Common use of Quantitative Factors Clause in Contracts

Quantitative Factors. The company shall satisfy the definition of “Energy Company” in the Everen Limited Eligibility Requirements (Exhibit B to the Shareholders’ Agreement). • The company shall have Unmodified Gross Assets of not less than one billion dollars ($1,000,000,000). Deeming Unmodified Gross Assets to one billion dollars ($1,000,000,000) is not permitted. • If rated, the applicants shall have a minimum credit rating of S&P BBB- or Xxxxx’x Baa3. Applicants with ratings below these levels are not eligible for membership. • Applicants without an S&P or Xxxxx’x rating have 2 options: ⮚ Pass 4 of 6 internal financial ratio tests and post collateral acceptable to Xxxxxx ⮚ Obtain a shadow investment-grade rating • Applicants shall have an acceptable ten (10) year loss history, attested to by an officer of the company. • The company shall access Everen directly (i.e. without the intervention of a state-owned or other third-party insurance company). • Companies headquartered in countries that are (1) categorized as “emerging market economies” (as defined in the MSCI EMI) or (2) deemed to be below emerging market economy status shall not represent more than 10% of the total Standard Weighted Gross Assets of all Assureds. • The company shall submit annually, prepared to Xxxxxx’s satisfaction, a report of Unmodified Gross Assets and Named Windstorm Unmodified Gross Assets subject to all the requirements of Section IV of the Rating & Premium Plan. • The company shall submit annually, prepared to Xxxxxx’s satisfaction, a declaration (the “Sanctionable Activity Gross Asset Declaration”) of the gross value of property to be excluded from Unmodified Gross Assets pursuant to paragraph IV.C(3) of the Rating & Premium Plan (including zero (0) gross value, if applicable) broken down by Sector and country. The Sanctionable Activity Gross Asset Declaration shall be certified by an officer of the company, • If the company is government-owned it must either (1) have substantial energy investments and operations (other than carried interests or the equivalent) in association with other energy companies or (2) have substantial energy investments and operations in situations where it operates outside its own national borders or (3) if agreed by Xxxxxx, has securities listed and actively traded on leading securities exchanges outside its national borders in its own name. • All of the company’s energy operations shall be covered by Xxxxxx unless otherwise agreed by Xxxxxx. • Xxxxxx may impose other terms and conditions on applicants that are necessary, in its sole discretion, to avoid adverse selection or unacceptable risk.

Quantitative Factors.  The company shall satisfy the definition of “Energy Company” in the Everen Oil Insurance Limited Eligibility Requirements (Exhibit B to the Shareholders’ Agreement). •  The company shall have Unmodified Gross Assets of not less than one billion dollars ($1,000,000,000). Deeming Unmodified Gross Assets to one billion dollars ($1,000,000,000) is not permitted. •  If rated, the applicants shall have a minimum credit rating of S&P BBB- or Xxxxx’x Baa3. Applicants with ratings below these levels are not eligible for membership. •  Applicants without an S&P or Xxxxx’x rating have 2 options: ⮚  Pass 4 of 6 internal financial ratio tests and post collateral acceptable to Xxxxxx ⮚ OIL  Obtain a shadow investment-grade rating •  Applicants shall have an acceptable ten (10) year loss history, attested to by an officer of the company. •  The company shall access Everen OIL directly (i.e. without the intervention of a state-owned or other third-party insurance company). •  Companies headquartered in countries that are (1) categorized as “emerging market economies” (as defined in the MSCI EMI) or (2) deemed to be below emerging market economy status shall not represent more than 10% of the total Standard Weighted Gross Assets of all Assureds. •  The company shall submit annually, prepared to XxxxxxOIL’s satisfaction, a report of Unmodified Gross Assets and Named Windstorm Unmodified Gross Assets subject to all the requirements of Section IV of the Rating & Premium Plan. •  The company shall submit annually, prepared to XxxxxxOIL’s satisfaction, a declaration (the “Sanctionable Activity Gross Asset Declaration”) of the gross value of property to be excluded from Unmodified Gross Assets pursuant to paragraph IV.C(3) of the Rating & Premium Plan (including zero (0) gross value, if applicable) broken down by Sector and country. The Sanctionable Activity Gross Asset Declaration shall be certified by an officer of the company, •  If the company is government-owned it must either (1) have substantial energy investments and operations (other than carried interests or the equivalent) in association with other energy companies or (2) have substantial energy investments and operations in situations where it operates outside its own national borders or (3) if agreed by XxxxxxOIL, has securities listed and actively traded on leading securities exchanges outside its national borders in its own name. •  All of the company’s energy operations shall be covered by Xxxxxx OIL unless otherwise agreed by XxxxxxOIL. • Xxxxxx  OIL may impose other terms and conditions on applicants that are necessary, in its sole discretion, to avoid adverse selection or unacceptable risk.

