Document:

Exhibit
10.1

 

EXECUTION
VERSION

	 

 

CREDIT AGREEMENT

 

among

 

GREC ENTITY HOLDCO LLC,

as Borrower,

 

GREENBACKER RENEWABLE
ENERGY CORPORATION, 

as Intermediate Holdco,

 

GREENBACKER RENEWABLE ENERGY
COMPANY LLC, 

as Parent,

 

THE LENDERS NAMED HEREIN,

 

and

 

FIFTH THIRD BANK, 

as
Administrative Agent

 

$60,000,000 Senior Secured
Credit Facility

 

FIFTH THIRD BANK

Sole Lead Arranger and
Sole Bookrunner

 

Dated as of January 5, 2018

	 

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	 	ARTICLE I	 
	 	 	 
	 	DEFINITIONS	 
	 	 	 
	1.1	Defined Terms	1
	1.2	Accounting Terms	31
	1.3	Other Terms; Construction	31
	1.4	Interest Rates	33
	 	 	 
	 	ARTICLE II	 
	 	 	 
	 	AMOUNT AND TERMS OF CREDIT	 
	 	 	 
	2.1	Commitments	33
	2.2	Types of Loans; Borrowings	33
	2.3	Disbursements; Funding Reliance; Domicile of Loans	34
	2.4	Evidence of Debt; Notes	35
	2.5	Termination and Reduction of Commitments	36
	2.6	Mandatory Payments and Prepayments	36
	2.7	Voluntary Prepayments	39
	2.8	Interest	39
	2.9	Fees	40
	2.10	Method of Payments; Computations; Apportionment of Payments	41
	2.11	Recovery of Payments	43
	2.12	Use of Proceeds	44
	2.13	Pro Rata Treatment	44
	2.14	Increased Costs; Change in Circumstances; Illegality	45
	2.15	Taxes	47
	2.16	Compensation	51
	2.17	Mitigation Obligations; Replacement of Lenders	52
	2.18	Defaulting Lenders	53
	2.19	Approval and Initial Valuation of Borrowing Base Projects	56
	2.20	Revaluation of Project Values	60
	2.21	Letters of Credit	61
	2.22	Incremental Commitments	65
	 	 	 
	 	 	 
	 	ARTICLE III	 
	 	 	 
	 	CONDITIONS TO CREDIT EXTENSIONS	 
	 	 	 
	3.1	Conditions of Initial Credit Extensions	67
	3.2	Conditions of All Credit Extensions	71

 

    -i-

     

    

 

TABLE OF CONTENTS

(continued)

 

	 	 	Page
	 	 	 
	 	ARTICLE IV	 
	 	 	 
	 	REPRESENTATIONS AND WARRANTIES	 
	 	 	 
	4.1	Corporate Organization and Power	72
	4.2	Authorization; Enforceability	72
	4.3	No Violation	73
	4.4	Governmental and Third-Party Authorization; Permits	73
	4.5	Litigation	73
	4.6	Taxes	74
	4.7	Subsidiaries	74
	4.8	Full Disclosure	74
	4.9	Margin Regulations	74
	4.10	No Material Adverse Effect	75
	4.11	Financial Matters	75
	4.12	Ownership of Properties; Access; Utilities	76
	4.13	ERISA	76
	4.14	Environmental Matters	76
	4.15	Compliance with Laws	77
	4.16	Intellectual Property	77
	4.17	Investment Company Act	77
	4.18	Insurance	77
	4.19	Material Contracts	78
	4.20	Security Documents	78
	4.21	Labor Relations	78
	4.22	Project Documents	78
	4.23	No Burdensome Restrictions	79
	4.24	No Default	79
	4.25	Sanctions; Anti-Corruption Laws; Anti-Terrorism Laws	79
	4.26	EEA Financial Institutions	79
	 	 	 
	 	ARTICLE V	 
	 	 	 
	 	AFFIRMATIVE COVENANTS	 
	 	 	 
	5.1	Financial Statements	79
	5.2	Other Business and Financial Information	81
	5.3	Existence; Franchises; Maintenance of Properties	83
	5.4	Compliance with Laws	84
	5.5	Payment of Obligations	84
	5.6	Insurance	84
	5.7	Maintenance of Books and Records; Inspection	85
	5.8	Rate Management Agreements	85

 

    -ii-

     

    

 

TABLE OF CONTENTS

(continued)

 

	 	 	Page
	 	 	 
	5.9	Acquisitions	86
	5.10	Subsidiaries and Tax Credit Parties	86
	5.11	Environmental Laws	89
	5.12	Public/Private Information	89
	5.13	Compliance with Anti-Corruption Laws; Sanctions; PATRIOT Act	89
	5.14	Further Assurances	90
	5.15	Project Subsidiaries	90
	5.16	Project Documents	90
	5.17	Depository Relationship	90
	5.18	Reserves	90
	 	 	 
	 	ARTICLE VI	 
	 	 	 
	 	FINANCIAL COVENANTS	 
	 	 	 
	6.1	Debt to Capitalization Ratio	91
	6.2	Fixed Charge Coverage Ratio	91
	 	 	 
	 	ARTICLE VII	 
	 	 	 
	 	NEGATIVE COVENANTS	 
	 	 	 
	7.1	Merger; Consolidation	91
	7.2	Indebtedness	91
	7.3	Liens	92
	7.4	Asset Dispositions	94
	7.5	Investments	94
	7.6	Restricted Payments	96
	7.7	Transactions with Affiliates	98
	7.8	Lines of Business	98
	7.9	Sale-Leaseback Transactions	99
	7.10	Certain Amendments	99
	7.11	Limitation on Certain Restrictions	99
	7.12	No Other Negative Pledges	100
	7.13	Ownership of Subsidiaries	100
	7.14	Fiscal Year	100
	7.15	Accounting Changes	100
	7.16	Sanctions	100
	 	 	 
	 	ARTICLE VIII	 
	 	 	 
	 	EVENTS OF DEFAULT	 
	 	 	 
	8.1	Events of Default	100

 

    -iii-

     

    

 

TABLE OF CONTENTS

(continued)

 

	 	 	Page
	 	 	 
	8.2	Remedies: Termination of Commitments, Acceleration, etc	103
	8.3	Remedies: Setoff	104
	8.4	Equity Cure	105
	 	 	 
	 	ARTICLE IX	 
	 	 	 
	 	THE ADMINISTRATIVE AGENT	 
	 	 	 
	9.1	Appointment and Authority	105
	9.2	Rights as a Lender	106
	9.3	Exculpatory Provisions	106
	9.4	Reliance by Administrative Agent	107
	9.5	Delegation of Duties	108
	9.6	Resignation of Administrative Agent	108
	9.7	Non-Reliance on Administrative Agent and Other Lenders	109
	9.8	No Other Duties, Etc	109
	9.9	Administrative Agent May File Proofs of Claim	109
	9.10	Collateral and Guaranty Matters	111
	9.11	Rate Management Agreements and Cash Management Agreements	112
	 	 	 
	 	ARTICLE X	 
	 	 	 
	 	MISCELLANEOUS	 
	 	 	 
	10.1	Expenses; Indemnity; Damage Waiver	112
	10.2	Governing Law; Submission to Jurisdiction; Waiver of Venue; Service of Process	114
	10.3	Waiver of Jury Trial	115
	10.4	Notices; Effectiveness; Electronic Communication	115
	10.5	Amendments, Waivers, etc	117
	10.6	Successors and Assigns	119
	10.7	No Waiver	124
	10.8	Survival	124
	10.9	Severability	125
	10.10	Construction	125
	10.11	Confidentiality	126
	10.12	Counterparts; Integration; Effectiveness	126
	10.13	Disclosure of Information	126
	10.14	USA Patriot Act Notice	127
	10.15	Termination of Obligations of the Parent or Intermediate Holdco	127
	10.16	Acknowledgment and Consent to Bail-In of EEA Financial Institutions	127
	10.17	Keepwell	128

 

    -iv-

     

    

 

TABLE OF CONTENTS

(continued)

 

	 	 	Page
	 	 	 
	Exhibit A	Form of Note	 
	Exhibit B	Form of Notice of Borrowing	 
	Exhibit C	Form of Compliance Certificate	 
	Exhibit D	Form of Assignment and Assumption	 
	Exhibit E-1	Form of Security Agreement	 
	Exhibit E-2	Form of Pledge Agreement	 
	Exhibit F	Form of Guaranty	 
	Exhibit G	Form of Financial Condition Certificate	 
	Exhibit H	Forms of U.S. Tax Compliance Certificate	 

 

    -v-

     

    

 

SCHEDULES

 

	Schedule 1.1(a)	Commitments and Notice Addresses
	Schedule 1.1(b)	Closing Date Projects
	Schedule 1.1(c)	Approved Engineers
	Schedule 1.1(d)	Specified Offtakers
	Schedule 1.1(e)	Pre-Approved Borrowing Base Projects
	Schedule 2.19	Project Documents
	Schedule 3.1(h)	Certain Continuing Indebtedness
	Schedule 4.1	Jurisdictions of Organization
	Schedule 4.7	Subsidiaries
	Schedule 4.12	Real Property Interests
	Schedule 4.14	Environmental Matters
	Schedule 4.16	Intellectual Property
	Schedule 4.18	Insurance Coverage
	Schedule 4.19	Material Contracts
	Schedule 7.5	Investments
	Schedule 7.7	Transactions with Affiliates

 

     

     

    

  

CREDIT AGREEMENT

 

THIS
CREDIT AGREEMENT, dated as of the 5th day of January, 2018, is made between GREC ENTITY HOLDCO LLC, a Delaware limited
liability company (the “Borrower”), GREENBACKER RENEWABLE ENERGY CORPORATION, a Maryland corporation
(“Intermediate Holdco”), GREENBACKER RENEWABLE ENERGY COMPANY LLC, a Delaware limited liability company
(the “Parent”), the Lenders (as hereinafter defined), and FIFTH THIRD BANK, an Ohio banking corporation,
as Administrative Agent for the Lenders.

 

BACKGROUND STATEMENT

 

The Borrower
has requested that the Lenders make available to the Borrower a non-revolving line of credit facility that will convert into a
term loan facility in the aggregate principal amount of up to $60,000,000. The Borrower will use the proceeds of these facilities
as provided in Section 2.12. The Lenders are willing to make available to the Borrower the credit facilities described herein
subject to and on the terms and conditions set forth in this Agreement.

 

AGREEMENT

 

NOW, THEREFORE,
in consideration of the mutual provisions, covenants and agreements herein contained, the parties hereto hereby agree as follows:

 

ARTICLE
I

 

DEFINITIONS

 

1.1         Defined
Terms. For purposes of this Agreement, in addition to the terms defined elsewhere herein, the following terms have the meanings
set forth below (such meanings to be equally applicable to the singular and plural forms thereof):

 

“Account
Designation Letter” means a letter from the Borrower to the Administrative Agent, duly completed and signed by an Authorized
Officer of the Borrower and in form and substance reasonably satisfactory to the Administrative Agent, listing any one or more
accounts to which the Borrower may from time to time request the Administrative Agent to forward the proceeds of any Loans made
hereunder.

 

“Acquisition”
means any transaction or series of related transactions, consummated on or after the date hereof, by which any Restricted Party,
(i) acquires all or substantially all of the assets of any Person or any going business, division thereof or line of business,
whether through purchase of assets, merger or otherwise, or (ii) acquires Capital Stock of any Person having at least a majority
of combined voting power of the then outstanding Capital Stock of such Person.

 

“Adjusted
Base Rate” means, at any time with respect to any Base Rate Loan of any Class, a rate per annum equal to the Base Rate
as in effect at such time plus 1.125%.

 

     

     

    

 

“Adjusted
LIBOR Rate” means, at any time for any Interest Period with respect to any LIBOR Loan of any Class, a rate per annum
equal to the LIBOR Rate for such Interest Period as in effect at such time plus 2.125%.

 

“Administrative Agent”
means Fifth Third, in its capacity as Administrative Agent appointed under Section 9.1.

 

“Administrative Questionnaire”
means an Administrative Questionnaire in a form supplied by the Administrative Agent.

 

“Advisor”
means Greenbacker Capital Management LLC, a Delaware limited liability company.

 

“Affected Class” has the meaning
given to such term in Section 10.5.

 

“Affiliate”
means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, (i)
Controls or is Controlled by or is under common Control with the Person specified or (ii) beneficially owns, is owned by or is
under common ownership with respect to securities or other ownership interests of such Person having 10% or more of the combined
voting power of the then outstanding securities or other ownership interests of such Person ordinarily (and apart from rights accruing
under special circumstances) having the right to vote in the election of directors or other governing body of such Person.

 

“Agent Parties” has the meaning
given to such term in Section 10.4(c).

 

“Aggregate
Credit Exposure” means, at any time, the sum of the (i) aggregate principal amount of all Loans that have been advanced
under this Agreement as of such time plus (ii) all L/C Obligations (without duplication) that have been incurred as of such
time.

 

“Agreement” means this Credit Agreement.

 

“Anti-Corruption
Laws” means all laws, rules, and regulations of any jurisdiction applicable to the Parent, Intermediate Holdco, the Borrower
or any of their Subsidiaries from time to time concerning or relating to bribery or corruption, including the United States Foreign
Corrupt Practices Act of 1977.

 

“Applicable
Percentage” means, with respect to any Lender, the percentage of the total Commitments represented by such Lender’s
Commitment. If the Commitments have terminated or expired, the Applicable Percentages shall be determined based upon the Commitments
most recently in effect, giving effect to any assignments.

 

“Application” has the meaning given
to such term in Section 2.21(b).

 

“Approval
Request” means a written request from the Borrower to the Administrative Agent seeking to designate a Project as a Borrowing
Base Project having a proposed Project Value, as set forth in Section 2.19.

 

    2

     

    

 

“Approved
Engineer” means any independent engineer identified on Schedule 1.1(c) or otherwise approved by the Administrative
Agent in writing in its sole discretion.

 

“Approved
Fund” means any Fund that is administered or managed by (i) a Lender, (ii) an Affiliate of a Lender, or (iii) a Person
(or an Affiliate of a Person) that administers or manages a Lender.

 

“Arranger” means Fifth Third in
its capacity as sole lead arranger and sole bookrunner.

 

“Asset
Disposition” means any sale, assignment, lease, conveyance, transfer or other disposition by any Restricted Party (whether
in one or a series of transactions) of all or any of its assets, business or other properties (including Capital Stock of Subsidiaries),
other than pursuant to a Casualty Event.

 

“Assignment
and Assumption” means an Assignment and Assumption entered into by a Lender and an Eligible Assignee (with the consent
of each Person whose consent is required by Section 10.6(b)), and accepted by the Administrative Agent, in substantially
the form of Exhibit D or any other form approved by the Administrative Agent.

 

“Authorized
Officer” means, with respect to any action specified herein to be taken by or on behalf of a Credit Party, any officer
of such Credit Party duly authorized by resolution of its board of directors or other governing body to take such action on its
behalf, and whose signature and incumbency shall have been certified to the Administrative Agent by the secretary or an assistant
secretary (or such other officer as is acceptable to the Administrative Agent) of such Credit Party.

 

“Average Net Asset Value”
means, for any fiscal quarter for any Person, the average of the Net Asset Value of such Person as of the end of each of the
three months during such fiscal quarter.

 

“Bail-In
Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect
of any liability of an EEA Financial Institution.

 

“Bail-In
Legislation” means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European
Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is
described in the EU Bail-In Legislation Schedule.

 

“Bankruptcy
Code” means 11 U.S.C. §§ 101 et seq., as amended from time to time, and any successor statute, and all
regulations from time to time promulgated thereunder.

 

“Bankruptcy Event”
means the occurrence of an Event of Default pursuant to Section 8.1(f) or 8.1(g).

 

    3

     

    

 

“Base
Rate” means, for any day, the rate per annum equal to the highest of (i) the per annum interest rate publicly
announced from time to time by the Administrative Agent to be its prime rate (which may not necessarily be its lowest or best
lending rate), as adjusted to conform to changes as of the opening of business on the date of any such change in such prime
rate, (ii) the Federal Funds Rate plus 0.5% per annum, as adjusted to conform to changes as of the opening of business
on the date of any such change in the Federal Funds Rate, and (iii) the LIBOR Rate that would be applicable to a LIBOR Loan
with a 1-month Interest Period advanced on such day (or if such day is not a Business Day, the immediately preceding Business
Day) plus 1.0% per annum. Notwithstanding the foregoing, at no time shall the Base Rate be less than 0%.

 

“Base Rate Loan” means,
at any time, any Loan that bears interest at such time at the Adjusted Base Rate.

 

“Beneficial
Owner” means, with respect to any U.S. Federal Income Tax, the Person who is treated as the taxpayer under Section 871(a)
or 881(a) of the Code, as applicable, or any successor provision, if such Person is not the Recipient.

 

“Borrower” has the meaning given
to such term in the introductory paragraph hereof.

 

“Borrowing”
means the incurrence by the Borrower on a single date of a group of Loans of a single Class and Type.

 

“Borrowing
Base” means, at any time, an amount equal to the aggregate amount of the Project Values for all Borrowing Base
Projects at such time.

 

“Borrowing
Base Project” means each Project that (i) is identified as a Borrowing Base Project on Schedule 1.1(b) as of the
Closing Date or (ii) has been approved as a Borrowing Base Project and assigned a Project Value in accordance with Section 2.19.

 

“Borrowing
Date” means, with respect to any Borrowing, the date upon which such Borrowing is made.

 

“Business
Day” means (i) any day other than a Saturday or Sunday, a legal holiday or a day on which commercial banks in Cincinnati,
Ohio, or New York, New York are authorized or required by law to be closed and (ii) in respect of any determination relevant to
a LIBOR Loan, any such day that is also a day on which trading in Dollar deposits is conducted by banks in London, England in the
London interbank Eurodollar market.

 

“Capital
Contribution” means, with respect to any Person, the receipt by such Person after the Closing Date of any capital contribution
(whether or not evidenced by any Capital Stock issued by the recipient of such contribution), other than in respect of Disqualified
Capital Stock.

 

“Capital
Expenditures” means, for any period, the aggregate amount (whether paid in cash or accrued as a liability) that would,
in accordance with GAAP, be included on the consolidated statement of cash flows of the Restricted Parties for such period as additions
to equipment, fixed assets, real property or improvements or other capital assets (including Capital Lease Obligations); provided, however, that Capital Expenditures shall not include any such expenditures for replacements, repairs or acquisitions of capital
assets, to the extent made with the proceeds of insurance or Asset Dispositions in accordance with Section 2.6(e) or 2.6(f).

 

    4

     

    

 

“Capital
Lease” means, with respect to any Person, any lease of property (whether real, personal or mixed) by such Person as lessee
that is or is required to be, in accordance with GAAP, recorded as a capital lease on such Person’s balance sheet.

 

“Capital
Lease Obligations” means, with respect to any Person, the obligations of such Person to pay rent or other amounts under
any Capital Leases, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP.

 

“Capital
Stock” means (i) with respect to any Person that is a corporation, any and all shares, interests or equivalents in capital
stock (whether voting or nonvoting, and whether common or preferred) of such corporation, and (ii) with respect to any Person that
is not a corporation, any and all partnership, membership, limited liability company or other equity interests of such Person;
and in each case, any and all warrants, rights or options to purchase any of the foregoing.

 

“Cash
Collateral” shall have a meaning correlative to the cash or deposit account balances referred to in the definition of
Cash Collateralize set forth in this Section 1.1 and shall include the proceeds of such cash collateral and other credit
support.

 

“Cash
Collateralize” means to pledge and deposit with or deliver to the Administrative Agent, for the benefit of one or more
of the Administrative Agent, the L/C Issuer and the Lenders, as collateral for L/C Obligations, or obligations of Lenders to fund
participations in respect thereof (as the context may require), cash or deposit account balances or, if the L/C Issuer shall agree
in its sole discretion, other credit support, in each case in Dollars and pursuant to documentation in form and substance satisfactory
to the Administrative Agent and the L/C Issuer.

 

“Cash
Equivalents” means (i) securities issued or unconditionally guaranteed or insured by the United States of America or
any agency or instrumentality thereof, backed by the full faith and credit of the United States of America and maturing within
one year from the date of acquisition, (ii) commercial paper issued by any Person organized under the laws of the United States
of America, maturing within 180 days from the date of acquisition and, at the time of acquisition, having a rating of at least
A-1 or the equivalent thereof by Standard & Poor’s Ratings Services or at least P-1 or the equivalent thereof by Moody’s
Investors Service, Inc., (iii) time deposits and certificates of deposit maturing within 180 days from the date of issuance and
issued by a bank or trust company organized under the laws of the United States of America or any state thereof (y) that has combined
capital and surplus of at least $500,000,000 or (z) that has (or is a subsidiary of a bank holding company that has) a long-term
unsecured debt rating of at least A or the equivalent thereof by Standard & Poor’s Ratings Services or at least A2 or
the equivalent thereof by Moody’s Investors Service, Inc., (iv) repurchase obligations with a term not exceeding 30 days
with respect to underlying securities of the types described in clause (i) above entered into with any bank or trust company meeting
the qualifications specified in clause (iii) above, and (v) money market funds at least 95% of the assets of which are continuously
invested in securities of the foregoing types.

 

“Cash
Management Agreement” means any agreement to provide cash management services, including treasury, depository, overdraft,
credit, debit or procurement card, electronic funds transfer and other cash management arrangements.

 

    5

     

    

 

“Cash
Management Bank” means any Person that (i) at the time it enters into a Cash Management Agreement, is a Lender, an Affiliate
of a Lender, the Administrative Agent or an Affiliate of the Administrative Agent, in its capacity as a party to such Cash Management
Agreement with any Credit Party, or (ii) as of the Closing Date, is a Lender or an Affiliate of an a Lender and is party to a Cash
Management Agreement, in its capacity as party to such Cash Management Agreement with any Credit Party.

 

“Casualty
Event” means, with respect to any property (including any interest in property) of any Restricted Party, any loss of,
damage to, or condemnation or other taking of, such property for which such Restricted Party receives insurance proceeds, proceeds
of a condemnation award or other compensation.

 

“Change
in Law” means the occurrence, after the date of this Agreement, of any of the following: (i) the adoption or taking effect
of any law, rule, regulation or treaty, (ii) any change in any law, rule, regulation or treaty or in the administration, interpretation,
implementation or application thereof by any Governmental Authority or (iii) the making or issuance of any request, rule, guideline
or directive (whether or not having the force of law) by any Governmental Authority; provided that, notwithstanding anything
herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or
directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the
Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United
States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a Change in Law,
regardless of the date enacted, adopted or issued.

 

“Change
of Control” means the occurrence of any of the following: (A) (w) prior to the consummation of the Parent Roll Up,
the Parent shall cease to own directly 100% of the issued and outstanding Capital Stock of Intermediate Holdco or
Intermediate Holdco shall cease to own directly 100% of the issued and outstanding Capital Stock of the Borrower, (x) after
the consummation of the Parent Roll Up, the Surviving Parent shall cease to own directly 100% of the issued and outstanding
Capital Stock of the Borrower, (y) the Borrower shall cease to own directly 100% of the issued and outstanding Capital of
each Project Holding Company or (z) the Project Holding Companies shall cease to Control the Project Subsidiaries, (B) (x)
the Advisor (or any successor thereto (I) engaged by Intermediate Holdco and the Borrower within 30 days after the cessation
of services from the Advisor and (II) reasonably acceptable to the Administrative Agent) shall cease to provide substantially
the same services (in size and scope) to Intermediate Holdco and the Borrower as are provided by the Advisor on the Closing
Date or (y) any of Richard Butt, Charles Wheeler or David Sher (or any successor thereto (I) retained by the Advisor within
30 days after such individual’s resignation or other departure from the management of the Advisor and (II) reasonably
acceptable to the Administrative Agent) shall cease to be involved in the day-to-day operations of the Advisor in
substantially the same capacity as on the Closing Date, (C) the Advisor (or any successor thereto (I) engaged by Intermediate
Holdco and the Borrower within 30 days after the cessation of services from the Advisor and (II) reasonably acceptable to the
Administrative Agent) shall cease to Control the Parent, Intermediate Holdco or the Borrower, (D) any Person or group of
Persons acting in concert as a partnership or other group shall have become, as a result of a tender or exchange offer, open
market purchases, privately negotiated purchases or otherwise, the beneficial owner of outstanding Capital Stock of the
Parent having 35% or more of the Total Voting Power of the Parent, or (E) during any period of up to twelve
consecutive months, individuals on the board of directors of the Parent (together with any new directors whose election to
such board of directors or whose nomination for election was approved by either (1) a vote of directors who were either
directors at the beginning of such period or whose election or nomination for election was previously so approved, and who
constitute a majority of the directors then still in office at the time of such election or nomination or (2) the Advisor)
shall cease to consist of a majority of the individuals who constituted the board of directors at the beginning of such
period.

 

    6

     

    

 

“Class” has the meaning given to
such term in Section 2.2(a).

 

“Closing Date” means the date of
this Agreement.

 

“Closing
Date Borrowing Base Projects” means those Borrowing Base Projects (and the Project Holding Companies that own such Borrowing
Base Projects) existing as of the Closing Date and part of or related to the initial Borrowing Base, as more particularly set
forth in Schedule 1.1(b) hereto and identified as Closing Date Borrowing Base Projects therein.

 

“Code” means the Internal Revenue
Code of 1986.

 

“Collateral”
means all the assets, property and interests in property that shall from time to time be pledged or be purported to be pledged
as direct or indirect security for the Obligations pursuant to any one or more of the Security Documents.

 

“Commercial
Operation” means that point achieved when a Project begins generating electricity pursuant to the applicable Power Purchase
Agreement.

 

“Committed Loans” has the meaning
given to such term in Section 2.1(a).

 

“Commitment”
means, with respect to any Lender at any time, the commitment of such Lender to make Committed Loans and purchase participations
in L/C Obligations hereunder, in an aggregate principal amount not to exceed the amount set forth opposite such Lender’s
name on Schedule 1.1(a) under the caption “Commitment” or, if such Lender has entered into one or more Assignment
and Assumptions, the amount set forth for such Lender at such time in the Register as such Lender’s “Commitment,”
in either case, as such amount may be increased or reduced at or prior to such time pursuant to the terms hereof. The Commitments
of the Lenders aggregate $60,000,000 on the Closing Date.

 

“Commodity
Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and
any successor statute.

 

“Company
Parties” means, subject to Section 10.15, the Parent, Intermediate Holdco and the Subsidiaries of Intermediate
Holdco.

 

“Compliance
Certificate” means a fully completed and duly executed certificate in the form of Exhibit C, together with a Covenant
Compliance Worksheet.

 

    7

     

    

 

“Connection
Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that
are franchise Taxes or branch profits Taxes.

 

“Consolidated
EBITDA” means, for any Reference Period for any Person or Persons (such Person or Persons, the “subject Person”),
the aggregate of (i) Consolidated Net Income for such period for the subject Person, plus (ii) the sum of (A) interest expense,
(B) foreign, federal, state, local and other income taxes, (C) depreciation and amortization, (D) extraordinary losses, (E) nonrecurring
cash fees, costs and expenses incurred in connection with the closing of this Agreement and the other Credit Documents (including
any Incremental Amendment or other amendment hereto) and not later than 12 months after the relevant transaction (including fees
and expenses paid pursuant to this Agreement), not to exceed $1,500,000 in the aggregate, and (F) non-cash expenses relating to
equity-based compensation, all to the extent taken into account in the calculation of Consolidated Net Income for such Reference
Period for the subject Person and all calculated in accordance with GAAP, minus (iii) the sum of (A) extraordinary gains
or income and (B) non-cash credits increasing income for such period, all to the extent taken into account in the calculation of
Consolidated Net Income for such period for the subject Person, minus (iv) cash payments during such period on account of
noncash expenses or charges expensed in any prior period and added back under clause (ii) above for purposes of determining Consolidated
EBITDA for such prior period for the subject Person (or that would have been added back for such purposes if this Agreement had
been in effect for such prior period).

 

“Consolidated
Fixed Charges” means, for any Reference Period for any Person or Persons (such Person or Persons, the
“subject Person”), the aggregate (without duplication) of the following, all determined on a consolidated
basis for such Person or Persons in accordance with GAAP: (i) Consolidated Interest Expense for the subject Person and its
Subsidiaries to the extent paid (or required to be paid) in cash during such Reference Period and (ii) the aggregate (without
duplication) of all scheduled payments of principal on Funded Debt (with respect to the Converted Term Loan, as set forth in Section
2.6(a)) required to have been made by the subject Person and its Subsidiaries during such Reference Period (whether or
not such payments are actually made), including scheduled principal payments with respect to any Subordinated Indebtedness.
For purposes of calculating the Fixed Charge Coverage Ratio and the Debt Service Coverage Ratio, the scheduled payments of
principal on Funded Debt included in Consolidated Fixed Charges under the foregoing clause (ii) with respect to the Loans
will be determined (x) for any Reference Period ending prior to the Conversion Date, based on the scheduled payments of
principal on the Loans that would be (or are anticipated to be) required hereunder for the first four-quarter Reference
Period commencing after the Conversion Date, on the outstanding principal balance of the Loans at the time of determination,
(y) for any Reference Period ending after the Conversion Date but prior to the one-year anniversary of the Conversion Date,
based on the annualized amount of scheduled payments of principal on the Loans for the period from the Conversion Date
through the end of such Reference Period (i.e., the actual amount of scheduled payments of principal on the Loans for the
period from the Conversion Date through the end of such Reference Period, multiplied by 365 and divided by the
number of days in the period from the Conversion Date through the end of such Reference Period), and (z) for any Reference
Period ending on or after the one-year anniversary of the Conversion Date, based on the actual amount of scheduled payments
of principal on the Loans for such Reference Period (in each case under clauses (x) and (y), as determined by the
Administrative Agent, which determination shall be conclusive absent manifest error).

 

    8

     

    

 

“Consolidated
Interest Expense” means, for any Reference Period for any Person or Persons (such Person or Persons, the “subject
Person”), the sum (without duplication) of (i) total interest expense of the subject Person and its Subsidiaries
for such Reference Period (including all such interest expense accrued or capitalized during such Reference Period, whether or
not actually paid during such Reference Period), determined on a consolidated basis in accordance with GAAP, (ii) all net amounts
payable under or in respect of interest Rate Management Agreements, to the extent paid or accrued by the subject Person and its
Subsidiaries during such Reference Period, and (iii) all recurring unused commitment fees and other ongoing fees in respect of
Funded Debt (including the unused fees provided for under Section 2.9 and letter of credit fees provided for under Section
2.21) paid, accrued or capitalized by the subject Person and its Subsidiaries during such Reference Period.

 

“Consolidated
Net Income” means, for any Reference Period for any Person or Persons (such Person or Persons, the “subject
Person”), net income (or loss) for the subject Person and its Subsidiaries for such Reference Period, determined on a
consolidated basis in accordance with GAAP (after deduction for minority interests); provided that, in making such determination,
there shall be excluded (i) the net income of any other Person that is not a Subsidiary of the subject Person (or is accounted
for by the subject Person by the equity method of accounting) except to the extent of actual payment of cash dividends or distributions
by such Person to the subject Person or any Subsidiary of the subject Person during such Reference Period (and in the case of a
dividend or other distribution to a Subsidiary of the subject Person, such Subsidiary is not precluded from further distributing
such amount to the Subject Person as described in clause (iii) of this proviso), (ii) the net income (or loss) of any other Person
acquired by, or merged with, the subject Person or any of its Subsidiaries for any period prior to the date of such acquisition
or merger, and (iii) the net income of any Subsidiary of the subject Person to the extent that the declaration or payment of dividends
or similar distributions by such Subsidiary of such net income is not at the time permitted by operation of the terms of its charter,
certificate of incorporation or formation or other constituent document or any agreement or instrument (other than a Credit Document)
or Requirement of Law applicable to such Subsidiary (except that the Borrower’s equity in any net loss of any such Subsidiary
for such Reference Period shall be included in determining Consolidated Net Income).

 

“Consolidated
Net Worth” means, as of any date of determination, stockholders’ equity of the Borrower and its Subsidiaries as
of such date (excluding tax equity), determined on a consolidated basis in accordance with GAAP.

 

“Consolidated
Total Funded Debt” means, as of any date of determination, the aggregate (without duplication) of all Funded Debt of
the Borrower and its Subsidiaries as of such date, determined on a consolidated basis in accordance with GAAP.

 

“Control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a
Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled”
have meanings correlative thereto.

 

    9

     

    

 

“Controlled
Investment Affiliate” means, with respect to any Person, any other Person (including any fund or investment vehicle)
that (i) directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with
such Person and (ii) is organized primarily for the purpose of making equity or debt investments in one or more companies.

 

“Conversion
Date” means the earlier of (a) January 5, 2019, or if such day is not a Business Day, the immediately preceding Business
Day; provided that if Borrower has timely submitted prior to the Conversion Date an Approval Request and the required conditions
precedent set forth in this Agreement for the addition of such proposed Borrowing Base Project have been satisfied except for any
consent and evaluation of the Administrative Agent and the Required Lenders, then the Conversion Date, to the extent it is applicable,
shall be automatically extended to the date the Administrative Agent and Required Lenders formally approve or reject such proposed
Borrowing Base Project, and (b) the date that the aggregate Commitments have been fully drawn.

 

“Converted Term Loan” has the meaning
given to such term in Section 2.1(b).

 

“Covenant
Compliance Worksheet” means a fully completed worksheet in the form of Attachment A to Exhibit C.

 

“Credit
Documents” means this Agreement, the Notes, the Fee Letter, the Applications, the Security Agreement, the Pledge Agreement,
the Guaranty, the Mortgages, any other Security Documents and all other agreements, instruments, documents and certificates now
or hereafter executed and delivered to the Administrative Agent, the L/C Issuer or any Lender by or on behalf of any Credit Party
with respect to this Agreement, but specifically excluding any Rate Management Agreement and any Cash Management Agreement.

 

“Credit
Exposure” means, with respect to any Lender at any time, the sum of (i) the aggregate principal amount of all Loans that
have been advanced by such Lender under this Agreement as of such time plus (ii) such Lender’s participation interest
in L/C Obligations (without duplication) that have been incurred as of such time.

 

“Credit
Limit” means, at any time, the lesser of (a) the aggregate Commitments of the Lenders at such time and (b) the
Borrowing Base at such time.

 

“Credit Parties” means the Borrower
and the Guarantors.

 

“Debt
Issuance” means the issuance, sale or incurrence by any Restricted Party of any debt securities or other Indebtedness,
whether in a public offering or otherwise, except for any Indebtedness permitted under Section 7.2.

 

“Debt
Service Coverage Ratio” means as of the last day of any Reference Period ending on the last day of a fiscal quarter,
the ratio of (i) Consolidated EBITDA for the Borrower and its Subsidiaries for such Reference Period to (ii) Consolidated Fixed
Charges for the Borrower and its Subsidiaries for such Reference Period.

 

“Debt
to Capitalization Ratio” means, as of any date, the ratio of (i) Consolidated Total Funded Debt as of such date to
(ii) Total Capitalization as of such date.

 

    10

     

    

 

“Debtor
Relief Laws” means the Bankruptcy Code, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit
of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United
States or other applicable jurisdictions from time to time in effect.

 

“Default”
means any Event of Default or any event or condition that, with the passage of time or giving of notice, or both, would constitute
an Event of Default.

 

“Defaulting
Lender” means, subject to Section 2.18(b), any Lender that (i) has failed to (x) fund all or any portion of its
Loans within two Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the Administrative
Agent and the Borrower in writing that such failure is the result of such Lender’s determination that one or more conditions
precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified
in such writing) has not been satisfied, or (y) pay to the Administrative Agent, the L/C Issuer or any other Lender any other amount
required to be paid by it hereunder (including in respect of its participation in Letters of Credit) within two Business Days of
the date when due, (ii) has notified the Borrower, the Administrative Agent or the L/C Issuer in writing that it does not intend
to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public
statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s
determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be
specifically identified in such writing or public statement) cannot be satisfied), (iii) has failed, within three Business Days
after written request by the Administrative Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower
that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting
Lender pursuant to this clause (iii) upon receipt of such written confirmation by the Administrative Agent and the Borrower), or
(iv) has, or has a direct or indirect parent company that has, (x) become the subject of a proceeding under any Debtor Relief Law,
(y) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar
Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation
or any other state or federal regulatory authority acting in such a capacity or (z) become the subject of a Bail-In Action; provided
that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that
Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not
result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement
of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate,
disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender
is a Defaulting Lender under any one or more of clauses (i) through (iv) above shall be conclusive and binding absent manifest
error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.18(b)) upon delivery of written notice
of such determination to the Borrower, the L/C Issuer and each Lender.

 

    11

     

    

 

“Disqualified
Capital Stock” means, with respect to any Person, any Capital Stock of such Person that, by its terms (or by the terms
of any security into which it is convertible or for which it is exchangeable), or upon the happening of any event or otherwise,
(i) matures or is mandatorily redeemable or subject to any mandatory repurchase requirement, pursuant to a sinking fund obligation
or otherwise, (ii) is redeemable or subject to any mandatory repurchase requirement at the sole option of the holder thereof,
or (iii) is convertible into or exchangeable for (whether at the option of the issuer or the holder thereof) (y) debt securities
or (z) any Capital Stock referred to in clause (i) or (ii) above, in each case under clause (i), (ii) or (iii) above at any time
on or prior to the first anniversary of the Maturity Date; provided, however, that only the portion of Capital Stock
that so matures or is mandatorily redeemable, is so redeemable at the option of the holder thereof, or is so convertible or exchangeable
on or prior to such date shall be deemed to be Disqualified Capital Stock.

 

“Dividend
Amount” means, for any fiscal quarter, (i)(A) the dividends and distributions paid by the Parent during such fiscal quarter
to its equity holders multiplied by (B) the Dividend Percentage for such fiscal quarter, plus (ii) the Dividend Carryforward
Amount for the immediately preceding fiscal quarter.

 

“Dividend
Carryforward Amount” means, for each fiscal quarter ending after the Closing Date, the excess (if any) of (i) the Dividend
Amount for such fiscal quarter over (ii) the sum of (A) the actual aggregate amount of dividends and distributions paid by the
Borrower during such fiscal quarter, and (B) the amount of any Dividend Overage for the immediately preceding fiscal quarter that
is “cured” through clause (y) of the proviso in Section 7.6(a)(iii). For clarity, the Dividend Carryforward
Amount shall not be less than $0.

 

“Dividend
Overage” means, for any fiscal quarter ending after the Closing Date, the excess (if any) of (i) the actual aggregate
amount of dividends and distributions paid by the Borrower during such fiscal quarter over (ii) the Dividend Amount for such fiscal
quarter. For clarity, the Dividend Overage shall not be less than $0.

 

“Dividend
Percentage” means, for any fiscal quarter, (i) the Average Net Asset Value for the Borrower for such fiscal quarter,
divided by (ii) the Average Net Asset Value of the Parent for such fiscal quarter.

 

“Dollars” or “$”
means dollars of the United States of America.

 

“Domestic Subsidiary” means any
Subsidiary that is not a Foreign Subsidiary.

 

“EEA
Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country which
is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent
of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country
which is a Subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision
with its parent.

 

“EEA
Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

 

“EEA
Resolution Authority” means any public administrative authority or any Person entrusted with public administrative authority
of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

 

    12

     

    

 

“Eligible
Assignee” means any Person that meets the requirements to be an assignee under Sections 10.6(b)(iii), 10.6(b)(v)
and 10.6(b)(vi) (subject to such consents, if any, as may be required under Section 10.6(b)(iii)).

 

“Environmental
Claims” means any and all administrative, regulatory or judicial actions, suits, demands, demand letters, claims, liens,
allegations, notices of noncompliance or violation, investigations by a Governmental Authority, or proceedings (including administrative,
regulatory and judicial proceedings) relating in any way to any Hazardous Substance, any actual or alleged violation of or liability
under any Environmental Law or any permit issued, or any approval given, under any Environmental Law (collectively, “Claims”),
including (i) any and all Claims by Governmental Authorities for enforcement, cleanup, removal, response, remedial or other actions
or damages pursuant to any applicable Environmental Law and (ii) any and all Claims by any third party seeking damages, contribution,
indemnification, cost recovery, compensation or injunctive relief resulting from any Hazardous Substance or arising from alleged
injury or threat of injury to human health or the environment.

 

“Environmental
Laws” means any and all federal, state and local laws, statutes, ordinances, rules, regulations, permits, licenses, approvals,
rules of common law and orders of courts or Governmental Authorities, relating to the protection of human health, occupational
safety with respect to exposure to Hazardous Substances, or the environment, now or hereafter in effect, and in each case as amended
from time to time, including requirements pertaining to the manufacture, processing, distribution, use, treatment, storage, disposal,
transportation, handling, reporting, licensing, permitting, investigation, response or remediation of Hazardous Substances.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, and all rules and regulations from time to time promulgated thereunder.

 

“ERISA Affiliate”
means any trade or business (whether or not incorporated) that, together with any Restricted Party, is treated as (i) a single
employer under Section 414(b), (c), (m) or (o) of the Code or (ii) a member of the same controlled group under Section 4001(a)(14)
of ERISA.

 

“ERISA Event”
means any of the following: (i) a “reportable event” as defined in Section 4043(c) of ERISA with respect to a Plan
or, if any Restricted Party or any ERISA Affiliate has received notice, a Multiemployer Plan, for which the requirement to give
notice has not been waived by the PBGC (provided, however, that a failure to meet the minimum funding standard of Section
412 of the Code shall be considered a “reportable event” regardless of the issuance of any waiver), (ii) the application
by any Restricted Party or any ERISA Affiliate for a funding waiver pursuant to Section 412 of the Code, (iii) the incurrence
by any Restricted Party or any ERISA Affiliate of any Withdrawal Liability, or the receipt by any Restricted Party or any ERISA
Affiliate of notice from a Multiemployer Plan that it is in reorganization or insolvency pursuant to Section 4241 or 4245 of ERISA
or that it intends to terminate or has terminated under Section 4041A of ERISA, (iv) the distribution by any Restricted Party
or any ERISA Affiliate under Section 4041 of ERISA of a notice of intent to terminate any Plan or the taking of any action to
terminate any Plan, (v) the commencement of proceedings by the PBGC under Section 4042 of ERISA for the termination of, or the
appointment of a trustee to administer, any Plan, or the receipt by any Restricted Party or any ERISA Affiliate of a notice from
any Multiemployer Plan that such action has been taken by the PBGC with respect to such Multiemployer Plan, (vi) the institution
of a proceeding by any fiduciary of any Multiemployer Plan against any Restricted Party or any ERISA Affiliate to enforce Section
515 of ERISA, which proceeding is not dismissed within 30 days, (vii) the imposition upon any Restricted Party or any ERISA Affiliate
of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, or
the imposition or threatened imposition of any Lien upon any assets of any Restricted Party or any ERISA Affiliate as a result
of any alleged failure to comply with the Code or ERISA with respect to any Plan, or (viii) the engaging in or otherwise becoming
liable for a Prohibited Transaction by any Restricted Party or any ERISA Affiliate.

 

    13

     

    

 

“EU Bail-In Legislation Schedule”
means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from
time to time.

 

“Event of Default” has the meaning given
to such term in Section 8.1.

 

“Exchange Act” means the Securities Exchange
Act of 1934.

 

“Excluded
Project” means any Borrowing Base Project (other than a Closing Date Borrowing Base Project and a Pre-Approved Borrowing
Base Project) for which the Project Value as determined hereunder (irrespective of the actual amount requested to be advanced hereunder
with respect to such Borrowing Base Project) does not exceed $7,500,000 in the aggregate with all other Borrowing Base Projects
with the same developer and the same Power Purchase Agreement offtaker that are acquired within 60 days of the acquisition of such
Borrowing Base Project.

 

“Excluded
Swap Obligation” means, with respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a portion
of the Guaranty of such Guarantor of, or the grant by such Guarantor of a Lien to secure, such Swap Obligation (or any guarantee
thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading
Commission (or the application or official interpretation thereof) by virtue of such Guarantor’s failure for any reason to
constitute an “eligible contract participant” as defined in the Commodity Exchange Act (determined after giving effect
to Section 10.17 and any other “keepwell, support or other agreement for the benefit of such Guarantor and any and
all guarantees of such Guarantor’s Swap Obligations by other Credit Parties) at the time the Guaranty of such Guarantor,
or grant by such Guarantor of a Lien, becomes effective with respect to such Swap Obligation. If a Swap Obligation arises under
a Master Agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is
attributable to swaps for which such Guaranty or Lien is or becomes excluded in accordance with the first sentence of this definition.

 

“Excluded
Tax Credit Subsidiary” means any Subsidiary of the Borrower (A) that (a) owned or operated any portion of a Tax Credit
Project prior to becoming a Subsidiary of the Borrower and continues to own or operate such Tax Credit Project, (b) is bound by
contractual arrangements with the tax equity investor (i.e., the beneficiary of the Tax Credit) with respect to such Tax Credit
Project that (i) prohibit such Subsidiary from acting as a Guarantor or require the consent of such tax equity investor for such
Subsidiary to act as a Guarantor and (ii) existed at the time such Person became a Subsidiary of the Borrower and were not created
in anticipation or contemplation thereof, and (c) for which the burden or expense of obtaining such tax equity investor’s
consent to such Subsidiary becoming a Guarantor is excessive in light of the benefit to be provided by such Subsidiary acting
as a Guarantor, as reasonably determined by the Administrative Agent, (B) is identified as an Excluded Tax Credit Subsidiary on
Schedule 1.1(b) as of the Closing Date, or (C) may be approved as an Excluded Tax Credit Subsidiary by the Administrative
Agent in its sole discretion in writing from time to time.

 

    14

     

    

 

“Excluded
Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted
from a payment to a Recipient: (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch
profits Taxes, in each case, (x) imposed as a result of such Recipient being organized under the laws of, or having its principal
office or, in the case of any Lender, its Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision
thereof) or (y) that are Other Connection Taxes; (ii) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts
payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in
effect on the date on which (x) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment
request by the Borrower under Section 2.17) or (y) such Lender changes its Lending Office, except in each case to the extent
that, pursuant to Section 2.15, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately
before such Lender became a party hereto or to such Lender immediately before it changed its Lending Office; (iii) Taxes attributable
to such Recipient’s failure to comply with Section 2.15(g); and (iv) any U.S. federal withholding Taxes imposed under
FATCA.

 

“FASB” means the Financial Accounting Standards
Board.

 

“FATCA”
means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended version that is substantively comparable
and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any
agreement entered into pursuant to Section 1471(b)(1) of the Code.

 

“Federal Funds
Rate” means, for any day, a fluctuating per annum interest rate equal to the weighted average (rounded upwards, if necessary,
to the nearest 1/100 of one percentage point) of the rates on overnight federal funds transactions with members of the Federal
Reserve System, as published for such day (or, if such day is not a Business Day, for the immediately preceding Business Day) by
the Federal Reserve Bank of New York, or if such rate is not so published for any day that is a Business Day, the average (rounded
upwards, if necessary, to the nearest 1/100 of one percentage point) of the quotations for such day on such transactions received
by the Administrative Agent from three federal funds brokers of recognized standing selected by the Administrative Agent. Notwithstanding
the foregoing, at no time shall the Federal Funds Rate be less than 0%.

 

“Federal Reserve Board” means the Board of
Governors of the Federal Reserve System.

 

“Fee Letter”
means that certain letter from the Administrative Agent or the Arranger to the Borrower, dated the Closing Date, relating to certain
fees payable by the Borrower in respect of the transactions contemplated by this Agreement.

 

“Fifth Third” means
Fifth Third Bank, an Ohio banking corporation.

 

    15

     

    

 

“Financial Condition Certificate”
means a fully completed and duly executed certificate, in substantially the form of Exhibit G, together with the attachments
thereto.

 

“Financial Officer” means,
with respect to any Person, the chief financial officer, vice president - finance, principal accounting officer or treasurer of
such Person.

 

“fiscal quarter” or “FQ”
means a fiscal quarter of the Restricted Parties.

 

“fiscal year” or “FY”
means a fiscal year of the Restricted Parties, which ends on December 31.

 

“Fixed Charge
Coverage Ratio” means as of the last day of any Reference Period ending on the last day of a fiscal quarter, the ratio
of (i) (A) Consolidated EBITDA for the Borrower and its Subsidiaries for such Reference Period minus (B) the excess (not
to be less than $0) of (x) the aggregate of all amounts paid by the Borrower or any of its Subsidiaries to any other Person during
such Reference Period as dividends or distributions in respect of its Capital Stock or to purchase, redeem, retire or otherwise
acquire its Capital Stock (other than (1) dividends or distributions made in accordance with Section 7.6(a)(ii) and (2)
for purposes of calculating the Fixed Charge Coverage Ratio to determine compliance with the covenant in Section 6.2 (but
not for calculating the Fixed Charge Coverage Ratio for purposes of Section 7.6(a)(iv)), dividends or distributions made
pursuant to Section 7.6(a)(iv)) over (y) the aggregate Net Cash Proceeds of all Capital Contributions received by the Borrower
and its Subsidiaries from any other Person (other than any Specified Capital Contribution) minus (C) Capital Expenditures
for the Borrower and its Subsidiaries to the extent paid (or required to be paid) in cash during such Reference Period that are
not financed by the proceeds of Indebtedness (other than revolving Indebtedness) minus (D) aggregate tax expense for the
Borrower and its Subsidiaries to the extent paid (or required to be paid) in cash during such Reference Period minus (E)
any management fees paid in cash by the Borrower and its Subsidiaries in accordance with Section 7.7(iii) during such Reference
Period to the extent not already reducing Consolidated EBITDA for the Borrower and its Subsidiaries for such Reference Period to
(ii) Consolidated Fixed Charges for the Borrower and its Subsidiaries for such Reference Period.

 

“Flood Hazard
Property” means any owned or leased real property that is subject to a Mortgage and is in an area designated by the Federal
Emergency Management Agency as having special flood or mudslide hazards.

 

“Foreign Lender”
means a Lender that is organized under the laws of a jurisdiction outside of the United States.

 

“Foreign Subsidiary”
means, with respect to any Person, a Subsidiary of such Person (i) that is a “controlled foreign corporation,” as such
term is defined in Section 957 of the Code, or (ii) substantially all of the assets of which is Capital Stock of Persons described
in clause (i) above.

 

“Fronting Exposure”
means, at any time there is a Defaulting Lender, such Defaulting Lender’s Applicable Percentage of the outstanding L/C Obligations
other than L/C Obligations as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders
or Cash Collateralized in accordance with the terms hereof.

 

    16

     

    

 

“Fully Funded”
means, when used in reference to any Reserve with respect to a Project at any time, that the aggregate amount of (a) the cash deposit
plus (b) the principal amount available to be drawn under any Letter of Credit and/or other letter of credit constituting
such Reserve at such time is not less than the debt service relating to the Loans advanced on the basis of the Project Value of
such Project that is anticipated to be required hereunder for the next three (3) months (such anticipated debt service to be reasonably
determined by the Administrative Agent from time to time and adjusted not less frequently than annually (including at the time
a Project is designated as a Borrowing Base Project hereunder and at the time immediately prior to a distribution being made under
Section 7.6(a)(iv)), which determination shall in each case be conclusive absent manifest error).

 

“Fund”
means any Person (other than a natural person) that is (or will be) engaged in making, purchasing, holding or otherwise investing
in commercial loans and similar extensions of credit in the ordinary course of its activities.

 

“Funded Debt”
means, with respect to any Person, all Indebtedness of such Person (other than Indebtedness of the types referred to in clause
(ix) or (x) of the definition of Indebtedness) and all Guaranty Obligations with respect to Funded Debt of other Persons.

 

“GAAP”
means generally accepted accounting principles in the United States of America, as set forth in the statements, opinions and pronouncements
of the Accounting Principles Board, the American Institute of Certified Public Accountants and FASB, consistently applied and maintained,
as in effect from time to time (subject to the provisions of Section 1.2).

 

“Governmental
Authority” means the government of the United States of America or any other nation, or of any political subdivision
thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity
exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government
(including any supranational bodies such as the European Union or the European Central Bank, and including regional transmission
organizations (RTO’s), independent system operators (ISO’s), and any quasi-governmental regulatory entity exercising
oversight over power generation, sales, distribution or transmission).

 

“Guarantor”
means, subject to Section 10.15, the Parent, Intermediate Holdco and each Subsidiary of the Borrower that is a guarantor
of the Obligations under the Guaranty (or under another guaranty agreement in form and substance satisfactory to the Administrative
Agent); provided, however, that notwithstanding the foregoing, no Foreign Subsidiary of the Borrower and no Excluded Tax
Credit Subsidiary shall be a Guarantor.

 

“Guaranty” means a guaranty
agreement made by the Guarantors in favor of the Administrative Agent, the Lenders and the L/C Issuer, in substantially the form
of Exhibit F.

 

    17

     

    

 

“Guaranty
Obligation” means, with respect to any Person, any direct or indirect liability of such Person with respect to any Indebtedness,
liability or other obligation (the “primary obligation”) of another Person (the “primary obligor”),
whether or not contingent, (i) to purchase, repurchase or otherwise acquire such primary obligation or any property constituting
direct or indirect security therefor, (ii) to advance or provide funds (x) for the payment or discharge of any such primary obligation
or (y) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency
or any balance sheet item, level of income or financial condition of the primary obligor (including keep well agreements, maintenance
agreements, comfort letters or similar agreements or arrangements), (iii) to lease or purchase property, securities or services
primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor in respect
thereof to make payment of such primary obligation or (iv) otherwise to assure or hold harmless the owner of any such primary
obligation against loss or failure or inability to perform in respect thereof; provided, however, that, with respect to
the Company Parties, the term “Guaranty Obligation” shall not include endorsements for collection or deposit in the
ordinary course of business. The amount of any Guaranty Obligation of any guaranteeing Person hereunder shall be deemed to be
the lower of (a) an amount equal to the stated or determinable amount of the primary obligation in respect of which such Guaranty
Obligation is made and (b) the maximum amount for which such guaranteeing Person may be liable pursuant to the terms of the instrument
embodying such Guaranty Obligation, unless such primary obligation and the maximum amount for which such guaranteeing Person may
be liable are not stated or determinable, in which case the amount of such Guaranty Obligation shall be such guaranteeing Person’s
maximum reasonably anticipated liability in respect thereof as determined by such guaranteeing Person in good faith.

 

“Hazardous
Substance” means any substance or material meeting any one or more of the following criteria: (i) it is or contains a
substance designated as a solid or hazardous waste, hazardous substance, hazardous material, pollutant, contaminant or toxic substance
under any Environmental Law, (ii) its presence or release could reasonably be expected to require investigation or response under
any Environmental Law or (iii) it is or contains, without limiting the foregoing, asbestos, polychlorinated biphenyls, urea formaldehyde
foam insulation, petroleum hydrocarbons, petroleum derived substances or wastes, crude oil, nuclear fuel, natural gas or synthetic
gas.

 

“Incremental Amendment” has the meaning given
to such term in Section 2.22.

 

“Incremental Commitment” has the meaning
given to such term in Section 2.22(e).

 

“Incremental Increase” has the meaning given
to such term in Section 2.22.

 

“Indebtedness”
means, with respect to any Person (without duplication), (i) all obligations of such Person for borrowed money, (ii) all obligations
of such Person evidenced by notes, bonds, debentures or similar instruments, or upon which interest payments are customarily made,
(iii) the maximum stated or face amount of all surety bonds, letters of credit and bankers’ acceptances issued or created
for the account of such Person and, without duplication, all drafts drawn thereunder (to the extent unreimbursed), (iv) all obligations
of such Person to pay the deferred purchase price of property or services (excluding any trade payable incurred in the ordinary
course of business that is (A) not more than 60 days past due or (B) subject to a good to a good faith dispute), (v) all indebtedness
created or arising under any conditional sale or other title retention agreement with respect to property acquired by such Person,
(vi) all Capital Lease Obligations of such Person, (vii) all Disqualified Capital Stock issued by such Person, with the amount
of Indebtedness represented by such Disqualified Capital Stock being equal to the greater of its voluntary or involuntary liquidation
preference and its maximum fixed repurchase price, (viii) the principal balance outstanding and owing by such Person under any
synthetic lease, tax retention operating lease or similar off-balance sheet financing product, (ix) all Guaranty Obligations of
such Person with respect to Indebtedness of another Person, (x) the net termination obligations of such Person under any Rate
Management Agreements, calculated as of any date as if such agreement or arrangement were terminated as of such date, and (xi)
all indebtedness of the types referred to in clauses (i) through (x) above (A) of any partnership or unincorporated joint venture
in which such Person is a general partner or joint venturer to the extent such Person is liable therefor or (B) secured by any
Lien on any property or asset owned or held by such Person regardless of whether or not the indebtedness secured thereby shall
have been incurred or assumed by such Person or is nonrecourse to the credit of such Person, the amount thereof being equal to
the lesser of (y) the value of the property or assets subject to such Lien and (z) the amount of such indebtedness.

 

    18

     

    

 

“Indemnified
Taxes” means (i) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of
any obligation of any Credit Party under any Credit Document and (ii) to the extent not otherwise described in clause (i), Other
Taxes.

 

“Intellectual
Property” means (i) all inventions (whether or not patentable and whether or not reduced to practice), all improvements
thereto, and all patents, patent applications, and patent disclosures, together with all reissues, continuations, continuations-in-part,
divisions, revisions, extensions, and reexaminations thereof, (ii) all trademarks, service marks, trade dress, logos, trade names,
and corporate names, together with all goodwill associated therewith, and all applications, registrations, and renewals in connection
therewith, (iii) all copyrightable works and all copyrights (registered and unregistered), (iv) all trade secrets and confidential
information (including financial, business and marketing plans and customer and supplier lists and related information), (v) all
computer software and software systems (including data, databases and related documentation), (vi) all Internet web sites and domain
names, (vii) all technology, know-how, processes and other proprietary rights, and (viii) all licenses or other agreements to or
from third parties regarding any of the foregoing.

 

“Interest
Period” means, with respect to the initial Interest Period hereunder, the period commencing on the Closing Date and
ending on January 31, 2018, and with respect to any subsequent Interest Period hereunder, the period commencing on the last day
of each calendar month and ending on the last day of the following calendar month.

 

“Intermediate Holdco” has the meaning given
to such term in the introductory paragraph hereof.

 

“Investments” has the meaning given to such
term in Section 7.5.

 

“IRS” means the United States Internal Revenue
Service.

 

“L/C Credit Extension”
means, with respect to any Letter of Credit, the issuance thereof or extension of the expiry date thereof, or the increase of the
amount thereof.

 

    19

     

    

 

“L/C Issuer”
means Fifth Third in its capacity as issuer of Letters of Credit hereunder, or any successor issuer of Letters of Credit hereunder.

 

“L/C Obligations”
means, at any time the same is to be determined, the sum of (a) the full amount available for drawing under all outstanding Letters
of Credit plus (b) all unpaid Reimbursement Obligations.

 

“L/C Participation Fee” has the meaning given
to such term in Section 2.21(g).

 

“L/C Sublimit” means $5,000,000, as modified
pursuant to the terms hereof.

 

“Lender”
means each Person signatory hereto as a “Lender” and each other Person that becomes a “Lender” hereunder
pursuant to the terms hereof.

 

“Lending Office”
means, with respect to any Lender or the L/C Issuer, the office of such Person designated as such in such Person’s Administrative
Questionnaire or in connection with an Assignment and Assumption, or such other office as may be otherwise designated in writing
from time to time by such Person to the Borrower and the Administrative Agent. A Lender may designate separate Lending Offices
as provided in the foregoing sentence for the purposes of making or maintaining different Types of Loans, and any such office may
be a domestic or foreign branch or Affiliate of such Person.

 

“Letter of Credit” has the meaning given
to such term in Section 2.21(a).

 

“LIBOR Loan”
means, at any time, any Loan that bears interest at such time at the applicable Adjusted LIBOR Rate.

 

“LIBOR Rate”
means, for any Interest Period in accordance with this Agreement, the rate of interest rounded upwards (the “Rounding
Adjustment”), if necessary, to the next 1/8 of 1% (and adjusted for reserves if the Administrative Agent is required
to maintain reserves with respect to relevant advances) fixed by ICE Benchmark Administration Limited (or any successor thereto,
or replacement thereof, approved by the Administrative Agent, each an “Alternate LIBOR Source”) at approximately
11:00 a.m., London, England time (or the relevant time established by ICE Benchmark Administration Limited, an Alternate LIBOR
Source, or the Administrative Agent, as applicable), two Business Days prior to the first day of such Interest Period, relating
to quotations for the one month London InterBank Offered Rates on U.S. Dollar deposits, as displayed by Bloomberg LP (or any successor
thereto, or replacement thereof, as approved by the Administrative Agent, each an “Approved Bloomberg Successor”),
or, if no longer displayed by Bloomberg LP (or any Approved Bloomberg Successor), such rate as shall be determined in good faith
by the Administrative Agent from such sources as it shall determine to be comparable to Bloomberg LP (or any Approved Bloomberg
Successor), all as determined by the Administrative Agent in accordance with this Agreement and the Administrative Agent’s
loan systems and procedures periodically in effect. If the LIBOR Rate shall be less than zero, such rate shall be deemed zero
for purposes of this Agreement (the “LIBOR Rate Minimum”); provided that, at any time during which a
Rate Management Agreement with the Administrative Agent is then in effect with respect to all or a portion of the Obligations,
the LIBOR Rate Minimum and the Rounding Adjustment shall be disregarded and no longer of any force and effect with respect to
such portion of the Obligations subject to such Rate Management Agreement. Each determination by the Administrative Agent of the
LIBOR Rate shall be binding and conclusive in the absence of manifest error.

 

    20

     

    

 

“Lien”
means any mortgage, pledge, hypothecation, assignment, security interest, lien (statutory or otherwise), charge or other encumbrance
of any nature, whether voluntary or involuntary, including the interest of any vendor or lessor under any conditional sale agreement,
title retention agreement, Capital Lease or any other lease or arrangement having substantially the same effect as any of the foregoing.

 

“Loans” means any or all of the Committed
Loans and the Converted Term Loan.

 

“Margin Stock” has the meaning given to such
term in Regulation U.

 

“Material
Adverse Effect” means a material adverse change in, or a material adverse effect upon, (i) the business, assets, properties,
liabilities (actual or contingent), operations, condition (financial or otherwise) or prospects of the Restricted Parties, taken
as a whole, (ii) the ability of any Credit Party to perform its obligations under this Agreement or any of the other Credit Documents
to which it is a party, or (iii) the legality, validity or enforceability of this Agreement or any of the other Credit Documents
or the rights and remedies of the Administrative Agent and the Lenders hereunder and thereunder.

 

“Material
Casualty Event” means any Casualty Event affecting (i) all or any portion of any Borrowing Base Project the Net Cash
Proceeds of which are equal to or greater than 5% of such Project’s Project Value or (ii) all or any portion of any Project
(other than a Borrowing Base Project) of a Restricted Party the Net Cash Proceeds of which are equal to or greater than $500,000.

 

“Material
Contracts” means, collectively, (i) each Power Purchase Agreement for each Borrowing Base Project and (ii) each other
agreement to which any Restricted Party is a party, by which any Restricted Party or its properties is bound or to which any Restricted
Party is subject, in each instance the default under or termination or cancellation of which could reasonably be expected to result
in a Material Adverse Effect.

 

“Material
Indebtedness” means any Indebtedness (i) of the Parent or Intermediate Holdco having an aggregate principal amount of
at least the greater of (x) $5,000,000 or (y) 5% of the net assets of the Parent or Intermediate Holdco, as applicable, or (ii)
of any Restricted Party having an aggregate principal amount of at least $1,000,000.

 

“Maturity Date” means
January 5, 2024, or if such day is not a Business Day, the immediately preceding Business Day.

 

“Mortgage”
means any fee or leasehold (or fee and leasehold) mortgage, deed of trust or deed to secure debt executed by any Project Subsidiary
in favor of the Administrative Agent purporting to grant a Lien to the Administrative Agent (or a trustee for the benefit of the
Administrative Agent) encumbering the Realty of such Project Subsidiary described therein as security for some or all of the Obligations,
which shall be in form and substance satisfactory to the Administrative Agent, subject to the Mortgage Tax Principles.

 

    21

     

    

 

“Mortgage
Tax Principles” means the understanding of the Administrative Agent, the Lenders and the Credit Parties that, with respect
to any Mortgage (and any amendments thereto) encumbering Realty of a Project Subsidiary in a jurisdiction with mortgage, intangible,
documentary or similar taxes (collectively, the “Mortgage Taxes”), the amount of the Obligations secured by
such applicable Mortgage shall not exceed an amount equal to (i) the fair market value of the Realty encumbered by such Mortgage,
plus an additional amount as reasonably determined by the Administrative Agent to account for potential increases in such
fair market value during the term of this Agreement or (ii) such other amount as is reasonably determined by the Administrative
Agent, in accordance with (and as permitted by) applicable laws and regulations for such jurisdiction relating to the payment of
Mortgage Taxes, to minimize Mortgage Taxes while also affording the Administrative Agent, for the benefit of the Lenders and the
other holders of the Obligations, to realize on the full value of the Realty encumbered by such Mortgage as security for the Obligation
when exercising remedies under such Mortgage.

 

“Mortgage Taxes” has
the meaning given to such term in the definition of “Mortgage Tax Principles” above.

 

“Multiemployer
Plan” means any “multiemployer plan” within the meaning of Section 4001(a)(3) of ERISA to which any Restricted
Party or any ERISA Affiliate makes, is making or is obligated to make contributions or has made or been obligated to make contributions.

 

“Net Asset
Value” means, at any time for any Person, the “net asset value” of such Person and its Subsidiaries at such
time, determined on a consolidated basis in accordance with GAAP, applied in a manner consistent with the financial statements
of the Company Parties delivered pursuant to Section 4.11(a).

 

“Net Cash
Proceeds” means, in the case of any Debt Issuance, Capital Contribution, Casualty Event or Asset Disposition, the aggregate
cash proceeds received by any Restricted Party in respect thereof (including, in the case of a Casualty Event, insurance proceeds
and condemnation awards), minus the sum of (i) reasonable fees and out-of-pocket expenses payable by the Restricted Parties
to third parties that are not Affiliates of any Restricted Party in connection therewith, (ii) taxes paid or payable as a result
thereof, and (iii) in the case of a Casualty Event or an Asset Disposition, the amount required to retire Indebtedness to the extent
such Indebtedness is secured by Permitted Liens (ranking senior to the Administrative Agent’s Lien under the Credit Documents)
on the subject property; it being understood that the term “Net Cash Proceeds” shall include, as and when received,
any cash received upon the sale or other disposition of any non-cash consideration received by any Restricted Party in respect
of any of the foregoing events.

 

“Non-Consenting
Lender” means a Lender that does not approve any consent, waiver or amendment to any Credit Document that (i) requires
the approval of all Lenders (or all Lenders directly affected thereby) under Section 10.5 and (ii) has been approved by
the Required Lenders.

 

“Non-Defaulting
Lender” means, at any time, a Lender that is not a Defaulting Lender at such time.

 

“Non-U.S. Lender” means a Lender that is
not a U.S. Person.

 

    22

     

    

 

“Note” means a promissory
note made by the Borrower in favor of a Lender evidencing the Loans made or held by such Lender, in substantially the form of Exhibit
A.

 

“Notice of Borrowing” has the meaning given
to such term in Section 2.2(b).

 

“Obligations”
means all principal of and interest on the Loans and all fees, expenses, indemnities and other obligations owing, due or payable
at any time by any Credit Party to the Administrative Agent, any Lender or any other Person entitled thereto, under this Agreement
or any of the other Credit Documents (including interest, fees and expenses accruing after the filing of a petition or commencement
of a case by or with respect to any Credit Party or any Affiliate thereof seeking relief under any Debtor Relief Law, whether or
not the claim for such interest, fees and expenses is allowed in such proceeding), and all payment and other obligations owing
or payable at any time by any Credit Party to any Rate Management Party under or in connection with any Rate Management Agreement
required or permitted by this Agreement, and all payment and other obligations owing or payable at any time by any Credit Party
to any Cash Management Bank under or in connection with any Cash Management Agreement, in each case whether direct or indirect,
joint or several, absolute or contingent, matured or unmatured, now existing or hereafter arising, liquidated or unliquidated,
secured or unsecured, and whether existing by contract, operation of law or otherwise; provided that Obligations of a Guarantor
shall exclude any Excluded Swap Obligations with respect to such Guarantor.

 

“OFAC”
means the U.S. Department of the Treasury’s Office of Foreign Assets Control, and any successor thereto.

 

“Other Connection
Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such
Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered,
become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged
in any other transaction pursuant to or enforced any Credit Document, or sold or assigned an interest in any Loan or Credit Document).

 

“Other Taxes”
means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment
made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security
interest under, or otherwise with respect to, any Credit Document, except any such Taxes that are Other Connection Taxes imposed
with respect to an assignment (other than an assignment made pursuant to Section 2.17(a)).

 

“Parent”
has, subject to Section 10.15, the meaning given to such term in the introductory paragraph hereof.

 

    23

     

    

 

“Parent Roll
Up” means any consolidation, merger, combination of, or sale or distribution of all assets of, the Parent and/or Intermediate
Holdco (i) the effect of which is that, immediately after giving effect thereto, (A) all of the assets owned by the Parent and
Intermediate Holdco immediately prior thereto are owned by a single surviving Person (as between the Parent and Intermediate Holdco,
the “Surviving Parent”), (B) the Surviving Parent is directly owned by the Persons that owned the Parent immediately
prior thereto and (C) the Surviving Parent directly owns 100% of the outstanding Capital Stock of the Borrower and (ii) in respect
of which the Borrower shall have delivered to the Administrative Agent (A) at least 10 Business Days prior to the consummation
thereof, notice of the date on which the Parent Roll Up will be consummated and a reasonably detailed description of the terms
and structure thereof and drafts of the operative documents and (B) on the date of the consummation thereof, any documents and
other instruments (including legal opinions of counsel), duly executed and in form and substance reasonably satisfactory to the
Administrative Agent, as are reasonably requested by the Administrative Agent to evidence and confirm the fact that, immediately
after giving effect to the Parent Roll Up, the Administrative Agent will have a perfected security interest in 100% of the Capital
Stock of the Borrower.

 

“Participant” has the meaning given to such
term in Section 10.6(e).

 

“Participant Register” has the meaning given
to such term in Section 10.6(e)

 

“PATRIOT Act”
means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT
Act) of 2001, and any successor statute, and all rules and regulations from time to time promulgated thereunder.

 

“Payment Instructions”
means the account and office of the Administrative Agent designated by the Administrative Agent for such purpose from time to time.

 

“PBGC” means the Pension
Benefit Guaranty Corporation established pursuant to Subtitle A of Title IV of ERISA, and any successor thereto.

 

“Permitted Liens” has the meaning given to
such term in Section 7.3.

 

“Person”
means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental
Authority or other entity.

 

“Plan”
means any “employee pension benefit plan” within the meaning of Section 3(2) of ERISA that is subject to the provisions
of Title IV of ERISA (other than a Multiemployer Plan) and to which any Restricted Party or any ERISA Affiliate may have any liability.

 

“Platform” has the meaning given to such
term in Section 10.4(b).

 

“Pledge Agreement”
means the Pledge Agreement made by Intermediate Holdco in favor of the Administrative Agent, in substantially the form of Exhibit
E-2.

 

“Power Purchase
Agreement” means, with respect to any Project, any power purchase agreement, interconnection agreement, solar services
agreement, net metering agreement, renewable energy certificate purchase agreement or similar agreement between the applicable
Project Subsidiary and any transmitting utility properly authorized in the State in which such Project is located or other offtaker
(together with all schedules and exhibits thereto).

 

“Pre-Approved
Borrowing Base Projects” means those Projects (and the Project Holding Companies that own such Projects) existing
as of the Closing Date and identified on Schedule 1.1(e)(i) and (ii) hereto as Pre-Approved Borrowing
Base Projects.

 

    24

     

    

 

“Pro Forma Basis” has the meaning given to
such term in Section 1.3(b).

 

“Proceeds
Delivery Date” has the meaning given to such term in Section 2.6(e) or 2.6(f), as applicable.

 

“Prohibited
Transaction” means any transaction described in (i) Section 406 of ERISA that is not exempt by reason of Section 408
of ERISA or by reason of a Department of Labor prohibited transaction individual or class exemption or (ii) Section 4975(c) of
the Code that is not exempt by reason of Section 4975(c)(2) or 4975(d) of the Code.

 

“Project”
means one or more renewable utility scale solar energy generation systems, whether in operation or under construction. For the
avoidance of doubt, “Project” includes Tax Credit Projects.

 

“Project Amortization
Period” means, with respect to any Borrowing Base Project, an amortization period equal to the greater of (a) the term
(expressed in months) of the Power Purchase Agreement in place for such Borrowing Base Project remaining as of the Conversion Date
(such remaining term not to exceed 180 months for purposes of this clause (a)) and (b) 90% of the term (expressed in months) of
the Power Purchase Agreement in place for such Borrowing Base Project remaining as of the Conversion Date (such remaining term
not to exceed 276 months for purposes of this clause (b)).

 

“Project Documents”
means, with respect to any Project, the documents set forth on Schedule 2.19.

 

“Project Holding
Companies” means East to West Solar II LLC, a Delaware limited liability company, Magnolia Sun LLC, a Delaware limited
liability company, Green Maple II LLC, a Delaware limited liability company, Powerhouse One, LLC, a Tennessee limited liability
company, Solaverde, LLC, a Virginia limited liability company, Green Maple LLC, a Delaware limited liability company and any other
Subsidiary of the Borrower that directly owns any Capital Stock issued by a Project Subsidiary. As of the Closing Date, each Project
Holding Company is identified as such on Schedule 1.1(b).

 

“Project Subsidiary” means any Restricted
Party that owns a Borrowing Base Project.

 

“Project Value”
means, at any time with respect to any Borrowing Base Project, the aggregate principal amount of Committed Loans and Letters Credit
available to be borrowed and issued hereunder with respect to such Borrowing Base Project, as most recently assigned to such Borrowing
Base Project in accordance with Section 2.19 or 2.20.

 

“Project Warranties” has the meaning given
to such term in Schedule 2.19.

 

“Qualified
ECP Guarantor” means, at any time, each Credit Party with total assets exceeding $10,000,000 or that qualifies at such
time as an “eligible contract participant” under the Commodity Exchange Act and can cause another Person to qualify
as an “eligible contract participant” at such time under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

 

    25

     

    

 

“Rate Management
Agreement” means any agreement, device or arrangement providing for payments which are related to fluctuations of interest
rates, exchange rates, forward rates, or equity prices, including any transaction, device, agreement or arrangement (i) that is
or is the functional equivalent of a rate swap transaction, swap option, basis swap, forward rate transaction, commodity swap,
commodity option, equity or equity index swap, equity or equity index option, bond option, interest rate option, foreign exchange
transaction, cap transaction, floor transaction, collar transaction, currency swap transaction, cross-currency rate swap transaction,
currency option, credit protection transaction, credit swap, credit default swap, credit default option, total return swap, credit
spread transaction, repurchase transaction, reverse repurchase transaction, buy/sell-back transaction, securities lending transaction,
weather index transaction or forward purchase or sale of a security, commodity or other financial instrument or interest (including
any option with respect to any of these transactions) or (ii) that is a type of transaction that is similar to any transaction
referred to in clause (i) above that is currently, or in the future becomes, recurrently entered into in the financial markets
(including terms and conditions incorporated by reference in such agreement) and which is a forward, swap, future, option or other
derivative on one or more rates, currencies, commodities, equity securities or other equity instruments, debt securities or other
debt instruments, economic indices or measures of economic risk or value, or other benchmarks against which payments or deliveries
are to be made, or any combination of these transactions, and including any form of master agreement published by the International
Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other similar master agreement,
and any schedules, confirmations and documents and other confirming evidence between the parties confirming transactions thereunder,
all whether now existing or hereafter arising.

 

“Rate Management
Obligations” means any and all obligations of any Credit Party to any Rate Management Party, whether absolute, contingent
or otherwise and howsoever and whensoever (whether now or hereafter) created, arising, evidenced or acquired (including all renewals,
extensions and modifications thereof and substitutions therefor), under or in connection with (i) any and all Rate Management Agreements,
and (ii) any and all cancellations, buy backs, reversals, terminations or assignments of any Rate Management Agreement.

 

“Rate Management
Party” means any Lender or any Affiliate of any Lender in its capacity as a counterparty to any Rate Management Agreement
with any Credit Party, which Rate Management Agreement is required or permitted under this Agreement to be entered into by such
Credit Party, or any former Lender or any Affiliate of any former Lender in its capacity as a counterparty to any such Rate Management
Agreement entered into prior to the date such Person or its Affiliate ceased to be a Lender.

 

“Real Property
Support Documents” means, with respect to any Project of a Project Subsidiary or other Realty of a Project Subsidiary,
but excluding any Closing Date Borrowing Base Project and Pre-Approved Borrowing Base Project, such mortgagee title insurance
policies in amounts and with endorsements reasonably acceptable to the Administrative Agent (or, in the case of any Excluded Project,
a title search), surveys, Phase I and Phase II environmental site assessments, environmental questionnaires, landlord consents
and waivers, subordination and nondisturbance agreements, and other third-party consents and real property-related documents as
the Administrative Agent reasonably requires, in each case in form and substance reasonably satisfactory to the Administrative
Agent, and such flood hazard certifications and acknowledgments and evidence of flood insurance, if required, as the Administrative
Agent requires.

 

    26

     

    

 

“Realty”
means all real property and interests in real property now or hereafter owned or leased by any Restricted Party.

 

“Recipient”
means (i) the Administrative Agent, (ii) any Lender and (iii) the L/C Issuer, as applicable.

 

“Reference
Period” with respect to any date of determination means (except as may be otherwise expressly provided herein) the period
of four consecutive fiscal quarters of the Borrower immediately preceding such date or, if such date is the last day of a fiscal
quarter, the period of four consecutive fiscal quarters of the Borrower ending on such date.

 

“Register” has the meaning given to such
term in Section 10.6(d).

 

“Regulations D, T, U and X”
mean Regulations D, T, U and X, respectively, of the Federal Reserve Board, and any successor regulations.

 

“Reimbursement Obligation” has the meaning
given to such term in Section 2.21(c).

 

“Related Parties”
means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents, trustees,
administrators, managers, advisors and representatives of such Person and of such Person’s Affiliates.

 

“Required
Lenders” means, at any time, Lenders holding outstanding Credit Exposure and Unutilized Commitments (or, after the termination
of the Commitments, outstanding Credit Exposure) representing more than 50% of the aggregate, at such time, of all outstanding
Credit Exposure and Unutilized Commitments (or, after the termination of the Commitments, the aggregate at such time of all outstanding
Credit Exposure); provided that the Commitment of, and the portion of the outstanding Credit Exposure held or deemed held
by, any Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders. For the purposes of this
definition, in no event shall Required Lenders include fewer than two (2) Lenders at any time there are two (2) or more Lenders.

 

“Requirement
of Law” means, with respect to any Person, the charter, constitution, articles or certificate of organization or incorporation
and bylaws or other organizational or governing documents of such Person, and any statute, law, treaty, rule, regulation, order,
decree, writ, injunction or determination of any arbitrator or court or other Governmental Authority, in each case applicable to
or binding upon such Person or any of its property or to which such Person or any of its property is subject or otherwise pertaining
to any or all of the transactions contemplated by this Agreement and the other Credit Documents.

 

“Reserve”
or “Reserves” with respect to any Project means an operations, maintenance and debt service reserve for such
Project consisting of any combination of (a) a cash deposit in a deposit account maintained with the Administrative Agent and
for which a fully executed control agreement, in form and substance reasonably satisfactory to the Administrative Agent, has been
delivered to the Administrative Agent if requested by the Administrative Agent, (b) a Letter of Credit or (c) a standby letter
of credit permitted by this Agreement issued by a financial institution acceptable to the Administrative Agent. Reserves with
respect to a Project shall be usable for operations and maintenance needs with respect to such Project as well as to pay debt
service required hereunder relating to the Loans advanced with respect to such Project.

 

    27

     

    

 

“Resignation Effective Date” has the meaning
given to such term in Section 9.6(a).

 

“Responsible
Officer” means, with respect to any Person, the president, the chief executive officer, the chief financial officer,
any executive officer, or any other Financial Officer of such Person, and any other officer or similar official thereof responsible
for the administration of the obligations of such Person in respect of this Agreement or any other Credit Document.

 

“Restricted Parties” means the Borrower and
its Subsidiaries.

 

“Revaluation Notice” has the meaning given
to such term in Section 2.22(a).

 

“Sanctioned
Country” means, at any time, a country or territory that is itself the subject or target of any Sanctions (including
Cuba, Iran, North Korea, Sudan and Syria).

 

“Sanctioned
Person” means, at any time, (i) any Person listed in any Sanctions-related list of designated Persons maintained by OFAC,
the U.S. Department of State, the United Nations Security Council, the European Union, Her Majesty’s Treasury or other relevant
sanctions authority, (ii) any Person operating, organized or resident in a Sanctioned Country or (iii) any Person owned or controlled
by any such Person or Persons described in clauses (i) and (ii).

 

“Sanctions”
means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by the U.S. government
(including those administered by OFAC), the United Nations Security Council, the European Union, Her Majesty’s Treasury or
other relevant sanctions authority.

 

“Security
Agreement” means the Pledge and Security Agreement made by the Borrower, the Subsidiary Guarantors and any other parties
thereto in favor of the Administrative Agent, in substantially the form of Exhibit E-1.

 

“Security
Documents” means the Security Agreement, the Pledge Agreement, the Mortgages and all other pledge or security agreements,
assignments or other agreements or instruments executed and delivered by any Credit Party, pursuant to Section 5.10 or otherwise
in connection with the transactions contemplated hereby, pursuant to which Liens are granted to the Administrative Agent by the
Credit Parties as security for some or all of the Obligations or such Liens are perfected.

 

“Specified Capital Contribution” has the
meaning set forth in Section 8.4.

 

“Specified Guarantor”
means any Guarantor that is not then an “eligible contract participant” under the Commodity Exchange Act (determined
prior to giving effect to Section 10.17).

 

    28

     

    

 

“Specified Offtakers” means the regulated
utility offtakers specified on Schedule 1.1(d) attached hereto.

 

“Subordinated
Indebtedness” means any unsecured Indebtedness of the Borrower and its Subsidiaries that is expressly subordinated
in right of payment and performance to the Obligations.

 

“Subsidiary”
means, with respect to any Person (the “parent”), (i) any other Person of which more than 50% of the outstanding
Capital Stock having ordinary voting power to elect a majority of the board of directors, board of managers or other governing
body of such Person, is at the time, directly or indirectly, owned or controlled by the parent and one or more of its other Subsidiaries
or a combination thereof (irrespective of whether, at the time, securities of any other class or classes of any such Person shall
or might have voting power by reason of the happening of any contingency) and (ii) any other Person (other than a Tax Credit Party)
the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements if
such financial statements were prepared in accordance with GAAP. When used without reference to a parent entity, the term “Subsidiary”
shall be deemed to refer to a Subsidiary of the Borrower.

 

“Subsidiary Guarantor” means any Guarantor
that is a Subsidiary of the Borrower.

  

“Surviving Parent” has the meaning given
to such term in the definition of “Parent Roll Up.”

 

“Swap Obligations”
means with respect to any Guarantor any obligation to pay or perform under any agreement, contract or transaction that constitutes
a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act.

 

“Tax Credit”
means (i) any investment tax credit under Title 26, Section 48 of the Code or any successor or other similar provision, including
any similar provision concerning a refundable tax credit that replaces such investment tax credit program, (ii) any production
tax credit under the American Recovery and Reinvestment Act of 2009 and (iii) other tax credits established by the IRS or a state
of the United States for the purchase, lease or other acquisition of a Project.

 

“Tax Credit
Party” means, with respect to any Tax Credit Project, any Person (i) that owns any portion of such Tax Credit Project,
(ii) that is Controlled, directly or indirectly, by the Borrower and (iii) of which not more than 50% of the outstanding Capital
Stock having ordinary voting power to elect a majority of the board of directors, board of managers or other governing body of
such Person, is at the time, directly or indirectly, owned or controlled by the Borrower and one or more of its other Subsidiaries
or a combination thereof (irrespective of whether, at the time, securities of any other class or classes of any such Person shall
or might have voting power by reason of the happening of any contingency).

 

“Tax Credit
Project” means any Project that includes, utilizes or monetizes any Tax Credits. For purposes hereof, a Tax Credit Project
is deemed to be owned by each applicable Tax Credit Party and each Restricted Party that owns or operates any portion of such Tax
Credit Project.

 

    29

     

    

 

“Taxes”
means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments,
fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

 

“Terminating Indebtedness” has the meaning
given to such term in Section 3.1(h).

 

“Termination Date” means
the Conversion Date or such earlier date of termination of the Commitments pursuant to Section 2.5 or 8.2.

 

“Total Capitalization”
means, at any time, the sum of Consolidated Net Worth plus Consolidated Total Funded Debt.

 

“Total Voting
Power” means, with respect to any Person, the total number of votes which may be cast in the election of directors (or
equivalent governing body members) of such Person at any meeting of stockholders or other equityholders of such Person if all securities
entitled to vote in the election of directors (or equivalent governing body members) of such Person (on a fully diluted basis,
assuming the exercise, conversion or exchange of all rights, warrants, options and securities exercisable for, exchangeable for
or convertible into, such voting securities) were present and voted at such meeting (other than votes that may be cast only upon
the happening of a contingency).

 

“Transaction
Documents” means, collectively, this Agreement and the other Credit Documents and all other agreements, instruments,
certificates and documents executed and delivered in connection with the Transactions.

 

“Transactions”
means, collectively, the transactions contemplated by the Transaction Documents, including (i) the initial extensions of credit
hereunder on the Closing Date, (ii) the repayment of the Terminating Indebtedness and (iii) the payment of permitted fees and expenses
in connection with the foregoing.

 

“Type” means Base Rate Loans or LIBOR Loans,
as applicable.

 

“Unutilized
Commitment” means, with respect to any Lender at any time, such Lender’s Commitment at such time less the
sum of (i) the aggregate principal amount of all Loans that have been advanced by such Lender under this Agreement as of
such time plus (ii) such Lender’s participation interest in L/C Obligations (without duplication) that have been incurred
as of such time.

 

“U.S.
Federal Income Taxes” means any U.S. federal Taxes described in Section 871(a) or 881(a) of the Code, or any
successor provision (or any withholding with respect to such Taxes).

 

“U.S. Tax Compliance
Certificate” has the meaning assigned to such term in Section 2.15(g).

 

“Wholly Owned”
means, with respect to any Subsidiary of any Person, that 100% of the outstanding Capital Stock of such Subsidiary (excluding in
the case of a Foreign Subsidiary only, any directors’ qualifying shares and shares required to be held by foreign nationals)
is owned, directly or indirectly (unless otherwise indicated), by such Person.

 

    30

     

    

 

“Withdrawal
Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer
Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA.

 

“Withholding Agent” means the Borrower or
the Administrative Agent.

 

“Write-Down
and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such
EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down
and conversion powers are described in the EU Bail-In Legislation Schedule.

 

1.2        
Accounting Terms. Unless otherwise specified herein, all accounting terms used herein shall be interpreted, all accounting
determinations hereunder shall be made, and all financial statements required to be delivered hereunder shall be prepared in accordance
with, GAAP applied on a basis consistent with the audited consolidated financial statements in respect of fiscal year 2016 delivered
to the Lenders pursuant to Section 5.1(b) and (other than in respect of any financial statements of the Parent and its
Subsidiaries to be prepared on a consolidated basis) without regard to FASB ASC 946; provided that if the Borrower notifies
the Administrative Agent that it wishes to amend any financial covenant in Article VI to eliminate the effect of any change
in GAAP on the operation of such covenant (or if the Administrative Agent notifies the Borrower that the Required Lenders wish
to amend Article VI for such purpose), then the Borrower’s compliance with such covenant shall be determined on the
basis of GAAP as in effect immediately before the relevant change in GAAP became effective, until either such notice is withdrawn
or such covenant is amended in a manner satisfactory to the Borrower and the Required Lenders. Notwithstanding the foregoing,
for purposes of determining compliance with any covenant (including the computation of any financial covenant) contained herein,
(i) Indebtedness of the Borrower and its Subsidiaries shall be deemed to be carried at 100% of the outstanding principal amounts
thereof, and the effects of FASB ASC 825 and FASB ASC 470-20 on financial liabilities and any other accounting rule to the contrary
shall be disregarded, and (ii) any impact on the income of the Borrower and its Subsidiaries due to mark-to-market accounting
requirements with respect to Rate Management Agreements shall be disregarded.

 

1.3          Other Terms;
Construction.

 

With reference to this
Agreement and each other Credit Document, unless otherwise specified herein or in such other Credit Document:

 

(a)          The
definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may
require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,”
“includes” and “including” shall be deemed to be followed by the phrase “without
limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall.”
Unless the context requires otherwise (i) any definition of or reference to any agreement, instrument or other document (including
the Credit Documents and any organizational documents) shall be construed as referring to such agreement, instrument or other
document as from time to time amended, amended and restated, modified, extended, restated, replaced or supplemented (subject to
any restrictions on such amendments, amendment and restatements, modifications, extensions, restatements, replacements or supplements
set forth herein or in any other Credit Document), (ii) any reference in any Credit Document to any Person shall be construed
to include such Person’s successors and assigns, (iii) the words “herein,” “hereof”
and “hereunder,” and words of similar import when used in any Credit Document shall be construed to refer to
such Credit Document in its entirety and not to any particular provision thereof, (iv) all references in a Credit Document to
Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules
to, the Credit Document in which such references appear, (v) any reference to any law in any Credit Document shall include all
statutory and regulatory rules, regulations, orders and provisions consolidating, amending, replacing or interpreting such law
and any reference to any law or regulation in any Credit Document shall, unless otherwise specified, refer to such law or regulation
as amended, modified, extended, restated, replaced or supplemented from time to time and (vi) the words “asset”
and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible
and intangible assets and properties, including cash, securities, accounts and contract rights.

 

    31

     

    

 

(b)           Notwithstanding the foregoing, any calculation of the Debt to Capitalization Ratio, the Fixed Charge Coverage Ratio or the Debt
Service Coverage Ratio to determine whether a condition to any transaction has been met, shall be determined in each case on a
pro forma basis (a “Pro Forma Basis”) after giving effect to any Acquisition, Asset Disposition, incurrence
of Indebtedness, dividend, distribution or share repurchase, or other transaction (each, a “transaction”) occurring
during the most recently completed Reference Period for which financial statements have been delivered to the Administrative Agent
hereunder or after such Reference Period and prior to the date of calculation (or proposed to be consummated, as the case may be,
whether or not during such Reference Period) as if such transaction had occurred during such Reference Period, in accordance with
the following (or as otherwise specified in the applicable provision hereunder):

 

(i)           any
Indebtedness incurred or assumed by any Company Party in connection with any transaction (including any Indebtedness of a Person
acquired in an Acquisition that is not retired or repaid in connection therewith) shall be deemed to have been incurred or assumed
as of the last day of the applicable Reference Period;

 

(ii)        
any Indebtedness retired or repaid in connection with any transaction (including any Indebtedness of a Person acquired in an Acquisition)
shall be deemed to have been retired or repaid as of the last day of the applicable Reference Period; and

 

(iii)       
with respect to any Acquisition, income statement items (whether positive or negative) and balance sheet items attributable to
the Person or assets acquired shall (to the extent not otherwise included in the consolidated financial statements of the Borrower
and its Subsidiaries in accordance with GAAP or in accordance with other provisions of this Agreement) be included in such calculations
to the extent relating to the applicable Reference Period; provided that such income statement and balance sheet items are
reflected in financial statements or other financial data reasonably acceptable to the Administrative Agent.

 

    32

     

    

 

(c)           Calculations
of the Fixed Charge Coverage Ratio (and all defined terms used and other calculations made therein) to determine compliance with
Section 6.2 in respect of any Reference Period shall include, with respect to each component of such calculation, the actual
amount thereof attributable to any Person only for such portion of such Reference Period during which such Person was a member
of the group described in the applicable definition.

 

1.4         
Interest Rates. If at any time any interest rate quoted or otherwise made available from time to time under this Agreement
is no longer available generally, as determined by the Administrative Agent, then the Administrative Agent (after consultation
with the Borrower) may, by written notice to the Lenders and the Borrower, substitute such unavailable interest rate with another
published interest rate that the Administrative Agent determines adequately reflects the all-in-cost of funds to the Administrative
Agent and the Lenders.

 

ARTICLE II

 

AMOUNT AND TERMS OF CREDIT

 

2.1           Commitments.

 

(a)           Each Lender
severally agrees, subject to and on the terms and conditions of this Agreement, to make loans (the “Committed Loans”)
to the Borrower, from time to time on any Business Day during the period from and including the Closing Date to but not including
the Termination Date, in an aggregate principal amount not exceeding its Commitment; provided, however, that no Borrowing
of Committed Loans shall be made if, immediately after giving effect thereto, (x) the Credit Exposure of any Lender would exceed
its Commitment at such time or (y) the Aggregate Credit Exposure would exceed the Credit Limit at such time. The Commitments are
non-revolving and, to the extent repaid, Committed Loans may not be reborrowed. Availability of Committed Loans under the Commitments
shall cease on the Termination Date.

 

(b)           Subject to and upon the terms and conditions set forth herein, on the Conversion Date, all Committed Loans outstanding on the Conversion
Date shall automatically convert into an amortizing term loan (the “Converted Term Loan”), without such conversion
constituting a repayment or novation of such Committed Loans. The portion of the principal amount of the Converted Term Loan held
by each Lender outstanding on the Conversion Date shall equal the aggregate principal amount of the Committed Loans of such Lender
outstanding on the Conversion Date immediately prior to such conversion. No portion of the Converted Term Loan shall be made at
any time after the Conversion Date. To the extent repaid, the Converted Term Loan may not be reborrowed.

 

2.2          Types of Loans;
Borrowings.

 

(a)           The
Committed Loans and Converted Term Loan (each a “Class” of Loan) shall each be LIBOR Loans (except under the
circumstances described in Sections 2.14(e), 2.14(f) and 2.21).

 

(b)           In
order to make a Borrowing (other than Borrowings for the purpose of repaying Reimbursement Obligations, which shall be made pursuant
to Section 2.21), the Borrower will give the Administrative Agent written notice not later than 11:00 a.m., Charlotte,
North Caroline time, three Business Days prior to each Borrowing; provided, however, that requests for the Borrowing of
any Committed Loans to be made on the Closing Date may, at the discretion of the Administrative Agent, be given with less advance
notice than as specified hereinabove. Each such notice (each, a “Notice of Borrowing”) shall be irrevocable,
shall be given in the form of Exhibit B and shall specify (1) the aggregate principal amount of the Committed Loans to
be made pursuant to such Borrowing, and (2) the requested Borrowing Date, which shall be a Business Day. Upon its receipt of a
Notice of Borrowing, the Administrative Agent will promptly notify each applicable Lender of the proposed Borrowing. Notwithstanding
anything to the contrary contained herein, the aggregate principal amount of each Borrowing shall not be less than $5,000,000.

 

    33

     

    

 

(c)           Not later than
1:00 p.m., Charlotte, North Carolina time, on the requested Borrowing Date, each applicable Lender will make available to the Administrative
Agent in accordance with the Payment Instructions an amount, in Dollars and in immediately available funds, equal to the amount
of the Loan or Loans to be made by such Lender. Upon satisfaction of the applicable conditions set forth in Section 3.2
(and, if such Borrowing is made on the Closing Date, Section 3.1) and to the extent such Lenders have made such amounts
available to the Administrative Agent as provided hereinabove, the Administrative Agent will make the aggregate of such amounts
available to the Borrower in accordance with Section 2.3(a) and in like funds as received by the Administrative Agent.

 

2.3          Disbursements;
Funding Reliance; Domicile of Loans.

 

(a)           The Borrower
hereby authorizes the Administrative Agent to disburse the proceeds of each Borrowing in accordance with the terms of any written
instructions from any Authorized Officer of the Borrower; provided that the Administrative Agent shall not be obligated
under any circumstances to forward amounts to any account not listed in an Account Designation Letter. The Borrower may at any
time deliver to the Administrative Agent an Account Designation Letter listing any additional accounts or deleting any accounts
listed in a previous Account Designation Letter.

 

(b)           Unless
the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing, that such Lender
will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may
assume that such Lender has made such share available on such date in accordance with Section 2.2 and may, in reliance
upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its
share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower severally
agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from
and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative
Agent, at (i) in the case of a payment to be made by such Lender, the greater of the Federal Funds Rate and a rate determined
by the Administrative Agent in accordance with banking industry rules on interbank compensation, and (ii) in the case of a payment
to be made by the Borrower, the Adjusted LIBOR Rate. If the Borrower and such Lender shall pay such interest to the Administrative
Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to the Borrower the amount of such
interest paid by the Borrower for such period. If such Lender pays its share of the applicable Borrowing to the Administrative
Agent, then the amount so paid shall constitute such Lender’s Loan included in such Borrowing. Any payment by the Borrower
shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed to make such payment to
the Administrative Agent.

 

    34

     

    

 

(c)           The obligations
of the Lenders hereunder to make Loans, to fund participations in L/C Obligations and to make payments pursuant to Sections
2.15(e) and 10.1(c) are several and not joint. The failure of any Lender to make any Loan, to fund any such participation
or to make any such payment on any date shall not relieve any other Lender of its corresponding obligation, if any, hereunder to
do so on such date, but no Lender shall be responsible for the failure of any other Lender to so make its Loan, purchase its participation
or to make any such payment required hereunder.

 

(d)           Each Lender may, at its option, make and maintain any Loan at, to or for the account of any of its Lending Offices; provided
that any exercise of such option shall not affect the obligation of the Borrower to repay such Loan to or for the account of such
Lender in accordance with the terms of this Agreement.

 

2.4           Evidence of
Debt; Notes.

 

(a)           Each Lender
shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower to the
applicable Lending Office of such Lender resulting from each Loan made by such Lending Office of such Lender from time to time,
including the amounts of principal and interest payable and paid to such Lending Office of such Lender from time to time under
this Agreement.

 

(b)           The Administrative Agent shall maintain the Register pursuant to Section 10.6(d), and a subaccount for each Lender, in which
Register and subaccounts (taken together) shall be recorded (i) the amount, Class and Type of each such Loan, (ii) the amount of
any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder in respect of
each such Loan and (iii) the amount of any sum received by the Administrative Agent hereunder from the Borrower in respect of each
such Loan and each Lender’s share thereof.

 

(c)           The
entries made in the accounts, Register and subaccounts maintained pursuant to Section 2.4(b) (and, if consistent with the
entries of the Administrative Agent, Section 2.4(a)) shall, to the extent permitted by applicable law, be prima facie evidence
of the existence and amounts of the obligations of the Borrower therein recorded; provided, however, that the failure
of any Lender or the Administrative Agent to maintain such account, such Register or such subaccount, as applicable, or any error
therein, shall not in any manner affect the obligation of the Borrower to repay (with applicable interest) the Loans made to the
Borrower by such Lender in accordance with the terms of this Agreement.

 

(d)           The Loans of each Class made by each Lender shall, if requested by the applicable Lender (which request shall be made to the Administrative
Agent), be evidenced by a Note appropriately completed in substantially the form of Exhibit A, in each case executed by
the Borrower and payable to the order of such Lender. Each Note shall be entitled to all of the benefits of this Agreement and
the other Credit Documents and shall be subject to the provisions hereof and thereof.

 

    35

     

    

 

2.5       Termination
and Reduction of Commitments.

 

(a)        The Commitments
shall be automatically and permanently terminated on the Termination Date, unless sooner terminated pursuant to any other provision
of this Section 2.5 or Section 8.2 (provided that the Converted Term Loan and any Letters of Credit outstanding
as of the Conversion Date (and, for the avoidance of doubt, the Lenders’ obligations to purchase and fund participations
in such Letters of Credit) may remain outstanding after the Conversion Date, subject to the other provisions hereof).

 

(b)      
At any time and from time to time after the date hereof, upon not less than five Business Days’ prior written notice to the
Administrative Agent, the Borrower may terminate in whole or reduce in part the aggregate Unutilized Commitments; provided
that any such partial reduction shall be in an aggregate amount of not less than $5,000,000 or, if greater, an integral multiple
of $1,000,000 in excess thereof. The amount of any termination or reduction made under this Section 2.5(b) may not thereafter
be reinstated.

 

(c)        Each reduction
of the Commitments pursuant to this Section shall be applied ratably among the Lenders according to their respective Commitments.
Notwithstanding any provision of this Agreement to the contrary, any reduction of the Commitments pursuant to this Section 2.5
that has the effect of reducing the aggregate Commitments to an amount less than the amount of the L/C Sublimit at such time
shall result in an automatic corresponding reduction of the L/C Sublimit to the amount of the aggregate Commitments (as so reduced),
without any further action on the part of the Borrower, the L/C Issuer or any other Lender.

 

2.6       Mandatory Payments
and Prepayments.

 

(a)        The Administrative
Agent shall calculate and deliver to the Borrower an amortization schedule for the Converted Term Loan providing for the monthly
payment of principal and interest based on (i) the outstanding principal balance of the Converted Term Loan on the Conversion Date,
and (ii) an amortization period equal to the weighted average of the Project Amortization Periods for each of the Borrowing Base
Projects (with each such Project Amortization Period being weighted based on the percentage of the Converted Term Loan represented
by the aggregate amount of Committed Loans advanced with respect to the Borrowing Base Project to which such Project Amortization
Period applies), and such amortization schedule as so determined by the Administrative Agent shall be conclusive absent manifest
error. Except to the extent due or paid sooner pursuant to the provisions of this Agreement, the Borrower will repay the aggregate
outstanding principal of and interest on the Converted Term Loan in the amounts and on the dates set forth on such amortization
schedule prepared and delivered by the Administrative Agent.

 

(b)       
Except to the extent due or paid sooner pursuant to the provisions of this Agreement, the aggregate outstanding principal of the
Converted Term Loan and all accrued and unpaid interest thereon shall be due and payable in full on the Maturity Date.

 

(c)         In the event that, at any time, the Aggregate Credit
Exposure shall exceed the Credit Limit at such time (after giving effect to any concurrent termination or reduction of the Commitments),
the Borrower will immediately prepay the outstanding principal amount of the Loans in the amount of such excess.

 

    36 

     

    

 

(d)       
Promptly upon (and in any event not later than one Business Day after) receipt thereof by any Restricted Party, the Borrower will
prepay the outstanding principal amount of the Loans and repay and Cash Collateralize the L/C Obligations in the manner set forth
below, in an amount equal to 100% of the Net Cash Proceeds from any Debt Issuance, and will deliver to the Administrative Agent,
concurrently with such prepayment, a certificate signed by a Financial Officer of the Borrower in form and substance satisfactory
to the Administrative Agent and setting forth the calculation of such Net Cash Proceeds.

 

(e)        Not later than
two Business Days after receipt by any Credit Party or other Restricted Party of any proceeds of insurance, condemnation award
or other compensation in respect of any Material Casualty Event, the Borrower will deliver to the Administrative Agent an amount
equal to 100% of the Net Cash Proceeds from such Material Casualty Event and a certificate signed by a Financial Officer of the
Borrower in form and substance satisfactory to the Administrative Agent and setting forth the calculation of such Net Cash Proceeds
(such delivery date, for purposes of this Section 2.6(e), the “Proceeds Delivery Date”). If, on or after
any Proceeds Delivery Date and before the day that is 90 days thereafter, (x) the Required Lenders approve an Approval Request
that designates one or more Projects as Borrowing Base Projects or (y) the Borrower repairs or replaces (to the satisfaction of
the Administrative Agent) the property subject to such Material Casualty Event, then the Administrative Agent will distribute to
the Borrower an amount equal to, as applicable, the aggregate Project Values for such newly designated Borrowing Base Projects
or the cost of such repairs or replacement, in each case from the Net Cash Proceeds delivered on such Proceeds Delivery Date (but
not, in any event, any amount in excess of such Net Cash Proceeds). On the day that is 90 days after each Proceeds Delivery Date
(or, if earlier, upon the Borrower’s determination not to submit any Approval Requests with respect to any new Projects or
repair or replace the property subject to the applicable Material Casualty Event), such Net Cash Proceeds will be applied to prepay
the outstanding principal amount of the Loans and repay and Cash Collateralize the L/C Obligations in the manner set forth below,
in an amount equal to 100% of the Net Cash Proceeds from such Material Casualty Event (less any amounts theretofore distributed
to the Borrower in accordance with the immediately preceding sentence); provided, however, that (x) any and all such proceeds
received or held by the Administrative Agent or any Credit Party or other Restricted Party during the continuance of an Event of
Default (regardless of any proposed or actual use thereof for repair, replacement or reinvestment) shall be applied to prepay the
outstanding principal amount of the Loans and repay and Cash Collateralize the L/C Obligations in the manner set forth below and
(y) notwithstanding the foregoing in this clause (e) or clause (f) below, so long as no Event of Default has occurred and is continuing,
the aggregate Net Cash Proceeds payable under this clause (e) and clause (f) below from all Material Casualty Events and Asset
Dispositions with respect to any single Borrowing Base Project shall not exceed the Project Value assigned to such Borrowing Base
Project pursuant hereto.

 

    37 

     

    

 

(f)
       Not later than two Business Days after receipt by any Credit Party or other
Restricted Party of any proceeds of any Asset Disposition of any Project owned by any Restricted Party, the Borrower will
deliver to the Administrative Agent an amount equal to 100% of the Net Cash Proceeds from such Asset Disposition and a
certificate signed by a Financial Officer of the Borrower in form and substance satisfactory to the Administrative Agent and
setting forth the calculation of such Net Cash Proceeds (such delivery date, for purposes of this Section 2.6(f), the
“Proceeds Delivery Date”). If, on or after any Proceeds Delivery Date and before the day that is 90 days
thereafter, the Required Lenders approve an Approval Request that designates one or more Projects as Borrowing Base Projects,
then the Administrative Agent will distribute to the Borrower an amount equal to the aggregate Project Values for such newly
designated Borrowing Base Projects from the Net Cash Proceeds delivered on such Proceeds Delivery Date (but not any amount in
excess of such Net Cash Proceeds). On the day that is 90 days after each Proceeds Delivery Date (or, if earlier, upon the
Borrower’s determination not to submit any Approval Requests with respect to any new Projects), such Net Cash Proceeds
will be applied to prepay the outstanding principal amount of the Loans and repay and Cash Collateralize the L/C Obligations
in the manner set forth below, in an amount equal to 100% of the Net Cash Proceeds from such Asset Disposition (less any
amounts theretofore distributed to the Borrower in accordance with the immediately preceding sentence); provided, however,
that (x) any and all such proceeds received or held by the Administrative Agent or any Credit Party or other Restricted
Party during the continuance of an Event of Default (regardless of any proposed or actual use thereof for repair, replacement
or reinvestment) shall be applied to prepay the outstanding principal amount of the Loans and repay and Cash Collateralize
the L/C Obligations in the manner set forth below and (y) notwithstanding the foregoing in this clause (f) or clause (e)
above, so long as no Event of Default has occurred and is continuing, the aggregate Net Cash Proceeds payable under this
clause (f) and clause (e) above from all Asset Dispositions and Material Casualty Events with respect to any single Borrowing
Base Project shall not exceed the Project Value assigned to such Borrowing Base Project pursuant hereto.

 

(g)       
Each prepayment made pursuant to Sections 2.6(d) through 2.6(f) shall be applied (i) first, (x) at any time
on or after the Conversion Date, to reduce the outstanding principal amount of the Converted Term Loan, with such reduction to
be applied to the remaining scheduled principal payments in each instance in the inverse order of maturity (and, in the case of
any prepayment made pursuant to Section 2.6(d) or 2.6(f) with respect to a Borrowing Base Project, solely to the
portion of the Converted Term Loan corresponding to the Committed Loans advanced in respect of the Borrowing Base Project that
is subject to the applicable Material Casualty Event or Asset Disposition, and applied to each such corresponding portion of the
remaining scheduled principal payments in the inverse order of maturity), or (y) at any time prior to the Conversion Date, to reduce
the outstanding principal amount of the Committed Loans, and (ii) second, the extent of any excess remaining after application
as provided in clause (i) above, to repay and Cash Collateralize the L/C Obligations. Within each Class of Loans, such prepayments
shall be applied first to prepay all Base Rate Loans, and then to prepay LIBOR Loans. Each payment or prepayment pursuant to the
provisions of this Section 2.6 shall be applied ratably among the Lenders holding the Loans being prepaid, in proportion
to the principal amount held by each; provided that if any Lender is a Defaulting Lender at the time of any such prepayment,
any mandatory prepayment of the Loans shall, if the Administrative Agent so directs at the time of making such mandatory prepayment,
be applied to the Loans of other Lenders as if such Defaulting Lender had no Loans outstanding and the outstanding Loans of such
Defaulting Lender were zero. Each payment or prepayment of a LIBOR Loan made pursuant to the provisions of this Section on a day
other than the last day of the Interest Period applicable thereto shall be made together with all amounts required under Section
2.16 to be paid as a consequence thereof.

 

    38 

     

    

 

(h)       
In the event the Administrative Agent receives a notice of prepayment with respect to Sections 2.6(d) through 2.6(f),
the Administrative Agent will give prompt notice thereof to the Lenders; provided that if such notice has also been furnished
to the Lenders, the Administrative Agent shall have no obligation to notify the Lenders with respect thereto.

 

2.7       Voluntary Prepayments.

 

(a)        At any
time and from time to time, the Borrower shall have the right to prepay the Loans, in whole or in part, without premium or
penalty (except as provided in clause (iii) below), upon written notice given to the Administrative Agent not later than
11:00 a.m., Charlotte, North Carolina time, three Business Days prior to each intended prepayment of LIBOR Loans and one
Business Day prior to each intended prepayment of Base Rate Loans; provided that (i) each partial prepayment of LIBOR
Loans shall be in an aggregate principal amount of not less than $5,000,000 or, if greater, an integral multiple of
$1,000,000 in excess thereof, and each partial prepayment of Base Rate Loans shall be in an aggregate principal amount of not
less than $3,000,000 or, if greater, an integral multiple of $1,000,000 in excess thereof, (ii) no partial prepayment of
LIBOR Loans made pursuant to any single Borrowing shall reduce the aggregate outstanding principal amount of the remaining
LIBOR Loans under such Borrowing to less than $5,000,000 or to any greater amount not an integral multiple of $1,000,000 in
excess thereof, and (iii) unless made together with all amounts required under Section 2.16 to be paid as a
consequence of such prepayment, a prepayment of a LIBOR Loan may be made only on the last day of the Interest Period
applicable thereto. Each such notice shall specify the proposed date of such prepayment and the aggregate principal amount,
Class and Type of the Loans to be prepaid, and shall be irrevocable and shall bind the Borrower to make such prepayment on
the terms specified therein. In the event the Administrative Agent receives a notice of prepayment under this Section
2.7(a), the Administrative Agent will give prompt notice thereof to the Lenders; provided that if such notice has
also been furnished to the Lenders, the Administrative Agent shall have no obligation to notify the Lenders with
respect thereto.

 

(b)       
Each prepayment of the Converted Term Loan made pursuant to Section 2.7(a) shall be applied to the remaining scheduled principal
payments in each instance on a pro rata basis. Each prepayment of the Loans made pursuant to Section 2.7(a) shall be applied
ratably among the Lenders holding the Loans being prepaid, in proportion to the principal amount held by each; provided
that if any Lender is a Defaulting Lender at the time of any such prepayment, any voluntary prepayment of the Loans shall, if the
Administrative Agent so directs at the time of making such voluntary prepayment, be applied to the Loans of other Lenders as if
such Defaulting Lender had no Loans outstanding and the outstanding Loans of such Defaulting Lender were zero.

 

2.8       Interest.

 

(a)        Except as otherwise
expressly provided herein, the Borrower will pay interest in respect of the unpaid principal amount of each Loan, from the date
of Borrowing thereof until such principal amount shall be paid in full, at the Adjusted LIBOR Rate, as in effect from time to time
during such periods.

 

    39 

     

    

 

(b)       Upon the
occurrence and during the continuance of any Event of Default under Section 8.1(a), 8.1(f) or 8.1(g) and
(at the election of the Required Lenders) upon the occurrence and during the continuance of any other Event of Default, all
outstanding principal amounts of the Loans and, to the greatest extent permitted by law, all interest accrued on the Loans
and all other accrued and outstanding fees and other amounts hereunder or under any other Credit Document, shall bear
interest at a rate per annum equal to the interest rate applicable from time to time thereafter to such Loans plus
2.0% per annum (or, in the case of interest, fees and other amounts for which no rate is provided hereunder, at the Adjusted
Base Rate plus 2.0% per annum), and, in each case, such default interest shall be payable on demand. To the greatest
extent permitted by law, interest shall continue to accrue after the filing by or against any Credit Party of any petition
seeking any relief in bankruptcy or under any law pertaining to insolvency or debtor relief.

 

(c)        Accrued
(and theretofore unpaid) interest shall be payable in respect of any Loan as follows: (i) monthly on the last day of each
month, in arrears, commencing with January 31, 2018, and (ii) at maturity (whether pursuant to acceleration, on the Maturity
Date or otherwise) and, after maturity, on demand.

 

(d)       
Nothing contained in this Agreement or in any other Credit Document shall be deemed to establish or require the payment of interest
to any Lender at a rate in excess of the maximum rate permitted by applicable law. If the amount of interest payable for the account
of any Lender on any interest payment date would exceed the maximum amount permitted by applicable law to be charged by such Lender,
the amount of interest payable for its account on such interest payment date shall be automatically reduced to such maximum permissible
amount. In the event of any such reduction affecting any Lender, if from time to time thereafter the amount of interest payable
for the account of such Lender on any interest payment date would be less than the maximum amount permitted by applicable law to
be charged by such Lender, then the amount of interest payable for its account on such subsequent interest payment date shall be
automatically increased to such maximum permissible amount; provided that at no time shall the aggregate amount by which
interest paid for the account of any Lender has been increased pursuant to this sentence exceed the aggregate amount by which interest
paid for its account has theretofore been reduced pursuant to the previous sentence.

 

(e)        The Administrative
Agent shall promptly notify the Borrower and the Lenders upon determining the interest rate for each Borrowing of LIBOR Loans after
its receipt of the relevant Notice of Borrowing; provided, however, that the failure of the Administrative Agent to provide
the Borrower or the Lenders with any such notice shall neither affect any obligations of the Borrower or the Lenders hereunder
nor result in any liability on the part of the Administrative Agent to the Borrower or any Lender. Each such determination (including
each determination of the reserve requirement reflected in the LIBOR Rate) shall, absent manifest error, be conclusive and binding
on all parties hereto.

 

2.9       Fees. The
Borrower agrees to pay:

 

(a)
      To the Administrative Agent, for the account of each Lender, a commitment fee for each
calendar quarter (or portion thereof) for the period from the date of this Agreement to the Termination Date, at a per annum
rate of 0.50% on such Lender’s Applicable Percentage of the average daily aggregate Unutilized Commitments, payable in
arrears (i) on the last Business Day of each calendar quarter, beginning with March 30, 2018, and (ii) on the Termination
Date; provided, however, that no commitment fee shall accrue on the Unutilized Commitment of a Defaulting Lender
during any period that such Lender shall be a Defaulting Lender;

 

    40 

     

    

 

(b)       
(i) to the Administrative Agent and the Arranger, for their own respective accounts, fees in the amounts and at the times specified
in the Fee Letter and (ii) to the Lenders such fees as have been separately agreed upon in writing in the amounts and at the times
so specified. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever.

 

2.10       Method of Payments;
Computations; Apportionment of Payments.

 

(a)        All payments
by the Borrower hereunder shall be made without setoff, counterclaim or other defense, in Dollars and in immediately available
funds to the Administrative Agent, for the account of the Lenders entitled to such payment (except as otherwise expressly provided
herein as to payments required to be made directly to the Lenders) in accordance with the Payment Instructions prior to 12:00 noon,
Charlotte, North Carolina time, on the date payment is due. Any payment made as required hereinabove, but after 12:00 noon, Charlotte,
North Carolina time, shall be deemed to have been made on the next succeeding Business Day. If any payment falls due on a day that
is not a Business Day, then such due date shall be extended to the next succeeding Business Day, and such extension of time shall
then be included in the computation of payment of interest, fees or other applicable amounts.

 

(b)       
The Administrative Agent will distribute to the Lenders like amounts relating to payments made to the Administrative Agent for
the account of the Lenders as follows: (i) if the payment is received by 12:00 noon, Charlotte, North Carolina time, in immediately
available funds, the Administrative Agent will make available to each relevant Lender on the same date, by wire transfer of immediately
available funds, such Lender’s ratable share of such payment (based on the percentage that the amount of the relevant payment
owing to such Lender bears to the total amount of such payment owing to all of the relevant Lenders), and (ii) if such payment
is received after 12:00 noon, Charlotte, North Carolina time, or in other than immediately available funds, the Administrative
Agent will make available to each such Lender its ratable share of such payment by wire transfer of immediately available funds
on the next succeeding Business Day (or in the case of uncollected funds, as soon as practicable after collected). Notwithstanding
the foregoing or any contrary provision hereof, if any Lender shall fail to make any payment required to be made by it hereunder
to the Administrative Agent or the L/C Issuer, then the Administrative Agent may, in its discretion, apply any amounts thereafter
received by the Administrative Agent for the account of such Lender to satisfy such Lender’s obligations to the Administrative
Agent or the L/C Issuer, as the case may be, until all such unsatisfied obligations are fully paid.

 

(c)      
Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due
to the Administrative Agent for the account of the Lenders or the L/C Issuer hereunder that the Borrower will not make such
payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and
may, in reliance upon such assumption, distribute to the Lenders or the L/C Issuer, as the case may be, the amount due. In
such event, if the Borrower has not in fact made such payment, then each of the Lenders or the L/C Issuer, as the case may
be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or the
L/C Issuer, in immediately available funds, with interest thereon, for each day from and including the date such amount is
distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Rate
and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.

 

    41 

     

    

 

(d)       
All computations of interest and fees hereunder (including computations of any reserve requirement reflected in the LIBOR Rate)
shall be made on the basis of a year consisting of 360 days; and in each case, with regard to the actual number of days (including
the first day, but excluding the last day) elapsed.

 

(e)        Notwithstanding
any other provision of this Agreement or any other Credit Document to the contrary, all amounts collected or received by the Administrative
Agent or any Lender after acceleration of the Loans pursuant to Section 8.2 or in respect of any sale of, collection from
or other realization upon all or any part of the Collateral pursuant to the exercise by the Administrative Agent of its remedies
shall be applied by the Administrative Agent as follows:

 

     (i)       
 first, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including
fees, charges and disbursements of counsel to the Administrative Agent) payable to the Administrative Agent in its capacity as
such;

 

     (ii)       
second, to payment of that portion of the Obligations constituting fees, indemnities and other amounts (other than principal,
interest and L/C Participation Fees) payable to the Lenders and the L/C Issuer (including fees, charges and disbursements of counsel
to the respective Lenders and the L/C Issuer arising under the Credit Documents), ratably among them in proportion to the respective
amounts described in this clause second payable to them;

 

     (iii)      
third, to payment of that portion of the Obligations constituting accrued and unpaid L/C Participation Fees and interest
on the Loans, L/C Obligations and other Obligations arising under the Credit Documents, ratably among the Lenders and the L/C Issuer
in proportion to the respective amounts described in this clause third payable to them;

 

     (iv)       fourth, to payment of that portion of the Obligations constituting unpaid principal of the Loans, Reimbursement Obligations and funded
participations in Letters of Credit, and Obligations then owing under any Rate Management Agreement between any Credit Party and
any Rate Management Party (to the extent such Rate Management Agreement is required or permitted hereunder) and any Cash Management
Agreement between any Credit Party and any Cash Management Bank, and to the to the Administrative Agent for the account of the
L/C Issuer, to Cash Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount of Letters of Credit
to the extent not otherwise Cash Collateralized by the Borrower pursuant to the terms hereof, in each case ratably among the Administrative
Agent, the Lenders, the L/C Issuer, the Rate Management Parties and the Cash Management Banks in proportion to the respective amounts
described in this clause Fourth held by them;

 

    42 

     

    

 

     (iv)      
fifth, to the payment of all other Obligations and other obligations that shall have become due and payable under the Credit
Documents or otherwise and not repaid; and

 

     (v)       
sixth, to the payment of the surplus (if any) to whomever may be lawfully entitled to receive such surplus.

 

Subject to Section
2.18, amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause Fourth above
shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral
after all Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other Obligations,
if any, in the order set forth above. Excluded Swap Obligations with respect to any Guarantor shall not be paid with amounts received
from such Guarantor or its assets, but appropriate adjustments shall be made with respect to payments from other Credit Parties
to preserve the allocation to Obligations otherwise set forth above in this Section.

 

Notwithstanding the
foregoing, Obligations arising under Rate Management Agreements and Cash Management Agreements shall be excluded from the application
described above if the Administrative Agent has not received a notice of such Obligations, together with such supporting documentation
as the Administrative Agent may request, from the applicable Cash Management Bank or Rate Management Party, as the case may be.
Each Cash Management Bank or Rate Management Party not a party to this Agreement that has given the notice contemplated by the
preceding sentence shall, by such notice, be deemed to have acknowledged and accepted the appointment of the Administrative Agent
pursuant to the terms of Article IX for itself and its Affiliates as if a “Lender” party hereto.

 

2.11       Recovery of
Payments.

 

(a)         The Borrower
agrees that to the extent the Borrower makes a payment or payments to or for the account of the Administrative Agent, the L/C Issuer
or any Lender, which payment or payments or any part thereof are subsequently invalidated, declared to be fraudulent or preferential,
set aside or required to be repaid to a trustee, receiver or any other party under any Debtor Relief Law, common law or equitable
cause (whether as a result of any demand, settlement, litigation or otherwise), then, to the extent of such payment or repayment,
the Obligation intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been
received.

 

(b)       
If any amounts distributed by the Administrative Agent to any Lender or the L/C Issuer are subsequently returned or repaid by the
Administrative Agent to the Borrower, its representative or successor in interest, or any other Person, whether by court order,
by settlement approved by the Lender in question, or pursuant to applicable Requirements of Law, such Lender or the L/C Issuer,
as the case may be, will, promptly upon receipt of notice thereof from the Administrative Agent, pay the Administrative Agent such
amount. If any such amounts are recovered by the Administrative Agent from the Borrower, its representative or successor in interest
or such other Person, the Administrative Agent will redistribute such amounts to the Lenders or the L/C Issuer, as the case may
be, on the same basis as such amounts were originally distributed.

 

    43 

     

    

 

2.12      Use of Proceeds.
The proceeds of the Loans shall be used (i) to repay the Terminating Indebtedness in full, (ii) to pay or reimburse permitted fees
and expenses in connection with the Transactions and (iii) to finance acquisitions in accordance with the terms and provisions
of this Agreement of Projects that are or are reasonably expected to become Borrowing Base Projects, from third parties or from
Affiliates, including by reimbursing (in an amount not to exceed the prior purchase price) the Credit Parties for the prior acquisition
of a Project with equity (regardless of when such acquisition occurred). The proceeds of the L/C Credit Extensions shall be used
for purposes of maintaining the Reserves and other general corporate purposes related to the Projects.

 

2.13       Pro Rata Treatment.

 

(a)        All fundings,
continuations and conversions of Loans of any Class shall be made by the Lenders pro rata on the basis of their respective Commitments
to provide Loans of such Class (in the case of the funding of Loans of such Class pursuant to Section 2.2) or on the basis
of their respective outstanding Loans of such Class (in the event the Commitments for Loans of such Class have expired or have
been terminated), as the case may be from time to time. All payments on account of principal of or interest on any Loans, fees
or any other Obligations owing to or for the account of any one or more Lenders shall be apportioned ratably among such Lenders
in proportion to the amounts of such principal, interest, fees or other Obligations owed to them respectively.

