Document:

Exhibit 10.17

 

LOAN AGREEMENT

 

This LOAN AGREEMENT
is made and entered into by and among CARVER DEVELOPMENT CDE VI, LLC, a Georgia limited liability company (the “Carver
Lender”), ST CDE LXII, LLC, a Georgia limited liability company (the “ST Lender”,
and together with Carver Lender, each a “Lender”, and collectively, the “Lenders”),
and DANIMER SCIENTIFIC MANUFACTURING, INC., a Delaware corporation (“Borrower”), as of April 25,
2019 (the “Effective Date”).

 

W-I-T-N-E-S-S-E-T-H

 

For valuable consideration,
the receipt and adequacy of which are hereby acknowledged, the Parties, intending to be legally bound, agree as follows:

 

1. Definitions.
The following terms shall have the following definitions for purposes of this Loan Agreement and the Loan Documents:

 

1.1. “Accounts”
has the meaning set forth in the UCC.

 

1.2. “Advance”
has the meaning set forth in Section 2.2.

 

1.3. “Affiliate”
means, as to any Person, any other Person: (a) that directly or indirectly, through one or more intermediaries, controls or is
controlled by, or is under common control with, such Person; (b) that directly or indirectly beneficially owns or holds ten percent
(10%) or more of any class of voting stock or membership interests (units) of such Person; or (c) ten percent (10%) or more of
the voting stock or membership interests (units) of which is directly or indirectly beneficially owned or held by the Person in
question. The term “control” means the possession, directly or indirectly, of the power to direct or cause direction
of the management and policies of a Person, whether through the ownership of voting securities, by contract, or otherwise; provided,
however, in no event shall the Lenders be deemed an Affiliate of the Borrower or any of its subsidiaries.

 

1.4. “Allocatees”
means, collectively, the Carver Allocatee and the ST Allocatee.

 

1.5. “Allocation
Agreement” means, collectively, the Carver Allocation Agreement and the ST Allocation Agreement.

 

1.6. “Anti-Terrorism
Laws” means all laws relating to terrorism or money laundering, including, without limitation, the Executive Order
and the Bank Secrecy Act, as amended by the USA Patriot Act.

 

1.7. “Applicable
Law” means the constitutions, statutes, codes, ordinances, rules, regulations, orders, decisions, judgments, and
decrees of Governmental Authorities of the State of Georgia and other Governmental Authorities having jurisdiction over the Borrower
or the Collateral.

 

     

     

    

 

1.8. “Assignment
of Equipment Contracts” means that certain Assignment of Equipment Contracts, dated as of the Effective Date, by
Borrower in favor of Lenders.

 

1.9. “Average
Value” means the average cost Basis of Borrower’s owned property and the reasonable value of its leased property
during a Taxable Year.

 

1.10. “Baker
Tilly” means Baker Tilly Virchow Krause, LLP, an Illinois limited liability partnership.

 

1.11. “Bankruptcy
Code” means the United States Bankruptcy Code or like provision of law.

 

1.12. “Basis”
means the unadjusted basis, as determined for federal income tax purposes.

 

1.13. “Books
and Records” means all books, records, files, correspondence, books of account and ledgers, all electronically recorded
data, computer programs and records, customer lists, vendor lists, invoices, orders, and other accounting materials, together with
the file cabinets or other receptacles and containers for any of the foregoing, that may relate to the Collateral.

 

1.14. “Borrower”
has the meaning set forth in the preamble to this Loan Agreement.

 

1.15. “Business”
means Borrower’s trade or business that consists solely of the leasehold ownership, equipping and operation of the Project.

 

1.16. “Business
Day” means any day other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions
are authorized or required by law or regulation to close, in Savannah, Georgia or Atlanta, Georgia.

 

1.17. “Carver
Allocatee” means Carver Financial Corporation, a Georgia corporation.

 

1.18. “Carver
Allocation Agreement” means that certain Allocation Agreement with respect to the Tax Credits awarded to Carver Allocatee
pursuant to the 2017 Round of New Markets Tax Credits Allocation Authority, with an effective date of May 7, 2018, as amended on
September 20, 2018, by and among the CDFI Fund, Carver Allocatee, and certain subsidiaries of Carver Allocatee, including Carver
Lender, as further amended from time to time.

 

1.19. “Carver
Bank” means Carver State Bank, a Georgia banking corporation.

 

1.20. “Carver
Loan A” means the loan in the original principal amount of $4,901,400 made by Carver Lender to Borrower pursuant
to this Loan Agreement and shall include the principal, accrued interest, and Fees and Expenses related thereto.

 

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1.21. “Carver
Loan B” means the loan in the original principal amount of $2,098,600 made by Carver Lender to Borrower pursuant
to this Loan Agreement and shall include the principal, accrued interest, and Fees and Expenses related thereto.

 

1.22. “Carver
Reserve Account” means that certain deposit account number 146605 in Borrower's name at Carver Bank.

 

1.23. “Carver
Reserve Account Pledge and Control Agreement” means that certain Account Pledge and Control Agreement (Carver Reserve
Account) dated as of the Effective Date, by and between Borrower, Carver Lender, and Carver Bank, as the same may be amended, restated
or otherwise modified from time to time.

 

1.24. “Casualty”
means any act or occurrence of any kind or nature that results in material damage, loss or destruction to the Collateral that will
have a material adverse effect on Borrower’s ability to repay the Loans.

 

1.25. “CDFI
Fund” means the Community Development Financial Institutions Fund of the United States Department of Treasury, or
any successor agency charged with oversight responsibility for the New Markets Tax Credit program.

 

1.26. “Census
Tract” means census tract number 13087970300 for the 2011-2015 American Community Survey.

 

1.27. “Change
in Control” means the shareholders of Borrower as of the Effective Date collectively shall cease to own, beneficially
and of record, directly or indirectly (including economic interests associated therewith) at least a majority of the shareholder
interests of Borrower.

 

1.28. “Chattel
Paper” has the meaning set forth in the UCC.

 

1.29. “Closing
Flow of Funds Memorandum” means that certain Funds Flow Memorandum among the Borrower, the Lenders, the Investment
Fund, and certain other parties thereto, dated as of the Effective Date.

 

1.30.
“Collateral” means, with respect to Borrower, Borrower’s UCC Collateral, and all other security
of Borrower for Borrower’s Obligations granted pursuant to the Loan Documents, as well as all additions, accessions, and
substitutions thereto or therefor, whether now owned or hereafter acquired, and all proceeds thereof, including, but not limited
to, that certain equipment identified in Exhibit A to the Equipment Purchase Agreement.

 

1.31. “Collectibles”
means any work of art, any rug or antique, any metal or gem, any stamp or coin, any alcoholic beverage, any musical instrument,
or any historical object (documents, clothes, etc.), or as otherwise specified pursuant to Section 408(m)(2) of the Internal Revenue
Code, other than Collectibles that are held primarily for sale to customers in the ordinary course of business.

 

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1.32. “Community
Benefits Agreement” means that certain Community Benefits Agreement dated as of the Effective Date, by and between
Lenders and Borrower.

 

1.33. “Compliance
Period” means the period beginning on the date the Investment Fund made the first “qualified equity investment”
(as defined in Section 45D of the Internal Revenue Code) in a Lender and ending seven (7) years from the date of which the Investment
Fund makes the last “qualified equity investment” in a Lender.

 

1.34. “Covered
Party” has the meaning set forth in Section 6.21.

 

1.35. “Debt”
means and refers to the total of all obligations of a Person, whether current or long-term, which in accordance with generally
accepted accounting principles would be included as liabilities upon the Financial Reports of a Person at the date as of which
Debt is to be determined, and shall also include (i) all capital lease obligations whether for equipment or real property and (ii)
all guarantees, endorsements (other than for collection of instruments in the ordinary course of business), or other arrangements
whereby responsibility is assumed for the obligations of others, whether by agreement to purchase or otherwise acquire the obligations
of others, including any agreement contingent or otherwise to furnish funds through the purchase of goods, supplies, or services
for the purposes of payment of the obligations of others; provided however, obligations of a Person relating to accounts payable
of the Person which were incurred in the ordinary course of business shall not be included in this definition of Debt.

 

1.36. “Default
Proceeds” has the meaning set forth in Section 10.5.

 

1.37. “Default
Rate” means the lesser of (i) an amount of interest equal to five percent (5%) in excess of the Interest Rate, or
(ii) the Highest Rate.

 

1.38.
“Disbursement” means disbursements by or on behalf of Borrower from the Disbursement Account for Project
Costs.

 

1.39. “Disbursement
Account” means that certain deposit account number 1000214573056 in Borrower's name at ST Bank, into which a portion
of the proceeds of the Loans will be deposited and from which Disbursements will be made.

 

1.40.
“Disbursement Account Control Agreement” means that certain Depository Account Control Agreement (Disbursement
Account) dated as of the Effective Date, by and among Borrower, the Lenders, and ST Bank, as the same may be amended, restated
or otherwise modified from time to time.

 

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1.41. “Disbursement
Account Pledge Agreement” means that certain Assignment and Pledge of Deposit Account (Disbursement Account) dated
as of the Effective Date, by and between Borrower, the Lenders, and ST Bank, as the same may be amended, restated or otherwise
modified from time to time.

 

1.42. “Disbursing
Agreement” means that certain Disbursing Agreement, dated on or about the Effective Date, by and among Borrower,
Lenders, and ST Bank, as may be amended from time to time.

 

1.43. “DSH”
means Danimer Scientific Holdings, LLC, a Delaware limited liability company.

 

1.44. “Environmental
Indemnity Agreement” means that certain Environmental Indemnity Agreement, dated as of the Effective Date, entered
into by Borrower and Guarantor in favor of the Lenders regarding the indemnification of the Lenders for environmental conditions
on the Real Property.

 

1.45. “Equipment”
has the meaning set forth in the UCC.

 

1.46. “Equipment
Purchase Agreement” means that certain Equipment Purchase Agreement between Borrower and Guarantor dated as of April
[__], 2019.

 

1.47. “ERISA”
means the Employee Retirement Income Security Act of 1974, as amended.

 

1.48. “Event
of Default” means those acts, omissions, conditions, occurrences, happenings and events referred to in Section
7 of this Loan Agreement.

 

1.49. “Executive
Order” means Executive Order No. 13224 on Terrorist Financing, effective September 23, 2001, including the Annex
thereto, as amended from time to time.

 

1.50. “Fees
and Expenses” means reasonable and documented: (a) late fees; (b) origination fees, if any; (c) expenses relating
to curing the title of the Lenders, Borrower or any other Person to the Collateral; (d) closing fees and expenses; (e) appraisal
fees; (f) title and Lien searches; (g) all expenses relating to the perfection of the Liens of the Lenders in and to the Collateral;
(h) all expenses relating to the preservation and protection of the Liens of the Lenders in and to the Collateral; (i) recording
fees; (j) recording taxes; (k) all expenses actually incurred relating to maintaining the priority of the Liens of the Lenders;
(1) all expenses incurred or paid by the Lenders while the Collateral shall be in the possession of the Lenders; (m) attorneys’
fees and third party costs incurred or paid by the Lenders or the Investment Fund during the negotiation, execution, preparation,
closing, satisfaction or disposition of this Loan Agreement and the Loan Documents; (n) attorneys’ fees and third party
costs incurred or paid by the Lenders to enforce, interpret, or modify any provision of this Loan Agreement or the Loan Documents;
(o) attorneys’ fees incurred or paid by the Lenders if the Lenders shall file or commence any Litigation to protect their
rights or to enforce any provision of this Loan Agreement or the Loan Documents; (p) accounting fees; (q) travel expenses;
(r) other fees and expenses identified in this Loan Agreement and the Loan Documents (including those fees described in Section
2.5 of this Loan Agreement); (s) fees imposed by the CDFI Fund on Lenders or Allocatees, as applicable, in connection with
their Allocation Agreements; (t) expenses incurred or paid by the Lenders on behalf of Borrower; (u) third-party expenses associated
with the Loans in addition to or in excess of the amounts shown in the Financial Projections for the Lenders’ annual audits,
the preparation of annual and interim financial statements, the preparation of tax returns and the preparation and submission of
compliance reports to the CDFI Fund, if applicable, for each calendar year through and including the calendar year of disposition
of the Loans by the Lenders (including, such costs incurred by the Lenders or the Investment Fund in the succeeding year with respect
to the year of disposition) but only to the extent directly attributable to the Loans; and (v) Lenders Fees and Expenses.

 

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1.51. “Fee
and Services Agreement” means that certain Fee and Services Agreement (Loan Servicing and Compliance), dated as of
the Effective Date, by and among, Borrower, Baker Tilly, and VAF.

 

1.52. “Financial
Projections” means the financial projections, prepared by Baker Tilly, marked final and dated as of the Effective
Date.

 

1.53. “Financial
Reports” means all of the financial statements, balance sheets, income statements, statements of owners’ equity,
and statements of cash flow and all other documents delivered by, or on behalf of, Borrower to the Lenders.

 

1.54. “Financing
Statement” means, collectively, the UCC-1 financing statements to be filed and recorded pursuant to this Loan Agreement
to perfect the Liens of the Lenders in all or part of the UCC Collateral of Borrower.

 

1.55. “Fund
Expenses” means extraordinary out-of-pocket costs and expenses actually incurred by or on behalf of the Investment
Fund on account of or in connection with the Loans, including amounts required to pay (i) costs incurred in connection with the
enforcement, collection or “workout” of the Loans and/or to make protective advances in connection with the Loans and/or
the sale, acquisition, operation, and disposition of any collateral for any such Loans, (ii) costs incurred in connection with
the reinvestment of any amounts received by a Lender which are required to be reinvested under Section 45D of the Internal Revenue
Code, including costs and expenses of third parties incurred in connection with identifying, performing due diligence with respect
to, documenting and/or consummating any investment by such Lender, (iii) costs incurred in any litigation or other judicial or
administrative proceeding to which a Lender or the Investment Fund may be subject (except disputes between a Lender and the Investment
Fund or its investor member, which such dispute does not relate to any act or omission of the Borrower or Guarantor in violation
of the Loan Documents), (iv) legal and accounting fees and expenses incurred in connection with the amendment, administration,
enforcement, and collection of the Loans, but exclusive of fees for bookkeeping, accounting, audit and tax preparation, and other
similar services relating to the affairs of the Investment Fund, and (v) income, franchise or withholding taxes incurred in connection
with Lender’s Loans and the Investment Fund’s investment in the Lenders.

 

1.56. “General
Intangibles” has the meaning set forth in the UCC.

 

1.57. “Governmental
Authority” means any executive, legislative, and judicial body, and any agency, department, board, commission, council,
court, tribunal, official, or other entity exercising governmental or quasi-governmental powers, of the United States of America,
the State of Georgia, and any other nation, state, county, parish, city, community, town, borough, village, district or other jurisdiction
having jurisdiction over a Party or the Collateral.

 

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1.58. “Governmental
Authorization” means any permit, franchise, certificate, registration, or license issued, granted, given or otherwise
made available by or under the authority of any Governmental Authority or pursuant to any Applicable Law.

 

1.59. “Ground
Lease” means that certain Sublease between Guarantor, as sublessor, and Borrower, as sublessee, dated as of March
13, 2019.

 

1.60. “Guarantor”
means Meredian Holdings Group, Inc., a Georgia corporation.

 

1.61. “Guaranty”
means that certain Payment Guaranty dated as of the Effective Date, by Guarantor in favor of the Lenders.

 

1.62. “Hazardous
Materials” has the meaning set forth in the Environmental Indemnity Agreement.

 

1.63. “Hazardous
Waste Law” has the meaning set forth in the Environmental Indemnity Agreement.

 

1.64. “Highest
Rate” means the highest rate of interest that may be charged pursuant to the laws of the State of Georgia.

 

1.65. “Improvements”
means the commercial demonstration plant and all other improvements, equipment, and fixtures located or to be located at the Leased
Space.

 

1.66. “Interest
Rate” means with respect to each of the Loans, the rate set in the applicable Promissory Note, or the Highest Rate,
whichever shall be less. Upon the occurrence of an Event of Default, the Lenders may increase the Interest Rate on the outstanding
and unpaid principal amount of the Loans in default to an amount equal to the Default Rate, until the Obligations shall be paid
in full.

 

1.67. “Internal
Revenue Code” means the Internal Revenue Code of 1986, as amended, or any successor thereto.

 

1.68. “Inventory”
has the meaning set forth in the UCC.

 

1.69. “Investment
Fund” means Danimer Bainbridge Investment Fund, LLC, a Georgia limited liability company, as the investor member
of the Lenders.

 

1.70. “Investor”
means SunTrust Community Capital, LLC, a Georgia limited liability company, and its successors and assigns, as the sole member
of the Investment Fund.

 

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1.71. “Leased
Space” means the portion of the Real Property leased to Borrower pursuant to the Ground Lease, further described
on Exhibit F attached hereto and incorporated herein for all purposes.

 

1.72. “Leases”
means any and all leases, subleases, licenses and other agreements now or hereafter entered into granting to any Person the right
to occupy any portion of the Project between Borrower or any of Borrower’s subtenants, as lessor, and a Tenant, as lessee.

 

1.73. “Lenders”
has the meaning set forth in the preamble to this Loan Agreement.

 

1.74.
“Lenders Fees and Expenses” are the fees and expenses described in Section 2.5.

 

1.75. “Lien”
means any mortgage, deed of trust, pledge, security interest, encumbrance, lease, conditional sale or title retention agreement,
hypothecation, right of way, easement, encroachment, servitude, charge, claim, option, right of first option, right of first refusal,
equitable interest, community or marital property interest, dower or curtesy, and any other legal or equitable lien or restriction
on use of any nature or character whatsoever.

 

1.76. “Litigation”
means any pending or threatened lawsuit, action, cause of action, claim for relief, mediation, arbitration, governmental investigation,
audit, contest or other legal proceeding of any nature or character whatsoever.

 

1.77. “Loan
Agreement” means this agreement.

 

1.78. “Loan
Documents” means this Loan Agreement, the Schedules and Exhibits to this Loan Agreement, the Promissory Notes, the
Carver Reserve Account Pledge and Control Agreement, the Security Agreement, the Environmental Indemnity Agreement, the Financing
Statement, the Guaranty, Disbursing Agreement, the Disbursement Account Pledge Agreement, the Disbursement Account Control Agreement,
the Reimbursement and Compliance Agreement, the Community Benefits Agreement, the ST Reserve Account Control Agreement, the ST
Reserve Account Pledge Agreement, the Assignment of Equipment Contracts, the Negative Pledge, and all other documents that may
be made, executed, acknowledged, delivered, filed, or recorded in connection with this Loan Agreement or the Loans.

 

1.79. “Loans”
means, collectively, Carver Loan A, ST Loan A, Carver Loan B, and ST Loan B.

 

1.80.
“Low-Income Community” shall have the same meaning as set forth in Section 45D of the Internal Revenue
Code and Section 1.45D-1 of the Treasury Regulations.

 

1.81. “Material
Adverse Change” means: (a) a material adverse change in the operation or prospect of the business, properties, assets,
revenues, expenses, or financial condition of Borrower; or (b) a material impairment of the ability of Borrower to comply with
the provisions of this Loan Agreement or the Loan Documents.

 

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1.82. “Material
Contract” means each contract material to conducting the business of Borrower to which Borrower is a party, including,
but not limited to, the Tolling Agreement, R&D Agreement, the PHA Agreement, and the Equipment Purchase Agreement.

 

1.83. “Maturity
Date” means [September 30, 2048].

 

1.84. “Meredian
Bioplastics” means Meredian Bioplastics, Inc., a Georgia corporation.

 

1.85. “Negative
Pledge” means that certain Memorandum of Negative Pledge, dated as of the Effective Date, by and between Borrower
and Lenders.

 

1.86. “NMTC
Control” means “control” as defined in Treasury Regulation Section 1.45D-1(d)(6)(ii)(B) as the direct
or indirect ownership (based on value) or control (based on voting or “management rights”) of more than fifty percent
(50%) of an entity. For this purpose, the term “management rights” means the power to influence the management policies
or investment decisions of the entity.

 

1.87. “NMTC
Program Requirements” means, collectively, the provisions of Section 45D of the Internal Revenue Code, the Treasury
Regulations and related published rulings issued by the Internal Revenue Service, and guidance, rules or procedures published by
the CDFI Fund, and the Allocation Agreements.

 

1.88. “NMTC
Recapture Event” has the meaning set forth in Section 6.30.2.

 

1.89. “Nonqualified
Financial Property” means cash, cash equivalents, debt, stock, partnership interests, limited liability company interests,
options, futures contracts, forward contacts, warrants, notional principal contracts, annuities, and other similar property as
described in Treasury Regulations Section 1.45D-1(d)(4)(i)(E); provided, however, Nonqualified Financial Property shall not include
(1) reasonable amounts of working capital held in cash, cash equivalents, or debt instruments with a term of eighteen (18)
months or less, or (2) “debt instruments” described in Section 1221(a)(4) of the Internal Revenue Code. For purposes
of this definition, the proceeds of a capital or equity investment or loan by the Lenders that will be expended for construction
of real property within twelve (12) months after the date the investments or loan is made shall be treated as a reasonable amount
of working capital.

 

1.90. “Obligations”
means collectively: (a) the prompt and complete payment of the principal and accrued interest of the Loans and Fees and Expenses
as and when required pursuant to this Loan Agreement and the Loan Documents and any and all extensions, modifications, amendments,
substitutions, replacements, and renewals thereof; (b) the prompt and complete performance of each and every obligation of Borrower
pursuant to this Loan Agreement and the Loan Documents; (c) the payment of each indebtedness and the performance of each obligation
of Borrower to the Lenders whether now existing or hereafter arising, voluntarily or involuntarily, by operation of law or otherwise,
joint or several, primary or subordinate, absolute or contingent, or liquidated or un-liquidated.

 

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1.91. “OFAC”
means the Office of Foreign Asset Control of the U.S. Treasury Department and shall be deemed to include any successor agency thereof.

 

1.92. “Party”
means the Lenders or Borrower.

 

1.93. “Permitted
Liens” means (i) Project Leases and the Liens granted by Borrower to the Lenders in connection with the Loans, (ii)
encumbrances arising by law, including mechanics’, materialmen’s, workers’, repairmen’s, warehousemen’s,
carriers’ or other like Liens arising in the ordinary course of business for amounts not yet due or that are being contested
in good faith by appropriate proceedings and with respect to which adequate reserves or other appropriate provisions are being
maintained, (iii) liens for unpaid Taxes contested in good faith and for which Borrower has established adequate reserves with
respect to the contested claim, (iv) purchase money Liens granted by Borrower and limited in each case to the property purchased
with the proceeds of such purchase money indebtedness and the proceeds thereof; and (v) zoning restrictions, easements, rights-of-way,
restrictions, and other similar encumbrances affecting real property that do not in any case materially detract from the value
of the property subject thereto for its intended purposes or materially interfere with the ordinary conduct of the business of
Borrower or which individually or in the aggregate could not reasonably be expected to result in a Material Adverse Change.

 

1.94. “Person”
means any entity, corporation, company, association, limited liability company, joint venture, joint stock company, partnership,
trust, organization, individual (including personal representatives, executors, and heirs of a deceased individual), Governmental
Authority, trustee, and receiver, or liquidator.

 

1.95. “PHA
Agreement” means that certain PHA Production Agreement between Borrower and DSH dated as of April [__], 2019.

 

1.96. “Prohibited
Person” means any of the following:

 

(a) a
Person that is listed in the Annex to, or is otherwise subject to the provisions of, the Executive Order;

 

(b) a
Person owned or controlled by, or acting for or on behalf of, any Person that is listed in the Annex to, or is otherwise subject
to the provisions of, the Executive Order;

 

(c) a
Person whom the Lenders are prohibited from dealing or otherwise engaging in any transaction by any Anti-Terrorism Law;

 

(d) a
Person who or that commits, threatens, or conspires to commit or supports “terrorism,” as defined in the Executive
Order; or

 

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(e) a
Person that is named as a “specially designated national and blocked person” on the most current list published by
OFAC at its official web site or any replacement website or other replacement official publication of such list.

 

1.97. “Project”
means (a) the (i) equipping and operating by Borrower of a commercial demonstration plant (“CDP”), which
includes the manufacture of polyhydroxyalkanoate resins, (ii) operating by Borrower of an extruder to process materials into final
formulations, and (iii) providing by Borrower of testing and product development services through its research and development
department, in each case to be purchased by DSH, for itself or on behalf of any of its wholly-owned subsidiaries, (b) the purchase
or reimbursement by Borrower from Guarantor of certain equipment for use in the CDP, and (c) the purchase by Borrower from Meredian
Bioplastics of raw materials inventory, all of which will be located within the premises located at 140 Industrial Boulevard, Bainbridge,
GA, 39817, to be subleased by Guarantor to Borrower.

 

1.98. “Project
Costs” has the meaning set forth in Section 5.5.

 

1.99. “Project
Leases” means, collectively, the Store Ground Lease and the Ground Lease.

 

1.100. “Promissory
Notes” means the promissory notes evidencing the Loans.

 

1.101. “Property”
means any and all of Borrower’ property or assets, whether real, personal or mixed, or tangible or intangible.

 

1.102. “QALICB”
means a “qualified active low-income community business” within the meaning of Treasury Regulations Section 1.45D-1(d)(4).

 

1.103.
“QEI” means a capital contribution made by the Investment Fund to a Lender that constitutes a “qualified
equity investment” as such term is defined in Treasury Regulations Section 1.45D-1(c).

 

1.104. “QLICI”
means a “qualified low-income community investment” within the meaning of Treasury Regulations Section 1.45D-1(d)

 

1.105. “Qualified
Business” means any trade or business except (a) the rental of (i) Residential Rental Property, or (ii) real property
unless there are substantial improvements located on the real property; (b) any trade or business consisting predominantly of the
development or holding of intangibles for sale or license or the rental of real property to a Tenant for such use; (c) any trade
or business consisting of the operation of any private or commercial golf course, country club, massage parlor, hot tub facility,
suntan facility, racetrack or other facility used for gambling, or any store the principal business of which is the sale of alcoholic
beverages for consumption off premises; or (d) any trade or business the principal activity of which is farming (within the meaning
of Section 2032A(e)(5)(A) or (B) of the Internal Revenue Code).

 

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1.106. “R&D
Agreement” means that certain Research and Development Services Agreement between Borrower and DSH dated as of April
[__], 2019.

 

1.107. “Real
Property” means that certain building and related real property located at 140 Industrial Boulevard, Bainbridge,
Georgia, further described on Exhibit A attached hereto and incorporated herein for all purposes.

 

1.108. “Residential
Rental Property” shall have the meaning given in Section 168(e)(2)(A) of the Internal Revenue Code, and includes
any building or structure if eighty percent (80%) or more of the gross rental income from such building or structure for the taxable
year is rental income from “dwelling units.” For such purpose, a “dwelling unit” means a house or apartment
used to provide living accommodations in a building or structure, but does not include a unit in a hotel, motel, or other establishment
more than one half (1/2) of the units in which are used on a transient basis. If any portion of the building or structure is occupied
by the taxpayer, the gross rental income for such building or structure includes the rental value of the portion so occupied.

 

1.109. “Security
Agreement” means the Security Agreement executed and delivered by the Borrower to Lenders pursuant to this Loan Agreement.

 

1.110. “ST
Allocatee” means SunTrust Community Development Enterprises, LLC, a Georgia limited liability company.

 

1.111. “ST
Allocation Agreement” means that certain Allocation Agreement with respect to the Tax Credits awarded to ST Allocatee
pursuant to the 2017 Round of New Markets Tax Credits Allocation Authority, with an effective date of May 18, 2018, by and among
the CDFI Fund, ST Allocatee, and certain subsidiaries of ST Allocatee, including ST Lender, as amended from time to time.

 

1.112. “ST
Bank” means SunTrust Bank, a Georgia banking corporation.

 

1.113. “ST
Lender Expenses” means all reasonable out-of-pocket expenses of ST Lender in excess of the expenses reflected as
expenses or obligations of ST Lender in the Financial Projections, including, but not limited to out-of-pocket costs and expenses
(including attorneys’ fees) incurred by ST Lender or Investment Fund in connection with any modification to the Loan Documents
requested by Borrower, and costs and expenses incurred by a third-party workout specialist hired by Lenders in the event of a default
by Borrower under the Loan Documents.

 

1.114. “ST
Loan A” means the loan in the original principal amount of $1,360,400 made by ST Lender to Borrower pursuant to this
Loan Agreement and shall include the principal, accrued interest, and Fees and Expenses related thereto.

 

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1.115. “ST
Loan B” means the loan in the original principal amount of $639,600 made by ST Lender to Borrower pursuant to this
Loan Agreement and shall include the principal, accrued interest, and Fees and Expenses related thereto.

 

1.116. “ST
Reserve Account” means that certain deposit account number 1000214573064 in Borrower's name at ST Bank.

 

1.117. “ST
Reserve Account Control Agreement” means that certain Depository Account Control Agreement (ST Reserve Account) dated
as of the Effective Date, by and between Borrower, ST Lender, and ST Bank, as the same may be amended, restated or otherwise modified
from time to time.

 

1.118. “ST
Reserve Account Pledge Agreement” means that certain Assignment and Pledge of Deposit Account (ST Reserve Account)
dated as of the Effective Date, by and between Borrower, ST Lender, and ST Bank, as the same may be amended, restated or otherwise
modified from time to time.

 

1.119. “Store
Ground Lease” means that certain Master Lease Agreement between Store Capital Acquisitions, LLC, a Delaware limited
liability company, as lessor, and Guarantor, as lessee dated as of December 14, 2018.

 

1.120. “Tangible
Property” means any interest in any kind of tangible property or asset, whether real, personal or mixed.

 

1.121. “Tax”
or “Taxes” means all federal, state, local and foreign taxes, and other assessments of a similar nature
(whether imposed directly or through withholding) including, but not limited to, income, excise, property, ad valorem, sales, use
(or any similar taxes), occupation, gains, transfer, conveyance, franchise, payroll, employment, value-added, withholding, Social
Security, business license fees, customs, duties and other taxes, assessments, charges, or other fees imposed by a Governmental
Authority, including any interest, additions to tax, or penalties applicable thereto.

 

1.122. “Tax
Credits” means the federal “new markets tax credit” allowed pursuant to Section 45D of the Internal Revenue
Code.

 

1.123. “Tax
Return” or “Tax Returns” means any federal, state, local or foreign return, declaration,
statement, report, schedule, form, information return, or claim for refund relating to Taxes, including any amendment thereof.

 

1.124. “Taxable
Year” means Borrower’s taxable year for federal income tax purposes, which ends on December 31.

 

1.125. “Tenant”
means any Person who may now or hereafter hold a leasehold interest in the Leased Space leased by Borrower.

 

1.126. “Tenant
Qualified Business” means any trade or business of a Tenant except (i) any trade or business consisting of the rental
of Residential Rental Property, or (ii) the operation of any private or commercial golf course, country club, massage parlor, hot
tub facility, suntan facility, race track or other facility used for gambling, any store the principal business of which is the
sale of alcoholic beverages for consumption off premises.

 

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1.127. “Tolling
Agreement” means that certain Toll Processing Agreement, dated as of April [___], 2019, by and between Borrower and
DSH.

 

1.128. “Treasury
Regulations” means and includes any proposed, temporary, and/or final regulations promulgated from time to time under
the Internal Revenue Code.

 

1.129. “UCC”
means the Uniform Commercial Code as in effect from time to time in the State of Georgia, or to the extent that by reason of mandatory
provisions of law, any or all of the perfection or priority of Lenders’ security interest in the Collateral is governed by
the Uniform Commercial Code as in effect in a jurisdiction other than the State of Georgia, the Uniform Commercial Code as in effect
in such other jurisdiction.

 

1.130. “UCC
Collateral” means the Accounts, Books and Records, Chattel Paper, Equipment, General Intangibles, Inventory, all
other property described in the Security Agreement, and all additions, accessions, substitutions, and replacements thereto, whether
now owned or hereafter acquired by the Borrower and all proceeds thereof.

 

1.131. “USA
Patriot Act” shall mean the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept
and Obstruct Terrorism Act of 2001, Pub. L. No. 107 56, 115 Stat. 272 (2001), as amended from time to time.

 

1.132. “VAF”
means The Valued Advisor Fund, LLC, an Illinois limited liability company.

 

The above definitions shall
apply to all uses of the above terms including the singular, plural, and possessive, and the past, present, and future tense.

 

2. Loans.
In reliance upon the representations, warranties, and covenants of Borrower and subject to the provisions of this Loan Agreement
and the Loan Documents, the Lenders shall make loans to Borrower as follows:

 

2.1. Loans.

 

2.1.1. Carver
Loan A. The original principal amount of Carver Loan A shall be Four Million Nine Hundred One Thousand Four Hundred and 00/100
U.S. Dollars ($4,901,400.00).

 

2.1.2. Carver
Loan B. The original principal amount of Carver Loan B shall be Two Million Ninety-Eight Thousand Six Hundred and 00/100 U.S.
Dollars ($2,098,600.00).

 

2.1.3. ST
Loan A. The original principal amount of ST Loan A shall be One Million Three Hundred Sixty Thousand Four Hundred and 00/100
U.S. Dollars ($1,360,400.00).

 

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2.1.4. ST
Loan B. The original principal amount of ST Loan B shall be Six Hundred Thirty-Nine Thousand Six Hundred and 00/100 U.S. Dollars
($639,600.00).

 

2.1.5. Interest.
The outstanding and unpaid principal shall bear interest at the Interest Rate beginning on the Effective Date and continuing until
the outstanding and unpaid principal and Fees and Expenses shall be paid in full. Interest shall be calculated on the basis of
a year consisting of three hundred sixty (360) days based on thirty (30) day months. In no event shall the interest rate charged
under the Loans exceed the Highest Rate. Upon the occurrence of an Event of Default, the Lenders may increase the Interest Rate
on the outstanding and unpaid principal to an amount equal to the Default Rate, until the Obligations shall be paid in full.

 

2.1.6. Late
Charges. If any payment of interest, principal, Fees and Expenses, or other amounts due and owing under the Loan Documents
are not paid within ten (10) days after the same shall be due, Borrower shall pay a late charge of five percent (5%) of the late
payment; provided, however, that no late charges shall be imposed in excess of amounts allowed under Applicable Law.

 

2.2. Single
Advance. Subject to the provisions of this Loan Agreement and the Loan Documents, the Loans shall be disbursed to Borrower
in a single advance (the “Advance”) on the Effective Date and deposited into the Disbursement Account,
the Carver Reserve Account, and the ST Reserve Account, and used to pay related transaction costs in accordance with the Closing
Flow of Funds Memorandum. Disbursements from the Disbursement Account will be made in accordance with the terms of the Disbursing
Agreement.