Quantitative Factors. The company shall satisfy the definition of “Energy Company” in the Everen Limited Eligibility Requirements (Exhibit B to the Shareholders’ Agreement). • The company shall have Unmodified Gross Assets of not less than one billion dollars ($1,000,000,000). Deeming Unmodified Gross Assets to one billion dollars ($1,000,000,000) is not permitted. • If rated, the applicants shall have a minimum credit rating of S&P BBB- or Xxxxx’x Moody’s Baa3. Applicants with ratings below these levels are not eligible for membership. • Applicants without an S&P or Xxxxx’x rating have 2 options: ⮚ Pass 4 of 6 internal financial ratio tests and post collateral acceptable to Xxxxxx Everen ⮚ Obtain a shadow investment-grade rating • Applicants shall have an acceptable ten (10) year loss history, attested to by an officer of the company. • The company shall access Everen directly (i.e. without the intervention of a state-owned or other third-party insurance company). • Companies headquartered in countries that are (1) categorized as “emerging market economies” (as defined in the MSCI EMI) or (2) deemed to be below emerging market economy status shall not represent more than 10% of the total Standard Weighted Gross Assets of all Assureds. • The company shall submit annually, prepared to XxxxxxEveren’s satisfaction, a report of Unmodified Gross Assets and Named Windstorm Unmodified Gross Assets subject to all the requirements of Section IV of the Rating & Premium Plan. • The company shall submit annually, prepared to XxxxxxEveren’s satisfaction, a declaration (the “Sanctionable Activity Gross Asset Declaration”) of the gross value of property to be excluded from Unmodified Gross Assets pursuant to paragraph IV.C(3) of the Rating & Premium Plan (including zero (0) gross value, if applicable) broken down by Sector and countryasset. The Sanctionable Activity Gross Asset Declaration shall detail each asset’s name and/or description, and the applicable sanctions regime. The Sanctionable Activity Gross Asset Declaration shall be certified by an officer of the company, . • If the company is government-owned it must either (1) have substantial energy investments and operations (other than carried interests or the equivalent) in association with other energy companies or (2) have substantial energy investments and operations in situations where it operates outside its own national borders or (3) if agreed by XxxxxxEveren, has securities listed and actively traded on leading securities exchanges outside its national borders in its own name. • All of the company’s energy operations shall be covered by Xxxxxx Everen unless otherwise agreed by XxxxxxEveren. • Xxxxxx Everen may impose other terms and conditions on applicants that are necessary, in its sole discretion, to avoid adverse selection or unacceptable risk.