 

(b)       
If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of any
principal of or interest on any of its Loans or other Obligations hereunder resulting in such Lender receiving payment of a
proportion of the aggregate amount of its Loans and accrued interest thereon or other such Obligations greater than its pro
rata share thereof as provided herein, then the Lender receiving such greater proportion shall (i) notify the
Administrative Agent of such fact and (ii) purchase (for cash at face value) participations in the Loans and such other
Obligations of the other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such
payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest
on their respective Loans and other amounts owing them; provided that (A) if any such participations are purchased and
all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase
price restored to the extent of such recovery, without interest, and (B) the provisions of this Section 2.13(b) shall
not be construed to apply to (x) any payment made by the Borrower pursuant to and in accordance with the express terms of
this Agreement (including the application of funds arising from the existence of a Defaulting Lender) or (y) any payment
obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or participations
in L/C Obligations to any assignee or Participant, other than to any Credit Party or any Subsidiary or Affiliate thereof (as
to which the provisions of this Section 2.13(b) shall apply). The Borrower consents to the foregoing and agrees, to
the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing
arrangements may exercise against the Borrower rights of setoff and counterclaim with respect to such participation as fully
as if such Lender were a direct creditor of the Borrower in the amount of such participation. If under any applicable Debtor
Relief Laws, any Lender receives a secured claim in lieu of a setoff to which this Section 2.13(b) applies, such
Lender shall, to the extent practicable, exercise its rights in respect of such secured claim in a manner consistent with the
rights of the Lenders entitled under this Section 2.13(b) to share in the benefits of any recovery on such
secured claim.

 

    44 

     

    

 

2.14         Increased Costs;
Change in Circumstances; Illegality.

 

(a)             If any Change in Law shall:

 

(i)         impose,
modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge, liquidity requirement or similar requirement
against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve
requirement reflected in the LIBOR Rate) or the L/C Issuer;

 

(ii)       
subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (ii) through (iv) of the definition
of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations,
or its deposits, reserves, other liabilities or capital attributable thereto; or

 

(iii)       
impose on any Lender or the L/C Issuer or the London interbank market any other condition, cost or expense (other than Taxes) affecting
this Agreement or LIBOR Loans made by such Lender or any Letter of Credit or participation therein;

 

and the result of any of the foregoing
shall be to increase the cost to such Lender or such other Recipient of making, converting to, continuing or maintaining any LIBOR
Loan or of maintaining its obligation to make any such Loan, or to increase the cost to such Lender or the L/C Issuer of participating
in, issuing or maintaining any Letter of Credit (or of maintaining its obligation to participate in or to issue any Letter of Credit),
or to reduce the amount of any sum received or receivable by such Lender or the L/C Issuer or such other Recipient hereunder (whether
of principal, interest or any other amount), then, upon request of such Lender or the L/C Issuer or other Recipient, the Borrower
will pay to such Lender, the L/C Issuer or such other Recipient, as the case may be, such additional amount or amounts as will
compensate such Lender, the L/C Issuer or other Recipient, as the case may be, for such additional costs incurred or reduction
suffered.

 

(b)       
If any Lender or the L/C Issuer determines that any Change in Law affecting such Lender or the L/C Issuer or any Lending
Office of such Lender or such Lender’s or the L/C Issuer’s holding company, if any, regarding capital or
liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s or the L/C
Issuer’s capital or on the capital of such Lender’s or the L/C Issuer’s holding company, if any, as a
consequence of this Agreement, the Commitments of such Lender or the Loans made by, or participations in Letters of Credit
held by, such Lender, or the Letters of Credit issued by the L/C Issuer, to a level below that which such Lender or the L/C
Issuer or such Lender’s or the L/C Issuer’s holding company could have achieved but for such Change in Law
(taking into consideration such Lender’s or the L/C Issuer’s policies and the policies of such Lender’s or
the L/C Issuer’s holding company with respect to capital adequacy and liquidity), then from time to time the Borrower
will pay to such Lender or the L/C Issuer, as the case may be, such additional amount or amounts as will compensate such
Lender or the L/C Issuer or such Lender’s or the L/C Issuer’s holding company for any such reduction
suffered.

 

    45 

     

    

 

(c)        A certificate
of a Lender or the L/C Issuer setting forth the amount or amounts necessary to compensate such Lender or the L/C Issuer or its
holding company, as the case may be, as specified in Section 2.14(a) or 2.14(b) and delivered to the Borrower shall
be conclusive absent manifest error. The Borrower shall pay such Lender or the L/C Issuer, as the case may be, the amount shown
as due on any such certificate within ten days after receipt thereof.

 

(d)       
Failure or delay on the part of any Lender or the L/C Issuer to demand compensation pursuant to the foregoing provisions of this
Section shall not constitute a waiver of such Lender’s or the L/C Issuer’s right to demand such compensation; provided
that the Borrower shall not be required to compensate a Lender or the L/C Issuer pursuant to the foregoing provisions of this Section
for any increased costs incurred or reductions suffered more than nine months prior to the date that such Lender or the L/C Issuer,
as the case may be, notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s
or the L/C Issuer’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased
costs or reductions is retroactive, then the nine-month period referred to above shall be extended to include the period of retroactive
effect thereof).

 

(e)        If, on or prior
to the first day of any Interest Period, (y) the Administrative Agent shall have determined that adequate and reasonable means
do not exist for ascertaining the applicable LIBOR Rate for such Interest Period or (z) the Administrative Agent shall have received
written notice from the Required Lenders of their determination that the rate of interest referred to in the definition of “LIBOR
Rate” upon the basis of which the Adjusted LIBOR Rate for LIBOR Loans for such Interest Period is to be determined will not
adequately and fairly reflect the cost to such Lenders of making or maintaining LIBOR Loans during such Interest Period, the Administrative
Agent will forthwith so notify the Borrower and the Lenders. Upon such notice, (i) all then outstanding LIBOR Loans shall automatically,
on the expiration date of the respective Interest Periods applicable thereto (unless then repaid in full), be converted into Base
Rate Loans, (ii) the obligation of the Lenders to make, to convert Base Rate Loans into, or to continue, LIBOR Loans shall be suspended
(including pursuant to the Borrowing to which such Interest Period applies), and (iii) any Notice of Borrowing given at any time
thereafter with respect to LIBOR Loans shall be deemed to be a request for Base Rate Loans, in each case until the Administrative
Agent or the Required Lenders, as the case may be, shall have determined that the circumstances giving rise to such suspension
no longer exist (and the Required Lenders, if making such determination, shall have so notified the Administrative Agent), and
the Administrative Agent shall have so notified the Borrower and the Lenders.

 

    46 

     

    

 

(f)         Notwithstanding
any other provision in this Agreement, if, at any time after the date hereof and from time to time, any Lender shall have
determined in good faith that the introduction of or any change in any applicable law, rule or regulation or in the
interpretation or administration thereof by any Governmental Authority charged with the interpretation or administration
thereof, or compliance with any guideline or request from any such Governmental Authority (whether or not having the force of
law), has or would have the effect of making it unlawful, or any Governmental Authority has asserted that it is unlawful, for
such Lender or its applicable Lending Office to perform any of its obligations hereunder or to make or to continue to make or
maintain LIBOR Loans, or charge interest with respect to any LIBOR Loan, or to determine or charge interest rates based upon
the LIBOR Rate, or any Governmental Authority has imposed material restrictions on the authority of such Lender to purchase
or sell, or to take deposits of, Dollars in the London interbank market, such Lender will forthwith so notify the
Administrative Agent and the Borrower. Upon such notice, (i) each of such Lender’s then outstanding LIBOR Loans shall
automatically, on the expiration date of the respective Interest Period applicable thereto (or, to the extent any such LIBOR
Loan may not lawfully be maintained as a LIBOR Loan until such expiration date, upon such notice) and to the extent not
sooner prepaid, be converted into a Base Rate Loan (the interest rate on which Base Rate Loans of such Lender shall, if
necessary to avoid such illegality, be determined by the Administrative Agent without reference to the LIBOR Rate component
of the Base Rate), (ii) the obligation of such Lender to make, to convert Base Rate Loans into, to maintain, to continue or
charge interest with respect to LIBOR Loans shall be suspended (including pursuant to any Borrowing for which the
Administrative Agent has received a Notice of Borrowing but for which the Borrowing Date has not arrived), (iii) if such
notice asserts the illegality of such Lender determining or charging interest rates based upon the LIBOR Rate or making
or maintaining Base Rate Loans the interest rate on which is determined by reference to the LIBOR Rate component of the Base
Rate, the interest rate on the Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined by
the Administrative Agent without reference to the LIBOR Rate component of the Base Rate, and (iv) any Notice of Borrowing
given at any time thereafter with respect to LIBOR Loans shall, as to such Lender, be deemed to be a request for a Base Rate
Loan, in each case until such Lender shall have determined that the circumstances giving rise to such determination no longer
exist and shall have so notified the Administrative Agent, and the Administrative Agent shall have so notified the
Borrower.

 

2.15       Taxes.

 

(a)            For purposes of this Section 2.15, the term “applicable
law” includes FATCA.

 

(b)          
Any and all payments by or on account of any obligation of any Credit Party under any Credit Document shall be made without deduction
or withholding for any Taxes, except as required by applicable law. If any applicable law (as determined in the good faith discretion
of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment by a Withholding Agent,
then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount
deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified
Tax, then the sum payable by the Borrower shall be increased as necessary so that after such deduction or withholding has been
made (including such deductions and withholdings applicable to additional sums payable under this Section 2.15) the applicable
Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made.

 

(c)           The Credit
Parties shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative
Agent timely reimburse it for the payment of, any Other Taxes.

 

    47 

     

    

 

(d)       
The Credit Parties shall jointly and severally indemnify each Recipient, within 10 days after demand therefor, for the full amount
of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section
2.15) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable
expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or
asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower
by a Lender or the L/C Issuer (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on
behalf of a Lender or the L/C Issuer, shall be conclusive absent manifest error.

 

(e)        Each Lender
and the L/C Issuer shall severally indemnify the Administrative Agent, within 10 days after demand therefor, for (i) any Indemnified
Taxes attributable to such Lender or the L/C Issuer (but only to the extent that any Credit Party has not already indemnified the
Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Credit Parties to do so), (ii) any Taxes
attributable to such Lender’s failure to comply with the provisions of Section 10.6(e) relating to the maintenance
of a Participant Register and (iii) any Excluded Taxes attributable to such Lender or the L/C Issuer, in each case, that are payable
or paid by the Administrative Agent in connection with any Credit Document, and any reasonable expenses arising therefrom or with
respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.
A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive
absent manifest error. Each Lender and the L/C Issuer hereby authorizes the Administrative Agent to set off and apply any and all
amounts at any time owing to such Lender or the L/C Issuer, as the case may be, under any Credit Document or otherwise payable
by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this Section
2.15(e).

 

(f)         As soon as
practicable after any payment of Taxes by any Credit Party to a Governmental Authority pursuant to this Section 2.15, such
Credit Party shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental
Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory
to the Administrative Agent.

 

(g)       Status of Lenders.

 

     (i)         Any
Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Credit
Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the
Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower
or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding.
In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other
documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable
the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or
information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion,
execution and submission of such documentation (other than such documentation set forth in Sections 2.15(g)(ii)(A), 2.15(g)(ii)(B) and 2.15(g)(ii)(D))
shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject
such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of
such Lender.

 

    48 

     

    

 

       (ii)        Without limiting
the generality of the foregoing:

 

(A)       any
Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or prior to the date on which such Lender
becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative
Agent), executed copies of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax;

 

(B)       any
Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such
number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender
under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent),
whichever of the following is applicable:

 

(1)       
in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect
to payments of interest under any Credit Document, executed copies of IRS Form W-8BEN or W-8BEN-E, as applicable, establishing
an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty
and (y) with respect to any other applicable payments under any Credit Document, executed copies of IRS Form W-8BEN or W-8BEN-E,
as applicable, establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits”
or “other income” article of such tax treaty;

 

(2)        executed
copies of IRS Form W-8ECI;

 

(3)       
in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code,
(x) a certificate substantially in the form of Exhibit H-1 to the effect that such Foreign Lender is not a “bank”
within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrower within the meaning
of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the
Code (a “U.S. Tax Compliance Certificate”) and (y) executed copies of IRS Form W-8BEN or W-8BEN-E, as applicable;
or

 

    49 

     

    

 

(4)       
to the extent a Foreign Lender is not the beneficial owner, executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI,
IRS Form W-8BEN or W-8BEN-E, as applicable, a U.S. Tax Compliance Certificate substantially in the form of Exhibit H-2 
or Exhibit H-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided
that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the
portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit
H-4 on behalf of each such direct and indirect partner;

 

(C)       any
Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such
number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender
under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent),
executed copies of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal
withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit
the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and

 

(D)       if
a payment made to a Lender under any Credit Document would be subject to U.S. federal withholding Tax imposed by FATCA if such
Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b)
or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times
prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation
prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation
reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent
to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations
under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this Section 2.15(g)(ii)(D),
“FATCA” shall include any amendments made to FATCA after the date of this Agreement.

 

Each Lender agrees
that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update
such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do
so.

 

    50 

     

    

 

(h)       
Unless required by applicable Laws, at no time shall the Administrative Agent have any obligation to file for or otherwise
pursue on behalf of a Lender or the L/C Issuer, or have any obligation to pay to any Lender or the L/C Issuer, any refund of
Taxes withheld or deducted from funds paid for the account of such Lender or the L/C Issuer, as the case may be. If any party
determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has
been indemnified pursuant to this Section 2.15 (including by the payment of additional amounts pursuant to this Section
2.15), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity
payments made under this Section 2.15 with respect to the Taxes giving rise to such refund), net of all out-of-pocket
expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant
Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party,
shall repay to such indemnified party the amount paid over pursuant to this Section 2.15(h) (plus any penalties,
interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is
required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this Section
2.15(h), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this Section
2.15(h) the payment of which would place the indemnified party in a less favorable net after-Tax position than the
indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been
deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had
never been paid. This Section 2.15(h) shall not be construed to require any indemnified party to make available
its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any
other Person.

 

(i)         Each
party’s obligations under this Section 2.15 shall survive the resignation or replacement of the Administrative Agent
or any assignment of rights by, or the replacement of, a Lender or the L/C Issuer, the termination of the Commitments and the repayment,
satisfaction or discharge of all obligations under any Credit Document.

 

2.16      Compensation.
The Borrower will compensate each Lender upon demand for all losses, expenses and liabilities (including any loss, expense or
liability incurred by reason of the liquidation or reemployment of deposits or other funds required by such Lender to fund or
maintain LIBOR Loans) that such Lender may incur or sustain (i) if for any reason (other than a default by such Lender) a
Borrowing or continuation of a LIBOR Loan does not occur on a date specified therefor in a Notice of Borrowing, (ii) if any
repayment, prepayment or conversion of any LIBOR Loan occurs on a date other than the last day of an Interest Period
applicable thereto (including as a consequence of any assignment made pursuant to Section 2.17(a) or any acceleration
of the maturity of the Loans pursuant to Section 8.2), (iii) if any prepayment of any LIBOR Loan is not made on any
date specified in a notice of prepayment given by the Borrower or (iv) as a consequence of any other failure by the Borrower
to make any payments with respect to any LIBOR Loan when due hereunder. Calculation of all amounts payable to a Lender under
this Section 2.16 shall be made as though such Lender had actually funded its relevant LIBOR Loan through the purchase
of a Eurodollar deposit bearing interest at the LIBOR Rate in an amount equal to the amount of such LIBOR Loan, having a
maturity comparable to the relevant Interest Period; provided, however, that each Lender may fund its
LIBOR Loans in any manner it sees fit and the foregoing assumption shall be utilized only for the calculation of amounts
payable under this Section 2.16. A certificate (which shall be in reasonable detail) showing the bases for the
determinations set forth in this Section 2.16 by any Lender as to any additional amounts payable pursuant to this Section
2.16 shall be submitted by such Lender to the Borrower either directly or through the Administrative Agent.
Determinations set forth in any such certificate made in good faith for purposes of this Section 2.16 of any such
losses, expenses or liabilities shall be conclusive absent manifest error.

 

    51 

     

    

 

2.17       Mitigation
Obligations; Replacement of Lenders.

 

(a)            If any Lender
requests compensation under Section 2.14, or requires the Borrower to pay any Indemnified Taxes or additional amounts to
any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.15, then such Lender shall
(at the request of the Borrower) use reasonable efforts to designate a different Lending Office for funding or booking its Loans
hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment
of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.14 or
2.15, as the case may be, in the future, and (ii) would not subject such Lender to any unreimbursed cost or expense and
would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred
by any Lender in connection with any such designation or assignment.

 

(b)           If any Lender requests compensation under Section 2.14, or if the Borrower is required to pay any Indemnified Taxes or additional
amounts to any Lender or any Governmental Authority for the account of any Lender pursuant Section 2.15 and, in each case,
such Lender has declined or is unable to designate a different Lending Office in accordance with Section 2.17(a), or if
any Lender is a Defaulting Lender or a Non-Consenting Lender, then the Borrower may, at its sole expense and effort, upon notice
to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and
subject to the restrictions contained in, and consents required by, Section 10.6), all of its interests, rights (other than
its existing rights to payments pursuant to Section 2.14 or 2.15) and obligations under this Agreement and the related
Credit Documents to an Eligible Assignee that shall assume such obligations (which assignee may be another Lender, if a Lender
accepts such assignment); provided that:

 

(i)         the
Borrower shall have paid to the Administrative Agent the assignment fee (if any) specified in Section 10.6(b)(iv);

 

(ii)       
such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and any funded participations
in Letters of Credit not refinanced through the Borrowing of Committed Loans, accrued interest thereon, accrued fees and all other
amounts payable to it hereunder and under the other Credit Documents (including any amounts under Section 2.16) from the
assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other
amounts);

 

(iii)      
in the case of any such assignment resulting from a request for compensation under Section 2.14  or payments required
to be made pursuant to Section 2.15, such assignment will result in a reduction in such compensation or payments
thereafter;

 

(iv)       such assignment
does not conflict with applicable Requirements of Law;  and

 

    52 

     

    

 

(v)       
in the case of any assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have consented
to the applicable amendment, waiver or consent.

 

A Lender shall not
be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the
circumstances entitling the Borrower to require such assignment and delegation cease to apply.

 

2.18       Defaulting
Lenders.

 

(a)          Notwithstanding
anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as such
Lender is no longer a Defaulting Lender, to the extent permitted by applicable law:

 

(i)           Such
Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall
be restricted as set forth in the definition of Required Lenders and in Section 10.5.

 

(ii)         
Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting
Lender (whether voluntary or mandatory, at maturity, pursuant to Article VIII or otherwise) or received by the Administrative
Agent from a Defaulting Lender pursuant to Section 8.3 shall be applied at such time or times as may be determined by the
Administrative Agent as follows:

 

(A)       first,
to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder;

 

(B)       second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to the L/C Issuer hereunder;

 

(C)       third, to Cash Collateralize the L/C Issuer’s Fronting Exposure with respect to such Defaulting Lender in accordance with Section
2.18(d);

 

(D)       fourth, as the Borrower may request (so long as no Default exists), to the funding of any Loan in respect of which such Defaulting Lender
has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent;

 

(E)       fifth, if so determined by the Administrative Agent and the Borrower, to be held in a non-interest-bearing deposit account and released
pro rata in order to (1) satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans under
this Agreement and (2) Cash Collateralize the L/C Issuer’s future Fronting Exposure with respect to such Defaulting Lender
with respect to future Letters of Credit issued under this Agreement, in accordance with Section 2.18(d);

 

(F)       sixth, to the payment of any amounts owing to the Lenders or the L/C Issuer as a result of any judgment of a court of competent
jurisdiction obtained by any Lender or the L/C Issuer against such Defaulting Lender as a result of such Defaulting
Lender’s breach of its obligations under this Agreement;

 

    53 

     

    

 

(G)       seventh, so long as no Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent
jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its
obligations under this Agreement; and

 

(H)       eighth, to such Defaulting Lender or otherwise as may be required under the Credit Documents in connection with any Lien conferred thereunder
or otherwise directed by a court of competent jurisdiction;

 

provided that
if (x) such payment is a payment of the principal amount of any Loans or L/C Obligations in respect of which such Defaulting Lender
has not fully funded its appropriate share, and (y) such Loans were made or the related Letters of Credit were issued at a time
when the conditions set forth in Section 3.2 were satisfied or waived, such payment shall be applied solely to pay the Loans
of, and L/C Obligations owed to, all Non-Defaulting Lenders on a pro rata basis in accordance with their Applicable Percentages
prior to being applied to the payment of any Loans of, or L/C Obligations owed to, such Defaulting Lender until such time as all
Loans and funded and unfunded participations in L/C Obligations are held by the Lenders pro rata in accordance with the Commitments
hereunder without giving effect to Section 2.18(a)(iv). Any payments, prepayments or other amounts paid or payable to a
Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to
this Section 2.18(a)(ii) shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents
hereto.

 

(iii)          (A)      No
Defaulting Lender shall be entitled to receive any commitment fee pursuant to Section 2.9(a) for any period during which
such Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise would have been required
to have been paid to such Lender).

 

(B)      Each Defaulting
Lender shall be entitled to receive any L/C Participation Fee under Section 2.21(g) for any period during which that Lender
is a Defaulting Lender only to the extent allocable to its Applicable Percentage of the stated amount of Letters of Credit for
which it has provided Cash Collateral pursuant to Section 2.18(c).

 

(C)      With
respect to any L/C Participation Fee not required to be paid to any Defaulting Lender pursuant to clause (B) above, the Borrower
shall (x) pay to each Non-Defaulting Lender that portion of any such fee otherwise payable to such Defaulting Lender with respect
to such Defaulting Lender’s participation in L/C Obligations that has been reallocated to such Non-Defaulting Lender pursuant
to Section 2.18(a)(iv), (y) pay to the L/C Issuer the amount of any such fee otherwise payable to such Defaulting Lender
to the extent allocable to the L/C Issuer’s Fronting Exposure to such Defaulting Lender and (z) not be required to pay the
remaining amount of any such fee.

 

    54 

     

    

 

(iv)     All or any part of such Defaulting Lender’s participation in L/C Obligations shall automatically (effective on the day such
Lender becomes a Defaulting Lender) be reallocated among the Non-Defaulting Lenders in accordance with their respective Applicable
Percentages (calculated without regard to such Defaulting Lender’s Commitment) but only to the extent that such reallocation
does not cause the Credit Exposure of any Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Commitment. Subject
to Section 10.16, no reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against
a Defaulting Lender arising from such Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender
as a result of such Non-Defaulting Lender’s increased exposure following such reallocation.

 

(v)      If the reallocation described in Section 2.18(a)(iv) cannot, or can only partially, be effected, the Borrower shall, without
prejudice to any right or remedy available to it hereunder or under law, Cash Collateralize the L/C Issuer’s Fronting Exposure
in accordance with the procedures set forth in Section 2.18(d).

 

(b)       
If the Borrower, the Administrative Agent and the L/C Issuer agree in writing in their sole discretion that a Defaulting Lender
should no longer be deemed to be a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as
of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements
with respect to any Cash Collateral), such Lender will, to the extent applicable, purchase at par that portion of outstanding Loans
of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Loans and
funded and unfunded participations in Letters of Credit to be held on a pro rata basis by the Lenders in accordance with their
respective Applicable Percentages (without giving effect to Section 2.18(a)(iv)), whereupon such Lender will cease to be
a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made
by or on behalf of the Borrower while such Lender was a Defaulting Lender; provided further that, except to the extent otherwise
expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release
of any claim of any party hereunder arising from such Lender’s having been a Defaulting Lender.

 

(c)       At any time
that there shall exist a Defaulting Lender, or Cash Collateral is otherwise required hereby, within one Business Day following
the written request of the Administrative Agent or the L/C Issuer (or immediately, in the case of Cash Collateral required under
Section 8.2 hereof), the Borrower shall deliver Cash Collateral to the Administrative Agent in an amount sufficient to cover
all Fronting Exposure (determined after giving effect to Section 2.18(a)(iv) and any Cash Collateral provided by such Defaulting
Lender) with respect to such Defaulting Lender or to cover such other amount required hereby.

 

     (i)         All
Cash Collateral (other than credit support not constituting funds subject to deposit) shall be maintained in blocked,
non-interest bearing deposit accounts with the Administrative Agent. The Borrower, and to the extent provided by any Lender,
such Lender, hereby grants to (and subjects to the control of) the Administrative Agent, for the benefit of the
Administrative Agent, the L/C Issuer and the Lenders, and agrees to maintain, a first priority security interest in all such
cash, deposit accounts and all balances therein, and all other property so provided as collateral pursuant hereto, and in all
proceeds of the foregoing, all as security for the obligations to which such Cash Collateral may be applied pursuant to Section
2.18(c)(ii). If at any time the Administrative Agent determines that Cash Collateral is subject to any right or claim of
any Person other than the Administrative Agent or the L/C Issuer as herein provided, or that the total amount of such Cash
Collateral is less than the applicable Fronting Exposure and other obligations secured thereby, or other amount required
hereby, the Borrower or the relevant Defaulting Lender will, promptly upon demand by the Administrative Agent, pay or provide
to the Administrative Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency.

 

    55 

     

    

 

     (ii)       
Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under this Section 2.18 or
any other provision hereof in respect of Letters of Credit shall be held and applied to the satisfaction of the specific L/C Obligations,
obligations to fund participations therein (including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued
on such obligation) and other obligations for which the Cash Collateral was so provided, prior to any other application of such
property as may be provided for herein.

 

     (iii)       Cash
collateral (or the appropriate portion thereof) provided to reduce Fronting Exposure or to secure other obligations shall be released
promptly following (i) the elimination of the applicable Fronting Exposure or other obligations giving rise thereto (including
by the termination of Defaulting Lender status of the applicable Lender (or, as appropriate, its assignee following compliance
with Section 10.06) or (ii) the Administrative Agent’s good faith determination that there exists excess cash collateral
; provided, however, that (x) cash collateral furnished by or on behalf of a Credit Party shall not be released during the
continuance of a Default (and following application as provided in this Section 2.18 may be otherwise applied in accordance
with Section 2.13), (y) any such release shall be without prejudice to, and any disbursement or other transfer of Cash Collateral
shall be and remain subject to, any other Lien conferred under the Credit Documents and the other applicable provisions of the
Credit Documents, and (z) the Person providing cash collateral and the L/C Issuer may agree that cash collateral shall not be released
but instead held to support future anticipated Fronting Exposure or other obligations.

 

2.19      Approval and Initial Valuation
of Borrowing Base Projects.

 

(a)            Subject to
Section 2.19(g), the Borrower may from time to time before the Termination Date, and subject to the limitation set forth
in Section 2.19(g), request that the Administrative Agent and the Required Lenders designate any Project as a Borrowing
Base Project hereunder and assign a Project Value thereto by delivering to the Administrative Agent a written request (an “Approval
Request”) with respect to such Project that:

 

(i)       attaches
all Project Documents for such Project (in either executed or substantially final draft form, if not yet executed);

 

    56 

     

    

 

(ii)          identifies
(A) each Person (including each Restricted Party and each Tax Credit Party, if any) that owns or manages any portion of such Project
and the ownership of the Capital Stock issued by each such Person and (B) whether such Project is a Tax Credit Project;

 

(iii)        
attaches pro forma financial statements for the Project, including a calculation (with supporting detail) of the debt service coverage
ratio therefor (as described in clause (b) below), which shall be in form and detail reasonably satisfactory to the Administrative
Agent; and

 

(iv)        
certifies that (A) such Project is a non-residential utility-scale solar power generation system that is located in the contiguous
United States and has achieved Commercial Operation; (B) the Project Documents attached to the Approval Request are true, correct
and complete in all material respects and, if executed, binding against each applicable Credit Party and, to the Borrower’s
knowledge, binding against the other parties thereto and in full force and effect; and (C) immediately after designating such Project
as a Borrowing Base Project with the assigned Project Value, the Borrower will be in compliance with the financial covenants contained
in Article VI, such compliance determined with regard to calculations made on a Pro Forma Basis for the Reference Period
then most recently ended for which the Administrative Agent has received the financial statements required by Section 5.1
(and a Compliance Certificate) and to be supported by accompanying calculations.

 

(b)         
Subject to Section 2.19(g), the Project Value for such Project (i.e., the aggregate principal amount of Loans that may be
advanced and Letters of Credit that may be issued (including the amount of any Letter of Credit issued as a contribution to any
Reserve) hereunder based on such Project) shall be determined by the Administrative Agent as follows:

 

(i)           in
the case of any Project for which the offtaker under the Power Purchase Agreement therefor is an investment grade or
equivalent offtaker (which may include a government entity or government financed entity or utility or such other Person as
reasonably determined by the Administrative Agent, provided that any such offtaker that is not an investment grade
offtaker must have been approved by the Administrative Agent in its sole discretion), the aggregate principal amount Loans
that may be advanced and Letters of Credit that may be issued (including the amount of any Letter of Credit issued as a
contribution to the Reserve for such Project) hereunder based on such Project shall be determined by the amount of debt that
could support the maintenance (on a stand-alone basis for such Project) of minimum debt service coverage ratios of (i) 1.30
to 1.00 (in the case of a Tax Credit Project) or 1.25 to 1.00 (in the case of a Project that is not a Tax Credit Project)
using the projected net income of the Project (as confirmed by an Approved Engineer on a P50 basis) and (ii) 1.05 to 1.00 (in
the case of a Tax Credit Project) or 1.00 to 1.00 (in the case of a Project that is not a Tax Credit Project) using the
projected net income of the Project (as confirmed by an Approved Engineer on a P99 basis) (and using the aggregate principal
and interest payments that would be required to be made during such year if a principal amount of Loans equal to the approved
maximum funding amount (for both Loans and Letter of Credit issuances) for such Project was amortized (on a
“sculpted” basis taking into account seasonality of projected revenues based on the Approved Engineer’s
data for the Project) over a period equal to the greater of (A) the then-remaining term of the applicable Power Purchase
Agreement (not to exceed 15 years) and (B) 90% of the then-remaining term of the applicable Power Purchase Agreement (not to
exceed 23 years), and using an interest rate determined based on the applicable forward swap rate (plus 2.125%)
commercially available at the time of determination, for the period starting on the first anniversary of the Closing Date and
continuing until the Maturity Date, and based on such amortization period); and

 

    57 

     

    

 

(ii)         
in the case of any Project for which the offtaker under the Power Purchase Agreement therefor is not an investment grade or equivalent
offtaker (which may include a government entity or government financed entity or utility or such other Person as reasonably determined
by the Administrative Agent, provided that any such offtaker that is not an investment grade offtaker must have been approved
by the Administrative Agent in its sole discretion), the aggregate principal amount Loans that may be advanced and Letters of Credit
that may be issued (including the amount of any Letter of Credit issued as a contribution to the Reserve for such Project) hereunder
based on such Project shall be determined by the amount of debt that could support the maintenance (on a stand-alone basis for
such Project) of minimum debt service coverage ratios of (i) 1.45 to 1.00 (in the case of a Tax Credit Project) or 1.40 to 1.00
(in the case of a Project that is not a Tax Credit Project) using the projected net income of the Project (as confirmed by an Approved
Engineer on a P50 basis) and (ii) 1.20 to 1.00 (in the case of a Tax Credit Project) or 1.15 to 1.00 (in the case of a Project
that is not a Tax Credit Project) using the projected net income of the Project (as confirmed by an Approved Engineer on a P99
basis) (and using the aggregate principal and interest payments that would be required to be made during such year if a principal
amount of Loans equal to the approved maximum funding amount (for both Loans and Letter of Credit issuances) for such Project was
amortized (on a “sculpted” basis taking into account seasonality of projected revenues based on the Approved Engineer’s
data for the Project) over a period equal to the greater of (A) the then-remaining term of the applicable Power Purchase Agreement
(not to exceed 15 years) and (B) 90% of the then-remaining term of the applicable Power Purchase Agreement (not to exceed 20 years),
and using an interest rate determined based on the applicable forward swap rate (plus 2.125%) commercially available at the time
of determination, for the period starting on the first anniversary of the Closing Date and continuing until the Maturity Date,
and based on such amortization period); provided that the aggregate Project Values for all Borrowing Base Projects for which
the offtaker under the Power Purchase Agreement therefor is not an investment grade or equivalent offtaker shall not at any time
exceed 10% of the total Project Values of all Borrowing Base Projects.

 

(c)           The
Administrative Agent shall distribute each Approval Request to the Lenders, including the proposed Project Value as
determined by the Administrative Agent in accordance with the foregoing clause (b). Each Lender shall review and determine in
its sole and absolute discretion whether to approve in its entirety an Approval Request (which such approval indicates an
agreement to designate the applicable Project as a Borrowing Base Project with the proposed Project Value), and shall give
the Administrative Agent written notice of its decision within 10 Business Days following the date of the Approval Request.
Any Lender that does not deliver a timely approval of an Approval Request or delivers an acceptance thereof that is qualified
in any manner (including with respect to the proposed Project Value) shall be deemed to have rejected such Approval
Request.

 

    58 

     

    

 

(d)          
Subject to Section 2.19(g), in addition to the receipt of an Approval Request in accordance with the foregoing, the assignment
of a Project Value in accordance with this Section and the approval of the Administrative Agent and the Required Lenders in accordance
with this Section, the designation of any Project as a Borrowing Base Project hereunder shall be subject to the following conditions
and terms:

 

(i)          
consents to collateral assignment of the Project Documents and Project Warranties shall have been obtained from such third parties
as the Administrative Agent requires;

 

(ii)         
the Administrative Agent shall have received satisfactory evidence that the Borrower shall have contributed to such Project (as
equity) an amount such that the aggregate equity contributions by the Borrower to all Borrowing Base Projects (including the Projects
proposed to be designated as Borrowing Base Projects in the relevant Approval Request) are no less than 20% of the total transaction
costs to acquire such Projects;

 

(iii)         the Administrative
Agent shall have received satisfactory evidence that a Reserve for such Project has been Fully Funded; and

 

(iv)         the
Administrative Agent shall be reasonably satisfied with title and other matters relating to real estate for the Project and shall
have received an executed Mortgage (except in the case of Excluded Projects and, if agreed by the Administrative Agent in accordance
with Section 5.10, Tax Credit Projects) and such Real Property Support Documents with respect thereto as the Administrative
Agent requires, subject to the Mortgage Tax Principles.

 

(e)           If the Administrative
Agent and the Required Lenders approve any Approval Request in its entirety in accordance with Section 2.19(b) and the other
conditions to qualification as a Borrowing Base Project are satisfied, then the Project identified in such Approval Request shall
be deemed a Borrowing Base Project having the proposed Project Value assigned in accordance with this Section, effective as of
the date that (i) the Administrative Agent notifies the Lenders and the Borrower thereof and (ii) the applicable conditions and
requirements of Sections 5.9 and 5.10 are satisfied with respect to such Project.

 

    59 

     

    

 

(f)            Each
Closing Date Borrowing Base Project that is designated as a Borrowing Base Project shall be an approved Borrowing Base
Project and shall have the Project Value assigned thereto as set forth on Schedule 1.1(b) (or as adjusted thereafter
in accordance with Section 2.20). No conditions set forth in Section 2.19 to designate a Project as a Borrowing Base
Project shall be applicable to a Closing Date Borrowing Base Project. Each Pre-Approved Borrowing Base Project is approved to
become a Borrowing Base Project after the Closing Date and shall, upon becoming a Borrowing Base Project after the Closing
Date, have the Project Value assigned thereto as set forth on Schedule 1.1(e) (as adjusted as described on such Schedule
1.1(e) or as adjusted thereafter in accordance with Section 2.20). The Borrower shall not be required to submit a
request that the Administrative Agent and the Required Lenders approve a Project Value for any Pre-Approved Borrowing Base
Project after the Closing Date, but each Pre-Approved Borrowing Base Project shall only become a Borrowing Base Project after
the Closing Date when (i) the Borrower has satisfied the conditions set forth in Section 2.19(a)(i) through Section 2.19(a)(iv) to the extent such information
or documentation has not previously been delivered to Administrative Agent, (ii) the Borrower has satisfied the applicable conditions
and requirements of Sections 5.9 and 5.10 and (iii) except for those Pre-Approved Borrowing Base Projects set forth
on Schedule 1.1(e)(i), the Administrative Agent is reasonably satisfied with title and other matters relating to real estate
for the Project (but without requiring any documentation or information related to the real estate for such Project that is not
available to the Credit Parties using commercially reasonable efforts and that is not material to the operation of the Project
as reasonably determined by the Administrative Agent), and upon satisfaction of all the foregoing conditions such Pre-Approved
Borrowing Base Project shall be deemed a Borrowing Base Project having the proposed Project Value assigned thereto as set forth
on Schedule 1.1(e) (as adjusted as described on such Schedule 1.1(e) or as adjusted thereafter in accordance with
Section 2.20), effective as of the date that the Administrative Agent notifies the Lenders and the Borrower thereof (it
being acknowledged, for the avoidance of doubt, that prior to becoming a Borrowing Base Project in accordance with the foregoing,
a Pre-Approved Borrowing Base Project shall not be part of the Borrowing Base or contribute in any way to borrowing availability
hereunder); provided that the Administrative Agent may require satisfactory evidence that a Reserve for such Project has
been Fully Funded prior to any borrowing hereunder that is based on the Project Value attributed to such Project.

 

(g)          
The Borrower may only submit Approval Requests on a single Business Day during each calendar month. For purposes of clarity, the
Borrower may submit multiple Approval Requests on a single Business Day in a given calendar month, but it must submit all Approval
Requests for each calendar month on the same Business Day. In addition, the Administrative Agent may reject an Approval Request
for a particular Project to become a Borrowing Base Project if, except in the case of the Specified Offtakers, the aggregate Project
Values with respect to Borrowing Base Projects for which the offtaker under the Power Purchase Agreement therefor is the same offtaker
(or an affiliate thereof) would exceed 33% of the aggregate Project Values for all Borrowing Base Projects at such time after giving
effect to the designation of such Project as a Borrowing Base Project (and any such rejection by the Administrative Agent on such
basis shall be an effective rejection of such Project notwithstanding any contrary approval by the Lenders).

 

2.20         Revaluation
of Project Values.

 

(a)
          If at any time and from time to time the Administrative Agent
shall have received notice from the Required Lenders of their reasonable determination that any material permanent physical
change in the structural integrity of any Borrowing Base Project has occurred (including, for example, the decommissioning of
a portion thereof or occurrence of a Material Casualty Event affecting a portion thereof), then the Administrative Agent
shall forthwith so notify in writing the Borrower and the Lenders (such notice from the Administrative Agent, a
“Revaluation Notice”). Each Revaluation Notice shall include, with respect to each Borrowing Base Project
identified therein, the proposed revised Project Value for such Borrowing Base Project as determined by the Administrative
Agent. Any such proposed revised Project Value shall be determined in accordance with Section 2.19(b) above, based on
the Borrowing Base Project giving effect to such material permanent physical change, and the Administrative Agent shall be
entitled to require (i) updated projected financial statements for the Project (giving effect to the permanent
physical change in the structural integrity of such Borrowing Base Project that has occurred) which shall include an updated
calculation (with supporting detail) of the debt service coverage ratio therefor (as described in Section 2.19(b)
above) and shall be in form and detail reasonably satisfactory to the Administrative Agent, and (ii) an updated report from
an Approved Engineer with respect to such Borrowing Base Project in scope and substance satisfactory to the Administrative
Agent.

 

    60 

     

    

 

(b)          
Each Lender shall review and determine in its sole and absolute discretion whether to approve each revised Project Value set forth
in a Revaluation Notice, and shall give the Administrative Agent written notice of its decision within 10 Business Days following
the date of the Revaluation Notice. Any Lender that does not deliver a timely response to any Revaluation Notice shall be deemed
to have approved such Revaluation Notice (including each Project Value set forth therein) in its entirety.

 

(c)           If the Required
Lenders approve (or are deemed to have approved) any Project Value set forth in a Revaluation Notice in accordance with Section
2.20(b), then such Project Value shall be assigned to the applicable Borrowing Base Project and the Borrowing Base shall be
recalculated, effective as of the date that the Administrative Agent notifies the Lenders and the Borrower thereof.

 

2.21         Letters of
Credit.

 

(a)           Subject to
the terms and conditions hereof, as part of the Commitments, the L/C Issuer shall issue standby letters of credit providing for
the payment of cash upon the honoring of a presentation thereunder (each a “Letter of Credit”) for the Borrower’s
and any of its’ Subsidiaries’ account (and to amend or extend Letters of Credit previously issued by it) in an aggregate
undrawn face amount up to the L/C Sublimit; provided, however, that no such issuance, amendment or extension shall be made
if, immediately after giving effect thereto, (x) the Credit Exposure of any Lender would exceed its Commitment at such time or
(y) the Aggregate Credit Exposure would exceed the Credit Limit at such time. Each Lender shall be obligated to reimburse the L/C
Issuer for such Lender’s Applicable Percentage of the amount of each drawing under a Letter of Credit. Each Letter of Credit
shall constitute usage of the Commitments on a non-revolving and dollar-for-dollar basis (and of the Commitment of each Lender
pro rata in an amount equal to its Applicable Percentage of the face amount of each Letter of Credit issued).

 

(b)          
At any time before the Termination Date, the L/C Issuer shall, subject to the terms and conditions hereof, at the request of the
Borrower, issue one or more Letters of Credit in Dollars, in form and substance acceptable to the L/C Issuer, with expiration
dates no later than 12 months from the date of issuance (or which are cancelable not later than 12 months from the date of issuance
and each renewal) in an aggregate face amount as set forth above, upon the receipt of a duly executed application for the relevant
Letter of Credit in the form then customarily prescribed by the L/C Issuer for the Letter of Credit requested (each an “Application”).
Notwithstanding anything contained in any Application to the contrary: (i) the Borrower shall pay fees in connection with each
Letter of Credit as set forth in Section 2.21(g) and (ii) if the L/C Issuer is not timely reimbursed for the amount of
any drawing under a Letter of Credit on the date such drawing is paid, the Borrower’s obligation to reimburse the L/C Issuer
for the amount of such drawing shall bear interest (which the Borrower hereby promises to pay) from and after the date such drawing
is paid at a rate per annum equal to the Adjusted Base Rate from time to time in effect (computed on the basis of a year of 365
or 366 days, as the case may be, and the actual number of days elapsed). Without limiting the foregoing, the L/C Issuer’s
obligation to issue, amend or extend the expiration date of a Letter of Credit is subject to the terms or conditions of this Agreement
(including the conditions set forth in Section 3.2 and the other terms of this Section 2.21). Notwithstanding anything
herein to the contrary, the L/C issuer shall be under no obligation to issue, extend or amend any Letter of Credit if any Lender
is at such time a Defaulting Lender hereunder unless it is satisfied that it will have no Fronting Exposure after giving effect
thereto. For the avoidance of doubt, the L/C Issuer shall have no obligation to issue, amend or extend any Letter of Credit from
and after the Termination Date, but Letters of Credit outstanding as of the Termination Date may remain outstanding after the
Termination Date pursuant to their terms (and subject to the other provisions hereof).

 

    61 

     

    

 

(c)          
The obligation of the Borrower to reimburse the L/C Issuer for all drawings under a Letter of Credit (a “Reimbursement
Obligation”) shall be governed by the Application related to such Letter of Credit and this Agreement, except that reimbursement
shall be paid by no later than 12:00 Noon (Charlotte, North Carolina time) on the date which each drawing is to be paid if the
Borrower has been informed of such drawing by the L/C Issuer on or before 11:30 a.m. (Charlotte, North Carolina time) on the date
when such drawing is to be paid or, if notice of such drawing is given to the Borrower after 11:30 a.m. (Charlotte, North Carolina
time) on the date when such drawing is to be paid, by the end of such day, in all instances in immediately available funds at
such office as the Administrative Agent may designate in writing to the Borrower, and the Administrative Agent shall thereafter
cause to be distributed to the L/C Issuer such amount(s) in like funds. If the Borrower does not make any such reimbursement payment
on the date due and the Lenders fund their participations in the manner set forth in Section 2.21(d) below, then all payments
thereafter received by the Administrative Agent in discharge of any of the relevant Reimbursement Obligations shall be distributed
in accordance with Section 2.21(d) below. In addition, for the benefit of the Administrative Agent, the L/C Issuer and
each Lender, the Borrower agrees that, notwithstanding any provision of any Application, its obligations under this Section
2.21(c) and each Application shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance
with the terms of this Agreement and the relevant Application, under all circumstances whatsoever, and irrespective of any claim
or defense that the Borrower may otherwise have against the Administrative Agent, the L/C Issuer or any Lender, including (i)
any lack of validity or enforceability of any Credit Document; (ii) any amendment or waiver of or any consent to departure from
all or any of the provisions of any Credit Document; (iii) the existence of any claim, set-off, defense, or other right of the
Borrower may have at any time against a beneficiary of a Letter of Credit (or any Person for whom a beneficiary may be acting),
the Administrative Agent, the L/C Issuer, any Lender or any other Person, whether in connection with this Agreement, another Credit
Document, the transactions related to the Credit Documents or any unrelated transaction; (iv) any statement or any other document
presented under a Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein
being untrue or inaccurate in any respect; (v) payment by the L/C Issuer under a Letter of Credit against presentation to the
L/C Issuer of a draft or certificate that does not comply with the terms of the Letter of Credit, or (vi) any other act or omission
to act or delay of any kind by the Administrative Agent or the L/C Issuer, any Lender or any other Person or any other event or
circumstance whatsoever that might, but for the provisions of this Section 2.21(c), constitute a legal or equitable discharge
of the Borrower’s obligations hereunder or under an Application. None of the Administrative Agent, the Lenders or the L/C
Issuer shall have any liability or responsibility by reason of or in connection with the issuance or transfer of any Letter of
Credit or any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in the preceding
sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication
under or relating to any Letter of Credit (including any document required to make a drawing thereunder), any error in interpretation
of technical terms or any consequence arising from causes beyond the control of the L/C Issuer; provided that the foregoing
shall not be construed to excuse the L/C Issuer from liability to the Borrower to the extent of any direct damages (as opposed
to consequential damages, claims in respect of which are hereby waived by the Borrower and each other Credit Party to the extent
permitted by applicable law) suffered by the Borrower that are caused by the L/C Issuer’s failure to exercise care when
determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof. The parties hereto
expressly agree that, in the absence of gross negligence or willful misconduct on the part of the L/C Issuer (as determined by
a court of competent jurisdiction by final and nonappealable judgment), the L/C Issuer shall be deemed to have exercised care
in each such determination. In furtherance of the foregoing and without limiting the generality thereof, the parties agree that,
with respect to documents presented which appear on their face to be in substantial compliance with the terms of a Letter of Credit,
the L/C Issuer may, in its sole discretion, either accept and make payment upon such documents without responsibility for further
investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents
if such documents are not in strict compliance with the terms of such Letter of Credit.

 

    62 

     

    

 

(d)          
Each Lender severally and not jointly agrees to and does purchase from the L/C Issuer, and the L/C Issuer hereby agrees to
and does sell to each Lender, an undivided participating interest (a “Participating Interest”) to the
extent of its Applicable Percentage in each Letter of Credit issued by, and each Reimbursement Obligation owed to, the L/C
Issuer. Upon Borrower’s failure to pay any Reimbursement Obligation on the date and at the time required, or if the L/C
Issuer is required at any time to return to the Borrower or to a trustee, receiver, liquidator, custodian or other Person any
portion of any payment of any Reimbursement Obligation, each Lender shall, not later than the Business Day it receives a
notice thereof from the L/C Issuer (with a copy to the Administrative Agent) to such effect, if such certificate is received
before 1:00 p.m. (Charlotte, North Carolina time), or not later than 1:00 p.m. (Charlotte, North Carolina time) the following
Business Day, if such certificate is received after such time, pay to the Administrative Agent for the account of the L/C
Issuer an amount equal to such Lender’s Applicable Percentage of such unpaid or recaptured Reimbursement Obligation
together with interest on such amount accrued from the date the L/C Issuer made the related payment to the date of such
payment by such Lender at a rate per annum equal to: (i) from the date the L/C Issuer made the related payment to the date
two Business Days after payment by such Lender is due hereunder, at the greater of the Federal Funds Rate and a rate
determined by the Administrative Agent in accordance with banking industry rules on interbank compensation for each such day
and (ii) from the date two Business Days after the date such payment is due from such Lender to the date such payment is made
by such Lender, the Base Rate in effect for each such day. Each such Lender shall, after making its appropriate payment, be
entitled to receive its Applicable Percentage of each payment received in respect of the relevant Reimbursement Obligation
and of interest paid thereon, with the L/C Issuer retaining its Applicable Percentage thereof as a Lender hereunder. The
several obligations of the Lenders to the L/C Issuer under this Section 2.21 shall be absolute, irrevocable and
unconditional under any and all circumstances and shall not be subject to any set off, counterclaim or defense to payment
which any Lender may have or has had against the Borrower, the L/C Issuer, the Administrative Agent, any other Lender or any
other Person. Without limiting the generality of the foregoing, such obligations shall not be affected by any Default or
Event of Default (or by any reduction or termination of the Commitment of any Lender with respect to Letters of Credit
issued prior to such reduction or termination), and each payment by a Lender under this Section 2.21 shall be made
without any offset, abatement, withholding or reduction whatsoever.

 

    63 

     

    

 

(e)           Each Lender
shall, severally, to the extent of its Applicable Percentage, indemnify the L/C Issuer (to the extent not reimbursed by the Borrower)
against any cost, expense (including reasonable counsel fees and disbursements), claim, demand, action, loss or liability (except
such as result from the L/C Issuer’s gross negligence or willful misconduct as determined by a court of competent jurisdiction
by final and nonappealable judgment) that the L/C Issuer may suffer or incur in connection with any Letter of Credit issued by
it. The obligations of the Lenders under this Section 2.21(e) and all other parts of this Section 2.21 shall survive
termination of this Agreement, all other Credit Documents, all Applications, all Letters of Credit and all drafts and other documents
presented in connection with drawings thereunder.

 

(f)            The Borrower
shall provide at least three Business Days’ advance written notice to the Administrative Agent (or such lesser notice as
the Administrative Agent and the L/C Issuer may agree in their sole discretion) of each request for the issuance, amendment or
extension of a Letter of Credit, each such notice to be accompanied by a properly completed and executed Application for the requested
Letter of Credit and, in the case of an extension or amendment or an increase in the amount of a Letter of Credit, a written request
therefor, in a form acceptable to the Administrative Agent and the L/C Issuer, in each case, together with the fees called for
by this Agreement. The Administrative Agent shall promptly notify the L/C Issuer of the Administrative Agent’s receipt of
each such notice (and the L/C Issuer shall be entitled to assume that the conditions precedent to any such issuance, extension,
amendment or increase have been satisfied unless notified to the contrary by the Administrative Agent or the Required Lenders)
and the L/C Issuer shall promptly notify the Administrative Agent and the Lenders of the issuance of a Letter of Credit.

 

(g)          
The Borrower shall pay to the L/C Issuer for its own account a fronting fee with respect to each Letter of Credit at a rate
equal to .125% per annum, computed on the daily amount available to be drawn under such Letter of Credit and payable on a
quarterly basis in arrears on the last Business Day of each March, June, September, and December; provided that such
fronting fees will accrue only during any period in which there is more than one Lender. Quarterly in arrears, on the last
Business Day of each March, June, September, and December, commencing on the first such date occurring after the Closing
Date, the Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders according to their
Applicable Percentages (subject to Section 2.18), a letter of credit fee (the “L/C Participation
Fee”) for each Letter of Credit at a rate per annum equal to 2.125% (computed on the basis of a year of 360 days
and the actual number of days elapsed) times the daily amount available to be drawn under such Letter of Credit. In addition,
the Borrower shall pay to the L/C Issuer for its own account the L/C Issuer’s standard issuance, drawing, negotiation,
amendment, transfer and other administrative fees for each Letter of Credit. Such standard fees referred to in the preceding
sentence may be established by the L/C Issuer from time to time. In addition, the Borrower shall pay directly to the L/C
Issuer for its own account the customary issuance, presentation, amendment and other processing fees, and other standard
costs and charges, of the L/C Issuer relating to letters of credit as from time to time in effect. Such customary fees and
standard costs and charges are due and payable on demand and are nonrefundable. Unless otherwise specified herein, the amount
of a Letter of Credit at any time (including for purposes of computing the daily amount available to be drawn under
any Letter of Credit) shall be deemed to be the stated amount of such Letter of Credit in effect at such time; provided, however, that with respect to any Letter of Credit that, by its terms or the terms of any Application or other document
related thereto, provides for one or more automatic increases in the stated amount thereof, the amount of such Letter of
Credit shall be deemed to be the maximum stated amount of such Letter of Credit after giving effect to all such increases,
whether or not such maximum stated amount is in effect at such time.

 

    64 

     

    

 

(h)          
Notwithstanding that a Letter of Credit issued or outstanding hereunder is in support of any obligations of, or is for the account
of, a Subsidiary, the Borrower shall be obligated to reimburse the L/C Issuer hereunder for any and all drawings under such Letter
of Credit. The Borrower hereby acknowledges that the issuance of Letters of Credit for the account of Subsidiaries inures to the
benefit of the Borrower, and that the Borrower’s business derives substantial benefits from the businesses of such Subsidiaries.

 

(i)            In
the event of any conflict or inconsistency between this Agreement and the terms of any Application, the terms of this Agreement
shall control.

 

2.22         Incremental
Commitments. The Borrower may from time to time after the Closing Date, upon at least sixty (60) days’ prior written
notice to the Administrative Agent in each case, at any time prior to the Termination Date, increase the aggregate Commitments
(each such increase, an “Incremental Increase”) at the option of the Borrower by an agreement in writing entered
into by the Borrower, the other Credit Parties, the Administrative Agent and each Person (including any existing Lender) that agrees
to provide a portion of such Incremental Increase (each an “Incremental Amendment”); provided that.

 

(a)           the aggregate principal amount of all Incremental Increases
shall not exceed $100,000,000;

 

(b)          
each Incremental Increase shall be in a minimum amount of $20,000,000 and in integral multiples of $5,000,000 in excess thereof
(or such lesser amounts as the Administrative Agent may agree);

 

(c)           no existing
Lender shall be under any obligation to provide any portion of any Incremental Increase and any such decision whether to provide
any portion of any Incremental Increase shall be in such Lender’s sole and absolute discretion;

 

(d)          
no Default or Event of Default shall have occurred and be continuing, and no Default or Event of Default would exist after giving
effect to any Incremental Increase (and treating any Incremental Increase as fully drawn for such purpose), both on the date on
which such Incremental Increase is requested and on the date on which such Incremental Increase becomes effective;

 

    65 

     

    

 

(e)          each Person
providing any Incremental Increase shall be a Lender or an institution that qualifies as an Eligible Assignee and is acceptable
to the Administrative Agent and the L/C Issuer, and the Administrative Agent shall have received (A) additional commitments in
respect of such requested Incremental Increase (each an “Incremental Commitment”) from such Persons and (B)
documentation from each Person providing an Incremental Increase evidencing its Incremental Commitment and its obligations under
this Agreement in form and substance acceptable to the Administrative Agent;

 

(f)           the Administrative Agent shall have received:

 

(i)          
a certificate of each Credit Party dated as of the effective date of such Incremental Increase, signed by a Responsible Officer
of such Credit Party acceptable to the Administrative Agent and (A) certifying and attaching such Credit Party’s articles
of incorporation or certificate of formation (or equivalent), bylaws or operating agreement (or equivalent), and resolutions adopted
by the board of directors or equivalent governing body of such Credit Party approving such Incremental Facility, and certifying
as to the incumbency of the Responsible Officers of such Credit Party authorized to act on its behalf in connection with such Incremental
Increase, and (B) in the case of the Borrower, certifying that, both immediately before and after giving effect to such Incremental
Increase, (x) the representations and warranties contained in Article IV and in the other Credit Documents are true and
correct on and as of the date of such Incremental Increase, with the same effect as if made on and as of such date (except to the
extent any such representation or warranty is expressly stated to have been made as of a specific date, in which case such representation
or warranty shall be true and correct as of such date), and (y) no Default or Event of Default exists;

 

(ii)        
a certificate executed by a Financial Officer of the Borrower or the Parent certifying and demonstrating that after giving effect
to the incurrence of such Incremental Increase (and treating such Incremental Increase as fully drawn for such purpose) the Borrower
is in compliance with the financial covenants contained in Article VI, calculated on a Pro Forma Basis for the Reference
Period most recently ended for which financial statements have been delivered under this Agreement in accordance with GAAP;

 

(iii)        such
amendments to the Security Documents as the Administrative Agent reasonably requests to cause the Security Documents to secure
the Obligations after giving effect to such Incremental Increase;

 

(iv)        to
the extent requested by the Administrative Agent, customary opinions of legal counsel (including local counsel in each relevant
jurisdiction) to the Credit Parties, addressed to the Administrative Agent and each Lender (including each Person providing an
Incremental Commitment), dated as of the effective date of such Incremental Increase; and

 

(v)        
such other documents and certificates it may reasonably request relating to the necessary authority for such Incremental Increase
and the validity of such Incremental Increase, and any other matters relevant thereto, all in form and substance reasonably satisfactory
to the Administrative Agent;

 

    66 

     

    

 

(g)      
    the terms and conditions (including interest rate, interest rate margins, fees (other than arrangement,
structuring, underwriting and similar fees not paid generally to all Lenders under such Incremental Increase), prepayment
terms and final maturity) of such Incremental Commitments shall be the same as the terms applicable to the Commitments
hereunder, and such Incremental Commitments shall constitute Commitments hereunder;

 

(h)           Schedule
1.1(a) shall be deemed revised to include any increase in the Commitments pursuant to this Section 2.22 and to include
thereon any Person that becomes a Lender with a Commitment pursuant to this Section 2.22; and

 

(i)           
on the effective date of such Incremental Increase, the existing Lenders with Commitments shall make such assignments (which assignments
shall not be subject to the requirements set forth in Section 10.06(b)) of the outstanding Loans and participation interests
in Letters of Credit to the Lenders providing such Incremental Commitments, and the Administrative Agent may make such adjustments
to the Register as are necessary, so that after giving effect to such Incremental Increase and such assignments and adjustments,
each Lender (including the Lenders providing such Incremental Commitments) will hold its pro rata share (based on its Applicable
Percentage of the increased aggregate Commitments) of outstanding Loans and participation interests in Letters of Credit.

 

The Incremental Commitments
and credit extensions thereunder shall constitute Commitments and credit extensions under, and shall be entitled to all the benefits
afforded by, this Agreement and the other Credit Documents, and shall, without limiting the foregoing, benefit equally and ratably
from the security interests created by the Security Documents and from the Guaranty. The Lenders hereby authorize the Administrative
Agent to enter into, and the Lenders agree that this Agreement and the other Credit Documents shall be amended by, such Incremental
Amendments to the extent the Administrative Agent and the Borrower deem necessary in order to establish Incremental Commitments
on terms consistent with and/or to effect the provisions of this Section 2.22. The Administrative Agent shall promptly
notify each Lender as to the effectiveness of each Incremental Amendment. This Section 2.22 shall supersede any provisions
in Section 2.13(b) or 10.5 to the contrary.

 

ARTICLE III

 

CONDITIONS TO CREDIT EXTENSIONS

 

3.1          
Conditions of Initial Credit Extensions. The obligation of each Lender to make Loans in connection with the initial Borrowing
hereunder and of the L/C Issuer to make the initial L/C Credit Extension hereunder is subject to the satisfaction of the following
conditions precedent:

 

(a)           The Administrative
Agent shall have received the following, each dated as of the Closing Date (unless otherwise specified) and in such number of copies
as the Administrative Agent shall have requested:

 

(i)            executed counterparts
of this Agreement;

 

    67 

     

    

 

(ii)         
to the extent requested by any Lender in accordance with Section 2.4(d), a Note for such Lender, in each case duly completed
in accordance with the provisions of Section 2.4(d) and executed by the Borrower;

 

(iii)          the Guaranty,
duly completed and executed by each Guarantor as of the Closing Date;

 

(iv)          the
Security Agreement, duly completed and executed by each of the Borrower and each Subsidiary of the Borrower, and the Pledge Agreement,
duly completed and executed by Intermediate Holdco;

 

(v)           [reserved]; and

 

(vi)        
a control agreement for each deposit account and securities account of any Credit Party that is a party to the Security Agreement
(other than deposit accounts maintained with the Administrative Agent and other than deposit accounts and securities accounts the
entire balance of which is regularly (and in any event no less frequently than monthly) transferred into deposit accounts and securities
accounts, as applicable, over which the Administrative Agent has control), duly executed by the parties thereto and in form and
substance reasonably satisfactory to the Administrative Agent; and

 

(vii)         the
favorable opinions of counsel (including local counsel in such jurisdictions as may be reasonably requested by the Administrative
Agent) to the Credit Parties addressing such matters as the Administrative Agent requires, all in form and substance reasonably
satisfactory to the Administrative Agent.

 

(b)          
The Administrative Agent shall have received a certificate, signed by the president, the chief executive officer or the chief financial
officer of the Borrower, dated the Closing Date and in form and substance reasonably satisfactory to the Administrative Agent,
certifying that (i) all representations and warranties of the Credit Parties contained in this Agreement and the other Credit Documents
are true and correct as of the Closing Date, both immediately before and after giving effect to the consummation of the Transactions,
the making of the initial Loans and L/C Credit Extensions and the application of the proceeds thereof (except to the extent any
such representation or warranty is expressly stated to have been made as of a specific date, in which case such representation
or warranty shall be true and correct as of such date), (ii) no Default or Event of Default has occurred and is continuing, both
immediately before and after giving effect to the consummation of the Transactions, the making of the initial Loans and L/C Credit
Extensions and the application of the proceeds thereof, (iii) both immediately before and after giving effect to the consummation
of the Transactions, the making of the initial Loans and L/C Credit Extensions and the application of the proceeds thereof, no
Material Adverse Effect has occurred since December 31, 2016, and there exists no event, condition or state of facts that could
reasonably be expected to result in a Material Adverse Effect, and (iv) all conditions to the initial extensions of credit hereunder
set forth in this Section 3.1 and in Section 3.2 have been satisfied as required hereunder.

 

    68 

     

    

 

(c)           The
Administrative Agent shall have received a certificate of the chief executive officer or the chief financial officer of the
Parent with respect to each Credit Party executing any Credit Documents as of the Closing Date, dated the Closing Date and in
form and substance reasonably satisfactory to the Administrative Agent, certifying (i) that attached thereto is a true and
complete copy of the articles or certificate of incorporation, certificate of formation or other organizational document and
all amendments thereto of such Credit Party, certified as of a recent date by the Secretary of State (or comparable
Governmental Authority) of its jurisdiction of organization, and that the same has not been amended since the date of such
certification, (ii) that attached thereto is a true and complete copy of the bylaws, operating agreement or similar governing
document of such Credit Party, as then in effect and as in effect at all times from the date on which the resolutions
referred to in clause (iii) below were adopted to and including the date of such certificate, (iii) that attached thereto is
a true and complete copy of resolutions adopted by the board of directors (or similar governing body) of such Credit Party
(or, with respect to any Credit Party that is a Project Holding Company or a Project Subsidiary, a resolution adopted by its
sole member or other Controlling party), authorizing the execution, delivery and performance of this Agreement and the other
Credit Documents to which it is a party, and (iv) as to the incumbency and genuineness of the signature of each officer of
such Credit Party executing this Agreement or any of such other Credit Documents (or, with respect to any Credit Party that
is a Project Holding Company or a Project Subsidiary, an officer of the sole member of such Project Holding Company or
Project Subsidiary), and attaching all such copies of the documents described above.

 

(d)          
The Administrative Agent shall have received (i) a certificate as of a recent date of the good standing of each Credit Party executing
any Credit Documents as of the Closing Date, under the laws of its jurisdiction of organization, from the Secretary of State (or
comparable Governmental Authority) of such jurisdiction, and (ii) a certificate as of a recent date of the qualification of each
Credit Party to conduct business as a foreign corporation in such jurisdictions as the Administrative Agent may have reasonably
requested, from the Secretary of State (or comparable Governmental Authority) of such jurisdiction.

 

(e)           The Administrative
Agent shall be satisfied with the corporate and capital structure and management of the Parent and its Subsidiaries after giving
effect to the Transactions, all legal, tax, accounting, business and other matters relating to the Transactions or to the Parent
and its Subsidiaries after giving effect thereto, and all documentation relating to the Transactions, and the Administrative Agent
shall have received such copies of the final Transaction Documents as it shall have reasonably requested.

 

(f)            [reserved].

 

(g)         
All approvals, permits and consents of any Governmental Authorities or other Persons required in connection with the
execution and delivery of this Agreement, the other Credit Documents and the other Transaction Documents and the consummation
of the Transactions shall have been obtained, without the imposition of conditions that are not acceptable to the
Administrative Agent, and all related filings, if any, shall have been made, and all such approvals, permits, consents and
filings shall be in full force and effect and the Administrative Agent shall have received such copies thereof as it shall
have reasonably requested; all applicable waiting periods shall have expired without any adverse action being taken or
threatened by any Governmental Authority having jurisdiction; and no action, proceeding, investigation, regulation or
legislation shall have been instituted, threatened or proposed before, and no order, injunction or decree shall have been
entered by, any court or other Governmental Authority, in each case to enjoin, restrain or prohibit, to obtain substantial
damages in respect of, or to impose materially adverse conditions upon, this Agreement, any of the other Credit Documents or
any of the other Transaction Documents, or the consummation of any Transactions or that could reasonably be expected to have
a Material Adverse Effect.

 

    69 

     

    

 

(h)          
Concurrently with the making of the initial Loans hereunder, (i) all Indebtedness of the Borrower or any of its Subsidiaries (other
than Indebtedness permitted by Section 7.2) (collectively, the “Terminating Indebtedness”), shall be
repaid and satisfied in full and all guarantees by the Credit Parties relating thereto extinguished, (ii) all commitments to extend
credit under the agreements and instruments relating to the Terminating Indebtedness shall be terminated, (iii) any Liens securing
the Terminating Indebtedness shall be released and any related filings (including UCC filings, mortgages, and intellectual property
filings) terminated of record (or arrangements satisfactory to the Administrative Agent made therefor), and (iv) any letters of
credit outstanding under the Terminating Indebtedness for which the Borrower or any of its Subsidiaries is obligated shall have
been terminated, canceled or replaced; and the Administrative Agent shall have received evidence of the foregoing satisfactory
to it, including escrow agreements or payoff letters executed by the applicable creditor in connection with any Terminating Indebtedness.

 

(i)            The
Administrative Agent shall have received certified reports from an independent search service satisfactory to it listing any judgment
or tax lien filing or Uniform Commercial Code financing statement that names the Parent, Intermediate Holdco, the Borrower or any
of the Borrower’s Domestic Subsidiaries as debtor in any applicable jurisdiction, and the results thereof shall be reasonably
satisfactory to the Administrative Agent.

 

(j)            The
Administrative Agent shall have received evidence in form and substance satisfactory to it that all filings, recordings, registrations
and other actions (including the filing of duly completed UCC-1 financing statements in each jurisdiction listed on Annex A to
the Security Agreement or the Pledge Agreement) necessary to perfect the Liens created by the Security Documents shall have been
completed, or arrangements satisfactory to the Administrative Agent for the completion thereof shall have been made.

 

(k)          
Since December 31, 2016, both immediately before and after giving effect to the consummation of the Transactions, there shall not
have occurred (i) a Material Adverse Effect or (ii) any event, condition or state of facts that could reasonably be expected to
have a Material Adverse Effect.

 

(l)            The
Borrower shall have paid all fees and reasonable expenses of the Arranger, the Administrative Agent and the Lenders required hereunder
or under any other Credit Document to be paid on or prior to the Closing Date (including reasonable fees and expenses of counsel)
in connection with this Agreement, the other Credit Documents and the Transactions.

 

(m)         
The Administrative Agent shall have received copies of the financial statements referred to in Section 4.11(a), together
with copies of unaudited profit and loss statements for each Borrowing Base Project as of September 30, 2017.

 

(n)          
The Administrative Agent shall have received a Financial Condition Certificate executed by a Financial Officer of the
Parent, certifying as to the solvency of each Credit Party individually and of the Borrower and its subsidiaries on a
consolidated basis after giving effect to the Transactions and any other transactions to occur on the Closing Date, all of
which shall be in form and substance satisfactory to the Administrative Agent.

 

    70 

     

    

 

(o)          
The Administrative Agent shall have received evidence in form and substance satisfactory to it that all of the requirements of
Section 5.6 have been satisfied, including receipt of certificates of insurance evidencing the insurance coverages described
on Schedule 4.18 and naming the Administrative Agent as lender’s loss payable or additional insured, as its interests
may appear, together with such endorsements to such insurance policies as the Administrative Agent requires.

 

(p)           [reserved].

 

(q)          
The Administrative Agent shall have received an Account Designation Letter, together with written instructions from an Authorized
Officer of the Borrower, including wire transfer information, directing the payment of the proceeds of the initial Loans to be
made hereunder.

 

(r)            The Administrative
Agent shall have received from the Parent and the Borrower all documentation and other information requested by the Administrative
Agent that is required to satisfy applicable “know your customer” and anti-money laundering rules and regulations,
including the PATRIOT Act.

 

(s)          
Each of the Administrative Agent and each Lender shall have received such other documents, certificates, opinions and instruments
in connection with the transactions contemplated hereby as it shall have reasonably requested.

 

3.2          
Conditions of All Credit Extensions. The obligation of each Lender to make any Loans hereunder, including the initial Loans,
and the obligation of the L/C Issuer to make any L/C Credit Extension, including the initial L/C Credit Extension, is subject
to the satisfaction of the following conditions precedent on the relevant date of Borrowing or L/C Credit Extension:

 

(a)           in the case
of a Borrowing, the Administrative Agent shall have received a Notice of Borrowing in accordance with Section 2.2(b); in
the case of the issuance of any Letter of Credit the L/C Issuer shall have received a duly completed Application for such Letter
of Credit; and, in the case of an extension or increase in the amount of a Letter of Credit, the L/C Issuer shall have received
a written request therefor in a form reasonably acceptable to the L/C Issuer;

 

(b)          
each of the representations and warranties contained in Article IV and in the other Credit Documents shall be true and correct
on and as of such date of Borrowing or L/C Credit Extension (including the Closing Date, in the case of the initial Loans made
and/or Letters of Credit issued hereunder) with the same effect as if made on and as of such date, both immediately before and
after giving effect to the Loans and L/C Credit Extensions to be made on such date (except to the extent any such representation
or warranty is expressly stated to have been made as of a specific date, in which case such representation or warranty shall be
true and correct as of such date);

 

    71 

     

    

 

(c)           no Default
or Event of Default shall have occurred and be continuing on such date, both immediately before and after giving effect to the
Loans and L/C Credit Extensions to be made on such date;

 

(d)          
the Project in respect of which such Loan or L/C Credit Extension is being made shall have been approved as a Borrowing Base Project
and the Project Value therefor determined, in accordance with the terms and conditions hereof; and

 

(e)           except in the
case of the Specified Offtakers, the aggregate principal amount of Loans and L/C Credit Extensions (including the amount of any
Letter of Credit issued as a contribution to the Reserves for any Project) advanced and outstanding hereunder with respect to Projects
for which the offtaker under the Power Purchase Agreement therefor is the same offtaker (or an affiliate thereof) shall not exceed
33% of the aggregate principal amount of Loans and L/C Credit Extensions outstanding hereunder.

 

Each giving of a Notice
of Borrowing, an Application or other written request for an extension or increase in the amount of a Letter of Credit, and the
consummation of each Borrowing and each L/C Credit Extension, shall be deemed to constitute a representation by the Borrower that
the statements contained in Sections 3.2(b) and 3.2(c) are true, both as of the date of such Notice of Borrowing,
Application or request and as of the relevant date of Borrowing or L/C Credit Extension.

 

ARTICLE IV

 

REPRESENTATIONS AND WARRANTIES

 

To induce the Administrative
Agent, the L/C Issuer and the Lenders to enter into this Agreement and to induce the Lenders and the L/C Issuer to extend the credit
contemplated hereby, the Borrower represents and warrants to the Administrative Agent and the Lenders as follows:

 

4.1          
Corporate Organization and Power. Each Credit Party (i) is a corporation or a limited liability company duly organized or
formed, validly existing and in good standing under the laws of the jurisdiction of its incorporation or formation, as the case
may be (which jurisdictions, as of the Closing Date, are set forth on Schedule 4.1), (ii) has the full corporate or limited
liability company power and authority to execute, deliver and perform the Credit Documents to which it is or will be a party, to
own and hold its property and to engage in its business as presently conducted, and (iii) is duly qualified to do business as a
foreign corporation or limited liability company and is in good standing in each jurisdiction where the nature of its business
or the ownership of its properties requires it to be so qualified, except where the failure to be so qualified, individually or
in the aggregate, could not reasonably be expected to have a Material Adverse Effect.

 

4.2          Authorization;
Enforceability. Each Credit Party has taken, or on the Closing Date will have taken, all necessary corporate or limited
liability company action, as applicable, to execute, deliver and perform each of the Credit Documents to which it is or will
be a party, and has, or on the Closing Date (or any later date of execution and delivery) will have, validly executed and
delivered each of the Credit Documents to which it is or will be a party. This Agreement constitutes, and each of the
other Credit Documents upon execution and delivery will constitute, the legal, valid and binding obligation of each Credit
Party that is a party hereto or thereto, enforceable against it in accordance with its terms, except as enforceability may be
limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights
generally, by general equitable principles or by principles of good faith and fair dealing (regardless of whether enforcement
is sought in equity or at law).

 

    72 

     

    

 

4.3          
No Violation. The execution, delivery and performance by each Credit Party of each of the Credit Documents to which it is
or will be a party, and compliance by it with the terms hereof and thereof, do not and will not (i) violate any provision of its
articles or certificate of incorporation or formation, its bylaws or operating agreement, or other applicable formation or organizational
documents, (ii) contravene any other Requirement of Law applicable to it, (iii) conflict with, result in a breach of or constitute
(with notice, lapse of time or both) a default under any indenture, mortgage, lease, agreement, contract or other instrument to
which it is a party, by which it or any of its properties is bound or to which it is subject, or (iv) except for the Liens granted
in favor of the Administrative Agent pursuant to the Security Documents, result in or require the creation or imposition of any
Lien upon any of its properties, revenues or assets; except, in the case of clauses (ii) and (iii) above, where such violations,
conflicts, breaches or defaults, individually or in the aggregate, could not reasonably be expected to have a Material Adverse
Effect.

 

4.4           Governmental
and Third-Party Authorization; Permits. No consent, approval, authorization or other action by, notice to, or registration
or filing with, any Governmental Authority or other Person is or will be required as a condition to or otherwise in connection
with the due execution, delivery and performance by each Credit Party of this Agreement or any of the other Credit Documents to
which it is or will be a party or the legality, validity or enforceability hereof or thereof, other than (i) filings of Uniform
Commercial Code financing statements and other instruments and actions necessary to perfect the Liens created by the Security Documents,
(ii) consents, authorizations and filings that have been (or on or prior to the Closing Date will have been) made or obtained and
that are (or on the Closing Date will be) in full force and effect and (iii) consents and filings the failure to obtain or make
which, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. Each Credit Party
and Restricted Party has, and is in good standing with respect to, all governmental approvals, licenses, permits and authorizations
necessary to conduct its business as presently conducted and to own or lease and operate its properties, except for those the failure
to obtain which, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect.

 

4.5          
Litigation. There are no actions, investigations, suits or proceedings pending or, to the knowledge of the Borrower, threatened,
at law, in equity or in arbitration, before any court, other Governmental Authority, arbitrator or other Person, (i) against or
affecting any of the Credit Parties or Restricted Parties or any of their respective properties that, if adversely determined,
could reasonably be expected to have a Material Adverse Effect, or (ii) with respect to this Agreement, any of the other Credit
Documents, any of the other Transaction Documents or any of the transactions contemplated hereby or thereby.

 

    73 

     

    

 

4.6           Taxes.
Each Credit Party and Restricted Party has timely filed all federal and state income tax returns and all other material tax
returns and reports required to be filed by it, and has paid, prior to the date on which penalties would attach thereto or a
Lien would attach to any of the properties of a Credit Party or Restricted Party if unpaid, all federal and state income
taxes and all other material taxes, assessments, fees and other charges levied upon it or upon its properties that are shown
thereon as due and payable other than those that are not yet delinquent or that are being contested in good faith and by
proper proceedings and for which adequate reserves have been established in accordance with GAAP. Such returns accurately
reflect in all material respects all liability for taxes of the Credit Parties and Restricted Parties for the periods covered
thereby. As of the Closing Date, there is no ongoing audit or examination or, to the knowledge of the Borrower, other
investigation by any Governmental Authority of the tax liability of any of the Credit Parties or Restricted Parties, and
there is no material unresolved claim by any Governmental Authority concerning the tax liability of any Credit Party or
Restricted Party for any period for which tax returns have been or were required to have been filed, other than unsecured
claims for which adequate reserves have been established in accordance with GAAP. As of the Closing Date, no Credit Party or
Restricted Party has waived or extended or has been requested to waive or extend the statute of limitations relating to the
payment of any taxes.

 

4.7          
Subsidiaries. Schedule 4.7 sets forth, as of the Closing Date and after giving effect to the Transactions, (i) all
of the Subsidiaries of the Borrower and (ii) as to each Credit Party, (x) the number of shares, units or other interests of each
class of Capital Stock outstanding, and the number and effect, if exercised, of all outstanding options, warrants, rights of conversion
or purchase and similar rights and (y) the direct holders of all such Capital Stock and the number of shares, units, interests,
options, warrants or other purchase rights held by each. All outstanding shares of Capital Stock of the Parent and each of its
Subsidiaries are duly and validly issued, fully paid and nonassessable. Except for the shares of Capital Stock and the other equity
arrangements expressly indicated on Schedule 4.7, as of the Closing Date there are no shares of Capital Stock, warrants,
rights, options or other equity securities, or other Capital Stock of any Credit Party (other than the Parent) outstanding or reserved
for any purpose.

 

4.8         
Full Disclosure. All factual information heretofore, contemporaneously or hereafter furnished in writing to the Administrative
Agent, the Arranger or any Lender (including all Project Documents delivered thereto) by or on behalf of any Credit Party for purposes
of or in connection with this Agreement, the other Credit Documents and the Transactions is or will be true and accurate in all
material respects on the date as of which such information is dated or certified (or, if such information has been updated, amended
or supplemented, on the date as of which any such update, amendment or supplement is dated or certified) and not made incomplete
by omitting to state a material fact necessary to make the statements contained herein and therein, in light of the circumstances
under which such information was provided, not misleading; provided that, with respect to projections, budgets and other
estimates, the Borrower represents only that such information was prepared in good faith based upon assumptions believed to be
reasonable at the time. As of the Closing Date, there is no fact known to any Credit Party that has, or could reasonably be expected
to have, a Material Adverse Effect, which fact has not been set forth herein, in the financial statements of the Parent, the Borrower
and their respective Subsidiaries furnished to the Administrative Agent and/or the Lenders, or in any certificate, opinion or other
written statement made or furnished by the Borrower to the Administrative Agent and/or the Lenders.

 

4.9           Margin
Regulations. No Credit Party is engaged principally, or as one of its important activities, in the business of extending
credit for the purpose of purchasing or carrying Margin Stock. No proceeds of the Loans will be used, directly or indirectly,
to purchase or carry any Margin Stock, to extend credit for such purpose or for any other purpose, in each case that would
violate or be inconsistent with Regulations T, U or X or any provision of the Exchange Act.

 

    74 

     

    

 

4.10         No Material
Adverse Effect. There has been no Material Adverse Effect since December 31, 2016, and there exists no event, condition or
state of facts that could reasonably be expected to result in a Material Adverse Effect.

 

4.11         Financial Matters.

 

(a)           The Borrower
has heretofore furnished to the Administrative Agent copies of (i) the audited consolidated balance sheets of the Company Parties
as of December 31, 2016, and the related statements of income, cash flows and stockholders’ equity for the fiscal year then
ended, together with the opinion of KPMG LLP thereon, and (ii) the unaudited consolidated balance sheet of the Company Parties
as of September 30, 2017, and the related statements of income, cash flows and stockholders’ equity for the three-month period
then ended. Such financial statements have been prepared in accordance with GAAP (subject, with respect to the unaudited financial
statements, to the absence of notes required by GAAP and to normal year-end adjustments) and present fairly in all material respects
the financial condition of the Company Parties on a consolidated basis as of the respective dates thereof and the results of operations
of the Company Parties on a consolidated basis for the respective periods then ended. Except as fully reflected in the most recent
financial statements referred to above and the notes thereto, there are no material liabilities or obligations with respect to
the Company Parties of any nature whatsoever (whether absolute, contingent or otherwise and whether or not due) that are required
in accordance with GAAP to be reflected in such financial statements and that are not so reflected.

 

(b)          
After giving effect to the consummation of the Transactions, the Credit Parties, taken as a whole, (i) have capital sufficient
to carry on their businesses as conducted and as proposed to be conducted, (ii) have assets with a fair saleable value, determined
on a going concern basis, which are (y) not less than the amount required to pay the probable liability on their existing debts
as they become absolute and matured and (z) greater than the total amount of their liabilities (including identified contingent
liabilities, valued at the amount that can reasonably be expected to become absolute and matured in their ordinary course), and
(iii) do not intend to, and do not believe that they will, incur debts or liabilities beyond their ability to pay such debts and
liabilities as they mature in their ordinary course.

 

(c)           Since December
31, 2016, there has not been an occurrence of a “material weakness” (as defined in statement on Auditing Standards
No. 60) in, or fraud that involves management or other employees who have a significant role in, the Parent’s or the Borrower’s
internal controls over financial reporting, in each case as described in Section 404 of the Sarbanes- Oxley Act of 2002 and all
rules and regulations promulgated thereunder and the accounting and auditing principles, rules, standards and practices promulgated
or approved with respect thereto.

 

(d)          
Neither (i) the board of directors of any Company Party, a committee thereof or an authorized officer of any Company Party has
concluded that any financial statement previously furnished to the Administrative Agent should no longer be relied upon because
of an error, nor (ii) has any Company Party been advised by its auditors that a previously issued audit report or interim review
cannot be relied on.

 

    75 

     

    

 

4.12     
Ownership of Properties; Access; Utilities. Each Restricted Party (i) has good and indefeasible title to all real property
owned by it, (ii) holds interests as lessee under valid leases in full force and effect with respect to (A) all leased real and
personal property used in connection with any Borrowing Base Project and (B) all other material leased real and personal property
used in connection with its business, and (iii) has good title to all of its other material properties and assets reflected in
the most recent financial statements referred to in Section 4.11(a) (except as sold or otherwise disposed of since the
date thereof in the ordinary course of business), in each case free and clear of all Liens other than Permitted Liens. Schedule
4.12 lists, as of the Closing Date and after giving effect to the Transactions, all Realty of the Restricted Parties, indicating
in each case the identity of the owner, the address of the property, the nature of use of the premises, and whether such interest
is a leasehold or fee ownership interest.

 

4.13
    ERISA. No Restricted Party sponsors, maintains or participates in, nor, to the knowledge of the
Borrower, has at any time sponsored, maintained or participated in, any Plan.

 

4.14       Environmental
Matters.

 

(a)          Except
as set forth on Schedule 4.14(a)  or disclosed in writing to the Administrative Agent in connection with any Acquisition
of any Project by a Restricted Party prior to the acquisition thereof, no Hazardous Substances are or have been generated, used,
located, released, treated, transported, disposed of or stored, currently or in the past, (A) by any Restricted Party or (B) to
the knowledge of the Borrower, by any other Person (including any predecessor in interest) or otherwise, in either case in, on,
about or to or from any portion of any real property, leased, owned or operated by any Restricted Party, except in compliance
with all applicable Environmental Laws; no portion of any such real property or, to the knowledge of the Borrower, any other real
property at any time leased, owned or operated by any Restricted Party is contaminated by any Hazardous Substance; and no portion
of any real property leased, owned or operated by any Restricted Party is presently or, to the knowledge of the Borrower, has
ever been, the subject of an environmental audit, assessment or remedial action.

 

(b)        
Except as set forth on Schedule 4.14(b)  or disclosed in writing to the Administrative Agent in connection with any Acquisition
of any Project by a Restricted Party prior to the acquisition thereof, no portion of any real property leased, owned or operated
by any Restricted Party has been used by any Restricted Party or, to the knowledge of the Borrower, by any other Person, as or
for a mine, landfill, dump or other disposal facility, gasoline service station or bulk petroleum products storage facility; and
no portion of such real property or any other real property currently or at any time in the past leased, owned or operated by
any Restricted Party has, pursuant to any Environmental Law, been placed on the “National Priorities List” or “Superfunds
Enterprise Management System” (which replaces the CERCLIS List) (or any similar federal, state or local list) of sites subject
to possible environmental problems.

 

(c)          Except
as set forth on Schedule 4.14(c)  or disclosed in writing to the Administrative Agent in connection with any Acquisition
of any Project by a Restricted Party prior to the acquisition thereof, all activities and operations of the Restricted Parties
are in material compliance with the requirements of all applicable Environmental Laws; each Restricted Party has obtained all
material licenses and permits under Environmental Laws necessary to its respective operations, all such material licenses and
permits are being maintained in good standing, and each Restricted Party is in material compliance with all terms and conditions
of such licenses and permits; and no Restricted Party is involved in any suit, action or proceeding, or has received any notice,
complaint or other request for information from any Governmental Authority or other Person, with respect to any actual or alleged
Environmental Claims, and to the knowledge of the Borrower, there are no threatened Environmental Claims, nor any basis therefor.

 

     76

     

    

 

(d)        
Notwithstanding any representation or warranty of the Borrower to the contrary, no Restricted Party has any material liability
for any Hazardous Substance arising under or in connection with any Environmental Law or pursuant to any agreement, contract or
lease.

 

4.15     
Compliance with Laws. Each Credit Party has timely filed all material reports, documents and other materials required to
be filed by it under all applicable Requirements of Law with any Governmental Authority, has retained all material records and
documents required to be retained by it under all applicable Requirements of Law, and is otherwise in compliance with all applicable
Requirements of Law in respect of the conduct of its business and the ownership and operation of its properties, except in each
case to the extent that the failure to comply therewith, individually or in the aggregate, could not reasonably be expected to
have a Material Adverse Effect. There are no facts or circumstances that reasonably could be expected to materially increase the
cost to any Credit Party of compliance with any applicable Requirements of Law.

 

4.16
     Intellectual Property. Each Restricted Party owns, or has the legal right to use, all Intellectual
Property necessary for it to conduct its business as currently conducted. Schedule 4.16 lists, as of the Closing Date and
after giving effect to the Transactions, all registered Intellectual Property owned by any Restricted Party. No claim has been
asserted or is pending by any Person challenging or questioning the use of any such Intellectual Property or the validity or effectiveness
of any such Intellectual Property, nor does the Borrower know of any such claim, and to the knowledge of the Borrower, the use
of such Intellectual Property by any Restricted Party does not infringe on the known rights of any Person, except for such claims
and infringements that, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect.

 

4.17     
Investment Company Act. No Credit Party is an “investment company,” a company “controlled” by an
“investment company,” or an “investment advisor,” within the meaning of the Investment Company Act of
1940.

 

4.18     
Insurance. Schedule 4.18 sets forth, as of the Closing Date and after giving effect to the Transactions, an accurate
and complete list and a brief description (including the insurer, policy number, type of insurance, coverage limits, deductibles,
expiration dates and any special cancellation conditions) of all policies of property and casualty, liability (including, but
not limited to, product liability), business interruption, workers’ compensation, and other forms of insurance owned or
held by the Restricted Parties or pursuant to which any of their respective assets are insured. The assets, properties and business
of the Restricted Parties are insured against such hazards and liabilities, under such coverages and in such amounts, as are customarily
maintained by prudent companies similarly situated and under policies issued by insurers of recognized responsibility.

 

     77

     

    

 

4.19     
Material Contracts. Schedule 4.19 lists, as of the Closing Date and after giving effect to the Transactions, the
Material Contracts and indicates the parties thereto. As of the Closing Date and after giving effect to the Transactions, (i)
each Material Contract is in full force and effect and is enforceable by each Restricted Party that is a party thereto in accordance
with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar
laws affecting creditors’ rights generally, by general or equitable principles or by principles of good faith and fair dealing,
and (ii) no Restricted Party or, to the knowledge of the Borrower, any other party thereto is in breach of or default under any
Material Contract in any material respect or has given notice of termination or cancellation of any Material Contract. There are
no Material Contracts directly affecting or relating to the construction, management or operation of a Borrowing Base Project
except the Project Documents made available by the Borrower to the Administrative Agent.

 

4.20     
Security Documents. The provisions of each of the Security Documents (whether executed and delivered prior to or on the
Closing Date or thereafter) are and will be effective to create in favor of the Administrative Agent, for its benefit and the
benefit of the Lenders, a valid and enforceable security interest in and Lien upon all right, title and interest of each Credit
Party that is a party thereto in and to the Collateral purported to be pledged by it thereunder and described therein, and upon
(i) the initial extension of credit hereunder, (ii) the filing of appropriately completed Uniform Commercial Code financing statements
and continuations thereof in the jurisdictions specified therein, (iii) the filing of appropriately completed short-form assignments
in the U.S. Patent and Trademark Office and the U.S. Copyright Office, as applicable, and (iv) the possession by the Administrative
Agent of any certificates (if any) evidencing the securities pledged thereby, duly endorsed or accompanied by duly executed stock
powers, such security interest and Lien shall constitute a fully perfected and first priority security interest in and Lien upon
such right, title and interest of the applicable Credit Party in and to such Collateral, to the extent that such security interest
and Lien can be perfected by such filings, actions and possession, subject only to Permitted Liens.

 

4.21     
Labor Relations. No Restricted Party is engaged in any unfair labor practice within the meaning of the National Labor Relations
Act of 1947, as amended. As of the Closing Date, there is (i) no unfair labor practice complaint before the National Labor Relations
Board, or grievance or arbitration proceeding arising out of or under any collective bargaining agreement, pending or, to the
knowledge of the Borrower, threatened, against any Restricted Party, (ii) no strike, lock-out, slowdown, stoppage, walkout or
other labor dispute pending or, to the knowledge of the Borrower, threatened, against any Restricted Party, and (iii) to the knowledge
of the Borrower, no petition for certification or union election or union organizing activities taking place with respect to any
Restricted Party. As of the Closing Date, there are no collective bargaining agreements or Multiemployer Plans covering the employees
of the Restricted Parties.

 

4.22     
Project Documents. Except as otherwise agreed by the Administrative Agent in respect of Closing Date Borrowing Base Projects,
the Borrower has heretofore furnished to the Administrative Agent true and complete copies of the Project Documents for each Borrowing
Base Project, in each case together with all schedules and exhibits referred to therein or delivered pursuant thereto and all
amendments, modifications and waivers relating thereto. No Project Document has been amended, modified or supplemented since being
furnished to the Administrative Agent, nor any condition or provision thereof waived since being furnished to the Administrative
Agent, in any material respect other than as approved in writing by the Administrative Agent or the Required Lenders. Each Project
Document described in paragraphs 3 (except in respect of Closing Date Borrowing Base Projects), 4 and 5 of Schedule 2.19
is in full force and effect and no Restricted Party (nor, to the knowledge of the Borrower, any other party thereto) is in material
default thereunder or in material breach thereof.

 

     78

     

    

 

4.23     
No Burdensome Restrictions. No Restricted Party is a party to any written agreement or instrument or subject to any other
obligations or any charter or corporate restriction or any provision of any applicable Requirement of Law that, individually or
in the aggregate, could reasonably be expected to have a Material Adverse Effect.

 

4.24       No
Default. No Default or Event of Default has occurred and is continuing.

 

4.25       Sanctions;
Anti-Corruption Laws; Anti-Terrorism Laws.

 

(a)        No
Credit Party or any Subsidiary thereof or, to the knowledge of the Borrower, any director, officer, employee, agent or Affiliate
of any Credit Party or any Subsidiary thereof (i) is, or is owned or controlled by Persons that are, a Sanctioned Person or currently
the subject or target of any Sanctions or (ii) has taken any action, directly or indirectly, that would result in a violation
by such Person of any Anti-Corruption Laws.

 

(b)       
Neither the making of the Loans hereunder nor the use of the proceeds thereof will violate the PATRIOT Act, the Trading with the
Enemy Act, as amended, the Foreign Corrupt Practices Act or any of the foreign assets control regulations of the United States
Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) or any enabling legislation or executive order relating thereto.
The Credit Parties are in compliance in all material respects with the PATRIOT Act.

 

4.26       EEA
Financial Institutions. No Credit Party is an EEA Financial Institution.

 

ARTICLE
V

 

AFFIRMATIVE
COVENANTS

 

The
Borrower covenants and agrees that, until the termination of the Commitments, the payment in full in cash of all Obligations (other
than contingent indemnification obligations) and the termination or expiration of all Letters of Credit (other than Letters of
Credit as to which other arrangements with respect thereto satisfactory to the Administrative Agent and the L/C Issuer shall have
been made):

 

5.1       
Financial Statements. The Borrower will deliver to the Administrative Agent and to each Lender:

 

(a)     
   (i) As soon as available and in any event within 45 days after the end of each fiscal quarter of each fiscal
year, beginning with the fiscal quarter ending on December 31, 2017, unaudited consolidated balance sheets of the Restricted Parties
as of the end of such fiscal quarter and unaudited consolidated statements of income, cash flows and stockholders’ equity
for the Restricted Parties for the fiscal quarter then ended and for that portion of the fiscal year then ended, in each case
setting forth comparative consolidated figures as of the end of and for the corresponding period in the preceding fiscal year,
all in reasonable detail and prepared in accordance with GAAP (subject to the absence of notes required by GAAP and subject to
normal year-end adjustments) applied on a basis consistent with that of the preceding quarter or containing disclosure of the
effect on the financial condition or results of operations of any change in the application of accounting principles and practices
during such quarter, and certified by a Financial Officer of the Borrower as presenting fairly in all material respects the consolidated
financial condition and results of operations of the Restricted Parties, as of the dates and for the periods indicated, in accordance
with GAAP (subject to the absence of notes required by GAAP and subject to normal year-end adjustments), and (ii) within 60 days
of the Administrative Agent’s request therefor, unaudited consolidating financial statements of the type described in clause
(i) for the Restricted Parties for such fiscal quarter, all in reasonable detail and prepared in accordance with GAAP (subject
to the absence of notes required by GAAP and subject to normal year-end adjustments) applied on a basis consistent with that of
the preceding quarter or containing disclosure of the effect on the financial condition or results of operations of any change
in the application of accounting principles and practices during such quarter, and certified by a Financial Officer of the Borrower
as presenting fairly in all material respects the consolidating financial condition and results of operations of the Restricted
Parties, as of the dates and for the periods indicated, in accordance with GAAP (subject to the absence of notes required by GAAP
and subject to normal year-end adjustments) and in relation to the consolidated financial statements;

 

     79

     

    

 

(b)       
(i) As soon as available and in any event within 120 days after the end of each fiscal year, an audited consolidated balance
sheet of the Restricted Parties as of the end of such fiscal year and the related audited consolidated statements of income,
cash flows and stockholders’ equity for the Restricted Parties for the fiscal year then ended, including the notes
thereto, in each case setting forth comparative consolidated figures as of the end of and for the preceding fiscal year, all
in reasonable detail and certified by the independent certified public accounting firm regularly retained by the Borrower or
another independent certified public accounting firm of recognized national standing reasonably acceptable to the
Administrative Agent, together with a report thereon by such accountants that is not qualified as to going concern or scope
of audit and to the effect that such financial statements present fairly in all material respects the consolidated financial
condition and results of operations of the Restricted Parties as of the dates and for the periods indicated in accordance
with GAAP applied on a basis consistent with that of the preceding year or containing disclosure of the effect on the
financial condition or results of operations of any change in the application of accounting principles and practices during
such year, and (ii) within 60 days of the Administrative Agent’s request therefor, annual unaudited consolidating
financial statements of the type described in clause (i) for the Restricted Parties for such fiscal year, all in reasonable
detail and prepared in accordance with GAAP applied on a basis consistent with that of the preceding quarter or containing
disclosure of the effect on the financial condition or results of operations of any change in the application of accounting
principles and practices during such quarter, and certified by a Financial Officer of the Borrower as presenting fairly in
all material respects the consolidating financial condition and results of operations of the Restricted Parties, as of
the dates and for the periods indicated, in accordance with GAAP and in relation to the consolidated financial statements;
and

 

     80

     

    

 

(c)         (i)
As soon as available and in any event within 45 days after the end of each fiscal quarter of each fiscal year, beginning with
the fiscal quarter ending on December 31, 2017, unaudited consolidated balance sheets of the Company Parties as of the end of
such fiscal quarter and unaudited consolidated statements of income, cash flows and stockholders’ equity for the Company
Parties for the fiscal quarter then ended and for that portion of the fiscal year then ended, in each case setting forth comparative
consolidated figures as of the end of and for the corresponding period in the preceding fiscal year, all in reasonable detail
and prepared in accordance with GAAP (subject to the absence of notes required by GAAP and subject to normal year-end adjustments)
applied on a basis consistent with that of the preceding quarter or containing disclosure of the effect on the financial condition
or results of operations of any change in the application of accounting principles and practices during such quarter, and certified
by a Financial Officer of the Parent as presenting fairly in all material respects the consolidated financial condition and results
of operations of the Company Parties, as of the dates and for the periods indicated, in accordance with GAAP (subject to the absence
of notes required by GAAP and subject to normal year-end adjustments), and (ii) within 60 days of the Administrative Agent’s
request therefor, unaudited consolidating financial statements of the type described in clause (i) for the Company Parties for
such fiscal quarter, all in reasonable detail and prepared in accordance with GAAP (subject to the absence of notes required by
GAAP and subject to normal year-end adjustments) applied on a basis consistent with that of the preceding quarter or containing
disclosure of the effect on the financial condition or results of operations of any change in the application of accounting principles
and practices during such quarter, and certified by a Financial Officer of the Parent as presenting fairly in all material respects
the consolidating financial condition and results of operations of the Company Parties, as of the dates and for the periods indicated,
in accordance with GAAP (subject to the absence of notes required by GAAP and subject to normal year-end adjustments) and in relation
to the consolidated financial statements.

 

5.2        Other
Business and Financial Information. The Borrower will deliver to the Administrative Agent and each Lender:

 

(a)         Concurrently
with each delivery of the financial statements described in Sections 5.1(a) (including with respect to financial statements
as of the end of and for the fourth fiscal quarter of each fiscal year) and 5.1(b), a Compliance Certificate with respect
to the period covered by the financial statements being delivered thereunder, executed by a Financial Officer of the Borrower,
(i) together with a Covenant Compliance Worksheet reflecting the computation of the financial covenants set forth in Article
VI and the Debt Service Coverage Ratio as of the last day of the period covered by such financial statements, and (ii) for
the last fiscal quarter covered by the financial statements being delivered thereunder, (A) a calculation (with reasonable supporting
detail) of the Dividend Amount, Dividend Overage (if any) and Dividend Carryforward Amount (if any) for such fiscal quarter, (B)
a listing of the Net Asset Value for each of the Parent and the Borrower as of the end of each month during the such fiscal quarter
and the Average Net Asset Value for each of the Parent and Borrower for such fiscal quarter, (C) a summary of all distributions
and dividends paid by the Borrower and by the Parent during such fiscal quarter, and (D) a summary of all Capital Contributions
received by the Borrower during such fiscal quarter and whether such Capital Contributions are intended to be used to repay Loans
in accordance with Section 7.4(iii) or satisfy the obligations related to a Dividend Overage as set forth clause (x) of
the proviso in Section 7.6(a)(iii).

 

(b)       
As soon as available and in any event within 30 days after the end of each fiscal quarter, a report providing the actual energy
production of each Borrowing Base Project for each month during such fiscal quarter, together with comparative forecasted production
figures for each Borrowing Base Project for each month during such fiscal quarter;

 

     81

     

    

 

(c)         As
soon as available and in any event within 30 days after the commencement of each fiscal year, a consolidated operating budget
for the Restricted Parties for such fiscal year (prepared on a quarterly basis), consisting of a consolidated balance sheet and
consolidated statements of income and cash flows, together with a certificate of a Financial Officer of the Borrower to the effect
that such budget has been prepared in good faith and is a reasonable estimate of the financial position and results of operations
of the Restricted Parties for the period covered thereby; and as soon as available from time to time thereafter, any modifications
or revisions to or restatements of such budget;

 

(d)       
Promptly upon receipt thereof, copies of any “management letter” submitted to any Credit Party by its certified public
accountants in connection with each annual, interim or special audit, and promptly upon completion thereof, any response reports
from such Credit Party in respect thereof;

 

(e)         Promptly
upon the sending, filing or receipt thereof, copies of (i) all financial statements, reports, notices and proxy statements that
any Credit Party shall send or make available generally to its shareholders, and (ii) all press releases and other statements
made available generally by any Credit Party to the public concerning material developments in the business of the Credit Parties;
provided, however, that the Borrower shall not be required to deliver to the Administrative Agent or any Lender any such
materials described in the foregoing clauses (i) and (ii) to the extent such materials have been rendered to or filed with the
Securities and Exchange Commission, the National Association of Securities Dealers, Inc. or any national securities exchange;

 

(f)          Promptly
upon (and in any event within five Business Days after) any Responsible Officer of any Credit Party obtaining knowledge thereof,
written notice of any of the following:

 

(i)           the
occurrence of any Default or Event of Default, together with a written statement of a Responsible Officer of the Borrower specifying
the nature of such Default or Event of Default, the period of existence thereof and the action that the Borrower has taken and
proposes to take with respect thereto;

 

(ii)          the
institution or threatened institution of any action, suit, investigation or proceeding against or affecting any Credit Party,
including any such investigation or proceeding by any Governmental Authority (other than routine periodic inquiries, investigations
or reviews), that, if adversely determined, could reasonably be expected, individually or in the aggregate, to have a Material
Adverse Effect, and any material development in any litigation or other proceeding previously reported pursuant to Section
4.5 or this Section 5.2(f)(ii);

 

     82

     

    

 

(iii)         the
receipt by any Credit Party from any Governmental Authority of (A) any notice asserting any failure by any Credit Party to be
in compliance with applicable Requirements of Law or that threatens the taking of any action against any Credit Party or sets
forth circumstances that, if taken or adversely determined, could reasonably be expected to have a Material Adverse Effect, or
(B) any notice of any actual or threatened suspension, limitation or revocation of, failure to renew, or imposition of any restraining
order, escrow or impoundment of funds in connection with, any license, permit, accreditation or authorization of any Credit Party,
where such action could reasonably be expected to have a Material Adverse Effect;

 

(iv)         the
occurrence of any ERISA Event, together with (x) a written statement of a Responsible Officer of the Borrower specifying the details
of such ERISA Event and the action that the applicable Credit Party or ERISA Affiliate has taken and proposes to take with respect
thereto, (y) a copy of any notice with respect to such ERISA Event that may be required to be filed with the PBGC and (z) a copy
of any notice delivered by the PBGC to any Credit Party or an ERISA Affiliate with respect to such ERISA Event;

 

(v)          the
occurrence of any material default under, or any proposed or threatened termination or cancellation of, any Material Contract;

 

(vi)         the
occurrence of any reduction to the amount of management fees or expense reimbursements paid by the Parent or Intermediate Holdco
to the Advisor;

 

(vii)        the
occurrence of any of the following: (x) the assertion of any Environmental Claim against or affecting any Credit Party or any
real property leased, operated or owned by any Credit Party, or any Credit Party’s discovery of a basis for any such Environmental
Claim; (y) the receipt by any Credit Party of notice of any alleged liability under, violation of or noncompliance with any Environmental
Laws or release of any Hazardous Substance; or (z) the taking of any investigation, remediation or other responsive action by
any Credit Party or any other Person in response to the actual or alleged liability under, violation of or non-compliance with
any Environmental Law by any Credit Party or generation, storage, transport, release, disposal or discharge of any Hazardous Substances
on, to, upon or from any real property leased, operated or owned by any Credit Party; but in each case under clauses (x), (y)
and (z) above, only to the extent the same could reasonably be expected to have a Material Adverse Effect; and

 

(viii)       any
other matter or event that has, or could reasonably be expected to have, a Material Adverse Effect, together with a written statement
of a Responsible Officer of the Borrower setting forth the nature and period of existence thereof and the action that the affected
Credit Parties have taken and propose to take with respect thereto; and

 

(g)        
As promptly as reasonably possible, such other information about the business, condition (financial or otherwise), operations
or properties of any Credit Party as the Administrative Agent or any Lender may from time to time reasonably request.

 

5.3       
Existence; Franchises; Maintenance of Properties. Each Credit Party will, and the Borrower will cause each of the Borrower’s
Subsidiaries to, (i) maintain and preserve in full force and effect its legal existence, except as expressly permitted otherwise
by Section 7.1, (ii) obtain, maintain and preserve in full force and effect all other rights, franchises, licenses, permits,
certifications, approvals and authorizations required by Governmental Authorities and necessary to the ownership, occupation or
use of its properties or the conduct of its business, except to the extent the failure to do so could not reasonably be expected
to have a Material Adverse Effect, and (iii) keep all material properties in good working order and condition (normal wear and
tear and damage by casualty excepted) and from time to time make all necessary repairs to and renewals and replacements of such
properties, except to the extent that any of such properties are obsolete or are being replaced or, in the good faith judgment
of the Borrower, are no longer useful or desirable in the conduct of the business of the Credit Parties.

 

     83

     

    

 

5.4       
Compliance with Laws. Each Credit Party will, and the Borrower will cause each of the Borrower’s Subsidiaries to,
comply in all respects with all Requirements of Law applicable in respect of the conduct of its business and the ownership and
operation of its properties, except to the extent the failure so to comply could not reasonably be expected to have a Material
Adverse Effect.

 

5.5       
Payment of Obligations. Each Credit Party will, and the Borrower will cause each of the Borrower’s Subsidiaries to,
(i) pay, discharge or otherwise satisfy at or before maturity all liabilities and obligations as and when due (subject to any
applicable subordination, grace and notice provisions), except to the extent failure to do so could not reasonably be expected
to have a Material Adverse Effect, and (ii) pay and discharge all taxes, assessments and governmental charges or levies imposed
upon it, upon its income or profits or upon any of its properties, prior to the date on which penalties would attach thereto,
and all lawful claims that, if unpaid, would become a Lien (other than a Permitted Lien) upon any of the properties of any Restricted
Party; provided, however, that no Credit Party or Restricted Party shall be required to pay any such tax, assessment, charge,
levy or claim that is being contested in good faith and by proper proceedings and as to which such Person is maintaining adequate
reserves with respect thereto in accordance with GAAP.

 

5.6        Insurance.

 

(a)          Each
Restricted Party will, and will cause each of its Subsidiaries to, (i) maintain with financially sound and reputable insurance
companies insurance with respect to its assets, properties and business, against such hazards and liabilities, of such types and
in such amounts, as is customarily maintained by companies in the same or similar businesses similarly situated, and (ii) deliver
certificates of such insurance to the Administrative Agent with standard loss payable endorsements naming the Administrative Agent
as lender’s loss payee or mortgage, as applicable (on property and casualty policies), and additional insured (on liability
policies) as its interests may appear, together with such other endorsements as the Administrative Agent reasonably requires.
Each such policy of insurance shall contain a clause requiring the insurer to give not less than 30 days’ prior written
notice to the Administrative Agent before any cancellation of the policies for any reason whatsoever and shall provide that any
loss shall be payable in accordance with the terms thereof notwithstanding any act of any Restricted Party that might result in
the forfeiture of such insurance. Without limiting the generality of the foregoing, each Restricted Party will (i) (A) maintain
flood hazard insurance on all Flood Hazard Properties, on such terms and in such amounts as required by the National Flood Insurance
Reform Act of 1994 or as otherwise required by the Administrative Agent, and (B) promptly notify the Administrative Agent if any
real property subject to a Mortgage is, or becomes, a Flood Hazard Property, and (ii) maintain all insurance required by the Project
Documents for each Borrowing Base Project. Each Restricted Party will from time to time, upon the Administrative Agent’s
request, promptly deliver evidence satisfactory to the Administrative Agent that the Borrower or the applicable Project Subsidiary
has complied with the insurance requirements of the Project Documents for each Borrowing Base Project.

 

     84

     

    

 

(b)       
Each Restricted Party will, and will cause each of its Subsidiaries to, direct all insurers under policies of property and casualty
insurance on the Collateral to pay all proceeds payable thereunder directly to the Administrative Agent. The Administrative Agent
shall hold all such proceeds for the account of the Restricted Parties. So long as no Event of Default has occurred and is continuing,
and subject Section 2.6(e), the Administrative Agent shall, at the Borrower’s request, disburse such proceeds as
payment for the purpose of replacing or repairing destroyed or damaged assets, as and when required to be paid and upon presentation
of evidence satisfactory to the Administrative Agent of such required payments and such other documents as the Administrative
Agent may reasonably request. As and to the extent required by Section 2.6(e), and in any event upon and during the continuance
of an Event of Default, the Administrative Agent shall apply such proceeds as a prepayment of the Loans in the order and manner
provided in Section 2.6(g).

 

5.7       
Maintenance of Books and Records; Inspection. Each Credit Party will, and the Borrower will cause each of the Borrower’s
Subsidiaries to, (i) maintain adequate books, accounts and records, in which full, true and correct entries shall be made of all
financial transactions in relation to its business and properties, and prepare all financial statements required under this Agreement,
in each case in accordance with GAAP and in compliance with the requirements of any Governmental Authority having jurisdiction
over it, (ii) provide to the Administrative Agent, upon request, a complete and accurate listing of all electronic and other systems
by which the Credit Parties maintain any books, accounts and records, and provide all information necessary (including credentials,
passwords and authorizations) to permit the Administrative Agent to (A) access, duplicate and disseminate the information contained
therein and (B) in connection with an exercise of remedies after the occurrence and during the continuance of an Event of Default,
have exclusive control over such books, accounts and records, and (iii) permit employees or agents of the Administrative Agent
or any Lender to visit and inspect its properties and examine or audit its books, records, working papers and accounts and make
copies and memoranda of them, and to discuss its affairs, finances and accounts with its officers and employees and, upon notice
to the Borrower, the independent public accountants of the Credit Parties and their respective Subsidiaries (and by this provision
each of the Parent, Intermediate Holdco and the Borrower authorizes such accountants to discuss the finances and affairs of the
Credit Parties and their respective Subsidiaries), all at such times and from time to time, upon reasonable notice and during
business hours, as may be reasonably requested.

 

5.8       
Rate Management Agreements. Not later than fifteen (15) days after the date of any advance of Loans hereunder (including
the Closing Date), the Borrower shall have entered into or obtained, and the Borrower will thereafter maintain in full force and
effect, Rate Management Agreements in form and substance reasonably satisfactory to the Administrative Agent, with Lenders or
other Persons acceptable to the Administrative Agent, the effect of which shall be to fix or limit interest rates payable by the
Borrower as to 100% of the aggregate outstanding principal balance of the Loans as of such date (and after giving effect to such
advance), for a period of not less than the remaining term of this Agreement. The Borrower will deliver to the Administrative
Agent, promptly upon receipt thereof, copies of such Rate Management Agreements (and any supplements or amendments thereto), and
promptly upon request therefor, any other information reasonably requested by the Administrative Agent to evidence its compliance
with the provisions of this Section 5.8.

 

     85

     

    

 

5.9       
Acquisitions. As soon as reasonably practicable after the consummation of any Acquisition in accordance with Section
7.5(i), 7.5(ii) or 7.5(iv), the Borrower will deliver to the Administrative Agent true and correct copies of
the fully executed acquisition agreement (including schedules and exhibits thereto) and other material documents and closing papers
delivered in connection therewith.

 

5.10      Subsidiaries
and Tax Credit Parties.

 

(a)          Within
thirty (30) days (or such longer period as the Administrative Agent agrees in its discretion) of the creation or direct or indirect
acquisition by any Restricted Party of any Subsidiary (other than an Excluded Tax Credit Subsidiary), each such new Subsidiary
(such Person, for purposes of this Section 5.10, the “subject Subsidiary”) shall execute and deliver
to the Administrative Agent (i) a joinder to the Guaranty, pursuant to which the subject Subsidiary shall become a Guarantor thereunder
and shall guarantee the payment in full of the Obligations of the Borrower under this Agreement and the other Credit Documents
and the other obligations described therein, and (ii) a joinder to the Security Agreement and such of the other Security Documents,
as applicable, pursuant to which the subject Subsidiary shall become a party thereto and shall grant to the Administrative Agent
a first priority Lien upon and security interest in its accounts receivable, inventory, equipment, general intangibles and other
personal property as Collateral for its obligations under the Guaranty and the other obligations described therein, subject only
to Permitted Liens, and the Borrower shall, or shall cause the parent Credit Party that owns the Capital Stock of the subject
Subsidiary to, execute and deliver to the Administrative Agent an amendment or supplement to the Security Agreement pursuant to
which all of the Capital Stock of the subject Subsidiary then held by the Borrower or such parent Credit Party shall be pledged
to the Administrative Agent, together, to the extent applicable, with the certificates evidencing such Capital Stock and undated
stock powers duly executed in blank. Notwithstanding the foregoing, none of PCIP Solar LLC, PCIP Solar Lessee, LLC and their respective
Subsidiaries shall be required to become a Guarantor or join the Security Agreement pursuant to this Section 5.10(a) until
such time as the Pre-Approved Borrowing Base Project of such Person or its Subsidiaries shall become a Borrowing Base Project
in accordance with Section 2.19(f).

 

(b)          Concurrently
with the delivery of any document required by Section 5.10(a), the Borrower shall deliver to the Administrative Agent:

 

(i)       (A)
a copy of the certificate of incorporation (or other charter documents) of the subject Subsidiary, certified as of a date that
is acceptable to the Administrative Agent by the applicable Governmental Authority of the jurisdiction of incorporation or organization
of the subject Subsidiary, (B) a copy of the bylaws or similar organizational document of the subject Subsidiary, certified on
behalf of the subject Subsidiary as of a date that is acceptable to the Administrative Agent by the corporate secretary or assistant
secretary of the subject Person, (C) a certificate of good standing for the subject Subsidiary issued by the applicable Governmental
Authority of the jurisdiction of incorporation or organization of the subject Subsidiary and (D) copies of the resolutions of
the board of directors or stockholders or other equity owners, as applicable, of the subject Subsidiary authorizing the execution,
delivery and performance of the agreements, documents and instruments executed pursuant to Section 5.10(a) and any other
Credit Documents to which such subject Subsidiary will be a party, certified on behalf of the subject Subsidiary by an Authorized
Officer of the subject Person, all in form and substance reasonably satisfactory to the Administrative Agent;

 

     86

     

    

 

(ii)       
a report of Uniform Commercial Code financing statement, tax and judgment lien searches performed against such Subsidiary in each
jurisdiction in which the subject Subsidiary is incorporated or organized, and to the extent requested by the Administrative Agent,
any other jurisdiction where such subject Subsidiary has a place of business or maintains any assets, which report shall show
no Liens on its assets (other than Permitted Liens);

 

(iii)       a
certificate of the secretary or an assistant secretary of the subject Subsidiary as to the incumbency and signature of the officers
executing agreements, documents and instruments executed pursuant to Section 5.10(a) and any other Credit Documents to
which such subject Subsidiary will be a party;

 

(iv)      
to the extent requested by the Administrative Agent, favorable legal opinions of counsel (including local counsel, as applicable)
to the subject Subsidiary, addressing such matters regarding the subject Subsidiary and the agreements, documents and instruments
executed pursuant to Section 5.10(a) and any other Credit Documents to which such subject Subsidiary will be a party as
the Administrative Agent requires;

 

(v)       
a certificate as to the solvency of the subject Subsidiary, addressed to the Administrative Agent and the Lenders, dated as of
the date of creation, acquisition or designation of the subject Subsidiary and in form and substance reasonably satisfactory to
the Administrative Agent; and

 

(vi)      
evidence satisfactory to the Administrative Agent that no Default or Event of Default shall exist immediately before or after
the creation or acquisition of the subject Subsidiary or be caused thereby.

 

(c)         Each
Project Subsidiary (other than Closing Date Borrowing Base Projects, Pre- Approved Borrowing Base Projects and Excluded Tax Credit
Subsidiaries) shall cause all of its Realty to be subject to a recorded Mortgage (provided that such Mortgage requirement shall
not apply to any Excluded Project) and deliver to the Administrative Agent Real Property Support Documents with respect thereto,
in each case within thirty (30) days (or such longer period as the Administrative Agent agrees in its discretion) of (i) the date
such Project Subsidiary becomes a Guarantor, if such Project Subsidiary becomes a Guarantor after the Closing Date, or (ii) the
date such Project Subsidiary acquires such Realty, if such Realty is acquired after the Closing Date. Notwithstanding the foregoing
in this clause (c) or the above provisions of this Section 5.10, in the case of any Tax Credit Project, the Administrative
Agent may elect in its sole discretion not to require a Lien (including a Mortgage) on the property and assets thereof, and instead
require only a pledge of the Capital Stock of the relevant Project Subsidiary with respect to such Tax Credit Project owned by
the Credit Parties, where the Administrative Agent has determined that obtaining a Mortgage or a Lien on the other assets of such
Tax Credit Project is not possible or commercially unreasonable, and the Administrative Agent is satisfied with the cash flows
from such Tax Credit Project that are payable to the Credit Parties and that no modifications to the Project Documents are permitted
that will negatively impact the cash flows from such Tax Credit Project that are payable to the Credit Parties (but the Borrower
shall deliver to the Administrative Agent a title search and such other Real Property Support Documents as it requires with respect
to such Tax Credit Project). Further, with respect to jurisdictions with Mortgage Taxes, Mortgages (and amendments thereto) shall
be subject to the Mortgage Tax Principles.

 

     87

     

    

 

(d)       
Without limiting the generality of the foregoing, each Credit Party shall collaterally assign to the Administrative Agent, as
security for the Obligations, all of its rights in all Project Documents and all Project Warranties, and shall obtain consents
to such collateral assignment from such counterparties to the Project Documents and third parties as the Administrative Agent
requires.

 

(e)        As
promptly as reasonably possible, the Borrower and its Subsidiaries will deliver any such other documents, certificates and opinions,
in form and substance reasonably satisfactory to the Administrative Agent, as the Administrative Agent or the Required Lenders
may reasonably request in connection therewith and will take such other action as the Administrative Agent may reasonably request
to create in favor of the Administrative Agent, for the benefit of the Lenders, a perfected security interest in the Collateral
being pledged pursuant to the documents described in this Section 5.10 and any other Credit Documents to be executed by
the subject Subsidiary.

 

(f)         Notwithstanding
the foregoing provisions of this Section 5.10, with respect to any Foreign Subsidiary, (i) the Capital Stock of such Foreign
Subsidiary will not be required to be pledged to the extent (but only to the extent) that (y) such Foreign Subsidiary is a Subsidiary
of a Foreign Subsidiary or (z) such pledge exceeds (in the case of a pledge of voting Capital Stock) 66% of the voting Capital
Stock of such Foreign Subsidiary, unless and to the extent that the pledge of greater than 66% of the voting Capital Stock of
such Foreign Subsidiary would not cause any materially adverse tax consequences to the Borrower, and (ii) such Foreign Subsidiary
will not be required to become a Subsidiary Guarantor if doing so would cause any materially adverse tax consequences to the Borrower
or the Parent, determined by whether the execution of the Guaranty by such Foreign Subsidiary would constitute an investment of
earnings in United States property under Section 956 (or any successor statute) of the Code which would trigger an increase in
the gross income of the Parent pursuant to Section 951 (or any successor provision) of the Code without corresponding credits
or other offsets.

 

     88

     

    

 

(g)       
Concurrently with the Acquisition by the Borrower or any Subsidiary thereof (other than an Excluded Tax Credit Subsidiary) of
any Tax Credit Project, the Borrower will deliver to the Administrative Agent an agreement, duly executed by each Person that
owns any Capital Stock issued by any applicable Tax Credit Party, pursuant to which (i) such Tax Credit Party grants to the Administrative
Agent certain notice and cure rights with respect to the equipment lease for such Tax Credit Project, (ii) such Tax Credit Party
agrees to allow the Administrative Agent (or any designee thereof) to “step-in” to such lease (including by agreeing
that any foreclosure on any Capital Stock issued by any Person would not give rise to a termination of such lease, whether automatically,
at the election of such Tax Credit Party, or otherwise) and (iii) such Person agrees not to replace or remove the manager of such
Tax Credit Party notwithstanding any change of control of such Tax Credit Party (including as a result of any foreclosure on any
Capital Stock issued by such Tax Credit Party). Within 30 days after request therefor by the Administrative Agent (which request
shall be made in respect of any Tax Credit Project within 10 Business Days after the Borrower shall have delivered to the Administrative
Agent notice of the Acquisition of such Tax Credit Project in accordance with Section 7.5(i)), the Borrower will deliver
to the Administrative Agent, with respect to each Tax Credit Party (other than any Excluded Tax Credit Subsidiary) that owns or
manages any portion of such Tax Credit Project, the documents and other instruments required by this Section 5.10 as if
such Tax Credit Party was a “subject Subsidiary” (as defined in Section 5.10(a)). In connection with the foregoing
obligations of the Borrower, to the extent reasonably requested by any applicable Tax Credit Party or any equityholder thereof
(other than the Borrower or any Affiliate thereof), the Administrative Agent will execute and deliver a forbearance agreement,
in form and substance reasonably satisfactory to the Administrative Agent, pursuant to which it will agree, on behalf of the Lenders,
to forbear, on commercially reasonable terms, from foreclosing on certain assets of or related to any Tax Credit Project.

 

5.11     
Environmental Laws. The Borrower will, and will cause each of its Subsidiaries to, (i) comply in all material respects
with, and use commercially reasonable efforts to ensure compliance in all material respects by all tenants and subtenants, if
any, with, all applicable Environmental Laws and obtain and comply in all material respects with and maintain, and use commercially
reasonable efforts to ensure that all tenants and subtenants obtain and comply in all material respects with and maintain, any
and all licenses, approvals, notifications, registrations or permits required by applicable Environmental Laws, except to the
extent that the failure to do so could not reasonably be expected to have a Material Adverse Effect, and (ii) conduct and complete
all investigations, studies, sampling and testing, and all remedial, removal and other actions, required under Environmental Laws
and promptly comply in all material respects with all lawful orders and directives of all Governmental Authorities regarding Environmental
Laws, except to the extent that the same are being contested in good faith by appropriate proceedings or to the extent the failure
to conduct or complete any of the foregoing could not reasonably be expected to have a Material Adverse Effect.

 

5.12     
Public/Private Information. Each of the Parent and the Borrower will cooperate with the Administrative Agent in connection
with the publication of certain materials and/or information provided by or on behalf of the Credit Parties to the Administrative
Agent and Lenders pursuant to this Article V (collectively, the “Information Materials”) and will designate
Information Materials (i) that are either available to the public or not material with respect to the Parent and its Subsidiaries
for purposes of federal and state securities laws, as “Public Information” and (ii) that are not Public Information,
as “Private Information”.

 

5.13     
Compliance with Anti-Corruption Laws; Sanctions; PATRIOT Act. Each of the Parent, Intermediate Holdco and the Borrower
will, and will cause each of its Subsidiaries to, (i) maintain in effect and enforce policies and procedures designed to ensure
compliance by the Parent, Intermediate Holdco, the Borrower, their respective Subsidiaries and their respective directors, officers,
employees and agents with Anti-Corruption Laws and applicable Sanctions, and (ii) provide, to the extent commercially reasonable,
such information and take such actions as are reasonably requested by the Administrative Agent or any Lender in order to assist
the Administrative Agent and the Lenders in maintaining compliance with the PATRIOT Act.

 

     89

     

    

 

5.14     
Further Assurances. Each Credit Party will, and the Borrower will cause each of the Borrower’s Subsidiaries to, make,
execute, endorse, acknowledge and deliver any amendments, modifications or supplements hereto and restatements hereof and any
other agreements, instruments or documents, and, to the extent such Person has executed the Security Documents, take any and all
such other actions, as may from time to time be reasonably requested by the Administrative Agent or the Required Lenders to perfect
and maintain the validity and priority of the Liens granted pursuant to the Security Documents and to effect, confirm or further
assure or protect and preserve the interests, rights and remedies of the Administrative Agent and the Lenders under this Agreement
and the other Credit Documents. The Administrative Agent, on behalf of the Lenders, shall execute and deliver such releases from
the Credit Documents necessary for and in connection with any Asset Disposition consummated in accordance with Section 7.4.

 

5.15     
Project Subsidiaries. The Borrower shall cause (i) each Project Subsidiary to take only such actions that are necessary
or incidental to the ownership, construction and operation of one or more Projects and (ii) each Borrowing Base Project to be
wholly-owned by one or more Project Subsidiaries or Tax Credit Parties (as set forth on Schedule 1.1(b) or in the applicable
Approval Notice submitted and approved in accordance with Section 2.19).