 

2.3. Payment.
Principal shall be payable, and interest shall accrue and be payable, for the period of time outstanding, in accordance with the
terms of the Promissory Notes. Payments of accrued interest and principal on each Loan hereunder shall be made on such dates, and
in such manner, as are set forth in the Promissory Note evidencing such Loan.

 

2.4. Prepayments.

 

(a) Borrower
shall not be entitled to prepay the Promissory Notes, in whole or in part, at any time during the Compliance Period. Borrower acknowledges
that this provision comprises a material basis for the Loans and Lenders would not extend the Loans to Borrower absent this prohibition.
Borrower further acknowledges that the period during which Borrower is prohibited from prepaying the Loans is derived from the
NMTC Program Requirements, and that such period is reasonable and acceptable to Borrower.

 

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(b) Following
the expiration of the Compliance Period, Borrower may prepay any, each and/or all of the Promissory Notes at any time, in whole
or in part, upon at least ten (10) calendar days’ prior written notice to the Lenders. Upon an acceleration of the maturity
of the Loans or on or before the end of the Compliance Period, the Lenders shall not be obligated to accept any such tender of
payment. If Borrower prepays all or any portion of the Loans in violation of this Loan Agreement, Borrower shall also pay to the
Lenders any and all sums necessary to compensate the Lenders for all reasonable costs, expenses, claims, penalties and liabilities
(including any liability incurred by the Lenders or their affiliates in any tax credit indemnity agreement for inability of such
Lenders to reinvest the proceeds in another transaction) incurred by the Lenders by virtue of the repayment or prepayment of funds,
and for the documentation and closing of any reinvestment loan or loans to a replacement borrower (or borrowers) that is a QALICB
acceptable to the Lenders.

 

2.5. Fees
and Expenses. The Loans shall be without any cost whatsoever to the Lenders. Borrower shall pay all reasonable and necessary
fees, charges, costs and expenses, regardless of whether the same were anticipated by Borrower or the Lenders, incurred in connection
with (A) the making, disbursement, and administration of the Loans, and (B) satisfying the conditions of the Loan Documents. Without
limitation of the foregoing, among the Fees and Expenses Borrower shall pay when due are:

 

2.5.1. Lenders
Fees and Expenses.

 

2.5.1.1. Borrower
shall pay on demand Carver Lender’s Expenses, as such term is defined in the operating agreement of Carver Lender. Borrower
will be responsible for paying and shall pay upon demand all reasonable third-party expenses incurred by Carver Lender in connection
with this investment, including the cost of maintaining the organizational status of Carver Lender, the evaluation of the transaction
(which are anticipated to be paid at closing), any corporate filing fees, any annual fees payable by Carver Lender to the CDFI
Fund related to this transaction, all Carver Lender’s costs incurred as contemplated herein, including any monitoring or
compliance fees that the CDFI Fund may charge, and third party fees and expenses incurred outside of the ordinary course of business,
such as the exercise of remedies in the case of a default under the Loan Documents.

 

2.5.1.2. Borrower
has established the Carver Reserve Account at Carver Bank and shall deposit $315,000 in the Carver Reserve Account on the date
hereof. Withdrawals from the Carver Reserve Account shall be used solely to pay a portion of interest due on the Carver Loans in
the amounts set forth in, and pursuant to, this Agreement, the Carver Reserve Account Pledge and Control Agreement, and the Financial
Projections.

 

2.5.1.3. On
the Effective Date, Borrower shall pay a (i) placement and administration fee to Access to Capital for Entrepreneurs, Inc., a Georgia
nonprofit corporation, in the amount of $140,000, (ii) structuring fee to Baker Tilly in the amount of $122,500, and (iii) audit
and tax expense reimbursement in the amount of $10,000 to Carver Lender.

 

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2.5.1.4. Pursuant
to the Fee and Services Agreement, commencing as of Effective Date and continuing through the seventh anniversary of the Effective
Date, Borrower shall pay to VAF an annual loan servicing fee in the amount of $17,500 (prorated for any partial year) at the time
set forth therein.

 

2.5.1.5. Borrower
has established the ST Reserve Account at ST Bank and shall deposit $35,000 in the ST Reserve Account on the date hereof. No withdrawals
shall be made from the ST Reserve Account except with ST Lender’s prior written consent and in accordance with the ST Reserve
Account Control Agreement to pay a portion of the interest on the ST Loan A and the ST Loan B in the amount of $1,250 per quarter
(prorated for partial quarters) during the Compliance Period.

 

2.5.1.6. In
addition to the payments reflected above, Borrower shall also pay or reimburse ST Lender on demand for all reasonable out-of-pocket
costs and expenses incurred or paid by ST Lender in connection with the administration of the Loans, including reasonable costs
of collection, attorneys’ and paralegals’ fees and costs, to the extent such costs and expenses are outside the scope
of the services provided by ST Lender in connection with the fees described in Section 2.5.1.5. In addition to the foregoing, Borrower
shall pay or reimburse to ST Lender all reasonable fees, charges, costs and expenses required to satisfy (A) the covenants and
conditions of the Loan Documents, (B) ST Lender Expenses, and (C) Fund Expenses. Such payment and/or reimbursement shall be made
within ten (10) Business Days following written notice from Lenders setting forth the amount thereof and the basis on which such
amount was determined.

 

2.5.2. If
(i) adequate funds are not available in the Carver Reserve Account or the ST Reserve Account, as applicable, to pay any Fees and
Expenses in accordance with the Loan Agreement and the other Loan Documents, and (ii) such Fees and Expenses shall not have been
paid by or on behalf of Borrower within thirty (30) days after notice, the Lenders may, in addition to any other rights or remedies,
either: (i) pay the Fees and Expenses and charge Borrower interest at the Interest Rate on the amount thereof until paid in
full; or (ii) without further notice to or consent from Borrower, the Lenders may cause a Disbursement to be made from the Disbursement
Account to the extent any funds on deposit therein have not yet been disbursed, in such amount necessary to pay the Fees and Expenses
owed by Borrower.

 

2.6. Promissory
Notes. The Loans shall be evidenced by the Promissory Notes in forms approved by the Lenders in their sole and absolute discretion.

 

2.7. Purpose
of Loans. The proceeds of the Loans shall be used only to pay Project Costs.

 

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3. Collateral.
As security for the prompt and complete payment of Borrower’s Obligations as well as any future advances, Borrower shall
provide, or cause to be provided, to the Lenders the Collateral as follows:

 

3.1. Collateral.
Borrower shall execute and deliver the Security Agreement, the Disbursement Account Pledge Agreement, the Carver Reserve Account
Pledge and Control Agreement, the ST Reserve Account Control Agreement, and the ST Reserve Account Pledge Agreement in forms approved
by the Lenders in their sole discretion granting to the Lenders a first priority, continuing Lien in and to the Disbursement Account,
Carver Reserve Account, ST Reserve Account, and all other Collateral of Borrower and all proceeds from the sale, assignment, rental,
lease, exchange, transfer, or other disposition of any of the Collateral of Borrower, but for the Permitted Liens.

 

3.2. Proceeds.
As further security, Borrower hereby grants to the Lenders a Lien on all proceeds from the sale, assignment, rental, lease, exchange,
transfer, or other disposition of any of the Collateral owned by Borrower.

 

3.3. Additional
Security. So long as the Loans are outstanding, the Collateral of Borrower shall remain as security for the payment of Borrower’s
Obligations, whether now existing or hereafter incurred by future advances or otherwise, and whether known or unknown as of the
Effective Date.

 

4. Manner
of Disbursement. Disbursement of the Loan proceeds shall be governed by the terms of the Disbursing Agreement. Notwithstanding
anything to the contrary set forth herein, no Covered Party shall have any liability to any Person with respect to the disbursement
of the Loan proceeds if done in accordance with this Loan Agreement and the Disbursing Agreement, and such disbursement shall not
be deemed to be an approval or acceptance by any Covered Person of any plans, specifications, work or materials done or furnished,
or equipment, inventory, or other or property purchased, with respect to the Project, or a representation by any Covered Person
as to the fitness of such plans, specifications, work, materials, equipment, inventory, or property.

 

The parties acknowledge
that the Loans are to be funded with monies provided by the Lenders’ investor member, and that the Lenders are under no obligation
to disburse Loan proceeds unless and until all necessary preconditions to disbursement set forth herein and in the other Loan Documents
shall have been satisfied to the satisfaction of the Lenders and their investor member, and that if all conditions precedent to
funding are not immediately satisfied, significant time delays might occur in the funding of such monies by the Lenders. Without
limiting the generality of Section 4 hereof, in no event shall the Lenders be liable to Borrower for any damages whatsoever
which might result in whole or in part from any such delays in funding any Loan proceeds.

 

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5. Representations
and Warranties. In order to induce the Lenders to make the Loans, Borrower hereby represents and warrants as of the Effective
Date and throughout the term of the Loans as follows:

 

5.1. Name.
The legal name of Borrower is Danimer Scientific Manufacturing, Inc. Borrower does not have any assumed names and does not conduct
its business under any trade-names or fictitious names.

 

5.2. Location
of Business. The principal place of business of Borrower is located at 140 Industrial Boulevard, Bainbridge, Georgia 39817
which is located in the Census Tract.

 

5.3. Incorporation;
Powers. Borrower is a corporation duly incorporated, validly existing, and in good standing under the laws of the State of
Delaware. Borrower has all requisite power and authority to own its assets, to operate the business of Borrower as now conducted
and proposed to be conducted, to enter into this Loan Agreement and the Loan Documents, and to perform its obligations in this
Loan Agreement and the Loan Documents. Borrower is qualified and in good standing in the State of Georgia and each other jurisdiction
wherever necessary for the ownership of the assets and properties of Borrower and the operation of the business of Borrower except
in jurisdictions where the failure to be qualified and in good standing has not and shall not cause a Material Adverse Change.

 

5.4. Binding
Obligation. The execution, delivery, and performance of this Loan Agreement and the Loan Documents have been authorized by
Borrower. All required action has been taken by Borrower to authorize the execution and delivery of this Loan Agreement and the
Loan Documents and to authorize the performance by Borrower of its respective obligations in this Loan Agreement and the Loan Documents.
This Loan Agreement and the Loan Documents constitute the legal, valid, and binding obligations of Borrower, and if applicable,
Guarantor, and are enforceable in accordance with their respective terms, except to the extent enforcement may be limited by bankruptcy,
insolvency, moratorium, or other similar laws generally affecting the rights of creditors, by general principles of equity, and
by the exercise of judicial discretion.

 

5.5. Purpose.
Subject to the terms of the Disbursing Agreement and the Reimbursement and Compliance Agreement, Borrower shall use the proceeds
of the Loans solely (i) to pay or reimburse costs directly incurred in connection with the Project, including equipment acquisition,
installation, and start-up costs, (ii) to pay costs of research and development activities related to the Business, (iii) to fund
working capital needs of the Borrower in accordance with the terms of this Agreement and the Disbursing Agreement, (iv) to pay
Fees and Expenses, including loan fees, transaction costs, and closing costs incurred in connection with the Loans in accordance
with the Closing Flow of Funds Memorandum, and (v) as otherwise set forth in the forecasted sources and uses in the Financial Projections
and approved by the Lenders (collectively, the “Project Costs”). Proceeds of the Loans may not be used
for any other purpose not described in this Section 5.5.

 

5.6. No
Conflict. The execution, delivery, and performance of this Loan Agreement and the Loan Documents do not, and will not violate:
(a) any Applicable Law; (b) to the best knowledge of Borrower, any order, writ, judgment, injunction, decree, determination, or
award of any Governmental Authority; (c) the certificate of incorporation or bylaws of Borrower; or (d) any Material Contract.

 

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5.7. Consent;
Licenses. Except for such consents previously procured by Borrower, the execution, delivery, and performance of this Loan Agreement
and the Loan Documents by Borrower do not require the consent of any Governmental Authority or other Person. All Governmental Authorizations
have been or will be issued that may be necessary or desirable for the operation of the business of Borrower, and all Governmental
Authorizations received or required for the existence and operation of Borrower are in good standing and have never been suspended,
revoked or terminated for any reason.

 

5.8. Material
Contracts. Each Material Contract is in full force and effect and enforceable in accordance with its terms, except to the extent
enforcement may be limited by bankruptcy, insolvency, moratorium, or other similar laws affecting the rights of creditors generally,
by general principles of equity, and by the exercise of judicial discretion. Borrower is not in breach or default in any material
respect of any such contract or agreement, and no event has occurred or is continuing that, with the lapse of time or the giving
of notice, or both, would constitute a breach or default of such agreement.

 

5.9. Title
to Collateral. Except for Permitted Liens, Borrower has good and marketable leasehold title to the Leased Space and Improvements
and good and marketable title to all Collateral, in each case free and clear of any Lien. Borrower is the sole owner or of its
Collateral, and there are no outstanding options or other rights to purchase all or any part of the Collateral in favor of any
Person.

 

5.10. Lien
Priority. Upon the execution and delivery of this Loan Agreement and the Loan Documents by Borrower and the filing or recording
of the Financing Statement with the appropriate Governmental Authorities, the Lenders shall have a continuing, perfected first
priority Lien in and to the Disbursement Account, Carver Reserve Account, ST Reserve Account, and the other Collateral.

 

5.11. Leased
Space. Borrower represents and warrants that: (a) the Leased Space has access to an adjoining road, highway, or street, either
across the Real Property or by public or private easement; (b) there are no encroachments on the boundaries of the Leased Space;
(c) there are no easements or rights of way encumbering the Leased Space except those shown by the public records of the county
in which the Leased Space is located and disclosed on the title report provided to the Lenders prior to the Effective Date; (d)
all bills for services performed or materials furnished at the Leased Space have been paid in full, and there are no mechanic or
materialmen Liens against the Leased Space or Improvements; (e) there are no unrecorded Liens affecting the Leased Space or Improvements;
all Liens, except for the Permitted Liens, affecting the Leased Space or Improvements, if any, shall be satisfied in full and releases
thereof shall be delivered on or prior to the Effective Date; (f) the use of the Leased Space intended by Borrower does not violate
any zoning or building code; (g) the Improvements do not and shall not lie within any setback area required by Applicable Law;
(h) the Improvements do not and shall not lie within any one hundred (100) year flood zone as determined by the Federal Emergency
Management Agency; (i) no Person has acquired any rights to the Leased Space by adverse possession or prescription; and (j) there
are no public or private restrictive covenants, servitude, or agreements prohibiting, limiting, or impairing any use of the Leased
Space or Improvements except as may be set forth in the title report provided to the Lenders prior to the Effective Date.

 

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5.12. Environmental
Condition. The Real Property is not in violation of any Hazardous Waste Law. No Hazardous Materials are currently being stored,
made, or used on the Real Property, except in strict compliance with Hazardous Waste Law.

 

5.13. Liabilities.
As of the Effective Date, Borrower does not have any fixed or contingent liabilities, except the Loans, the Obligations and other
liabilities to Lenders, the obligations or other liabilities to the Investment Fund or Investor arising under the Loan Documents
and that certain QALICB Indemnification Agreement, dated as of the Effective Date, by Borrower and Guarantor for the benefit of
ST Bank.

 

5.14. Solvency.
Borrower is now solvent and has never in the past been the subject of any bankruptcy, insolvency, reorganization, liquidation proceeding
or any other similar proceeding. Borrower (i) is able to pay its debts as they mature and become due and payable; (ii) has capital
sufficient to carry on its business; (iii) execution of, and performance under, the Loan Documents will not cause Borrower to be
insolvent; and (iv) does not contemplate filing a petition in bankruptcy or for an arrangement or reorganization under the Bankruptcy
Code, nor is there any threatened or actual bankruptcy or insolvency proceeding against Borrower. The reasonable salable value
of Borrower’s assets exceeds the aggregate amount of Borrower’s debts and liabilities, whether actual or contingent.

 

5.15. Tax
Returns. All Tax Returns required to be filed by Borrower have been filed or will be filed when due with the appropriate Governmental
Authorities, taking into account all extensions thereof. All such Tax Returns are accurate and complete in all material respects.
All Taxes payable by Borrower have been paid when due. No issues are pending with any Governmental Authority in connection with
any Tax Returns which might cause a Material Adverse Change. To the extent required by Applicable Law, all Taxes have been withheld
or collected by Borrower. There is no Tax deficiency or assessment claimed or proposed to be claimed against Borrower, any Person
with which Borrower is required by applicable law to file a Tax Return, or the Collateral by any Governmental Authority which has
not been paid, settled, or adequately reserved for by Borrower. Borrower has not received any claim by a Governmental Authority
in a jurisdiction in which Borrower does not file a Tax Return that it is or may be subject to taxation by that jurisdiction. Borrower
does not know of any proposed special property tax assessment with respect to Borrower’s property.

 

5.16. Material
Adverse Changes. Borrower has not suffered any one or more changes which, alone or in the aggregate, has had or is reasonably
likely to result in a Material Adverse Change.

 

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5.17. Compliance
with Laws. Borrower is, and shall remain, in compliance in all respects with Applicable Law.

 

5.18. Litigation.
There is no pending or, to the knowledge of Borrower, threatened Litigation involving the Collateral or Borrower. Borrower is not
subject to any order, judgment, or decree, or any other legal restriction, that materially adversely affects Borrower.

 

5.19. Disclosure.
All documents and information provided by Borrower to the Lenders are complete and accurate in all material respects. No statement
made or document delivered by Borrower in connection with this Loan Agreement and the Loan Documents contains any inaccurate or
incomplete statement of a material fact or omits a material fact necessary to make the statements in this Loan Agreement and the
Loan Documents, not misleading in light of the circumstances in which the statement was made or the document delivered. There is
no fact known to Borrower which has not been disclosed to the Lenders in writing and which, so far as Borrower can now foresee,
is reasonably likely to cause a Material Adverse Change.

 

5.20. Financial
Reports. The Financial Reports delivered to the Lenders prior to the Effective Date accurately and completely present the financial
condition of Borrower as of the date of such Financial Report in accordance with generally accepted accounting principles in all
material respects, and in the period commencing on the date of the most recently delivered Financial Report and ending on the Effective
Date, there have been no changes in the financial condition of Borrower, which would constitute a Material Adverse Change.

 

5.21. Tax
Credits. Borrower hereby represents and warrants to Lenders as follows:

 

5.21.1. Borrower
is engaged solely in the ownership, operation, development, management, and equipping of the Project on the Leased Space, and it
will not own, operate, develop, lease or manage any asset or property other than necessary for the ownership, operation, development,
management, and equipping of the Project on the Leased Space.

 

5.21.2. Borrower
is a QALICB and each disbursement of the Loan is a QLICI.

 

5.21.3. With
respect to the current Taxable Year of Borrower, at least fifty percent (50%) of the total gross income of Borrower is derived
from the active conduct of its trade or business within the Census Tract.

 

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5.21.4. With
respect to the current Taxable Year of Borrower, at least fifty percent (50%) of the use of the Tangible Property of Borrower (whether
owned or leased) is within the Census Tract. For purposes of this representation, the percentage of Tangible Property owned or
leased by Borrower during the Taxable Year and used in the Census Tract shall be determined based on a fraction (i) the numerator
of which is the Average Value of the Tangible Property used by Borrower within the Census Tract, and (ii) the denominator of which
is the Average Value of all of the Tangible Property owned or leased by Borrower and used by Borrower during the Taxable Year.
Borrower has provided a true, correct and complete list of Tangible Property owned or leased by Borrower and a description of where
such property is used by Borrower. If any property is used outside of the Census Tract, Borrower shall provide the cost Basis of
all property owned by Borrower and the estimated value of any leased property and the Basis of such estimate and the business hours
of usage of the property of the Borrower within and outside the Census Tract. Borrower shall retain records of the foregoing throughout
the term of the Loan.

 

5.21.5. With
respect to the current Taxable Year, at least forty percent (40%) of the services performed for Borrower by its employees will
be within the Census Tract. For purposes of this representation, this percentage is determined based on a fraction (i) the numerator
of which is the total amount paid by Borrower for employee services performed in the Census Tract during the Taxable Year, and
(ii) the denominator of which is the total amount paid by Borrower for employee services during the Taxable Year. For any year
in which Borrower has employees, Borrower shall provide to Lenders (upon request) a list of employees providing services, including
a general description of services provided, and if applicable compensation paid for services rendered with respect to the Project
within and outside the Census Tract.

 

5.21.6. With
respect to the current Taxable Year of Borrower, less than five percent (5%) of the average of the aggregate unadjusted cost Basis
of the property of Borrower is attributable to Nonqualified Financial Property. Borrower has provided to Lenders a true, correct,
and complete listing of any Nonqualified Financial Property owned by Borrower, including therein the unadjusted cost Basis of such
property and shall maintain records thereof throughout the term of the Loan.

 

5.21.7. With
respect to the current Taxable Year of Borrower, less than five percent (5%) of the average of the aggregate unadjusted cost Basis
of the property of the Borrower is attributable to Collectibles.

 

5.21.8. No
part of the Real Property is Residential Rental Property.

 

5.21.9. No
portion of the Real Property is treated by Borrower as constituting a “qualified low-income building” under Section
42 of the Internal Revenue Code.

 

5.21.10. The
assumptions underlying the Financial Projections, including, without limitation, assumptions of revenue from operating the CDP,
the extrusion tolling process, and its research and development services set forth therein, are reasonable in all material respects
and to the best knowledge of Borrower, are accurate and complete in all material respects based on all of the facts and circumstances
known to Borrower.

 

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5.21.11. Borrower
has not granted to any Person a leasehold mortgage or other lien against the Leased Space (except statutory liens for labor and
materials incorporated into the Improvements), except as shown in the title report of the Leased Space.

 

5.21.12. Borrower
is a corporation for federal income tax purposes. Guarantor is the sole shareholder of Borrower.

 

5.21.13. Borrower
has no information or knowledge tending to indicate that it might not satisfy all of the requirements of a QALICB.

 

5.21.14. Borrower
has fully and accurately stated in writing to Lenders the nature of Borrower’s business and of the goods or services provided,
Borrower’s primary sources of revenue, Borrower’s primary expenditures, and the location of all property of the Borrower.
Borrower has no present plans or intentions to (i) change the nature of, or manner in which it conducts, its business in any way
that would cause to be untrue any of the representations, warranties or covenants set out herein, (ii) move or expand its existing
operations to any location outside of the Census Tract, or (iii) develop, construct or improve any property at any location outside
of the Census Tract.

 

5.21.15. All
information concerning Borrower or the Project known to Borrower or Guarantor, or which should have been known to Borrower or Guarantor
in the exercise of reasonable care, has been disclosed by Borrower to Lenders and there are no facts or information known to Borrower
or Guarantor, or which should have been known to Borrower or Guarantor in the exercise of reasonable care, which would make any
of the facts or information submitted by Borrower to Lenders with respect to Borrower, the Leased Space, or the Project inaccurate,
incomplete or misleading in any material respect.

 

5.21.16. Borrower
has had no communications with the CDFI Fund concerning noncompliance with, or deficiencies in, reporting practices.

 

5.21.17. As
further set forth on Exhibit B attached hereto, neither Borrower nor any affiliate of Borrower is presently debarred,
suspended, proposed for debarment, declared ineligible, or voluntarily excluded from participation in this transaction by any Federal
department or agency, as such terms are defined in Executive Order 12549, nor is any such action pending or proposed.

 

5.21.18. Borrower
expects to begin deriving revenues from the operation of the Project within three (3) years following the Effective Date.

 

5.21.19. The
Project is located in the Census Tract and the Census Tract is within an economically distressed and underserved community characterized
by a poverty rate of 26.00% and median income of 62.25% of AMI and that it is in a Non-Metropolitan County (as such term is used
in the Allocation Agreement).

 

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5.21.20. Borrower
is the owner of the Collateral for federal income tax purposes, and there is nothing in Borrower’s organizational documents
that would cause anyone other than Borrower to be considered the owner of the Collateral for federal income tax purposes.

 

5.21.21. Borrower
is not a bank, credit union or other financial institution.

 

5.21.22. Borrower
reasonably expects that Borrower’s assets securing the Loans will have significant residual value upon maturity of the Obligations,
and the value and/or income generated by Borrower’s assets will be sufficient to allow Borrower to timely pay all of its
ongoing obligations hereunder and repay and/or refinance the outstanding principal and interest on the Loans in accordance with
their terms. Borrower’s projected net revenues set forth in the Financial Projections are reasonable estimates of Borrower’s
future operations.

 

5.21.23. Borrower
reasonably expects that the representations made under this Section 5.21 will continue to be accurate in all material
respects during the entire term of this Loan Agreement.

 

5.21.24. The
representations and warranties contained in the Reimbursement and Compliance Agreement are hereby incorporated herein as though
they were fully set forth in this Loan Agreement.

 

Clark Hill PLC,
Leverage Law Group, LLC, and Jones Day are hereby permitted to rely on the foregoing representations for purposes of federal income
tax opinions to be issued in connection with the Loans.

 

5.22. Non-Foreign
Certification. Borrower is not a foreign corporation, foreign partnership, foreign trust or foreign estate (as those terms
are defined in the Internal Revenue Code and Treasury Regulations). Borrower’s U.S. employer identification number is 83-2940322.

 

5.23. Anti-Terrorism
Laws. Borrower represents and warrants to the Lenders that:

 

5.23.1. Borrower
is not in violation of any Anti-Terrorism Law;

 

5.23.2. No
action, proceeding, investigation, charge, claim, report, or notice has been filed, commenced, or threatened against Borrower alleging
any violation of any Anti-Terrorism Law; and

 

5.23.3. Borrower
has no knowledge or notice of any fact, event, circumstance, situation, or condition which could reasonably be expected to result
in:

 

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5.23.3.1. any
action, proceeding, investigation, charge, claim, report, or notice being filed, commenced, or threatened against it alleging any
violation of, or failure to comply with, any Anti-Terrorism Law; or

 

5.23.3.2. the
imposition of any civil or criminal penalty against Borrower for any failure to so comply.

 

5.24. Prohibited
Person. Neither Borrower nor its respective beneficial owners is a Prohibited Person, and Borrower has provided the Lenders
with sufficient information (including names, addresses and, where applicable, jurisdiction of formation or organization) to reasonably
permit the Lenders to verify the foregoing representation. Borrower does not:

 

5.24.1. conduct
any business or engage in making or receiving any contribution of funds, goods, or services to or for the benefit of any Prohibited
Person;

 

5.24.2. deal
in, or otherwise engage in any transaction relating to, any property or interests in property blocked under the Executive Order;
or

 

5.24.3. engage
in or conspire to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate,
any of the prohibitions set forth in any Anti-Terrorism Law.

 

5.25. Use
and Management of Business & Equipment. There is (a) no default under this Loan Agreement or the other Loan Documents or
(b) under any document to which Borrower is a party which relates to the ownership, occupancy, use, equipping, development, construction
or management, as applicable, of the Business, Leased Space or Improvements, nor any condition which would constitute a default
or an Event of Default under said documents.

 

5.26. Condemnation.
No condemnation of any portion of the Leased Space or Improvements or relocation of any roadways abutting the Leased Space or Improvements,
and no proceeding to deny access to the Leased Space or Improvements from any point or planned point of access to the Leased Space
or Improvements, has commenced or, to the best of Borrower’s knowledge, is contemplated by any Governmental Authority.

 

5.27. Access.
The Business and Improvements has or will have adequate water, gas and/or electrical supply, and other required public utilities,
adequate parking, fire and police protection, and means of access between the Business, Improvements and public highways; none
of the foregoing will be foreseeably delayed or impeded by virtue of any requirements under any Applicable Laws.

 

5.28. Margin
Stock. The Loans are not being made for the purpose of purchasing or carrying “margin stock” within the meaning
of Regulation G, T, U or X issued by the Board of Governors of the Federal Reserve System, and Borrower agrees to execute all instruments
necessary to comply with all the requirements of Regulation U of the Federal Reserve System.

 

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5.29. ERISA.
As of the Effective Date and throughout the term of the Loan: (a) Borrower is not and will not be (i) an “employee benefit
plan,” as defined in Section 3(3) of ERISA, (ii) a “governmental plan” within the meaning of Section 3(32) of
ERISA, or (iii) a “plan” within the meaning of Section 4975(e) of the Internal Revenue Code; (b) the assets of Borrower
do not and will not constitute “plan assets” within the meaning of the United States Department of Labor Regulations
set forth in Section 2510.3-101 of Title 29 of the Code of Federal Regulations; (c) transactions by or with Borrower are not and
will not be subject to state statutes applicable to Borrower regulating investments of fiduciaries with respect to governmental
plans; and (d) Borrower will not engage in any transaction that would cause any obligation or any action taken or to be taken hereunder
(or the exercise by the Lenders of any of their rights under any of the Loan Documents) to be a non-exempt (under a statutory or
administrative class exemption) prohibited transaction under ERISA or Section 4975 of the Internal Revenue Code. Borrower agrees
to deliver to the Lenders such certifications or other evidence of compliance with the provisions of this Section 5.31 as
the Lenders may from time to time request.

 

5.30. Borrower
Acknowledgement. Borrower acknowledges, represents and warrants that it understands the nature and structure of the transactions
relating to the financing of the Business, the Leased Space and Improvements; that it is familiar with the provisions of all of
the documents and instruments relating to such financing to which it is a party or of which it is a beneficiary; that it understands
the risks inherent in such transactions; and that it has not relied on the Lenders for any guidance or expertise in analyzing the
financial or other consequences of the transactions contemplated by this Loan Agreement.

 

5.31. Project
Leases. There are no leases on or affecting the Leased Space other than Project Leases. No “event of default” has
occurred under the Project Leases and the Project Leases are in full force and effect as of the Effective Date. Borrower has delivered
true, correct and complete copies of the Project Leases to Lenders.

 

6. Covenants.
In addition to the obligations of Borrower stated elsewhere in this Loan Agreement and the Loan Documents, until the Obligations
shall be paid in full, Borrower promises, covenants, and agrees as follows:

 

6.1. Change
of Name. Borrower shall not, without the prior written consent of the Lenders, change its name or adopt any trade-name, fictitious
name, or assumed name beyond its established name in Section 5.1.

 

6.2. State
and Good Standing of Incorporation. Borrower shall not change the jurisdiction of incorporation of Borrower. Borrower shall
maintain its good standing and existence as a corporation in its jurisdiction of incorporation.

 

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6.3. Financial
Reports. Borrower shall keep and maintain complete, accurate and separate books and records sufficient to permit the preparation
of financial statements therefrom in accordance with GAAP. Borrower shall keep and maintain its books and records, including recorded
date of any kind and regardless of the medium of recording, for a period of forty-two (42) months from the last day of the year
in which the Compliance Period ends. The Lenders and their duly authorized representatives shall have the right to examine and
copy such records and books of account at reasonable times during normal business hours upon reasonable notice to the extent necessary
to satisfy either their reporting obligations or any NMTC Program Requirements. Until the Obligations shall be paid in full, Borrower
shall deliver to the Lenders the following (when applicable, all financial statements shall be prepared on a consolidated basis):

 

6.3.1. On
or before each May 15, August 15, November 15, and February 15 for the quarters ending March 31, June 30, September 30, and December
31, respectively, (i) comparative balance sheets as of the end of such quarter and prior year for Borrower, (ii) comparative statements
of income QTD and YTD and prior year QTD and YTD including current year variance to budget for Borrower, (iii) comparative statements
of cash flows QTD and YTD and prior year QTD and YTD for Borrower, certified as true and correct by Borrower and in a form reasonably
acceptable to Lenders in all respects, (iv) bank statements of reserve accounts for each of the months in such quarter, and (v)
a “No Event of Default” Certificate in the form set forth as Exhibit E attached hereto.

 

6.3.2. On
or before each April 30, audited financial statements (balance sheet, income statement and cash flows) of the Borrower for the
prior Taxable Year, including the 2018 Taxable Year.

 

6.3.3. As
soon as available, but no later than April 30 of each year, Tax Returns of the Borrower for the prior Taxable Year.

 

6.3.4. On
or before each November 1, the annual operating budget for the Borrower for the following calendar year, which shall be satisfactory
to the Lenders in both form and substance. Such budget shall provide for adequate debt service coverage of the required debt service
payments of the Promissory Notes and include a summary of actual financial results for the prior year (which actual results may
be a reasonable estimate for the final quarter of the prior year).

 

6.3.5. Within
five (5) Business Days of request by a Lender, all information reasonably requested by a Lender (A) to complete any reporting to
such Lender's members in connection with the New Markets Tax Credits resulting from the Loans, (B) in connection with such Lender's
NMTC reporting requirements, including those to the CDFI Fund's Awards Management Information System and in connection with any
audits, and (C) in connection with any application to be made by such Lender to the CDFI Fund for additional allocations of New
Markets Tax Credit authority.

 

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6.3.6. All
balance sheets and other financial reports referred to above will be in such detail as Lenders may reasonably request and will
conform to generally accepted accounting principles applied on a consistent basis, except only for such changes in accounting principles
or practice with which the independent certified public accountants concur. To the extent that any reports, returns, certifications,
or any other information required herein to be provided to Lenders are not satisfactory to Lenders in their reasonable discretion
to ensure Borrower’s compliance with the applicable laws relating to the New Markets Tax Credit program to avoid any recapture
(as such term is defined in Section 45D(g) of the Internal Revenue Code and Treasury Regulations Section 1.45D 1(e)), Lenders may
require Borrower to utilize a national accounting firm specializing in the tax credit industry as approved by Lenders.

 

6.3.7. If
the last date to deliver any information, report, or notice required by this Section 6.3 falls on any day other than a Business
Day, the information, report, or notice shall be delivered by the previous Business Day.

 

6.3.8. Such
other information respecting the business, properties, condition, financial or otherwise, or operations of the Borrower, or any
of the Borrower’s subsidiaries as the Lenders may from time to time reasonably request, including without limitation any
reports or other information required to ensure the Borrower’s compliance with the New Market Tax Credit program.

 

6.3.9. In
the event that the reports or information provided for in this Agreement are, at any time, not provided within the time periods
specified, Borrower may be obligated in the sole discretion of Lenders to pay Lenders the sum of fifty dollars ($50) per calendar
day, as liquidated damages, for each calendar day after the date such report is due pursuant to this Loan Agreement until the date
upon which such report or other information is provided.

 

6.4. Compliance
Certificate. On or before January 15 and July 15 of each year during the Compliance Period, the QALICB Certification in the
form attached hereto as Exhibit C, as required by Section 6.24.29 hereof.

 

6.5. Auditor
Letters. Promptly on receipt thereof, Borrower shall deliver to the Lenders any additional reports, management letters or other
detailed information concerning significant aspects of Borrower’s operations and financial affairs given to Borrower by its
independent accounting firms.

