Document:

WELLS FARGO & COMPANY 8-K 

 

Exhibit 4.2 

 

[Face
of Note]

 

Unless
this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”),
to the Company or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the
name of Cede & Co. or in such other name as requested by an authorized representative of DTC (and any payment is made to Cede & Co. or such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest
herein.

CUSIP NO. 95001BBK9

FACE
AMOUNT: $___________

REGISTERED
NO. ___

 

 

WELLS
FARGO & COMPANY

 

MEDIUM-TERM
NOTE, SERIES S

 

Due
Nine Months or More From Date of Issue

 

Principal
at Risk Securities Linked to the S&P 500® Index

 

 

WELLS FARGO & COMPANY, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company,”
which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises
to pay to CEDE & Co., or registered assigns, an amount equal to the Cash
Settlement Amount (as defined below), in such coin or currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts, on the Stated Maturity Date. The “Stated Maturity Date” shall
be December 22, 2020. If the Determination Date (as defined below) is postponed, the Stated Maturity Date will be postponed to
the second Business Day (as defined below) after the Determination Date as postponed. This Security shall not bear any interest.

Any
payments on this Security at Maturity will be made against presentation of this Security at the office or agency of the Company
maintained for that purpose in the City of Minneapolis, Minnesota and at any other office or agency maintained by the Company for
such purpose. 

“Face Amount”
shall mean, when used with respect to this Security, the amount set forth on the face
of this Security as its “Face Amount.”

    	  

    	 

    

Determination of Cash Settlement
Amount and Certain Definitions

The “Cash Settlement
Amount” of this Security will equal:

 

		●	if the Final Underlier Level is greater than or equal to the Cap Level, the Maximum Settlement
Amount;

 

		●	if the Final Underlier Level is greater than the Initial Underlier Level but less than the Cap
Level, the sum of (i) the Face Amount plus (ii) the product of (a) the Face Amount times (b) the Upside Participation
Rate times (c) the Underlier Return;

 

		●	if the Final Underlier Level is equal to or less than the Initial Underlier Level but greater than
or equal to the Buffer Level, the Face Amount; or

 

		●	if the Final Underlier Level is less than the Buffer Level, the sum of (i) the Face Amount
plus (ii) the product of (a) the Buffer Rate times (b) the sum of the Underlier Return plus the Buffer Amount times
(c) the Face Amount.

 

All calculations with respect to the Cash Settlement
Amount will be rounded to the nearest one hundred-thousandth, with five one-millionths rounded upward (e.g., 0.000005 would
be rounded to 0.00001); and the Cash Settlement Amount will be rounded to the nearest cent, with one-half cent rounded upward.

 

The “Underlier”
shall mean the S&P 500® Index.

 

The “Trade Date”
shall mean December 18, 2018.

 

The “Initial Underlier
Level” is 2,546.16, the Closing Level of the Underlier on the Trade Date.

 

The “Closing Level”
of the Underlier on any Trading Day means the official closing level of the Underlier reported by the Underlier Sponsor on such
Trading Day, as obtained by the Calculation Agent on such Trading Day from the licensed third-party market data vendor contracted
by the Calculation Agent at such time; in particular, taking into account the decimal precision and/or rounding convention employed
by such licensed third-party market data vendor on such date, subject to the provisions set forth below under “Adjustments
to the Underlier,” “Discontinuance of the Underlier” and “Market Disruption Events.”

 

The “Final Underlier
Level” will be the Closing Level of the Underlier on the Determination Date.

 

The “Underlier
Return” will be the quotient of (i) the Final Underlier Level minus the Initial Underlier Level divided by (ii) the
Initial Underlier Level, expressed as a percentage.

 

The “Cap Level”
is 3,060.48432, which is 120.20% of the Initial Underlier Level.

 

The
“Buffer Level” is 2,291.544, which is equal to 90% of the Initial Underlier Level.

 

    	2 

    	 

    

 

The
“Maximum Settlement Amount” is 130.30% of the Face Amount of this Security.

 

The “Buffer Amount”
is 10%.

 

The
“Buffer Rate” is equal to the Initial Underlier Level divided by the Buffer Level.

 

The
“Upside Participation Rate” is 1.5.

 

“Underlier Sponsor”
shall mean S&P Dow Jones Indices LLC.

 

“Business
Day” shall mean a day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions
are authorized or required by law or regulation to close in New York, New York.

 

A “Trading Day”
means a day, as determined by the Calculation Agent, on which (i) the Relevant Stock Exchanges with respect to each security
underlying the Underlier are scheduled to be open for trading for their respective regular trading sessions and (ii) each Related
Futures or Options Exchange is scheduled to be open for trading for its regular trading session.

 

The “Related Futures
or Options Exchange” for the Underlier means an exchange or quotation system where trading has a material effect (as
determined by the Calculation Agent) on the overall market for futures or options contracts relating to the Underlier.

 

The “Relevant
Stock Exchange” for any security underlying the Underlier means the primary exchange or quotation system on which such
security is traded, as determined by the Calculation Agent.

 

The “Determination
Date” shall be December 18, 2020. If the originally scheduled Determination Date is not a Trading Day, the Determination
Date will be postponed to the next succeeding Trading Day. The Determination Date is also subject to postponement due to the occurrence
of a Market Disruption Event (as defined below). See “–Market Disruption Events.”

 

“Calculation Agent
Agreement” shall mean the Calculation Agent Agreement dated as of January 24, 2018 between the Company and the Calculation
Agent, as amended from time to time.

 

“Calculation Agent”
shall mean the Person that has entered into the Calculation Agent Agreement with the Company providing for, among other things,
the determination of the Final Underlier Level and the Cash Settlement Amount, which term shall, unless the context otherwise requires,
include its successors under such Calculation Agent Agreement. The initial Calculation Agent shall be Wells Fargo Securities, LLC.
Pursuant to the Calculation Agent Agreement, the Company may appoint a different Calculation Agent from time to time after the
initial issuance of this Security without the consent of the Holder of this Security and without notifying the Holder of this Security.

 

    	3 

    	 

    

Adjustments
to the Underlier

If at any time
the method of calculating the Underlier or a Successor Underlier, or the closing level thereof, is changed in a material respect,
or if the Underlier or a Successor Underlier is in any other way modified so that such underlier does not, in the opinion of the
Calculation Agent, fairly represent the level of such underlier had those changes or modifications not been made, then the Calculation
Agent will, at the close of business in New York, New York, on each date that the closing level of such underlier is to be calculated,
make such calculations and adjustments as, in the good faith judgment of the Calculation Agent, may be necessary in order to arrive
at a level of an underlier comparable to the Underlier or Successor Underlier as if those changes or modifications had not been
made, and the Calculation Agent will calculate the closing level of the Underlier or Successor Underlier with reference to such
underlier, as so adjusted. Accordingly, if the method of calculating the Underlier or Successor Underlier is modified so that the
level of such underlier is a fraction or a multiple of what it would have been if it had not been modified (e.g., due to a split
or reverse split in such equity underlier), then the Calculation Agent will adjust the Underlier or Successor Underlier in order
to arrive at a level of such underlier as if it had not been modified (e.g., as if the split or reverse split had not occurred).

Discontinuance
Of The Underlier

If the Underlier
Sponsor discontinues publication of the Underlier, and the Underlier Sponsor or another entity publishes a successor or substitute
equity index that the Calculation Agent determines, in its sole discretion, to be comparable to the Underlier (a “Successor
Underlier”), then, upon the Calculation Agent’s notification of that determination to the Trustee and the Company,
the Calculation Agent will substitute the Successor Underlier as calculated by the relevant Underlier Sponsor or any other entity
and calculate the Final Underlier Level as described above. Upon any selection by the Calculation Agent of a Successor Underlier,
the Company will cause notice to be given to the Holder of this Security.

In the event that
the Underlier Sponsor discontinues publication of the Underlier prior to, and the discontinuance is continuing on, the Determination
Date and the Calculation Agent determines that no Successor Underlier is available at such time, the Calculation Agent will calculate
a substitute Closing Level for the Underlier in accordance with the formula for and method of calculating the Underlier last in
effect prior to the discontinuance, but using only those securities that comprised the Underlier immediately prior to that discontinuance.
If a Successor Underlier is selected or the Calculation Agent calculates a level as a substitute for the Underlier, the Successor
Underlier or level will be used as a substitute for the Underlier for all purposes, including the purpose of determining whether
a Market Disruption Event exists.

If on the Determination
Date the Underlier Sponsor fails to calculate and announce the level of the Underlier, the Calculation Agent will calculate a substitute
Closing Level of the Underlier in accordance with the formula for and method of calculating the Underlier last in effect prior
to the failure, but using only those securities that comprised the Underlier immediately prior to that failure; provided
that, if a Market Disruption Event occurs or is continuing on such day, then the provisions set forth below under “Market
Disruption Events” shall apply in lieu of the foregoing.

    	4 

    	 

    

Market
Disruption Events 

A “Market Disruption
Event” means any of the following events as determined by the Calculation Agent in its sole discretion:

 

		(A)	The occurrence or existence of a material suspension of or limitation imposed on trading by the
Relevant Stock Exchanges or otherwise relating to securities which then comprise 20% or more of the level of the Underlier or any
Successor Underlier at any time during the one-hour period that ends at the Close of Trading on that day, whether by reason of
movements in price exceeding limits permitted by those Relevant Stock Exchanges or otherwise.

		(B)	The occurrence or existence of a material suspension of or limitation imposed on trading by any
Related Futures or Options Exchange or otherwise in futures or options contracts relating to the Underlier or any Successor Underlier
on any Related Futures or Options Exchange at any time during the one-hour period that ends at the Close of Trading on that day,
whether by reason of movements in price exceeding limits permitted by the Related Futures or Options Exchange or otherwise.

		(C)	The occurrence or existence of any event, other than an early closure, that materially disrupts
or impairs the ability of market participants in general to effect transactions in, or obtain market values for, securities that
then comprise 20% or more of the level of the Underlier or any Successor Underlier on their Relevant Stock Exchanges at any time
during the one-hour period that ends at the Close of Trading on that day.

		(D)	The occurrence or existence of any event, other than an early closure, that materially disrupts
or impairs the ability of market participants in general to effect transactions in, or obtain market values for, futures or options
contracts relating to the Underlier or any Successor Underlier on any Related Futures or Options Exchange at any time during the
one-hour period that ends at the Close of Trading on that day.

		(E)	The closure on any Exchange Business Day of the Relevant Stock Exchanges on which securities that
then comprise 20% or more of the level of the Underlier or any Successor Underlier are traded or any Related Futures or Options
Exchange prior to its Scheduled Closing Time unless the earlier closing time is announced by the Relevant Stock Exchange or Related
Futures or Options Exchange, as applicable, at least one hour prior to the earlier of (1) the actual closing time for the
regular trading session on such Relevant Stock Exchange or Related Futures or Options Exchange, as applicable, and (2) the
submission deadline for orders to be entered into the Relevant Stock Exchange or Related Futures or Options Exchange, as applicable,
system for execution at such actual closing time on that day.

    	5 

    	 

    

		(F)	The Relevant Stock Exchange for any security underlying the Underlier or Successor Underlier or
any Related Futures or Options Exchange fails to open for trading during its regular trading session.

For purposes of
determining whether a Market Disruption Event has occurred:

		(1)	the relevant percentage contribution of a security to the level of the Underlier or any Successor
Underlier will be based on a comparison of (x) the portion of the level of such underlier attributable to that security and
(y) the overall level of the Underlier or Successor Underlier, in each case immediately before the occurrence of the Market
Disruption Event;

		(2)	the “Close of Trading” on any Trading Day for the Underlier or any Successor
Underlier means the Scheduled Closing Time of the Relevant Stock Exchanges with respect to the securities underlying the Underlier
or Successor Underlier on such Trading Day; provided that, if the actual closing time of the regular trading session of
any such Relevant Stock Exchange is earlier than its Scheduled Closing Time on such Trading Day, then (x) for purposes of clauses
(A) and (C) of the definition of “Market Disruption Event” above, with respect to any security underlying the Underlier
or Successor Underlier for which such Relevant Stock Exchange is its Relevant Stock Exchange, the “Close of Trading”
means such actual closing time and (y) for purposes of clauses (B) and (D) of the definition of “Market Disruption Event”
above, with respect to any futures or options contract relating to the Underlier or Successor Underlier, the “close of trading”
means the latest actual closing time of the regular trading session of any of the Relevant Stock Exchanges, but in no event later
than the Scheduled Closing Time of the Relevant Stock Exchanges;

		(3)	the “Scheduled Closing Time” of any Relevant Stock Exchange or Related Futures
or Options Exchange on any Trading Day for the Underlier or any Successor Underlier means the scheduled weekday closing time of
such Relevant Stock Exchange or Related Futures or Options Exchange on such Trading Day, without regard to after hours or any other
trading outside the regular trading session hours; and

		(4)	an “Exchange Business Day” means any Trading Day for the Underlier or any Successor
Underlier on which each Relevant Stock Exchange for the securities underlying the Underlier or any Successor Underlier and each
Related Futures or Options Exchange are open for trading during their respective regular trading sessions, notwithstanding any
such Relevant Stock Exchange or Related Futures or Options Exchange closing prior to its Scheduled Closing Time.