 

5.16     
Project Documents. The Borrower shall, and shall cause each Project Subsidiary to, comply with and maintain in full force
and effect all Project Documents applicable to any Borrowing Base Project.

 

5.17     
Depository Relationship. The Borrower shall utilize Fifth Third as the principal depository in which substantially all
of its funds are deposited and shall cause each Restricted Party to regularly (and in any event no less frequently than monthly)
transfer all cash and Cash Equivalents in excess of such reasonable amount necessary to operate each applicable Project with respect
to each such Restricted Party (as reasonably determined by the Borrower and as agreed by the Administrative Agent) into deposit
accounts and securities accounts, as applicable, over which the Administrative Agent has control.

 

5.18     
Reserves. The Borrower shall use the Reserves for each Project only for the purposes identified in the definition of “Reserves”
herein, and shall, promptly after (a) use of any Reserve for any such purpose or (b) notification from the Administrative Agent
of its reasonable determination of an adjustment to the required minimum amount of the Reserve for any Project (as contemplated
by the definition of “Fully Funded” herein), replenish such Reserve such that it is Fully Funded.

 

     90

     

    

 

ARTICLE
VI

 

FINANCIAL
COVENANTS

 

The
Borrower covenants and agrees that, until the termination of the Commitments, the payment in full in cash of all Obligations (other
than contingent indemnification obligations) and the termination or expiration of all Letters of Credit (other than Letters of
Credit as to which other arrangements with respect thereto satisfactory to the Administrative Agent and the L/C Issuer shall have
been made):

 

6.1        Debt
to Capitalization Ratio. The Borrower will not permit the Debt to Capitalization Ratio as of the last day of any fiscal quarter
to be greater than 0.80 to 1.00.

 

6.2        Fixed
Charge Coverage Ratio. The Borrower will not permit the Fixed Charge Coverage Ratio as of the last day of any fiscal quarter
to be less than 1.10 to 1.00.

 

ARTICLE
VII

 

NEGATIVE
COVENANTS

 

The
Borrower covenants and agrees that, until the termination of the Commitments, the payment in full in cash of all Obligations (other
than contingent indemnification obligations) and the termination or expiration of all Letters of Credit (other than Letters of
Credit as to which other arrangements with respect thereto satisfactory to the Administrative Agent and the L/C Issuer shall have
been made):

 

7.1       
Merger; Consolidation. The Borrower will not, and will not permit or cause any of its Subsidiaries to, liquidate, wind
up or dissolve, or enter into any consolidation, merger or other combination, or agree to do any of the foregoing; provided,
however, that:

 

(i)         any
Wholly Owned Project Subsidiary may merge or consolidate with, or be liquidated into, any other Project Subsidiary so long as
no Default or Event of Default has occurred and is continuing or would result therefrom;

 

(ii)       
the Borrower may merge or consolidate with another Person (other than another Credit Party), so long as (x) the Borrower is the
surviving entity, (y) such merger or consolidation constitutes an Acquisition permitted under Section 7.5 and the applicable
conditions and requirements of Sections 5.9 and 5.10 are satisfied, and (z) no Default or Event of Default has occurred
and is continuing or would result therefrom; and

 

(iii)       to
the extent not otherwise permitted under the foregoing clauses, any Wholly Owned Subsidiary that has sold, transferred or otherwise
disposed of all or substantially all of its assets in connection with an Asset Disposition permitted under this Agreement and
no longer conducts any active trade or business may be liquidated, wound up and dissolved, so long as no Default or Event of Default
has occurred and is continuing or would result therefrom.

 

7.2       Indebtedness.
The Borrower will not, and will not permit or cause any of its Subsidiaries or any Tax Credit Party to, create, incur, assume
or suffer to exist any Indebtedness other than (without duplication):

 

(i)         Indebtedness
of the Restricted Parties in favor of the Administrative Agent and the Lenders incurred under this Agreement and the other Credit
Documents;

 

     91

     

    

 

(ii)      
purchase money Indebtedness of the Borrower and its Subsidiaries incurred solely to finance the acquisition, construction or improvement
of any equipment, real property or other fixed assets in the ordinary course of business (or assumed or acquired by the Borrower
and its Subsidiaries in connection with an Acquisition or other transaction permitted under this Agreement), including Capital
Lease Obligations, and any renewals, replacements, refinancings or extensions thereof; provided that all such Indebtedness
shall not exceed $1,000,000 in aggregate principal amount outstanding at any one time;

 

(iii)       intercompany
Indebtedness permitted under Section 7.5(iii);

 

(iv)      
Indebtedness of the Borrower under Rate Management Agreements required pursuant to, and entered into in accordance with, Section
5.8 or under other Rate Management Agreements entered into in the ordinary course of business to manage existing or anticipated
interest rate, foreign currency or commodity risks and not for speculative purposes;

 

(v)       
Indebtedness consisting of Guaranty Obligations of the Borrower or any of its Subsidiaries incurred in the ordinary course of
business for the benefit of another Restricted Party; provided that the primary obligation being guaranteed is expressly
permitted by this Agreement;

 

(vi)      
Indebtedness that may be deemed to exist pursuant to any performance bond, surety, statutory appeal or similar obligation entered
into or incurred by the Borrower or any of its Subsidiaries in the ordinary course of business;

 

(vii)      Indebtedness
of the Borrower and its Subsidiaries arising from the honoring by a bank or other financial institution of a check, draft or similar
instrument inadvertently (except in the case of daylight overdrafts) drawn against insufficient funds in the ordinary course of
business; provided that such Indebtedness is extinguished within five Business Days of its incurrence; and

 

(viii)     other
unsecured Indebtedness of the Restricted Parties not exceeding $50,000 in aggregate principal amount outstanding at any time.

 

7.3       
Liens. The Borrower will not, and will not permit or cause any of its Subsidiaries or any Tax Credit Party to, directly
or indirectly, make, create, incur, assume or suffer to exist, any Lien upon or with respect to any part of its property or assets,
whether now owned or hereafter acquired, or file or permit the filing of, or permit to remain in effect, any financing statement
or other similar notice of any Lien with respect to any such property, asset, income or profits under the Uniform Commercial Code
of any state or under any similar recording or notice statute, or agree to do any of the foregoing, other than the following (collectively,
“Permitted Liens”):

 

(i)        Liens
in favor of the Administrative Agent created by or otherwise existing under or in connection with this Agreement and the other
Credit Documents;

 

     92

     

    

 

(ii)        Liens
imposed by law, such as Liens of carriers, warehousemen, mechanics, materialmen and landlords, incurred in the ordinary course
of business for sums not constituting borrowed money that are not overdue for a period of more than 30 days or that are being
contested in good faith by appropriate proceedings and for which adequate reserves have been established in accordance with GAAP
(if so required);

 

(iii)      
Liens (other than any Lien imposed by ERISA the creation or incurrence of which would result in an Event of Default under Section
8.1(j)) incurred in the ordinary course of business in connection with worker’s compensation, unemployment insurance
or other forms of governmental insurance or benefits, or to secure the performance of letters of credit, bids, tenders, statutory
obligations, surety and appeal bonds, leases, public or statutory obligations, government contracts and other similar obligations
(other than obligations for borrowed money) entered into in the ordinary course of business;

 

(iv)       Liens
for taxes, assessments or other governmental charges or statutory obligations that are not delinquent or remain payable without
any penalty or that are being contested in good faith by appropriate proceedings and for which adequate reserves have been established
in accordance with GAAP (if so required);

 

(v)       
any attachment or judgment Lien not constituting an Event of Default under Section 8.1(h);

 

(vi)      
Liens on assets of the Borrower and its Subsidiaries securing the purchase money Indebtedness permitted under Section 7.2(ii);
provided that (x) any such Lien shall attach to the property being acquired, constructed or improved with such Indebtedness
concurrently with or within 90 days after the acquisition (or completion of construction or improvement) or the refinancing thereof
by the Borrower or such Subsidiary, (y) the amount of the Indebtedness secured by such Lien shall not exceed 100% of the cost
to the Borrower or such Subsidiary of acquiring, constructing or improving the property and any other assets then being financed
solely by the same financing source, and (z) any such Lien shall not encumber any other property of the Borrower or any of its
Subsidiaries except assets then being financed solely by the same financing source;

 

(vii)      customary
rights of set-off, revocation, refund or chargeback under deposit agreements or under the Uniform Commercial Code of banks or
other financial institutions where the Parent or any of its Subsidiaries maintains deposits (other than deposits intended as cash
collateral) in the ordinary course of business;

 

(viii)   
Liens that arise in favor of banks under Article 4 of the Uniform Commercial Code on items in collection and the documents relating
thereto and proceeds thereof;

 

(ix)       Liens
arising from the filing (for notice purposes only) of UCC-1 financing statements (or equivalent filings, registrations or agreements
in foreign jurisdictions) in respect of true leases otherwise permitted hereunder;

 

(x)       
with respect to any Realty occupied by the Borrower or any of its Subsidiaries, (x) all easements, rights of way, reservations,
licenses, encroachments, variations and similar restrictions, charges and encumbrances on title that do not secure monetary obligations
and do not materially impair the use of such property for its intended purposes or the value thereof, and (y) all zoning, subdivision,
entitlement, conservation, land use and other environmental restrictions, laws, rules, ordinances and regulations applicable thereto;
and

 

     93

     

    

 

(xi)        any
leases, subleases, licenses or sublicenses granted by the Borrower or any of its Subsidiaries to third parties in the ordinary
course of business and not interfering in any material respect with the business of the Borrower and its Subsidiaries, and any
interest or title of a lessor, sublessor, licensor or sublicensor under any lease or license permitted under this Agreement.

 

7.4       
Asset Dispositions. The Borrower will not, and will not permit or cause any of its Subsidiaries or any Tax Credit Party
to, directly or indirectly, make or agree to make any Asset Disposition except for:

 

(i)         the
sale or other disposition of inventory and Cash Equivalents in the ordinary course of business, the sale, discount or write-off
of past due or impaired accounts receivable for collection purposes (but not for factoring, securitization or other financing
purposes), and the termination or unwinding of Rate Management Agreements permitted hereunder;

 

(ii)       
the sale or other disposition by a Project Holding Company of the Capital Stock issued by a Project Subsidiary so long as (A)
the Net Cash Proceeds of such sale or disposition equal or exceed the aggregate Project Values of the Borrowing Base Projects
owned or operated by such Project Subsidiary and (B) the Net Cash Proceeds thereof are delivered to the Administrative Agent to
be held for application to the prepayment of the Loans in accordance with the provisions of Section 2.6(f);

 

(iii)        [reserved];

 

(iv)       
the sale, lease or other disposition of assets by the Borrower or any Project Holding Company to any other Project Holding Company,
in each case so long as no Event of Default shall have occurred and be continuing or would result therefrom;

 

(v)       
the sale, exchange or other disposition in the ordinary course of business of equipment or other capital assets that are obsolete
or no longer necessary for the operations of the Borrower and its Subsidiaries.

 

7.5       Investments.
The Borrower will not, and will not permit or cause any of its Subsidiaries to, directly or indirectly, purchase, own, invest
in or otherwise acquire any Capital Stock, evidence of indebtedness or other obligation or security or any interest whatsoever
in any other Person, or make or permit to exist any loans, advances or extensions of credit to, or any investment in cash or by
delivery of property in, any other Person, or purchase or otherwise acquire (whether in one or a series of related transactions)
any portion of the assets, business or properties of another Person (including pursuant to an Acquisition), or create or acquire
any Subsidiary, or become a partner or joint venturer in any partnership or joint venture (collectively, “Investments”),
or make a commitment or otherwise agree to do any of the foregoing, other than:

 

     94

     

    

 

(i)           any
Acquisition by a Restricted Party that is not a current Project Subsidiary of any Project that is a utility-scale solar photovoltaic
power generation system located in the contiguous United States that has achieved commercial operation and the production of which
is being or will be sold to an investment grade offtaker or other Person reasonably acceptable to the Administrative Agent pursuant
to an executed and effective power purchase agreement;

 

(ii)          any Acquisition by any Project Subsidiary of any
Borrowing Base Project;

 

(iii)         Investments by any Restricted Party that is a Credit Party in any other Restricted Party
that is a Guarantor;

 

(iv)        
the Acquisition of (but not any subsequent Investment in under this clause) any Excluded Tax Credit Subsidiary by any Restricted
Party that is a Credit Party;

 

(v)         
so long as no Event of Default has occurred and is continuing, Investments made in the ordinary course of business in any Excluded
Tax Credit Subsidiary that are (A) applied to maintenance costs for the relevant Project of such Excluded Tax Credit Subsidiary
or the purchase of Capital Stock in such Excluded Tax Credit Subsidiary from a Tax Credit investor and (B) funded by a substantially
concurrent capital contribution to the Borrower from Intermediate Holdco;

 

(vi)         Investments consisting
of Cash Equivalents;

 

(vii)      
Investments consisting of the extension of trade credit, the creation of prepaid expenses, the purchase of inventory, supplies,
equipment and other assets, and advances to employees, in each case by the Borrower and its Subsidiaries in the ordinary course
of business;

 

(viii)       Investments
(including equity securities and debt obligations) by the Borrower and its Subsidiaries received in connection with the bankruptcy
or reorganization of suppliers and customers and in good faith settlement of delinquent obligations of, and other disputes with,
customers and suppliers arising in the ordinary course of business;

 

(ix)         Investments
existing as of the Closing Date and described in Schedule 7.5;

 

(x)         
Investments by the Borrower under Rate Management Agreements required pursuant to, and entered into in accordance with, Section
5.8 or under other Rate Management Agreements entered into in the ordinary course of business to manage existing or anticipated
interest rate, foreign currency or commodity risks and not for speculative purposes;

 

(xi)         Investments
by the Borrower in its Subsidiaries to the extent made prior to July 11, 2016; and

 

     95

     

    

 

(xii)         the acquisition
by any Project Holding Company of the Capital Stock issued by any Tax Credit Party for any Tax Credit Project in accordance with
the applicable Project Documents.

 

7.6          Restricted
Payments.

 

(a)              The Borrower
will not, and will not permit or cause any of its Subsidiaries to, directly or indirectly, declare or make any dividend payment,
or make any other distribution of cash, property or assets, in respect of any of its Capital Stock or any warrants, rights or options
to acquire its Capital Stock, or purchase, redeem, retire or otherwise acquire for value any shares of its Capital Stock or any
warrants, rights or options to acquire its Capital Stock, or set aside funds for any of the foregoing, except that:

 

(i)           the
Borrower and any of its Subsidiaries may declare and make dividend payments or other distributions payable solely in its common
Capital Stock;

 

(ii)         
each Wholly Owned Subsidiary of the Borrower may declare and make dividend payments or other distributions to the Borrower or to
a Subsidiary thereof, in each case to the extent not prohibited under applicable Requirements of Law;

 

(iii)        
the Borrower may declare and make dividend payments and other distributions to Intermediate Holdco so long as (A) both
immediately before and after giving effect to any such dividend or distribution (1) no Default or Event of Default has
occurred and is continuing or would result therefrom and (2) the Borrower is in compliance with the financial covenants
contained in Article VI, such compliance determined with regard to calculations made on a Pro Forma Basis for the
Reference Period most recently ended for which financial statements have been delivered to the Administrative Agent
hereunder, calculated in accordance with GAAP as if such dividend or distribution had been made on the last day of such
Reference Period, (B) with respect to any such dividend or distribution made prior to the Conversion Date, the aggregate
amount of such dividends and distributions during any fiscal quarter (the “measurement quarter”) does not exceed
the lesser of (1) 1.75% of the Average Net Asset Value of the Borrower for the measurement quarter and (2) the Dividend
Amount for the measurement quarter (provided that the Borrower shall not be in violation of this clause (iii) due
solely to the aggregate dividends and distributions paid during the measurement quarter being in excess of the
Dividend Amount for such measurement quarter so long as either (x) Intermediate Holdco shall make one or more Capital
Contributions to the Borrower that are not Specified Capital Contributions during the immediately succeeding fiscal quarter
(the “next quarter”) in an aggregate amount greater than or equal to the Dividend Overage, or (y) the aggregate
amount of dividends and distributions paid by the Borrower during the next quarter does not exceed (I) the lesser of (1)
1.75% of the Average Net Asset Value of the Borrower for the next quarter and (2) the Dividend Amount for the next quarter
minus (II) the Dividend Overage for the measurement quarter (for clarity, this proviso shall not apply if the aggregate
amount of dividends and distributions paid during the measurement quarter shall exceed 1.75% of the Average Net Asset Value
of the Borrower for such measurement quarter)), (C) with respect to any such dividend or distribution made on or after the
Conversion Date, the Reserves for all Projects are Fully Funded (as acknowledged by the Administrative Agent in writing to
the Borrower) and (D) as of the most recent fiscal quarter end occurring after the Closing Date and prior to the date of such
dividend or distribution for which financial statements and a Compliance Certificate have been delivered to the
Administrative Agent hereunder, the Debt Service Coverage Ratio shall have been not less than 1.20 to 1.00 (in the case of
any fiscal quarter end occurring prior to the second anniversary of the Conversion Date) or 1.25 to 1.00 (in the case of any
fiscal quarter end occurring on or after the second anniversary of the Conversion Date) (it being acknowledged that in no
event shall any dividend payments or other distributions be made under this clause (iii) at any time prior to the date
that financial statements have been delivered to the Administrative Agent under Section 5.1(a)(i) or (b)(i) (as
applicable) and a Compliance Certificate has been delivered to the Administrative Agent under Section 5.2(a), in each
case for the first fiscal quarter end occurring after the Closing Date);

 

     96

     

    

 

(iv)        
the Borrower may declare and make additional dividend payments and other distributions to Intermediate Holdco, no more
frequently than once in any fiscal year, so long as (A) any such dividend or distribution is made within thirty (30) days
after the annual audited consolidated financial statements of the Restricted Parties for the prior fiscal year (commencing
with the audited consolidated financial statements of the Restricted Parties for the fiscal year ending December 31, 2019, it
being acknowledged that in no event shall any dividend payments or other distributions be made under this clause (iv) prior
to such time) are delivered to the Administrative Agent pursuant to Section 5.1(b)(i), (B) any such dividend or
distribution is made from excess cash flow of the Restricted Parties for the prior fiscal year (as such calculation of excess
cash flow is demonstrated and certified by the Borrower to the Administrative Agent and approved by the Administrative
Agent), (C) both immediately before and after giving effect to any such dividend or distribution (1) no Default or Event of
Default has occurred and is continuing or would result therefrom, (2) the Fixed Charge Coverage Ratio, calculated on a Pro
Forma Basis for the Reference Period ending as of the end of such prior fiscal year in accordance with GAAP as if such
dividend or distribution had been made on the last day of such Reference Period, shall not be less than 1.00 to 1.00 and (3)
the Borrower is in compliance with the financial covenant contained in Section 6.1, such compliance determined with
regard to calculations made on a Pro Forma Basis for the Reference Period ending as of the end of such prior fiscal year,
calculated in accordance with GAAP as if such dividend or distribution had been made on the last day of such Reference
Period, and (D) as of the end of such prior fiscal year, the Debt Service Coverage Ratio shall have been not less than 1.20
to 1.00 (in the case of any fiscal year end occurring prior to the second anniversary of the Conversion Date) or 1.25 to 1.00
(in the case of any fiscal year end occurring on or after the second anniversary of the Conversion Date);

 

(v)         
the Borrower and any of its Subsidiaries may distribute to Intermediate Holdco the Capital Stock issued by a Project Subsidiary
to the extent such distribution constitutes an Asset Disposition made in accordance with Section 7.4(ii); and

 

(vi)        
the Borrower and any of its Subsidiaries may distribute funds in the amount of the Net Cash Proceeds received with respect
to any Borrowing Base Project to the extent that (A) one or more Asset Dispositions permitted hereby or Material Casualty
Events has occurred with respect to such Borrowing Base Project and the aggregate Net Cash Proceeds thereof received by such
applicable Restricted Party exceed the aggregate Net Cash Proceeds required to be paid as mandatory prepayments or reinvested
under Section 2.6(e) and Section 2.6(f), (B) no Event of Default has occurred and is continuing and (C) the
applicable Net Cash Proceeds have been applied pursuant to Section 7.4(ii).

 

     97

     

    

 

(b)             
The Borrower will not, and will not permit or cause any of its Subsidiaries to, make (or give any notice in respect of) any payment
or prepayment of principal on, or interest, fees or premium (if any) with respect to, any Subordinated Indebtedness, or directly
or indirectly make any redemption (including pursuant to any change of control or asset disposition provision), retirement, defeasance
or other acquisition for value of any of the any Subordinated Indebtedness, or make any deposit or otherwise set aside funds for
any of the foregoing purposes.

 

7.7          
Transactions with Affiliates. The Borrower will not, and will not permit or cause any of its Subsidiaries to, enter into
any transaction (including any purchase, sale, lease or exchange of property or the rendering of any service) with any officer,
director, stockholder or other Affiliate of the Parent or any of its Subsidiaries (other than any transactions between (x) Restricted
Parties that are Credit Parties or (y) Restricted Parties that are not Credit Parties), except in the ordinary course of its business
and upon fair and reasonable terms that are no less favorable to it than it would be obtained in a comparable arm’s length
transaction with a Person other than an Affiliate of the Parent or any of its Subsidiaries; provided, however, that nothing
contained in this Section 7.7 shall prohibit (i) transactions described on Schedule 7.7 (and any renewals or replacements
thereof on terms not materially more disadvantageous to the applicable Credit Party) or otherwise expressly permitted under this
Agreement, (ii) the making by any Restricted Party of any rental or other payments or distributions to any Tax Credit Party pursuant
to or in accordance with any organizational documents or other Project Documents executed to utilize, monetize or maintain any
Tax Credit, or (iii) the payment of a management fee to the Parent or one of its Affiliates during any month in an amount not to
exceed 0.25% of the daily average gross consolidated assets of the Borrower and its Subsidiaries during the immediately preceding
month, so long as both immediately before and after giving effect to any such payment (A) no Default or Event of Default has occurred
and is continuing or would result therefrom, and (B) the Borrower is in compliance with the financial covenants contained in Article
VI, such compliance determined with regard to calculations made on a Pro Forma Basis for the Reference Period most recently
ended for which financial statements have been delivered to the Administrative Agent under this Agreement, calculated in accordance
with GAAP as if such payment had been made on the last day of such Reference Period. Without limiting the foregoing, the Borrower
will not, and will not permit or cause any of its Subsidiaries to, pay any management, consulting, transaction or similar fees
to any the Parent, any of its Subsidiaries or any of their respective Affiliates (other than the Restricted Parties) except as
expressly permitted by clause (iii) above.

 

7.8          
Lines of Business. The Borrower will not, and will not permit or cause any of its Subsidiaries to, engage in any lines of
business other than (i) the businesses engaged in by the Borrower and its Subsidiaries on the Closing Date and businesses and activities
reasonably related thereto, and (ii) subject to Section 7.5, any line of business permitted under such Person’s investment
mandate as set forth in any applicable Form 10-K or prospectus.

 

     98

     

    

 

7.9           Sale-Leaseback
Transactions. The Borrower will not, and will not permit or cause any of its Subsidiaries to, directly or indirectly,
become or remain liable as lessee or as guarantor or other surety with respect to any lease, whether an operating lease or a
Capital Lease, of any property (whether real, personal or mixed, and whether now owned or hereafter acquired) (i) that
any Restricted Party has sold or transferred (or is to sell or transfer) to a Person that is not a Restricted Party or (ii)
that any Restricted Party intends to use for substantially the same purpose as any other property that, in connection with
such lease, has been sold or transferred (or is to be sold or transferred) by a Restricted Party to another Person that is
not a Restricted Party, in each case except for transactions otherwise expressly permitted under this Agreement.

 

7.10         Certain Payments
and Amendments. The Borrower will not, and will not permit or cause any of its Subsidiaries to, (i) make any prepayment or
other payment on or in respect of any Subordinated Indebtedness except for payments expressly permitted by the subordination agreement
or other subordination provisions applicable thereto, or (ii) amend, modify or waive (A) any provision of any Subordinated Indebtedness,
(B) any provision of its articles or certificate of incorporation or formation, bylaws, operating agreement or other applicable
formation or organizational documents, as applicable, the terms of any class or series of its Capital Stock, or any agreement among
the holders of its Capital Stock or any of them, in each case other than in a manner that could not reasonably be expected to adversely
affect the Lenders in any material respect, or (C) any Project Document without the Administrative Agent’s written consent
(provided that the Borrower shall give the Administrative Agent and the Lenders notice of any such amendment, modification
or change, together with certified copies thereof).

 

7.11         Limitation
on Certain Restrictions. The Credit Parties will not, and the Borrower will not permit or cause any of the Borrower’s
Subsidiaries to, directly or indirectly, create or otherwise cause or suffer to exist or become effective any restriction or encumbrance
on (a) the ability of the Credit Parties to perform and comply with their respective obligations under the Credit Documents or
(b) the ability of any Subsidiary of the Borrower to make any dividend payment or other distribution in respect of its Capital
Stock, to repay Indebtedness owed to the Borrower or any other Subsidiary, to make loans or advances to the Borrower or any other
Subsidiary, or to transfer any of its assets or properties to the Borrower or any other Subsidiary, except (in the case of clause
(b) above only) for such restrictions or encumbrances existing under or by reason of (i) this Agreement and the other Credit Documents,
(ii) applicable Requirements of Law (other than the charter, constitution, articles or certificate of organization or incorporation
and bylaws or other organizational or governing documents of such Person), (iii) customary non-assignment provisions in leases
and licenses of real or personal property entered into by the Borrower or any Subsidiary as lessee or licensee in the ordinary
course of business, restricting the assignment or transfer thereof or of property that is the subject thereof, (iv) customary restrictions
and conditions contained in any agreement relating to the sale of assets (including Capital Stock of a Subsidiary) pending such
sale (provided that such restrictions and conditions apply only to the assets being sold and such sale is permitted under
this Agreement) and (v) the terms of the Project Documents applicable to any Borrowing Base Project.

 

     99

     

    

 

7.12         No
Other Negative Pledges. Intermediate Holdco and the Borrower will not, and the Borrower will not permit or cause any
of the Borrower’s Subsidiaries to, enter into or suffer to exist any agreement or restriction that, directly
or indirectly, prohibits or conditions the creation, incurrence or assumption of any Lien upon or with respect to any part
of its property or assets, whether now owned or hereafter acquired, or agree to do any of the foregoing, except for
such agreements or restrictions existing under or by reason of (i) this Agreement and the other Credit Documents, (ii)
applicable Requirements of Law (other than the charter, constitution, articles or certificate of organization or
incorporation and bylaws or other organizational or governing documents of such Person), (iii) any agreement or instrument
creating a Permitted Lien (but only to the extent such agreement or restriction applies to the assets subject to such
Permitted Lien), (iv) customary provisions in leases and licenses of real or personal property entered into by the Borrower
or any Subsidiary as lessee or licensee in the ordinary course of business, restricting the granting of Liens therein or in
property that is the subject thereof, (v) customary restrictions and conditions contained in any agreement relating to the
sale of assets (including Capital Stock of a Subsidiary) pending such sale; provided that such restrictions and
conditions apply only to the assets being sold and such sale is permitted under this Agreement, and (vi) the terms of the
Project Documents applicable to any Borrowing Base Project.

 

7.13         Ownership
of Subsidiaries. The Borrower will not, and will not permit or cause any of its Subsidiaries to, have any Subsidiaries other
than Subsidiaries that are Controlled by the Borrower.

 

7.14         Fiscal Year.
Each of the Parent and the Borrower will not, and will not permit or cause any of its Subsidiaries to, change its fiscal year or
its method of determining fiscal quarters.

 

7.15         Accounting
Changes. Other than as permitted pursuant to Section 1.2, each of the Parent and the Borrower will not, and will not
permit or cause any of its Subsidiaries to, make or permit any material change in its accounting policies or reporting practices,
except as may be required by GAAP (or, in the case of Foreign Subsidiaries, generally accepted accounting principles in the jurisdiction
of its organization).

 

7.16        Sanctions.
Each of the Parent and the Borrower will not, directly or indirectly, use the proceeds of the Loans, or lend, contribute or otherwise
make available such proceeds to any Subsidiary, joint venture partner or other Person, (i) to fund any activities or business of
or with any Person, or in any country or territory, that, at the time of such funding, is, or whose government is, the subject
of Sanctions or (ii) in any other manner that would result in a violation of Sanctions by any Person (including any Person participating
in the Loans, whether as underwriter, advisor, investor, or otherwise).

 

ARTICLE VIII

 

EVENTS
OF DEFAULT

 

8.1          
Events of Default. The occurrence of any one or more of the following events shall constitute an “Event of Default”:

 

(a)              The Borrower
or any other Credit Party shall fail to (i) pay when due any principal of any Loan or L/C Obligation or deposit any funds as Cash
Collateral in respect of L/C Obligations, or (ii) pay when due any interest on any Loan or on any L/C Obligation, any fee payable
under this Agreement or any other Credit Document, or (except as provided in clause (i) above) any other Obligation (other than
any Obligation under a Rate Management Agreement or Cash Management Agreement), and (in the case of this clause (ii) only) such
failure shall continue for a period of three Business Days;

 

     100

     

    

 

(b)            
The Borrower or any other Credit Party shall (i) fail to observe, perform or comply with any condition, covenant or
agreement contained in any of Section 2.12, 5.1, 5.2(a), 5.2(b), 5.2(c), 5.2(f)(i), 5.6, 5.8, 5.9
or 5.10 or in Article VI or VII or (ii) fail to observe, perform or comply with any condition, covenant
or agreement contained in Section 5.2 (other than Sections 5.2(a), 5.2(b), 5.2(c) and 5.2(f)(i))
and (in the case of this clause (ii) only) such failure shall continue unremedied for a period of five days after the earlier
of (y) the date on which a Responsible Officer of the Borrower acquires knowledge thereof and (z) the date on which written
notice thereof is delivered by the Administrative Agent or any Lender to the Borrower;

 

(c)              The Borrower
or any other Credit Party shall fail to observe, perform or comply with any condition, covenant or agreement contained in this
Agreement or any of the other Credit Documents other than those enumerated in Sections 8.1(a) and 8.1(b), and such
failure (i) by the express terms of such Credit Document, constitutes an Event of Default, or (ii) shall continue unremedied for
any grace period specifically applicable thereto or, if no grace period is specifically applicable, for a period of 30 days after
the earlier of (y) the date on which a Responsible Officer of the Borrower acquires knowledge thereof and (z) the date on which
written notice thereof is delivered by the Administrative Agent or any Lender to the Borrower; or any default or event of default
shall occur under any Rate Management Agreement to which any Credit Party and any Rate Management Party are parties or any Cash
Management Agreement to which any Credit Party and any Cash Management Bank are parties;

 

(d)             
Any representation or warranty made or deemed made by or on behalf of the Borrower or any other Credit Party in this Agreement,
any of the other Credit Documents or in any certificate, instrument, report or other document furnished at any time in connection
herewith or therewith shall prove to have been incorrect, false or misleading in any material respect as of the time made, deemed
made or furnished;

 

(e)              Subject to
and after giving effect to any applicable grace or cure periods or notice provisions, the Borrower or any other Credit Party shall
(i) fail to pay when due (whether by scheduled maturity, acceleration or otherwise) (y) any principal of or interest on any Material
Indebtedness (other than the Indebtedness incurred pursuant to this Agreement or a Rate Management Agreement) or (z) any termination
or other payment under any Rate Management Agreement covering a notional amount of Indebtedness of at least $1,000,000 or (ii)
fail to observe, perform or comply with any condition, covenant or agreement contained in any agreement or instrument evidencing
or relating to any such Indebtedness, or any other event shall occur or condition exist in respect thereof, and the effect of such
failure, event or condition is to cause, or permit the holder or holders of such Indebtedness (or a trustee or agent on its or
their behalf) to cause (with or without the giving of notice, lapse of time, or both), without regard to any subordination terms
with respect thereto, such Indebtedness to become due, or to be prepaid, redeemed, purchased or defeased, in full prior to its
stated maturity;

 

(f)               The
Borrower or any other Credit Party shall (i) file a voluntary petition or commence a voluntary case seeking liquidation,
winding-up, reorganization, dissolution, arrangement, readjustment of debts, composition or any other relief under any Debtor
Relief Law, (ii) consent to the institution of, or fail to controvert in a timely and appropriate manner, any petition or
case of the type described in Section 8.1(g), (iii) apply for or consent to the appointment of or taking possession by
a custodian, trustee, receiver, conservator or similar official for or of itself or all or a substantial part of its
properties or assets, (iv) fail generally, or admit in writing its inability, to pay its debts generally as they become due,
(v) make a general assignment for the benefit of creditors or (vi) take any corporate action to authorize or approve any of
the foregoing;

 

     101

     

    

 

(g)            
Any involuntary petition or case shall be filed or commenced against the Borrower or any other Credit Party seeking liquidation,
winding-up, reorganization, dissolution, arrangement, readjustment of debts, the appointment of a custodian, trustee, receiver,
conservator or similar official for it or all or a substantial part of its properties or any other relief under any Debtor Relief
Law, and such petition or case shall continue undismissed and unstayed for a period of 90 days; or an order, judgment or decree
approving or ordering any of the foregoing shall be entered in any such proceeding;

 

(h)             
Any one or more money judgments, writs or warrants of attachment, executions or similar processes involving an aggregate amount
(to the extent not paid or fully bonded or covered by insurance as to which the surety or insurer, as the case may be, has the
financial ability to perform and has acknowledged liability in writing) in excess of $1,000,000 shall be entered or filed against
any Restricted Party or any of their respective properties and the same shall not be paid, dismissed, bonded, vacated, stayed or
discharged within a period of 30 days or in any event later than five days prior to the date of any proposed sale of such property
thereunder;

 

(i)               Any
Security Document to which the Borrower or any other Credit Party is now or hereafter a party shall for any reason cease to be
in full force and effect or cease to be effective to give the Administrative Agent a valid and perfected security interest in and
Lien upon the Collateral purported to be covered thereby, subject to no Liens other than Permitted Liens, in each case unless any
such cessation occurs in accordance with the terms thereof or is due to any act or failure to act on the part of the Administrative
Agent or any Lender, or the Borrower or any other Credit Party shall assert any of the foregoing; or the Guaranty shall for any
reason cease to be in full force and effect as to any Guarantor, or any Guarantor or any Person duly authorized to act on its behalf
shall deny or disaffirm such Guarantor’s obligations thereunder;

 

(j)               Any
ERISA Event or any other event or condition shall occur or exist with respect to any Plan or Multiemployer Plan that, when taken
together with all other ERISA Events and other events or conditions that have occurred or are then existing, has or could reasonably
be expected to have a Material Adverse Effect;

 

(k)             
Any one or more licenses, permits, accreditations or authorizations of any Restricted Party shall be suspended, limited or terminated
or shall not be renewed, or any other action shall be taken, by any Governmental Authority in response to any alleged failure by
any Restricted Party to be in compliance with applicable Requirements of Law, and such action, individually or in the aggregate,
has or could reasonably be expected to have a Material Adverse Effect;

 

(l)               Any
one or more Environmental Claims shall have been asserted against any Restricted Party (or a reasonable basis shall exist therefor)
or any Restricted Party shall have incurred or could reasonably be expected to incur liability, interruption of operations or
other adverse effects as a result thereof; and such Environmental Claims, liability or other effect, individually or in the aggregate,
has or could reasonably be expected to have a Material Adverse Effect;

 

     102

     

    

 

(m)            
There shall occur (i) any uninsured damage to, or loss, theft or destruction of, any Collateral or other assets or properties of
the Restricted Parties having an aggregate fair market value in excess of $2,500,000 or any Borrowing Base Project having an aggregate
fair market value in excess of $2,500,000 or (ii) any labor dispute, act of God or other casualty that has or could reasonably
be expected to have a Material Adverse Effect; or

 

(n)             
Any material default (after giving effect to any applicable grace or cure period or notice provisions) occurs under any Material
Contract; or

 

(o)              Any Change of Control
shall occur.

 

8.2         
Remedies: Termination of Commitments, Acceleration, etc. Upon and at any time after the occurrence and during the continuance
of any Event of Default, the Administrative Agent shall at the direction, or may with the consent, of the Required Lenders, take
any or all of the following actions at the same or different times:

 

(a)              Declare the
Commitments and any obligation of the L/C Issuer to make L/C Credit Extensions to be terminated, whereupon the same shall terminate;
provided that, upon the occurrence of a Bankruptcy Event, the Commitments and any obligation of the L/C Issuer to make L/C
Credit Extensions shall automatically be terminated without further act of the Administrative Agent or any Lender;

 

(b)            
Declare all or any part of the outstanding principal amount of the Loans to be immediately due and payable, whereupon the principal
amount so declared to be immediately due and payable, together with all interest accrued thereon and all other amounts payable
under this Agreement and the other Credit Documents (but excluding any amounts owing under any Rate Management Agreement or Cash
Management Agreement), shall become immediately due and payable without presentment, demand, protest, notice of intent to accelerate
or other notice or legal process of any kind, all of which are hereby knowingly and expressly waived by the Borrower; provided
that, upon the occurrence of a Bankruptcy Event, all of the outstanding principal amount of the Loans and all other amounts described
in this Section 8.2(b) shall automatically become immediately due and payable without presentment, demand, protest, notice
of intent to accelerate or other notice or legal process of any kind or any further act of the Administrative Agent or any Lender,
all of which are hereby knowingly and expressly waived by the Borrower;

 

(c)              require that
the Borrower Cash Collateralize the L/C Obligations (in an amount equal to 105% of the aggregate outstanding amount thereof); provided
that, upon the occurrence of a Bankruptcy Event, the obligation of the Borrower to Cash Collateralize the L/C Obligations as aforesaid
shall automatically become effective without further act of the Administrative Agent, the L/C Issuer or any Lender;

 

(d)             
Appoint or direct the appointment of a receiver for the properties and assets of the Restricted Parties, both to operate and
to sell such properties and assets, and the Borrower, for itself and on behalf of its Subsidiaries, hereby consents to such
right and such appointment and hereby waives any objection the Borrower or any Subsidiary may have thereto or the right to
have a bond or other security posted by the Administrative Agent on behalf of the Lenders, in connection therewith; and

 

     103

     

    

 

(e)              Exercise on
behalf of itself, the Lenders and the L/C Issuer all rights and remedies available to it, the Lenders and the L/C Issuer under
this Agreement, the other Credit Documents and applicable law.

 

8.3           Remedies:
Setoff. Upon and at any time after the occurrence and during the continuance of any Event of Default, each Lender, the L/C
Issuer and each of their respective Affiliates is hereby authorized at any time and from time to time, after obtaining the prior
written consent of the Administrative Agent, to the fullest extent permitted by applicable law, to set off and apply any and all
deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held, and other obligations
(in whatever currency) at any time owing, by such Lender, the L/C Issuer or any such Affiliate, to or for the credit or the account
of the Borrower or any other Credit Party against any and all of the obligations of the Borrower or such Credit Party now or hereafter
existing under this Agreement or any other Credit Document to such Lender or the L/C Issuer or their respective Affiliates, irrespective
of whether or not such Lender, the L/C Issuer or such Affiliate shall have made any demand under this Agreement or any other Credit
Document and although such obligations of the Borrower or such Credit Party may be contingent or unmatured or are owed to a branch,
office or Affiliate of such Lender or the L/C Issuer different from the branch, office or Affiliate holding such deposit or obligated
on such indebtedness; provided that in the event that any Defaulting Lender shall exercise any such right of setoff, (x)
all amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance with the
provisions of Section 2.18 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds
and deemed held in trust for the benefit of the Administrative Agent, the L/C Issuer and the Lenders and (y) the Defaulting Lender
shall provide promptly to the Administrative Agent a statement describing in reasonable detail the obligations owing to such Defaulting
Lender as to which it exercised such right of setoff. The rights of each Lender, the L/C Issuer and their respective Affiliates
under this Section 8.3 are in addition to other rights and remedies (including other rights of setoff) that such Lender,
the L/C Issuer or their respective Affiliates may have. Each Lender and the L/C Issuer agrees to notify the Borrower and the Administrative
Agent promptly after any such setoff and application; provided that the failure to give such notice shall not affect the
validity of such setoff and application.

 

     104

     

    

 

8.4        Equity
Cure. Notwithstanding anything to the contrary contained in Section 6.2, for purposes of determining whether an
Event of Default has occurred under the financial covenant set forth in Section 6.2 for any fiscal quarter, any
Capital Contribution made to, and actually received by, the Borrower after the last day of such fiscal quarter and on or
prior to the day on which financial statements are required to be delivered hereunder for such fiscal quarter will, at the
request of the Borrower (delivered to the Administrative Agent in the form of a Notice of Intent to Cure prior to the day on
which financial statements are required to be delivered hereunder for such fiscal quarter), be included in the calculation of
Consolidated EBITDA for the Restricted Parties solely for the purposes of determining compliance with the financial covenant
set forth in Section 6.2 at the end of such fiscal quarter and any subsequent period that includes such fiscal quarter
(any such equity contribution, a “Specified Capital Contribution”); provided that (i) no more than
two Specified Capital Contributions may be made during any fiscal year and no more than four Specified Capital Contributions
may be made during the term of this Agreement, (ii) Specified Capital Contributions may not be made in consecutive fiscal
quarters, (iii) the amount of any Specified Capital Contribution shall not exceed the lesser of (A) the amount required to
cause the Restricted Parties to be in compliance with such financial covenant for such fiscal quarter and (B) 10% of
Consolidated EBITDA (without giving effect to such Specified Capital Contribution) for the Reference Period to which such
Specified Capital Contribution relates, (iv) all Specified Capital Contributions will be disregarded for all other purposes
under this Agreement (including, for the avoidance of doubt, any other calculation of the Fixed Charge Coverage Ratio
hereunder) and the Credit Documents and shall not be deemed to have decreased Indebtedness for any period in which such
contribution increased Consolidated EBITDA, (v) the Net Cash Proceeds of each Specified Capital Contribution shall be applied
to prepay the principal balance of the Loans and (vi) upon the Administrative Agent’s receipt of a written notice from
the Borrower that it intends to exercise the cure right set forth in this Section 8.4 (a “Notice of Intent to
Cure”) (which Notice of Intent to Cure shall be irrevocable and must be delivered to the Administrative Agent
after the last day of the fiscal quarter in respect of which such cure right is to be exercised and on or prior to the day on
which financial statements are required to be delivered hereunder for such fiscal quarter), until the day on which the
financial statements have been or are required to be delivered hereunder for the fiscal quarter to which such Notice of
Intent to Cure relates, none of the Administrative Agent nor any Lender shall exercise the right to accelerate the
Obligations and none of the Administrative Agent nor any Lender shall exercise any right to foreclose on or take possession
of any Collateral solely on the basis of an Event of Default having occurred and being continuing under Section 8.1(b)
as a result of a breach of the financial covenant set forth in Section 6.2 (provided that an Event of Default
shall be deemed to have occurred during such period for all other purposes of this Agreement, including Section 3.2
hereof, and the other Credit Documents unless and until cured in accordance with this Section).

 

ARTICLE IX

 

THE ADMINISTRATIVE AGENT

 

9.1           Appointment
and Authority. Each of the Lenders and the L/C Issuer hereby irrevocably appoints Fifth Third to act on its behalf as
the Administrative Agent hereunder and under the other Credit Documents and authorizes the Administrative Agent to take such
actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof or
thereof, together with such actions and powers as are reasonably incidental thereto. Except as set forth in Section
9.6, the provisions of this Article IX are solely for the benefit of the Administrative Agent, the Lenders and the
L/C Issuer, and neither the Borrower nor any other Credit Party shall have rights as a third-party beneficiary of any of such
provisions. It is understood and agreed that the use of the term “agent” (or any other similar term) herein or in
any other Credit Document with reference to the Administrative Agent is not intended to connote any fiduciary or other
implied (or express) obligations under agency doctrine of any applicable law. Instead, such term is used as a matter of
market custom, and is intended to create or reflect only an administrative relationship between contracting parties. The
Administrative Agent shall also act as the “collateral agent” under the Credit Documents, and each of the Lenders
(including in its capacities as a potential Rate Management Party and a potential Cash Management Bank) and the L/C Issuer
hereby irrevocably appoints and authorizes the Administrative Agent to act as the agent of such Lender and the L/C Issuer for
purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by any of the Credit Parties to secure
any of the Obligations, together with such powers and discretion as are reasonably incidental thereto. In this connection,
the Administrative Agent, as “collateral agent” and any co-agents, sub-agents and attorneys-in-fact appointed by
the Administrative Agent pursuant to Section 9.5 for purposes of holding or enforcing any Lien on the Collateral (or
any portion thereof) granted under the Security Documents, or for exercising any rights and remedies thereunder at the
direction of the Administrative Agent, shall be entitled to the benefits of all provisions of this Article IX and Article
X (including Section 10.1(c), as though such co-agents, sub-agents and attorneys-in-fact were the
“collateral agent” under the Credit Documents) as if set forth in full herein with respect thereto.

 

     105

     

    

 

9.2          
Rights as a Lender. The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its
capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent, and the term
“Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires,
include the Person serving as the Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may
accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity for and
generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if such Person were
not the Administrative Agent hereunder and without any duty to account therefor to the Lenders or to provide notice to or consent
of the Lenders with respect thereto.

 

9.3           Exculpatory
Provisions.

 

(a)              The Administrative
Agent shall not have any duties or obligations except those expressly set forth herein and in the other Credit Documents, and its
duties hereunder shall be administrative in nature. Without limiting the generality of the foregoing, the Administrative Agent
and its Related Parties:

 

(i)           shall
not be subject to any fiduciary or other implied duties, regardless of whether a Default or Event of Default has occurred and is
continuing;

 

(ii)         
shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and
powers expressly contemplated hereby or by the other Credit Documents that the Administrative Agent is required to exercise as
directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for
herein or in the other Credit Documents); provided that the Administrative Agent shall not be required to take any action
that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any
Credit Document or applicable law, including, for the avoidance of doubt, any action that may be in violation of the automatic
stay under any Debtor Relief Law or that may effect a forfeiture, modification or termination of property of a Defaulting Lender
in violation of any Debtor Relief Law; and

 

(iii)         shall
not, except as expressly set forth herein and in the other Credit Documents, have any duty to disclose, and shall not be liable
for the failure to disclose, any information relating to any Credit Party or any of its Affiliates that is communicated to or obtained
by the Person serving as the Administrative Agent or any of its Affiliates in any capacity.

 

     106

     

    

 

(b)             
Neither the Administrative Agent nor any of its Related Parties shall be liable for any action taken or not taken by the Administrative
Agent (i) with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall
be necessary, or as the Administrative Agent shall believe in good faith shall be necessary, under the circumstances as provided
in Sections 10.5 and 8.2), or (ii) in the absence of its own gross negligence or willful misconduct as determined
by a court of competent jurisdiction by final and nonappealable judgment. The Administrative Agent shall be deemed not to have
knowledge of any Default or Event of Default unless and until notice describing such Default or Event of Default is given to the
Administrative Agent in writing by the Borrower or a Lender.

 

(c)              Neither the
Administrative Agent nor any of its Related Parties shall be responsible for or have any duty to ascertain or inquire into (i)
any statement, warranty or representation made in or in connection with this Agreement or any other Credit Document, (ii) the contents
of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the
performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence
of any Default or Event of Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other
Credit Document or any other agreement, instrument or document, or the creation, perfection or priority of any Lien purported to
be created by the Security Documents, (v) the value or the sufficiency of any Collateral or (vi) the satisfaction of any condition
set forth in Article III or elsewhere herein, other than to confirm receipt of items expressly required to be delivered
to the Administrative Agent.

 

9.4         
Reliance by Administrative Agent. The Administrative Agent shall be entitled to rely upon, and shall not incur any liability
for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic
message, internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent
or otherwise authenticated by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or
by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon.
In determining compliance with any condition hereunder to the making of a Loan, or the issuance, extension, renewal or increase
of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or the L/C Issuer, the Administrative
Agent may presume that such condition is satisfactory to such Lender or the L/C Issuer unless the Administrative Agent shall have
received notice to the contrary from such Lender or the L/C Issuer prior to the making of such Loan or the issuance, extension,
renewal or increase of such Letter of Credit. The Administrative Agent may consult with legal counsel (who may be counsel for the
Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken
by it in accordance with the advice of any such counsel, accountants or experts. For purposes of determining compliance with the
conditions specified in Section 3.1, each Lender that has signed this Agreement shall be deemed to have consented to, approved
or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable
or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing
Date specifying its objections.

 

     107

     

    

 

9.5           Delegation
of Duties. The Administrative Agent may perform any and all of its duties and exercise its rights and powers hereunder or
under any other Credit Document by or through any one or more sub-agents appointed by the Administrative Agent.
The Administrative Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by
or through their respective Related Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and
to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in
connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent.
The Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agent except to the extent that
a court of competent jurisdiction determines in a final and nonappealable judgment that the Administrative Agent acted with
gross negligence or willful misconduct in the selection of such sub-agent.

 

9.6           Resignation
of Administrative Agent.

 

(a)              The Administrative
Agent may at any time give notice of its resignation to the Lenders, the L/C Issuer and the Borrower. Upon receipt of any such
notice of resignation, the Required Lenders shall have the right, in consultation with the Borrower, to appoint a successor, which
shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States. If no
such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after
the retiring Administrative Agent gives notice of its resignation (or such earlier day as shall be agreed by the Required Lenders)
(the “Resignation Effective Date”), then the retiring Administrative Agent may (but shall not be obligated to),
on behalf of the Lenders and the L/C Issuer, appoint a successor Administrative Agent meeting the qualifications set forth above.
Regardless of whether a successor has been appointed or has accepted such appointment, such resignation shall become effective
in accordance with such note on the Resignation Effective Date.

 

(b)             
With effect from the Resignation Effective Date, (i) the retiring Administrative Agent shall be discharged from its duties
and obligations hereunder and under the other Credit Documents (except that in the case of any collateral security held by
the Administrative Agent on behalf of the Lenders or the L/C Issuer under any of the Credit Documents, the retiring
Administrative Agent shall continue to hold such collateral security until such time as a successor Administrative Agent is
appointed) and (ii) except for any indemnity payments or other amounts then owed to the retiring Administrative Agent, all
payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead be
made by or to each Lender and the L/C Issuer directly, until such time, if any, as the Required Lenders appoint a successor
Administrative Agent as provided for in Section 9.6(a). Upon the acceptance of a successor’s appointment as
Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges
and duties of the retiring Administrative Agent (other than any rights to indemnity payments or other amounts owed to the
retiring Administrative Agent), and the retiring Administrative Agent shall be discharged from all of its duties and
obligations hereunder or under the other Credit Documents (if not already discharged therefrom as provided above in this
Section). The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its
predecessor unless otherwise agreed between the Borrower and such successor. After the retiring Administrative Agent’s
resignation hereunder and under the other Credit Documents, the provisions of this Article IX  and Section 10.1
shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related
Parties in respect of any actions taken or omitted to be taken by any of them (i) while the retiring Administrative Agent was
acting as Administrative Agent and (ii) after such resignation for as long as any of them continues to act in any
capacity hereunder or under the other Credit Documents, including, without limitation, (A) acting as collateral agent or
otherwise holding any collateral security on behalf of any of the Lenders and L/C Issuer and (B) in respect of any actions
taken in connection with transferring the agency to any successor Administrative Agent.

 

     108

     

    

 

(c)              Any resignation
by Fifth Third as Administrative Agent pursuant to this Section shall also constitute its resignation as L/C Issuer. If Fifth Third
resigns as L/C Issuer, it shall retain all the rights, powers, privileges and duties of the L/C Issuer hereunder with respect to
all Letters of Credit outstanding as of the effective date of its resignation as L/C Issuer and all L/C Obligations with respect
thereto, including the right to require the Lenders to make Loans or fund risk participations pursuant to Section 2.21.
Upon the appointment by the Borrower of a successor L/C Issuer hereunder, (i) such successor shall succeed to and become vested
with all of the rights, powers, privileges and duties of the retiring L/C Issuer, (ii) the retiring L/C Issuer shall be discharged
from all of its duties and obligations hereunder or under the other Credit Documents, and (iii) the successor L/C Issuer shall
issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other
arrangements satisfactory to Fifth Third to effectively assume the obligations of Fifth Third with respect to such Letters of Credit.

 

9.7         
Non-Reliance on Administrative Agent and Other Lenders. Each Lender and the L/C Issuer acknowledges that it has, independently
and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents
and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender
and the L/C Issuer also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other
Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate,
continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Credit Document
or any related agreement or any document furnished hereunder or thereunder.

 

9.8           No
Other Duties, Etc. Anything herein to the contrary notwithstanding, no Bookrunner, Arranger, Syndication Agent, Documentation
Agent or other agent or title listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement
or any of the other Credit Documents, except in its capacity, as applicable, as the Administrative Agent, a Lender or the L/C Issuer
hereunder.

 

9.9           Administrative
Agent May File Proofs of Claim. In case of the pendency of any proceeding under any Debtor Relief Law or any other
judicial proceeding relative to any Credit Party, the Administrative Agent (irrespective of whether the principal of any Loan
or L/C Obligation shall then be due and payable as herein expressed or by declaration or otherwise and irrespective
of whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered (but not
obligated) by intervention in such proceeding or otherwise (i) to file and prove a claim for the whole amount of the
principal and interest owing and unpaid in respect of the Loans, L/C Obligations and all other Obligations that are owing and
unpaid and to file such other documents as may be necessary advisable in order to have the claims of the Lenders, the L/C
Issuer and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and
advances of the Lenders, the L/C Issuer and the Administrative Agent and their respective agents, sub-agents and counsel and
all other amounts due the Lenders, the L/C Issuer and the Administrative Agent under Sections 2.9, 2.21 and 10.1)
allowed in such judicial proceeding and (ii) to collect and receive any monies or other property payable or deliverable on
any such claims and to distribute the same. Any custodian, receiver, assignee, trustee, liquidator, sequestrator or other
similar official in any such judicial proceeding is hereby authorized by each Lender and the L/C Issuer to make such payments
to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments to
the Lenders and the L/C Issuer, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses,
disbursements and advances of the Administrative Agent and its agents, sub-agents and counsel, and any other amounts due the
Administrative Agent under Section 2.9 or 10.1.

 

     109

     

    

 

The Lenders and
the L/C Issuer hereby irrevocably authorize the Administrative Agent, at the direction of the Required Lenders, to credit bid
all or any portion of the Obligations (including accepting some or all of the Collateral in satisfaction of some or all of
the Obligations pursuant to a deed in lieu of foreclosure or otherwise) and in such manner purchase (either directly or
through one or more acquisition vehicles) all or any portion of the Collateral (a) at any sale thereof conducted under the
provisions of the Bankruptcy Code, including under Sections 363, 1123 or 1129 of the Bankruptcy Code, or any similar laws in
any other jurisdictions to which a Credit Party is subject, and (b) at any other sale or foreclosure or acceptance of
collateral in lieu of debt conducted by (or with the consent or at the direction of) the Administrative Agent (whether by
judicial action or otherwise) in accordance with any applicable law. In connection with any such credit bid and purchase, the
Obligations owed to the holders thereof shall be entitled to be, and shall be, credit bid on a ratable basis (with
Obligations with respect to contingent or unliquidated claims receiving contingent interests in the acquired assets on a
ratable basis that would vest upon the liquidation of such claims in an amount proportional to the liquidated portion of the
contingent claim amount used in allocating the contingent interests) in the asset or assets so purchased (or in the Capital
Stock or debt instruments of the acquisition vehicle or vehicles that are used to consummate such purchase). In connection
with any such bid (i) the Administrative Agent shall be authorized to form one or more acquisition vehicles to make a bid,
(ii) to adopt documents providing for the governance of the acquisition vehicle or vehicles (provided that any actions by the
Administrative Agent with respect to such acquisition vehicle or vehicles, including any disposition of the assets or Capital
Stock thereof shall be governed, directly or indirectly, by the vote of the Required Lenders, irrespective of the
termination of this Agreement and without giving effect to the limitations on actions by the Required Lenders contained in
clauses (a) through (f) of Section 10.5 of this Agreement, (iii) the Administrative Agent shall be authorized to assign the
relevant Obligations to any such acquisition vehicle pro rata by the Lenders, as a result of which each of the Lenders shall
be deemed to have received a pro rata portion of any Capital Stock and/or debt instruments issued by such an acquisition
vehicle on account of the assignment of the Obligations to be credit bid, all without the need for any Lender or other holder
of the Obligations or acquisition vehicle to take any further action (which assignment shall not be subject to the
requirements for and limitations on assignments in Section 10.6, notwithstanding anything in Section 10.6 to
the contrary), and (iv) to the extent that Obligations that are assigned to an acquisition vehicle are not used to acquire
Collateral for any reason (as a result of another bid being higher or better, because the amount of Obligations assigned to
the acquisition vehicle exceeds the amount of debt credit bid by the acquisition vehicle or otherwise), such Obligations
shall automatically be reassigned to the Lenders pro rata and the Capital Stock and/or debt instruments issued by any
acquisition vehicle on account of the Obligations that had been assigned to the acquisition vehicle shall automatically be
cancelled, without the need for any Lender or other holder of the Obligations or any acquisition vehicle to take any further
action.

 

     110

     

    

 

9.10         Collateral
and Guaranty Matters.

 

(a)              The Administrative
Agent is hereby authorized on behalf of the Lenders and the L/C Issuer, without the necessity of any notice to or further consent
from the Lenders, the L/C Issuer or any other holder of the Obligations, from time to time (but without any obligation) to take
any action with respect to the Collateral and the Security Documents that may be deemed by the Administrative Agent in its discretion
to be necessary or advisable to perfect and maintain perfected the Liens upon the Collateral granted pursuant to the Security Documents.
The Administrative Agent shall not be responsible for or have a duty to ascertain or inquire into any representation or warranty
regarding the existence, value or collectability of the Collateral, the existence, priority or perfection of the Administrative
Agent’s Lien thereon, or any certificate prepared by any Credit Party in connection therewith, nor shall the Administrative
Agent be responsible or liable to the Lenders, the L/C Issuer or any other holder of the Obligations for any failure to monitor
or maintain any portion of the Collateral.

 

(b)            
Each of the Lenders (including in its capacities as a potential Cash Management Bank and a potential Rate Management Party) hereby
irrevocably authorize the Administrative Agent, at its option and in its discretion, (i) to release any Lien on any property granted
to or held by the Administrative Agent under any Credit Document (A) upon termination of the Commitments and payment in full of
all of the Obligations (other than (x) contingent indemnification obligations and (y) Obligations owing to any Rate Management
Party or Cash Management Bank under or in connection with any Rate Management Agreement or Cash Management Agreement), (B) that
is sold or otherwise disposed of or to be sold or otherwise disposed of as part of or in connection with any sale or other disposition
permitted under the Credit Documents or (C) subject to Section 10.5, if approved, authorized or ratified in writing by the
Required Lenders; (ii) to subordinate any Lien on any property granted to or held by the Administrative Agent under any Credit
Document to the holder of any Lien on such property that is permitted by Section 7.3(vi); and (iii) to release any Guarantor
from its obligations under the Credit Documents if such Person ceases to be a Subsidiary as a result of a transaction permitted
under the Credit Documents. Upon request by the Administrative Agent at any time, the Lenders will confirm in writing the Administrative
Agent’s authority to release or subordinate its interest in particular types or items of property, or to release any Guarantor
from its obligations under the Credit Documents, pursuant to this Section 9.10(b).

 

     111

     

    

 

9.11         Rate
Management Agreements and Cash Management Agreements. Except as otherwise expressly set forth herein, no Rate Management
Party or Cash Management Bank that obtains the benefit of the provisions of Section 2.10(e), the Guaranty or any
Collateral by virtue of the provisions hereof or any Security Document shall have any right to notice of any action or to
consent to, direct or object to any action hereunder or under any other Credit Document or otherwise in respect of the
Collateral (including the release or impairment of any Collateral) (or to notice of or to consent to any amendment, waiver or
modification of the provisions hereof or of the Guaranty or any Security Document) other than in its capacity as a Lender
and, in such case, only to the extent expressly provided in the Credit Documents. Notwithstanding any other provision of this Article
IX to the contrary, the Administrative Agent shall not be required to verify the payment of, or that other satisfactory
arrangements have been made with respect to, Obligations arising under any Cash Management Agreements and Rate Management
Agreements except to the extent expressly provided herein and unless the Administrative Agent has received written notice of
such Obligations, together with such supporting documentation as the Administrative Agent may request, from the applicable
Cash Management Bank or Rate Management Party (other than the Administrative Agent or any Affiliate thereof), as the case may
be. The Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements have
been made with respect to, Obligations arising under Cash Management Agreements and Rate Management Agreements in the case of
the termination of the Commitments and payment of the Obligations in full (other than contingent indemnification obligations
and Obligations arising under Cash Management Agreements and Rate Management Agreements).

 

ARTICLE X

 

MISCELLANEOUS

 

10.1         Expenses; Indemnity;
Damage Waiver.

 

(a)              The Borrower
shall pay (i) all reasonable out-of-pocket expenses incurred by the Administrative Agent and its Affiliates (including the reasonable
fees, charges and disbursements of counsel for the Administrative Agent), in connection with the syndication of the credit facilities
provided for herein, the preparation, negotiation, execution, delivery and administration of this Agreement and the other Credit
Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated
hereby or thereby shall be consummated), (ii) all reasonable out-of-pocket expenses incurred by the L/C Issuer in connection with
the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder, (iii) all out-of-pocket
expenses incurred by the Administrative Agent, any Lender or the L/C Issuer (including the fees, charges and disbursements of any
counsel for the Administrative Agent, any Lender or the L/C Issuer), in connection with the enforcement or protection of its rights
(A) in connection with this Agreement and the other Credit Documents, including its rights under this Section, or (B) in connection
with the Loans made or Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred during any workout,
restructuring or negotiations in respect of such Loans or Letters of Credit, and (iv) any civil penalty or fine assessed by OFAC
against, and all reasonable costs and expenses (including counsel fees and disbursements) incurred in connection with defense thereof
by, the Administrative Agent, any Lender or the L/C Issuer as a result of conduct of any Company Party or Restricted Party that
violates a sanction enforced by OFAC.

 

     112

     

    

 

(b)             
The Borrower shall indemnify the Administrative Agent (and any sub-agent thereof), each Lender and the L/C Issuer, and each
Related Party of any of the foregoing Persons (each such person being called an “Indemnitee”) against, and
hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses (including the
fees, charges and disbursements of any counsel for any Indemnitee), incurred by any Indemnitee or asserted against any
Indemnitee by any Person (including the Borrower or any other Credit Party) other than such Indemnitee and its Related
Parties arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other
Credit Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their
respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby, or, in
the case of the Administrative Agent (and any sub-agent thereof) and its Related Parties only, the administration of this
Agreement and the other Credit Documents (including in respect of any matters addressed in Section 2.15), (ii) any
Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by the L/C Issuer to
honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly
comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or release of Hazardous Substances on
or from any property owned or operated by any Credit Party or any of its Subsidiaries, or any Environmental Claim related in
any way to any Credit Party or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or
proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third
party or by the Borrower or any other Credit Party, and regardless of whether any Indemnitee is a party thereto; provided
that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages,
liabilities or related expenses (x) are determined by a court of competent jurisdiction by final and nonappealable
judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee or (y) result from a claim
brought by the Borrower or any other Credit Party against an Indemnitee for breach in bad faith of such Indemnitee’s
obligations hereunder or under any other Credit Document, if the Borrower or such Credit Party has obtained a final and
nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction. This Section
10.1(b) shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages or related
liabilities or expenses arising from any non-Tax claim.

 

(c)              To the extent
that the Borrower for any reason fails to indefeasibly pay any amount required under Section 10.1(a) or 10.1(b) to
be paid by it to the Administrative Agent (or any sub-agent thereof), the L/C Issuer or any Related Party of any of the foregoing,
each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent), the L/C Issuer or such Related Party,
as the case may be, such Lender’s proportion (based on the percentages as used in determining the Required Lenders as of
the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount (including any such unpaid
amount in respect of a claim asserted by such Lender); provided that the unreimbursed expense or indemnified loss, claim,
damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent (or any
such sub-agent), against the L/C Issuer in its capacity as such, or against any Related Party of any of the foregoing acting for
the Administrative Agent (or any such sub-agent) or the L/C Issuer in connection with such capacity. The obligations of the Lenders
under this Section 10.1(c) are subject to the provisions of Section 2.3(c).

 

(d)             
To the fullest extent permitted by applicable law, the Parent, the Borrower, each other Credit Party and each Related Party
of any of the foregoing Persons shall not assert, and each hereby waives, any claim against the Parent, the Borrower, each
other Credit Party and each Related Party or any Indemnitee, as applicable, on any theory of liability, for special,
indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or
as a result of, this Agreement, any other Credit Document or any agreement or instrument contemplated hereby, the
transactions contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof. No Indemnitee
referred to in Section 10.1(b) shall be liable for any damages arising from the use by unintended recipients of any
information or other materials distributed by it through telecommunications, electronic or other information transmission
systems (including the Platform, Intralinks, SyndTrak or similar systems) in connection with this Agreement or the other
Credit Documents or the transactions contemplated hereby or thereby.

 

     113

     

    

 

(e)              All amounts
due under this Section 10.1 shall be payable by the Borrower upon five Business Days after demand therefor.

 

(f)              The agreements
in this Section and the indemnity provisions of Section 10.4(e) shall survive the resignation of the Administrative Agent and the
L/C Issuer, the replacement of any Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all
the other Obligations.

 

10.2         Governing Law;
Submission to Jurisdiction; Waiver of Venue; Service of Process.

 

(a)              This Agreement
and the other Credit Documents and any claims, controversy, dispute or cause of action (whether in contract or tort or otherwise)
based upon, arising out of or relating to this Agreement or any other Credit Document (except, as to any other Credit Document,
as expressly set forth therein) shall be governed by, and construed in accordance with, the law of the State of New York.

 

(b)            
The Borrower irrevocably and unconditionally agrees that it will not commence any action, litigation or proceeding of any kind
or description, whether in law or equity, whether in contract or in tort or otherwise, against the Administrative Agent, any Lender
or any Related Party of any of the foregoing in any way relating to this Agreement or any other Credit Document or the transactions
relating hereto or thereto, in any forum other than the courts of the State of New York sitting in New York County, and of the
United States District Court of the Southern District of New York, and any appellate court from any thereof, and each of the parties
hereto irrevocably and unconditionally submits to the jurisdiction of such courts and agrees that all claims in respect of any
such action, litigation or proceeding may be heard and determined in such state court or, to the fullest extent permitted by applicable
law, in such federal court. Each of the parties hereto agrees that a final judgment in any such action, litigation or proceeding
shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.
Nothing in this Agreement or in any other Credit Document shall affect any right that the Administrative Agent or any Lender may
otherwise have to bring any action or proceeding relating to this Agreement or any other Credit Document against the Borrower or
any other Credit Party or its properties in the courts of any jurisdiction.

 

(c)              The Borrower
irrevocably and unconditionally waives, to the fullest extent permitted by applicable law, any objection that it may now or hereafter
have to the laying of venue of any action or proceeding arising out of or relating to this Agreement or any other Credit Document
in any court referred to in Section 10.2(b). Each of the parties hereto hereby irrevocably waives, to the fullest extent
permitted by applicable law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

 

     114

     

    

 

(d)       
Each party hereto irrevocably consents to service of process in the manner provided for notices in Section 10.4. Nothing
in this Agreement will affect the right of any party hereto to serve process in any other manner permitted by applicable law.

 

10.3      Waiver of Jury
Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE
TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER CREDIT
DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO
(A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH
OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES
THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER CREDIT DOCUMENTS BY, AMONG OTHER
THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

10.4      Notices; Effectiveness;
Electronic Communication.

 

(a)            Except in the
cases of notices and other communications expressly permitted to be given by telephone (and except as provided in Section 10.4(b)),
all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier
service, mailed by certified or registered mail or sent by facsimile or e-mail transmission as follows:

 

(i)             if
to the Borrower or any other Credit Party, the Administrative Agent or the L/C Issuer, to it at the address, facsimile number or
e-mail address specified for such Person on Schedule 1.1(a); and

 

(ii)           
if to any Lender, to it at its address, facsimile number or e-mail address set forth in its Administrative Questionnaire.

 

Notices sent by hand or overnight courier
service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent by facsimile
shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be
deemed to have been given at the opening of business on the next Business Day for the recipient). Notices delivered through electronic
communications, to the extent provided in Section 10.4(b), shall be effective as provided in Section 10.4(b).

 

    115

     

    

 

(b)          
Notices and other communications to the Administrative Agent, the Lenders and the L/C Issuer hereunder may be delivered or
furnished by electronic communication including e-mail or by posting such notices or communications on internet or intranet
websites such as SyndTrak or a substantially similar electronic transmission system (the “Platform”)
pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices to
any Lender or the L/C Issuer pursuant to Article II if such Lender or the L/C Issuer has notified the Administrative
Agent that it is incapable of receiving notices under such Article by electronic communication. The Administrative Agent, the
L/C Issuer or the Borrower may each, in its discretion, agree to accept notices and other communications to it hereunder by
electronic communication pursuant to procedures approved by it; provided that approval of such procedures may be
limited to particular notices or communications. Unless the Administrative Agent otherwise prescribes, (i) notices and other
communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from
the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other
written acknowledgement), and (ii) notices or other communications posted to an internet or intranet website shall be deemed
received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of
notification that such notice or communication is available and identifying the website address therefor; provided
that, for both clauses (i) and (ii) above, if such notice or other communication is not sent during the normal business hours
of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next
Business Day for the recipient.

 

(c)            THE PLATFORM
IS PROVIDED “AS IS” AND “AS AVAILABLE.” The Agent Parties do not warrant the adequacy of the Platform and
expressly disclaim liability for errors or omissions in the communications effected thereby. No warranty of any kind, express,
implied or statutory, including any warranty of merchantability, fitness for a particular purpose, non-infringement of third-party
rights or freedom from viruses or other code defects, is made by any Agent Party in connection with any such communications or
the Platform. In no event shall the Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”)
have any liability to any Credit Party, any Lender or any other Person or entity for damages of any kind, including direct or indirect,
special, incidental or consequential damages, losses or expenses (whether in tort, contract or otherwise), arising out of any Credit
Party’s or the Administrative Agent’s transmission of any notices or communications through the Platform, any other
electronic platform or electronic messaging service, or through the Internet, other than for direct or actual damages resulting
from the gross negligence or willful misconduct of such Agent Party as determined by a final and nonappealable judgment of a court
of competent jurisdiction.

 

(d)          
Any party hereto may change its address, facsimile number or e-mail address for notices and other communications hereunder by notice
to the other parties hereto (except that each Lender need not give notice of any such change to the other Lenders in their capacities
as such). In addition, each Lender agrees to notify the Administrative Agent from time to time to ensure that the Administrative
Agent has on record (i) an effective address, contact name, telephone number, fax number and e-mail address to which notices and
other communications may be sent and (ii) accurate wire instructions for such Lender.

 

(e)            The
Administrative Agent, the L/C Issuer and the Lenders shall be entitled to rely and act upon any notices (including, without
limitation, telephonic or electronic notices, Notices of Borrowing and Applications) purportedly given by or on behalf of any
Credit Party even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or
followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from
any confirmation thereof. The Credit Parties shall indemnify the Administrative Agent, the L/C Issuer, each Lender and the
Related Parties of each of them from all losses, costs, expenses and liabilities resulting from the reliance by such Person
on each notice purportedly given by or on behalf of a Credit Party. All telephonic notices to and other telephonic
communications with the Administrative Agent may be recorded by the Administrative Agent, and each of the parties hereto
hereby consents to such recording.

 

    116

     

    

 

10.5      Amendments,
Waivers, etc. No amendment, modification, waiver or discharge or termination of, or consent to any departure by any Credit
Party from, any provision of this Agreement or any other Credit Document shall be effective unless in a writing signed by the
Required Lenders (or by the Administrative Agent at the direction or with the consent of the Required Lenders), and then the same
shall be effective only in the specific instance and for the specific purpose for which given; provided, however,
that no such amendment, modification, waiver, discharge, termination or consent shall:

 

(a)            unless agreed
to in writing by each Lender directly affected thereby, (i) reduce or forgive the principal amount of any Loan or funded Letter
of Credit participation, reduce the rate of or forgive any interest thereon (provided that only the consent of the Required
Lenders shall be required to waive the applicability of any post-default increase in interest rates), or reduce or forgive any
fees hereunder (other than fees payable to the Administrative Agent or the Arranger for its own account), (ii) extend the final
scheduled maturity date or any other scheduled date for the payment of any principal of or interest on any Loan or funded Letter
of Credit participation (including any scheduled date for the mandatory reduction or termination of any Commitments, but excluding
any mandatory prepayment of the Loans pursuant to Section 2.6(d) or 2.6(e) or reduction or termination of the Commitments
in connection therewith), or extend the time of payment of any fees hereunder (other than fees payable to the Administrative Agent
or the Arranger for its own account), or (iii) increase any Commitment of any such Lender over the amount thereof in effect or
extend the maturity thereof (it being understood that a waiver of any condition precedent set forth in Section 3.2 or of
any Default or Event of Default or mandatory reduction in the Commitments, if agreed to by the Required Lenders or all Lenders
(as may be required hereunder with respect to such waiver), shall not constitute such an increase), or (iv) reduce the percentage
of the aggregate Commitments or of the aggregate unpaid principal amount of the Loans, or the number or percentage of Lenders,
that shall be required for the Lenders or any of them to take or approve, or direct the Administrative Agent to take, any action
hereunder or under any other Credit Document (including as set forth in the definition of “Required Lenders”);

 

(b)          
unless agreed to in writing by all of the Lenders, (i) release all or substantially all of the Collateral (except as may be otherwise
specifically provided in this Agreement or in any other Credit Document), (ii) release any Guarantor from its obligations under
the Guaranty (other than (A) as may be otherwise specifically provided in this Agreement or in any other Credit Document or (B)
in connection with the sale or other disposition of all of the Capital Stock of such Guarantor in a transaction expressly permitted
under or pursuant to this Agreement), (iii) change any other provision of this Agreement or any of the other Credit Documents requiring,
by its terms, the consent or approval of all the Lenders for such amendment, modification, waiver, discharge, termination or consent,
(iv) change or waive any provision of Section 2.13, any other provision of this Agreement or any other Credit Document requiring
pro rata treatment of any Lenders in a manner that would alter the pro rata treatment required thereby, or (vi) amend this Section
10.5;

 

(c)            [reserved];

 

    117

     

    

 

(d)           [reserved];

 

(e)            unless agreed
to in writing by the L/C Issuer or the Administrative Agent in addition to the Lenders required as provided hereinabove to take
such action, affect the respective rights or obligations of the L/C Issuer or the Administrative Agent, as applicable, hereunder
or under any of the other Credit Documents; and

 

(f)            unless agreed
to in writing by each Rate Management Party and Cash Management Bank that would be adversely affected thereby in its capacity as
such relative to the Lenders, (i) amend the definition of “Secured Obligations” in any Security Document or the definition
of “Guaranteed Obligations” in the Guaranty (or any similar defined term in any other Credit Document benefiting such
Rate Management Party), (ii) amend the definition of “Secured Parties” in any Security Document or “Guaranteed
Parties” in the Guaranty (or any similar defined term in any other Credit Document benefiting such Rate Management Party),
or (iii) amend any provision regarding priority of payments in this Agreement or any other Credit Document;

 

and provided further
that (i) if any amendment, modification, waiver or consent would adversely affect the holders of Loans of a particular Class (the
“Affected Class”) relative to holders of Loans of another Class (including by way of reducing the relative
proportion of any payments, prepayments or Commitment reductions to be applied for the benefit of holders of Loans of the Affected
Class under Section 2.6(d) or 2.6(e)), then such amendment, modification, waiver or consent shall require the written
consent of Lenders holding at least a majority of the aggregate outstanding principal amount of all Loans (and unutilized Commitments,
if any) of the Affected Class, (ii) the Fee Letter may be amended or modified, and any rights thereunder waived, in a writing
signed only by the parties thereto, (iii) any Incremental Amendment need be executed only by the Borrower, the other Credit Parties,
the Administrative Agent and each Person that agrees to provide an Incremental Commitment with respect to the Incremental Increase
implemented thereby.

 

Notwithstanding the fact that the
consent of all Lenders is required in certain circumstances as set forth above, each Lender is entitled to vote as such
Lender sees fit on any bankruptcy reorganization plan that affects the Loans, and each Lender acknowledges that the
provisions of Section 1126(c) of the Bankruptcy Code supersedes the unanimous consent provisions set forth herein.
Notwithstanding anything to the contrary herein, (i) no Defaulting Lender shall have any right to approve or disapprove any
amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all
Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders),
except that (x) no Commitment or Loan of any Defaulting Lender may be increased or extended without the consent of such
Lender and (y) any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that by its
terms affects any Defaulting Lender disproportionately adversely relative to other affected Lenders shall require the consent
of such Defaulting Lender and (ii) if the Administrative Agent and the Borrower shall have jointly identified (each in its
sole discretion) an obvious error or omission of a technical or immaterial nature, or any ambiguity, mistake, defect or
inconsistency, in each case, in any provision of the Credit Documents, then the Administrative Agent and the applicable Loan
Parties shall be permitted to amend such provision and such amendment shall become effective without any further action or
consent of any other party to any Credit Document if the same is not objected to in writing by the Required Lenders within
five Business Days following the posting of such amendment to the Lenders.

 

    118

     

    

 

Notwithstanding anything to the contrary
in this Agreement or any other Credit Document, (a) any Lender may exchange, continue or rollover all or the portion of its Loans
in connection with any refinancing, extension, loan modification or similar transaction permitted by the terms of this Agreement,
pursuant to a cashless settlement mechanism approved by the Borrower, the Administrative Agent and such Lender, (b) this Agreement
may be amended and restated without the consent of any Lender (but with the consent of the Borrower and the Administrative Agent)
if, upon giving effect to such amendment and restatement, such Lender shall no longer be a party to this Agreement (as so amended
and restated), the Commitments of such Lender shall have terminated, such Lender shall have no other commitment or other obligation
hereunder and shall have been paid in full all principal, interest and other amounts owing to it or accrued for its account under
this Agreement, and (c) the Administrative Agent may amend or modify this Agreement and any other Credit Document to grant a new
Lien for the benefit of the holders of the Obligations, extend an existing Lien over additional property for the benefit of the
holders of the Obligations or join additional Persons as Credit Parties.

 

10.6      Successors
and Assigns.

 

(a)            The provisions
of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns
permitted hereby, except that neither the Borrower nor any other Credit Party may assign or otherwise transfer any of its rights
or obligations hereunder or under any other Credit Document without the prior written consent of the Administrative Agent and each
Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an Eligible Assignee
in accordance with the provisions of Section 10.6(b), (ii) by way of participation in accordance with the provisions of
Section 10.6(e) or (iii) by way of pledge or assignment of a security interest subject to the restrictions of Section
10.6(f) (and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement,
expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors
and assigns permitted hereby, Participants to the extent provided in Section 10.6(e) and, to the extent expressly contemplated
hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim
under or by reason of this Agreement.

 

(b)          
Any Lender may at any time assign to one or more assignees all or a portion of its rights and obligations under this Agreement
(including all or a portion of its Commitments and the Loans (including for purposes of this Section 10.6(b), participations
in Letters of Credit) at the time owing to it); provided that any such assignment shall be subject to the following conditions:

 

(i)             (A)
in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and/or the Loans at
the time owing to it or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum
amount need be assigned, or (B) in any case not described in clause (A) above, the aggregate amount of the Commitment (which
for this purpose includes Loans outstanding thereunder) or, if the applicable Commitment is not then in effect, the principal
outstanding balance of the Loans of the assigning Lender subject to each such assignment (determined as of the date the
Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent or, if “Trade
Date” is specified in the Assignment and Assumption, as of the Trade Date) shall not be less than (x) $5,000,000, in
the case of any assignment in respect of an unexpired Commitment (which for this purpose includes Committed Loans
outstanding) or (y) $1,000,000, in the case of any assignment in respect of the Converted Term Loan, in any case, treating
contemporaneous assignments related Approved Funds under common management as one assignment for purposes of the minimum
amounts, unless each of the Administrative Agent and, so long as no Default or Event of Default has occurred and is
continuing, the Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed);

 

    119

     

    

 

(ii)           each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations
under this Agreement with respect to the Loan or the Commitment assigned, except that this Section 10.6(b)(ii) shall not
prohibit any Lender from assigning all or a portion of its rights and obligations among separate Classes of Loans and/or Commitments
on a non-pro rata basis;

 

(iii)          no consent shall be required for any assignment except to the extent required by clause (B) of Section 10.6(b)(i) and, in
addition:

 

(A)       the
consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless (1) an Event of Default
has occurred and is continuing at the time of such assignment or (2) such assignment is to a Lender, an Affiliate of a Lender or
an Approved Fund; provided that the Borrower shall be deemed to have consented to any such assignment unless it shall object
thereto by written notice to the Administrative Agent within five (5) Business Days after having received notice thereof;

 

(B)       the
consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required for assignments
to a Person who is not a Lender, an Affiliate of a Lender or an Approved Fund; and

 

(C)       the
consent of the L/C Issuer (such consent not to be unreasonably withheld or delayed) shall be required for any assignment in respect
of a Commitment or participation in any L/C Obligation;

 

(iv)         
the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with
a processing and recordation fee of $3,500 for each assignment and the assignee, if it is not a Lender, shall deliver to the Administrative
Agent an Administrative Questionnaire; provided that in the case of an assignment to a Lender, an Affiliate of a Lender
or an Approved Fund, no such fee shall be required;

 

(v)       
   no such assignment shall be made to (A) the Parent, the Borrower or any of their respective Affiliates or Subsidiaries or (B) to
any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder, would constitute a Defaulting
Lender or Subsidiary thereof; and

 

    120

     

    

 

(vi)         
no such assignment shall be made to a natural Person (or a holding company, investment vehicle or trust for, or owned and operated
for the primary benefit of, a natural Person).

 

Subject to acceptance and recording thereof
by the Administrative Agent pursuant to Section 10.6(c), from and after the effective date specified in each Assignment
and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such
Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder
shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement
(and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this
Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 2.14(a),
2.14(b), 2.15, 2.16 and 10.1 with respect to facts and circumstances occurring prior to the effective
date of such assignment; provided that, except to the extent otherwise expressly agreed by the affected parties, no assignment
by a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from such Lender’s
having been a Defaulting Lender. If requested by or on behalf of the assignee, the Borrower, at its own expense, will execute and
deliver to the Administrative Agent a new Note to the order of the assignee (and, if the assigning Lender has retained any portion
of its rights and obligations hereunder, to the order of the assigning Lender). Any assignment or transfer by a Lender of rights
or obligations under this Agreement that does not comply with this Section 10.6(b) shall be treated for purposes of this
Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with Section 10.6(e).

 

(c)            In connection
with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless
and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional
payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be
outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding,
with the consent of the Borrower and the Administrative Agent, the applicable pro rata share of Loans previously requested but
not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x)
pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent, the L/C Issuer
or any Lender hereunder (and interest accrued thereon), and (y) acquire (and fund as appropriate) its full pro rata share of all
Loans and participations in Letters of Credit in accordance with its Applicable Percentage. Notwithstanding the foregoing, in the
event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under applicable
law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting
Lender for all purposes of this Agreement until such compliance occurs.

 

    121

     

    

 

(d)          
The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrower (and such agency being
solely for tax purposes), shall maintain at its address for notices referred to in Schedule 1.1(a) a copy of each
Assignment and Assumption delivered to it (or the equivalent thereof in electronic form) and a register for the recordation
of the names and addresses of the Lenders, and the Commitments of, and principal amounts (and stated interest) of the Loans
and L/C Obligations owing to, each Lender pursuant to the terms hereof from time to time (the “Register”).
The entries in the Register shall be conclusive absent manifest error, and the Borrower, the Administrative Agent and the
Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for
all purposes of this Agreement. In addition, the Administrative Agent shall maintain on the Register information regarding
the designation, revocation of designation, of any Lender as a Defaulting Lender. The Register shall be available for
inspection by the Borrower at any reasonable time and from time to time upon reasonable prior notice. In addition, at any
time that a request for a consent for a material or substantive change to the Credit Documents is pending, any Lender wishing
to consult with other Lenders in connection therewith may request and receive from the Administrative Agent a copy of the
Register.

 

(e)            Any
Lender may at any time, without the consent of, or notice to, the Borrower or the Administrative Agent, sell participations
to any Person (other than a natural Person, or a holding company, investment vehicle or trust for, or owned and operated for
the primary benefit of, a natural Person, or the Borrower or any of the Borrower’s Affiliates or Subsidiaries) (each, a
“Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement
(including all or a portion of its Commitments and/or the Loans (including such Lender’s participations in Letters of
Credit) owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged,
(ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and
(iii) the Borrower, the Administrative Agent, the Lenders and the L/C Issuer shall continue to deal solely and directly with
such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement or instrument
pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce
this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that
such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any
amendment, waiver or other modification described in Section 10.5(a) and clause (i) of Section 10.5(b) that
affects such Participant. The Borrower agrees that each Participant shall be entitled to the benefits of Sections
2.14(a), 2.14(b), 2.15 and 2.16 to the same extent as if it were a Lender and had acquired its
interest by assignment pursuant to Section 10.6(b); provided that such Participant (A) agrees to be subject to
the provisions of Section 2.17 as if it were an assignee under Section 10.6(b) and (B) shall not be entitled to
receive any greater payment under Section 2.14 or 2.15, with respect to any participation, than its
participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment
results from a Change in Law that occurs after the Participant acquired the applicable participation. Each Lender that sells
a participation agrees, at the Borrower’s request and expense, to use reasonable efforts to cooperate with the Borrower
to effectuate the provisions of Section 2.17 with respect to any Participant. To the extent permitted by law, each
Participant also shall be entitled to the benefits of Section 8.3 as though it were a Lender; provided that
such Participant agrees to be subject to Section 2.13(b) as though it were a Lender. Each Lender that sells a
participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it
enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s
interest in the Loans or other Obligations under the Credit Documents (the “Participant Register”); provided
that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity
of any Participant or any information relating to a Participant’s interest in any Commitments, Loans or its other
obligations under any Credit Document) to any Person except to the extent that such disclosure is necessary to establish such
Commitment, Loan or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury
Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat
each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this
Agreement. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no
responsibility for maintaining a Participant Register.

 

    122

     

    

 

(f)            Any Lender may
at any time pledge or assign a security interest in all or any portion of its rights under this Agreement (including under its
Notes, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve
Bank; provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute
any such pledgee or assignee for such Lender as a party hereto.

 

(g)          
Notwithstanding anything to the contrary contained herein, if at any time Fifth Third assigns all of its Commitment and Loans pursuant
to Section 10.6(b), Fifth Third may, upon thirty (30) days’ notice to the Borrower and the Lenders, resign as L/C
Issuer. In the event of any such resignation as L/C Issuer, the Borrower shall be entitled to appoint from among the Lenders a
successor L/C Issuer or hereunder; provided, however, that no failure by the Borrower to appoint any such successor shall
affect the resignation of Fifth Third as L/C Issuer. If Fifth Third resigns as L/C Issuer, it shall retain all the rights, powers,
privileges and duties of the L/C Issuer hereunder with respect to all Letters of Credit outstanding as of the effective date of
its resignation as L/C Issuer and all L/C Obligations with respect thereto (including the right to require the Lenders to make
Loans or fund risk participations therein pursuant to Section 2.21). Upon the appointment of a successor L/C Issuer, (i)
such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer
or and (ii) the successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding
at the time of such succession or make other arrangements satisfactory to Fifth Third to effectively assume the obligations of
Fifth Third with respect to such Letters of Credit.

 

(h)          
The words “execution,” “signed,” “signature,” and words of like import in any Assignment and
Assumption shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be
of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping
system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures
in Global and National Commerce Act, New York State Electronic Signatures and Records Act, or any state laws based on the Uniform
Electronic Transactions Act.

 

(i)             Any
Lender or participant may, in connection with any assignment, participation, pledge or proposed assignment, participation or pledge
pursuant to this Section 10.6, disclose to the assignee, Participant or pledgee or proposed assignee, Participant or pledgee
any information relating to the Company Parties furnished to it by or on behalf of any other party hereto; provided that
such assignee, Participant or pledgee or proposed assignee, Participant or pledgee agrees in writing to keep such information confidential
to the same extent required of the Lenders under Section 10.11 (which may be pursuant to customary “click-through”
or other customary assignment or syndication processes via the Platform or otherwise).

 

    123

     

    

 

10.7      No Waiver;
Enforcement. The rights and remedies of the Administrative Agent, the L/C Issuer and the Lenders expressly set forth in this
Agreement and the other Credit Documents are cumulative and in addition to, and not exclusive of, all other rights and remedies
available at law, in equity or otherwise. No failure or delay on the part of the Administrative Agent, the L/C Issuer or any Lender
in exercising any right, power or privilege shall operate as a waiver thereof, nor shall any single or partial exercise of any
such right, power or privilege preclude other or further exercise thereof or the exercise of any other right, power or privilege
or be construed to be a waiver of any Default or Event of Default. No course of dealing between any Credit Party, the Administrative
Agent, the L/C Issuer or the Lenders or their agents or employees shall be effective to amend, modify or discharge any provision
of this Agreement or any other Credit Document or to constitute a waiver of any Default or Event of Default. No notice to or demand
upon any Credit Party in any case shall entitle any Credit Party to any other or further notice or demand in similar or other circumstances
or constitute a waiver of the right of the Administrative Agent, the L/C Issuer or any Lender to exercise any right or remedy or
take any other or further action in any circumstances without notice or demand.

 

Notwithstanding
anything to the contrary contained herein or in any other Credit Document, the authority to enforce rights and remedies
hereunder and under the other Credit Documents against the Credit Parties or any of them shall be vested exclusively in, and
all actions and proceedings at law in connection with such enforcement shall be instituted and maintained exclusively by, the
Administrative Agent in accordance with Section 8.2 for the benefit of all the Lenders and the L/C Issuer; provided, however, that the foregoing shall not prohibit (a) the Administrative Agent from exercising on its own behalf the rights
and remedies that inure to its benefit (solely in its capacity as Administrative Agent) hereunder and under the other Credit
Documents, (b) the L/C Issuer from exercising the rights and remedies that inure to its benefit (solely in its capacity as
L/C Issuer) hereunder and under the other Credit Documents, (c) any Lender from exercising setoff rights in accordance with Section
8.3 (subject to the terms of Section 2.13(b)), or (d) any Lender from filing proofs of claim or appearing and
filing pleadings on its own behalf during the pendency of a proceeding relative to any Credit Party under any Debtor Relief
Law; and provided, further, that if at any time there is no Person acting as Administrative Agent hereunder and under
the other Credit Documents, then (i) the Required Lenders shall have the rights otherwise ascribed to the Administrative
Agent pursuant to Section 8.2 and (ii) in addition to the matters set forth in clauses (b), (c) and (d) of the
preceding proviso and subject to Section 2.13(b), any Lender may, with the consent of the Required Lenders, enforce
any rights and remedies available to it and as authorized by the Required Lenders.

 

10.8       Survival.
All covenants, agreements, representations and warranties made by or on behalf of the Borrower or any other Company Party in
this Agreement and in the other Credit Documents and in the certificates or other instruments delivered in connection with
or pursuant to this Agreement or any other Credit Document shall be considered to have been relied upon by the other
parties hereto and shall survive the execution and delivery of this Agreement and the making of any Loans or L/C Credit
Extensions, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the
Administrative Agent, the L/C Issuer or any Lender may have had notice or knowledge of any Default or Event of Default or
incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and
effect as long as the principal of or any accrued interest on any Loan, any L/C Obligation or any fee or any other amount
payable under this Agreement is outstanding and unpaid and so long as the Commitments have not expired or terminated. In
addition, notwithstanding anything herein or under applicable law to the contrary, the provisions of this Agreement and the
other Credit Documents relating to indemnification or payment of costs and expenses, including the provisions of Sections
2.14(a), 2.14(b), 2.15, 2.16 and 10.1, shall survive the payment in full of all Loans and L/C Obligations,
the termination of the Commitments and all Letters of Credit, and any termination of this Agreement or any of the other
Credit Documents.

 

    124

     

    

 

10.9       Severability.
To the extent any provision of this Agreement or any other Credit Document is prohibited by or invalid, illegal or unenforceable
under the applicable law of any jurisdiction, such provision shall be ineffective only to the extent of such prohibition, invalidity,
illegality or unenforceability and only in such jurisdiction, without prohibiting or invalidating such provision in any other jurisdiction
or the remaining provisions of this Agreement in any jurisdiction. Without limiting the foregoing provisions of this Section
10.9, if and to the extent that the enforceability of any provisions in this Agreement relating to Defaulting Lenders shall
be limited by Debtor Relief Laws, as determined in good faith by the Administrative Agent or the L/C Issuer, as applicable, then
such provisions shall be deemed to be in effect only to the extent not so limited.

 

10.10     Construction.
The headings of the various articles, sections and subsections of this Agreement and the table of contents have been inserted for
convenience only and shall not in any way affect the meaning or construction of any of the provisions hereof. Except as otherwise
expressly provided herein and in the other Credit Documents, in the event of any inconsistency or conflict between any provision
of this Agreement and any provision of any of the other Credit Documents, the provision of this Agreement shall control. Any Rate
Management Agreement between the Borrower and any Rate Management Party is an independent agreement governed by the writing provisions
of such Rate Management Agreement, which shall remain in full force and effect, unaffected by any repayment, prepayment, acceleration,
reduction, increase or change in the terms applicable to the Loans under this Agreement, except as otherwise expressly provided
in such Rate Management Agreement, and any payoff statement from the Administrative Agent relating to this Agreement shall not
apply to such Rate Management Agreement except as expressly provided therein. Any Cash Management Agreement between the Borrower
and any Cash Management Bank is an independent agreement governed by the written provisions of such Cash Management Agreement,
which shall remain in full force and effect, unaffected by any repayment, prepayment, acceleration, reduction, increase or change
in the terms applicable to the Loans under this Agreement, except as otherwise expressly provided in such Cash Management Agreement,
and any payoff statement from the Administrative Agent relating to this Agreement shall not apply to such Cash Management Agreement
except as expressly provided therein.

 

    125

     

    

 

10.11     Confidentiality.
Each of the Administrative Agent and the Lenders agrees to maintain the confidentiality of the Information (as defined
below), except that Information may be disclosed (a) to its Affiliates and to its Related Parties (it being understood that
the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to
keep such Information confidential); (b) to the extent required or requested by any regulatory authority purporting to have
jurisdiction over such Person or its Related Parties (including any self-regulatory authority, such as the National
Association of Insurance Commissioners); (c) to the extent required by applicable Requirements of Law or by any subpoena or
similar legal process; (d) to any other party hereto; (e) in connection with the exercise of any remedies hereunder or under
any other Credit Document or any Rate Management Agreement or any Cash Management Agreement or any action or proceeding
relating to this Agreement or any other Credit Document or any Rate Management Agreement or any Cash Management Agreement or
the enforcement of rights hereunder or thereunder; (f) subject to an agreement containing provisions substantially the same
as those of this Section 10.11 (including pursuant to any customary “click-through” or other customary
assignment or syndication processes of the Administrative Agent or the Lender via the Platform or otherwise), to (i) any
assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights and obligations under this
Agreement or (ii) any actual or prospective party (or its Related Parties) to any swap, derivative or other transaction under
which payments are to be made by reference to the Borrower and its obligations, this Agreement or payments hereunder; (g) on
a confidential basis to (i) any rating agency in connection with the Borrower or its Subsidiaries or the facilities created
hereunder or (ii) the CUSIP Service Bureau or any similar agency in connection with the issuance monitoring of CUSIP numbers
with respect to the facilities created hereunder; (h) with the consent of the Borrower; or (i) to the extent such Information
(x) becomes publicly available other than as a result of a breach of this Section 10.11 or (y) becomes available to
the Administrative Agent, any Lender or any of their respective Affiliates on a nonconfidential basis from a source other
than the Borrower.

 

For purposes of this
Section 10.11, “Information” means all information received from the Company Parties relating to any
Company Party or any of their respective businesses, other than any such information that is available to the Administrative Agent
or any Lender on a nonconfidential basis prior to disclosure by any Company Party; provided that, in the case of information
received from any Company Party after the date hereof, such information is clearly identified at the time of delivery as confidential.
Any Person required to maintain the confidentiality of Information as provided in this Section 10.11 shall be considered
to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality
of such Information as such Person would accord to its own confidential information.

 

10.12     Counterparts;
Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto in different counterparts),
each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement
and the other Credit Documents constitute the entire contract among the parties relating to the subject matter hereof and supersede
any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided
in Section 3.1, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when
the Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the
other parties hereto. Delivery of an executed counterpart of a signature page of this Agreement or any other Credit Document by
facsimile or in electronic format (e.g., “pdf” or “tif” file format) shall be effective as delivery of
a manually executed counterpart of such signature page.

 

10.13     Disclosure
of Information. The Borrower agrees and consents to the Administrative Agent’s and the Arranger’s disclosure of
information relating to this transaction to Gold Sheets and other similar bank trade publications. Such information will
consist of deal terms and other information customarily found in such publications.

 

    126

     

    

 

10.14     USA Patriot
Act Notice. Each Lender that is subject to the PATRIOT Act and the Administrative Agent (for itself and not on behalf of any
Lender) hereby notifies the Borrower and the other Credit Parties that pursuant to the requirements of the PATRIOT Act, it is required
to obtain, verify and record information that identifies each Credit Party, which information includes the name and address of
each Credit Party and other information that will allow such Lender or the Administrative Agent, as applicable, to identify each
Credit Party in accordance with the PATRIOT Act. The Borrower and the other Credit Parties shall, promptly following a request
by the Administrative Agent or any Lender, provide all such other documentation and information that the Administrative Agent or
such Lender requests in order to comply with its ongoing obligations under applicable “know your customer” and anti-money
laundering rules and regulations, including the PATRIOT Act.

 

10.15     Termination
of Obligations of the Parent or Intermediate Holdco. Notwithstanding any other provisions of this Agreement or any Credit Document,
provided that no Event of Default has occurred and is continuing, all obligations of the non-surviving Person in the Parent Roll
Up shall automatically terminate and such non-surviving Person shall be released from its obligations under the Guaranty on the
date of the Parent Roll Up. From and after such date, (i) the non-surviving Person in any Parent Roll Up shall have no further
obligations as Guarantor, Credit Party, Company Party or the Parent or Intermediate Holdco, as the case may be, under this Agreement
or any Credit Document, (ii) the Surviving Parent shall be obligated as a Guarantor and shall have granted to the Administrative
Agent, for the benefit of the Lenders, a lien on and security interest in 100% of the outstanding Capital Stock of the Borrower
and (iii) each reference herein or in any other Credit Document to the “Parent” or “Intermediate Holdco”
shall be a reference to the Surviving Parent.

 

10.16     Acknowledgment
and Consent to Bail-In of EEA Financial Institutions. Solely to the extent any Lender or L/C Issuer that is an EEA Financial
Institution is a party to this Agreement and notwithstanding anything to the contrary in any Credit Document or in any other agreement,
arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Lender or L/C Issuer
that is an EEA Financial Institution arising under any Credit Document, to the extent such liability is unsecured, may be subject
to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees
to be bound by:

 

(a)           the application
of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable
to it by any Lender or L/C Issuer that is an EEA Financial Institution; and

 

(b)         
 the effects of any Bail-In Action on any such liability, including, if applicable:

 

(i)            a reduction in
full or in part or cancellation of any such liability;

 

(ii)       
a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial
Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that
such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability
under this Agreement or any other C Document; or

 

    127

     

    

 

(iii)        the
variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution
Authority.

 

10.17    Keepwell.
Each Credit Party that is a Qualified ECP Guarantor at the time the Guaranty or the grant of a Lien under the Credit Documents,
in each case, by any Specified Guarantor becomes effective with respect to any Swap Obligation, hereby jointly and severally, absolutely,
unconditionally and irrevocably undertakes to provide such funds or other support to each Specified Guarantor with respect to such
Swap Obligation as may be needed by such Specified Guarantor from time to time to honor all of its obligations under the Credit
Documents in respect of such Swap Obligation (but, in each case, only up to the maximum amount of such liability that can be hereby
incurred without rendering such Qualified ECP Guarantor’s obligations and undertakings under this Section voidable under
applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations and undertakings
of each Qualified ECP Guarantor under this Section shall remain in full force and effect until the Obligations have been indefeasibly
paid and performed in full. Each Credit Party intends this Section to constitute, and this Section shall be deemed to constitute,
a guarantee of the obligations of, and a “keepwell, support, or other agreement” for the benefit of, each Specified
Guarantor for all purposes of the Commodity Exchange Act.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    128

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be executed by their duly authorized officers as of the date first above
written.

 

	 	GREC ENTITY HOLDCO LLC
	 	 	 
	 	By:	/s/
    Richard Butt 
	 	Name: Richard Butt
	 	Title: Chief Financial Officer
	 	 	 
	 	GREENBACKER RENEWABLE ENERGY CORPORATION
	 	 	 
	 	By:	/s/ Richard Butt
	 	Name: Richard Butt
	 	Title: Chief Financial Officer
	 	 	 
	 	GREENBACKER RENEWABLE ENERGY COMPANY LLC
	 	 	 
	 	By:	/s/
    Richard Butt
	 	Name: Richard Butt
	 	Title: Chief Financial Officer

 

(signatures continued)

 

GREC
ENTITY HOLDCO LLC 

CREDIT AGREEMENT

 

    

     

    

 

	 	FIFTH THIRD BANK, as Administrative Agent and a
    Lender
	 	By:	/s/ ERIC COHEN 
	 	Name: 	ERIC COHEN
	 	Title: 	VICE PRESIDENT

 

GREC
ENTITY HOLDCO LLC 

CREDIT AGREEMENT

 

    

     

    

 

Schedule
1.1(a)

 

Commitments
and Notice Addresses

 

Commitments

 

	

        Lender
	Commitment

	Fifth
    Third Bank	$60,000,000
	Total	$60,000,000

 

Notice
Addresses

 

	Party	Address
	

        Borrower
	

        c/o
        Greenbacker Capital Management, LLC

        11
        East 44th Street, Suite 1200

        New
        York, NY 10017

        Attention:
        Richard Butt

         

        Email:
        richard.butt@greenbackercapital.com

	Fifth
Third Bank
	Address
                                         for notices as Administrative Agent:

                                                                                                                            

                                                                                                                           Fifth Third Bank

        201
        N. Tryon Street, Suite 1700

        Charlotte,
        North Carolina 28202

        Attention:
        Eric Cohen

         

        Address
        for notices as L/C Issuer:

         

        Fifth Third Bank

        201
        N. Tryon Street, Suite 1700

        Charlotte,
        North Carolina 28202

        Attention:
        Eric Cohen

         

        Email:
        eric.cohen@53.com

 

     

     

    

 

Schedule
1.1(b)

 

Closing
Date Projects

 

1.             Closing
Date Borrowing Base Projects. Each of the following is a Closing Date Borrowing Base Project:

 

	Project
    Holding Entity Name	Project
    Location	Project
    Value	Tax
    Credit Party	Excluded
                                         Tax Credit

        Subsidiary

	WE
    46 Precision Drive LLC	46
    Precision Drive, North Springfield, VT 05150	$904,996	N/A	N/A
	City
    Solar Garden LLC	201
    Woodstock Ave, Rutland, VT 05701	$2,089,485	N/A	N/A
	Airport
    Solar I, LLC	8500
    Pena Blvd., Denver, CO 80249	$3,092,495	N/A	N/A
	Bloomfield
    Solar, LLC	1415
    Blue Hills Ave., Bloomfield, CT 06002	$170,353	N/A	N/A
	MLH
    Phase 2 LLC	Section
15, Township 9 South, Range 20 East, Gainesville, FL 32604
	$2,353,366	N/A	N/A
	MLH
    Phase 3, LLC	Section
15, Township 9 South, Range 20 East, Gainesville, FL 32604
	$1,604,192	N/A	N/A
	MP2
    Green Valley ES, LLC	5290
                                         Kittredge St., Denver, CO 80239

        4100
        N. Jericho St., Denver, CO 80249

        5130
        Durham Ct., Denver, CO 80239
	$368,648	N/A	N/A
	South
    Robeson Solar Farm, LLC/South Robeson Farm, LLC	Parcel
    of Land .09 miles northeast of the intersection of NC Highway 710 and Sinclair Road, Rowland, NC 28383	$3,113,503	N/A	N/A
	Lincoln
    Farm I, LLC	2724
    Huntsville Hwy, Fayetteville, TN 37334	$973,859	N/A	N/A
	Lincoln
    Farm II, LLC	2730
    Huntsville Hwy, Fayetteville, TN 37334	$973,859	N/A	N/A
	Lincoln
    Farm III, LLC	2742
    Huntsville Hwy, Fayetteville, TN 37334	$973,859	N/A	N/A
	Lincoln
    Farm IV, LLC	564
    Huntsville Hwy, Fayetteville, TN 37334	$973,859	N/A	N/A
	Solaverde,
    LLC	105
                                         Brookside Drive, Fayetteville, TN

        126
        Ardmore Highway, Fayetteville, TN

        206
        Cotton Mill Road, Fayetteville, TN

        228
        Cotton Mill Road, Fayetteville, TN

        230
        Cotton Mill Road, Fayetteville, TN

        246
        Cotton Mill Road, Fayetteville, TN

        306
        Eldad Road, Fayetteville, TN

        314
        Eldad Road, Fayetteville, TN
	$1,790,489	N/A	N/A
	Earth
    Right Energy II, LLC	207
                                         Richardson Street, Tazewell, TN

        420
        Court Road, Sneedville, TN

        418
        Harris Street, Sneedville, TN
	$120,440	N/A	N/A

 

    1 

     

    

 

	MP2
                                         Capital - WGBH

        Educational
        Foundation, LLC
	125
    Western Avenue, Brighton, MA 02134	$178,300	N/A	N/A
	MP2/IRG-Petaluma
                                         City

        Schools,
        LLC
	800
    Reisling Road, Petaluma, CA 95073	$149,698	N/A	N/A
	MP2-Oregon
    Solar One, LLC	401
    Old San Jose Road, Soquel CA 94952	$503,839	N/A	N/A
	ESA
    Fleet Community Solar, LLC	

        1010
        S. Wesmorland Ave., Orlando, FL 32805
	

        $1,000,035
	N/A	N/A
	

        North
        Carolina Solar I, LLC
	

        1420/1520
        Stewartsville Rd., Laurinburg, NC 28352
	

        $2,613,149
	N/A	N/A
	

        MP2
        Hawaii Solar I, LLC
	

        4134A
        Noho Road, Koloa, HI 96756
	

        $826,167
	N/A	N/A
	

        North
        Carolina Solar II, LLC
	US
401 S. & Tartan Rd., Laurinburg, NC 28352
	

        $1,170,431
	N/A	N/A
	Sunsense
    Clayton Lessee, LLC	33
    Pony Farm Road, Clayton, NC 27520	$586,899	N/A	N/A
	Sunsense
    Fletcher Lessee, LLC	4600
    Hendersonville Rd., Fletcher, NC 28732	$643,296	N/A	N/A
	Sunsense
    Inman Lessee, LLC	2315
    Atlantic Ave., Raleigh, NC 27604	$556,159	N/A	N/A
	Turtle
    Top Solar, LLC	67819
    State Road 15, New Paris, IN 46553	$494,910	N/A	N/A
	Hartford
    Solarfield, LLC	2590
    North Hartland Road, Hartford, VT 05763	$822,250	N/A	N/A
	Pittsford
    GLC Solar, LLC	Kendall
    Hill Road, Pittsford, VT 05763	$836,263	N/A	N/A
	Proctor
    GLC Solar, LLC	2824
    West Street, Proctor, VT 05765	$773,172	N/A	N/A
	Novus
    Royalton Solar, LLC	Gee
    Hill Road, Royalton, VT 05068	$810,535	N/A	N/A
	Charter
    Hill Solar, LLC	End
    of Grandview Terrace, Rutland, VT 05701	$1,799,968	N/A	N/A
	GLC
Chester Community Solar, LLC
	391
    VT Route, Chester, VT 05143	$917,277	N/A	N/A
	Williamstown
Old Town Road Solar, LLC
	228
    Old Town Road, Williamstown, VT 05679	$861,844	N/A	N/A

 

    2 

     

    

 

		2.	Project
Holding Company. Each of the following is a Project Holding Company:

		a.	Green
Maple II LLC

		b.	East
to West Solar II LLC

		c.	Magnolia
Sun LLC

		d.	Powerhouse
One, LLC

		e.	Solaverde,
LLC

		f.	Green
Maple LLC

 

    3 

     

    

 

 Schedule 1.1(c) 

 

 Approved Engineers

 

	

        1.
	

        Enertis

	2.	Borrego Solar
	3.	DNV GL
	4.	Radian Generation
	5.	Natural Power
	6.	BEW Engineering
	7.	Luminate
	8.	Black and Veatch
	9.	Bay4
	10.	Clean Energy Associates

 

     

     

    

 

Schedule
1.1(d)

 

Specified
Offtakers

 

Each
specification below in this Schedule refers to the regulated utility entity related to the named offtaker.

 

		1.	Duke
Energy

		2.	Southern
Company

		3.	Pacific
Gas & Electric

		4.	NextEra
(FPL)

		5.	Dominion
Power

		6.	Idaho
Power

		7.	San
Diego Gas & Electric

		8.	Tennessee
Valley Authority

		9.	Progress

		10.	Xcel
Energy

		11.	Pacificorp

 

     

     

    

 

Schedule
1.1(e)(i)

 

Pre-Approved
and Pre-Diligenced Borrowing Base Projects

 

1.             Pre-Approved
and Pre-Diligenced Borrowing Base Projects. Each of the following is a Pre-Approved Borrowing Base Project:

 

	Project
    Holding Entity Name	Project
    Location	Project
    Value	Tax
    Credit Party	Excluded
                                         Tax Credit

        Subsidiary

	HREF-3
    Parent LLC	N/A	N/A	N/A	

        No

	Holocene
Renewable Energy Fund 3, LLC
	N/A	N/A	N/A	

        No

	HREF-3
    Lessor LLC	N/A	N/A	N/A	

        Yes

	HREF-3
    Lessee LLC	N/A	N/A	N/A	Yes
	Faison
Solar LLC/ Faison Lessee LLC
	

        166
        Robert Hobbs Rd., Faison, NC 28341
	$1,000,988	HREF-3
                                         Lessor, LLC/ HREF-

        3
        Lessee, LLC(1)
	

        Yes

	ESA
Four Oaks NC1 LLC/ Four Oaks Lessee LLC
	

        1667
        North Carolina Hwy 96 South, Four Oaks, NC 27524
	$3,063,662	HREF-3
                                         Lessor, LLC/ HREF-

        3
        Lessee, LLC(1)
	Yes
	Nitro
Solar LLC/ Nitro Lessee LLC
	

        Yelverton
        Grove Rd., Smithfield, NC 27577
	$2,753,737	HREF-3
                                         Lessor, LLC/ HREF-

        3
        Lessee, LLC(1)
	Yes
	ESA
                                         Princeton NC LLC/

        Princeton
        Lessee LLC
	4250
    Bizzell Grove Church Rd., Princeton, NC 27568	$3,103,318	HREF-3
                                         Lessor, LLC/ HREF-

        3
        Lessee, LLC(1)
	Yes
	Sarah
Solar LLC/ Sarah Lessee LLC
	171
    Brewer Rd., Louisburg, NC 27549	$3,022,779	HREF-3
                                         Lessor, LLC/ HREF-

        3
        Lessee, LLC(1)
	

        Yes

	PCIP
Solar Lessee/PCIP Solar LLC
	5661
    Durham Road, Roxboro, NC 27574	$1,673,037	N/A	

        N/A

 

2.            Pre-Approved
Project Holding Company. Each of the following is a Pre-Approved Project Holding Company:

a.       N/A

 

 

 

1
HREF-3 Lessor, LLC is the Tax Credit Party of the first entity listed, and HREF-3 Lessee, LLC is the Tax Credit Party of
the second entity listed.

 

     

     

    

 

Schedule
1.1(e)(ii)

 

Pre-Approved
Borrowing Base Projects

 

1.             Pre-Approved
Borrowing Base Projects. Each of the following is a Pre-Approved Borrowing Base Project:

 

	Project
    Holding Entity Name	Project
    Location	Project
    Value	Tax
    Credit Party	Excluded
                                         Tax Credit

        Subsidiary

	

        Radiance
        Solar 4 LLC
	

        43050
        90th Street West, Lancaster, CA 93536
	

        $2,968,450
	

        N/A
	

        N/A

	

        Radiance
        Solar 5 LLC
	

        43052
        90th Street West, Lancaster, CA 93536
	

        $2,968,450
	

        N/A
	

        N/A

 

2.           Pre-Approved
Project Holding Company. Each of the following is a Pre-Approved Project Holding Company:

a.             South
Park US 3, LLC

 

     

     

    

 

Schedule 2.19

 

Project Documents

 

	1.	Approved Engineer Report. A report of an Approved Engineer with respect to the Project,
in scope and substance satisfactory to the Administrative Agent.

 

	2.	Appraisals. An appraisal of the Project made by an independent appraiser no more than 90
days prior to the closing of the acquisition of the Project.

 

	3.	Purchase Agreement. If applicable, a copy of the purchase agreement pursuant to which the
Project will be purchased by the applicable Restricted Party, duly executed by the applicable parties.

 

	4.	Project Site Documents. The (a) Power Purchase Agreement (including, for any Tax Credit
Project, any re-direct letter or assignment of payments, in each case for the benefit of the lessee under the applicable equipment
lease) with (i) an investment-grade offtaker, (ii) an investment grade equivalent offtaker (including, without limitation, a government
entity or government financed entity or utility) that has been approved by the Administrative Agent in its sole discretion or (iii)
a non-investment grade offtaker that has been approved by the Administrative Agent in its sole discretion; (b) interconnection
agreement (or similar agreement), (c) engineering, procurement and construction agreement; (d) operations and maintenance agreement
(or similar agreement), (e) transaction agreement (for any Tax Credit Project), (f) equipment lease (for any Tax Credit Project),
(g) site lease agreement (including, for any Tax Credit Project, any site access agreement for the benefit of the lessee under
the applicable equipment lease), (h) payment redirect instructions (if applicable), (i) material easement agreements and (j) such
other related agreements as are required by the Administrative Agent with respect thereto.

 

	5.	Licenses and Permits. All necessary permits, approvals, licenses and other required documentation
required by any Governmental Authority for the operation of the Project, with evidence that all of the foregoing have been obtained
and are in effect.

 

	6.	Insurance. Certificates of insurance evidencing that the insurance required under the Credit
Agreement is in force, naming the Administrative Agent as additional insured, mortgagee or lender’s loss payable, as its
interests may appear, together with evidence satisfactory to the Administrative Agent that the Borrower or the applicable Project
Subsidiary maintains the insurance required by the Project Documents for such Project.

 

	7.	Warranties. All equipment warranties, warranties of workmanship and other warranties related
to the Project and the construction, operation and maintenance thereof, including any and all solar panels, photovoltaic modules,
inverters, solar racking, transformers and other Project-related equipment (collectively “Project Warranties”).

 

	8.	Projections. Projected statements of income and cash flows for the Project, in reasonable
detail, together with any appropriate statement of assumptions, and projected energy generation of the Project, on a monthly basis,
in each case through the Maturity Date.

 

     

     

    

 

Schedule 4.1

 

Jurisdictions of Organization

 

	Name	
        Jurisdiction

        of Formation

	Greenbacker Renewable Energy Company LLC	Delaware
	Greenbacker Renewable Energy Corporation	Maryland
	GREC Entity Holdco LLC	Delaware
	Green Maple II LLC	Delaware
	WE 46 Precision Drive LLC	Delaware
	City Solar Garden LLC	Vermont
	East to West Solar II LLC	Delaware
	Airport Solar I, LLC	Delaware
	Bloomfield Solar, LLC	Delaware
	MLH Phase 2 LLC	Florida
	MLH Phase 3, LLC	Florida
	MP2 Green Valley ES, LLC	Delaware
	South Robeson Solar Farm, LLC	North Carolina
	South Robeson Farm, LLC	North Carolina
	Magnolia Sun LLC	Delaware
	MP2 Capital – WGBH Educational Foundation, LLC	Delaware
	MP2/IRG-Petaluma City Schools, LLC	Delaware
	MP2-Oregon Solar One, LLC	Delaware
	Powerhouse One, LLC	Tennessee
	Lincoln Farm I, LLC	Tennessee
	Lincoln Farm II, LLC	Tennessee
	Lincoln Farm III, LLC	Tennessee
	Lincoln Farm IV, LLC	Tennessee

 

    9 

     

    

 

	Solaverde, LLC	Virginia
	Earth Right Energy II, LLC	Tennessee
	Green Maple LLC	Delaware
	Charter Hill Solar, LLC	Vermont
	GLC Chester Community Solar, LLC	Vermont
	Hartford Solarfield, LLC	Vermont
	Novus Royalton Solar, LLC	Vermont
	Pittsford GLC Solar, LLC	Vermont
	Proctor GLC Solar, LLC	Vermont
	Williamstown Old Town Road Solar, LLC	Vermont
	
         ESA
Fleet Community Solar, LLC
	Florida
	
         North
Carolina Solar I, LLC
	North Carolina
	MP2 Hawaii Solar I, LLC	Delaware
	
         North
Carolina Solar II, LLC
	Delaware
	Sunsense Clayton Lessee, LLC	North Carolina
	Sunsense Fletcher Lessee, LLC	North Carolina
	Sunsense Inman Lessee, LLC	North Carolina
	Turtle Top Solar, LLC	Indiana

 

    10 

     

    

  

Schedule 4.7

 

Subsidiaries

 

	I. Credit Parties that are not Subsidiaries of Borrower
	Name	
        Jurisdiction

        of Formation
	Aggregate Capital Stock Outstanding	Holders of Capital Stock
	Greenbacker Renewable Energy Company LLC	Delaware	20,461,000 shares as of December 26, 2017	
        Holders of capital stock in this

        entity are public shareholders

	Greenbacker Renewable Energy Corporation	Maryland	
        100% of Capital Stock held by

        Greenbacker Renewable Energy

        Company LLC
	
        100% of Capital Stock held by

        Greenbacker Renewable Energy

        Company LLC

	GREC Entity Holdco LLC	Delaware	
        100% of Capitol Stock held by

        Greenbacker Renewable Energy

        Corporation
	
        100% of Capitol Stock held by

        Greenbacker Renewable Energy

        Corporation

	II. Subsidiaries of Borrower
	Green Maple II LLC	Delaware	
        100% of the Capital Stock held by

        GREC Entity Holdco LLC
	
        100% of the Capital Stock held

        by GREC Entity Holdco LLC

	WE 46 Precision Drive LLC	Delaware	
        100% of the
Capital Stock held by Green Maple II LLC
	
        100% of the Capital Stock held

        by Green Maple II LLC

	City Solar Garden LLC	Vermont	
        100% of the
Capital Stock held by Green Maple II, LLC
	100% of the Capital Stock held by Green Maple II LLC
	East to West Solar II LLC	Delaware	
        100% of the Capital Stock held by

        GREC Entity Holdco LLC
	
        100% of the Capital Stock held

        by GREC Entity Holdco LLC

	Airport Solar I, LLC	Delaware	
        100% of the Capital Stock held by East

        to West Solar II LLC
	
        100% of the Capital Stock held

        by East to West Solar II LLC

	Bloomfield Solar, LLC	Delaware	
        100% of the Capital Stock held by East

        to West Solar II LLC
	
        100% of the Capital Stock held

        by East to West Solar II LLC

	MLH Phase 2 LLC	Florida	
        100% of the Capital Stock held by East

        to West Solar II LLC
	
        100% of the Capital Stock held

        by East to West Solar II LLC

	MLH Phase 3, LLC	Florida	
        100% of the Capital Stock held by East

        to West Solar II LLC
	
        100% of the Capital Stock held

        by East to West Solar II LLC

	MP2 Green Valley ES, LLC	Delaware	
        100% of the Capital Stock held by East

        to West Solar II LLC
	
        100% of the Capital Stock held

        by East to West Solar II LLC

	PCIP Solar Lessee LLC	North Carolina	
        100% of the Capital Stock held by East

        to West Solar II LLC
	
        100% of the Capital Stock held

        by East to West Solar II LLC

	PCIP Solar LLC	North Carolina	
        100% of the Capital Stock held by East

        to West Solar II LLC
	
        100% of the Capital Stock held

        by East to West Solar II LLC

 

    11 

     

    

 

	South Robeson Solar Farm, LLC	North Carolina	100% of the Capital Stock held by East to West Solar II LLC	100% of the Capital Stock held by East to West Solar II LLC
	South Robeson Farm, LLC	North Carolina	100% of the Capital Stock held by East to West Solar II LLC	100% of the Capital Stock held by East to West Solar II LLC
	Magnolia Sun LLC	Delaware	
        100% of the Capital Stock held by

        GREC Entity Holdco LLC
	
        100% of the Capital Stock held

        by GREC Entity Holdco LLC

	MP2 Capital – WGBH Educational Foundation, LLC	Delaware	
        100% of the Capital Stock held by

        Magnolia Sun LLC
	
        100% of the Capital Stock held

        by Magnolia Sun LLC

	MP2/IRG-Petaluma City Schools, LLC	Delaware	
        100% of the Capital Stock held by

        Magnolia Sun LLC
	100% of the Capital Stock held by Magnolia Sun LLC
	MP2-Oregon Solar One, LLC	Delaware	
        100% of the Capital Stock held by

        Magnolia Sun LLC
	
        100% of the Capital Stock held

        by Magnolia Sun LLC

	Powerhouse One, LLC	Tennessee	
        100% of the Capital Stock held by

        Magnolia Sun LLC
	
        100% of the Capital Stock held

        by Magnolia Sun LLC

	Lincoln Farm I, LLC	Tennessee	
        100% of the Capital Stock held by

        Powerhouse One, LLC
	
        100% of the Capital Stock held

        by Powerhouse One, LLC

	Lincoln Farm II, LLC	Tennessee	
        100% of the Capital Stock held by

        Powerhouse One, LLC
	100% of the Capital Stock held by Powerhouse One, LLC
	Lincoln Farm III, LLC	Tennessee	
        100% of the Capital Stock held by

        Powerhouse One, LLC
	
        100% of the Capital Stock held

        by Powerhouse One, LLC

	Lincoln Farm IV, LLC	Tennessee	
        100% of the Capital Stock held by

        Powerhouse One, LLC
	
        100% of the Capital Stock held

        by Powerhouse One, LLC

	Solaverde, LLC	Virginia	
        100% of the Capital Stock held by

        Magnolia Sun LLC
	
        100% of the Capital Stock held

        by Magnolia Sun LLC

	Earth Right Energy II, LLC	Tennessee	
        100% of the Capital Stock held by

        Solaverde, LLC
	
        100% of the Capital Stock held

        by Solaverde, LLC

	Green Maple LLC	Delaware	
        100% of the Capital Stock held by

        GREC Entity Holdco LLC
	
        100% of the Capital Stock held

        by GREC Entity Holdco LLC

	Charter Hill Solar, LLC	Vermont	100% of Capital Stock held by Green Maple LLC	100% of Capital Stock held by Green Maple LLC
	GLC Chester Community Solar, LLC	Vermont	100% of Capital Stock held by Green Maple LLC	100% of Capital Stock held by Green Maple LLC
	Hartford Solarfield, LLC	Vermont	100% of Capital Stock held by Green Maple LLC	100% of Capital Stock held by Green Maple LLC
	Novus Royalton Solar, LLC	Vermont	100% of Capital Stock held by Green Maple LLC	100% of Capital Stock held by Green Maple LLC
	Pittsford GLC Solar, LLC	Vermont	100% of Capital Stock held by Green Maple LLC	100% of Capital Stock held by Green Maple LLC

 

    12 

     

    

 

	Proctor GLC Solar, LLC	Vermont	100% of Capital Stock held by Green Maple LLC	100% of Capital Stock held by Green Maple LLC
	Williamstown Old Town Road Solar, LLC	Vermont	100% of Capital Stock held by Green Maple LLC	100% of Capital Stock held by Green Maple LLC
	
        ESA Fleet
Community Solar, LLC
	Florida	
        100% of the Capital Stock held by

        GREC Entity Holdco LLC
	
        100% of the Capital Stock held

        by GREC Entity Holdco LLC

	
        North Carolina Solar I, LLC
	North Carolina	
        100% of the Capital Stock held by

        GREC Entity Holdco LLC
	
        100% of the Capital Stock held

        by GREC Entity Holdco LLC

	MP2 Hawaii Solar I, LLC	Delaware	
        100% of the Capital Stock held by

        GREC Entity Holdco LLC
	
        100% of the Capital Stock held

        by GREC Entity Holdco LLC

	
        North Carolina
Solar II, LLC
	Delaware	
        100% of the Capital Stock held by

        GREC Entity Holdco LLC
	
        100% of the Capital Stock held

        by GREC Entity Holdco LLC

	Sunsense Clayton Lessee, LLC	North Carolina	
        100% of the Capital Stock held by

        GREC Entity Holdco LLC
	
        100% of the Capital Stock held

        by GREC Entity Holdco LLC

	Sunsense Fletcher Lessee, LLC	North Carolina	
        100% of the Capital Stock held by

        GREC Entity Holdco LLC
	
        100% of the Capital Stock held

        by GREC Entity Holdco LLC

	Sunsense Inman Lessee, LLC	North Carolina	
        100% of the Capital Stock held by

        GREC Entity Holdco LLC
	
        100% of the Capital Stock held

        by GREC Entity Holdco LLC

	Turtle Top Solar, LLC	Indiana	
        100% of the Capital Stock held by

        GREC Entity Holdco LLC
	
        100% of the Capital Stock held

        by GREC Entity Holdco LLC

 

    13 

     

    

 

Schedule 4.12

 

Real Property Interests

 

Realty of the Restricted Parties

 

	Entity Name	Owner of Realty	Address	Nature of Use	
        Nature of

        Realty Interest

	WE 46 Precision Drive LLC	
        WE 36 Precision

        Dr NM LLC
	46 Precision Drive, North Springfield, VT 05150	solar farm	Leasehold
	City Solar Garden LLC	City of Rutland	201 Woodstock Ave, Rutland, VT 05701	solar farm	Leasehold
	Airport Solar I, LLC	City and County of Denver	8500 Pena Blvd., Denver, CO 80249	solar farm	Leasehold
	Bloomfield Solar, LLC	
        H.G Conn Realty

        Corp.2
	1415 Blue Hills Ave., Bloomfield, CT 06002	
        solar farm

        (rooftop)
	Leasehold
	MLH Phase 2 LLC	
        MLH Phase 2

        LLC
	
        Section 15, Township 9 South, Range 20 East,

        Gainesville, FL 32604
	solar farm	Fee
	MLH Phase 3, LLC	
        Murphree Land

        Holdings LLC
	
        Section 15, Township 9 South, Range 20 East,

        Gainesville, FL 32604
	solar farm	Leasehold
	MP2 Green Valley ES, LLC	
        Denver Public

        Schools
	
        5290 Kittredge St., Denver, CO 80239

        4100 N. Jericho St., Denver, CO 80249

        5130 Durham Ct., Denver, CO 80239
	solar farm	Leasehold
	
        PCIP Solar LLC / PCIP Solar Lessee

        LLC
	
        Person County

        Business and

        Industrial Center
	5661 Durham Road, Roxboro, NC 27574	solar farm	Leasehold
	South Robeson Solar Farm, LLC	
        Billy Dean Hunt

        & Judy Ann Hunt
	
        Parcel of Land .09 miles northeast of the intersection
of NC Highway 710 and Sinclair Road, Rowland, NC 28383
	solar farm	Leasehold
	Lincoln Farm I, LLC	Danielle Brown	2724 Huntsville Hwy, Fayetteville, TN 37334	solar farm	Leasehold
	Lincoln Farm II, LLC	Danielle Brown	2730 Huntsville Hwy, Fayetteville, TN 37334	solar farm	Leasehold
	Lincoln Farm III, LLC	Danielle Brown	2742 Huntsville Hwy, Fayetteville, TN 37334	solar farm	Leasehold
	Lincoln Farm IV, LLC	
        William Barry

        Brown Jr
	564 Huntsville Hwy, Fayetteville, TN 37334	solar farm	Leasehold
	Solaverde, LLC	Cotton Mill LLC	105 Brookside Drive, Fayetteville, TN	solar farm	Leasehold
	Solaverde, LLC	William Brown	126 Ardmore Highway, Fayetteville, TN	solar farm	Leasehold
	Solaverde, LLC	Cotton Mill LLC	206 Cotton Mill Road, Fayetteville, TN	solar farm	Leasehold
	Solaverde, LLC	Cotton Mill LLC	228 Cotton Mill Road, Fayetteville, TN	solar farm	Leasehold

 

 

2 Name of company occupying building that has leased
its rooftop

 

    14 

     

    

 

	Solaverde, LLC	Cotton Mill LLC	230 Cotton Mill Road, Fayetteville, TN	solar farm	Leasehold
	Solaverde, LLC	Cotton Mill LLC	246 Cotton Mill Road, Fayetteville, TN	solar farm	Leasehold
	Solaverde, LLC	Danielle Brown	306 Eldad Road, Fayetteville, TN	solar farm	Leasehold
	Solaverde, LLC	Danielle Brown	314 Eldad Road, Fayetteville, TN	solar farm	Leasehold
	Earth Right Energy II, LLC	
        Town of Tazewell

        TN
	207 Richardson Street, Tazewell, TN	solar farm	Leasehold
	Earth Right Energy II, LLC	
        Hancock County

        Board of

        Education
	420 Court Road, Sneedville, TN	solar farm	Leasehold
	Earth Right Energy II, LLC	
        Hancock County

        Board of

        Education
	418 Harris Street, Sneedville, TN	solar farm	Leasehold
	
        MP2 Capital – WGBH Educational

        Foundation, LLC
	
        WGBH

        Educational

        Foundation
	125 Western Avenue, Brighton, MA 02134	solar farm	Leasehold
	MP2/IRG-Petaluma City Schools, LLC	
        Petaluma City

        School District
	800 Reisling Road, Petaluma, CA 95073	solar farm	Leasehold
	MP2-Oregon Solar One, LLC	
        Santa Cruz City

        Schools
	401 Old San Jose Road, Soquel CA 94952	solar farm	Leasehold
	ESA Fleet Community Solar, LLC	 	1010 S. Wesmorland Ave., Orlando, FL 32805	solar farm	 
	
         

        North Carolina Solar I, LLC
	Daniel P. Jones/Joe Dan and Mary Manis	
         

        1420/1520 Stewartsville Rd., Laurinburg, NC 28352
	solar farm	Leasehold
	MP2 Hawaii Solar I, LLC	
        Omao Ranch

        Lands, LLC
	4134A Noho Road, Koloa, HI 96756	solar farm	Leasehold
	North Carolina Solar II, LLC	
        William D. Bethea

        and Gloria Bethea
	US 401 S. & Tartan Rd., Laurinburg, NC 28352	solar farm	Leasehold
	Sunsense Clayton Lessee, LLC	Walthom Group	33 Pony Farm Road, Clayton, NC 27520	solar farm	Leasehold
	Sunsense Fletcher Lessee, LLC	
        Fletcher

        Warehousing

        Company, LP
	4600 Hendersonville Rd., Fletcher, NC 28732	solar farm	Leasehold
	Sunsense Inman Lessee, LLC	
        Atlantic Partners II,

        LLC
	2315 Atlantic Ave., Raleigh, NC 27604	solar farm	Leasehold
	Turtle Top Solar, LLC	
        Independent

        Protection

        Company, Inc.
	67819 State Road 15, New Paris, IN 46553	solar farm	Leasehold
	Hartford Solarfield, LLC	 	2590 North Hartland Road, Hartford, VT 05763	solar farm	Leasehold

 

    15 

     

    

 

	Pittsford GLC Solar, LLC	
        GL Pittsford

        Holdings, LLC
	Kendall Hill Road, Pittsford, VT 05763	solar farm	Leasehold
	Proctor GLC Solar, LLC	Mont Vert, LLC	2824 West Street, Proctor, VT 05765	solar farm	Leasehold
	Novus Royalton Solar, LLC	Camp Acres, LLC	Gee Hill Road, Royalton, VT 05068	solar farm	Leasehold
	Charter Hill Solar, LLC	
        E&K Asset

        Management, LLC
	End of Grandview Terrace, Rutland, VT 05701	solar farm	Leasehold
	GLC Chester Community Solar, LLC	 	391 VT Route, Chester, VT 05143	solar farm	Leasehold
	Williamstown Old Town Road Solar, LLC	Allen Chouinard	228 Old Town Road, Williamstown, VT 05679	solar farm	Leasehold

 

    16 

     

    

 

Schedule 4.14

 

Environmental Matters

 

Section 4.14(a): None.