 

6.6. Payment
of Taxes. Borrower shall file all Tax Returns required by Applicable Law. All Taxes shall be paid when due; provided however,
as long as no Lien shall be imposed on the Collateral other than Permitted Liens, Borrower may refrain from paying any Tax if Borrower
contests, in good faith, the validity or amount thereof, and have set aside adequate reserves with respect thereto, approved by
the Lenders. Within thirty (30) days of the filing of any Tax Return, Borrower shall deliver an accurate and complete copy of each
state or federal income Tax Return to the Lenders. Such returns shall reflect the characterization of the Loans as the indebtedness
of Borrower. At the Lenders’ request, copies of on-time paid taxes, including real estate and personal property tax bills,
if any, or other evidence of payment in full of, or exemption from, any taxes, including real estate and personal property taxes,
if any.

 

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6.7. Existence.
Borrower shall take all actions necessary or desirable to preserve, renew, and maintain in full force and effect, the existence,
rights, contracts, Governmental Authorizations of Borrower to the extent necessary or desirable for the lawful proper operation
of the Business of Borrower.

 

6.8. Fundamental
Changes. Without the prior written consent of the Lenders, in the Lenders’ sole discretion, Borrower shall not: (a) become
a party to any merger, consolidation, dissolution, or liquidation; (b) sell, lease, or otherwise dispose of all or substantially
all of the assets of Borrower; (c) acquire all or substantially all of the assets of any other Person; (d) acquire the securities
of any other Person; (e) amend or modify the certificate of incorporation or bylaws of Borrower; or (f) establish a subsidiary.

 

6.9. Maintenance
of Business; Property; Assets. (a) Borrower shall be engaged only in the Business, which shall be conducted in substantially
the manner as is proposed on the Effective Date. Borrower shall not make any significant change in the Business and shall not enter
into or engage in any line of business substantially different from the Business. Borrower shall continuously operate, maintain
and engage in the Business, (b) Borrower shall preserve and maintain its properties and assets used or useful in the operation
of the Business of Borrower in good working order and condition and shall make all repairs, replacements, and improvements thereto
as necessary or desirable for the proper operation of the Business of Borrower.

 

6.10. Liens;
Additional Indebtedness. Without the prior written consent of the Lenders in their sole and absolute discretion, Borrower shall
not grant, suffer, or permit any Lien on any of the Collateral or the Leased Space, whether voluntarily or involuntarily, by operation
of law or otherwise, other than Permitted Liens. Borrower shall not incur, without the prior written consent of the Lenders, any
indebtedness (whether personal or nonrecourse, secured or unsecured) except for: (i) the Loans; and (ii) customary trade payables
due within sixty (60) days after they are incurred.

 

6.11. Disposition
of Collateral. Without the prior written consent of the Lenders, in their sole discretion, Borrower shall not sell, assign,
lease, exchange, or transfer any of its rights in the Collateral, whether voluntarily or involuntarily, by operation of law or
otherwise; provided, that property that is obsolete, worn out, or no longer used in or useful to the Business may be sold, leased
or removed in the ordinary course of business to the extent that Borrower acquires replacement property of similar value, and provided
that the Lenders continue to have a perfected security interest in any such replacement property.

 

6.12. Collateral.
Borrower shall take any and all actions necessary or desirable to preserve, protect, and enforce the Liens of the Lenders in the
Collateral and the perfection and priority thereof against any and all adverse claims.

 

6.13. Observance
of Agreements. Borrower shall observe and perform all of the material terms and conditions of all Material Contracts, and shall
provide copies of any notices of default thereunder sent or received by Borrower to the Lenders, and Borrower shall diligently
protect and enforce its rights under all such agreements in a manner consistent with prudent business judgment, including, but
not limited to enforcing each Material Contract.

 

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6.14. Licenses.
Borrower shall take all necessary or desirable actions to maintain in good standing all Governmental Authorizations that may be
necessary or desirable for the proper operation of the Business of Borrower.

 

6.15. Insurance.

 

6.15.1. Insurance
Policies. Borrower shall procure and maintain insurance policies and meet the other insurance requirements as set forth on
Exhibit D attached hereto. Borrower shall insure the Collateral for the full insurable value thereof against loss or
damage by fire, theft, explosion, sprinklers, collision (in the case of motor vehicles) and such other risks as are customarily
insured against by Persons engaged in businesses similar to that of Borrower, with such companies, in such amounts, with such deductibles,
as shall be reasonably satisfactory to the Lenders, with such policies of insurance naming the Lenders as an additional insured.
In addition, Borrower shall assist the Lenders in obtaining a Standard Flood Hazard Determination required by the Flood Disaster
Protection Act of 1973, 42 U.S.C. §4001 et seq. If all or any part of the Leased Space lies within any flood hazard
area, Borrower shall maintain flood insurance in an amount customarily maintained by Persons engaged in similar businesses as Borrower.
Insurance bills, inclusive of invoices for insurance premiums for the Leased Space and Improvements shall be paid before the due
date thereof.

 

All insurance policies
required by this Loan Agreement shall provide that any losses shall be payable to the Lenders notwithstanding (A) any act, failure
to act or negligence of or violation of warranties, declarations or conditions contained in such policy by any named insured, (B)
the occupation or use of the Project for purposes more hazardous than permitted by the terms thereof, (C) any foreclosure or other
action or proceeding taken by the Lenders pursuant to any provision of the Loan Documents, or (D) any change in title to or ownership
of the Leased Space or Improvements. The Borrower shall provide the Lenders with evidence of insurance evidencing compliance with
the foregoing as and when requested by the Lenders.

 

6.15.2 Casualty.
Borrower agrees to notify the Lenders immediately in writing of any material Casualty to the Project, whether or not such fire,
Casualty or accident is covered by insurance. Borrower further agrees to notify promptly Borrower’s insurance company and
to submit an appropriate claim and proof of claim to the insurance company if the Project is damaged or destroyed by fire or other
Casualty.

 

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6.15.3 Use
of Insurance Proceeds. Subject to the provisions of the Store Ground Lease with respect to the proceeds of insurance on the
Real Property, promptly after receipt of any payment of proceeds of any insurance required to be maintained pursuant to this Loan
Agreement or the Loan Documents, Borrower shall, subject to Section 6.15.1, either as directed by the Lenders: (a) apply
an amount equal to such proceeds to the prepayment of the Obligations; or (b) apply such amount of the proceeds as necessary to
cause the Collateral to be repaired and restored to its condition prior to the loss, damage, or injury and apply any remaining
amount of the proceeds to the prepayment of the Obligations. If Borrower shall fail to maintain the insurance required by this
Loan Agreement or the Loan Documents, the Lenders may, but shall not be obligated to, procure such insurance, and Borrower shall
pay all Fees and Expenses incurred or paid by the Lenders in connection with maintaining any such insurance.

 

6.15.4 Failure
to Maintain Insurance. Unless Borrower provides the Lenders with evidence satisfactory to the Lenders of the insurance coverage
required by this Loan Agreement, or if Borrower fails to maintain insurance in accordance with this Loan Agreement and the other
Loan Documents, the Lenders may, but need not, upon fifteen (15) calendar days’ notice to Borrower, purchase insurance at
Borrower’s expense to protect the Lenders’ interests in the Collateral. This insurance may, but need not, protect Borrower’s
interest in the Collateral. Borrower or the Lenders (as appropriate) may later cancel any insurance purchased by the Lenders, but
only after the Lenders receives satisfactory evidence that Borrower has obtained insurance as required by this Loan Agreement.
If the Lenders purchases insurance hereunder, Borrower will be responsible for the costs of that insurance, including any charges
imposed by the Lenders in connection with the placement of insurance, until the effective date of the cancellation or expiration
of such insurance. The costs of the insurance may, at the Lenders’ discretion, be added to Borrower’s total principal
obligation owing to the Lenders, and in any event shall be secured by the liens on the Collateral created by the Loan Documents.
It is understood and agreed that the costs of insurance obtained by the Lenders may be more than the costs of insurance Borrower
may be able to obtain on its own.

 

6.16. Compliance
With Laws. Borrower shall comply with the requirements of all Applicable Laws. Borrower may contest any such Applicable Law
in good faith and by appropriate Litigation as long as Borrower shall have set aside adequate reserves sufficient to pay any liability
arising from the failure to comply with such Applicable Law, such amount as reasonably approved by the Lenders.

 

6.17. Litigation.
Borrower shall promptly notify Lenders in writing of any Litigation commenced by or against the Borrower or involving the Collateral
where the underlying claim is in excess of $100,000.

 

6.18. Opinion
Letter. As of the Effective Date, Borrower shall have delivered to the Lenders an opinion letter from an attorney or law firm
in good standing, licensed to practice law, and approved by the Lenders in their sole and absolute discretion, certifying, among
other things: (a) Borrower has been lawfully incorporated; (b) all necessary or desirable actions have been taken by the shareholders
or board of directors of Borrower for the authorization of the execution and delivery of this Loan Agreement and the Loan Documents;
and (c) this Loan Agreement and the Loan Documents are binding contracts on Borrower, except to the extent enforcement may be limited
by bankruptcy, insolvency, moratorium, or other similar laws generally affecting the rights of creditors, by general principles
of equity, and by the exercise of judicial discretion.

 

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6.19. Lenders
Liability. The provisions of this Loan Agreement and the Loan Documents shall not be deemed to indicate that the Lenders shall
be in control of Borrower or that the Lenders shall be otherwise closely-connected to Borrower. If Borrower shall develop any perception
that the Lenders shall have taken any action or shall have engaged in any conduct in a wrongful or unlawful manner, Borrower shall
notify the Lenders in writing no later than ten (10) days of developing the perception.

 

6.20. Offset.
If Borrower shall have any claim whatsoever against the Lenders, Borrower shall not offset the claim against any payment on the
Obligations or any other amount owed to the Lenders by Borrower.

 

6.21. Indemnification.
Borrower shall indemnify the Lenders, their direct and indirect members, and their respective officers, directors, shareholders,
managers, affiliates, agents, attorneys and employees, and their successors and assigns of each of the foregoing (each, a “Covered
Party” and collectively, the “Covered Parties”) from and against any and all claims, losses,
and liabilities, including but not limited to, reasonable attorneys’ fees, arising from any Event of Default, breach, or
failure to comply with any provision of this Loan Agreement or the Loan Documents (without regard to fault or intent of Borrower),
including any breach of any representations, warranties and covenants set forth in this Loan Agreement, or otherwise arising from
the Obligations, this Loan Agreement, and the Loan Documents, except claims, losses, or liabilities resulting from the gross negligence,
fraud, breach of covenant in this Loan Agreement, or willful misconduct of a Covered Party. The indemnification provided for in
this Section 6.21 shall survive the payment in full of the Obligations for the maximum period allowed by Applicable Law.

 

6.22. Performance
by the Lenders. If Borrower shall fail to perform any of its obligations pursuant to this Loan Agreement or the Loan Documents,
the Lenders may perform or cause the performance of such obligation, and Borrower shall pay the Fees and Expenses incurred by the
Lenders in connection therewith, plus interest at the Default Rate. Notwithstanding the foregoing, nothing in this Loan Agreement
shall obligate the Lenders to perform any of the obligations of Borrower pursuant to this Loan Agreement or the Loan Documents.

 

6.23. Material
Adverse Changes. Borrower shall notify the Lenders of any one or more changes which, alone or in the aggregate, has had or
is reasonably likely to result in a Material Adverse Change.

 

6.24. Tax
Credits. Throughout the term of the Loans, Borrower covenants and agrees with the Tax Credit covenants set forth in this Section
6.24.

 

6.24.1. Borrower
shall engage solely in the ownership, development, operation and management of the Project, which is and shall remain a Qualified
Business, and no other activity.

 

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6.24.2. Borrower
shall not do or fail to do anything to jeopardize its status as a QALICB or the status of the Loans as a QLICI.

 

6.24.3. With
respect to each Taxable Year during the term of the Loans, at least fifty percent (50%) of the total gross income of Borrower will
be derived from the active conduct of its trade or business within the Census Tract.

 

6.24.4. With
respect to each Taxable Year during the term of the Loans, at least fifty percent (50%) of the use of the Tangible Property of
Borrower (whether owned or leased) will be within the Census Tract (for purposes of this covenant, the percentage of Tangible Property
owned or leased by Borrower during the Taxable Year in the Census Tract shall be determined based on a fraction (i) the numerator
of which is the Average Value of the Tangible Property used by Borrower within the Census Tract, and (ii) the denominator of which
is the Average Value of all of the Tangible Property owned or leased by Borrower and used by Borrower during the Taxable Year);
provided, however, that for each Taxable Year in which Borrower has no employees, at least eighty-five percent (85%) of the use
of the Tangible Property of Borrower (whether owned or leased) will be within the Census Tract. Borrower shall provide to Lenders
(upon request) a true, correct and complete list of Tangible Property owned or leased by Borrower and a description of where such
property is used by Borrower. If any of the property of the Borrower is used outside of the Census Tract, Borrower shall provide
to Lenders (upon request) the cost Basis of all property owned by Borrower and the estimated value of any leased property and the
basis of such estimate and the business hours of usage of the property of the Borrower within and outside the Census Tract. Borrower
shall retain records of the foregoing throughout the term of the Loans.

 

6.24.5. With
respect to each Taxable Year during the term of the Loans in which Borrower has an employee providing services, at least forty
percent (40%) of the services performed for Borrower by its employees will be within the Census Tract. For purposes of this representation,
this percentage is determined based on a fraction (i) the numerator of which is the total amount paid by Borrower for employee
services performed in the Census Tract during the Taxable Year, and (ii) the denominator of which is the total amount paid by Borrower
for employee services during the Taxable Year. For any year in which Borrower has employees, Borrower shall provide to Lenders
(upon request) a list of the employees providing services, including a general description of services provided, and if applicable
compensation paid for services rendered with respect to the Project within and outside the Census Tract. Borrower shall retain
records of the foregoing throughout the term of the Loans.

 

6.24.6. With
respect to each Taxable Year during the term of the Loans, less than five percent (5%) of the average of the aggregate of the unadjusted
cost Basis of the property of Borrower shall be attributable to Nonqualified Financial Property. Borrower shall provide to Lenders
(upon request) a true, correct, and complete listing of any Nonqualified Financial Property owned by Borrower, including therein
the unadjusted Basis of such property, and shall maintain records thereof throughout the term of the Loans.

 

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6.24.7. With
respect to each Taxable Year during the term of the Loans, less than five percent (5%) of the average of the aggregate unadjusted
cost Basis of the property of the Borrower shall be attributable to Collectibles. Borrower shall provide to Lenders (upon request)
a true, correct, and complete listing of any Collectibles owned by Borrower, including therein the unadjusted Basis of such property,
and shall maintain records thereof throughout the term of the Loans.

 

6.24.8. At
no time during the term of the Loans shall any of the property of the Borrower be used as, or converted into, Residential Rental
Property.

 

6.24.9. With
respect to each Taxable Year during the term of the Loans, the ownership, operation, development, leasing and management of the
Project shall constitute a Qualified Business.

 

6.24.10. With
respect to each Taxable Year during the term of the Loans, the trade or business of each tenant or subtenant, if any, shall consist
solely of a Tenant Qualified Business.

 

6.24.11. With
respect to each Taxable Year during the term of the Loans, no portion of the Real Property will constitute a “qualified low-income
building” under Section 42 of the Internal Revenue Code.

 

6.24.12. Borrower
is and shall continue to be a corporation for federal income tax purposes during the term of the Loans and shall file all returns
consistent therewith.

 

6.24.13. Borrower
shall promptly notify Lenders of any risk of noncompliance herewith.

 

6.24.14. Borrower
agrees it will not, without Lenders’ prior written consent, enter into any Lease. In no event shall any Leases, amendments
or subleases be entered into that would (i) cause Borrower to violate Section 6.24.8 hereof; (ii) cause Borrower to violate
Section 6.24.10 hereof; or (iii) constitute a transfer of the ownership of the Leased Space for federal income tax purposes.

 

6.24.15. Borrower
shall not permit a change in control or ownership of interests in Borrower which would result in the Investor or Lenders having
NMTC Control of Borrower.

 

6.24.16. Borrower
shall provide all information, reports and statements reasonably requested by Lenders for purposes of Lenders’ reporting
requirements pursuant to the Allocation Agreements to monitor compliance with Section 45D of the Internal Revenue Code, and to
measure the community benefit of the Project. Borrower shall provide to Lenders copies of all rent rolls, Leases, and subleases,
modifications, amendments, renewals and extensions of such Leases, together with information as to the Tenant, the Tenant’s
business, and the Lease term, promptly after such documents become available, if any.

 

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6.24.17. Borrower
shall provide to Lenders such information and sign such documents as are necessary for Lenders and the Investor to make timely,
accurate and complete submissions of (i) federal and state income tax returns, (ii) reports to governmental agencies, and (iii)
any other reports required to be delivered to Lenders and the Investor or their members.

 

6.24.18. Borrower
shall promptly supply Lenders with any reports, records, statements, documents or other information reasonably requested by Lenders
in connection with responding to any request by the CDFI Fund and the U.S. Department of Treasury, including any request pursuant
to the Allocation Agreements (e.g., financial and activity reports, records, statements, documents and other information for purposes
of ensuring compliance herewith) as may be required to comply with the NMTC Program Requirements, and shall promptly cooperate
with Lenders to enable Lenders to comply with all of the requirements of the Allocation Agreements. In connection therewith, Borrower
shall maintain records of:

 

6.24.18.1. if
applicable, the activities and services performed by employees and the administration of their employment (including where their
services are performed and, in instances where such employees also perform services for persons or entities other than Borrower,
the allocation of their time between Borrower and any such other person or entity) that are sufficient to establish compliance
with the requirements hereof;

 

6.24.18.2. the
amount of its total gross income, including the location or locations from which such gross income is derived, that are sufficient
to establish compliance with the requirements hereof;

 

6.24.18.3. the
average values and locations of its tangible personal property that are sufficient to establish compliance with the requirements
hereof; and

 

6.24.18.4. the
unadjusted bases of its property generally and in particular, any collectibles and any nonqualified financial property it may own,
that are sufficient to establish compliance with the requirements hereof.

 

6.24.19. Borrower
shall make all such records available to Lenders for inspection and copying from time to time (at Borrower’s expense) as
Lenders may request.

 

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6.24.20. Borrower
shall provide Lenders with all information requested by Lenders (i) to complete any reporting to their members in connection with
the Tax Credits resulting from the Loans, and (ii) in connection with Lenders’ reports and audits, including those made by
the CDFI Fund’s Awards Management Information System.

 

6.24.21. Borrower
shall maintain its funds and other assets separate from those of any other Person and shall not participate in a cash management
system with any other Person unless any funds of Borrower which are maintained or deposited in such cash management system can
at all times be identified as funds owned by Borrower. Borrower shall maintain all of its books, records, financial statements
and bank accounts separate from those of its affiliates and any other Person. Borrower’s assets shall not be listed as assets
on the financial statement of any other Person, and Borrower shall have its own separate financial statement. Any parent entity
of Borrower shall include all income, gain, loss deduction and credits of Borrower in its tax returns. Borrower does not currently
guarantee and shall not guarantee or become obligated for the debts of any other Person or pledge its assets for the benefit of
any Person and does not and shall not hold itself out as being responsible for the debts or obligations of any other Person. Borrower
shall not acquire obligations or securities of its affiliates.

 

6.24.22. Borrower
shall only use the Loans proceeds in connection with the Project and shall not use the Loans proceeds in connection with any other
property or business of Borrower (no permission for the ownership or operation of any such other property or business being implied).

 

6.24.23. Borrower
shall prepare all required federal, state or local income tax returns or reports in a manner consistent with Borrower’s ownership
of the entire Project, including any portion of the Project leased by Borrower to any other Person.

 

6.24.24. Borrower
shall collaborate with Lenders with respect to the response to be made to any ninety (90) day notice of noncompliance and ability
to cure the provisions hereof provided by the CDFI Fund to Lenders pursuant to the Allocation Agreements.

 

6.24.25. Borrower
shall cooperate with Lenders in seeking any waiver or extension sought by Lenders with respect to a NMTC Recapture Event (regardless
of whether or not Borrower has violated any covenants provided herein or failed to act as directed by Lenders), pursuant to Section
1.45D-1(e)(5) of the Treasury Regulations.

 

6.24.26. Borrower
shall not by its action or inaction cause a NMTC Recapture Event.

 

6.24.27. Borrower
shall not discontinue conducting business, shall not relocate, expand or materially change the nature of its business, and shall
not materially change the manner in which its business activities are conducted, other than changes in the nature of its business
or the manner in which it conducts its business that do not cause such business to cease to be a Qualified Business of Borrower
or to cease to continue as a QALICB, and that do not cause the Loans to cease to constitute a QLICI (as determined by Lenders in
their good faith judgment and based upon the advice of counsel) and which are otherwise permitted hereunder.

 

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6.24.28. Borrower
shall utilize all proceeds of the Loans within twelve (12) months of the date hereof.

 

6.24.29. On
or before January 15 and July 15 of each year during the Compliance Period, Borrower shall deliver to Lenders a certification in
the form attached hereto as Exhibit C; in addition, within thirty (30) days of receiving a request from Lenders, Borrower
shall deliver to Lenders a certification in the form attached hereto as Exhibit C with respect to the period specified by
Lenders.

 

6.24.30. Borrower
will treat the Loans as indebtedness for all purposes, and will not take any positions contrary to such treatment.

 

6.24.31. Borrower
will treat each Lease as a lease for all purposes, and will not take any position contrary to such treatment.

 

6.24.32. The
covenants contained in the Reimbursement and Compliance Agreement are hereby incorporated herein as though they were fully set
forth in this Loan Agreement.

 

Clark Hill PLC, Leverage
Law Group, LLC, and Jones Day are hereby permitted to rely on the foregoing covenants for purposes of federal income tax opinions
to be issued in connection with the Loans.

 

6.25. Obligation
to Furnish Evidence. In the event of any audit regarding the status or qualification of the Lenders or their affiliates as
community development entities, the compliance by the Lenders or their affiliates with the Allocation Agreements or NMTC Program
Requirements, the entitlement of any investor to Tax Credits, the qualification of the Census Tract as a Low-Income Community,
the status of the Loans as a QLICI, the status of Borrower as a QALICB, or any other matter that involves the facts addressed in
any representation and warranty contained in Section 5.21 hereof and any covenant contained in Section 6.24 hereof,
Borrower shall promptly deliver or provide such reports, documents, or other evidence as reasonably requested by the Lenders, including
(but not limited to) the following: tax returns, balance sheets, income statements, statements of cash flows, trial balances, general
ledgers, business plans, financial projections, lease agreements, by-laws, certificates of formation, payroll records, bank statements,
management or operating agreements, agreement, contracts, and invoices or purchase orders.

 

6.26. Filings.
Borrower shall comply with all state and federal statutory and regulatory provisions applicable to such entity, including the filing
of tax returns, reports and other information.

 

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6.27. Anti-Terrorism
Laws.

 

6.27.1. Borrower
covenants and agrees with the Lenders that Borrower will not: (i) conduct any business or engage in making or receiving any contribution
of funds, goods, or services to or for the benefit of any Prohibited Person; (ii) deal in, or otherwise engage in any transaction
relating to, any property or interests in property blocked pursuant to the Executive Order or any other Anti-Terrorism Law; or
(iii) engage in, or conspire to engage in, any transaction that evades or avoids, or has the purpose of evading or avoiding, or
attempts to violate, any of the prohibitions set forth in any Anti-Terrorism Law.

 

6.27.2. There
shall not be any changes in the direct or indirect ownership of Borrower without the prior written consent of the Lenders which
may be withheld in their sole discretion.

 

6.27.3. Borrower
agrees to deliver to the Lenders promptly (but in any event within ten (10) Business Days of the Lenders’ written request)
any certification or other evidence requested from time to time by the Lenders in their reasonable discretion, confirming Borrower’s
compliance with the foregoing covenants.

 

6.28. Inspection.
The books, contracts, records, documents and other papers relating to the Borrower shall at all times be maintained in reasonable
condition, and shall be subject to examination, inspection and copying by the Lenders and their agents and representatives at reasonable
times during normal business hours upon reasonable notice as the Lenders reasonably require.

 

6.29. Notification
By Borrower. Borrower shall promptly give notice to the Lenders of the occurrence of any circumstances which after the passage
of time or the giving of notice or both would constitute an Event of Default.

 

6.30. Additional
Reports. Within five (5) days of Borrower obtaining knowledge thereof, Borrower shall furnish to the Lenders a report executed
by an authorized agent of Borrower with respect to:

 

6.30.1. Event
of Default. Occurrence of any act, event, condition or omission which constitutes an Event of Default, together with a written
statement of any remedial or curative actions that have been proposed in order to cure or remedy such default, and any action already
taken with respect thereto;

 

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6.30.2. Recapture
Event. Occurrence of any act, event, condition or omission which constitutes, or which after notice or lapse of time or both,
would cause a loss, reduction, recapture, or disallowance of the Tax Credits (a “NMTC Recapture Event”),
together with a written statement of any actions which have been proposed in order to cure or remedy such default, and any action
already taken with respect thereto;

 

6.30.3. Adverse
Proceedings. Existence or change in status of any pending or threatened litigation or administrative proceedings or investigations
against or affecting Borrower or Guarantor, which, if determined adversely to Borrower or Guarantor, would have a material adverse
effect upon Borrower, Guarantor, the ability of either to perform its obligations under the Loan Documents, the Project, or the
Collateral for the Loans;

 

6.30.4. Financial
Change. A material adverse change in the financial condition of Borrower or Guarantor;

 

6.30.5. Tax
Communication. Receipt of any material communication from any taxing authority by Borrower concerning Tax Credits;

 

6.30.6. Material
Information. Any other material information reasonably requested by the Lenders regarding the Loans and Collateral; or

 

6.30.7. Insurance
Certificates. Prior to the expiration or termination of the current policy, notice of any renewal or replacement of any insurance
policy required under Section 6.15 of this Loan Agreement, in the form of a copy of the policy, or an endorsement or certificate
thereof, indicating the dates of coverage.

 

6.30.8. Lease
Default. Receipt of any notices of default under the Project Leases.

 

6.31. Distributions.
Borrower shall not make distributions to its shareholders if such distributions would leave the Borrower unable to maintain adequate
capitalization, cash flow, or reserves or would adversely affect the repayment ability of the Borrower of the Debt.

 

7. Default.
The occurrence of any of the following events shall constitute an “Event of Default” pursuant to this
Loan Agreement and the Loan Documents:

 

7.1. Non-Payment.
Borrower shall fail to make any payment of the Obligations when due and payable and such failure shall continue for ten (10) days
after written notice from the Lenders setting forth such payment default and the failure of Borrower to cure such default within
such ten (10) day period.

 

7.2. Prepayment.
Borrower makes any prepayment of the Loans, except as may be permitted under the Promissory Notes.

 

7.3. Breach.
Borrower fails to comply with or perform any material term, provision, covenant, obligation, or agreement contained herein or in
any other Loan Document and, excluding a breach of covenants pursuant to Section 6.24, such default is not remedied within
thirty (30) days after written notice of such default is given to Borrower from the Lenders; provided, however, if such default
is not reasonably susceptible of being cured within such thirty (30) day period and Borrower is diligently continuing to pursue
the cure of such default at all times after such thirty (30) day period then Borrower shall have a reasonable time thereafter in
which to cure such default.

 

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7.4. Judgments
and Attachments. Any judgment or attachment shall be rendered against the Collateral or Borrower in excess of One Hundred Thousand
Dollars ($100,000.00), and shall not be stayed, appealed, or satisfied within thirty (30) days after being rendered.

 

7.5. Non-Payment
of Tax or Liability. Borrower shall fail to pay any tax, assessment, or other liability in excess of Fifty Thousand Dollars
($50,000.00) when due, except when such tax, assessment, or other liability shall be contested in good faith as set forth in this
Loan Agreement.

 

7.6. Transfer.
All or any part of the Collateral shall be voluntarily or involuntarily, assigned, sold, conveyed, or transferred without the Lenders’
prior approval.

 

7.7. Insurance.
Borrower shall fail to maintain any insurance required by this Loan Agreement and the Loan Documents.

 

7.8. License.
Any Governmental Authorization required by this Loan Agreement shall be suspended, revoked, or terminated for any reason.

 

7.9. Appointment
of Receiver; Orders. A receiver shall be appointed for the Collateral or Borrower, or an order, judgment, or decree is entered
by any court of competent jurisdiction on the application of a creditor appointing a receiver, trustee, or liquidator of Borrower,
the Property or all or substantially all of the other assets of the Borrower.

 

7.10. Assignment
for Benefit. Borrower shall make any assignment for the benefit of creditors.

 

7.11. Dissolution.
The dissolution, termination of existence, merger, or consolidation of Borrower shall have occurred.

 

7.12. Bankruptcy.
Borrower shall file a voluntary petition of bankruptcy or an involuntary petition shall be filed against Borrower, which is not
dismissed within sixty (60) days.

 

7.13. Insolvency.
Borrower becomes insolvent.

 

7.14. Failure
of Security. Subject to the Permitted Liens, the loss or impairment of (i) Lenders’ liens or security interest in the
Collateral; or (ii) the priority of Lenders’ lien or security interest in the Collateral to the extent such loss of priority
was caused by the action or inaction of Borrower or any Affiliates of Borrower.

 

7.15. Default
under Other Agreements. Any event that results in the occurrence of a default under or the acceleration of the maturity of
any present or future indebtedness of Borrower in excess of One Hundred Thousand Dollars ($100,000.00) (including Lenders) under
any contract, promissory note, mortgage, deed of trust, security agreement, indenture, lease, or other agreement which is not cured
within any applicable grace or cure periods.

 

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7.16. Change
in Control. A Change in Control shall have occurred, without the prior written consent of Lenders, which may be withheld in
their sole discretion.

 

7.17. Representations
and Warranties. At any time any material representation or warranty of Borrower set forth in this Loan Agreement or in any
of the other Loan Documents, including the application for the Loan or in any report, certificate, financial statement, document,
or other instrument delivered pursuant to or in connection with this Loan Agreement or any of the other Loan Documents, shall prove
to have been false or incorrect in any material respect upon the date when made or deemed to be made or repeated.

 

7.18. Assignment.
If Borrower assigns this Loan Agreement, the Advance to be made hereunder, any Disbursement to be made hereunder, or any interest
in any of the foregoing, or if the Borrower’s leasehold interest in the Leased Space be conveyed, assigned, mortgaged, pledged,
or encumbered in any way other than as herein provided without the prior written consent of the Lenders.

 

7.19. Tax
Credits. If any violation of any of the representations and warranties in Section 5.21 hereof or the covenants set forth
in Section 6.24 hereof shall have occurred.

 

7.20. Foreclosure.
If any other holder of a mortgage or other lien or encumbrance on the Collateral of Borrower, or any part thereof or interest therein,
institutes foreclosure or other proceedings for the enforcement of its remedies thereunder, which foreclosure or other proceedings
are not discharged (without affecting such Collateral) or bonded, provided that this Section 7.20 shall not be construed
to imply that the Lenders consents to any lien or encumbrance.

 

7.21. Encumbrance.
The Borrower encumbers or permits the encumbrance of all or any part of the Collateral other than as may be expressly permitted
in the Loan Documents.

 

7.22. Invalidity
or Unenforceability of Security Interests. A determination by a court of competent jurisdiction that the security interests
granted herein or in any other Loan Document against the Collateral are invalid, unenforceable, or not perfected.

 

7.23. Adverse
Title or Possessory Interests. The acquisition by any Person of any legal, beneficial, or possessory interest in any portion
of the Collateral other than the Permitted Liens, or otherwise as expressly permitted by the Loan Documents.

 

7.24. Ground
Lease. The occurrence of any default under the Project Leases and the continuation of such default beyond any applicable cure
or grace period set forth therein, or the termination of the Ground Lease, without Lenders’ prior written consent.

 

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7.25. Material
Contract. The occurrence of any default under a Material Contract and the continuation of such default beyond any applicable
cure or grace period set forth therein, or the termination a Material Contract, without Lenders’ prior written consent.

 

8. Remedies.
Upon both an Event of Default and the failure of Borrower to cure the default upon the expiration of any time afforded to cure
the Event of Default, the Lenders may in their sole and absolute discretion exercise any one or more of the following remedies,
without further notice to or consent from Borrower:

 

8.1. Termination;
Acceleration. The Lenders may immediately terminate this Loan Agreement and the Loan Documents by notice to Borrower and declare
the unpaid balance of the Obligations to be immediately due and payable.

 

8.2. Legal
Action. The Lenders may commence Litigation against Borrower to recover the unpaid balance of the amount due pursuant to this
Loan Agreement and the Loan Documents.

 

8.3. Loan
Documents. The Lenders may exercise any one or more remedies permitted pursuant to the Loan Documents.

 

8.4. Possession
or Control. The Lenders may take immediate possession or control of any or all of the Collateral wherever the Collateral may
be found to the extent set forth in the Security Agreement and to the extent permitted by Applicable Law.

 

8.5. Sale.
The Lenders may sell all or any of the Collateral at private or public sale in such manner and under such circumstances as the
Lenders may determine in their sole and absolute discretion to the extent set forth in the Security Agreement. All demands of performance,
advertisements, notices of sale or retention, manner of sale, as well as the presence of the Collateral at any sale, and the constructive
possession of the Collateral by the Person conducting any sale are hereby waived by Borrower. In the event any of the Collateral
shall be sold at private sale, any price which the Lenders in good faith believes to be reasonable under the circumstances, shall
be acceptable, and the sale shall be deemed to be commercially reasonable in all respects, notwithstanding the possibility that
a substantially higher price for the Collateral might have been realized at a public sale. Borrower acknowledges that a ready market
may not exist for the Collateral and that any sale of the Collateral for a price substantially less than its fair market value
minus liabilities may be commercially reasonable in view of the difficulties that may be encountered in attempting to sell the
Collateral.

 

8.6. Other
Remedies. The Lenders may exercise any one or more remedies available under the UCC or Applicable Law.

 

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9. Conditions
to Loans. The obligations of the Lenders pursuant to this Loan Agreement and the Loan Documents including any obligation to
advance the proceeds of the Loans to, or on behalf of, Borrower shall be subject to the satisfaction of each of the following conditions
as of the Effective Date, in addition to any conditions precedent set forth elsewhere in this Loan Agreement and the Loan Documents:

 

9.1. Loan
Documents. Borrower shall have executed and delivered all of the Loan Documents.

 

9.2. Fees
and Expenses. The Lenders shall have received an amount equal to the Fees and Expenses incurred prior to or at the closing
of this Loan Agreement as presented by the Lenders to Borrower on the Closing Flow of Funds Memorandum.