If a Market Disruption Event occurs
or is continuing on the Determination Date, then the Determination Date will be postponed to the first succeeding Trading Day on
which a Market Disruption Event has not occurred and is not continuing; however, if such first succeeding Trading Day has not occurred
as of the eighth Trading Day after the originally scheduled Determination Date, that eighth Trading Day shall be deemed to be the
Determination Date. If

    	6 

    	 

    

the Determination Date has been postponed
eight Trading Days after the originally scheduled Determination Date and a Market Disruption Event occurs or is continuing on such
eighth Trading Day, the Calculation Agent will determine the Closing Level of the Underlier on such eighth Trading Day in accordance
with the formula for and method of calculating the Closing Level of the Underlier last in effect prior to commencement of the Market
Disruption Event, using the closing price (or, with respect to any relevant security, if a Market Disruption Event has occurred
with respect to such security, its good faith estimate of the value of such security at the Scheduled Closing Time of the Relevant
Stock Exchange for such security or, if earlier, the actual closing time of the regular trading session of such Relevant Stock
Exchange) on such date of each security included in the Underlier. As used herein, “closing price” means, with respect
to any security on any date, the Relevant Stock Exchange traded or quoted price of such security as of the Scheduled Closing Time
of the Relevant Stock Exchange for such security or, if earlier, the actual closing time of the regular trading session of such
Relevant Stock Exchange.

Calculation
Agent

The
Calculation Agent will determine the Cash Settlement Amount and the Final Underlier Level. In addition, the Calculation Agent will
(i) determine if adjustments are required to the Closing Level of the Underlier under the circumstances described in this Security,
(ii) if publication of the Underlier is discontinued, select a Successor Underlier or, if no Successor Underlier is available,
determine the Closing Level of the Underlier under the circumstances described in this Security, and (iii) determine whether a
Market Disruption Event or non-Trading Day has occurred.

The
Company covenants that, so long as this Security is Outstanding, there shall at all times be a Calculation Agent (which shall be
a broker-dealer, bank or other financial institution) with respect to this Security.

All
determinations made by the Calculation Agent with respect to this Security will be at the sole discretion of the Calculation Agent
and, in the absence of manifest error, will be conclusive for all purposes and binding on the Company and the Holder of this Security.

Tax Considerations

The
Company agrees, and by acceptance of a beneficial ownership interest in this Security each Holder of this Security will be deemed
to have agreed (in the absence of a statutory, regulatory, administrative or judicial ruling to the contrary), for United States
federal income tax purposes to characterize and treat this Security as a prepaid derivative contract that is an “open transaction.”

Redemption
and Repayment

This Security is
not subject to redemption at the option of the Company or repayment at the option of the Holder hereof prior to December 22, 2020.
This Security is not entitled to any sinking fund.

    	7 

    	 

    

Acceleration

If
an Event of Default, as defined in the Indenture, with respect to this Security shall occur and be continuing, the Cash Settlement
Amount (calculated as set forth in the next sentence) of this Security may be declared due and payable in the manner and with the
effect provided in the Indenture. The amount payable to the Holder
hereof upon any acceleration permitted under the Indenture will be equal to the Cash Settlement Amount hereof calculated as provided
herein as though the date of acceleration was the Determination Date. 

__________________

Reference
is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place.

Unless
the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature
or its duly authorized agent under the Indenture referred to on the reverse hereof by manual signature, this Security shall not
be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

 

[The remainder of this page has
been left intentionally blank]

 

 

 

    	8 

    	 

    

IN
WITNESS WHEREOF, the Company has caused this instrument to be duly executed.

DATED:

 

 

	 	WELLS FARGO & COMPANY
	 	 	 
	 	By:	 
	 	 	 
	 	 	Its:
	 	 	 
	 	Attest:	 
	 	 	 
	 	 	Its:

 

TRUSTEE’S
CERTIFICATE OF

AUTHENTICATION

This
is one of the Securities of the 

series
designated therein described

in
the within-mentioned Indenture.

 

	CITIBANK, N.A.,	 
	 	as Trustee	 
	 	 	 
	By:	 	 
	 	Authorized Signature	 
	 	 	 
	OR	 
	 	 	 
	WELLS FARGO BANK, N.A.,	 
	 	as Authenticating Agent for the Trustee	 
	 	 	 
	By:	 	 
	 	Authorized Signature	 

 

 

    	9 

    	 

    

 

[Reverse
of Note]

 

 

WELLS
FARGO & COMPANY

 

MEDIUM-TERM
NOTE, SERIES S

 

Due
Nine Months or More From Date of Issue

 

Principal
at Risk Securities Linked to the S&P 500® Index

 

This Security is
one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to
be issued in one or more series under an indenture dated as of February 21, 2017, as amended or supplemented from time to
time (herein called the “Indenture”), between the Company and Citibank, N.A., as Trustee (herein called the
“Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities
thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are
to be, authenticated and delivered. This Security is one of the series of the Securities
designated as Medium-Term Notes, Series S, of the Company. The amount payable on the Securities of this series may
be determined by reference to the performance of one or more equity-, commodity- or currency-based indices, exchange traded funds,
securities, commodities, currencies, statistical measures of economic or financial performance, or a basket comprised of two or
more of the foregoing, or any other market measure or may bear interest at a fixed rate or a floating rate. The Securities of this
series may mature at different times, be redeemable at different times or not at all, be
repayable at the option of the Holder at different times or not at all and be denominated in different currencies.

The
Securities are issuable only in registered form without coupons and will be either (a) book-entry securities represented
by one or more Global Securities recorded in the book-entry system maintained by the Depositary or (b) certificated securities
issued to and registered in the names of, the beneficial owners or their nominees.

The
Company agrees, to the extent permitted by law, not to voluntarily claim the benefits of any laws concerning usurious rates of
interest against a Holder of this Security.

Modification
and Waivers 

The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by
the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding
of all series to be affected, acting together as a class. The Indenture also contains provisions permitting the Holders of a majority
in principal amount of the Securities of all series at the time Outstanding affected by certain provisions of the Indenture, acting
together as a class, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with

    	10 

    	 

    

those
provisions of the Indenture. Certain past defaults under the Indenture and their consequences may be waived under the Indenture
by the Holders of a majority in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders
of all Securities of such series. Solely for the purpose of determining
whether any consent, waiver, notice or other action or Act to be taken or given by the Holders of Securities pursuant to the Indenture
has been given or taken by the Holders of Outstanding Securities in the requisite aggregate principal amount, the principal amount
of this Security will be deemed to be equal to the amount set forth on the face hereof as the “Face Amount” hereof.
Any such consent or waiver by the Holder of this Security shall be conclusive and binding
upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof
or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.

Defeasance

Section 403
and Article Fifteen of the Indenture and the provisions of clause (ii) of Section 401(1)(B) of the Indenture, relating
to defeasance at any time of (a) the entire indebtedness on this Security and (b) certain restrictive covenants, upon
compliance by the Company with certain conditions set forth therein, shall not apply to this Security. The remaining provisions
of Section 401 of the Indenture shall apply to this Security.

Authorized
Denominations

This
Security is issuable only in registered form without coupons in denominations of $1,000 or any amount in excess thereof which is
an integral multiple of $1,000.

Registration
of Transfer

Upon
due presentment for registration of transfer of this Security at the office or agency of the Company in the City of Minneapolis,
Minnesota, a new Security or Securities of this series, with the same terms as this Security, in authorized denominations for an
equal aggregate Face Amount will be issued to the transferee in exchange herefor, as provided in the Indenture and subject to the
limitations provided therein and to the limitations described below, without charge except for any tax or other governmental charge
imposed in connection therewith.

This
Security is exchangeable for definitive Securities in registered form only if (x) the Depositary notifies the Company that
it is unwilling or unable to continue as Depositary for this Security or if at any time the Depositary ceases to be a clearing
agency registered under the Securities Exchange Act of 1934, as amended, and a successor depositary is not appointed within 90 days
after the Company receives such notice or becomes aware of such ineligibility, (y) the Company in its sole discretion determines
that this Security shall be exchangeable for definitive Securities in registered form and notifies the Trustee thereof or (z) an
Event of Default with respect to the Securities represented hereby has occurred and is continuing. If this Security is exchangeable
pursuant to the preceding sentence, it shall be exchangeable for definitive Securities in registered form, having the same date
of issuance, Stated Maturity Date and other terms and of authorized denominations aggregating a like amount. 

This
Security may not be transferred except as a whole by the Depositary to a nominee of the Depositary or by a nominee of the Depositary
to the Depositary or another nominee of the

    	11 

    	 

    

Depositary
or by the Depositary or any such nominee to a successor of the Depositary or a nominee of such successor. Except as provided above,
owners of beneficial interests in this Global Security will not be entitled to receive physical delivery of Securities in definitive
form and will not be considered the Holders hereof for any purpose under the Indenture.

Prior
to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the
Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this
Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

Obligation
of the Company Absolute

No
reference herein to the Indenture and no provision of this Security or the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the Cash Settlement Amount at the times, place and rate, and in the coin or
currency, herein prescribed, except as otherwise provided in this Security.

No
Personal Recourse

No
recourse shall be had for the payment of the Cash Settlement Amount, or for any claim based hereon, or otherwise in respect hereof,
or based on or in respect of the Indenture or any indenture supplemental thereto, against any incorporator, stockholder, officer
or director, as such, past, present or future, of the Company or any successor corporation, whether by virtue of any constitution,
statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance
hereof and as part of the consideration for the issuance hereof, expressly waived and released.

Defined
Terms

All
terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture unless
otherwise defined in this Security.

Governing
Law

This
Security shall be governed by and construed in accordance with the law of the State of New York, without regard to principles of
conflicts of laws.

    	12 

    	 

    

 

ABBREVIATIONS

 

 

The
following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written
out in full according to applicable laws or regulations:

 

	TEN COM	--	as tenants in common
	 	 	 
	TEN ENT	--	as tenants by the entireties
	 	 	 
	JT TEN	--	as joint tenants with right
	 	 	of survivorship and not
	 	 	as tenants in common

 

	UNIF GIFT MIN ACT --	 	 Custodian 	 
	 	(Cust)	 	(Minor)

 

	Under Uniform Gifts to Minors Act	 
	 	 
	 	 
	(State)	 

 

Additional abbreviations
may also be used though not in the above list.

 

FOR VALUE RECEIVED,
the undersigned hereby sell(s) and transfer(s) unto

 

	Please Insert Social Security or	 
	Other Identifying Number of Assignee
	 	 
	 	 

 

 

	 
	 
	 

(Please
print or type name and address including postal zip code of Assignee)

 

 

    	13 

    	 

    

 

the within
Security of WELLS FARGO & COMPANY and does hereby irrevocably constitute and appoint __________________ attorney to transfer
the said Security on the books of the Company, with full power of substitution in the premises.

 

Dated:
_________________________

 
	 	 
	 	 
	 	 
	 	 

 

 

NOTICE:
The signature to this assignment must correspond with the name as written upon the face of the within instrument in every particular,
without alteration or enlargement or any change whatever.

 

 

    	14Exhibit
10.1

 

AMENDED
AND RESTATED

LOAN
AGREEMENT

 

[This Amended and Restated Loan Agreement
amends and replaces the certain Amended and Restated Loan Agreement dated July 19, 2018 by and among the below named Borrower parties
(collectively, the "Borrower") and First Tennessee Bank National Association (the "Bank").]

 

THIS AMENDED AND RESTATED
LOAN AGREEMENT ("Loan Agreement") is made as of December 20, 2018, by and among MILLER INDUSTRIES, INC., a Tennessee
corporation, APACO, INC., a Delaware corporation, CHAMPION CARRIER CORPORATION, a Delaware corporation, MILLER/GREENEVILLE,
INC., a Tennessee corporation, MILLER INDUSTRIES DISTRIBUTING, INC., a Delaware corporation (as successor by merger
to Miller Financial Services Group, Inc.), MILLER INDUSTRIES INTERNATIONAL, INC., a Tennessee corporation, MILLER INDUSTRIES
TOWING EQUIPMENT INC., a Delaware corporation (singularly and collectively, the "Borrower"), whose address is c/o
Miller Industries, Inc, 8503 Hilltop Drive, Ooltewah, Tennessee 37363 and FIRST TENNESSEE BANK NATIONAL ASSOCIATION, a national
banking association organized and existing under the statutes of the United States of America, with offices at 701 Market Street,
Chattanooga, Tennessee 37402 (hereinafter referred to as the "Bank").

 

Recitals of Fact

 

In 2010, Borrower requested
that the Bank commit to make loans and advances to it on a master revolving credit basis, for purchase cards, letters of credit
and other forms of lending, in an amount not to exceed at any one time outstanding the principal sum of Twenty Million and NO/100
Dollars ($20,000,000.00) and the Bank made such loan.

 

In 2011, Borrower requested
that the Bank commit to make loans and advances to it on a master revolving credit basis, for letters of credit and other forms
of lending, in an amount not to exceed at any one time outstanding the principal sum of Twenty Five Million and NO/100 Dollars
($25,000,000.00) and the Bank made such loan, which replaced the 2010 Twenty Million and NO/100 Dollars ($20,000,000.00) loan.

 

In 2012, Borrower requested
that the Bank extend the maturity date of the Twenty Five Million and NO/100 Dollars ($25,000,000.00) loan, and the Bank agreed
to do so.

 

In 2013, Borrower requested
that the Bank extend the maturity date of the Twenty Five Million and NO/100 Dollars ($25,000,000.00) loan, and the Bank agreed
to do so.

 

In 2014, Borrower requested
that the Bank extend the maturity date of the Twenty Five Million and NO/100 Dollars ($25,000,000.00) loan, and the Bank agreed
to do so.

 

In 2015, Borrower requested
that the Bank increase the Loan from Twenty Five Million and NO/100 Dollars ($25,000,000.00) to Thirty Million and NO/100 Dollars
($30,000,000.00) and further extend the maturity date of the existing loan, and the Bank agreed to do so.