 

Section
4.14(b): None.

 

Section 4.14(c): None.

 

    17

     

    

 

Schedule
4.16

 

Intellectual
Property

 

None.

 

    18

     

    

 

Schedule 4.18

 

Insurance

 

	Insurer	Policy	Type of Insurance	Coverage Limits	Deductibles	Expiration Date
	
        Axis Specialty Europe

        SE – London Branch
	3776850117EN	Property	
        Per each project; please

        see following table
	$25,000 per project	June 30, 2018
	
        Axis Specialty Europe

        SE – London Branch
	3776850217EN	General Liability	
        Each occurrence: $1,000,000

        General aggregate: $2,000,000
	$5000	June 30, 2018
	
        Axis Specialty Europe

        SE – London Branch
	3776850217EN	Automobile	
        Combined single limit:

        $1,000,000
	 	June 30, 2018
	
        Axis Specialty Europe

        SE – London Branch
	3776850317EN	Umbrella	
        Each occurrence: $25,000,000

        Aggregate: $25,000,000
	 	June 30, 2018

  

    19

     

    

 

ADDENDUM

Schedule of Solar Assets

 

	Owner
	Site Name
	Address
	CITY
	STATE
	ZIP CODE
	PD LIMIT
	BI LIMIT
	PD DEDUCTIBLE
	BI WAITING PERIOD	Earthquake Limit
	Flood Limit
	Windstorm Limit

	GREC Entity HoldCo, LLC	Airport  Solar I, LLC	8500 Pena Blvd.	Denver	CO	80249	$	3,071,071	$	499,212	$	25,000	15 days	$	5,000,000	$	5,000,000	$	5,000,000
	GREC Entity HoldCo, LLC	MP2 Green  Valley ES, LLC	4100 N. Jericho  St.	Denver	CO	80249	$	232,679	$	15,653	$	25,000	15 days	$	5,000,000	$	5,000,000	$	5,000,000
	GREC Entity HoldCo, LLC	MP2 Green  Valley ES, LLC	5130 Durham Ct.	Denver	CO	80239	$	232,679	$	15,653	$	25,000	15 days	$	5,000,000	$	5,000,000	$	5,000,000
	GREC Entity HoldCo, LLC	MP2 Green  Valley ES, LLC	5290 Kittredge St.	Denver	CO	80239	$	232,679	$	15,653	$	25,000	15 days	$	5,000,000	$	5,000,000	$	5,000,000
	GREC Entity HoldCo, LLC	Bloomfield Solar, LLC	1415 Blue Hills Ave.	Bloomfield	CT	6002	$	534,713	$	34,632	$	25,000	15 days	$	5,000,000	$	5,000,000	$	5,000,000
	GREC Entity HoldCo, LLC	North  Carolina Solar I, Lessee,  LLC	1420/1520 Stewartsville Rd.	Laurinburg	NC	28352	$	4,574,809	$	433,788	$	25,000	15 days	$	5,000,000	$	5,000,000	$	5,000,000
	GREC Entity HoldCo, LLC	SunSense Inman  Lessee,  LLC	2315 Atlantic Ave.	Raleigh	NC	27604	$	984,550	$	93,750	$	25,000	15 days	$	5,000,000	$	5,000,000	$	5,000,000
	GREC Entity HoldCo, LLC	SunSense Clayton Lessee,  LLC	33 Pony Farm Road	Clayton	NC	27520	$	978,643	$	93,750	$	25,000	15 days	$	5,000,000	$	5,000,000	$	5,000,000
	GREC Entity HoldCo, LLC	SunSense Fletcher Lessee,  LLC	4600 Hendersonville Rd.	Fletcher	NC	28732	$	978,643	$	93,750	$	25,000	15 days	$	5,000,000	$	5,000,000	$	5,000,000
	GREC Entity HoldCo, LLC	Turtle  Top Solar, LLC	67819  State Road 15	New Paris	IN	46553	$	802,454	$	105,105	$	25,000	15 days	$	5,000,000	$	5,000,000	$	5,000,000
	GREC Entity HoldCo, LLC	MP2 Hawaii  Solar, LLC	4135A  Noho Road	Koloa	HI	96756	$	784,815	$	102,874	$	25,000	15 days	$	5,000,000	$	5,000,000	$	5,000,000
	GREC Entity HoldCo, LLC	North  Carolina Solar II, Lessee,  LLC	US 401 S. & Tartan  Rd.	Laurinburg	NC	28352	$	4,563,236	$	299,952	$	25,000	15 days	$	5,000,000	$	5,000,000	$	5,000,000
	GREC Entity HoldCo, LLC	ESA Fleet Community Solar, LLC	1010 S. Wesmorland Ave.	Orlando	FL	32805	$	891,900	$	110,042	$	25,000	15 days	$	5,000,000	$	5,000,000	$	5,000,000
	GREC Entity HoldCo, LLC	MLH Phase  2, LLC	Section  15, Township 9 South,  Range  20 East	Gainesville	FL	32601	$	2,083,075	$	337,000	$	25,000	15 days	$	5,000,000	$	5,000,000	$	5,000,000
	GREC Entity HoldCo, LLC	MLH Phase  3, LLC	Section  15, Township 9 South,  Range  20 East	Gainesville	FL	32601	$	2,019,176	$	228,000	$	25,000	15 days	$	5,000,000	$	5,000,000	$	5,000,000
	GREC Entity HoldCo, LLC	PCIP Solar, LLC	5661 Durham Road	Roxboro	NC	27574	$	2,282,166	$	229,000	$	25,000	15 days	$	5,000,000	$	5,000,000	$	5,000,000
	GREC Entity HoldCo, LLC	South  Robeson Solar Farm, LLC	Parcel of Land	Rowland	NC	28383	$	11,077,417	$	779,000	$	25,000	15 days	$	5,000,000	$	5,000,000	$	5,000,000
	Green  Maple,  LLC	Williamstown Old Town Solar, LLC	228 Old Town Road	Williamstown	VT	5679	$	1,712,646	$	183,900	$	25,000	15 days	$	5,000,000	$	5,000,000	$	5,000,000
	Green  Maple,  LLC	GLC Chester Community Solar, LLC	391 VT Route	Chester	VT	5143	$	1,778,990	$	187,900	$	25,000	15 days	$	5,000,000	$	5,000,000	$	5,000,000
	Green  Maple,  LLC	Charter Hill Solar, LLC	End of Grandview Terrace	Rutland	VT	5701	$	2,634,544	$	245,200	$	25,000	15 days	$	5,000,000	$	5,000,000	$	5,000,000
	Green  Maple,  LLC	Pittsford GLC Solar, LLC	Kendall  Hill Road	Pittsford	VT	5763	$	1,635,917	$	176,000	$	25,000	15 days	$	5,000,000	$	5,000,000	$	5,000,000
	Green  Maple,  LLC	Novus  Royalton Solar, LLC	Gee Hill Road	Royalton	VT	5068	$	1,470,730	$	158,400	$	25,000	15 days	$	5,000,000	$	5,000,000	$	5,000,000
	Green  Maple,  LLC	Proctor	2824 West Street	Proctor	VT	5765	$	1,601,880	$	173,600	$	25,000	15 days	$	5,000,000	$	5,000,000	$	5,000,000
	Green  Maple,  LLC	Hartford	2590 North  Hartland Road	Hartford	VT	05763	$	1,715,608	$	192,000	$	25,000	15 days	$	5,000,000	$	5,000,000	$	5,000,000
	Green  Maple,  LLC	46 Precision Drive	46 Precision Drive	North  Springfield	VT	5150	$	1,713,415	$	157,300	$	25,000	15 days	$	5,000,000	$	5,000,000	$	5,000,000
	Green  Maple,  LLC	City Solar	201 Woodstock Ave	Rutland	VT	5701	$	2,259,554	$	248,000	$	25,000	15 days	$	5,000,000	$	5,000,000	$	5,000,000
	Magnolia Sun LLC	Santa Cruz City Schools	401 Old San Jose Road	Soquel	CA	94952	$	673,738	$	9,719	$	25,000	15 days	$	5,000,000	$	5,000,000	$	5,000,000
	Magnolia Sun LLC	Petaluma USD	800 Reisling Road	Petaluma	CA	95073	$	348,415	$	12,816	$	25,000	15 days	$	5,000,000	$	5,000,000	$	5,000,000
	Magnolia Sun LLC	WGBH  Educational Foundation	125 Western Avenue	Brighton	MA	02134	$	231,803	$	9,051	$	25,000	15 days	$	5,000,000	$	5,000,000	$	5,000,000
	Magnolia Sun LLC	SolaVerde - 105 Brookside	105 Brookside Drive	Fayetteville	TN	37334	$	384,605	$	55,620	$	25,000	15 days	$	5,000,000	$	5,000,000	$	5,000,000
	Magnolia Sun LLC	SolaVerde - 126 Ardmore	126 Ardmore Highway	Fayetteville	TN	37334	$	409,825	$	55,620	$	25,000	15 days	$	5,000,000	$	5,000,000	$	5,000,000
	Magnolia Sun LLC	SolaVerde - 206 Cotton  Mill	206 Cotton  Mill Road	Fayetteville	TN	37334	$	384,605	$	55,620	$	25,000	15 days	$	5,000,000	$	5,000,000	$	5,000,000
	Magnolia Sun LLC	SolaVerde - 228 Cotton  Mill	228 Cotton  Mill Road	Fayetteville	TN	37335	$	384,605	$	55,620	$	25,000	15 days	$	5,000,000	$	5,000,000	$	5,000,000
	Magnolia Sun LLC	SolaVerde - 230 Cotton  Mill	230 Cotton  Mill Road	Fayetteville	TN	37336	$	384,605	$	55,620	$	25,000	15 days	$	5,000,000	$	5,000,000	$	5,000,000
	Magnolia Sun LLC	SolaVerde - 246 Cotton  Mill	246 Cotton  Mill Road	Fayetteville	TN	37337	$	384,605	$	55,033	$	25,000	15 days	$	5,000,000	$	5,000,000	$	5,000,000
	Magnolia Sun LLC	SolaVerde - 306 Eldad	306 Eldad Road	Fayetteville	TN	37338	$	409,825	$	55,033	$	25,000	15 days	$	5,000,000	$	5,000,000	$	5,000,000
	Magnolia Sun LLC	SolaVerde - 314 Eldad	314 Eldad Road	Fayetteville	TN	37339	$	409,825	$	55,033	$	25,000	15 days	$	5,000,000	$	5,000,000	$	5,000,000
	Magnolia Sun LLC	Earthright - City of Tazewell	207 Richardson Street	Tazewell	TN	37879	$	116,036	$	11,266	$	25,000	15 days	$	5,000,000	$	5,000,000	$	5,000,000
	Magnolia Sun LLC	Earthright - Hancock City Schools Court  House	420 Court  Road	Sneedville	TN	37869	$	115,735	$	11,266	$	25,000	15 days	$	5,000,000	$	5,000,000	$	5,000,000
	Magnolia Sun LLC	Earthright - Hancock City Schools Alternative	418 Harris  Street	Sneedville	TN	37869	$	115,735	$	11,266	$	25,000	15 days	$	5,000,000	$	5,000,000	$	5,000,000
	Magnolia Sun LLC	Lincoln  Farm I LLC	2724 Huntsville Hwy	Fayetteville	TN	37334	$	1,411,500	$	72,994	$	25,000	15 days	$	5,000,000	$	5,000,000	$	5,000,000
	Magnolia Sun LLC	Lincoln  Farm II LLC	2730 Huntsville Hwy	Fayetteville	TN	37334	$	1,411,500	$	71,199	$	25,000	15 days	$	5,000,000	$	5,000,000	$	5,000,000
	Magnolia Sun LLC	Lincoln  Farm III LLC	2742 Huntsville Hwy	Fayetteville	TN	37334	$	1,411,500	$	68,484	$	25,000	15 days	$	5,000,000	$	5,000,000	$	5,000,000
	Magnolia Sun LLC	Lincoln  Farm IV LLC	564 Huntsville Hwy	Fayetteville	TN	37334	$	1,411,500	$	69,714	$	25,000	15 days	$	5,000,000	$	5,000,000	$	5,000,000

 

     

     

    

 

Schedule 4.19

 

Material Contracts

 

	1.	Each of the following is a Project Document for a Borrowing
Base Project:

		a.	Feed in Tariff Solar Energy Purchase Agreement, between Murphee Land Holdings,
LLC and the City of Gainesville, Florida, dated March 28, 2012, which pertains to MLH Phase 2 LLC;

		b.	Feed in Tariff Solar Energy Purchase Agreement, between MLH Phase 3, LLC
and the City of Gainesville, Florida, dated June 25, 2013;

		c.	Solar Power Purchase Agreement, dated September 29, 2009,
between City and County of Denver and Airport Solar I, LLC;

		d.	Renewable Power Purchase Agreement between Carolina Solar Energy, LLC and
Progress Energy Carolinas, Inc., dated January 31, 2011, which pertains to PCIP Solar LLC, as amended by that certain First Amendment
and Restatement to Renewable Power Purchase Agreement, dated June 2011, as amended by that certain Second Amendment and Restatement
to Renewable Power Purchase Agreement, dated September 20, 2011;

		e.	Purchase Agreement, between South Robeson Farm, LLC and Progress Energy
Carolinas, Inc., dated February 8, 2012, as amended by that first amendment to the application for standard contract by a qualifying
cogenerator or small power producer, dated August 7, 2012, which pertains to South Robeson Solar Farm, LLC;

		f.	Solar Power Purchase Agreement, December 31, 2009 between MP2 Capital, LLC
and Denver Public Schools, which pertains to MP2 Green Valley ES, LLC (Greenwood Elementary);

		g.	Solar Power Purchase Agreement, December 31, 2009 between MP2 Capital, LLC
and Denver Public Schools, which pertains to MP2 Green Valley ES, LLC (Green Valley Elementary);

		h.	Solar Power Purchase Agreement, December 31, 2009 between MP2 Capital, LLC
and Denver Public Schools, which pertains to MP2 Green Valley ES, LLC (Rachael B. Noel Middle School);

		i.	Generation Partners Amended and Restated Pilot Extended Participation Agreement,
between Lincoln Farm I, LLC and Tennessee Valley Authority, dated December 10, 2013;

		j.	Generation Partners Amended and Restated Pilot Extended Participation Agreement,
between Lincoln Farm II, LLC and Tennessee Valley Authority, dated December 10, 2013;

		k.	Generation Partners Amended and Restated Pilot Extended Participation Agreement,
between Lincoln Farm III, LLC and Tennessee Valley Authority, dated December 10, 2013;

		l.	Generation Partners Amended and Restated Pilot Extended Participation Agreement,
between Lincoln Farm IV, LLC and Tennessee Valley Authority, dated December 10, 2013;

		m.	Power Purchase Agreement, dated September 2, 2010, by
and between MP2 Capital, LLC and H.G. Conn Realty Corp., which pertains to Bloomfield Solar, LLC;

 

    20 

     

    

 

		n.	Solar Energy Services Agreement, by and between WSD NM I, LLC and Brattleboro
Memorial Hospital, dated September 11, 2014, as amended by that First Amendment to Solar Energy Services Agreement, dated October
8, 2015, by and between WE 46 Precision Drive LLC and the Brattleboro Memorial Hospital;

		o.	Solar Photovoltaic Project Power Purchase Agreement, dated September 1, 2013,
by and between Rutland Renewable Energy, LLC and Green Mountain Power Corporation, as amended by that First Amendment to Solar
Photovoltaic Project Power Purchase Agreement, dated May 9, 2014, by and between Rutland Renewable Energy, LLC and Green Mountain
Power Corporation, as amended by that Second Amendment to Solar Photovoltaic Project Power Purchase Agreement, dated July 13, 2015,
by and between Rutland Renewable Energy, LLC and Green Mountain Power Corporation, which agreement pertains to City Solar Garden
LLC;

		p.	Energy Services Agreement #001-07, dated December 12, 2006, by and between
RGD Energies, Inc. and Petaluma City Schools of Sonoma County, as amended by Amendment One, dated February 29, 2008, which agreement
pertains to MP2/IRG- Petaluma City Schools, LLC;

		q.	Solar Power Purchase Agreement between Santa Cruz City
Schools and MP2 Capital, LLC, dated April 8, 2008, as amended by Amendment One, dated December 18, 2008, which agreement pertains
to MP2-Oregon Solar One, LLC;

		r.	Solar Power Agreement, dated December 3, 2007, between MP2 Capital, LLC and
WGBH Educational Foundation, as amended by that First Amendment to Solar Power Agreement, dated April 14, 2008, which agreement
pertains to MP2 Capital – WGBH Educational
Foundation, LLC;

		s.	Generation Partners Expanded Pilot Participation Agreement,
dated August 23, 2012, between Town of Tazewell City Park #1 and Powell Valley Electric Cooperative, as amended by that Generation
Partners Amended and Restated Pilot Extended Participation Agreement, dated July 26, 2013, by and between Town of Tazewell City
Park #1 and Powell Valley Electric Cooperative, which agreement pertains to Earth Right Energy II, LLC;

		t.	Generation Partners Expanded Pilot Participation Agreement, dated July 13,
2012, between Hancock County Schools Adult Education Center and Powell Valley Electric Cooperative, which agreement pertains to
Earth Right Energy II, LLC;

		u.	Generation Partners Expanded Pilot Participation Agreement,
dated August 15, 2012, between Hancock County Schools Central Office and Powell Valley Electric Cooperative, which agreement pertains
to Earth Right Energy II, LLC;

		v.	Generation Partners Amended and Restated Pilot Extended Participation Agreement
among Solaverde, LLC, Fayetteville Public Utilities, and Tennessee Valley Authority, dated December 10, 2013, which agreement pertains
to the 105 Brookside location for
Solaverde, LLC;

		w.	Generation Partners Amended and Restated Pilot Extended Participation Agreement
among Solaverde, LLC, Fayetteville Public Utilities, and Tennessee Valley Authority, dated December 10, 2013, which agreement pertains
to the 126 Ardmore location for Solaverde,
LLC;

		x.	Generation Partners Amended and Restated Pilot Extended
Participation Agreement among Solaverde, LLC, Fayetteville Public Utilities, and Tennessee Valley Authority, dated December 10,
2013, which agreement pertains to the 206 Cotton Mill location for Solaverde, LLC;

 

    21 

     

    

 

		y.	Generation Partners Amended and Restated Pilot Extended Participation Agreement
among Solaverde, LLC, Fayetteville Public Utilities, and Tennessee Valley Authority, dated December 10, 2013, which agreement pertains
to the 228 Cotton Mill location for Solaverde, LLC;

		z.	Generation Partners Amended and Restated Pilot Extended Participation Agreement
among Solaverde, LLC, Fayetteville Public Utilities, and Tennessee Valley Authority, dated December 10, 2013, which agreement pertains
to the 230 Cotton Mill location for Solaverde, LLC;

		aa.	Generation Partners Amended and Restated Pilot Extended Participation Agreement
among Solaverde, LLC, Fayetteville Public Utilities, and Tennessee Valley Authority, dated December 10, 2013, which agreement pertains
to the 246 Cotton Mill location for Solaverde, LLC;

		bb.	Generation Partners Amended and Restated Pilot Extended Participation Agreement
among Solaverde, LLC, Fayetteville Public Utilities, and Tennessee Valley Authority, dated December 10, 2013, which agreement pertains
to the 306 Eldad location for Solaverde, LLC;

		cc.	Generation Partners Amended and Restated Pilot Extended Participation Agreement
among Solaverde, LLC, Fayetteville Public Utilities, and Tennessee Valley Authority, dated December 10, 2013, which agreement pertains
to the 314 Eldad location for Solaverde, LLC;

		dd.	Purchase Power Agreement between MP2 Hawaii Solar I, LLC and Kaua`I Island
Utility Cooperative, dated October 7, 2011, which pertains to MP2 Hawaii Solar I, LLC;

		ee.	Renewable Power Purchase Agreement between Progress Energy Carolinas, Inc.
and North Carolina Solar I, LLC, dated September 9, 2011, which pertains to the 1420 & 1520 Stewartsville Road locations for North
Carolina Solar I, LLC;

		ff.	Application for Stnadard Contract by a Qualifying Cogenerator or Small Power
Producer between Carolina Power & Light Company d/b/a Progress Energy Carolinas, Inc. and North Carolina Solar II, LLC, dated
November 29, 2012, which pertains to North Carolina Solar II, LLC;

		gg.	Solar Power & Services Purchase Agreement, dated November
19, 2012, between ESA Fleet Community Solar, LLC and Orlando Utilities Commission, which pertains to ESA Fleet Community Solar,
LLC;

		hh.	Renewable Power Purchase Agreement between Progress Energy Carolinas, Inc.
and BGE Carolina SunSense I, LLC, dated August 1, 2012, which pertains to the Sunsense Clayton Lessee, LLC;

		ii.	Renewable Power Purchase Agreement between Progress Energy Carolinas, Inc.
and ESA NC Solar, LLC, dated July 30, 2012, which pertains to the Sunsense Fletcher Lessee, LLC;

		jj.	Renewable Power Purchase Agreement between Progress Energy Carolinas, Inc.
and 2315 Altantic Avenue Solar Facility, LLC, dated June 4, 2012, which pertains to the Sunsense Inman Lessee, LLC;

 

    22 

     

    

 

		kk.	Solar Photovoltaic Project Power Purchase Agreement, dated November 6, 2013,
by and between Charter Hill Solar, LLC and Green Mountain Power Corporation, as amended by that First
Amendment to Solar Photovoltaic Project Power Purchase Agreement, dated May 13, 2014, and that Second Amendment to Solar Photovoltaic
Project Power Purchase Agreement, dated May 28, 2015, all of which pertain to Charter Hill Solar, LLC;

		ll.	Solar Energy Services Agreement, dated February 28, 2014, by and between Green
Lantern Capital, LLC and the Town of Chester, as amended by that First Amendment to Solar Energy Services Agreement, dated May
22, 2015, each of which pertains to GLC Chester Community Solar, LLC;

		mm.	(i) Solar Energy Services Agreement, by and between Green Lantern Capital,
LLC and the Town of Pittsford, dated July 7, 2014, as amended by that First Amendment to Solar Energy Services Agreement, dated
May 7, 2015; and (ii) Solar Energy Services Agreement by and between Green Lantern Capital, LLC and Carlos G. Otis Health Care
Center, Inc. d/b/a Grace Cottage Hospital, as amended by that First Amendment to Solar Energy Services Agreement, dated October
27 ,2014, and that Second Amendment to Solar Energy Services Agreement, all of which pertain to Pittsford GLC Solar, LLC;

		nn.	Solar Energy Services Agreement, dated May 30, 2014, by and between Hartford
Solarfield, LLC and the Town of Hartford, as amended by that First Amendment to Solar Energy Services Agreement, dated August 5,
2015, and that Second Amendment to Solar Energy Services Agreement, dated June 1, 2016, all of which pertain to Hartford Solarfield,
LLC;

		oo.	(i) Solar Energy Services Agreement, dated July 15, 2014, between Novus Royalty
Solar, LLC and Town of Bethel, as amended by that First Amendment to Solar Energy Services Agreement, dated May 11, 2015; (ii)
Solar Energy Services Agreement, dated April 30, 2014, between Novus Royalton Solar, LLC and Town of Royalton Vermont, as amended
by that First Amendment to Solar Energy Services Agreement, dated May 12, 2015; and (iii) Solar Energy Services Agreement, dated
March 25, 2014, between Novus Royalton Solar, LLC and Royalton Town School District, each of which pertain to Novus Royalton Solar,
LLC;

		pp.	(i) Solar Energy Services Agreement by and between Green Lantern
                                                               Capital, LLC and Town of Proctor, dated November 4, 2014, as amended by that First Amendment to Solar Energy Services
                                                               Agreement, dated May 27, 2015; (ii) Solar Energy Services Agreement by and between Green Lantern Development, LLC and Mount
                                                               Mansfield Modified Union School District, dated June 19, 2015, as amended by that First Amendment to Solar Energy Services
                                                               Agreement, dated February 22, 2017 and that Second
Amendment to Solar Energy Services Agreement, dated November 29, 2017, each of which pertain to Proctor GLC Solar LLC;

		qq.	Solar Energy Services Agreement by and between Green Lantern Capital, LLC
and St. Johnsbury Academy, dated August 5, 2014, as amended by that First Amendment to Solar Energy Services Agreement, dated January
20, 2015, each of which pertains to Williamstown Old Town Road Solar LLC; and

		rr.	Renewable Power Purchase Agreement, dated December 9, 2011, between Independent
Protection Company, Inc. and the Northern Indiana Public Service Company, as assigned by Independent Protection Company, Inc. to
Turtle Top Solar, LLC, which agreement pertains to Turtle Top Solar, LLC.

 

    23 

     

    

 

Schedule
7.5

 

Investments

 

None.

 

    24 

     

    

 

Schedule
7.7

 

Transactions
with Affiliates

 

None.

 

    25 

     

    

 

EXHIBIT
A

 

[FORM
OF] NOTE

 

	$[ ____________]	[________],
[___]

 

FOR
VALUE RECEIVED, GREC ENTITY HOLDCO LLC, a Delaware limited liability company (the “Borrower”), hereby promises
to pay to [__________________] (the “Lender”), at the offices of the Administrative Agent located at 201 North Tryon Street,
Suite 1700, Charlotte, North Carolina 28202 (or at such other place or places as the Administrative Agent may designate), at the
times and in the manner provided in the Credit Agreement, dated as of January 5, 2018 (as amended, modified, restated or supplemented
from time to time, the “Credit Agreement”), among the Borrower, Intermediate Holdco, the Parent, the Lenders
from time to time parties thereto, and Fifth Third Bank, as Administrative Agent and a Lender, the principal sum of [_____________]
($[____________].00), under the terms and conditions of this promissory note (this “Note”) and the Credit Agreement.
The defined terms in the Credit Agreement are used herein with the same meaning. The Borrower also promises to pay interest on
the aggregate unpaid principal amount of this Note at the rates applicable thereto from time to time as provided in the Credit
Agreement.

 

This
Note is one of the Notes referred to in the Credit Agreement and is issued to evidence the Loans made by the Lender pursuant to
the Credit Agreement. All of the terms, conditions and covenants of the Credit Agreement are expressly made a part of this Note
by reference in the same manner and with the same effect as if set forth herein at length, and any holder of this Note is entitled
to the benefits of and remedies provided in the Credit Agreement and the other Credit Documents. Reference is made to the Credit
Agreement for provisions relating to the interest rate, maturity, payment, prepayment and acceleration of this Note.

 

In
the event of an acceleration of the maturity of this Note, this Note shall become immediately due and payable, without presentation,
demand, protest or notice of any kind, all of which are hereby waived by the Borrower.

 

In
the event this Note is not paid when due at any stated or accelerated maturity, the Borrower agrees to pay, in addition to the
principal and interest, all costs of collection, including reasonable attorneys’ fees, in accordance with and subject to
the terms of Section 10.1 of the Credit Agreement.

 

This
Note and any claims, controversy, dispute or cause of action (whether in contract or tort or otherwise) based upon, arising out
of or relating to this Note shall be governed by, and construed in accordance with, the law of the State of New York. The Borrower
hereby submits to the exclusive jurisdiction and venue of the courts of the State of New York sitting in the City and County of
New York and of the United States District Court of the Southern District of New York, and any appellate court from any thereof,
although the Lender shall not be limited to bringing an action in such courts.

 

[Remainder
of page left blank intentionally; signature page follows.]

 

     

     

    

 

IN
WITNESS WHEREOF, the Borrower has caused this Note to be executed by its duly authorized corporate officer as of the day and
year first above written.

	 	 	 
	 	GREC ENTITY HOLDCO LLC
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

     

     

    

 

EXHIBIT
B

 

[FORM
OF] NOTICE OF BORROWING

 

__________ __,
20__

 

Fifth
Third Bank,

as
Administrative Agent

under
the Credit Agreement referred to below

201
N. Tryon Street, Suite 1700

Charlotte,
North Carolina 28202

Attention:
Eric Cohen

 

Ladies
and Gentlemen:

 

The
undersigned, GREC Entity HoldCo LLC, a Delaware limited liability company (the “Borrower”), refers to the Credit
Agreement, dated as of January 5, 2018, between the Borrower, Greenbacker Renewable Energy Corporation, Greenbacker Renewable
Energy Company LLC, the Lenders from time to time parties thereto, and Fifth Third Bank, as Administrative Agent and a Lender
(as amended, modified or supplemented from time to time, the “Credit Agreement,” the terms used herein are
defined therein), and, pursuant to Section 2.2(b) of the Credit Agreement, hereby gives you, as Administrative Agent, irrevocable
notice that the Borrower requests a Borrowing of Committed Loans under the Credit Agreement, and to that end sets forth below
the information relating to such Borrowing (the “Proposed Borrowing”) as required by Section 2.2(b) of the
Credit Agreement:

 

(i)           The
aggregate principal amount of the Proposed Borrowing is [$____________ ].1

 

(ii)          The
Proposed Borrowing is requested to be made __________ on (the “Borrowing Date”).2 

 

The
Borrower hereby certifies that the following statements are true on and as of the date hereof and will be true on and as of the
Borrowing Date:

 

Each
of the representations and warranties made by each Credit Party in Article IV of the Credit Agreement and in the other Credit
Documents is and will be true and correct on and as of the Borrowing Date with the same effect as if made on and as of such date,
both immediately before and after giving effect to the Proposed Borrowing and the application of the proceeds therefrom (except
to the extent any such representation or warranty is expressly stated to have been made as of a specific date, in which case such
representation or warranty shall be true and correct as of such date); and

 

No
Default or Event of Default has occurred and is continuing or would result from the Proposed Borrowing or from the application
of the proceeds therefrom. 

 

 

1
Amount of Proposed Borrowing must comply with Section 2.2(b) of the Credit Agreement in an amount not less than $5,000,000.

 

2
Shall be a Business Day at least three Business Days after the date hereof or such other time as approved by the Administrative
Agent.

 

     

     

    

 

	 	 	 
	 	Very truly yours,
	 	 
	 	GREC ENTITY HOLDCO LLC
	 	 	 
	 	By:	 
	 	Name:	 
	 	Its:	 

 

     

     

    

 

EXHIBIT
C

 

[FORM
OF] 

COMPLIANCE CERTIFICATE

 

[ ___      _,        _]

 

THIS
COMPLIANCE CERTIFICATE is delivered pursuant to the Credit Agreement, dated as of January 5, 2018 (the “Credit Agreement”),
among GREC Entity HoldCo LLC, a Delaware limited liability company (the “Borrower”), Greenbacker Renewable
Energy Corporation, a Maryland corporation, Greenbacker Renewable Energy Company LLC, a Delaware limited liability company, the
Lenders from time to time parties thereto and Fifth Third Bank, as Administrative Agent and a Lender. Capitalized terms used herein
without definition shall have the meanings given to such terms in the Credit Agreement.

 

The
undersigned hereby certifies for and on behalf of the Borrower, and not in his individual capacity, as follows:

 

1.       The
undersigned is a duly elected Financial Officer of the Borrower.

 

2.       Enclosed
with this Certificate are copies of the financial statements of the Borrower as of ____________, and for the [quarter] [year] then
ended, required to be delivered under Section [5.1(a)][5.1(b)] of the Credit Agreement. Such financial statements have been
prepared in accordance with GAAP [(subject to the absence of notes required by GAAP and subject to normal year-end
adjustments)]3 and present fairly in all material respects the financial condition of the Borrower on a consolidated basis as
of the date indicated and the results of operation of the Borrower on a consolidated basis for the period covered
thereby.

 

3.       The undersigned has reviewed the terms of the Credit Agreement and has made, or caused to be made under the supervision of the
undersigned, a review in reasonable detail of the transactions and condition of the Parent and its Subsidiaries during the accounting
period covered by such financial statements.

 

4.       The examination described in paragraph 3 above did not disclose, and the undersigned has no knowledge of the existence of, any
Default or Event of Default during or at the end of the accounting period covered by such financial statements or as of the date
of this Certificate[.][, except as set forth below.

 

Describe
here or in a separate attachment any exceptions to paragraph 4 above by listing, in reasonable detail, the nature of the Default
or Event of Default, the period during which it existed and the action that the Borrower has taken or proposes to take with respect
thereto.]

 

 

3
Insert in the case of quarterly financial statements.

 

     

     

    

 

5.       
Attached to this Certificate as Schedule I is, for the fiscal quarter ended on the date referenced in paragraph (2)
above, (A) a calculation (with reasonable supporting detail) of the Dividend Amount, Dividend Overage (if any) and Dividend
Carryforward Amount (if any) for such fiscal quarter, (B) a listing of the Net Asset Value for each of the Parent and the
Borrower as of the end of each month during the such fiscal quarter and the Average Net Asset Value for each of the Parent
and Borrower for such fiscal quarter, (C) a summary of all distributions and dividends paid by the Borrower and by the Parent
during such fiscal quarter, (D) a summary of all Capital Contributions received by the Borrower during such fiscal quarter
and whether such Capital Contributions intended to be used to repay Loans in accordance with Section 7.4(iii) of the Credit
Agreement or satisfy the obligations related to a Dividend Overage as set forth clause (x) of the proviso in Section
7.6(a)(iii) of the Credit Agreement.

 

(iii)           Attached
to this Certificate as Schedule II is a covenant compliance worksheet reflecting the computation of the financial covenants
set forth in Article VI of the Credit Agreement as of the last day of and for the period covered by the financial statements enclosed
herewith.

 

[Signatures
on the following page]

 

     

     

    

 

The
foregoing certifications, together with the computations set forth in Schedule II hereto and the financial statements delivered
with this Compliance Certificate in support hereof, are made and delivered this _____ day of ___________________ ,  ______.

	 	 	 
	 	GREC ENTITY HOLDCO LLC
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

     

     

    

  

SCHEDULE
I

 

REQUIRED
INFORMATION RELATED TO DIVIDENDS AND CAPITAL CONTRIBUTIONS

 

For the fiscal quarter ended  ___________________, ____________ 

 

	1.	         Dividend Definitions	 	 	 
	 	 	 	 	 
	 	●       Dividend Amount	$	 	 
	 	●       Dividend Overage	$	 	 
	 	●       Dividend Carryforward Amount	$	 	 

 

[include
calculations]

 

	2.	          Net Asset Value of the Parent	 	 	 
	 	 	 	 	 
	 	●        First month during fiscal quarter	$	 	 
	 	●        Second month during fiscal quarter	$	 	 
	 	●        Third month during fiscal quarter	$	 	 
	 	●        Average Net Asset Value	$	 	 

 

	3.	          Net Asset Value of the Borrower	 	 	 
	 	 	 	 	 
	 	●        First month during fiscal quarter	$	 	 
	 	●        Second month during fiscal quarter	$	 	 
	 	●        Third month during fiscal quarter	$	 	 
	 	●        Average Net Asset Value	$	 	 

  

		4.	          Summary
of all distributions and dividends paid by the Borrower

 

		5.	          Summary
of all distributions and dividends paid by the Parent

 

		6.	          Summary
of all Capital Contributions received by the Borrower4

 

 

4
If applicable, indicate whether such Capital Contributions intended to be used to repay Loans in accordance with Section
7.4(iii) of the Credit Agreement or satisfy the obligations related to a Dividend Overage as set forth clause (x) of the proviso
in Section 7.6(a)(iii) of the Credit Agreement

 

     

     

    

 

SCHEDULE II

 

COVENANT COMPLIANCE WORKSHEET

 

A. Debt to Capitalization Ratio 

(Section 6.1 of the Credit Agreement) 

as of __________, ____

	 	 	 	 	 	 	 
	(1)	Consolidated Total Funded Debt as of the date of determination	 	 	$	 
	 	 	 	 	 	 
	(2)	Total Capitalization as of the date of determination	 	 
	 	 	 	 
	 	A.	Consolidated Net Worth	$	 	 	 
	 	 	 	 	 	 	 
	 	B.	Consolidated Total Funded Debt	$	 	 
	 	 	 	 	 	 
	 	C.	Total Capitalization (Line 2(a) plus Line 2(b) )	 	$	 
	 	 	 	 	 	 
	(3)	Debt to Capitalization Ratio:	 	_.__:1.00
	 	Divide Line 1 by Line 2(c)	 	 
	 	 	 	 
	(4)	Maximum Debt to Capitalization Ratio as of the date of determination	 	0.80:1.00

 

     

     

    

 

B. Fixed Charge Coverage Ratio5

(Section 6.2 of the Credit Agreement)

as of __________, ____

	 	 	 	 	 	 	 
	(1)	Ratio Numerator: For the period of four consecutive fiscal quarters	 	 
	 	ending on the date of determination:	 	 
	 	(a)	Consolidated EBITDA of the Borrower for such period (from EBITDA Worksheet, Line 1(j) below)	$	 	 
	 	 	 
	 	 	 
	 	(b)	the excess of (x) the aggregate of all amounts paid by the Borrower or any of its Subsidiaries to any other Person during such Reference Period as dividends or distributions in respect of its Capital Stock or to purchase, redeem, retire or otherwise acquire its Capital Stock (other than dividends or distributions made in accordance with Section 7.6(a)(ii) and Section 7.6(a)(iv) of the Credit Agreement) over (y) the aggregate Net Cash Proceeds of all Capital Contributions received by the Borrower and its Subsidiaries from any other Person (other than any Specified Equity Contribution)	$	 	 
	 

         

         

         

         
	 	 
	 	 	 
	 	(c)	Capital Expenditures for the Borrower and its Subsidiaries to the extent paid (or required to be paid) in cash during such Reference Period that are not financed by the proceeds of Indebtedness (other than revolving Indebtedness)	$	 	 
	 

         
	 	 
	 	 	 
	 	(d)	aggregate tax expense for the Borrower and its Subsidiaries to the extent paid (or required to be paid) in cash during such Reference Period	$	 	 
	 	 	 
	 	 	 
	 	(e)

                     

                     
	any management fees paid in cash by the Borrower and its Subsidiaries in accordance with Section 7.7(iii) of the Credit Agreement during such Reference Period to the extent not already included in the determination of Consolidated EBITDA for the Borrower for such Reference Period	$	 	 
	 

         
	 	 
	 	 	 
	 	(f)	Line 1(a) minus Line 1(b) minus Line 1(c) minus Line 1(d) minus Line 1(e)	 	$	 
	 	 	 
	(2)	Ratio Denominator: For the period of four consecutive fiscal quarters ending on the date
    of determination:	 	 
	 	 
	 	(a)	Consolidated Interest Expense for the Borrower and its Subsidiaries to the extent paid (or required to be paid) in cash during such Reference Period and	$	 	 
	 	 
	 	 

 

5 Calculations of the Fixed Charge Coverage Ratio
(and all defined terms used and other calculations made herein) to determine compliance with Section 6.2 of the Credit Agreement
in respect of any Reference Period shall include, with respect to each component of the calculation, the actual amount thereof
attributable to any Person only for such portion of such Reference Period during which such Person was a member of the group described
in the applicable definition.

 

     

     

    

 

	 	(b)	the aggregate (without duplication) of all scheduled payments of principal on Funded Debt (with respect to the Converted Term Loan, as set forth in Section 2.6(a) of the Credit Agreement) required to have been made by the Borrower and its Subsidiaries during such Reference Period (whether or not such payments are actually made), including scheduled principal payments with respect to any Subordinated Indebtedness6	$	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	(c)	Consolidated Fixed Charges (Line 2(a) plus Line 2(b)):	 	$	 
	 	 	 	 	 	 
	(3)	Fixed Charge Coverage Ratio:	 	 	_.__:1.00
	 	Line 1(f) divided by Line 2(c)	 	 	 
	 	 	 	 	 
	(4)	Minimum Fixed Charge Coverage Ratio as of the date of determination	 	 	1.20:1.00

 

 

6 The scheduled payments of
principal on Funded Debt included in Consolidated Fixed Charges under this clause (b) with respect to the Loans will be determined
(x) for any Reference Period ending prior to the Conversion Date, based on the scheduled payments of principal on the Loans that
would be (or are anticipated to be) required hereunder for the first four-quarter Reference Period commencing after the Conversion
Date, on the outstanding principal balance of the Loans at the time of determination, (y) for any Reference Period ending after
the Conversion Date but prior to the one-year anniversary of the Conversion Date, based on the annualized amount of scheduled
payments of principal on the Loans for the period from the Conversion Date through the end of such Reference Period (i.e., the
actual amount of scheduled payments of principal on the Loans for the period from the Conversion Date through the end of such
Reference Period, multiplied by 365 and divided by the number of days in the period from the Conversion Date
through the end of such Reference Period), and (z) for any Reference Period ending on or after the one-year anniversary of the
Conversion Date, based on the actual amount of scheduled payments of principal on the Loans for such Reference Period (in each
case under clauses (x) and (y), as determined by the Administrative Agent, which determination shall be conclusive absent manifest
error).

 

     

     

    

 

C. EBITDA Worksheet

 

	(i)	Consolidated EBITDA of the Borrower from	 	 
	[_________]7 to [_________]8	 	 
	 	 	 	 
	A.	Consolidated Net Income of the Borrower	$	 	 
	 	 	 	 	 
	B.	interest expense	$	 	 
	 	 	 	 	 
	C.	foreign, federal, state, local and other income taxes	$	 	 
	 	 	 	 	 
	D.	depreciation and amortization	$	 	 
	 	 	 	 	 
	E.	extraordinary losses	$	 	 
	 	 	 	 	 
	F.	nonrecurring cash fees, costs and expenses incurred in connection with the closing of the Credit Agreement and other Credit Documents (including any Incremental Amendment or other amendment thereto) not later than 12 months after the relevant transaction (including fees and expenses paid pursuant to the Credit Agreement not to exceed $1,500,000 in the aggregate	$	 	 
	 

         

         
	 	 
	 	 	 
	G.	non-cash expenses relating to equity-based compensation, all to the extent taken into account in the calculation of Consolidated Net Income for such Reference Period for the Borrower and all calculated in accordance with GAAP	$	 	 
	 

         
	 	 
	 	 	 
	H.	the sum of (A) extraordinary gains or income and (B) non-cash credits increasing income for such period, all to the extent taken into account in the calculation of Consolidated Net Income for such period for the Borrower	$	 	 
	 

         
	 	 
	I.	cash payments during such period on account of noncash expenses or charges expensed in any prior period and added back under clauses (b)-(g) above) above for purposes of determining Consolidated EBITDA for such prior period for the Borrower (or that would have been added back for such purposes if this Agreement had been in effect for such prior period)	$	 	 
	 	 	 
	 	 	 

 

 

7       Insert
first day of the reference period

8       Insert
last day of the reference period.

 

     

     

    

 

	J.	Consolidated EBITDA (Line 2(a) plus Line	$	 	 
	 	2(b) plus Line 2(c) plus Line 2(d) plus Line	 
	 	2(e) plus Line 2(f) plus Line2(g) minus Line	 
	 	2(h) minus Line 2(i)	 

 

     

     

    

 

D. Debt Service Coverage Ratio 

as of __________, ____

 

	(1)	Consolidated EBITDA (see C. above)	$	 
	 	 	 	 
	(2)	Consolidated Fixed Charges (see B. above)	$	 
	 	 	 	 
	(3)	Debt Service Coverage Ratio:	 	_.__:1.00
	 	Divide Line 1 by Line 2	 	 

 

     

     

    

 

EXHIBIT D

 

[FORM OF] ASSIGNMENT
AND ASSUMPTION

 

This Assignment and
Assumption (the “Assignment and Assumption”) is dated as of the Effective Date set forth below and is entered
into by and between [the][each]9 Assignor identified in item 1 below ([the][each, an] “Assignor”)
and [the][each] 10 Assignee identified in item 2 below ([the][each, an] “Assignee”). [It is understood
and agreed that the rights and obligations of [the Assignors][the Assignees]11 hereunder are several and not joint.]12
Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement identified below
(as amended, the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by [the][each] Assignee.
The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference
and made a part of this Assignment and Assumption as if set forth herein in full.

 

For an agreed consideration,
[the][each] Assignor hereby irrevocably sells and assigns to [the Assignee][the respective Assignees], and [the][each] Assignee
hereby irrevocably purchases and assumes from [the Assignor][the respective Assignors], subject to and in accordance with the Standard
Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below
(i) all of [the Assignor’s][the respective Assignors’] rights and obligations in [its capacity as a Lender][their respective
capacities as Lenders] under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent
related to the amount and percentage interest identified below of all of such outstanding rights and obligations of [the Assignor][the
respective Assignors] under the respective facilities identified below (including without limitation any guarantees and swingline
loans included in such facilities), and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes
of action and any other right of [the Assignor (in its capacity as a Lender)][the respective Assignors (in their respective capacities
as Lenders)] against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other
documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related
to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and
all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the
rights and obligations sold and assigned by [the][any] Assignor to [the][any] Assignee pursuant to clauses (i) and (ii) above being
referred to herein collectively as [the][an] “Assigned Interest”). Each such sale and assignment is without
recourse to [the][any] Assignor and, except as expressly provided in this Assignment and Assumption, without representation or
warranty by [the][any] Assignor.

 

	1.	Assignor[s]:	 	 
	 	 	 	 
	2.	Assignee[s]:	 	 
	 	 	 	 
	 	[Assignee is an [Affiliate][Approved Fund] of [identify Lender]

 

 

9 For bracketed language here and elsewhere in this
form relating to the Assignor(s), if the assignment is from a single Assignor, choose the first bracketed language. If the assignment
is from multiple Assignors, choose the second bracketed language.

10 For bracketed language here and elsewhere in
this form relating to the Assignee(s), if the assignment is to a single Assignee, choose the first bracketed language. If the
assignment is to multiple Assignees, choose the second bracketed language.

11 Select as appropriate.

12 Include bracketed language if there are either
multiple Assignors

 

     

     

    

 

-2-

 

	3.	Borrower(s):	GREC Entity HoldCo LLC, a Delaware limited liability company
	 	 	 
	

        4.
	

        Administrative Agent:
	

        Fifth Third Bank, as the administrative agent under the Credit
        Agreement

	 	 	 
	

        5.
	

        Credit Agreement:
	

        Credit Agreement dated as of January 5,
        2018 among GREC Entity HoldCo LLC, Greenbacker Renewable Energy Corporation, Greenbacker Renewable Energy Company LLC, the Lenders
        parties thereto, and Fifth Third Bank, as Administrative Agent

	 	 	 
	

        6.
	
        

        Assigned Interest[s]:
	 

 

	

        Assignor[s]13
	

        Assignee[s]14
	

        Facility

        Assigned15
	Aggregate
    

Amount of 

Commitment/Loans

 for all Lenders16	

        Amount of

 Commitment/L oans Assigned8
	

        

Percentage

        Assigned of

 Commitment/ 

Loans17
	

        

CUSIP 

Number

	(ii)	(iii)	(iv)	$	$	%	 
	(v)	(vi)	(vii)	$	$	%	 
	(viii)	(ix)	(x)	$	$	%	 

 

		[7.	Trade Date:           _____________]18

 

 

13 List each Assignor, as appropriate.

14 List each Assignee, as appropriate.

15 Fill in the appropriate terminology for the types
of facilities under the Credit Agreement that are being assigned under this Assignment (e.g., “Commitment,” “Converted
Term Loan,” etc.)

16 Amount to be adjusted by the counterparties to
take into account any payments or prepayments made between the Trade Date and the Effective Date.

17 Set forth, to at least 9 decimals, as a percentage
of the Commitment/Loans of all Lenders thereunder.

18 To be completed if the Assignor(s) and the Assignee(s)
intend that the minimum assignment amount is to be determined as of the Trade Date.

 

     

     

    

 

-3-

 

Effective Date: __________  ___, 20 ____ [TO BE INSERTED
BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.]

 

The terms set forth in this Assignment
and Assumption are hereby agreed to:

 

	 	ASSIGNOR[S]
	 	[NAME OF ASSIGNOR]
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	[NAME OF ASSIGNOR]
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	ASSIGNEE[S]
	 	[NAME OF ASSIGNEE]
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	[NAME OF ASSIGNEE]
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

[Consented to and]19 Accepted:

 

FIFTH THIRD BANK, as

Administrative Agent

 

	By:	 	 
	Name:
	Title:

 

[Consented to:]20

 

 

19 To be added only if the consent of the Administrative
Agent is required by the terms of the Credit Agreement.

20 To be added only if the consent of the Borrower
and/or other parties is required by the terms of the Credit Agreement.

 

     

     

    

 

-4-

 

[NAME OF RELEVANT PARTY]

 

	By:	 	 
	Name:
	Title:

 

     

     

    

 

ANNEX 1

 

 

STANDARD TERMS AND CONDITIONS

FOR ASSIGNMENT
AND ASSUMPTION

 

1.                Representations
and Warranties.

 

1.1               Assignor[s].
[The][Each] Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of [the][the relevant] Assigned
Interest, (ii) [the][such] Assigned Interest is free and clear of any lien, encumbrance or other adverse claim, (iii) it has full
power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate
the transactions contemplated hereby and (iv) it is not a Defaulting Lender; and (b) assumes no responsibility with respect to
(i) any statements, warranties or representations made in or in connection with the Credit Agreement or any other Credit Document,
(ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Credit Documents or any collateral
thereunder, (iii) the financial condition of the Borrower, any of its Subsidiaries or Affiliates or any other Person obligated
in respect of any Credit Document, or (iv) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates
or any other Person of any of their respective obligations under any Credit Document.

 

1.2.             
Assignee[s]. [The][Each] Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all
action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby
and to become a Lender under the Credit Agreement, (ii) it meets all the requirements to be an assignee under Section 10.6 of the
Credit Agreement (subject to such consents, if any, as may be required thereunder), (iii) from and after the Effective Date, it
shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of [the][the relevant] Assigned
Interest, shall have the obligations of a Lender thereunder, (iv) it is sophisticated with respect to decisions to acquire assets
of the type represented by the Assigned Interest and either it, or the Person exercising discretion in making its decision to acquire
the Assigned Interest, is experienced in acquiring assets of such type, (v) it has received a copy of the Credit Agreement, and
has received or has been accorded the opportunity to receive copies of the most recent financial statements delivered pursuant
to Section 5.1 thereof, as applicable, and such other documents and information as it deems appropriate to make its own credit
analysis and decision to enter into this Assignment and Assumption and to purchase [the][such] Assigned Interest, (vi) it has,
independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information
as it has deemed appropriate, made its own credit analysis and decision to enter into this Assignment and Assumption and to purchase
[the][such] Assigned Interest, and (vii) if it is a Foreign Lender attached to the Assignment and Assumption is any documentation
required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by [the][such] Assignee;
and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, [the][any] Assignor or any other
Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions
in taking or not taking action under the Credit Documents, and (ii) it will perform in accordance with their terms all of the obligations
which by the terms of the Credit Documents are required to be performed by it as a Lender. The][Each] Assignee further represents
and warrants as of the Effective Date to the Administrative Agent, the Arranger and their respective Affiliates, and not, for the
avoidance of doubt, for the benefit of the Borrower or any other Loan Party, that (a) [the][such] Assignee is not and will not
be (i) an employee benefit plan subject to Title I of ERISA, or (ii) a plan or account subject to Section 4975 of the Code, (b)
the assets of [the][such] Assignee do not constitute “plan assets” within the meaning of Section 3(42) of ERISA, and
(c) [the][such] Assignee is not a “governmental plan” within the meaning of Section 3(32) of ERISA.

 

     

     

    

 

-6-

 

2.               
Payments. From and after the Effective Date, the Administrative Agent shall make all payments in respect of [the][each]
Assigned Interest (including payments of principal, interest, fees and other amounts) to [the][the relevant] Assignee whether such
amounts have accrued prior to, on or after the Effective Date. The Assignor[s] and the Assignee[s] shall make all appropriate adjustments
in payments by the Administrative Agent for periods prior to the Effective Date or with respect to the making of this assignment
directly between themselves. Notwithstanding the foregoing, the Administrative Agent shall make all payments of interest, fees
or other amounts paid or payable in kind from and after the Effective Date to [the][the relevant] Assignee.

 

3.                
General Provisions. This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto
and their respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which
together shall constitute one instrument. Delivery of an executed counterpart of a signature page of this Assignment and Assumption
by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment
and Assumption shall be governed by, and construed in accordance with, the law of the State of New York.

 

    6 

     

    

 

EXHIBIT E-1

 

[FORM OF] SECURITY AGREEMENT

 

[see attached]

 

     

     

    

 

PLEDGE AND SECURITY AGREEMENT

 

THIS PLEDGE AND SECURITY AGREEMENT,
dated as of the 5th day of January, 2018(as amended, modified, restated or supplemented from time to time, this “Agreement”),
is made by GREC ENTITY HOLDCO, LLC, a Delaware limited liability company (the “Borrower”), by each of
the undersigned Subsidiaries of the Borrower, and by each other Subsidiary of the Borrower that, after the date hereof, executes
an instrument of accession hereto substantially in the form of Exhibit C (a “Pledgor Accession”; such
Subsidiaries, collectively, together with the Borrower, the “Pledgors”), in favor of FIFTH THIRD BANK,
as Administrative Agent for the Lenders party to the Credit Agreement referred to below (in such capacity, the “Administrative
Agent”), for the benefit of the Secured Parties (as hereinafter defined). Except as otherwise provided herein, capitalized
terms used but not defined herein have the meanings given to them in the Credit Agreement referred to below.

 

RECITALS

 

A.           The
Borrower, Greenbacker Renewable Energy Corporation, a Maryland corporation (“Intermediate Holdco”), and Greenbacker
Renewable Energy Company LLC, a Delaware limited liability company (the “Parent”), the Lenders and the Administrative
Agent are parties to a Credit Agreement, dated as of the date hereof (as amended, modified, restated or supplemented from time
to time, the “Credit Agreement”), providing for the availability of certain credit facilities to the Borrower
upon the terms and subject to the conditions set forth therein.

 

B.            As
a condition to the extension of credit to the Borrower under the Credit Agreement, the Parent, Intermediate Holdco and each Subsidiary
that is a party to this Agreement as of the date hereof have entered into a Guaranty Agreement, dated as of the date hereof (as
amended, modified, restated or supplemented from time to time, the “Guaranty Agreement”), pursuant to which
the Parent, Intermediate Holdco and such Subsidiaries have guaranteed to the Secured Parties the payment in full of the Obligations
of the Borrower under the Credit Agreement and the other Credit Documents. Additionally, certain other Subsidiaries of the Borrower
may from time to time after the date hereof enter into the Guaranty Agreement, pursuant to which such Subsidiaries will guarantee
to the Secured Parties the payment in full of the Obligations of the Borrower under the Credit Agreement and the other Credit Documents.

 

C.            It
is a further condition to the extension of credit to the Borrower under the Credit Agreement that the Pledgors shall have agreed,
by executing and delivering this Agreement, to secure the payment in full of their respective obligations under the Credit Agreement,
the Guaranty Agreement and the other Credit Documents. The Secured Parties are relying on this Agreement in their decision to extend
credit to the Borrower under the Credit Agreement, and would not enter into the Credit Agreement without the execution and delivery
of this Agreement by the Pledgors.

 

D.            The
Pledgors will obtain benefits as a result of the extension of credit to the Borrower under the Credit Agreement, which benefits
are hereby acknowledged, and, accordingly, desire to execute and deliver this Agreement.

 

     

     

    

 

STATEMENT OF AGREEMENT

 

NOW, THEREFORE, in consideration
of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, to induce
the Secured Parties to enter into the Credit Agreement and to induce the Lenders to extend credit to the Borrower thereunder, each
Pledgor hereby agrees as follows:

 

ARTICLE I

 

DEFINITIONS

 

1.1           Defined
Terms. The following terms that are defined in the Uniform Commercial Code (as hereinafter defined) are used in this
Agreement as so defined (and, in the event any such term is defined differently for purposes of Article 9 of the Uniform
Commercial Code than for any other purpose or purposes of the Uniform Commercial Code, the Article 9 definition shall
govern): Account, Chattel Paper, Commercial Tort Claim, Commodity Account, Commodity Intermediary, Deposit Accounts,
Documents, Electronic Chattel Paper, Equipment, Fixtures, General Intangibles, Goods, Instruments, Inventory, Investment
Property, Letter-of-Credit Rights, Record, Securities Account, Securities Intermediary, Software, Supporting Obligations and
Tangible Chattel Paper. In addition, the following terms have the meanings set forth below:

 

“Collateral” has the meaning given to such
term in Section 2.1.

 

“Collateral Accounts” has the meaning given
to such term in Section 6.3.

 

“Contracts” means, collectively,
all rights of each Pledgor under all leases, contracts and agreements to which such Pledgor is now or hereafter a party, including
all rights, privileges and powers under Ownership Agreements and Licenses, together with any and all extensions, modifications,
amendments and renewals of such leases, contracts and agreements and all rights of such Pledgor to receive moneys due or to become
due thereunder or pursuant thereto and to amend, modify, terminate or exercise rights under such leases, contracts and agreements.

 

“Control Agreement” has the meaning given
to such term in Section 4.5.

 

“Copyright
Collateral” means, collectively, all Copyrights and Copyright Licenses to which any Pledgor is or hereafter becomes
a party and all other General Intangibles embodying, incorporating, evidencing or otherwise relating or pertaining to any
Copyright or Copyright License, in each case whether now owned or existing or hereafter acquired or arising.

 

“Copyright License” means
any agreement now or hereafter in effect granting any right to any third party under any Copyright now or hereafter owned by any
Pledgor or which any Pledgor otherwise has the right to license, or granting any right to any Pledgor under any property of the
type described in the definition of Copyright herein now or hereafter owned by any third party, and all rights of any Pledgor under
any such agreement.

 

“Copyrights” means,
collectively, all of each Pledgor’s copyrights, copyright registrations and applications for copyright registration, whether
under the laws of the United States or any other country or jurisdiction, including all recordings, supplemental registrations
and derivative or collective work registrations, and all renewals and extensions thereof, in each case whether now owned or existing
or hereafter acquired or arising.

 

    2 

     

    

 

“Excluded Property”
means collectively, (i) any permit, license or agreement entered into by any Pledgor (A) to the extent that any such permit, license
or agreement or any law applicable thereto prohibits the creation of a Lien thereon, but only to the extent, and for as long as,
such prohibition is not terminated or rendered unenforceable or otherwise deemed ineffective by the Uniform Commercial Code or
any other applicable law or (B) to the extent that the creation of a Lien in favor of the Administrative Agent would result in
a breach or termination pursuant to the terms of or a default under any such permit, license or agreement (other than to the extent
that any such term would be rendered ineffective pursuant to the Sections 9-406, 9-407, 9-408 or 9-409 of the Uniform Commercial
Code or any other applicable law (including the Bankruptcy Code) or principles of equity), (ii) property owned by any Pledgor
that is subject to a purchase money Lien or leased by any Pledgor that is subject to a Capital Lease, in each case, permitted
under the Credit Agreement if the agreement pursuant to which such Lien is granted (or in the document providing for such capital
lease) prohibits or requires the consent of any Person other than a Pledgor or one of its Affiliates which has not been obtained
as a condition to the creation of any other Lien on such property and (iii) any “intent to use” trademark applications
for which a statement of use has not been filed (but only until such statement is filed); provided, however, “Excluded
Property” shall not include any proceeds, products, substitutions or replacements of Excluded Property (unless such proceeds,
products, substitutions or replacements would otherwise constitute Excluded Property).

 

“License” means any Copyright License, Patent
License or Trademark License.

 

“Ownership Agreement”
means any partnership agreement, joint venture agreement, limited liability company operating agreement, stockholders agreement
or other agreement creating, governing or evidencing any Capital Stock and to which any Pledgor is now or hereafter becomes a party,
as any such agreement may be amended, modified, supplemented, restated or replaced from time to time.

 

“Patent Collateral” means,
collectively, all Patents and all Patent Licenses to which any Pledgor is or hereafter becomes a party and all other General Intangibles
embodying, incorporating, evidencing or otherwise relating or pertaining to any Patent or Patent License, in each case whether
now owned or existing or hereafter acquired or arising.

 

“Patent License” means
any agreement now or hereafter in effect granting to any third party any right to make, use or sell any invention on which a Patent,
now or hereafter owned by any Pledgor or which any Pledgor otherwise has the right to license, is in existence, or granting to
any Pledgor any right to make, use or sell any invention on which property of the type described in the definition of Patent herein,
now or hereafter owned by any third party, is in existence, and all rights of any Pledgor under any such agreement.

 

“Patents” means,
collectively, all of each Pledgor’s letters patent, whether under the laws of the United States or any other country or
jurisdiction, all recordings and registrations thereof and applications therefor, including the inventions and improvements
described therein, and all reissues, continuations, divisions, renewals, extensions, substitutions and continuations-in-part
thereof, in each case whether now owned or existing or hereafter acquired or arising.

 

    3 

     

    

 

“Permitted Rate Management Agreement”
means any Rate Management Agreement that is required or permitted by the Credit Agreement to be entered into by any Credit Party.

 

“Pledge Amendment” has the meaning given
such term in Section 4.3(b).

 

“Pledged Interests”
means, collectively, (i) all of the issued and outstanding Capital Stock of each Person that is a direct Subsidiary of any Pledgor
and each Tax Credit Party as of the date hereof or that becomes a direct Subsidiary of any Pledgor or a Tax Credit Party at any
time after the date hereof, at any time now or hereafter owned by any Pledgor, whether voting or non-voting and whether common
or preferred; (ii) all options, warrants and other rights to acquire, and all securities convertible into, any of the foregoing;
(iii) all rights to receive interest, income, dividends, distributions, returns of capital and other amounts (whether in cash,
securities, property, or a combination thereof), and all additional stock, warrants, options, securities, interests and other
property, from time to time paid or payable or distributed or distributable in respect of any of the foregoing (but subject to
the provisions of Section 5.1), including all rights of such Pledgor to receive amounts due and to become due under or
in respect of any Ownership Agreement or upon the termination thereof; (iv) all rights of access to the books and records of any
such Person; and (v) all other rights, powers, privileges, interests, claims and other property in any manner arising out of or
relating to any of the foregoing, of whatever kind or character (including any tangible or intangible property or interests therein),
and whether provided by contract or granted or available under applicable law in connection therewith, including such Person’s
right to vote and to manage and administer the business of any such Subsidiary pursuant to any applicable Ownership Agreement;
in each case together with all certificates, instruments and entries upon the books of financial intermediaries at any time evidencing
any of the foregoing.

 

“Proceeds” has the meaning given to such
term in Section 2.1.

 

“Secured Parties” means,
collectively, the Lenders, each Rate Management Party, each Cash Management Bank and the Administrative Agent.

 

“Secured Obligations” has the meaning given
to such term in Section 2.2.

 

“Securities Act” means the Securities Act
of 1933.

 

“Termination Requirements”
means (i) the payment in full in cash of the Secured Obligations (other than contingent and indemnification obligations not then
due and payable and other than Obligations described in the following (iii), except as expressly set forth therein), (ii) the
termination of the Commitments and (iii) the termination of, and settlement of all obligations of all Credit Parties under, all
Permitted Rate Management Agreements to which any Rate Management Party is a party and all Cash Management Agreements to which
any Cash Management Bank is a party.

 

“Trademark Collateral”
means, collectively, all Trademarks and Trademark Licenses to which any Pledgor is or hereafter becomes a party and all other General
Intangibles embodying, incorporating, evidencing or otherwise relating or pertaining to any Trademark or Trademark License, in
each case whether now owned or existing or hereafter acquired or arising.

 

    4 

     

    

 

“Trademark License” means
any agreement now or hereafter in effect granting any right to any third party under any Trademark now or hereafter owned by any
Pledgor or which any Pledgor otherwise has the right to license, or granting any right to any Pledgor under any property of the
type described in the definition of Trademark herein now or hereafter owned by any third party, and all rights of any Pledgor under
any such agreement.

 

“Trademarks” means, collectively,
all of each Pledgor’s trademarks, service marks, trade names, uniform resource locators (also known as “URLs”),
domain names, corporate and company names, business names, logos, trade dress, trade styles, other source or business identifiers,
designs and general intangibles of a similar nature, whether under the laws of the United States or any other country or jurisdiction,
all recordings and registrations thereof and applications therefor, all renewals, reissues and extensions thereof, all rights corresponding
thereto, and all goodwill associated therewith or symbolized thereby, in each case whether now owned or existing or hereafter acquired
or arising.

 

“Uniform Commercial Code”
means the Uniform Commercial Code as the same may be in effect from time to time in the State of New York; provided that
if, by reason of applicable law, the validity, priority or perfection of any security interest in any Collateral granted under
this Agreement is governed by the Uniform Commercial Code as in effect in another jurisdiction, then as to the validity, priority
or perfection, as the case may be, of such security interest, “Uniform Commercial Code” means the Uniform Commercial
Code as in effect from time to time in such other jurisdiction.

 

1.2           Other
Terms; Construction. All terms in this Agreement that are not capitalized shall, unless the context otherwise requires, have
the meanings provided by the Uniform Commercial Code to the extent the same are used or defined therein. The provisions of Section
1.3 of the Credit Agreement are hereby incorporated by reference as if fully set forth herein. The headings of the various articles,
sections and subsections of this Agreement have been inserted for convenience only and shall not in any way affect the meaning
or construction of any of the provisions hereof.

 

ARTICLE II

 

CREATION OF SECURITY INTEREST

 

2.1          Pledge
and Grant of Security Interest. Each Pledgor hereby pledges, assigns and delivers to the Administrative Agent, for the ratable
benefit of the Secured Parties, and grants to the Administrative Agent, for the ratable benefit of the Secured Parties, a Lien
upon and security interest in, all of such Pledgor’s right, title and interest in and to the following property and assets
of such Pledgor, in each case whether now owned or existing or hereafter acquired or arising and wherever located (collectively,
the “Collateral”):

 

(i)            all Accounts;

 

(ii)           all Chattel Paper;

 

(iii)          the Commercial
Tort Claims (if any) set forth on Annex I hereto;

 

    5 

     

    

 

(iv)         all Contracts;

 

(v)          all Copyright Collateral;

 

(vi)         all Deposit Accounts;

 

(vii)        all Documents;

 

(viii)       all Equipment;

 

(ix)          all Fixtures;

 

(x)           all General Intangibles;

 

(xi)          all Goods;

 

(xii)         all Instruments;

 

(xiii)        all Inventory;

 

(xiv)        all Investment Property;

 

(xv)         all Letter-of-Credit
Rights;

 

(xvi)        all Patent Collateral;

 

(xvii)       all Pledged Interests;

 

(xviii)      all Software;

 

(xix)         all Supporting Obligations;

 

(xx)          all Trademark Collateral;

 

(xxi)         all cash, cash equivalents and money of such Pledgor,
wherever held;

 

(xxii)        to
the extent not covered or not specifically excluded by clauses (i) through (xxi) above, all of such Pledgor’s other personal
property;

 

(xxiii)      all Records evidencing or relating
to any of the foregoing or that are otherwise necessary or useful in the collection thereof;

 

(xxiv)      all accessions, additions, attachments,
improvements, modifications and upgrades to, replacements of and substitutions for any of the foregoing; and

 

(xxv)       any
and all proceeds, as defined in the Uniform Commercial Code, products, rents, royalties and profits of or from any and all
of the foregoing and, to the extent not otherwise included in the foregoing, (w) all payments under any insurance (whether or
not the Administrative Agent is the loss payee thereunder), indemnity, warranty or guaranty with respect to any of the
foregoing Collateral, (x) all payments in connection with any requisition, condemnation, seizure or forfeiture with respect
to any of the foregoing Collateral, (y) all claims and rights (but not obligations) to recover for any past, present or
future infringement or dilution of or injury to any Copyright Collateral, Patent Collateral or Trademark Collateral, and (z)
all other amounts from time to time paid or payable under or with respect to any of the foregoing Collateral (collectively,
“Proceeds”). For purposes of this Agreement, the term “Proceeds” includes whatever is
receivable or received when Collateral or Proceeds are sold, exchanged, collected or otherwise disposed of, whether
voluntarily or involuntarily.

 

    6 

     

    

 

Notwithstanding the foregoing, (i) “Collateral”
shall not include the Excluded Property and (ii) the Administrative Agent may, in its sole discretion, reject or refuse to accept
for credit toward payment of the Secured Obligations any Collateral that is an Account, Instrument, Chattel Paper, lease or other
obligation or property of any kind due or owing from or belonging to a Sanctioned Person.

 

2.2           Security
for Secured Obligations. This Agreement and the Collateral secure the full and prompt payment, at any time and from time to
time as and when due (whether at the stated maturity, by acceleration or otherwise), of all liabilities and obligations of each
Pledgor, whether now existing or hereafter incurred, created or arising and whether direct or indirect, absolute or contingent,
due or to become due, under, arising out of or in connection with the Credit Agreement, this Agreement or any other Credit Document
to which it is or hereafter becomes a party, or any Rate Management Agreement or Cash Management Agreement to which any Credit
Party and any Cash Management Bank or any Rate Management Party are parties, including (a) in the case of the Borrower, all Obligations
of the Borrower under the Credit Agreement and the other Credit Documents, including all principal of and interest on the Loans,
all fees, expenses, indemnities and other amounts payable by the Borrower under the Credit Agreement or any other Credit Document
(including interest accruing after the filing of a petition or commencement of a case by or with respect to the Borrower seeking
relief under any applicable Debtor Relief Law and fraudulent transfer and fraudulent conveyance laws, whether or not the claim
for such interest is allowed in such proceeding), and (b) in the case of each Pledgor other than the Borrower, all of its liabilities
and obligations as a Guarantor (as defined in the Guaranty Agreement) in respect of the Guaranteed Obligations (as defined in
the Guaranty Agreement); and in each case under (a) and (b) above, (i) all such liabilities and obligations that, but for the
operation of the automatic stay under Section 362(a) of the Bankruptcy Code, would become due, and (ii) all fees, costs and expenses
payable by the Pledgors under Section 8.1, whether now existing or hereafter created or arising and whether direct or indirect,
absolute or contingent, due or to become due (but excluding in all cases Excluded Swap Obligations) (the liabilities and obligations
of the Pledgors described in this Section 2.2, collectively, the “Secured Obligations”).

 

ARTICLE III

 

REPRESENTATIONS AND WARRANTIES

 

Each Pledgor represents and warrants as follows:

 

3.1           No
Filings. No security agreement, financing statement or other public notice with respect to all or any part of the Collateral
is on file or of record in any government or public office, and no Pledgor has filed or consented to the filing of any such statement
or notice, except (i) Uniform Commercial Code financing statements naming the Administrative Agent as secured party, (ii) security
instruments filed in the U.S. Copyright Office or the U.S. Patent and Trademark Office naming the Administrative Agent as secured
party, (iii) filings with respect to which termination statements and other necessary releases have been delivered to the Administrative
Agent for filing, and (iv) as may be otherwise permitted by the Credit Agreement.

 

    7 

     

    

 

3.2           Security
Interests; Filings. This Agreement, together with (i) the filing, with respect to each Pledgor, of duly completed Uniform
Commercial Code financing statements naming such Pledgor as debtor, the Administrative Agent as secured party, and describing
the Collateral, in the jurisdictions set forth with respect to such Pledgor on Annex A hereto, (ii) in the case of uncertificated
Pledged Interests consisting of capital stock, registration of transfer thereof to the Administrative Agent on the issuer’s
books or the execution by the issuer of a control agreement satisfying the requirements of Section 8-106 (or its successor provision)
of the Uniform Commercial Code, and (iii) the delivery to the Administrative Agent, for its benefit and the benefit of the Secured
Parties, of all stock certificates and Instruments included in the Collateral (and assuming continued possession thereof by the
Administrative Agent), creates, and at all times shall constitute, a valid and perfected security interest in and Lien upon the
Collateral in favor of the Administrative Agent, for the benefit of the Secured Parties, to the extent a security interest therein
can be perfected by such filings or possession, as applicable, superior and prior to the rights of all other Persons therein (except
for Permitted Liens), and no other or additional filings, registrations, recordings or actions are or shall be necessary or appropriate
in order to maintain the perfection and priority of such Lien and security interest, other than actions required with respect
to Collateral of the types excluded from Article 9 of the Uniform Commercial Code or from the filing requirements under such Article
9 by reason of Section 9-109, 9-309 or 9-310 of the Uniform Commercial Code and other than continuation statements required under
the Uniform Commercial Code.

 

3.3           Locations.
Annex B lists, as to each Pledgor, (i) its exact legal name, (ii) the jurisdiction of its incorporation or organization,
its federal tax identification number, and (if applicable) its organizational identification number, (iii) the addresses of
its chief executive office and each other place of business, (iv) the address of each location of all original invoices,
ledgers, Chattel Paper, Instruments and other records or information evidencing or relating to the Collateral of such
Pledgor, and (v) the address of each location at which any Equipment or Inventory (other than Goods in transit) owned by such
Pledgor is kept or maintained, in each instance except for any changes thereto made in accordance with the provisions of Section
4.1. Except as may be otherwise noted therein, all locations identified on Annex B are leased by the applicable
Pledgor. No Pledgor (x) presently conducts or has conducted business under any prior or other corporate or company name or
under any trade or fictitious names, except as indicated beneath its name on Annex B, (y) has entered into any
contract or granted any Lien within the past five years under any name other than its legal corporate name or a trade or
fictitious name indicated on Annex B, or (z) has filed any tax return under any name other than its exact legal name,
except as indicated beneath its name on Annex B.

 

    8 

     

    

 

3.4         
Authorization; Consent. No authorization, consent or approval of, or declaration or filing with, any Governmental Authority
(including any notice filing with state tax or revenue authorities required to be made by account creditors in order to enforce
any Accounts in such state) is required for the valid execution, delivery and performance by any Pledgor of this Agreement, the
grant by it of the Lien and security interest in favor of the Administrative Agent provided for herein, or the exercise by the
Administrative Agent of its rights and remedies hereunder, except for (i) the filings described in Section 3.2, (ii) in
the case of Accounts owing from any federal governmental agency or authority, the filing by the Administrative Agent of a notice
of assignment in accordance with the federal Assignment of Claims Act of 1940, and (iii) in the case of Pledged Interests, such
filings and approvals as may be required in connection with a disposition of any such Pledged Interests by laws affecting the
offering and sale of securities generally.

 

3.5          No
Restrictions. There are no statutory or regulatory restrictions, prohibitions or limitations on any Pledgor’s ability
to grant to the Administrative Agent a Lien upon and security interest in the Collateral pursuant to this Agreement or (except
for the provisions of the federal Anti-Assignment Act, as amended, and Assignment of Claims Act of 1940) on the exercise by the
Administrative Agent of its rights and remedies hereunder (including any foreclosure upon or collection of the Collateral), and
there are no contractual restrictions on any Pledgor’s ability to grant such Lien and security interest.

 

3.6          Accounts.
Each Account is, or at the time it arises will be not evidenced by any Tangible Chattel Paper or other Instrument; or if so, such
Tangible Chattel Paper or other Instrument (other than invoices and related correspondence and supporting documentation) shall
promptly be duly endorsed to the order of the Administrative Agent and delivered to the Administrative Agent to be held as Collateral
hereunder.

 

3.7          Pledged
Interests. As of the date hereof, the Pledged Interests required to be pledged hereunder by each Pledgor consist of the number
and type of shares of capital stock (in the case of issuers that are corporations) or the percentage and type of other equity
interests (in the case of issuers other than corporations) as described beneath such Pledgor’s name on Annex C. All
of the Pledged Interests have been duly and validly issued and are fully paid and nonassessable (or, in the case of partnership,
limited liability company or similar Pledged Interests, not subject to any capital call or other additional capital requirement)
and not subject to any preemptive rights, warrants, options or similar rights or restrictions in favor of third parties or any
contractual or other restrictions upon transfer. As to each issuer thereof, the Pledged Interests pledged hereunder constitute
100% or 65%, as applicable of the outstanding Capital Stock of such issuer, except as set forth on Annex C.

 

3.8          Intellectual
Property. Annexes D, E and F correctly set forth all registered Copyrights, Patents and Trademarks owned by any
Pledgor as of the date hereof (and as amended from time to time pursuant to Section 4.4) and used or proposed to be used
in its business.

 

3.9          Deposit
Accounts. Annex G lists, as of the date hereof (and as amended from time to time pursuant to Section 4.5), all Deposit
Accounts maintained by any Pledgor (other than, in the case of each Pledgor that is a Subsidiary of the Borrower, Deposit Accounts
that are swept regularly into a Deposit Account over which the Administrative Agent has control in accordance with Section 5.17
of the Credit Agreement), and lists in each case the name in which the account is held, the name of the depository institution,
the account number, and a description of the type or purpose of the account.

 

    9 

     

    

 

3.10        Securities
and Commodity Accounts. Annex H lists, as of the date hereof (and as amended from time to time pursuant to Section 4.6),
all Securities Accounts and Commodity Accounts maintained by any Pledgor with any Securities Intermediary or Commodity Intermediary
(other than, in the case of each Pledgor that is a Subsidiary of the Borrower, Securities Accounts and Commodity Accounts that
are swept regularly into accounts over which the Administrative Agent has control in accordance with Section 5.17 of the Credit
Agreement), and lists in each case the name in which the account is held, the name of the Securities Intermediary or Commodity
Intermediary, the account number, and a description of the type or purpose of the account.

 

3.11        Documents
of Title. No bill of lading, warehouse receipt or other Document or Instrument of title is outstanding with respect to any
Collateral other than Inventory in transit in the ordinary course of business to a location set forth on Annex B or to a
customer of a Pledgor.

 

3.12        Commercial
Tort Claims. Annex I lists, as of the date hereof and to the knowledge of each Pledgor, all Commercial Tort Claims existing
in favor of any Pledgor.

 

ARTICLE IV

 

COVENANTS

 

4.1          Change
of Name, Locations, etc. No Pledgor will (i) change its name, identity or corporate structure, (ii) change its chief
executive office from the location thereof listed on Annex B, (iii) change the jurisdiction of its incorporation or
organization from the jurisdiction listed on Annex B (whether by merger or otherwise), (iv) file any document with the
Internal Revenue Service using any name other than its exact legal name listed on Annex B, or (v) remove any
Collateral (other than Goods in transit), or any books, records or other information relating to Collateral, from the
applicable location thereof listed on Annex B, or keep or maintain any Collateral at a location not listed on Annex
B, unless in each case such Pledgor has (1) given 20 days’ prior written notice to the Administrative Agent of its
intention to do so, together with information regarding any such new location and such other information in connection with
such proposed action as the Administrative Agent may reasonably request, and (2) delivered to the Administrative Agent 10
days prior to any such change or removal a version of Annex B that is revised to reflect such change or removal (the
“Revised Annex”) and such other documents, instruments and financing statements as may be required by the
Administrative Agent, all in form and substance satisfactory to the Administrative Agent, paid all necessary filing and
recording fees and taxes, and taken all other actions reasonably requested by the Administrative Agent (including, at the
request of the Administrative Agent, delivery of opinions of counsel reasonably satisfactory to the Administrative Agent to
the effect that all such actions have been taken), in order to perfect and maintain the Lien upon and security interest in
the Collateral provided for herein in accordance with the provisions of Section 3.2. On the effective date of such
change or removal, Annex B shall be deemed to be amended in the form of the Revised Annex (which shall be in form and
substance satisfactory to the Administrative Agent).

 

4.2          Accounts.
Each Pledgor shall promptly notify the Administrative Agent in writing of any Accounts that constitute a claim against a federal
governmental agency or authority, and, upon request of the Administrative Agent, such Pledgor shall take such steps as may be necessary
or desirable to comply with the federal Assignment of Claims Act of 1940.

 

    10 

     

    

 

4.3          Delivery of
Certain Collateral; Further Actions.

 

(a)          All
certificates evidencing Pledged Interests, if any, and all other certificates and Instruments representing or evidencing any Collateral,
shall be delivered promptly to the Administrative Agent pursuant hereto to be held as Collateral hereunder, shall be in form suitable
for transfer by delivery and shall be delivered together with undated stock powers duly executed in blank, appropriate endorsements
or other necessary instruments of registration, transfer or assignment, duly executed and in form and substance satisfactory to
the Administrative Agent, and in each case together with such other instruments or documents as the Administrative Agent may reasonably
request. Each Pledgor will, at its own cost and expense, cooperate with the Administrative Agent in obtaining a control agreement,
in form and substance reasonably satisfactory to the Administrative Agent, and in taking such other actions as may be requested
by the Administrative Agent from time to time with respect to any Investment Property or other Collateral in which a security
interest may be perfected by (or can be perfected only by) control under the Uniform Commercial Code.

 

(b)          Each
Pledgor will cause each issuer of any Pledged Interests not to issue any Capital Stock in addition to or in substitution for the
Pledged Interests issued by such issuer except to such Pledgor and any such additional Capital Stock issued to such Pledgor shall
constitute Pledged Interests hereunder. Promptly upon its acquisition (directly or indirectly) thereof, each Pledgor will deliver
to the Administrative Agent all certificates, Instruments or other documents required to be delivered pursuant to Section 4.3(a)
and an executed amendment to this Agreement in the form of Exhibit D or otherwise in form and substance satisfactory to the
Administrative Agent (each, a “Pledge Amendment”) to amend Annex C to correctly identify all Pledged
Interests; provided that the failure of any Pledgor to execute and deliver any such Pledge Amendment shall not impair the
security interest of the Administrative Agent in any Collateral. Each Pledgor will cause the Capital Stock pledged by it hereunder
to constitute at all times 100% of the Capital Stock issued by the issuer thereof.

 

4.4          Intellectual
Property.

 

(a)           In
the event that after the date hereof any Pledgor shall acquire any registered Copyright, Patent or Trademark, or effect any registration
of any Copyright, Patent or Trademark or file any application for registration thereof, whether within the United States or any
other country or jurisdiction, such Pledgor shall promptly furnish written notice thereof to the Administrative Agent together
with information sufficient to permit the Administrative Agent, upon its receipt of such notice, to (and each Pledgor hereby authorizes
the Administrative Agent to) modify this Agreement, as appropriate, by amending Annexes D, E and F hereto or to
add additional exhibits hereto to include any Copyright, Patent or Trademark that becomes part of the Collateral under this Agreement,
and such Pledgor shall additionally, at its own expense, execute and deliver to the Administrative Agent, as promptly as possible
(but in any event within 10 days) after the date of such acquisition, registration or application, as applicable, with regard
to United States Patents, Trademarks and Copyrights, fully completed assignments in the forms of Exhibits A and B,
as applicable, for recordation in the U.S. Copyright Office or the U.S. Patent and Trademark Office as more fully described hereinabove,
together in all instances with any other agreements, instruments and documents that the Administrative Agent may reasonably request
from time to time to further effect and confirm the assignment and security interest created by this Agreement in such Copyrights,
Patents and Trademarks, and each Pledgor hereby appoints the Administrative Agent its attorney-in-fact to execute, deliver and
record any and all such agreements, instruments and documents for the foregoing purposes, all acts of such attorney being hereby
ratified and confirmed and such power, being coupled with an interest, shall be irrevocable for so long as this Agreement shall
be in effect with respect to such Pledgor.

 

    11 

     

    

 

(b)          Upon
the occurrence and during the continuance of any Event of Default, each Pledgor shall use commercially reasonable efforts to obtain
all requisite consents or approvals from the licensor of each License included within the Copyright Collateral, Patent Collateral
or Trademark Collateral to effect the assignment of all of such Pledgor’s right, title and interest thereunder to the Administrative
Agent or its designee.

 

4.5          Deposit
Accounts. Each Pledgor agrees that, unless the Administrative Agent consents otherwise in writing, (i) it will not open or
maintain any Deposit Account (other than, in the case of each Pledgor that is a Subsidiary of the Borrower, Deposit Accounts that
are swept regularly into a Deposit Account over which the Administrative Agent has control in accordance with Section 5.17 of
the Credit Agreement) except with a bank or financial institution that has executed and delivered to the Administrative Agent
a control agreement with respect to such Deposit Account in form and substance reasonably satisfactory to the Administrative Agent
(each a, “Control Agreement”), and (ii) in the event any Pledgor opens any Deposit Account not already listed
on Annex G, such Pledgor shall (in addition to complying with the other requirements of this Section) promptly furnish
written notice thereof to the Administrative Agent together with information sufficient to permit the Administrative Agent, upon
its receipt of such notice, to (and each Pledgor hereby authorizes the Administrative Agent to) modify this Agreement, as appropriate,
by amending Annex G to include such information.

 

4.6          Securities
and Commodity Accounts. Each Pledgor agrees that, unless the Administrative Agent consents otherwise in writing, (i) it will
not open or maintain any Securities Account or Commodity Account (other than, in the case of each Pledgor that is a Subsidiary
of the Borrower, Securities Accounts and Commodity Accounts that are swept regularly into accounts over which the Administrative
Agent has control in accordance with Section 5.17 of the Credit Agreement) unless the Administrative Agent is the entitlement
holder or Commodity Intermediary or unless the Securities Intermediary or Commodity Intermediary (as applicable) has executed
and delivered to the Administrative Agent a control agreement with respect to such Securities Account or Commodity Account in
form and substance reasonably satisfactory to the Administrative Agent, and (ii) in the event any Pledgor opens any Securities
Account or Commodity Account not already listed on Annex H, such Pledgor shall (in addition to complying with the other
requirements of this Section) promptly furnish written notice thereof to the Administrative Agent together with information sufficient
to permit the Administrative Agent, upon its receipt of such notice, to (and each Pledgor hereby authorizes the Administrative
Agent to) modify this Agreement, as appropriate, by amending Annex H to include such information.

 

4.7          Collateral
in Possession of Third Party. Without limiting the generality of any other provision of this Agreement, each Pledgor agrees
that it shall not permit any Collateral to be in the possession of any bailee, warehouseman, agent, processor or other third party
at any time unless such bailee or other Person shall have been notified of the security interest created by this Agreement (or,
if required under applicable law in order to perfect the Administrative Agent’s security interest in such Collateral, such
bailee or other Person shall have acknowledged to the Administrative Agent in writing that it is holding such Collateral for the
benefit of the Administrative Agent and subject to such security interest and to the instructions of the Administrative Agent).

 

    12 

     

    

 

4.8          Commercial
Tort Claims. Each Pledgor agrees that it will, promptly upon becoming aware of any Commercial Tort Claim in its favor, furnish
to the Administrative Agent a description thereof meeting the requirements of Section 9-108(e) of the Uniform Commercial Code,
execute and deliver such documents, financing statements and other instruments, and take such other action, as the Administrative
Agent may reasonably request in order to include such Commercial Tort Claim as Collateral hereunder and to perfect the security
interest of the Administrative Agent therein.

 

4.9          Protection
of Security Interest. Each Pledgor agrees that it will, at its own cost and expense, take any and all actions necessary to
warrant and defend the right, title and interest of the Secured Parties in and to the Collateral against the claims and demands
of all other Persons.

 

ARTICLE V

 

CERTAIN PROVISIONS RELATING TO PLEDGED
INTERESTS; VOTING AND DISTRIBUTIONS

 

5.1          During
No Event of Default. So long as no Event of Default shall have occurred and be continuing:

 

(a)           Each
Pledgor shall be entitled to exercise any and all voting and other consensual rights pertaining to the Pledged Interests or any
part thereof for any purpose not inconsistent with the terms of this Agreement or the other Credit Documents; provided,
however, that no Pledgor will cast any vote, give any consent, waiver or ratification, or take or fail to take any action,
in any manner that would, or could reasonably be expected to, violate or be inconsistent with any of the terms of this Agreement
or any other Credit Document or have the effect of materially and adversely impairing the position or interests of the Administrative
Agent or the Secured Parties.

 

(b)           Each
Pledgor shall be entitled to receive and retain any and all dividends, interest and other payments and distributions made upon
or with respect to the Pledged Interests in accordance with the Credit Agreement; provided, however, that upon request of
the Administrative Agent, the following shall be delivered to the Administrative Agent to be held as, Pledged Interests and shall,
if received by any Pledgor, be received in trust for the benefit of the Administrative Agent, be segregated from the other property
or funds of any such Pledgor and be forthwith delivered to the Administrative Agent as Pledged Interests in the same form as so
received (with any necessary endorsement):

 

(i)            dividends
and interest paid or payable other than in cash in respect of, and instruments and other property received, receivable or otherwise
distributed in respect of, or in exchange for, any Pledged Interests;

 

    13 

     

    

 

(ii)           dividends
and other distributions paid or payable in cash in respect of any Pledged Interests in connection with a partial or total liquidation
or dissolution or in connection with a reduction of capital, capital surplus or paid-in-surplus; and

 

(iii)          cash
paid, payable or otherwise distributed in respect of principal of, in redemption of, or in exchange for, any Pledged Interests.

 

(c)           The
Administrative Agent shall execute and deliver (or cause to be executed and delivered) to each Pledgor all such proxies, powers
of attorney, consents, ratifications and waivers and other instruments as such Pledgor may reasonably request for the purpose
of enabling such Pledgor to exercise its voting and other rights in accordance with and to the extent permitted by Section
5.1(a) and to receive dividends or interest payments in accordance with and to the extent permitted by Section 5.1(b).

 

5.2           Voting
During an Event of Default. Upon the occurrence and during the continuance of an Event of Default and notice by the Administrative
Agent to any Pledgor, all rights of such Pledgor to exercise the voting and other consensual rights that it would otherwise be
entitled to exercise pursuant to Section 5.1(a) shall cease, and all such rights shall thereupon become vested in the Administrative
Agent, which shall thereupon have the sole right to exercise such voting and other consensual rights.

 

5.3           Distributions
During an Event of Default. Upon the occurrence and during the continuance of an Event of Default, all rights of any Pledgor
to receive the dividends, interest and other payments and distributions to which it would otherwise be entitled pursuant to Section
5.1(b) shall cease, and all such rights shall thereupon become vested in the Administrative Agent, which shall thereupon have
the sole right to receive and hold as Pledged Interests such dividends, interest and other payments and distributions. All dividends
and interest payments received by any Pledgor in violation of this Section 5.3 shall be received in trust for the benefit
of the Administrative Agent, shall be segregated from other funds of any such Pledgor and shall be forthwith paid over to the
Administrative Agent as Pledged Interests in the same form as so received (with any necessary endorsement).

 

ARTICLE VI

 

REMEDIES

 

6.1          Remedies.
If an Event of Default shall have occurred and be continuing, the Administrative Agent shall be entitled to exercise in respect
of the Collateral all of its rights, powers and remedies provided for herein or otherwise available to it under any other Credit
Document, by law, in equity or otherwise, including all rights and remedies of a secured party under the Uniform Commercial Code,
and shall be entitled in particular, but without limitation of the foregoing, to exercise the following rights, which each Pledgor
agrees to be commercially reasonable:

 

    14 

     

    

 

(a)           To
notify any or all account debtors or obligors under any Accounts, Contracts or other Collateral of the security interest in favor
of the Administrative Agent created hereby and to direct all such Persons to make payments of all amounts due thereon or thereunder
directly to the Administrative Agent or to an account designated by the Administrative Agent; and in such instance and from and
after such notice, all amounts and Proceeds (including wire transfers, checks and other Instruments) received by any Pledgor in
respect of any Accounts, Contracts or other Collateral shall be received in trust for the benefit of the Administrative Agent
hereunder, shall be segregated from the other funds of such Pledgor and shall be forthwith deposited into such account or paid
over or delivered to the Administrative Agent in the same form as so received (with any necessary endorsements or assignments),
to be held as Collateral and applied to the Secured Obligations as provided herein; and by this provision, each Pledgor irrevocably
authorizes and directs each Person who is or shall be a party to or liable for the performance of any Contract, upon receipt of
notice from the Administrative Agent to the effect that an Event of Default has occurred and is continuing, to attorn to or otherwise
recognize the Administrative Agent as owner under such Contract and to pay, observe and otherwise perform the obligations under
such Contract to or for the Administrative Agent or the Administrative Agent’s designee as though the Administrative Agent
or such designee were such Pledgor named therein, and to do so until otherwise notified by the Administrative Agent;

 

(b)           To
take possession of, receive, endorse, assign and deliver, in its own name or in the name of any Pledgor, all checks, notes,
drafts and other Instruments relating to any Collateral, including receiving, opening and properly disposing of all mail
addressed to any Pledgor concerning Accounts and other Collateral; to verify with account debtors or other contract parties
the validity, amount or any other matter relating to any Accounts or other Collateral, in its own name or in the name of any
Pledgor; to accelerate any Indebtedness or other obligation constituting Collateral that may be accelerated in accordance
with its terms; to take or bring all actions and suits deemed necessary or appropriate to effect collections and to enforce
payment of any Accounts or other Collateral; to settle, compromise or release in whole or in part any amounts owing on
Accounts or other Collateral; and to extend the time of payment of any and all Accounts or other amounts owing under any
Collateral and to make allowances and adjustments with respect thereto, all in the same manner and to the same extent as any
Pledgor might have done;

 

(c)           To notify any or all depository institutions
with which any Deposit Accounts are maintained and which Deposit Accounts are subject to control in favor of the Administrative
Agent to remit and transfer all monies, securities and other property on deposit in such Deposit Accounts or deposited or received
for deposit thereafter to the Administrative Agent, for deposit in a Collateral Account or such other accounts as may be designated
by the Administrative Agent, for application to the Secured Obligations as provided herein;

 

(d)           To
transfer to or register in its name or the name of any of its Administrative Agents or nominees all or any part of the Collateral,
without notice to any Pledgor and with or without disclosing that such Collateral is subject to the security interest created hereunder;

 

(e)           To require any Pledgor to, and each
Pledgor hereby agrees that it will at its expense and upon request of the Administrative Agent forthwith, assemble all or any part
of the Collateral as directed by the Administrative Agent and make it available to the Administrative Agent at a place designated
by the Administrative Agent;

 

(f)            To
enter and remain upon the premises of any Pledgor and take possession of all or any part of the Collateral, with or without judicial
process; to use the materials, services, books and records of any Pledgor for the purpose of liquidating or collecting the Collateral,
whether by foreclosure, auction or otherwise; and to remove the same to the premises of the Administrative Agent or any designated
agent for such time as the Administrative Agent may desire, in order to effectively collect or liquidate the Collateral;

 

    15 

     

    

 

(g)           To
exercise (i) all voting, consensual and other rights and powers pertaining to the Pledged Interests (whether or not transferred
into the name of the Administrative Agent), at any meeting of shareholders, partners, members or otherwise, and (ii) any and all
rights of conversion, exchange, subscription and any other rights, privileges or options pertaining to the Pledged Interests as
if it were the absolute owner thereof (including the right to exchange at its discretion any and all of the Pledged Interests
upon the merger, consolidation, reorganization, reclassification, combination of shares or interests, similar rearrangement or
other similar fundamental change in the structure of the applicable issuer, or upon the exercise by any Pledgor or the Administrative
Agent of any right, privilege or option pertaining to such Pledged Interests), and in connection therewith, the right to deposit
and deliver any and all of the Pledged Interests with any committee, depositary, transfer agent, registrar or other designated
agency upon such terms and conditions as the Administrative Agent may determine, and give all consents, waivers and ratifications
in respect of the Pledged Interests, all without liability except to account for any property actually received by it, but the
Administrative Agent shall have no duty to exercise any such right, privilege or option or give any such consent, waiver or ratification
and shall not be responsible for any failure to do so or delay in so doing; and for the foregoing purposes each Pledgor will promptly
execute and deliver or cause to be executed and delivered to the Administrative Agent, upon request, all such proxies and other
instruments as the Administrative Agent may reasonably request to enable the Administrative Agent to exercise such rights and
powers; AND IN FURTHERANCE OF THE FOREGOING AND WITHOUT LIMITATION THEREOF, EACH PLEDGOR HEREBY IRREVOCABLY CONSTITUTES AND APPOINTS
THE ADMINISTRATIVE AGENT AS THE TRUE AND LAWFUL PROXY AND ATTORNEY-IN-FACT OF SUCH PLEDGOR, WITH FULL POWER OF SUBSTITUTION IN
THE PREMISES, TO EXERCISE ALL SUCH VOTING, CONSENSUAL AND OTHER RIGHTS AND POWERS TO WHICH ANY HOLDER OF ANY PLEDGED INTERESTS
WOULD BE ENTITLED BY VIRTUE OF HOLDING THE SAME, WHICH PROXY AND POWER OF ATTORNEY, BEING COUPLED WITH AN INTEREST, IS IRREVOCABLE
AND SHALL BE EFFECTIVE FOR SO LONG AS THIS AGREEMENT SHALL BE IN EFFECT; and

 

(h)          
To sell, resell, assign and deliver, in its sole discretion, all or any of the Collateral, in one or more parcels, on any securities
exchange on which any Pledged Interests may be listed, at public or private sale, at any of the Administrative Agent’s offices
or elsewhere, for cash, upon credit or for future delivery, at such time or times and at such price or prices and upon such other
terms as the Administrative Agent may deem satisfactory. If any of the Collateral is sold by the Administrative Agent upon credit
or for future delivery, the Administrative Agent shall not be liable for the failure of the purchaser to purchase or pay for the
same and, in the event of any such failure, the Administrative Agent may resell such Collateral. In no event shall any Pledgor
be credited with any part of the Proceeds of sale of any Collateral until and to the extent cash payment in respect thereof has
actually been received by the Administrative Agent. Each purchaser at any such sale shall hold the property sold absolutely, free
from any claim or right of whatsoever kind, including any equity or right of redemption of any Pledgor, and each Pledgor hereby
expressly waives all rights of redemption, stay or appraisal, and all rights to require the Administrative Agent to marshal any
assets in favor of such Pledgor or any other party or against or in payment of any or all of the Secured Obligations, that it
has or may have under any rule of law or statute now existing or hereafter adopted. No demand, presentment, protest, advertisement
or notice of any kind (except any notice required by law, as referred to below), all of which are hereby expressly waived by each
Pledgor, shall be required in connection with any sale or other disposition of any part of the Collateral. If any notice of a
proposed sale or other disposition of any part of the Collateral shall be required under applicable law, the Administrative Agent
shall give the applicable Pledgor at least 10 days’ prior notice of the time and place of any public sale and of the time
after which any private sale or other disposition is to be made, which notice each Pledgor agrees is commercially reasonable.
The Administrative Agent shall not be obligated to make any sale of Collateral if it shall determine not to do so, regardless
of the fact that notice of sale may have been given. The Administrative Agent may, without notice or publication, adjourn any
public or private sale or cause the same to be adjourned from time to time by announcement at the time and place fixed for sale,
and such sale may, without further notice, be made at the time and place to which the same was so adjourned. Upon each public
sale and, to the extent permitted by applicable law, upon each private sale, the Administrative Agent may purchase all or any
of the Collateral being sold, free from any equity, right of redemption or other claim or demand, and may make payment therefor
by endorsement and application (without recourse) of the Secured Obligations in lieu of cash as a credit on account of the purchase
price for such Collateral.

 

    16 

     

    

 

6.2          Application
of Proceeds.

 

(a)           All Proceeds collected by the Administrative
Agent upon any sale, other disposition of or realization upon any of the Collateral, together with all other moneys received by
the Administrative Agent hereunder, shall be applied in accordance with the provisions of the Credit Agreement.

 

(b)           In
the event that the proceeds of any such sale, disposition or realization are insufficient to pay all amounts to which the Secured
Parties are legally entitled, the Pledgors shall be jointly and severally liable for the deficiency, together with interest thereon
at the highest rate specified in any applicable Credit Document for interest on overdue principal or such other rate as shall be
fixed by applicable law, together with the costs of collection and all other fees, costs and expenses payable hereunder.

 

(c)           Upon any sale of any Collateral hereunder
by the Administrative Agent (whether by virtue of the power of sale herein granted, pursuant to judicial proceeding, or otherwise),
the receipt of the Administrative Agent or the officer making the sale shall be a sufficient discharge to the purchaser or purchasers
of the Collateral so sold, and such purchaser or purchasers shall not be obligated to see to the application of any part of the
purchase money paid over to the Administrative Agent or such officer or be answerable in any way for the misapplication thereof.

 

6.3           Collateral
Accounts. Upon the occurrence and during the continuance of an Event of Default, the Administrative Agent shall have the right
to cause to be established and maintained, at its principal office or such other location or locations as it may establish from
time to time in its discretion, one or more accounts (collectively, “Collateral Accounts”) for the collection
of cash Proceeds of the Collateral. Such Proceeds, when deposited, shall continue to constitute Collateral for the Secured Obligations
and shall not constitute payment thereof until applied as herein provided. The Administrative Agent shall have sole dominion and
control over all funds deposited in any Collateral Account, and such funds may be withdrawn therefrom only by the Administrative
Agent. Upon the occurrence and during the continuance of an Event of Default, the Administrative Agent shall have the right to
(and, if directed by the Required Lenders pursuant to the Credit Agreement, shall) apply amounts held in the Collateral Accounts
in payment of the Secured Obligations in the manner provided for in Section 6.2.

 

    17 

     

    

 

6.4           Grant
of License. Each Pledgor hereby grants to the Administrative Agent, effective upon the occurrence and during the continuance
of an Event of Default, an irrevocable, non-exclusive license (exercisable without payment of royalty or other compensation to
any Pledgor) to use, license or sublicense any Patent Collateral, Trademark Collateral or Copyright Collateral now owned or licensed
or hereafter acquired or licensed by such Pledgor, wherever the same may be located throughout the world, for such term or terms,
on such conditions and in such manner as the Administrative Agent shall determine, whether general, special or otherwise, and
whether on an exclusive or nonexclusive basis, and including in such license reasonable access to all media in which any of the
licensed items may be recorded or stored and to all computer software and programs used for the compilation or printout thereof.
The use of such license or sublicense by the Administrative Agent shall be exercised, at the option of the Administrative Agent,
only upon the occurrence and during the continuation of an Event of Default; provided that any license, sublicense or other
transaction entered into by the Administrative Agent in accordance herewith shall be binding upon each applicable Pledgor notwithstanding
any subsequent cure of an Event of Default.

 

6.5           Private Sales.

 

(a)           Each
Pledgor recognizes that the Administrative Agent may be compelled, at any time after the occurrence and during the
continuance of an Event of Default, to conduct any sale of all or any part of the Pledged Interests without registering or
qualifying such Pledged Interests under the Securities Act and/or any applicable state securities laws in effect at such
time. Each Pledgor acknowledges that any such private sales may be made in such manner and under such circumstances as the
Administrative Agent may deem necessary or advisable in its sole and absolute discretion, including at prices and on terms
that might be less favorable than those obtainable through a public sale without such restrictions (including a public
offering made pursuant to a registration statement under the Securities Act), and, notwithstanding such circumstances, agrees
that any such sale shall not be deemed not to have been made in a commercially reasonable manner solely because it was
conducted as a private sale, and agrees that the Administrative Agent shall have no obligation to conduct any public sales
and no obligation to delay the sale of any Pledged Interests for the period of time necessary to permit its registration for
public sale under the Securities Act and applicable state securities laws, and shall not have any responsibility or liability
as a result of its election so not to conduct any such public sales or delay the sale of any Pledged Interests,
notwithstanding the possibility that a substantially higher price might be realized if the sale were deferred until after
such registration. Each Pledgor hereby waives any claims against the Administrative Agent or any other Secured Party arising
by reason of the fact that the price at which any Pledged Interests may have been sold at any private sale was less than the
price that might have been obtained at a public sale or was less than the aggregate amount of the Secured Obligations, even
if the Administrative Agent accepts the first offer received and does not offer such Pledged Interests to more than one
offeree.

 

    18 

     

    

 

(b)           Each
Pledgor agrees to use commercially reasonable efforts to do or cause to be done all such other acts as may be necessary to make
such sale or sales of any portion of the Collateral pursuant to Section 6.1 and this Section 6.5 valid and binding
and in compliance with all applicable Requirements of Law. Each Pledgor agrees that a breach of any of the covenants contained
in this Section 6.5 will cause irreparable injury to the Administrative Agent and the other Secured Parties, that the Administrative
Agent and the other Secured Parties have no adequate remedy at law in respect of such breach and, as a consequence, that each and
every covenant contained in this Section shall be specifically enforceable against the Pledgors.

 

6.6           The
Pledgors Remain Liable. Notwithstanding anything herein to the contrary, (i) each Pledgor shall remain liable under all Contracts
to which it is a party included within the Collateral (including all Ownership Agreements) to perform all of its obligations thereunder
to the same extent as if this Agreement had not been executed, (ii) the exercise by the Administrative Agent of any of its rights
or remedies hereunder shall not release any Pledgor from any of its obligations under any of such Contracts, and (iii) except
as specifically provided for herein below, the Administrative Agent shall not have any obligation or liability by reason of this
Agreement under any of such Contracts, nor shall the Administrative Agent be obligated to perform any of the obligations or duties
of any Pledgor thereunder or to take any action to collect or enforce any claim for payment assigned hereunder. The powers, rights
and remedies conferred on the Administrative Agent hereunder are solely to protect its interest and privilege in such Contracts,
as Collateral, and shall not impose any duty upon it to exercise any such powers, rights or remedies.

 

6.7           Waivers.
Each Pledgor, to the greatest extent not prohibited by applicable law, hereby (i) agrees that it will not invoke, claim or assert
the benefit of any rule of law or statute now or hereafter in effect (including any right to prior notice or judicial hearing
in connection with the Administrative Agent’s possession, custody or disposition of any Collateral or any appraisal, valuation,
stay, extension, moratorium or redemption law), or take or omit to take any other action, that would or could reasonably be expected
to have the effect of delaying, impeding or preventing the exercise of any rights and remedies in respect of the Collateral, the
absolute sale of any of the Collateral or the possession thereof by any purchaser at any sale thereof, and waives the benefit
of all such laws and statutes and further agrees that it will not hinder, delay or impede the execution of any power granted hereunder
to the Administrative Agent, but that it will permit the execution of every such power as though no such laws or statutes were
in effect, (ii) waives all rights that it has or may have under any rule of law or statute now existing or hereafter adopted to
require the Administrative Agent to marshal any Collateral or other assets in favor of such Pledgor or any other party or against
or in payment of any or all of the Secured Obligations, and (iii) waives all rights that it has or may have under any rule of
law or statute now existing or hereafter adopted to demand, presentment, protest, advertisement or notice of any kind (except
notices expressly provided for herein). In addition, each Pledgor waives any and all rights of contribution or subrogation upon
the sale or disposition of all or any portion of the Collateral by the Administrative Agent.

 

    19 

     

    

 

ARTICLE VII

 

THE ADMINISTRATIVE AGENT

 

7.1          The
Administrative Agent; Standard of Care. The Administrative Agent will hold all items of the Collateral at any time received
under this Agreement in accordance with the provisions hereof. The obligations of the Administrative Agent as holder of the Collateral
and interests therein and with respect to the disposition thereof, and otherwise under this Agreement and the other Credit Documents,
are only those expressly set forth in this Agreement and the other Credit Documents. The Administrative Agent shall act hereunder
at the direction, or with the consent, of the Required Lenders on the terms and conditions set forth in the Credit Agreement.
The powers conferred on the Administrative Agent hereunder are solely to protect its interest, on behalf of the Secured Parties,
in the Collateral, and shall not impose any duty upon it to exercise any such powers. Except for treatment of the Collateral in
its possession in a manner substantially equivalent to that which the Administrative Agent, in its individual capacity, accords
its own property of a similar nature, and the accounting for moneys actually received by it hereunder, the Administrative Agent
shall have no duty as to any Collateral or as to the taking of any necessary steps to preserve rights against prior parties or
any other rights pertaining to the Collateral. Neither the Administrative Agent nor any other Secured Party shall be liable to
any Pledgor (i) for any loss or damage sustained by such Pledgor, or (ii) for any loss, damage, depreciation or other diminution
in the value of any of the Collateral that may occur as a result of or in connection with or that is in any way related to any
exercise by the Administrative Agent or any other Secured Party of any right or remedy under this Agreement, any failure to demand,
collect or realize upon any of the Collateral or any delay in doing so, or any other act or failure to act on the part of the
Administrative Agent or any other Secured Party, except to the extent that the same is caused by its own gross negligence or willful
misconduct.

 

7.2          Further Assurances;
Attorney-in-Fact.

 

(a)           Each
Pledgor hereby irrevocably authorizes the Administrative Agent at any time and from time to time to file in any filing office
in any Uniform Commercial Code jurisdiction any financing statements and amendments thereto that (a) indicate the Collateral (i)
as all assets of such Pledgor or words of similar effect, regardless of whether any particular asset included within the Collateral
falls within the scope of Article 9 of the Uniform Commercial Code of any such jurisdiction, or (ii) as being of an equal or lesser
scope or with greater detail, and (b) provide any other information required by Part 5 of Article 9 of the Uniform Commercial
Code for the sufficiency or filing office acceptance of any financing statement or amendment.

 

(b)           Each
Pledgor agrees that it will do such further acts and things (including making any notice filings with state tax or revenue authorities
required to be made by account creditors in order to enforce any Accounts in such state) and to execute and deliver to the Administrative
Agent such additional conveyances, assignments, agreements and instruments as the Administrative Agent may reasonably require or
deem advisable to perfect, establish, confirm and maintain the security interest and Lien provided for herein, to carry out the
purposes of this Agreement or to further assure and confirm unto the Administrative Agent its rights, powers and remedies hereunder.

 

    20 

     

    

 

(c)           Each
Pledgor hereby irrevocably appoints the Administrative Agent its lawful attorney-in-fact, with full authority in the place and
stead of such Pledgor and in the name of such Pledgor, the Administrative Agent or otherwise, and with full power of substitution
in the premises (which power of attorney, being coupled with an interest, is irrevocable for so long as this Agreement shall be
in effect), from time to time in the Administrative Agent’s discretion after the occurrence and during the continuance of
an Event of Default (except for the actions described in clause (i) below, which may be taken by the Administrative Agent without
regard to whether an Event of Default has occurred) to take any action and to execute any instruments that the Administrative
Agent may deem necessary or advisable to accomplish the purpose of this Agreement, including:

 

(i)            to
sign the name of such Pledgor on any financing statement, continuation statement, notice or other similar document that, in the
Administrative Agent’s opinion, should be made or filed in order to perfect or continue perfected the security interest granted
under this Agreement;

 

(ii)           to
ask, demand, collect, sue for, recover, compound, receive and give acquittance and receipts for moneys due and to become due under
or in respect of any of the Collateral;

 

(iii)          to
receive, endorse and collect any checks, drafts, Instruments, Chattel Paper and other orders for the payment of money made payable
to such Pledgor representing any interest, income, dividend, distribution or other amount payable in respect of any of the Collateral
and to give full discharge for the same;

 

(iv)          to
obtain, maintain and adjust any property or casualty insurance required to be maintained by such Pledgor under Section 5.6 of the
Credit Agreement and direct the payment of proceeds thereof to the Administrative Agent;

 

(v)           to
pay or discharge taxes, Liens or other encumbrances levied or placed on or threatened against the Collateral, the legality or validity
thereof and the amounts necessary to discharge the same to be determined by the Administrative Agent in its sole discretion, any
such payments made by the Administrative Agent to become Secured Obligations of the Pledgors to the Administrative Agent, due and
payable immediately and without demand;

 

(vi)          to
file any claims or take any action or institute any proceedings that the Administrative Agent may deem necessary or advisable for
the collection of any of the Collateral or otherwise to enforce the rights of the Administrative Agent with respect to any of the
Collateral; and

 

(vii)         to
use, sell, assign, transfer, pledge, make any agreement with respect to or otherwise deal with any and all of the Collateral as
fully and completely as though the Administrative Agent were the absolute owner of the Collateral for all purposes, and to do
from time to time, at the Administrative Agent’s option and the Pledgors’ expense, all other acts and things deemed
necessary by the Administrative Agent to protect, preserve or realize upon the Collateral and to more completely carry out the
purposes of this Agreement.

 

    21 

     

    

 

(d)           If
any Pledgor fails to perform any covenant or agreement contained in this Agreement after written request to do so by the Administrative
Agent (provided that no such request shall be necessary at any time after the occurrence and during the continuance of
an Event of Default), the Administrative Agent may itself perform, or cause the performance of, such covenant or agreement and
may take any other action that it deems necessary and appropriate for the maintenance and preservation of the Collateral or its
security interest therein, and the reasonable expenses so incurred in connection therewith shall be payable by the Pledgors under
Section 8.1.

 

ARTICLE VIII

 

MISCELLANEOUS

 

8.1         
Indemnity and Expenses. The provisions of Section 10.1 (“Expenses; Indemnity; Damage Waiver”) of the
Credit Agreement are incorporated herein by reference and shall apply to each Pledgor mutatis mutandis to the same extent
as such provisions apply to the Borrower.

 

8.2          No
Waiver. The rights and remedies of the Secured Parties expressly set forth in this Agreement and the other Credit Documents
are cumulative and in addition to, and not exclusive of, all other rights and remedies available at law, in equity or otherwise.
No failure or delay on the part of any Secured Party in exercising any right, power or privilege shall operate as a waiver thereof,
nor shall any single or partial exercise of any such right, power or privilege preclude any other or further exercise thereof
or the exercise of any other right, power or privilege or be construed to be a waiver of any Default or Event of Default. No course
of dealing between the Pledgors and the Secured Parties or their agents or employees shall be effective to amend, modify or discharge
any provision of this Agreement or any other Credit Document or to constitute a waiver of any Default or Event of Default. No
notice to or demand upon any Pledgor in any case shall entitle such Pledgor or any other Pledgor to any other or further notice
or demand in similar or other circumstances or constitute a waiver of the right of any Secured Party to exercise any right or
remedy or take any other or further action in any circumstances without notice or demand.

 

8.3          Enforcement.
By its acceptance of the benefits of this Agreement, each Lender agrees that this Agreement may be enforced only by the Administrative
Agent, acting upon the instructions or with the consent of the Required Lenders as provided for in the Credit Agreement, and that
no Lender shall have any right individually to enforce or seek to enforce this Agreement or to realize upon any Collateral or
other security given to secure the payment and performance of the Secured Obligations.

 

8.4          Amendments,
Waivers, etc. No amendment, modification, waiver, discharge or termination of, or consent to any departure by any Pledgor from,
any provision of this Agreement, shall be effective unless in a writing signed by the Administrative Agent and such of the Lenders
as may be required under Section 10.5 of the Credit Agreement to concur in the action then being taken, and then the same shall
be effective only in the specific instance and for the specific purpose for which given.

 

    22 

     

    

 

8.5          Continuing
Security Interest; Term; Successors and Assigns; Assignment; Termination and Release; Survival. This Agreement shall create
a continuing security interest in the Collateral and shall secure the payment and performance of all of the Secured Obligations
as the same may arise and be outstanding at any time and from time to time from and after the date hereof, and shall (i) remain
in full force and effect until the occurrence of the Termination Requirements (as hereinafter defined), (ii) be binding upon and
enforceable against each Pledgor and its successors and assigns (provided, however, that no Pledgor may sell, assign
or transfer any of its rights, interests, duties or obligations hereunder without the prior written consent of the Lenders) and
(iii) inure to the benefit of and be enforceable by each Secured Party and its successors and assigns. Upon any sale or other
disposition by any Pledgor of any Collateral in a transaction expressly permitted hereunder or under or pursuant to the Credit
Agreement or any other applicable Credit Document, the Lien and security interest created by this Agreement in and upon such Collateral
shall be automatically released, and upon the satisfaction of all of the Termination Requirements, this Agreement and the Lien
and security interest created hereby shall terminate (provided, that the provisions of Section 6.7 shall survive
the termination of this Agreement); and in connection with any such release or termination, the Administrative Agent, at the request
and expense of the applicable Pledgor, will execute and deliver to such Pledgor such documents and instruments evidencing such
release or termination as such Pledgor may reasonably request and will assign, transfer and deliver to such Pledgor, without recourse
and without representation or warranty, such of the Collateral as may then be in the possession of the Administrative Agent (or,
in the case of any partial release of Collateral, such of the Collateral so being released as may be in its possession). All representations,
warranties, covenants and agreements herein shall survive the execution and delivery of this Agreement and any Pledgor Accession.
For purposes of this Agreement, “Termination Requirements” means (x) the payment in full in cash of the Secured
Obligations (other than contingent and indemnification obligations not then due and payable), and (y) the termination of the Commitments.