 

9.3. Insurance
Policies. The Lenders shall have received and approved copies of all insurance policies (or certificates), along with all required
endorsements and certificates thereto, as required by this Loan Agreement and the Loan Documents.

 

9.4. Other
Documents. The Lenders shall have received all of the other documents referred to in this Loan Agreement and the Loan Documents.

 

9.5. Financial
Projections. Borrower shall cause to be delivered to the Lenders the Financial Projections in form and substance reasonably
acceptable to the Lenders.

 

9.6. Opinions
of Counsel. Borrower shall deliver to the Lenders an opinion of counsel regarding federal income tax matters in form and substance
reasonably acceptable to the Lenders.

 

10. Intercreditor
Provisions.

 

10.1. Powers.
Each Lender shall have and may exercise such powers under the Loan Documents as are specifically delegated to such Lender, if any,
by the terms of each such Loan Document, together with such powers as are reasonably incidental thereto.

 

10.2. Exercise
of Remedies.

 

10.2.1. Collateral.
Irrespective of whether any Event of Default shall have occurred under the terms of the Loan Documents, so long as any obligations
of Borrower to any Lender under the Loan Documents remain unpaid Carver Lender shall have the right to enforce any of its rights
with respect to the Carver Reserve Account and ST Lender shall have the right to enforce any of its rights with respect to the
ST Reserve Account.

 

10.2.2. Notice
of Event of Default. Each Lender shall use commercially reasonable efforts to advise the other Lender promptly of any Event
of Default of which such Lender has actual knowledge under the Loan Documents, and shall provide supporting documentation reasonably
requested by the other Lender. No Lender shall issue a notice of an Event of Default to Borrower without the prior written consent
of the other Lender. Notwithstanding the foregoing, each Lender is permitted to engage in routine collection activities, such as
sending out payment delinquency notices (with copies to the other Lender) and making telephonic collection calls to Borrower in
the ordinary course of servicing its respective Loans, without the consent of the other Lender.

 

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10.2.3. Remedies.

 

10.2.3.1. Upon
the occurrence of an Event of Default for which a notice was issued to Borrower in accordance with Section 10.2.2 of this
Loan Agreement (excluding routine collection matters), the Lender that issued such notice shall propose a remedial action plan
to the other Lender in writing (which may be provided exclusively by e-mail) (a “Proposed Remedial Action Plan”).
Each Lender shall provide written comments (which may be submitted exclusively by e-mail) to a Proposed Remedial Action Plan to
the other Lender within ten (10) Business Days of receipt thereof. The Lenders agree to use commercially reasonable efforts to
reach unanimous consent with respect to a Proposed Remedial Action Plan. In the event that the Lenders do not agree to a Proposed
Remedial Action Plan within thirty (30) calendar days of each Lender’s receipt thereof, such plan shall be deemed rejected.
In the event that such a plan is rejected, the Lenders agree to work in good faith to develop a new Proposed Remedial Action Plan.

 

10.2.3.2. Any
consent requested of any Lender under Section 10 hereof shall be deemed given only upon receipt of affirmative written consent
from such Lender (which may be provided by e-mail). If any Lender fails to provide such affirmative written consent within ten
(10) Business Days following receipt of a Proposed Remedial Action Plan, such Lender shall be deemed to have rejected such plan.

 

10.2.3.3. A
Proposed Remedial Action Plan approved in accordance with this Section 10.2.3 shall be referred to herein as an “Approved
Remedial Action Plan.” Upon such approval, the Lenders shall, by unanimous election, authorize any one of them (in
such capacity, the “Lead Lender”) to pursue such Approved Remedial Action Plan. Notwithstanding anything
to the contrary herein, the Lead Lender shall have no obligation to implement an Approved Remedial Action Plan until the Section
10 Expenses have been provided for in accordance with Section 10.2.8 of this Loan Agreement, unless otherwise agreed by
the other Lender in writing.

 

10.2.4. Consents
Generally. Each Lender shall use commercially reasonable efforts to provide notice to the other Lender (which may be provided
exclusively by e-mail) in the event that such Lender has actual knowledge of a matter that requires the approval or consent of
the Lenders pursuant to the Loan Documents (unless it appears that the other Lender has received notice of such matters).

 

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10.2.5. Limitation
of Liability.

 

10.2.5.1. Neither
the Lead Lender nor any of its members, managers, directors, officers, employees, attorneys, agents, Affiliates, successors or
assigns shall be liable or responsible in any manner whatsoever to any of the Lender, Borrower, or any other Person in connection
with the Lead Lender’s role as the Lead Lender except for the Lead Lender’s own gross negligence, willful misconduct
or fraud in performing its duties hereunder. The Lead Lender shall in all cases be fully protected in acting, or in refraining
from acting, under this Section 10 or any of the Loan Documents in accordance with the consent of the other Lender, including,
without limitation, the implementation of an Approved Remedial Action Plan. This Section 10.2.5 shall survive the termination
of this Section 10 only to the extent such obligations arise from actions taken or omissions made by the Lead Lender prior
to the termination of this Section 10.

 

10.2.5.2. Notwithstanding
anything to the contrary herein, none of the Lead Lender’s members, managers, directors, officers, employees, attorneys,
agents, Affiliates, successors or assigns shall have any personal liability in connection with the Lead Lender’s obligations
hereunder.

 

10.2.6. Reliance
on Communications. The Lead Lender shall be entitled to rely, and shall be fully protected in relying, upon any writing, communication,
signature, resolution, representation, notice, consent, instruction, direction, certificate, affidavit, letter, telegram, facsimile,
telex or telephone message, e-mail message, statement or other document or conversation believed by it in its reasonable discretion
to be genuine and correct and to have been signed, sent or made by the proper responsible officers or other authorized parties
of the other Lender or Borrower, as applicable, and upon advice and statements of legal counsel (including counsel to the other
Lender), independent accountants and other experts selected by the Lead Lender.

 

10.2.7. Reporting.
Each Lender may specifically enforce Borrower’s reporting obligations pursuant to the Loan Documents, and collect any penalties
with respect thereto without the consent of the other Lender.

 

10.2.8. Expenses.
Borrower shall be obligated to reimburse the Lead Lender and the other Lender for any actual third party out-of-pocket costs and
expenses (including, without limitation, attorneys’ fees, disbursements and court costs prior to trial, at trial and on appeal)
incurred in enforcing the Lenders’ rights under the Loan Documents pursuant to this Section 10 (collectively, the
“Section 10 Expenses”). Notwithstanding the foregoing, to the extent the Section 10 Expenses will be
incurred by the Lead Lender prior to the availability of funds from Borrower, the Lenders shall use commercially reasonable efforts
to identify a source of funds to pay such Section 10 Expenses. This Section 10.2.8 shall survive the termination of this
Section 10.

 

    46

     

    

 

10.3. Payments.
The Lenders agree that any payments made by Borrower (excluding any payments made to Carver Lender from funds held in, or withdrawn
from, the Carver Reserve Account and any payments made to ST Lender from funds held in, or withdrawn from, the ST Reserve Account)
shall be applied in accordance with the Promissory Notes, first to the Lenders’ fees, costs, and expenses which are reimbursable
under the terms of the Promissory Notes or any Loan Document, if any, second to accrued and unpaid interest, and then to unpaid
principal.

 

10.4. Repayment
Priority Prior to Default. Prior to the occurrence of a default or event of default under the Loan and the continuation thereof
beyond any applicable cure period provided in the applicable Loan Documents, Lenders shall be entitled to collect and retain amounts
due and payable by Borrower under the Loan Documents on a pari passu basis in proportion to the percentage of the total Loan amount
that their respective promissory notes comprise.

 

10.5. Repayment
Priority Following Default. Lenders covenant and agree that upon the occurrence of any default or event of default under the
Loan and the continuation thereof beyond any applicable cure period provided in the applicable Loan Documents, and during the continuation
of any default or event of default under the Loan, all sums actually received by any Lender (net of any actual costs of collection)
from (i) Borrower or (ii) net foreclosure proceeds from the sale of Collateral (after payment of all costs and expenses of enforcement,
collection, and sale), excluding however any proceeds of the Carver Reserve Account or the ST Reserve Account (collectively, the
“Default Proceeds”), shall be allocated and shared among Lenders based upon the following subsections:

 

10.5.1. Default
Proceeds. All Default Proceeds shall be allocated and delivered:

 

10.5.1.1. first,
to ST Lender until the total outstanding indebtedness under the ST Loan has been repaid in full;

 

10.5.1.2. second,
to Carver Lender until the total outstanding indebtedness under the Carver Loan has been repaid in full; and

 

10.5.1.3. finally,
all remaining amounts, if any, shall be paid to Borrower.

 

As used herein,
“total outstanding indebtedness” shall mean the principal amount and all accrued by unpaid interest outstanding
under a Loan, including without limitation all unpaid fees, protective advances, expenses to be reimbursed, and all other amounts
due under the respective Loan Documents as of the date the event of default is declared (the “Default Date”).

 

    47

     

    

 

10.5.2. Cure
and Subsequent Default. In the event all declared defaults and events of default are subsequently cured (as respectively determined
by Lenders in their reasonable discretion), all payments thereafter, while no default or event of default shall exist, shall be
made according to the terms of Section 10.1 above. In the event a later default or event of default is declared by any Lender
(the date of which declaration shall then be the “Default Date”), all Default Proceeds shall be allocated
and delivered according to subsection 10.5.1 above.

 

10.5.3. Curative
Deliveries. In the event any Lender receives any sum in excess of such party’s share according to this Agreement, such
party shall promptly remit to the party entitled thereto such sum as may be necessary to comply with the provisions hereof. Upon
request by any Lender, the other Lender shall account for all advances and payments received by such Lender.

 

10.6. Obligations
Absolute. The provisions of this Section 10 are solely for the purpose of (a) defining the relative rights of the Lenders
with respect to the priority of payment of the various obligations of Borrower to each of them and (b) the right of each Lender
to exercise rights and remedies as a creditor of Borrower. As between Borrower and the holders of any of the Promissory Notes,
nothing in this Section 10 shall impact the obligations of Borrower, which are unconditional and absolute, to pay to the
holders thereof the principal and interest thereon and any other liabilities pursuant to the Loan Documents, all in accordance
with their respective terms. Borrower shall have no right to enforce the terms of this Section 10 against any Lender.

 

11. Approvals
and Consents in Writing. All matters that are subject to the approval, consent, or direction of the Lenders, such approvals,
consents, or directions shall be sought and obtained from the Lenders in writing.

 

12. General
Provisions.

 

12.1. Schedules
and Exhibits. All Schedules to this Loan Agreement and all Exhibits to the Loan Documents as supplemented, modified, or amended
from time to time, are hereby incorporated into this Loan Agreement as though they were fully set forth in this Loan Agreement.

 

12.2. Governing
Law. This Loan Agreement and the Loan Documents shall be subject to and governed by the laws of the State of Georgia without
regard to the choice of law provisions thereof and applicable federal laws.

 

12.3. Rights
and Remedies Cumulative. The rights and remedies expressed in this Loan Agreement and the Loan Documents shall be cumulative
and not exclusive of any rights and remedies otherwise available to the Lenders.

 

    48

     

    

 

12.4. Assignment;
Assumption. This Loan Agreement and the Loan Documents shall not be assigned or otherwise transferred by Borrower or assumed
by any other Person. Any purported assignment, transfer, or assumption of this Loan Agreement or the Loan Documents shall not release
Borrower of any of the obligations of Borrower pursuant to this Loan Agreement or the Loan Documents. The Lenders may assign, participate,
or transfer all or any part of the Loans, this Loan Agreement and the Loan Documents without notice to or the consent from Borrower.
In connection with any assignment, participation and transfer by the Lenders, Borrower hereby consents to the disclosure of information
pertaining to the Obligations to prospective assignees, participants, and transferees.

 

12.5. Further
Assurances. Upon request by the Lenders, Borrower shall execute and deliver such other documents and take such further actions
as may be reasonably requested to carry out the provisions of this Loan Agreement and the Loan Documents.

 

12.6. Modification;
Waiver. This Loan Agreement and the Loan Documents may be modified, amended, or waived only by a written agreement signed by
the Party to be bound by the modification, amendment, or waiver. The course of dealing among the Parties shall not modify or amend
this Loan Agreement or the Loan Documents in any respect. Any delay by the Lenders in the exercise of any of their rights pursuant
to this Loan Agreement or the Loan Documents shall not be construed as a waiver or release of any of the provisions of this Loan
Agreement or the Loan Documents. A waiver by the Lenders of a breach of any provision of this Loan Agreement or the Loan Documents
or any waiver by the Lenders of an Event of Default shall not: (a) operate or be construed as a waiver of any subsequent breach
or Event of Default; (b) limit or restrict any right or remedy otherwise available to the Lenders; or (c) operate or be construed
as a waiver of compliance by the Lenders as to any other provision of this Loan Agreement or the Loan Documents.

 

12.7. Binding
Effect and Benefit. This Loan Agreement and the Loan Documents shall inure to the benefit of and shall be binding upon and
enforceable by the heirs, successors, and assigns of the Parties.

 

12.8. Notice.
All notices, requests, demands, and other communications permitted or required by this Loan Agreement or the Loan Documents shall
be in writing, and (a) delivered in person; (b) sent by express mail or other overnight delivery service providing receipt of delivery;
(c) mailed by certified or registered mail, postage prepaid, return receipt requested, restricted delivery to the relevant party;
or (d) electronic communication, whether by email, telegram or telecopier, together with confirmation of transmission (and in the
case of email, confirmation of actual receipt by the intended recipient). All such notices and other communications shall be sent
to the following addresses, unless changed by the receiving Party or otherwise known to the sending Party:

 

If to Carver Lender:

 

Carver Development CDE VI, LLC

c/o Carver State Bank

701 Martin Luther King, Jr. Boulevard

Savannah, Georgia 31401

Attention: Robert E. James, II

Email: RJamesii@carverstatebank.com

 

    49

     

    

 

With copies to:

 

Leverage Law Group, LLC

4501 College Boulevard, Suite 280

Leawood, KS 66211

Attn: Neal Johnson

Email: neal.johnson@leveragelaw.com

 

and:

 

Danimer Bainbridge Investment Fund, LLC

c/o SunTrust Community Capital, LLC

303 Peachtree Street N.E., Suite 2200

Mail Code GA-ATL-0243

Atlanta, GA 30308

Attention: Christopher Leutzinger

Email: chris.leutzinger@suntrust.com

 

and:

 

SunTrust Community Capital, LLC

303 Peachtree Street N.E., Suite
2200

Mail Code GA-ATL-0243

Atlanta, GA 30308

Attention: Christopher Leutzinger

Email: chris.leutzinger@suntrust.com

 

and:

 

Jones Day

100 High Street, 21st Floor

Boston, MA 02110

Attention: Douglas Banghart, Esq.

Email: dbanghart@jonesday.com

 

If to ST Lender:

 

ST CDE LXII, LLC

303 Peachtree Street N.E., Suite
2200

Mail Code GA-ATL-0243

Atlanta, GA 30308

Attention: Christopher Leutzinger

Email: chris.leutzinger@suntrust.com

 

    50

     

    

 

With copies to:

 

Jones Day

100 High Street, 21st Floor

Boston, MA 02110

Attention: Douglas Banghart, Esq.

Email: dbanghart@jonesday.com

 

and:

 

Danimer Bainbridge Investment Fund, LLC

c/o SunTrust Community Capital, LLC

303 Peachtree Street N.E., Suite 2200

Mail Code GA-ATL-0243

Atlanta, GA 30308

Attention: Christopher Leutzinger

Email: chris.leutzinger@suntrust.com

 

and:

 

SunTrust Community Capital, LLC

303 Peachtree Street N.E., Suite
2200

Mail Code GA-ATL-0243

Atlanta, GA 30308

Attention: Christopher Leutzinger

Email: chris.leutzinger@suntrust.com

 

and:

 

Jones Day

100 High Street, 21st Floor

Boston, MA 02110

Attention: Douglas Banghart, Esq.

Email: dbanghart@jonesday.com

 

If to Borrower:

 

Danimer Scientific Manufacturing,
Inc.

c/o Meredian Holdings Group, Inc.

140 Industrial Boulevard

Bainbridge, GA, 39817

Attn: John A Dowdy, III

Email: jad@danimer.com

 

    51

     

    

 

With a copy to:

 

Thompson Hine LLP

Two Alliance Center

3560 Lenox Road NE, Suite 1600

Atlanta, Georgia 30326-4266

Attn: Sherman Golden

Facsimile: 404.541.2905

Email: Sherman.Golden@thompsonhine.com

 

12.9. Business
Day. If any provision of this Loan Agreement or the Loan Documents requires the performance of an obligation on a date that
is not a Business Day, the performance by a Party may be postponed until the next Business Day.

 

12.10. Time
for Performance. Time shall be of the essence.

 

12.11. Third
Party Beneficiaries. Except as provided in this Loan Agreement or the Loan Documents, the Parties do not intend to create any
rights for the benefit of any third party.

 

12.12. Counterparts.
This Loan Agreement and the Loan Documents may be executed in one or more counterparts. Each counterpart of this Loan Agreement
shall be deemed a duplicate original of this Loan Agreement, and all counterparts, when collected together, shall constitute the
original of this Loan Agreement. A counterpart may be a full copy of this Loan Agreement or a signature page from a full copy of
this Loan Agreement. Delivery of such executed counterpart by facsimile, emailed .pdf or other electronic means that reproduces
an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart.

 

12.13. Conflict
in Documents. To the extent there may be a conflict between the provisions of this Loan Agreement and any of the Loan Documents,
the provisions of this Loan Agreement shall prevail.

 

12.14. Survival
of Representations and Warranties. All representations and warranties made by Borrower in this Loan Agreement and the Loan
Documents shall survive the making of the Loans, and shall continue in full force and effect until the Obligations shall be paid
in full.

 

12.15. Severability.
Each provision of this Loan Agreement shall be severable from all other provisions of this Loan Agreement and the Loan Documents.
Each provision of the Loan Documents shall be severable from all other provisions of this Loan Agreement and the other Loan Documents.
If any Governmental Authority shall determine, during or at the conclusion of any Litigation, that any provision of this Loan Agreement
or the Loan Documents shall be invalid or unenforceable, the provision shall be deemed modified only to the extent necessary to
render it valid and enforceable, and all remaining provisions of this Loan Agreement and the Loan Documents shall remain in full
force and effect.

 

    52

     

    

 

12.16. Interpretation.
This Loan Agreement and the Loan Documents shall be interpreted as though the Parties participated equally in their preparation
and negotiation. The Parties assume joint responsibility for the form and composition of each provision of this Loan Agreement
and the Loan Documents. Unless the context would result in a conflict in the provisions of this Loan Agreement: (a) the gender
or lack of gender of all words used in this Loan Agreement and the Loan Documents shall include the masculine, feminine, and neuter;
(b) the singular shall include the plural; (c) the words “include” or “including” mean, in addition to
any regularly accepted meaning, “without limitation” and “including but not limited to”; (d) references
to Sections refer to Sections of this Loan Agreement; (e) references to Schedules are to the Schedules attached to or delivered
with this Loan Agreement; (f) subject headings and captions are included for convenience only and shall not affect the interpretation
of this Loan Agreement; (g) the definitions used herein apply to all capitalized terms; and (h) references to agreements and
other contractual instruments shall be deemed to include all subsequent amendments, supplements and other modifications to, or
replacements of, such instruments to permitted by the terms of this Loan Agreement.

 

12.17. Entire
Agreement. This Loan Agreement and the Loan Documents contain the entire agreement of the Parties regarding the Loans, and
no other oral or written agreements shall be binding on the Lenders. Borrower represents and warrants that Borrower has not been
influenced by any Person to enter into this Loan Agreement or any of the Loan Documents, nor relied on any representation, warranty,
or covenant of any Person except for those representations, warranties, and covenants set forth in this Loan Agreement.

 

12.18. Exchange
of Information. Borrower agrees that the Lenders may exchange or disclose financial and other information about Borrower with
or to any of the Lenders’ affiliates or other related entities and with any party that acquires a participation or other
interest in all or part of the Loans.

 

12.19. Termination;
Reinstatement.

 

12.19.1. This
Loan Agreement shall terminate on the later of the Maturity Date or the date on which the Obligations shall be paid in full; provided
that the provisions of Sections 5.21, 6.21, and 6.24 shall survive such termination.

 

12.19.2. This
Loan Agreement shall remain in full force and effect and continue to be effective should any petition be filed by or against Borrower
for liquidation or reorganization, should Borrower become insolvent or make an assignment for the benefit of any creditor or creditors
or should a receiver or trustee be appointed for all or any significant part of Borrower’s assets, and shall continue to
be effective or to be reinstated, as the case may be, if at any time payment and performance of the Obligations, or any part thereof,
is, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee of the
Obligations, whether as a “voidable preference,” “fraudulent conveyance,” or otherwise, all as though such
payment or performance had not been made. In the event that any payment, or any part thereof, is rescinded, reduced, restored or
returned, the Obligations shall be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored
or returned.

 

    53

     

    

 

12.20. Publicity.
During the equipping of the Project, Lenders and/or Investor may, at their option, announce and publicize the source of the financing
contemplated hereunder by reasonable means and media selected by Lenders and may, at Lenders’ own cost, also erect (or request
that Borrower erect) on the Leased Space, but subject to Applicable Law and Permitted Liens, a sign for display indicating Lenders
and/or Investor are providing the financing for the Project. If such sign is provided, Borrower agrees (i) to provide a prominent
and reasonably suitable location for the display of the sign, (ii) to cause the sign to be displayed in such place by suitable
attachment of the sign to a structure on the site at Lenders’ cost, and (iii) to maintain the display of such sign for the
duration of construction of the Project. Notwithstanding anything contained in this Section to the contrary, Lenders and/or Investor
may use media, and other Project related information, internally without consent of Borrower. In addition, Borrower hereby authorizes
Lenders and Investor to reproduce and display any media (including, without limitation, photographs and illustrations) of the Project
submitted to Lenders or Investor by Borrower. Borrower represents and warrants to Lenders and Investor that Borrower has obtained
any and all licenses and/or permissions necessary for Borrower’s, Investor’s and Lenders’ use of such media.

 

12.21. Non-Delinquency
Certification. Borrower certifies that it is not delinquent in the payment of any debt to the Lenders or any other person other
than trade payables, and Borrower acknowledges and agrees that the Lenders may declare this Loan Agreement null and void if this
certification is false.

 

12.22. TAX
CREDIT RECAPTURE LIABILITY. BORROWER ACKNOWLEDGES THAT LENDERS ARE MAKING THE LOANS TO BORROWER CONTINGENT UPON THE QUALIFICATION
THAT BORROWER IS A QALICB AND THE AVAILABILITY OF THE TAX CREDITS TO THE INVESTOR OR ITS ASSIGNS. ANY BREACH BY BORROWER OF ANY
OF BORROWER’S REPRESENTATIONS, WARRANTIES OR COVENANTS IN SECTION 5.21 OR SECTION 6.24 OF THIS LOAN
AGREEMENT MAY RESULT IN LIABILITY OF BORROWER TO LENDERS, THEIR MEMBERS AND THE INVESTOR PURSUANT TO THE LOAN DOCUMENTS.

 

12.23. Non-Liability.
In no event shall the Lenders (or their Affiliates) be liable to Borrower for consequential, special, punitive, incidental damages,
or lost profits, whatever the nature of the breach by the Lenders or Borrower of its Obligations under this Loan Agreement or the
Loan Documents or in connection herewith. Borrower waives all claims for consequential, special, punitive, incidental damages,
and lost profits and for all damages described in Section 12.23 hereof.

 

12.24. Lenders-Borrower
Relationship. The relationship between the Lenders and Borrower is solely that of a lender and borrower, and nothing contained
herein or in any of the Loan Documents shall in any manner be construed as making the parties hereto principal, agent, partners,
joint venturers or any other relationship other than lender and Borrower.

 

    54

     

    

 

12.25. Electronic
Transmission of Data. The Lenders and Borrower agree that certain data related to the Loans (including confidential information,
documents, applications and reports) may be transmitted electronically, including transmission over the Internet. This data may
be transmitted to, received from or circulated among agents and representatives of Borrower and the Lenders and their affiliates
and other Persons involved with the subject matter of this Loan Agreement. Borrower acknowledges and agrees that (a) there are
risks associated with the use of electronic transmission and that the Lenders does not control the method of transmittal or service
providers, (b) the Lenders has no obligation or responsibility whatsoever and assumes no duty or obligation for the security, receipt
or third party interception of any such transmission, and (c) Borrower will release, hold harmless, defend and indemnify the Lenders
from any claim, damage or loss, including that arising in whole or part from the Lenders’ strict liability or sole, comparative,
or contributory negligence, which is related to the electronic transmission of data.

 

12.26. Forum.
Borrower and the Lenders hereby irrevocably submit generally and unconditionally for themselves and in respect of Borrower’s
property to the jurisdiction of any state court or any United States federal court sitting in the State of Georgia specified in
the governing law section of this Loan Agreement and to the jurisdiction of any state court or any United States federal court
sitting in the state in which any of the Property is located, over any Dispute, with venue in all events in a state court or U.S.
federal court sitting in the State of Georgia. Borrower and the Lenders hereby irrevocably waive to the fullest extent permitted
by Law, any objection to the laying of venue in any such court and any claim that any such court is an inconvenient forum. Borrower
and the Lenders hereby agree and consent that, in addition to any methods of service of process provided for under applicable law,
all service of process in any such suit, action or proceeding in any state court or any United States federal court sitting in
the state specified in the governing law section of this Loan Agreement may be made by certified or registered mail, return receipt
requested, directed to Borrower or the Lenders at their address for notice set forth in this Loan Agreement, or at a subsequent
address of which the Lenders or Borrower received actual notice from Borrower or the Lenders in accordance with the notice section
of this Loan Agreement, and service so made shall be complete five (5) calendar days after the same shall have been so mailed.

 

12.27. Attorney’s
Fees. Notwithstanding anything to the contrary contained herein, the terms “attorney fees” or “reasonable
attorney’s fees” as used herein shall mean attorney’s fees actually incurred and shall not mean deemed statutory
attorney’s fees under O.C.G.A. Section 13-1-11.

 

[Remainder of Page Intentionally Left
Blank]

 

 

    55

     

    

 

EXECUTED and DELIVERED
as of the date first written above.

 

	 	CARVER LENDER:
	 	 
	 	Carver Development CDE VI, LLC,
	 	a Georgia limited liability company
	 	 	 
	 	By:	Carver Development CDE, LLC,
	 	 	a Georgia limited liability company,
	 	 	its managing member

 

	 	 	By:	/s/ Robert E. James, II
	 	 	Name: 	Robert E. James, II
	 	 	Title:	President

 

[Signatures continue on following pages]

 

	Danimer – QLICI Loan Agreement	Signature Page

 

     

     

    

 

EXECUTED and DELIVERED
as of the date first written above.

 

	 	ST LENDER:
	 	 
	 	ST CDE LXII, LLC,
	 	a Georgia limited liability company
	 	 	 
	 	By:	SunTrust Community Development Enterprises, LLC,
	 	 	a Georgia limited liability company,
	 	 	its manager

	 	 	By:	SunTrust Community Capital, LLC,
	 	 	 	a Georgia limited liability company,
	 	 	 	its managing member

	 	By:	/s/ Christopher Leutzinger
	 	Name: 	Christopher Leutzinger
	 	Title:	First Vice President

[Signatures continue
on following pages]

 

	Danimer – QLICI Loan Agreement	Signature Page

 

     

     

    

 

EXECUTED and DELIVERED
as of the date first written above.

 

	 	DANIMER SCIENTIFIC MANUFACTURING, INC., 
	 	a Delaware corporation
	 	 
	 	By:	 /s/ John A. Dowdy, III
	 	Name: 	John A. Dowdy, III
	 	Title: 	Chief Financial Officer

 

[End of signature pages]

 

	Danimer – QLICI Loan Agreement	Signature PageExhibit 10.18

 

QLICI LOAN AND SECURITY AGREEMENT

 

by and between

 

 

 

DANIMER SCIENTIFIC KENTUCKY, INC.,

a Delaware corporation,

as Borrower,

 

and

 

 

AMCREF FUND 51, LLC

a Louisiana limited liability company,

 

as Lender

 

    QLICI Loan and Security Agreement Danimer KY

     

    

 

TABLE OF CONTENTS

 

	ARTICLE 1	Definitions	3
	1.1	Definitions	3
	1.2	Accounting Terms	20
	1.3	Computation of Time	20
	ARTICLE 2	The Loans	20
	2.1	Amount of Loans	20
	2.2	Disbursements of Loans	20
	2.3	Interest Rate; Payment Terms; Maturity; Prepayments	21
	2.4	Direct Distributions to Lender	22
	ARTICLE 3	Representations, Warranties and Covenants of Borrower	22
	3.1	Organizational Status; Authorizations	22
	3.2	No Actions	23
	3.3	No Breach	23
	3.4	Ownership of Property; No Liens	23
	3.5	Utilities Available	23
	3.6	Access	24
	3.7	No Defaults	24
	3.8	Financial Statements	24
	3.9	Equipment	24
	3.10	Leases	24
	3.11	Permits	24
	3.12	Environmental Matters	25
	3.13	Compliance	26
	3.14	Brokerage Fees	26
	3.15	No Margin Stock; No Plan Assets	26
	3.16	Anti-Terrorism Laws	26
	3.17	New Markets Tax Credits Representations and Warranties	27
	3.18	Tax Returns and Payment	33
	3.19	No Assumption of Borrower’s Obligations	33
	3.20	No Insolvency	33
	3.21	Fees	33
	3.22	Consents	33
	3.23	Reimbursement Certification and Compliance Agreement	33
	3.24	Senior Loan Documents	33
	3.25	Lease Documents	33
	ARTICLE 4	Conditions Precedent to Lender’s Obligation to Make the Advance	34
	4.1	Loan Documents	34
	4.2	Governing Instruments	34
	4.3	Good Standing and Resolutions	34
	4.4	Legal Opinions	34
	4.5	Financial Statements	34
	4.6	Consents	35
	4.7	Survey	35

 

    QLICI Loan and Security Agreement Danimer KY

     

    

 

	4.8	Environmental Report	35
	4.9	Expenditures	35
	4.10	Insurance Policies	35
	4.11	Governmental and Other Approvals	35
	4.12	Compliance	35
	4.13	No Default	35
	4.14	Useful Life of Equipment	35
	4.15	Material Contracts	36
	4.16	Receipt of Accountant Certification	36
	4.17	Investment Fund QEI	36
	4.18	Taxes	36
	4.19	Construction and Engineering Contracts	36
	4.20	Equipment	36
	4.21	Acquisition Document	36
	4.22	Appraisal	36
	4.23	Title	36
	4.24	Community Benefits Agreements	36
	4.25	Betters Rates and Terms Letter	36
	4.26	Agreed Upon Procedures	36
	4.27	Releases	37
	4.28	Other Requirements	37
	ARTICLE 5	Advances	37
	5.1	Initial Advance and Withdrawal	37
	5.2	Conditions Precedent to Subsequent Withdrawals	37
	5.3	Application of Funds	38
	5.4	Final Disbursement Certificate	38
	5.5	Account Statements	38
	5.6	Investor Requirements	38
	ARTICLE 6	Additional Covenants of Borrower	38
	6.1	Use of Loan Proceeds	38
	6.2	Prohibition of Assignment	39
	6.3	Comply with Requirements	39
	6.4	Inspection	39
	6.5	Costs and Expenses; Indemnification by Borrower	39
	6.6	Insurance	41
	6.7	Governmental Requirements	42
	6.8	Additional Documents and Information	42
	6.9	Leases, Licenses and Sale of Property	44
	6.10	Financial Restrictions on Borrower	45
	6.11	Encroachments	45
	6.12	Collateral Liens and Encumbrances	45
	6.13	Certificates	45
	6.14	Use	46
	6.15	Conduct of Business	46
	6.16	Environmental Matters and Indemnity	46
	6.17	Environmental and other Legal Notices	47

 

    	QLICI Loan and Security Agreement Danimer KY	ii	 

     

    

 

	6.18	Litigation	47
	6.19	Other Indebtedness	47
	6.20	Inspection	49
	6.21	Bank Accounts	50
	6.22	Disbursement Account	50
	6.23	Anti-Terrorism Laws	50
	6.24	New Markets Tax Credits Covenants	51
	6.25	Annual Reimbursements, Fees and Reserves	57
	6.26	Organizational Status; Authorizations	58
	6.27	Equipment	58
	6.28	Compliance	58
	6.29	Required Notices	59
	6.30	No Plan Assets	59
	6.31	Taxes	59
	6.32	Organizational Documents	59
	6.33	Material Contracts	60
	6.34	Project Completion	60
	6.35	Indemnification	60
	ARTICLE 7	Events of Default and Remedies	61
	7.1	Events of Default	61
	7.2	Remedies	63
	7.3	Lender’s Right to Complete	65
	ARTICLE 8	General Conditions	66
	8.1	No Waiver	66
	8.2	Form Satisfactory	66
	8.3	Notices	66
	8.4	No Oral Amendments	68
	8.5	Additional Remedies	68
	8.6	No Control or Recourse	68
	8.7	Security Documents	68
	8.8	Usury Savings	68
	8.9	Assignment by Lender	69
	8.10	Additional Documents	69
	8.11	Binding Effect; Continuing Agreement	69
	8.12	Governing Law	69
	8.13	Headings	69
	8.14	Reserved	70
	8.15	Duration of Agreement	70
	8.16	Counterparts	70
	8.17	Time is of the Essence	70
	8.18	Purpose and Effect of Approval	70
	8.19	Language of Agreement	70
	8.20	Exchange of Information	70
	8.21	Survival	70
	8.22	Further Performance	70
	8.23	Publicity, Photographs and Other Media	70

 

    	QLICI Loan and Security Agreement Danimer KY	iii	 

     

    

 

	8.24	[Reserved]	71
	8.25	No Third Party Beneficiary	71
	8.26	Waiver of Special Damages	71
	8.27	Waiver of Jury Trial	71
	ARTICLE 9	Security Agreement	71
	9.1	Definitions	71
	9.2	Grant of Security	72
	9.3	Security for Obligations	73
	9.4	Borrower Remains Liable	73
	9.5	Representations and Warranties	73
	9.6	Further Assurances	73
	9.7	Remdies	74
	ARTICLE 10	Intercreditor	76
	10.1	Subordination and Intercreditor Agreements	76

 

	EXHIBIT A	Legal Description
	EXHIBIT B	Form of Debarment Certification
	EXHIBIT C	Insurance Requirements
	EXHIBIT D	Form of NMTC Compliance Certification
	EXHIBIT E-1	List of Equipment
	EXHIBIT E-2	List of Acquired Equipment
	EXHIBIT F	Form of Request for Disbursement
	EXHIBIT G	Certificate of Final Disbursement
	EXHIBIT H	Permits
	EXHIBIT I	Operating Contracts
	EXHIBIT J	Form of Quarterly Disbursement Compliance Certificate 

 

    	QLICI Loan and Security Agreement Danimer KY	iv	 

     

    

 

QLICI LOAN AND SECURITY AGREEMENT

 

THIS QLICI LOAN AND
SECURITY AGREEMENT (as may be amended, restated, supplemented or otherwise modified from time to time, this “Agreement”),
dated as of November 7, 2019, is by and among DANIMER SCIENTIFIC KENTUCKY, INC., a Delaware corporation (“Borrower”),
and AMCREF FUND 51, LLC, a Louisiana limited liability company (the “Lender”).

