2 Effect of Termination 12Certain Changes 19 Section 4.11 Contracts. 19 Section 4.12 Transactions with Affiliates 21 Section 4.13 Labor Relations. 21 Section 4.14 Insurance 22

Purchase and Sale of the Interests. CLOSING 5 2.1 1 1.1 Closing 1 1.2 Purchase and Sale of the Interests 5 2.2 2 1.3 Payments at Closing 5 2.3 Closing Deliverables 5 Article III 2 1.4 Purchase Price Adjustment. 2 1.5 Withholding 4 1.6 Excluded Assets 4 ARTICLE 2 REPRESENTATIONS AND WARRANTIES OF SELLER RELATING TO THE SELLERS 5 2.1 Power and Authorization; Enforceability 5 2.2 No Violation or Conflict; Consents 5 2.3 Ownership 6 2.4 Legal Proceedings; Judgments 6 2.5 Brokers 7 ARTICLE 3 REPRESENTATIONS AND WARRANTIES RELATING TO THE COMPANY 7 3.1 Organization and Good Standing 6 7 3.2 Authority 6 Power and Authorization; Enforceability 7 3.3 ConsentsNo Violation or Conflict; No Conflicts 6 Consents 8 3.4 InterestsCapitalization and Related Matters 8 3.5 Subsidiaries; Beneficiary 7 3.5 Trust SeriesInvestments 9 3.6 Compliance with Laws 10 3.7 Litigation 11 3.8 Financial Statements 11 3.9 Liabilities 13 3.10 Absence of Certain Changes and Events 13 3.11 Property 15 3.12 Material Contracts 20 3.13 Insurance; Derivative Contracts 7 3.6 No Undisclosed Liabilities 7 3.7 Taxes 7 3.8 Litigation 7 3.9 Warranty Coverage 23 3.14 Permits 24 3.15 Intellectual Property 24 3.16 Employees 7 3.10 25 3.17 Employee Benefits 26 3.18 Environmental Matters 29 3.19 Tax Matters 30 3.20 Related Party Transactions 35 3.21 Business 7 3.11 Solvency 7 3.12 Limitations Collateral 35 3.22 Personal Property 35 3.23 Brokers 36 3.24 Exclusivity of Representations and Warranties 8 Article IV 36 ARTICLE 4 REPRESENTATIONS AND WARRANTIES OF BUYER 8 36 4.1 Organization and Good Standing 8 36 4.2 Authority 8 Power and Authorization; Enforceability 36 4.3 ConsentsNo Violation or Conflict 37 4.4 Brokers 37 4.5 Investment 37 4.6 Available Funds 37 4.7 No Other Representations or Warranties 37 ARTICLE 5 CERTAIN COVENANTS OF THE PARTIES 37 5.1 Further Assurances 37 5.2 [Intentionally Omitted] 38 5.3 Public Announcements 38 5.4 Tax Matters 38 5.5 [Intentionally Omitted] 41 5.6 Cooperation with Purchaser’s Auditors and SEC Filing Requirements 41 5.7 [Intentionally Omitted] 42 5.8 Non-Compete / Non-Solicitation 42 5.9 Regulatory Matters 44 5.10 Cooperation with Title Insurance 45 5.11 Further Actions 45 5.12 Support Obligations 45 5.13 Waiver of Conflicts; No Conflicts 9 4.4 Purchase Not for Distribution 9 4.5 Limitations of Representations and Warranties 9 Article V COVENANTS 9 5.1 Commercially Reasonable Efforts; Other Action 9 5.2 Privilege 46 5.14 Access to Books and Company Records 10 5.3 Public Announcement 10 Article VI CONDITIONS PRECEDENT 11 46 ARTICLE 6 CLOSING DELIVERABLES 47 6.1 Conditions to Each PartySellers’ Closing Deliverables 47 6.2 Buyer’s Obligations 11 6.2 Conditions to Obligations of Buyer 11 6.3 Conditions to Obligations of Seller 11 Article VII TERMINATION 12 7.1 Termination of Agreement 12 7.2 Effect of Termination 12Closing Deliverables 48