Quantitative Factors. The company shall satisfy the definition of “Energy Company” in the Everen Oil Insurance Limited Eligibility Requirements (Exhibit B to the Shareholders’ Agreement). • The company shall have Unmodified Gross Assets of not less than one billion dollars ($1,000,000,000). Deeming Unmodified Gross Assets to one billion dollars ($1,000,000,000) is not permitted. • If rated, the applicants shall have a minimum credit rating of S&P BBB- or Xxxxx’x Baa3. Applicants with ratings below these levels are not eligible for membership. • Applicants without an S&P or Xxxxx’x rating have 2 options: ⮚ Pass 4 of 6 internal financial ratio tests and post collateral acceptable to Xxxxxx OIL ⮚ Obtain a shadow investment-grade rating • Applicants shall have an acceptable ten (10) year loss history, attested to by an officer of the company. • The company shall access Everen OIL directly (i.e. without the intervention of a state-owned or other third-party insurance company). • Companies headquartered in countries that are (1) categorized as “emerging market economies” (as defined in the MSCI EMI) or (2) deemed to be below emerging market economy status shall not represent more than 10% of the total Standard Weighted Gross Assets of all Assureds. • The company shall submit annually, prepared to XxxxxxOIL’s satisfaction, a report of Unmodified Gross Assets and Named Windstorm Unmodified Gross Assets subject to all the requirements of Section IV of the Rating & Premium Plan. • The company shall submit annually, prepared to XxxxxxOIL’s satisfaction, a declaration (the “Sanctionable Activity Gross Asset Declaration”) of the gross value of property to be excluded from Unmodified Gross Assets pursuant to paragraph IV.C(3) of the Rating & Premium Plan (including zero (0) gross value, if applicable) broken down by Sector and country. The Sanctionable Activity Gross Asset Declaration shall be certified by an officer of the company, • If the company is government-owned it must either (1) have substantial energy investments and operations (other than carried interests or the equivalent) in association with other energy companies or (2) have substantial energy investments and operations in situations where it operates outside its own national borders or (3) if agreed by XxxxxxOIL, has securities listed and actively traded on leading securities exchanges outside its national borders in its own name. • All of the company’s energy operations shall be covered by Xxxxxx OIL unless otherwise agreed by XxxxxxOIL. • Xxxxxx OIL may impose other terms and conditions on applicants that are necessary, in its sole discretion, to avoid adverse selection or unacceptable risk.

Quantitative Factors. The company shall satisfy the definition of “Energy Company” in the Everen Oil Insurance Limited Eligibility Requirements (Exhibit B to the Shareholders’ Agreement). • The company shall have Unmodified Gross Assets of not less than one billion dollars ($1,000,000,000). Deeming Unmodified Gross Assets to one billion dollars ($1,000,000,000) is not permitted. • If rated, the applicants shall have a minimum credit rating of S&P BBB- or Xxxxx’x Moody’s Baa3. Applicants with ratings below these levels are not eligible for membership. • Applicants without an S&P or Xxxxx’x rating have 2 options: ⮚ Pass 4 of 6 internal financial ratio tests and post collateral acceptable to Xxxxxx OIL ⮚ Obtain a shadow investment-grade rating • Applicants shall have an acceptable ten (10) year loss history, attested to by an officer of the company. • The company shall access Everen OIL directly (i.e. without the intervention of a state-owned or other third-party insurance company). • Companies headquartered in countries that are (1) categorized as “emerging market economies” (as defined in the MSCI EMI) or (2) deemed to be below emerging market economy status shall not represent more than 10% of the total Standard Weighted Gross Assets of all Assureds. • The company shall submit annually, prepared to XxxxxxOIL’s satisfaction, a report of Unmodified Gross Assets and Named Windstorm Unmodified Gross Assets subject to all the requirements of Section IV of the Rating & Premium Plan. • The company shall submit annually, prepared to XxxxxxOIL’s satisfaction, a declaration (the “Sanctionable Activity Gross Asset Declaration”) of the gross value of property to be excluded from Unmodified Gross Assets pursuant to paragraph IV.C(3) of the Rating & Premium Plan (including zero (0) gross value, if applicable) broken down by Sector and country. The Sanctionable Activity Gross Asset Declaration shall be certified by an officer of the company, • If the company is government-owned it must either (1) have substantial energy investments and operations (other than carried interests or the equivalent) in association with other energy companies or (2) have substantial energy investments and operations in situations where it operates outside its own national borders or (3) if agreed by XxxxxxOIL, has securities listed and actively traded on leading securities exchanges outside its national borders in its own name. • All of the company’s energy operations shall be covered by Xxxxxx OIL unless otherwise agreed by XxxxxxOIL. • Xxxxxx OIL may impose other terms and conditions on applicants that are necessary, in its sole discretion, to avoid adverse selection or unacceptable risk.