 

8.6          Additional
Pledgors. Each Pledgor recognizes that the provisions of the Credit Agreement require certain Persons that become Subsidiaries
of the Borrower, and that are not already parties hereto, to execute and deliver a Pledgor Accession, whereupon each such Person
shall become a Pledgor hereunder with the same force and effect as if originally a Pledgor hereunder on the date hereof, and agrees
that its obligations hereunder shall not be discharged, limited or otherwise affected by reason of the same, or by reason of the
Administrative Agent’s actions in effecting the same or in releasing any Pledgor hereunder, in each case without the necessity
of giving notice to or obtaining the consent of such Pledgor or any other Pledgor.

 

8.7          Notices.
All notices and other communications provided for hereunder shall be given to the parties in the manner and subject to the other
notice provisions set forth in the Credit Agreement and the Guaranty Agreement.

 

8.8          Governing
Law. This Agreement and any claims, controversy, dispute or cause of action (whether in contract or tort or otherwise) based
upon, arising out of or relating to this Agreement shall be governed by, and construed in accordance with, the law of the State
of New York.

 

8.9          Severability.
To the extent any provision of this Agreement is prohibited by or invalid under the applicable law of any jurisdiction, such provision
shall be ineffective only to the extent of such prohibition or invalidity and only in such jurisdiction, without prohibiting or
invalidating such provision in any other jurisdiction or the remaining provisions of this Agreement in any jurisdiction.

 

    23 

     

    

 

8.10        Counterparts.
This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall
constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart
of a signature page of this Agreement by facsimile or in electronic format (e.g., “pdf,” “tif” or similar
file formats) shall be effective as delivery of a manually executed counterpart of this Agreement.

 

[The remainder of this page left blank intentionally.]

 

    24 

     

    

 

IN WITNESS WHEREOF, the parties have
caused this Agreement to be executed under seal by their duly authorized officers as of the date first above written.

 

	 	GREC ENTITY HOLDCO LLC
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	EAST TO WEST SOLAR II LLC
	 	MAGNOLIA SUN LLC
	 	GREEN MAPLE II LLC
	 	ESA FLEET COMMUNITY SOLAR, LLC
	 	NORTH CAROLINA SOLAR I, LLC
	 	NORTH CAROLINA SOLAR II, LLC
	 	MP2 HAWAII SOLAR I, LLC
	 	SUNSENSE CLAYTON LESSEE, LLC
	 	SUNSENSE FLETCHER LESSEE, LLC
	 	SUNSENSE INMAN LESSEE, LLC
	 	TURTLE TOP SOLAR, LLC
	 	GREEN MAPLE LLC
	 	 	 
	 	by
    GREC Entity Holdco LLC, its sole Member
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	WE 46 PRECISION DRIVE LLC
	 	CITY SOLAR GARDEN LLC
	 	 	 
	 	by
    Green Maple II LLC, its sole Member
	 	 	 
	 	by
    GREC Entity Holdco LLC, its sole Member
	 	By:	 
	 	Name:	 
	 	Title:	 

 

Signature
Page to Pledge and Security Agreement

 

     

     

    

 

	 	AIRPORT SOLAR I, LLC
	 	BLOOMFIELD SOLAR, LLC
	 	MLH PHASE 2 LLC
	 	MLH PHASE 3, LLC
	 	MP2 GREEN VALLEY ES, LLC
	 	 	 
	 	by East to West Solar II LLC, its sole Member
	 	 	 
	 	by GREC Entity Holdco LLC, its sole Member
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	SOUTH ROBESON SOLAR FARM, LLC
	 	SOUTH ROBESON FARM, LLC
	 	 	 
	 	by East to West Solar II LLC, its Manager and
	 	sole Member
	 	 	 
	 	by GREC Entity Holdco LLC, its sole Member
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	POWERHOUSE ONE, LLC
	 	MP2 CAPITAL – WGBH EDUCATIONAL
	 	FOUNDATION, LLC
	 	MP2/IRG – PETALUMA CITY SCHOOLS, LLC
	 	MP2 – OREGON SOLAR ONE, LLC
	 	 	 
	 	by Magnolia Sun LLC, its sole Member
	 	 
	 	by GREC Entity Holdco LLC, its sole Member
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

Signature
Page to Pledge and Security Agreement

 

     

     

    

 

	 	LINCOLN FARM I, LLC
	 	LINCOLN FARM II, LLC
	 	LINCOLN FARM III, LLC
	 	LINCOLN FARM IV, LLC
	 	 	 
	 	by Powerhouse One, LLC, its sole Member
	 	 	 
	 	by Magnolia Sun LLC, its sole Member
	 	 	 
	 	by GREC Entity Holdco LLC, its sole Member
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	SOLAVERDE, LLC
	 	 	 
	 	by Magnolia Sun LLC, its Manager and sole Member
	 	 	 
	 	by GREC Entity Holdco LLC, its sole Member
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	EARTH RIGHT ENERGY II, LLC
	 	 	 
	 	by Solaverde, LLC, its sole Member
	 	 	 
	 	by Magnolia Sun LLC, its Manager and sole Member
	 	 	 
	 	by GREC Entity Holdco LLC, its sole Member
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

Signature
Page to Pledge and Security Agreement

 

     

     

    

 

	 	HARTFORD SOLARFIELD, LLC
	 	PROCTOR GLC SOLAR, LLC
	 	PITTSFORD GLC SOLAR, LLC
	 	NOVUS ROYALTON SOLAR, LLC
	 	CHARTER HILL SOLAR, LLC
	 	GLC CHESTER COMMUNITY SOLAR, LLC
	 	WILLIAMSTOWN OLD TOWN ROAD SOLAR, LLC
	 	 	 
	 	by Green Maple LLC, its sole Member
	 	 	 
	 	by GREC Entity Holdco, LLC, its sole Member
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

(signatures continued)

 

Signature
Page to Pledge and Security Agreement

 

     

     

    

 

	Accepted and agreed to:	 
	 	 	 
	FIFTH THIRD BANK, as Administrative Agent	 
	 	 	 
	By:	 	 
	Name: 	 	 
	Title:	 	 

 

Signature
Page to Pledge and Security Agreement

 

     

     

    

 

EXHIBIT A

 

GRANT OF SECURITY INTEREST IN COPYRIGHTS 

 

WHEREAS, [NAME OF PLEDGOR]
(the “Pledgor”) is the owner of the copyright applications and registrations listed on Schedule A attached
hereto (all such copyrights, registrations and applications, collectively, the “Copyrights”); and

 

WHEREAS, the Pledgor has
entered into a Pledge and Security Agreement (as amended, modified, restated or supplemented from time to time, the
“Security Agreement”), dated as of January 5, 2018, in which the Pledgor has agreed with Fifth Third Bank,
as Administrative Agent (the “Administrative Agent”), with offices at 201 North Tryon Street, Suite 1700,
Charlotte, North Carolina 28202, to execute this Grant;

 

NOW, THEREFORE, for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, as security for the payment and performance of the
Secured Obligations (as defined in the Security Agreement), the Pledgor does hereby grant to the Administrative Agent a security
interest in all of its right, title and interest in and to the Copyrights, and the use thereof, together with all proceeds and
products thereof. This Grant has been given in conjunction with the security interest granted to the Administrative Agent under
the Security Agreement, and the provisions of this Grant are without prejudice to and in addition to the provisions of the Security
Agreement, which are incorporated herein by this reference.

 

	 	[NAME OF PLEDGOR]
	 	 
	 	By:	 
	 	Name: 	 
	 	Title: 	 

 

    

     

    

 

Schedule A

 

COPYRIGHTS AND COPYRIGHT APPLICATIONS

 

	Owner	 	Application or
 Registration No.	 	Country	 	Registration or
 Filing Date

 

    2

     

    

 

EXHIBIT B

 

GRANT OF SECURITY INTEREST

IN PATENTS AND TRADEMARKS 

 

WHEREAS, [NAME OF PLEDGOR]
(the “Pledgor”) is the owner of the trademark applications and registrations listed on Schedule A attached
hereto, (all such trademarks, registrations and applications, collectively, the “Trademarks”) and is the owner
of the patents and patent applications listed on Schedule A attached hereto (all such patents, registrations and applications,
collectively, the “Patents”); and

 

WHEREAS, the Pledgor has
entered into a Pledge and Security Agreement (as amended, modified, restated or supplemented from time to time, the
“Security Agreement”), dated as of January 5, 2018, in which the Pledgor has agreed with Fifth Third Bank,
as Administrative Agent (the “Administrative Agent”), with offices at 201 North Tryon Street, Suite 1700,
Charlotte, North Carolina 28202, to execute this Grant;

 

NOW, THEREFORE, for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, as security for the payment and performance of the
Secured Obligations (as defined in the Security Agreement), the Pledgor does hereby grant to the Administrative Agent a security
interest in all of its right, title and interest in and to the Trademarks and the Patents, and the use thereof, together with all
proceeds and products thereof and the goodwill of the businesses symbolized by the Trademarks. This Grant has been given in conjunction
with the security interest granted to the Administrative Agent under the Security Agreement, and the provisions of this Grant are
without prejudice to and in addition to the provisions of the Security Agreement, which are incorporated herein by this reference.

 

	 	[NAME OF PLEDGOR]
	 	 
	 	By:	 
	 	Name: 	 
	 	Title: 	 

 

    

     

    

 

Schedule A

 

TRADEMARKS AND TRADEMARK APPLICATIONS

 

	Owner	 	Mark	 	Application or
 Registration No.	 	Country	 	Issue or
 Filing Date
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

PATENTS AND PATENT APPLICATIONS

 

	Owner	 	Application or
 Registration No.	 	Country	 	Inventor	 	Issue or
 Filing Date
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

    2

     

    

 

EXHIBIT C

 

FORM OF 

PLEDGOR ACCESSION

 

 

THIS PLEDGOR ACCESSION (this
“Accession”), dated as of _______________, 20 __, is executed and delivered by [NAME OF NEW
PLEDGOR], a __________ (the “New Pledgor”), in favor of Fifth Third Bank, in its capacity as
Administrative Agent under the Credit Agreement referred to below (in such capacity, the “Administrative
Agent”), pursuant to the Security Agreement referred to below.

 

Reference is made to the Credit
Agreement, dated as of January 5, 2018, among GREC Entity HoldCo LLC (the “Borrower”), Greenbacker
Renewable Energy Corporation (“Intermediate Holdco”), Greenbacker Renewable Energy Company LLC (the
“Parent”), the Lenders party thereto and the Administrative Agent (as amended, modified, restated or
supplemented from time to time, the “Credit Agreement”). In connection with and as a condition to the
initial and continued extensions of credit by the Lenders under the Credit Agreement, (i) the Parent, Intermediate Holdco and
certain Subsidiaries of the Borrower (the “Guarantors”), pursuant to a Guaranty Agreement, dated as of the
date of the Credit Agreement (as amended, modified, restated or supplemented from time to time, the “Guaranty
Agreement”), have guaranteed the payment in full of the obligations of the Borrower under the Credit Agreement and
the other Credit Documents (as defined in the Credit Agreement), and (ii) the Borrower and the Guarantors (other than the
Parent and Intermediate Holdco), pursuant to a Pledge and Security Agreement, dated as of the date of the Credit Agreement
(as amended, modified, restated or supplemented from time to time, the “Security Agreement”), have granted
in favor of the Administrative Agent a security interest in and Lien upon the Collateral described therein as security for
their obligations under the Credit Agreement, the Guaranty Agreement and the other Credit Documents. Capitalized terms
used herein without definition shall have the meanings given to them in the Security Agreement.

 

The Borrower has agreed under the Credit
Agreement to cause certain of its future direct and indirect subsidiaries to become a party to the Guaranty Agreement as a guarantor
thereunder and to the Security Agreement as a Pledgor thereunder. The New Pledgor is such a direct or indirect subsidiary of the
Borrower and, as required by the Credit Agreement, has become a guarantor under the Guaranty Agreement as of the date hereof. The
New Pledgor will obtain benefits as a result of the continued extension of credit to the Borrower by the Lenders under the Credit
Agreement, which benefits are hereby acknowledged, and, accordingly, desires to execute and deliver this Accession. Therefore,
in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
and as further inducement to the Lenders to continue to extend credit to the Borrower under the Credit Agreement, the New Pledgor
hereby agrees as follows:

 

1.       The
New Pledgor hereby joins in and agrees to be bound by each and all of the provisions of the Security Agreement as a Pledgor
thereunder. In furtherance (and without limitation) of the foregoing, pursuant to Section 2.1 of the Security Agreement, and
as security for all of the Secured Obligations, the New Pledgor hereby pledges, assigns and delivers to the Administrative
Agent, for the ratable benefit of the Secured Parties, and grants to the Administrative Agent, for the ratable benefit of the
Secured Parties, a Lien upon and security interest in, all of its right, title and interest in and to the Collateral as set
forth in Section 2.1 of the Security Agreement, all on the terms and subject to the conditions set forth in the Security
Agreement.

 

    

     

    

 

2.       The
New Pledgor hereby represents and warrants that (i) Schedule 1 hereto sets forth all information required to be listed on
Annexes A, B, C, D, E, F, G, H and I to the Security Agreement in order to make each representation and warranty contained in Sections
3.1 and 3.2 of the Security Agreement true and correct with respect to the New Pledgor as of the date hereof and after giving effect
to this Accession and (ii) after giving effect to this Accession and to the incorporation into such Annexes, as applicable, of
the information set forth in Schedule 1, each representation and warranty contained in Article III of the Security Agreement
is true and correct with respect to the New Pledgor as of the date hereof, as if such representations and warranties were set forth
at length herein.

 

3.       This
Accession shall be a Credit Document (within the meaning of such term under the Credit Agreement), shall be binding upon and enforceable
against the New Pledgor and its successors and assigns, and shall inure to the benefit of and be enforceable by each Secured Party
and its successors and assigns. This Accession and its attachments are hereby incorporated into the Security Agreement and made
a part thereof.

 

    2

     

    

 

IN WITNESS WHEREOF, the New Pledgor
has caused this Accession to be executed under seal by its duly authorized officer as of the date first above written.

 

	 	[NAME OF NEW PLEDGOR]
	 	 
	 	By:	 
	 	Name: 	 
	 	Title: 	 

 

    3

     

    

 

Schedule 1 

 

Information to be added to Annex A of the Security Agreement: 

 

FILING LOCATIONS 

 

	Name of Pledgor	Filing Location

 

Information to be added to Annex B of the Security Agreement: 

 

JURISDICTION OF ORGANIZATION, CERTAIN LOCATIONS

 

[Name of Pledgor:]

 

Jurisdiction of Incorporation/Organization:

Federal Tax ID no.:

 

Organizational ID no.:

 

Chief Executive Office Address:

 

Locations of Records Related to Collateral:

Locations of Equipment
or Inventory:

 

Other places of business:

 

Trade/fictitious or prior corporate names

(last five years):

 

Names used in tax filings (last five years):

 

Information to be added to [Annexes C/D/E/F/G/H/I]
of the Security Agreement:

 

[Complete as applicable]

 

    4

     

    

 

EXHIBIT D

 

PLEDGE AMENDMENT 

 

THIS PLEDGE AMENDMENT, dated as of _____________,
20 __, is delivered by [NAME OF PLEDGOR] (the “Pledgor”) pursuant to Section 5.1 of the Security
Agreement referred to below. The Pledgor hereby agrees that this Pledge Amendment may be attached to the Pledge and Security
Agreement, dated as of [___________], 2017, made by the Pledgor and certain other pledgors named therein in favor of Fifth
Third Bank, as Administrative Agent (as amended, modified, restated or supplemented from time to time, the “Security
Agreement,” capitalized terms defined therein being used herein as therein defined), and that the Pledged Interests
listed on Schedule 1 to this Pledge Amendment shall be deemed to be part of the Pledged Interests within the meaning
of the Security Agreement and shall become part of the Collateral and shall secure all of the Secured Obligations as provided
in the Security Agreement. This Pledge Amendment and its attachments are hereby incorporated into the Security Agreement and
made a part thereof.

 

	 	[NAME OF PLEDGOR]
	 	 
	 	By:	 
	 	Name: 	 
	 	Title: 	 

 

    

     

    

 

Schedule 1 

 

PLEDGED INTERESTS 

	Name of Issuer	 	Type of Interests	 	Certificate
 Number	 	No. of shares

(if applicable)	 	Percentage of
 Outstanding Interests
 in Issuer

 

    

     

    

 

EXHIBIT E-2

 

[FORM OF] PLEDGE AGREEMENT

 

[see attached]

 

    

     

    

 

PLEDGE AGREEMENT

 

THIS PLEDGE AGREEMENT, dated as of
the 5th day of January, 2018 (as amended, modified, restated or supplemented from time to time, this “Agreement”),
is made by GREENBACKER RENEWABLE ENERGY CORPORATION, a Maryland corporation (the “Pledgor”), in favor
of FIFTH THIRD BANK, as Administrative Agent for the Lenders party to the Credit Agreement referred to below (in such capacity,
the “Administrative Agent”), for the benefit of the Secured Parties (as hereinafter defined). Except as otherwise
provided herein, capitalized terms used but not defined herein have the meanings given to them in the Credit Agreement referred
to below.

 

RECITALS

 

A.       GREC
Entity Holdco, LLC, a Delaware limited liability company (the “Borrower”), the Pledgor and Greenbacker Renewable
Energy Company LLC, a Delaware limited liability company (the “Parent”), the Lenders and the Administrative
Agent are parties to a Credit Agreement, dated as of the date hereof (as amended, modified, restated or supplemented from time
to time, the “Credit Agreement”), providing for the availability of certain credit facilities to the Borrower
upon the terms and subject to the conditions set forth therein.

 

B.       As
a condition to the extension of credit to the Borrower under the Credit Agreement, the Parent, the Pledgor and each Subsidiary
that is a party to the Security Agreement as of the date hereof have entered into a Guaranty Agreement, dated as of the date hereof
(as amended, modified, restated or supplemented from time to time, the “Guaranty Agreement”), pursuant to which
the Parent, the Pledgor and such Subsidiaries have guaranteed to the Secured Parties the payment in full of the Obligations of
the Borrower under the Credit Agreement and the other Credit Documents. Additionally, certain other Subsidiaries of the Borrower
may from time to time after the date hereof enter into the Guaranty Agreement, pursuant to which such Subsidiaries will guarantee
to the Secured Parties the payment in full of the Obligations of the Borrower under the Credit Agreement and the other Credit Documents.

 

C.       It
is a further condition to the extension of credit to the Borrower under the Credit Agreement that the Pledgor shall have agreed,
by executing and delivering this Agreement, to secure the payment in full of its obligations under the Guaranty Agreement and the
other Credit Documents. The Secured Parties are relying on this Agreement in their decision to extend credit to the Borrower under
the Credit Agreement, and would not enter into the Credit Agreement without the execution and delivery of this Agreement by the
Pledgor.

 

D.       The
Pledgor will obtain benefits as a result of the extension of credit to the Borrower under the Credit Agreement, which benefits
are hereby acknowledged, and, accordingly, desires to execute and deliver this Agreement.

 

STATEMENT OF AGREEMENT

 

NOW, THEREFORE, in consideration
of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, to induce
the Secured Parties to enter into the Credit Agreement and to induce the Lenders to extend credit to the Borrower thereunder, the
Pledgor hereby agrees as follows:

 

    

     

    

 

ARTICLE I

 

DEFINITIONS

 

1.1       Defined
Terms. Unless otherwise defined herein, or unless the context otherwise requires, all terms used herein which are defined in
the New York Uniform Commercial Code shall have the meanings therein stated. In addition, the following terms have the meanings
set forth below:

 

“Collateral Accounts” has the meaning given
to such term in Section 6.3.

 

“Ownership Agreement”
means any partnership agreement, joint venture agreement, limited liability company operating agreement, stockholders agreement
or other agreement creating, governing or evidencing any Capital Stock of the Borrower and to which the Pledgor is now or hereafter
becomes a party, as any such agreement may be amended, modified, supplemented, restated or replaced from time to time.

 

“Permitted Rate Management Agreement”
means any Rate Management Agreement that is required or permitted by the Credit Agreement to be entered into by any Credit Party.

 

“Pledge Amendment” has the meaning given
such term in Section 4.2(b).

 

“Pledged
Interests” means, collectively, (i) all of the issued and outstanding Capital Stock of the Borrower at any time now
or hereafter owned by the Pledgor, whether voting or non-voting and whether common or preferred; (ii) all options, warrants
and other rights to acquire, and all securities convertible into, any of the foregoing; (iii) all rights to receive interest,
income, dividends, distributions, returns of capital and other amounts (whether in cash, securities, property, or a
combination thereof), and all additional stock, warrants, options, securities, interests and other property, from time to
time paid or payable or distributed or distributable in respect of any of the foregoing (but subject to the provisions of Section
5.1), including all rights of the Pledgor to receive amounts due and to become due under or in respect of any Ownership
Agreement or upon the termination thereof; (iv) all rights of access to the books and records of the Borrower; and (v) all
other rights, powers, privileges, interests, claims and other property in any manner arising out of or relating to any of the
foregoing, of whatever kind or character (including any tangible or intangible property or interests therein), and whether
provided by contract or granted or available under applicable law in connection therewith, including the Borrower’s or
the Pledgor’s right to vote and to manage and administer the business of the Borrower pursuant to any applicable
Ownership Agreement; in each case together with all certificates, instruments and entries upon the books of financial
intermediaries at any time evidencing any of the foregoing.

 

“Proceeds” has the meaning given to such
term in Section 2.1.

 

“Secured Parties” means, collectively, the
Lenders, each Rate Management Party, each Cash Management Bank and the Administrative Agent.

 

“Secured Obligations” has the meaning given
to such term in Section 2.2.

 

“Securities Act” means the Securities Act
of 1933.

 

    2

     

    

 

“Termination
Requirements” means (i) the payment in full in cash of the Secured Obligations (other than contingent and
indemnification obligations not then due and payable and other than Obligations described in the following (iii), except as
expressly set forth therein), (ii) the termination of the Commitments and (iii) the termination of, and settlement of all
obligations of all Credit Parties under, all Permitted Rate Management Agreements to which any Rate Management Party is a
party and all Cash Management Agreements to which any Cash Management Bank is a party.

 

“Uniform Commercial Code”
means the Uniform Commercial Code as the same may be in effect from time to time in the State of New York; provided that
if, by reason of applicable law, the validity, priority or perfection of any security interest in any Pledged Interests granted
under this Agreement is governed by the Uniform Commercial Code as in effect in another jurisdiction, then as to the validity,
priority or perfection, as the case may be, of such security interest, “Uniform Commercial Code” means the Uniform
Commercial Code as in effect from time to time in such other jurisdiction.

 

1.2       Other
Terms; Construction. All terms in this Agreement that are not capitalized shall, unless the context otherwise requires,
have the meanings provided by the Uniform Commercial Code to the extent the same are used or defined therein. The provisions
of Section 1.3 of the Credit Agreement are hereby incorporated by reference as if fully set forth herein. The headings of the
various articles, sections and subsections of this Agreement have been inserted for convenience only and shall not in any way
affect the meaning or construction of any of the provisions hereof.

 

ARTICLE II

 

CREATION OF SECURITY INTEREST

 

2.1       Pledge
and Grant of Security Interest in Pledged Interests. The Pledgor hereby pledges, assigns and delivers to the
Administrative Agent, for the ratable benefit of the Secured Parties, and grants to the Administrative Agent, for the ratable
benefit of the Secured Parties, a Lien upon and security interest in, all of the Pledgor’s right, title and interest in
and to the Pledged Interests, and any and all proceeds, as defined in the Uniform Commercial Code, products, rents, royalties
and profits of or from any and all of the foregoing and, to the extent not otherwise included in the foregoing, (a) all
payments under any insurance (whether or not the Administrative Agent is the loss payee thereunder), indemnity, warranty or
guaranty with respect to any of the foregoing, and (b) all other amounts from time to time paid or payable under or with
respect to any of the foregoing (collectively, “Proceeds”). For purposes of this Agreement, the term
“Proceeds” includes whatever is receivable or received when Pledged Interests or Proceeds are sold, exchanged,
collected or otherwise disposed of, whether voluntarily or involuntarily.

 

    3

     

    

 

2.2       Security
for Secured Obligations. This Agreement and the Pledged Interests secure the full and prompt payment, at any time and
from time to time as and when due (whether at the stated maturity, by acceleration or otherwise), of all liabilities and
obligations of the Pledgor, whether now existing or hereafter incurred, created or arising and whether direct or indirect,
absolute or contingent, due or to become due, under, arising out of or in connection with the Credit Agreement, this
Agreement or any other Credit Document to which it is or hereafter becomes a party, or any Rate Management Agreement or Cash
Management Agreement to which any Credit Party and any Cash Management Bank or any Rate Management Party are parties,
including all of its liabilities and obligations as a Guarantor (as defined in the Guaranty Agreement) in respect of the
Guaranteed Obligations (as defined in the Guaranty Agreement); and in each case, (i) all such liabilities and obligations
that, but for the operation of the automatic stay under Section 362(a) of the Bankruptcy Code, would become due, and (ii) all
fees, costs and expenses payable by the Pledgor under Section 8.1, whether now existing or hereafter created or
arising and whether direct or indirect, absolute or contingent, due or to become due (but excluding in all cases Excluded
Swap Obligations) (the liabilities and obligations of the Pledgor described in this Section 2.2, collectively, the
“Secured Obligations”).

 

ARTICLE III

 

REPRESENTATIONS AND WARRANTIES

 

The Pledgor represents and warrants as follows:

 

3.1       No
Filings. No security agreement, financing statement or other public notice with respect to all or any part of the Pledged
Interests is on file or of record in any government or public office, and no Pledgor has filed or consented to the filing of
any such statement or notice, except (i) Uniform Commercial Code financing statements naming the Administrative Agent as
secured party, (ii) filings with respect to which termination statements and other necessary releases have been delivered to
the Administrative Agent for filing, and (iii) as may be otherwise permitted by the Credit Agreement.

 

3.2       Security
Interests; Filings. This Agreement, together with (i) the filing, with respect to the Pledgor, of duly completed Uniform
Commercial Code financing statements naming the Pledgor as debtor, the Administrative Agent as secured party, and describing
the Pledged Interests, in the jurisdictions set forth with respect to the Pledgor on Annex A hereto, (ii) in the case
of uncertificated Pledged Interests consisting of capital stock, registration of transfer thereof to the Administrative Agent
on the issuer’s books or the execution by the issuer of a control agreement satisfying the requirements of Section
8-106 (or its successor provision) of the Uniform Commercial Code, and (iii) the delivery to the Administrative Agent, for
its benefit and the benefit of the Secured Parties, of all stock certificates and Instruments included in the Pledged
Interests (and assuming continued possession thereof by the Administrative Agent), creates, and at all times shall
constitute, a valid and perfected security interest in and Lien upon the Pledged Interests in favor of the Administrative
Agent, for the benefit of the Secured Parties, to the extent a security interest therein can be perfected by such filings or
possession, as applicable, superior and prior to the rights of all other Persons therein (except for Permitted Liens), and no
other or additional filings, registrations, recordings or actions are or shall be necessary or appropriate in order to
maintain the perfection and priority of such Lien and security interest, other than actions required with respect to Pledged
Interests of the types excluded from Article 9 of the Uniform Commercial Code or from the filing requirements under such
Article 9 by reason of Section 9-109, 9-309 or 9-310 of the Uniform Commercial Code and other than continuation statements
required under the Uniform Commercial Code.

 

    4

     

    

 

3.3       Authorization;
Consent. No authorization, consent or approval of, or declaration or filing with, any Governmental Authority (including
any notice filing with state tax or revenue authorities required to be made by account creditors in order to enforce any
Accounts in such state) is required for the valid execution, delivery and performance by the Pledgor of this Agreement, the
grant by it of the Lien and security interest in favor of the Administrative Agent provided for herein, or the exercise by
the Administrative Agent of its rights and remedies hereunder, except for (i) the filings described in Section 3.2,and
(ii) such filings and approvals as may be required in connection with a disposition of any such Pledged Interests by laws
affecting the offering and sale of securities generally.

 

3.4       No
Restrictions. All Capital Stock constituting Pledged Interests has been duly authorized and validly issued, is fully paid and
non-assessable, and is subject to no options to purchase or similar rights of any Person. There are no statutory or regulatory
restrictions, prohibitions or limitations on the Pledgor’s ability to grant to the Administrative Agent a Lien upon and security
interest in the Pledged Interests pursuant to this Agreement or on the exercise by the Administrative Agent of its rights and remedies
hereunder (including any foreclosure upon or collection of the Pledged Interest), and there are no contractual restrictions on
the Pledgor’s ability to grant such Lien and security interest.

 

3.5       Pledged
Interests. As of the date hereof, the Pledged Interests consist of the number and type of shares of capital stock (in the case
of issuers that are corporations) or the percentage and type of other equity interests (in the case of issuers other than corporations)
as described beneath the Pledgor’s name on Annex C. All of the Pledged Interests have been duly and validly issued
and are fully paid and nonassessable (or, in the case of partnership, limited liability company or similar Pledged Interests, not
subject to any capital call or other additional capital requirement) and not subject to any preemptive rights, warrants, options
or similar rights or restrictions in favor of third parties or any contractual or other restrictions upon transfer. As to each
issuer thereof, the Pledged Interests pledged hereunder constitute 100% of the outstanding Capital Stock of such issuer.

 

ARTICLE IV

 

COVENANTS

 

4.1       Change
of Name, Locations, etc. No Pledgor will (i) change its name, identity or corporate structure, (ii) change its chief
executive office from the location thereof listed on Annex B, (iii) change the jurisdiction of its incorporation or
organization from the jurisdiction listed on Annex B (whether by merger or otherwise) or (iv) file any document with
the Internal Revenue Service using any name other than its exact legal name listed on Annex B, unless in each case
such Pledgor has (1) given 20 days’ prior written notice to the Administrative Agent of its intention to do so,
together with information regarding any such new location and such other information in connection with such proposed action
as the Administrative Agent may reasonably request, and (2) delivered to the Administrative Agent 10 days prior to any such
change a version of Annex B that is revised to reflect such change (the “Revised Annex”) and such
other documents, instruments and financing statements as may be required by the Administrative Agent, all in form and
substance satisfactory to the Administrative Agent, paid all necessary filing and recording fees and taxes, and taken all
other actions reasonably requested by the Administrative Agent (including, at the request of the Administrative Agent,
delivery of opinions of counsel reasonably satisfactory to the Administrative Agent to the effect that all such actions have
been taken), in order to perfect and maintain the Lien upon and security interest in the Pledged Interests provided for
herein in accordance with the provisions of Section 3.2. On the effective date of such change, Annex B shall be
deemed to be amended in the form of the Revised Annex (which shall be in form and substance satisfactory to the
Administrative Agent).

 

    5

     

    

 

4.2       Delivery of
Certain Pledged Interests; Further Actions.

 

(a)        All
certificates evidencing Pledged Interests, if any, shall be delivered promptly to the Administrative Agent pursuant hereto,
shall be in form suitable for transfer by delivery and shall be delivered together with undated stock powers duly executed in
blank, appropriate endorsements or other necessary instruments of registration, transfer or assignment, duly executed and in
form and substance satisfactory to the Administrative Agent, and in each case together with such other instruments or
documents as the Administrative Agent may reasonably request.

 

(b)        The
Pledgor will cause each issuer of any Pledged Interests not to issue any Capital Stock in addition to or in substitution for the
Pledged Interests issued by such issuer except to the Pledgor and any such additional Capital Stock issued to the Pledgor shall
constitute Pledged Interests hereunder. Promptly upon its acquisition (directly or indirectly) thereof, the Pledgor will deliver
to the Administrative Agent all certificates, Instruments or other documents required to be delivered pursuant to Section 4.2(a)
and an executed amendment to this Agreement in the form of Exhibit A or otherwise in form and substance satisfactory to
the Administrative Agent (each, a “Pledge Amendment”) to amend Annex C to correctly identify all Pledged
Interests; provided that the failure of the Pledgor to execute and deliver any such Pledge Amendment shall not impair the
security interest of the Administrative Agent in any Pledged Interests. The Pledgor will cause the Capital Stock pledged by it
hereunder to constitute at all times 100% of the Capital Stock issued by the issuer thereof.

 

4.3       Protection
of Security Interest. The Pledgor agrees that it will, at its own cost and expense, take any and all actions necessary to warrant
and defend the right, title and interest of the Secured Parties in and to the Pledged Interests against the claims and demands
of all other Persons.

 

ARTICLE V

 

VOTING AND DISTRIBUTIONS

 

5.1       During
No Event of Default. So long as no Event of Default shall have occurred and be continuing:

 

(a)        The
Pledgor shall be entitled to exercise any and all voting and other consensual rights pertaining to the Pledged Interests or any
part thereof for any purpose not inconsistent with the terms of this Agreement or the other Credit Documents; provided,
however, that the Pledgor will not cast any vote, give any consent, waiver or ratification, or take or fail to take any
action, in any manner that would, or could reasonably be expected to, violate or be inconsistent with any of the terms of this
Agreement or any other Credit Document or have the effect of materially and adversely impairing the position or interests of the
Administrative Agent or the Secured Parties.

 

    6

     

    

 

(b)        The
Pledgor shall be entitled to receive and retain any and all dividends, interest and other payments and distributions made upon
or with respect to the Pledged Interests in accordance with the Credit Agreement; provided, however, that upon request
of the Administrative Agent, the following shall be delivered to the Administrative Agent to be held as Pledged Interests and
shall, if received by the Pledgor, be received in trust for the benefit of the Administrative Agent, be segregated from the other
property or funds of any the Pledgor and be forthwith delivered to the Administrative Agent as Pledged Interests in the same form
as so received (with any necessary endorsement):

 

 (i)       dividends
and interest paid or payable other than in cash in respect of, and instruments and other property received, receivable or otherwise
distributed in respect of, or in exchange for, any Pledged Interests;

 

 (ii)      dividends
and other distributions paid or payable in cash in respect of any Pledged Interests in connection with a partial or total liquidation
or dissolution or in connection with a reduction of capital, capital surplus or paid-in-surplus; and

 

 (iii)     cash
paid, payable or otherwise distributed in respect of principal of, in redemption of, or in exchange for, any Pledged Interests.

 

(c)         The Administrative Agent shall execute
and deliver (or cause to be executed and delivered) to the Pledgor all such proxies, powers of attorney, consents, ratifications
and waivers and other instruments as the Pledgor may reasonably request for the purpose of enabling the Pledgor to exercise its
voting and other rights in accordance with and to the extent permitted by Section 5.1(a) and to receive dividends or interest
payments in accordance with and to the extent permitted by Section 5.1(b).

 

5.2       Voting
During an Event of Default. Upon the occurrence and during the continuance of an Event of Default and notice by the Administrative
Agent to the Pledgor, all rights of the Pledgor to exercise the voting and other consensual rights that it would otherwise be entitled
to exercise pursuant to Section 5.1(a) shall cease, and all such rights shall thereupon become vested in the Administrative
Agent, which shall thereupon have the sole right to exercise such voting and other consensual rights.

 

5.3       Distributions
During an Event of Default. Upon the occurrence and during the continuance of an Event of Default, all rights of the
Pledgor to receive the dividends, interest and other payments and distributions to which it would otherwise be entitled
pursuant to Section 5.1(b) shall cease, and all such rights shall thereupon become vested in the Administrative Agent,
which shall thereupon have the sole right to receive and hold as Pledged Interests such dividends, interest and other
payments and distributions. All dividends and interest payments received by the Pledgor in violation of this Section 5.3 shall
be received in trust for the benefit of the Administrative Agent, shall be segregated from other funds of any the Pledgor and
shall be forthwith paid over to the Administrative Agent as Pledged Interests in the same form as so received (with any
necessary endorsement).

 

    7

     

    

 

ARTICLE VI

 

REMEDIES

 

6.1           Remedies.
If an Event of Default shall have occurred and be continuing, the Administrative Agent shall be entitled to exercise in respect
of the Pledged Interests all of its rights, powers and remedies provided for herein or otherwise available to it under any other
Credit Document, by law, in equity or otherwise, including all rights and remedies of a secured party under the Uniform Commercial
Code, and shall be entitled in particular, but without limitation of the foregoing, to exercise the following rights, which the
Pledgor agrees to be commercially reasonable:

 

(a)           To
exercise (i) all voting, consensual and other rights and powers pertaining to the Pledged Interests (whether or not
transferred into the name of the Administrative Agent), at any meeting of shareholders, partners, members or otherwise, and
(ii) any and all rights of conversion, exchange, subscription and any other rights, privileges or options pertaining to the
Pledged Interests as if it were the absolute owner thereof (including the right to exchange at its discretion any and all of
the Pledged Interests upon the merger, consolidation, reorganization, reclassification, combination of shares or interests,
similar rearrangement or other similar fundamental change in the structure of the applicable issuer, or upon the exercise by
the Pledgor or the Administrative Agent of any right, privilege or option pertaining to such Pledged Interests), and in
connection therewith, the right to deposit and deliver any and all of the Pledged Interests with any committee, depositary,
transfer agent, registrar or other designated agency upon such terms and conditions as the Administrative Agent may
determine, and give all consents, waivers and ratifications in respect of the Pledged Interests, all without liability except
to account for any property actually received by it, but the Administrative Agent shall have no duty to exercise any such
right, privilege or option or give any such consent, waiver or ratification and shall not be responsible for any failure to
do so or delay in so doing; and for the foregoing purposes the Pledgor will promptly execute and deliver or cause to be
executed and delivered to the Administrative Agent, upon request, all such proxies and other instruments as the
Administrative Agent may reasonably request to enable the Administrative Agent to exercise such rights and powers; AND IN
FURTHERANCE OF THE FOREGOING AND WITHOUT LIMITATION THEREOF, THE PLEDGOR HEREBY IRREVOCABLY CONSTITUTES AND APPOINTS
THE ADMINISTRATIVE AGENT AS THE TRUE AND LAWFUL PROXY AND ATTORNEY-IN-FACT OF THE PLEDGOR, WITH FULL POWER OF SUBSTITUTION IN
THE PREMISES, TO EXERCISE ALL SUCH VOTING, CONSENSUAL AND OTHER RIGHTS AND POWERS TO WHICH ANY HOLDER OF ANY PLEDGED
INTERESTS WOULD BE ENTITLED BY VIRTUE OF HOLDING THE SAME, WHICH PROXY AND POWER OF ATTORNEY, BEING COUPLED WITH AN INTEREST,
IS IRREVOCABLE AND SHALL BE EFFECTIVE FOR SO LONG AS THIS AGREEMENT SHALL BE IN EFFECT; and

 

    8 

     

    

 

(b)           To
sell, resell, assign and deliver, in its sole discretion, all or any of the Pledged Interests, in one or more parcels, on
any securities exchange on which any Capital Stock may be listed, at public or private sale, at any of the Administrative
Agent’s offices or elsewhere, for cash, upon credit or for future delivery, at such time or times and at such price or
prices and upon such other terms as the Administrative Agent may deem satisfactory. If any of the Pledged Interests are sold
by the Administrative Agent upon credit or for future delivery, the Administrative Agent shall not be liable for the failure
of the purchaser to purchase or pay for the same and, in the event of any such failure, the Administrative Agent may resell
such Pledged Interests. In no event shall the Pledgor be credited with any part of the Proceeds of sale of any Pledged
Interests until and to the extent cash payment in respect thereof has actually been received by the Administrative Agent.
Each purchaser at any such sale shall hold the property sold absolutely, free from any claim or right of whatsoever kind,
including any equity or right of redemption of the Pledgor, and the Pledgor hereby expressly waives all rights of redemption,
stay or appraisal, and all rights to require the Administrative Agent to marshal any assets in favor of the Pledgor or any
other party or against or in payment of any or all of the Secured Obligations, that it has or may have under any rule of law
or statute now existing or hereafter adopted. No demand, presentment, protest, advertisement or notice of any kind (except
any notice required by law, as referred to below), all of which are hereby expressly waived by the Pledgor, shall be required
in connection with any sale or other disposition of any part of the Pledged Interests. If any notice of a proposed sale or
other disposition of any part of the Pledged Interests shall be required under applicable law, the Administrative Agent shall
give the applicable Pledgor at least 10 days’ prior notice of the time and place of any public sale and of the time
after which any private sale or other disposition is to be made, which notice the Pledgor agrees is commercially
reasonable. The Administrative Agent shall not be obligated to make any sale of Pledged Interests if it shall determine not
to do so, regardless of the fact that notice of sale may have been given. The Administrative Agent may, without notice or
publication, adjourn any public or private sale or cause the same to be adjourned from time to time by announcement at the
time and place fixed for sale, and such sale may, without further notice, be made at the time and place to which the same was
so adjourned. Upon each public sale and, to the extent permitted by applicable law, upon each private sale, the
Administrative Agent may purchase all or any of the Pledged Interests being sold, free from any equity, right of redemption
or other claim or demand, and may make payment therefor by endorsement and application (without recourse) of the Secured
Obligations in lieu of cash as a credit on account of the purchase price for such Pledged Interests.

 

6.2           Application
of Proceeds.

 

(a)           All Proceeds collected by the Administrative
Agent upon any sale, other disposition of or realization upon any of the Pledged Interests, together with all other moneys received
by the Administrative Agent hereunder, shall be applied in accordance with the provisions of the Credit Agreement.

 

(b)           In
the event that the proceeds of any such sale, disposition or realization are insufficient to pay all amounts to which the Secured
Parties are legally entitled, the Pledgor shall be liable for the deficiency, together with interest thereon at the highest rate
specified in any applicable Credit Document for interest on overdue principal or such other rate as shall be fixed by applicable
law, together with the costs of collection and all other fees, costs and expenses payable hereunder.

 

(c)           Upon
any sale of any Pledged Interests hereunder by the Administrative Agent (whether by virtue of the power of sale herein
granted, pursuant to judicial proceeding, or otherwise), the receipt of the Administrative Agent or the officer making the
sale shall be a sufficient discharge to the purchaser or purchasers of the Pledged Interests so sold, and such purchaser or
purchasers shall not be obligated to see to the application of any part of the purchase money paid over to the Administrative
Agent or such officer or be answerable in any way for the misapplication thereof.

 

    9 

     

    

 

6.3           Collateral
Accounts. Upon the occurrence and during the continuance of an Event of Default, the Administrative Agent shall have the right
to cause to be established and maintained, at its principal office or such other location or locations as it may establish from
time to time in its discretion, one or more accounts (collectively, “Collateral Accounts”) for the collection
of cash Proceeds of the Pledged Interests. Such Proceeds, when deposited, shall continue to constitute Pledged Interests for the
Secured Obligations and shall not constitute payment thereof until applied as herein provided. The Administrative Agent shall have
sole dominion and control over all funds deposited in any Collateral Account, and such funds may be withdrawn therefrom only by
the Administrative Agent. Upon the occurrence and during the continuance of an Event of Default, the Administrative Agent shall
have the right to (and, if directed by the Required Lenders pursuant to the Credit Agreement, shall) apply amounts held in the
Collateral Accounts in payment of the Secured Obligations in the manner provided for in Section 6.2.

 

6.4           Private Sales.

 

(a)           The
Pledgor recognizes that the Administrative Agent may be compelled, at any time after the occurrence and during the
continuance of an Event of Default, to conduct any sale of all or any part of the Pledged Interests without registering or
qualifying such Pledged Interests under the Securities Act and/or any applicable state securities laws in effect at such
time. The Pledgor acknowledges that any such private sales may be made in such manner and under such circumstances as the
Administrative Agent may deem necessary or advisable in its sole and absolute discretion, including at prices and on terms
that might be less favorable than those obtainable through a public sale without such restrictions (including a public
offering made pursuant to a registration statement under the Securities Act), and, notwithstanding such circumstances, agrees
that any such sale shall not be deemed not to have been made in a commercially reasonable manner solely because it was
conducted as a private sale, and agrees that the Administrative Agent shall have no obligation to conduct any public sales
and no obligation to delay the sale of any Pledged Interests for the period of time necessary to permit its registration for
public sale under the Securities Act and applicable state securities laws, and shall not have any responsibility or liability
as a result of its election so not to conduct any such public sales or delay the sale of any Pledged Interests,
notwithstanding the possibility that a substantially higher price might be realized if the sale were deferred until after
such registration. The Pledgor hereby waives any claims against the Administrative Agent or any other Secured Party arising
by reason of the fact that the price at which any Pledged Interests may have been sold at any private sale was less than the
price that might have been obtained at a public sale or was less than the aggregate amount of the Secured Obligations, even
if the Administrative Agent accepts the first offer received and does not offer such Pledged Interests to more than one
offeree.

 

(b)           The
Pledgor agrees to use commercially reasonable efforts to do or cause to be done all such other acts as may be necessary to
make such sale or sales of any portion of the Pledged Interests pursuant to Section 6.1 and this Section 6.4 valid
and binding and in compliance with all applicable Requirements of Law. The Pledgor agrees that a breach of any of the
covenants contained in this Section 6.4 will cause irreparable injury to the Administrative Agent and the other
Secured Parties, that the Administrative Agent and the other Secured Parties have no adequate remedy at law in respect of
such breach and, as a consequence, that each and every covenant contained in this Section shall be specifically enforceable
against the Pledgor.

 

    10 

     

    

 

6.5           The
Pledgor Remains Liable. Notwithstanding anything herein to the contrary, (i) the Pledgor shall remain liable under all
contracts to which it is a party included within the Pledged Interests (including all Ownership Agreements) to perform all of
its obligations thereunder to the same extent as if this Agreement had not been executed, (ii) the exercise by the
Administrative Agent of any of its rights or remedies hereunder shall not release the Pledgor from any of its obligations
under any of such contracts, and (iii) except as specifically provided for herein below, the Administrative Agent shall not
have any obligation or liability by reason of this Agreement under any of such contracts, nor shall the Administrative Agent
be obligated to perform any of the obligations or duties of the Pledgor thereunder or to take any action to collect or
enforce any claim for payment assigned hereunder. The powers, rights and remedies conferred on the Administrative Agent
hereunder are solely to protect its interest and privilege in such contracts, as Pledged Interests, and shall not impose any
duty upon it to exercise any such powers, rights or remedies.

 

6.6           Waivers. The
Pledgor, to the greatest extent not prohibited by applicable law, hereby (i) agrees that it will not invoke, claim or assert
the benefit of any rule of law or statute now or hereafter in effect (including any right to prior notice or judicial
hearing in connection with the Administrative Agent’s possession, custody or disposition of any Pledged Interests or
any appraisal, valuation, stay, extension, moratorium or redemption law), or take or omit to take any other action, that
would or could reasonably be expected to have the effect of delaying, impeding or preventing the exercise of any rights and
remedies in respect of the Pledged Interests, the absolute sale of any of the Pledged Interests or the possession thereof by
any purchaser at any sale thereof, and waives the benefit of all such laws and statutes and further agrees that it will not
hinder, delay or impede the execution of any power granted hereunder to the Administrative Agent, but that it will permit the
execution of every such power as though no such laws or statutes were in effect, (ii) waives all rights that it has or may
have under any rule of law or statute now existing or hereafter adopted to require the Administrative Agent to marshal any
Pledged Interests or other assets in favor of the Pledgor or any other party or against or in payment of any or all of the
Secured Obligations, and (iii) waives all rights that it has or may have under any rule of law or statute now existing or
hereafter adopted to demand, presentment, protest, advertisement or notice of any kind (except notices expressly provided for
herein). In addition, the Pledgor waives any and all rights of contribution or subrogation upon the sale or disposition of
all or any portion of the Pledged Interests by the Administrative Agent.

 

    11 

     

    

 

ARTICLE VII

 

THE ADMINISTRATIVE AGENT

 

7.1           The
Administrative Agent; Standard of Care. The Administrative Agent will hold all items of the Pledged Interests at any
time received under this Agreement in accordance with the provisions hereof. The obligations of the Administrative Agent as
holder of the Pledged Interests and interests therein and with respect to the disposition thereof, and otherwise under this
Agreement and the other Credit Documents, are only those expressly set forth in this Agreement and the other Credit
Documents. The Administrative Agent shall act hereunder at the direction, or with the consent, of the Required Lenders on the
terms and conditions set forth in the Credit Agreement. The powers conferred on the Administrative Agent hereunder are solely
to protect its interest, on behalf of the Secured Parties, in the Pledged Interests, and shall not impose any duty upon it to
exercise any such powers. Except for treatment of the Pledged Interests in its possession in a manner substantially
equivalent to that which the Administrative Agent, in its individual capacity, accords its own property of a similar nature,
and the accounting for moneys actually received by it hereunder, the Administrative Agent shall have no duty as to any
Pledged Interests or as to the taking of any necessary steps to preserve rights against prior parties or any other rights
pertaining to the Pledged Interests . Neither the Administrative Agent nor any other Secured Party shall be liable to the
Pledgor (i) for any loss or damage sustained by the Pledgor, or (ii) for any loss, damage, depreciation or other diminution
in the value of any of the Pledged Interests that may occur as a result of or in connection with or that is in any way
related to any exercise by the Administrative Agent or any other Secured Party of any right or remedy under this Agreement,
any failure to demand, collect or realize upon any of the Pledged Interests or any delay in doing so, or any other act or
failure to act on the part of the Administrative Agent or any other Secured Party, except to the extent that the same is
caused by its own gross negligence or willful misconduct.

 

7.2           Further Assurances;
Attorney-in-Fact.

 

(a)           The Pledgor hereby irrevocably authorizes
the Administrative Agent at any time and from time to time to file in any filing office in any Uniform Commercial Code jurisdiction
any financing statements and amendments thereto that (a) indicate the Pledged Interests (i) as all assets of the Pledgor or words
of similar effect, regardless of whether any particular asset included within the Pledged Interests falls within the scope of Article
9 of the Uniform Commercial Code of any such jurisdiction, or (ii) as being of an equal or lesser scope or with greater detail,
and (b) provide any other information required by Part 5 of Article 9 of the Uniform Commercial Code for the sufficiency or filing
office acceptance of any financing statement or amendment.

 

(b)           The
Pledgor agrees that it will do such further acts and things (including making any notice filings with state tax or revenue authorities
required to be made by account creditors in order to enforce any Accounts in such state) and to execute and deliver to the Administrative
Agent such additional conveyances, assignments, agreements and instruments as the Administrative Agent may reasonably require or
deem advisable to perfect, establish, confirm and maintain the security interest and Lien provided for herein, to carry out the
purposes of this Agreement or to further assure and confirm unto the Administrative Agent its rights, powers and remedies hereunder.

 

    12 

     

    

 

(c)          The
Pledgor hereby irrevocably appoints the Administrative Agent its lawful attorney-in-fact, with full authority in the place and
stead of the Pledgor and in the name of the Pledgor, the Administrative Agent or otherwise, and with full power of substitution
in the premises (which power of attorney, being coupled with an interest, is irrevocable for so long as this Agreement shall be
in effect), from time to time in the Administrative Agent’s discretion after the occurrence and during the continuance of
an Event of Default (except for the actions described in clause (i) below, which may be taken by the Administrative Agent without
regard to whether an Event of Default has occurred) to take any action and to execute any instruments that the Administrative
Agent may deem necessary or advisable to accomplish the purpose of this Agreement, including:

 

(i)         to
sign the name of the Pledgor on any financing statement, continuation statement, notice or other similar document that, in the
Administrative Agent’s opinion, should be made or filed in order to perfect or continue perfected the security interest granted
under this Agreement;

 

(ii)        to
ask, demand, collect, sue for, recover, compound, receive and give acquittance and receipts for moneys due and to become due under
or in respect of any of the Pledged Interests;

 

(iii)       to
receive, endorse and collect any checks, drafts, Instruments, Chattel Paper and other orders for the payment of money made payable
to the Pledgor representing any interest, income, dividend, distribution or other amount payable in respect of any of the Pledged
Interests and to give full discharge for the same;

 

(iv)       to
obtain, maintain and adjust any property or casualty insurance required to be maintained by the Pledgor under Section 5.6 of the
Credit Agreement and direct the payment of proceeds thereof to the Administrative Agent;

 

(v)        to
pay or discharge taxes, Liens or other encumbrances levied or placed on or threatened against the Pledged Interests, the legality
or validity thereof and the amounts necessary to discharge the same to be determined by the Administrative Agent in its sole discretion,
any such payments made by the Administrative Agent to become Secured Obligations of the Pledgor to the Administrative Agent, due
and payable immediately and without demand;

 

(vi)       to
file any claims or take any action or institute any proceedings that the Administrative Agent may deem necessary or advisable for
the collection of any of the Pledged Interests or otherwise to enforce the rights of the Administrative Agent with respect to any
of the Pledged Interests; and

 

(vii)      to
use, sell, assign, transfer, pledge, make any agreement with respect to or otherwise deal with any and all of the Pledged Interests
as fully and completely as though the Administrative Agent were the absolute owner of the Pledged Interests for all purposes, and
to do from time to time, at the Administrative Agent’s option and the Pledgor’s expense, all other acts and things
deemed necessary by the Administrative Agent to protect, preserve or realize upon the Pledged Interests and to more completely
carry out the purposes of this Agreement.

 

(d)          If
the Pledgor fails to perform any covenant or agreement contained in this Agreement after written request to do so by the
Administrative Agent (provided that no such request shall be necessary at any time after the occurrence and during the
continuance of an Event of Default), the Administrative Agent may itself perform, or cause the performance of, such covenant
or agreement and may take any other action that it deems necessary and appropriate for the maintenance and preservation of
the Pledged Interests or its security interest therein, and the reasonable expenses so incurred in connection therewith shall
be payable by the Pledgor under Section 8.1.

 

    13 

     

    

 

ARTICLE VIII

 

MISCELLANEOUS

 

8.1           Indemnity and Expenses. The provisions of Section 10.1 (“Expenses; Indemnity; Damage Waiver”) of the
Credit Agreement are incorporated herein by reference and shall apply to the Pledgor mutatis mutandis to the same extent
as such provisions apply to the Borrower.

 

8.2           No
Waiver. The rights and remedies of the Secured Parties expressly set forth in this Agreement and the other Credit
Documents are cumulative and in addition to, and not exclusive of, all other rights and remedies available at law, in equity
or otherwise. No failure or delay on the part of any Secured Party in exercising any right, power or privilege shall operate
as a waiver thereof, nor shall any single or partial exercise of any such right, power or privilege preclude any other or
further exercise thereof or the exercise of any other right, power or privilege or be construed to be a waiver of any Default
or Event of Default. No course of dealing between the Pledgor and the Secured Parties or their agents or employees shall be
effective to amend, modify or discharge any provision of this Agreement or any other Credit Document or to constitute a
waiver of any Default or Event of Default. No notice to or demand upon the Pledgor in any case shall entitle the Pledgor to
any other or further notice or demand in similar or other circumstances or constitute a waiver of the right of any Secured
Party to exercise any right or remedy or take any other or further action in any circumstances without notice or demand.

 

8.3           Enforcement.
By its acceptance of the benefits of this Agreement, each Lender agrees that this Agreement may be enforced only by the Administrative
Agent, acting upon the instructions or with the consent of the Required Lenders as provided for in the Credit Agreement, and that
no Lender shall have any right individually to enforce or seek to enforce this Agreement or to realize upon any Pledged Interests
or other security given to secure the payment and performance of the Secured Obligations.

 

8.4           Amendments,
Waivers, etc. No amendment, modification, waiver, discharge or termination of, or consent to any departure by the Pledgor
from, any provision of this Agreement, shall be effective unless in a writing signed by the Administrative Agent and such of the
Lenders as may be required under Section 10.5 of the Credit Agreement to concur in the action then being taken, and then the same
shall be effective only in the specific instance and for the specific purpose for which given.

 

    14 

     

    

 

8.5           Continuing
Security Interest; Term; Successors and Assigns; Assignment; Termination and Release; Survival. This Agreement shall
create a continuing security interest in the Pledged Interests and shall secure the payment and performance of all of the
Secured Obligations as the same may arise and be outstanding at any time and from time to time from and after the date
hereof, and shall (i) remain in full force and effect until the occurrence of the Termination Requirements (as hereinafter
defined), (ii) be binding upon and enforceable against the Pledgor and its successors and assigns (provided, however,
that Pledgor may not sell, assign or transfer any of its rights, interests, duties or obligations hereunder without the prior
written consent of the Lenders) and (iii) inure to the benefit of and be enforceable by each Secured Party and its successors
and assigns. Upon any sale or other disposition by the Pledgor of any Pledged Interests in a transaction expressly permitted
hereunder or under or pursuant to the Credit Agreement or any other applicable Credit Document, the Lien and security
interest created by this Agreement in and upon such Pledged Interests shall be automatically released, and upon the
satisfaction of all of the Termination Requirements, this Agreement and the Lien and security interest created hereby shall
terminate (provided, that the provisions of Section 6.6 shall survive the termination of this Agreement); and
in connection with any such release or termination, the Administrative Agent, at the request and expense of the Pledgor, will
execute and deliver to the Pledgor such documents and instruments evidencing such release or termination as the Pledgor may
reasonably request and will assign, transfer and deliver to the Pledgor, without recourse and without representation or
warranty, such of the Pledged Interests as may then be in the possession of the Administrative Agent (or, in the case of any
partial release of Pledged Interests, such of the Pledged Interests so being released as may be in its possession). All
representations, warranties, covenants and agreements herein shall survive the execution and delivery of this Agreement. For
purposes of this Agreement, “Termination Requirements” means (x) the payment in full in cash of the
Secured Obligations (other than contingent and indemnification obligations not then due and payable), and (y) the termination
of the Commitments.

 

8.6           Notices.
All notices and other communications provided for hereunder shall be given to the parties in the manner and subject to the other
notice provisions set forth in the Credit Agreement and the Guaranty Agreement.

 

8.7           Governing
Law. This Agreement and any claims, controversy, dispute or cause of action (whether in contract or tort or otherwise) based
upon, arising out of or relating to this Agreement shall be governed by, and construed in accordance with, the law of the State
of New York.

 

8.8           Severability.
To the extent any provision of this Agreement is prohibited by or invalid under the applicable law of any jurisdiction, such provision
shall be ineffective only to the extent of such prohibition or invalidity and only in such jurisdiction, without prohibiting or
invalidating such provision in any other jurisdiction or the remaining provisions of this Agreement in any jurisdiction.

 

8.9           Counterparts.
This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall
constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart
of a signature page of this Agreement by facsimile or in electronic format (e.g., “pdf,” “tif” or similar
file formats) shall be effective as delivery of a manually executed counterpart of this Agreement.

 

[The remainder of this page left blank intentionally.]

 

    15 

     

    

 

IN WITNESS WHEREOF, the parties have
caused this Agreement to be executed under seal by their duly authorized officers as of the date first above written.

 

	 	GREENBACKER RENEWABLE ENERGY CORPORATION
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

(signatures continued)

 

Signature Page to Pledge Agreement

 

     

     

    

 

Accepted and agreed to:

 

	FIFTH THIRD BANK, as Administrative
Agent	 
	 	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 

 

Signature Page to Pledge Agreement

 

     

     

    

 

EXHIBIT
A

 

PLEDGE
AMENDMENT 

 

THIS
PLEDGE AMENDMENT, dated as of _________________, 20 ____, is delivered by [NAME OF PLEDGOR] (the “Pledgor”)
pursuant to Section 5.1 of the Pledge Agreement referred to below. The Pledgor hereby agrees that this Pledge Amendment may be
attached to the Pledge Agreement, dated as of January 5, 2018, made by the Pledgor in favor of Fifth Third Bank, as Administrative
Agent (as amended, modified, restated or supplemented from time to time, the “Pledge Agreement,” capitalized
terms defined therein being used herein as therein defined), and that the Pledged Interests listed on Schedule 1 to this
Pledge Amendment shall be deemed to be part of the Pledged Interests within the meaning of the Pledge Agreement and shall become
part of the Pledged Interests and shall secure all of the Secured Obligations as provided in the Pledge Agreement. This Pledge
Amendment and its attachments are hereby incorporated into the Pledge Agreement and made a part thereof.

 

	 	[NAME OF PLEDGOR]
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

     

     

    

 

Schedule
1

 

PLEDGED
INTERESTS

	 	 	 	 	 	 	 	 	 
	Name of Issuer	 	Type of

    Interests	 	Certificate

    Number	 	No. of shares

    (if applicable)	 	Percentage of

    Outstanding Interests

    in Issuer
	 	 	 	 	 	 	 	 	 

 

     

     

    

 

EXHIBIT
F

 

[FORM OF] GUARANTY

 

[see
attached]

 

     

     

    

 

GUARANTY
AGREEMENT

 

THIS
GUARANTY AGREEMENT, dated as of the 5th day of January, 2018 (this “Guaranty”), is made by GREENBACKER
RENEWABLE ENERGY COMPANY LLC, a Delaware limited liability company (the “Parent”), GREENBACKER RENEWABLE
ENERGY CORPORATION, a Maryland corporation (“Intermediate Holdco”), and each Subsidiary of GREC ENTITY
HOLDCO LLC, a Delaware limited liability company (the “Borrower”), that, after the date hereof, executes
an instrument of accession hereto substantially in the form of Exhibit A (a “Guarantor Accession”; such
Subsidiaries of the Borrower collectively, the “Subsidiary Guarantors” and together with the Parent and Intermediate
Holdco, the “Guarantors”), in favor of the Guaranteed Parties (as hereinafter defined). Capitalized terms used
herein without definition shall have the meanings given to them in the Credit Agreement referred to below.

 

RECITALS

 

A.         The
Borrower, the Parent, Intermediate Holdco, the Lenders, and Fifth Third Bank, as a Lender and as Administrative Agent for the
Lenders (in such capacity, the “Administrative Agent”), are parties to a Credit Agreement, dated as of the
date hereof (as amended, modified, restated or supplemented from time to time, the “Credit Agreement”), providing
for the availability of certain credit facilities to the Borrower upon the terms and subject to the conditions set forth therein.

 

B.          It
is a condition to the extension of credit to the Borrower under the Credit Agreement that each Guarantor party hereto on the date
hereof shall have agreed, by executing and delivering this Guaranty, to guarantee to the Guaranteed Parties the payment in full
of the Guaranteed Obligations (as hereinafter defined). The Guaranteed Parties are relying on this Guaranty in their decision
to extend credit to the Borrower under the Credit Agreement, and would not enter into the Credit Agreement without this Guaranty.

 

C.          The
Borrower and the Guarantors are engaged in related businesses and undertake certain activities and operations on an integrated
basis. Intermediate Holdco owns all of the issued and outstanding equity interests in the Borrower, and the Parent owns all of
the issued and outstanding equity interests in Intermediate Holdco. In addition, as part of such integrated operations, the Borrower,
among other things, will advance to the Subsidiary Guarantors from time to time certain proceeds of the Loans made to the Borrower
by the Lenders under the Credit Agreement. Each Guarantor will therefore obtain benefits as a result of the extension of credit
to the Borrower under the Credit Agreement, which benefits are hereby acknowledged, and, accordingly, desires to execute and deliver
this Guaranty.

 

STATEMENT
OF AGREEMENT

 

NOW,
THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, to induce the Guaranteed Parties to enter into the Credit Agreement and to induce the Lenders to extend
credit to the Borrower thereunder, each Guarantor hereby agrees as follows:

 

     

     

    

 

1.          Guaranty.

 

(a)         Each
Guarantor hereby irrevocably, absolutely and unconditionally, and jointly and severally guarantees (A) to the Lenders and
the Administrative Agent (together with any Rate Management Party described in clause (B) below and any Cash Management Bank
described in clause (C) below, collectively, the “Guaranteed Parties”) the full and prompt payment, at any
time and from time to time as and when due (whether at the stated maturity, by acceleration or otherwise), of all Obligations
of the Borrower under the Credit Agreement and the other Credit Documents, or any Rate Management Agreement or Cash
Management Agreement to which any Credit Party and any Cash Management Bank or any Rate Management Party are parties,
including all principal of and interest on the Loans, all fees, expenses, indemnities and other amounts payable by the
Borrower under the Credit Agreement or any other Credit Document (including interest accruing after the filing of a petition
or commencement of a case by or with respect to the Borrower seeking relief under any Debtor Relief Laws, whether or not the
claim for such interest is allowed in such proceeding), and all Obligations that, but for the operation of the automatic stay
under Section 362(a) of the Bankruptcy Code, would become due (other than Excluded Swap Obligations); (B) to each Rate
Management Party under any Rate Management Agreement that is required or permitted by the Credit Agreement to be entered into
by any Credit Party (a “Permitted Rate Management Agreement”), all obligations of such Credit Party under
such Permitted Rate Management Agreement (other than Excluded Swap Obligations); and (C) to each Cash Management Bank under
any Cash Management Agreement entered into by any Credit Party (a “Guaranteed Cash Management Agreement”),
all of the obligations of such Credit Party under such Cash Management Agreement (other than Excluded Swap Obligations); in
each case under clauses (A) through (C), whether now existing or hereafter created or arising and whether direct or indirect,
absolute or contingent, due or to become due (all liabilities and obligations described in this Section 1(a),
collectively, the “Guaranteed Obligations”).

 

(b)        The
provisions of Section 10.1 (“Expenses; Indemnity; Damage Waiver”) of the Credit Agreement are incorporated
herein by reference and shall apply to each Guarantor mutatis mutandis to the same extent as such provisions apply to the
Borrower.

 

(c)        Notwithstanding
the provisions of Section 1(a) and notwithstanding any other provisions contained herein or in any other Credit Document:

 

(i)         no
provision of this Guaranty shall require or permit the collection from any Guarantor of interest in excess of the maximum rate
or amount that such Guarantor may be required or permitted to pay pursuant to applicable law; and

 

(ii)        the
liability of each Subsidiary Guarantor under this Guaranty as of any date shall be limited to a maximum aggregate amount
(the “Maximum Guaranteed Amount”) equal to the greatest amount that would not render such
Guarantor’s obligations under this Guaranty subject to avoidance, discharge or reduction as of such date as a
fraudulent transfer or conveyance under any Debtor Relief Law, in each instance after giving effect to all other liabilities
of such Guarantor, contingent or otherwise, that are relevant under applicable Debtor Relief Laws (specifically excluding,
however, any liabilities of such Guarantor in respect of intercompany indebtedness to the Borrower or any of its Affiliates
to the extent that such indebtedness would be discharged in an amount equal to the amount paid by such Guarantor hereunder,
and after giving effect as assets to the value (as determined under applicable Debtor Relief Laws) of any rights to
subrogation, contribution, reimbursement, indemnity or similar rights of such Guarantor pursuant to (x) applicable law or (y)
any agreement (including this Guaranty) providing for an equitable allocation among such Guarantor and other Affiliates of
the Borrower of obligations arising under guaranties by such parties).

 

     2

     

    

 

(d)        The
Subsidiary Guarantors desire to allocate among themselves, in a fair and equitable manner, their obligations arising under
this Guaranty. Accordingly, in the event any payment or distribution is made hereunder on any date by a Subsidiary Guarantor
(a “Funding Guarantor”) that exceeds its Fair Share (as hereinafter defined) as of such date, that Funding
Guarantor shall be entitled to a contribution from each of the other Subsidiary Guarantors in the amount of such other
Guarantor’s Fair Share Shortfall (as hereinafter defined) as of such date, with the result that all such contributions
will cause each Subsidiary Guarantor’s Aggregate Payments (as hereinafter defined) to equal its Fair Share as of such
date. “Fair Share” means, with respect to a Subsidiary Guarantor as of any date of determination, an
amount equal to (i) the ratio of (x) the Adjusted Maximum Guaranteed Amount (as hereinafter defined) with respect to such
Guarantor to (y) the aggregate of the Adjusted Maximum Guaranteed Amounts with respect to all Subsidiary Guarantors,
multiplied by (ii) the aggregate amount paid or distributed on or before such date by all Funding Guarantors hereunder in
respect of the obligations guarantied. “Fair Share Shortfall” means, with respect to a Subsidiary
Guarantor as of any date of determination, the excess, if any, of the Fair Share of such Guarantor over the Aggregate
Payments of such Guarantor. “Adjusted Maximum Guaranteed Amount” means, with respect to a Subsidiary
Guarantor as of any date of determination, the Maximum Guaranteed Amount of such Guarantor, determined in accordance with the
provisions of Section 1(c); provided that, solely for purposes of calculating the “Adjusted
Maximum Guaranteed Amount” with respect to any Guarantor for purposes of this Section 1(d), any assets or
liabilities arising by virtue of any rights to subrogation, reimbursement or indemnity or any rights to or obligations of
contribution hereunder shall not be considered as assets or liabilities of such Guarantor. “Aggregate
Payments” means, with respect to a Subsidiary Guarantor as of any date of determination, the aggregate amount of
all payments and distributions made on or before such date by such Guarantor in respect of this Guaranty (including in
respect of this Section 1(d)). The amounts payable as contributions hereunder shall be determined as of the date on
which the related payment or distribution is made by the applicable Funding Guarantor. Each Funding Guarantor’s right
of contribution under this Section 1(d) shall be subject to the provisions of Section 4. The allocation among
Subsidiary Guarantors of their obligations as set forth in this Section 1(d) shall not be construed in any way to
limit the liability of any Guarantor hereunder to the Guaranteed Parties.

 

(e)        The
guaranty of each Guarantor set forth in this Section 1 is a guaranty of payment as a primary obligor, and not a guaranty
of collection. Each Guarantor hereby acknowledges and agrees that the Guaranteed Obligations, at any time and from time to time,
may exceed the Maximum Guaranteed Amount of such Guarantor and may exceed the aggregate of the Maximum Guaranteed Amounts of all
Guarantors, in each case without discharging, limiting or otherwise affecting the obligations of any Guarantor hereunder or the
rights, powers and remedies of any Guaranteed Party hereunder or under any other Credit Document.

 

     3

     

    

 

2.           Guaranty
Absolute. Each Guarantor agrees that its obligations hereunder and under the other Credit Documents to which it is a party
are irrevocable, absolute and unconditional, are independent of the Guaranteed Obligations and any Collateral or other security
therefor or other guaranty or liability in respect thereof, whether given by such Guarantor or any other Person, and shall not
be discharged, limited or otherwise affected by reason of any of the following, whether or not such Guarantor has notice or knowledge
thereof:

 

(i)         any
change in the time, manner or place of payment of, or in any other term of, any Guaranteed Obligations or any guaranty or other
liability in respect thereof, or any amendment, modification or supplement to, restatement of, or consent to any rescission or
waiver of or departure from, any provisions of the Credit Agreement, any other Credit Document or any agreement or instrument
delivered pursuant to any of the foregoing;

 

(ii)        the
invalidity or unenforceability of any Guaranteed Obligations, any guaranty or other liability in respect thereof or any provisions
of the Credit Agreement, any other Credit Document or any agreement or instrument delivered pursuant to any of the foregoing;

 

(iii)       the
addition or release of Guarantors hereunder or the taking, acceptance or release of other guarantees of any Guaranteed Obligations
or additional Collateral or other security for any Guaranteed Obligations or for any guaranty or other liability in respect thereof;

 

(iv)       any
discharge, modification, settlement, compromise or other action in respect of any Guaranteed Obligations or any guaranty or other
liability in respect thereof, including any acceptance or refusal of any offer or performance with respect to the same or the
subordination of the same to the payment of any other obligations;

 

(v)        any
agreement not to pursue or enforce or any failure to pursue or enforce (whether voluntarily or involuntarily as a result of
operation of law, court order or otherwise) any right or remedy in respect of any Guaranteed Obligations, any guaranty or
other liability in respect thereof or any Collateral or other security for any of the foregoing; any sale, exchange, release,
substitution, compromise or other action in respect of any such Collateral or other security; or any failure to create,
protect, perfect, secure, insure, continue or maintain any Liens in any such Collateral or other security;

 

(vi)       the
exercise of any right or remedy available under the Credit Documents, at law, in equity or otherwise in respect of any Collateral
or other security for any Guaranteed Obligations or for any guaranty or other liability in respect thereof, in any order and by
any manner thereby permitted, including foreclosure on any such Collateral or other security by any manner of sale thereby permitted,
whether or not every aspect of such sale is commercially reasonable;

 

(vii)      any
bankruptcy, reorganization, arrangement, liquidation, insolvency, dissolution, termination, reorganization or other change
in the corporate structure or existence of the Borrower or any other Person directly or indirectly liable for any Guaranteed
Obligations;

 

     4

     

    

 

(viii)  
  any manner of application of any payments by or amounts received or collected from any Person, by whomsoever paid
and howsoever realized, whether in reduction of any Guaranteed Obligations or any other obligations of the Borrower or any
other Person directly or indirectly liable for any Guaranteed Obligations, regardless of what Guaranteed Obligations may
remain unpaid after any such application; or

 

(ix)       any
other circumstance that might otherwise constitute a legal or equitable discharge of, or a defense, setoff or counterclaim
available to, the Borrower, any Guarantor or a surety or guarantor generally, other than the occurrence of all of the
following: (A) the payment in full in cash of the Guaranteed Obligations (other than contingent and indemnification
obligations not then due and payable and other than Obligations described in the following clause (C), except as expressly
set forth therein), (B) the termination of the Commitments and (C) the termination of, and settlement of all obligations of
each Credit Party under, each Permitted Rate Management Agreement to which any Rate Management Party is a party and each
Guaranteed Cash Management Agreement to which any Cash Management Bank is a party (the events in clauses (A), (B) and (C)
above, collectively, the “Termination Requirements”).

 

3.          Certain
Waivers. Each Guarantor hereby knowingly, voluntarily and expressly waives:

 

(i)         presentment,
demand for payment, demand for performance, protest and notice of any other kind, including notice of nonpayment or other nonperformance
(including notice of default under any Credit Document with respect to any Guaranteed Obligations), protest, dishonor, acceptance
hereof, extension of additional credit to the Borrower and of any of the matters referred to in Section 2 and of any rights
to consent thereto;

 

(ii)        any
right to require the Guaranteed Parties or any of them, as a condition of payment or performance by such Guarantor
hereunder, to proceed against, or to exhaust or have resort to any Collateral or other security from or any deposit balance
or other credit in favor of, the Borrower, any other Guarantor or any other Person directly or indirectly liable for any
Guaranteed Obligations, or to pursue any other remedy or enforce any other right; and any other defense based on an election
of remedies with respect to any Collateral or other security for any Guaranteed Obligations or for any guaranty or other
liability in respect thereof, notwithstanding that any such election (including any failure to pursue or enforce any rights
or remedies) may impair or extinguish any right of indemnification, contribution, reimbursement or subrogation or other right
or remedy of any Guarantor against the Borrower, any other Guarantor or any other Person directly or indirectly liable for
any Guaranteed Obligations or any such Collateral or other security;

 

     5

     

    

 

(iii)       any
right or defense based on or arising by reason of any right or defense of the Borrower or any other Person, including any
defense based on or arising from a lack of authority or other disability of the Borrower or any other Person, the invalidity
or unenforceability of any Guaranteed Obligations, any Collateral or other security therefor or any Credit Document or other
agreement or instrument delivered pursuant thereto, or the cessation of the liability of the Borrower for any reason other
than the satisfaction of the Termination Requirements;

 

(iv)       any
defense based on any Guaranteed Party’s acts or omissions in the administration of the Guaranteed Obligations, any guaranty
or other liability in respect thereof or any Collateral or other security for any of the foregoing, and promptness, diligence
or any requirement that any Guaranteed Party create, protect, perfect, secure, insure, continue or maintain any Liens in any such
Collateral or other security;

 

(v)        any
right to assert against any Guaranteed Party, as a defense, counterclaim, crossclaim or setoff, any defense, counterclaim, claim,
right of recoupment or setoff that it may at any time have against any Guaranteed Party (including failure of consideration, fraud,
fraudulent inducement, statute of limitations, payment, accord and satisfaction and usury), other than compulsory counterclaims
and other than the payment in full in cash of the Guaranteed Obligations; and

 

(vi)       any
defense based on or afforded by any applicable law that limits the liability of or exonerates guarantors or sureties or that may
in any other way conflict with the terms of this Guaranty.

 

4.            No
Subrogation. Until the payment in full in cash of the Guaranteed Obligations (other than contingent and indemnification
obligations not then due and payable), each Guarantor hereby waives, and agrees that it will not exercise or seek to
exercise, any claim or right that it may have against the Borrower or any other Guarantor at any time as a result of any
payment made under or in connection with this Guaranty or the performance or enforcement hereof, including any right of
subrogation to the rights of any of the Guaranteed Parties against the Borrower or any other Guarantor, any right of
indemnity, contribution or reimbursement against the Borrower or any other Guarantor (including rights of contribution as set
forth in Section 1(c)), any right to enforce any remedies of any Guaranteed Party against the Borrower or any other
Guarantor, or any benefit of, or any right to participate in, any Collateral or other security held by any Guaranteed Party
to secure payment of the Guaranteed Obligations, in each case whether such claims or rights arise by contract, statute
(including the Bankruptcy Code), common law or otherwise. Each Guarantor further agrees that all indebtedness and other
obligations, whether now or hereafter existing, of the Borrower or any other Subsidiary of the Borrower to such Guarantor,
including any such indebtedness in any proceeding under the Bankruptcy Code and any intercompany receivables, together with
any interest thereon, shall be, and hereby are, subordinated and made junior in right of payment to the
Guaranteed Obligations. Each Guarantor further agrees that if any amount shall be paid to or any distribution received by any
Guarantor (i) on account of any such indebtedness at any time after the occurrence and during the continuance of an Event of
Default, or (ii) on account of any rights of contribution at any time prior to the satisfaction of the Termination
Requirements, such amount or distribution shall be deemed to have been received and to be held in trust for the benefit of
the Guaranteed Parties, and shall forthwith be delivered to the Administrative Agent in the form received (with any necessary
endorsements in the case of written instruments), to be applied against the Guaranteed Obligations, whether or not matured,
in accordance with the terms of the applicable Credit Documents and without in any way discharging, limiting or otherwise
affecting the liability of such Guarantor under any other provision of this Guaranty. Additionally, in the event the Borrower
or any other Credit Party becomes a “debtor” within the meaning of the Bankruptcy Code, the Administrative Agent
shall be entitled, at its option, on behalf of the Guaranteed Parties and as attorney-in-fact for each Guarantor, and is
hereby authorized and appointed by each Guarantor, to file proofs of claim on behalf of each relevant Guarantor and vote the
rights of each such Guarantor in any plan of reorganization, and to demand, sue for, collect and receive every payment and
distribution on any indebtedness of the Borrower or such Credit Party to any Guarantor in any such proceeding, each Guarantor
hereby assigning to the Administrative Agent all of its rights in respect of any such claim, including the right to receive
payments and distributions in respect thereof.

 

     6

     

    

 

5.          Representations
and Warranties. Each Guarantor hereby represents and warrants to the Guaranteed Parties that, as to itself, all of the representations
and warranties relating to it contained in the Credit Agreement are true and correct in all material respects (without duplication
of any materiality qualifier contained therein) as of the date hereof (except to the extent any such representation or warranty
is expressly stated to have been made as of a specific date, in which case such representation or warranty shall be true and correct
as of such date).

 

6.          Financial
Condition of Borrower. Each Guarantor represents that it has knowledge of the Borrower’s financial condition and affairs
and that it has adequate means to obtain from the Borrower on an ongoing basis information relating thereto and to the Borrower’s
ability to pay and perform the Guaranteed Obligations, and agrees to assume the responsibility for keeping, and to keep, so informed
for so long as this Guaranty is in effect with respect to such Guarantor. Each Guarantor agrees that the Guaranteed Parties shall
have no obligation to investigate the financial condition or affairs of the Borrower for the benefit of any Guarantor nor to advise
any Guarantor of any fact respecting, or any change in, the financial condition or affairs of the Borrower that might become known
to any Guaranteed Party at any time, whether or not such Guaranteed Party knows or believes or has reason to know or believe that
any such fact or change is unknown to any Guarantor, or might (or does) materially increase the risk of any Guarantor as guarantor,
or might (or would) affect the willingness of any Guarantor to continue as a guarantor of the Guaranteed Obligations.

 

7.        Payments;
Application; Setoff.

 

(a)        Each
Guarantor agrees that, upon the failure of the Borrower to pay any Guaranteed Obligations when and as the same shall become
due (whether at the stated maturity, by acceleration or otherwise), and without limitation of any other right or remedy that
any Guaranteed Party may have at law, in equity or otherwise against such Guarantor, such Guarantor will, subject to the
provisions of Section 1(c), forthwith pay or cause to be paid to the Administrative Agent, for the benefit of the
Guaranteed Parties, an amount equal to the amount of the Guaranteed Obligations then due and owing as aforesaid.

 

(b)        All
payments made by each Guarantor hereunder will be made in Dollars to the Administrative Agent, without setoff, counterclaim
or other defense and, in accordance with the Credit Agreement, free and clear of and without deduction for any Indemnified
Taxes or Other Taxes, each Guarantor hereby agreeing to comply with and be bound by the provisions of the Credit Agreement in
respect of all payments made by it hereunder.

 

     7

     

    

 

(c)        All
payments made hereunder shall be applied in accordance with the provisions of Section 2.10 of the Credit Agreement. For purposes
of applying amounts in accordance with this Section 7(c), the Administrative Agent shall be entitled to rely upon any Guaranteed
Party that has entered into a Permitted Rate Management Agreement or Guaranteed Cash Management Agreement for a determination
(which such Guaranteed Party agrees to provide or cause to be provided upon request of the Administrative Agent) of the outstanding
Guaranteed Obligations owed to such Guaranteed Party under any such Permitted Rate Management Agreement or Guaranteed Cash Management
Agreement. Unless it has actual knowledge (including by way of written notice from any such Guaranteed Party) to the contrary,
the Administrative Agent, in acting hereunder, shall be entitled to assume that no Permitted Rate Management Agreements or Guaranteed
Cash Management Agreement, or Guaranteed Obligations in respect thereof, are in existence between any Guaranteed Party and any
Credit Party. If any Lender or Affiliate thereof that is a party to a Permitted Rate Management Agreement or Guaranteed Cash Management
Agreement (the obligations of the applicable Credit Party under which are Guaranteed Obligations) ceases to be a Lender or Affiliate
thereof, such former Lender or Affiliate thereof shall nevertheless continue to be a Guaranteed Party hereunder with respect to
the Guaranteed Obligations under such Permitted Rate Management Agreement or Guaranteed Cash Management Agreement.

 

(d)        In
the event that the proceeds of any such sale, disposition or realization are insufficient to pay all amounts to which the Guaranteed
Parties are legally entitled, the Guarantors shall be jointly and severally liable for the deficiency, together with interest
thereon at the highest rate specified in any applicable Credit Document for interest on overdue principal or such other rate as
shall be fixed by applicable law, together with the costs of collection and all other fees, costs and expenses payable hereunder.

 

(e)        Upon
and at any time after the occurrence and during the continuance of any Event of Default, each Guaranteed Party and each of
their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by
applicable law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in
whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Guaranteed Party
or any such Affiliate to or for the credit or the account of any Guarantor against any and all of the obligations of such
Guarantor now or hereafter existing under this Guaranty or any other Credit Document to such Guaranteed Party, irrespective
of whether or not such Guaranteed Party shall have made any demand under this Guaranty or any other Credit Document and
although such obligations of such Guarantor may be contingent or unmatured or are owed to a branch or office of such
Guaranteed Party different from the branch or office holding such deposit or obligated on such indebtedness; provided
that, in the event that any Defaulting Lender shall exercise any such right of setoff, (i) all amounts so offset shall be
paid over immediately to the Administrative Agent for further application in accordance with the provisions of Section 2.18
of the Credit Agreement and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and
deemed held in trust for the benefit of the Administrative Agent and the Lenders and (ii) such Defaulting Lender shall
provide promptly to the Administrative Agent a statement describing in reasonable detail the obligations owing to such
Defaulting Lender as to which it exercised such right of setoff. The rights of each Guaranteed Party and their
respective Affiliates under this Section 7(e) are in addition to other rights and remedies (including other rights of
setoff) that such Guaranteed Parties or their respective Affiliates may have. Each Guaranteed Party agrees to notify the
Borrower and the Administrative Agent promptly after any such setoff and application; provided that the failure to
give such notice shall not affect the validity of such setoff and application.

 

     8

     

    

 

8.          No
Waiver. The rights and remedies of the Guaranteed Parties expressly set forth in this Guaranty and the other Credit
Documents are cumulative and in addition to, and not exclusive of, all other rights and remedies available at law, in equity
or otherwise. No failure or delay on the part of any Guaranteed Party in exercising any right, power or privilege shall
operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or privilege preclude any
other or further exercise thereof or the exercise of any other right, power or privilege or be construed to be a waiver of
any Default or Event of Default. No course of dealing between any of the Guarantors and the Guaranteed Parties or their
agents or employees shall be effective to amend, modify or discharge any provision of this Guaranty or any other Credit
Document or to constitute a waiver of any Default or Event of Default. No notice to or demand upon any Guarantor in any case
shall entitle such Guarantor or any other Guarantor to any other or further notice or demand in similar or other
circumstances or constitute a waiver of the right of any Guaranteed Party to exercise any right or remedy or take any other
or further action in any circumstances without notice or demand.

 

9.          Enforcement.
The Guaranteed Parties agree that, except as provided in Section 7(e), this Guaranty may be enforced only by the
Administrative Agent, acting upon the instructions or with the consent of the Required Lenders as provided for in the Credit
Agreement, and that no Guaranteed Party shall have any right individually to enforce or seek to enforce this Guaranty or to
realize upon any Collateral or other security given to secure the payment and performance of the Guarantors’
obligations hereunder. The obligations of each Guarantor hereunder are independent of the Guaranteed Obligations, and a
separate action or actions may be brought against each Guarantor whether or not any action is brought against the Borrower or
any other Guarantor and whether or not the Borrower or any other Guarantor is joined in any such action. Each Guarantor
agrees that to the extent all or part of any payment of the Guaranteed Obligations made by any Person is subsequently
invalidated, declared to be fraudulent or preferential, set aside or required to be repaid by or on behalf of any Guaranteed
Party to a trustee, receiver or any other party under any Debtor Relief Laws (the amount of any such payment, a
“Reclaimed Amount”), then, to the extent of such Reclaimed Amount, this Guaranty shall continue in full
force and effect or be revived and reinstated, as the case may be, as to the Guaranteed Obligations intended to be satisfied
as if such payment had not been received; and each Guarantor acknowledges that the term “Guaranteed Obligations”
includes all Reclaimed Amounts that may arise from time to time.

 

10.        Amendments,
Waivers, etc. No amendment, modification, waiver, discharge or termination of, or consent to any departure by any Guarantor
from, any provision of this Guaranty, shall be effective unless in a writing signed by the Guarantor directly affected thereby,
the Administrative Agent and such of the Lenders as may be required under Section 10.5 of the Credit Agreement to concur in the
action then being taken, and then the same shall be effective only in the specific instance and for the specific purpose for which
given.

 

     9

     

    

 

11.        Addition,
Release of Guarantors. Each Guarantor recognizes that the provisions of the Credit Agreement require Persons that become Subsidiaries
of the Borrower and that are not already parties hereto to become Guarantors hereunder by executing a Guarantor Accession, and
agrees that its obligations hereunder shall not be discharged, limited or otherwise affected by reason of the same, or by reason
of the Administrative Agent’s actions in effecting the same or in releasing any Guarantor hereunder, in each case without
the necessity of giving notice to or obtaining the consent of any other Guarantor.

 

12.        Continuing
Guaranty; Term; Successors and Assigns; Assignment; Survival. This Guaranty is a continuing guaranty and covers all of the
Guaranteed Obligations as the same may arise and be outstanding at any time and from time to time from and after the date hereof,
and shall (i) remain in full force and effect until satisfaction of all of the Termination Requirements (provided that
the provisions of Section 1(a)(ii) and 4 shall survive any termination of this Guaranty), (ii) be binding upon and
enforceable against each Guarantor and its successors and assigns (provided, however, that no Guarantor may sell, assign
or transfer any of its rights, interests, duties or obligations hereunder without the prior written consent of the Lenders) and
(iii) inure to the benefit of and be enforceable by each Guaranteed Party and its successors and assigns. Without limiting the
generality of clause (iii) above, any Guaranteed Party may, in accordance with the provisions of the Credit Agreement, assign
all or a portion of the Guaranteed Obligations held by it (including by the sale of participations), whereupon each Person that
becomes the holder of any such Guaranteed Obligations shall (except as may be otherwise agreed between such Guaranteed Party and
such Person) have and may exercise all of the rights and benefits in respect thereof granted to such Guaranteed Party under this
Guaranty or otherwise. Each Guarantor hereby irrevocably waives notice of and consents in advance to the assignment as provided
above from time to time by any Guaranteed Party of all or any portion of the Guaranteed Obligations held by it and of the corresponding
rights and interests of such Guaranteed Party hereunder in connection therewith. All representations, warranties, covenants and
agreements herein shall survive the execution and delivery of this Guaranty and any Guarantor Accession.

 

13.        Governing
Law; Consent to Jurisdiction; Appointment of Borrower as Representative, Process Agent, Attorney-in-Fact.

 

(a)        This
Guaranty and any claims, controversy, dispute or cause of action (whether in contract or tort or otherwise) based upon, arising
out of or relating to this Guaranty shall be governed by, and construed and enforced in accordance with, the laws of the State
of New York.

 

(b)        Each
Guarantor irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the courts
the State of New York sitting in the City and County of New York and of the United States District Court of the Southern
District of New York, and any appellate court from any thereof in any action or proceeding arising out of or relating to this
Guaranty or any other Credit Document, or for recognition or enforcement of any judgment, and each of the parties hereto
irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and
determined in such state court or, to the fullest extent permitted by applicable law, in such federal court. Each of the
parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Guaranty or in any other Credit
Document shall affect any right that any Guaranteed Party may otherwise have to bring any action or proceeding relating to
this Guaranty or any other Credit Document against any Guarantor or its properties in the courts of any
jurisdiction.

 

     10

     

    

 

(c)        Each
Guarantor irrevocably and unconditionally waives, to the fullest extent permitted by applicable law, any objection that it may
now or hereafter have to the laying of venue of any action or proceeding arising out of or relating to this Guaranty or any other
Credit Document in any court referred to in Section 13(b). Each of the parties hereto hereby irrevocably waives, to the
fullest extent permitted by applicable law, the defense of an inconvenient forum to the maintenance of such action or proceeding
in any such court.

 

(d)        Each
Guarantor hereby irrevocably designates and appoints the Borrower as its designee, appointee and agent to receive on its behalf
all service of process in any such action or proceeding and any other notice or communication hereunder, irrevocably consents
to service of process in any such action or proceeding by registered or certified mail directed to the Borrower at its address
set forth in the Credit Agreement (and service so made shall be deemed to be completed upon the earlier of actual receipt thereof
or three business days after deposit in the United States mails, proper postage prepaid and properly addressed), and irrevocably
agrees that service so made shall be effective and binding upon such Guarantor in every respect and that any other notice or communication
given to the Borrower at the address and in the manner specified herein shall be effective notice to such Guarantor. Nothing in
this Section 13(d) shall affect the right of any party to serve legal process in any other manner permitted by law or affect
the right of any Guaranteed Party to bring any action or proceeding against any Guarantor in the courts of any other jurisdiction.

 

(e)         Further,
each Guarantor does hereby irrevocably make, constitute and appoint the Borrower as its true and lawful attorney-in-fact, with
full authority in its place and stead and in its name, the Borrower’s name or otherwise, and with full power of substitution
in the premises, from time to time in the Borrower’s discretion to agree on behalf of, and sign the name of, such Guarantor
to any amendment, modification or supplement to, restatement of, or waiver or consent in connection with, this Guaranty, any other
Credit Document or any document or instrument pursuant hereto or thereto, and to take any other action and do all other things
on behalf of such Guarantor that the Borrower may deem necessary or advisable to carry out and accomplish the purposes of this
Guaranty and the other Credit Documents. The Borrower will not be liable for any act or omission nor for any error of judgment
or mistake of fact unless the same shall occur as a result of the gross negligence or willful misconduct of the Borrower. This
power, being coupled with an interest, is irrevocable by any Guarantor for so long as this Guaranty shall be in effect with respect
to such Guarantor. By its signature hereto, the Borrower consents to its appointment as provided for herein and agrees promptly
to distribute all process, notices and other communications to each Guarantor.

 

     11

     

    

 

14.          Waiver
of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT
IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS GUARANTY OR
ANY OTHER CREDIT DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER
THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER
AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS GUARANTY AND THE OTHER CREDIT
DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

15.          Notices. All notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier
service, mailed by certified or registered mail or sent by facsimile as follows: (i) if to any Guarantor, in care of the Borrower
and at the Borrower’s address for notices set forth in the Credit Agreement, and (ii) if to any Guaranteed Party, at its
address for notices set forth in the Credit Agreement; in each case, as such addresses may be changed from time to time pursuant
to the Credit Agreement, and with copies to such other Persons as may be specified under the provisions of the Credit Agreement.
Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given
when received; notices sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal
business hours for the recipient, shall be deemed to have been given at the opening of business on the next business day for the
recipient). Notices delivered through electronic communications to the extent provided in the Credit Agreement shall be effective
as provided therein.

 

16.          Severability.
To the extent any provision of this Guaranty is prohibited by or invalid under the applicable law of any jurisdiction, such
provision shall be ineffective only to the extent of such prohibition or invalidity and only in such jurisdiction, without
prohibiting or invalidating such provision in any other jurisdiction or the remaining provisions of this Guaranty in any
jurisdiction.

 

17.          Construction.
The headings of the various sections and subsections of this Guaranty have been inserted for convenience only and shall not in
any way affect the meaning or construction of any of the provisions hereof. Unless the context otherwise requires, words in the
singular include the plural and words in the plural include the singular. The provisions of Section 1.3(a) of the Credit Agreement
are hereby incorporated by reference as if fully set forth herein.

 

18.          Counterparts;
Effectiveness. This Guaranty may be executed in any number of counterparts and by different parties hereto on separate counterparts,
each of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same
instrument. This Guaranty shall become effective, as to any Guarantor, upon the execution and delivery by such Guarantor of a
counterpart hereof or a Guarantor Accession. Delivery of an executed counterpart of a signature page of this Guaranty by facsimile
or in electronic format (e.g., “pdf,” “tif” or similar file formats) shall be effective as delivery of
a manually executed counterpart of this Guaranty.

 

[Signature
pages follow]

 

     12

     

    

 

IN WITNESS WHEREOF, the parties have
caused this Guaranty to be executed under seal by their duly authorized officers as of the date first above written.

	 	 	 
	 	GREENBACKER RENEWABLE ENERGY
    COMPANY LLC
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	GREENBACKER RENEWABLE ENERGY
    CORPORATION
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	EAST TO WEST SOLAR II LLC
	 	MAGNOLIA SUN LLC
	 	GREEN MAPLE II LLC
	 	ESA FLEET COMMUNITY SOLAR, LLC
	 	NORTH CAROLINA SOLAR I, LLC
	 	NORTH CAROLINA SOLAR II, LLC
	 	MP2 HAWAII SOLAR I, LLC
	 	SUNSENSE CLAYTON LESSEE, LLC
	 	SUNSENSE FLETCHER LESSEE, LLC
	 	SUNSENSE INMAN LESSEE, LLC
	 	TURTLE TOP SOLAR LLC
	 	GREEN MAPLE LLC
	 	 
	 	by
    GREC Entity Holdco LLC, its sole Member
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	WE 46 PRECISION DRIVE LLC
	 	CITY SOLAR GARDEN LLC
	 	 
	 	by Green Maple II LLC, its sole
    Member
	 	 
	 	by GREC Entity Holdco LLC, its sole
    Member
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

Signature
Page to Guaranty Agreement

 

     

     

    

 

	 	 	 
	 	AIRPORT SOLAR I, LLC
	 	BLOOMFIELD SOLAR, LLC
	 	MLH PHASE 2 LLC
	 	MLH PHASE 3, LLC
	 	MP2 GREEN VALLEY ES, LLC
	 	 
	 	by
    East to West Solar II LLC, its sole Member
	 	 
	 	by
    GREC Entity Holdco LLC, its sole Member
	 	By:	 
	 	Name:	 
	 	Title:	 

	 	 	 
	 	SOUTH ROBESON SOLAR FARM, LLC
	 	SOUTH ROBESON FARM, LLC
	 	 
	 	by
    East to West Solar II LLC, its Manager and sole Member
	 	 
	 	by
    GREC Entity Holdco LLC, its sole Member
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

	 	 	 
	 	POWERHOUSE ONE, LLC
	 	MP2 CAPITAL – WGBH EDUCATIONAL
    FOUNDATION, LLC
	 	MP2/IRG – PETALUMA CITY
    SCHOOLS, LLC
	 	MP2 – OREGON SOLAR ONE,
    LLC
	 	 
	 	by
    Magnolia Sun LLC, its sole Member
	 	 
	 	by
    GREC Entity Holdco LLC, its sole Member
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

	 	 	 
	 	LINCOLN FARM I, LLC
	 	LINCOLN FARM II, LLC
	 	LINCOLN FARM III, LLC
	 	LINCOLN FARM IV, LLC
	 	 
	 	by
    Powerhouse One, LLC, its sole Member

 

Signature
Page to Guaranty Agreement

 

     

     

    

 

	 	 
	 	by
    Magnolia Sun LLC, its sole Member
	 	 
	 	by
    GREC Entity Holdco LLC, its sole Member
	 	By:	 
	 	Name:	 
	 	Title:	 

	 	 
	 	SOLAVERDE, LLC
	 	 
	 	by
    Magnolia Sun LLC, its Manager and sole Member
	 	 
	 	by
    GREC Entity Holdco LLC, its sole Member
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

	 	EARTH RIGHT ENERGY II, LLC
	 	 
	 	by
    Solaverde, LLC, its sole Member
	 	 
	 	by
    Magnolia Sun LLC, its Manager and sole Member
	 	 
	 	by
    GREC Entity Holdco LLC, its sole Member
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

	 	 	 
	 	HARTFORD SOLARFIELD, LLC 
	 	PROCTOR GLC SOLAR, LLC
	 	PITTSFORD GLC SOLAR, LLC
	 	NOVUS ROYALTON SOLAR, LLC
	 	CHARTER HILL SOLAR, LLC
	 	GLC CHESTER COMMUNITY SOLAR,
    LLC
	 	WILLIAMSTOWN OLD TOWN ROAD SOLAR,
    LLC
	 	 
	 	by
    Green Maple LLC, its sole Member
	 	 
	 	by
    GREC Entity Holdco, LLC, its sole Member
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

Signature
Page to Guaranty Agreement

 

     

     

    

 

(signatures continued)

 

Signature
Page to Guaranty Agreement

 

     

     

    

 

Accepted and agreed to:

 

FIFTH THIRD BANK, as Administrative Agent

	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

Signature
Page to Guaranty Agreement

 

     

     

    

 

EXHIBIT A

 

GUARANTOR ACCESSION

 

THIS
GUARANTOR ACCESSION (this “Accession”), dated as of ____________, _____, is executed and delivered by [NAME
OF NEW GUARANTOR], a _____________ (the “New Guarantor”), pursuant to the Guaranty Agreement
referred to below.

 

Reference is made to the Credit
Agreement, dated as of January 5, 2018, among GREC Entity HoldCo LLC, a Delaware limited liability company (the “Borrower”),
Greenbacker Renewable Energy Company LLC, a Delaware limited liability company (the “Parent”), Greenbacker Renewable
Energy Corporation (“Intermediate Holdco”) the Lenders party thereto, and Fifth Third Bank, as a Lender and
as Administrative Agent for the Lenders (as amended, modified, restated or supplemented from time to time, the “Credit
Agreement”). In connection with and as a condition to the initial and continued extensions of credit under the Credit
Agreement, the Parent, Intermediate Holdco and certain Subsidiaries of the Borrower have executed and delivered a Guaranty Agreement,
dated as of the date of the Credit Agreement (as amended, modified, restated or supplemented from time to time, the “Guaranty
Agreement”), pursuant to which the Parent, Intermediate Holdco and such Subsidiaries have guaranteed the payment in full
of the obligations of the Borrower under the Credit Agreement and the other Credit Documents (as defined in the Credit Agreement).
Capitalized terms used herein without definition shall have the meanings given to them in the Guaranty Agreement.

 

The Borrower has agreed under
the Credit Agreement to cause each of its future Domestic Subsidiaries to become a party to the Guaranty Agreement as a guarantor
thereunder. The New Guarantor is a Domestic Subsidiary of the Borrower. The New Guarantor will obtain benefits as a result of the
continued extension of credit to the Borrower under the Credit Agreement, which benefits are hereby acknowledged, and, accordingly,
desires to execute and deliver this Accession. Therefore, in consideration of the foregoing and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, and to induce the Lenders to continue to extend credit to the Borrower
under the Credit Agreement, the New Guarantor hereby agrees as follows:

 

1.       The
New Guarantor hereby joins in and agrees to be bound by each and all of the provisions of the Guaranty Agreement as a
Guarantor thereunder. In furtherance (and without limitation) of the foregoing, pursuant to Section 1 of the Guaranty
Agreement, the New Guarantor hereby irrevocably, absolutely and unconditionally, and jointly and severally with each other
Guarantor, guarantees to the Guaranteed Parties the full and prompt payment, at any time and from time to time as and when
due (whether at the stated maturity, by acceleration or otherwise), of all of the Guaranteed Obligations, and agrees to pay
or reimburse upon demand all other obligations of the Guarantors under the Guaranty Agreement, all on the terms and subject
to the conditions set forth in the Guaranty Agreement.

 

     

     

    

 

2.       The
New Guarantor hereby represents and warrants that after giving effect to this Accession, each representation and warranty
related to it contained in the Credit Agreement is true and correct in all material respects (without duplication of any
materiality qualifier contained therein) with respect to the New Guarantor as of the date hereof (except to the extent any
such representation or warranty is expressly stated to have been made as of a specific date, in which case such
representation or warranty shall be true and correct as of such date).

 

3.       This
Accession shall be a Credit Document (within the meaning of such term under the Credit Agreement), shall be binding upon and enforceable
against the New Guarantor and its successors and assigns, and shall inure to the benefit of and be enforceable by each Guaranteed
Party and its successors and assigns. This Accession and its attachments are hereby incorporated into the Guaranty Agreement and
made a part thereof.

 

    2 

     

    

 

IN WITNESS WHEREOF,
the New Guarantor has caused this Accession to be executed under seal by its duly authorized officer as of the date first above
written.

 

	 	[NAME OF NEW GUARANTOR]
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    3 

     

    

 

EXHIBIT G

 

[FORM OF]

FINANCIAL CONDITION CERTIFICATE

 

THIS FINANCIAL CONDITION
CERTIFICATE is delivered pursuant to the Credit Agreement, dated as of January 5, 2018 (the “Credit Agreement”),
among GREC Entity HoldCo LLC, a Delaware limited liability company (the “Borrower”), Greenbacker Renewable Energy
Corporation, a Maryland corporation, Greenbacker Renewable Energy Company LLC, a Delaware limited liability company, the Lenders
from time to time parties thereto, and Fifth Third Bank, as Administrative Agent and a Lender. Capitalized terms used herein without
definition shall have the meanings given to such terms in the Credit Agreement.

 

The undersigned hereby certifies
for and on behalf of the Borrower, and not in his individual capacity, as follows:

 

1.            Capacity.
The undersigned is a duly qualified and acting Financial Officer of the Borrower.

 

2.            Procedures.
Expressly for purposes of this Certificate, the undersigned has, as of or prior to the date hereof, undertaken the following activities
in connection herewith:

 

The undersigned has reviewed the following:

 

the contents of this Certificate;

 

the Credit Agreement (including the exhibits and schedules
thereto);

 

the financial statements referred to in Section
4.11(a) of the Credit Agreement; and

 

such other financial
information as the undersigned deemed necessary in order to make the certifications contained in this Certificate.

 

3.           Certifications.
Based on the foregoing, the undersigned hereby certifies as follows:

 

		3.1	After giving effect to the consummation of the Transactions, the Credit Parties,
taken as a whole (i) have capital sufficient to carry on their businesses as conducted and as proposed to be conducted, (ii) have
assets with a fair saleable value, determined on a going concern basis, which are (A) not less than the amount required to pay
the probable liability on their existing debts as they become absolute and matured and (B) greater than the total amount of their
liabilities (including identified contingent liabilities, valued at the amount that can reasonably be expected to become absolute
and matured in their ordinary course), and (iii) do not intend to, and do not believe that they will, incur debts or liabilities
beyond their ability to pay such debts and liabilities as they mature in their ordinary course.

 

[The remainder of this page is left blank intentionally.]

 

     

     

    

 

Executed on behalf of the Borrower as of the date first
written above.

 

	 	GREENBACKER RENEWABLE ENERGY COMPANY LLC
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

Financial Condition
Certificate

 

     

     

    

 

EXHIBIT H-1

 

[FORM OF]

U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Lenders That Are Not
Partnerships For U.S. Federal Income Tax Purposes)

 

Reference
is made to the Credit Agreement dated as of January 5, 2018, among GREC Entity HoldCo LLC, a Delaware limited liability company
(the “Borrower”), Greenbacker Renewable Energy Corporation, a Maryland corporation, Greenbacker Renewable Energy
Company LLC, a Delaware limited liability company, the Lenders defined therein, and Fifth Third Bank, as administrative agent (the
“Administrative Agent”) for the Lenders (as amended, restated, modified or supplemented from time to time, the
“Credit Agreement”). Terms defined in the Credit Agreement are, unless otherwise defined herein or the context
otherwise requires, used herein as defined therein.

 

Pursuant
to the provisions of Section 2.15(g)(ii)(B)(3) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole
record and beneficial owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing
this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder
of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a controlled foreign corporation related
to the Borrower as described in Section 881(c)(3)(C) of the Code.

 

The undersigned
has furnished the Administrative Agent and the Borrower with a certificate of its non-U.S. Person status on IRS Form W-8BEN or
IRS Form W-8BEN-E (as applicable). By executing this certificate, the undersigned agrees that (1) if the information provided on
this certificate changes, the undersigned shall promptly so inform the Administrative Agent and the Borrower , and (2) the undersigned
shall have at all times furnished the Administrative Agent and the Borrower with a properly completed and currently effective certificate
in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding
such payments.

 

[NAME OF LENDER]

 

	By:	 	 
	 	Name:	 
	 	Title:	 

 

Date: _________ ___, 20[   ]

 

     

     

    

 

EXHIBIT H-2

 

[FORM OF ]

U.S. TAX COMPLIANCE CERTIFICATE

(For Non-U.S. Participants
That Are Not Partnerships For U.S. Federal Income Tax Purposes)

 

Reference
is made to the Credit Agreement dated as of January 5, 2018, among GREC Entity HoldCo LLC, a Delaware limited liability company
(the “Borrower”), Greenbacker Renewable Energy Corporation, a Maryland corporation, Greenbacker Renewable Energy
Company LLC, a Delaware limited liability company, the Lenders defined therein, and Fifth Third Bank, as administrative agent (the
“Administrative Agent”) for the Lenders (as amended, restated, modified or supplemented from time to time, the
“Credit Agreement”). Terms defined in the Credit Agreement are, unless otherwise defined herein or the context
otherwise requires, used herein as defined therein.

 

Pursuant
to the provisions of Section 2.15(g)(ii)(B)(4) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole
record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within
the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning
of Section 871(h)(3)(B) of the Code, and (iv) it is not a controlled foreign corporation related to the Borrower as described
in Section 881(c)(3)(C) of the Code.

 

The undersigned
has furnished its participating Lender with a certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS Form W-8BEN-E
(as applicable). By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate
changes, the undersigned shall promptly so inform such Lender in writing, and (2) the undersigned shall have at all times furnished
such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is
to be made to the undersigned, or in either of the two calendar years preceding such payments.

 

[NAME OF PARTICIPANT]

 

	By:	 	 
	 	Name:	 
	 	Title:	 

 

Date: _________ ___, 20[   ]

 

     

     

    

 

EXHIBIT H-3

 

[FORM OF]

U.S. TAX COMPLIANCE CERTIFICATE

(For Non-U.S. Participants
That Are Partnerships For U.S. Federal Income Tax Purposes)

 

Reference
is made to the Credit Agreement dated as of January 5, 2018, among GREC Entity HoldCo LLC, a Delaware limited liability company
(the “Borrower”), Greenbacker Renewable Energy Corporation, a Maryland corporation, Greenbacker Renewable Energy
Company LLC, a Delaware limited liability company, the Lenders defined therein, and Fifth Third Bank, as administrative agent (the
“Administrative Agent”) for the Lenders (as amended, restated, modified or supplemented from time to time, the
“Credit Agreement”). Terms defined in the Credit Agreement are, unless otherwise defined herein or the context
otherwise requires, used herein as defined therein.

 

Pursuant
to the provisions of Section 2.15(g)(ii)(B)(4) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole
record owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members
are the sole beneficial owners of such participation, (iii) with respect to such participation, neither the undersigned nor any
of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary
course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members
is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct
or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C)
of the Code.

 

The
undersigned has furnished its participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of
its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or IRS Form W-8BEN-E (as applicable)
or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E (as applicable) from each of such partner’s/member’s
beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that
(1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender and (2) the
undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either
the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such
payments.

 

[NAME OF PARTICIPANT]

 

	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Date: _________ ___, 20[   ]	 

  

     

     

    

 

EXHIBIT H-4

 

[FORM OF]

U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Lenders that
Are Partnerships For U.S. Federal Income Tax Purposes)

 

Reference
is made to the Credit Agreement dated as of January 5, 2018, among GREC Entity HoldCo LLC, a Delaware limited liability company
(the “Borrower”), Greenbacker Renewable Energy Corporation, a Maryland corporation, Greenbacker Renewable Energy
Company LLC, a Delaware limited liability company, the Lenders defined therein, and Fifth Third Bank, as administrative agent (the
“Administrative Agent”) for the Lenders (as amended, restated, modified or supplemented from time to time, the
“Credit Agreement”). Terms defined in the Credit Agreement are, unless otherwise defined herein or the context
otherwise requires, used herein as defined therein.

 

Pursuant
to the provisions of Section 2.15(g)(ii)(B)(4) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole
record owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate,
(ii) its direct or indirect partners/members are the sole beneficial owners of such Loan(s) (as well as any Note(s) evidencing
such Loan(s)), (iii) with respect to the extension of credit pursuant to the Credit Agreement or any other Credit Document, neither
the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered
into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its
direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of
the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as
described in Section 881(c)(3)(C) of the Code.

 

The undersigned has furnished the
Administrative Agent and the Borrower with IRS Form W-8IMY accompanied by one of the following forms from each of its
partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or IRS Form W-8BEN-E (as
applicable) or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E (as applicable) from each of
such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption. By executing this
certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall
promptly so inform the Administrative Agent and the Borrower, and (2) the undersigned shall have at all times furnished the
Administrative Agent and the Borrower with a properly completed and currently effective certificate in either the calendar
year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such
payments.

 

[NAME OF LENDER]

 

	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Date: _________ ___, 20[   ]EX-10.2

 Exhibit 10.2 

Execution Version 
 FACILITY
AGREEMENT 
 dated as of January 5, 2018 

by and among 
 Melinta
Therapeutics, Inc., 
 as the Borrower, 

the other Loan Parties party hereto from time to time, 

the Lenders 
 and

 Cortland Capital Market Services LLC, 

as Agent for itself and the Lenders 

 Table of Contents 

 

							
	ARTICLE 1 DEFINITIONS	  	 	1	 
			
	 Section 1.1
	 	General Definitions	  	 	1	 
	 Section 1.2
	 	Interpretation	  	 	26	 
	 Section 1.3
	 	Business Day Adjustment	  	 	27	 
	 Section 1.4
	 	Loan Records	  	 	27	 
	 Section 1.5
	 	Accounting Terms and Principles	  	 	28	 
	 Section 1.6
	 	Officers	  	 	29	 
		
	ARTICLE 2 AGREEMENT FOR THE LOAN	  	 	29	 
			
	 Section 2.1
	 	Use of Proceeds	  	 	29	 
	 Section 2.2
	 	Disbursements	  	 	29	 
	 Section 2.3
	 	Payments; Prepayments; Exit Fee; Prepayment Fee; No Call	  	 	30	 
	 Section 2.4
	 	Payment Details	  	 	32	 
	 Section 2.5
	 	Taxes	  	 	33	 
	 Section 2.6
	 	Costs, Expenses and Losses	  	 	34	 
	 Section 2.7
	 	Interest	  	 	35	 
	 Section 2.8
	 	Interest on Late Payments; Default Interest	  	 	35	 
	 Section 2.9
	 	Agent Fee; Yield Enhancement Fees; Upfront Fees	  	 	36	 
	 Section 2.10
	 	Delivery of Warrants	  	 	36	 
		
	ARTICLE 3 REPRESENTATIONS AND WARRANTIES	  	 	37	 
			
	 Section 3.1
	 	Representations and Warranties of the Loan Parties	  	 	37	 
	 Section 3.2
	 	Loan Parties Acknowledgment	  	 	52	 
	 Section 3.3
	 	Representations and Warranties of the Lenders	  	 	52	 
		
	ARTICLE 4 CONDITIONS OF DISBURSEMENT	  	 	53	 
			
	 Section 4.1
	 	Conditions to the Initial Disbursement	  	 	53	 
	 Section 4.2
	 	Conditions to the Subsequent Disbursements	  	 	55	 
		
	ARTICLE 5 PARTICULAR COVENANTS AND EVENTS OF DEFAULT	  	 	56	 
			
	 Section 5.1
	 	Affirmative Covenants	  	 	56	 
	 Section 5.2
	 	Negative Covenants	  	 	63	 
	 Section 5.3
	 	Major Transaction	  	 	68	 
	 Section 5.4
	 	General Acceleration Provision upon Events of Default	  	 	68	 
	 Section 5.5
	 	Additional Remedies	  	 	71	 
	 Section 5.6
	 	Recovery of Amounts Due	  	 	71	 
	 Section 5.7
	 	Credit Bidding	  	 	71	 
		
	ARTICLE 6 MISCELLANEOUS	  	 	72	 
			
	 Section 6.1
	 	Notices	  	 	72	 
	 Section 6.2
	 	Waiver of Notice	  	 	73	 
	 Section 6.3
	 	Cost and Expense Reimbursement	  	 	73	 
	 Section 6.4
	 	Governing Law	  	 	74	 

  
 i 

							
	 Section 6.5
	 	Successors and Assigns	  	 	75	 
	 Section 6.6
	 	Entire Agreement; Amendments	  	 	75	 
	 Section 6.7
	 	Severability	  	 	77	 
	 Section 6.8
	 	Counterparts	  	 	77	 
	 Section 6.9
	 	Survival	  	 	77	 
	 Section 6.10
	 	No Waiver	  	 	78	 
	 Section 6.11
	 	Indemnity	  	 	78	 
	 Section 6.12
	 	No Usury	  	 	79	 
	 Section 6.13
	 	Specific Performance	  	 	80	 
	 Section 6.14
	 	Further Assurances	  	 	80	 
	 Section 6.15
	 	Agent	  	 	80	 
	 Section 6.16
	 	USA Patriot Act	  	 	83	 
	 Section 6.17
	 	Placement Agent	  	 	83	 
	 Section 6.18
	 	Independent Nature of Secured Parties	  	 	83	 
	 Section 6.19
	 	Joint and Several	  	 	84	 
	 Section 6.20
	 	No Third Parties Benefited	  	 	84	 
	 Section 6.21
	 	Binding Effect	  	 	84	 
	 Section 6.22
	 	Marshaling; Payments Set Aside	  	 	84	 
	 Section 6.23
	 	No Waiver; Cumulative Remedies	  	 	85	 
	 Section 6.24
	 	Right of Setoff	  	 	85	 
	 Section 6.25
	 	Sharing of Payments, Etc.	  	 	85	 
	 Section 6.26
	 	Other Services	  	 	85	 
		
	Annexes	  			
		
	 Annex A
	 	Initial Disbursement Amount, Subsequent Disbursement Commitment and Warrants	 
		
	Schedules	  			
		
	 Schedule P-1
	 	Existing Investments	 
	 Schedule 2.4
	 	List of Agreement Date Lenders and Such Lenders’ Wire Instructions and Information for Notices	 
	 Schedule 3.1(d)
	 	Existing Liens	  			
	 Schedule 3.1(f)
	 	Existing Indebtedness	  			
	 Schedule 3.1(m)
	 	Real Estate	  			
	 Schedule 3.1(q)
	 	Exclusive Rights Related to Services	  			
	 Schedule 3.1(w)
	 	Borrower’s Subsidiaries	  			
	 Schedule 3.1(x)
	 	Dividends	  			
	 Schedule 3.1(y)
	 	Borrower’s Outstanding Shares of Stock, Options and Warrants	  			
	 Schedule 3.1(z)
	 	Margin Stock	  			
	 Schedule 3.1(cc)
	 	Environmental	  			
	 Schedule 3.1(ee)
	 	Labor Relations	  			
	 Schedule 3.1(ff)
	 	Jurisdiction of Organization, Legal Name, Organizational Identification Number and Chief Executive Office	 
	 Schedule 3.1(gg)
	 	Deposit Accounts and Other Accounts	  			
	 Schedule 3.1(uu)
	 	Registrations	  			
	 Schedule 3.1(aaa)
	 	Exclusive Rights Related to Products	  			
	 Schedule 3.1(ww)
	 	Regulatory Matters	  			
	 Schedule 3.1(xx)
	 	Inspections and Investigations	  			
	 Schedule 3.1(bbb)
	 	Products	  			

  
 ii 

							
	 Schedule 5.1(w)
	 	Post-Closing Obligations	  			
		
	Exhibits	  			
			
	 Exhibit A-1
	 	Form of Initial Disbursement Note	  			
	 Exhibit A-2
	 	Form of Subsequent Disbursement Note	  			
	 Exhibit B
	 	Form of Perfection Certificate	  			
	 Exhibit C
	 	Form of Warrant	  			
	 Exhibit D
	 	Closing Checklist	  			
	 Exhibit E
	 	Form of Registration Rights Agreement	  			
	 Exhibit F
	 	Royalty Agreement	  			
	 Exhibit G
	 	Stock Purchase Agreement	  			
	 Exhibit H
	 	Form of Compliance Certificate	  			
	 Exhibit I
	 	Form of Assignment and Assumption	  			
	 Exhibit J
	 	Form of Subsequent Disbursement Certificate	  			
	 Exhibit 2.7
	 	Share Payment Provisions	  			

  
 iii 

 FACILITY AGREEMENT 

FACILITY AGREEMENT (this “Agreement”), dated as of January 5, 2018, by and among Melinta Therapeutics, Inc., a Delaware
corporation (the “Borrower”), the other Loan Parties (as defined below) party hereto from time to time, the lenders set forth on the signature page of this Agreement (together with their successors and permitted assigns, the
“Lenders”), Cortland Capital Market Services LLC, a Delaware limited liability company (“Cortland”), as agent for the Secured Parties (in such capacity, together with its successors and assigns in such capacity,
“Agent,” and, together with the Lenders, the Borrower and the other Loan Parties party hereto, the “Parties”). 

W I T N E S S E T H: 

WHEREAS, the Borrower desires that the Lenders extend certain term, delayed draw term and other loans to the Borrower to provide funds
necessary (i) to fund a portion of the purchase price of the Agreement Date Acquisition, (ii) to refinance certain of the existing Indebtedness of the Loan Parties, (iii) to fund Permitted Acquisitions, (iv) to provide funds for
the Borrower’s working capital and general corporate purposes, and (v) to pay a portion of the fees, costs and expenses related to this Agreement; 

WHEREAS, Borrower desires to secure all of the Obligations by granting to Agent, for the benefit of the Secured Parties, a first priority
perfected Lien upon the Collateral; and 
 WHEREAS, each of the Loan Parties is willing to guaranty all of the Obligations, and to grant to
Agent, for the benefit of the Secured Parties, a first priority perfected Lien upon the Collateral, including all of the issued and outstanding Stock of its direct Subsidiaries (other than Excluded Foreign Subsidiaries to the extent permitted under
this Agreement) which are held by a Loan Party. 
 NOW, THEREFORE, in consideration of the mutual agreements set forth herein, the Parties
hereby agree as follows: 
 ARTICLE 1 

DEFINITIONS 

Section 1.1 General Definitions. Wherever used in this Agreement, the Exhibits or
the Schedules attached hereto, unless the context otherwise requires, the following terms have the following meanings: 

“Acquisition” means any transaction or series of related transactions for the purpose of or resulting, directly or
indirectly, in (a) the acquisition of all or substantially all of the assets of a Person, or of any business or division of a Person, (b) the acquisition of in excess of fifty percent (50%) of the Stock of any Person or otherwise causing
any Person to become a Subsidiary of the Borrower, or (c) a merger or consolidation or any other combination with another Person. 

“Acquisition Consideration” has the meaning set forth in the definition of “Permitted Acquisitions.” 

“Additional Amounts” has the meaning set forth in Section 2.5(a). 

“Affiliate” means, with respect to any Person, any other Person that directly or indirectly: 

(a) controls, or is controlled by, or is under common control with, such Person; or 

 (b) is a general partner, manager or managing member of such Person. 

Without limiting the foregoing, a Person shall be deemed to be “controlled by” any other Person if such Person possesses, directly
or indirectly, power to vote ten percent (10%) or more of the securities (on a fully diluted basis) having ordinary voting power for the election of directors or managers or power to direct or cause the direction of the management and policies of
such Person whether by contract or otherwise. Unless expressly stated otherwise herein, no Secured Party shall be deemed an Affiliate of the Borrower or any of its Subsidiaries. 

“Agent” has the meaning set forth in the preamble to this Agreement. 

“Agent Fee Letter” means that certain fee letter agreement dated as of the Agreement Date by and between Borrower and Agent.

 “Agreement” has the meaning set forth in the preamble to this Agreement. 

“Agreement Date” means the date of this Agreement. 

“Agreement Date Acquired Assets” means the “Acquired Assets” (as defined in the Agreement Date Acquisition
Agreement (without giving effect to any amendments, restatements, supplements or other modifications thereto)). 
 “Agreement Date
Acquisition” means the acquisition by Borrower of the assets of the Agreement Date Acquisition Sellers and the Stock of certain of the Agreement Date Acquisition Sellers on the Acquisition Date pursuant to the terms of the Agreement Date
Acquisition Documents. 
 “Agreement Date Acquisition Agreement” means that certain Purchase and Sale Agreement dated as of
November 28, 2017, by and among the Borrower and The Medicines Company, a Delaware corporation, as the same may be amended, restated, supplemented or otherwise modified from time to time to the extent permitted by the terms hereof. 

“Agreement Date Acquisition Documents” means the Agreement Date Acquisition Agreement and each other document, instrument and
agreement executed in connection therewith, in each case, as the same may be amended, restated, supplemented or otherwise modified from time to time to the extent not prohibited by the terms hereof. 

“Agreement Date Acquisition Sellers” means The Medicines Company, a Delaware corporation, and its Subsidiaries that are
either party to any Transfer Document (as defined in the Agreement Date Acquisition Agreement) or transferring any of their assets pursuant to any Agreement Date Acquisition Document. 

“Agreement Date Acquisition Shares” means, collectively, the shares of Common Stock to be issued pursuant to the Agreement
Date Acquisition Agreement and any shares of Common Stock issued or issuable in connection with (or otherwise substantially contemporaneously with the consummation of) the Agreement Date Acquisition, including for purposes of the financing thereof,
excluding the shares of Common Stock issuable pursuant to the Loan Documents. 
 “Announcing Form
8-K” has the meaning set forth in Section 5.1(q). 

  
 2 

 “Annualized Net Sales” means, without duplication, the result of (a) for
the two fiscal quarters of the Borrower for which (y) quarterly financial statements of the Borrower and its Subsidiaries (or any other statement, report or document containing the following information or amounts in this clause (a) of
this definition) have been either delivered to Agent and/or the Lenders (subject to Section 5.1(r), or filed with the SEC, pursuant to Section 5.1(h) (or otherwise) and(z) solely to the extent such two fiscal quarter period is different
from the one in clause (a)(y) above, such information or amounts below in this clause (a) are known, available or could be reasonably and readily available to the Borrower or any of its Affiliates or any of their accountants, auditors, agents
or representatives, in each case of clause (y) and clause (z), that have most recently occurred prior to the making of the first Subsequent Disbursement, the sum of (i) the aggregate gross amount for such period invoiced by or on behalf of
the Borrower or any of its Subsidiaries for products sold globally in bona fide, arm’s length transactions; less, for such period: (ii) (A) deductions for trade, (B) discounts, rebates, chargebacks and credits,
(C) allowances, (D) taxes, (E) duties, (F) governmental tariffs, (G) freight, shipping and freight insurance costs and charges, (H) returns and (I) recalls; multiplied by (b) two. For the avoidance of doubt, the
amounts set forth in clause (a) of this definition shall take into account, on a pro forma basis, such amounts generated by the Agreement Date Acquired Assets for any fiscal quarter of the Borrower that is covered in clause (a) of this
definition that occurs prior to the Agreement Date. 
 “Anti-Corruption Laws” has the meaning set forth in
Section 3.1(jj). 
 “Anti-Money Laundering Laws” has the meaning set forth in Section 3.1(jj). 

