20160393 Ver 1_Monitoring Bond_20170419

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Mitigation Bank Long Term Maintenance and MJoW �pE
Performance Bond
Bond No. 2254242 Penal Sum: $ 100,000.00
Know All Men By These Presents,
That we, EBX-EM, LLC of 5020 Montrose Blvd., Houston, TX 77006(hereinafter
called the Principal), as Principal, and North American Specialty Insurance Company of 650
Elm Street, Manchester, NH 03101, a corporation duly organized under the laws of the State of
New Hampshire (hereinafter called the "Surety"), as Surety, are held and firmly bound unto the
North Carolina Department of Environmental Quality — Division of Water Resources, 1617
Mail Service Center, Raleigh, NC 27699-1617, (hereinafter called the "Obligee"), as Obligee,
up to the maximum penal sum of One Hundred Thousand and 00/100 Dollars ($100,000.00)
(hereinafter called the "Maximum Penal Sum"), for the payment of which we, the Principal and
the Surety, bind ourselves, our heirs, executors, administrators, successors and assigns, jointly
and severally, firmly by these presents.
WHEREAS, the Principal has entered into the Cape Fear Riparian Buffer & Nutrient Offset
Mitigation Banking Instrument (UMBI) (hereinafter called the "LIMBI") with the Obligee, dated
the 17th ,February, 2014 which includes the Bank Parcel Development Package (hereinafter called
the "BPDP") for the Maple View Nutrient Offset Mitigation Bank (the "Mitigation Bank Site")
where financial obligations by the Principal are explicitly written and agreed upon between the
Principal and the Obligee, The UMBI and BPDP are hereby referred to and made a part hereof as if
fully set forth herein.
WHEREAS, the Principal has received written approval of their BPDP by the North Carolina
Division of Water Resources ("NCDWR") and that the NCDWR has granted the necessary
approval, subject to the posting by the Principal of this Bond (the "Bond"), to insure full
compliance with all the terms and conditions of the UMBI and BPDP; NCDWR #2016-0393.
NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION IS SUCH, that this Bond
will not be released in whole or in part until the Principal receives written verification from the
Obligee that the conditions for release in the UMBI have been fully met. If the above bounden
Principal shall meet the final performance standards as defined in the UMBI and corresponding
BPDP, then this obligation shall be null and void; otherwise it shall remain in full force and
effect. This Bond is subject to the following conditions:
1) This Bond shall remain in full force and effect for a period of five years.
2) Obligee shall issue a full and final release of this Bond when the five year monitoring
period is complete; all monitoring reports have been submitted and have been
approved by the Obligee; and the success criteria identified in the UMBI and BPDP
have been achieved and approved by the NCDWR. This Bond shall not be released in
whole until the Principal receives written verification from the Obligee that all the
conditions for release in the UMBI and BPDP have been satisfied.
3) If any payment under this Bond, as set forth in subsection 4 b) below, is made, then
the outstanding penal sum of the Bond shall be reduced by the corresponding amount
of such payment. Notwithstanding anything contained herein to the contrary, the

aggregate liability of the Surety is limited to the Maximum Penal Sum stated above
regardless of the number or amount of claims brought against this bond and
regardless of the number of years this bond remains in effect. The Obligee shall issue
a full and final release of this Bond and any and all of Surety's obligations hereunder
when Surety has tendered payment in whole, or in parts equal to the aggregate sum,
of the Maximum Penal Sum of this Bond.
4) The Surety's obligation under this Bond shall only arise after the Obligee has notified
the Principal and the Surety of the Principal's failure to abide by the terms and
conditions of the UMBI and BPDP. Upon notice of the Principal's default under the
UMBI and BPDP, the Surety, in its sole discretion, shall remedy the Principal's default
either under subsection 4) a) or 4) b) below. In the event that the Surety either fails to
respond to Obligee's notice of default within thirty (30) business days of receipt of
said notice, or fails to honor Surety's commitments under this bond to the full
satisfaction of the Obligee, then Surety shall remedy such default in accordance with
subsection 4) c) below.
a) Surety shall remedy Principal's default to the full satisfaction of the Obligee by
a reasonable date certain set by the Obligee; or
b) Surety shall immediately tender to a party, or parties, identified by the
Obligee the entire, or a portion thereof the, Maximum Penal Sum, that the
Obligee has determined is due in an effort to remedy the Principal's default.