 

R E C I T A L S

 

The following recitals
are a material part of this Agreement:

 

WHEREAS, on or before
the date hereof, Borrower acquired a leasehold interest in certain land and improvements located at 605 Rolling Hills Lane, Winchester,
KY 40391, which includes the real property more particularly described in Exhibit A attached hereto and incorporated herein
by reference (the “Property”). The Borrower acquired its leasehold interest in the Property for the purpose
of equipping and operating a biodegradable polymer manufacturing facility (the “Project”);

 

WHEREAS, prior to the
date hereof, Danimer Scientific Holdings, LLC, a Delaware limited liability company, and the sole stockholder of the Borrower (“Danimer
Holdings”), provided a loan to the Borrower in an aggregate amount in excess of $7,146,667.21 (the “Danimer
Holdings Loan”) for use on Project expenses;

 

WHEREAS, Borrower is
expected to constitute a “qualified active low-income community business” (as that term is defined in Section 45D of
the Internal Revenue Code of 1986, as amended (the “Code”) and Section 141.432(5) of the KY NMTC Act, as defined
below) also known as a “QALICB;”

 

WHEREAS, on or about
the date hereof, U.S. Bank, National Association, a national banking association (“USBNA”), made a capital contribution
of $1,359,868.42 (the “State NMTC Equity”) in Twain Investment Fund 427, LLC, a Missouri limited liability company
(the “Investment Fund I”); Investment Fund I used the proceeds of such State NMTC Equity, together with the
proceeds of a bridge equity investment by USBNA of $5,219,078.94 (which bridge equity investment was repaid on or about the date
hereof by a loan made to Investment Fund I by Danimer Holdings in the aggregate principal amount of $5,583,426.31 (the “State
Leverage Loan”)), to make (i) an aggregate capital contribution of $3,289,473.68 (the “Consortium State QEI”)
in Consortium America 79, a Delaware limited liability company (the “Consortium CDE”), intended to constitute
a “qualified equity investment” within the meaning of the KY NMTC Act, (ii) an aggregate capital contribution of $3,289,473.68
(the “Brownfield State QEI,” and together with the Consortium State QEI, the “State QEIs”)
in Brownfield Revitalization 60, LLC, a Delaware limited liability company (the “Brownfield CDE,” and together
with the Consortium CDE, the “State CDEs”), intended to constitute a “qualified equity investment”
within the meaning of the KY NMTC Act. In addition to the repayment of the USBNA bridge equity, the State Leverage Loan proceeds
were also used to make a payment of sub-allocation fees in the amount of $164,473.68 to Consortium America Advisors, LLC and $164,473.68
to Brownfield Revitalization Advisors, LLC, and to pay a bridge equity fee in the amount of to USBNA and fund a management fee
reserve in the amount of $5,400.00;

 

    QLICI Loan and Security Agreement Danimer KY

     

    

 

WHEREAS, on or about
the date hereof, the Consortium CDE used the proceeds of the Consortium State QEI to make loans in an aggregate principal amount
of $3,289,473.68 (the “Consortium State QLICI Loan”) in Twain Investment Fund 428, LLC, a Missouri limited liability
company (the “Investment Fund II”), and the Brownfield CDE used the proceeds of the Brownfield State QEI to
make loans in an aggregate principal amount of $3,289,473.68 (the “Brownfield State QLICI Loan,” and together
with the Consortium State QLICI Loan, the “State QLICI Loans”) in Investment Fund II, each intended to constitute
a “qualified low-income community investment” within the meaning of the KY NMTC Act;

 

WHEREAS, on or about
the date hereof, U.S. Bancorp Community Development Corporation, a Minnesota corporation (“USBCDC”), made a
capital contribution in Investment Fund II in the amounts of $3,884,400.00 (the “Federal NMTC Equity”) and $679,934.21
(the “Additional State NMTC Equity”);

 

WHEREAS, on or about
the date hereof, Investment Fund II used the proceeds of the Federal NMTC Equity and Additional State NMTC Equity, together with
the proceeds of State QLICI Loans and bridge equity from USBCDC in the amount of $856,261.95 (which bridge equity was repaid on
or about the date hereof from the proceeds of a loan from Danimer Holdings in an aggregate principal amount of $1,563,240.90 (the
“Federal Leverage Loan”)), to make capital contributions to Lender in an aggregate amount of $12,000,000 (the
“Federal/State QEI,” and together with the State QEIs, each a “QEI” and collectively the
“QEIs”), all of which investment is intended to constitute a “qualified equity investment” within
the meaning of Section 45D of the Code and $3,289,473.68 of which is intended to constitute a “qualified equity investment”
as defined under the KY NMTC Act. In addition to the repayment of the USBCDC bridge equity, the Federal Leverage Loan proceeds
were also used pay a federal structuring/management fee of $570,000 and a state structuring/management fee of $131,578.95 to AMCREF
Community Capital, LLC and to fund a fund management fee reserve in the amount of $5,400.00;

 

WHEREAS, on the date
hereof, and subject to this Agreement, the Lender used the entirety of the proceeds of the Federal/State QEI to make loans to the
Borrower as follows (each a “Loan” and collectively the “Loans”): (i) a loan in the amount
of $8,142,188.26 evidenced by the QLICI A Note (defined below), (ii) a loan in the amount of $3,309,456.48 evidenced by the QLICI
B Note (defined below), and (iii) a loan in the amount of $548,355.26 evidenced by the QLICI C Note (defined below).

 

WHEREAS, each of the
Loans are intended to constitute a “qualified low-income community investment” within the meaning of Section 45D(d)
of the Code, and a portion of the Loans in an amount of $3,289,473.68 is intended to constitute a “qualified low-income community
investment” within the meaning of the KY NMTC Act;

 

WHEREAS, as a result
of the Loans, the Investment Fund II’s investments in Lender are expected to generate “new markets tax credits”
pursuant to Section 45D of the Code (the “New Markets Tax Credits”), a portion of Investment Fund II’s
investments in Lender are expected to generate “Kentucky New Markets Development Program tax credits” pursuant to the
KY NMTC Act, and Investment Fund I’s investment in the State CDEs are expected to generate “Kentucky New Markets Development
Program tax credits” pursuant to the KY NMTC Act;

 

    	QLICI Loan and Security Agreement Danimer KY	2	 

     

    

 

WHEREAS, Borrower will
use the Loans to (i) finance and refinance the acquisition and installation of equipment at the Facility and to fund operation
of the Facility, (ii) pay certain transaction costs and expenses and (ii) repay a portion of the Danimer Holdings Loan, as more
particularly described herein; and

 

WHEREAS, Lender has
agreed to make the Loans to Borrower upon and subject to all of the terms, conditions, covenants and agreements of this Agreement.

 

AGREEMENT

 

NOW, THEREFORE, in consideration
of the mutual promises and agreements hereinafter contained and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto agree as follows:

 

ARTICLE
1

Definitions

 

1.1 Definitions.
All capitalized terms used in this Agreement shall, unless otherwise defined in the recitals or body of this Agreement, have the
following meanings:

 

“Account Control
Agreement (AMCREF Fee Reserve Account)” means that certain Blocked Account Control Agreement (AMCREF Fee Reserve Account),
by and among Borrower, Lender, and USBNA, dated as of the date of this Agreement, as the same may be amended, restated, supplemented
or otherwise modified from time to time.

 

“Account Control
Agreement (BR Fee Reserve Account)” means that certain Blocked Account Control Agreement (AMCREF Fee Reserve Account),
by and among Borrower, Lender, and USBNA, dated as of the date of this Agreement, as the same may be amended, restated, supplemented
or otherwise modified from time to time.

 

“Account Control
Agreement (CA Fee Reserve Account)” means that certain Blocked Account Control Agreement (AMCREF Fee Reserve Account),
by and among Borrower, Lender, and USBNA, dated as of the date of this Agreement, as the same may be amended, restated, supplemented
or otherwise modified from time to time.

 

“Account Control
Agreement (Disbursement Account)” means that certain Blocked Account Control Agreement (Disbursing Account), by and among
Borrower, Lender, and USBNA, dated as of the date of this Agreement, as the same may be amended, restated, supplemented or otherwise
modified from time to time.

 

“Account Control
Agreements” means the Account Control Agreement (Disbursement Account), Account Control Agreement (AMCREF Fee Reserve
Account), Account Control Agreement (CA Fee Reserve Account), and Account Control Agreement (BR Fee Reserve Account).

 

    	QLICI Loan and Security Agreement Danimer KY	3	 

     

    

 

“Account Pledge
Agreement (AMCREF Reserve Account)” means that certain Bank Account Pledge Agreement (AMCREF Fee Reserve Account), by
and between Borrower and Lender, dated as of the date of this Agreement, as the same may be amended, restated, supplemented or
otherwise modified from time to time.

 

“Account Pledge
Agreement (BR Reserve Account)” means that certain Bank Account Pledge Agreement (BR Fee Reserve Account), by and between
Borrower and Lender, dated as of the date of this Agreement, as the same may be amended, restated, supplemented or otherwise modified
from time to time.

 

“Account Pledge
Agreement (CA Reserve Account)” means that certain Bank Account Pledge Agreement (CA Fee Reserve Account), by and between
Borrower and Lender, dated as of the date of this Agreement, as the same may be amended, restated, supplemented or otherwise modified
from time to time.

 

“Account Pledge
Agreement (Disbursement Account)” means that certain Bank Account Pledge Agreement (Disbursing Account), by and
between Borrower and Lender, dated as of the date of this Agreement, as the same may be amended, restated, supplemented or otherwise
modified from time to time.

 

“Account Pledge
Agreements” means the Account Pledge Agreement (Disbursement Account), Account Pledge Agreement (AMCREF Reserve Account),
Account Pledge Agreement (BR Reserve Account) and Account Pledge Agreement (CA Reserve Account).

 

“Accountants”
means Novogradac & Company LLP.

 

“Acquired Equipment”
means any equipment acquired with the proceeds of the Loans, including, without limitation the Existing Equipment listed in Exhibit
E-2 attached hereto, and any and all equipment acquired to maintain or upgrade such equipment.

 

“Advance”
means the advance of the aggregate principal amount of the Loans by either Lender to or for the benefit of Borrower to pay a portion
of the Costs, fees and other expenses permitted hereunder as set forth in Section 6.1 hereof.

 

“Affiliate”
means, as to any Person, any other Person: (a) that directly or indirectly, through one or more intermediaries, controls or is
controlled by, or is under common control with, such Person; (b) that directly or indirectly beneficially owns or holds ten percent
(10%) or more of any class of voting membership interests (units) of such Person; or (c) ten percent (10%) or more of the voting
membership interests (units) of which is directly or indirectly beneficially owned or held by the Person in question. The term
“control” means the possession, directly or indirectly, of the power to direct or cause direction of the management
and policies of a Person, whether through the ownership of voting securities, by contract, or otherwise; provided, however, in
no event shall either Lender be deemed an Affiliate of Borrower for purposes of the Loan Documents.

 

    	QLICI Loan and Security Agreement Danimer KY	4	 

     

    

 

“Agreement”
has the meaning set forth in the Preamble to this Agreement.

 

“Allocation
Agreement” means the agreement, as it may have been or may subsequently be amended, between the CDFI Fund and AMCREF
Allocatee, Lender and other subsidiary allocatees allocating $70,000,000 of New Markets Tax Credits to AMCREF Allocatee pursuant
to Code Section 45D(f)(2), dated effective August 7, 2019.

 

“AMCREF Allocatee”
means AMCREF Community Capital, LLC, a Delaware limited liability company.

 

“AMCREF Annual
Reimbursements and Fees” means, collectively, an annual reimbursement for AMCREF Lender’s audit, tax and state
filing fees and other reasonable third-party costs, payable to AMCREF Allocatee pursuant to Section 6.25(a) hereof.

 

“AMCREF A Note”
means that certain Promissory Note (AMCREF QLICI Note A), dated as of the date hereof, in the original principal amount of $8,142,188.26,
executed by Borrower in favor of AMCREF Lender.

 

“AMCREF B Note”
means that certain Promissory Note (AMCREF QLICI Note B), dated as of the date hereof, in the original principal amount of $3,309,456.48,
executed by Borrower in favor of AMCREF Lender.

 

“AMCREF C Note”
means that certain Promissory Note (AMCREF QLICI Note C), dated as of the date hereof, in the original principal amount of $548,355.26,
executed by Borrower in favor of AMCREF Lender.

 

“AMCREF Exit
Fee” means a partial principal payment on the AMCREF B Note in the amount of $30,000.00 and a partial principal payment
on the AMCREF C Note in the amount of $274,178.00, payable pursuant to Section 2.3(b)(ii) below.

 

“AMCREF Operating
Agreement” means that certain Amended and Restated Operating Agreement of Lender, dated as of the date hereof, by and
among the Investment Fund, AMCREF Allocatee and R.E. Investment Management, LLC, a Louisiana limited liability company, as withdrawing
member, as the same may be amended, assigned, restated, modified or supplemented in accordance with its terms.

 

“AMCREF Reserve
Account” means the “Pledged Account” as defined in the Account Pledge Agreement (AMCREF Reserve Account).

 

“Anti-Terrorism
Laws” means all Laws relating to terrorism or money laundering, including, without limitation, the Executive Order and
the Bank Secrecy Act, as amended by the USA Patriot Act.

 

“Average Value”
means the cost basis of Borrower’s owned property plus the reasonable value of its leased property.

 

“Bank Secrecy
Act” means the Currency and Foreign Transactions Reporting Act of 1970, Pub. L. No. 91 508, 84 Stat. 1305 (1970), as
amended from time to time.

 

    	QLICI Loan and Security Agreement Danimer KY	5	 

     

    

 

“Borrower”
has the meaning as set forth in the Preamble of this Agreement.

 

“Borrower’s Counsel”
means Thompson Hine LLP.

 

“Borrower Organizational
Documents” means the (i) Bylaws of the Borrower, certified to the Lender, (ii) Certificate of Incorporation of the Borrower,
filed with the Delaware Secretary of State on August 21, 2018, and (iii) all amendments, supplements and modifications thereto.

 

“Brownfield
Fee Agreement” means that certain Fee and Services Agreement dated as of the date hereof by and between Brownfield Revitalization
60, LLC, Brownfield Revitalization, LLC, Brownfield Revitalization Advisors, LLC, Investment Fund I, Borrower and Guarantor.

 

“Brownfield
Reserve Account” means the “Pledged Account” as defined in the Account Pledge Agreement (Brownfield Reserve
Account).

 

“Business”
means the ownership and operation of a biodegradable resin manufacturing facility at the Property.

 

“Business Day”
means any day other than a Saturday, Sunday or a legal holiday on which banks are authorized or required to be closed for the conduct
of commercial banking business in New Orleans, Louisiana.

 

“Capital Leases”
means, with respect to any Person, any lease which, in accordance with GAAP, is or should be capitalized on the books of such Person.

 

“CDFI Fund”
means the Community Development Financial Institutions Fund of the United States Department of the Treasury, or any successor agency
charged with oversight responsibility for the New Markets Tax Credit program.

 

“Census Tract”
means census tract #21049020201, which based solely on data from the CDFI Fund is a “low-income community” as defined
in Section 45D(e) of the Code (as amended by Section 221 of the American Jobs Creation Act of 2004).

 

“CERCLA”
means the Comprehensive Environmental Response Compensation and Liability Act of 1980, as amended by the Superfund Amendments and
Reauthorization Act of 1986.

 

“Change in
Control” means any transaction or series of transactions that results in any Person owning, directly or indirectly, fifty
percent (50%) or more of the voting power of Borrower, or holding such other power to direct, directly or indirectly, the management
and policies of Borrower, or fifty percent (50%) or more of the direct or indirect beneficial ownership of Borrower.

 

“Closing Date”
means the date upon which the Advance of the Loans is made.

 

“Code”
has the meaning set forth in the Recitals to this Agreement.

 

    	QLICI Loan and Security Agreement Danimer KY	6	 

     

    

 

“Collateral”
means all of Borrower’s right, title and interest to the Equipment, including without limitation all Acquired Equipment,
all funds held in the Disbursement Account, all funds held in the Reserve Accounts, each of the items listed in Section 9.2 (a)
through (g) hereof, and any other assets of Borrower encumbered pursuant to the Security Documents, whether now owned or hereafter
existing.

 

“Collectibles”
means (a) any work of art; (b) any rug or antique; (c) any metal or gem; (d) any stamp or coin; (e) any alcoholic beverage; or
(f) any other tangible personal property specified by the IRS, other than collectibles that are held primarily for sale to customers
in the ordinary course of business. Certain coins and bullion are not Collectibles as provided in Section 408(m)(3) of the Code.

 

“Community
Benefits Agreement” has the meaning given such term in Section 4.24 hereof.

 

“Consortium
Fee Agreement” means that certain Fee and Services Agreement dated as of the date hereof among Consortium CDE, Consortium
America, LLC, Consortium America Advisors, LLC, Investment Fund I, Borrower and Guarantor.

 

“Consortium
Reserve Account” means the “Pledged Account” as defined in the Account Pledge Agreement (Consortium Reserve
Account).

 

“Construction
and Engineering Contracts” means (i) the Standard form of Agreement between Owner and Contractor, cost plus a fee contract,
dated July 31, 2019, between the Borrower and Precision Construction Management, LLC, and (ii) any other contract for construction,
engineering or installation work to be completed at the Property in connection with the Equipment, whether now existing or hereafter
entered into.

 

“Contingent
Obligation” means any agreement, undertaking or arrangement by which any Person guarantees, endorses or otherwise becomes
or is contingently liable upon (by direct or indirect agreement, contingent or otherwise, to provide funds for payment, to supply
funds to, or otherwise to invest in, a debtor, or otherwise to assure a creditor against loss) the Indebtedness, obligation or
any other liability of any other Person (other than by endorsements of instruments in the course of collection), or guarantees
the payment of dividends or other distributions upon the shares of any other Person. The amount of any Contingent Obligations at
any time shall be computed as the amount that, in light of all the facts and circumstances existing at the time, can reasonably
be expected to become an actual or matured liability.

 

“Costs”
means the total amount, without duplication, of (a) the amounts payable for labor, materials, equipment (including, without limitation,
the Acquired Equipment), appliances, fixtures, supplies and services required or reasonably desired to render the Improvements
ready and suitable for their intended use; (b) the fees and disbursements of all architects, engineers, accountants, attorneys,
developers and consultants in respect of the acquisition, planning, equipping and financing of the Property; (c) interest on the
Notes, including fees, expenses and reimbursements thereunder and all other sums payable to Lender pursuant to the Loan Documents
or applicable Law; (d) the costs and charges payable by Borrower in connection with obtaining, closing and continuing the Loans;
(e) the costs and expenses of maintaining the Property and operating the Business at the Property; and (f) any other items of cost
or expense incurred by Borrower in connection with the Property set forth in the Financial Projections; provided, however, any
costs or expenses incurred prior to the Closing Date must be approved by Lender to be included within “Costs” and “Costs”
shall not include any reimbursements, return of capital or other payments to Danimer Holdings which are not Qualified Reimbursements.

 

    	QLICI Loan and Security Agreement Danimer KY	7	 

     

    

 

“Counsel”
means (i) Coats Rose, P.C., as counsel to the AMCREF Lender, (ii) Dentons US LLP, as counsel to USBNA and USBCDC, (iii) Stinson
LLP, counsel to the State CDEs, and (iii) Borrower’s Counsel.

 

“Danimer Holdings”
has the meaning set forth in the Recitals to this Agreement.

 

“Danimer Holdings
Loan” has the meaning set forth in the Recitals to this Agreement.

 

“Danimer Holdings
Loan Documents” means the promissory note and other loan documents evidencing and governing the Danimer Holdings Loan.

 

“Danimer Holdings
Organizational Documents” means the (i) Danimer Holdings Operating Agreement, (ii) Certificate of Formation of Danimer
Holdings, filed with the Delaware Secretary of State on December 6, 2018, and (iii) all amendments, supplements and modifications
thereto.

 

“Danimer Holdings
Operating Agreement” means that certain Amended and Restated Operating Agreement of Danimer Holdings, dated March 13,
2019, executed and agreed to by the “Members” named therein, as the same may be amended, restated or otherwise supplemented
from time to time in accordance with this Agreement.

 

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

 

“Default Rate”
means a rate of interest per annum equal to the sum of five percent (5%) plus the rate of interest otherwise payable under the
Note evidencing the applicable Loan.

 

“Disbursement”
has the meaning set forth in Section 5.2(a) hereof.

 

“Disbursement
Account” means the account held at USBNA that is pledged to Lender under the Account Pledge Agreement (Disbursement Account)
and controlled under the Account Control Agreement (Disbursement Account).

 

“Disbursement
Request” has the meaning set forth in Section 5.2(a)(iii) hereof.

 

“Dollars”
and “$” mean the lawful currency of the United States.

 

“Environmental
Laws” means any and all Laws pertaining to health or the environment in effect in any and all jurisdictions in which
Borrower is or at any time may be doing business, or where the Property is located, including, without limitation: the Clean Air
Act, as amended; CERCLA; the Federal Water Pollution Control Act, as amended; OSHA; RCRA, the Safe Drinking Water Act, as amended;
and TSCA.

 

    	QLICI Loan and Security Agreement Danimer KY	8	 

     

    

 

“Environmental
Report” means the Phase I Environmental Assessment, dated October 24, 2018, prepared by Partner Engineering and Science,
Inc.

 

“Equipment”
means (i) all equipment (as such term is defined in the UCC) owned by the Borrower as of the date of this Agreement, including
without limitation, all equipment listed on Exhibit E-1 and E-2 attached hereto, (ii) all Acquired Equipment, and (iii)
any and all equipment acquired after the date hereof to upgrade or maintain the equipment described in (i) and (ii) above.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended.

 

“Event of Default”
has the meaning set forth in Section 7.1 hereof.

 

“Executive
Order” means Executive Order No. 13224 on Terrorist Financing, effective September 23, 2001, as amended from time to
time.

 

“Existing Equipment”
means the Equipment acquired by the Borrower with the proceeds of the Danimer Holdings Loan, as shown on the books and records
of Borrower and Danimer Holdings and listed in Exhibit E-1 attached hereto. The portion of the Existing Equipment being
refinanced with the Loans is listed in Exhibit E-2 attached hereto.

 

“Facility”
means, collectively, the Property, Improvements, and Equipment which are used to operate the Business.

 

“Federal Leverage
Loan” has the meaning given to such term in the Recitals to this Agreement.

 

“Federal/State
QEI” has the meaning given to such term in the Recitals to this Agreement.

 

“Financial
Projections” means the financial projections, prepared by the Accountants and certified as of the date hereof.

 

“Flow of Funds
Memorandum” means that certain Flow of Funds Memorandum, dated as of the date hereof, by and among Borrower, Lender,
the State CDEs, USBNA, USBCDC and certain other parties.

 

“GAAP”
means generally accepted accounting principles applied on a basis consistent with the accounting practices of Borrower and as consistently
applied in the financial statements of Borrower, except for any change in accounting practices to the extent that, due to a promulgation
of the Financial Accounting Standards Board changing or implementing any new accounting standard, Borrower either (a) is required
to implement such change, or (b) for future periods will be required to and for the current period may in accordance with generally
accepted accounting principles implement such change, for its financial statements to be in conformity with generally accepted
accounting principles (any such change is hereinafter referred to as a “Required GAAP Change”); provided that Borrower
shall fully disclose in such financial statements any such Required GAAP Change and the effects of the Required GAAP Change on
Borrower’s income, retained earnings or other accounts, as applicable.

 

    	QLICI Loan and Security Agreement Danimer KY	9	 

     

    

 

“Governmental
Authority” means (i) any international, federal, state, parish, county or municipal government, or any political
subdivision thereof, (ii) any governmental or quasi-governmental agency, authority, board, department, commission, instrumentality
or public body, (iii) any court, administrative tribunal or public utility, or (iv) any official or officer of the foregoing.

 

“Guarantor”
means, collectively, Meridian Holdings Group, Inc., a Georgia corporation, and its successors and/or assigns, pursuant to the Guaranty
and the NMTC Guaranty.

 

“Guarantor
Organizational Documents” means the (i) Bylaws of the Guarantor, adopted February 5, 2014, (ii) Articles of Incorporation,
filed with the Georgia Secretary of State on January 13, 2014, and (iii) all amendments, supplements and modifications thereto.

 

“Guaranty”
means that certain Payment and Performance Guaranty, dated the date hereof, by Guarantor in favor of the Lender.

 

“Hazardous
Materials” means (i) crude oil, mold, radionuclides, and any hazardous or toxic substance, material, or waste, including,
but not limited to, those substances, materials, and wastes listed in the United States Department of Transportation Hazardous
Materials Table (49 CFR 172.101) or by the Environmental Protection Agency as hazardous substances (40 CFR Part 302) and amendments
thereto and replacements therefor; and/or (ii) such substances, materials, or wastes as are regulated by RCRA, TSCA or CERCLA,
and amendments thereto or orders, regulations, directions, or requirements thereunder; and/or (iii) natural gas, natural gas liquids,
liquefied natural gas, or synthetic gas usable for fuel; and/or (iv) such hazardous or toxic substances, materials, or wastes that
are or may become regulated under any other applicable county, municipal, state, or federal law, including, but not limited to,
Environmental Laws and laws that govern worker protection and safety.

 

“Improvements”
means the buildings and other improvements which are placed or constructed upon, above or below, the Property.

 

“Indebtedness”
means, with respect to any Person and without duplication, (a) all indebtedness for borrowed money, including the Loans; (b) all
obligations issued, undertaken or assumed as the deferred purchase price of property or services (other than trade payables entered
into in the ordinary course of business on ordinary terms); (c) all non-contingent reimbursement or payment obligations; (d) all
obligations evidenced by notes, bonds, debentures or similar instruments, including obligations so evidenced or incurred in connection
with the acquisition of property, assets or businesses; (e) all indebtedness created or arising under any conditional sale or other
title retention agreement, or incurred as financing, in either case with respect to property acquired by the Person (even though
the rights and remedies of the seller or bank under such agreement in the event of default are limited to repossession or sale
of such property); (f) all obligations with respect to Capital Leases; (g) all indebtedness referred to in clauses (a) through
(f) above secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured
by) any lien upon or in property (including accounts and contract rights) owned by such Person, even though such Person has not
assumed or become liable for the payment of such indebtedness; and (h) all Contingent Obligations in respect of Indebtedness or
obligations of others of the kinds referred to in clauses (a) through (g) above.

 

    	QLICI Loan and Security Agreement Danimer KY	10	 

     

    

 

“Intellectual
Property” means the Borrower’s rights and interest in various intangible assets, including patents, trademarks,
service marks, designs, logos, indicia, tradenames, corporate names, company names, business names, fictitious business names,
trade styles and/or other source and/or business identifiers and applications pertaining thereto, and licenses thereof.

 

“Interest Rate”
means, with respect to each Note, the applicable interest rate set forth in such Note.

 

“Investment
Fund” shall collectively mean Investment Fund I and Investment Fund II.

 

“Investment
Fund I” shall have the meaning set forth in the Recitals to this Agreement.

 

“Investment
Fund II” shall have the meaning set forth in the Recitals to this Agreement.

 

“IRS”
means the Internal Revenue Service of the United States Department of the Treasury.

 

“KY DOR”
means the Kentucky Department of Revenue (and any successor agency responsible for the administration and oversight of the KY NMTCs).

 

“KY NMTCs”
shall mean the “Tax Credits” as defined in Section 141.432(9) of the KY NMTC Act, as the same may be amended from time
to time.

 

“KY NMTC Act”
means the Kentucky New Markets Development Program, KRS § 141.432, et seq., as the same may be amended from time to time,
and any rules, regulations or guidance issued thereunder. All references herein to the KY NMTC Act shall include any corresponding
provision or provisions of succeeding law and all administrative interpretations of such succeeding law.

 

“Laws”
means, collectively, all federal, state and local laws, statutes, codes, ordinances, orders, rules and regulations, including judicial
opinions or precedential authority, in the applicable jurisdiction.

 

“Leases”
shall mean the Store Capital Lease, Operating sublease and any other lease, sublease, letting, license, concession or other agreement
(whether now or hereafter in effect) approved by Lender pursuant to which any Person is granted a possessory interest in, or right
to use or occupy, all or any portion of any space in the Property or the Improvements, including without limitation, any Permitted
Lease, and every modification, amendment or other agreement relating to such lease, sublease or other agreement entered into in
connection with such lease, sublease or other agreement.

 

    	QLICI Loan and Security Agreement Danimer KY	11	 

     

    

 

“Lender”
shall have the meaning set forth in the Preamble to this Agreement.

 

“Leverage Lender”
means Danimer Holdings.

 

“Loan”
or “Loans” shall have the meaning set forth in the Recitals to this Agreement.

 

“Loan Documents”
means this Agreement, the Notes, Account Control Agreements, Account Pledge Agreements, the Guaranty and any financing statements
and all other documents, instruments and agreements which evidence, secure or are otherwise executed in connection with the Loans,
including all amendments, modifications, renewals, extensions, restatements and replacements thereof.

 

“Low-Income
Community” means any population census tract if (a) the poverty rate for such tract is at least twenty percent (20%),
(b)(i) in the case of a tract not located within a metropolitan area, the median family income for such tract does not exceed eighty
percent (80%) of the statewide median family income, or (ii) in the case of a tract located within a metropolitan area, the median
family income for such tract does not exceed eighty percent (80%) of the greater of statewide median family income or the metropolitan
area median family income, or (c) such tract has a population of less than 2,000, is within an “empowerment zone” as
defined in Section 1391 of the Code the designation of which is in effect under Section 1391 and is contiguous to one or more low-income
communities (as defined under clause (a) or (b) of this definition.

 

“Material
Adverse Effect” means (a) a material adverse change in, or a material adverse effect upon, the operations, business,
properties, liabilities (actual or contingent), condition (financial or otherwise) or prospects of the Borrower; (b) an impairment
of the ability of the Borrower to materially perform its obligations under any Loan Document to which it is a party; or (c) an
impairment of the rights and remedies of Lender under any Loan Document or an adverse effect upon the legality, validity, binding
effect or enforceability against the Borrower of any Loan Document to which it is a party.

 

“Material Contract”
shall have the meaning set forth in Section 3.7 hereof.

 

“New Markets
Tax Credit” has the meaning set forth in the Recitals to this Agreement.

 

“NMTC Control”
means the direct or indirect ownership (based on value) or control (based on voting or “management rights”) of more
than fifty percent (50%) of an entity. For this purpose, the term “management rights” means the power to influence
the management policies or investment decisions of the entity.

 

“NMTC Guaranty”
means, individually and collectively, that certain (i) Unconditional Guaranty of New Markets Tax Credits, Put Price and Environmental
Indemnity, dated as of the date hereof and given by Borrower and Guarantor in favor of USBCDC, and (ii) Unconditional Guaranty
of New Markets Tax Credits, Put Price and Environmental Indemnity, dated as of the date hereof and given by Borrower and Guarantor
in favor of USBNA.

 

    	QLICI Loan and Security Agreement Danimer KY	12	 

     

    

 

“NMTC Recapture
Event” means recapture or disallowance of any New Markets Tax Credits or KY NMTCs attributable to the Federal/State QEI
made by Investment Fund I in Lender (including, without limitation, the portion thereof funded with the State QLICI Loans), the
proceeds of which were or will be used to fund the Loans or related fees, but only to the extent such recapture or disallowance
is attributable to any of the following: (a) Borrower ceasing or initially failing to be a QALICB; (b) any prepayment of any Loan
by Borrower in violation of the Loan Documents; (c) the failure of Lender to maintain substantially all of the Federal/State QEI
invested in QLICIs attributable to a prepayment (whether voluntary or involuntary or as a result of acceleration, foreclosure or
otherwise) of any Loan by Borrower in violation of the Loan Documents; (d) the failure of any Loan to constitute a QLICI at any
time by reason of a violation by Borrower of any representations, warranties or covenants in the Loan Documents; (e) any event
or circumstance that is the subject of a representation or warranty of Borrower herein; (f) the failure of any Tenant under any
lease or sublease to conduct a Tenant Qualified Business; (g) any breach of this Agreement or any other Loan Documents by Borrower
or Guarantor, or any willful misconduct, gross negligence or fraud by the Borrower or the Leverage Lender or by any of their Affiliates,
or any other act or omission by or within the control of Borrower or the Leverage Lender or any of their Affiliates that, directly
or indirectly, causes such a recapture or disallowance of New Markets Tax Credits or KY NMTCs relating to the State QEI or Federal/State
QEI; and (h) any NMTC Recapture Event (as such term is defined in the NMTC Guaranty).

 

“NMTC Recapture
Period” means the period beginning on the date of the first QEI by Investment Fund II into Lender and ending on the seventh
anniversary of the date of the last QEI made by Investment Fund II into Lender.

 

“NMTC Requirements”
means, collectively, all provisions of Section 45D of the Code, the Treasury Regulations promulgated thereunder and other IRS or
CDFI Fund guidance and the requirements of the KY NMTC Act.

 

“NMTC Use Restrictions”
has the meaning set forth in Section 6.9 hereof.

 

“Nonqualified
Financial Property” means debt, stock, partnership interests, options, futures contracts, forward contracts, warrants,
notional principal contracts, annuities, and other similar property as described in Section 1.45D-1(d)(4)(i)(E) of the Treasury
Regulations; provided, however, that such term shall not include (a) reasonable amounts of working capital held in cash, cash equivalents,
or debt instruments with a term of 18 months or less or (b) debt instruments described in section 1221(a)(4) of the Code. Pursuant
to Section 1.45D-1(d)(4)(i)(E)(2) of the Treasury Regulations, the proceeds of an equity investment or loan by a Community Development
Entity that will be expended for construction of real property within 12 months after the date the investment or loan is made are
treated as a reasonable amount of working capital.