“Applicable Laws” means, with respect to any Person, the common law and any federal, state, local, foreign, multinational or
international laws, statutes, codes, treaties, standards, rules and regulations, guidelines, ordinances, orders, judgments, writs, injunctions, decrees (including administrative or judicial precedents or authorities) and the interpretation or
administration thereof by, and other determinations, directives, requirements or requests of, any Governmental Authority, in each case whether or not having the force of law and that are applicable to or binding upon such Person or any of its
property or Products or to which such Person or any of its property or Products is subject. 
 “Assignment and Assumption”
means, an assignment and assumption agreement entered into by a Lender and an assignee, substantially in the form of Exhibit I or any other form reasonably approved by the Agent. 

“Authorization” means, with respect to any Person, any permit, approval, authorization, license, registration, certificate,
clearance, concession, grant, franchise, variance or permission from, and any other contractual obligations with, any Governmental Authority, in each case whether or not having the force of law and applicable to or binding upon such Person or any of
its property or Products or to which such Person or any of its property or Products is subject (including all Registrations), and any supplements or amendments with respect to the foregoing. 

“Authorized Officer” means the chief executive officer, the president or the chief financial officer of the Borrower or any
other officer having substantially the same authority and responsibility. 
 “Bankruptcy Code” means title 11 of the United
States Code, as in effect from time to time. 
 “Borrower” has the meaning set forth in the preamble to this Agreement.

 “Business Day” means a day other than Saturday or Sunday on which banks are open for business in New York, New York.

  
 3 

 “Capital Lease” means, with respect to any Person, any lease of or other
arrangement conveying the right to use, any property by such Person as lessee that has been or should be accounted for as a capital lease on a balance sheet of such Person prepared in accordance with GAAP. 

“Capital Lease Obligations” means, at any time, with respect to any Capital Lease, any lease entered into as part of any sale
leaseback transaction of any Person or any synthetic lease, the amount of all obligations of such Person that is (or that would be, if such synthetic lease or other lease were accounted for as a Capital Lease) capitalized on a balance sheet of such
Person prepared in accordance with GAAP. 
 “Cash Equivalents” means (a) any readily-marketable securities
(i) issued by, or directly, unconditionally and fully guaranteed or insured by the United States federal government or (ii) issued by any agency of the United States federal government the obligations of which are fully backed by the full
faith and credit of the United States federal government, (b) any readily-marketable direct obligations issued by any other agency of the United States federal government, any state of the United States or any political subdivision of any such
state or any public instrumentality thereof, in each case having a rating of at least “A-1” from S&P or at least “P-1” from Moody’s, (c) any commercial paper rated at least “A-1” by S&P or
“P-1” by Moody’s and issued by any Person organized under the laws of any state of the United States, (d) any United States dollar-denominated time deposit, insured certificate of deposit, overnight bank deposit or bankers’
acceptance issued or accepted by (i) any Lender or (ii) any commercial bank that is (A) organized under the laws of the United States, any state thereof or the District of Columbia, (B) “adequately capitalized” (as defined
in the regulations of its primary federal banking regulators) and (C) has Tier 1 capital (as defined in such regulations) in excess of $250,000,000 and (e) shares of any United States money market fund that (i) has substantially all
of its assets invested continuously in the types of investments referred to in clause (a), (b), (c) or (d) above with maturities as set forth in the proviso below, (ii) has net assets in excess of $500,000,000 and (iii) has obtained
from either S&P or Moody’s the highest rating obtainable for money market funds in the United States; provided, however, that the maturities of all obligations specified in any of clauses (a), (b), (c) or (d) above shall not exceed one
year. 
 “Change of Control” means (a) except as otherwise expressly permitted under this Agreement, at any time at
any time the Borrower shall cease to own, directly or indirectly, one hundred percent (100%) of the issued and outstanding Stock of any of its Subsidiaries (measured both on a fully diluted basis and not on a fully diluted basis), (b) any
“person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act, but excluding any employee benefit plan of such person or its subsidiaries, and any person or entity acting in its capacity as trustee,
agent or other fiduciary or administrator of any such plan), other than Vatera Healthcare Partners LLC and its Affiliates, is or shall at any time become the “beneficial owner” (as defined in Rules 13(d)-3 and 13(d)-5 under the Exchange Act except that a person or group shall be deemed to have “beneficial ownership” of all Stock that such person or group has the right to acquire, whether such right is
exercisable immediately or only after the passage of time (such right, an “Option Right”)), directly or indirectly, of 30% or more on an issued and outstanding basis of the voting interests in the Borrower’s Stock (taking into
account all such securities that such person or group has the right to acquire pursuant to any Option Right), (c) Vatera Healthcare Partners LLC and/or any of its Affiliates, individually or collectively, shall at any time become the
“beneficial owner” (as defined in Rules 13(d)-3 and 13(d)-5 under the Exchange Act, directly or indirectly, of 50% or more of the voting interests in the
Borrower’s Stock (measured on a fully diluted basis and taking into account all such securities that Vatera Health Partners LLC and its Affiliates has the right to acquire pursuant to any Option Right), (d) a sale of all or substantially all of
the assets of the Borrower (including, for the avoidance of doubt, the sale of all or substantially all of the assets of the Subsidiaries of the Borrower) or of the Borrower’s Stock shall occur or be consummated, (e) the consummation of a
purchase, tender or exchange offer made to and accepted by the holders of more than 50% of the outstanding Stock of the Borrower, or (f) a “change of control” however so defined in any document, agreement or instrument governing or
evidencing any Indebtedness or, in each case, any term of similar effect, shall occur. 

  
 4 

 “Code” means the Internal Revenue Code of 1986, as amended, and any Treasury
Regulations promulgated thereunder. 
 “Collateral” has the meaning given to it in the Security Agreement. 

“Commitment Letter” means that certain commitment letter dated as of November 28, 2017, by and between the Borrower and
Deerfield Private Design Fund IV, L.P. 
 “Common Stock” means the common stock of the Borrower, $0.001 par value per
share. 
 “Compliance Certificate” means a certificate in substantially the form of Exhibit H signed by the chief executive
officer (or Person with equivalent duties) of the Borrower that is reasonably satisfactory to Agent and the Required Lenders. 

“Control Agreement” means, with respect to any deposit account, securities account, commodity account, securities entitlement
or commodity contract, an agreement, in form and substance reasonably satisfactory to Agent and the Lenders, among Agent, the financial institution or other Person at which such account is maintained or with which such entitlement or contract is
carried and the Loan Party maintaining such account or owning such entitlement or contract, effective to grant “control” (within the meaning of Articles 8 and 9 under the applicable UCC) over such account to Agent (for the benefit of the
Secured Parties). 
 “Convertible Securities” means any Stock or securities (other than Options) directly or indirectly
convertible into or exchangeable or exercisable for shares of Common Stock. 
 “Default” means any event which, with the
giving of notice, lapse of time or fulfillment of any other applicable condition (or any combination of the foregoing), would constitute an Event of Default. 

“Disbursement” means the Initial Disbursement and/or any Subsequent Disbursement. 

“Disbursement Date” means the date that any Disbursement is funded by the applicable Lenders. 

“Dispose” and “Disposition” mean (a) the sale, lease, conveyance or other disposition of any assets or
property and (b) the sale or transfer by the Borrower or any Subsidiary of the Borrower of any Stock issued by any Subsidiary of the Borrower. 

“Disqualified Stock” means any Stock which, by its terms (or by the terms of any security or other Stock into which it is
convertible or for which it is exchangeable), or upon the happening of any event or condition, (a) matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or is redeemable at the option of the holder thereof,
in whole or in part, on or prior to the date that is one year and one day following the Maturity Date (excluding any provisions requiring redemption upon a “change of control” or similar event; provided that such “change of
control” or similar event results in the occurrence of the Facility Termination Date), (b) is convertible into or exchangeable for (i) debt securities or (ii) any Stock referred to in (a) above, in each case, at any time on or prior
to the date that is one year and one day following the Maturity Date at the time such Stock was issued, or (c) is entitled to receive scheduled dividends or distributions in cash prior to the date that is one year and one day following the
Maturity Date. 

  
 5 

 “Dollars” and the “$” sign mean the lawful currency of the
United States of America. 
 “Domestic Subsidiary” means any Subsidiary of the Borrower incorporated, organized or
otherwise formed under the laws of the United States, any state thereof or the District of Columbia. 
 “DTC” has the
meaning set forth in Section 3.1(qq). 
 “EBITDA” means, for any period, net income (or loss) for the applicable
period of measurement of any Person and any applicable Subsidiaries (together with the other Persons whose income or loss is taken into account as provided below in determining EBITDA) (such Person, such Subsidiaries and such other Persons,
collectively, the “Subject Persons”) on a consolidated basis, determined in accordance with GAAP, without duplication of any item described below (and the term “duplication” shall include any cash reimbursement for any
loss or expense or other item for which an add-back is provided below), to the extent taken into account in the calculation of net income (or loss) for such period: 

(a) less the income (or plus the loss) of any Person which is not a Subsidiary of a Subject Person, except to the extent of the amount of
dividends or other distributions actually paid to the Subject Persons in cash or Cash Equivalents by such Person, provided the payment of dividends or similar distributions by that Person was not at the time subject to the consent of a third party
or prohibited by operation of the terms of that Person’s charter or of any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that Person, 

(b) except in connection with determining whether a Target’s EBITDA will be accretive to, and will not have a negative impact on, the
EBITDA of the Borrower and its Subsidiaries pursuant to clause (h) of the definition of “Permitted Acquisition”, less the income (or plus the loss) of any Person accrued prior to the date it becomes a Subsidiary of a Subject Person or
is merged into or consolidated with a Subject Person or that Person’s assets are acquired by a Subject Person, 
 (c) less the proceeds
of any insurance, 
 (d) less gains (or plus losses) from the Disposition of assets or property not in the ordinary course of business of
such Subject Persons, and related tax effects in accordance with GAAP, 
 (e) less any other extraordinary gains (or plus any other
extraordinary losses) of such Subject Persons, and related tax effects, in accordance with GAAP (as defined in GAAP prior to the effectiveness of FASB ASU 2015-01), 

(f) less income tax refunds received in excess of income tax liabilities, 

(g) less income (or plus the loss) from the early extinguishment of Indebtedness, net of related tax effects, 

(h) Plus, without duplication, solely to the extent already taken into account in the calculation of net income (or loss) for such period: 

(1) depreciation and amortization, 

(2) Net Interest Expense, 
 (3)
all Taxes on or measured by income (excluding income tax refunds), and 

  
 6 

 (4) all non-cash losses or charges (or minus non-cash income or gain), including non-cash adjustments resulting from the application of purchase accounting, non-cash expenses
arising from grants of Stock appreciation rights, Stock options or restricted Stock, non-cash impairment of good will and other long term intangible assets, unrealized
non-cash losses (or minus unrealized non- cash gains) under Swap Contracts, unrealized non-cash losses (or minus unrealized
non-cash gains) in such period due solely to fluctuations in currency values, but excluding any non-cash loss or non-cash charge
(A) where there were cash losses or charges with respect to such losses or charges in past periods (B) that is an accrual of a reserve for a cash loss, charge, expenditure or payment to be made, or anticipated to be made, in a future period or
there is a reasonable expectation that there will be cash losses or charges with respect to such losses or charges in future periods or (C) relating to a write-down, write off or reserve with respect to accounts receivable, Inventory or current
assets. 
 Notwithstanding anything to the contrary in the Loan Documents, EBITDA shall be calculated to give effect to any asset sales,
divestitures or other dispositions at any time on or after the first day of the measurement period and prior to the date of determination, as if such asset sales, divestitures or other dispositions had been effected on the first day of such
measurement period. 
 “EDGAR” has the meaning set forth in Section 3.1(s). 

“Eligible Market” means the New York Stock Exchange, Inc., the NYSE American, the NASDAQ Capital Market, the NASDAQ Global
Market (“NASDAQ GM”) or the NASDAQ Global Select Market or, in each case, any successor thereto. 
 “Employee”
means any employee of any Loan Party, any Subsidiary of any Loan Party or any Target. 
 “Employee Benefit Plan” means any
“employee benefit plan” within the meaning of Section 3(3) of ERISA (other than a Multiemployer Plan), which any Loan Party maintains, contributes to or has an obligation to contribute to on behalf of participants who are or were
employed by any Loan Party (or, if such plan were terminated at such time, would under Section 4069 of ERISA be deemed to be an employee benefit plan of such Loan Party) or for which it has or could reasonably be expected to have liability
(including as an ERISA Affiliate). 
 “Environmental Laws” means all Applicable Laws, Authorizations and permits imposing
liability or standards of conduct for or relating to the regulation and protection of human health, safety, the workplace, the environment and natural resources, and including public notification requirements and environmental transfer of ownership,
notification or approval statutes. 
 “Environmental Liabilities” means all Liabilities (including costs of removal and
remedial actions, natural resource damages and costs and expenses of investigation and feasibility studies, including the cost of environmental consultants and attorneys’ costs) that may be imposed on, incurred by or asserted against any Loan
Party or any Subsidiary of any Loan Party as a result of, or related to, any claim, suit, action, investigation, proceeding or demand by any Person, whether based in contract, tort, implied or express warranty, strict liability, criminal or civil
statute or common law or otherwise, arising under any Environmental Law resulting from the ownership, lease, sublease or other operation or occupation of property by any Loan Party or any Subsidiary of any Loan Party, whether on, prior or after the
date hereof. 
 “Equity Financing Agreements” means any agreements or instruments pursuant to which any of the Agreement
Date Acquisition Shares are issued or issuable (other than the Agreement Date Acquisition Agreement). 

  
 7 

 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended
and applicable published guidance thereunder. 
 “ERISA Affiliate” means with respect to any Loan Party, any Loan Party and
any trade or business which, together with such Loan Party, is treated as a single employer within the meaning of Code Section 414 (b) or (c) or Section 4001 of ERISA or, solely for purposes of Sections 302 and 303 of ERISA or Code
Section 412 or Section 430, is treated as a single employer within the meaning of Code Section 414(b), (c), (m) or (o). 

“ERISA Event” means any of the following: (a) a reportable event described in Section 4043(c) of ERISA (unless the 30-day notice requirement has been duly waived under the applicable regulations) with respect to a Title IV Plan; (b) the withdrawal of any ERISA Affiliate from a Title IV Plan subject to Section 4063 of
ERISA during a plan year in which it was a substantial employer, as defined in Section 4001(a)(2) of ERISA; (c) the complete or partial withdrawal of any ERISA Affiliate, within the meaning of Section 4201 of ERISA, from any
Multiemployer Plan; (d) with respect to any Multiemployer Plan, the filing of a notice of insolvency or termination, or treatment of a plan amendment as termination, under Section 4041A of ERISA; (e) the filing of a notice of intent
to terminate a Title IV Plan, or treatment of a plan amendment as termination, under Section 4041 of ERISA; (f) the institution of proceedings to terminate a Title IV Plan or Multiemployer Plan by the PBGC; (g) the failure by any
ERISA Affiliate to make any required contribution to any Title IV Plan or Multiemployer Plan when due; (h) the imposition of a Lien under Section 412 or 430(k) of the Code or Section 303 or 4068 of ERISA on any property (or rights to
property, whether real or personal) of any ERISA Affiliate; (i) the failure of an Employee Benefit Plan or any trust thereunder intended to qualify for tax exempt status under Section 401 or 501 of the Code or other Applicable Law to
qualify thereunder; (j) a Title IV plan is in “at risk” status within the meaning of Code Section 430(i); (k) a Multiemployer Plan is in “endangered status” or “critical status” within the meaning of
Section 432(b) of the Code; and (l) any other event or condition that constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Title IV Plan or Multiemployer Plan or
for the imposition of any Liability upon any ERISA Affiliate under Title IV of ERISA other than for contributions to Title IV Plans and Multiemployer Plans in the ordinary course and PBGC premiums due but not delinquent. 

“Exercise Price” has the meaning provided therefor in the Warrants. 

“Event of Default” has the meaning set forth in Section 5.4. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, including the rules and regulations promulgated
thereunder. 
 “Excluded Accounts” has the meaning set forth in Section 5.1(k). 

“Excluded Foreign Subsidiary” means (a) any Foreign Subsidiary which is a controlled foreign corporation (as defined in
the Code) that has not guaranteed or pledged any of its assets to secure, or with respect to which there shall not have been pledged two-thirds or more of the voting Stock to secure, any Indebtedness (other
than the Obligations) of a Loan Party, or (b) a Foreign Subsidiary owned by a Foreign Subsidiary described in clause (a). 

“Excluded Taxes” means with respect to any Lender, (a) Taxes imposed on (or measured by) such Lender’s net income,
franchise Taxes and branch profits Taxes, in each case (i) imposed as a result of such Lender being organized under the laws of, or having its principal office, or applicable lending office located in the jurisdiction imposing such Tax (or any
political subdivision thereof), or (ii) that are Other Connection Taxes, (b) any United States federal withholding Tax imposed on amounts payable to 

  
 8 

 
such Lender under the laws in effect at the time such Lender becomes a party to this Agreement or such Lender changes its lending office, except to the extent such Lender acquired its interest in
the Loan from a transferor that was entitled, immediately before such transfer, to receive Additional Amounts with respect to such withholding Tax pursuant to Section 2.5(a) or was itself so entitled immediately before changing its lending
office, (c) any United States federal withholding Tax imposed on amounts payable to such Lender directly as a result of such Lender’s failure to comply with Section 2.5(d) other than as a result of a change in law occurring subsequent
to the date such Lender became a party to this Agreement, or (d) any United States federal withholding Tax imposed on amounts payable to such Lender under FATCA. 

“Exit Fee” has the meaning set forth in Section 2.3(c). 

“Facility Termination Date” has the meaning set forth in Section 2.3(a). 

“FATCA” means Sections 1471 through 1474 of the Code as of the date of this Agreement (or any amended or successor version
that is substantively comparable and not materially more onerous to comply with), any regulations or official interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of the Code and any applicable
intergovernmental agreements entered into with respect to the foregoing. 
 “FCPA” has the meaning set forth in
Section 3.1(jj). 
 “FDA” means the United States Food and Drug Administration and any successor thereto. 

“Federal Reserve Board” means the Board of Governors of the Federal Reserve System or any entity succeeding to any of its
principal functions. 
 “Final Payment” means such amount as may be necessary to repay the outstanding principal amount of
the Loans and any other amounts (including the Obligations) owing by the Borrower and the other Loan Parties to the Secured Parties pursuant to the Loan Documents. 

“Foreign Benefit Plan” means any Employee Benefit Plan that is subject to the laws or a jurisdiction outside the United
States, including those mandated by a government other than the United States of America. 
 “Foreign Lender” has the
meaning set forth in Section 2.5(d). 
 “Foreign Subsidiary” means, with respect to any Person, a Subsidiary of such
Person that is not a Domestic Subsidiary. 
 “Form 10-K” means an annual report on
Form 10-K (or successor form thereto), as required to be filed pursuant to the Exchange Act. 
 “Form
10-Q” means a quarterly report on Form 10-Q (or successor form thereto), as required to be filed pursuant to the Exchange Act. 

“GAAP” means generally accepted accounting principles consistently applied, as set forth in the opinions and pronouncements
of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board (or agencies with similar functions of comparable stature and authority
within the accounting profession), in each case, subject to the provisions of Section 1.5. 

  
 9 

 “Governmental Authority” means any nation, sovereign, government,
quasi-governmental agency, governmental department, ministry, cabinet, commission, board, bureau, agency, court, tribunal, regulatory authority, instrumentality, judicial, legislative, fiscal or administrative or public body or entity, whether
domestic or foreign, federal, state, local or other political subdivision thereof, having jurisdiction over the matter or matters and Person or Persons in question or having the authority to exercise executive, legislative, taxing, judicial,
regulatory or administrative functions of or pertaining to government, including any central bank, securities exchange, regulatory body, arbitrator, public sector entity, supra-national entity and any self-regulatory organization. The term
“Governmental Authority” shall further include any institutional review board, ethics committee, data monitoring committee or other committee or Person with defined authority to oversee Regulatory Matters. 

“Guarantor” means each Subsidiary of the Borrower (other than any Excluded Foreign Subsidiary) or other Person who provides a
guaranty of the Obligations under the Security Agreement or other Loan Document. 
 “Hazardous Material” means any
substance, material or waste that is classified, regulated or otherwise characterized under any Environmental Law as hazardous, toxic, a contaminant or a pollutant or by other words of similar meaning or regulatory effect, including petroleum or any
fraction thereof, asbestos, polychlorinated biphenyls and radioactive substances. 
 “HSR Act” means the Hart-Scott Rodino
Antitrust Improvements Act of 1976, as amended, including the rules and regulations promulgated thereunder. 

“Indebtedness” means the following with respect to any Person: 

(i) all indebtedness for borrowed money of such Person; 

(ii) the deferred purchase price of assets or services (other than trade payables entered into in the ordinary course of
business and which are not more than 90 days past due) of such Person, including earn-outs, which in accordance with GAAP should be shown to be a liability on the balance sheet and have not been paid on or prior to the date due; 

(iii) all guarantees of Indebtedness by such Person; 

(iv) the face amount of all letters of credit issued or acceptance facilities established for the account of such Person (or
for which such Person is liable), including without duplication, all drafts drawn thereunder; 
 (v) all Capital Lease
Obligations of such Person; 
 (vi) all indebtedness (including Indebtedness of other types covered by the other clauses of
this definition) of such Person or another Person secured by any Lien on any assets or property of such Person, whether or not such indebtedness has been assumed or is recourse (with the amount thereof, in the case of any such indebtedness that has
not been assumed by such Person, being measured as the lower of (y) fair market value of such property and (z) the amount of the indebtedness secured); 

(vii) indebtedness created or arising under any conditional sale or title retention agreement, or incurred as financing, in
either case with respect to assets or property acquired by such Person (even if the rights and remedies of the seller or lender under such agreement in the event of default are limited to repossession or sale of such assets or property); 

  
 10 

 (viii) all obligations of such Persons evidenced by notes, bonds, debentures or
similar instruments, including obligations so evidenced incurred in connection with the acquisition of property, assets or businesses; 

(ix) all obligations of such Person, whether or not contingent, in respect of Disqualified Stock, valued at, in the case of
redeemable preferred Stock, the greater of the voluntary liquidation preference and the involuntary liquidation preference of such Stock plus accrued and unpaid dividends; 

(x) all direct or indirect liability, contingent or otherwise, of such Person with respect to any Indebtedness of another
Person if the primary purpose or intent of the Person incurring such liability, or the primary effect thereof, is to provide assurance to the obligee of such Indebtedness that such Indebtedness will be paid or discharged, or that any agreements
relating thereto will be complied with, or that the holders of such Indebtedness will be protected (in whole or in part) against loss with respect thereto; 

(xi) all direct or indirect liability, contingent or otherwise, of such Person under Swap Contracts (to the extent such amount
can actually be calculated or determined with certainty at the time of any such determination, calculated on a net basis); 

(xii) all direct or indirect liability, contingent or otherwise, of such Person to make take-or-pay or similar payments if required regardless of nonperformance by any other party or parties to an agreement; and 

(xiii) all direct or indirect liability, contingent or otherwise, of such Person for the Indebtedness of another Person through
any agreement to purchase, repurchase or otherwise acquire such Indebtedness or any assets or property constituting security therefor, to provide funds for the payment or discharge of such Indebtedness or to maintain the solvency, financial
condition or any balance sheet item or level of income of another Person. 
 “Indemnified Person” has the meaning set forth
in Section 6.11(a). 
 “Indemnified Taxes” means (a) any Tax imposed on or with respect to any payments made by
or on account of any Obligation of any Loan Party under any Loan Document, other than an Excluded Tax, and (b) to the extent not otherwise described in clause (a) above in this definition, Other Taxes. 

“Indemnity” has the meaning set forth in Section 6.11(a). 

“Initial Disbursement” has the meaning set forth in Section 2.2(a). 

“Initial Disbursement Date” means the Distribution Date of the Initial Disbursement. 

“Initial Disbursement Request” means that certain disbursement request dated as of the Agreement Date, including the funds
flow documentation attached thereto, delivered by the Borrower to the Agent and the Lenders on the Agreement Date. 

  
 11 

 “Intellectual Property” has the meaning set forth in Section 3.1(n). 

“Interest Payment Date” has the meaning set forth in Section 2.7. 

“Interest Payment Shares” means any shares of Common Stock issued or issuable pursuant to Section 2.7 and Exhibit 2.7.

 “Interest Rate” means (a) 11.75% per annum for the principal amount of the Initial Disbursement and any overdue interest
thereon and (b) 14.75% per annum for the principal amount of the Subsequent Disbursements and any overdue interest thereon. 

“Internal Controls” has the meaning set forth in Section 3.1(u). 

“Investment” has the meaning set forth in Section 5.2(e). 

“Investment Company Act” means the Investment Company Act of 1940, as amended. 

“IP” has the meaning set forth in Section 3.1(n). 

“IRS” means the United States Internal Revenue Service. 

“Latest Balance Sheet” has the meaning set forth in Section 3.1(t). 

“Lenders” has the meaning set forth in the preamble to this Agreement. 

“Liabilities” means all claims, actions, suits, judgments, damages, losses, liabilities, obligations, responsibilities,
fines, penalties, sanctions, costs, fees, Taxes, commissions, charges, disbursements and expenses (including those incurred upon any appeal or in connection with the preparation for and/or response to any subpoena or request for document production
relating thereto), in each case of any kind or nature (including interest accrued thereon or as a result thereto and fees, charges and disbursements of financial, legal and other advisors and consultants), whether joint or several, whether or not
indirect, contingent, consequential, actual, punitive, treble or otherwise. 
 “Lien” means any lien, pledge, preferential
arrangement, mortgage, security interest, deed of trust, charge, assignment, hypothecation, title retention or other encumbrance on or with respect to property or interest in property having the practical effect of constituting a security interest,
in each case with respect to the payment of any obligation with, or from the proceeds of, any asset or revenue of any kind. 

“Loan” means any loan made available from time to time by the Lenders to the Borrower pursuant to this Agreement or any other
Loan Document or, as the context may require, the principal amount thereof from time to time outstanding. “Loan” shall include any funded Disbursement. 

“Loan Documents” means this Agreement, the Notes, the Security Agreement, the Initial Disbursement Request, each Perfection
Certificate, each Compliance Certificate, any Revolving Credit Facility Intercreditor Agreement (and any other subordination or intercreditor agreement entered into by any Secured Party with respect to any Indebtedness permitted under the Loan
Documents), the Stock Purchase Agreement, the Warrants, the Registration Rights Agreement, the Royalty Agreement, the Agent Fee Letter, any solvency certificate and other documents, agreements and instruments delivered in connection with any of the
foregoing and dated the Agreement Date or subsequent thereto, whether or not specifically mentioned herein or therein, in each case, as amended, restated, supplemented or otherwise modified from time to time. 

  
 12 

 “Loan Notes” means any Loan Note issued to any of the Lenders evidencing any
Initial Disbursement funded by such Lenders in the form attached hereto as Exhibit A-1, in each case, as amended, restated, supplemented or otherwise modified from time to time. 

“Loan Parties” means the collective reference to the Borrower and all of the Guarantors. 

“Loss” has the meaning set forth in Section 6.11(a). 

“LTM Net Sales” means, without duplication, for the trailing four fiscal quarter period ending as of the end of each fiscal
year of the Borrower, the sum of (a) the aggregate gross amount invoiced by or on behalf of the Borrower or any of its Subsidiaries for products sold globally in bona fide, arm’s length transactions; less: (b) (i) deductions
for trade, (ii) discounts, rebates, chargebacks and credits, (iii) allowances, (iv) taxes, (v) duties, (vi) governmental tariffs, (vii) freight, shipping and freight insurance costs and charges, (viii) returns and
(ix) recalls. 
 “Margin Stock” means “margin stock” as such term is defined in Regulation T, U or X of the
Federal Reserve Board. 
 “Material Adverse Effect” means a material adverse effect on (a) the business, results of
operations, financial condition or assets of the Loan Parties and their Subsidiaries, taken as a whole, (b) the validity or enforceability of any material provision of this Agreement, the Notes, the Security Agreement, the Stock Purchase Agreement,
the Warrants, the Registration Rights Agreement, the Royalty Agreement, the Agent Fee Letter, any Revolving Credit Facility Intercreditor Agreement, any other subordination or intercreditor agreement that is a Loan Document or any other material
Loan Document, (c) the ability of the Loan Parties to timely perform the Obligations, (d) the creation, perfection or, subject to Permitted Liens (solely to the extent any such Permitted Liens are expressly permitted under this Agreement to
have priority over the Liens granted under the Loan Documents), priority of any of the Liens granted under the Loan Documents (other than as a result of the failure of Agent to take any action within its control), or (e) any of the rights and
remedies of the Secured Parties under the Loan Documents. 
 “Material Environmental Liabilities” means Environmental
Liabilities exceeding $500,000 in the aggregate. 
 “Maturity Date” means (a) with respect to the Initial
Disbursement, January 5, 2024 and (b) with respect to any Subsequent Disbursement, the sixth anniversary of the date the first Subsequent Disbursement is made by any Lender. 

“Multiemployer Plan” means any multiemployer plan, as defined in Section 3(37) or 4001(a)(3) of ERISA, as to which any
ERISA Affiliate incurs or otherwise has, or could reasonably be expected to have, any obligation or Liabilities (including under Section 4212 of ERISA). 

“Necessary Documents” has the meaning set forth in Section 3.1(l). 

“Net Interest Expense” means for the Subject Persons for any period: 

(a) gross interest expense (including that attributable to Capital Lease Obligations) for such period paid or required to be paid in cash
(including all commissions, discounts, fees and other charges in connection with letters of credit and similar instruments and net amounts paid or payable and/or received or receivable under permitted Swap Contracts in respect of interest rates) for
the Borrower and its Subsidiaries on a consolidated basis, less 

  
 13 

 (b) interest income for such period. 

“Notes” means the Loan Notes and the Subsequent Disbursement Notes. 

“Obligations” means all Loans and Disbursements, interests, fees (including any Prepayment Fees), expenses, costs,
liabilities, indebtedness and other obligations (monetary (including post-petition interest, costs, fees, expenses and other amounts, whether allowed or not) or otherwise) of (or owed by) the Borrower and the other Loan Parties under or in
connection with the Loan Documents, in each case howsoever created, arising or evidenced, whether direct or indirect (including those acquired by assignment), absolute or contingent, now or hereafter existing, or due or to become due. 

“OFAC” has the meaning set forth in Section 3.1(jj). 

“OID” means original issue discount. 

“Option Right” has the meaning set forth in the definition of “Change of Control”. 

“Options” means any rights, warrants or options to subscribe for or purchase shares of Common Stock or Convertible
Securities. 
 “Organizational Documents” means (a) for any corporation, the certificate or articles of incorporation,
the bylaws, any certificate of determination or instrument relating to the rights of preferred shareholders of such corporation, and any shareholder rights agreement, (b) for any partnership, the partnership agreement and, if applicable,
certificate of limited partnership, (c) for any limited liability company, the operating agreement and articles or certificate of formation or (d) for any other entity, any other document setting forth the manner of election or duties of
the officers, directors, managers or other similar or equivalent persons or Persons, or the designation, amount or relative rights, limitations and preference of the Stock of such entity. 

“Other Connection Taxes” means with respect to any Lender, Taxes imposed as a result of a present or former connection
between such Lender and the jurisdiction imposing such Tax (except a connection arising solely from such Lender having executed, delivered, become a party to, performed its obligations or received a payment under, received or perfected a security
interest under, engaged in any transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan Document). 

“Other Taxes” means any and all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes
arising from any payment made hereunder or from the execution, delivery, registration, transfer or enforcement of, or otherwise with respect to, any Loan Document. 

“Parties” has the meaning set forth in the preamble to this Agreement. 

“PBGC” means the United States Pension Benefit Guaranty Corporation or any successor thereto. 

“Perfection Certificate” means each perfection certificate executed or delivered by any Loan Party or any of its Subsidiaries
to any Secured Party in substantially the form of Exhibit B. 

  
 14 

 “Permitted Acquisition” means any Acquisition (other than the Agreement Date
Acquisition) by a Loan Party of all of the Stock of a Target (subject to any local law requirements regarding qualifying shares) or all or substantially all of the assets of a Target, in each case, to the extent that each of the following conditions
shall have been satisfied: 
 (a) the Borrower shall have delivered each of the following to Agent (and the Agent will deliver to the Lenders
on the same date): 
 (i) subject to Section 5.1(r), (A) as soon as available, executed copies of the Acquisition
agreement and all material agreements and documents pursuant to which such Acquisition is to be consummated; provided that, no later than the third (3rd) Business Day following the date of
such Acquisition documents, the Borrower shall file a current report on Form 8-K with the SEC describing the terms of the transaction contemplated by such Acquisition documents, including such Acquisition
documents as exhibits thereto and disclosing any other material non-public information provided to any of the Secured Parties in connection with such Acquisition (or otherwise); and 

(ii) to the extent required to be delivered to (and permitted to be shared by) a Loan Party pursuant to the applicable
Acquisition agreement, all required material regulatory and third party approvals; 
 (b) such Acquisition shall not be hostile and shall
have been approved by the board of directors (or other similar body) and/or the holders of Stock of the Target; 
 (c) no Default or Event of
Default shall exist at the time of the consummation of such Acquisition or after giving effect to such Acquisition and all other transactions contemplated by the applicable Acquisition documents; 

(d) the total consideration paid or payable (including all transaction costs, Indebtedness incurred, assumed and/or reflected on a consolidated
balance sheet of the Loan Parties and their Subsidiaries after giving effect to such Acquisition and the maximum amount of all deferred payments, including earn-outs) (such amounts, collectively, the “Acquisition Consideration”) for
all Acquisitions consummated during the term of this Agreement shall not exceed $50,000,000 in the aggregate for all such Acquisitions; 

(e) (i) the Target, the Target’s Subsidiaries and their respective assets and properties and the Stock of the Target and the
Target’s Subsidiaries shall be in compliance with Section 5.1(l) and the provision of the Security Agreement and the other Loan Documents and all actions in connection therewith shall have been taken and completed in a manner reasonably
acceptable to Agent and the Required Lenders, (ii) to the extent required by the Loan Documents, the Target and its Subsidiaries shall have become Guarantors under the Loan Documents and have executed and delivered such documents reasonably
requested by Agent or the Required Lenders in connection therewith and (iii) all other actions shall have been taken that are necessary or reasonably requested by Agent or the Required Lenders to (A) to the extent required by the Loan
Documents, provide a first priority Lien to Agent (for the benefit of the Secured Parties) in the assets and properties of the Target and its Subsidiaries and the Stock of the Target and its Subsidiaries and (B) effectuate the foregoing in this
clause (e); 
 (f) all transactions in connection with such Acquisition shall be consummated, in all material respects, in accordance with
all Applicable Laws and all applicable Authorizations shall have been obtained; 

  
 15 

 (g) the Target shall be in the same business or lines of business in which the Borrower and its
Subsidiaries are engaged as of the Agreement Date or a business or line of business substantially related thereto or reasonably complementary thereof; 

(h) immediately prior to, at the time of, and after giving effect to, such Acquisition and all other transactions contemplated by the
applicable Acquisition documents, the Target and its Subsidiaries that are being acquired in such Acquisition have (i) positive EBITDA for the most recent twelve month period ending prior to the date of the consummation of such Acquisition for
the later of (A) the period for which financial statements are available to the Loan Parties and their Affiliates or the Secured Parties and (B) the period that ended at least one year prior to the consummation of such Acquisition of the
Target, (ii) such Acquisition is, on a pro forma basis, accretive to the EBITDA of the Borrower and its Subsidiaries and (iii) EBITDA that will not have a negative impact on the EBITDA of the Borrower and its Subsidiaries; 

(i) at the time of, and after giving effect to, such Acquisition and all other transactions contemplated by the applicable Acquisition
documents, all representations and warranties in the Loan Documents and in the applicable Acquisition documents shall be true, correct and complete in all material respects (without duplication of any materiality qualifier contained therein); 

(j) after giving effect to such Acquisition and all other transactions contemplated by the applicable Acquisition documents, the Borrower and
its Subsidiaries shall be in pro forma compliance with the financial covenants set forth in Section 5.1(v); and 
 (k) a certificate, in
form reasonably satisfactory to Agent and the Required Lenders, that (i) has an Authorized Officer certify that all the conditions set forth in this definition of “Permitted Acquisition” have been satisfied and (ii) includes
financial statements and documentation evidencing and supporting that clauses (h) and (j) of this definition of “Permitted Acquisition” have been satisfied. 

“Permitted Dispositions” means each of the following: 

(a) Dispositions of inventory, goods or services or of worn-out obsolete, damaged or surplus equipment,
all in the ordinary course of business; 
 (b) (i) Dispositions of Cash Equivalents in the ordinary course of business made to a Person
that is not an Affiliate of any Loan Party and (ii) conversions of Cash Equivalents into cash or other Cash Equivalents; 
 (c)
transactions permitted under clause (i)(ii) of the definition of “Permitted Liens;” 
 (d) Permitted Investments, to the extent any
such Investment constitutes a Disposition; 
 (e) the sale or issuance of the Stock in the Borrower to any direct equity holder of the
Borrower in the ordinary course of business; 
 (f) the transfer of any assets or property (i) by a Loan Party (other than the Borrower)
to another Loan Party or (ii) by a Subsidiary that is not a Loan Party to (A) a Loan Party for no more than fair market value or (B) any other Subsidiary that is not a Loan Party that has its Stock pledged at least of the same amount
and percentage as the transferring Subsidiary does; 

  
 16 

 (g) the issuance by any Foreign Subsidiary of Stock to qualified directors where required by or
to satisfy any Applicable Law, including any Applicable Law with respect to ownership of Stock in Foreign Subsidiaries; 
 (h) transactions
permitted by Section 5.2(a); 
 (i) Dispositions of past due accounts receivable in the ordinary course of business (including any
discount and/or forgiveness thereof) or, in the case of accounts receivable in default, in connection with the collection or compromise thereof and, in any event, not involving any securitization thereof; 

(j) (i) any termination of any lease in the ordinary course of business, (ii) any expiration of any option agreement in respect of
real or personal property and (iii) any surrender or waiver of contractual rights or the settlement, release or surrender of contractual rights or litigation claims (including in tort) in the ordinary course of business; 

(k) Dispositions of any assets or property subject to foreclosure, casualty, eminent domain or condemnation proceedings (including in lieu
thereof or any similar proceeding); and 
 (l) other Dispositions for fair market value of assets for aggregate consideration not to exceed
$500,000 in any fiscal year; provided that such Dispositions do not (i) involve assets material to the conduct of the business of the Loan Party and its Subsidiaries, (ii) have a material adverse effect on the value of the remaining (or,
before giving effect to such Disposition, the overall) Collateral (including the ability of the Secured Parties to recover all of the Obligations from the value of the remaining Collateral) or (iii) cause a Material Adverse Effect to occur or
exist. 
 “Permitted Indebtedness” means each of the following: 

(a) Indebtedness existing as of the Agreement Date and set forth on Schedule 3.1(f) attached hereto; 

(b) the Obligations; 
 (c)
Indebtedness not to exceed $50,000 in the aggregate at any time outstanding, consisting of Capital Lease Obligations or secured by Liens permitted by clauses (k) and (l) of the definition of “Permitted Liens;” 

(d) Indebtedness in respect of netting services, overdraft protections and other similar and customary services in connection with deposit
accounts incurred in the ordinary course of business; 
 (e) Indebtedness to employees in respect of benefit plans and employment and
severance arrangements; 
 (f) Indebtedness arising under guaranties made in the ordinary course of business of obligations of any Loan Party
that are otherwise permitted hereunder; provided that if such obligation is subordinated to the Obligations, such guaranty shall be subordinated to the same extent; 

(g) Indebtedness owed by (i) any Loan Party to another Loan Party, (ii) any Loan Party to one of its Subsidiaries that is not a Loan
Party so long as such Indebtedness is unsecured and subordinated to the Obligations in a manner reasonably satisfactory to Agent and the Required Lenders; 

  
 17 

 (h) unsecured obligations of any Loan Party under any foreign exchange contract, currency swap
agreement or other similar agreement or arrangement designed to alter the risks of that Person arising from fluctuations in the value of certain currencies entered into in the ordinary course of business; provided that any such agreement or
arrangement shall be entered into for bona fide hedging purposes and not for speculation; and 
 (i) [reserved]; 

(j) Indebtedness arising with respect to customary indemnification obligations and purchase price adjustments in favor of sellers in connection
with Permitted Acquisitions; 
 (k) endorsements for collection or deposit in the ordinary course of business; 

(l) Indebtedness consisting of the financing of insurance premiums in the ordinary course of business; 

(m) Indebtedness in respect of a revolving credit facility in an aggregate principal amount not to exceed $20,000,000 (the “Revolving
Credit Facility”), so long as (i) no Subsidiary of the Borrower that is not a Loan Party shall be the borrower, a guarantor, obligor or otherwise obligated, or provide any Lien with respect to any of its assets or property in favor of
the agent or holder of the Revolving Credit Facility, (ii) the lenders providing the Revolving Credit Facility are third parties that are not Affiliates of (A) any Loan Party or (B) any Subsidiary of any Loan Party, (iii) the
lenders providing the Revolving Credit Facility (and any agent of such lenders) shall have entered into an intercreditor agreement with the Agent and the Lenders that is in form and substance reasonably satisfactory to the Agent and the Lenders,
which may provide that the Liens securing the Revolving Credit Facility (up to the $20,000,000 cap) shall be senior (solely with respect to Lien priority) to those securing the Obligations and that the lenders providing the Revolving Credit Facility
(or the agent of such lenders), and the Secured Parties, shall have customary rights in the Collateral (the “Revolving Credit Facility Intercreditor Agreement”), and (iv) the Obligations are not payment subordinated to the
Revolving Credit Facility and the Revolving Credit Facility Intercreditor Agreement does not contain any payment subordination, (v) only one Revolving Credit Facility can be in effect or exist at any time; and 

(n) other unsecured Indebtedness not exceeding in the aggregate at any time outstanding $200,000,000, which Indebtedness shall (i) bear
interest not in excess of then applicable market rates, (ii) have a maturity no earlier than one year and one day after the earlier of (A) the payment in full of the Obligations and (B) the latest Maturity Date, (iii) shall not
provide for any cash payments of any type before one year and one day after the earlier of (A) the payment in full of the Obligations and (B) the latest Maturity Date and (iii) be payment subordinated in a manner reasonably acceptable to
Agent and the Required Lenders. 
 “Permitted Investments” means each of the following: 

(a) Investments in cash and Cash Equivalents; 

(b) Investments consisting of (i) extensions of credit or capital contributions by any Loan Party to or in any other then existing Loan
Party; provided, if the Investments described in foregoing clause (i) are evidenced by promissory notes, such promissory notes shall be pledged to Agent, for the benefit of the Secured Parties, and have such terms as Agent and the Required
Lenders may reasonably require, and (ii) extensions of credit or capital contributions by a Subsidiary of the Borrower which is not a Loan Party to or in another then existing Subsidiary of the Borrower which is not a Loan Party that has at
least the same amount and percentage of its Stock pledged to Agent (for the benefit of the Secured Parties) as the party lending such credit amounts or extending such capital contribution; 

  
 18 

 (c) travel advances to employees, officers and directors of the Loan Parties in the ordinary
course of business not to exceed $25,000 in the aggregate at any time outstanding; 
 (d) Investments acquired in connection with the
settlement of delinquent accounts receivable in the ordinary course of business or in connection with the bankruptcy or reorganization of suppliers or customers; 

(e) Investments consisting of non-cash loans made by the Borrower to officers, directors and employees
of a Loan Party which are used by such Persons to simultaneously purchase Stock of the Borrower in accordance with the Borrower’s Organizational Documents; 

(f) Investments existing on the Agreement Date and set forth on Schedule P-1; 

(g) Investments comprised of guarantees of Indebtedness permitted in the definition of “Permitted Indebtedness;” 

(h) Subsidiaries of the Borrower established or created, so long as the Loan Parties and any such Subsidiary comply with the applicable
provisions of Section 5.1(l); 
 (i) the Agreement Date Acquisition; 

(j) Permitted Acquisitions; and 

(k) other Investments not to exceed $600,000 in the aggregate at any time outstanding; provided that immediately before, at the time of
and after giving effect to such Investment, no Default or Event of Default has occurred and is continuing. 
 “Permitted
Liens” means each of the following: 
 (a) Liens existing on the Agreement Date and set forth on Schedule 3.1(d); 

(b) Liens in favor of the Secured Parties under the Loan Documents; 

(c) carriers’, warehousemen’s, mechanics’, landlords’, materialmen’s, repairmen’s or other similar Liens arising
in the ordinary course of business which are not delinquent or remain payable without penalty or which are being contested in good faith and by appropriate proceedings, which proceedings have the effect of preventing the forfeiture or sale of the
assets or property subject thereto and for which adequate reserves in accordance with GAAP are being maintained; 
 (d) Liens for Taxes,
assessments or governmental charges or levies not past due or payable or that are being contested in good faith by appropriate proceedings and for which adequate reserves in accordance with GAAP are being maintained; 

(e) (A) Liens arising from judgments, decrees or attachments in circumstances not constituting an Event of Default and (B) pledges or
cash deposits made in lieu of, or to secure the performance of, judgment or appeal bonds in respect to such judgments and proceedings mentioned in clause (e)(A) above; 

  
 19 

 (f) Liens in favor of financial institutions arising in connection with the Borrower’s or
its Subsidiaries’ deposit accounts maintained in the ordinary course held at such institutions to secure standard fees for services charged by, but not financing made available by, such institutions; 

(g) Liens (other than any Lien imposed by ERISA) consisting of pledges or deposits required in the ordinary course of business in connection
with workers’ compensation, unemployment insurance and other social security legislation or to secure the performance of tenders, statutory obligations, surety, stay, customs and appeals bonds, bids, leases, governmental contract, trade
contracts, performance and return of money bonds and other similar obligations (exclusive of obligations for the payment of borrowed money or other funded Indebtedness) or to secure liability to insurance carriers; 

(h) easements, rights of way, restrictions and other similar encumbrances affecting real property which, in the aggregate, are not substantial
in amount, do not affect the value or marketability of such real property and which do not in any case materially interfere with the conduct of the business of any Loan Party or its Subsidiaries; 

(i) (i) any interest or title of a lessor or sublessor under any lease not prohibited by this Agreement or
(ii) non-exclusive licenses and sublicenses granted by a Loan Party or any Subsidiary of a Loan Party and leases and subleases (by a Loan Party or any Subsidiary of a Loan Party as lessor or sublessor) to
third parties in the ordinary course of business not interfering with the business of the Loan Parties or any of their Subsidiaries; 
 (j)
Liens of a collection bank arising under Section 4-210 of the UCC (or equivalent in foreign jurisdictions) on items in the course of collection; 

(k) Liens on any assets or property acquired or held by any Loan Party or any Subsidiary of any Loan Party securing Indebtedness incurred or
assumed for the purpose of financing (or refinancing) all or any part of the cost of acquiring such assets or property and permitted under clause (c) of the definition of “Permitted Indebtedness,” provided that (i) such
Lien attaches solely to the assets or property so acquired in such transaction and the proceeds thereof and (ii) the principal amount of the Indebtedness secured thereby does not exceed 100% of the cost of such assets or property; 

(l) Liens securing Capital Lease Obligations permitted under clause (c) of the definition of “Permitted Indebtedness;” 

(m) Liens arising from the filing of precautionary uniform commercial code financing statements with respect to any lease not prohibited by
this Agreement; 
 (n) Liens arising out of consignment or similar arrangements for the sale of goods entered into by the Borrower or any
Subsidiary of the Borrower in the ordinary course of business; 
 (o) Liens in favor of customs and revenue authorities arising as a matter
of law which secure payment of customs duties in connection with the importation of goods in the ordinary course of business; 
 (p) Liens on
unearned insurance premiums securing the financing thereof to the extent permitted under clause (l) of the definition of “Permitted Indebtedness”; 

(q) Liens solely on cash earnest money deposits made by the Borrower or any of its Subsidiaries in connection with any letter of intent or
purchase agreement for a Permitted Acquisition; and 

  
 20 

 (r) Liens securing the Revolving Credit Facility, solely to the extent permitted under clause
(m) of the definition of “Permitted Indebtedness”. 
 “Person” means and includes any natural person,
individual, partnership, joint venture, corporation, trust, limited liability company, limited company, joint stock company, unincorporated organization, government entity or any political subdivision or agency thereof, or any other entity. 

“Portfolio Interest Certificate” has the meaning set forth in Section 2.5(d). 

“Post-Closing Control Agreement Period” has the meaning set forth in Section 5.1(k). 

“Prepayment Fee” has the meaning set forth in Section 2.3(c). 

“Principal Market” means the NASDAQ Global Market (or any successor to the foregoing) , or if after the funding of the
Initial Disbursement the Common Stock is listed on another Eligible Market, such other Eligible Market. 
 “Pro Rata Loan
Share” means, with respect to any Lender, the applicable amount (as adjusted from time to time in accordance with the terms hereof and the actual principal amount outstanding related thereto) specified opposite such Lender’s name on
Annex A under the column “Initial Disbursement Amounts” and the applicable amount (as adjusted from time to time in accordance with the terms hereof and the actual principal amount outstanding related thereto) of Loans funded by such
Lender pursuant to its Subsequent Disbursement Commitment. 
 “Pro Rata Share” means, with respect to any Lender, the
applicable percentage (as adjusted from time to time in accordance with the terms hereof) obtained by dividing (a) the sum of (i) such Lender’s Pro Rata Subsequent Disbursement Share of the Subsequent Disbursement Commitment (to the
extent not terminated or used in its entirety), and (ii) such Lender’s Pro Rata Loan Share of the outstanding Loans, by (b) the sum of (i) the total amount of remaining Subsequent Disbursement Commitments held by all Lenders, and
(ii) the total outstanding amount of Loans held by all Lenders. 
 “Pro Rata Subsequent Disbursement Share” means,
with respect to any Lender, in respect of unfunded Subsequent Disbursement Commitments, the applicable percentage (as adjusted from time to time in accordance with the terms hereof and as decreased as such Subsequent Disbursement Commitments are
funded) specified opposite such Lender’s name on Annex A under the column “Subsequent Disbursement Commitment.” 

“Products” means any item or any service that is designed, created, manufactured, managed, performed or otherwise used,
offered or handled by or on behalf of the Loan Parties or any of their Subsidiaries. 
 “Public Health Laws” means all
Applicable Laws relating to the procurement, development, manufacture, production, analysis, distribution, dispensing, importation, exportation, use, handling, quality, sale or promotion of any drug, medical device, food, dietary supplement or other
product (including any ingredient or component of the foregoing products) subject to regulation under the Federal Food, Drug, and Cosmetic Act (21 U.S.C. et seq.) and similar state laws, controlled substances laws, pharmacy laws or consumer product
safety laws. 
 “Purchased Shares” means the shares of Common Stock issuable to the Lenders pursuant to the Stock Purchase
Agreement, subject to the terms and conditions thereof. 

  
 21 

 “Put Notice” has the meaning set forth in Section 5.3. 

“Real Estate” means any real property owned, leased, subleased or otherwise operated or occupied by any Loan Party or any
Subsidiary of any Loan Party. 
 “Register” has the meaning set forth in Section 1.4(b). 

“Registration Rights Agreement” means that certain Registration Rights Agreement, dated as of the Agreement Date, entered
into by the Borrower and the Lenders and substantially in the form of Exhibit E. 
 “Registrations” means all
Authorizations and exemptions issued or allowed by any Governmental Authority (including new drug applications, abbreviated new drug applications, biologics license applications, investigational new drug applications,
over-the-counter drug monograph, device pre-market approval applications, device
pre-market notifications, investigational device exemptions, product recertifications, manufacturing approvals and authorizations, CE Marks, pricing and reimbursement approvals, labeling approvals or their
foreign equivalent, controlled substance registrations, and wholesale distributor permits) held by, or applied by contract to, any Loan Party or any of its Subsidiaries, that are required for the research, development, manufacture, distribution,
marketing, storage, transportation, use and sale of the Products of any Loan Party or any of its Subsidiaries. 
 “Regulation
D” means Regulation D of the Board of Governors of the Federal Reserve System as in effect from time to time and any successor to all or a portion thereof establishing reserve requirements. 

“Regulatory Matters” means, collectively, activities and Products that are subject to Public Health Laws. 

“Release” means any release, threatened release, spill, emission, leaking, pumping, pouring, emitting, emptying, escape,
injection, deposit, disposal, discharge, dispersal, dumping, leaching or migration of Hazardous Material into or through the environment. 

“Remaining Subsequent Disbursement Commitment Termination Date” has the meaning set forth in Section 2.2(b). 

“Reporting Period” has the meaning set forth in Section 5.1(h). 

“Required Lenders” means, at any time, Lenders having Pro Rata Shares of which the aggregate Dollar equivalent amount exceeds
50% of the outstanding Loans and the unfunded Subsequent Disbursement Commitments, collectively. 
 “Restricted Payments”
means, with respect to any Person, (i) the declaration or making of any dividend payment or other distribution of assets, properties, cash, rights, obligations or securities, in each case on account of any of its Stock, (ii) the
purchasing, redemption or other acquisition for value of any of its Stock now or hereafter outstanding or (iii) the making of any payment or prepayment of principal of, premium, if any, interest, fees, redemption, exchange, purchase,
retirement, defeasance, sinking fund or similar payment with respect to, any Indebtedness subordinated to the Obligations as to right and time of payment or as to other rights and remedies thereunder. 

“Revolving Credit Facility” has the meaning set forth in clause (m) of the definition of “Permitted
Indebtedness.” 

  
 22 

 “Revolving Credit Facility Documents” means the agreements, instruments and
documents evidencing the Revolving Credit Facility permited by clause (m) of the definition of “Permitted Indebtedness.” 

“Revolving Credit Facility Intercreditor Agreement” has the meaning set forth in clause (m) of the definition of
“Permitted Indebtedness.” 
 “Royalty” has the meaning given to such term in the Royalty Agreement. 

“Royalty Agreement” means that certain Royalty Agreement, dated as of the Agreement Date, entered into by the Borrower and
the Lenders and substantially in the form of Exhibit F, as amended, restated, supplemented or otherwise modified from time to time. 

“Sanctioned Country” has the meaning set forth in Section 3.1(jj). 

“Sanctions” has the meaning set forth in Section 3.1(jj). 

“Sarbanes-Oxley” has the meaning set forth in Section 3.1(kk). 

“SDN List” has the meaning set forth in Section 3.1(jj). 

“SEC” means the United States Securities and Exchange Commission. 

“SEC Documents” means all reports, schedules, forms, statements and other documents filed by any Loan Party or any of its
Subsidiaries with the SEC pursuant to the Securities Act or the Exchange Act after December 31, 2015, including the Borrower’s definitive proxy statement for its special meeting of stockholders held on December 27, 2017 (including, in each
case, all financial statements and schedules and pro forma financial information included therein, all exhibits thereto and all documents incorporated by reference therein). 

“Secured Parties” means Agent, the Lenders and all Indemnified Persons. 

“Securities” means the Loans, the Subsequent Disbursement Commitments, the Notes, the related guaranties set forth in the
Security Agreement of the Guarantors, the Interest Payment Shares, the Purchased Shares, the Warrants, the Warrant Shares and the right to receive the Royalty pursuant to the Royalty Agreement. 

“Securities Act” means the Securities Act of 1933, as amended, including the rules and regulations promulgated thereunder.

 “Security Agreement” mean the Guaranty and Security Agreement executed and delivered on the Agreement Date pursuant to
which, among other things, the Loan Parties party thereto grant to Agent (for the benefit of the Secured Parties) a security interest and Lien in all of their Collateral to secure the Obligations and the Guarantors party thereto provide guaranties
to Agent (for the benefit of the Secured Parties), as amended, restated, supplemented or otherwise modified from time to time. 

“Social Security Act” means the Social Security Act of 1965 as set forth in Title 42 of the United States Code, as amended,
and any successor statute thereto, as interpreted by the rules and regulations issued thereunder, in each case as in effect from time to time. 

  
 23 

 “Specified Acquisition Agreement Representations” means the representations and
warranties made with respect to the Agreement Date Acquisition, by the Agreement Date Acquisition Sellers and/or their Affiliates with respect to the Agreement Date Acquisition Sellers, their Affiliates, the assets and Stock being acquired in the
Agreement Date Acquisition or the related businesses, financials or entities in the Agreement Date Acquisition Agreement as are material to the interests of the Secured Parties. 

“Specified Representations” means the representations and warranties set forth in Section 3.1(c), (d), (f), (h) (with
respect to the first sentence therein and clause (i)(D) and clause (i)(E) of the second sentence therein), (j), (k), (y), (z), (bb), (dd), (ii) and (kk) in this Agreement and Section 4.2 of the Security Agreement. 

“Stock” means (a) all shares of capital stock (whether denominated as common stock or preferred stock), equity
interests, beneficial, partnership or membership interests, joint venture interests, participations or other ownership or profit interests in or equivalents (regardless of how designated) of or in a Person (other than an individual), whether voting
or non-voting; and (b) all securities convertible into or exchangeable for any other Stock and all warrants, options or other rights to purchase, subscribe for or otherwise acquire any other Stock,
whether or not presently convertible, exchangeable or exercisable. 
 “Stock Purchase Agreement” means that certain
Securities Purchase Agreement, dated as of the Agreement Date, entered into by the Borrower and the Lenders and substantially in the form of Exhibit G, as amended, restated, supplemented or otherwise modified from time to time. 

“Subject Foreign Subsidiaries” means Rib-X Ltd., Rempex London Limited and Rempex Australia Pty Limited. 

“Subject Persons” has the meaning set forth in the definition of “EBITDA.” 

“Subsequent Disbursement” and “Subsequent Disbursements” have the respective meanings set forth in
Section 2.2(b). 
 “Subsequent Disbursement Commitments” means the commitments of the Lenders to provide Subsequent
Disbursements under this Agreement. 
 “Subsequent Disbursement Conditions” means each of the following: (i) the
Borrower shall have achieved Annualized Net Sales of at least $75,000,000 for the applicable period covered in the definition of “Annualized Net Sales”; (ii) after giving effect to such Subsequent Disbursement and the use of proceeds
thereof, the Borrower shall be in pro forma compliance with the financial covenants set forth in Section 5.1(v); and (iii) subject to Section 5.1(r), the Borrower shall have delivered to Agent (and Agent shall promptly (but, in any
event, within two (2) Business Days after (i) receipt thereof by (A) Agent’s main operations contact or (B) any other Person designated by Agent to receive notices for (or on behalf of) Agent pursuant to the notices
provisions of the Loan Documents (including Section 6.1 of this Agreement) or (ii) knowledge of receipt of an item from the Borrower by Agent’s main operations contact or such other Person designated by Agent to receive notices for
(or on behalf of) Agent pursuant to the notices provisions of the Loan Documents (including Section 6.1 of this Agreement)) deliver to each Lender), a certificate in the form of Exhibit J attached hereto (a “Subsequent Disbursement
Certificate”) signed by the chief executive officer (or Person with equivalent duties) of the Borrower which shall certify as to the satisfaction of each of the conditions in clauses (i) and (ii) above in this definition and providing
detailed calculations in such certificate (or an attachment or exhibit to such certificate) of the amounts set forth in the definition of “Annualized Net Sales” and certifying as to the truthfulness, correctness and completeness of such
calculations and amounts. 

  
 24 

 “Subsequent Disbursement Notes” means the Subsequent Disbursement Notes issued
to any of the Lenders evidencing the Subsequent Disbursement Commitments and/or the Subsequent Disbursements provided by such Lenders in the form attached hereto as Exhibit A-2, in each case, as amended,
restated, supplemented or otherwise modified from time to time. 
 “Subsidiary” or “Subsidiaries” means,
as to any Person, any entity of which securities or other ownership interests having ordinary voting power to elect a majority of the board of directors or other persons performing similar functions are at the time directly or indirectly owned by
such Person. Unless the context otherwise requires, each reference to Subsidiaries herein shall be a reference to Subsidiaries of the Borrower. 

“Suchard Refinancing” has the meaning set forth in Section 2.1(a). 

“Swap Contract” means any agreement, contract or transaction that constitutes a “swap” within the meaning of
Section 1a(47) of the Commodity Exchange Act. 
 “Target” means any other Person incorporated or organized under the
laws of any state in the United States or the District of Columbia or a business unit, product line, division or asset group of any such Person acquired or proposed to be acquired in an Acquisition. 

“Tax Affiliate” means (a) the Borrower and its Subsidiaries and (b) any Affiliate of the Borrower with which the
Borrower files or is required to file consolidated, combined or unitary tax returns. 
 “Taxes” means all present or future
taxes, levies, imposts, stamp or other duties, deductions, charges or withholdings imposed by an Governmental Authority, together with any interest, additions to tax, penalties or other Liabilities with respect thereto. 

“Tax Returns” has the meaning set forth in Section 3.1(p). 

“Title IV Plan” means an Employee Benefit Plan subject to Title IV of ERISA, other than a Multiemployer Plan, to which any
ERISA Affiliate incurs or otherwise has or could reasonably be expected to have any obligation or Liabilities (including under Section 4069 of ERISA). 

“Trading Day” means any day on which the Common Stock is traded for at least six hours on the Principal Market. 

“Transactions” means (a) the consummation of the Agreement Date Acquisition, (b) the providing of the Subsequent
Disbursement Commitments, (c) the issuance of the Warrants, (d) the purchase of the shares of the Borrower’s Stock pursuant to the Stock Purchase Agreement, (e) the Suchard Refinancing, (f) the funding of the Initial
Disbursement, (g) the execution and delivery of the Loan Documents and (h) the payment of fees, commissions, costs and expenses in connection with each of the foregoing. 

“UCC” means the Uniform Commercial Code of any applicable jurisdiction and, if the applicable jurisdiction shall not have any
Uniform Commercial Code, the Uniform Commercial Code as in effect from time to time in the State of New York. 
 “United
States” and “U.S.” each means the United States of America. 

  
 25 

 “USA Patriot Act” means the Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, P.L. 107-56, as amended from time to time. 

“Warrant Distributions” has the meaning set forth in Section 3.1(y). 

“Warrants” has the meaning set forth in Section 2.10(a). 

“Warrant Shares” has the meaning set forth in Section 3.1(y). 

“Wholly-Owned Subsidiary” of a Person means any Subsidiary of such Person, all of the Stock of which (other than
directors’ (or other equivalent persons’ or Persons’) qualifying shares required by law) are owned by such Person, either directly or through one or more Wholly-Owned Subsidiaries of such Person. 

Section 1.2 Interpretation. In this Agreement and the other Loan Documents, unless the context
otherwise requires, all words and personal pronouns relating thereto shall be read and construed as the number and gender of the party or parties requires and the verb shall be read and construed as agreeing with the required word and pronoun. The
division of this Agreement and the other Loan Documents into Articles and Sections and the use of headings and captions is for convenience of reference only and shall not modify or affect the interpretation or construction of this Agreement or any
of its provisions. The words “herein,” “hereof,” “hereunder,” “hereinafter” and “hereto” and words of similar import refer to this Agreement (or other applicable Loan Document) as a whole and not to
any particular Article or Section hereof (or thereof). The term “or” has, except where otherwise indicated, the inclusive meaning represented by the phrase “and/or.” The term “documents” and “agreements”
include any and all instruments, documents, agreements, certificates, indentures, notices and other writings, however evidenced. The use in any of the Loan Documents of the word “include” or “including,” when following any
general statement, term or matter, shall not be construed to limit such statement, term or matter to the specific items or matters set forth immediately following such word or to similar items or matters, whether or not non-limiting language (such
as “without limitation” or “but not limited to” or words of similar import) is used with reference thereto, but rather shall be deemed to refer to all other items or matters that fall within the broadest possible scope of such
general statement, term or matter. References to a specified Article, Exhibit, Section or Schedule shall be construed as a reference to that specified Article, Exhibit, Section or Schedule of this Agreement (or other applicable Loan Document).
Unless specifically stated otherwise, any reference to any of the Loan Documents means such document as the same shall be amended, restated, supplemented or otherwise modified and from time to time in effect. The references to “asset” (or
“assets”) and “property” (or “properties”) in the Loan Documents are meant to be mean the same and are used throughout the Loan Documents interchangeably, and such words shall be deemed to refer to any and all tangible
and intangible assets and properties, including cash, securities, Stock, accounts and contract rights. Unless otherwise specified herein or therein, all terms defined in any Loan Document shall have the defined meanings when used in any certificate
or other document made or delivered pursuant hereto or thereto. The meanings of defined terms shall be equally applicable to the singular and plural forms of the defined terms. Terms (including uncapitalized terms) not otherwise defined herein and
that are defined in the UCC shall have the meanings therein described. In the computation of periods of time from a specified date to a later specified date, the word “from” means “from and including;” the words “to”
and “until” each mean “to but excluding,” and the word “through” means “to and including.” If any provision of this Agreement or any other Loan Document refers to any action taken or to be taken by any Person,
or which such Person is prohibited from taking, unless otherwise expressly stated, such provision shall be interpreted to encompass any and all means, direct or indirect, of taking, or not taking, such action. References to any statute or regulation
may be made by using either the common or public name thereof or a specific cite reference and, except as 

  
 26 

 otherwise provided with respect to FATCA, are to be construed as including all statutory and regulatory
provisions related thereto or consolidating, amending, replacing, supplementing or interpreting the statute or regulation, and any reference to any law or regulation, shall, unless otherwise specified, refer to such law or regulation as amended,
modified or supplemented from time to time. Whenever any reference is made in any Loan Document to any Person such reference shall be construed to include such Person’s permitted successors and permitted assigns. Any financial ratios required
to be satisfied in order for a specific action to be permitted under any Loan Document shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which such
ratio is expressed herein or therein and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number). Unless otherwise specified, all references in any Loan Document
to times of day shall be references to New York City time. Notwithstanding anything to the contrary in any Loan Document, any reference to “Organizational Document” or “Organizational Documents” of any Loan Party or any of its
Subsidiaries in any Loan Document shall mean such written documents, agreements and arrangements that are in effect on the Agreement Date after giving effect to the Transactions occurring on the Agreement Date that have been approved by Agent and
the Required Lenders, without giving effect to any amendment, restatement, change, supplement, waiver or other modification thereto or thereof that is not expressly permitted by Section 5.2(j). Any reference to “payment in full”,
“paid in full”, “repaid in full”, “prepaid in full”, “redeemed in full” or any other term or word of similar effect used in this Agreement or any other Loan Document with respect to the Loans or the
Obligations shall mean all Obligations (including any Prepayment Fees or any other amount required by Section 5.3) (excluding contingent claims for indemnification to the extent no claim giving rise thereto has been asserted) have been repaid
in full in cash and have been fully performed. For the avoidance of doubt and notwithstanding anything to the contrary in any of the Loan Documents, the reference to “any other Subsidiary of Borrower that is not a Loan Party that has its Stock
pledged at least of the same amount and percentage as the transferring Subsidiary does” (or words of similar context) means, with respect to any Subsidiary that is not a Wholly-Owned Subsidiary, regardless of the percentage of ownership by the
Borrower or the Borrower’s other Subsidiaries thereof, the amount and percentage of Stock pledged shall be taken in totality, and in the aggregate, of all holders and owners of Stock of such
non-Wholly-Owned Subsidiary and shall not just consider the amount or percentage of ownership of the Borrower and the Borrower’s other Subsidiaries. 

Section 1.3 Business Day Adjustment. Except as otherwise
expressly stated herein or in any other Loan Document (and except on the Maturity Date or any date of acceleration of any of the Obligations, which in each such case, such payment or performance shall be due and payable or performed on or prior to
such day regardless of whether such day is a Business Day), if the day by which any payment or other performance is due to be made is not a Business Day, that payment or performance shall be made by the next succeeding Business Day unless that next
succeeding Business Day falls in a different calendar month, in which case that payment or other performance shall be made by the Business Day immediately preceding the day by which such payment or other performance is due to be made;
provided that interest will continue to accrue each additional day in connection therewith. 

Section 1.4 Loan Records. 

(a) The Agent will record on its books and records the amount of the Loans, the unfunded amount of the Subsequent Disbursement Commitments, the
interest rate applicable thereto, all payments of principal and interest thereon and the principal balance thereof from time to time outstanding. 

(b) The Agent shall establish and maintain at its address referred to in Section 6.1, a record of ownership (the
“Register”) of the interests (including any rights to receive payment hereunder) of each Lender in the Loan and the unfunded Subsequent Disbursement Commitments, and any 

  
 27 

 assignment of any such interest or interests, and (ii) accounts in the Register in accordance with its usual
practice in which it shall record (1) the names and addresses of the Lenders (and any change thereto pursuant to this Agreement), (2) the amount of the Loan and the unfunded Subsequent Disbursement Commitments and each funding of any
participation therein, (3) the amount of any principal, interest, fee or other amount due and payable or paid, and (4) any other payment received by the Lenders from the Borrower and its application to the Loan and the unfunded Subsequent
Disbursement Commitments. The Register of the Agent shall be absolute, binding and conclusive absent manifest error. 
 (c) The Loans made by
each Lender are evidenced by this Agreement. Additionally, the Borrower shall execute and deliver to each Lender (and/or, if applicable and if so requested by any assignee Lender pursuant to the assignment provisions of Section 6.5) on the
Agreement Date (or, if such assignment is made after the Agreement Date, promptly after such Lender’s request) a Loan Note (with respect to the Initial Disbursement) or a Subsequent Disbursement Note (with respect to any Subsequent Disbursement
Commitment or Subsequent Disbursement) payable to such Lender in an amount equal to the unpaid principal amount of the Loans or the Subsequent Disbursement Commitment held by such Lender (which, at the request of such Lender, may provide separate
Notes for separate or different parts of the Loans and Subsequent Disbursement Commitments held by such Lender). Notwithstanding anything to the contrary contained in this Agreement, the Loan and the unfunded Subsequent Disbursement Commitments
(including any Notes evidencing the Loan or the Subsequent Disbursement Commitments) are registered obligations, the right, title and interest of the Lenders and their successors and assignees in and to the Loan and any Subsequent Disbursement
Commitments shall be transferable only upon notation of such transfer in the Register and no assignment thereof shall be effective until recorded therein. This Section 1.4 shall be construed so that the Loan is at all times maintained in
“registered form” within the meaning of Sections 163(f), 871(h)(2) and 881(c)(2) of the Code. 
 (d) The Borrower, Agent and the
Lenders shall treat each Person whose name is recorded in the Register as a Lender for all purposes of this Agreement. Information contained in the Register with respect to any Lender shall be available for access by the Borrower, Agent or such
Lender at any reasonable time and from time to time upon reasonable prior written notice. 
 Section 1.5
Accounting Terms and Principles. All accounting determinations required to be made pursuant hereto shall, unless expressly otherwise provided herein, be made in accordance with GAAP. No
change in the accounting principles used in the preparation of any financial statement hereafter adopted by the Borrower or its Subsidiaries (including, with respect to GAAP, any change in GAAP that would require leases that would be classified as
operating leases under GAAP on the Agreement Date to be reclassified as Capital Leases) shall be given effect for purposes of measuring compliance with any provision of this Agreement or otherwise determining any relevant ratios and baskets which
govern whether any action is permitted hereunder unless the Borrower, Agent and the Required Lenders agree to modify such provisions to reflect such changes in GAAP, and unless such provisions are modified, all financial statements and similar
documents provided hereunder shall be provided together with a reconciliation between the calculations and amounts set forth therein before and after giving effect to such change in GAAP. Notwithstanding any other provision contained herein or in
any other Loan Document, all terms of an accounting or financial nature used herein and in the other Loan Documents shall be construed, and all computations of amounts and ratios referred to herein and in the other Loan Documents shall be made,
without giving effect to any election under Statement of Financial Accounting Standards No. 159 (Codification of Accounting Standards 825-10) to value any Indebtedness or other liabilities of any Loan
Party or any Subsidiary at “fair value,” as defined therein. A breach of a financial covenant contained in Section 5.1(v) shall be deemed to have occurred as of the last day of any specified measurement period, regardless of when the
financial statements reflecting such breach are delivered to Agent or any Lender. 

  
 28 

 Section 1.6 Officers. Any document, agreement or
instrument delivered under the Loan Documents that is signed by an Authorized Officer or another officer of a Loan Party shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part
of such Loan Party and such Authorized Officer or other officer shall be conclusively presumed to have acted on behalf of such Loan Party in such person’s capacity as an officer of such Loan Party and not in any individual capacity. 

ARTICLE 2 
 AGREEMENT
FOR THE LOAN 
 Section 2.1 Use of Proceeds. The proceeds of
the Initial Disbursement will be used to pay (a) in full all amounts owed under that certain Loan and Security Agreement dated as of May 7, 2017, as amended prior to the Agreement Date, among the Borrower, the lenders party thereto and Suchard SA
LLC (the “Suchard Refinancing”), (b) a portion of the purchase price of the Agreement Date Acquisition pursuant to the terms and conditions of the Agreement Date Acquisition Agreement, (c) fees, commissions, costs and expenses
in connection with the Transactions and (d) ongoing working capital requirements and other general corporate purposes. The proceeds of any Subsequent Disbursement will be used for working capital and for general corporate purposes of the
Borrower, including Permitted Acquisitions. 
 Section 2.2 Disbursements. 

(a) Initial Disbursement. Subject to the satisfaction of the conditions set forth in Section 4.1 and this Section 2.2(a) on
the Agreement Date and subject to the terms in this Agreement and in reliance on the representations and warranties in the Loan Documents, to the extent the Borrower provides a written notice to Agent and Lenders in form and substance reasonably
satisfactory to Agent and each such Lender at least fifteen (15) days in advance of the proposed date of the funding of such amounts by the Lenders (or such shorter period agreed to by all the Lenders in their sole discretion) with the proposed
date of funding being required to be a Business Day, each Lender on the Agreement Date (or such later date required pursuant to when the written notice regarding the Initial Disbursement was delivered to Agent and each Lender) severally but not
jointly agrees to lend to the Borrower on such date, the principal amount set forth opposite such Lender’s name in Annex A under the heading “Initial Disbursement Amount” by making such amounts available to the Borrower by promptly
wiring such amounts to an account or accounts designated in the Initial Disbursement Request by the Borrower on the proposed date of funding. Amounts borrowed under this Section 2.2(a) are referred to as the “Initial
Disbursement.” 
 (b) Subsequent Disbursements. Subject to the satisfaction of the conditions set forth in
Section 4.1, Section 4.2 and this Section 2.2(b) and in reliance on the representations and warranties in the Loan Documents, to the extent the Borrower provides a written notice to the Agent and each Lender in form and substance
reasonably satisfactory to Agent and each such Lender from an Authorized Officer of the Borrower (and with such written notice certifying that all such aforementioned conditions in this Section 2.2(b) are satisfied and with such written notice
being in form and substance reasonably satisfactory to Agent and each such Lender) requesting each Lender holding a Subsequent Disbursement Commitment to fund its Pro Rata Subsequent Disbursement Share of the Subsequent Disbursement at least fifteen
(15) Business Days in advance of the proposed date of the funding of such Subsequent Disbursement amount by such Lender (or such shorter period agreed to by all such Lenders in their sole discretion) with the proposed date of funding being
required to be a Business Day, from the Business Day after the Agreement Date until (but not including) January 5, 2020 (or such earlier date set forth in the proviso of the first sentence of Section 2.3(a) or caused by the Facility Termination
Date 

  
 29 

 occurring or any earlier date of termination based on remedies available upon (or at the time of) the occurrence
of an Event of Default) (such end date of the Subsequent Disbursement Commitment, the “Remaining Subsequent Disbursement Commitment Termination Date”), each Lender holding a Subsequent Disbursement Commitment severally but not
jointly agrees to lend to the Borrower on the proposed date of funding, up to the principal amount set forth opposite such Lender’s name in Annex A under the heading “Subsequent Disbursement Commitment;” provided that each
request for any such Disbursement or Loan shall be in an amount not less than $10,000,000. Following receipt of such written notice from Borrower pursuant to the above terms in this Section 2.2(b), each Lender holding a Subsequent Disbursement
Commitment shall make its Pro Rata Subsequent Disbursement Share of such Subsequent Disbursement requested by the Borrower pursuant to such written notice available to the Borrower on the proposed date of funding of such Subsequent Disbursement
covered by such written notice to the extent such Lender has received prior reasonably satisfactory evidence that the conditions set forth in Section 4.1, Section 4.2 and this Section 2.2(b) have been satisfied for such Subsequent
Disbursement; provided that, unless otherwise agreed by the Agent, such Lender shall provide the Agent on the funding date with the federal reference number(s) with respect to the wire payment(s) of such Subsequent Disbursement made by such
Lender. Amounts borrowed under this Section 2.2(b) are referred to as a “Subsequent Disbursement.” Upon the funding of any Subsequent Disbursement by any Lender, the Subsequent Disbursement Commitment amount of such Lender shall be
automatically and simultaneously reduced by the amount of such Subsequent Disbursement funded by such Lender and the amount in Annex A shall be automatically reduced by such amount, and the Agent shall provide notation thereof in the Register of the
reduction in the Subsequent Disbursement Commitment amount of such Lender and the holding of the Subsequent Disbursement by such Lender. Any remaining Subsequent Disbursement Commitments that are still available as of the Remaining Subsequent
Disbursement Commitment Termination Date shall immediately and automatically terminate without any action or notice by any Person. 
 (c)
No Re-Borrowing of Disbursements or Loans. Amounts borrowed as an Initial Disbursement or a Subsequent Disbursement which are paid, repaid, redeemed and/or prepaid may not be re-borrowed under any circumstances. 
 Section 2.3 Payments;
Prepayments; Exit Fee; Prepayment Fee; No Call. 
 (a) The
Borrower shall pay in cash to the Agent on behalf of the Lenders (and the Agent shall promptly pay in cash to the Lenders (and, in any event, within one (1) Business Day) each of the Lenders’ Pro Rata Share of the outstanding principal
amount of the Obligations and all other Obligations on the earliest (such earliest date, the “Facility Termination Date”) of (i) the Maturity Date, 

(ii) the date the principal amount of the Obligations are declared to be or automatically become due and payable upon (or at the time of) the
occurrence of an Event of Default and (iii) the date provided for in Section 5.3; provided that, notwithstanding anything to the contrary in the Loan Documents, to the extent the Remaining Subsequent Disbursement Commitment Termination
Date would occur after such earliest date of clauses (i) – (iii) above in this sentence, then the Remaining Subsequent Disbursement Commitment Termination Date shall automatically be moved to the same earliest date without any action or notice
of any Person. The aggregate principal amount of the Loans shall be repaid in cash in equal monthly cash payments (calculated based on the aggregate principal amount of such Loans outstanding as of the date immediately prior to the due date of the
first required installment of such Loans) between the fourth anniversary and the sixth anniversary of (i) in respect of the Initial Disbursement, the Agreement Date, and (ii) in respect of any Subsequent Disbursement, the date that the
first Subsequent Disbursement is made. 

  
 30 

 (b) Any Lender which is also a holder of Warrants may, at such Lender’s sole option, in
accordance with Section 3(a)(iii) of the applicable Warrant, pay the Exercise Price (as defined in the applicable Warrant) by reducing the principal amount of such Lender’s Loans in an amount equal to such Exercise Price; provided that
such Lender shall provide written notice to the Agent promptly after such election. In connection with any such reduction, interest shall cease to accrue on such Loans for any day after the date such Exercise Price has been paid and Common Stock has
been issued to such Lender for the portion of such Warrant that was exercised (or cash has been received by such Lender for the portion of such Warrant that is subject to Redemption (as defined in such Warrant), and the accrued and unpaid interest
on such Loans shall be paid by the Borrower on the next succeeding Interest Payment Date. 
 (c) The Loans may be prepaid, in whole or in
part, in cash at the option of the Borrower at any time after the third anniversary of the Agreement Date (but not before) upon three (3) Business Days’ prior written notice to the Agent (and Agent shall promptly (but, in any event, within
two (2) Business Days after (i) receipt thereof by (A) Agent’s main operations contact or (B) any other Person designated by Agent to receive notices for (or on behalf of) Agent pursuant to the notices provisions of the Loan
Documents (including Section 6.1 of this Agreement) or (ii) knowledge of receipt of an item from the Borrower by Agent’s main operations contact or such other Person designated by Agent to receive notices for (or on behalf of) Agent
pursuant to the notices provisions of the Loan Documents (including Section 6.1 of this Agreement)) provide such written notice to the Lenders) subject to the payment by the Borrower to the Agent for the sole benefit of the Lenders (based on
their Pro Rata Share of such Loans) (with the Agent making such payment promptly (and, in any event within one (1) Business Day of the receipt thereof) to such Lenders based on their Pro Rata Share of such Loans) in accordance with
Section 2.3(d) and Section 2.4 of (i) the Exit Fee set forth in the last paragraph of this Section 2.3(c), and (ii) the fees outlined below (any such fee, a “Prepayment Fee”) to be paid in cash, if paid,
repaid, redeemed or prepaid: 
 (i) after (but not including) the third anniversary, and on or before the fourth anniversary,
of (A) the Agreement Date (with respect to the Initial Disbursement) or (B) the date that the first Subsequent Disbursement is made (with respect to the Subsequent Disbursements), as applicable, in each case, upon cash payment of a premium
equal to 75% of the total annual interest payment amount on all principal of the applicable Loans being paid, repaid, redeemed or prepaid (without giving effect to the principal payment, repayment, redemption or prepayment when calculating the 75%),
which, by way of example, (i) for the Initial Disbursement, the principal thereof that was outstanding immediately prior to any such payment, repayment or prepayment would be multiplied by 11.75% and then multiplied by 75% and (ii) for the
Subsequent Disbursements, the principal thereof that was outstanding immediately prior to any such payment, repayment, redemption or prepayment would be multiplied by 14.75% and then multiplied by 75%; 

(ii) after (but not including) the fourth anniversary, and on or before the fifth anniversary, of (A) the Agreement Date
(with respect to the Initial Disbursement) or (B) the date that the first Subsequent Disbursement is made (with respect to the Subsequent Disbursements), as applicable, in each case, upon cash payment of a premium equal to 50% of the total
annual interest payment amount on all principal of the applicable Loans being paid, repaid, redeemed or prepaid (without giving effect to the principal payment, repayment, redemption or prepayment when calculating the 50%); and 

(iii) after (but not including) the fifth anniversary of (A) the Agreement Date (with respect to the Initial Disbursement)
or (B) the date that the first Subsequent Disbursement is made (with respect to the Subsequent Disbursements), as applicable, in each case, upon cash payment of a premium equal to 25% of the total annual interest payment amount on all principal
of the applicable Loans being paid, repaid, redeemed or prepaid (without giving effect to the principal payment, repayment, redemption or prepayment when calculating the 25%). 

  
 31 

 The Parties acknowledge and agree that, in light of the impracticality and extreme difficulty of
ascertaining actual damages, the Prepayment Fee set forth in this Section 2.3(c) is intended to be a reasonable calculation of the actual damages that would be suffered by the Secured Parties as a result of any such payment, repayment,
redemption or prepayment. The parties hereto further acknowledge and agree that the Prepayment Fee set forth in this Section 2.3(c) is not intended to act as a penalty or to punish the Borrower or any other Loan Party for any such payment,
repayment, redemption or prepayment. 
 Notwithstanding anything to the contrary in the Loan Documents and for the avoidance of doubt, the
principal amount of the Loans shall not be permitted to be (and shall not be) paid, repaid, redeemed or prepaid on or prior to the third anniversary of the Agreement Date (with respect to the Initial Disbursement) or the date that the first
Subsequent Disbursement is made (with respect to the Subsequent Disbursements). 
 Notwithstanding anything to the contrary in the Loan
Documents, at the time any of the Loans are paid, repaid, redeemed or prepaid (whether before, at the time of or after the Maturity Date or any acceleration, bankruptcy or otherwise), the Borrower pay to the Agent for the sole benefit of the Lenders
(based on their Pro Rata Share of such Loans) (with the Agent making such payment on the same day to the Lenders) a non-refundable exit fee (the “Exit Fee”) equal to 2% of the amount of Loans
paid, repaid, redeemed or prepaid, which shall be due and payable in cash upon each such payment, repayment, redemption or prepayment of the applicable tranche of Loans. 

(d) Each payment, repayment, redemption and prepayment by the Borrower or any other Loan Party shall be applied (i) first, to all fees,
costs and expenses (including any attorneys’ fees) owed to Agent under the Loan Documents, (ii) second, ratably to all fees, costs and expenses (including any attorneys’ fees) owed to any Lender under the Loan Documents,
(iii) third, ratably to accrued and unpaid interest owed to the Lenders under the Loan Documents, (iv) fourth, ratably to the principal amount of the Loans owed to the Lenders (including any Prepayment Fee), and, (v) fifth, to all
other Obligations owing to Agent or any Lender; provided that voluntary prepayments shall be applied (A) (y) first, ratably to the outstanding principal amount of the Initial Disbursement and (z) second, ratably to any outstanding
amount of any Subsequent Disbursement, in each case of this clause (a), and (B) otherwise, to the Loans (within the applicable class of such Loans (subject to clause (a)(y) above) in this proviso) mentioned in clause (iv) above of this
Section 2.3(d) as directed by the Borrower, and notwithstanding the foregoing or anything else to the contrary in the Loan Documents, (1) any acceleration payments, repayments, redemptions or prepayments shall be applied as determined by
the Required Lenders (in consultation with the Agent) in their sole discretion and, with respect to any such Obligations owed to the Lenders, shall be allocated among the Lenders in accordance with and in proportion to their respective Pro Rata
Shares and (2) the Borrower shall not be able to direct the application of any payments during the continuance of a Default or an Event of Default, in which case such payments shall be applied as determined by the Required Lenders (in
consultation with the Agent) in their sole discretion. 
 Section 2.4 Payment
Details. All payments of the Obligations by the Borrower or any other Loan Party hereunder and under any of the other Loan Documents shall be made without setoff or counterclaim and shall be paid in cash in Dollars and
applied in accordance with Section 2.3(d). Payments of any amounts and other Obligations due to Agent or the Lenders under this Agreement or the other Loan Documents shall be made in Dollars in immediately available funds prior to 11:00 a.m. (New

  
 32 

 York City time) on such date that any such payment is due, using such wire information or address for Agent or
such applicable Lender that is set forth on Schedule 2.4 or at such other bank or place as Agent or such applicable Lenders shall from time to time designate in writing at least prior to the date such payment is due. Any payment received by the
Agent or any Lender after 11:00 a.m. (New York City time) may in the Agent’s or such Lender’s discretion be deemed to have been made on the following Business Day. Any payment of the Obligations received by Agent on behalf, or for the
benefit, of any other Secured Party shall be promptly (and, in any event, within one (1) Business Day) paid to such Secured Party in the same type as received by Agent. The Borrower shall pay all and any fees, costs and expenses (administrative
or otherwise) imposed by banks, clearing houses or any other financial institutions in connection with making any payments under any of the Loan Documents. 

Section 2.5 Taxes. 

(a) Any and all payments hereunder or under any other Loan Document shall be made, in accordance with this Section 2.5, free and clear of
and without deduction for any and all present or future Taxes except as required by Applicable Law. If any Loan Party shall be required by Applicable Law to deduct any Taxes from or in respect of any sum payable hereunder or under any other Loan
Document, (i) such Loan Party shall make such deductions, (ii) such Loan Party shall pay the full amount deducted to the relevant Governmental Authority in accordance with Applicable Law, and (iii) to the extent that the deduction is
made on account of Indemnified Taxes, the sum payable shall be increased by as much as shall be necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section 2.5), each
Lender shall receive an amount equal to the sum it would have received had no such deductions been made (any and all such additional amounts payable shall hereafter be referred to as the “Additional Amounts”). Within thirty
(30) days after the date of any payment of such Taxes, the Borrower shall furnish to the applicable Lender the original or a certified copy of a receipt evidencing payment thereof or other evidence of such payment reasonably satisfactory to
such Lender. 
 (b) In addition, the Loan Parties agree to pay and authorize each Lender to pay in their name, all Other Taxes. Within 30
days after the date of any payment of Other Taxes by any Loan Party, the Borrower shall furnish to the applicable Lender the original or a certified copy of a receipt evidencing payment thereof or other evidence of such payment reasonably
satisfactory to such Lender. 
 (c) (i) The Borrower shall reimburse and indemnify, within ten (10) days after receipt of demand
therefor, Agent and each Lender for all Indemnified Taxes (including all Indemnified Taxes imposed on amounts payable under this Section 2.5(c)(i)) paid or payable by Agent or such Lender, and any Liabilities arising therefrom or relating
thereto, whether or not such Indemnified Taxes were correctly or legally asserted. A certificate of Agent or the applicable Lender(s) setting forth the amounts to be paid thereunder and delivered to the Borrower shall be absolute, conclusive and
binding, absent manifest error. 
 (ii) Each Lender shall severally (but not jointly) reimburse and indemnify, within ten (10) days
after receipt of demand therefor, Agent for any Indemnified Taxes attributable to such Lender (but only to the extent that (i) the Borrower has not already indemnified the Agent for such Indemnified Taxes (including all Indemnified Taxes
imposed on amounts payable under this Section 2.5(c)(ii)) paid or payable by Agent) and without limiting the obligation of the Borrower to do so and (ii) the Agent has used commercially reasonable efforts to collect such amounts from the
Borrower for at least sixty (60) days after sending the initial invoice to the Borrower therefor). 

  
 33 

 (d) Each Lender that is a United States person (as such term is defined in
Section 7701(a)(30) of the Code) shall, on or before the date on which the Lender becomes a party to this Agreement, provide to Borrower and Agent a properly completed and executed IRS Form W-9 certifying
that such Lender is not subject to backup withholding tax. Each Lender that is not a United States person (as such term is defined in Section 7701(a)(30) of the Code) (a “Foreign Lender”) and is entitled to an exemption from or
reduction of U.S. federal withholding tax with respect to payments under this Agreement shall, on or before the date on which such Lender becomes a party to this Agreement, provide Borrower and Agent with a properly completed and executed IRS Form W-8ECI, W-8BEN-E, W-8IMY or other applicable forms (together with any required supporting
documentation), or any other applicable certificate or document reasonably requested by the Borrower or Agent, and, if such Foreign Lender is relying on the portfolio interest exception of Section 871(h) or Section 881(c) of the Code (or
any successor provision thereto), shall also provide the Borrower and Agent with a certificate (the “Portfolio Interest Certificate”) representing that such Foreign Lender is not a “bank” for purposes of
Section 881(c) of the Code (or any successor provision thereto), is not a 10% holder of the Borrower described in Section 871(h)(3)(B) of the Code (or any successor provision thereto), and is not a controlled foreign corporation receiving
interest from a related person (within the meaning of Sections 881(c)(3)(C) and 864(d)(4) of the Code or any successor provisions thereto). If the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are
claiming the portfolio interest exemption, such Foreign Lender may provide a Portfolio Interest Certificate on behalf of such partners. Each Lender shall provide new forms (or successor forms) as reasonably requested by the Borrower and Agent from
time to time and shall notify the Borrower and Agent in writing within a reasonable time after becoming aware of any event requiring a change in the most recent forms previously delivered by such Lender to the Borrower and Agent. 

(e) If a payment to a Lender under this Agreement would be subject to U.S. federal withholding tax imposed by FATCA if such Lender were to fail
to comply with the applicable reporting requirements of FATCA, such Lender shall deliver to the Borrower and Agent, at the times prescribed by law or as reasonably requested by Borrower and Agent, such documentation as is required in order for the
Borrower and Agent to comply with its obligations under FATCA, to determine that such Lender has or has not complied with its obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this
Section 2.5(e), “FATCA” shall include any amendments made to FATCA after the date of this Agreement. 
 (f) If Agent or a
Lender determines, in its sole discretion exercised in good faith, that it has received a refund of any Indemnified Taxes as to which it has been indemnified pursuant to this Section 2.5, Agent or such Lender shall promptly pay such refund (but
only to the extent of indemnity payments made under this Section 2.5 with respect to the Taxes refund) to the Borrower, net of all out-of-pocket expense (including any Taxes imposed thereon) of such
Lender incurred in obtaining such refund or making such payment, provided that the Borrower, upon the request of Agent or such Lender, agrees to repay the amount paid over to the Borrower (plus any penalties, interest or other charges imposed by the
relevant Governmental Authority) to Agent or such Lender if Agent or such Lender is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this Section 2.5(f), in no event shall Agent or a
Lender be required to pay any amount to the Borrower pursuant to this Section 2.5(f), the payment of which would place such Lender in a less favorable net after-Tax position than Agent or such Lender
would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted or otherwise imposed and the indemnification payments with respect to such Tax had never been paid. Nothing in this Section 2.5(f)
shall require Agent or any Lender to disclose any information it deems confidential (including its tax returns) to any Person, including the Borrower. 

Section 2.6 Costs, Expenses and Losses. If, as
a result of any failure by the Borrower or any other Loan Party to pay any sums or Obligations due under this Agreement or any other Loan Document on the due date therefor (after the expiration of any applicable grace periods, but without 

  
 34 

 giving effect to any grace period after the occurrence of an Event of Default of the type set forth in
Section 5.4(d)), Agent or any Lender shall incur costs, expenses and/or losses, by reason of the liquidation or redeployment of deposits from third parties or in connection with obtaining funds to make or maintain any Disbursement or Loan or
provide the Subsequent Disbursement Commitments, the Borrower shall pay to Agent or such Lender upon request by the Lenders, the amount of such costs, expenses and/or losses within fifteen (15) days after receipt by it of a certificate from the
Lenders setting forth in reasonable detail such costs, expenses and/or losses, along with supporting documentation. For the purposes of the preceding sentence, “costs, expenses and/or losses” shall include any interest paid or payable to
carry any unpaid amount and any loss, premium, penalty or expense which may be incurred in obtaining, liquidating or employing deposits of or borrowings from third parties in order to make, maintain or fund any Disbursement or Loan (or provide the
Subsequent Disbursement Commitments) or any portion thereof. 
 Section 2.7 Interest.
From and after the Agreement Date, the outstanding principal amount of the Loans and any overdue interest shall bear interest at the Interest Rate (calculated on the basis of the actual number of days elapsed in each month based on a year
of 360 days). Interest shall be paid in cash quarterly in arrears commencing on March 31, 2018 and on the first Business Day of each calendar quarter thereafter (each, an “Interest Payment Date”);
provided, however, that in lieu of making any payment of interest in cash pursuant to this Section 2.7 (but not interest payable pursuant to Section 2.8) and subject to the conditions set forth in Exhibit 2.7, the Borrower may elect to
satisfy all or any such payment by the issuance to the Lenders of shares of Freely Tradable Common Shares (as defined in Exhibit 2.7) in accordance with the provisions of Exhibit 2.7; provided that the Borrower provides written notice to the Agent
of such election five (5) Business Days prior to the Interest Payment Date (and Agent shall promptly (but, in any event, within two (2) Business Days after (i) receipt thereof by (A) Agent’s main operations contact or
(B) any other Person designated by Agent to receive notices for (or on behalf of) Agent pursuant to the notices provisions of the Loan Documents (including Section 6.1 of this Agreement) or (ii) knowledge of receipt of an item from
the Borrower by Agent’s main operations contact or such other Person designated by Agent to receive notices for (or on behalf of) Agent pursuant to the notices provisions of the Loan Documents (including Section 6.1 of this Agreement))
provide such written notice to the Lenders). The Parties mutually agree that the value of each Warrant being issued on the Agreement Date is $7.48 per share of Common Stock underlying such Warrant and the value of the Royalty Agreement is
$10,400,000. 
 Section 2.8 Interest on Late Payments; Default
Interest. 
 (a) Without limiting the remedies available to the Secured Parties under the Loan Documents or otherwise, to the
maximum extent permitted by Applicable Law, if the Borrower or any other Loan Party fails to make a required payment of principal or interest with respect to the Loan or any other Obligations when due, other than to than to the extent arising from
an acceleration (except for an acceleration due (completely or partially) to an Event of Default under Section 5.4(a) that is not caused by an automatic acceleration from an Event of Default under Section 5.4(d)) or bankruptcy, the
Borrower shall pay, in respect of such principal, interest and other Obligations at the rate per annum equal to the Interest Rate plus ten percent (10%) for so long as such payment remains outstanding. Such interest shall be payable in cash on
demand. 
 (b) At the election of Agent or the Required Lenders, while any Event of Default exists (or automatically, in the case of any
Event of Default under Section 5.4(a) or Section 5.4(d)), the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by Applicable Law) on the Obligations and past due interest thereon, if
any, from and after the date of occurrence of such Event of Default, at a rate per annum equal to the Interest Rate then in effect for the Loans plus two percent (2%). To the extent permitted by Applicable Law, such additional interest rate shall
retroactively apply to the first day of existence of such Event of Default. Such interest shall be payable in cash on demand. 

  
 35 

 Section 2.9 Agent Fee; Yield Enhancement
Fees; Upfront Fees. 
 (a) The Borrower shall pay to the Agent, for its own account, an annual,
non-refundable agency fee and all such other amounts to be paid in accordance with the Agent Fee Letter. The Borrower agrees that such agency fees once paid, will not be refundable under any circumstances. All such agency fees will be paid in cash
in U.S. dollars and shall not be subject to any reduction by way of setoff, counterclaim or otherwise. 
 (b) On each Disbursement Date, the
Borrower shall pay in cash in Dollars to such Lender as the applicable Lender funding such Disbursement shall direct a yield enhancement fee in the amount of two percent (2%) of the principal amount of such Disbursement provided by such Lender
(which, for the avoidance of doubt, such yield enhancement fee shall be paid on any amounts of such Disbursement that are not actually funded by such Lender that are instead used to pay any fees, costs or expenses set forth in the Loan Documents) on
such Disbursement Date as consideration for providing such Disbursement and such yield enhancement fee, at the sole option of the applicable Lender, shall be deducted from such Disbursement for which such yield enhancement fee is due. Such yield
enhancement fee shall be fully earned when paid (or when deducted from such Disbursement) and shall not be refundable for any reason whatsoever. Such yield enhancement fee will be paid in cash in U.S. dollars and shall not be subject to any
reduction by way of setoff, counterclaim or otherwise. 
 (c) On each Disbursement Date, the Borrower shall pay in cash in Dollars to such
Lender as the applicable Lender funding such Disbursement shall direct an upfront fee in the amount of two percent (2%) of the principal amount of such Disbursement funded by such Lender (which, for the avoidance of doubt, such upfront fee shall be
paid on any amounts of such Disbursement that are not actually funded by such Lender that are instead used to pay any fees, costs or expenses set forth in the Loan Documents) on such Disbursement Date as consideration for providing such Disbursement
and such upfront fee, at the sole option of the applicable Lender, shall be deducted from such Disbursement for which such upfront fee is due. Such upfront fee shall be fully earned when paid (or when deducted from such Disbursement) and shall not
be refundable for any reason whatsoever. 
 Section 2.10 Delivery of Warrants.

 (a) On the Agreement Date, the Borrower shall issue to the Lenders, based on such Lenders’ respective Pro Rata Shares, warrants to
purchase an aggregate of 3,792,868 shares of Common Stock at an Exercise Price (as defined in the Warrants) of $16.50 per share (each as subject to any adjustments provided for therein), each in substantially in the form of Exhibit C attached hereto
(as amended, restated, supplemented or otherwise modified from time to time, the “Warrants”) with an expiration date of January 5, 2025. 

(b) The Warrants issued pursuant to this Section 2.10 shall be allocated among the Lenders as set forth on Annex A. 

  
 36 

 ARTICLE 3 

REPRESENTATIONS AND WARRANTIES 

Section 3.1 Representations and Warranties of the
Loan Parties. In order to induce the Lenders to make the Loans pursuant to this Agreement and to induce the Agent and the Lenders to enter into this Agreement, the Loan Parties, jointly and severally, represent
and warrant as of the Agreement Date and on each Disbursement Date that: 
 (a) Each Loan Party is (i) conducting its business in all
material respects in compliance with its Organizational Documents and (ii) not in violation in any material respect of its Organizational Documents. Each Loan Party’s Organizational Documents are in full force and effect. 

(b) No Default or Event of Default has occurred or will result from the transactions contemplated by the Loan Documents. 

(c) On the Agreement Date (both before and after giving effect to the Transactions) and on each Disbursement Date (both before and after giving
effect to such Disbursement and the use of the proceeds thereof), the following is true with respect to the Loan Parties and their Subsidiaries, taken as a whole, as of the date hereof: (i) the present fair salable value of the assets of the
Loan Parties and their Subsidiaries, taken as a whole (determined on a going concern basis), is greater than (A) the total amount of debts and liabilities (including subordinated, contingent and
un-liquidated liabilities) of the Loan Parties and their Subsidiaries, taken as a whole, and (B) the amount that will be required to pay the probable liability, on a consolidated basis, of the Loan
Parties’ and their Subsidiaries’ debts and other liabilities as such debts and liabilities become absolute and matured; (ii) the Loan Parties and their Subsidiaries, taken as a whole, are able to pay all debts and liabilities
(including subordinated, contingent and un-liquidated liabilities) as such debts and liabilities become absolute and matured; and (iii) the Loan Parties and their Subsidiaries, taken as a whole, do not
have unreasonably small capital with which to conduct the business in which they are engaged as business is now conducted and is proposed to be conducted following the date hereof. In computing the amount of contingent or unliquidated liabilities at
any time, such liabilities shall be computed at the amount that, in light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability. 

(d) Except as otherwise expressly permitted by this Agreement, no Loan Party has taken any action, and no such action has been taken by a third
party, for its winding up, dissolution or liquidation or similar executory or judicial proceeding or for the appointment of a liquidator, custodian, receiver, trustee, administrator or other similar officer for any Loan Party or any or all of its
assets or revenues. 
 (e) No Lien exists on any Loan Party’s assets, except for Permitted Liens. 

(f) This Agreement and each other Loan Document constitutes, a legal, valid and binding obligation of such Loan Party, enforceable against each
Loan Party that is party thereto in accordance with its terms, except as the enforcement hereof or thereof may be limited by insolvency, bankruptcy, reorganization, moratorium or other similar Laws affecting creditors rights generally. 

(g) No Indebtedness of any Loan Party exists other than Permitted Indebtedness. 

(h) Each Loan Party is validly existing as a corporation, limited liability company or limited partnership, as applicable, and is in good
standing under the laws of the jurisdiction of its incorporation, organization or formation, as applicable. Each Loan Party (i) has full power and authority to (B) own its properties, (B) conduct its business, (C) issue the
Securities in accordance with the Loan Documents, (D) enter into, and perform its obligations under, the Loan Documents, including the issuance of the Securities and the reservation for issuance of the Warrant Shares and (E) consummate the
transactions contemplated under the Loan Documents, and (ii) is duly qualified as a foreign corporation, limited liability company or limited partnership, as applicable, and licensed and in good standing, under 

  
 37 

 the laws of each jurisdiction where its ownership, lease or operation of property or the conduct of its business
requires such qualification or license, in each case of this clause (ii), where the failure to be so qualified, licensed or in good standing would reasonably be expected, individually or in the aggregate, to result in a Material Adverse
Effect. 
 (i) There is not any pending or, to the knowledge of the Loan Parties, threatened in writing, action, suit or other proceeding
before any Governmental Authority (A) to which any Loan Party is a party (1) as of the Agreement Date or (2) at any time such representation and warranty is made, that would reasonably be expected to result in, individually or in the
aggregate, at Material Adverse Effect, (B) which purports to affect or pertain to the Loan Documents, the Transactions or the other transaction contemplated hereby or thereby or (C) except as set forth in the SEC Documents of the Borrower filed
after December 31, 2016 and prior to the Agreement Date, which has as the subject thereof any assets owned by any Loan Party or any of its Subsidiaries, in each case which would reasonably be expected to result in monetary judgments or relief,
individually or in the aggregate, in excess of $250,000. There are no current or, to the knowledge of the Loan Parties, pending, legal actions, suits or other proceedings, in each case which would reasonably be expected to result in (A) except
as set forth in the SEC Documents of the Borrower filed after December 31, 2016 and prior to the Agreement Date, as of the Agreement Date, monetary judgments or relief, individually or in the aggregate, in excess of $250,000 or (B) at any time
that such representation or warranty is made, individually or in the aggregate, a Material Adverse Effect, in each case of clauses (A) and (B) of this sentence, to which any Loan Party or any of its Subsidiaries or any of their respective
assets is subject. No injunction, writ, temporary restraining order or any order of any nature has been issued by any court or other Governmental Authority purporting to enjoin or restrain the execution, delivery or performance of this Agreement or
any other Loan Document or directing that the transactions provided for herein or therein not be consummated as herein or therein provided. 

(j) Each of this Agreement and the other Loan Documents and the issuance of the Securities hereunder and thereunder, has been duly authorized,
executed and delivered by each Loan Party and, to the extent applicable, the holders of the Borrower’s Stock and no further consent or authorization is required by the Borrower, the Borrower’s board of directors (or other equivalent
governing body) or the holders of the Borrower’s Stock, and this Agreement and the other Loan Documents constitute valid, legal and binding obligations of each Loan Party, enforceable in accordance with their terms, except as such
enforceability may be limited by applicable insolvency, bankruptcy, reorganization, moratorium or other similar laws affecting creditors’ rights generally. The stockholders of the Company duly approved the issuance of the Purchased Shares, the
Interest Payment Shares, the Warrant Shares and the shares of Common Stock issuable pursuant to the Agreement Date Acquisition Agreement on December 27, 2017 at a duly called and held special meeting of stockholders of the Borrower in accordance
with applicable requirements of the NASDAQ Stock Market (“NASDAQ”), and no further authorization or approval is required to satisfy the requirements of NASDAQ in connection with the performance by the Borrower of its obligations
under the Loan Documents, including the issuance of the Securities. The Purchased Shares, the Interest Payment Shares and the Warrant Shares have been approved for listing on the Principal Market, subject to official notice of issuance. The
execution, delivery and performance of the Loan Documents by each Loan Party party thereto and the consummation of the transactions (including the issuance of the Securities hereunder and thereunder) contemplated herein and therein will not
(A) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any Lien (other than pursuant to the Loan Documents) upon any assets of any
such Loan Party pursuant to, any agreement, document or instrument to which such Loan Party is a party or by which any Loan Party is bound or to which any of the assets or property of any Loan Party is subject, except, with respect to this clause
(A), as could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect, (B) result in any violation of or conflict with the provisions of the Organizational

  
 38 

 
Documents or (C) result in the violation of any Applicable Law, or of any judgment, order, rule, regulation or decree of any Governmental Authority, except, with respect to this clause (C),
as could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. 
 (k) No consent, approval,
Authorization or order of, or registration or filing with any Governmental Authority or any other Person is required for (i) the execution, delivery and performance of this Agreement or any of the other Loan Documents, and the issuance of the
Securities hereunder and thereunder, and (ii) the consummation by any Loan Party of the Transactions or the other transactions contemplated hereby or thereby, except for (w) registrations and filings expressly contemplated by the
Registration Rights Agreement, (x) filings of reports under the Exchange Act expressly contemplated by this Agreement and the other Loan Documents, (y) filings expressly contemplated by the Security Agreement, and (z) such other
consents, authorizations and filings that have been obtained or made, or, with respect to clause (ii) only, which, if not obtained or made would not have a Material Adverse Effect. 

(l) Except as could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect (i) (A) each Loan
Party holds, and is operating in compliance in all material respects with, all franchises, grants, Authorizations, licenses, permits, easements, consents, certificates and orders of any Governmental Authority (collectively, “Necessary
Documents”) required for the conduct of its business and (B) all Necessary Documents are valid and in full force and effect; 

(ii) no Loan Party has received written notice of any revocation, non-renewal, amendment or other
modification of any of the Necessary Documents; and (iii) each Loan Party is in compliance in all respects with all applicable federal, state, local and foreign laws, regulations, orders and decrees applicable to the conduct of its business.

 (m) As of the Agreement Date, the Real Estate listed in Schedule 3.1(m) constitutes all of the Real Estate of each Loan Party and each of
its Subsidiaries. Each Loan Party has good and marketable title to all of its assets and property free and clear of all Liens, except Permitted Liens. Except as could not reasonably be expected, individually or in the aggregate, to have a Material
Adverse Effect, the property held under lease by each Loan Party is held under valid, subsisting and enforceable leases with only such exceptions with respect to any particular lease as do not interfere in any material respect with the conduct of
the business of such Loan Party. 
 (n) Each Loan Party owns, or has the right to use pursuant to a valid and enforceable license, free and
clear of any Liens other than Permitted Liens, all Intellectual Property (as defined below) that is necessary for the conduct of its business as currently conducted (the “IP”). All IP that is owned by a Loan Party and registered
with or issued by a Governmental Authority is currently in the name of such Loan Party, valid and, to the knowledge of the Loan Parties, enforceable. There is no pending or, to the knowledge of the Loan Parties, threatened action, suit, other
proceeding or claim by any Person challenging or contesting the validity, ownership, or enforceability of any IP or the use thereof by any Loan Party, and no Loan Party has received any written notice regarding any such pending or threatened action,
suit, other proceeding or claim except as could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. As of the Agreement Date, to the knowledge of the Loan Parties, neither the conduct of the business of
any Loan Party, nor any Loan Party has infringed, misappropriated or otherwise violated in the last five years, or is infringing, misappropriating or otherwise violating, any Intellectual Property of any Person. As of the Agreement Date, there is no
pending or, to the knowledge of the Loan Parties threatened, action, suit, other proceeding or claim by any Person alleging that any Loan Party is infringing, misappropriating or violating, or otherwise using without authorization, any Intellectual
Property of any Person, and no Loan Party has received any written notice regarding, any such pending or threatened action, suit, other proceeding or claim. The term “Intellectual Property” as used herein means all
(i) trademarks, service marks, trade dress, slogans, logos, trade names, corporate names, Internet domain names, and any other indicia of source, together with all goodwill 

  
 39 

 associated with each of the foregoing, (ii) copyrights (whether or not registered or published) and works of
authorship, (iii) registrations and applications for registration for any of the foregoing, (iv) patents (including all reissuances, divisionals, provisionals, continuations and continuations-in-part, re-examinations, renewals, substitutions and extensions thereof), patent applications, patent disclosures and inventions (whether or not patentable or reduced to practice), (v) computer
software (including but not limited to source code and object code), data, databases, and documentation thereof, (vi) trade secrets and other confidential information, know-how, protocols, processes,
methodologies, techniques, strategies, and processes, (vii) other intellectual property and all rights associated with any of the foregoing, including without limitation the right to prosecute and recover monetary damages for any past, present
and future infringements and other violations thereof, and (viii) copies and tangible embodiments of the foregoing (in whatever form and medium). 

(o) No Loan Party is, except as could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect, in
breach of or otherwise in default under, and no event has occurred which, with notice or lapse of time or both, would constitute such breach or other default in the performance of any agreement or condition contained in any agreement under which it
may be bound, or to which any of its assets is subject. 
 (p) All U.S. federal, state and local income and franchise and other material Tax
returns, reports and statements (collectively, the “Tax Returns”) required to be filed by any Tax Affiliates have been filed with the appropriate Governmental Authorities, all such Tax Returns are true and correct in all material
respects, and all Taxes, assessments and other governmental charges and impositions reflected therein or otherwise due and payable have been paid prior to the date on which any material Liability may be added thereto for non-payment thereof except for those contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves are maintained on the books of the appropriate Tax Affiliate in accordance
with GAAP. As of the Agreement Date, no material Tax Return is under audit or examination by any Governmental Authority, and no Tax Affiliate has received written notice from any Governmental Authority of any audit or examination or any assertion of
any claim for material Taxes. To the extent material, proper and accurate amounts have been withheld by each Tax Affiliate from their respective employees for all periods in full and complete compliance with the Tax, social security and unemployment
withholding provisions of Applicable Law and such withholdings have been timely paid to the respective Governmental Authorities. No Tax Affiliate has participated in a “listed transaction” within the meaning of Treasury Regulation
Section 1.6011-4(b)(2) or has been a member of an affiliated, combined or unitary group other than the group of which a Tax Affiliate is the common parent. 

(q) Except as set forth on Schedule 3.1(q), no Loan Party is bound by any agreement that affects the exclusive right of each Loan Party to
develop, license, market or sell its services. 
 (r) Except as would not reasonably be expected, individually or in the aggregate, to have a
Material Adverse Effect after the Agreement Date, each Loan Party: (A) at all times has complied with all Applicable Laws; (B) has not received any warning letter or other correspondence or notice from the any Governmental Authority
alleging or asserting noncompliance with any Applicable Laws or any Authorizations; (C) possesses and complies with the Authorizations, which are valid and in full force and effect; (D) has not received written notice that any Governmental
Authority has taken, is taking or intends to take action to limit, suspend, modify or revoke any Authorization and has no knowledge that any Governmental Authority is considering such action; and (E) has filed, obtained, maintained or submitted
all reports, documents, forms, notices, applications, records, claims, submissions and supplements or amendments as required by any Applicable Laws or Authorizations. 

  
 40 

 (s) The Borrower has filed all of the SEC Documents within the time frames prescribed by the SEC
(including any available grace periods and extensions authorized by the SEC) for the filing of such SEC Documents such that each filing was timely filed with the SEC. The Borrower filed and made publicly available on the SEC’s Electronic Data
Gathering, Analysis, and Retrieval system (including any successor thereto, “EDGAR”) on or prior to the date this representation is made, true, correct and complete copies of the SEC Documents. As of their respective dates, each of
the SEC Documents complied in all material respects with the requirements of the Securities Act and/or the Exchange Act (as applicable) applicable thereto. None of the SEC Documents, at the time they were filed with the SEC, contained any untrue
statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. Since the filing of
the SEC Documents, no event has occurred that would require an amendment or supplement to any of the SEC Documents and as to which such an amendment or a supplement has not been filed and made publicly available on EDGAR prior to the date this
representation is made. The Borrower has not received any written comments from the SEC staff that have not been resolved, to the knowledge of the Borrower, to the satisfaction of the SEC staff. 

(t) As of their respective dates, the financial statements (consolidated, as applicable) of the Borrower and its Subsidiaries, any predecessor
of the Borrower and any Person acquired by the Borrower or any of its Subsidiaries included in the SEC Documents (including by way of incorporation by reference) complied as to form in all material respects with applicable accounting requirements
and the published rules and regulations of the SEC with respect thereto. Such financial statements have been prepared in accordance with GAAP except as otherwise expressly noted therein, consistently applied (subject, in the case of unaudited
quarterly financial statements, to normal year-end adjustments and lack of footnote disclosures), and fairly present in all material respects the financial position (on a consolidated basis, as applicable) of
the Borrower and its Subsidiaries (or other acquired Persons, as applicable) as of the dates thereof and the consolidated results of their (or its) operations, cash flows and changes in stockholders equity (in each case, on a consolidated basis, as
applicable) for the periods then ended (subject, in the case of unaudited quarterly financial statements, to normal year-end audit adjustments and lack of footnote disclosures). The accounting firm that
expressed its opinion with respect to the consolidated financial statements included in the Borrower’s most recently filed annual report on Form 10-K, and reviewed the consolidated financial statements included in the Borrower’s most
recently filed quarterly report on Form 10-Q, was independent of the Borrower pursuant to the standards set forth in Rule 2-01 of Regulation S-X promulgated by the SEC to the extent required by the applicable rules and guidance from the Public Company Accounting Oversight Board (United States). There is no transaction, arrangement or other relationship
between the Borrower (or any of its Subsidiaries) and an unconsolidated or other off-balance-sheet Person that is required to be disclosed by the Borrower in the SEC Documents that has not been so disclosed in
the SEC Documents. Neither the Borrower nor any of its Subsidiaries is required to file any agreement, note, lease, mortgage, deed or other instrument entered into prior to the date this representation is made and to which the Borrower or any of its
Subsidiaries is a party that has not been previously filed as an exhibit (including by way of incorporation by reference) to the Borrower’s reports filed or made with the SEC under the Exchange Act. Other than (i) the liabilities assumed
or created pursuant to this Agreement and the other Loan Documents, (ii) liabilities accrued for in the latest balance sheet included in the Borrower’s most recent periodic report (on Form 10-Q or Form
10-K) filed prior to the date this representation is made (the date of such balance sheet, the “Latest Balance Sheet Date”) and (iii) liabilities incurred in the ordinary course of
business since the Latest Balance Sheet Date, the Borrower and its Subsidiaries do not have any other liabilities (whether fixed or unfixed, known or unknown, absolute or contingent, asserted or unasserted, choate or inchoate, liquidated or
unliquidated, or secured or unsecured, and regardless of when any action, claim, suit or proceeding with respect thereto is instituted). The pro forma financial statements included in the SEC Documents (including by way of incorporation by
reference) comply, in all material respects, with the applicable requirements of Regulation S X promulgated by the SEC, the assumptions used in preparing such pro forma financial 

  
 41 

 
statements provide a reasonable basis for presenting the significant effects directly attributable to the transactions or events described therein, the related pro forma adjustments give
appropriate effect to those assumptions, and the pro forma columns therein reflect the proper application of those adjustments to the corresponding historical financial statement amounts. Since December 31, 2016, there has been no Material Adverse
Effect or any event or circumstance which would reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect. All financial performance projections delivered to any Secured Party, including the financial
performance projections delivered on or prior to the Agreement Date, represent the Borrower’s and its Subsidiaries’ good faith estimate of future financial performance and are based on assumptions believed by the Borrower and its
Subsidiaries to be fair and reasonable in light of current market conditions, it being acknowledged and agreed by Agent and the Lenders that projections as to future events are not to be viewed as facts and that the actual results during the period
or periods covered by such projections may differ from the projected results and such differences may be material. 
 (u) The Borrower and
its Subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management’s general or specific authorizations, (ii) transactions are
recorded as necessary to permit preparation of financial statements in conformity with GAAP in all material respects and to maintain asset and liability accountability, (iii) access to assets or incurrence of liability is permitted only in
accordance with management’s general or specific authorization and (iv) the recorded accountability for assets and liabilities is compared with the existing assets and liabilities at reasonable intervals and appropriate action is taken
with respect to any differences (such internal accounting controls (including clauses (i) – (iv) above), collectively, “Internal Controls”). The Borrower and its Subsidiaries have (A) timely filed and made publicly
available on EDGAR all certifications, statements and documents required by Rule 13a-14 or Rule 15d-14 under the Exchange Act. The Borrower and its Subsidiaries maintain
disclosure controls and procedures required by Rule 13a-15 or Rule 15d-15 under the Exchange Act; such controls and procedures are effective to ensure that the
information required to be disclosed by the Borrower and its Subsidiaries in the reports that they file with or submit to the SEC (A) is recorded, processed, summarized and reported accurately within the time periods specified in the SEC’s
rules and forms and (B) is accumulated and communicated to the Borrower’s (and, to the extent applicable, its Subsidiaries’) management, including its or their principal executive officer and principal financial officer, as
appropriate to allow timely decisions regarding required disclosure. The Borrower and its Subsidiaries maintain internal control (including Internal Controls) over financial reporting required by Rule 13a-15
or Rule 15d-15 under the Exchange Act; to the knowledge of the Loan Parties, such internal control (including Internal Controls) over financial reporting is effective and does not contain any material
weaknesses. 
 (v) Except as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect,
(i) no Loan Party has engaged, and no other Person has engaged in any “prohibited transaction” as defined under Section 406 of ERISA or Section 4975 of the Code that is not exempt under ERISA Section 408 or
Section 4975 of the Code, under any applicable regulations and published interpretations thereunder or under any applicable prohibited transaction, individual or class exemption issued by the Department of Labor, with respect to any Employee
Benefit Plan, (ii) (A) at no time within the last seven years has the Borrower or any ERISA Affiliate maintained, sponsored, participated in, contributed to or had any Liability with respect to, and (B) no Loan Party or any ERISA Affiliate
has any Liability or obligation in respect of, any Title IV Plan, Multiemployer Plan or any multiple employer plan for which the Borrower or any ERISA Affiliate has incurred or could incur Liability under Section 4063 or 4064 of ERISA,
(iii) no Loan Party has any obligation or Liability with respect to post-termination or retiree health, life insurance or other retiree or post-termination welfare benefits except as may be required by the Consolidated Omnibus Budget
Reconciliation Act of 1985, as amended, or similar state law or for which premiums therefor are paid solely by participants or their 

  
 42 

 designated beneficiaries, (iv) each Employee Benefit Plan is and has been operated in compliance with its
terms and all Applicable Laws, including ERISA and the Code, (v) (A) no ERISA Event has occurred and (B) no event or condition exists or existed that would reasonably be expected to subject the Borrower or any ERISA Affiliate to any tax, fine,
lien, penalty or Liability imposed by ERISA, the Code or other Applicable Law, except for any such ERISA Event or tax, fine, lien, penalty or liability that would not be expected, individually or in the aggregate, to have a Material Adverse Effect
and (vi) no Loan Party maintains or has any obligation or Liability with respect to any Foreign Benefit Plan. 
 (w) The Borrower’s
Subsidiaries are set forth in Schedule 3.1(w) (as such Schedule 3.1(w) may be updated from time to time in connection and accordance with Section 5.1(k). 