 

    	- 1 - 

     

    

 

In 2016, Borrower requested
that the Bank increase the Loan from Thirty Million and NO/100 Dollars ($30,000,000.00) to Fifty Million and NO/100 Dollars ($50,000,000.00)
and further extend the maturity date of the existing loan, and the Bank agreed to do so.

 

In 2017, Borrower requested
that the Bank further extend the maturity date of the Fifty Million and NO/100 Dollars ($50,000,000.00) loan, and the Bank agreed
to do so.

 

In July, 2018, Borrower
requested that the Bank further extend the maturity date of the Fifty Million and NO/100 Dollars ($50,000,000.00) loan, and the
Bank agreed to do so.

 

In October, 2018, Borrower
requested that the Bank reduce the pricing, amend tangible net worth covenant and extend the maturity date, and the Bank agreed
to do so.

 

NOW, THEREFORE, incorporating
the Recitals of Fact set forth above and in consideration of the mutual agreements herein contained, the parties agree as follows:

 

AGREEMENTS

 

SECTION
1:DEFINITIONS AND ACCOUNTING TERMS

 

1.1           Certain
Defined Terms.   For the purposes of this Loan Agreement, the following terms shall have the following meanings (such meanings
to be applicable equally to both the singular and plural forms of such terms) unless the context otherwise requires:

 

"Business Day"
means a banking business day of the Bank.

 

"Capital Lease"
means, as applied to any Person, any lease of any property (whether real, personal or mixed) by that Person as lessee which, in
accordance with GAAP, is or should be accounted for as a capital lease on the balance sheet of that Person; provided, however,
that for purposes of (a) determining compliance with the financial covenants in Section 6.13 and 6.14 hereof, and (b) determining
Indebtedness for purposes of compliance with Section 7.1 hereof, leases that are classified as operating leases in accordance with
GAAP as in effect on June 30, 2018 shall continue to be treated as operating leases notwithstanding any changes in GAAP occurring
after June 30, 2018 that otherwise require such leases to be treated as Capital Leases.

 

"Cash" shall
have the meaning prescribed in accordance with GAAP.

 

"Chassis Financing"
shall have the meaning ascribed to such term in paragraph (e) of the definition of Permitted Encumbrances.

 

"Closing Date"
means the date set out in the first paragraph of this Loan Agreement.

 

"Consolidated
Companies" or “Consolidated Company” means Miller Industries, Inc. and each of its Subsidiaries.

 

    	- 2 - 

     

    

 

"EBITDA"
means for the applicable period, the sum, without duplication, of (a) Net Income Before Taxes of the Consolidated Companies on
a consolidated basis for such period and (b) to the extent deducted in determining such Net Income Before Taxes on a consolidated
basis: (A) Interest Expenses of the Consolidated Companies on a consolidated basis for such period; (B) depreciation and amortization
expenses of the Consolidated Companies on a consolidated basis for such period; and (C) other non-cash charges of the Consolidated
Companies on a consolidated basis for such period.

 

"Environmental
Laws" means all local, state or federal laws, rules or regulations pertaining to environmental regulation, contamination or
cleanup, including, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act of 1980, the Resource
Conservation and Recovery Act of 1976 or any state lien or superlien or environmental cleanup statutes.

 

"Event of Default"
has the meaning assigned to that phrase in Section 8.

 

"FLSA" means
the Fair Labor Standards Act of 1938, as amended.

 

"GAAP" means
generally accepted accounting principles in the United States applied on a consistent basis.

 

"Guaranty Obligations"
means, with respect to any Person, without duplication, any obligations (other than endorsements in the ordinary course of business
of negotiable instruments for deposit or collection) guaranteeing or intended to guarantee any Indebtedness, leases, dividends
or other obligations of any Person (other than another Borrower) in any manner, whether direct or indirect, and including without
limitation any obligation, whether or not contingent, (a) to purchase any such Indebtedness or other obligation or any Property
constituting security therefor, (b) to advance or provide funds or other support for the payment or purchase of such Indebtedness
or obligation or to maintain working capital, solvency or other balance sheet condition of such other Person (including, without
limitation, maintenance agreements, comfort letters, take or pay arrangements, put agreements or similar agreements or arrangements)
for the benefit of the holder of Indebtedness of such other Person, (c) to lease or purchase Property, securities or services primarily
for the purpose of assuring the owner of such Indebtedness or obligation, or (d) to otherwise assure or hold harmless the owner
of such Indebtedness or obligation against loss in respect thereof. The amount of any Guaranty Obligation hereunder shall (subject
to any limitations set forth therein) be deemed to be an amount equal to the outstanding principal amount (or maximum principal
amount, if larger) of the Indebtedness in respect of which such Guaranty Obligation is made.

 

"Hazardous Substances"
shall mean and include all hazardous and toxic substances, wastes or materials, any pollutants or contaminants (including, without
limitation, asbestos and raw materials which include hazardous constituents), or any other similar substances or materials which
are included under or regulated by any Environmental Laws.

 

    	- 3 - 

     

    

 

"Indebtedness"
of any Person means all liabilities, obligations and indebtedness of that Person at any date and of any and every kind and nature
but limited to, (a) all obligations of such Person for borrowed money, (b) all obligations of such Person evidenced by bonds, debentures,
notes or similar instruments, or upon which interest payments are customarily made, (c) all obligations, including, without limitation,
intercompany items, of such Person issued or assumed as the deferred purchase price of property or services purchased by such Person
which would appear as liabilities on a balance sheet of such Person, (d) all indebtedness secured by (or for which the holder of
such indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on, or payable out of the proceeds
of production from, Property owned or acquired by such Person, whether or not the obligations secured thereby have been assumed,
(e) all Guaranty Obligations of such Person, (f) the principal portion of all obligations of such Person under (i) Capital Leases
and (ii) any synthetic lease, tax retention operating lease, off-balance sheet loan or similar off-balance sheet financing product
of such Person where such transaction is considered borrowed money indebtedness for tax purposes but is classified as an operating
lease in accordance with GAAP (collectively "Synthetic Leases"), (g) all obligations of such Person in respect of interest
rate protection agreements, foreign currency exchange agreements, or other interest or exchange rate or commodity price hedging
agreement, (h) the maximum amount of all commercial letters of credit and the maximum amount of all performance and standby letters
of credit issued or bankers' acceptances facilities created for the account of such Person and, without duplication, all drafts
drawn thereunder (to the extent unreimbursed), and (i) all preferred stock issued by such Person and required by the terms thereof
to be redeemed, or for which mandatory sinking fund payments are due, by a fixed date. The Indebtedness of any Person shall include
the Indebtedness of any partnership or unincorporated joint venture in which such Person is legally obligated or has a reasonable
expectation of being liable with respect thereto.

 

"Interest Expense"
means, for any period, with respect to the Consolidated Companies on a consolidated basis, all interest expense, including the
interest component under Capital Leases, as determined in accordance with GAAP.

 

"Letters of Credit"
means any letter of credit issued for the account of a Borrower that is included as part of this Revolving Credit Loan pursuant
to this Loan Agreement.

 

"Leverage Ratio"
means, as of the end of each fiscal quarter of the Consolidated Companies, for the twelve (12) month period ending on such date,
with respect to the Consolidated Companies on a consolidated basis, the ratio of (1) Indebtedness for borrowed money (other than
any Chassis Financing) to (2) EBITDA, plus Cash.

 

"Lien" means
any interest in Property securing an obligation owed to, or a claim by, a Person other than the owner of the Property, whether
such interest is based on the common law, statute or contract, and including but not limited to the security interest or lien arising
from a deed of trust, mortgage, encumbrance, pledge, conditional sale or trust receipt, interest of a lessor under a Capital Lease
or consignment or bailment for security purposes, and including but not limited to reservations, exceptions, encroachments, easements,
rights-of-way, covenants, conditions, restrictions, leases, and other title exceptions and encumbrances affecting Property but
not including the interest of any lessor under a lease which is not a Capital Lease. For the purposes of this Loan Agreement, the
Borrower shall be deemed to be the owner of any Property which it has acquired or holds subject to a conditional sale agreement,
lease, financing lease or other arrangement pursuant to which title to the Property has been retained by or is vested in some other
Person.

 

    	- 4 - 

     

    

 

"Loan Agreement"
means this Amended and Restated Loan Agreement between the Borrower and the Bank as the same may be amended, supplemented or otherwise
modified from time to time in accordance therewith.

 

"Material Adverse
Effect" means a materially adverse effect on (a) the business, assets, liabilities or financial condition of the Consolidated
Companies, taken as a whole or (b) the ability of the Borrower to perform its obligations under this Loan Agreement or the
Note.

 

“Material Debt”
shall have the meaning ascribed to such term in Section 8.2.

 

"Maximum Rate"
means the maximum variable contract rate of interest which the Bank may lawfully charge under applicable statutes and laws from
time to time in effect.

 

"Negative Pledge
Agreement" means the Negative Pledge Agreement(s) dated on or about April 6, 2010, executed by any Borrower in favor of Bank
and any similar negative pledge financing statements covering Property of any Borrower, as the Negative Pledge Agreement may be
amended, supplemented or otherwise modified from time to time.

 

"Net Income Before
Taxes" means the consolidated net income before income taxes of the Consolidated Companies for the applicable period determined
in accordance with GAAP.

 

"Note" means
the Amended and Restated Master Revolving Credit Note executed by the Borrower to the Bank, of even date herewith, as such note
may be modified, renewed or extended from time to time; and any other note or notes executed by any Borrower at any time to evidence
the indebtedness under this Loan Agreement, in whole or in part, and any renewals, modifications and extensions thereof, in whole
or in part.

 

“Permitted Assignee”
shall mean any successor in interest to Bank who has acquired all of the equity interests or all or substantially all of the assets
of Bank.

 

“Permitted Borrowing”
shall mean loans obtained by Consolidated Companies from lenders other than the Bank from time to time not exceeding $8,000,000.00
in the aggregate at any time.

 

"Permitted Encumbrances"
shall mean and include:

 

(a)          liens
for taxes, assessments or similar governmental charges not in default or which are being contested in good faith by appropriate
proceedings;

 

(b)          workmen's,
vendors', mechanics' and materialmen's liens and other liens imposed by law incurred in the ordinary course of business, and easements
and encumbrances which are not substantial in character or amount and do not materially detract from the value or interfere with
the intended use of the properties subject thereto and affected thereby;

 

    	- 5 - 

     

    

 

(c)          pledges
or deposits of money securing bids, tenders, contracts (other than contracts for the payment of money), leases to which any Borrower
is a party as lessee made in the ordinary course of business or liens in respect of pledges or deposits under social security laws,
worker's compensation laws, unemployment insurance or similar legislation and in respect of pledges or deposits to secure bids,
tenders, contracts (other than contracts for the payment of money), leases or statutory obligations;

 

(d)          any
liens and security interests on equipment and machinery securing the financing of that equipment and machinery not exceeding a
secured amount of more than the Permitted Borrowing;

 

(e)          any
liens related to chassis financing provided by the dealers and/or manufacturers of the chassis;

 

(f)          zoning
restrictions, easements, licenses, or other restrictions on the use of any real property or other minor irregularities in title
(including leasehold title) thereto, so long as the same do not materially impair the use, value, or marketability of such real
property;

 

(g)          normal
and customary rights of setoff and security interests arising under applicable law (including Section 4-210 of the Uniform Commercial
Code) upon deposits of cash in favor of banks or other depository institutions; and

 

(h)          such
other liens and encumbrances to which Bank shall consent in writing.

 

"Permitted Refinancing"
means Indebtedness constituting a refinancing or extension of Indebtedness, which exists as of the date of this Loan Agreement
or is otherwise not prohibited by this Loan Agreement, that (a) has an aggregate outstanding principal amount not greater than
the aggregate principal amount of the Indebtedness being refinanced or extended, (b) has a weighted average maturity (measured
as of the date of such refinancing or extension) and maturity no shorter than that of the Indebtedness being refinanced or extended,
(c) is not entered into as part of a sale leaseback transaction, (d) is not secured by a Lien on any assets other than the collateral
securing the Indebtedness being refinanced or extended, (e) the obligors of which are the same as the obligors of the Indebtedness
being refinanced or extended and (f) is otherwise on terms no less favorable to the Borrower, than those of the Indebtedness being
refinanced or extended.

 

"Person"
means an individual, partnership, corporation, trust, unincorporated organization, association, joint venture or a government or
agency or political subdivision thereof.

 

"Property"
means as to any Borrower, all of that Borrower's property, whether real, personal, tangible, intangible or mixed, and other assets
at any time owned, leased or operated by such Borrower.

 

    	- 6 - 

     

    

 

"Related Person"
shall mean any Borrower, all of Borrowers’ subsidiaries and any other Person (a) which now or hereafter directly or indirectly
through one or more intermediaries controls, or is controlled by, or is under common control with, Borrower, or (b) which
now or hereafter beneficially owns or holds five percent (5%) or more of the capital stock (partnership interests, of membership
interests or other form of ownership interest of Borrower, or (c) five percent (5%) or more of the capital stock, partnership
interest, membership interests or other form of ownership interest of which is beneficially owned or held by Borrower. For the
purposes hereof, "control" shall mean possession, directly or indirectly, of the power to direct or cause the direction
of the management and policies of a Person, whether through the ownership of voting stock or interests, by contract or otherwise.

 

"Revolving Credit
Advances" means advances of principal on the Revolving Credit Loan by the Bank under the terms of this Loan Agreement to any
Borrower during the term of the Revolving Credit Loan pursuant to Section 3 of this Loan Agreement.

 

"Revolving Credit
Loan" means the Borrower's revolving credit indebtedness to the Bank pursuant to Section 2 of this Loan Agreement.