In no event shall any portion of the Maximum Penal Sum be tendered to the
Obligee. Any new party or parties identified by the Obligee under this
section shall immediately become a Surety or Sureties under this bond for the
remaining term of the bond. If the Obligee determines that it is unable to
identify such a party, or parties, the Surety(ies) shall remedy the default of
the Principal under subsection 4) a) of this bond;
c) The Surety shall pay to a party, or parties, identified by the Obligee the
remaining unexpended portion of the Maximum Penal Sum. Said sum shall
become immediately due to a party, or parties, identified by the Obligee. In no
event shall such sum be tendered to the Obligee. Any new party or parties
identified by the Obligee under this paragraph shall immediately become a
Surety or Sureties under this bond for the remaining term of the bond.
NOTWITHSTANDING ANYTHING CONTAINED IN THE AGREEMENT TO THE
CONTRARY, THE LIABILITY OF THE PRINCIPAL AND SURETY UNDER THIS BOND IS
LIMITED TO THE TERM BEGINNING THE 17th DAY OF April, 2017, AND ENDING
THE 16th DAY OF April , 2018 . AND ANY EXTENSIONS OR RENEWALS OF THE
REFERENCED AGREEMENT SHALL BE COVERED UNDER THIS BOND ONLY WHEN
CONSENTED TO IN WRITING BY THE SURETY. IT IS FURTHER AGREED THAT THE
REFUSAL BY THE SURETY TO EXTEND THE TERM OF THIS BOND SHALL NOT
CONSTITUTE A DEFAULT BY THE PRINCIPAL, AND SHALL NOT GIVE RISE TO A
CLAIM OR DEMAND AGAINST THE SURETY UNDER THIS BOND.
In accordance with 33 C.F.R. § 332.3(n)(5), the Surety shall provide the Obligee notification of
at least 120 days in advance of termination, revocation, or modification of this bond.

No right of action shall accrue on this bond to or for the use of any person or corporation other
than the Obligee named herein, or their heirs, executors, administrators or successors.
The above -bounden parties have executed this instrument under their several seals, dated this 17`h
day of April , 2017, the name and corporate seal of each corporate party being
affixed and these presents duly signed by its undersigned representative, pursuant to
authority of its governing body.
Princip • EBX-E , LLC
By: `iJ
David Joyce, COO
Surety: North American Specialty
_ Insurance Company
By:
David T. Miclette_, Attorney -in -Fact
Obligee: North Carolina Department of
Environmental Quality - Division of
Water Resources
By:
Director or Acting Dir c

NAS SURETY GROUP
NORTH AMERICAN SPECIALTY INSURANCE COMPANY
WASHINGTON INTERNATIONAL INSURANCE COMPANY
GENERAL POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, THAT North American Specialty Insurance Company, a corporation duly organized and existing under
laws of the State of New Hampshire, and having its principal office in the City of Manchester, New Hampshire, and Washington International
Insurance Company, a corporation organized and existing under the laws of the State of New Hampshire and having its principal office in the City of
Schaumburg, Illinois, each does hereby make, constitute and appoint:
DAVID G. MICLETTE, DAVID T. MICLETTE, BARRY McCORD, ROBERT C. DAVIS, KRISTI LOVETT,
ASHLEY BRITT, JONI BOWEN, EDWARD G. BRITT, JR., TABITHA STARKEY, BRETT A. TISDALE and JENNIE GOONIE
JOINTLY OR SEVERALLY
Its true and lawful Attomey(s)-in-Fact, to make, execute, seal and deliver, for and on its behalf and as its act and deed, bonds or other writings
obligatory in the nature of a bond on behalf of each of said Companies, as surety, on contracts of suretyship as are or may be required or permitted by
law, regulation, contract or otherwise, provided that no bond or undertaking or contract or suretyship executed under this authority shall exceed the
amount of: FIFTY MILLION ($50,000,000.00) DOLLARS
This Power of Attorney is granted and is signed by facsimile under and by the authority of the following Resolutions adopted by the Boards of