Quantitative Factors. The company shall satisfy the definition of “Energy Company” in the Everen Limited Eligibility Requirements (Exhibit B to the Shareholders’ Agreement). • The company shall have Unmodified Gross Assets of not less than one billion dollars ($1,000,000,000). Deeming Unmodified Gross Assets to one billion dollars ($1,000,000,000) is not permitted. • If rated, the applicants shall have a minimum credit rating of S&P BBB- or Xxxxx’x Moody’s Baa3. Applicants with ratings below these levels are not eligible for membership. • Applicants without an S&P or Xxxxx’x rating have 2 options: ⮚ Pass 4 of 6 internal financial ratio tests and post collateral acceptable to Xxxxxx ⮚ Obtain a shadow investment-grade rating • Applicants shall have an acceptable ten (10) year loss history, attested to by an officer of the company. • The company shall access Everen directly (i.e. without the intervention of a state-owned or other third-party insurance company). • Companies headquartered in countries that are (1) categorized as “emerging market economies” (as defined in the MSCI EMI) or (2) deemed to be below emerging market economy status shall not represent more than 10% of the total Standard Weighted Gross Assets of all Assureds. • The company shall submit annually, prepared to Xxxxxx’s satisfaction, a report of Unmodified Gross Assets and Named Windstorm Unmodified Gross Assets subject to all the requirements of Section IV of the Rating & Premium Plan. • The company shall submit annually, prepared to Xxxxxx’s satisfaction, a declaration (the “Sanctionable Activity Gross Asset Declaration”) of the gross value of property to be excluded from Unmodified Gross Assets pursuant to paragraph IV.C(3) of the Rating & Premium Plan (including zero (0) gross value, if applicable) broken down by Sector and country. The Sanctionable Activity Gross Asset Declaration shall be certified by an officer of the company, • If the company is government-owned it must either (1) have substantial energy investments and operations (other than carried interests or the equivalent) in association with other energy companies or (2) have substantial energy investments and operations in situations where it operates outside its own national borders or (3) if agreed by Xxxxxx, has securities listed and actively traded on leading securities exchanges outside its national borders in its own name. • All of the company’s energy operations shall be covered by Xxxxxx unless otherwise agreed by Xxxxxx. • Xxxxxx may impose other terms and conditions on applicants that are necessary, in its sole discretion, to avoid adverse selection or unacceptable risk.

Quantitative Factors. The company shall satisfy the definition of “Energy Company” in the Everen Limited Eligibility Requirements (Exhibit B to the Shareholders’ Agreement). • The company shall have Unmodified Gross Assets of not less than one billion dollars ($1,000,000,000). Deeming Unmodified Gross Assets to one billion dollars ($1,000,000,000) is not permitted. • If rated, the applicants shall have a minimum credit rating of S&P BBB- or Xxxxx’x Moody’s Baa3. Applicants with ratings below these levels are not eligible for membership. • Applicants without an S&P or Xxxxx’x rating have 2 options: ⮚ Pass 4 of 6 internal financial ratio tests and post collateral acceptable to Xxxxxx ⮚ Obtain a shadow investment-grade rating • Applicants shall have an acceptable ten (10) year loss history, attested to by an officer of the company. • The company shall access Everen directly (i.e. without the intervention of a state-owned or other third-party insurance company). • Companies headquartered in countries that are (1) categorized as “emerging market economies” (as defined in the MSCI EMI) or (2) deemed to be below emerging market economy status shall not represent more than 10% of the total Standard Weighted Gross Assets of all Assureds. • The company shall submit annually, prepared to Xxxxxx’s satisfaction, a report of Unmodified Gross Assets and Named Windstorm Unmodified Gross Assets subject to all the requirements of Section IV of the Rating & Premium Plan. • The company shall submit annually, prepared to Xxxxxx’s satisfaction, a declaration (the “Sanctionable Activity Gross Asset Declaration”) of the gross value of property to be excluded from Unmodified Gross Assets pursuant to paragraph IV.C(3) of the Rating & Premium Plan (including zero (0) gross value, if applicable) broken down by Sector and countryasset. The Sanctionable Activity Gross Asset Declaration shall detail each asset’s name and/or description, and the applicable sanctions regime. The Sanctionable Activity Gross Asset Declaration shall be certified by an officer of the company, . • If the company is government-owned it must either (1) have substantial energy investments and operations (other than carried interests or the equivalent) in association with other energy companies or (2) have substantial energy investments and operations in situations where it operates outside its own national borders or (3) if agreed by Xxxxxx, has securities listed and actively traded on leading securities exchanges outside its national borders in its own name. • All of the company’s energy operations shall be covered by Xxxxxx unless otherwise agreed by Xxxxxx. • Xxxxxx may impose other terms and conditions on applicants that are necessary, in its sole discretion, to avoid adverse selection or unacceptable risk.