 

"Revolving Credit
Note" means the Note as described in Section 2.3 hereof.

 

"Subsidiary"
of a Person means any corporation, association, limited liability company, partnership, joint venture or other business entity
of which more than fifty percent (50%) of the voting Stock, is owned or controlled directly or indirectly by the Person, or one
or more of the Subsidiaries of the Person, or a combination thereof.

 

"Tangible Net
Worth" means the excess of the book value of the assets of the Consolidated Companies on a consolidated basis over its liabilities
calculated in accordance with GAAP, provided, however, that in performing such calculation there shall be (a) excluded from the
assets of the Consolidated Companies (i) any amount in respect of goodwill, (ii) any amounts owed to Consolidated Companies
by a Related Person, and (iii) any amounts owed to Consolidated Companies by an employee of any Consolidated Company or of any
Related Person to a Consolidated Company, and (b) included, as equity, any indebtedness owed by any Consolidated Company to any
Person which indebtedness has, by formal, binding agreement (in form and substance satisfactory to Bank) been deferred and subordinated
in priority of payment to the indebtednesses and obligations of Borrower to Bank.

 

"Termination Date
of Revolving Credit Loan" shall mean the earlier of (a) May 31, 2022, or in the event that the Bank and Borrower shall hereafter
mutually agree in writing that the Revolving Credit Loan and the Bank's commitment hereunder shall be extended to another date,
and the Note shall be modified or amended to reflect such extension, such extended date pursuant to the foregoing, or (b) the
date as of which Borrower shall have terminated the Bank's commitment under the provisions of Section 2.5 hereof.

 

1.2         Accounting
Terms.   All accounting terms not specifically defined herein shall be construed in accordance with generally accepted accounting
principles consistent with those applied in the preparation of the financial statements required to be delivered from time to time
pursuant to Section 6.5 hereof.

 

    	- 7 - 

     

    

 

SECTION
2:COMMITMENT, FUNDING AND TERMS OF REVOLVING CREDIT LOAN

 

2.1         The
Commitment.   Subject to the terms and conditions herein set out, Bank agrees and commits to make loan advances to the Borrower
from time to time, from the Closing Date until the Termination Date of Revolving Credit Loan, in an aggregate principal amount
not to exceed, at any one time outstanding Fifty Million and NO/100 Dollars ($50,000,000.00). Purchase cards, letters of credit
issued for the benefit of the Borrower, and treasury risk exposure that is allocated to the Revolving Credit Loan by the Bank shall
by the Bank shall be treated as loan advances against the Fifty Million and NO/100 Dollars ($50,000,000.00) loan.

 

2.2         Funding
the Loan.   Each loan advance hereunder shall be made upon the written request of the Borrower to the Bank, specifying the
date and amount thereof. All advances hereunder shall be made by depositing the same to the checking account of Borrower at the
Bank.

 

2.3         The
Note and Interest.   The Revolving Credit Loan shall be evidenced by one (1) promissory note of the Borrower, payable to
the order of the Bank in the principal amount of Fifty Million and NO/100 Dollars ($50,000,000.00), in form substantially the same
as the copy of the Revolving Credit Note attached hereto as Exhibit "A."  The entire principal amount of
the Loan shall be due and payable on the Termination Date of Revolving Credit Loan. The unpaid principal balances of the Revolving
Credit Loan shall bear interest from the Closing Date on disbursed and unpaid principal balances at a rate per annum described
in the Note.

 

2.4         Non-Usage
Fee.   The Borrower agrees that with respect to any unused portion of the Loan, there shall be a non-usage fee of between
..15% per annum and .35% per annum multiplied by the unused portion of the Revolving Credit Loan based upon the average Consolidated
Companies’ collected deposit business with the Bank for the previous twelve (12) month period (“Average Balance”),
in accordance with the following Pricing Table. The fee shall be paid by the Borrower to the Bank each quarter commencing on December
31, 2018 and continuing on each March 31, June 30, September 30 and December 31 thereafter. Purchase cards and letters of credit
issued for the benefit of the Borrower by the Bank shall be treated as loan advances (usages) against the Fifty Million and NO/100
Dollars ($50,000,000.00) loan and shall not be included in the non-usage fee calculation. “Pricing Table” shall mean
(a) if the Bank remains the primary treasury management and depository bank for the Borrowers and the Average Balance is equal
to or greater than $6,000,000.00, the non-usage fee shall be .15% per annum and if the Average Balance is less than $6,000,000.00
the non-usage fee shall be .20% per annum; and (b) if the Bank is not the primary treasury management and depository bank for the
Borrowers, the non-usage fee shall be .35% per annum.

 

2.5         Prepayments
or Termination of the Revolving Credit Loan.   The Borrower may, at its option, from time to time, subject to the terms and
conditions hereof, without penalty, borrow, repay and reborrow amounts under the Revolving Credit Loan. By notice to the Bank in
writing, Borrower shall be entitled to terminate the Bank's commitment to make further advances on the Revolving Credit Loan.

 

    	- 8 - 

     

    

 

SECTION
3:REQUIRED PAYMENTS, PLACE OF PAYMENT, ETC.

 

3.1         Required
Repayments.   In the event that the outstanding principal balance of the Revolving Credit Loan shall at any time exceed Fifty
Million and NO/100 Dollars ($50,000,000.00), the Borrower will immediately upon discovery of the existence of such excess borrowings,
make a principal payment which will reduce the outstanding principal balance of the Revolving Credit Loan in the amount of such
excess.

 

3.2         Place
of Payments.   All payments of principal and interest on the Revolving Credit Loan and all payments of fees required hereunder
shall be made to the Bank, at its address listed in Section 9.2 of this Agreement or such other location as the Bank may designate
in writing or accept such payments in immediately available funds.

 

3.3         Payment
on Non-Business Days.   Whenever any payment of principal, interest or fees to be made on the indebtednesses evidenced by
the Note shall fall due on a Saturday, Sunday or public holiday under the laws of the State of Tennessee, such payment shall be
made on the next succeeding Business Day.

 

SECTION
4:CONDITIONS OF LENDING

 

4.1         Conditions
Precedent to Closing and Funding Initial Advance.   The obligation of the Bank to fund the initial Revolving Credit Loan
Advance hereunder is subject to the condition precedent that the Bank shall have received, on or before the Closing Date, all of
the following in form and substance satisfactory to the Bank:

 

(a)          This
Loan Agreement.

 

(b)          A
current 10K and 10Q of the Borrower.

 

(c)          Certified
copy of Borrower's charters, articles of incorporation, articles of formation, by-laws, operating agreements, partnership agreements
and certificates of limited partnership, and all amendments thereto.

 

(d)         Certified
corporate resolutions or consents of Borrower, and certificate(s) of good standing for Borrower from the state of its formation
and certificates of existence in each jurisdiction where Borrower is qualified to do business.

 

(e)          UCC
lien searches from such recording offices as Bank shall specify.

 

(f)           The
opinion of counsel for Borrower that the transactions herein contemplated have been duly authorized by all requisite corporate,
partnership or limited liability company authority, that this Loan Agreement and the other instruments and documents herein referred
to have been duly authorized, validly executed and are in full force and effect, and pertaining to such other matters as the Bank
may reasonably require.

 

(g)          A
certificate from an insurance broker, reasonably satisfactory to Bank setting forth the information concerning insurance which
is required by this Loan Agreement.

 

(h)         Such
other information and documentation as Bank shall deem to be necessary or desirable in its reasonable credit judgment in connection
with the funding of the Loan, including but not limited to the items shown on the Checklist for Closing, attached hereto, marked
Exhibit "B" and made a part hereof.

 

    	- 9 - 

     

    

 

4.2         Conditions
Precedent to All Revolving Credit Loan Advances.   The obligation of the Bank to make Revolving Credit Advances pursuant
hereto (including the initial advance at the Closing Date) shall be subject to the following additional conditions precedent:

 

(a)          No
Event of Default shall have occurred and be continuing.

 

(b)          Each
of the Warranties and Representations of the Borrower, as set out in Section 5 hereof shall remain true and correct in all
material respects as of the date of such Loan advance except to the extent such representation or warranty was made as of a specific
date, in which case the same shall be true and correct in all material respect as of such date.

 

SECTION
5:REPRESENTATIONS AND WARRANTIES

 

Borrower represents
and warrants that:

 

5.1         Incorporation
Status/Partnership Status/Limited Liability Company Status.   It is either a corporation, partnership or limited liability
company as shown on Exhibit “D” attached hereto, duly organized, validly existing and in good standing under
the laws of the State shown on Exhibit “D;” it has the power and authority to own its properties and assets
and is duly qualified to carry on its business in every jurisdiction wherein such qualification is necessary except to the extent
that the failure to comply could not reasonably be expected to have a Material Adverse Effect.

 

5.2         Power
and Authority.   The execution, delivery and performance of the Loan Agreement, the Note and the other loan documents have
been duly authorized by all requisite action and will not violate any material provision of law, any order of any court or other
agency of government, the certificate of incorporation or bylaws, the partnership agreement, articles of formation or operating
agreement of the Borrower, any provision of any indenture, agreement or other instrument to which Borrower is a party, or by which
Borrower's respective properties or assets are bound, or be in conflict with, result in a breach of, or constitute (with due notice
or lapse of time or both) a default under any such indenture, agreement or other instrument, or result in the creation or imposition
of any lien, charge or encumbrance of any nature whatsoever upon any of the properties or assets of Borrower, except for Permitted
Encumbrances and such other liens and other encumbrances permitted by or securing the indebtedness covered by this Loan Agreement
and except, in each case, where such violation, conflict or breach could not reasonably be expected to have a Material Adverse
Effect.

 

5.3         Financial
Condition.   (a) The 10K of the Borrower dated December 31, 2017, a copy of which
has been furnished to the Bank, together with any explanatory notes therein referred to and attached thereto, are correct and complete
and fairly present the financial condition of Borrower in all material respects as at the date of such items for such periods and
as of the date of closing of this Loan Agreement and related transactions, respectively. Such financial statement has been prepared
in accordance with Generally Accepted Accounting Principles applied on a consistent basis maintained through the period involved.

 

(b)          There
has been no material adverse change in the business, properties or condition, financial or otherwise, of Borrower since December
31, 2017.

 

    	- 10 - 

     

    

 

5.4         Title
to Assets.   Borrower has good and marketable title to all its properties and assets reflected on the balance sheet referred
to in Section 5.3 hereof, except for (i) such assets as have been disposed of since said date as no longer used or useful
in the conduct of business, (ii) inventory sold in the ordinary course of business and thereafter accounted for as accounts
receivable or cash, (iii) accounts receivable collected and properly accounted for, and (iv) items which have been amortized
in accordance with GAAP applied on a consistent basis; and all such properties and assets are free and clear of Liens except for
Permitted Encumbrances or as otherwise expressly permitted by the provisions hereof.

 

5.5         Litigation.
  There is no action, suit or proceeding at law or in equity or by or before any governmental instrumentality or other agency now
pending, or, to the knowledge of the Borrower threatened against or affecting Borrower, or any properties or rights of Borrower,
which, if adversely determined, could reasonably be expected to have a Material Adverse Effect.

 

5.6         Taxes.
  Borrower has filed or caused to be filed all federal, state or local tax returns which are required to be filed, and has paid all
taxes as shown on said returns or on any assessment received by it, to the extent that such taxes have become due, except where
such taxes or other assessments are being contested in good faith with adequate reserves therefore and as otherwise permitted by
the provisions of this Agreement or to the extent that the failure to pay such taxes or assessments could not reasonably be expected
to have a Material Adverse Effect.

 

5.7        Contracts
or Restrictions Affecting Borrower.   Borrower is not a party to any agreement or instrument or subject to any charter or
other corporate partnership agreement or other company restrictions that could reasonably be expected to have a Material Adverse
Effect.

 

5.8         No
Default.   Borrower is not in default in the performance, observance or fulfillment of any of the obligations, covenants,
or conditions contained in any agreement or instrument to which it is a party, which default if not cured could reasonably be expected
to have a Material Adverse Effect.

 

5.9         Patents
and Trademarks.   Borrower possesses all necessary patents, trademarks, trade names, copyrights, and licenses
necessary to the conduct of its businesses in all material respects.

 

5.10       ERISA.
  Borrower is in compliance in all material respects with all applicable provisions of the Employees Retirement Income Security Act
of 1974 ("ERISA") and all other laws, state or federal, applicable to any employees' retirement plan maintained or established
by it.

 

5.11      Hazardous
Substances.   No Hazardous Substances are located on or have been stored, processed or disposed of on or released or discharged
(including ground water contamination) from any property owned by Borrower and no above or underground storage tanks exist on such
property other than substances that are properly stored and in material compliance with applicable Environmental Laws or where
the failure to so comply could not reasonably be expected to have a Material Adverse Effect. No private or governmental lien or
judicial or administrative notice or action related to Hazardous Substances or other environmental matters has been filed against
any property owned by Borrower or otherwise issued to or received by Borrower.

 

    	- 11 - 

     

    

 

5.12      No
Subsidiaries.   As of the Closing Date, Borrower does not own all or a substantial part of the stock (or other ownership
interest) in any other corporation (or other form of business organization), except as shown in Exhibit “E”
attached hereto.

 

SECTION
6:AFFIRMATIVE COVENANTS OF BORROWER

 

Borrower covenants
and agrees that from the date hereof and until payment in full of the principal of and interest on indebtednesses evidenced by
the Note, unless the Bank shall otherwise consent in writing, such consent to be at the discretion of the Bank, Borrower will:

 

6.1         Business
and Existence.   Perform all things necessary to preserve and keep in full force and effect its existence, rights and franchises,
comply with all laws applicable to it and continue to conduct and operate its business substantially as conducted and operated
during the present and preceding calendar years except where the failure to do so could not reasonably be expected to have a Material
Adverse Effect.