 

“Note”
or “Notes” have the meaning set forth in the Recitals to this Agreement, as the same may be amended, restated,
supplemented or otherwise modified from time to time.

 

“Note Maturity
Date” means, with respect to all Notes, November 7, 2039.

 

“OFAC”
means the Office of Foreign Asset Control of the U. S. Treasury Department.

 

    	QLICI Loan and Security Agreement Danimer KY	13	 

     

    

 

“Operating
Contracts” shall mean, without limitation, (i) the Leases, (ii) all contracts and agreements listed in Exhibit I,
as amended from time to time, (iii) all contracts and agreements of the Borrower related to supply of materials, purchase agreements,
sale of product or other items generated by the Borrower, or the operation and maintenance of the Facility, and (iv) all other
contracts or agreements which are material to the Property, the Collateral, or the Business, including all amendments to any of
the foregoing.

 

“Operating
Sublease” means that certain Sublease, dated March 13, 2019, between Guarantor, as sublandlord, and Borrower, as subtenant.

 

“OSHA”
means the Occupational Safety and Health Act of 1970, as amended.

 

“Payment Date”
has the meaning set forth in Section 2.3(b)(i) hereof.

 

“Payment Schedule”
means, with respect to each Note, the payment schedule attached to such Note.

 

“Permits” means any permits,
licenses or similar instruments issued to Borrower by a Governmental Authority in connection with construction, installation or
other similar work at the Property or the operation of the Business at the Facility, including without limitation, the permits
listed in Exhibit H attached hereto and any amendments, modifications or replacement thereof.

 

“Permitted Liens” means:

 

(a) Liens
imposed by law for Taxes that are not yet due or are being contested in compliance with Section 6.31;

 

(b) Carriers’,
warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like liens imposed by applicable Law,
arising in the ordinary course of business and securing obligations that are not overdue or are being diligently contested in good
faith;

 

(c) Pledges
and deposits made in the ordinary course of business in compliance with workers’ compensation, unemployment insurance and
other social security laws or regulations, other than any Lien imposed by ERISA;

 

(d) Deposits
to secure the performance of bids, trade contracts and leases (other than Indebtedness), statutory obligations, surety and appeal
bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business;

 

(e) Liens
in respect of judgments that would not constitute an Event of Default hereunder;

 

(f) Easements,
covenants, conditions, restrictions, building code laws, zoning restrictions, rights-of-way and similar encumbrances on real property
imposed by law or arising in the ordinary course of business that do not secure any monetary obligations and do not materially
detract from the value of the affected property or materially interfere with the ordinary conduct of business of Borrower and such
other minor title defects or survey matters that are disclosed by current surveys that have been provided to Lender prior to the
date of this Agreement that, in each case, do not materially interfere with the current use of the Property or Equipment;

 

    	QLICI Loan and Security Agreement Danimer KY	14	 

     

    

 

(g) Liens
in favor of the Senior Lender under the Senior Loan Documents and the Subordinate Lender under the Subordinate Loan Documents,
subject to the Subordination and Intercreditor Agreements;

 

(h) Liens
shown on the title report provided to the Lender prior to the date hereof;

 

(i) Liens
in favor of the Lender under the Loan Documents; and

 

(j) Liens
arising solely by virtue of any statutory or common law provisions relating to banker’s liens, liens in favor of securities
intermediaries, rights of setoff or similar rights and remedies as to deposit accounts or securities accounts or other funds maintained
with depository institutions or securities intermediaries.

 

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

 

“Prohibited
Person” means any of the following: a Person that is listed in the Annex to, or is otherwise subject to the provisions
of, the Executive Order; a Person owned or controlled by, or acting for or on behalf of, any person or entity that is listed in
the Annex to, or is otherwise subject to the provisions of, the Executive Order; a Person with whom Lender is prohibited from dealing
or otherwise engaging in any transaction by any Anti-Terrorism Law; a Person who or that commits, threatens, or conspires to commit
or supports “terrorism,” as defined in the Executive Order; or a Person that is named as a “specially designated
national and blocked person” on the most current list published by OFAC at its official web site as of the date hereof or
any replacement website or other replacement official publication of such list.

 

“Project”
has the meaning set forth in the Recitals to this Agreement.

 

“Property”
has the meaning set forth in the Recitals to this Agreement.

 

“Purchase Agreements”
means (i) the purchase orders listed in Exhibit E-2 with the corresponding vendors identified therein, and (ii) any other purchase
order, purchase agreement or similar agreement pursuant to which the Borrower has acquired or will acquire Equipment.

 

“Qualified
Active Low-Income Community Business” or “QALICB” means, (as defined in Treasury Regulation Section
1.45D-1(d)(4) and the KY NMTC Act) with respect to any taxable year, a Qualified Business of which:

 

(a) at
least fifty percent (50%) of the total gross income of the Qualified Business is derived from the active conduct of its trade or
business within the Census Tract (or, alternatively, this requirement is considered met if the requirement under (b) or (c) below
is met when 40% is replaced with 50% for purposes of such subsections of this definition);

 

    	QLICI Loan and Security Agreement Danimer KY	15	 

     

    

 

(b) at
least forty percent (40%) of the use of the tangible property of the Qualified Business (whether owned or leased) is within the
Census Tract (for purposes of this representation, the percentage of tangible property owned or leased by the Qualified Business
and used by the Qualified Business during the taxable year in the Census Tract shall be determined based on a fraction (i) the
numerator of which is the Average Value of the tangible property owned or leased by the Qualified Business and used by the Qualified
Business within the Census Tract during the taxable year, and (ii) the denominator of which is the Average Value of all of the
tangible property owned or leased by the Qualified Business and used by the Qualified Business during the taxable year); provided,
however, that for any taxable year in which the Qualified Business has no employees, at least eighty-five percent (85%) of the
use of the tangible property of the Qualified Business (whether owned or leased) must be within the Census Tract;

 

(c) less
than five percent (5%) of the average of the unadjusted basis of the property of the Qualified Business is attributable to Nonqualified
Financial Property;

 

(d) at
least forty percent (40%) of the services performed for the Qualified Business by its employees, if any, will be within the Census
Tract (for purposes of this representation, this percentage is determined based on a fraction (i) the numerator of which is the
total amount paid by the Qualified Business for employee services performed in the Census Tract during the taxable year, and (ii)
the denominator of which is the total amount paid by the Qualified Business for employee services during the taxable year);

 

(e) less
than five percent (5%) of the aggregate unadjusted basis of the Qualified Business’s property is attributable to Collectibles;
and

 

(f) which
otherwise meets the requirements as set forth in Section 141.432(5) of the KY NMTC Act.

 

“Qualified
Business” has the meaning given in Treasury Regulation Section 1.45D 1(d)(5) and includes any trade or business except
(a) the rental of (i) Residential Rental Property or (ii) real property on which there are not substantial improvements; (b) any
trade or business consisting predominantly of the development or holding of intangibles for sale or license or the rental of real
property to a Tenant for such use; (c) any trade or business consisting of the operation of any private or commercial golf course,
country club, massage parlor, hot tub facility, suntan facility, racetrack or other facility used for gambling, or any store the
principal business of which is the sale of alcoholic beverages for consumption off premises; (d) any trade or business the principal
activity of which is farming within the meaning of Section 2032A(e)(5)(A); (e) any other trade, business or activity prohibited
to be carried on by any amendment to Section 45D of the Code and the Treasury Regulations and Guidance thereto, and any other guidance
published by the IRS; or (f) any business that derives or projects to derive fifteen percent (15%) or more of its annual revenue
from the rental or sale of real estate, unless the business is controlled by, or under common control with, another business if
the second business: (i) does not derive or project to derive fifteen percent (15%) or more of its annual revenue from the rental
or sale of real estate; and (ii) is the primary tenant of the real estate leased from the first business.

 

    	QLICI Loan and Security Agreement Danimer KY	16	 

     

    

 

“Qualified
Equity Investment” means any equity investment in a Lender as defined in Section 45D of the Code and Treasury Regulation
Section 1.45D-1(c) if (a) such investment is acquired by the Investment Fund at its original issue (directly or through an underwriter)
solely in exchange for cash; (b) substantially all of such cash is used by Lender to make QLICIs; (c) such investment is designated
by Lender as a qualified equity investment in accordance with Section 45D of the Code and the KY NMTC Act; and (d) if applicable
with respect to KY NMTCs, such equity investment meets the requirements of a “qualified equity investment” under the
KY NMTC Act.

 

“Qualified
Low-Income Community Investment” or “QLICI” have the meaning set forth in Section 45D of the Code
and the Treasury Regulations and Guidance, and the KY NMTC Act, and include any of the following:

 

(a) any
capital or equity investment in, or loan to, any QALICB, except to the extent the recipient of such investment or loan is engaged
in the rental of real property and leases the property to a lessee that is not engaged in a Tenant Qualified Business;

 

(b) the
purchase of certain loans from other qualified community development entities (as described in Section 1.45D-1(d)(1)(ii) of the
Treasury Regulations);

 

(c) financial
counseling and other services to businesses located in, and residents of, low-income communities, and

 

(d) investments
in other qualified community development entities (as described in Section 1.45D-1(d)(1)(iv) of the Treasury Regulations);

 

which meet the requirements of “qualified low-income community
investment” under the KY NMTC Act.

 

“Qualified
Reimbursements” means a reimbursement, return of equity, loan repayment or other payment to Danimer Holdings for expenditures
of Borrower incurred prior to the date hereof in connection with the Project which satisfy the following requirements: (i) the
amounts paid are documented reasonable expenditures that are directly attributable to the Business, (ii) the expenditures have
been incurred no more than 24 months prior to the date hereof and (iii) the expenditures were incurred by Borrower for a legitimate
business purpose during the normal course of Borrower’s operations, and were similar in amount and scope when compared to
expenditures by a similar entity for a similar project under similar circumstances.

 

“RCRA”
means the Resource Conservation and Recovery Act of 1976, as amended.

 

“Reimbursement
Certification and Compliance Agreement” means that Pre-Closing Cost Certification dated as of the date hereof, entered
into by Borrower.

 

“Reserve Accounts”
means the accounts held at USBNA that are pledged to the Lender under the Account Pledge Agreements and controlled under the Account
Control Agreement (Fee Reserve Accounts).

 

    	QLICI Loan and Security Agreement Danimer KY	17	 

     

    

 

“Residential
Rental Property” has the meaning given in Section 168(e)(2) of the Code, and includes any building or structure if eighty
percent (80%) or more of the gross rental income from such building or structure for the taxable year is rental income from “dwelling
units.” For such purpose, a “dwelling unit” means a house or apartment used to provide living accommodations
in a building or structure, but does not include a unit in a hotel, motel, or other establishment more than one half (1/2) of the
units in which are used on a transient basis. If any portion of the building or structure is occupied by the taxpayer, the gross
rental income for such building or structure includes the rental value of the portion so occupied.

 

“Security Documents”
means, collectively, this Agreement, the Account Control Agreements, the Account Pledge Agreements, any financing statements filed
in connection with the Collateral and all other documents, instruments and agreements which secure the Borrower’s Indebtedness,
including all amendments, modifications, renewals, extensions, restatements and replacements thereof.

 

“Senior Lender”
means White Oak Global Advisors, LLC, and any parties named as “Lenders” pursuant to the Senior Loan Agreement.

 

“Senior Loans”
means, collectively, all obligations, liabilities and indebtedness of every nature of Borrower and Guarantor from time-to-time
owed to Senior Lender under the Senior Loan Documents.

 

“Senior Loan
Agreement” means that certain Loan and Security Agreement, dated March 13, 2019, among Borrower, Danimer Holdings, certain
of their affiliates named therein and Senior Lender.

 

“Senior Loan
Documents” means the Senior Loan Agreement and the other Loan Documents (as defined in the Senior Loan Agreement), and
all other agreements, documents and instruments executed from time-to-time in connection therewith, as may be amended, restated,
supplemented or otherwise modified from time-to-time.

 

“Store Capital
Lease” that certain Master Lease Agreement, dated December 14, 2018, by and between Store Capital Acquisitions, LLC and
Meridian Holdings Group Inc.

 

“Subordinate
Lender” means Southeast Community Development Fund X, L.L.C., PIFS Sub-CDE XX, LLC, and all other parties named as “Lenders”
under the Subordinate Loan Agreement.

 

“Subordinate
Loans” means, collectively, all obligations, liabilities and indebtedness of every nature of Borrower and Guarantor from
time-to-time owed to Subordinate Lender under the Subordinate Loan Documents.

 

“Subordinate
Loan Agreement” that certain Loan and Security Agreement, dated March 13, 2019, among Borrower, Danimer Holdings, certain
of their affiliates named therein and Subordinate Lender.

 

    	QLICI Loan and Security Agreement Danimer KY	18	 

     

    

 

“Subordinate
Loan Documents” means the Subordinate Loan Agreement and the other Loan Documents (as defined in the Subordinate Loan
Agreement), and all other agreements, documents and instruments executed from time-to-time in connection therewith, as may be amended,
restated, supplemented or otherwise modified from time-to-time.

 

“Subordination
and Intercreditor Agreements” means the (i) Subordination and Intercreditor Agreement, made and entered into as of the
date hereof, by and among Lender, Senior Lender, Borrower, and Guarantor, and (ii) Subordination and Intercreditor Agreement, made
and entered into as of the date hereof, by and among Lender, Senior Lender, Subordinate Lender, Borrower, and Guarantor.

 

“Survey”
means that certain survey of the Property prepared by Blew & Associates, P.A., and provided to Lender by Borrower.

 

“Tenant”
means any Person who holds a leasehold or subleasehold interest in the Property or other the real property owned or lease by Borrower.

 

“Tenant Excluded
Business” means any trade or business, either as a principal or an ancillary business, that is an excluded business under
Section 1.45D-1(d)(5)(iii) of the Treasury Regulations, including, without limitation, any one or more of the following: (a) the
rental of Residential Rental Property, (b) the operation of any private or commercial golf course, country club, massage parlor,
hot tub facility, suntan facility, racetrack or other facility used for gambling, or any store the principal activity of which
is the sale of alcoholic beverages for consumption off premises, or (c) any business that derives or projects to derive fifteen
percent (15%) or more of its annual revenue from the rental or sale of real estate.

 

“Tenant Qualified
Business” means, as relates to Section 1.45D-1(d)(5) of the Treasury Regulations, any trade or business except any Tenant
Excluded Business.

 

“Title Report”
has the meaning set forth in Section 4.23 hereof.

 

“Treasury Regulations”
means any temporary and/or final regulations promulgated under the Code.

 

“Treasury Regulations
and Guidance” means any proposed, temporary and/or final regulations promulgated under the Code and any guidance, rule
or procedure published by the CDFI Fund.

 

“TSCA”
means the Toxic Substances Control Act of 1976, as amended.

 

“UCC”
means the Uniform Commercial Code as enacted and in force in the State of Louisiana, or any other Uniform Commercial Code of any
state applicable to the Collateral and the security interests created hereby.

 

“USA Patriot
Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism
Act of 2001, Pub. L. No. 107 56, 115 Stat. 272 (2001), as amended from time to time.

 

“USBCDC”
shall have the meaning given to such term in the Recitals to this Agreement.

 

    	QLICI Loan and Security Agreement Danimer KY	19	 

     

    

 

“USBNA”
shall have the meaning given to such term in the Recitals to this Agreement.

 

1.2 Accounting
Terms. All accounting terms not specifically defined herein shall be construed in accordance with GAAP or such other accounting
method as Lender may previously approve in writing in their sole discretion.

 

1.3 Computation
of Time. In this Agreement, in the computation of a period of time from a specified date to a later specified date, the word
“from” means “from and including” and the word “to” means “to but excluding.”

 

ARTICLE
2

The Loans

 

2.1 Amount
of Loans. On the basis of the representations, warranties and covenants of Borrower contained herein and subject to the terms
and conditions set forth herein and in the other Loan Documents, on the Closing Date, Lender agrees to lend to Borrower loans in
the aggregate principal amount Twelve Million and No/100 Dollars ($12,000,000.00), the proceeds of which shall be used in accordance
with Section 6.1 hereof. The Advance of the Loans shall be evidenced by the Notes.

 

2.2 Disbursements
of Loans. Lender shall advance its Loans to Borrower on the Closing Date following the satisfaction of all of the conditions
precedent set forth in Section 4 hereof. Borrower shall pay all reasonable and documented fees, costs and expenses relating to
the Advance, unless otherwise agreed by Lender with respect to its own fees, costs and expenses; provided that Borrower hereby
acknowledges that all fees, costs and expenses included on the Flow of Funds Memorandum are reasonable. On the Closing Date, all
proceeds from the Loans will be deposited into a Borrower operating account and disbursed in accordance with this Section 2.2 and
the Flow of Funds Memorandum, with all remaining amounts after deposits to reserves and payment of the fees and expenses described
below being deposited into the Disbursement Account. On or about the Closing Date, subject to the requirements set forth in this
Agreement:

 

(i) $7,146,667.21
will be disbursed in accordance with the terms of the Flow of Funds Memorandum and used by the Borrower to repay a portion of the
Danimer Holdings Loan which was used to acquire and install the Existing Equipment in accordance with and pursuant to the Reimbursement
Certification and Compliance Agreement and which Costs are Qualified Reimbursements;

 

(ii) $259,000
will be disbursed to the Reserve Accounts, as shown in the Flow of Funds Memorandum, to be used by Borrower to pay the audit and
tax reimbursement to the Lender described in Section 6.25(a) of this Agreement and other amounts as described in Section 6.25(a);
and

 

(iii) $37,000
will be disbursed to pay (1) annual tax and audit reimbursements to Lender in an aggregate amount of $17,000, (2) an annual audit
and tax reimbursement and asset management fee to the Consortium CDE in an amount of $10,000, and (3) an annual audit and tax reimbursement
and asset management fee to the Brownfield CDE in an amount of $10,000;

 

    	QLICI Loan and Security Agreement Danimer KY	20	 

     

    

 

(iv) [$618,769]
will be disbursed to pay Costs incurred in connection with the closing of the Loan in accordance with the terms of the Flow of
Funds Memorandum.

 

All other proceeds of
the Loans will be disbursed to the Disbursement Account and may be withdrawn and used by Borrower for the payment of Costs in accordance
with Section 5.2 and the other provisions of this Agreement.

 

2.3 Interest
Rate; Payment Terms; Maturity; Prepayments.

 

(a) Interest
Rate, Taxes, Etc. The outstanding principal amount under the Notes shall bear interest at the Interest Rate. After and during
the continuation of any Event of Default hereunder, interest on all principal amounts outstanding under the Notes shall accrue
at the Default Rate. All interest payable under the Notes shall be computed as set forth therein. All interest payable hereunder
and in the other Loan Documents shall be computed on the basis of a 90-day quarter and a 360-day year. In connection with the Disbursements
of the Loans, Lender is authorized to rely on the any Disbursement Requests which Lender believes in its good faith judgment to
emanate from a properly authorized representative of Borrower, whether or not that is in fact the case. In the event that after
the date hereof any Governmental Authority subjects Lender to any new or additional charge, fee, withholding or tax of any kind
with respect to any Loans or changes the method of taxation of such Loans, so long as lender provides documentation reasonably
evidencing such charge, fee or tax, Borrower shall, within ten (10) Business Days of Lender’s written demand on Borrower,
pay to Lender such additional actual amounts as will compensate Lender for such cost of lost income resulting therefrom as reasonably
determined and documented by Lender.

 

(b) Payment
Terms.

 

(i) From
and after the Closing Date until the Note Maturity Date, interest on the aggregate outstanding principal balance of the Loans shall
be payable to the applicable holder of each Note on each day (each, a “Payment Date”) as set forth in the applicable
Payment Schedule. If any Payment Date is not a Business Day, the Payment Date shall be extended to the next succeeding Business
Day to occur after such Payment Date. If requested by Borrower, or in the event Borrower does not timely pay interest on the applicable
Payment Date, Lender shall have the authority, but not the obligation, to charge the quarterly interest due to it under the Notes
held by Lender and to treat the same as an additional principal advance of the applicable Loan by Lender.

 

(ii) Loan
payments with respect to each Note shall be as set forth in the applicable Note and shall include, but not be limited to, the payment
of the AMCREF Exit Fee on November 7, 2026.

 

(c) Maturity.
The entire outstanding principal balance under the Notes, plus all accrued and unpaid interest thereon, shall become due and payable
on the Note Maturity Date.

 

    	QLICI Loan and Security Agreement Danimer KY	21	 

     

    

 

(d) Prepayments.
The Notes may not be prepaid in whole or in part at any time prior to the end of the NMTC Recapture Period. Borrower acknowledges
that the Loans evidenced by the Notes are part of an integrated financing structure made pursuant to the NMTC Requirements, which
require that funds remain invested during the applicable compliance period thereunder. As a result, prepayments under the Notes
could have impacts on the financing structure that could materially affect the economic relationships and benefits to Lender and
others intended by that structure and could also create additional compliance risks under Section 45D of the Code and the Treasury
Regulations and Guidance, and the KY NMTC Act. Accordingly, Borrower acknowledges that the prepayment prohibition period set forth
herein has been specifically bargained for by Lender and Borrower, and is reasonable in duration and effect. Borrower further acknowledges
that Lender would not make the Loans evidenced by the Notes without such prepayment restriction. Therefore, Borrower consents to
the remedies of specific performance and of injunction and other equitable remedies for a breach or prospective breach of this
Section 2.3(d).

 

2.4 Direct
Distributions to Lender. At Lender’s sole option, Lender may (but shall have no obligation to) make Disbursements directly
to itself to pay (i) interest due under any Note held by Lender and (ii) inspection fees and other reasonable expenses, charges,
costs and fees incurred by or payable to Lender pursuant to this Agreement or any of the other Loan Documents, whether or not Borrower’s
representations and warranties herein are true and correct in all material respects, Borrower has included such amounts in any
Disbursement Request or any Default or Event of Default has occurred and is continuing. Lender shall provide notice to Borrower
of any such payments within thirty (30) days thereof, provided that any failure to provide such notice shall not affect in any
manner the rights of the Lender hereunder or impose any liability on Lender.

 

ARTICLE
3

Representations, Warranties and Covenants of Borrower

 

To induce Lender to
enter into this Agreement, and to disburse the proceeds of the Loans to Borrower, Borrower represents, warrants and covenants to
Lender as follows:

 

3.1 Organizational
Status; Authorizations.

 

(a) Borrower
is duly formed, validly existing and in good standing as a corporation under the laws of the State of Delaware and duly qualified
as a foreign corporation in good standing in the Commonwealth of Kentucky, with full power and authority to consummate the transactions
contemplated hereby. Borrower has full power and authority to execute, deliver and perform all of the Loan Documents to which it
is a party, and such execution, delivery and performance have been duly authorized by all requisite action on the part of Borrower.
Borrower is duly authorized to own and operate the Property, Improvements and Business, to enter into the transactions contemplated
by the Loan Documents and to pledge and assign and grant liens and security interests as contemplated by the Loan Documents. This
Agreement and the other Loan Documents and the provisions contained herein and therein are and will be the valid and legally enforceable
obligations of Borrower in accordance with their terms. Borrower is in compliance in all material respects with the requirements
of all Laws.

 

(b) Guarantor
is duly formed, validly existing and in good standing as a corporation under the laws of the State of Georgia with full power and
authority to consummate the transactions contemplated hereby. Guarantor has full power and authority to execute, deliver and perform
all of the Loan Documents to which it is a party, and such execution, delivery and performance have been duly authorized by all
requisite action on the part of Guarantor. The Loan Documents to which Guarantor is a party and the provisions contained therein
are and will be the valid and legally enforceable obligations of Guarantor in accordance with their terms. Guarantor is in compliance
in all material respects with the requirements of all Laws.

 

    	QLICI Loan and Security Agreement Danimer KY	22	 

     

    

 

(c) Danimer
Holdings is duly formed, validly existing and in good standing as a corporation under the laws of the State of Delaware, with full
power and authority to consummate the transactions contemplated hereby. Borrower has (and had as of execution) full power and authority
to execute, deliver and perform the documents evidencing the State Leverage Loan and Federal Leverage Loan, the Danimer Holdings
Loan Documents and the Reimbursement Certification and Compliance Agreement, and such execution, delivery and performance have
been duly authorized by all requisite action on the part of Borrower, and such agreements and the provisions contained therein
are and will be the valid and legally enforceable obligations of Danimer Holdings in accordance with their terms. Danimer Holdings
is in compliance in all material respects with the requirements of all Laws.

 

3.2 No
Actions. There are no actions, suits or proceedings pending or, to the best of Borrower’s current, actual knowledge,
after due inquiry and investigation, threatened against or affecting Borrower, Guarantor, the Property, the Improvements or the
Collateral, or involving the validity or enforceability of the Loan Documents, at law or in equity, or before or by a Governmental
Authority, and, to the best of Borrower’s current, actual knowledge, after due inquiry and investigation, neither Borrower
or Guarantor is in default with respect to any material order, writ, injunction, decree or demand of any court or any Governmental
Authority.

 

3.3 No
Breach. The consummation of the transactions hereby contemplated and performance of this Agreement will not result in any breach
of, or constitute a default under, any deed to secure debt, mortgage, deed of trust, indenture, security agreement, lease, bank
loan or credit agreement, contract, articles of incorporation, bylaws, joint venture agreement, partnership agreement, licensing
agreement, patent or trademark agreement, or other instrument to which Borrower is a party or by which Borrower may be bound or
affected, including, without limitation, any Material Contract and the Permits.

 

3.4 Ownership
of Property; No Liens. Guarantor owns a leasehold interest in, and Borrower owns a sub-leasehold interest, in the Property
and Improvements, Borrower owns good and marketable title to the Collateral, and the Property, the Improvements and the Collateral
are free and clear of all liens, claims, charges and encumbrances of every type or nature, except for the Permitted Liens and,
solely with respect to the Property and Improvements, liens or encumbrances which could not, including after any foreclosure thereupon,
affect the Borrower’s ability to continue to operate the Business at the Property (or, for any time when this representation
is made after the date hereof, liens or encumbrances which are permitted pursuant to Section 6.9 of this Agreement, if any). The
Property on which the Facility is located and to be used for the Business is not located in an area designated by the Secretary
of Housing and Urban Development as a special flood hazard area.

 

3.5 Utilities
Available. All utility services necessary for the operation of the Property and Improvements are or will be available, including
water supply, storm and sanitary sewer facilities, electric and telephone facilities, and Borrower has the right to connect to
all of such utility services, subject only to normal restrictions.

 

    	QLICI Loan and Security Agreement Danimer KY	23	 

     

    

 

3.6 Access.
All roads necessary for ingress and egress to the Property and Improvements and for the full utilization of the Property and Improvements
for the Business have been installed and completed and comply with applicable Laws.

 

3.7 No
Defaults. There is no default or event of default and the Borrower is not in default under any of the following (each, together
with any amendments thereto, a “Material Contract”): (i) the Borrower Organizational Documents, (ii) the Guarantor
Organization Documents, (iii) any Operating Contracts, (iv) the Construction and Engineering Contracts and Purchase Agreements,
(v) the Senior Loan Documents, (vi) the Subordinate Loan Documents, or (vii) any other material agreement or contract to which
Borrower is a party that involves payments of more than $100,000 per year. Borrower does not have knowledge of any facts that with
the passage of time or delivery of notice would give rise to a default or an event of default under any Material Contracts. Borrower
has delivered to Lender a true and correct copy of all Material Contracts. There is no default or event of default under the Danimer
Holdings Loan Documents or the Reimbursement Certification and Compliance Agreement by any party thereto.

 

3.8 Financial
Statements. In regards to any financial statements heretofore delivered to Lender with respect to Borrower, Borrower represents
that the same are true and correct in all material respects and fairly present the respective financial condition of Borrower as
of the date thereof and the respective results of operations of Borrower for the periods therein. No Material Adverse Effect has
occurred in the financial condition of Borrower reflected in the financial statements most recently delivered to Lender since the
date thereof, and no additional borrowings have been made by Borrower since the date thereof other than borrowing contemplated
hereby or approved by Lender.

 

3.9 Equipment.
A true and complete list of all Equipment valued in excess of $100,000 owned by Borrower as of the Closing Date is attached hereto
as Exhibit E-1, a trued and complete list of all Acquired Equipment as of the Closing Date is attached hereto as Exhibit
E-2, and all such equipment is part of the Collateral and subject to the security interest granted to Lender pursuant to Article
9 of this Agreement and free from any lien or encumbrance other than Permitted Liens. Upon Borrower’s purchase of any Equipment,
including, without limitation, Acquired Equipment, such equipment will be part of the Collateral and subject to the security interest
granted to Lender pursuant to Article 9 of this Agreement and free from any lien or encumbrance other than liens created under
the Loan Documents or Permitted Liens.

 

3.10 Leases.
Other than the Store Capital Lease and Operating Sublease, Borrower represents that there are no leases or subleases on or affecting
the Property. Borrower represents that there are no leases or subleases on or affecting the Collateral.

 

3.11 Permits.
Borrower has obtained all Permits necessary to construct and operate the Project and has provided copies of all such Permits to
the Lender. All Permits issued in connection with the construction and operation of the Project are issued in the Borrower’s
name or for the benefit of the Borrower and are currently in effect and not expired or suspended. Without limiting the generality
of the foregoing, all consents, licenses and permits and all other authorizations or approvals required to complete (i) the acquisition
or use of any Equipment, (ii) any construction at the Property or Facility related to any Equipment, and (iii) the operation of
the Business at the Property, have been obtained prior to the commencement of any such construction.

 

    	QLICI Loan and Security Agreement Danimer KY	24	 

     

    

 

3.12 Environmental
Matters.

 

(a) To
Borrower’s knowledge after due inquiry and investigation: (i) the Property, Improvements and the operations conducted thereon
by Borrower or, to Borrower’s actual knowledge, any prior owner or operator thereof do not violate, and have not violated,
any applicable law, statute, ordinance, rule, regulation, order or determination of any Governmental Authority or any restrictive
covenant or deed restriction (recorded or otherwise), including, without limitation, all applicable zoning ordinances and building
codes, flood disaster laws and Environmental Laws and regulations; (ii) the Property, Improvements and the operations conducted
thereon by Borrower or, to Borrower’s actual knowledge, any prior owner or operator thereof, including without limitation,
the operation of any Equipment, are not in violation of, or have not been in violation of or subject to, any existing, pending
or threatened action, suit, investigation, inquiry or proceeding by any Governmental Authority or to any remedial obligations in
either case arising under any Environmental Laws; (iii) all notices, permits, licenses or similar authorizations, if any, required
to be obtained or filed in connection with the operation or use of the Property, Improvements or Equipment by Borrower, including,
without limitation, past or present treatment, storage, disposal or release of a Hazardous Material into the environment, have
been or will be duly obtained or filed; (iv) all Hazardous Materials and solid wastes generated at the Property shall be transported,
treated and disposed of only by carriers that are in compliance with applicable Environmental Laws and only at treatment, storage
and disposal facilities maintaining valid permits under applicable Environmental Laws, where required, and any other Environmental
Laws, which carriers and facilities are operating in compliance with such permits to Borrower’s actual knowledge; (v) Borrower
has no material contingent liability in connection with any release or threatened release of any Hazardous Materials or solid wastes
into the environment from the Property; and (vi) the use which Borrower makes or intends to make of the Property, Improvements
and Equipment will not result in the unlawful or unauthorized disposal or other release of any Hazardous Materials or solid wastes
on or to the Property. The terms “release” and “threatened release” shall have the meanings specified in
CERCLA, and the terms “solid waste” and “disposal” (or “disposed”) shall have the meanings
specified in RCRA; provided, however, in the event either CERCLA or RCRA is amended so as to broaden such meanings, then such broadened
meanings shall apply subsequent to the effective date of such amendment; and provided further that, to the extent the laws of any
state in which any of the Property is located establish a meaning for “release,” “threatened release,”
“solid waste” or “disposal” which is broader than that specified in either CERCLA or RCRA, such broader
meaning shall apply with regard to the Property.

 

(b) Borrower
is in compliance with all federal, state and local Environmental Laws applicable to the Property, Improvements and the Equipment,
and all intended uses thereof by Borrower, other than immaterial non-compliance which could not have a Material Adverse Effect,
and has not been cited for any violation of any federal, state or local Environmental Laws applicable to the Property and there
has been no “release or threatened release of a hazardous substance” (as defined by CERCLA) or any other release, emission
or discharge into the environment of any hazardous or toxic substance, pollutant or other materials from the Property other than
as permitted under the applicable Environmental Law.

 

    	QLICI Loan and Security Agreement Danimer KY	25	 

     

    

 

3.13 Compliance.
The Borrower’s use of the Property, Improvements and Collateral, operating of the Business at the Property and operation
of the Facility does not violate (a) any Laws (including subdivision, zoning, and building Laws), or (b) any building permits,
restrictions of record or agreements affecting the Property or any part thereof. Neither the zoning authorizations, approvals or
variances nor any other right to construct or to use the Property is to any extent dependent upon any real property other than
the Property. Without limiting the generality of the foregoing, all consents, licenses and Permits and all other authorizations
or approvals required to complete (i) construction of the Facility, (ii) the acquisition or use of any Equipment, (iii) operation
of the Business at the Property, and (iv) any construction at the Property related to any Equipment, have been obtained or will
be obtained prior to the commencement of any such construction. All Laws relating to the operation of the Property, Improvements
and Equipment have been complied with, other than immaterial non-compliance which could not have a Material Adverse Effect. To
the best of Borrower’s current, actual knowledge, after due inquiry and investigation, none of the Improvements encroach
upon any property line, building line, setback line, side yard line or any recorded or visible easement (or other easement of which
Borrower is aware or has reason to believe may exist) with respect to the Property, and the use of the Property, Improvements and
any Equipment complies with all material requirements of governmental authorities and any restrictive covenants to which the Property
may be subject. To the best of Borrower’s knowledge, after due inquiry and investigation, the ownership of and license by
the Borrower of any Intellectual Property complies with all Laws. Neither Borrower nor any Affiliate of Borrower is in default
of or aware of any circumstance which could reasonably be anticipated to cause a default under any Material Contract.

 

3.14 Brokerage
Fees. No brokerage fees or commissions are payable by Borrower or its Affiliates to any Person in connection with this Agreement
or the Loans to be disbursed hereunder.