(x) Subsequent to December 31, 2016, the Borrower has not declared or paid any dividends or made any distribution of any kind with respect to
its Stock other than those set forth on Schedule 3.1(x). 
 (y) All of the issued and outstanding shares of Stock of the Borrower are duly
authorized and validly issued, fully paid and non-assessable, have been issued in compliance with all federal and state and foreign securities laws, and were not issued in violation of or subject to any
preemptive rights or other rights to subscribe for or purchase securities that have not been waived in writing. All of the Agreement Date Acquisition Shares are duly authorized and, upon issuance in accordance with the Agreement Date Acquisition
Agreement and the Equity Financing Agreements (as applicable), will be validly issued, fully paid and non-assessable and will have been issued in compliance with all federal and state and foreign securities
laws and will not have been issued in violation of or subject to any preemptive rights or other rights to subscribe for or purchase securities that have not been waived in writing. The Borrower has provided a copy of each of the Equity Financing
Agreements to the Lenders, and the Agreement Date Acquisition Shares, other than shares being issued pursuant to the Agreement Date Acquisition Agreement, will be issued pursuant to the terms and conditions of the applicable Equity Financing
Agreements (without material amendment or modification thereof). The Borrower has reserved for issuance a number of shares of Common Stock sufficient to cover all shares issuable upon the exercise of the Warrants (such shares, together with any
shares of Common Stock otherwise issuable pursuant to the Warrants, the “Warrant Shares”) (computed without regard to any limitations on the number of shares that may be issued on exercise). The Purchased Shares, the Interest
Payment Shares, the Warrants, the Warrant Shares and the other distributions required to be made pursuant to the Warrants (the “Warrant Distributions”) have been duly authorized. Upon issuance in accordance with the terms of the
Stock Purchase Agreement, the Purchased Shares will be validly issued, fully paid and non-assessable and free from all taxes and Liens with respect to the issue thereof, with the holders thereof being entitled
to all rights accorded to a holder of Common Stock. The Purchased Shares will represent 9.985% of the outstanding shares of Common Stock immediately following the issuance thereof and the issuance of all of the Agreement Date Acquisition Shares (the
calculation of the number of Purchased Shares being set forth on Schedule 3.1(y)). Upon issuance in accordance with the terms of this Agreement (including Exhibit 2.7), the Interest Payment Shares will be validly issued, fully paid and non-assessable and free from all taxes and Liens with respect to the issue thereof, with the holders thereof being entitled to all rights accorded to a holder of Common Stock. Upon issuance in accordance with the
terms of this Agreement, the holders of the Warrants will be entitled to the rights set forth in the Warrants. Upon issuance in accordance with the Warrants, the Warrant Shares will be validly issued, fully paid and
non-assessable and free from all taxes and Liens with respect to the issue thereof, with the holders thereof being entitled to all rights accorded to a holder of Common Stock. The issuance by the Borrower of
the Securities is exempt from registration under the Securities Act and applicable state securities laws. All of the Borrower’s authorized, issued and outstanding shares of Stock of the Borrower and each of its Subsidiaries and the Agreement
Date Acquisition Shares are set forth in Schedule 3.1(y), and, except as set forth in Schedule 3.1(y), there are no (i) Stock options or other Stock incentive plans, 

  
 43 

 employee Stock purchase plans or other plans, programs or arrangements of the Borrower or any of its Subsidiaries
under which Stock options, Stock or other Stock-based or Stock-linked awards are issued or issuable to officers, directors, employees, consultants or other Persons, (ii) outstanding options, warrants, scrip, rights to subscribe to, calls or
commitments of any character whatsoever relating to, or securities or rights convertible into or exchangeable or exercisable for, any Stock of the Borrower or any of its Subsidiaries, or contracts, commitments, understandings or arrangements by
which the Borrower or any of its Subsidiaries is or may become bound to issue additional Stock of the Borrower or any of its Subsidiaries, or options, warrants or scrip for rights to subscribe to, calls or commitments of any character whatsoever
relating to, or securities or rights convertible into or exercisable or exchangeable for, any shares of Stock of the Borrower or any of its Subsidiaries, (iii) agreements or arrangements under which the Borrower or any of its Subsidiaries is
obligated to register the sale of any of their securities or Stock under the Securities Act (except the Registration Rights Agreement), (iv) outstanding Stock, securities or instruments of the Borrower or any of its Subsidiaries that contain any
redemption or similar provisions, or contracts, commitments, understandings or arrangements by which the Borrower or any of its Subsidiaries is or may become bound to redeem a security of the Borrower, (v) Stock or other securities or
instruments containing anti-dilution or similar provisions that may be triggered by the issuance of securities of the Borrower or any of its Subsidiaries or (vii) stock appreciation rights or “phantom stock” plans or agreements or any
similar plans or agreements to which Borrower or any of its Subsidiaries is a party or by which the Borrower or any of its Subsidiaries is otherwise subject or bound. There are no (X) stockholders’ agreements, voting agreements or similar
agreements to which Borrower or any of its Subsidiaries is a party or by which the Borrower or any of its Subsidiaries is otherwise subject or bound, (Y) preemptive rights or any other similar rights to which any Stock of the Borrower or any of its
Subsidiaries is subject or (Z) any restrictions upon the voting or transfer of any Stock of the Borrower or any of its Subsidiaries (other than restrictions on transfer imposed by U.S. federal and state securities laws). The issuance and
delivery of the Purchased Shares, the Interest Payment Shares, the Warrants and the Warrant Shares does not and will not: (i) require approval from any Governmental Authority; (ii) obligate the Borrower to issue shares of Common Stock or
other securities to any Person (other than the Lenders); and (iii) will not result in a right of any holder of the Borrower’s securities to adjust the exercise, conversion, exchange or reset price under and will not result in any other
adjustments (automatic or otherwise) under, any securities of the Borrower. The Borrower has furnished to Agent and each Lender true, correct and complete copies of each Loan Parties’ Organizational Documents and any amendments, restatements,
supplements or modifications thereto, and all documents, agreements and instruments containing the terms of all securities and Stock convertible into, or exercisable or exchangeable for, Common Stock or other Stock of any Loan Party or its
Subsidiaries, and the material rights of the holders thereof in respect thereto. 
 (z) No Loan Party and no Subsidiary of any Loan Party is
engaged in the business of purchasing or selling Margin Stock or extending credit for the purpose of purchasing or carrying Margin Stock. As of the Agreement Date, except as set forth on Schedule 3.1(z), no Loan Party and no Subsidiary of any Loan
Party owns any Margin Stock. 
 (aa) To the extent any Revolving Credit Facility is outstanding or otherwise in existence, (i) the
Borrower has delivered to the Agent and the Lenders a true, complete and correct copy of all of the Revolving Credit Facility Documents (in each case, including all schedules, exhibits, amendments, restatements, supplements, modifications,
assignments and all other agreements, instruments and documents delivered pursuant thereto or in connection therewith), and (ii) all Obligations (A) constitute permitted Indebtedness under the Revolving Credit Facility Documents and
(B) are entitled to the benefits of the Lien subordination and other intercreditor provisions contained in the Revolving Credit Facility Intercreditor Agreement. 

  
 44 

 (bb) The proceeds of the Loans are intended to be and shall be used solely for the purposes set
forth in and permitted by Section 2.1. 
 (cc) Except as set forth in Schedule 3.1(cc) and except where any failures to comply could not
reasonably be expected to result in, either individually or in the aggregate, Material Environmental Liabilities to the Loan Parties and their Subsidiaries, each Loan Party and each Subsidiary of each Loan Party (a) are, and for the past five
years have been in compliance with all applicable Environmental Laws, including obtaining and maintaining all Permits required by any applicable Environmental Law, (b) is not party to, and no Real Estate currently (or to the knowledge of any
Loan Party previously) owned, leased, subleased, operated or otherwise occupied by or for any such Person is subject to or the subject of, any contractual obligation or any pending or, to the knowledge of any Loan Party, threatened, order, action,
investigation, suit, proceeding, audit, Lien, claim, demand, dispute or notice of violation or of potential liability or similar notice relating in any manner to any Environmental Law, (c) has not caused or suffered to occur a Release of
Hazardous Materials at, to or from any Real Estate, (d) currently (or to the knowledge of any Loan Party, previously) own, lease, sublease, operate or otherwise occupy no Real Estate that is contaminated by any Hazardous Materials and
(e) is not, and has not been, engaged in, and has not permitted any current or former tenant to engage in, operations in violation of any Environmental Law and knows of no facts, circumstances or conditions reasonably constituting notice of a
violation of any Environmental Law, including receipt of any information request or notice of potential responsibility under the Comprehensive Environmental Response, Compensation and Liability Act or similar Environmental Laws. 

(dd) None of any Loan Party, any Person controlling any Loan Party or any Subsidiary of any Loan Party is (a) an “investment
company,” or a company “controlled” by an “investment company,” within the meaning of the Investment Company Act, or otherwise registered or required to be registered under, or subject to the restrictions imposed by, the
Investment Company Act, or 
 (b) subject to regulation under the Federal Power Act, the Interstate Commerce Act, any state public utilities
code, or any other federal or state statute, rule or regulation limiting its ability to incur Indebtedness, pledge its assets or perform its obligations under the Loan Documents. 

(ee) There are no strikes, boycotts, grievances, work stoppages, slowdowns, lockouts or other job actions existing, pending (or, to the
knowledge of any Loan Party, threatened) against or involving any Loan Party or any Subsidiary of any Loan Party or any Target, except for those that would not reasonably be expected, individually or in the aggregate, to have a Material Adverse
Effect. Except as set forth on Schedule 3.1(ee), as of the Agreement Date, (a) there is no memorandum of understanding, collective bargaining or similar agreement, and there is no ongoing negotiation or duty to negotiate, with any union, labor
organization, works council or similar representative covering any Employee or otherwise binding any Loan Party or any Subsidiary of any Loan Party or any Target, (b) no petition for certification or election of any such representative is
existing or pending with respect to any Employee, (c) to the knowledge of any Loan Party, no such representative has sought certification or recognition with respect to any Employee, and (d) to the knowledge of any Loan Party, no Employee or
his or her representative is engaged in any organizing efforts. All current and former Employees are or were correctly classified as exempt or non-exempt under, and are and have been paid in accordance with,
all applicable federal, state, and local wage and hour laws, except as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. Further, all individuals who perform or have performed services for any
Loan Party, any Subsidiary of any Loan Party, or any Target are or were correctly classified under each Employee Benefit Plan, ERISA, the Internal Revenue Code and other Applicable Law as common law employees, independent contractors or other non-employee basis, or leased employees, except as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. Each Loan Party, Subsidiary of any Loan Party, and Target are
in material compliance with all Applicable Laws concerning employment, including without limitation hiring, 

  
 45 

 background checks, compensation, benefits, wages (including payment of overtime), wage deductions and
withholdings, classification, immigration, work authorization, employment eligibility verification, reporting, taxation, occupational health and safety, equal rights, labor relations, accommodations, breaks, notices, employment policies, paid or
unpaid time off work, accessibility, privacy, and workers’ compensation, except for those that would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. 

(ff) Schedule 3.1(ff) lists each Loan Party’s jurisdiction of organization, legal name and organizational identification number, if any,
and the location of such Loan Party’s chief executive office or sole place of business, in each case as of the date hereof. 
 (gg)
Schedule 3.1(gg) lists all banks and other financial institutions securities intermediary or commodity intermediary at which any Loan Party maintains deposit, securities, commodities or similar accounts as of the Agreement Date, and such Schedule
3.1(gg) correctly identifies the name, address and any other relevant contact information reasonably requested by Agent or the Required Lenders with respect to each depository or intermediary, the name in which the account is held, a description of
the purpose of the account, and the complete account number therefor. 
 (hh) None of the statements contained in each exhibit, report,
statement or certificate furnished by or on behalf of any Loan Party or any of their Subsidiaries in connection with the Loan Documents and the Transactions (including the offering and disclosure materials, if any, delivered by or on behalf of any
Loan Party to any Secured Party prior to the Agreement Date, but excluding any financial performance projections), when taken as a whole, contains any untrue statement of a material fact or omits any material fact required to be stated therein or
necessary to make the statements made therein, in light of the circumstances under which they are made, not materially misleading as of the time when made or delivered. 

(ii) Each Loan Party and each Subsidiary of each Loan Party is in compliance in all material respects with all U.S. economic sanctions laws,
executive orders and implementing regulations (“Sanctions”) as administered by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) and the U.S. State Department. No Loan Party and no
Subsidiary of a Loan Party (i) is a Person on the list of the Specially Designated Nationals and Blocked Persons (the “SDN List”), (ii) is a Person who is otherwise the target of U.S. economic sanctions laws such that a U.S.
Person cannot deal or otherwise engage in business transactions with such Person, (iii) is a Person organized or resident in a country or territory subject to comprehensive Sanctions (a “Sanctioned Country”), or (iv) is
owned or controlled by (including by virtue of such Person being a director or owning voting shares or interests), or acts, directly or indirectly, for or on behalf of, any Person on the SDN List or a government of a Sanctioned Country such that the
entry into, or performance under, this Agreement or any other Loan Document would be prohibited by U.S. law. Each Loan Party and each Subsidiary of each Loan Party is in compliance with all laws related to terrorism or money laundering
(“Anti-Money Laundering Laws”) including: (i) all applicable requirements of the Currency and Foreign Transactions Reporting Act of 1970 (31 U.S.C. 5311 et. seq., (the Bank Secrecy Act)), as amended by Title III of the USA
Patriot Act, (ii) the Trading with the Enemy Act, (iii) Executive Order No. 13224 on Terrorist Financing, effective September 24, 2001 (66 Fed. Reg. 49079), and any other enabling legislation, executive order or regulations issued
pursuant or relating thereto and (iv) other applicable federal or state laws relating to (A) anti-money laundering rules and regulations or (B) in all material respects, “know your customer” rules and regulations. No action,
suit or proceeding by or before any court or Governmental Authority with respect to compliance with such Anti-Money Laundering Laws is pending or threatened to the knowledge of each Loan Party and each Subsidiary of each Loan Party. Each Loan Party
and each Subsidiary of each Loan Party is in compliance in all material respects with all applicable anti-corruption laws, including the U.S. Foreign Corrupt Practices Act of 1977 (“FCPA”) and the U.K. Bribery Act 2010
(“Anti-Corruption 

  
 46 

 Laws”). None of any Loan Party or any Subsidiary of a Loan Party, nor to the knowledge of any Loan
Party or any Subsidiary thereof, any director, officer, agent, employee or other Person acting on behalf of the Loan Party or any Subsidiary of a Loan Party, has taken any action, directly or indirectly, that would result in a violation of
applicable Anti-Corruption Laws. The Loan Party and each Subsidiary of a Loan Party maintains and implements policies and procedures designed to ensure compliance by the Loan Parties, their Subsidiaries and their respective directors, officers,
employees and agents with Sanctions, Anti-Money Laundering Laws and Anti-Corruption Laws. 
 (jj) The Borrower and its Subsidiaries are in
all material respects in compliance with applicable provisions of the Sarbanes-Oxley Act of 2002, as amended, and the rules and regulations thereunder (collectively, “Sarbanes-Oxley”). 

(kk) All Obligations, constitute senior secured Indebtedness entitled to the benefits of the subordination and/or intercreditor provisions
contained in the applicable subordination and/or intercreditor agreements governing any subordinated Indebtedness. 
 (ll) The Borrower is
not, and never has been, a “shell company” (as defined in Rule 12b-2 under the Exchange Act). The Borrower is eligible to register the Purchased Shares, the Interest Payment Shares and the Warrant
Shares for resale by the holders thereof on a registration statement on Form S-3 under the Securities Act. 

(mm) Neither the Borrower, nor any of its Affiliates, nor any Person acting on its or their behalf, has engaged or will engage in any form of
general solicitation or general advertising (within the meaning of Regulation D under the Securities Act) in connection with the offer, sale or issuance of the Securities. 

(nn) Neither the Borrower, nor any of its Affiliates, nor any Person acting on its or their behalf has, directly or indirectly, made, or will
make, any offers or sales of any security or Stock or solicited any offers to buy any security or Stock, under circumstances that would require registration of any of the Securities under the Securities Act or cause this offering of the Securities
to be integrated with prior offerings by the Borrower for purposes of the Securities Act or any applicable holder of Stock approval provisions of the Principal Market or any other authority. 

(oo) The Common Stock is registered pursuant to Section 12(b) of the Exchange Act, and neither the Borrower nor any of its Subsidiaries
has taken, or will take, any action designed to terminate, or which to the knowledge of the Borrower and its Subsidiaries is likely to have the effect of terminating, the registration of the Common Stock under the Exchange Act, nor has the Borrower
or any of its Subsidiaries received any notification that the SEC is contemplating terminating such registration. Neither the Borrower nor any of its Subsidiaries is in violation of any of the rules, regulations or requirements of the Principal
Market, and, to the knowledge of the Borrower and its Subsidiaries, there are no facts or circumstances that would reasonably be expected to lead to suspension or termination of trading of the Common Stock on the Principal Market. Since February 3,
2012, (i) the Common Stock has been listed or designated for quotation, as applicable, on the Principal Market, (ii) trading in the Common Stock has not been suspended or deregistered by the SEC or the Principal Market, and (iii) neither
the Borrower nor any of its Subsidiaries has received any communication, written or oral, from the SEC or the Principal Market regarding the suspension or termination of trading of the Common Stock on the Principal Market. 

(pp) The Common Stock is eligible for clearing through The Depository Trust Company (“DTC”), through its Deposit/Withdrawal at
Custodian (DWAC) system, and the Borrower is eligible for and participating in the Direct Registration System (DRS) of DTC with respect to the 

  
 47 

 Common Stock. The transfer agent for the Common Stock is a participant in, and the Common Stock is eligible for
transfer pursuant to, DTC’s Fast Automated Securities Transfer Program. The Common Stock is not, and has not at any time been, subject to any DTC “chill,” “freeze” or similar restriction with respect to any DTC services,
including the clearing of transactions in shares of Common Stock through DTC. 
 (qq) The Borrower and the Borrower’s board of directors
(or equivalent governing body) have taken all necessary action, if any, in order to render inapplicable any control share acquisition, business combination or other similar anti-takeover provision under the Borrower’s Organizational Documents
or the laws of the State of Delaware that is or could become applicable to any of the Secured Parties as a result of the transactions contemplated by the Loan Documents and the Borrower’s fulfilling its obligations with respect thereto,
including the Borrower’s issuance of the Securities and any Secured Party’s ownership of the Securities. The Borrower has not adopted a stockholders rights plan (or “poison pill”) or similar arrangement relating to accumulations
of beneficial ownership of Common Stock or a change in control of the Borrower. 
 (rr) It is understood and acknowledged by the Borrower
that none of the Secured Parties nor holders of the Securities has been asked to agree, nor has any Secured Party agreed, to desist from purchasing or selling, long and/or short, Stock or other securities of the Borrower, or “derivative”
securities or Stock based on Stock or other securities issued by the Borrower or to hold the Securities for any specified term; and no Secured Party nor holder of Securities shall be deemed to have any affiliation with or control over any arm’s
length counterparty in any “derivative” transaction. The Borrower further understands and acknowledges that (i) one or more Secured Parties or holders of Securities may engage in hedging and/or trading activities at various times
during the period that the Securities are outstanding, and 
 (ii) such hedging and/or trading activities, if any, can reduce the value of
the Stock held by the existing holders of Stock of the Borrower, both at and after the time the hedging and/or trading activities are being conducted. The Borrower acknowledges that any such hedging and/or trading activities do not constitute a
breach of any Loan Document or affect the rights of any Secured Party or holder of Securities under any Loan Document. The Borrower acknowledges that the issuance of any Interest Payment Shares or Warrant Shares may result in dilution of the
outstanding shares of Common Stock, which dilution may be substantial under certain market conditions. The Borrower further acknowledges that its obligations under the Loan Documents, including its obligation to issue the Warrant Shares upon
exercise of the Warrants, are unconditional and absolute and not subject to any right of set off, counterclaim, delay or reduction, regardless of the effect of any such dilution or any claim any Loan Party may have against any of the Secured Parties
and regardless of the dilutive effect that such issuance may have on the ownership of the other stockholders of the Borrower. 
 (ss) The
Borrower and the other Loan Parties are solely responsible for the payment of any fees, costs, expenses and commissions of any placement agent, broker or financial adviser relating to or arising out of the transactions contemplated by the Loan
Documents. The Borrower and the other Loan Parties will pay, and hold each of the Secured Parties harmless against, any liability, loss or expense (including attorneys’ fees, costs and expenses) arising in connection with any claim for any such
payment. 
 (tt) The Borrower has furnished Agent and the Lenders with a true, correct and complete copy of the Agreement Date Acquisition
Documents. Each of the Loan Parties and their Subsidiaries and, to the Loan Parties’ and their Subsidiaries’ knowledge, each other party to the Agreement Date Acquisition Documents, has duly taken all necessary organizational action to
authorize the execution, delivery and performance of the Agreement Date Acquisition Documents and the consummation of transactions contemplated thereby. As of the Agreement Date, the Agreement Date Acquisition and the other Transactions have been
consummated (or are being consummated substantially 

  
 48 

 contemporaneously with the Initial Disbursement hereunder) in accordance with the terms of the Agreement Date
Acquisition Documents. Except both (I) as would not reasonably be expected to have a Material Adverse Effect and (II) to the extent that any such breach, violation or failure to comply with such legal requirements or any failure to obtain
and maintain in full force and effect such consents, approvals and exemptions would not (Y) provide any Loan Party or any other Person the right to terminate the Agreement Date Acquisition Documents or fail to consummate the Agreement Date
Acquisition or (Z) cause any breach or default under the Agreement Date Acquisition Documents, in all other cases, the Agreement Date Acquisition and the other Transactions do not breach, violate or cause noncompliance with any applicable legal
requirements and all necessary governmental, regulatory, creditor, shareholder, partner and other material consents, approvals and exemptions required to be obtained by a Loan Party or any of its Subsidiaries and, to Loan Parties’ and their
Subsidiaries’ knowledge, each other party to the Agreement Date Acquisition Documents have been, prior to consummation of the Agreement Date Acquisition and other Transactions, duly obtained and are in full force and effect. As of the date of
the Agreement Date Acquisition Agreement, to the extent required under the Agreement Date Acquisition Agreement or Applicable Law, all applicable waiting periods with respect to the Agreement Date Acquisition and the other Transactions have expired
without any action being taken by any competent Governmental Authority which restrains, prevents or imposes material adverse conditions upon the consummation of the Agreement Date Acquisition or the other Transactions. Except both (I) as would
not result in a Material Adverse Effect and (II) would not (Y) provide any Loan Party or any other Person the right to terminate the Agreement Date Acquisition Documents or fail to consummate the Agreement Date Acquisition or
(Z) cause any breach or default under the Agreement Date Acquisition Documents, the execution and delivery of the Agreement Date Acquisition Documents and the consummation of the Agreement Date Acquisition and the other Transactions did not,
violate any statute or regulation of the United States (including any securities law) or of any state or other applicable jurisdiction, or any order, judgment or decree of any court or governmental body binding on any Loan Party or any Loan
Party’s Subsidiaries or, to the Loan Parties’ and their Subsidiaries’ knowledge, any other party to the Agreement Date Acquisition Documents, or result in a breach of, or constitute a default under, any material agreement, indenture,
instrument or other document, or any judgment, order or decree, to which any Loan Party or any Loan Party’s Subsidiary is a party or by which any Loan Party or any Loan Party’s Subsidiary is bound or, to the Loan Parties’ and their
Subsidiaries’ knowledge, to which any other party to the Agreement Date Acquisition Documents is a party or by which any such party is bound. No statement or representation made in the Agreement Date Acquisition Documents by any Loan Party or
any Loan Party’s Subsidiary or, to the Loan Parties’ and their Subsidiaries’ knowledge, any other Person, contains any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary
in order to make the statements made therein, in light of the circumstances under which they are made, not materially misleading as of the time that such statement or representation is made. (i) Each of the representations and warranties
contained in the Agreement Date Acquisition Documents made by a Loan Party or any Loan Party’s Subsidiary is true, correct and complete in all material respects (without duplication of any materiality qualifier contained therein) and
(ii) to the Loan Parties’ and their Subsidiaries’ knowledge, each of the representations and warranties contained in the Agreement Date Acquisition Documents made by any Person other than a Loan Party or any Loan Party’s
Subsidiary is true, correct and complete in all material respects (without duplication of any materiality qualifier contained therein), in each case, other than to the extent that any failure of such representation or warranty to be true, correct or
complete would not (A) provide any Loan Party or any other Person the right to terminate the Agreement Date Acquisition Documents or fail to consummate he Agreement Date Acquisition or (B) cause any breach or default under the Agreement
Date Acquisition Documents. 
 (uu) Schedule 3.1(uu) sets forth, as of the Agreement Date, a complete and correct list of all Registrations
held by each Loan Party and its Subsidiaries. Such listed Registrations are the only Registrations that are required for the Loan Parties and their Subsidiaries to conduct their respective businesses as presently conducted or as proposed to be
conducted. Each Loan Party and its Subsidiaries 

  
 49 

 has, and it and its Products are in conformance with, all Registrations required to conduct its respective
businesses as now or currently proposed to be conducted except where the failure to have such Registrations could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. To the knowledge of each Loan Party
and its Subsidiaries, neither the FDA nor other Governmental Authority is considering limiting, suspending or revoking such Registrations or changing the marketing classification or labeling or other significant parameter affecting the Products of
the Loan Parties or any of their respective Subsidiaries. To the knowledge of each Loan Party and its Subsidiaries, there is no false or misleading information or significant omission in any product application or other submission to the FDA or
other Governmental Authority administering Public Health Laws. The Loan Parties and their respective Subsidiaries have fulfilled and performed their obligations under each Registration, and no event has occurred or condition or state of facts exists
which would constitute a breach or default, or would cause revocation or termination of any such Registration. To the knowledge of each Loan Party and its Subsidiaries, no event has occurred or condition or state of facts exists which could present
potential product liability related, in whole or in part, to Regulatory Matters. To the knowledge of each Loan Party and its Subsidiaries, any third party that is a manufacturer or contractor for the Loan Parties or any of their respective
Subsidiaries is in compliance with all Registrations required by the FDA or comparable Governmental Authority and all Public Health Laws insofar as they reasonably pertain to the Products of the Loan Parties and their respective Subsidiaries. 

(vv) All Products designed, developed, investigated, manufactured, prepared, assembled, packaged, tested, labeled, distributed, sold or
marketed by or on behalf of the Loan Parties or their respective Subsidiaries that are subject to Public Health Laws have been and are being designed, developed, investigated, manufactured, prepared, assembled, packaged, tested, labeled,
distributed, sold and marketed in material compliance with the Public Health Laws and each other Applicable Law, including clinical and non-clinical evaluation, product approval or clearance, premarketing
notification, good manufacturing practices, labeling, advertising and promotion, record-keeping, establishment registration and device listing, reporting of recalls and adverse event reporting. 

(ww) Except as set forth on Schedule 3.1(ww), no Loan Party nor its Subsidiaries is subject to any obligation arising under an administrative
or regulatory action, proceeding, investigation or inspection by or on behalf of a Governmental Authority, warning letter, notice of violation letter, consent decree, request for information or other notice, response or commitment made to or with a
Governmental Authority with respect to Regulatory Matters, and, to the knowledge of each Loan Party and its Subsidiaries, no such obligation has been threatened. Each Loan Party and its Subsidiaries has made all notifications, submissions, and
reports required by any such obligation, and all such notifications, submissions and reports were true, complete, and correct in all material respects as of the date of submission to FDA or any other Governmental Authority. There is no, and there is
no act, omission, event, or circumstance of which any Loan Party or any of its Subsidiaries has knowledge that could reasonably be expected, individually or in the aggregate, to give rise to or lead to, any material civil, criminal or administrative
action, suit, demand, claim, complaint, hearing, investigation, demand letter, warning letter, proceeding or request for information against any Loan Party or its Subsidiaries, and, to each Loan Party’s and its Subsidiary’s knowledge, no
Loan Party nor its Subsidiaries has any material liability (whether actual or contingent) for failure to comply with any Public Health Laws. There has not been any violation of any Public Health Laws by any Loan Party or its Subsidiaries in its
product development efforts, submissions, record keeping and reports to the FDA or any other Governmental Authority that could reasonably be expected to require or lead to investigation, corrective action or enforcement, regulatory or administrative
action that could reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. To the knowledge of each Loan Party and each of its Subsidiaries, there are no civil or criminal proceedings relating to any Loan Party or
any of its Subsidiaries or any officer, director or employee of any Loan Party or Subsidiary of any Loan Party that involve a matter within or related to the FDA’s or any other Governmental Authority’s jurisdiction. No Loan Party nor any
Affiliate thereof has received any material adverse notice (written or oral) from the FDA or any other Governmental Authority regarding the approvability or approval of any Product. 

  
 50 

 (xx) As of the Agreement Date, except as set forth on Schedule 3.1(xx), no Loan Party nor its
Subsidiaries is undergoing any inspection related to Regulatory Matters or any other Governmental Authority investigation. 
 (yy) During the
period of three calendar years immediately preceding the Agreement Date, no Loan Party nor any Subsidiary of any Loan Party has introduced into commercial distribution any Products manufactured by or on behalf of any Loan Party or any Subsidiary of
a Loan Party or distributed any products on behalf of another manufacturer that were upon their shipment by any Loan Party or any of its Subsidiaries adulterated or misbranded in violation of 21 U.S.C. § 331. No Loan Party nor any Subsidiary of
any Loan Party has received any notice of communication from any Governmental Authority alleging material noncompliance with any Applicable Law. No Product has been seized, withdrawn, recalled, detained, or subject to a suspension (other than in the
ordinary course of business) of research, manufacturing, distribution or commercialization activity, and there are no facts or circumstances reasonably likely to cause (i) the seizure, denial, withdrawal, recall, detention, public health
notification, safety alert or suspension of manufacturing or other activity relating to any Product; (ii) a change in the labeling of any Product suggesting a compliance issue or risk; or (iii) a termination, seizure or suspension of
manufacturing, researching, distributing or marketing of any Product. No proceedings in the United States or any other jurisdiction seeking the withdrawal, recall, revocation, suspension, import detention or seizure of any Product are pending or
threatened against any Loan Party or any of its Subsidiaries. 
 (zz) No Loan Party nor any Subsidiary of any Loan Party nor any of its
officers, directors, employees, agents or contractors (i) have been excluded or debarred from any federal healthcare program (including Medicare or Medicaid) or any other federal program or (ii) have received notice from the FDA or any
other Governmental Authority with respect to debarment or disqualification of any Person that could reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. No Loan Party nor any Subsidiary of any Loan Party nor
any of its officers, directors, employees, agents or contractors have been convicted of any crime or engaged in any conduct for which (y) debarment is mandated or permitted by 21 U.S.C. § 335a or (z) such Person could be excluded from
participating in the federal health care programs under Section 1128 of the Social Security Act or any similar law. No officer and to the knowledge of each Loan Party and its Subsidiaries, no employee or agent of any Loan Party or its
Subsidiaries, has (A) made any untrue statement of material fact or fraudulent statement to the FDA or any other Governmental Authority; (B) failed to disclose a material fact required to be disclosed to the FDA or any other Governmental
Authority; or (C) committed an act, made a statement or failed to make a statement that could reasonably be expected, individually or in the aggregate, to provide the basis for the FDA or any other Governmental Authority to invoke its policy
respecting “Fraud, Untrue Statements of Material Facts, Bribery, and Illegal Gratuities,” as set forth in 56 Fed. Reg. 46191 (September 10, 1991). 

(aaa) Except as set forth on Schedule 3.1(aaa), no Loan Party nor any Subsidiary of any Loan Party has granted rights to design, develop,
manufacture, produce, assemble, distribute, license, prepare, package, label, market or sell its Products to any other Person nor is any Loan Party or any of its Subsidiaries bound by any agreement that affects any Loan Party’s exclusive right
to design, develop, manufacture, produce, assemble, distribute, license, prepare, package, label, market or sell its Products. 
 (bbb)
Except as set forth on Schedule 3.1(bbb): (i) each Loan Party and its Subsidiaries and, to their knowledge, their respective contract manufacturers are, and have been for the past three calendar years, in compliance with, and each Product in current
commercial distribution is designed, 

  
 51 

 manufactured, processed, prepared, assembled, packaged, labeled, stored, installed, serviced and held in
compliance with, the current Good Manufacturing Practice regulations set forth in 21 C.F.R. Parts 210 and 211, as applicable, (ii) each Loan Party and its Subsidiaries is in compliance with the written procedures, record-keeping and reporting
requirements required by the FDA or any comparable Governmental Authority pertaining to the reporting of adverse events and recalls involving the Products, (iii) all Products are and have been labeled, promoted, and advertised in accordance with
their Registration and approved labeling or within the scope of an exemption from obtaining such Registration, and (iv) each Loan Party and its Subsidiaries’ establishments are registered with the FDA, as applicable, and each Product is
listed with the FDA under the applicable FDA registration and adverse event reporting regulations for pharmaceuticals. 
 (ccc) Each of the
Subject Foreign Subsidiaries (i) have (A) no more than $50,000 in net income, revenue or operations for the most recent twelve month period for which financial statements have been provided or filed (or are required to be provided or filed)
pursuant to Section 5.1(h) (or that are otherwise available prior to the Agreement Date) or (B) no assets or property with an aggregate fair market value (when taken together) in excess of $50,000 and (ii) do not own any assets or
property that are material to the operation of the business (or the business) of the Loan Parties. 

Section 3.2 Loan Parties Acknowledgment. The Loan Parties (on their
behalf and on their Subsidiaries’ behalf) acknowledge that they have made the representations and warranties referred to in Section 3.1 with the intention of persuading Agent and the Lenders to enter into the Loan Documents and that Agent
and the Lenders have entered into the Loan Documents on the basis of, and in full reliance on, each of such representations and warranties, each of which shall survive the execution and delivery of this Agreement, the other Loan Documents, the
making of any Disbursement and the issuance of the Securities until the later of (a) (i) all Obligations being repaid in full, and (ii) all of the Subsequent Disbursement Commitments being no longer available or terminated and (b) the
end of the Reporting Period. 
 Section 3.3 Representations and
Warranties of the Lenders. Each Lender, severally but not jointly, represents and warrants to the Borrower as of the Agreement Date that: 

(a) Such Lender (i) is acquiring the Loans provided by such Lender and the Notes (together with the related guaranties set forth in the
Security Agreement of the Guarantors) provided by the applicable Loan Party in connection with such Loan made by such Lender hereunder and the Warrants related to such Loans made by such Lender hereunder, (ii) is acquiring the Purchased Shares
purchased by such Lender pursuant to the terms and conditions of the Stock Purchase Agreement and such Lender’s right to the Royalty pursuant to the terms and conditions of the Royalty Agreement, and (iii) upon issuance of the Warrant
Shares to such Lender, upon any exercise of, otherwise pursuant to such Lender’s Warrants, will acquire such Warrant Shares, in each case, for its own account and not with a view towards, or for resale in connection with, the public sale or
distribution thereof, except pursuant to sales registered under, or exempted from, the registration requirements of the Securities Act; provided, however, that by making the representations herein, such Lender does not agree to hold
any of the Securities for any minimum or other specific term and reserves the right to assign, transfer or otherwise dispose of any of the Securities at any time in accordance with or pursuant to a registration statement or an exemption under the
Securities Act. 
 (b) Such Lender is an “accredited investor” as that term is defined in Rule 501(a) of Regulation D. 

  
 52 

 (c) Such Lender understands that the Securities are being offered and sold to it in reliance on
specific exemptions from the registration requirements of the United States federal and state securities laws and that the Borrower is relying in part upon the truth and accuracy of, and such Lender’s compliance with, the representations,
warranties, agreements, acknowledgments and understandings of such Lender set forth herein in order to determine the availability of such exemptions. 

(d) Such Lender and its advisors, if any, have been furnished with all materials relating to the business, finances and operations of the Loan
Parties and their Subsidiaries and materials relating to the offer and sale of the Securities that have been requested by such Lender. Such Lender and its advisors, if any, have been afforded the opportunity to ask questions of the Loan Parties.
Neither such inquiries nor any other due diligence investigations conducted by such Lender or its advisors, if any, or its representatives shall modify, amend or otherwise affect such Lender’s right to rely on the representations and warranties
of the Loan Parties and their Subsidiaries contained in Article 3 and elsewhere in the Loan Documents. Such Lender can bear the economic risk of a total loss of its investment in the Securities being offered and has such knowledge and experience in
business and financial matters so as to enable it to understand the risks of and investment decision with respect to its investment in the Securities. 

(e) Such Lender understands that no United States federal or state agency or any other government or Governmental Authority has passed on or
made any recommendation or endorsement of the Securities or the fairness or suitability of the investment in the Securities nor have such authorities passed upon or endorsed the merits of the offering of the Securities. 

ARTICLE 4 
 CONDITIONS
OF DISBURSEMENT 
 Section 4.1 Conditions to the
Initial Disbursement. The obligation of the Lenders to make the Initial Disbursement shall be subject to the fulfillment and satisfaction of all of the following conditions: 

(a) Agent and the Lenders shall have received executed counterparts of this Agreement and each other Loan Document set forth on the closing
checklist attached hereto as Exhibit D; 
 (b) Agent shall have received a duly executed written notice from the Borrower complying with the
requirements of Section 2.2(a); 
 (c) all actions required to be taken by the Borrower pursuant to Section 2.10 shall have been
taken; 
 (d) (i) the Specified Acquisition Agreement Representations shall be true and correct but only to the extent that the Borrower
or its Affiliates have the right (taking into account any applicable cure provisions) to terminate the Borrower’s or its Affiliates’ obligations under the Agreement Date Acquisition Agreement or otherwise decline to close or consummate the
Agreement Date Acquisition as a result of a breach (or failure to be accurate, true or correct) of any such representations or warranties; and (ii) the Specified Representations shall be true and correct in all material respects (unless such
Specified Representations are already subject to materiality or other qualifier, and in such event, in all respects) as of such date, except to the extent that such representation or warranty expressly relates to an earlier date (in which event such
representations and warranties shall have been true and correct in all material respects (without duplication of any materiality or other qualifier contained therein) as of such earlier date); 

 

  
 53 

 (e) substantially concurrently with the execution and delivery of the Loan Documents, the
Agreement Date Acquisition shall be consummated in accordance with the terms of that certain Purchase and Sale Agreement, dated as of November 28, 2017, by and between the Borrower and The Medicines Company, a Delaware corporation, and the schedules
and exhibits thereto, each in the form that was delivered to Katten Muchin Rosenman LLP on November 28, 2017 at 8:26 p.m. (New York time), and all conditions therein shall have been satisfied (without giving effect to any waiver thereof) as of such
time, but, in each case, without giving effect to (i) any amendments, modifications or supplements thereof or (ii) waivers or consents (including, for the avoidance of doubt, waivers or consents to deviations of any of the conditions set
forth in Section 10.1 or 10.3 of the Purchase and Sale Agreement) thereunder by the Borrower or its Affiliates (but not, for the avoidance of doubt, the Seller and its Affiliates), in the case of each of clauses (i) and (ii) above, that
are materially adverse to the interests of Agent or the Lenders and that have not been consented to in writing (such consent not to be unreasonably withheld) by the Agent and the Lenders, it being understood that any change in (A) the purchase
price of the Agreement Date Acquisition (other than (1) an increase funded solely by equity of the existing direct and indirect equity holders of the Borrower or (2) a decrease in the purchase price of the Agreement Date Acquisition so
long as 100% of such reduction is allocated to reduce (y) first, the Initial Disbursement based on the Pro Rata Share of the Lenders making the Initial Disbursement and (z) then, the Subsequent Disbursement Commitments) and (B) the
definition of “Material Adverse Effect”, in each cases, in such Purchase and Sale Agreement shall be deemed materially adverse to the interests of Agent and the Lenders; 

(f) neither the Borrower nor any of its Subsidiaries shall have any Indebtedness, other than Permitted Indebtedness and all other Indebtedness
shall be paid off (and the Suchard Refinancing shall have occurred) pursuant to payoff letters reasonably satisfactory to Agent and the Required Lenders and any Liens relating thereto shall be terminated in a manner reasonably satisfactory to Agent
and the Required Lenders; 
 (g) all actions necessary (or reasonably requested by the Agent or the Required Lenders) to establish that Agent
(for the benefit of the Secured Parties) will have perfected first priority security interests and Liens in the Collateral under the Loan Documents shall have been taken, it being understood and agreed that to the extent any security interest in any
Collateral (other than security interests that may be perfected by (i) the filing of a financing statement under the UCC, (ii) the making of federal intellectual property filings with the United States Patent and Trademark Office and the
United States Copyright Office and (iii) the delivery of certificates, if applicable, evidencing the Stock of the Loan Parties (other than the Borrower) and any other Subsidiary of the Borrower) is not or cannot be perfected on the Agreement
Date after the Borrower’s use of commercially reasonable efforts to do so, then the perfection of such security interests shall not constitute a condition precedent to the availability of the Initial Disbursement on the Agreement Date, but
instead shall be required to be perfected after the Agreement Date pursuant to arrangements and timing to be mutually agreed by the Required Lenders and the Borrower acting reasonably (but not to exceed 60 days after the Agreement Date, unless
extended by the Required Lenders in its sole discretion); 
 (h) the payment by the Borrower of the fees required to be paid pursuant to
Section 2.9 to the Agent and the Lenders and all other fees required to be paid on the Agreement Date pursuant to this Agreement and the other Loan Documents and all costs and expenses required to be paid on the Agreement Date (including pursuant to
Section 6.3) pursuant to this Agreement and the other Loan Documents, in the case of costs and expenses, to the extent invoiced at least two (2) Business Days prior to the Agreement Date, shall have been paid (which amounts, at the sole
option of the Lenders, may be offset against the proceeds of the Initial Disbursement); 
 (i) Agent and the Lenders shall have received at
least five (5) Business Days prior to the Agreement Date all documentation and other information required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the
USA Patriot Act, that has been reasonably requested by Agent or any Lender at least ten (10) days in advance of the Agreement Date, including a duly executed IRS Form W-9 (or such other applicable tax
form) of the Borrower; 

  
 54 

 (j) the conditions set forth in Section 2.2(a) have been satisfied and the terms set forth
in Section 2.2(a) have been completely complied with; 
 (k) the shareholders of the Borrower shall have approved the issuance of all of
the shares of Common Stock being issued in the Agreement Date Acquisition and to the Lenders (including all of the shares underlying the Warrants) and any other Person or entity providing equity financing in connection with the Agreement Date
Acquisition for purposes of satisfying the Principal Market listing requirement; 
 (l) the Borrower shall be in compliance with all of the
covenants set forth in Section 3 of the Commitment Letter, in all material respects (unless such covenants are already subject to materiality, and in such event, in all respects); and 

(m) since the date of the Agreement Date Acquisition Agreement, no change, effect, development, circumstance, condition or occurrence shall
have occurred which has had or would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect (as defined in the Agreement Date Acquisition Agreement as in effect on November 28, 2017). 

Section 4.2 Conditions to the Subsequent
Disbursements. In addition to the fulfillment and satisfaction of each condition set forth above in Section 4.1, the obligation of the Lenders to make a Subsequent Disbursement shall be subject to the fulfillment and
satisfaction of all of the following conditions: 
 (a) Agent shall have received a duly executed written notice from the Borrower complying
with the requirements of Section 2.2(b); 
 (b) the proceeds of such Subsequent Disbursement shall be directed and requested for use in
accordance with Section 2.1; 
 (c) no Default or Event of Default shall have occurred or would result from such Subsequent Disbursement
or the use of the proceeds therefrom; 
 (d) at the time of and after giving effect to such Subsequent Disbursement and the use of proceeds
thereof, each representation and warranty by any Loan Party or any of its Subsidiaries contained herein or in any other Loan Document shall be true, correct and complete as of such date and time, except to the extent that such representation or
warranty expressly relates to an earlier date (in which event such representations and warranties shall have been true, correct and complete as of such earlier date); 

(e) all of the Subsequent Disbursement Conditions have been satisfied; 

(f) the Lenders shall have received original Notes aggregating the amount of the funded Subsequent Disbursement, if requested; 

(g) the conditions set forth in Section 2.2(b) have been satisfied and the terms set forth in Section 2.2(b) have been completely
complied with; 

  
 55 

 (h) the payment by the Borrower of the fees required to be paid pursuant to Section 2.9 to the
Agent and the Lenders on such Disbursement Date and all other fees required to be paid on such Disbursement Date pursuant to this Agreement and the other Loan Documents and all costs and expenses required to be paid on such Disbursement Date
(including pursuant to Section 6.3) pursuant to this Agreement and the other Loan Documents (which amounts, at the sole option of the Lenders, may be offset against the proceeds of such Subsequent Disbursement); and 

(i) the Agent and the Lenders shall have received a certificate executed by an Authorized Officer of the Borrower, in form and substance
reasonably satisfactory to the Agent and the Required Lenders, certifying that the conditions in this Sections 4.2 have been satisfied in all respects. 

ARTICLE 5 
 PARTICULAR
COVENANTS AND EVENTS OF DEFAULT 
 Section 5.1 Affirmative Covenants. 

(a) The Loan Parties shall and shall cause their Subsidiaries to (i) preserve and maintain in full force and effect its organizational
existence and good standing under the Applicable Laws of its jurisdiction of incorporation, organization or formation, as applicable, and (ii) preserve and maintain all qualifications to do business in each other jurisdiction not covered by
clause (i) above in which the failure to be so qualified would reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. 

(b) The Loan Parties shall, and shall cause their Subsidiaries to, (i) comply in all material respects with all Applicable Laws, except
where the necessity of compliance therewith is contested in good faith by appropriate proceedings, and (ii) maintain in effect and enforce policies and procedures designed to ensure compliance by the Loan Parties, their Subsidiaries and their
respective directors, officers, employees and agents with Anti-Corruption Laws, Anti-Money Laundering Laws and applicable Sanctions. 
 (c)
The Loan Parties shall, and shall cause their Subsidiaries to, obtain, make and keep in full force and effect all licenses, certificates, approvals, registrations, clearances, Authorizations and permits required to conduct their businesses, except
where the failure to make and keep such licenses, certificates, approvals, registrations, clearances, authorizations and permits in full force and effect could not reasonably be expected, individually or in the aggregate, to result in a Material
Adverse Effect. 
 (d) Each Loan Party shall, except as otherwise permitted by this Agreement, maintain, and shall cause each of its
Subsidiaries to maintain, and preserve all its assets and property which is used or useful in its business in good working order and condition, ordinary wear and tear excepted and shall make all necessary repairs thereto and renewals and
replacements thereof, except where the failure to do so could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. 

(e) The Loan Parties shall, and shall cause each of their Subsidiaries to, maintain with financially sound and reputable insurance companies
insurance with respect to their assets, properties and business, against such hazards and liabilities, of such types and in such amounts, as is customarily maintained by companies in the same or similar businesses similarly situated. Each such
policy of insurance shall (i) in the case of each liability policy, name Agent (on behalf, and for the benefit, of the Secured Parties) as an additional insured thereunder as its interests may appear and (ii) in the case of each casualty
insurance policy contain a lender’s loss payable clause or endorsement that names Agent, 

  
 56 

 
(on behalf, and for the benefit, of the Secured Parties), as the lender’s loss payee thereunder and, to the extent available, provide for at least thirty (30) days’ prior written
notice to Agent of any modification or cancellation of such policy (or ten (10) days’ prior written notice in the case of the failure to pay any premiums thereunder). A true and complete listing of such insurance, including issuers,
coverages and deductibles, shall be provided to Agent and the Lender promptly following Agent’s or any Lender’s request. 
 (f)
Each Loan Party shall, and shall cause each of its Subsidiaries to, pay, discharge and perform as the same shall become due and payable or required to be performed all Tax liabilities, assessments and governmental charges or levies upon it or its
property, unless the same are being contested in good faith by appropriate proceedings diligently prosecuted which stay the enforcement of any Lien and for which adequate reserves in accordance with GAAP are being maintained by such Person. 

(g) Subject to Section 5.1(r), the Loan Parties shall promptly (and, in any event, within (y) with respect to clause (A) below,
two (2) Business Days and (z) with respect to clause (B) below, ten (10) days) notify each Secured Party of the occurrence of (A) any Default or Event of Default and (B) any claims arising after the Agreement Date (or
before the Agreement Date to the extent any action related thereto arises after the Agreement Date) (other than in connection with the denial of plan claims in the ordinary course of business), litigation, arbitration, mediation or administrative or
regulatory proceedings that are instituted or threatened against any Loan Party requesting injunctive relief or damages in excess of $500,000. 

(h) If the Borrower is not required to file reports pursuant to Section 13 or 15(d) of the Exchange Act, the Loan Parties will provide to
Agent and each Lender quarterly financial statements for the Borrower and its Subsidiaries within 45 days after the end of each fiscal quarter of the Borrower, and an audited annual financial statements within 120 days after the end of each fiscal
year of the Borrower prepared in accordance with GAAP with a report thereon by the Borrower’s independent certified public accountants, which accountants shall be reasonably acceptable to Agent and the Required Lenders. Any such report and any
report of the Borrower’s independent certified public accountants on any consolidated financial statements included in any SEC Document filed during the Reporting Period (as defined below) shall (i) contain an unqualified opinion (subject
to the exception set forth below in clause (ii) of this sentence), stating that such consolidated financial statements present fairly in all material respects the financial position and condition and results of operations of the Borrower and
its Subsidiaries as of the dates and for the periods and have been prepared in conformity with GAAP applied on a basis consistent with prior years, and (ii) not include any explanatory paragraph expressing substantial doubt as to going concern
status (other than any such paragraph (x) included in the Borrower’s annual report on Form 10-K for the year ended December 31, 2017 or (y) arising from the impending maturity of the Loans or
the Revolving Credit Facility, in each case of this clause (y), solely in the case of the audit delivered with respect to the fiscal year immediately prior to the fiscal year during which the applicable maturity is scheduled). From the Agreement
Date until the later of (i) the first date on which no Warrants remain outstanding, and (ii) the first date on which none of the Secured Parties owns any Securities (the period ending on such latest date, the “Reporting
Period”), the Borrower and its Subsidiaries shall timely (without giving effect to any extensions pursuant to Rule 12b-25 of the Exchange Act) file all reports required to be filed with the SEC
pursuant to the Exchange Act, and the Borrower and its Subsidiaries shall not terminate the registration of the Common Stock under the Exchange Act or otherwise terminate its status as an issuer required to file reports under the Exchange Act, even
if the securities laws would otherwise permit any such termination. The Borrower hereby agrees that, during the Reporting Period, the Borrower shall send to each Secured Party copies of (i) any notices and other information made available or
given to the holders of the Stock of the Borrower generally, contemporaneously with the Borrower’s making available or giving such notices and other 

  
 57 

 information to such holders of Stock and (ii) all other documents, reports, financial data and other
information not available on EDGAR that does not contain any material non-public information of the Borrower that any Secured Party may reasonably request. Subject to Section 5.1(r), at the same time as
(A) to the extent the Borrower is not required to file reports pursuant to Section 13 or 15(d) of the Exchange Act, the quarterly and annual financial statements are delivered or otherwise provided to Agent and each Lender pursuant to the first
sentence of this Section 5.1(h) or (B) to the extent the Borrower is required to file reports pursuant to Section 13 or 15(d) of the Exchange Act, any Form 10-Q or Form 10- K is filed with the
SEC pursuant to the Exchange Act, in each case, a Compliance Certificate shall be delivered by the Borrower to Agent (and Agent shall promptly (but, in any event, within two (2) Business Days after (i) receipt thereof by
(A) Agent’s main operations contact or (B) any other Person designated by Agent to receive notices for (or on behalf of) Agent pursuant to the notices provisions of the Loan Documents (including Section 6.1 of this Agreement) or
(ii) knowledge of receipt of an item from the Borrower by Agent’s main operations contact or such other Person designated by Agent to receive notices for (or on behalf of) Agent pursuant to the notices provisions of the Loan Documents
(including Section 6.1 of this Agreement)) deliver to each Lender); provided that, with respect to clause (B) only, solely to the extent any earnings report for the same period is publicly reported or is filed with the SEC prior to
the time when any Form 10-Q or Form 10-K containing the applicable quarterly or annual financial statements is filed with the SEC and to the extent the earnings set
forth in any such earnings report would result in a financial covenant default under Section 5.1(v), the Compliance Certificate shall instead be delivered by the Borrower to Agent (and Agent shall promptly (but, in any event, within two (2)
Business Days after (i) receipt thereof by (A) Agent’s main operations contact or (B) any other Person designated by Agent to receive notices for (or on behalf of) Agent pursuant to the notices provisions of the Loan Documents
(including Section 6.1 of this Agreement) or (ii) knowledge of receipt of an item from the Borrower by Agent’s main operations contact or such other Person designated by Agent to receive notices for (or on behalf of) Agent pursuant to
the notices provisions of the Loan Documents (including Section 6.1 of this Agreement)) on the same day as such earnings report is publicly reported or is filed with the SEC. Within 45 days after the end of each fiscal quarter of the Borrower,
the Loan Parties and their Subsidiaries shall deliver to Agent and the Lenders an updated Perfection Certificate. Upon the reasonable request of any Secured Party, the Loan Parties and their Subsidiaries shall promptly deliver to such Secured Party
such additional business, financial, corporate affairs, perfection certificates, items or documents related to creation, perfection or priority of Agent’s Liens in the Collateral and other information as any Secured Party may from time to time
reasonably request. On the same day that the same are sent, the Loan Parties and their Subsidiaries shall deliver to Agent and the Lenders copies of all financial statements, reports, documents and other information which any Loan Party or any of
its Subsidiaries sends to its holders of Stock. 
 (i) Each Loan Party shall, and shall cause each of its Subsidiaries to, with respect to
each owned, leased or controlled property, during normal business hours and upon reasonable advance notice (unless an Event of Default shall have occurred and be continuing, in which event no notice shall be required and the Secured Parties and
their representatives shall have access at any and all times during the continuance thereof): (a) provide access to such property to the Secured Parties and their representatives, as frequently as any Secured Party determines to be appropriate; and
(b) permit the Secured Parties to conduct field examinations, appraise, inspect, and make extracts and copies (or take originals if reasonably necessary) from all of such Loan Party’s and its Subsidiaries’ books and records, and
evaluate and conduct appraisals and evaluations in any manner and through any medium that Agent considers advisable, in each instance, at the Loan Parties’ sole expense; provided the Loan Parties shall only be obligated to reimburse each
Secured Party for the expenses of one such appraisal, evaluation and inspection of such Secured Party per calendar year unless an Event of Default has occurred and is continuing, in which case, the Loan Parties shall reimburse the Secured Parties
for the expenses of all such appraisals, evaluations and inspections conducted by the Secured Parties and their representatives. 

  
 58 

 (j) Each Loan Party shall ensure that all written information, exhibits and reports furnished to
any Secured Party, when taken as a whole, do not and will not, and that each SEC Document filed during the Reporting Period does not, contain any untrue statement of a material fact and do not and will not (or does not, as applicable) omit to state
any material fact or any fact necessary to make the statements contained therein not materially misleading in light of the circumstances in which made, and will promptly disclose to Agent and the Lenders and correct any defect or error that may be
discovered therein or in any Loan Document or in the execution, acknowledgement or recordation thereof. 
 (k) Each Loan Party shall enter
into, and cause each depository, securities intermediary or commodities intermediary to enter into, Control Agreements with respect to each deposit, securities, commodity or similar account maintained by such Person (other than (a) any payroll
account so long as such payroll account is a zero balance account and (b) withholding tax and fiduciary accounts (such accounts in clauses (a) and (b), the “Excluded Accounts”)) as of and after the Agreement Date;
provided, it is agreed and understood that the Loan Parties shall have until the date that is sixty (60) days following the Agreement Date (or such later date as may be agreed to by the Required Lenders in their sole discretion) (such
period, the “Post-Closing Control Agreement Period”) to comply with the provisions of this Section 5.1(k) with regard to such accounts (other than Excluded Accounts) of the Loan Parties existing on the Agreement Date. 

(l) Promptly (but in any event within ten (10) days of such request) upon request by Agent or the Required Lenders, the Loan Parties shall
(and, subject to the limitations set forth herein and in the other Loan Documents, shall cause each of their Subsidiaries to) take such additional actions and execute such documents as Agent or the Required Lenders may reasonably require from time
to time in order (i) to carry out more effectively the purposes of this Agreement or any other Loan Document, (ii) to subject to the Liens created by any of the Loan Documents any of the assets or properties, rights or interests covered by
any of the Loan Documents, (iii) to perfect and maintain the validity, effectiveness and priority of any of the Loan Documents and the Liens intended to be created thereby, and (iv) to better assure, grant, preserve, protect and confirm to
the Secured Parties the rights granted or now or hereafter intended to be granted to the Secured Parties under any Loan Document. Without limiting the generality of the foregoing, the Loan Parties shall cause each of their Subsidiaries (other than
Excluded Foreign Subsidiaries) promptly after (and in any event within ten (10) days of) the formation or acquisition thereof, to guaranty the Obligations and to cause each such Subsidiary to grant to Agent, for the benefit of the Secured
Parties, a security interest in, subject to the limitations set forth herein and in the Loan Documents, all of such Subsidiary’s assets and property to secure such guaranty and to take such other actions reasonably requested by Agent or the
Required Lenders with respect to making any such Subsidiary a Loan Party under the Loan Documents. Furthermore, the Borrower shall notify Agent (and Agent shall promptly (but, in any event, within two (2) Business Days after (i) receipt
thereof by (A) Agent’s main operations contact or (B) any other Person designated by Agent to receive notices for (or on behalf of) Agent pursuant to the notices provisions of the Loan Documents (including Section 6.1 of this
Agreement) or (ii) knowledge of receipt of an item from the Borrower by Agent’s main operations contact or such other Person designated by Agent to receive notices for (or on behalf of) Agent pursuant to the notices provisions of the Loan
Documents (including Section 6.1 of this Agreement)) notify the Lenders) in writing promptly after (and in any event within five (5) days of) the issuance by or to any Loan Party (other than by the Borrower) of any Stock and each Loan
Party shall pledge, and shall cause each of its Subsidiaries (other than Excluded Foreign Subsidiaries) to pledge, in each case, promptly after (and in any event within ten (10) days of) such issuance, all of the Stock of each of its
Subsidiaries (other than Excluded Foreign Subsidiaries), and sixty-five percent (65%) of the outstanding voting Stock and one hundred percent (100%) of the outstanding non-voting Stock of each Excluded Foreign
Subsidiary, directly owned by a Loan Party, in each instance, to Agent, for the benefit of the Secured Parties, to secure the Obligations. The Loan Parties shall deliver, or cause to be delivered, promptly after (and in any event within ten
(10) days of) such formation or acquisition of such Loan Party or Subsidiary, to 

  
 59 

 
Agent (and Agent shall promptly (but, in any event, within two (2) Business Days after (i) receipt thereof by (A) Agent’s main operations contact or (B) any other Person
designated by Agent to receive notices for (or on behalf of) Agent pursuant to the notices provisions of the Loan Documents (including Section 6.1 of this Agreement) or (ii) knowledge of receipt of an item from the Borrower by Agent’s
main operations contact or such other Person designated by Agent to receive notices for (or on behalf of) Agent pursuant to the notices provisions of the Loan Documents (including Section 6.1 of this Agreement)) deliver copies thereof to the
Lenders), appropriate resolutions, secretary certificates, certified Organizational Documents and, if requested by Agent, legal opinions relating to the matters described in this Section 5.1(l) (which opinions shall be in form and substance
reasonably acceptable to Agent and the Required Lenders and, to the extent applicable, substantially similar to the opinions delivered on the Agreement Date), in each instance with respect to each Loan Party and each Subsidiary of a Loan Party
(other than any Excluded Foreign Subsidiary) formed or acquired, and each Loan Party or Person (other than a Loan Party) whose Stock is being pledged, after the Agreement Date. In connection with each pledge of Stock, on or prior to the date of any
such pledge of Stock, the Loan Parties shall deliver, or cause to be delivered, to Agent (and Agent shall promptly (but, in any event, within two (2) Business Days after (i) receipt thereof by (A) Agent’s main operations contact
or (B) any other Person designated by Agent to receive notices for (or on behalf of) Agent pursuant to the notices provisions of the Loan Documents (including Section 6.1 of this Agreement) or (ii) knowledge of receipt of an item from
the Borrower by Agent’s main operations contact or such other Person designated by Agent to receive notices for (or on behalf of) Agent pursuant to the notices provisions of the Loan Documents (including Section 6.1 of this Agreement))
deliver copies thereof to the Lenders), irrevocable proxies and Stock powers and/or assignments, as applicable, duly executed in blank, in each case, in form and substance reasonably satisfactory to Agent and the Required Lenders. 

(m) Each Loan Party shall, and shall cause each of its Subsidiaries to, comply with, and maintain its Real Estate, whether owned, leased,
subleased or otherwise operated or occupied, in compliance with all applicable Environmental Laws or as is required by orders and directives of any Governmental Authority except where the failure to comply could not reasonably be expected to,
individually or in the aggregate, result in a Material Environmental Liability. 
 (n) Promptly upon any Authorized Officer becoming aware
that any of the following has occurred that could reasonably be expected to result in material liability to a Loan Party, the Borrower will provide written notice to the Lenders specifying the nature of such event, what action the Loan Party or any
ERISA Affiliates has taken, is taking or proposes to take with respect thereto and, when known, if applicable, any action taken or threatened by the Internal Revenue Service, the Department of Labor or the PBGC with respect thereto: (i) any
ERISA Event, or (ii) a “prohibited transaction” as defined under Section 406 of ERISA or Section 4975 of the Code that is not exempt under ERISA Section 408 or Section 4975 of the Code, under any applicable
regulations and published interpretations thereunder or under any applicable prohibited transaction, individual or class exemption issued by the Department of Labor, with respect to any Employee Benefit Plan. 

(o) The Borrower agrees to timely file a Form D with respect to the Securities as required under Regulation D and to provide a copy thereof to
each Secured Party promptly after such filing. The Borrower shall, on or before the Initial Disbursement Date, take such action as the Borrower shall reasonably determine is necessary in order to obtain an exemption for, or to qualify the Securities
under applicable securities or “Blue Sky” laws of the states of the United States, and shall provide evidence of any such action so taken to the Secured Parties on or prior to the Initial Disbursement Date. The Borrower shall make all
filings and reports relating to the offer and sale of the Securities required under applicable securities or “Blue Sky” laws of the states of the United States following the Initial Disbursement Date. 

  
 60 

 (p) The Borrower shall take all actions necessary to cause the Common Stock to remain listed on
an Eligible Market at all times during the Reporting Period. The Borrower shall not, and shall cause each of the Subsidiaries not to, take any action that would be reasonably expected to result in the delisting or suspension or termination of
trading of the Common Stock on the Principal Market. Notwithstanding the foregoing, nothing contained herein shall prohibit the Company from effecting a Major Transaction (as defined in the Warrants) in which all shares of Common Stock outstanding
immediately prior to such Major Transaction are converted into the right to receive consideration consisting of cash or property other than Common Stock; provided that the Company complies with its obligations under this Agreement, the Warrants and
the other Loan Documents in connection therewith. The Loan Parties shall pay all fees, costs and expenses in connection with satisfying its obligations under this Section 5.1(p). 

(q) At or prior to 7:00 a.m. (New York City time) on the third (3rd) Business Day
following the Initial Disbursement Date, the Borrower shall file one or more Forms 8-K with the SEC describing the terms of the transactions contemplated by the Loan Documents, including as exhibits to such
Form or Forms 8-K this Agreement (including the schedules and exhibits hereto), the form of Notes, the form of Warrant, the Stock Purchase Agreement, the Royalty Agreement and the Registration Rights Agreement
and disclosing any other presently material non-public information (if any) provided or made available to any Lender (or any Lender’s agents or representative) on or prior to the Agreement Date (such Form
or Forms 8-K, collectively, the “Announcing Form 8-K”). At or prior to 5:30 a.m. (New York City time) on the third (3rd) Business Day following any other Disbursement Date, the Borrower shall
file a Form 8-K with the SEC describing the terms of the Disbursement occurring on such Disbursement Date and any other material transactions occurring in connection therewith. From and after the filing of the
applicable Form 8-K Filing, the Borrower shall have disclosed all material, non-public information (if any) provided or made available to any Lender (or any
Lender’s agents or representatives) by Borrower or any of its respective officers, directors, employees, Affiliates or agents in connection with the transactions contemplated by this Agreement or otherwise on or prior to the Agreement Date or
other Disbursement Date, as applicable. 
 (r) Each Loan Party shall not, and shall cause each of its Subsidiaries and its and each of their
respective officers, directors, employees. Attorneys, representatives and agents to not, provide any Secured Party with any material non-public information regarding the Borrower or any of its Subsidiaries
from and after the filing of the Announcing Form 8-K with the SEC without the express prior written consent of such Secured Party. Each Loan Party hereby acknowledges and agrees that no Secured Party (nor any
of such Secured Party’s Affiliates) shall have any duty of trust or confidence with respect to, or duty not to trade on the basis of, any material non-public information regarding the Borrower or its
securities (i) provided by, or on behalf of, the Borrower, any of its Subsidiaries, any of their respective Affiliates or any of their respective officers, directors, employees, attorneys, representatives or agents, in violation of any of the
covenants set forth in this Section or (ii) otherwise possessed by any Security Party (or any Affiliate of any Secured Party) as a result of any violation of any of the covenants set forth in this Section 5.1(r) or any provision of this
Agreement or any of the other Loan Documents requiring the Borrower to publicly disclose information in a press release, filing with the SEC or otherwise (collectively, the “Disclosure Covenants”). Notwithstanding anything to the
contrary herein, in the event that any Loan Party believes that a notice or communication to any Secured Party contains material non-public information relating to any Loan Party, any of its Subsidiaries or Affiliates or any of their respective
property or Stock, the Borrower shall so indicate to the Secured Parties contemporaneously with delivery of such notice or communication, and such indication shall provide the Secured Parties the means to refuse to receive such notice or
communication; and in the absence of any such indication, the holders of the Securities shall be allowed to presume that all matters relating to such notice or communication do not constitute material, nonpublic information relating to any Loan
Party, any of its Subsidiaries or its Affiliates or any of their respective property or Stock. Upon receipt or delivery by any 

  
 61 

 
Loan Party or any of its Subsidiaries of any notice in accordance with the terms of the Loan Documents, unless the Borrower has in good faith determined that the matters relating to such notice
do not constitute material, nonpublic information relating to any Loan Party or any of its Subsidiaries or its Affiliates or their respective property or Stock, the Loan Parties shall within one Business Day after any such receipt or delivery
publicly disclose such material, nonpublic information. In the event of a breach of any of the Disclosure Covenants by any Loan Party, any of the Subsidiaries or its Affiliates, or any of its or their respective officers, directors (or equivalent
persons), employees, attorneys, representatives or agents, in addition to any other remedies provided in the Loan Documents or otherwise available at law or in equity, the Secured Parties shall have the right to make a public disclosure in the form
of a press release, public advertisement or otherwise, of the applicable material nonpublic information regarding the Borrower without the prior approval by any Loan Party, its Subsidiaries or Affiliates, or any of its or their respective officers,
directors (or equivalent persons), employees, attorneys, representatives or agents, and no Secured Party shall have any liability to any Loan Party, any of its Subsidiaries or Affiliates or any of its or their respective officers, directors (or
equivalent persons), employees, stockholders, attorneys, representatives or agents for any such disclosure. Notwithstanding the foregoing, to the extent the Borrower reasonably and in good faith determines that it is necessary to disclose material non-public information to a Secured Party for purposes relating to the Facility Agreement (a “Necessary Disclosure”), the Parent shall inform counsel to such Lender (which shall be Katten Muchin
Rosenman LLP (Attn: Mark D. Wood) or such other counsel as shall have been designated by such Secured Party) of such determination without disclosing the applicable material non-public information, and the
Borrower and such counsel on behalf of the applicable Secured Party shall endeavor to agree upon a process for making such Necessary Disclosure to the applicable Secured Party or its representatives that is mutually acceptable to such Secured Party
and the Borrower (an “Agreed Disclosure Process”). Thereafter, the Borrower shall be permitted to make such Necessary Disclosure (only) in accordance with the Agreed Disclosure Process. For the avoidance of doubt, each of the
Parties acknowledges and agrees that no Lender nor any Affiliate of any Lender shall be deemed to be in possession of any material non-public information provided to Agent unless and until Agent actually
provides such information to such Lender or Affiliate thereof (as applicable). 
 (s) The Borrower acknowledges and agrees that the
Securities may be pledged by a holder thereof in connection with a bona fide margin agreement or other loan, financing or Indebtedness secured by the Securities. The pledge of Securities shall not be deemed to be a transfer, sale or assignment of
the Securities under the Loan Documents, and no such holder effecting any such pledge of Securities shall be required to provide any Loan Party or any of its Subsidiaries with any notice thereof or otherwise make any delivery to any Loan Party
pursuant to any Loan Document. The Borrower hereby agrees to execute and deliver such documentation as a pledgee of the Securities may reasonably request in connection with a pledge of the Securities to such pledgee by a holder of Securities. 

(t) Without limiting the generality of the foregoing, each Loan Party and its Subsidiaries shall comply in all material respects with all
Public Health Laws and their implementation by any applicable Governmental Authority and all lawful requests of any Governmental Authority applicable to its Products. All Products developed, manufactured, tested, distributed or marketed by or on
behalf of any Loan Party or any of its Subsidiaries that are subject to the jurisdiction of the FDA or comparable Governmental Authority shall be developed, tested, manufactured, distributed and marketed in material compliance with the Public Health
Laws and each other Applicable Law, including product approval or premarket notification, good manufacturing practices, labeling, advertising, record-keeping, and adverse event reporting, and shall be tested, investigated, distributed, marketed, and
sold in material compliance with Public Health Laws and all other Applicable Laws. 

  
 62 

 (u) The Loan Parties shall promptly (and, in any event, within two Business Days) (i) notify each
Secured Party of the occurrence of any breaches, defaults or events of default under, and any amendments, restatements, supplements, changes, consents, waivers, forbearances, joinders or other modifications to the Agreement Date Acquisition
Documents or the Revolving Credit Facility Documents or the entering into after the Agreement Date of any Agreement Date Acquisition Documents or Revolving Credit Facility Documents and provide copies of any documentation related to the foregoing
and (ii) deliver true, correct and complete copies of any material notices, documents, instruments, agreements or other material written information provided or received pursuant to, or in connection with, the Revolving Credit Facility
(including those delivered to any Loan Party or any of its Affiliates by any lender (or any agent of any lender) under the Revolving Credit Facility). 

(v) Financial Covenants. 

(i) Minimum Cash Balance. The Loan Parties covenant and agree that the Borrower and its Subsidiaries shall, at all times, maintain, on
a consolidated basis, a minimum aggregate amount of unrestricted cash in deposit accounts covered by a Control Agreement in favor of Agent (for the benefit of the Secured Parties) (and, solely with respect to unrestricted cash in an amount not to
exceed $5,000,000, deposit accounts held by Foreign Subsidiaries that are not subject to Liens of any Person other than Liens of the type set forth in clause (a) or clause (f) of the definition of “Permitted Liens”) equal to no
less than $25,000,000; provided that the Control Agreement requirement shall not be applicable until after the date immediately after the Post-Closing Control Agreement Period. 

(ii) Minimum Net Sales. The Loan Parties shall maintain LTM Net Sales of at least (A) $45,000,000 for the fiscal year ending December
31, 2018, (B) $75,000,000 for the fiscal year ending December 31, 2019 and (C) $100,000,000 for the fiscal year ending December 31, 2020 and each fiscal year ending thereafter. 

(w) Each Loan Party shall, and shall cause each of its Subsidiaries to (as applicable), execute and deliver the documents and complete the
tasks and other actions set forth on Schedule 5.1(w), in each case, within the time limits specified therein (or such longer period agreed to by the Required Lenders in their sole discretion). 

(x) On or prior to the date that is the earlier to occur of (i) forty-five (45) days after the Agreement Date (or such later date
agreed to by the Required Lenders in their sole discretion) to the extent any such Subject Foreign Subsidiary has not been dissolved prior to such date and (ii) any day that any such Subject Foreign Subsidiary has (A) more than $50,000 in
net income, revenue or operations for the most recent twelve month period for which financial statements have been provided or filed (or are required to be provided or filed) pursuant to Section 5.1(h) (or that are otherwise available prior to
the Agreement Date), (B) assets or property with an aggregate fair market value (when taken together) in excess of $50,000 or (C) assets of property that are material to the operation of the business (or the business) of the Loan Parties, each
Loan Party shall deliver the original Stock certificates (and corresponding Stock powers) in form and substance reasonably satisfactory to Agent and the Required Lenders representing 65% of the outstanding Stock of such Subject Foreign Subsidiary to
Agent (for the benefit of the Secured Parties). 
 Section 5.2 Negative Covenants. 

(a) No Loan Party shall, nor shall it permit any of its Subsidiaries to, directly or indirectly, merge with, consolidate with or into, dissolve
or liquidate into or convey, transfer, lease or otherwise dispose of (whether in one transaction or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to or in favor of any Person, except
(1) a Subsidiary that is not a Loan Party may merge into any Loan Party or any Subsidiary of a Loan Party (provided that, to the extent such Subsidiary that is not a Loan Party has its equity pledged to Agent (for the benefit of

  
 63 

 
the Secured Parties), then any Person it merges with must also have its equity pledged to Agent (for the benefit of the Secured Parties) by at least the same percentage), (2) a Subsidiary that is
a Loan Party may merge into any other Loan Party (provided that, (y) to the extent such Subsidiary being merged has its equity pledged to Agent (for the benefit of the Secured Parties), then any Person it merges with must also have its
equity pledged to Agent (for the benefit of the Secured Parties) by at least the same percentage and (z) to the extent the Borrower is part of such transaction, the Borrower must be the surviving Person), (3) any Subsidiary of the Borrower
(other than, for the avoidance of doubt, the Borrower) may liquidate or dissolve if (i) the Borrower determines in good faith that such liquidation or dissolution is in the best interests of the Borrower and it is not materially disadvantageous
to the Secured Parties and (ii) to the extent such Subsidiary is a Guarantor, any such assets or business held by such subject Subsidiary shall be transferred to, or otherwise owned or conducted by, a Loan Party after giving effect to such
liquidation or dissolution, (4) Permitted Acquisitions (provided that, to the extent any such transaction involves (y) a Loan Party, the Loan Party is the surviving Person or (z) the Borrower, the Borrower is the surviving Person) and
(5) the Agreement Date Acquisition and the other Transactions. No Loan Party shall establish or form any Subsidiary, unless such Subsidiary complies with Section 5.1(l) and such Subsidiary executes and/or delivers all other documents,
agreements and instruments reasonably requested by Agent or the Required Lenders to perfect a Lien in favor of Agent (for the benefit of the Secured Parties) on such Subsidiary’s assets and to make such Subsidiary a Guarantor under the Loan
Documents. 
 (b) No Loan Party shall, nor shall it permit any of its Subsidiaries to, directly or indirectly, (i) enter into any
partnership, joint venture, syndicate, pool, profit-sharing or royalty agreement (other than the Agreement Date Acquisition Agreement, as in effect on the Agreement Date) or other combination, or engage in any transaction with any holder of Stock of
the Borrower, any Affiliate of the Borrower or any equity holder of such Affiliate, whereby its income or profits are, or might be, shared with another Person other than a wholly owned Subsidiary, (ii) enter into any management contract or
similar arrangement whereby all or a substantial part of its business is managed by another Person, or (iii) make any Restricted Payments, other than when no Default or Event of Default has occurred and is continuing, the repurchase of the
Borrower’s Stock from current or former officers, employees or directors of the Borrower and its Subsidiaries (or their permitted transferees or estates) upon their death, disability or termination of employment in an aggregate amount not to
exceed $250,000 in any fiscal year of the Borrower. 
 (c) No Loan Party shall, nor shall it permit any of its Subsidiaries to, directly or
indirectly, (i) make, create, incur, assume or suffer to exist any Lien upon or with respect to any of its assets or property, except Permitted Liens, or (ii) Dispose of (whether in one or a series of transactions) any assets or property
(including the Stock of any Subsidiary of any Loan Party, whether in a public or private offering or otherwise, and accounts and notes receivable, with or without recourse), except Permitted Dispositions. 

(d) No Loan Party shall, nor shall it permit any of its Subsidiaries to, directly or indirectly, create, incur, assume, guarantee, permit to
exist or be liable with respect to any Indebtedness, other than Permitted Indebtedness. 
 (e) No Loan Party shall, nor shall it permit any
of its Subsidiaries to, directly or indirectly, (i) purchase or acquire any Stock, or any obligations or other securities of, or any interest in, any Person, including the establishment or creation of a Subsidiary, or (ii) make any
Acquisitions, or any other acquisition of any of the assets of another Person, or of any business or division of any Person, including by way of merger, consolidation, other combination or otherwise, or (iii) make, purchase or acquire any
advance, loan, extension of credit (other than trade payables in the ordinary course of business) or capital contribution to or any other investment in, any Person including the Borrower, any Affiliate of the Borrower or any Subsidiary of the
Borrower (the items described in clauses (i), (ii) and (iii) are referred to as “Investments”), except for Permitted Investments. 

  
 64 

 (f) No Loan Party shall, nor shall it permit any of its Subsidiaries to, directly or indirectly,
issue, sell or otherwise transfer or provide any interest in, any Stock of any Subsidiary of the Borrower. 
 (g) No Loan Party shall, and no
Loan Party shall suffer or permit any of its Subsidiaries to, directly or indirectly, (w) enter into any transaction with any Affiliate of a Loan Party or of any Subsidiary of a Loan Party (other than, in each case, transactions between or
among Loan Parties; provided that, if the Borrower is a party to such transaction, such transaction shall be on an arm’s length basis or the terms of such transaction shall be more favorable to the Borrower than to such other Loan Party
party to such transaction) or any officer, employee or director (or similar official or governing person) of any of the foregoing, (x) pay any management, consulting or similar fees to any of the foregoing, (y) pay or reimburse any of the
foregoing for any costs, expenses and similar items or (z) pay any indemnification payments to any such Person), except (1) with respect to transactions between or among the Borrower and its Subsidiaries as expressly permitted by this
Agreement, (2) in the ordinary course of business and pursuant to the reasonable requirements of the business of such Loan Party or such Subsidiary upon fair and reasonable terms no less favorable to such Loan Party or such Subsidiary than
would be obtained in a comparable arm’s length transaction with a Person not an Affiliate of the Borrower or such Subsidiary and which are disclosed in advance in writing to Agent (and Agent shall promptly (but, in any event, within two
(2) Business Days after (i) receipt thereof by (A) Agent’s main operations contact or (B) any other Person designated by Agent to receive notices for (or on behalf of) Agent pursuant to the notices provisions of the Loan
Documents (including Section 6.1 of this Agreement) or (ii) knowledge of receipt of an item from the Borrower by Agent’s main operations contact or such other Person designated by Agent to receive notices for (or on behalf of) Agent
pursuant to the notices provisions of the Loan Documents (including Section 6.1 of this Agreement)) disclose such transaction to the Lenders); provided, further, that in no event shall a Loan Party or any Subsidiary of a Loan
Party perform or provide any management, consulting, administrative or similar services to or for any Person other than another Loan Party, a Subsidiary of a Loan Party or a customer who is not an Affiliate in the ordinary course of business,
(3) payment of directors’ fees and reimbursement of actual out-of-pocket expenses incurred in connection with attending board of director meetings not to
exceed in the aggregate, with respect to all such items, $600,000 in any fiscal year of the Borrower, and (4) customary and reasonable compensation arrangements for officers and other employees of the Borrower and its Subsidiaries entered into in
the ordinary course of business. 
 (h) No ERISA Affiliate shall cause or suffer to exist, directly or indirectly, (i) any event that
could reasonably be expected to result in the imposition of a Lien on any asset of a Loan Party or a Subsidiary of a Loan Party with respect to any Title IV Plan or Multiemployer Plan, or (ii) any other ERISA Event, which other ERISA Event
could reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. 
 (i) No Loan Party shall, and no Loan
Party shall permit any of its Subsidiaries to, directly or indirectly, engage in any line of business substantially different from those lines of business carried on by it on the Agreement Date and any business reasonably complementary or ancillary
thereto. 
 (j) Except as expressly permitted under Section 5.2(a), no Loan Party shall, and no Loan Party shall permit any of its
Subsidiaries to, amend any of its Organizational Documents, any Agreement Date Acquisition Documents or any agreements or documents evidencing or contemplating any Permitted Acquisition in any respect materially adverse to any Secured Party. 

  
 65 

 (k) No Loan Party shall, and no Loan Party shall suffer or permit any of its Subsidiaries to,
(i) make any significant change in accounting treatment or reporting practices, except as required by GAAP, (ii) change the fiscal year or method for determining the fiscal quarters of any Loan Party or of any Subsidiary of any Loan Party,
(iii) change its name as it appears in official filings in its jurisdiction of organization or formation, (iv) change its jurisdiction of organization or formation, (v) change its entity identity, (vi) change its organizational
identification number (if any), or (vii) change the address of its chief executive office or principal place of business, in the case of clauses (iii), (iv), (v), (vi) and (vii), without at least ten (10) days’ prior written notice to
Agent (or such shorter period as may be agreed by the Required Lenders in their sole discretion) (and Agent shall promptly (but, in any event, within two (2) Business Days after (i) receipt thereof by (A) Agent’s main operations
contact or (B) any other Person designated by Agent to receive notices for (or on behalf of) Agent pursuant to the notices provisions of the Loan Documents (including Section 6.1 of this Agreement) or (ii) knowledge of receipt of an
item from the Borrower by Agent’s main operations contact or such other Person designated by Agent to receive notices for (or on behalf of) Agent pursuant to the notices provisions of the Loan Documents (including Section 6.1 of this
Agreement)) provide such notice to the Lenders). 
 (l) No Loan Party shall, nor shall it permit any of its Affiliates to, directly or
indirectly, purchase, redeem or defease earlier than scheduled or prepay any principal of, premium, if any, interest or other amount payable in respect of any Indebtedness prior to its scheduled maturity, other than (i) the Obligations, and
(ii) Indebtedness secured by a Permitted Lien if the sole asset securing such Indebtedness has been sold or otherwise disposed of as a Permitted Disposition. 

(m) No Loan Party shall, and no Loan Party shall permit any of its Subsidiaries to, directly or indirectly, create or otherwise cause or suffer
to exist or become effective any consensual restriction or encumbrance of any kind on the ability of any Loan Party or Subsidiary to pay dividends or make any other distribution on any of such Loan Party’s or Subsidiary’s Stock or to pay
fees, including management fees, or make other payments and distributions to the Borrower or any other Loan Party, except for those in the Loan Documents. No Loan Party shall, and no Loan Party shall permit any of its Subsidiaries to, directly or
indirectly, enter into, assume or become subject to any contractual obligation prohibiting or otherwise restricting the existence of any Lien upon any of its assets in favor of Agent or any Secured Party, whether now owned or hereafter acquired, or
prohibit or otherwise restrict the Disposition of any assets of any Loan Party or any of its Subsidiaries, except, in each case, (i) those in the Loan Documents, (ii) in connection with any document or instrument governing Liens permitted
pursuant to clauses (k) and (l) of the definition of “Permitted Liens;” provided that any such restriction contained therein relates only to the asset or assets subject to such permitted Liens, and (iii) with respect to
Dispositions only (and not Liens), the Revolving Credit Facility Documents. 
 (n) No Loan Party shall, and no Loan Party shall permit any of
its Subsidiaries to, directly or indirectly, fail to comply with the laws, regulations and executive orders referred to in Section 3.1(jj). No Loan Party or Subsidiary of a Loan Party, nor, to the knowledge of any Loan Party or any of its
Subsidiaries, any director, officer, agent, employee or other Person acting on behalf of any Loan Party or any such Subsidiary, will request or use the proceeds of any Loan, directly or indirectly, (i) for any payments to any Person, including
any government official or employee, political party, official of a political party, candidate for political office or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, or
otherwise take any action, directly or indirectly, that would result in a violation of any Anti-Corruption Laws, (ii) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Person on the SDN
List or a government of a Sanctioned Country, to the extent such activities, business or transaction would be prohibited by Sanctions if conducted by a corporation incorporated in the United States or in a European Union member state, or
(iii) in any manner that would result in the violation of any Sanctions applicable to any party hereto. Furthermore, the Loan Parties will not, directly or indirectly, use the proceeds of the 

  
 66 

 
transaction, or lend, contribute or otherwise make available such proceeds to any Subsidiary, Affiliate, joint venture partner or other Person, to fund any activities of or business with any
Person, or in any country or territory, that, at the time of such funding, is the subject of Sanctions, or in any other manner that will result in a violation by any Person participating in the transaction of any Sanctions. 

(o) No Loan Party shall, and no Loan Party shall permit any of its Subsidiaries to, directly or indirectly, engage in a sale leaseback,
synthetic lease or similar transaction involving any of its assets. 
 (p) No Loan Party shall, and no Loan Party shall permit any of its
Subsidiaries to, directly or indirectly, cause or suffer to exist any Release of any Hazardous Material at, to or from any Real Estate that would violate or form the basis of Liability under any Environmental Law, other than such violations or
liabilities that could not reasonably be expected, individually or in the aggregate, to result in Material Environmental Liabilities. 
 (q)
No Loan Party shall, and no Loan Party shall permit any of its Subsidiaries to, be an “investment company” or a company “controlled” by an “investment company,” as such terms are defined in the Investment Company Act,
or to otherwise be registered or required to be registered under, or be subject to the restrictions imposed by the Investment Company Act. 

(r) No Loan Party shall, and no Loan Party shall permit any of its Subsidiaries to, directly or indirectly, (i) cause or suffer to exist
the initiation by the FDA or any other Governmental Authority of any enforcement action against any Loan Party or any of its Subsidiaries, or any suppliers that causes such Loan Party or Subsidiary to recall, withdraw, remove or discontinue
marketing any of its Products; (ii) cause or suffer to exist the issuance by the FDA or any other Governmental Authority of a warning letter to any Loan Party or any of its Subsidiaries with respect to any Regulatory Matter which could
reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect; (iii) conduct a mandated or voluntary recall which could reasonably be expected to result in aggregate liability and expense to the Loan Parties and
their Subsidiaries of $250,000 or more or that could reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect; or (iv) enter into a settlement agreement with the FDA or any other Governmental Authority that
results in aggregate liability as to any single or related series of transactions, incidents or conditions, of $250,000 or more, or that could reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. 

(s) No Loan Party shall, and no Loan Party shall permit any of its Subsidiaries to, directly or indirectly, allow any Subsidiary of any Loan
Party that is not a Loan Party (including Rib-X Therapeutics Limited) to have (a) annual revenues or net income in excess of $100,000, (b) or assets or property (all taken together) with an aggregate fair
market value in excess of $100,000 or (c) assets or property that are material to the operation of the business (or the business) of the Loan Parties. 

(t) No Loan Party shall, and no Loan Party shall permit any of its Subsidiaries to, (A) make any payment, or take any action, with respect to
the Indebtedness under the Revolving Credit Facility that is in violation or breach of the Revolving Credit Facility Intercreditor Agreement; (B) make any amendment, restatement, supplement or modification of any Revolving Credit Facility
Documents in violation or breach of the Revolving Credit Facility Intercreditor Agreement; or (C) join any Subsidiary or any Affiliate of any Loan Party as a borrower, guarantor or obligor, or have such Person pledge or grant a Lien on any of
its property or assets, under the Revolving Credit Facility Documents, unless, in each case, the same Person becomes a Loan Party in the same capacity (and/or pledges and grants Liens on the same property or assets (and with no Person having
priority in between the Liens granted under the Revolving Credit Facility Documents and the Liens granted under the Loan Documents in connection with this Section 5.2(s))) under the Loan Documents and such Person executes and delivers such
agreements, instruments and documents reasonably requested by Agent or the Required Lenders to effectuate any of the foregoing. 

  
 67 

 (u) Notwithstanding anything to the contrary in this Agreement or in any other Loan Documents, no
Loan Party shall, and no Loan Party shall permit any of its Subsidiaries to, create, incur or suffer to exist any Indebtedness which is subordinated or junior (either in respect of Lien priority or in right of payment or any combination thereof) to
the Indebtedness under the Revolving Credit Facility unless such Indebtedness is expressly subordinated or junior to the Obligations (both in terms of Lien priority and in right of payment) on terms and conditions reasonably acceptable to Agent and
the Required Lenders. 
 Section 5.3 Major Transaction. The Loan Parties
and their Subsidiaries shall give Agent and the Lenders written notice of a transaction described in clause (A), (B), (C) or (D) of the definition of “Major Transaction” (as defined in the Warrants) at least fifteen (15) days
prior to the consummation thereof but in any event not later than two (2) Business Days following the first public announcement thereof. The Lenders, within five (5) days after the receipt of such notice, in the exercise of their sole
discretion, may deliver a notice to the Borrower (the “Put Notice”) that the Final Payment shall be due and payable and all remaining Subsequent Disbursement Commitments shall be automatically terminated upon the
consummation of such Major Transaction, with no further action taken by any Person as of or after the date of such Put Notice. If the Lenders deliver a Put Notice, then simultaneously with consummation of such Major Transaction, the Borrower shall
make (or cause to be made) the Final Payment to the Lenders and all remaining Subsequent Disbursement Commitments shall be immediately and automatically terminated as of the date of such Put Notice. In such case, the Loan Parties shall make
arrangements satisfactory to the Lenders, as determined by the Lenders in their sole discretion, that the Final Payment will be paid in full to the Lenders (and all remaining Subsequent Disbursement Commitments shall immediately and automatically
terminate), in each case, concurrently with the consummation of such Major Transaction (which arrangements may include obtaining a written agreement from the acquiring Person, as applicable, that payment of the Final Payment shall be made to the
Lenders upon the consummation of such Major Transaction). The Loan Parties hereby acknowledge and agree that the Secured Parties shall have the right to apply for an injunction in any state or federal courts sitting in the City of New York to
prevent the consummation of such Major Transaction unless and until such arrangements satisfactory to the Lenders have been made. The Loan Parties shall not, and shall not permit any of their Subsidiaries to, consummate any Major Transaction without
complying in all respects with the provisions of this Section 5.3. 
 Section 5.4 General
Acceleration Provision upon Events of Default. If one or more of the events specified in this Section 5.4 shall have happened or occurred and be continuing
beyond any applicable cure period expressly provided in this Section 5.4 (each, an “Event of Default”), the Required Lenders or Agent may, or Agent (upon written election by the Required Lenders)
shall, by written notice to the Borrower (subject to Section 5.5(a), which, for the avoidance of doubt, shall not require any such notice and shall occur automatically), declare the principal of, and accrued and unpaid interest on, all of the
Loans and other Obligations or any part of any of them (together with any other amounts accrued or payable under the Loan Documents) to be, and the same shall thereupon become, immediately due and payable and shall immediately terminate all of the
remaining Subsequent Disbursement Commitments, in each case, without any further notice and without any presentment, demand or protest of any kind, all of which are hereby expressly waived by the Borrower and the other Loan Parties, appoint a
receiver for the Loan Parties and their Subsidiaries, and take any further action available at law or in equity or that are provided in the Loan Documents, including the sale or transfer of the Loan and other Obligations and all other rights
acquired in connection with the Loan or the other Obligations or under the Loan Documents: 

  
 68 

 (a) The Borrower or any other Loan Party shall have failed (i) to pay when and as required
to be paid herein or in any other Loan Document, any amount of principal of any Loan, including after maturity of the Loans, or (ii) to pay within three (3) Business Days after the same shall become due, interest on any Loan, any fee or
any other amount or Obligation payable hereunder or pursuant to any other Loan Document. 
 (b) Any Loan Party shall have failed to comply
with or observe (i) Section 2.1, Section 5.1(a), 5.1(b)(ii), 5.1(e), 5.1(f), 5.1(g), 5.1(h), 5.1(i), 5.1(k), 5.1(l), 5.1(o), 5.1(p), 5.1(q), 5.1(r), 5.1(s), 5.1(t), 5.1(u), 5.1(v), 5.1(w) or 5.1(x), Section 5.2 or
Section 5.3 of this Agreement or Section 5 of the Security Agreement, or (ii) any covenant contained in any Loan Document (other than the covenants described in Section 5.4(a) or Section 5.4(b)(i) above), and such failure,
with respect to this Section 5.4(b)(ii) only, shall not have been cured within thirty (30) days after the earlier to occur of (y) the date upon which any officer of any Loan Party or any of its Subsidiaries becomes aware of such failure
and (z) the date upon which written notice thereof is given to any Loan Party or any of its Subsidiaries by any Secured Party; provided no such cure period in this Section 5.4(b)(ii) shall be provided or apply with respect to any
provision or covenant that by its inherent nature cannot be cured upon being violated or breached. 
 (c) Any representation or warranty made
by any Loan Party in any Loan Document shall have been incorrect, false or misleading in any material respect (except to the extent that such representation or warranty is qualified by reference to materiality or Material Adverse Effect, to which
extent it shall have been incorrect, false or misleading in any respect) as of the date it was made. 
 (d) (i) Any Loan Party or any of
its Subsidiaries shall generally be unable to pay its debts as such debts become due, or shall admit in writing its inability to pay its debts as they come due or shall make a general assignment for the benefit of creditors; (ii) any Loan Party
or any of its Subsidiaries shall declare a moratorium on the payment of its debts; (iii) the commencement by any Loan Party or any of its Subsidiaries of proceedings to be adjudicated bankrupt or insolvent, or the consent by it to the
commencement of bankruptcy or insolvency proceedings against it, or the filing by it of a petition or answer or consent seeking reorganization, intervention or other similar relief under any Applicable Law, or the consent by it to the filing of any
such petition or to the appointment of an intervenor, receiver, liquidator, assignee, trustee, sequestrator or other similar official of all or substantially all of its assets; (iv) the commencement against any Loan Party or any of its Subsidiaries
of a proceeding in any court of competent jurisdiction under any bankruptcy or other Applicable Law (as now or hereafter in effect) seeking its liquidation, winding up, dissolution, reorganization, arrangement or adjustment, or the appointment of an
intervenor, receiver, liquidator, assignee, trustee, sequestrator or other similar official, and any such proceeding shall continue undismissed, or any order, judgment or decree approving or ordering any of the foregoing shall continue unstayed or
otherwise in effect, for a period of sixty (60) days; (v) the making by any Loan Party or any of its Subsidiaries of an assignment for the benefit of creditors, or the admission by it in writing of its inability to pay its debt generally as
they become due; or (vi) any other event shall have occurred which under any Applicable Law would have an effect analogous to any of those events listed above in this subsection. 

(e) One or more judgments, orders or decrees or settlements shall be rendered against any Loan Party or any Subsidiary of a Loan Party that
exceeds by more than $250,000 any insurance coverage applicable thereto (to the extent the relevant insurer has been notified of such claim and has not denied coverage therefor) or one or more non-monetary
judgments, orders or decrees or settlements shall be rendered against any Loan Party or any Subsidiary of a Loan Party that would reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect, and in either case
(i) enforcement proceedings shall have been commenced by any creditor upon any such judgment, order or decree or (ii) such judgment, order or decree shall not have been vacated or discharged within ten (10) days of the entry thereof
or there shall not be in effect (by reason of a pending appeal or otherwise) any stay of enforcement thereof. 

  
 69 

 (f) Any authorization of a Governmental Authority necessary for the execution, delivery or
performance of any Loan Document or for the validity or enforceability of any of the Obligations under any Loan Document is not given, is withdrawn or ceases to remain in full force or effect. 

(g) The validity of any Loan Document shall be contested by any Loan Party or any of its Subsidiaries, or any Applicable Law shall purport to
render any material provision of any Loan Document invalid or unenforceable or shall purport to prevent or materially delay the performance or observance by any Loan Party or any of its Subsidiaries of the Obligations. 

(h) Any Loan Party or any Subsidiary of any Loan Party (i) fails to make any payment in respect of the Revolving Credit Facility or any
Indebtedness (other than the Obligations) having an aggregate principal amount (including undrawn committed or available amounts and including amounts owing to all creditors under any combined or syndicated credit arrangement) of more than $250,000
(provided that no such threshold shall apply with respect to the Revolving Credit Facility) when due (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise) and such failure continues after the applicable grace or
notice period, if any, specified in the documents relating thereto on the date of such failure; or (ii) fails to perform or observe any other condition or covenant, or any other event shall occur or condition exist, under any agreement or
instrument relating to any such Indebtedness, if the effect of such failure, event or condition is to cause, or to permit the holder or holders of such Indebtedness or beneficiary or beneficiaries of such Indebtedness (or a trustee or agent on
behalf of such holder or holders or beneficiary or beneficiaries) to cause, such Indebtedness to be declared to be due and payable (or otherwise required immediately to be prepaid, redeemed, purchased or defeased) prior to its stated maturity
(without regard to any subordination terms with respect thereto) or cash collateral in respect thereof to be demanded. 
 (i) Any material
provision of any Loan Document shall for any reason cease to be valid and binding on or enforceable against any Loan Party or any Subsidiary of any Loan Party party thereto or any Loan Party or any Subsidiary of any Loan Party shall so state in
writing or bring an action to limit its obligations or liabilities thereunder; any Loan Document shall for any reason (other than pursuant to the terms thereof) cease to create a valid security interest in the Collateral (to the extent that such
perfection or priority is required hereby) purported to be covered thereby or such security interest shall for any reason cease to be a perfected and first priority security interest; or any of the Obligations shall cease to be secured by all of the
Collateral. 
 (j) (i) The occurrence of any ERISA Event that could reasonably be expected, individually or in the aggregate, to have a
Material Adverse Effect or (ii) the imposition of a Lien on any asset of a Loan Party or a Subsidiary of a Loan Party with respect to any Title IV Plan or Multiemployer Plan. 

(k) The occurrence of any Change of Control. 

(l) Any provisions of the Revolving Credit Facility Intercreditor Agreement shall for any reason be revoked or invalidated, or otherwise cease
to be in full force and effect, other than in accordance with the terms thereof, or any Person shall contest in any manner the validity or enforceability thereof or deny that it has any further liability or obligation thereunder. 

  
 70 

 Section 5.5 Additional Remedies. 

(a) Automatic Acceleration on Dissolution or Bankruptcy. Notwithstanding any other provisions of this Agreement, if an Event of Default
under Section 5.4(d) shall occur, the principal of the Loans (together with any interest, other amounts and Obligations accrued or payable under this Agreement or the other Loan Documents (including any Prepayment Fees)) shall thereupon become
immediately and automatically due and payable and any remaining Subsequent Disbursement Commitments shall be immediately and automatically terminated, in each case, without any presentment, demand, protest or notice of any kind, all of which are
hereby expressly waived by the Borrower and the other Loan Parties. 
 (b) Power of Attorney. Notwithstanding anything to the contrary
in this Agreement and the other Loan Documents, each Loan Party hereby irrevocably and unconditionally constitutes and appoints the Secured Parties and any of the Secured Parties’ Affiliates, attorneys, representatives or agents, with full
power of substitution, as such Loan Party’s true and lawful attorney-in-fact with full irrevocable and unconditional power and authority in the place and stead of
such Loan Party and in the name of such Loan Party or in its own name, for the purpose of carrying out the terms of this Agreement, the Warrants, and the other Loan Documents, to take any appropriate steps or actions and to execute and deliver (and
perform under on such Loan Party’s behalf) any agreement, document or instrument that may be necessary or desirable to accomplish the purposes and/or effectuate the items and actions set forth in this Agreement, the Warrants, and the other Loan
Documents, including (i) any actions that any such Loan Party fails to take that are required under such documents, agreements or instruments and (ii) during the existence of any Event of Default, to deliver the original shares of Common
Stock to be issued under any Warrants to the applicable holder thereof upon such holder exercising its rights pursuant to the terms of such Warrants. 

Section 5.6 Recovery of Amounts Due. If any
Obligation or other amount payable hereunder or under any of the other Loan Documents is not paid as and when due, the Borrower and the other Loan Parties hereby authorize Agent and the Lenders to proceed, to the fullest extent permitted by
Applicable Law, without prior notice, by right of set-off, banker’s lien or counterclaim, against any moneys or other assets of the Borrower or any other Loan Party to the full extent of all Obligations or other amounts payable to Agent and/or
the Lenders. 
 Section 5.7 Credit Bidding. The Loan Parties and the Lenders hereby
irrevocably authorize Agent, based upon the written instruction of the Required Lenders, to (a) credit bid and in such manner purchase (either directly or through one or more acquisition vehicles) all or any portion of the Collateral at any
sale thereof conducted under the provisions of the Bankruptcy Code, including under Section 363 of the Bankruptcy Code or any similar laws in any other jurisdictions to which a Loan Party is subject, or (b) credit bid and in such manner
purchase (either directly or through one or more acquisition vehicles) all or any portion of the Collateral at any other sale or foreclosure conducted by (or with the consent or at the direction of) Agent (whether by judicial action or otherwise) in
accordance with Applicable Law. In connection with any such credit bid and purchase, the Obligations owed to the Lenders shall be entitled to be, and shall be, credit bid on a ratable basis (with Obligations with respect to contingent or
unliquidated claims being estimated for such purpose if the fixing or liquidation thereof would not unduly delay the ability of Agent to credit bid and purchase at such sale or other disposition of the Collateral and, if such claims cannot be
estimated without unduly delaying the ability of Agent to credit bid, then such claims shall be disregarded, not credit bid, and not entitled to any interest in the asset or assets purchased by means of such credit bid) and the Lenders whose
Obligations are credit bid shall be entitled to receive interests (ratably based upon the proportion of their Obligations credit bid in relation to the aggregate amount of Obligations so credit bid) in the asset or assets so purchased (or in the
Stock of the acquisition vehicle or vehicles that are used to consummate such purchase). Except as provided above and otherwise expressly provided for herein or in the other Loan Documents, Agent will not execute nor deliver a release of any Lien on
any Collateral. Upon request by Agent at any time, the Lenders will confirm in 

  
 71 

 
writing Agent’s authority to release any such Liens on particular types or items of Collateral pursuant to, and in accordance with, this Section 5.7. Each Secured Party whose
Obligations are credit bid under this Section 5.7 shall be entitled to receive interests in the Collateral or any other asset acquired in connection with such credit bid (or in the Stock of the acquisition vehicle or vehicles that are used to
consummate such acquisition) on a ratable basis in accordance with the percentage obtained by dividing (y) the amount of the Obligations of such Secured Party that were credit bid in such credit bid, by (z) the aggregate amount of all
Obligations that were credit bid in such credit bid. 
 ARTICLE 6 

MISCELLANEOUS 

Section 6.1 Notices. Any notices or other information (including an financial information) required or
permitted to be given under the terms hereof shall be sent by certified or registered mail (return receipt requested) or delivered personally or by courier (including a recognized overnight delivery service) or by facsimile or by electronic mail and
shall be effective five (5) days after being placed in the mail, if mailed by regular United States mail, or upon receipt, if delivered personally or by courier (including a recognized overnight delivery service) or by facsimile, or when
received by electronic mail in each case addressed to a party as follows (or such other address, facsimile or electronic mail address provided by such party to such other parties pursuant to the below (or such later address, facsimile or electronic
mail address provided in accordance herewith): 
 If to the Borrower or any other Loan Party: 

Melinta Therapeutics, Inc. 
 300
George Street 
 Suite 301 
 New
Haven, Connecticut 06511 
 E-mail: pestrem@melinta.com 

Attn: Paul Estrem 
 With a copy to (which shall
not be deemed to constitute notice): 
 Willkie Farr & Gallagher LLP 

787 Seventh Avenue 
 New York, New
York 10019-6099 
 Facsimile No.: 212-728-9507 

E-mail: jgoldfarb@willkie.com 

Attn: Jeffrey M. Goldfarb 
 If to Agent: 

Cortland Capital Market Services LLC 

225 W. Washington St., 9th Floor 

Chicago, IL, 60606 
 Facsimile:
(312) 376-0751 
 E-mail: legal@cortlandglobal.com and
ryan.morick@cortlandglobal.com 
 Attn: Legal Department and Ryan Morick 

  
 72 

 With a copy to (which shall not be deemed to constitute notice): 

Holland & Knight 
 131
South Dearborn Street, 30th Floor 
 Chicago, IL 60603 

Facsimile: (312) 578-6666 

E-mail: Joshua.Spencer@hklaw.com 

Attn: Joshua M. Spencer, Esq. 

and 
 Katten Muchin Rosenman LLP

 2029 Century Park East, Suite 2600 

Los Angeles, CA 90067-3012 

Facsimile: (310) 788-4471 

E-mail: kristopher.ring@kattenlaw.com and mark.wood@kattenlaw.com 

Attn: Kristopher J. Ring, Esq. 

Attn: Mark D. Wood, Esq. 
 If to any Lender, the
information for notices included on Schedule 2.4 or pursuant to any assignment agreement assigning any Obligations to any new Lender. 

Section 6.2 Waiver of Notice. Whenever any notice is
required to be given to the Lenders or the Borrower under any of the Loan Documents, a waiver thereof in writing signed by the Person or Persons entitled to such notice, whether before or after the time stated therein, shall be deemed equivalent to
the giving of such notice. 
 Section 6.3 Cost and Expense
Reimbursement. The Loan Parties agree to pay on or prior to the Agreement Date and, within ten (10) Business Days after delivery of an invoice therefor, after the Agreement Date, (a) all costs and expenses of Agent
and the Lenders of negotiation, preparation, execution, delivery, filing and administration of the Loan Documents and any consents, amendments, waivers or other modifications thereto, (b) all fees, costs and expenses of legal counsel to Agent
and the Lenders in connection with the negotiation, preparation, execution and administration of the Loan Documents and any consents, amendments, waivers or other modifications thereto and any other documents or matters requested by the Borrower or
any other Loan Party related thereto; provided that the maximum amount of such legal costs incurred solely with respect to the negotiation, preparation and execution of the Loan Documents prior to the Agreement Date (but, for the
avoidance of doubt, not on or after the Agreement Date) by the Agent and the Lenders that is required to be paid by the Borrower is $500,000, (c) all fees, costs and expenses of creating and perfecting Liens in favor of Agent (on behalf of the
Secured Parties) pursuant to any Loan Document, including filing and recording fees, expenses and Taxes, search fees, title insurance premiums, and fees, costs, expenses and disbursements of counsel to Agent and the Lenders and of counsel providing
any opinions that Agent or the Lenders may request in respect of any Loan Documents or the Liens created pursuant to the Loan Documents, (d) all costs and expenses incurred by Agent or any Lender in connection with the custody or preservation
of any of the Collateral, (e) all costs and expenses, including fees, costs and expenses of legal counsel to Agent and the Lenders and fees, costs and expenses of accountants, advisors and consultants, incurred by Agent, any Lender and its
counsel relating to efforts to protect, evaluate, assess or dispose of any of the Collateral, (f) all costs and expenses, including fees, costs and expenses of legal counsel to Agent and the Lenders and all fees, costs and expenses of
accountants, advisors and consultants and costs of settlement, incurred by the Agent and Lenders in enforcing any of the Loan Documents or any Obligations of, or in collecting any payments due from, any Loan Party hereunder or under the other Loan
Documents (including in connection with the sale of, collection from, or other realization upon any of the Collateral or the enforcement of the Loan Documents) or in connection with any refinancing or restructuring of the credit 

  
 73 

 
arrangements provided under this Agreement in the nature of a “work-out” or pursuant to any proceeding or event of the type set forth in Section 5.4(d), (g) the cost of purchasing
insurance that the Loan Parties fail to obtain as required by the Loan Documents, (h) all fees, costs and expenses (including costs and expenses of counsel) of any Secured Party incurred after the occurrence or during the continuance of an
Event of Default and (i) all amounts that any Lender may be required to reimburse any Agent Indemnitee for pursuant to Section 6.15(i) or Section 6.15(j), including any fees, costs and expenses (and attorneys’ fees) incurred by
such Secured Parties in connection therewith. Without limiting any of the foregoing provisions of this Section 6.3, any action taken by any Loan Party under or with respect to any Loan Document, even if required under any Loan Document or at
the request of the Agent or any other Secured Party, shall be at the sole expense of such Loan Party, and neither Agent nor any other Secured Party shall be required under any Loan Document to reimburse any Loan Party or any Subsidiary of any Loan
Party therefor. The obligations and provision contained in this Section 6.3 shall survive the termination of this Agreement and the repayment of the Obligations. 

Section 6.4 Governing Law; Venue; Jurisdiction;
Service of Process; Waiver of Jury Trial. All questions concerning the construction, validity, enforcement and interpretation of this Agreement
and, unless otherwise expressly stated therein, the other Loan Documents shall be governed by and construed and enforced in accordance with the laws of the State of New York applicable to contracts made and to be performed in such State. Each Party
agrees that all legal proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Agreement and, unless otherwise expressly stated therein, the other Loan Documents (whether brought against a party
hereto or its respective Affiliates, directors, officers, shareholders, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York. Each Party hereby irrevocably submits to the exclusive
jurisdiction of the Commercial Division, New York State Supreme Court and the federal courts, in each case, sitting in the City of New York, borough of Manhattan (and, in each case, the applicable state and federal appeals courts sitting in the City
of New York or, if not available or applicable, the State of New York), for the adjudication of any dispute hereunder or under the other Loan Documents or in connection herewith or with the other Loan Documents or with any transaction contemplated
hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, or that such suit, action or proceeding is
improper or is an inconvenient venue for such proceeding; provided that nothing in this Agreement or in any other Loan Document shall limit the right of any Secured Party to commence any suit, action or proceeding in federal, state or other court of
any other jurisdiction to the extent such Secured Party determines that such suit, action or proceeding is necessary or appropriate to exercise its rights or remedies under this Agreement or any of the other Loan Documents. Each Party hereby
irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such Party at
the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve
process in any other manner permitted by law. THE PARTIES HERETO, TO THE EXTENT PERMITTED BY LAW, WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING ARISING OUT OF, IN CONNECTION WITH OR RELATING TO, THIS AGREEMENT, THE OTHER LOAN
DOCUMENTS AND ANY OTHER TRANSACTION CONTEMPLATED HEREBY AND THEREBY. THIS WAIVER APPLIES TO ANY ACTION, SUIT OR PROCEEDING WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE. EACH PARTY HERETO (A) CERTIFIES THAT NO OTHER PARTY AND NO AGENT,
REPRESENTATIVE OR OTHER PERSON AFFILIATED WITH OR RELATED TO ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, AND (B) ACKNOWLEDGES THAT
IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THE LOAN DOCUMENTS, AS APPLICABLE, BY THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 6.4. 

  
 74 

 Section 6.5 Successors and
Assigns. This Agreement shall bind and inure to the respective successors and permitted assigns of the Parties, except that no Loan Party may assign or otherwise transfer all or any part of their rights or obligations (including
the Obligations) under the Loan Documents without the prior written consent of all of the Lenders, and any prohibited assignment by the Loan Parties shall be absolutely void ab initio. Any Lender may assign or transfer its
rights or Obligations (including any Subsequent Disbursement Commitments) under the Loan Documents in accordance with this Section 6.5. Each assignment or transfer shall be subject only to the following conditions: (i) the parties to each
assignment or transfer shall execute and deliver to the Agent an Assignment and Assumption, (ii) the Lender (whether the assignor or assignee) shall pay an assignment or transfer fee in the amount of $3,500 to Agent, unless and to the extent
the Agent, in its sole discretion, shall expressly waive such fee in writing; provided that if an assignment or transfer by a Lender is made to an Affiliate or related fund of such assigning Lender, then no assignment or transfer fee shall be due in
connection with such assignment or transfer, and (iii) the assignee or transferee shall provide all documentation and other information reasonably determined by the Agent to be required by applicable regulatory authorities required under
applicable “know your customer” and anti-money laundering rules and regulations, including the USA Patriot Act. 
 Within one
(1) Business Day of its receipt of a duly completed Assignment and Assumption executed by such Lender and an assignee or transferee, the assignment or transfer fee, if any, and any “know your customer” information reasonably requested
by the Agent, the Agent shall accept such Assignment and Assumption and record the information contained therein in the Register. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register by the
Agent; provided that any such assignment shall be effective regardless of it is recorded in the Register by the Agent if Agent does not timely record such assignment in the Register in accordance and compliance with the immediately preceding
sentence. Once the assignment or transfer has been recorded in the Register, the assignee or transferee shall (to the extent of the interests assigned or transferred to such assignee or transferee) have all the rights and obligations of, and shall
be deemed, a Lender with respect to such Loan or Subsequent Commitment (as applicable) hereunder or under the other Loan Documents. Notwithstanding anything to the contrary in any Loan Document, no Lender shall assign or transfer, or provide any
participation in, any of the Loans, other Obligations or Subsequent Disbursement Commitments to any of the Loan Parties. 
 In addition to
the other rights provided in this Section 6.5, each Secured Party may grant a security interest in, or otherwise assign as collateral, any of its rights under the Loan Documents, whether now owned or hereafter acquired (including rights to
payments of principal or interest on the Loans), to any holder of, or trustee for the benefit of the holders of, such Secured Party’s Indebtedness or equity securities. 

Section 6.6 Entire Agreement; Amendments. 

(a) The Loan Documents contain the entire understanding of the Parties with respect to the matters covered thereby and supersede any and all
other written and oral communications, negotiations, commitments and writings with respect thereto (other than those provisions of the Commitment Letter that expressly survive the termination of the Commitment Letter and the execution and delivery
of this Agreement). Notwithstanding the foregoing or anything else to the contrary (including in the Commitment Letter), the “Confidentiality” and “Other Services” sections of the Commitment Letter are superseded by the provision
of this Agreement. 

  
 75 

 (b) Subject to the provisions of Section 6.6(c), no amendment, restatement, modification,
supplement, change, termination or waiver of any provision of this Agreement or the other Loan Documents (other than the Warrants, the Stock Purchase Agreement, the Royalty Agreement, the Registration Rights Agreement, any Control Agreement or any
similar agreement or any landlord agreement or bailee or mortgagee waiver, each of which may be amended, changed or waived in accordance with the terms thereof), and no consent to any departure by any Loan Party therefrom, shall in any event be
effective without the written concurrence of the Borrower and the Required Lenders (and with a copy to the Agent); provided that no such amendment, restatement, modification, change, termination, waiver or consent shall, without the consent
of each Lender with Obligations directly and adversely affected thereby, do any of the following: (i) reduce any Loan; (ii) postpone the Maturity Date or other scheduled final maturity date of any Loan, or postpone the date or reduce the
amount of any scheduled payment (but not mandatory prepayment) of principal of any Loan; (iii) postpone the date on which any interest, premium or any fees are payable (other than default interest charged pursuant to Section 2.8(b)); (iv)
decrease the interest rate borne by any Loan (other than any waiver of any increase in the interest rate applicable to any of the Loans pursuant to Section 2.8(b)) or the amount of any premium or fees payable hereunder; (v) amend this
Section 6.6 or any provision of this Agreement or any other Loan Documents providing for consent or other action by all Lenders; (vi) amend, modify, change or waive the provisions contained in (A) Section 6.5 in a manner that
would further restrict the rights of any Lender to assign all or any portion of its rights and obligations under this Agreement or (B) Section 6.6(d); (vii) change in any manner any provision of this Agreement that by its terms, expressly
requires the approval or consent of all Lenders; (viii) release or subordinate any Lien granted in favor of Agent with respect to all or substantially all of the Collateral or release all or substantially all of the value of the guarantees of
the Obligations provided by the Guarantors, in each case, other than in accordance with the terms of the Loan Documents; or (ix) (A) change or have the effect of changing the priority or pro rata treatment of any payments (including voluntary
and mandatory prepayments), Liens or proceeds of Collateral (including as a result in whole or in part of allowing the issuance or incurrence, pursuant to this Agreement, the other Loan Documents or otherwise, of new loans or other Indebtedness
having any priority over any of the Obligations in respect of payments, Liens, Collateral or proceeds of Collateral, in exchange for any Obligations or otherwise), or (B) advance the date fixed for, or increase, any scheduled installment of
principal due to any of the Lenders under any Loan Document; 
 it being agreed that all Lenders shall be deemed to be directly and
adversely affected by an amendment, waiver or supplement described in the preceding clauses (vi), (viii) or (ix) of this Section 6.6(b). 

(c) No amendment, restatement, supplement, modification, change, termination, waiver or consent of any provision of any Loan Document shall,
unless in writing and signed by Agent, 
 (A) amend, restate, supplemented, modify, change, terminate or waive (or consent to any diversion
from) any provision of this Section 6.6(c) or of any other provision of this Agreement or any other Loan Document which, by its terms, expressly requires the approval or concurrence of Agent, (B) reduce the amount or postpone the due date
of or waives any fees, expenses and/or indemnities payable to Agent hereunder or under the other Loan Documents or (C) or otherwise affect the rights, benefits, liabilities or duties of Agent under this Agreement or any other Loan Document.
Notwithstanding anything to the contrary in Section 6.6(b), Agent and the Borrower may amend or modify this Agreement and any other Loan Document to (i) cure any ambiguity, omission, defect or inconsistency therein, and (ii) grant a
new Lien to Agent, for the benefit of the Secured Parties, extend an existing Lien over additional property for the benefit of the Secured Parties or join additional Persons as Loan Parties. 

(d) No consideration shall be offered or paid (in any form, whether cash, Stock, other property or otherwise) to any Loan Party to amend,
restate, supplement, modify or change or consent to a waiver of (or a diversion from) any provision of any of the Loan Documents unless the same 

  
 76 

 
consideration also is offered to all of the Lenders under the Loan Documents. For clarification purposes, this provision constitutes a separate right granted to each Lender and is not intended
for the Borrower or any other Loan Party to treat the Lenders as a class and shall not be construed in any way as the Lenders acting in concert or otherwise as a group with respect to the purchase, disposition or voting of securities or Stock or
otherwise. 
 Section 6.7 Severability. If any provision of this Agreement or any of the
other Loan Documents shall be invalid, illegal or unenforceable in any respect under any law, the validity, legality and enforceability of the remaining provisions hereof or thereof shall not in any way be affected or impaired thereby. The Parties
shall endeavor in good faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provision. 

Section 6.8 Counterparts. This Agreement may be executed in several counterparts, and by
each Party on separate counterparts, each of which and any photocopies, facsimile copies and other electronic methods of transmission thereof shall be deemed an original, but all of which together shall constitute one and the same agreement. 

Section 6.9 Survival. 

(a) In addition to Section 3.2, this Agreement and all agreements, representations and warranties and covenants made in the Loan
Documents, and in any document, certificate or statement delivered pursuant thereto or in connection therewith shall be considered to have been relied upon by the other Parties and shall survive the execution and delivery of this Agreement and the
other Loan Documents and the making of the Loan (including any Subsequent Disbursement) hereunder or thereunder regardless of any investigation made by any such other Party or on its behalf, and shall continue in force until the later of (i)(A) all
Obligations and other amounts payable under the Loan Documents shall have been fully paid in accordance with the provisions hereof and thereof and (B) any Subsequent Disbursement Commitments have terminated and (ii) the end of the
Reporting Period. Agent and the Lenders shall not be deemed to have waived, by reason of making the Loan (including any Subsequent Disbursement), any Event of Default that may arise by reason of such representation or warranty proving to have been
false or misleading, notwithstanding that Agent or the Lenders may have had notice or knowledge of any such Event of Default or may have had notice or knowledge that such representation or warranty was false or misleading at the time the
Disbursement was made. 
 (b) All representations and warranties made hereunder and in any other Loan Document or other document delivered
pursuant hereto or thereto or in connection herewith or therewith shall survive (and shall continue to be made in accordance with the terms hereof and thereof after) the execution and delivery hereof and thereof. Such representations and warranties
have been or will be relied upon by the Secured Parties, regardless of any investigation made by the Secured Parties or on their behalf and notwithstanding that the Secured Parties may have had notice or knowledge of any Default or Event of Default
at the time of any Loan, and shall continue in full force and effect (and shall continue to be made in accordance with the terms of the applicable Loan Documents) as long as any Loan or any other Obligation hereunder or under the other Loan
Documents shall remain unpaid or unsatisfied. 
 (c) Notwithstanding anything to the contrary in the Loan Documents, the obligations of the
Loan Parties under Sections 1.4, 2.5 and 5.1(r) and any provisions that concern or are related to the Reporting Period and the obligations of the Loan Parties and the Lenders under this Article 6 shall survive and remain in full force and effect
regardless of the consummation of the transactions contemplated hereby, the repayment of the Loan and the other Obligations, the termination of the Subsequent Disbursement Commitments, the expiration, extinguishment or termination of the Warrants or
the termination of this Agreement or any of the other Loan Documents or any provision hereof or thereof. 

  
 77 

 (d) For the avoidance of doubt and notwithstanding anything to the contrary in any Loan
Documents, (a) all of the provisions (including the making of the representations and warranties) herein or in any other Loan Document that relate to the Purchased Shares, the Interest Payment Shares, the Warrants, the Warrant Shares the
Royalty or any securities Laws shall survive the payment in full of the Loans and any other Obligations until such time that the Warrants are fully and completely paid, performed, extinguished and terminated in accordance with their terms and the
Reporting Period has ended, (b) all representations and warranties with respect to the Warrants, the Warrant Shares, the Registration Rights Agreement and the Royalty Agreement shall continue to, and at all times, be made until (i) with
respect to the Warrants and the Warrant Shares, such Warrants are fully and completely paid, performed, extinguished and terminated in accordance with their terms, (ii) with respect to the Registration Rights Agreement, the Registration Rights
Agreement is fully and completely terminated in accordance with its terms, (iii) with respect to the Royalty Agreement, the Royalty Agreement is fully and completely terminated in accordance with its terms, and (c) all Liens granted on the
Collateral under any Loan Document shall remain in effect and continue to secure any obligations (including the Obligations) under the Warrants, the Registration Rights Agreement and the Royalty Agreement until all of the Warrants and the Royalty
Agreement (and the obligations (including the Obligations) under the Warrants, the Registration Rights Agreement and the Royalty Agreement) have been fully and completely paid, performed, extinguished and terminated, including, in each case, after
all of the Loans and any other Obligations have been paid in full. 
 Section 6.10 No
Waiver. Neither the failure of, nor any delay on the part of, any Party in exercising any right, power or privilege hereunder, or under any agreement, document or instrument mentioned herein or under any other Loan Document, shall
operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege hereunder, under any other Loan Document or under any other agreement, document or instrument mentioned herein, preclude other or further exercise
thereof or the exercise of any other right, power or privilege; nor shall any waiver of any right, power, privilege or default hereunder, under any other Loan Document or under any agreement, document or instrument mentioned herein, constitute a
waiver of any other right, power, privilege or default or constitute a waiver of any default of the same or of any other term or provision. No course of dealing and no delay in exercising, or omission to exercise, any right, power or remedy accruing
to Agent or the Lenders upon any breach, Default or Event of Default under this Agreement, any other Loan Document or any other agreement shall impair any such right, power or remedy or be construed to be a waiver thereof or an acquiescence therein;
nor shall the action of Agent or the Lenders in respect of any such breach, Default or Event of Default or any acquiescence by it therein, affect or impair any right, power or remedy of Agent or the Lenders in respect of any other breach, Default or
any Event of Default. All rights and remedies herein or in the other Loan Documents provided are cumulative and not exclusive of any rights or remedies otherwise provided by (or available at) law or in equity. 

Section 6.11 Indemnity. 

(a) The Loan Parties shall, at all times, jointly and severally indemnify and hold harmless (the “Indemnity”) Agent, each
Lender, each other Secured Party and each of their respective directors, partners, members, managers, officers, employees, agents, counsel and advisors (each, an “Indemnified Person”) in connection with any losses, claims (including
the reasonable attorneys’ fees incurred in defending against such claims), damages, liabilities, penalties or other expenses arising out of, or relating to, the Loan Documents, the extension of credit hereunder or the Loan or the other
Obligations, the providing of the Subsequent Disbursement Commitments or the use or intended use of the Loan or the other Obligations, which an Indemnified Person may incur or to which an Indemnified Person may

  
 78 

 
become subject (including (x) any amounts that any Lender may be required to indemnify any Agent Indemnitee for pursuant to Section 6.15(h), (y) any amounts that any Lender may be
required to reimburse Agent for pursuant to Section 6.15(i) and (z) any fees, costs and expenses (and attorneys’ fees) incurred by any Secured Party in connection therewith), but excluding Excluded Taxes (each, a
“Loss”). The Indemnity shall not be available to any Indemnified Person to the extent that a court or arbitral tribunal of competent jurisdiction issues a final and non-appealable judgment
that such Loss resulted from the gross negligence or willful misconduct of such Indemnified Person. The Indemnity is independent of and in addition to any other agreement of any Party under any Loan Document to pay any amount to the Secured Parties,
and any exclusion of any obligation to pay any amount under this Section 6.11(a) shall not affect the requirement to pay such amount under any other section hereof or under any other agreement. For the avoidance of doubt, this Section 6.11
shall not apply to Indemnified Taxes. 
 (b) An Indemnified Person shall have the right to retain its own legal counsel with the fees, costs
and expenses of such legal counsel and of such Indemnified Person to be paid by the Loan Parties. The indemnification required by this Section 6.11 shall be made and paid by the Loan Parties within ten (10) Business Days of written demand
by such Indemnified Person. 
 (c) No settlement of any Loss shall be entered into by any Loan Party without the written consent of the
applicable Indemnified Person. 
 (d) No Loan Party shall, nor shall it permit any of its Subsidiaries, assert, and each Loan Party on behalf
of itself and its Subsidiaries, hereby waives, any claim, loss or amount against any Indemnified Person with respect to any special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection
with, or as a result of, this Agreement or the other Loan Documents or any undertaking or transaction contemplated hereby or thereby. No Indemnified Person shall be liable for any damages arising from the use by unintended recipients of any
information or other materials distributed by it through telecommunications, electronic or other information transmission systems in connection with the Loan Documents or the transactions contemplated hereby or thereby. 

The indemnification obligations contained in this Section 6.11 shall survive the termination of this Agreement and repayment of the
Obligations. 
 Section 6.12 No Usury. The Loan Documents are hereby expressly
limited so that in no contingency or event whatsoever, whether by reason of acceleration or otherwise, shall the amount paid or agreed to be paid to Agent or the Lenders for the Loan or the other Obligations exceed the maximum amount permissible
under Applicable Law. If from any circumstance whatsoever fulfillment of any provision hereof or any other Loan Document, at the time performance of such provision shall be due, shall involve transcending the limit of validity prescribed by law,
then, ipso facto, the obligation to be fulfilled shall be reduced to the limit of such validity, and if from any such circumstance Agent or the Lenders shall ever receive anything which might be deemed interest under Applicable Law, that would
exceed the highest lawful rate, such amount that would be deemed excessive interest shall be applied to the reduction of the principal amount owing on account of the Loan or the other Obligations, or if such deemed excessive interest exceeds the
unpaid balance of principal of the Loan or the other Obligations, such deemed excess shall be refunded to the Borrower. All sums paid or agreed to be paid to the Lenders for the Loan or the other Obligations shall, to the extent permitted by
Applicable Law, be deemed to be amortized, prorated, allocated and spread throughout the full term of the Loan and the other Obligations until payment in full so that the deemed rate of interest on account of the Loan and the other Obligations is
uniform throughout the term thereof. The terms and provisions of this Section shall control and supersede every other provision of this Agreement, the Notes and the other Loan Documents. 