 

6.2         Maintain
Property.   Maintain, preserve, and protect all leases, franchises, and trade names and preserve all the remainder of its
properties used or useful in the conduct of its business substantially as conducted and operated during the present and preceding
fiscal year; keep all of its properties used or useful in the conduct of its business in good repair, working order and condition,
and from time to time make, or cause to be made, all needed and proper repairs, renewals, replacements, betterments and improvements
thereto so that the business carried on in connection therewith may be properly conducted at all times except where the failure
to do so could not reasonably be expected to have a Material Adverse Effect.

 

6.3         Insurance.
  (a) At all times maintain with some company or companies having a Best's
rating of A:XI or better or otherwise approved by the Bank in its reasonable discretion:

 

(i)          Comprehensive
liability insurance covering claims for bodily injury, death, and property damage, with minimum limits satisfactory to the Bank,
but in any event not less than those amounts customarily maintained by companies in the same or substantially similar business;

 

(ii)         Business
interruption insurance and/or loss of rents insurance in a minimum amount reasonably consistent with industry standards, with a
loss payable clause in favor of Bank; and

 

(iii)        Hazard
insurance insuring Borrower's property and assets against loss by fire (with extended coverage) and against such other hazards
and perils (including but not limited to loss by windstorm, hail, explosion, riot, aircraft, smoke, vandalism, malicious mischief
and vehicle damage), all such insurance to be issued in such form, with such deductible provision, and for such amount as shall
be reasonably consistent with industry standards. Borrower shall not be obligated to have any loss payable clause in favor of Bank.

 

    	- 12 - 

     

    

 

(b)          The
Borrower will deliver to Bank satisfactory certificates of insurance, and, as often as Bank may reasonably request, a report of
a reputable insurance broker with respect to such insurance, provided, however, Borrower shall not be obligated to have Bank named
as additional insured.

 

6.4         Obligations,
Taxes and Liens.   Pay all of its indebtednesses and obligations promptly in accordance with normal terms and practices of
its business and pay and discharge or cause to be paid and discharged promptly all taxes, assessments, and governmental charges
or levies imposed upon it or upon any of its income and profits, or upon any of its properties, real, personal or mixed, or upon
any part thereof, before the same shall become in default, as well as all lawful claims for labor, materials, and supplies which
otherwise, if unpaid, might become a lien or charge upon such properties or any part thereof; provided, however, that the Borrower
shall not be required to pay and discharge or to cause to be paid and discharged any such tax, assessment, trade payable, charge,
levy or claim so long as the validity thereof shall be contested in good faith by appropriate proceedings with appropriate reserves
taken.

 

6.5         Financial
Reports and Other Data.   Furnish to the Bank as soon as available and in any event within ninety (90) days after the end
of each fiscal year of Borrower the 10K of the Borrower and within forty five (45) days after the end of each fiscal calendar quarter
of Borrower the 10Q of the Borrower.

 

6.6         Notice
of Default.   At the time of Borrower's first knowledge or notice, furnish the Bank with written notice of the occurrence
of any event or the existence of any condition which constitutes or upon written notice or lapse of time or both would constitute
an Event of Default under the terms of this Loan Agreement.

 

6.7         Additional
Information.   Furnish such other information regarding the operations, business affairs and financial condition of the Borrower
as Bank may reasonably request, including but not limited to accounts payable aging reports, written confirmation of requests for
loan advances, true and exact copies of its books of account and tax returns, and all material information furnished to any governmental
authority, and permit the copying of the same.

 

6.8         Right
of Inspection.  Permit any person designated by the Bank in writing, at the Bank's expense, to visit and inspect any of
the properties, books and financial reports of the Borrower and to discuss its affairs, finances and accounts with its principal
officers, at all such reasonable times as a Bank may reasonably request.

 

6.9         Environmental
Laws.   Maintain at all times all of Borrower's property in compliance with all Environmental Laws in all material respects,
and immediately notify the Bank of any notice, action, lien or other similar action alleging either the location of any Hazardous
Substances or the material violation of any Environmental Laws with respect to any of Borrower's property or operations.

 

6.10       [RESERVED]

 

    	- 13 - 

     

    

 

6.11       Notice
of Adverse Change in Assets.   At the time of Borrower's first knowledge or notice, immediately notify the Bank of any information
that may adversely affect in any material manner the assets of the Borrower.

 

6.12       Non-Default
Certificate.   Furnish forty five (45) days after each of the first three (3) calendar quarters of the calendar year and
ninety (90) days after the end of the calendar year, a Non-Default Certificate substantially in the form of Exhibit "C"
attached hereto, certified by the Chief Financial Officer of Borrower.

 

6.13       Minimum
Tangible Net Worth.   Maintain at all times beginning on the Closing Date, a Tangible Net Worth of not less than One Hundred
Sixty Million and NO/100 Dollars ($160,000,000.00).

 

6.14       Leverage
Ratio.   Maintain at all times beginning on the Closing Date, a Leverage Ratio of less than 2.00 to 1.00.

 

6.15       Use.
  Only use the Loan proceeds for general corporate purposes, including working capital, letters of credit, transactional risk
exposure (such as purchase cards) and capital expenditures.

 

SECTION
7:NEGATIVE COVENANTS OF BORROWER

 

Borrower covenants
and agrees that at all times from and after the Closing Date, unless the Bank shall otherwise consent in writing, such consent
to be at the discretion of the Bank, it will not, either directly or indirectly:

 

7.1         Indebtedness.
  Incur, create, assume or permit to exist any Indebtedness, except:

 

(a)          Indebtednesses
to the Bank arising under this Loan Agreement and evidenced by the Note;

 

(b)          Indebtednesses
for borrowed money under notes and lease obligations reflected in Borrower's most recently filed 10Q and Permitted Refinancings
thereof, but excluding the indebtednesses and obligations which are concurrently herewith being paid and satisfied;

 

(c)          Trade
accounts payable, taxes payable, deferred sales, accrued employees' bonuses and withheld amounts, accrued liabilities with respect
to contributions to pension plans and other similar short-term obligations incurred by Borrower in the normal course of operating
its business, provided that Borrower shall not be in default (subject to applicable grace periods) with respect to any of such
obligations where such default could reasonably expected to have a Material Adverse Effect;

 

(d)          Indebtedness
related to Permitted Encumbrances;

 

(e)          Intercompany
loans and balances, made and existing in the normal course of business, among the Consolidated Companies, which will not have a
Material Adverse Effect;

 

(f)          The
Permitted Borrowing.

 

    	- 14 - 

     

    

 

7.2         Mortgages,
Liens, Etc.   Create, assume or suffer to exist Lien of any nature whatsoever on any of its assets, now or hereafter owned,
except for:

 

(a)          Liens,
if any, securing payment of the Note;

 

(b)          Existing
Liens securing Indebtednesses permitted under Section 7.1(b) above;

 

(c)          Permitted
Encumbrances; and

 

(d)          Other
liens on assets with a value not exceeding $500,000.00 or securing indebtedness with a principal amount not exceeding $500,000.00.

 

7.3         Guarantees.
  Guarantee or otherwise in any way become or be responsible for any Guaranty Obligations of any other Person, by any means whatsoever,
without the prior written consent of the Bank, except for (i) the endorsement of negotiable instruments by the Borrower in the
ordinary course of business for collection, (ii) repurchase obligations under dealer floor plan arrangements and (iii) Guaranty
Obligations of Indebtedness permitted pursuant to Section 7.1.

 

7.4         Sale
of Assets.   Sell, lease, transfer or dispose (other than in the normal course of business or as permitted pursuant to Section
7.8) of all or a substantial part of its assets.

 

7.5         Loans
and Investments.   Make any loans to or investments in, or, except as provided in Section 7.8, purchase any stock, other
securities or evidence of indebtedness of any Person, except as follows: (i) direct obligations of the United States of America
or obligations for which the full faith and credit of the United States of America is pledged to provide for the payment of principal
and interest, (ii) marketable securities issued by an agency of the United States government, (iii) commercial paper
issued by the Bank or rated A-1 by Standard and Poors Corporation, or P-1 by Moody's Investors Service, Inc., (iv) certificates
of deposit of or bankers' acceptances accepted by the Bank or by domestic commercial banks in the United States of America having
a combined capital and surplus of at least Ninety Million Dollars ($90,000,000.00), (v) repurchase agreements with respect
to any of the foregoing contained in clauses (i) through (iv), (vi) new loans or new investments in new or existing subsidiaries,
which would not have a Material Adverse Effect or result in those new loans or new investments equaling 10% or more of the assets
of the Consolidated Companies being transferred out of the United States, except those which occur in the ordinary course of business
or those which exceed 10% as a result of a currency translation adjustment, (vii) loans or investments permitted by the provisions
of Section 7.10 hereof, (viii) investments permitted by the provisions of Section 7.8 hereof, (ix) existing investments as
of the Closing Date, (x) loans permitted pursuant to Section 7.1(e) or 7.1(f), or (xi) other investments in an amount not to exceed
$2,000,000.00.

 

7.6         Sale
of Accounts Receivable.   Sell, discount or otherwise dispose of any of its accounts receivable or any promissory note or
obligation held by it, with or without recourse; provided, that the foregoing shall not prohibit (i) discounts on accounts receivable
given in the ordinary course of business and/or consistent with past practices, or (ii) the sale of other disposal of accounts
receivable that have been determined in the reasonable business judgment of Borrower to be uncollectible.

 

    	- 15 - 

     

    

 

7.7        New
Business.   Expand, acquire or enter into any business other than its present business or a related business, or any management
contract whereby the effective management or control of Borrower is delegated to third parties, without the prior written consent
of the Bank.

 

7.8         Consolidation
or Merger; Acquisition of Assets.   Except for merger or consolidation among the Borrower entities themselves or among any
other subsidiaries of Borrower (where one of the Borrowers is the survivor), (a) enter into any transaction of merger or consolidation,
which would have a Material Adverse Effect , (b) acquire any other business or corporation, which would have a Material Adverse
Effect, or (c) acquire all or substantially all of the property or assets of any other Person, which would have a Material Adverse
Effect.

 

7.9         Dividends,
Redemptions and Other Payments.   Unless same will not result in a breach of the Borrower's financial covenants contained
in Sections 6.13 and 6.14 of this Loan Agreement, declare or pay, or set apart any funds for the payment of, any dividends on any
shares of capital stock of Borrower, any distributions on any partnership interest in Borrower, or apply any of its funds, properties,
or assets to or set apart any funds properties or assets for, the purchase, redemption or other retirement of or make any other
distribution (whether by reduction of capital or otherwise) in respect of, any shares of capital stock of Borrower.

 

7.10       Loans
to Officers and Employees.   Permit or allow loans to officers and employees of Borrower, in the aggregate, to exceed One
Million Dollars ($1,000,000.00).

 

7.11       Trademarks
and Trade Names. Sell, transfer, convey, grant any security interest in, or otherwise encumber any existing or hereafter
acquired material trademarks or trade names owned by the Borrower that are used or useful in Borrower's business.

 

SECTION
8:EVENTS OF DEFAULT

 

An "Event of Default"
shall exist if any of the following shall occur:

 

8.1         Payment
of Principal, Interest.   The Borrower defaults in the prompt payment as and when due of (a) principal on the Note and such
payment is not made within 3 business days of its due date, (b) interest on the Note and such payment is not made within 5 business
days of its due date or (c) any fees due with respect to this Agreement or any related loan documents and such payment is not made
within 10 business days of its due date under this Loan Agreement.

 

8.2         Payment
of Other Obligations.   The Borrower defaults on the payment when due of any Indebtedness for borrowed money in a principal
amount exceeding $2,000,000.00 (“Material Debt”) or the performance of any other obligation incurred in connection
with such Material Debt, if the effect of such default is to accelerate the maturity of such Material Debt or permit the holder
thereof to cause such Material Debt to become due prior to its stated maturity; or

 

8.3         Representation
or Warranty.   Any representation or warranty made by the Borrower herein, or in any report, certificate, financial
statement or other writing furnished in connection with or pursuant to this Loan Agreement shall prove to be false, misleading
or incomplete in any material respect on the date as of which made; or

 

    	- 16 - 

     

    

 

8.4         Bankruptcy,
Etc.   Any Borrower shall make an assignment for the benefit of creditors, file a petition in bankruptcy, petition or apply
to any tribunal for the appointment of a custodian, receiver or any trustee for it or him or a substantial part of its or his assets,
or shall commence any proceeding under any bankruptcy, reorganization, arrangement, readjustment of debt, dissolution or liquidation
law or statute of any jurisdiction, whether now or hereafter in effect; or if there shall have been filed any such petition or
application, or any such proceeding shall have been commenced against any Borrower, in which an order for relief is entered or
which remains undismissed for a period of sixty (60) days or more; or Borrower by any act or omission shall indicate its or his
consent to, approval of or acquiescence in any such petition, application or proceeding or order for relief or the appointment
of a custodian, receiver or any trustee for it or him or any substantial part of any of its properties, or shall suffer any such
custodianship, receivership or trusteeship to continue undischarged for a period of sixty (60) days or more; or Borrower shall
generally not pay its debts as such debts become due; or

 

8.5         Concealment
of Property, Etc.   The Borrower shall have concealed, removed, or permitted to be concealed or removed, any part of its
or his property, with intent to hinder, delay or defraud its or his creditors or any of them, or made or suffered a transfer of
any of its property which may be fraudulent under any bankruptcy, fraudulent conveyance or similar law; or shall have made any
transfer of its or his property to or for the benefit of a creditor at a time when other creditors similarly situated have not
been paid; or shall have suffered or permitted, while insolvent, any creditor to obtain a lien upon any of its or his property
through legal proceedings or distraint which is not vacated within thirty (30) days from the date thereof.