 

3.15 No
Margin Stock; No Plan Assets. No portion of the Loans are being made for the purpose of purchasing or carrying “margin
stock” within the meaning of Regulation G, T, U or X issued by the Board of Governors of the Federal Reserve System, and
Borrower agrees to execute all instruments necessary to comply with all the requirements of Regulation U of the Federal Reserve
System, as at any time amended. Borrower is not a party in interest to any plan defined or regulated under ERISA, and the assets
of Borrower are not “plan assets” of any employee benefit plan covered by ERISA or Section 4975 of the Code.

 

3.16 Anti-Terrorism
Laws. Borrower represents and warrants to Lender that:

 

(a) Borrower
is not in violation of any Anti-Terrorism Laws.

 

(b) No
action, proceeding, investigation, charge, claim, report, or notice has been filed, commenced, or threatened against Borrower alleging
any violation of any Anti-Terrorism Law.

 

    	QLICI Loan and Security Agreement Danimer KY	26	 

     

    

 

(c) Borrower
has no knowledge or notice of any fact, event, circumstance, situation, or condition which could reasonably be expected to result
in:

 

(i) any
action, proceeding, investigation, charge, claim, report, or notice being filed, commenced, or threatened against it alleging any
violation of, or failure to comply with, any Anti-Terrorism Law; or

 

(ii) the
imposition of any civil or criminal penalty against Borrower for any failure to so comply.

 

(d) Borrower
is not a Prohibited Person and Borrower has provided Lender with sufficient information (including names, addresses and, where
applicable, jurisdiction of formation or incorporation) to reasonably permit Lender to verify the foregoing representation.

 

(e) Borrower
does not:

 

(i) conduct
any business or engage in making or receiving any contribution of funds, goods, or services to or for the benefit of any Prohibited
Person;

 

(ii) deal
in, or otherwise engages in any transaction relating to, any property or interests in property blocked under the Executive Order;
or

 

(iii) engage
in or conspires to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate,
any of the prohibitions set forth in any Anti-Terrorism Law.

 

3.17 New
Markets Tax Credits Representations and Warranties. Borrower (i) represents and warrants to Lender and its members that,
as of the date hereof, the following are true and correct and (ii) after due inquiry and diligence, expects that, throughout the
NMTC Recapture Period, the following will remain true and correct:

 

(a) Borrower
is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware and is a corporation
for purposes of federal tax law. Borrower is qualified to transact business in the Commonwealth of Kentucky and has made all applicable
filings related thereto. Borrower shall cause the proceeds of the Loans to be expended solely in connection with the Business as
permitted under Sections 2.2 and 6.22 hereof;

 

(b) Borrower
has provided Lender with written notice of all (i) termination, defaults or failures of compliance with respect any Material Contract
or applicable Law or other material financial or contractual obligation of Borrower; (ii) IRS proceedings regarding the Property,
the Improvements, the Collateral, or Borrower; (iii) litigation, criminal action or administrative proceedings against Borrower;
or (iv) communications from any other lender or Governmental Authority which is not in the ordinary course of business;

 

(c) Borrower
has no information or knowledge tending to indicate that Borrower might not satisfy all of the requirements of a QALICB;

 

    	QLICI Loan and Security Agreement Danimer KY	27	 

     

    

 

(d) Borrower
currently qualifies as a QALICB and will maintain throughout the term of the Loans the status of Borrower as a QALICB;

 

(e) Borrower
engages solely in a Qualified Business and Borrower shall limit the license or sale of intangibles to the extent necessary to ensure
that such licenses or sales do not constitute the predominate business of the Borrower;

 

(f) Borrower
has not entered into, and will not enter into, any lease or sublease with respect to the Property to any Tenant whose business
does not constitute a Tenant Qualified Business;

 

(g) with
respect to the Advance made pursuant to this Agreement, Borrower shall only apply the proceeds of such Advance to expenditures
of the Business and Borrower reasonably expects to expend the proceeds of such Advance within one (1) year of the date of such
Advance;

 

(h) with
respect to the current taxable year, at least fifty percent (50%) of the total gross income of the Borrower is and will be derived
from the active conduct of a Qualified Business within the Census Tract;

 

(i) with
respect to the current taxable year, at least fifty percent (50%) of the use of the tangible property by the Borrower (whether
owned or leased) is and will be within the Census Tract (for purposes of this representation, the percentage of tangible property
owned or leased by Borrower during the taxable year in the Census Tract shall be determined based on a fraction (i) the numerator
of which is the Average Value of the tangible property owned or leased by Borrower within the Census Tract during the taxable year,
and (ii) the denominator of which is the Average Value of all of the tangible property owned or leased by Borrower during the taxable
year); provided, however, that for any taxable year in which the Borrower has no employees, at least eighty-five percent (85%)
of the use of the tangible property of Borrower (whether owned or leased) will be within the Census Tract. Borrower has provided
Lender with a true, correct and complete list of tangible property owned or leased by Borrower and a description of where such
property is used by Borrower. If any property is used by Borrower outside of a Low-Income Community, Borrower shall provide the
cost basis of all property owned by Borrower, the estimated value of any leased property and the basis of such estimate, and the
business hours of usage of Borrower’s property within and without the Low-Income Community. Borrower shall retain records
of the foregoing throughout the term of the Loans;

 

(j) with
respect to the current taxable year, less than five percent (5%) of the average of the unadjusted basis of the property of the
Borrower is and will be attributable to Nonqualified Financial Property. Borrower has provided to Lender a true, correct, and complete
listing of any Nonqualified Financial Property owned by Borrower, including the unadjusted basis of such property. Borrower shall
maintain records thereof throughout the term of the Loans;

 

    	QLICI Loan and Security Agreement Danimer KY	28	 

     

    

 

(k) with
respect to the current taxable year, at least forty percent (40%) of the services performed for the Borrower by its employees,
if any, are and will be within the Census Tract (for purposes of this representation, this percentage is determined based on a
fraction (i) the numerator of which is the total amount paid by Borrower for employee services performed in the Census Tract during
the taxable year, and (ii) the denominator of which is the total amount paid by Borrower for employee services during the taxable
year). If Borrower has any employees, Borrower has provided to Lender a true, correct and complete list of such employees providing
services for the Borrower that includes a general description of services provided and the location where services were performed,
and, if applicable, compensation paid for services rendered within and without the Census Tract. Borrower shall retain records
of the foregoing and update the Lender of changes thereto throughout the term of the Loans.

 

(l) with
respect to the current taxable year, less than five percent (5%) of the aggregate unadjusted basis of property in the Business
is and will be attributable to Collectibles, and Borrower has provided Lender a true and correct listing of any Collectibles, including
therein, the unadjusted basis of such property;

 

(m) the
Property does not constitute Residential Rental Property and at no time shall the Property be used as, or converted into, Residential
Rental Property;

 

(n) neither
Borrower nor any Person that could be deemed a “participant” or a “principal” thereof within the meaning
of 29 CFR §§ 98.980 and 98.995, respectively, is presently debarred, suspended, proposed for debarment, declared ineligible,
or voluntarily excluded from participation in this transaction by any Federal department or agency, as such terms are defined in
Executive Order 12549, nor is any such action pending or proposed. Borrower shall, simultaneously with execution and delivery of
this Agreement, execute and deliver to Lender a certification in the form attached hereto as Exhibit B to further evidence
this representation and warranty;

 

(o) no
portion of the Property constitutes a “qualified low-income building” under Section 42 of the Code;

 

(p) Borrower
does not have or use low-income housing tax credits, as described in Section 42 of the Code;

 

(q) Borrower
is not, and will not be, a bank, credit union or other financial institution;

 

(r) Borrower
has no present plans or intentions to (i) change the nature of, or manner in which it conducts the Business, including, but not
limited to, increasing the amount of revenues generated by Borrower from the sale or license of intangibles so that the revenue
generated from such sales or licenses exceeds the revenue generated from any other revenue generating activity; (ii) move or expand
the Business to a new address or operate any other business at any location other than the Property; (iii) reduce the percentage
of gross income derived from the active conduct of the Business within any Low-Income Community below fifty percent (50%); (iv)
change the percentage of employees services performed for the Borrower in any Low-Income Community; (v) reduce the percentage of
use of tangible property of the Borrower in any Low-Income Community below fifty percent (50%) (or below eighty-five percent (85%)
in any taxable year in which Borrower has no employees); (vi) maintain Collectibles not held primarily for sale in the ordinary
course of business at five percent (5%) or more of the aggregate unadjusted cost bases of assets in the Business; (vii) maintain
Nonqualified Financial Property at five percent (5%) or more of the aggregate unadjusted cost bases of assets in the Business;
(viii) enter into leases or subleases with any Tenant that is not a Tenant Qualified Business; (ix) operate any business other
than the Business; or (x) take any other action that any way that would cause to be untrue any of the representations, warranties
or covenants set out in this Agreement;

 

    	QLICI Loan and Security Agreement Danimer KY	29	 

     

    

 

(s) Borrower
is corporation federal income tax purposes;

 

(t) Borrower
has fully and accurately stated in writing to Lender the nature of its business and of the goods or services provided, its primary
sources of revenue, its primary expenditures;

 

(u) Borrower
has had no communications with the CDFI Fund concerning noncompliance with, or deficiencies in, reporting practices;

 

(v) Borrower
expects to generate revenues in the Business within three (3) years beginning on the date hereof and specifically intends and expects
to generate a profit from operations on the Property;

 

(w) Borrower
has not taken or failed to take, and shall not take or fail to take, any action, which would result in USBCDC, USBNA, the Investment
Fund, Lender, or any of their respective Affiliates having NMTC Control of Borrower or the Business;

 

(x) Borrower
has established separate bank accounts, and does not and shall not commingle its assets with the assets of any Person. Borrower’s
assets are not listed as assets on the books and records of any other Person, except to the extent that such assets are consolidated
with another Person’s assets for financial reporting purposes. Borrower does not and shall not possess or use assets of any
other Person, and does not and shall not permit any other Person to possess or use its assets, unless in either case such assets
are rented, leased, or otherwise provided for use on an arms-length basis pursuant to a lease or services agreement or similar
agreement with such Person;

 

(y) there
have been no irregularities or illegal acts by Borrower or its Affiliates that would have a Material Adverse Effect, there has
been no fraud involving management or employees of Borrower or its Affiliates who have significant roles in the internal control
structure of Borrower; fraud involving other employees of Borrower or its Affiliates that could have a material effect on the matter
described in this Section; or communications from the CDFI Fund or other regulatory agencies concerning noncompliance with, or
deficiencies in, financial reporting practices by Borrower that could have a material effect on the matter described in this Section;

 

(z) Borrower
maintains, and will maintain throughout the term of this Agreement, a complete set of books and records separate from that of any
other Person and in accordance with this Agreement and the terms of Section 1.45D-1(d)(4)(iii) the Treasury Regulations;

 

(aa) to
the best of Borrower’s knowledge, the Financial Projections fairly present the reasonably anticipated results of the operations
of the Property, and the assumptions utilized therein are true, accurate and complete;

 

    	QLICI Loan and Security Agreement Danimer KY	30	 

     

    

 

(bb) Borrower
expects that it will have sufficient sources of funds to equip, construct and operate the Property, Equipment and Improvements
and to service the Loans;

 

(cc) Borrower
has not knowingly entered into this Agreement, or any other agreements or understandings (whether written or oral) with a principal
purpose of entering into a transaction or series of transactions (a) to achieve a result that is inconsistent with Section 45D
of Code, and the NMTC Requirements, and/or (b) to avoid or evade federal income tax;

 

(dd) Borrower
will treat the Loans as Indebtedness for all purposes, and will not take any positions contrary to such treatment;

 

(ee) the
Property is located in the Census Tract, and the Census Tract is a Low-Income Community that is characterized by at least one of
items (i) — (v) below, or at least two of items (vi) — (xvi) below:

 

(i) Poverty
rate greater than 30 percent;

 

(ii) If
located within a non-metropolitan area, median family income does not exceed 60 percent of statewide median family income or if
located with a metropolitan area, median family income does not exceed 60 percent of the greater of statewide median family income
or the metropolitan area median family income;

 

(iii) Unemployment
rates at least 1.5 times the national average;

 

(iv) Located
in a county not contained with a Metropolitan Statistical Area, as pursuant to 44 U.S.C. 3504(e) and 31 U.S.C. 104(d) and Executive
Order 10253 (3 C.F.R. Part 1949-1953 Comp., p 758), as amended, with respect to the 2010 Census and as made available by the CDFI
Fund;

 

(v) If
the Property is serving Targeted Populations as permitted by the IRS and CDFI Fund guidance, (a) Borrower is 60% owned by low-income
persons; or (b) at least 60% of employees are low-income persons; or (c) at least 60% of gross income is derived from sales, rentals,
services or other transactions to customers who are low-income persons;

 

(vi) One
of the following: (a) poverty greater than 25%; or (b) if located within a non-Metropolitan Area, median family income does not
exceed 70% of the statewide median family income, or, if located within a Metropolitan Area, median family income does not exceed
70% of the greater of the statewide median family income or the Metropolitan Area median family income; or (c) unemployment rates
at least 1.25 times the national average;

 

(vii) U.S.
Small Business Administration designated HUB Zones, to the extent that the Loans will be used to support businesses that obtain
HUB Zone certification from the Small Business Administration;

 

(viii) Brownfield
sites as defined under 42 U.S.C. 9601(39);

 

    	QLICI Loan and Security Agreement Danimer KY	31	 

     

    

 

(ix) Areas
encompassed by a HOPE VI redevelopment plan;

 

(x) Federally
designated as Native American or Alaskan Native areas, Hawaiian Homelands;

 

(xi) Areas
designated as distressed by the Appalachian Regional Commission or Delta Regional Authority;

 

(xii) Colonias
areas as designated by the U. S. Department of Housing and Urban Development;

 

(xiii) Federally
designated medically underserved areas, to the extent that QLICI activities will support health related activities;

 

(xiv) Federally
designated Promise Zones, Impacted Coal Counties, base realignment and closure areas, State enterprise zone programs, or other
similar state/local programs targeted towards particularly economically distressed communities;

 

(xv) Located
in a county for which the Federal Emergency Management Agency (FEMA) has (a) issued a “major disaster declaration”;
and (b) made a determination that such County is eligible for both “individual and public assistance;” provided that
the initial project investment was made within 36 months of the disaster declaration; or

 

(xvi) A
Food Desert, which must either be: (a) a census tract determined to be a Food Desert by the USDA, as identified in USDA’s
Food Desert Locator Tool; or (b) a census tract that qualifies as a Low-Income Community and has been identified as having low
access to supermarket or grocery store through a methodology that has been adopted for use by another governmental or philanthropic
healthy food initiative, to the extent activities financed by the Loans will increase access to healthy food.

 

(ff) The
sole activities of Borrower are, and will continue to be, the leasehold ownership, development and operation of the Property and
the conduct of the Business and related activities on the Property, which constitute a Qualified Business. The predominate business
activity of Borrower is and will continue to be the Business and is not, and will not be, the development, management or leasing
of real estate. Borrower does not derive nor does it project to derive any income from the rental or sale of real estate;

 

(gg) All
of the facts or information submitted by Borrower to Lender with respect to Borrower or the Property or Equipment were accurate
and complete in all material respects when submitted and remain accurate and complete as of the date hereof;

 

(hh) Borrower
has disclosed to the Lender all agreements, instruments and corporate or other restrictions to which it is subject, and all other
matters known to it, that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect.
No report, financial statement, certificate or other information furnished (whether in writing or orally) by or on behalf of Borrower
to Lender in connection with the transactions contemplated hereby and the negotiation of this Agreement or delivered hereunder
or under any other Loan Document (in each case, as modified or supplemented by other information so furnished) contains any material
misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading; provided that, with respect to projected financial information, the Borrower
represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time;
and

 

    	QLICI Loan and Security Agreement Danimer KY	32	 

     

    

 

(ii) All
payments pursuant to the Reimbursement Certification and Compliance Agreement are Qualified Reimbursements and were costs incurred
by Borrower.

 

3.18 Tax
Returns and Payment. Borrower has filed all federal, state, local and other income and other tax returns that are required
to be filed and has paid all taxes that have become due and payable pursuant to such returns and all other taxes, assessments,
fees and other governmental charges upon Borrower and upon its properties, income and franchises that have become due and payable
by Borrower. There is no asserted or assessed (or to the knowledge of Borrower, proposed) tax deficiency against Borrower, the
Property, the Improvements or the Collateral.

 

3.19 No
Assumption of Borrower’s Obligations. Borrower expressly understands and agrees that Lender does not assume any duties
or obligations of Borrower arising out of any Note or any other Loan Document.

 

3.20 No
Insolvency. No bankruptcy, attachment, execution proceeding, assignment for the benefit of creditors, insolvency, receivership,
or other, similar proceedings with respect to Borrower is pending or, to Borrower’s current, actual knowledge, threatened.
As of the date hereof, Borrower is sufficiently capitalized to perform all of its duties and obligations.

 

3.21 Fees.
Borrower has paid all fees described in this Agreement due on or before the date hereof.

 

3.22 Consents.
All consents necessary to the Loans and transactions contemplated in connection therewith have been obtained (including, but not
limited to, consents and approvals of Senior Lender, Subordinate Lender and those consents required under all Material Contracts).

 

3.23 Reimbursement
Certification and Compliance Agreement. All certifications, representations and warranties of Borrower, MHG and Leverage Lender
set forth in the Reimbursement Certification and Compliance Agreement are incorporated herein by this reference.

 

3.24 Senior
and Subordinate Loan Documents. Borrower represents and warrants that the Senior Loan Documents and Subordinate Loan Documents
delivered to Lender prior to the date hereof are all the documents that govern the Senior Loan and Subordinate Loan outstanding
as of the date hereof. The Senior Loan Documents and Subordinate Loan Documents shall not be amended without the prior written
consent of Lender.

 

3.25 Lease
Documents. Borrower represents and warrants that the Store Capital Lease and the Operating Sublease delivered to the Lender
prior to the date hereof are all the documents that govern the interest of Borrower and its affiliates in the Property and Improvements.
The Leases shall not be amended without the prior written consent of Lender.

 

    	QLICI Loan and Security Agreement Danimer KY	33	 

     

    

 

ARTICLE
4

Conditions Precedent to Lender’s Obligation to Make the Advance

 

Lender shall not be
obligated to make the Advance of the Loans under this Agreement, unless the following conditions precedent shall have been satisfied:

 

4.1 Loan
Documents. Lender shall have received each of the Loan Documents duly executed by Borrower and all other applicable parties,
all in form and substance acceptable to Lender.

 

4.2 Governing
Instruments. Lender shall have received a copy of the Borrower Organizational Documents, Danimer Holding Organizational Documents
and Guarantor Organizational Documents, including all amendments, a certificate of incumbency and authority of Borrower, Guarantor
and Danimer Holdings as to the incumbency and signature of each representative of Borrower, Guarantor and Danimer Holdings that
has executed any document on behalf of Guarantor and Danimer Holdings in connection with the transactions contemplated by this
Agreement, and such other documents, instruments, agreements and certificates as Lender may reasonably request.

 

4.3 Good
Standing and Resolutions. With respect to Borrower, Lender shall have received (i) a Certificate of Good Standing from the
Secretary of the State of Delaware; (ii) a qualification to do business from the Secretary of the Commonwealth of Kentucky; (iii)
certified resolutions authorizing the transactions contemplated by the Loan Documents in form and content acceptable to Lender;
and (iv) such other documents, instruments and certificates as Lender may reasonably request. With respect to Guarantor, Lender
shall have received (i) a Certificate of Good Standing from the Secretary of the State of Georgia; (ii) certified resolutions authorizing
the transactions contemplated by the Loan Documents in form and content acceptable to Lender; and (iv) such other documents, instruments
and certificates as Lender may reasonably request. With respect to Danimer Holdings, Lender shall have received (i) a Certificate
of Good Standing from the Secretary of the State of Delaware; (ii) certified resolutions authorizing the transactions contemplated
by the Loan Documents in form and content acceptable to Lender; and (iii) such other documents, instruments and certificates as
Lender may reasonably request.

 

4.4 Legal
Opinions. There shall have been delivered by Borrower’s Counsel legal opinions regarding federal income tax, compliance
with state laws, due authority and other matters in form and content reasonably acceptable to Lender, the State CDEs, USBNA, USBCDC
and each of their counsel.

 

4.5 Financial
Statements. Lender shall have received and approved copies of current financial statements and other financial information
with respect to Borrower and Guarantor, as requested by Lender.

 

    	QLICI Loan and Security Agreement Danimer KY	34	 

     

    

 

4.6 Consents.
Lender shall have received all necessary consents and approvals required by, and any applicable modifications to, the Senior Loan
Documents, the Subordinate Loan Documents, the Store Capital Lease, the Construction and Engineering Contracts, and the Purchase
Agreements authorizing the applicable transactions contemplated by the Loan Documents in form and content acceptable to Lender.

 

4.7 Survey.
Lender shall have received and approved the Survey.

 

4.8 Environmental
Report. Lender shall have received and approved the Environmental Report. The Environmental Report shall, at a minimum, (a)
disclose any existing or potential Hazardous Materials contamination at the Property and physical conditions that may result in
such contamination; (b) include the results of all sampling or monitoring to confirm the extent of existing or potential Hazardous
Materials contamination at the Project, including the results of leak detection tests for each underground storage tank located
at the Property, if any; (c) describe response actions appropriate to remedy any existing or potential Hazardous Materials contamination,
and report the estimated cost of any such appropriate response; (d) confirm that any prior removal of Hazardous Materials from
the Property was completed in accordance with applicable Environmental Laws; and (e) confirm whether or not the Property is located
in a wetlands district.

 

4.9 Expenditures.
Lender shall have received documentation satisfactory to Lender and Counsel regarding prior expenditures in the aggregate amount
of $7,146,667.21 for Qualified Reimbursements and the Reimbursement Certification and Compliance Agreement. All prior expenditures
are costs incurred by Borrower for the Project.

 

4.10 Insurance
Policies. Lender shall have received and approved certified copies of all insurance policies (or certificates), along with
all required endorsements and certificates thereto, as required by this Agreement and the Loan Documents. With respect to insurance
coverage required pursuant to Section 6.6, Borrower shall cause its insurer to identify the following entities as “additional
insureds”: Lender, AMCREF Allocatee, Investment Fund, USBNA, USBCDC.

 

4.11 Governmental
and Other Approvals. Lender shall have received copies of all authorizations and Permits currently required by the appropriate
Governmental Authority or any other Person to enter into the transactions contemplated herein.

 

4.12 Compliance.
Neither Borrower nor Lender shall have received any notice that claims or asserts that there has been a failure to comply with
or a breach of any of the approvals or authorizations required hereunder in any material respect.

 

4.13 No
Default. There shall be no default or event of default (however defined) under any of the Loan Documents, the Permits or any
Material Contract.

 

4.14 Useful
Life of Equipment. Evidence satisfactory to the Lender that the useful life of the Equipment (and replacements thereof) exceeds
the Note Maturity Date for the Loans. To the extent the useful life of the Equipment is less than the term of the Loans, Borrower
shall maintain adequate equipment replacement reserves to allow Borrower to continuously operate the Business and Borrower shall
undertake all maintenance, repairs or replacements of Equipment necessary during the term of the Loans.

 

    	QLICI Loan and Security Agreement Danimer KY	35	 

     

    

 

4.15 Material
Contracts. Lender shall have received a copy of all other Material Contracts.

 

4.16 Receipt
of Accountant Certification. Lender shall have received compiled Financial Projections, including, without limitation, evidence
satisfactory to Lender that there are sufficient sources of funds (loan, equity or otherwise) committed on the Closing Date to
pay the Costs set forth on the Financial Projections, and a compilation report from the Accountants certifying that the Financial
Projections for the operation of the Property accurately reflect the anticipated tax consequences to Borrower and Lender.

 

4.17 Investment
Fund QEI. Investment Fund II has made multiple equity investments in Lender in the aggregate amount of $12,000,000, each of
which is intended to qualify as a Qualified Equity Investment.

 

4.18 Taxes.
All taxes owing by Borrower must be current as of the date hereof.

 

4.19 Construction
and Engineering Contracts. Lender shall have received all Construction and Engineering Contracts entered into as of the date
hereof.

 

4.20 Equipment.
Lender shall have received and approved a list of all Equipment having a value equal to or greater than $100,000. Such list is
attached hereto as Exhibit E-1. As of the Closing Date, Borrower does not lease or intend to lease any Equipment. Borrower
will own all of the Equipment.

 

4.21 Acquisition
Document. Lender has received the Acquisition Document.

 

4.22 Appraisal.
Lender shall have received and approved an appraisal of the Property and the Improvements (and certain equipment existing at the
Property as of April 6, 2018) satisfactory to Lender.

 

4.23 Title.
The title company shall have issued a title report evidencing Borrower’s leasehold interest in the Property, free and clear
of all defects and encumbrances, except such as the Lender and Counsel shall approve, and Lender shall have received a copy thereof.

 

4.24 Community
Benefits Agreements. Lender shall have received an executed community benefits agreement (the “Community Benefits Agreement”).

 

4.25 Betters
Rates and Terms Letter. Lender shall have received an executed better rates and terms letter.

 

4.26 Agreed
Upon Procedures. Lender shall have received the Agreed Upon Procedures in a form acceptable to Lender, State CDEs, USBCDC and
USBNA.

 

    	QLICI Loan and Security Agreement Danimer KY	36	 

     

    

 

4.27 Releases.
If applicable, duly executed payoff letters and lien releases or other evidence satisfactory to Lender from lenders under any existing
loans to Borrower or credit facilities secured by or related to the Collateral.

 

4.28 Other
Requirements. Lender shall have received such additional documents, data or information with respect to the Borrower, the Property,
the Improvements and Collateral as Lender may reasonably request.

 

ARTICLE
5

Advances

 

5.1 Initial
Advance and Withdrawal. Subject to Article 4, the Advance of the entire principal amount of the Loans will be made by Lender
in the aggregate amount of all Notes issued to Lender on the date hereof from Lender’s account to the Disbursement Account.
On the date hereof, Borrower shall use a portion of the funds in the Disbursement Account in the amount and for the purposes set
forth in Section 2.2(i)-(iv).

 

5.2 Conditions
Precedent to Subsequent Withdrawals.

 

(a) After
the date hereof, any withdrawals of funds from the Disbursement Account (a “Disbursement”) shall require the prior
written approval of the Lender. Lender shall approve a Disbursement after the date hereof only upon satisfaction of the following
additional conditions precedent:

 

(i) Borrower’s
representations and warranties herein shall be and remain true and correct in all material respects;

 

(ii) No
Default or Event of Default shall have occurred and be continuing under this Agreement or under any other Loan Document;

 

(iii) Borrower
shall deliver to Lender a written disbursement request (a “Disbursement Request”) in the form provided as Exhibit
F attached hereto, together with copies of all purchase agreements, installation contracts, purchase orders, invoices, receipts,
bills, lien waivers and other such documentation reasonably requested by Lender and necessary to support the amounts stated in
the Disbursement Request. Upon approval of a Disbursement Request, Lender shall release the requested funds from the Disbursement
Account to Borrower;

 

(iv) Borrower
shall provide Lender with a description of any Acquired Equipment being purchased or reimbursed with the Disbursement along with
serial numbers or, if no serial number is available, other identifying information, for any Acquired Equipment having a value of
$100,000 or more and take such other action reasonably requested by any Lender with respect to Acquired Equipment, and related
construction, including, without limitation, any instruments or action necessary to attach or perfect Lender’s security interests
in the Acquired Equipment; and

 

(v) Borrower
shall provide Lender with a copy of any monthly construction progress reports delivered to Borrower since the date of the last
Disbursement and any change orders to the Construction and Engineering Contracts executed after the date of the last Disbursement,
if any.

 

    	QLICI Loan and Security Agreement Danimer KY	37	 

     

    

 

5.3 Application
of Funds. Upon the occurrence of an Event of Default, Lender, in its sole discretion, may advance such amounts to satisfy any
of Borrower’s obligations hereunder, and all amounts so advanced by Lender and applied shall be part of the Loans made by
Lender and shall be secured by this Agreement.

 

5.4 Final
Disbursement Certificate. Not more than thirty (30) days after all of the proceeds of the Loans have been withdrawn by the
Borrower from the Disbursement Account, Borrower shall deliver to Lender and USBCDC a certificate in the form provided as Exhibit
G.

 

5.5 Account
Statements. Not later than five (5) days after the end of each calendar month, for all months after the date hereof up to and
including the monthly statement showing no balance remaining in the Disbursement Account, Borrower shall provide, or cause to be
provided, to Lender bank statements for the Disbursement Account.

 

5.6 Investor
Requirements.

 

(a) On
the first (1st) day of each calendar quarter, until all funds in the Disbursement Account have been spent, Borrower shall submit
to USBCDC and Lender a Disbursement Compliance Certificate in the form of Exhibit J attached hereto, executed by Borrower.

 

(b) Notwithstanding
anything to the contrary in this Agreement, no disbursement, shall be made in the event that USBCDC provides notice to Borrower
and Lender that is has not received and/or approved (i) the compliance certificates submitted pursuant to Section 5.6(a) and (b)
above, or (ii) if requested, the Request for Disbursement and supporting documentation required pursuant to Section 5.2; provided,
however that USBCDC shall have ten (10) Business Days to review the documentation submitted in response to USBCDC’s notice
and notify Borrower and Lender of its determination regarding the adequacy of such documentation. If USBCDC fails to notify Borrower
and Lender of its approval of the documentation or request additional and/or revised documentation, such failure shall be deemed
to be an approval of the documentation and disbursements, shall be resumed in accordance with this Agreement.

 

ARTICLE
6

Additional Covenants of Borrower

 

Borrower (in addition
to and not in derogation of its covenants contained in any of the other Loan Documents) covenants and agrees, from the date hereof
and for so long as any Loan or any portion thereof is outstanding or Borrower has the right to receive any Advance under this Agreement
(whether or not the conditions to receiving any Advance have been or can be fulfilled), as follows:

 

6.1 Use
of Loan Proceeds. Borrower shall use all proceeds of the Loans solely as set forth in Sections 2.2 and 6.22.

 

    	QLICI Loan and Security Agreement Danimer KY	38	 

     

    

 

6.2 Prohibition
of Assignment. Except for the Permitted Liens, Borrower will not convey, sell, transfer, mortgage, assign, grant a security
interest in or lien upon or further encumber any Collateral or permit any Change of Control of Borrower without the prior written
consent of Lender; provided, however, that a Change in Control of the Borrower shall be approved by Lender if (A) Lender and USBCDC
have received and approved a legal opinion satisfactory to them confirming that (i) there has been no modification or reissuance
of the QLICIs funded with the Loans, (ii) the Borrower will continue to qualify as a QALICB, (iii) the Loans will continue to qualify
as QLICIs, (iv) any other legal opinions relating to the NMTC Requirements as the Lender, State CDEs and USBCDC may reasonably
request, and (v) USBCDC and USBNA each receive reaffirmations and ratifications of the NMTC Guaranty or each of USBCDC and USBNA
receives an Unconditional Guaranty of New Markets Tax Credits, Put Price and Environmental Indemnity on substantially the same
terms as the NMTC Guaranty from guarantors approved by USBCDC and USBNA, all in USBCDC and USBNA’s sole discretion; (B) Borrower
has deposited additional funds in a Lender-controlled deposit account pledged solely to Lender as security for the Loans in an
amount equal to all remaining interest to be due through the end of the NMTC recapture Period plus the AMCREF Exit Fees; and (C)
Borrower has paid all due and owning fees, reimbursements and indemnities owed to Lender, the State CDEs, USBNA or USBCDC. Borrower
shall notify Lender promptly in writing of any (i) proposed Change in Control of Borrower, or (ii) enforcement of any Permitted
Lien or other encumbrance by any party other than Lender on the Collateral or the Property or Improvements.

 

Nothing contained herein or in any other Loan
Document shall prevent any Change of Control of the Guarantor.

 

6.3 Comply
with Requirements. Borrower will comply with any requirement of any Governmental Authority relating to the Property, Improvements,
Collateral and the operation of the Business, except where a failure to so comply does not result in and could not reasonably be
expected to result in a Material Adverse Effect.

 

6.4 Inspection.
Upon reasonable advance notice and during normal business hours, Borrower will permit Lender and its agents and employees to enter
upon the Property to inspect the Facility, and the operation thereof.

 

6.5 Costs
and Expenses; Indemnification by Borrower. Borrower shall pay, or cause to be paid, on demand all reasonable costs and expenses
actually incurred in connection with the preparation, negotiation, execution, delivery, filing, recording, administration (including
amendments and modifications) and enforcement of the Loan Documents. In addition, but not as a limitation, Borrower will pay:

 

(a) all
taxes and recording expenses, including all intangible, registration and stamp taxes, if any;

 

(b) if
any, title insurance premiums, appraiser fees, and environmental audit fees;

 

    	QLICI Loan and Security Agreement Danimer KY	39	 

     

    

 

(c) reasonable
fees, if any, due to brokers in connection with the Property or this Agreement (other than any broker hired by or contracted for
by Lender);

 

(d) all
reasonable attorneys’ fees, including, without limitation, Borrower’s, Lender’s, State CDEs’, USBNA’s
and USBCDC’s counsel’s fees and expenses for services performed and sums advanced in connection with the transactions
contemplated by this Agreement, plus reimbursement of all out of pocket expenses actually incurred in connection therewith;

 

(e) all
reasonable fees incurred in connection with the delivery of the legal opinions;

 

(f) all
reasonable fees of Lender incurred in connection with the Business, the Collateral or the Loans;

 

(g) all
reasonable fees of Accountants in connection with preparation of the Financial Projections, Agreed Upon Procedures and any future
financial projections required by Lender in connection with the Loans;

 

(h) any
state or local taxes or other charges in the nature of corporate excise or franchise taxes and administrative filing fees imposed
on the Lender as a result of the Loans or Lender’s interest in the Collateral;

 

(i) for
the avoidance of doubt, all fees related to enforcement of the Loan Documents, including, without limitation, reasonable and documented
attorneys’ fees, expenditures which may be paid or incurred by or on behalf of Lender, transfer taxes, and any other costs
and expenses incurred or paid in connection with any transfer or setoff of the Collateral, and all such expenditures shall be immediately
due and payable and bear interest at the highest applicable Interest Rate, but in no event shall the interest rate be higher than
the usury limit, and shall be secured by the Collateral;

 

(j) the
AMCREF Annual Reimbursements and Fees, the fees and expenses described in the Consortium Fee Agreement, the fees and expenses described
in the Brownfield Fee Agreement, and all other fees payable to the Lender in accordance with Section 6.25 of this Agreement; and

 

(k) all
costs and fees incurred in connection with any lawsuit or other proceeding against Lender and/or Investment Fund in connection
with the Loans, QEIs, and/or the Project, unless caused solely by the gross negligence or willful misconduct of the party seeking
reimbursement; (ii) costs incurred in the enforcement and collection of the Loans, including any protective advances in connection
therewith and/or the sale, acquisition, operation, and disposition of any collateral for any such loans and investments, (iii) costs
and expenses incurred in connection with the reinvestment of amounts pursuant to New Markets Tax Credits or KY NMTC laws, regulations
and requirements; (iv)  the cost of any monitoring/compliance fee assessed by the CDFI Fund; (v) any tax liabilities
that may be imposed directly on Lender (other than income tax on interest paid on the Loans or fees payable to the Lender); and
(vi) costs involved in any challenge or audit of any tax returns of Lender or its members or other Affiliates arising out of an
actual or alleged failure of Borrower to (x) qualify as a QALICB, (y) cause the Loans to be a QLICI (including, without limitation,
any prepayment of any Loan, whether voluntary or involuntary through an exercise of Lender’s remedies under the Loan Documents),
or (z) comply with New Markets Tax Credits or KY NMTC laws, regulations and requirements.