Directors of both North American Specialty Insurance Company and Washington International Insurance Company at meetings duly called and held
on the 9h of May, 2012:
"RESOLVED, that any two of the Presidents, any Managing Director, any Senior Vice President, any Vice President, any Assistant Vice President,
the Secretary or any Assistant Secretary be, and each or any of them hereby is authorized to execute a Power of Attorney qualifying the attorney named
in the given Power of Attorney to execute on behalf of the Company bonds, undertakings and all contracts of surety, and that each or any of them
hereby is authorized to attest to the execution of any such Power of Attorney and to attach therein the seal of the Company; and it is
FURTHER RESOLVED, that the signature of such officers and the seal of the Company may be affixed to any such Power of Attorney or to any
certificate relating thereto by facsimile, and any such Power of Attorney or certificate bearing such facsimile signatures or facsimile seal shall be
binding upon the Company when so affixed and in the future with regard to any bond, undertaking or contract of surety to which it is attached."
\`\�pQ���ltAL17YI�awnuONAtiw
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BYGatlPOggT S'G
Steven P. Anderson, Senior Vice President of Washington International Insurance Company •
1973 ie SEA( t
=t;• eW; n &Senior Vice President of North American Specialty Insurance Company
By
Mlchaei A. Ito, bemor vice President of Washington International Insurain--ce—C—ompany MCI
& Senior Vice President of North American Specialty Insurance Company
IN WITNESS WHEREOF, North American Specialty Insurance Company and Washington International Insurance Company have caused their
official seals to be hereunto affixed, and these presents to be signed by their authorized officers this 18th day of November 2016
North American Specialty Insurance Company
Washington International Insurance Company
State of Illinois
County of Cook ss:
On this 18th day of November , 2016 before me, a Notary Public personally appeared Steven P. Anderson , Senior Vice President of
Washington International Insurance Company and Senior Vice President of North American Specialty Insurance Company and Michael A. Ito .
Vice President of Washington International Insurance Company and Vice President of North American Specialty Insurance Company,
personally known to me, who being by me duly sworn, acknowledged that they signed the above Power of Attorney as officers of and
acknowledged said instrument to be the voluntary act and deed of their respective companies.
OFFICIAL SEAL
M KENNY
NOTARY PUBLIC, STATE OF IWNOIS
MY COMMISSION EXPIRES -I 210 41201 7
M. Kenny, Notary Public ;
I, Jeffrey Goldberg_the duly elected Assistant Secretary of North American Specialty Insurance Company and Washington
International Insurance Company, do hereby certify that the above and foregoing is a true and correct copy of a Power of Attorney given by said North
American Specialty Insurance Company and Washington International Insurance Company, which is still in full force and effect.
IN WITNESS WHEREOF, I have set my hand and affixed the seals of the Companies this _17th day of April 20 17
!affray c3 ldberg, Vice President & Assistant Secretary of
Washington international Insurance Company & North American Specialty Insurance Company

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North American Specialty Insurance Company -Company Profile -Best's Credit Rating ... Page 1 of 3
A.M. Best Rating Services
North American Specialty Insurance Company (z)
A.M. Best #: 001866 NAIL #: 29874 FEIN #: 020311919
Mailing Address View Additional Address Information
FinencWlMwrath Rating
PO Box 2991
«BEST
Overland Park, KS 66202-1391
A* superior
United States
Assigned to insurance companies that
Outlook:
have, in ouropinion, a superior abilityto
Web: www.swissre.com
meet their ongoing insurance obligations.