 

8.6         Management
Change/ Change in Ownership.   Any of the following changes shall have occurred:

 

(i)          Any
“person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act
of 1934, as amended (the “Exchange Act”)), other than William G. Miller (or Persons, 100% of the Equity Interests of
which are owned by William G. Miller) is or becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under
the Exchange Act, except that a Person will be deemed to have “beneficial ownership” of all securities that such Person
has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly,
of more than thirty five percent (35)% of the total voting power of the then outstanding voting stock of Miller Industries, Inc.;

 

(ii)         During
any period of twelve (12) consecutive months ending after the date of this Loan Agreement, individuals who at the beginning of
any such twelve (12) month period constituted the Board of Directors of Miller Industries, Inc. (together with any new directors
whose election by such Board or whose nomination for election by the shareholders of Miller Industries, Inc. was approved by a
vote of a majority of the directors then still in office who were either directors at the beginning of such period or whose election
or nomination for election was previously so approved) cease for any reason to constitute a majority of the Board of Directors
of Miller Industries, Inc. then in office;

 

(iii)
       If William G. Miller or Deborah L. Whitmire cease for any reason to be principally involved in the senior management of Miller
Industries, Inc., and Miller Industries, Inc. shall have failed to replace the resulting vacancies in senior management with reasonable
replacements in a reasonable time period; or

 

    	- 17 - 

     

    

 

(iv)
       If the Borrower shall sell all or substantially all of its assets other than pursuant to Section 7.4 or 7.8.

 

8.7         Loan
Documents Terminated or Void.   This Loan Agreement, the Note, the Negative Pledge Agreement or any other loan documents
executed or delivered herewith or in connection with the original Loan made by Bank to the Borrower on or about April 6, 2010 shall,
at any time after their respective execution and delivery and for any reason, cease to be in full force and effect or shall be
declared to be null and void; or any Borrower shall deny it has any or further liability under this Loan Agreement, the Note, the
Negative Pledge Agreement or any other loan documents executed or delivered herewith or in connection with the original Loan made
by Bank to the Borrower on or about April 6, 2010.

 

8.8         Covenants.
The Borrower defaults in the performance or observance of any other covenant, agreement or undertaking on its part to be performed
or observed, contained herein, in the Negative Pledge Agreement, or in any other instrument or document which now or hereafter
evidences or secures all or any part of the Revolving Credit Loan and the same shall remain unremedied for 30 days.

 

8.9         Remedy.
Upon the occurrence and during the continuance of any Event of Default, as specified herein, the Bank shall, at its option, be
relieved of any obligation to make further Revolving Credit Advances under this Agreement; and the Bank may, at its option, thereupon
declare the entire unpaid principal balances of the Note, all interest accrued and unpaid thereon and all other amounts payable
under this Loan Agreement to be immediately due and payable for all purposes, and may exercise all rights and remedies available
to it under the Loan Agreement, any other instrument or document which secures the Note, or available at law or in equity. All
such rights and remedies are cumulative and nonexclusive, and may be exercised by the Bank concurrently or sequentially, in such
order as the Bank may choose.

 

SECTION
9:MISCELLANEOUS

 

9.1         Amendments.
  The provisions of this Loan Agreement, the Note or any instrument or document executed pursuant hereto or securing the Indebtednesses
hereunder may be amended or modified only by an instrument in writing signed by the parties hereto.

 

9.2         Notices.
  All notices and other communications provided for hereunder shall be in writing and shall be mailed, certified mail, return receipt
requested, or delivered, if to (i) the Borrower, to it at 8503 Hilltop Drive, Ooltewah, Tennessee 37363, Attention: Deborah L.
Whitmire and Frank Madonia, Telecopy: (423) 238-8417, (ii) the Lender to it at 701 Market Street, Chattanooga, Tennessee 37402,
Attention: Commercial Lending, Telecopy: (423) 757-4028, or (iii) as to any such person at such other address as shall be designated
by such person in a written notice to the other parties hereto complying as to delivery with the terms of this Section 9.2.
All such notices and other communications shall be effective (i) if mailed, when received or three (3) business days after
mailing, whichever is earlier; or (ii) if delivered by national overnight courier company or other personal delivery, upon
delivery; or (iii) if delivered by electronic mail or facsimile, upon delivery. Notice shall be deemed given upon receipt
or refusal to accept delivery.

 

    	- 18 - 

     

    

 

9.3         No
Waiver, Cumulative Remedies.   No failure to exercise and no delay in exercising, on the part of the Bank, any right, power
or privilege hereunder, shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege
hereunder preclude any other or further exercise thereof or the exercise of any other right, power or privilege. Waiver of any
right, power, or privilege hereunder or under any instrument or document now or hereafter securing the indebtedness evidenced hereby
or under any guaranty at any time given with respect thereto is a waiver only as to the specified item. The rights and remedies
herein provided are cumulative and not exclusive of any rights or remedies provided by law.

 

9.4         Indemnification.
  Borrower agrees to indemnify Bank from and against any and all claims, losses and liabilities actually incurred, including, without
limitation, reasonable attorneys' fees actually incurred, growing out of or resulting from this Agreement (including, without limitation,
enforcement of this Agreement), but subject to the limitations set forth in Section 9.14 and except relating to claims,
losses or liabilities resulting solely and directly from Bank's gross negligence or willful misconduct. The indemnification provided
for in this Section shall survive the payment in full of the loans.

 

9.5         Survival
of Agreements.   All agreements, representations and warranties made herein shall survive the delivery of the Note. This
Loan Agreement shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns,
except that (i) the Borrower shall not have the right to assign its rights hereunder or any interest therein and (ii) so long as
no Event of Default is continuing, Bank shall not assign this Loan Agreement or any of the documents or instruments executed in
connection therewith, or its rights thereunder or any interests therein to any person (other than a Permitted Assignee) without
the Borrower’s written consent.

 

9.6         Liens;
Setoff by Bank.   Borrower hereby acknowledges that Bank has a statutory banker’s lien and right of set off with respect
to all of Borrower’s monies, securities and other property and the proceeds thereof, now or hereafter held or received by
the Bank from or for Borrower, and also upon any and all deposits (general or special, matured or unmatured) and credits of the
Borrower against the Bank, at any time existing. Upon the occurrence of any Event of Default as specified above, the Bank is hereby
authorized at any time and from time to time, without notice to Borrower to exercise such rights of set off, appropriate, and apply
any and all items hereinabove referred to against any or all Indebtednesses of the Borrower to the Bank pursuant to this Agreement.

 

9.7         Governing
Law.   This Loan Agreement shall be governed and construed in accordance with the laws of the State of Tennessee, except
that the provisions hereof which relate to the payment of interest shall be governed by (i) the laws of the United States
or, (ii) the laws of the State of Tennessee, whichever permits the Bank to charge the higher rate, as more particularly set
out in the Note.

 

    	- 19 - 

     

    

 

9.8         Execution
in Counterparts.   This Loan Agreement may be executed in any number of counterparts, each of which when so executed shall
be deemed to be an original and all of which taken together shall constitute but one and the same instrument.

 

9.9         Terminology;
Section Headings.   All personal pronouns used in this Loan Agreement whether used in the masculine, feminine, or neuter
gender, shall include all other genders; the singular shall include the plural, and vice versa. Section headings are for convenience
only and neither limit nor amplify the provisions of this Loan Agreement.

 

9.10       Enforceability
of Agreement.   Should any one or more of the provisions of this Loan Agreement be determined to be illegal or unenforceable,
all other provisions, nevertheless, shall remain effective and binding on the parties hereto.

 

9.11       Interest
Limitations.   (a) The loans and the Note evidencing the loan, including any renewals
or extensions thereof, may provide for the payment of any interest rate (i) permissible at the time of the contract to make
the loans is executed, (ii) permissible at the time of the loan is made or any advance thereunder is made, or (iii) permissible
at the time of any renewal or extension of the loan or the Note.

 

(b)           It
is the intention of the Bank and the Borrower to comply strictly with applicable usury laws; and, accordingly, in no event and
upon no contingency shall the Bank ever be entitled to receive, collect, or apply as interest any interest, fees, charges or other
payments equivalent to interest, in excess of the maximum rate which the Bank may lawfully charge under applicable statutes and
laws from time to time in effect; and in the event that the holder of the Note ever receives, collects, or applies as interest
any such excess, such amount which, but for this provision, would be excessive interest, shall be applied to the reduction of the
principal amount of the indebtedness thereby evidenced; and if the principal amount of the indebtedness evidenced thereby, and
all lawful interest thereon, is paid in full, any remaining excess shall forthwith be paid to the Borrower, or other party lawfully
entitled thereto. In determining whether or not the interest paid or payable, under any specific contingency, exceeds the highest
rate which Bank may lawfully charge under applicable law from time to time in effect, the Borrower and the Bank shall, to the maximum
extent permitted under applicable law, characterize any non-principal payment as a reasonable loan charge, rather than as interest.
Any provision hereof, or of any other agreement between the Bank and the Borrower, that operates to bind, obligate, or compel the
Borrower to pay interest in excess of such maximum rate shall be construed to require the payment of the maximum rate only. The
provisions of this paragraph shall be given precedence over any other provision contained herein or in any other agreement between
the Bank and the Borrower that is in conflict with the provisions of this paragraph.

 

The Note shall be governed
and construed according to the statutes and laws of the State of Tennessee from time to time in effect, except to the extent that
Section 85 of Title 12 of the United States Code (or other applicable federal statue) may permit the charging of a higher
rate of interest than applicable state law, in which event such applicable federal statute, as amended and supplemented from time
to time shall govern and control the maximum rate of interest permitted to be charged hereunder; it being intended that, as to
the maximum rate of interest which may be charged, received, and collected hereunder, those applicable statutes and laws, whether
state or federal, from time to time in effect, which permit the charging of a higher rate of interest, shall govern and control;
provided, always, however, that in no event and under no circumstances shall the Borrower be liable for the payment of interest
in excess of the maximum rate permitted by such applicable law, from time to time in effect.

 

    	- 20 - 

     

    

 

9.12      Non-Control.
  In no event shall the Bank's rights hereunder be deemed to indicate that the Bank is in control of the business, management or
properties of the Borrower or has power over the daily management functions and operating decisions made by the Borrower.

 

9.13       Renewal.
  No later than December 15, 2021 (and each December 15, thereafter if the Loan is renewed), the Bank may provide the Borrower with
written notice of its intent to renew or not renew the Note for one (1) additional year after the Termination Date of Revolving
Credit Loan, provided, however, the Bank is not obligated to provide such notice and if the Bank fails to provide such notice,
regardless of the reason therefor, the Bank shall not be obligated to renew the Note and the Note shall remain due and payable
in full on the Termination Date. If the Bank so notifies the Borrower of its intent to renew the definition of “Termination
Date” shall automatically be amended to reflect such additional year (i.e. May 31, 2022 shall become May 31, 2023, etc.).

 

9.14       Fees
and Expenses.   The Borrower agrees to pay, or reimburse the Bank for, the actual out-of-pocket expenses, including reasonable
counsel fees actually incurred for one counsel of Bank and fees of any accountants, inspectors or other similar experts, as deemed
necessary by the Bank, incurred by the Bank in connection with the development, preparation, execution, amendment, recording, administration
(excluding the salary of Bank's employees and Bank's normal and usual overhead expenses) or enforcement of, or the preservation
of any rights under this Loan Agreement, the Note, the Negative Pledge Agreement, and any instrument or document now or hereafter
securing the Revolving Credit Loan indebtedness.

 

9.15       Time
of Essence.   Time is of the essence of this Loan Agreement, the Note, the Negative Pledge Agreement or any other loan documents
executed or delivered herewith or in connection with the original Loan made by Bank to the Borrower on or about April 6, 2010 and
the other instruments and documents executed and delivered in connection herewith.

 

9.16       Bank's
Consent.   Except as otherwise expressly provided herein, in any instance hereunder where Bank's approval or consent is required
or the exercise of its judgment is required, the granting or denial of such approval or consent and the exercise of such judgment
shall be within the reasonable discretion of Bank, and Bank shall not, for any reason or to any extent, be required to grant such
approval or consent or exercise such judgment. Bank may consult with counsel, and the written advice or opinion of such counsel
shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in
good faith and in reliance thereon.

 

9.17       Venue
of Actions.   As an integral part of the consideration for the making of the loans, it is expressly understood and agreed
that no suit or action shall be commenced by the Borrower, or by any successor, or permitted assignee of any of them, with respect
to the Revolving Credit Loan, or with respect to this Loan Agreement or any other document or instrument which now or hereafter
evidences or secures all or any part of the Revolving Credit Loan, other than in a state court of competent jurisdiction in and
for the County of Hamilton, Tennessee, or in the United States District Court for the Eastern District of Tennessee, and not elsewhere.
Nothing in this paragraph contained shall prohibit Bank from instituting suit in any court of competent jurisdiction for the enforcement
of its rights hereunder or in any other document or instrument which evidences or secures the Revolving Credit Loan.

 

    	- 21 - 

     

    

 

9.18       Waiver
of Right to Trial By Jury.   EACH PARTY TO THIS AGREEMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY
OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (a) ARISING UNDER THIS AGREEMENT OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT
EXECUTED OR DELIVERED IN CONNECTION HEREWITH, OR (b) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF
THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO THIS AGREEMENT OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED
IN CONNECTION HEREWITH, OR THE TRANSACTIONS RELATED HERETO OR THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING;
AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL
WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT
AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

 

9.19      Conflict.
  In the event of any conflict between the provisions hereof and the provisions of the Negative Pledge Agreement,
the Note or any other loan documents executed or delivered herewith or in connection with the original Loan made by Bank to the
Borrower on or about April 6, 2010 or any other document executed in connection herewith during the continuance of this Loan Agreement,
the provisions of this Loan Agreement shall control.