  
 79 

 Section 6.13 Specific Performance. The Loan
Parties agree that irreparable damage, for which monetary relief, even if available, would not be an adequate remedy, would occur in the event that any provision of the Loan Documents is not performed in accordance with its specific terms or is
otherwise breached, including if the Loan Parties hereto fail to take any action required of them hereunder or thereunder to consummate the transactions contemplated by the Loan Documents. In light of the foregoing, the Loan Parties hereby agree
that (a) the Secured Parties shall be entitled to an injunction or injunctions, specific performance or other equitable relief to prevent breaches of the Loan Documents and to enforce specifically the terms and provisions hereof and thereof in
the courts described in Section 6.4 without proof of damages or otherwise and (b) the right of specific performance and other equitable relief is an integral part of the transactions contemplated by the Loan Documents and without that
right, the Secured Parties would not have entered into the Loan Documents or have provided Loans or Disbursements hereunder or under the other Loan Documents or the Subsequent Disbursement Commitments hereunder and under the other Loan Documents.
The Loan Parties hereby agree not to assert (or have any of their Subsidiaries or their attorneys, agents or representatives assert or any other Person on their behalf to assert) that a remedy of specific performance or other equitable relief is
unenforceable, invalid, contrary to Applicable Law or inequitable for any reason, and not to assert that a remedy of monetary damages would provide an adequate remedy or that the parties otherwise have an adequate remedy at law. The Loan Parties
hereby acknowledge and agree that any Secured Party seeking an injunction or injunctions to prevent breaches of, or defaults under, the Loan Documents, to prevent any Default or Event of Default and to enforce specifically the terms and provisions
of the Loan Documents in accordance with this Section 6.13 shall not be required to provide any bond or other security in connection with any such injunction or other order or proceeding. The remedies available to the Secured Parties pursuant
to this Section 6.13 shall be in addition to any other remedy which may be available under the Loan Documents, at law, in equity or otherwise. 

Section 6.14 Further Assurances. From time to time, the Loan Parties shall
perform any and all acts and execute and deliver to Agent and the Lenders such additional documents, agreements and instruments as may be necessary or as requested by Agent or any of the Lenders to carry out the purposes of any Loan Document or any
or to preserve and protect Agent’s or the Lenders’ rights as contemplated therein. 
 Section 6.15
Agent. 
 (a) Each Lender hereby irrevocably appoints Cortland (together with any successor Agent appointed by the Required
Lenders) as Agent hereunder and under the other Loan Documents and authorizes Agent to (i) execute and deliver the Loan Documents and accept delivery thereof on its behalf from any Loan Party, (ii) take such other actions on its behalf and
to exercise all rights, powers and remedies and perform the duties as are expressly delegated to Agent under the Loan Documents and (iii) exercise such powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary
contained elsewhere in this Agreement or in any other Loan Document, Agent shall not have any duty or responsibility except those expressly set forth herein, nor shall Agent have or be deemed to have any fiduciary relationship with any Lender or
participant, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan Document or otherwise exist against Agent. Without limiting the generality of the foregoing
sentence, the use of the term “agent” herein and in other Loan Documents with reference to Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any Applicable Law.
Instead, such term is used merely as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent contracting parties. 

  
 80 

 (b) Agent may execute any of its duties under this Agreement or any other Loan Document by or
through agents, employees or attorneys in fact and shall be entitled to advice of counsel and other consultants or experts concerning all matters pertaining to such duties. 

(c) None of Agent nor any of its directors, officers, employees, attorneys, advisors, representatives or agents shall (i) be liable for
any action taken or omitted to be taken by any of them under or in connection with this Agreement or any other Loan Document or the Transactions or the transactions contemplated hereby or thereby (except to the extent resulting from its own gross
negligence, willful misconduct, or material breach of any Loan Document in connection with its duties, liabilities, responsibilities and obligations expressly set forth herein or in the other Loan Documents as determined by a court of competent
jurisdiction in a final and non-appealable judgment), or (ii) be responsible in any manner to any Lender or participant for any recital, statement, representation or warranty made by any Loan Party or
Affiliate of any Loan Party, or any officer thereof, contained in this Agreement or in any other Loan Document, or in any certificate, report, statement or other document referred to or provided for in, or received by the Agent under or in
connection with, this Agreement or any other Loan Document, or for any failure of any Loan Party or any other party to any Loan Document to perform its obligations (including the Obligations) hereunder or thereunder. Agent shall not be under any
obligation to any Lender to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other Loan Document, or to inspect the properties, books or records of any Loan
Party or any Loan Party’s Subsidiaries or Affiliates. 
 (d) Agent shall be entitled to rely, and shall be fully protected in relying,
upon any writing, communication, signature, resolution, representation, notice, consent, certificate, electronic mail message, affidavit, letter, telegram, facsimile, telex or telephone message, statement or other document or conversation believed
by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons, and upon advice and statements of legal counsel (including counsel to any Loan Party), independent accountants and other experts selected by
Agent. Agent shall be fully justified in failing or refusing to take any action under this Agreement or any other Loan Document unless it shall first receive such advice or concurrence of the Required Lenders as it deems appropriate and, if it so
requests, confirmation from the Lenders of their obligation to indemnify Agent against any and all liabilities and expenses (including any fees and expenses of counsel to Agent) which may be incurred by it by reason of taking or continuing to take
any such action. Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement or any other Loan Document in accordance with a request or consent of the Required Lenders and such request and any action
taken or failure to act pursuant thereto shall be binding upon each Lender. 
 (e) Agent shall not be deemed to have knowledge or notice of
the occurrence of any Event of Default or Default, unless Agent shall have received written notice from a Lender or any Loan Party referring to this Agreement and the other Loan Documents, describing such Event of Default or Default. Agent shall
take such action with respect to such Event of Default or Default as may be requested by the Required Lenders; provided that unless and until the Agent has received any such request, the Agent may (but shall not be obligated to) take such
action, or refrain from taking such action, with respect to such Event of Default or Default as it shall deem advisable or in the best interest of itself and the Lenders. 

(f) Each Lender acknowledges that Agent has not made any representation or warranty to it, and that no act by Agent hereafter taken, including
any consent and acceptance of any assignment or review of the affairs of the Loan Parties or any of their Subsidiaries, shall be deemed to constitute any representation or warranty by Agent to any Lender as to any matter, including whether Agent has
disclosed material information in its possession. Each Lender represents to Agent that it has, independently and without reliance upon Agent and based on such documents and information as it has 

  
 81 

 deemed appropriate, made its own appraisal of and investigation into the business, prospects, operations,
property, financial and other condition and creditworthiness of Borrower and the other Loan Parties, and made its own decision to enter into this Agreement and the other Loan Documents and to extend credit to Borrower hereunder and under the other
Loan Documents. Each Lender also represents that it will, independently and without reliance upon Agent and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and
decisions in taking or not taking action under this Agreement and the other Loan Documents, and to make such investigations as it deems necessary or appropriate to inform itself as to the business, prospects, operations, property, financial and
other condition and creditworthiness of Borrower and the other Loan Parties. Subject to Section 6.15(h), Agent shall promptly (but, in any event, within two (2) Business Days after (i) receipt thereof by (A) Agent’s main
operations contact or (B) any other Person designated by Agent to receive notices for (or on behalf of) Agent pursuant to the notices provisions of the Loan Documents (including Section 6.1 of this Agreement) or (ii) knowledge of
receipt of an item from the Borrower by Agent’s main operations contact or such other Person designated by Agent to receive notices for (or on behalf of) Agent pursuant to the notices provisions of the Loan Documents (including Section 6.1
of this Agreement)) deliver and provide to each Lender any notices, reports, documents, instruments, agreements and other information of any Loan Party or any of its Affiliates or that Agent may receive from any Loan Party or any of its Affiliates
which may come into the possession of Agent (or which Agent receives) in connection with the Loan Documents or the transactions contemplated by the Loan Documents. 

(g) The Person serving as Agent may resign as Agent upon 30 days’ notice to the Lenders and the Required Lenders have the right, at their
sole election, to remove the Person serving as Agent upon 10 days’ notice to Agent (or immediately upon any material breach of Agent of its obligations under the Loan Documents). If the Person serving as Agent resigns under this Agreement or
the Required Lenders remove the Person serving as Agent, the Required Lenders shall appoint from among the Lenders a Person to serve as successor Agent for such successor Agent, the Lenders and the other Secured Parties. If no Person is appointed to
serve as successor Agent prior to the effective date of the resignation or removal of Agent, Agent may appoint, after consulting with the Lenders, a Person to serve as successor Agent from among the Lenders. Upon the acceptance by a Person of its
appointment as successor Agent hereunder, such successor Agent shall succeed to all the rights, powers and duties of the retiring or removed Agent and the term “Agent” shall mean such successor Agent, and the retiring Agent’s
appointment, powers and duties as Agent shall be immediately and automatically terminated at such time. After any Person’s resignation or removal hereunder as Agent, the provisions of this Section 6.15 shall inure to its benefit (in its
capacity as Agent) as to any actions taken or omitted to be taken by it while it was Agent under this Agreement and the other Loan Documents. If no Person has accepted appointment as Agent by the date which is 30 days following a Person’s
notice of its resignation as Agent (or at the time of removal of a Person as Agent), the Person who resigned or was removed as Agent shall nevertheless thereupon (and at such time) no longer be Agent and the Lenders shall perform all of the duties
of Agent hereunder until such time, if any, as the Required Lenders appoint a Person to serve as successor Agent as provided for above. 

(h) Notwithstanding anything to the contrary in this Agreement or in any other Loan Document (including any provision in the Loan Documents
that require Agent to deliver, send, disclose or otherwise provide any agreements, instruments, documents, copies or information to any Lender or any other Secured Party), Agent covenants and agrees that, if and to the extent specifically requested
or directed in writing by a Lender, Agent (and any other Person on behalf of Agent) shall not deliver, send, disclose or otherwise provide such Lender or any of its Affiliates any agreements, documents or other information (or specific types of
categories thereof) containing or constituting (or that may contain or constitute) material non-public information regarding the Borrower or its Subsidiaries that is received by (or otherwise available to)
Agent (or any other Person on behalf of Agent), as set forth in such written request or direction. 

  
 82 

 (i) Each Lender severally (but not jointly) agrees to indemnify, defend and hold harmless the
Agent, its affiliates and their respective officers, partners, directors, trustees, employees and agents (each a “Agent Indemnitee”), to the extent that such Agent Indemnitee shall not have been reimbursed by Borrower within sixty
(60) days after written demand to Borrower therefor, provided that such Agent Indemnitee has used commercially reasonable efforts to obtain such payment from the Borrower during such sixty-day period, for
and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, reasonable and documented out-of-pocket costs, reasonable and
documented out-of-pocket expenses (including reasonable and documented outside counsel fees and disbursements) or disbursements of any kind or nature whatsoever which
may be imposed on, incurred by or asserted against such Agent Indemnitee in exercising its powers, rights and remedies or performing its duties hereunder or under the Loan Documents or otherwise in its capacity as such Agent Indemnitee in any way
relating to or arising out of this Agreement or the Loan Documents; provided, that such indemnity shall not, as to any Agent Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses are determined by
a court of competent jurisdiction by final and non-appealable judgment to have resulted from the gross negligence or willful misconduct of, or material breach of, any Loan Document by any Agent Indemnitee.

 (j) Without duplication of Section 6.15(i), each Lender severally (but not jointly) agrees to reimburse each Agent Indemnitee (to the
extent that such Agent Indemnitee shall not have been reimbursed by Borrower within sixty (60) days after written demand by Borrower therefor) promptly upon demand for any reasonable and documented out-of-pocket costs and expenses (including, without limitation, reasonable and documented out-of-pocket fees, charges, and
disbursements of financial, outside legal counsel and other advisors and any taxes or insurance paid in the name of, or on behalf of the Borrower) incurred by such Agent Indemnitee in connection with the preparation, execution, delivery,
administration, modification, amendment, consent, waiver or enforcement, or preservation of any rights under this Agreement or any other Loan Document in each case, only to the extent such Agent Indemnitee has been specifically directed by the
Required Lenders in writing to take such action. The indemnification and reimbursement obligations contained in Section 6.15(i) and Section 6.15(j) shall survive the termination of this Agreement and the repayment of the Obligations. 

Section 6.16 USA Patriot Act. Each Lender that is subject to the USA
Patriot Act (and Agent (for itself and not on behalf of any Lender)) hereby notifies the Loan Parties that pursuant to the requirements of the USA Patriot Act, it is required to obtain, verify and record information that identifies each Loan Party,
which information includes the name and address of each Loan Party and other information that will allow such Lender or Agent to identify each Loan Party in accordance with the USA Patriot Act. 

Section 6.17 Placement Agent. The Borrower and the other Loan Parties shall be solely
responsible for the payment of any fees, costs, expenses and commissions of any placement agent, broker or financial adviser relating to or arising out of the transactions contemplated by the Loan Documents. The Borrower and the other Loan Parties
shall pay, and hold each of the Secured Parties harmless against, any liability, loss or expense (including attorneys’ fees, costs and expenses) arising in connection with any claim for any such payment. 

Section 6.18 Independent Nature of Secured
Parties. The obligations of each Secured Party under the Loan Documents are several and not joint with the obligations of any other Secured Party, and no Secured Party shall be responsible in any way for the performance of the obligations
of any other Secured Party under the Loan Documents. Each Secured Party shall be responsible only for its own 

  
 83 

 representations, warranties, agreements and covenants under the Loan Documents. The decision of each Lender to
acquire the Securities pursuant to the Loan Documents has been made by such Lender independently of any other Secured Party and independently of any information, materials, statements or opinions as to the business, affairs, operations, assets,
properties, liabilities, results of operations, condition (financial or otherwise) or prospects of the Borrower or any of its Subsidiaries which may have been made or given by any other Secured Party or by any agent, attorney, advisor,
representative or employee of any other Secured Party, and no Secured Party or any of its agents, attorneys, advisors, representatives or employees shall have any liability to any other Secured Party (or any other Person) relating to or arising from
any such information, materials, statements or opinions. Nothing contained in the Loan Documents, and no action taken by any Secured Party pursuant hereto or thereto (including a Lender’s acquisition of Obligations, Notes, Purchased Shares,
Interest Payment Shares, Warrants or Warrant Shares at the same time as any other Secured Party), shall be deemed to constitute the Secured Parties as a partnership, an association, a joint venture or any other kind of entity, or create a
presumption that the Secured Parties are in any way acting in concert or as a group with respect to such Obligations or the transactions contemplated by any of the Loan Documents. Each Secured Party shall be entitled to independently protect and
enforce its rights, including the rights arising out of the Loan Documents, and it shall not be necessary for any other Secured Party to be joined as an additional party in any proceeding for such purpose. 

Section 6.19 Joint and Several. The obligations of the Loan Parties
hereunder and under the other Loan Documents are joint and several. Without limiting the generality of the foregoing, reference is hereby made to Section 2 of the Security Agreement, to which the obligations of the Loan Parties are subject.

 Section 6.20 No Third Parties Benefited. This Agreement
is made and entered into for the sole protection and legal benefit of the Loan Parties and the Secured Parties party hereto and the Indemnified Persons, and their successors and permitted assigns, and no other Person shall be a direct or indirect
legal beneficiary of, or have any direct or indirect cause of action or claim in connection with, this Agreement or any of the other Loan Documents. No Secured Party shall have any obligation to any Person not a party to this Agreement or the other
Loan Documents. 
 Section 6.21 Binding Effect. This Agreement shall become effective
when it shall have been executed by each of the Loan Parties party hereto, each Lender party hereto and Agent and such executed counterparts have been delivered to Agent and the Lenders pursuant to the terms of this Agreement. Thereafter, it shall
be binding upon and inure to the benefit of, but only to the benefit of each Loan Party party hereto and each Secured Party party thereto and, in each case, their respective successors and permitted assigns and, for the purposes of
Section 6.11, shall inure to the benefit of the Indemnified Persons. 
 Section 6.22
Marshaling; Payments Set Aside. No Secured Party shall be under any obligation to marshal any property in favor of any Loan Party or any other Person or against or in payment of any Obligation. To
the extent that any Secured Party receives a payment from the Borrower, from any other Loan Party, from the proceeds of the Collateral, from the exercise of its rights of setoff, any enforcement action or otherwise, and such payment is subsequently,
in whole or in part, invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver or any other party, then to the extent of such recovery, the obligation or part thereof originally intended to be
satisfied, and all Liens, rights and remedies therefor, shall be revived and continued in full force and effect as if such payment had not occurred. 

  
 84 

 Section 6.23 No Waiver;
Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of any Secured Party, any right, remedy, power or privilege under any Loan Document, shall operate as a waiver thereof; nor shall any single
or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. No course of dealing between any Loan Party, any Affiliate of any
Loan Party or any Secured Party shall be effective to amend, modify or discharge any provision of any of the Loan Documents. 

Section 6.24 Right of Setoff. Each Secured Party and each of its
Affiliates is hereby authorized, without notice or demand (each of which is hereby waived by each Loan Party), at any time and from time to time during the continuance of any Event of Default and to the fullest extent permitted by Applicable Law, to
set off and apply any and all deposits (whether general or special, time or demand, provisional or final) at any time held and other Indebtedness, claims or other obligations at any time owing by any Secured Party or any of its Affiliates to or for
the credit or the account of the Borrower or any other Loan Party against any Obligation of any Loan Party now or hereafter existing, whether or not any demand was made under any Loan Document with respect to such Obligation and even though such
Obligation may be unmatured. No Lender shall exercise any such right of setoff without the prior consent of the Required Lenders. Each Secured Party agrees promptly to notify Agent (and Agent shall promptly (but, in any event, within two
(2) Business Days after (i) receipt thereof by (A) Agent’s main operations contact or (B) any other Person designated by Agent to receive notices for (or on behalf of) Agent pursuant to the notices provisions of the Loan
Documents (including Section 6.1 of this Agreement) or (ii) knowledge of receipt of an item from the Borrower by Agent’s main operations contact or such other Person designated by Agent to receive notices for (or on behalf of) Agent
pursuant to the notices provisions of the Loan Documents (including Section 6.1 of this Agreement)) notify the other Lenders) after any such setoff and application made by such Secured Party or its Affiliates; provided, however,
that the failure to give such notice shall not affect the validity of such setoff and application. The rights under this Section 6.24 are in addition to any other rights and remedies (including other rights of setoff) that any Secured Party or
any of its Affiliates may have. 
 Section 6.25 Sharing of Payments,
Etc. If any Lender, directly or through any of its Affiliates, obtains any payment of any Obligation of any Loan Party (whether voluntary, involuntary or through the exercise of any right of setoff or the receipt of any Collateral or
“proceeds” (as defined under the applicable UCC) of Collateral) (and other than pursuant to Section 6.5) and such payment exceeds the amount such Lender would have been entitled to receive if all payments had gone to, and been
distributed in accordance with the provisions of the Loan Documents, such Lender shall purchase for cash from other Lenders such participations in their Obligations as necessary for such Lender to share such excess payment with such Lenders to
ensure such payment is applied as though it had been applied in accordance with this Agreement; provided, however, that (i) if such payment is rescinded or otherwise recovered from such Lender in whole or in part, such purchase
shall be rescinded and the purchase price therefor shall be returned to such Lender without interest and (ii) such Lender shall, to the fullest extent permitted by Applicable Law, be able to exercise all its rights of payment (including the
right of setoff) with respect to such participation as fully as if such Lender were the direct creditor of the applicable Loan Party in the amount of such participation. 

Section 6.26 Other Services. 

(a) Nothing contained in this Agreement shall limit or preclude any Secured Party or any of its Affiliates from carrying on any business with,
providing banking or other financial or equity services to, or from participating in any capacity, including as an equity investor, in any Person whatsoever, including, without limitation, any competitor, supplier or customer of the Borrower,
Agreement Date Acquisition Sellers or any of their respective Affiliates, or any other Person that may have interests different than or adverse to such Person. Each Loan Party (i) acknowledges and consents to any Secured Party or any of its
Affiliates providing any “Seller Bridge Financing” (as defined in the 

  
 85 

 Commitment Letter) or any other loans or commitments to the Agreement Date Acquisition Sellers or any of their
Affiliates and (ii) acknowledges and agrees that the providing thereof does not constitute a breach of the Loan Documents. Each Loan Party agrees that no Secured Party or any of its Affiliates have any obligation to inform any Loan Party of any
such “Seller Bridge Financing” or any other loans or commitments provided to the Agreement Date Acquisition Sellers or any of their Affiliates from time to time.. 

(b) In connection with all aspects of the Transactions, each Loan Party acknowledges and agrees that: (i) the Loans, Obligations,
Subsequent Disbursement Commitments and any related services contemplated in the Loan Documents constitute an arm’s-length commercial transaction between the Loan Parties, on the one hand, and the Secured Parties, on the other hand, and each
Loan Party is capable of evaluating and understanding and understand and accept the terms, risks and conditions of the Transactions, (ii) in connection with the process leading to the Transactions, the Secured Parties are and have been acting
solely as a principal and not as a financial advisor, agent or fiduciary, for any Loan Party or any of the Loan Parties’ management, Affiliates, Stock holders, directors, officers, employees, creditors or any other Person, (iii) none of
the Secured Parties nor any of their Affiliates has assumed or will assume an advisory, agency or fiduciary responsibility in any Loan Party or any of the Loan Parties’ Affiliates’ favor with respect to any of the Transactions or the
process leading thereto (irrespective of whether any Secured Party or any of the Secured Parties’ Affiliates have advised or are currently advising any Loan Party or any of the Loan Parties’ Affiliates on other matters) and none of the
Secured Parties or their Affiliates have any obligation to any Loan Party or any of the Loan Parties’ Affiliates with respect to the Transactions, (iv) the Secured Parties and their Affiliates may be engaged in a broad range of
transactions that involve interests that differ from the Loan Parties and their Affiliates and none of the Secured Parties or any of their Affiliates shall have any obligation to disclose any of such interests, and (v) none of the Secured Parties or
any of their Affiliates have provided any legal, accounting, regulatory or tax advice with respect to any of the Transactions and the Loan Parties have consulted their own legal, accounting, regulatory and tax advisors to the extent the Loan Parties
have deemed appropriate. Each Loan Party waives and releases, to the fullest extent permitted by law, any claims that it may have against any Secured Party and their respective Affiliates with respect to any breach of fiduciary duty or alleged
breach of fiduciary duty as a consequence of the Loan Documents. 
 [SIGNATURE PAGE FOLLOWS] 

  
 86 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed as of the first
day written above. 
 BORROWER: 
 MELINTA
THERAPEUTICS, INC., 
 a Delaware corporation 
  

			
		
	By:	 	 /s/ Paul Estrem

	Name: Paul Estrem
	Title: Chief Financial Officer

			
	
	OTHER LOAN PARTIES:

			
	
	 MELINTA SUBSIDIARY CORP.,
 a
Delaware corporation

			
		
	By:	 	 /s/ Paul Estrem

	Name: Paul Estrem
	Title: Chief Financial Officer

			
	
	 CEMPRA PHARMACEUTICALS, INC.,

a Delaware corporation

			
		
	By:	 	 /s/ Paul Estrem

	Name: Paul Estrem
	Title: Chief Financial Officer

			
	
	 CEM-102 PHARMACEUTICALS, INC.,

a Delaware corporation

			
		
	By:	 	 /s/ Paul Estrem

	Name: Paul Estrem
	Title: Chief Financial Officer

			
	
	 REMPEX PHARMACEUTICALS, INC.,

a Delaware corporation

			
		
	By:	 	 /s/ Paul Estrem

	Name: Paul Estrem
	Title: Chief Financial Officer

 Facility Agreement 

			
	 TARGANTA THERAPEUTICS CORPORATION,

a Delaware corporation

			
		
	By:	 	 /s/ Paul Estrem

	Name: Paul Estrem
	Title: Chief Financial Officer

 Facility Agreement 

			
	LENDERS:
	
	DEERFIELD PRIVATE DESIGN FUND IV, L.P.

			
	
	By: Deerfield Mgmt IV, L.P., General Partner
	
	By: J.E. Flynn Capital IV, LLC, General Partner

			
		
	By:	 	 /s/ David J. Clark

			
	Name: David J. Clark
	Title: Authorized Signatory

			
	
	DEERFIELD PRIVATE DESIGN FUND III, L.P.
	
	By: Deerfield Mgmt III, L.P., General Partner
	
	By: J.E. Flynn Capital III, LLC, General Partner

			
		
	By:	 	 /s/ David J. Clark

			
	Name: David J. Clark
	Title: Authorized Signatory
	
	DEERFIELD SPECIAL SITUATIONS FUND, L.P.
	
	By: Deerfield Mgmt, L.P., General Partner
	
	By: J.E. Flynn Capital, LLC, General Partner

			
		
	By:	 	 /s/ David J. Clark

			
	Name: David J. Clark
	Title: Authorized Signatory

 Facility Agreement 

 AGENT: 

CORTLAND CAPITAL MARKET SERVICES LLC 
  

			
	By:	 	 /s/ Emily Ergang Pappas

	Name:	 	Emily Ergang Pappas 
	Title:	 	Associate Counsel

 Facility Agreement 

 ANNEX A 

INITIAL DISBURSEMENT AMOUNT, SUBSEQUENT DISBURSEMENT COMMITMENT AND WARRANTS 

 

																					
	 Lender
	  	Initial
Disbursement
Amount	 	  	% of Total
Initial
Disbursement
Amount	 	 	Subsequent
Disbursement
Commitment	 	  	% of Total
Subsequent
Disbursement
Commitment	 	 	% of
Total
Warrants	 
	 Deerfield Private Design Fund IV, L.P.
	  	$	101,594,69.31	 	  	 	68.75	% 	 	$	34,375,000	 	  	 	68.75	% 	 	 	68.75	% 
	 Deerfield Private Design Fund III, L.P.
	  	$	30,781,340.66	 	  	 	20.83	% 	 	$	10,416,667	 	  	 	20.83	% 	 	 	20.83	% 
	 Deerfield Special Situations Fund, L.P.
	  	$	15,398,059.03	 	  	 	10.42	% 	 	$	5,208,333	 	  	 	10.42	% 	 	 	10.42	% 
		  	  
	  
	 	  	  
	  
	 	 	  
	  
	 	  	  
	  
	 	 	  
	  
	 
	 Total
	  	$	147,774,079.00	 	  	 	100	% 	 	$	50,000,000	 	  	 	100	% 	 	 	100	% 
		  	  
	  
	 	  	  
	  
	 	 	  
	  
	 	  	  
	  
	 	 	  
	  
	 

  
 Annex A-1 

 EXHIBIT A-1 

FORM OF LOAN NOTE 
 [To follow]

 EXHIBIT A-1 

TO 
 FACILITY AGREEMENT 

FORM OF LOAN NOTE 
 THIS NOTE IS BEING ISSUED WITH
ORIGINAL ISSUE DISCOUNT (“OID”) FOR FEDERAL INCOME TAX PURPOSES. PLEASE REFER TO SECTIONS 2.7 AND 2.9 OF THE FACILITY AGREEMENT FOR ADDITIONAL INFORMATION. 

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 IN THE UNITED STATES OF AMERICA, AS AMENDED (THE “SECURITIES ACT”), OR ANY
STATE SECURITIES LAW. THE NOTE MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT, INCLUDING PURSUANT TO
RULE 144 OR RULE 144A UNDER THE SECURITIES ACT OR PURSUANT TO A PRIVATE SALE EFFECTED UNDER SECTION 4(a)(7) OF THE SECURITIES ACT OR APPLICABLE FORMAL OR INFORMAL UNITED STATES OF AMERICA SECURITIES EXCHANGE COMMISSION INTERPRETATION OR GUIDANCE,
SUCH AS A SO-CALLED “4[(a)](1) AND A HALF SALE.” NOTWITHSTANDING THE FOREGOING, THIS NOTE MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED
BY THE SECURITIES. 
 NOTE 
 Lender:
_____________________ 

			
	Principal Amount: $_______	  	___________, 20__

 FOR VALUE RECEIVED, the undersigned, Melinta Therapeutics, Inc., a Delaware corporation 

(the “Borrower”), hereby unconditionally promises to pay to the Lender set forth above (the “Lender”) the 

Principal Amount set forth above, or, if less, the aggregate unpaid principal amount of the Loan (as defined in the Facility Agreement referred to below) of
the Lender to the Borrower, payable at such times and in such amounts as are specified in the Facility Agreement. 
 The Borrower promises
to pay interest on the outstanding principal amount of the Loan, any overdue interest and all other Obligations (as defined in the Facility Agreement referred to below) from and after the Agreement Date until such outstanding principal amount of the
Loan, any overdue interest and all other Obligations are paid in full, payable at such times and at such interest rates as are specified in the Facility Agreement. The Borrower promises to pay any Exit Fee, Prepayment Fee or any other fee that is
due on the Loan or the other Obligations in accordance with the Facility Agreement. Demand, diligence, presentment, protest and notice of non-payment and protest are hereby waived by the Borrower. 

Principal and interest (and any Exit Fee or Prepayment Fee) are payable in cash in Dollars to the Lender in the manner set forth in the
Facility Agreement. 
 This Loan Note (this “Note”) is one of the “Notes” referred to in, and is entitled to the
benefits of, the Facility Agreement, dated as of January 5, 2018 (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Facility Agreement”), by and among the Borrower, the
other Loan Parties party thereto, the Lenders party thereto and Cortland Capital Market Services LLC, as agent for itself and the other Secured Parties (in such capacity, together with its successors and assigns, the “Agent”, and the other
Loan Documents. Capitalized terms used herein without definition are used as defined in the Facility Agreement. 

  
 EX. A - 1 

 The Facility Agreement, among other things, (a) provides for the making of a Loan by the
Lender to the Borrower in an aggregate amount not to exceed at any time outstanding the Principal Amount set forth above, the indebtedness of the Borrower resulting from such Loan being evidenced by this Note and (b) contains provisions for
acceleration of the maturity of the unpaid principal amount of this Note (and all other Obligations (including the Obligations) evidenced hereby) upon the happening of certain stated events and also for prepayments pursuant to Sections 2.3 and 5.3
of the Facility Agreement on account of the principal hereof prior to the maturity hereof upon the terms and conditions specified therein. 

This Note is a Loan Document, is entitled to the benefits of the Loan Documents and is subject to certain provisions of the Facility
Agreement, including Sections 1.2 (Interpretation) and 6.4 (Governing Law; Venue; Jurisdiction; Service of Process; Waiver of Jury Trial) of the Facility Agreement. 

This Note is assignable or transferable by Lender in accordance with Section 6.5 of the Facility Agreement. This Note is not assignable
or transferable by the Borrower without the written consent of the Lender and the Agent and any such prohibited assignment or transfer is absolutely void ab initio. 

Subject to the terms of the Facility Agreement, all payments will be free and clear of, and without deduction or withholding for, any present
or future taxes. The Borrower shall pay all and any costs (administrative or otherwise) imposed by the Borrower’s banks, clearing houses, or any other financial institution, in connection with making any payments hereunder. 

The Borrower shall pay all costs and expenses (including attorney’s fees) of the Lender incurred in connection with this Note and also as
provided in Section 6.3 of the Facility Agreement. 
 Other than those notices required to be provided by the Lender to the Borrower
under the terms of the Facility Agreement, the Borrower and every endorser of this Note, or the obligations represented hereby, expressly waives presentment, protest, demand, notice of dishonor or default, and notice of any kind with respect to this
Note, the Facility Agreement and the other Loan Documents or the performance of the obligations (and the other Obligations) under this Note, the Facility Agreement and/or the other Loan Documents. No renewal or extension of this Note, the Facility
Agreement or the other Loan Documents (or the Obligations), no delay in the enforcement of payment of this Note, the Facility Agreement or the other Loan Documents (or the Obligations), and no delay or omission in exercising any right, remedy or
power under this Note, the Facility Agreement or the other Loan Documents or under Applicable Law shall affect the liability of the Borrower or any endorser of this Note. 

No delay or omission by the Lender in exercising any power or right hereunder shall impair such right or power or be construed to be a waiver
of any default, nor shall any single or partial exercise of any power or right hereunder preclude the full exercise thereof or the exercise of any other power or right. The provisions of this Note may be waived or amended, restated, supplemented or
otherwise modified only in a writing signed by the Borrower and the Lender. 
 This Note shall be governed by, and be construed and enforced
in accordance with, the laws of the State of New York applicable to contracts made and to be performed in such State. The other provisions of Section 6.4 of the Facility Agreement shall apply hereto mutatis mutandis. 

[signature page follows] 

  
 EX. A - 2 

 IN WITNESS WHEREOF, the Borrower has caused this Note to be executed and delivered by its duly
authorized officer as of the day and year set forth above. 
  

			
	 MELINTA THERAPEUTICS, INC.,

a Delaware corporation

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 EX. A - 3 

 EXHIBIT A-2 

FORM OF SUBSEQUENT DISBURSEMENT NOTE 

[To follow] 

 EXHIBIT A-2 

TO 
 FACILITY AGREEMENT 

FORM OF SUBSEQUENT DISBURSEMENT NOTE 
 THIS
SUBSEQUENT DISBURSEMENT NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 IN THE UNITED STATES OF AMERICA, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAW. THIS SUBSEQUENT DISBURSEMENT NOTE MAY NOT BE
SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT, INCLUDING PURSUANT TO RULE 144 OR RULE 144A UNDER THE SECURITIES
ACT OR PURSUANT TO A PRIVATE SALE EFFECTED UNDER SECTION 4(a)(7) OF THE SECURITIES ACT OR APPLICABLE FORMAL OR INFORMAL UNITED STATES OF AMERICA SECURITIES EXCHANGE COMMISSION INTERPRETATION OR GUIDANCE, SUCH AS A
SO-CALLED “4[(a)](1) AND A HALF SALE.” NOTWITHSTANDING THE FOREGOING, THIS SUBSEQUENT DISBURSEMENT NOTE MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING
ARRANGEMENT SECURED BY THE SECURITIES. 
 SUBSEQUENT DISBURSEMENT NOTE 

 

			
	$__________	  	__________, 20[__]

 FOR VALUE RECEIVED, Melinta Therapeutics, Inc., a Delaware corporation (the “Borrower”),
hereby unconditionally promises to pay to [____________________] (together with its successors and assigns, the “Holder”) at the times, in the amounts and at the address (or pursuant to the wire instructions) set forth in the
Facility Agreement dated as of January [__], 2018 (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Facility Agreement”), by and among the Borrower, the other “Loan Parties”
from time to time party thereto, the “Lenders” from time to time party thereto, and Cortland Capital Market Services LLC, as agent (in such capacity, together with its successors and assigns in such capacity, the “Agent”),
the lesser of (i) the principal amount of ____________________ ($__________) and (ii) the aggregate outstanding principal amount of the Subsequent Disbursements made by the Holder to the Borrower according to the terms of the Facility
Agreement, as conclusively evidenced (absent manifest error) by the written endorsement with respect thereto by any officer of the Holder on Schedule I attached hereto; provided that the failure to include any such aggregate outstanding
principal amount of any Subsequent Disbursement on Schedule I shall not affect the liability or obligations of the Borrower to pay any principal amounts of the Subsequent Disbursements made or funded by the Holder (or any predecessor of the Holder
that were assigned or transferred to the Holder) to the Holder. Notwithstanding the foregoing, if the aggregate outstanding principal amount of the Subsequent Disbursements made by the Holder to the Borrower is actually more than the amount set
forth on Schedule I attached hereto, such actual amount shall control and instead be the amount that applies pursuant to clause (ii) in the immediately preceding sentence. Capitalized terms used herein but not otherwise defined
herein shall have the meanings assigned to such terms in the Facility Agreement. 
 The Borrower further promises to pay interest at such
address (or pursuant to such wire instructions), in U.S. dollars, from (and including) the date hereof on the outstanding principal amount owing hereunder from time to time, at the applicable rate per annum set forth in the Facility Agreement.
Interest on the outstanding principal amounts evidenced by this Subsequent Disbursement Note shall be 

  
 -1- 

 paid at the times and calculated pursuant to the terms set forth in the Facility Agreement. This Subsequent
Disbursement Note is a “Subsequent Disbursement Note” and a “Note” referred to in the Facility Agreement, and is subject to the terms and conditions set forth therein, which terms and conditions are incorporated herein by
reference. This Subsequent Disbursement Note evidences all 
 Subsequent Disbursements made by the Holder under the Facility Agreement and the Holder’s
interest in the Subsequent Disbursements. 
 All payments of principal and interest shall be made in U.S. dollars in immediately available
funds as specified in the Facility Agreement. Amounts remaining unpaid on this Subsequent Disbursement Note may be prepaid as provided in the Facility Agreement, without premium or penalty. Amounts that are paid, repaid or prepaid hereunder shall
not be reborrowed. 
 Upon the occurrence and during the continuance of any Event of Default, all amounts then remaining unpaid on this
Subsequent Disbursement Note may become, or may be declared to be, immediately due and payable (and will immediately and automatically become due and payable in connection with any Event of Default of the type set forth in Section 5.4(d) of the
Facility Agreement) and any unfunded Subsequent Disbursement Commitments may be immediately terminated (and will immediately and automatically be terminated in connection with any Event of Default of the type set forth in Section 5.4(d) of the
Facility Agreement), each as specified in Sections 5.4 and 5.5 of the Facility Agreement. 
 The Borrower hereby irrevocably and
unconditionally waives presentment, demand, notice, protest and all other demands and notices in connection with the execution, delivery, acceptance, performance, default or enforcement of this Subsequent Disbursement Note. 

This Subsequent Disbursement Note is secured by Liens on and security interests in certain property and assets of the Borrower and the other
Loan Parties that have been granted to the Agent, for the benefit of the Secured Parties, pursuant to the Loan Documents. Reference is hereby made to the other Loan Documents for a description of the Collateral securing the obligations evidenced by
this Subsequent Disbursement Note, the terms and conditions upon which such Liens and security interests were granted and the rights of the Holder of this Subsequent Disbursement Note in respect thereof. 

THIS SUBSEQUENT DISBURSEMENT NOTE AND THE RIGHTS AND OBLIGATIONS OF THE BORROWER AND THE HOLDER UNDER THIS SUBSEQUENT DISBURSEMENT NOTE
SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED IN SUCH STATE. 

The following provisions of the Facility Agreement apply to this Subsequent Disbursement Note as if they were expressly incorporated in this
Subsequent Disbursement Note with any necessary modifications: Sections 1.2, 1.3, 1.4, 2.5, 6.1 to 6.14 and 6.19 to 6.26 of the Facility Agreement.  

[remainder of page intentionally left blank] 

  
 -2- 

 IN WITNESS WHEREOF, the Borrower has caused this Subsequent Disbursement Note to be duly executed
and delivered on the date first set forth above by a duly authorized representative of the Borrower. 
  

			
	 MELINTA THERAPEUTICS, INC.,

a Delaware corporation,
 as the
Borrower

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 [SIGNATURE PAGE TO DELAYED DISBURSEMENT NOTE [(_______________)]] 

 SCHEDULE I 

BORROWINGS AND PAYMENTS 
  

									
	 PRINCIPAL AMOUNT
	  	 DATE OF

SUBSEQUENT
DISBURSEMENT
	  	 AMOUNT OF

REPAYMENT/
 PREPAYMENT
	  	 DATE OF REPAYMENT/
PREPAYMENT
	  	 NOTATION MADE BY

 EXHIBIT B 

FORM OF PERFECTION CERTIFICATE 

[To follow] 

 PERFECTION CERTIFICATE 

January 5, 2018 
 Each of the
Loan Parties signatory hereto hereby represents and warrants to the Agent and the Lenders with reference to that certain Facility Agreement (as defined below) dated as of January 5, 2018 (capitalized terms undefined herein shall have the meanings
ascribed in the Facility Agreement (as defined below)) by and among the Loan Parties, the Lenders party thereto and Cortland Capital Market Services LLC, as Agent (as amended, restated, supplemented or otherwise modified, the “Facility
Agreement”), as follows: 
  

	1.	NAMES AND OTHER ORGANIZATIONAL RELATED INFORMATION OF LOAN PARTIES AND THEIR SUBSIDIARIES 

a.    The name of each Loan Party and each of its Subsidiaries, as it appears in such Loan Party’s or
Subsidiary’s current Articles of Incorporation, Certificate of Formation or similar organizational document as in effect on this date, is: 
  

	
	Melinta Therapeutics, Inc. (Loan Party)
	
	Rempex Pharmaceuticals, Inc. (Loan Party)
	
	Targanta Therapeutics Corporation (Loan Party)
	
	Melinta Subsidiary Corp. (Loan Party)
	
	Cempra Pharmaceuticals, Inc. (Loan Party)
	
	CEM-102 Pharmaceuticals, Inc. (Loan Party)
	
	Rempex London Limited
	
	Rempex Australia Pty Limited
	
	Targanta Therapeutics Inc.
	
	Rib-X Therapeutics Limited

 b.    The federal employer identification number (or the foreign equivalent, as
applicable) of each Loan Party and each of its Subsidiaries is: 
  

			
	 Loan Party/Subsidiary
	  	 Federal Employer Identification Number (or

Foreign Equivalent)

	Melinta Therapeutics, Inc.	  	   .                 
  

	Rempex Pharmaceuticals, Inc.	  	   .                 
  

	Targanta Therapeutics Corporation	  	   .                 
  

	Melinta Subsidiary Corp.	  	   .                 
  

	Cempra Pharmaceuticals, Inc.	  	   .                 
  

	CEM-102 Pharmaceuticals, Inc.	  	   .                 
  

	Rempex London Limited	  	   .     
  

	Rempex Australia Pty Limited	  	   .     
  

	Targanta Therapeutics Inc.	  	   .                 
  

	Rib-X Therapeutics Limited	  	  .     

 c.    The Loan Parties and their Subsidiaries, respectively, are formed under
the laws of the following jurisdictions: 
  

			
	 Loan Party/Subsidiary
	  	 State/Country

	Rempex Pharmaceuticals, Inc.	  	Delaware/United States of America
	Melinta Therapeutics, Inc.	  	Delaware/United States of America
	Targanta Therapeutics Corporation	  	Delaware/United States of America
	Melinta Subsidiary Corp.	  	Delaware/United States of America
	Cempra Pharmaceuticals, Inc.	  	Delaware/United States of America
	CEM-102 Pharmaceuticals, Inc.	  	Delaware/United States of America
	Rempex London Limited	  	England and Wales
	Rempex Australia Pty Limited	  	Australia
	Targanta Therapeutics Inc.	  	Canada
	Rib-X Therapeutics Limited	  	England and Wales

 d.    The organizational identification number of each Loan Party issued by its respective
jurisdiction of formation is: 
  

			
	 Loan Party
	  	 Organizational Identification Number

	Rempex Pharmaceuticals, Inc.	  	4940675
	Melinta Therapeutics, Inc.	  	4548840
	Targanta Therapeutics Corporation	  	4071702
	Melinta Subsidiary Corp.	  	3309624
	Cempra Pharmaceuticals, Inc.	  	4059767
	CEM-102 Pharmaceuticals, Inc.	  	4548841

  
 2 

 e.    Each Loan Party, respectively, transacts business in the following
jurisdictions (list jurisdictions other than jurisdictions of formation): 
  

			
	 Loan Party
	  	 Jurisdiction(s)

	Melinta Therapeutics, Inc.	  	North Carolina (formerly Cempra Inc.)
	Rempex Pharmaceuticals, Inc.	  	New Jersey
	Targanta Therapeutics Corporation	  	New Jersey
	Melinta Subsidiary Corp.	  	Illinois and Connecticut
	Cempra Pharmaceuticals, Inc.	  	North Carolina
	CEM-102 Pharmaceuticals, Inc.	  	North Carolina

 f.    Each Loan Party, respectively, is duly qualified to transact business as a foreign
entity in the following jurisdictions (list jurisdictions other than jurisdictions of formation): 
  

			
	 Loan Party
	  	 Jurisdiction(s)

	Melinta Therapeutics, Inc.	  	North Carolina (formerly Cempra Inc.)
	Rempex Pharmaceuticals, Inc.	  	Alabama, California, Montana, New Jersey and New York.
	Targanta Therapeutics Corporation	  	N/A
	Melinta Subsidiary Corp.	  	Illinois, Connecticut and United Kingdom
	Cempra Pharmaceuticals, Inc.	  	N/A
	CEM-102 Pharmaceuticals, Inc.	  	N/A

  
 3 

 g.    The following is a list of all other names (including fictitious names,
d/b/a’s, trade names or similar names and including former legal names (as defined in Section 9-503(a) of the UCC)) currently used by a Loan Party or used by a Loan Party within the past five years:

  

					
	 Loan Party/Subsidiary
	  	 Name
	  	 Period of Use

	 Rempex Pharmaceuticals, Inc.
	  	 Ravioli Acquisition Corp.
	  	 2/2011 to 12/2013

	 Melinta Therapeutics, Inc.
	  	 Rib-X Pharmaceuticals
	  	 12/2000 to 10/2013

		  	 Cempra Holdings, LLC
	  	 5/2008 to 2/2012

		  	 Cempra, Inc.
	  	 2/2012 to 11/2017

	 Melinta Subsidiary Corp.
	  	 Melinta Therapeutics, Inc.
	  	 10/2000 to 11/2017

 h.    The following are the names of all entities which have been merged into any Loan
Party during the past five years: 
  

					
	 Loan Party/Subsidiary
	  	 Name of Merged Entity
	  	 Year of Merger

	Rempex Pharmaceuticals, Inc.	  	Ravioli Acquisition Corp.	  	2013
	Melinta Therapeutics, Inc.	  	Cempra Holdings, LLC	  	2012
	Melinta Therapeutics, Inc.	  	Cempra, Inc.	  	2017

 i.    The following are the names and addresses of all entities from whom any Loan Party
has acquired any personal property in a transaction not in the ordinary course of business during the past five years, together with the date of such acquisition and the type of personal property acquired (e.g., equipment, inventory, etc.): 

 

							
	 Name
	  	 Address
	  	 Date of Acquisition
	  	 Type of Property

	Rempex London Limited	  	 24 Chiswell Street Third Floor London, United

Kingdom EC1Y 4YX
	  	January 5, 2018	  	All property acquired pursuant to that certain Purchase and Sale Agreement, dated as of November 28, 2017
	Rempex Australia Pty Limited	  	 Level 3
 153 Flinders Street, Adelaide,
South Australia, 5000
	  	January 5, 2018	  	All property acquired pursuant to that certain Purchase and Sale Agreement, dated as of November 28, 2017
	Targanta Therapeutics Inc.	  	7170 Frederick Banting Street, Second Floor Saint-Laurent, Quebec H4S 2A1	  	January 5, 2018	  	All property acquired pursuant to that certain Purchase and Sale Agreement, dated as of November 28, 2017

  
 4 

							
	Cempra Pharmaceuticals, Inc.	  	 6320 Quadrangle
 Drive, Suite 360 Chapel
Hill,
 NC 27517
	  	August 8, 2017	  	All property acquired pursuant to that certain Agreement and Plan of Merger and Reorganization, dated as of August 8, 2017
				
	 CEM-102

Pharmaceuticals, Inc.
	  	 6320 Quadrangle
 Drive, Suite 360 Chapel
Hill,
 NC 27517
	  	August 8, 2017	  	All property acquired pursuant to that certain Agreement and Plan of Merger and Reorganization, dated as of August 8, 2017

  

	2.	LOCATIONS OF LOAN PARTIES AND THEIR SUBSIDIARIES 

 a.    The
chief executive offices of each Loan Party, respectively, are presently located at the following addresses: 
  

			
	 Complete Street and Mailing Address, including County
and
 Zip Code
	  	 Loan

Party/Subsidiary

	 300 Tri-State International

Suite 272
 Lincolnshire, IL 60069
	  	Melinta Therapeutics, Inc.
		
	 8 Sylvan Way
 Parsippany, NJ 07054
	  	Rempex Pharmaceuticals, Inc.
		
	 8 Sylvan Way
 Parsippany, NJ 07054
	  	Targanta Therapeutics Corporation
		
	 300 George Street,
 Suite 301

New Haven, Connecticut 06511
	  	Melinta Subsidiary Corp.
		
	 6320 Quadrangle Drive, Suite 360
 Chapel Hill,
NC 27517
	  	Cempra Pharmaceuticals, Inc.
		
	 6320 Quadrangle Drive, Suite 360
 Chapel Hill,
NC 27517
	  	 CEM-102

Pharmaceuticals, Inc.

  
 5 

 b.    The books and records of each Loan Party, respectively, are located at
the following additional addresses (complete this clause b only if different from clause a above): 
  

			
	 Complete Street and Mailing Address, including Zip
Code
	  	 Loan

Party/Subsidiary

	 300 Tri-State International

Suite 272
 Lincolnshire, IL 60069
	  	Melinta Subsidiary Corp.

 c.    The following are all the locations where a Loan Party, respectively, owns or
leases, or occupies any real property: 
  

					
	 Complete Mailing Address, including Zip Code
	  	 Leased/ Owned/ Occupied
	  	 Loan

Party/Subsidiary

	 300 George Street,
 Suite 301

New Haven, Connecticut 06511
	  	Leased	  	Melinta Subsidiary Corp.
			
	 300 Tri-State International

Suite 272
 Lincolnshire, IL 60069
	  	Leased	  	
			
	 7170 Fredrick Banting
 Suite 200 Montreal,
Canada
	  	Leased	  	Targanta Therapeutics Corporation
			
	 6320 Quadrangle Drive, Suite 360
 Chapel Hill,
NC 27517
	  	Leased	  	Melinta Therapeutics, Inc.
			
	 6320 Quadrangle Drive, Suite 360
 Chapel Hill,
NC 27517
	  	Leased	  	Cempra Pharmaceuticals, Inc.
			
	 6320 Quadrangle Drive, Suite 360
 Chapel Hill,
NC 27517
	  	Leased	  	 CEM-102

Pharmaceuticals, Inc.

			
	 8 Sylvan Way
 Parsippany, NY 07054
	  	Leased	  	Rempex Pharmaceuticals, Inc.

 d.    The following are all of the locations where a Loan Party, respectively, maintains
any inventory, equipment or other property: 
  

			
	 Complete Address
	  	 Loan

Party/Subsidiary

	 300 George Street,
 Suite 301

New Haven, Connecticut 06511
	  	Melinta Subsidiary Corp.
		
	 300 Tri-State International

Suite 272
 Lincolnshire, IL 60069
	  	
		
	 6320 Quadrangle Drive, Suite 360
 Chapel Hill,
NC 27517
	  	Melinta Therapeutics, Inc.

  
 6 

 e.    The following are the names and addresses of all warehousemen, bailees,
or other third-parties who have possession of any of the Loan Parties’ inventory or equipment: 
  

					
	 Name
	  	 Complete Street and Mailing Address, including

Zip Code
	  	 Loan Party/Subsidiary

	Patheon Italia S.p.A.	  	 2 Trav SX Via Morolense 5
 03013 Ferentino
(FR)
 Italy 03013
	  	Melinta Subsidiary Corp.
	ScinoPharm	  	 1 Nan-Ke 8th Road

Shan-Hua, Tainan County Taiwan 74144
	  	
	AustarPharma	  	 18 Mayfield Avenue
 Edison, NJ 08837
	  	
	Packaging Coordinators Inc (PCI)	  	 4545 Assembly Drive
 Rockford, IL 61109
	  	
	Patheon Greenville, NC	  	5900 Martin Luther King Junior Highway Greenville, NC 27834	  	
	Cardinal (Warehouse)	  	15 Ingram Blvd #240 La Vergne, TN 37086	  	

 f.    The following is a complete list of all other offices or other facilities (other
than those described above) where a Loan Party has done business in the past 5 years. 
  

			
	 Complete Address
	  	 Loan

Party/Subsidiary

	3013 Science Park Road, First Floor, San Diego, CA 92121	  	Rempex Pharmaceuticals, Inc.
	3033 Science Park Road, 2nd Floor, San Diego, CA 92121 11535 Sorrento Valley Road, San Diego, CA 92121	  	

  
 7 

	3.	INTELLECTUAL PROPERTY 

 a.    Set forth below is a list of all
patents, copyrights, trademarks, trade names and service marks registered or for which applications are pending in the name of a Loan Party. Please include the name of such intellectual property, the grant date or application date, as applicable,
the registration or application number, as applicable, and the country of such registration or application. 
 See attached—Schedule 3(a). 

b.    Set forth below is a list of all licenses, franchise or other agreements relating to trademarks, patents, copyrights
and other know-how to which a Loan Party is a party and that require annual payments in excess of $25,000 individually. 

See attached—Schedule 3(b). 
  

	4.	INVESTMENT PROPERTY; INSTRUMENTS; ACCOUNTS 

 a.    The
following is a complete list of all Stocks, bonds, debentures, notes, commodity contracts and other securities (as defined in Article 8 of the Uniform Commercial Code), owned by a Loan Party: 

 
 

 
 b.    The following are all financial institutions at which a Loan Party or any of its
Subsidiaries maintains deposit accounts: 
  
 

 

  
 8 

 

 

  
 9 

 

 
 d.    Does any Loan Party or is it contemplated that any Loan Party will regularly
receive letters of credit from customers or other third parties to secure payments of sums owed to such company? 
  

 
 

 
 e.    The following is a list of letters of credit naming a Loan Party as
“beneficiary” thereunder: 
  
 

 

  
 10 

	5.	INDEBTEDNESS 

 The following are all the Loan Parties and their Subsidiaries that
are either a borrower, guarantor or other obligor under any document evidencing Indebtedness and a general description of the assets and property pledged (or granted a Lien on) by such Person under such documents and provides whether such documents
are in the data room: 
 None. 
  

	6.	ENCUMBRANCES 

 Other than the Liens already described in Section 5 above, the
property of the Loan Parties and/or any of the Loan Parties’ Subsidiaries is subject to the following Liens or encumbrances: 
  

					
	 Loan Party/Subsidiary
	  	 Name of Holder of Lien
	  	 Description of Property Encumbered

	Melinta Therapeutics, Inc.	  	ARI	  	Letter of Credit required and in relation to an auto leasing agreement in the amount of $200,000.00.

  

	7.	LITIGATION; COMMERCIAL TORT CLAIMS 

 a.    The following is a
complete list of pending and threatened litigation or claims involving amounts claimed against a Loan Party or any of the Loan Parties’ Subsidiaries in an indefinite amount or in excess of $25,000 in each case: 

Except as set forth in the SEC Documents of the Borrower filed after December 31, 2016 and prior to the Agreement Date, there is not any pending or, to the
knowledge of the Loan Parties, threatened in writing, action, suit or other proceeding before any Governmental Authority (A) to which any Loan Party is a party (1) as of the Agreement Date or (2) at any time such representation and
warranty is made, that would reasonably be expected to result in, individually or in the aggregate, at Material Adverse Effect, (B) which purports to affect or pertain to the Loan Documents, the Transactions or the other transaction
contemplated hereby or thereby or (C) which has as the subject thereof any assets owned by any Loan Party or any of its Subsidiaries, in each case which would reasonably be expected to result in monetary judgments or relief, individually or in
the aggregate, in excess of $250,000. Except as set forth in the SEC Documents of the Borrower filed after December 31, 2016 and prior to the Agreement Date, there are no current or, to the knowledge of the Loan Parties, pending, legal actions,
suits or other proceedings, in each case which would reasonably be expected to result in (A) as of the Agreement Date, monetary judgments or relief, individually or in the aggregate, in excess of $250,000 or (B) at any time that such
representation or warranty is made, individually or in the aggregate, a Material Adverse Effect, in each case of clauses (A) and (B) of this sentence, to which any Loan Party or any of its Subsidiaries or any of their respective assets is
subject. 
 b.    The following are the only claims (including, without limitation, commercial tort claims) which a Loan
Party or any of the Loan Parties’ Subsidiaries has against other Persons (other than claims on accounts receivable), which such Loan Party or Subsidiary is asserting or intends to assert, and in which the potential recovery exceeds $25,000:

 None. 

  
 11 

	8.	TAXES 

 The following tax assessments against any of the Loan Parties or any of
the Loan Parties’ Subsidiaries are currently outstanding and unpaid: 
  

			
	 Assessing Authority
	 	 Amount and Description

		
	Targanta Therapeutics Corporation and Rempex Pharmaceuticals, Inc. may be required to file Escheat tax returns in NJ, CA and DE. It is not expected that there is any liability with respect to these tax returns.	 	$0.00
		
	 Targanta Therapeutics Corporation and Rempex Pharmaceuticals, Inc. should have, but have not, filed Nevada sales tax returns since they have
inventory and sales in those states.
 However, all such sales are exempt from sales tax. Accordingly, it is expected that there would be a $0 tax
liability.
	 	$0.00

  

	9.	INSURANCE BROKER 

 The following brokers handle the Loan Parties’ property
and liability insurance: 
  

							
	 Broker
	  	 Contact
	  	 Telephone
	  	 Email

	  
 Hub
International
	  	  

        .            
	  	  

        .           
	  	  

                 
                 .      
                  

  

	10.	ORGANIZATIONAL CHART 

 Attached hereto as Exhibit A is a true, correct and
complete chart of the organizational chart of the Borrower’ direct parent entity and all of its Subsidiaries and minority-owned Persons and joint ventures. 

[Remainder of page intentionally left blank] 

  
 12 

 The Loan Parties agree to advise Agent and the Lenders of any change or modification to any of
the foregoing information or any supplemental information provided on any continuation pages attached hereto in accordance with the requirements set forth by the Facility Agreement and related Loan Documents, and, until such notice is received by
you, you shall be entitled to rely upon such information and presume it is true, correct and complete. The Loan Parties acknowledge that your acceptance of this Perfection Certificate and any continuation pages does not imply any commitment on your
part to enter into a loan transaction with the Loan Parties, and that any such commitment may only be made by an express written loan commitment set forth in the Facility Agreement. The Loan Parties agree that this Perfection Certificate shall
constitute a “Loan Document” under the Facility Agreement. 
 Dated as of the date first written above 

LOAN PARTIES 
  

			
	MELINTA THERAPEUTICS, INC., a
Delaware corporation

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 
			
	
	REMPEX PHARMACEUTICALS, INC., a
Delaware corporation

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 
			
	
	TARGANTA THERAPEUTICS CORPORATION, a Delaware corporation

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 
			
	
	MELINTA SUBSIDIARY CORP., a
Delaware corporation

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 [Signature Page to
Perfection Certificate] 

 
			
	CEMPRA PHARMACEUTICALS, INC.,
a Delaware corporation

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 
			
	
	CEM-102 PHARMACEUTICALS, INC.,
a Delaware corporation

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 
			
	
	REMPEX PHARMACEUTICALS, INC.,
a Delaware corporation

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 [Signature Page to
Perfection Certificate] 

 EXHIBIT A 

ORGANIZATIONAL CHART 
 [See
attached] 

 

 

	
	 

 EXHIBIT D 

CLOSING CHECKLIST 
 [To follow]

 EXHIBIT D 

DEERFIELD / MELINTA THERAPEUTICS, INC.  

CLOSING CHECKLIST 

Facility Agreement Parties: 
  

			
	 Borrower
	  	Melinta Therapeutics, Inc., a Delaware corporation
		
	 Guarantors (collectively with the Borrower,

the “Loan Parties”)
	  	See attached Schedule A
		
	 Lenders
	  	 Deerfield Special Situations Fund, L.P.
  

Deerfield Private Design Fund III, L.P.
  

Deerfield Private Design Fund IV, L.P.

		
	 Agent
	  	Cortland Capital Market Services LLC
		
	 Katten / KMR
	  	Katten Muchin Rosenman LLP, Counsel to Agent
		
	 WFG
	  	Willkie Farr & Gallagher LLP, Counsel to the Loan Parties
		
	 Transfer Agent
	  	Computershare Trust Company, N.A.

 FACILITY AGREEMENT DOCUMENTS AND DELIVERABLES: 

 

							
	 	 	 Document
	  	 Responsible Party
	  	 Signatures

				
	A.	 	DEBT DOCUMENTS – AGREEMENTS	  		  	
				
	1.	 	Facility Agreement	  	Katten	  	 ☐  Borrower
  

☐  Guarantors
  

☐  Agent
  

☐  Lenders

				
	2.	 	Annexes to Facility Agreement	  		  	
				
	3.	 	 A – Initial Disbursement Amount, Subsequent

Disbursement Commitment and Warrants
	  	Katten	  	N/A
				
	4.	 	Schedules to Facility Agreement	  		  	
				
	5.	 	 Schedule P-1—Existing Investments
	  	Loan Parties/WFG	  	N/A
				
	6.	 	 Schedule 2.4—List of Agreement Date Lenders and

Such Lenders’ Wire Instructions and Information for

Notices
	  	Katten/Agent	  	N/A
				
	7.	 	 Schedule 3.1(d)—Existing Liens
	  	Loan Parties/WFG	  	N/A
				
	8.	 	 Schedule 3.1(f)—Existing Indebtedness
	  	Loan Parties/WFG	  	N/A
				
	9.	 	 Schedule 3.1(m)—Real Estate
	  	Loan Parties/WFG	  	N/A
				
	10.	 	 Schedule 3.1(x)—Borrower’s Subsidiaries
	  	Loan Parties/WFG	  	N/A
				
	11.	 	 Schedule 3.1(z)—Borrower’s Outstanding Shares of

Stock, Options and Warrants
	  	Loan Parties/WFG	  	N/A
				
	12.	 	 Schedule 3.1(aa)—Margin Stock
	  	Loan Parties/WFG	  	N/A

							
	 	 	 Document
	  	 Responsible Party
	  	 Signatures

				
	13.	 	 Schedule 3.1(dd)—Environmental
	  	Loan Parties/WFG	  	N/A
				
	14.	 	 Schedule 3.1(ff)—Labor Relations
	  	Loan Parties/WFG	  	N/A
				
	15.	 	 Schedule 3.1(gg)—Jurisdiction of Organization, Legal Name,

Organizational Identification Number and Chief Executive

Office
	  	Loan Parties/WFG	  	N/A
				
	16.	 	 Schedule 3.1(hh)—Deposit Accounts and Other Accounts
	  	Loan Parties/WFG	  	N/A
				
	17.	 	 Schedule 3.1(vv)—Registrations
	  	Loan Parties/WFG	  	N/A
				
	18.	 	 Schedule 3.1(xx)—Regulatory Matters
	  	Loan Parties/WFG	  	N/A
				
	19.	 	 Schedule 3.1(yy)—Inspections and Investigations
	  	Loan Parties/WFG	  	N/A
				
	20.	 	 Schedule 3.1(ccc)—Products
	  	Loan Parties/WFG	  	N/A
				
	21.	 	Exhibits to Facility Agreement	  		  	
				
	22.	 	 Exhibit A-1—Form of Loan Note
	  	Katten	  	N/A
				
	23.	 	 Exhibit A-2—Form of Subsequent Disbursement Note
	  	Katten	  	N/A
				
	24.	 	 Exhibit B—Form of Perfection Certificate
	  	Katten	  	N/A
				
	25.	 	 Exhibit C—Form of Warrant
	  	Katten	  	N/A
				
	26.	 	 Exhibit D—Closing Checklist
	  	Katten	  	N/A
				
	27.	 	 Exhibit E—Form of Registration Rights Agreement
	  	Katten	  	N/A
				
	28.	 	 Exhibit F—Royalty Agreement
	  	Katten	  	N/A
				
	29.	 	 Exhibit G—Securities Purchase Agreement
	  	Katten	  	N/A
				
	30.	 	 Exhibit H—Form of Compliance Certificate
	  	Katten	  	N/A
				
	31.	 	 Exhibit 2.7—Share Payment Provisions
	  	Katten	  	N/A
				
	32.	 	Original Loan Notes in favor of each Lender	  	Katten	  	☐  Borrower
				
	33.	 	Guaranty and Security Agreement	  	Katten	  	 ☐  Borrower
  

☐  Guarantors
  

☐  Agent

				
	34.	 	Schedules to Guaranty and Security Agreement	  	WFG	  	
				
	35.	 	 Schedule 1–Pledged Equity and Pledged Debt Instruments
	  	Loan Parties/WFG	  	N/A
				
	36.	 	 Schedule 1A—Pledged Investment Property
	  	Loan Parties/WFG	  	N/A
				
	37.	 	 Schedule 2—Filings and Perfection
	  	Loan Parties/WFG	  	N/A
				
	38.	 	 Schedule 3—Grantor Information
	  	Loan Parties/WFG	  	N/A
				
	39.	 	 Schedule 4—Places of Business/Location of Collateral
	  	Loan Parties/WFG	  	N/A
				
	40.	 	 Schedule 5—Commercial Tort Claims
	  	Loan Parties/WFG	  	N/A
				
	41.	 	Perfection Certificate	  	 Katten (form)/Loan
 Parties/WFG
(substance)
	  	 ☐  Borrower
  

☐  Guarantors

							
	 	 	 Document
	  	 Responsible

Party
	  	 Signatures

	42.	 	Securities Purchase Agreement	  		  	 ☐  Borrower

☐  Deerfield buyers

				
	43.	 	Original Warrants in favor of each Lender	  	Katten	  	☐  Borrower
				
	44.	 	Registration Rights Agreement	  	Katten	  	 ☐  Borrower

☐  Lenders

				
	45.	 	Royalty Agreement	  	Katten	  	 ☐  Borrower

☐  Deerfield entities

				
	46.	 	UCC-1 Financing Statements for each Loan Party	  	Katten	  	N/A
				
	47.	 	Patent Security Agreement(s)	  	Katten	  	 ☐  Applicable Loan Party

☐  Agent

				
	48.	 	Schedule to Patent Security Agreement(s)	  	WFG	  	
				
	49.	 	Trademark Security Agreement(s)	  	Katten	  	 ☐  Applicable Loan Party

☐  Agent

				
	50.	 	Schedule to Trademark Security Agreement(s)	  	WFG	  	
				
	51.	 	Collateral Assignment of Agreement Date Acquisition Documents	  	Katten	  	 ☐  Applicable Loan Party

☐  Agent

				
	52.	 	Receipt by Agent of original Certificates for certificated Equity Interests and Equity Interests Powers as specified on Schedule D	  	Katten/WFG	  	N/A
				
	53.	 	 Executed Insurance Certificates of the Loan

Parties and their Subsidiaries evidencing liability and casualty insurance, naming Agent on behalf of the Secured Parties as additional insured (liability
insurance) or lender’s loss payee (casualty insurance) and providing for 30 days’ prior written notice before any such policy may be modified, non-renewed or cancelled (or 10 days’ prior written
notice in the case of failure to pay any premiums thereunder)
	  	WFG	  	☐  Insurance Broker (for insurance certificates)
				
	54.	 	 Written notice requesting the Initial Disbursement

on the proposed date of funding and satisfying the conditions in Section 2.2(a) and Section 4.1 of the Facility Agreement
	  	Loan Parties/WFG	  	☐  Borrower
				
	55.	 	 Disbursement Request
  

A.     Funds Flow
	  	Loan Parties/WFG	  	
				
	56.	 	Irrevocable Proxies	  	Katten	  	
				
	57.	 	 Stock Certificates for Private Placement Shares

(9.985% of shares outstanding immediately following the closing)
	  	WFG/Transfer Agent	  	☐  Transfer Agent
	
	 B. CERTIFICATES AND MISCELLANEOUS

				
	58.	 	Lien Searches and IP Searches for Loan Parties	  	WFG	  	N/A
				
	59.	 	Secretary’s Certificate of each Loan Party, attaching Organization Documents, resolutions, incumbency and good standings	  	WFG	  	See attached Schedule A

							
	 	 	 Document
	  	 Responsible

Party
	  	 Signatures

				
		 	 A.     Certificate of Incorporation or Formation
	  	WFG	  	See attached Schedule A
				
		 	 B.     Bylaws or Operating Agreement
	  	WFG	  	See attached Schedule A
				
		 	 C.     Resolutions
	  	WFG	  	See attached Schedule A
				
		 	 D.     Incumbency
	  	WFG	  	See attached Schedule A
				
		 	 E.     Good Standings
	  	WFG	  	See attached Schedule A
				
	60.	 	 Agreement Date Officer’s Certificate from an Authorized Officer of Borrower certifying, among other things, to each of the
following:
  

a)      The conditions set forth in Section 2.2(a) have been satisfied and the
terms set forth in Section 2.2(a) have been completely complied with
  

b)      No Material Adverse Effect (as defined in the Agreement Date Acquisition
Agreement)
  

c)      All of the representations and warranties in the Loan Documents are true and
correct
  

d)      All conditions set forth in Section 4.1 of the Facility Agreement have been
satisfied
  

e)      As of such date, the Borrower is in compliance with all of the covenants set
forth in Section 3 of the Commitment Letter
  

f)      Attaching the Agreement Date Acquisition Documents, certifying to such documents
and that no amendments have been entered into (or specifying and attaching them and certifying that they are not materially adverse to the interests of the Agent and the Lenders) and that the Agreement Date Acquisition has been consummated in
accordance therewith
	  	WFG	  	☐  Borrower
				
	61.	 	Solvency Certificate	  	WFG	  	☐  Borrower
				
	62.	 	Legal Opinion of the Loan Parties	  	WFG	  	☐  WFG
				
	63.	 	Agent Fee Letter	  	Agent counsel	  	 ☐  Borrower

☐  WFG

				
	64.	 	Receipt by the Agent and the Lenders of any fees required to be paid on or before the Agreement Date	  	Loan Parties	  	N /A
				
	65.	 	Payment by Loan Parties of all costs and expenses required to be paid on the Agreement Date (including pursuant to Sections 2.7(a) and 6.3 of the Facility Agreement) to the Agent	  	Loan Parties	  	N /A
				
	66.	 	Receipt by Agent and Lenders at least 5 Business Days prior to the Agreement Date all KYC and anti-money laundering rules and regulations	  	Loan Parties	  	☐  Loan Parties

							
	 	 	 Document
	  	 Responsible

Party
	  	 Signatures

				
	67.	 	Transfer Agent Letter as to shares outstanding	  	Loan Parties	  	☐  Transfer Agent
				
	68.	 	Payoff Items	  		  	
				
		 	 A.     Payoff Letter(s) from Suchard SA LLC
	  	Loan Parties	  	 ☐  Suchard SA LLC

☐  Loan Parties

				
		 	 B.     UCC-3(s) as specified on
Schedule B
	  	 Loan Parties/
 creditors
	  	N/A
				
		 	 C.     Other security documents to be released as specified on
Schedule C
	  	 Loan Parties/
 creditors
	  	N/A
				
	69.	 	Registration Rights Waiver	  	Borrower/WFG	  	☐  Borrower and its investors
				
	70.	 	Certificate of Inspector of Elections, certifying approval of the issuance of Common Stock in the transaction	  	Borrower/WFG	  	☐  Inspector of Elections
				
	71.	 	NASDAQ Listing of Additional Shares	  	Borrower/WFG	  	☐  Borrower
	
	 C. POST-CLOSING ITEMS

				
	72.	 	Account Control Agreements	  	Loan Parties/WFG	  	 ☐  Applicable Loan Parties

☐  Applicable Bank

☐  Agent

				
	73.	 	Executed Insurance Endorsements of the Loan Parties and their Subsidiaries evidencing liability and casualty insurance, naming Agent on behalf of the Secured Parties as additional insured (liability insurance) or lender’s loss
payee (casualty insurance) and providing for 30 days’ prior written notice before any such policy may be modified, non-renewed or cancelled (or 10 days’ prior written notice in the case of failure to
pay any premiums thereunder)	  	WFG	  	☐  Insurance Carriers (for insurance endorsements)
				
	74.	 	Form 8-K	  	Borrower/WFG	  	N/A
				
	75.	 	Press Release	  	Borrower	  	N/A
				
	76.	 	File Registration Statement	  	Borrower/WFG	  	N/A
				
	77.	 	Consents of Deloitte & Touche LLP for Registration Statement	  	Borrower/WFG	  	☐  Deloitte & Touche LLP
				
	78.	 	Opinion of WFG for Registration Statement	  	WFG	  	☐  WFG
				
	79.	 	Items specified on Schedule 5.1(w) of Facility Agreement	  	Borrower/WFG	  	N/A

 Schedule A 

Secretary’s Certificates 
  

													
	 Borrower/
Guarantor
	  	 Loan
Party/Credit
Party
	  	 Certificate of
Formation / Articles
of
Organization
	  	 Operating
Agreement

/ Bylaws
	  	 Resolutions
	  	 Incumbency
	  	 Good Standings

	 Borrower
	  	Melinta Therapeutics, Inc.	  	Rec’d certified 11/27/17	  	Rec’d A&R	  	Form final	  	Form final	  	Rec’d certified 12/26/17
							
	 Guarantor
	  	Rempex Pharmaceuticals, Inc.	  	Rec’d certified 11/27/17	  	Rec’d	  	Form final	  	Form final	  	Rec’d certified 12/11/17
							
	 Guarantor
	  	Targanta Therapeutics Corporation	  	Rec’d certified 11/27/17	  	Rec’d	  	Form final	  	Form final	  	Rec’d certified 12/11/17
							
	 Guarantor
	  	Melinta Subsidiary Corp.	  	Rec’d certified 12/19/17	  	Rec’d 2nd A&R dtd 11/2/17	  	Form final	  	Form final	  	Rec’d certified 12/19/17
							
	 Guarantor
	  	Cempra Phamaceuticals, Inc.	  	Rec’d certified 12/19/17	  	Rec’d 12/27	  	Form final	  	Form final	  	Rec’d certified 12/19/17
							
	 Guarantor
	  	CEM-102 Pharmaceuticals, Inc.	  	Rec’d certified 12/19/17	  	Rec’d 12/27	  	Form final	  	Form final	  	Rec’d certified 12/19/17

 Schedule B 

UCC-3s 
  

											
	 Entity Name Searched
	  	 Jurisdiction
Searched
	  	 Secured

Party
	  	 Results/ Scope of Lien
	  	Filing
Information	  	 Amendment/ Continuation/
Assignment/
Release

	 Melinta Therapeutics, Inc.
	  	SOS DE	  	 Suchard SA LLC
  

Debtor: Melinta Subsidiary Corp.
	  	All personal property of debtor	  	20174275415
 6/28/17
	  	Amendment- 11/7/17- change Debtor name from Melinta Therapeutics, Inc. to Melinta Subsidiary Corp.

 Schedule C 

Other Release Documents of the following: 
  

	1.	Bailee Consent, dated as of August 1, 2017, among SUCHARD SA LLC, Patheon Manufacturing Services LLC and the Borrower and acknowledged by Patheon UK Limited. 

 

	2.	Bailee Consent, dated as of August 3, 2017, among SUCHARD SA LLC, Patheon Italia S.p.A. and the Borrower and acknowledged by Patheon UK Limited. 

 

	3.	Bailee Consent, dated as of August 15, 2017, among SUCHARD SA LLC, AndersonBrecon Inc., Biotec Services International Ltd. and the Borrower. 

 

	4.	Consent to Removal of Personal Property, dated as of June 28, 2017, between WE GEORGE STREET, L.L.C. and SUCHARD SA LLC and acknowledged and agreed to by the Borrower. 

 

	5.	Consent to Removal of Personal Property, dated as of June 29, 2017, among GA Tri-State Office Park, LLC, SUCHARD SA LLC and the Borrower. 

 

	6.	Patent Security Agreement, dated as of June 28, 2017, between SUCHARD SA LLC and the Borrower. 

  

	7.	Trademark Security Agreement, dated as of June 28, 2017, between SUCHARD SA LLC and the Borrower. 

  

	8.	Deposit Account Control Agreement, dated as of June 28, 2017, among the Borrower, SUCHARD SA LLC and Webster Bank, National Association. 

 

	9.	Deposit Account Control Agreement, dated as of June 28, 2017, among the Borrower, SUCHARD SA LLC and Wells Fargo Bank, National Association. 

 

	10.	Account Control Agreement, dated as of June 28, 2017, among the Borrower, SUCHARD SA LLC and Wells Fargo Clearing Services, LLC. 

 Schedule D 

Original Pledged Collateral 
  

															
	 	  	 Grantor (owner
of Record of such
Pledged
Equity)
	  	 Issuer
	  	 Description
of Pledged
Equity
	  	Percentage of
Shares, Units
or Interests
Owned	 	Certificate
(Indicate
No.)	 	Power
rec’d?	  	Proxy
rec’d?
	1.	  	Melinta Therapeutics, Inc.	  	 CEM-102

Pharmaceuticals, Inc
	  	Common Stock	  	100%	 	9	 	Y	  	Y
	2.	  	Melinta Therapeutics, Inc.	  	Cempra Pharmaceuticals, Inc.	  	Common Stock	  	100%	 	24	 	Y	  	Y
	3.	  	Melinta Therapeutics, Inc.	  	Melinta Subsidiary Corp	  	Common Stock	  	100%	 	11	 	Y	  	N/A1
	4.	  	Melinta Subsidiary Corp	  	Rib-X Ltd.	  	Common Stock	  	100%	 	N/A	 	Y	  	Y
	5.	  	Melinta Therapeutics, Inc.	  	Rempex Pharmaceuticals, Inc.	  	Common Stock	  	100%	 	3	 	Y	  	Y
	6.	  	Rempex Pharmaceuticals, Inc.	  	Rempex London Limited	  	Ordinary Shares	  	100%	 	1	 	Y	  	Y
	7.	  	Rempex Pharmaceuticals, Inc.	  	Rempex Australia Pty Limited	  	Shares	  	100%	 	1	 	Y	  	Y
	8.	  	Melinta Therapeutics, Inc.	  	Targanta Therapeutics Corporation	  	Common Stock	  	100%	 	3	 	Y	  	Y
	9.	  	Targanta Therapeutics Corporation	  	Targanta Therapeutics Inc.	  	Common Shares	  	100%	 	NC-3	 	Y	  	Y

  

	1 	Certificate to be re-cut and re-sent post-close with appropriate legend 

 EXHIBIT H 

FORM OF COMPLIANCE CERTIFICATE 

[To follow] 

 EXHIBIT H 

TO 
 FACILITY AGREEMENT 

COMPLIANCE CERTIFICATE 
 Date:
                        , 20     

This Compliance Certificate (this “Certificate”) is given by Melinta Therapeutics, Inc., a Delaware corporation (the
“Borrower”), pursuant to Section 5.1(h) of that certain Facility Agreement dated as of January 5, 2018, by and among the Borrower, the other “Loan Parties” from time to time party thereto, the “Lenders” from
time to time party thereto (the “Lenders”), and Cortland Capital Market Services LLC, as agent (in such capacity, together with its successors and assigns in such capacity, the “Agent”) (as such agreement may be
amended, restated, supplemented or otherwise modified from time to time, the “Facility Agreement”). Capitalized terms used herein without definition shall have the meanings set forth in the Facility Agreement. 

The undersigned hereby certifies that it is the [chief executive officer] of the Borrower and, as such, is duly authorized to execute and
deliver this Certificate on behalf of the Borrower and the other Loan Parties. By executing this Certificate, the undersigned hereby certifies to the Agent and the Lenders, on behalf of the Borrower and the other Loan Parties, that: 

(a) the financial statements delivered with this Certificate in accordance with Section 5.1(h) of the Facility Agreement are true,
correct and complete and fairly present in accordance with GAAP the financial position and the results of operations of the Borrower and its Subsidiaries as of the dates of and for the periods covered by such financial statements (subject, in the
case of interim financial statements, to normal year-end adjustments and the absence of footnote disclosure); 

(b) no Default or Event of Default has occurred and is continuing[, except:
                                        ]1; 
 (c) since the Agreement Date and except as disclosed in prior Compliance Certificates
or Perfection Certificates delivered to the Agent and the Lenders or disclosed otherwise in a prior writing to the Agent and the Lenders, no Loan Party has: 

(i) changed its legal name, identity, jurisdiction of incorporation, organization or formation or organizational structure, chief executive
office address or organizational identification number or formed or acquired any Subsidiary except as follows:
                                         
           ; [or] 
 (ii) acquired all or substantially all of the assets of, or
merged or consolidated with or into, any Person, except as follows:
                                         
           . 
 (d) attached as Annex A hereto is an updated Schedule 5 to
the Security Agreement listing all Intellectual Property that has been registered or has been the subject of an application to register (in each case, whether with the United States Patent and Trademark Office, the United States Copyright 

 

	1 	To the extent any Default or Event of Default is existing, describe such Default or Event of Default in detail, including any provisions of the Loan Documents that have been breached that have caused such Default or
Event of Default to exist. 

 
Office, any other Governmental Authority (whether domestic or foreign or with any other Person or jurisdiction)) since the Closing Date that has not previously been disclosed in prior updates to
such Schedule 5 to the Security Agreement that have been attached to prior Certificates, Perfection Certificates or other written disclosures to the Agent and the Lenders, and which such Schedule 5 attached as Annex A hereto includes
(i) the owner, (ii) the title, (iii) the jurisdiction in which such item has been registered or otherwise arises or in which an application for registration has been filed and (iv) as applicable, the registration or application
number and registration or application date[.][; or] 
 (e) attached as Annex B hereto is a true, correct and complete calculation of
EBITDA and Interest Expense for the relevant periods ended                      , 20    ; attached as Annex
B is a true, correct and complete calculation of each of the financial covenants contained in Section 5.1(v) of the Facility Agreement for the relevant periods ended
                     , 20    . Such calculation evidences that the Loan Parties are [not] in compliance with such
financial covenants. 
 [remainder of page intentionally left blank] 

  
 2 

 IN WITNESS WHEREOF, the undersigned has caused this Certificate to be executed by the date first
written above. 
  

			
		
	By:	 	 
	Name:	 	[                            ]
	Title:	 	[Officer Title] of the Borrower

 [Note: Unless otherwise specified, all financial covenants are calculated for the Borrower and its Subsidiaries on a
consolidated basis in accordance with GAAP. All calculations are without duplication.] 

  
 3 

 ANNEX A 

TO 
 COMPLIANCE CERTIFICATE 

Updated Schedule 5 to Security Agreement (Intellectual Property) 

[to be attached] 

  
 A-1 

 ANNEX B 

TO 
 COMPLIANCE CERTIFICATE 

Financial Definitions/Financial Covenants 

  
 B-1 

 EXHIBIT 2.7 

SHARE PAYMENT PROVISIONS 
 If the Borrower
elects, in lieu of paying in cash any interest due and payable under Section 2.7 of the Facility Agreement to which this Exhibit is attached (the “Agreement”), to satisfy any such amounts due through the
issuance of Freely Tradeable Shares (as defined below), pursuant to Section 2.7 of the Agreement, the following terms shall apply: 

1. Defined Terms. Capitalized terms used in this Exhibit 2.7 and not otherwise defined herein shall have the meanings set forth in the
Agreement. For purposes of this Exhibit, the following terms shall have the following meanings: 
 “Applicable Trading
Period” has the meaning set forth in Section 4 of this Exhibit. 
 “Bloomberg” means
Bloomberg Financial Markets or an equivalent, reliable reporting service mutually acceptable to and designated by the Borrower and the Required Lenders. 

“Credit Amount” has the meaning set forth in Section 4 of this Exhibit. 

“Daily Issuance Shares” has the meaning set forth in Section 4 of this Exhibit. 

“Delisting Event” means any of the following: (i) the Common Stock is not listed on an Eligible Market,
(ii) trading in the Common Stock on the Principal Market is suspended, or (iii) the Borrower is not in compliance with any rule or regulation applicable to the trading or listing of the Common Stock on the Principal Market. 

“Failure Amount” has the meaning set forth in Section 8 of this Exhibit. 

“Floor Price” has the meaning set forth in Section 3 of this Exhibit. 

“Freely Tradeable Shares” means any shares of Common Stock which, at the time of issuance thereof, (i) are duly
authorized, validly issued, fully paid and non-assessable; (ii) are eligible for resale by the Lenders without limitation or restriction, including any volume limitations, under state or Federal
securities laws pursuant to Rule 144 under the Securities Act or an effective Registration Statement; and (iii) do not bear, and are not subject to, any restrictive legend, stop transfer or similar restriction. 

“Issuance Period” means, with respect to a Share Issuance Notice, the period commencing on the Trading Day specified in the
Share Issuance Notice (which shall be no earlier than the tenth (10th) Trading Day after the date of delivery thereof and shall be subject to confirmation of receipt thereof by the Lenders) and ending at the completion of ten (10) consecutive
Trading Days (including such initial Trading Day) thereafter; provided, that the Issuance Period shall be subject to termination in accordance with Section 5 and Section 7 of this Exhibit,
provided, further, that in the event of the occurrence of a Share Delivery Failure during any Issuance Period, such Issuance Period shall terminate at the completion of the date on which such Share Delivery Failure has occurred; and
provided, further, that the Issuance Period shall be deemed to have ended at such time during an Issuance Period as Partial Reference Date Shares are issuable in accordance with Section 4 of this Exhibit.
Notwithstanding anything herein to the contrary, in no event shall any Issuance Period extend (and, to be valid, no Share Issuance Notice shall specify an Issuance Period that extends) beyond the date that is three (3) Trading Days prior to
(i) the Interest Payment Date on which the interest being satisfied by the issuance of Freely Tradeable Shares during such Issuance Period is due or (ii) the Maturity Date. 

 “Major Transaction” shall have the meaning given to such term in the Warrants.

 “Major Transaction/Organic Change Notice” shall have the meaning given to such term in the Warrants. 

“Market Capitalization” means, as of any date of determination, the product of (x) the number of issued and outstanding
shares of Common Stock as of such date (exclusive of any shares of Common Stock issuable directly or indirectly upon the exercise of Options or conversion of any Convertible Securities), multiplied by (y) the closing price per share of Common
Stock as of the preceding Trading Day on the Principal Market, as reported by, or based upon data reported by, Bloomberg. 

“Reference Date” has the meaning set forth in Section 4 of this Exhibit. 

“Registrable Securities” has the meaning given to such term in the Registration Rights Agreement. 

“Registration Statement” has the meaning given to such term in the Registration Rights Agreement. 

“Share Delivery Failure” has the meaning set forth in Section 8 of this Exhibit. 

“Share Issuance Amount” has the meaning set forth in Section 3 of this Exhibit. 

“Share Issuance Closing Date” has the meaning set forth in Section 4 of this Exhibit. 

“Share Issuance Notice” has the meaning set forth in Section 3 of this Exhibit. 

“Stock Event” shall have the meaning given to such term in the Warrants. 

“Trading Day” means any day on which the Common Stock is traded for at least six hours on the Principal Market. 

“Volume Weighted Average Price” means, with respect to any security as of any date of determination or during any period of
determination, the volume weighted average sale price on the Principal Market as reported by, or based upon data reported by, Bloomberg. If the Volume Weighted Average Price cannot be calculated for such security on such date in the manner provided
above, the volume weighted average price shall be the fair market value as mutually determined by the Borrower and the Required Lenders. 

“Withholding Date” means the first date on which the Borrower withholds or determines that it is required to withhold any
Taxes as a result of the provisions of this Exhibit or the issuance of any shares of Common Stock, or consummation of any transactions, as contemplated hereby. 

2. General. Subject to the terms and conditions of this Exhibit, the Borrower’s valid exercise of its share issuance rights under
this Exhibit and subsequent fulfillment of its obligations hereunder (including delivery of all of the requisite Daily Issuance Shares and payment of the Share Issuance Amount, if any) shall be deemed to satisfy its obligation to pay interest on the
applicable Interest Payment Date for which such share issuance right is being exercised. 
 3. Exercise of Share Issuance Rights. On
any date that is not more than forty-five (45) days prior to any Interest Payment Date, the Borrower may deliver to each of the Lenders notice by 

 
electronic mail or facsimile (a “Share Issuance Notice”) of its intention to issue Freely Tradeable Shares pursuant to the provisions of this Exhibit in order to satisfy interest
due on such Interest Payment Date under Section 2.7 of the Agreement by delivering such Freely Tradeable Shares to the Lenders; provided, however, that the Borrower may not deliver a Share Issuance Notice
(a) during the occurrence of a Delisting Event, (b) at any time following such time as the Borrower has delivered (or is obligated to deliver) a Major Transaction/Organic Change Notice in respect of a Major Transaction, (c) at any
time following the occurrence, and during the continuance, of an Event of Default or a Default, (d) from and after a Withholding Date, (e) if, as of the close of trading on the immediately preceding Trading Day, the Market Capitalization
is less than $200,000,000, (g) unless all material information regarding the Borrower (including any material information that may be included in, or reflected by, the Share Issuance Notice) has been publicly disclosed in a report filed pursuant to
the Exchange Act or has been otherwise publicly disclosed in a manner calculated to reach the securities marketplace through one of the Borrower’s recognized channels of distribution, (h) unless (X) the Registration Statement is effective
and available for the sale of at least all of the Registrable Securities and, after giving effect to the resale of all shares of Common Stock issued pursuant to such Share Issuance Notice (and assuming such shares are sold pursuant to the
Registration Statement and that the Volume Weighted Average Price for each Trading Day during each applicable Issuance Period will equal the Floor Price), the Registration Statement shall continue to register a sufficient number of Registrable
Securities to cover the resale of all of the Purchased Shares and all of the Warrant Shares issuable upon exercise of the Warrants, or (Y) all shares of Common Stock issuable pursuant to such Share Issuance Notice are eligible for resale by the
Lenders without limitation or restriction, including any volume limitations, under state or Federal securities laws pursuant to Rule 144 under the Securities Act, (i) unless the Borrower is in compliance with the “current public
information” requirement of Rule 144(c) under the Securities Act, (j) if the transfer agent for the Common Stock is not participating in DTC’s Fast Automated Securities Transfer Program, or (k) if any Lender, after consultation
with counsel of its choosing, advises the Borrower that the receipt or resale of Common Stock issued or issuable hereunder would result in such Lender being deemed an “underwriter” within the meaning of Section 2(11) under the
Securities Act (collectively, the “Share Issuance Conditions”). Subject to such provisions, a Share Issuance Notice shall be irrevocable, shall specify (I) a floor price (the “Floor Price”) that is no less than
$10.00 (subject to adjustment for any Stock Event occurring after the Agreement Date), (II) the aggregate Interest Amount subject to such Share Issuance Notice, in each case, broken out by the amount due each Lender (such amount, a
“Share Issuance Amount”), (III) the Interest Payment Date to which such Share Issuance Notice applies, and (IV) the Issuance Period. If the Lenders do not confirm receipt of the Share Issuance Notice within three
(3) Trading Days of the delivery thereof, the Borrower shall thereafter use its reasonable best efforts to confirm (by email, telephonically or otherwise) such receipt, and in no event shall the Issuance Period commence unless and until the
Lenders have confirmed such receipt. 
 4. Share Issuance. Subject to Section 5 of this Exhibit, for each
Trading Day during the applicable Issuance Period (each, a “Reference Date”), the Borrower shall issue to each Lender such Lender’s Pro Rata Share of an aggregate number of Freely Tradeable Shares (rounded to the nearest whole
share, with 0.5 being rounded up) equal to the product of (x) the number of shares of Common Stock traded at or above the Floor Price (on all exchanges and quotation systems on which shares of Common Stock are cited as having been traded, per
the Bloomberg AQR function) on such Reference Date between 9:35 a.m., New York City time, and 3:55 p.m., New York City time (the “Applicable Trading Period”), multiplied by (y) 0.19 (the “Daily Issuance
Shares”); provided, that, at such time on any Reference Date as the value (as determined in accordance with this Section 4) of all shares issuable in respect of such Reference Date (up to such time on such
Reference Date) (the “Partial Reference Date Shares”), together with the value of all shares issued or issuable hereunder in respect of prior Reference Dates during such Issuance Period, are sufficient to satisfy the entire
Share Issuance Amount, then the Daily Issuance Shares shall be equal to the Partial Reference Date Shares, and such Issuance Period and the Applicable Trading Period shall thereafter be deemed terminated for all purposes hereunder. By no

 
later than 12:00 noon, New York City time, on the second Trading Day following each Reference Date (each, a “Share Issuance Closing Date”), the Borrower shall deliver to each
Lender its Pro Rata Share of the applicable Daily Issuance Shares by causing the transfer agent for the Common Stock to electronically transmit such Daily Issuance Shares to such Lender by crediting to the account of such Lender’s prime broker
(as specified by such Lender no later than one Trading Day prior to the applicable Share Issuance Closing Date) with DTC through its Deposit/Withdrawal at Custodian (DWAC) system its Pro Rata Share of such Daily Issuance Shares determined pursuant
to Section 6 of this Exhibit. Within two hours following the close of regular trading hours on each Reference Date for which Daily Issuance Shares are issuable hereunder, the Lenders shall deliver a notice (a “Daily
Share Notice”) to the Borrower setting forth the number of Daily Issuance Shares and the portion of the Share Issuance Amount to be satisfied on the Share Issuance Closing Date related to such Reference Date, together with appropriate
calculations of such amount. Concurrently with the valid delivery of the related Daily Issuance Shares on each Share Issuance Closing Date, an amount (the “Credit Amount”) equal to the product of (x) the number of shares of
Common Stock issued and delivered to a Lender on such date multiplied by (y) 97% of the Volume Weighted Average Price for shares of Common Stock that trade at or above the Floor Price during the Applicable Trading Period (on all exchanges and
quotation systems on which shares of Common Stock are cited as having been traded, per the Bloomberg AQR function) on the applicable Reference Date shall be applied to such Lender’s Pro Rata Share of the Share Issuance Amount on such Share
Issuance Closing Date. If, as of the second (2nd) Trading Day after the end of any Issuance Period, the Share Issuance Amount in respect of any Lender exceeds the sum of the applicable Credit Amounts in respect of such Lender (including as a result
of Section 5 of this Exhibit), the Borrower shall pay such difference to such Lender in cash on the first Business Day following the end of the Issuance Period (which first (1st) Business Day, for the avoidance of doubt,
shall be no later than the Interest Payment Date to which the Issuance Period relates). 
 All shares of Common Stock issued and delivered pursuant to this
Section 4 shall be Freely Tradeable Shares (and for the avoidance of doubt, only Freely Tradeable Shares shall be deemed to constitute Daily Issuance Shares and be applied to any Share Issuance Amount). In connection with
the issuance and delivery of any shares of Common Stock to the Lenders pursuant to this Section 4, the Borrower shall deliver to the Lenders, by no later than the first Share Issuance Closing Date for the related Issuance
Period, an opinion of counsel reasonably satisfactory to the Lenders, substantially in the form attached as Annex 1 to this Exhibit, relating to all shares of Common Stock to be issued and delivered to the Lenders (as Freely Tradeable Shares) during
such Issuance Period. 
 5. Limitations on Share Issuances. 

(a) Notwithstanding anything herein to the contrary, the Borrower shall not issue to any Lender, and no Lender may acquire, a number of
shares of Common Stock hereunder to the extent that, upon such issuance, the number of shares of Common Stock then beneficially owned by such Lender and its Affiliates and any other persons or entities whose beneficial ownership of Common Stock
would be aggregated with such Lender’s for purposes of Section 13(d) of the Exchange Act (including shares held by any “group” of which the Lender is a member, but excluding shares beneficially owned by virtue of the ownership of
securities or rights to acquire securities (including the Warrants) that have limitations on the right to convert, exercise or acquire similar to the limitation set forth herein), would exceed 9.985% of the total number of shares of Common Stock
then issued and outstanding (the “9.985% Cap”). For purposes hereof, “group” has the meaning set forth in Section 13(d) of the Exchange Act and applicable regulations of the SEC, and the percentage held by each
Lender shall be determined in a manner consistent with the provisions of Section 13(d) of the Exchange Act. All Share Issuance Notices shall set forth the number of shares of Common Stock then outstanding. Upon written request of any Lender at
any time, the Borrower shall, within one (1) Business Day, confirm orally and in writing to such Lender the number of shares of Common Stock then outstanding. At any time following delivery of 

 
a Share Issuance Notice and ending on the last day of the Issuance Period, each Lender shall have the right to deliver notice to the Borrower (and shall be entitled to include such notice in any
Daily Share Notice) (a “Cap Notice”) stating the maximum number of shares of Common Stock that may be issued to such Lender without exceeding the maximum number of shares that such Lender may receive under the 9.985% Cap (the
“Maximum Share Amount”), which shall be conclusive and binding upon the Borrower and such Lender. In no event shall the number of shares issued to a Lender pursuant to any Share Issuance Notice exceed the Maximum Share Amount
specified in such Lender’s Cap Notice, and the Issuance Period and the Applicable Trading Period shall be deemed terminated with respect to such Lender at such time as such Lender has been issued the Maximum Share Amount specified in such
Lender’s Cap Notice. 
 6. Allocation Among Lenders. Subject to Section 5 of this Exhibit, all shares
of Common Stock issuable to the Lenders pursuant to this Exhibit, all Credit Amounts and all Failure Amounts shall be allocated pro rata among the Lenders based on each Lender’s Pro Rata Share, in each case unless the Lenders notify the
Borrower in writing of any different allocation ratio. 
 7. Termination of Issuance Period. If any of the Share Issuance Conditions
is not satisfied at any time following the delivery of a Share Issuance Notice and prior to the expiration (or other termination) of the Issuance Period to which the Share Issuance Notice relates, the Borrower shall immediately notify each of the
Lenders of such failure and the Issuance Period shall terminate at the completion of the date on which such failure has occurred (or, if the Issuance Period has not yet commenced, it shall not commence). Notwithstanding any termination of the
Issuance Period pursuant to this Section 7 or otherwise, the Borrower shall be obligated to deliver Daily Issuance Shares with respect to any Reference Date that is on or prior to the date of such termination, as set forth
in any Daily Share Notice. For the avoidance of doubt, the Borrower acknowledges that a Share Issuance Closing Date may occur after the termination or expiration of the applicable Issuance Period. 

8. Failure to Deliver Share Issuance Shares. If the Borrower fails on any Share Issuance Closing Date to cause the delivery of the
Daily Issuance Shares required to be delivered on that date, and such failure is not cured within one (1) Trading Day following such Share Issuance Closing Date (a “Share Delivery Failure”), the Share Issuance Amount in respect
to such Share Issuance Closing Date and related Issuance Period shall not be reduced in respect of such Daily Issuance Shares until such shares are actually issued and delivered, and in addition to all other rights and remedies of the Lenders and
the Lenders under this Exhibit, the Agreement and the other Loan Documents, (a) the Borrower shall promptly pay to each of the Lenders, for each day that such Share Delivery Failure occurs or continues, an amount equal to five percent (5%) of
the amount that would have constituted such Lender’s Credit Amount on such day had such failure not occurred (the “Failure Amount”); and (b) if any Lender is required by its broker to purchase (in an open market
transaction or otherwise) or any Lender or such Lender’s brokerage firm otherwise purchases shares of Common Stock to deliver in satisfaction of a sale by such Lender of the Daily Issuance Shares which such Lender was entitled to receive on
such Share Issuance Closing Date (a “Buy-In”), then the Borrower shall (1) pay in cash to such Lender the amount by which (X) such Lender’s total purchase price (including brokerage commissions, if any) for the shares of
Common Stock so purchased exceeds (Y) the amount obtained by multiplying (I) the number of Daily Issuance Shares that the Borrower was required to deliver to such Lender on such Share Issuance Closing Date, times (B) the price at
which the sell order giving rise to such purchase obligation was executed. 
 9. Borrower Reporting. The Borrower shall file with the
SEC a Current Report on Form 8-K disclosing its delivery of a Share Issuance Notice, no later than 8:35 a.m., New York City time, on the first Reference Date in each Issuance Period. 

 Annex 1 to Exhibit 2.7 - Payment Share Provisions 

[Date] 
 [Transfer Agent Name and Address] 

Attention: [        ] 
  

	Re:	Melinta Therapeutics, Inc. (the “Borrower”) 

 Ladies and Gentlemen: 

Pursuant to Section 3 of Exhibit 2.7 (the “Exhibit”) of that certain Facility Agreement (the “Facility
Agreement”), dated as of January 5, 2018, between the Borrower and the Lenders party thereto from time to time (each an “Lender” and collectively, the “Lenders”), the Borrower has delivered to the
Lenders a Share Issuance Notice (as defined in the Exhibit), dated as of [●], pursuant to which the Borrower has elected to satisfy certain payment obligations under the Facility Agreement by issuing shares of Common Stock to the Lenders.
Capitalized terms used but not defined herein shall have the meanings set forth in the Facility Agreement or the Exhibit, as applicable. 
 We are counsel
for the Borrower and have been requested to furnish to you an opinion with respect to all of the shares of Common Stock of the Borrower that will be issued to the Lenders in connection the abovementioned Share Issuance Notice (the
“Shares”). 
 As a basis for this opinion, we have received and reviewed (1) the Facility Agreement, including the Exhibit,
(2) the Share Issuance Notice, (3) an officer’s certificate from the Borrower and (4) such other documents as we have deemed relevant or necessary. 

On the basis of the foregoing and assuming the accuracy of the aforementioned representations of each Lender, it is our opinion that the Shares may be resold
by each Lender without restriction under the Securities Act of 1933, as amended, and, accordingly, the Shares may be issued without any restrictive legend to each Lender or its designee in accordance with each such Lender’s instructions with
respect to Shares delivered to such Lender. 
 Any questions concerning the foregoing opinion should be communicated to [●] of this firm. 

Very truly yours, 
 [●] 

 

                          
                   
 [●],[●} 

 

	cc:	[Lenders] 

 Schedule P-1 

Investments 
 None. 

 Schedule 2.4 

List of Agreement Date Lenders and Such Lenders’ Wire Instructions and Information for Notices 

 
  
 

 
  

 Schedule 3.1(d) 

Existing Liens 
 None. 

 Schedule 3.1(f) 

Existing Indebtedness 
 None. 

 Schedule 3.1(m) 

Real Estate 
 Owned Real Property: 

 

					
	 Loan Party or Subsidiary
	  	Complete Street and Mailing
Address, Including Zip Code	 
	 N/A
	  			

 Leased Real Property: 
  

					
	 Loan Party or Subsidiary
	  	 Complete Street and Mailing

Address, Including Zip Code
	  	 Landlord Name and Contact

Information

	 Cempra Pharmaceuticals, Inc.
	  	 6320 Quadrangle Dr, suite 360
 Chapel Hill, NC
27517
	  	 TDC Blue Quadrangle, LLC
 5310 S. Alston Avenue,
Ste 210
 Durham, NC 27713

			
	 Melinta Subsidiary Corp. (formerly Melinta Therapeutics, Inc.)
	  	 300 Tri-State International, Suite 272

Lincolnshire, IL 60069
	  	 IHP Tri-State Assets, LLC

75 Remittance Drive
 Dept 6032

Chicago, IL 60675

			
	 Melinta Subsidiary Corp. (formerly Melinta Therapeutics, Inc.)
	  	 300 George St, Ste 301
 New Haven, CT
06511
	  	 WE George Street, LLC
 Attn: Entity 6751

PO. Box 511467
 Los Angeles, CA 90051-8002

			
	 Targanta Therapeutics Corporation
	  	 7170 Fredrick Banting, Suite 200
 Montreal,
Canada
	  	 CIG III Technoparc Nominee
 Inc./Fiduciaire CIG
III
 Technoparc Inc.

			
	 Rempex Pharmaceuticals, Inc.
	  	 8 Sylvan Way
 Parsippany, NY 07054
	  	ARE-SD Region No. 35, LLC

 Subleased Real Property: 
  

					
	 Loan Party or Subsidiary
	  	 Complete Street and Mailing

Address, Including Zip Code
	  	 Landlord and Sublandlord

Name and Contact Information

	 Cempra Pharmaceuticals, Inc.
	  	 6320 Quadrangle Dr, suite 360
 Chapel Hill, NC
27517
	  	 Level Carolina Homes, LLC
 ..                         

 
 .                                   
    

 Other Real Property Operated or Occupied: 
  

					
	 Loan Party or Subsidiary
	  	 Complete Street and Mailing

Address, Including Zip Code
	  	 Nature of Use

	 N/A
	  		  	

 Schedule 3.1(q) 

Licenses 
 Melinta Therapeutics, Inc.
(“Melinta”) has in agreements in place with the following companies, granting them rights to develop, license, market and sell Products in regions outside the United States: 

 

	 	•	 	Eurofarma for Latin America (Baxdela) 

  

	 	•	 	Menarini for various countries in Europe and Asia (Baxdela) 

  

	 	•	 	Toyama for Japan (Solithromycin) 

 Melinta has globally licensed radezolid to                              for the development of radezolid for a topical acne indication. Melinta has the right to opt-in to the program at various milestones, but if Melinta chooses not to opt-in, the product will be owned by
                            . 

 Schedule 3.1(w) 

Borrower’s Subsidiaries 
  

													
	 Parent
	  	Percentage
Ownership	  	 Name of

Subsidiary
	  	 Jurisdiction

of
 Subsidiary
	  	Date of
Formation
of
Subsidiary	  	 Federal

Employer ID
 No. of

Subsidiary
	  	 Organizational

Identification
No.
 of
Subsidiary

	 Melinta Therapeutics, Inc.
	  	100	  	 CEM-102

Pharmaceuticals, Inc
	  	Delaware	  	5/16/2008	  	   .    .             

	  	N/A
							
	 Melinta Therapeutics, Inc.
	  	100	  	Cempra Pharmaceuticals, Inc.	  	Delaware	  	11/18/2005	  	   .    .             

	  	N/A
							
	 Melinta Therapeutics, Inc.
	  	100	  	Melinta Subsidiary Corp (formerly Melinta Therapeutics, Inc.)	  	Delaware	  	10/30/2000	  	   .    .             

	  	N/A
							
	 Melinta Subsidiary Corp
	  	100	  	Rib-X Therapeutics Limited	  	England and Wales	  	8/9/2005	  	   .    .   
	  	5532277
							
	 Melinta Therapeutics, Inc.
	  	100	  	Rempex Pharmaceuticals, Inc.	  	Delaware	  	2/15/11	  	   .    .             

	  	4940675
							
	 Rempex Pharmaceuticals, Inc.
	  	100	  	Rempex London Limited	  	England and Wales	  	8/29/12	  	   ..       
	  	08194048
							
	 Rempex Pharmaceuticals, Inc.
	  	100	  	Rempex Australia Pty Limited	  	Australia	  	12/11/12	  	   ..       
	  	161599391
							
	 Melinta Therapeutics, Inc.
	  	100	  	Targanta Therapeutics Corporation	  	Delaware	  	12/6/05	  	   .    .             

	  	4071702
							
	 Targanta Therapeutics Corporation
	  	100	  	Targanta Therapeutics Inc.	  	Canada	  	1/1/10	  	   .    .             

	  	454492-7

 Schedule 3.1(x) 

Dividends 
 None. 

 Schedule 3.1(y) 

Borrower’s Outstanding Shares of Stock, Options and Warrants 

Authorized Stock: 80 million 
 Issued and outstanding
Stock: 21,988,942 
  

									
	 Owner
	 	 Shares
	 	 Percentage
	 	 Certificated (Yes

or No)
	 	 Certificate No. (if

applicable)

	 See attached computershare report for details
	 		 		 		 	

 Options/RSUs – 2,454,416 (Table below) 

 

					
	 	  	Options/RSUs	 
	 Legacy Cempra
	  	 	912,275	 
	 Melinta
	  	 	732,499	 
	 Inducement Grants
	  	 	809,642	 
	 Total
	  	 	2,454,416	 

 Warrants: 31,697 

 

 

			
	MELINTA THERAPEUTICS, INC.	  	Document Created: 1/4/2018 3:55 PM

  

 
  

C02 - NEW COMMON 
 Include Back Date = Yes 

Capital Activity Summary - Nov 03, 2017 - Jan 04, 2018 
  

													
	 	  	Outstanding	 	  	Treasury	 	  	Issued	 
	 Beginning Balance
	  	 	0	 	  	 	0	 	  	 	0	 
	 Shares/Units Issued
	  	 	21,998,942	 	  	 	0	 	  	 	21,998,942	 
	 Retire to Unallocated
	  	 	0	 	  	 	0	 	  	 	0	 
	 CLOSING BALANCE AS OF Jan 04, 2018
	  	 	23,236,971	 	  	 	0	 	  	 	23,236,971	 
	 Variance
	  	 	1,238,029	 	  	 	0	 	  	 	1,238,029	 

  

	*	Please refer to your RM for additional detail pertaining to any variances 

 Capital Activity Details - Nov
03, 2017 - Jan 04, 2018 
  

													
	 CLOSING BALANCE AS OF Jan 04, 2018
	  	 	23,236,971	 	  	 	0	 	  	 	23,236,971	 

  

																									
	 EFF-DATE
	  	PROC-DATE	  	 DEBIT FROM
	 	CREDIT TO	 	SEQ-NUM	 	SHARES/UNITS	 	 	OUTSTANDING	 	 	TREASURY	 	 	ISSUED	 
	 12/7/2017
	  	12/7/2017	  	 R0000000027|2011 EQUITY
 INCENTIVE
PLAN,
	 	Cede & Co	 	MLNT008	 	 	10,000	 	 	 	21,998,942	 	 	 	0	 	 	 	21,998,942	 
	 12/1/2017
	  	12/1/2017	  	 R0000000027|2011 EQUITY
 INCENTIVE
PLAN,
	 	Cede & Co	 	MLNT007	 	 	863	 	 	 	21,988,942	 	 	 	0	 	 	 	21,988,942	 
	 11/22/2017
	  	11/22/2017	  	 R0000000027|2011 EQUITY
 INCENTIVE
PLAN,
	 	Cede & Co	 	MLNT004	 	 	15,000	 	 	 	21,988,079	 	 	 	0	 	 	 	21,988,079	 
	 11/22/2017
	  	11/22/2017	  	 R0000000027|2011 EQUITY
 INCENTIVE
PLAN,
	 	Cede & Co	 	MLNT006	 	 	1,000	 	 	 	21,973,079	 	 	 	0	 	 	 	21,973,079	 
	 11/22/2017
	  	11/22/2017	  	 R0000000027|2011 EQUITY
 INCENTIVE
PLAN,
	 	Cede & Co	 	MLNT005	 	 	1,000	 	 	 	21,972,079	 	 	 	0	 	 	 	21,972,079	 
	 11/22/2017
	  	11/22/2017	  	 R0000000027|2011 EQUITY
 INCENTIVE
PLAN,
	 	Cede & Co	 	MLNT003	 	 	5,000	 	 	 	21,971,079	 	 	 	0	 	 	 	21,971,079	 
	 11/22/2017
	  	11/22/2017	  	 R0000000027|2011 EQUITY
 INCENTIVE
PLAN,
	 	Cede & Co	 	MLNT002	 	 	5,000	 	 	 	21,966,079	 	 	 	0	 	 	 	21,966,079	 
	 11/22/2017
	  	11/22/2017	  	 R0000000027|2011 EQUITY
 INCENTIVE
PLAN,
	 	Cede & Co	 	MLNT001	 	 	15,000	 	 	 	21,961,079	 	 	 	0	 	 	 	21,961,079	 

  
  

| CERTAINTY | INGENUITY | ADVANTAGE | 

 

 

			
	MELINTA THERAPEUTICS, INC.	  	Document Created: 1/4/2018 3:55 PM

  

 
  
  

																									
	 EFF-DATE
	 	PROC-DATE	 	 DEBIT FROM
	 	 CREDIT TO
	 	SEQ-NUM	 	SHARES/UNITS	 	 	OUTSTANDING	 	 	TREASURY	 	 	ISSUED	 
	 11/15/2017
	 	11/15/2017	 	U0000000019|UNALLOCATED	 	Cede & Co	 	CEMP127	 	 	10,000	 	 	 	21,946,079	 	 	 	0	 	 	 	21,946,079	 
	 11/9/2017
	 	11/15/2017	 	R0000000060|CEMPRA 2017 REVERSE SPLIT,	 	Shareholder	 	SEED	 	 	10,459,938	 	 	 	21,936,079	 	 	 	0	 	 	 	21,936,079	 
	 11/9/2017
	 	11/15/2017	 	R0000000060|CEMPRA 2017 REVERSE SPLIT,	 	U0000000019|UNALLOCATED	 	ADJUST	 	 	42,530	 	 	 	11,476,141	 	 	 	0	 	 	 	11,476,141	 
	 11/9/2017
	 	11/10/2017	 	U0000000019|UNALLOCATED	 	Nominee	 	REV SPLIT	 	 	42,530	 	 	 	11,476,141	 	 	 	0	 	 	 	11,476,141	 
	 11/6/2017
	 	11/10/2017	 	R0000000051|MELINTA EXCHANGE,	 	Shareholder	 	SEED	 	 	11,433,611	 	 	 	11,433,611	 	 	 	0	 	 	 	11,433,611	 
	 11/6/2017
	 	11/7/2017	 	U0000000019|UNALLOCATED	 	R0000000060|CEMPRA 2017 REVERSE SPLIT,	 	CALC/SEC	 	 	10,502,468	 	 	 	0	 	 	 	0	 	 	 	0	 
	 11/6/2017
	 	11/7/2017	 	U0000000019|UNALLOCATED	 	R0000000051|MELINTA EXCHANGE,	 	OPN/MRGR	 	 	11,433,611	 	 	 	0	 	 	 	0	 	 	 	0	 
	 11/3/2017
	 	11/14/2017	 	U0000000019|UNALLOCATED	 	Multiple Capital Accounts	 	REV SPLIT	 	 	1,040,176	 	 	 	0	 	 	 	0	 	 	 	0	 
	 11/3/2017
	 	11/6/2017	 	One Sided	 	U0000000019|UNALLOCATED	 	8K	 	 	250,000,000	 	 	 	0	 	 	 	0	 	 	 	0	 
		 		 	OPENING BALANCE	 		 		 				 	 	0	 	 	 	0	 	 	 	0	 

  
  

| CERTAINTY | INGENUITY | ADVANTAGE | 

 

 

			
	MELINTA THERAPEUTICS, INC.	  	Document Created: 1/4/2018 3:55 PM

  

 
  

R0000000019 SIXTH AMENDED AND RESTATED 2006 STOCK PLAN 
  

					
	 CLOSING BALANCE AS OF Jan 04, 2018
	  	 	68,371	 

  

													
	 EFF-DATE
	  	 PROC-DATE
	  	 DEBIT FROM
	  	 CREDIT TO
	  	 SEQ-NUM
	  	 SHARES/UNITS
	  	 BALANCE

	 11/3/2017
	  	11/14/2017	  	U0000000019|UNALLOCATED	  	Multiple Capital Accounts	  	REV SPLIT	  	68,371	  	68,371
		  		  	OPENING BALANCE	  		  		  		  	0

  
  

| CERTAINTY | INGENUITY | ADVANTAGE | 

 

 

			
	MELINTA THERAPEUTICS, INC.	  	Document Created: 1/4/2018 3:55 PM

  

 
  

R0000000027 2011 EQUITY INCENTIVE PLAN 
  

					
	 CLOSING BALANCE AS OF Jan 04, 2018
	  	 	899,960	 

  

													
	 EFF-DATE
	  	 PROC-DATE
	  	 DEBIT FROM
	  	 CREDIT TO
	  	 SEQ-NUM
	  	 SHARES/UNITS
	  	 BALANCE

	 12/7/2017
	  	12/7/2017	  	R0000000027|2011 EQUITY INCENTIVE PLAN,	  	Cede & Co	  	MLNT008	  	-10,000	  	899,960
	 12/1/2017
	  	12/1/2017	  	R0000000027|2011 EQUITY INCENTIVE PLAN,	  	Cede & Co	  	MLNT007	  	-863	  	909,960
	 11/22/2017
	  	11/22/2017	  	R0000000027|2011 EQUITY INCENTIVE PLAN,	  	Cede & Co	  	MLNT004	  	-15,000	  	910,823
	 11/22/2017
	  	11/22/2017	  	R0000000027|2011 EQUITY INCENTIVE PLAN,	  	Cede & Co	  	MLNT006	  	-1,000	  	925,823
	 11/22/2017
	  	11/22/2017	  	R0000000027|2011 EQUITY INCENTIVE PLAN,	  	Cede & Co	  	MLNT005	  	-1,000	  	926,823
	 11/22/2017
	  	11/22/2017	  	R0000000027|2011 EQUITY INCENTIVE PLAN,	  	Cede & Co	  	MLNT003	  	-5,000	  	927,823
	 11/22/2017
	  	11/22/2017	  	R0000000027|2011 EQUITY INCENTIVE PLAN,	  	Cede & Co	  	MLNT002	  	-5,000	  	932,823
	 11/22/2017
	  	11/22/2017	  	R0000000027|2011 EQUITY INCENTIVE PLAN,	  	Cede & Co	  	MLNT001	  	-15,000	  	937,823
	 11/3/2017
	  	11/14/2017	  	U0000000019|UNALLOCATED	  	Multiple Capital Accounts	  	REV SPLIT	  	952,823	  	952,823
		  		  	OPENING BALANCE	  		  		  		  	0

  
  

| CERTAINTY | INGENUITY | ADVANTAGE | 

 

 

			
	MELINTA THERAPEUTICS, INC.	  	Document Created: 1/4/2018 3:55 PM

  

 
  

R0000000035 AUGUST 2011 WARRANTS 
  

					
	 CLOSING BALANCE AS OF Jan 04, 2018
	  	 	18,982	 

  

													
	 EFF-DATE
	  	 PROC-DATE
	  	 DEBIT FROM
	  	 CREDIT TO
	  	 SEQ-NUM
	  	 SHARES/UNITS
	  	 BALANCE

	 11/3/2017
	  	11/14/2017	  	U0000000019|UNALLOCATED	  	Multiple Capital Accounts	  	REV SPLIT	  	18,982	  	18,982
		  		  	OPENING BALANCE	  		  		  		  	0

  
  

| CERTAINTY | INGENUITY | ADVANTAGE | 

 Schedule 3.1(z) 

Margin Stock 
 None. 

 Schedule 3.1(cc) 

Environmental 
 None. 

 Schedule 3.1(ee) 

Labor Relations 
 None. 

 Schedule 3.1(ff) 

Jurisdiction of Organization, Legal Name, Organizational Identification Number and Chief Executive Office 

 

													
	 Loan Party
	  	Jurisdiction of
Organization	  	All Other
Jurisdictions of
Organization
of Loan Party
for 5 Years
Preceding the
Agreement Date	  	Legal Name	  	All Other Legal
Names of Loan
Party for 5 Years
Preceding the
Agreement Date	  	Organizational
Identification No.	  	Location of Chief
Executive Office or
Sole Place of
Business
	Melinta Therapeutics, Inc.	  	Delaware	  	Melinta
Subsidiary
Corp.	  	Melinta
Therapeutics,
Inc.	  	Cempra, Inc.;
Cempra
Holdings, LLC;
Rib-X
Pharmaceuticals	  	45-4440364	  	300 Tri-State
International
Suite 272
Lincolnshire,
IL 60069
							
	Rempex Pharmaceuticals, Inc.	  	Delaware	  	Melinta
Subsidiary
Corp.	  	Rempex
Pharmaceuticals,
Inc.	  	Ravioli
Acquisition
Corp.	  	4940675	  	8 Sylvan Way
Parsippany,
NJ 07054
							
	Targanta Therapeutics Corporation	  	Delaware	  	Melinta
Subsidiary
Corp.	  	Targanta
Therapeutics
Corporation	  	N/A	  	4071702	  	8 Sylvan Way
Parsippany,
NJ 07054
							
	Melinta Subsidary Corp.	  	Delaware	  	Melinta
Subsidary
Corp.	  	Melinta
Subsidary Corp.	  	Melinta
Therapeutics,
Inc.	  	3309624	  	300 George
 Street, Suite 301New Haven,
Connecticut
06511

							
	Cempra Pharmaceuticals, Inc.	  	Delaware	  	Melinta
Subsidary
Corp.	  	Cempra
Pharmaceuticals,
Inc.	  	N/A	  	4059767	  	6320
 Quadrangle
Drive, Suite 360

Chapel Hill,
NC 27517

							
	 CEM-102

Pharmaceuticals, Inc.
	  	Delaware	  	Melinta
Subsidary
Corp.	  	CEM-102
 Pharmaceuticals,
Inc.
	  	N/A	  	4548841	  	6320
 Quadrangle
Drive, Suite 360

Chapel Hill,
NC 27517

 Schedule 3.1(gg) 

Deposit Accounts and Other Accounts 
  

 

 

 

 Schedule 3.1(uu) 

Registrations 
 US IND
(Melinta) 
  

			
	 Delafloxacin 450 mg oral tablet
	  	 IND062772

	 Delafloxacin 300 mg IV solution
	  	 IND076096

	 Radezolid Bacterial Vaginosis
	  	 PIND137157

	 Radezolid oral
	  	 IND076553

	 Radezolid Tablet
	  	 IND111839

	 RX-04
	  	 PIND133508

 US IND (MDCO) 
  

			
	 Minocin (MDCO)
	  	 IND: none

	 Vabomere IV (MDCO)
	  	 IND120040

	 Orbactiv IV (MDCO)
	  	 IND051292

 US NDA (Melinta) 
  

			
	 BAXDELA Delafloxacin 450 mg oral tablet
	  	 NDA208610

	 Baxdela Delafloxacin 300 mg IV solution
	  	 NDA208611

 US NDA (MDCO) 
  

			
	 Minocin (MDCO)
	  	 NDA050444

	 Vabomere IV (MDCO)
	  	 NDA209776

	 Orbactiv IV (MDCO)
	  	 NDA206334

 EU MAA (MDCO) 
  

			
	 Minocin (MDCO)
	  	 MAA: none

	 Vabomere IV (MDCO)
	  	 MAA none- registration process pending

	 Orbactiv IV (MDCO)
	  	 MAA EU/1/15/989/001

 EU Reimbursement Approved (MDCO) 

 

			
	 Orbactiv IV France (MDCO)
	  	 Nov 2015

	 Orbactiv IV Germany (MDCO)
	  	 Jun 2015

 Schedule 3.1(ww) 

Regulatory Matters 
 None. 

 Schedule 3.1(xx) 

Inspections and Investigations 
 The FDA is
currently conducting a general GMP inspection at Austar Pharma, the manufacturer of Baxdela tablets. 

 Schedule 3.1(aaa) 

Rights Granted 
 Melinta Therapeutics, Inc. has in
agreements in place with the following companies, granting them rights to develop, manufacture, produce, assemble, distribute, license, prepare, package, label, market and sell Products in regions outside the United States: 

 

	 	•	 	Eurofarma for Latin America (Baxdela) 

  

	 	•	 	Menarini for various countries in Europe and Asia (Baxdela) 

  

	 	•	 	Toyama for Japan (Solithromycin) 

 Melinta has globally licensed radezolid to                              for the development of radezolid for a topical acne indication. Melinta has the right to opt-in to the program at various milestones, but if Melinta chooses not to opt-in, the product will be owned by
                            . 

 Schedule 3.1(bbb) 

Products 
 In December 2016,
Cempra, Inc. received a warning letter from the FDA1 regarding the production of API for Soli at its Wockhardt, India facility. Following receipt of the letter, Cempra Inc. took steps to establish
alternate supplier of API for Stoli, and Melinta Theraputics, Inc. does not consider Soli a material or critical asset. 
  

	1 	https://www.fda.gov/ICECI/EnforcementActions/WarningLetters/2016/ucm534983.htm 

 Schedule 5.1(w) 

Post-Closing Obligations 
  

	1.	As soon as reasonably practicable, but in no event later than sixty (60) days following the Agreement Date (or such later date as may be agreed to by the Required Lenders in their sole discretion), the Loan Parties
shall enter into Control Agreements in accordance with Section 5.1(k) of the Facility Agreement in respect of all deposit, securities, commodities and other accounts (other than Excluded Accounts) of any Loan Party existing as of or after the
Agreement Date. 

  

	2.	As soon as reasonably practicable, but in no event later than thirty (30) days after the Agreement Date (or such later date as may be agreed to by the Required Lenders in their sole discretion), the Loan Parties
shall deliver or cause to be delivered to Agent in form and substance reasonably satisfactory to Agent and the Required Lenders, (i) an additional insured endorsement with respect to each liability insurance policy, (ii) a lender loss
payee endorsement with respect to each property insurance policy and (iii) any other insurance endorsements required by Section 5.1(e) of the Facility Agreement, in each case, in compliance with the requirements set forth in
Section 5.1(e) of the Facility Agreement. 

  

	3.	As soon as reasonably practicable, but in no event later than one (1) Business Day after the Agreement Date (or such later date as may be agreed to by the Required Lenders in their sole discretion), the Loan
Parties shall deliver or cause to be delivered to Agent (or its designee) all original Stock powers and proxies in respect of all Pledged Equity (as defined in the Security Agreement) in form and substance reasonably satisfactory to Agent and the
Required Lenders. 

  

	4.	As soon as reasonably practicable, but in no event later than three (3) Business Days after the Agreement Date (or such later date as may be agreed to by the Required Lenders in their sole discretion), the Loan
Parties shall deliver or cause to be delivered to Katten Muchin Rosenman LLP at 525 W. Monroe Street, Chicago, IL 60661-3693, Attn: Jordan Feffer, all original signature pages to all Loan Documents. 

 

	5.	As soon as reasonably practicable, but in no event later than five (5) Business Days after the Agreement Date (or such later date as may be agreed to by the Required Lenders in their sole discretion), the Loan
Parties shall deliver or cause to be delivered to Agent (or its designee) in form and substance reasonably satisfactory to Agent and the Required Lenders, a revised original Stock certificate representing all shares in Melinta Subsidiary Corp. (and
any corresponding original Stock power).

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00278-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00278-of-00352.parquet"}]]