Phone: [phone]
December 16, 2016
Fax: [phone]
June 30, 1984
Long Term Issuer Credit Rating Vlew Definition
View additional news, reports and
Long Term:
products for this company.
Based on A.M. Best's analysis, 058838 -Swiss Re Ltd is the AMS Ultimate Parent and identifies the topmost entity of the corporate structure.
View list of operating insurance entities in this structure.
Best's Credit Ratings
Financial Strength Rating View Definition
Rating:
A+ (Superior)
Affiliation Code:
g (Group)
Financial Size Category:
XV ($2 Billion or greater)
Outlook:
Stable
Action:
Affirmed
Effective Date:
December 16, 2016
Initial Rating Date:
June 30, 1984
Long Term Issuer Credit Rating Vlew Definition
Long Term:
aa -
Outlook:
Stable
Action:
Affirme d
Effective Date.
December 16, 2016
Initial Rating Date:
August 23, 2006
u Denotes Under Review Best's Rating
Best's Credit Rating Analyst
Rating Issued by: A.M. Best Rating Services, Inc.
Director: Greg Reisner
Senior Director: Robert B. De Rose
Disclosure Information
View A.M. Best's Rating Disclosure Form
A.M. Best Affirms Credit Ratings ofSwiss Reinsurance
Company Ltd and Its Affiliates
1 4' December 16, 2016
Rating History
AM. Best has provided ratings &analysis on this company since 1984.
http://www3.ambest.com/ratings/entities/CompanyProfi le.aspx?ambnum=1866& U Rating I... 4/17/2017

North American Specialty Insurance Company - Company Profile - Best's Credit Rating
Financial Strength Rating
Effective Date
Rating
12/16/2016
A+
12/11/2015
A+
11/612014
A+
1/31/2014
A+
1/23/2013
A+
12/20/2011
A+
Long Term Issuer Credit Rating
Effective Date
Rating
12/16/2016
aa -
12/11/2015
aa -
11/6/2014
a-
aa -
1/31/2014
1/31/2014
aa -
1/23/2013
aa -
1212012011
aa -
AMB Credit Reports
Page 2 of 3
j" AM13 Credit Report -includes Best's Financial Strength Rating and rationale along with comprehensive analytical commentary,
detailed business overview and key financialdata.
Report Rev is an Date: 4/6/2017 (represents the latest significant change).
Historical Reports are available in AMB Credit Report Archive.
View additional news, reports and products for this company
Press Releases
Date_
Title
Dec 16, 2016
A.M. Best Affirms Credit Ratings of Swiss Reinsurance Company Ltd and Its Affiliates
Dec 11, 2015
A.M. Best Affirms Ratings of Swiss Reinsurance Company Ltd and Its Affiliates
Nov 06, 2014
A.M.Best Affirms Ratings of Swiss Reinsurance Company Ltd and Swiss Re Corporate Solutions Ltd's U.S.
Subsidiaries
Jan 31, 2014
A.M.Best Affirms Ratings of Swiss Reinsurance Company Ltd and Swiss Re Corporate Solutions Ltd's U.S.
Subsidiaries
Jan 23, 2013
A.M. Best Affirms Ratings of Swiss Reinsurance Company Ltd and Its Subsidiaries
Dec 20, 2011
A.M. Best Upgrades Ratings ofSwiss Reinsurance Company Ltd and Its Subsidiaries
Dec 15, 2010
A.M.Best Revises Outlookto Positive and Affirms Ratings of Swiss Reinsurance Company Limited and Its
Subsidiaries
Dec 14, 2009
A.M. Best Affirms Ratings of Swiss Reinsurance Company Ltd and Its Subsidiaries
Feb 27, 2009
A.M. Best Downgrades Ratings ofSwiss Reinsurance Company Limited and Its Subsidiaries
Feb 05, 2009
A.M. Best Places Ratings of Swiss Reinsurance Company Under Review With Negative Implications
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North American Specialty Insurance Company -Company Profile -Best's Credit Rating ... Page 3 of 3
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