 

    	- 22 - 

     

    

 

IN WITNESS WHEREOF, the Borrower and the
Bank have caused this Loan Agreement to be executed by their duly authorized officers, all as of the day and year first above
written.

 

	 	MILLER INDUSTRIES, INC.

	 	By:	/s/ Deborah L. Whitmire
	 	Name: 	Deborah L. Whitmire
	 	Title:	Executive Vice President,  Chief Financial Officer and Treasurer

 

STATE OF TENNESSEE

COUNTY OF HAMILTON

 

Personally appeared
before me, Nadine L. Hancock, a Notary Public in and for said State and County duly commissioned and qualified, Deborah L. Whitmire,
with whom I am personally acquainted, and who acknowledged that she executed the within instrument for the purposes therein contained,
and who further acknowledged that she is the Executive Vice President, Chief Financial Officer and Treasurer of MILLER INDUSTRIES,
INC. (the "Maker") and is authorized by the Maker to execute this instrument on behalf of the Maker.

 

WITNESS my hand, at office, this 18 day
of December, 2018.

 

	 	/s/ Nadine L. Hancock
	 	Notary Public

 

	My Commission Expires:	 
	 	 
	09/25/2021	 
	 	 
	(Notary Seal)	 

 

    	- 23 - 

     

    

 

	 	APACO, INC.
	 	 
	 	By:	/s/ Deborah L. Whitmire
	 	Name:	 Deborah L. Whitmire
	 	Title:	 Vice President

 

STATE OF TENNESSEE

COUNTY OF HAMILTON

 

Personally appeared
before me, Nadine L. Hancock, a Notary Public in and for said State and County duly commissioned and qualified, Deborah L. Whitmire,
with whom I am personally acquainted, and who acknowledged that she executed the within instrument for the purposes therein contained,
and who further acknowledged that she is the Vice President of APACO, INC. (the "Maker") and is authorized by the Maker
to execute this instrument on behalf of the Maker.

 

WITNESS my hand, at office, this 18 day
of December, 2018.

 

	 	/s/ Nadine L. Hancock
	 	Notary Public

 

	My Commission Expires:	 
	 	 
	09/25/2021	 
	 	 
	(Notary Seal)	 

 

    	- 24 - 

     

    

 

	 	CHAMPION CARRIER CORPORATION
	 	 
	 	By:	/s/ Deborah L. Whitmire
	 	Name:	Deborah L. Whitmire
	 	Title:	 Vice President

 

STATE OF TENNESSEE

COUNTY OF HAMILTON

 

Personally appeared
before me, Nadine L. Hancock, a Notary Public in and for said State and County duly commissioned and qualified, Deborah L. Whitmire,
with whom I am personally acquainted, and who acknowledged that she executed the within instrument for the purposes therein contained,
and who further acknowledged that she is the Vice President of CHAMPION CARRIER CORPORATION (the "Maker") and is authorized
by the Maker to execute this instrument on behalf of the Maker.

 

WITNESS my hand, at office, this 18 day
of December, 2018.

 

	 	/s/ Nadine L. Hancock
	 	Notary Public

 

My Commission Expires:

 

09/25/2021

 

(Notary Seal)

 

    	- 25 -

     

    

 

	 	MILLER/GREENEVILLE, INC.
	 	 
	 	By:	/s/ Deborah L.
    Whitmire       
	 	Name:	Deborah L. Whitmire
	 	Title:	Vice President 

 

STATE OF TENNESSEE

COUNTY OF HAMILTON

 

Personally appeared
before me, Nadine L. Hancock, a Notary Public in and for said State and County duly commissioned and qualified, Deborah L. Whitmire,
with whom I am personally acquainted, and who acknowledged that she executed the within instrument for the purposes therein contained,
and who further acknowledged that she is the Vice President of MILLER/GREENEVILLE, INC. (the "Maker") and is authorized
by the Maker to execute this instrument on behalf of the Maker.

 

WITNESS my hand, at office, this 18 day
of December, 2018.

 

	 	/s/ Nadine L. Hancock
	 	Notary Public

 

My Commission Expires:

 

09/25/2021

 

(Notary Seal)

 

    	- 26 -

     

    

 

	 	MILLER INDUSTRIES DISTRIBUTING, INC.
	 	 
	 	By:	 /s/ Deborah L. Whitmire
	 	Name:	Deborah L. Whitmire
	 	Title:	Vice President, Treasurer and Assistant Secretary

 

STATE OF TENNESSEE

COUNTY OF HAMILTON

 

Personally appeared
before me, Nadine L. Hancock, a Notary Public in and for said State and County duly commissioned and qualified, Deborah L. Whitmire,
with whom I am personally acquainted, and who acknowledged that she executed the within instrument for the purposes therein contained,
and who further acknowledged that she is the Vice President, Treasurer and Assistant Secretary of MILLER INDUSTRIES DISTRIBUTING,
INC. (the "Maker") and is authorized by the Maker to execute this instrument on behalf of the Maker.

 

WITNESS my hand, at office, this 18 day
of December, 2018.

 

	 	/s/ Nadine L. Hancock
	 	Notary Public

 

My Commission Expires:

 

09/25/2021

 

(Notary Seal)

 

    	- 27 -

     

    

 

	 	MILLER INDUSTRIES INTERNATIONAL, INC.
	 	 
	 	By:	/s/ Deborah L. Whitmire
	 	Name:	Deborah L. Whitmire
	 	Title:	Vice President

 

STATE OF TENNESSEE

COUNTY OF HAMILTON

 

Personally appeared
before me, Nadine L. Hancock, a Notary Public in and for said State and County duly commissioned and qualified, Deborah L. Whitmire,
with whom I am personally acquainted, and who acknowledged that she executed the within instrument for the purposes therein contained,
and who further acknowledged that she is the Vice President of MILLER INDUSTRIES INTERNATIONAL, INC. (the "Maker") and
is authorized by the Maker to execute this instrument on behalf of the Maker.

 

WITNESS my hand, at office, this 18 day
of December, 2018.

 

	 	/s/ Nadine L. Hancock
	 	Notary Public

 

My Commission Expires:

 

09/25/2021

 

(Notary Seal)

    	- 28 -

     

    

 

	 	MILLER INDUSTRIES TOWING EQUIPMENT INC.
	 	 
	 	By:	 /s/ Deborah L. Whitmire
	 	Name:	Deborah L. Whitmire
	 	Title:	Vice President

 

STATE OF TENNESSEE

COUNTY OF HAMILTON

 

Personally appeared
before me, Nadine L. Hancock, a Notary Public in and for said State and County duly commissioned and qualified, Deborah L. Whitmire,
with whom I am personally acquainted, and who acknowledged that she executed the within instrument for the purposes therein contained,
and who further acknowledged that she is the Vice President of MILLER INDUSTRIES TOWING EQUIPMENT INC. (the "Maker")
and is authorized by the Maker to execute this instrument on behalf of the Maker.

 

WITNESS my hand, at office, this 18 day
of December, 2018.

 

	 	/s/ Nadine L. Hancock
	 	Notary Public

 

My Commission Expires:

 

09/25/2021

 

(Notary Seal)

 

    	- 29 -

     

    

 

	 	FIRST TENNESSEE BANK NATIONAL ASSOCIATION
	 	 
	 	By:	 /s/ Robert T. Lusk
	 	Name:	Robert T. Lusk
	 	Title:	Senior Vice President

 

STATE OF Tennessee

COUNTY OF Hamilton

 

Before me, a Notary
Public in and for the State and County aforesaid, personally appeared Robert T. Lusk, with whom I am personally acquainted (or
proved to me on the basis of satisfactory evidence), and who, upon oath, acknowledged himself to be a Senior Vice President of
FIRST TENNESSEE BANK NATIONAL ASSOCIATION, the within named bargainor, a national banking association, and that she as such
Vice President, being authorized so to do, executed the foregoing instrument for the purposes therein contained, by signing the
name of the association by herself as such Senior Vice President.

 

WITNESS my hand and seal at office, this
20 day of December, 2018. 

 

	 	/s/ Ericia L. Hambrick
	 	Notary Public
	My Commission Expires:	 
	 	 
	7/26/2020	 
	 	 
	(Notary Seal)	 

 

    	- 30 -

     

    

 

EXHIBIT "A"

 

FORM OF REVOLVING CREDIT NOTE

 

AMENDED AND RESTATED MASTER REVOLVING
CREDIT NOTE

[This Amended and Restated Master
Revolving Credit Note amends and replaces that certain Master Revolving Credit Note dated as of July 19, 2018 from the
undersigned payable to the order of the Bank (the “Existing Note”).]

 

 

	$50,000,000.00	
        Chattanooga, Tennessee

        Dated as of December 20, 2018

 

Except as may be otherwise
extended pursuant to the Loan Agreement (hereinafter defined), on May 31, 2022 (the “Termination Date”) the undersigned,
MILLER INDUSTRIES, INC., a Tennessee corporation, APACO, INC., a Delaware corporation, CHAMPION CARRIER CORPORATION,
a Delaware corporation, MILLER/GREENEVILLE, INC., a Tennessee corporation, MILLER INDUSTRIES DISTRIBUTING, INC.,
a Delaware corporation (as successor by merger to Miller Financial Services Group, Inc.), MILLER INDUSTRIES INTERNATIONAL,
INC., a Tennessee corporation, MILLER INDUSTRIES TOWING EQUIPMENT INC., a Delaware corporation, (singularly and collectively,
the "Maker"), promises to pay to the order of FIRST TENNESSEE BANK NATIONAL ASSOCIATION, a national banking association
having a principal place of business in Chattanooga, Tennessee (the "Bank"), the principal sum of Fifty Million and NO/100
Dollars ($50,000,000.00), or, if less, the aggregate unpaid principal amount of all Revolving Credit Advances made to the undersigned
pursuant to the Loan Agreement (as hereinafter defined), together with interest upon disbursed and unpaid principal balances of
the Revolving Credit Advances, at the rate hereinafter specified, said interest being payable quarterly on the last day of each
quarter hereafter commencing December 31, 2018, and continuing on each March 31, June 30, September 30, and December 31 thereafter,
with the final installment of interest being due and payable concurrently on the same date that the remaining principal balance
is due hereunder.

 

This Note is being
executed in connection with that certain Amended and Restated Loan Agreement dated of even date herewith among Maker and Bank (as
amended, supplemented or otherwise modified from time to time, the "Loan Agreement"). To the extent that any provisions
of this Note are inconsistent with the Loan Agreement, the Loan Agreement shall govern and control. Any capitalized terms used
herein and not otherwise defined herein, shall have their respective meanings in the Loan Agreement.

 

    			 

     

    

 

Subject to the limitations hereinafter
set forth, each advance hereunder shall bear interest on the outstanding principal amount thereof from and including the first
day of the Interest Period (hereinafter defined) to and including the last day of such Interest Period at a rate per annum equal
to the sum of (a) the Applicable Margin to Revolving Loan (hereinafter defined), plus (b) the LIBOR Rate. "LIBOR Rate"
shall mean the independent index which is the London Interbank Offered Rate of interest for an interest period of one (1) month,
which appears on Bloomberg page BBAM under the column heading “USD” on the day that is two (2) London Business Days
preceding the end of each Interest Period (the “Reset Date”). “London Business Day” shall mean any day
on which commercial lenders in London, England are open for general business. If the LIBOR Rate, as defined above, is not available
or is not published for any Reset Date, then the Bank shall, in its reasonable and good faith credit judgment, choose a substitute
source of publication for the LIBOR Rate, and if no such substitute source of publication is available then the Bank and the Borrower
will attempt in good faith to mutually agree upon a replacement benchmark rate that reasonably approximates the benchmark LIBOR
Rate, with such replacement benchmark rate when mutually agreed upon to be reflected in an amendment to the Loan Agreement and
this Note executed by the Borrower and the Bank, provided until such time as the Borrower and the Bank so agree on such replacement
benchmark rate (or if the Borrower and the Bank fail to mutually agree on a benchmark replacement rate), then the LIBOR Rate shall
mean the Base Rate minus two and seventy five hundredths percent (2.75%) per annum, which rate shall become effective at the beginning
of the next Interest Period. As used herein, the term "Interest Period" initially means from the date of this Note through
the end of the current month and then each calendar month thereafter, with the LIBOR Rate plus the Applicable Margin to Revolving
Loan adjusting based upon the grid below. Notwithstanding anything contained in the foregoing to the contrary, the interest rate
payable under this Note shall never be less than zero (0%).

 

"Applicable Margin
to Revolving Loan" means the percentage rate set forth in the table below corresponding to the level (each, a “Level”)
into which the Borrower’s Leverage Ratio then falls:

 

	Level	 	Leverage Ratio	 	Applicable Margin

(per annum)
	1	 	Less than 1.00 to 1:00	 	1.00%
	2	 	Equal to 1.00 to 1.00 but less than 2.00 to 1.00	 	1.25%

 

Any change in the Borrower’s
Leverage Ratio which would cause it to move to a different Level shall be effective as of the first day of the first calendar month
immediately following receipt by the Bank of the Non-Default Certificate showing the Leverage Ratio has changed; provided, however,
if the Borrower has not delivered the Non-Default Certificate as required by Section 6.12 hereof the Bank may, in its sole discretion,
adjust the Level to the Default Rate effective as of the day following the Bank's determination that such adjustment should be
made, until such time as a Non-Default Certificate as required by Section 6.12 of the Loan Agreement has been delivered by the
Borrower to the Bank.

 

NOTICE: Under no circumstances
will the interest rate on the Note be more than the maximum rate allowed by applicable law (the “Maximum Rate”).

 

    			 

     

    

 

Notwithstanding any
other provisions herein, if any Change in Law (as hereinafter defined) shall make it unlawful for the Bank to make or maintain
a LIBOR Rate loan as contemplated by this Note, the principal outstanding hereunder shall, if required by law and if the Bank so
requests, be converted on the date required to make the loan evidenced by this Note legal to a loan accruing interest at a rate
comparable to the former LIBOR Rate as determined by the Bank its reasonable and good faith credit judgment.

 

The undersigned hereby
indemnifies the Bank and holds the Bank harmless from any loss or expense which Bank may sustain in accordance with the Loan Agreement.

 

"Change in Law" shall mean the
adoption of any law, rule, regulation, policy, guideline or directive (whether or not having the force of law) or any change therein
or in the interpretation or application thereof, in all cases by any Governmental Authority having jurisdiction over the Bank,
in each case after the date hereof.

 

"Governmental
Authority" shall mean any nation or government, any state or other political subdivision thereof and any entity exercising
regulatory functions of or pertaining to government.

 

Until the Termination
Date, subject to Section 8.9 of the Loan Agreement, the Maker may borrow, repay and reborrow the principal amount of this Note.

 

This Note is unsecured.

 

All installments of
interest, and the principal hereof, are payable at the office of First Tennessee Bank National Association, 701 Market Street,
Chattanooga, Tennessee, or at such other place as the holder may designate in writing, in lawful money of the United States of
America, which shall be legal tender in payment of all debts and dues, public and private, at the time of payment.

 

Any amounts not paid
when due hereunder (whether by acceleration or otherwise and subject to applicable grace periods) shall bear interest after maturity
at the lesser of (a) the Bank’s Base Rate plus three percent (3%) per annum or (b) the Maximum Rate (the "Default
Rate"). For purposes hereof, the Base Rate shall mean that rate announced by Bank from time to time as Bank's “base
rate” and shall not necessarily be the lowest or best rate charged by Bank.

 

For any payment which
is not made within ten (10) days of the due date for such payment, the Borrower shall pay a late fee, including without limitation
loans which are renewed more than ten (10) days after the due date even though the renewal may be dated as of the past-due payment
date. The late fee shall equal five percent (5%) of the unpaid portion of the past-due payment.

 

If an Event of Default
shall have occurred and be continuing (subject to applicable cure periods), all after the Bank mails written notice of such Event
of Default to the Maker, then, in any of such events, the entire unpaid principal balance of the indebtedness evidenced hereby
together with all interest then accrued, shall, at the absolute option of the Bank, at once become due and payable, without demand
or notice, the same being expressly waived. Notwithstanding the foregoing, upon the maturity date of this Note set forth on page
one of this Note, no notice or cure period shall be required.

 

    			 

     

    

 

If this Note is placed
in the hands of an attorney for collection, by suit or otherwise, or to protect the security for its payment, or to enforce its
collection, or to represent the rights of the Bank in connection with any loan documentation executed in connection herewith, or
to defend successfully against any claim, cause of action or suit brought by the Maker against the Bank, the Maker shall pay on
demand all costs of collection and litigation (including court costs), together with a reasonable attorney's fee all in accordance
with the Loan Agreement.

 

The Maker and any endorsers
or guarantors hereof waive protest, demand, presentment, and notice of dishonor, and agree that this Note may be extended, in whole
or in part, without limit as to the number of such extensions or the period or periods thereof, without notice to them and without
affecting their liability hereon.

 

It is the intention
of the Bank and the Maker to comply strictly with applicable usury laws; and, accordingly, in no event and upon no contingency
shall the Bank ever be entitled to receive, collect, or apply as interest any interest, fees, charges or other payments equivalent
to interest, in excess of the maximum rate which the Bank may lawfully charge under applicable statutes and laws from time to time
in effect; and in the event that the holder hereof ever receives, collects, or applies as interest any such excess, such amount
which, but for this provision, would be excessive interest, shall be applied to the reduction of the principal amount of the indebtedness
hereby evidenced; and if the principal amount of the indebtedness evidenced hereby, and all lawful interest thereon, is paid in
full, any remaining excess shall forthwith be paid to the Maker, or other party lawfully entitled thereto. In determining whether
or not the interest paid or payable, under any specific contingency, exceeds the highest rate which Bank may lawfully charge under
applicable law from time to time in effect, the Maker and the Bank shall, to the maximum extent permitted under applicable law,
characterize any non-principal payment as a reasonable loan charge, rather than as interest. Any provision hereof, or of any other
agreement between the Bank and the Maker, that operates to bind, obligate, or compel the Maker to pay interest in excess of such
maximum rate shall be construed to require the payment of the maximum rate only. The provisions of this paragraph shall be given
precedence over any other provision contained herein or in any other agreement between the Bank and the Maker that is in conflict
with the provisions of this paragraph.

 

This Note shall be
governed and construed according to the statutes and laws of the State of Tennessee from time to time in effect, except to the
extent that Section 85 of Title 12 of the United States Code (or other applicable federal statue) may permit the charging
of a higher rate of interest than applicable state law, in which event such applicable federal statute, as amended and supplemented
from time to time shall govern and control the maximum rate of interest permitted to be charged hereunder; it being intended that,
as to the maximum rate of interest which may be charged, received, and collected hereunder, those applicable statutes and laws,
whether state or federal, from time to time in effect, which permit the charging of a higher rate of interest, shall govern and
control; provided, always, however, that in no event and under no circumstances shall the Maker be liable for the payment of interest
in excess of the maximum rate permitted by such applicable law, from time to time in effect.

 

This Note evidences
the same indebtedness as evidenced by the Existing Note. This Note is an amendment to and replacement of the Existing Note. The
execution and delivery of this Note does not constitute payment, cancellation, satisfaction, discharge, release or novation of
the Existing Note.

 

(Signature on next page)

 

    			 

     

    

 

The Maker may prepay
this Note in whole or in part, prior to maturity, without premium or penalty.

 

	 	MILLER INDUSTRIES, INC.
	 	 
	 	By:	 	 
	 	Name:	 	Deborah L. Whitmire
	 	Title:	 	Executive Vice President, Chief Financial Officer and Treasurer
	 	 
	 	APACO, INC.
	 	 
	 	By:	 	 
	 	Name:	 	Deborah L. Whitmire
	 	Title:	
         
	Vice President

	 	 
	 	CHAMPION CARRIER CORPORATION
	 	 
	 	By:	 	 
	 	Name:	 	Deborah L. Whitmire
	 	Title:	 	Vice President

	 	 
	 	MILLER/GREENEVILLE, INC.
	 	 
	 	By:	 	 
	 	Name:	 	Deborah L. Whitmire
	 	Title:	 	Vice President

 

(Signatures Continued on Next Page)

 

    			 

     

    

 

	 	MILLER INDUSTRIES DISTRIBUTING, INC.
	 	 
	 	By:	 	 
	 	Name:	 	Deborah L. Whitmire
	 	Title:	
         
	Vice President, Treasurer and
        Assistant Secretary

	 	 
	 	MILLER INDUSTRIES INTERNATIONAL, INC.
	 	 
	 	By:	 	 
	 	Name:	 	Deborah L. Whitmire
	 	Title:	
         
	Vice President

	 	 
	 	MILLER INDUSTRIES TOWING EQUIPMENT INC.
	 	 
	 	By:	 	 
	 	Name:	 	Deborah L. Whitmire
	 	Title:	
         
	Vice President

 

STATE OF TENNESSEE

COUNTY OF HAMILTON

 

Personally appeared before me, _______________________,
a Notary Public in and for said State and County duly commissioned and qualified, Deborah L. Whitmire, with whom I am personally
acquainted, and who acknowledged that she executed the within instrument for the purposes therein contained, and who further acknowledged
that she is an authorized officer of Miller Industries, Inc., APACO, Inc., Champion Carrier Corporation, Miller/Greeneville,
Inc., Miller Industries Distributing, Inc., Miller Industries International, Inc. and Miller Industries Towing Equipment
Inc. (singularly and collectively, the "Borrower") and is authorized by the Borrower to execute this instrument on
behalf of each Borrower.

 

WITNESS my hand, at office, this ____ day
of December, 2018.

 

	 	 
	 	Notary Public
	 	 

 

	My Commission Expires:	 	 
	 	 
	(Notary Seal)	 

 

    			 

     

    

 

EXHIBIT "B"

 

CHECKLIST FOR CLOSING

 

    	B-1

     

    

  

EXHIBIT "C"

 

NON-DEFAULT CERTIFICATE

 

As of __________________, 20_____

 

The undersigned, a duly authorized officer
of the undersigned companies [hereinafter referred to as the “Borrower” in that certain Amended and Restated Loan Agreement
(the “Loan Agreement”) dated as of December 20, 2018 among Borrower and First Tennessee Bank National Association,
Chattanooga, Tennessee (the "Bank")], certifies to said Bank, in accordance with the terms and provisions of said Loan
Agreement, as follows:

 

		1.	All of the representations and warranties set forth in the Loan Agreement are and remain true and
correct in all material respects on and as of the date of this Certificate with the same effect as though such representations
and warranties have been made on and as of this date; provided, that, to the extent that any representation or warranty relates
to a prior specific date, such representation or warranty shall be true and correct in all material respects as of such prior date.

 

		2.	Borrower certifies that the information set forth in this Non-Default Certificate is true and correct
in all material respects.

 

		3.	Borrower's Minimum Tangible Net Worth is currently $_____________________, which is not less than
One Hundred Sixty Million and NO/100 Dollars ($160,000,000.00).

 

		4.	Borrower's current Leverage Ratio is ________ to 1:00 calculated using numbers for the previous
twelve (12) month period. Indebtedness for borrowed money (excluding Chassis Financing) ($____________) EBITDA ($____________),
plus Cash ($____________), which is less than 2.00 to 1.00.

 

		5.	As of the date hereof, Borrower is in compliance in all material respects with all of the terms
and provisions set forth in the Loan Agreement and all of the instruments and documents executed in connection therewith, and no
Event of Default (as specified
in the Loan Agreement), nor any event which, upon notice, lapse of time or both, would constitute an Event of Default, has occurred
and is continuing, except as noted below:

_________________________________________________________________

_________________________________________________________________

_________________________________________________________________

 

    	C-1

     

    

 

Dated this _____ day of ____________________,
20___.

 

	 	MILLER INDUSTRIES, INC.
	 	 
	 	By:	 	 
	 	Name:	 	Deborah L. Whitmire
	 	Title:	 	Executive Vice President, Chief Financial Officer and Treasurer
	 	 
	 	APACO, INC.
	 	 
	 	By:	 	 
	 	Name:	 	Deborah L. Whitmire
	 	Title:	
         
	Vice President

	 	 
	 	CHAMPION CARRIER CORPORATION
	 	 
	 	By:	 	 
	 	Name:	 	Deborah L. Whitmire
	 	Title:	
         
	Vice President

	 	 
	 	MILLER/GREENEVILLE, INC.
	 	 
	 	By:	 	 
	 	Name:	 	Deborah L. Whitmire
	 	Title:	 	Vice President
	 	 
	 	MILLER INDUSTRIES DISTRIBUTING, INC.
	 	 
	 	By:	 	 
	 	Name:	 	Deborah L. Whitmire
	 	Title:	
         
	Vice President, Treasurer and Assistant Secretary

 

    	C-2

     

    

 

	 	MILLER INDUSTRIES INTERNATIONAL, INC.
	 	 
	 	By:	 	 
	 	Name:	 	Deborah L. Whitmire
	 	Title:	 	
Vice President

	 	 
	 	MILLER INDUSTRIES TOWING EQUIPMENT INC.
	 	 
	 	By:	 	 
	 	Name:	 	Deborah L. Whitmire
	 	Title:	
         
	Vice President

 

    	C-3

     

    

 

EXHIBIT "D"

 

LIST OF BORROWERS AND THEIR STATES/COUNTRIES
OF ORGANIZATION

  

	APACO, INC.	a Delaware corporation
	CHAMPION CARRIER CORPORATION	a Delaware corporation
	MILLER INDUSTRIES, INC.	a Tennessee corporation
	MILLER/GREENEVILLE, INC.	a Tennessee corporation
	MILLER INDUSTRIES DISTRIBUTING, INC.	a Delaware corporation
	MILLER INDUSTRIES INTERNATIONAL, INC.	a Tennessee corporation
	MILLER INDUSTRIES TOWING EQUIPMENT INC.	a Delaware corporation

 

    	D-1

     

    

 

EXHIBIT "E"

 

SUBSIDIARY/SUBSIDIARIES OWNED BY ANY
BORROWER

  

	APACO, INC.	a Delaware corporation
	BONIFACE ENGINEERING, LTD.	a United Kingdom private limited company
	CHAMPION CARRIER CORPORATION	a Delaware corporation
	JIGE INTERNATIONAL, S.A.	a French company
	MILLER/GREENEVILLE, INC.	a Tennessee corporation
	MILLER INDUSTRIES DISTRIBUTING, INC.	a Delaware corporation
	MILLER INDUSTRIES EUROPE B.V.	a Netherlands company
	MILLER INDUSTRIES INTERNATIONAL, INC.	a Tennessee corporation
	MILLER INDUSTRIES TOWING EQUIPMENT INC.	a Delaware corporation
	RRIC ACQUISITION CORP.	a Delaware corporation

 

    	E-1

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