 

    	QLICI Loan and Security Agreement Danimer KY	40	 

     

    

 

Borrower shall also
pay, at the direction of the Lender, the auditing, tax and accounting fees, annual management fees, all out-of-pocket expenses
and other operating expenses incurred with respect to the Loan by Lender, the State CDEs, USBNA, USBCDC and the Investment Fund
during the term of this Agreement.

 

Borrower hereby agrees to indemnify Lender,
the Investment Fund, USBNA, USBCDC, the AMCREF Allocatee and each of their managers, members, representatives and agents (each,
an “Indemnified Party”) and save them harmless from and against any and all claims, actions, damages, costs, liabilities,
losses and expenses, including without limitation reasonable attorneys’ fees (collectively, “Damages”),
suffered or incurred by any Indemnified Party in connection with the Loans, the Loan Documents, the QEIs, the Collateral, the Property,
the Project, the Equipment, the Improvements, the Business, Borrower, Guarantor, or any affiliate of Borrower or Guarantor or occasioned
wholly or in part by any act or omission of Borrower, Guarantor or their officers, directors, partners, managers, members, agents,
contractors, employees or Tenants (collectively, “Borrower Parties”), except that Borrower shall not be obligated
to indemnify an Indemnified Party for such Damages that have been found by final judgement of a court of competent jurisdiction
to be arising from such Indemnified Party’s gross negligence or willful misconduct. Without limiting the generality of the
foregoing, in case any Indemnified Party shall, without fault on its part, be made a party to any litigation commenced by or against
Borrower, then Borrower shall protect and hold such Indemnified party harmless and shall pay all costs, expenses and reasonable
attorneys’ fees incurred or paid by such Indemnified Party in connection with such litigation. The obligations of Borrower
under this paragraph of Section 6.5 shall survive the making and repayment of the Loans and the termination of this Agreement.

 

6.6 Insurance.

 

(a) Throughout
the term of this Agreement, Borrower shall maintain such insurance as described in and comply with Exhibit C attached hereto.
All insurance coverages required by this Agreement shall be satisfactory in all respects to Lender. Borrower shall not permit any
activity to occur or condition to exist on or with respect to the Property that would wholly or partially invalidate any of the
insurance thereon. The insurance proceeds of the policies required by this Section 6.6(a) shall be payable in accordance with the
terms of this Agreement.

 

(b) If
Borrower fails to maintain any insurance required hereunder or under the other Loan Documents or fails to provide evidence of such
insurance as required hereunder or under the other Loan Documents, Lender may, but shall not be obligated to, purchase such required
insurance at Borrower’s expense and without advance written notice to protect its interests in the Property. Unless Lender
otherwise agrees in writing, Borrower shall pay to Lender the full costs of such insurance, together with the accrued interest
thereon and the other charges in connection therewith, within thirty (30) calendar days after receipt of notice.

 

    	QLICI Loan and Security Agreement Danimer KY	41	 

     

    

 

6.7 Governmental
Requirements. Borrower will comply with all Environmental Laws and all land use, building, subdivision, zoning, pollution,
sales practices laws, regulations and similar laws, rules, ordinances and regulations promulgated by any Governmental Authority
and applicable to the Property, the Business, Improvements, Collateral and the operation thereof, except to the extent such noncompliance
could not reasonably be expected to have a Material Adverse Effect. In addition, Borrower shall comply with the provisions of all
state and local zoning laws, building codes, health and safety codes and all other applicable material governmental and contractual
obligations and will provide Lender with a copy of all building permits, licenses and other governmental permits received, or proof
of the immediate availability of same, as and when required to authorize the construction of any improvements to the Property or
use of the Equipment or otherwise in connection with the operation of the Business and the Facility.

 

6.8 Additional
Documents and Information. Borrower shall maintain its books and records on an accrual basis in accordance with GAAP, and retained
for such period required by law or if longer, such period recommended by the Accountants. Borrower shall provide the following
reports to Lender and, upon request by the Investment Fund, to the Investment Fund, and upon request by USBCDC, to USBCDC, at Borrower’s
expense:

 

(a) any
reports, certificates and information reasonably required by Lender to maintain compliance with New Markets Tax Credit and KY NMTC
requirements;

 

(b) upon
the occurrence of any natural disaster and/or incident and/or widespread property damage or environmental threat or contamination
that has or could reasonably be expected to have a Material Adverse Effect, a report of the extent of the damage to the Property,
Improvements or Collateral, and the effect such damage might have on the operations of the Business;

 

(c) upon
Borrower learning of any violation of any health, safety, building code, or other statute or regulation by Borrower which violation
has or could reasonably be expected to have a Material Adverse Effect, a detailed statement describing such matters along with
any written notices thereof received by Borrower from any federal, state, or local Governmental Authority;

 

(d) within
one hundred twenty (120) days following the end of each fiscal year, annual consolidated financial statements of Guarantor, which
statements shall be audited by a Certified Public Accountant acceptable to Lender (it being understood that Guarantor’s current
independent auditors, Thomas Howell Ferguson, P.A., are acceptable), and shall include a consolidated balance sheet, a consolidated
statement of operations, a consolidated statement of cash flows, and a consolidated statement of stockholders’ equity, as
well as a balance sheet and statement of operations that presents the financial position and results of operations of the Borrower
and Guarantor on a standalone basis, each certified by an officer of Borrower or Guarantor, as applicable;

 

(e) within
ninety (90) days following the end of each fiscal year, unaudited financial statements of Borrower and Guarantor, which statements
may be prepared internally;

 

(f) within
one hundred twenty (120) days following the end of each fiscal year, a report on the equipment owned by Borrower, specifically
including whether any Equipment has been purchased, decommissioned or sold since the last report, and including serial numbers
or other identifying information for all Equipment having a value of $100,000 or more.

 

    	QLICI Loan and Security Agreement Danimer KY	42	 

     

    

 

(g) within
thirty (30) days of filing, final filed copies of federal and state tax returns of Borrower and Guarantor, including all extensions
and supporting schedules for each taxable year;

 

(h) within
ten (10) days of payment of any income taxes paid by Borrower or Guarantor or any property taxes imposed on the Property or Borrower’s
interest therein, Borrower shall provide Lender evidence of payment satisfactory to Lender;

 

(i) all
reports and financial information required under the Guaranty;

 

(j) by
May 1 and November 1 of each year, the semi-annual compliance certificate attached hereto as Exhibit D as required in accordance
with Section 6.24(gg) of this Agreement;

 

(k) not
later than forty-five (45) days after the end of each calendar quarter, company prepared financial statements for Borrower and
Guarantor, including a respective balance sheet, profit and loss statements, a statement of operations, a statement of cash flows
and a statement of change in financial position of Borrower or Guarantor, as applicable, certified by Borrower or Guarantor, as
applicable;

 

(l) within
thirty (30) days of the date hereof, an executed copy of the NMTC Compliance Memorandum;

 

(m) Within
twelve (12) months of the date hereof, Borrower will cooperate and provide all requested documentation and information for purposes
of the delivery of a third party impact report to Lender assessing the employment, environmental, community and economic impacts
generated as a result of the Loans;

 

(n) on
or before December 1st of each year, initial and on-going information about the Borrower’s natural disaster plans
and procedures, including an annual disaster response certification memorandum;

 

(o) On
or before May 1st of each year, an annual report with the information listed on the “QALICB Annual Reporting Form,”
a copy of which is attached as Exhibit B to the Community Benefits Agreement and any other information required by the Community
Benefits Agreement;

 

(p) within
thirty (30) days of a written request (which written request period shall be waived after an Event of Default) from Lender, Borrower
shall provide to Lender such other information reasonably relating to the condition or operations, financial or otherwise, of Borrower
or Guarantor as Lender may from time to time request; and

 

(q) on
the earlier of the date that is thirty (30) Business Days of Lender’s request or the date that the Guarantor board of directors
has set for production of the next annual operating budget, the operating budget for the next fiscal year, including a projected
balance sheet and an income statement, provided that if the operating budget cannot be provided within 30 days of Lender’s
request therefore, Borrower will provide a forecast of such operating budget to Lender, with the final operating budget to follow.

 

    	QLICI Loan and Security Agreement Danimer KY	43	 

     

    

 

Time is of the essence
respecting the requirements set forth in this Agreement, including but not limited to this Section 6.8. In addition to and not
in limitation of the Lender’s remedies under this Agreement, and regardless of whether an Event of Default has occurred or
been declared by Lender, (i) if the Borrower shall fail to provide any or all of the documents, financial statements, reports,
or any other information or materials required pursuant to this Agreement, each in substantially completed form, to the Lender
within the required time set forth in this Agreement or any other Loan Documents, which failure continues for ten (10) days after
receipt of written request from Lender, the Borrower shall pay to Lender, the amount of One Hundred Dollars ($100) per day as liquidated
damages until all of the requested documents or information are delivered to the Lender, and (ii) if Borrower shall fail to pay
the amounts required to be paid to Lender pursuant to Section 6.25 as and when due, then the Borrower shall pay to Lender the amount
of One Hundred Dollars ($100) per day as liquidated damages until the payment required by Section 6.25 has been paid in full.

 

6.9 Leases,
Licenses and Sale of Property. Without the prior written consent of Lender, not to be unreasonably withheld, Borrower shall
not enter into any sale, lease, sublease or license with respect to the Borrower’s interest in the Property, Improvements
or the Collateral and will not permit any affiliate of Borrower to enter into any lease, sublease or license of the Property or
Improvements in any manner that could cause the Borrower to lose its right to operate the Facility for the Business at the Property;
(ii) cancel, terminate, abridge or otherwise modify the terms of any Lease, or accept a surrender thereof, waive the obligation
of lessor or lessees thereunder to perform any obligation under such Leases, or fail to enforce any rights as lessor under any
Lease, including but not limited to terminating any Lease upon a default thereunder, (iii) consent to any assignment of, or subletting
of, all or any portion of the premises demised under any Lease, or (iv) cancel, terminate, abridge, release or otherwise modify
any guaranty of any Lease or the terms thereof. Borrower shall provide the Lender with a copy of any proposed purchase and sale
agreement for Lender’s review and approval no less than forty-five (45) calendar days prior to the anticipated execution
thereof. Any sale, transfer or other disposition of the interests of Borrower or its affiliates in the Property, Improvements or
Collateral or any portion thereof in violation of this Agreement shall be prohibited and shall be null and void without Lender’s
prior written consent which may be granted or withheld at Lender’s sole discretion. Each commercial lease and sublease entered
into after the date hereof with respect to the Property leased by the Borrower shall provide that any violation of the NMTC use
restrictions in Section 45D of the Code and the Treasury Regulation promulgated thereunder or the KY NMTC Act (collectively, “NMTC
Use Restrictions”), including, without limitation, any lease and sublease entered into after the date hereof with respect
to such Property shall provide that engagement by any Tenant in any trade or business other than a Tenant Qualified Business shall
be a material default giving rise to an immediate right of termination of the lease or sublease to the extent permitted by applicable
law subject to the minimum notice requirements of applicable law. It shall not be deemed unreasonable for the Lender to withhold
its consent under this Section 6.9 in the event the proposed sale, lease, sublease or license would result in the violation of
the NMTC Requirements or result in a NMTC Recapture Event.

 

    	QLICI Loan and Security Agreement Danimer KY	44	 

     

    

 

6.10 Financial
Restrictions on Borrower. So long as no Event of Default has occurred and is continuing, Borrower shall not make any distributions
of capital, income or other assets to the extent such distributions would leave Borrower unable to maintain adequate capitalization,
cash flow and reserves, including, without limitation, cash flow available for debt service of the Loans and working capital reserves,
for the Business. Upon the occurrence and during the continuance of an Event of Default, Borrower shall not, without Lender’s
prior written approval, (a) make any distributions of capital, income or other assets to, or pay any loans payable to any Affiliate
of Borrower, or to any officer, director, or member of Borrower or to any family member of them; (b) declare or make any distributions
of capital or make any loans or gifts; (c) liquidate, terminate or voluntarily dissolve; or (d) invest in an Affiliate. Notwithstanding
anything contained herein to the contrary, Borrower shall not use the proceeds of the Loan to make distributions to shareholders.
Notwithstanding the foregoing provisions of this Section 6.1, in the event, property, cash or assets of the Borrower is required
to be transferred on an intercompany basis among certain subsidiaries of or to Danimer Holdings to facilitate any payment or distribution
under, or pursuant to, Article 10 of this Agreement, such transfer, distribution or payment shall be permitted.

 

6.11 Encroachments.
Borrower shall not cause or permit any Improvements to be constructed on the Property which would, to the best of Borrower’s
current, actual knowledge after due diligence and inquiry, cause an encroachment upon any easements, rights-of-way or adjoining
properties. All Improvements currently existing on the Property are wholly within any building restriction lines, however established.

 

6.12 Collateral
Liens and Encumbrances. The Collateral is and will be free and clear of all security interests and encumbrances, other than
Permitted Liens. Borrower will replace obsolete Equipment with new or additional equipment to be located and used in operation
of the Facility. Updated lists of Equipment, including new Acquired Equipment or replacements for any Equipment, if any, shall
be provided to the Lender with the quarterly financial statements delivered pursuant to Section 6.8(k). In connection with this
Section 6.12, Borrower agrees to keep the Equipment in good working order, repaired and/or replaced as necessary. Borrower anticipates
that it will have sufficient funds available to Borrower during the term of the Loans for the purpose of maintaining and replacing
Equipment as needed for the operation of the Business. The Borrower’s does not and will not use the Property directly or
indirectly be used for the development, formulation, manufacture, supply, distribution or sale of omega-3 and/or omega-6 polyunsaturated
fatty acids outside of the non-human animal health and/or non-human animal feed market and/or bio-fuels market.

 

6.13 Certificates.
Borrower shall furnish to Lender, if required by any Governmental Authority, (a) a copy of the original certificate of occupancy
issued by the Governmental Authority having jurisdiction over the Property and all other necessary consents and approvals of any
governmental boards, bureaus or departments having jurisdiction over the Property; (b) all necessary certificates and approvals
of the appropriate Board of Fire Underwriters or other similar body acting in and for the locality in which the Property is situated;
(c) all required licenses and agreements in respect of any easements extending beyond the boundary lines of the Property; and (d)
all licenses, Permits and other approvals by any Governmental Authority necessary for the Borrower’s operating of the Business
and the Equipment.

 

    	QLICI Loan and Security Agreement Danimer KY	45	 

     

    

 

6.14 Use.
The anticipated use to which the Property will be put will comply with all requirements of Governmental Authorities and any restrictive
covenants to which the Property may be subject except for immaterial non-compliance which could not reasonably be expected to have
a Material Adverse Effect. The Property will be used for the operation of the Business.

 

6.15 Conduct
of Business.

 

(a) Borrower
shall maintain in full force and effect (i) its organizational existence, and (ii) all licenses, bonds, franchises, leases, Intellectual
Property, contracts and other rights necessary to the conduct of the Business, including, without limitation, all notices, permits
or licenses, if any, filed or obtained with regard to compliance with Environmental Laws.

 

(b) Borrower
will install and maintain equipment as required to operate the Business. Borrower shall use commercially reasonable efforts to
market and sell its products.

 

6.16 Environmental
Matters and Indemnity. Borrower shall comply, and shall use commercially reasonable efforts to cause any permitted lessees
and other operators of the Property, Improvements or Collateral to comply, with all Environmental Laws. Borrower shall remediate
the Property in accordance with the recommendations, if any, set forth in the Environmental Report. Without limiting and in addition
to the indemnities provided pursuant to Sections 6.5 and 6.35, the Borrower will defend, indemnify and hold Lender, USBCDC and
their members, directors, officers, agents and employees harmless from and against all claims, demands, causes of action, liabilities,
losses, costs and expenses (including, without limitation, costs of suit, reasonable attorneys’ fees and fees of expert witnesses)
arising from or in connection with (i) the presence in, on or under or the removal from the Property of any Hazardous Substances
or solid wastes, or any releases or discharges of any Hazardous Substances or solid wastes on, under or from such property, (ii)
any activity carried on or undertaken on or off the Property, whether prior to or during the term of this Agreement, and whether
by the Borrower or any predecessor in title or any officers, employees, agents, contractors or subcontractors of Borrower or any
predecessor in title, or any third persons at any time occupying or present on the Property, in connection with the handling, use,
generation, manufacture, treatment, removal, storage, decontamination, clean-up, transport or disposal of any Hazardous Substances
or solid wastes at any time located or present on or under the Property, or (iii) any violation of any Environmental Law, or breach
of any environmental representation, warranty or covenant under the terms of this Agreement. The foregoing indemnity shall further
apply to any residual contamination on or under the Property, or affecting any natural resources, and to any contamination of the
Property or natural resources arising in connection with the generation, use, handling, storage, transport or disposal of any such
Hazardous Substances or solid wastes, and irrespective of whether any of such activities were or will be undertaken in accordance
with applicable laws, regulations, codes and ordinances; provided, however, that such indemnity shall not apply to any releases
that occur following the date on which the Property is transferred, other than to an Affiliate of the Borrower, as a result of
the actions of any person other than the Borrower. The terms “hazardous substance” and “release” as used
in this Section shall have the meanings specified in the CERCLA, and the terms “solid waste” and “disposal”
(or “disposed”) shall have the meanings specified in the RCRA; provided, in the event that the laws of the State of
Kentucky establish a meaning for “hazardous substance,” “release” “solid waste” or “disposal”
which is broader than that specified in either CERCLA or RCRA, such broader meaning shall apply. Lender’s receipt and review
of the Environmental Report shall in no way limit, reduce or modify in any manner Borrower’s obligations and liabilities
pursuant to this Section 6.16 and Borrower shall remain fully liable under this Section 6.16 regardless of any findings or suggestions
in such report. The provisions of this Section shall survive the final payment of all Indebtedness owed to Lender and the termination
of this Agreement and shall continue thereafter in full force and effect.

 

    	QLICI Loan and Security Agreement Danimer KY	46	 

     

    

 

6.17 Environmental
and other Legal Notices. If Borrower shall receive any of the following:

 

(a) notice
from any Governmental Authority that any violation of any Law or Environmental Law may have been committed or is about to be committed
by Borrower or otherwise affecting the Property,

 

(b) notice
that any administrative or judicial complaint or order (i) has been filed or (ii) is about to be filed against Borrower or the
Property alleging violations of any Environmental Law or requiring Borrower to take any action in connection with the release or
threatened release of any hazardous substances or solid wastes into the environment, or

 

(c) notice
from any Governmental Authority or private party alleging that Borrower may be liable or responsible for costs associated with
a response to or cleanup of a release or threatened release of Hazardous Materials or solid wastes into the environment or any
damages caused thereby, including, without limitation, any notice that Borrower is a “potentially responsible party,”
as defined by CERCLA,

 

then Borrower shall provide Lender with
a copy of such notice within five (5) Business Days of Borrower’s receipt thereof.

 

6.18 Litigation.
Borrower shall promptly advise Lender, in writing, of any action, suit or proceeding brought against it if such action, suit or
proceeding seeks damages, penalties, fines, costs or expenses in excess of $50,000.

 

6.19 Other
Indebtedness. Without the prior written consent of Lender and USBCDC in each instance, which consent shall not be unreasonably
withheld, conditioned or delayed, Borrower shall not:  (i) guarantee or become obligated to pay the obligations of any other
Person, whether directly or indirectly, other than the Subordinate Loan, (ii) create, refinance, incur, assume or suffer to exist
any Indebtedness, or in any manner become liable directly or indirectly with respect to any Indebtedness; provided however, Borrower
shall be permitted to incur the following Indebtedness:

 

(a) the
Senior Loans, the Subordinate Loans, and the Loans as well as the guarantees executed as of the date hereof in favor of USBCDC,
USBNA, and/or the Lender in connection with the closing of the Loan,

 

(b) trade
debt incurred in the ordinary course of business,

 

    	QLICI Loan and Security Agreement Danimer KY	47	 

     

    

 

(c) additional
indebtedness in the aggregate maximum principal amount of $10,000,000 for working capital needs of the Business provided there
is then no existing and continuing Event of Default hereunder;

 

(d) purchase
money notes for automobiles and equipment leases provided there is then no existing and continuing Event of Default hereunder,

 

(e) any
refinancing of the Senior Loans or Subordinate Loans by a Refinancing Lender, so long as:

 

(i) either
(i) the payment terms of such refinancing are on the same terms or even less burdensome terms on Borrower than the terms of the
Senior Loan and Subordinate Loan (which shall mean the refinance loan shall not be in a principal amount in excess of the loan
it’s refinancing nor result in payments greater than those required under the loan that is then being refinanced) and Lender
has received an intercreditor agreement on substantially the same terms as the Subordinate and Intercreditor Agreements, as applicable
based upon the loan being refinanced, OR (ii) Borrower has satisfied the following requirements: (1) Lender received an intercreditor
agreement with such lender that permits Lender and USBCDC to take actions necessary to cause Borrower to comply with all applicable
NMTC Requirements without consent of any other party, (2) Borrower deposits additional funds into a Lender-controlled deposit account
pledged solely to Lender as security for the Loans, in an amount equal to all remaining interest to be due through the NMTC Recapture
Period plus the full amount of the AMCREF Exit Fee, (3) Borrower pays all fees, expenses and indemnities then owed to Lender, the
State CDEs, USBNA or USBCDC, if any, and (4) Lender and USBCDC have each received and approved updated financial projections and
a no significant modification opinion from Borrower’s legal counsel (acceptable to Lender and each of Lender’s members)
that concludes such additional indebtedness will not impact the characterization of the Loans as debt, the Loans as QLICIs or the
Borrower as a QALICB for federal and Kentucky state tax purposes;

 

(f) other
Indebtedness only if:

 

either (i) such
additional Indebtedness is not secured by the Collateral and is not senior in payment priority to the Loans, OR (ii) (1) Lender
receives an intercreditor agreement with such lender that permits Lender and USBCDC to take actions necessary to cause Borrower
to comply with all applicable NMTC Requirements without consent of any other party, (2) Borrower deposits additional funds into
a Lender-controlled deposit account pledged solely to Lender as security for the Loans, in an amount equal to all remaining interest
to be due through the NMTC Recapture Period plus the full amount of the AMCREF Exit Fee, (3) Borrower pays all fees, expenses and
indemnities then owed to Lender, the State CDEs, USBNA or USBCDC, if any, (4) there is then no existing and continuing Event of
Default hereunder and (5) Lender and USBCDC have each received and approved in advance updated financial projections and a no significant
modification opinion from Borrower’s legal counsel (acceptable to Lender and each of Lender’s members) that concludes
such additional indebtedness will not impact the characterization of the Loans as debt, the Loans as QLICIs or the Borrower as
a QALICB for federal and Kentucky state tax purposes.

 

    	QLICI Loan and Security Agreement Danimer KY	48	 

     

    

 

Notwithstanding the foregoing,
neither Borrower, Guarantor, nor any other entity will incur additional Indebtedness relative to the Facility or the Property that
is incurred in connection with a transaction utilizing New Markets Tax Credits without the consent of Lender and USBCDC, in Lender’s
and USBCDC’s sole and absolute discretion. Lender acknowledges that Borrower is attempting to identify up to an additional
$10,000,000.00 of federal NMTC Allocation (the “Additional NMTC Allocation”) and agrees that if the Additional NMTC
Allocation is identified Borrower shall be permitted to incur additional Indebtedness in connection with a transaction utilizing
the Additional NMTC Allocation subject to the following requirements:  (i) Borrower provides each of Lender and USBCDC with
prompt notice following the reservation of the Additional NMTC Allocation and/or execution of a term sheet or commitment letter
relating to the Additional NMTC Allocation, (ii) the Additional NMTC Allocation shall not exceed $10,000,000.00 without the consent
of Lender and USBCDC, each in its sole discretion; (iii) Lender shall have received and approved a But For Memorandum evidencing
the Project continues to meet the but for test under NMTC Requirements, (iv) the loans made in connection with the Additional NMTC
Allocation will be subordinate to the Loan with respect to payment and collateral; (v) all loan documents, including, without limitation,
an intercreditor agreement among Lender and the lenders of the loans made in connection with the Additional NMTC Allocation and
a community benefits agreement satisfactory to Lender, shall be subject to Lender’s and USBCDC’s review and approval
prior to their execution; (vi) Lender, the State CDEs and USBCDC have each received and approved, in advance and after opportunity
to review all final documents evidencing, securing or executed in connection with such Indebtedness, a no significant modification
opinion from Borrower’s legal counsel (acceptable to Lender and each of Lender’s members) that concludes such additional
indebtedness will not impact the characterization of the Loans as debt, the Loans as QLICIs or the Borrower as a QALICB for federal
and Kentucky state tax purposes. Lender will not consent to any loans made to Borrower or any other entity in relation to the Facility
in connection with the Additional NMTC Allocation unless Lender determines that it will be able to report the jobs and community
impacts created by the Additional NMTC Allocation. 

 

6.20 Inspection.

 

(a) Lender,
or any Person designated by Lender, shall have the right, upon reasonable prior notice and during normal business hours, to call
at Borrower’s place or places of business (or any other place where the Collateral or any information relating thereto is
kept or located) and coordinate a time, during reasonable business hours and without hindrance or delay by Borrower, that Lender
may, (i) inspect, audit, check and make copies of and extracts from Borrower’s books, records, journals, orders, receipts,
correspondence, notices, permits, licenses and other data relating to Borrower’s business or to any transactions between
the parties hereto and whether such items or data are maintained in accordance with Borrower’s standard operating procedures
pursuant to this Agreement; (ii) verify such matters concerning the Collateral, Business or the Loans as Lender may consider reasonable
under the circumstances; and (iii) discuss the affairs, finances and business of Borrower with any officers, employees or directors
of Borrower. Borrower will deliver to Lender, within five (5) Business Days of request therefor, any instruments necessary to obtain
records from any Person maintaining the same.

 

    	QLICI Loan and Security Agreement Danimer KY	49	 

     

    

 

(b) Lender
may inspect, upon reasonable prior notice and during normal business hours, (i) the Collateral; and (ii) such other matters, documents
and information as Lender deems necessary or desirable in connection with the Loans. Such inspection may not be relied upon by
Borrower or any other Person and any action or inaction of Lender following such inspection shall not indicate, on behalf of Lender,
any approval or disapproval of the Property or its operation.

 

(c) Borrower
shall pay on demand or within twenty (20) calendar days thereafter all expenses reasonably incurred by Lender in acquiring information
pursuant to this Section 6.20.

 

6.21 Bank
Accounts. Borrower shall maintain accounts with USBNA at all times during the NMTC Recapture Period, including but not limited
to the Disbursement Account (until fully depleted, at which time the account may be closed) and the Reserve Accounts.

 

6.22 Disbursement
Account. Borrower shall use all funds in the Disbursement Account as follows: (a) as set forth in Sections 2.2(i)-(iii), (b)
to purchase and install equipment to be operated in connection with the Business, and (c) to pay Costs in connection with Business;
provided, however, that the proceeds of the Loans advanced from the Lender shall not be used to pay Costs of the development (including
construction of new facilities or rehabilitation/enhancement of existing facilities), acquisition, management or leasing of real
estate. All funds in the Disbursement Account must be spent by Borrower in accordance with this Section 6.22 within twelve (12)
months of the date hereof. Disbursement Account withdrawals are subject to the requirements set forth in Section 5.2. Control of
the Disbursement Account shall be as set forth in the Account Control Agreement (Disbursement Account).

 

6.23 Anti-Terrorism
Laws. Borrower covenants and agrees with Lender as follows:

 

(a) Borrower
shall not:

 

(i) conduct
any business or engage in making or receiving any contribution of funds, goods, or services to or for the benefit of any Prohibited
Person;

 

(ii) deal
in, or otherwise engage in any transaction relating to, any property or interests in property blocked pursuant to the Executive
Order or any other Anti-Terrorism Law; or

 

(iii) authorize,
engage in, or conspire to engage in, any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts
to violate, any of the prohibitions set forth in any Anti-Terrorism Law.

 

(b) Borrower
agrees to deliver to Lender promptly (but in any event within ten (10) calendar days of Lender’s written request) any certification
or other evidence requested from time to time by Lender in its reasonable discretion, confirming Borrower’s compliance with
the foregoing covenants.

 

    	QLICI Loan and Security Agreement Danimer KY	50	 

     

    

 

6.24 New
Markets Tax Credits Covenants. Borrower hereby covenants, agrees and certifies to Lender, the State CDEs and their members
and, for opinion purposes only, Counsel, that during the term of the Loans the following shall be true and correct:

 

(a) at
the written direction of Lender, Borrower shall prepare and submit, as appropriate, to the Secretary of the Treasury, the IRS or
KY DOR (or any other Governmental Authority designated for such purpose), on a timely basis, any and all annual reports, information
returns and other certifications and information required to avoid any NMTC Recapture Event or the imposition of penalties or interest
on Lender, the State CDEs, their respective members or their respective members’ members for failure to comply with the requirements
of the Code or any other applicable laws relating to the New Market Tax Credits or KY NMTCs;

 

(b) Borrower
shall exercise good faith in all activities relating to the conduct of Business, including the operation and maintenance of the
Property, Equipment and Improvements, and Borrower shall take no action which is not reasonably related to the achievement of the
purpose of operating the Business and the Property, Equipment and Improvements in accordance with this Agreement;

 

(c) Borrower
shall provide such information and sign such documents as are necessary for Lender the State CDEs, and their respective members
to make timely, accurate and complete submissions of (i) federal and state income tax returns, (ii) reports to Governmental Authorities,
and (iii) any other reports required to be delivered by Lender, the State CDEs, and their respective members;

 

(d) Borrower
shall promptly provide Lender, the State CDEs and their respective members with notice of any written or oral notice of any (i)
default or failure of compliance with respect to any other material financial, contractual or governmental obligation of Borrower;
(ii) IRS or KY DOR proceeding regarding the Property or Borrower if the results of such proceeding could reasonably be expected
to have a Material Adverse Effect; (iii) litigation or administrative proceeding against Borrower where the amount in controversy
is in excess of $50,000 or any criminal action against Borrower, any Guarantor or any Affiliate of Borrower; or (iv) communication
from any other lender, the Secretary of State of Delaware or Kentucky, the KY DOR, IRS, any Borrower Affiliate or any other Person
which is not in the ordinary course of business and which indicates a potential Material Adverse Effect;

 

(e) Borrower
is and shall be a corporation for federal income tax purposes;

 

(f) Borrower
shall maintain its status as a QALICB and shall operate the Property and Improvements in a manner that satisfies, and shall continue
to satisfy, all restrictions applicable to the Property and Improvements and projects generating New Markets Tax Credits and KY
NMTCs;

 

(g) Borrower
shall maintain the status of the Business as a Qualified Business and shall not engage in any business activity which is not a
Qualified Business, including but not limited to, increasing the amount of revenues generated from the sale or license of the intangibles
so that the revenue generated from such sales or licenses exceeds the revenue generated from any other revenue generating activity;

 

    	QLICI Loan and Security Agreement Danimer KY	51	 

     

    

 

(h) each
Tenant under a lease or sublease with respect to the Property must constitute a Tenant Qualified Business;

 

(i) with
respect to any Advance made pursuant to this Agreement, Borrower shall only apply the proceeds of such Advance to expenditures
of the Business and Borrower shall expend such Advance in the Business on the Property within one (1) year of such Advance;

 

(j) with
respect to any taxable year, at least fifty percent (50%) of the total gross income of the Business will be derived from the active
conduct of a Qualified Business within the Census Tract;

 

(k) with
respect to any taxable year, at least fifty percent (50%) of the use of Borrower’s tangible property (whether owned or leased)
will be within the Census Tract (for purposes of this covenant, the percentage of tangible property owned or leased by Borrower
during the taxable year in the Census Tract shall be determined based on a fraction (i) the numerator of which is the Average Value
of the tangible property owned or leased by Borrower within the Census Tract during the taxable year, and (ii) the denominator
of which is the Average Value of all of the tangible property owned or leased by Borrower and used by Borrower during the taxable
year); provided, however, that for any taxable year in which Borrower has no employees, at least eighty-five percent (85%) of the
use of the tangible property of Borrower (whether owned or leased) will be within the Census Tract. Borrower will provide Lender
with a true, correct and complete list of tangible property owned or leased by Borrower and a description of where such property
is used by Borrower. If any property is used by Borrower outside of a Low-Income Community, Borrower shall provide, the cost basis
of all property owned by Borrower, the estimated value of any leased property and the basis of such estimate, and the business
hours of usage of Borrower’s property within and without the Low-Income Community. Borrower shall retain records of the foregoing
throughout the term of the Loans;

 

(l) with
respect to any taxable year, less than five percent (5%) of the average of the aggregate unadjusted bases of the Borrower’s
property will be attributable to Nonqualified Financial Property. Borrower will provide Lender a true, correct, and complete listing
of any Nonqualified Financial Property owned by Borrower, including the unadjusted basis of such property. Borrower shall maintain
records thereof throughout the term of the Loans. Notwithstanding any provision herein to the contrary including, without limitation,
Section 6.10, Borrower covenants and agrees to take any action necessary (including making distributions to its partners) to ensure
that with relation to any taxable year less than 5% of the average unadjusted basis of its property will be attributable to Nonqualified
Financial Property;

 

(m) with
respect to any taxable year in which Borrower has one or more employees, at least forty percent (40%) of the services performed
by Borrower’s employees will be within the Census Tract (for purposes of this covenant, this percentage is determined based
on a fraction (i) the numerator of which is the total amount paid by Borrower for employee services performed in the Census Tract
during the taxable year, and (ii) the denominator of which is the total amount paid by Borrower for employee services during the
taxable year). Borrower will provide Lender a true, correct and complete list of its employees that includes a general description
of services provided and the location where services were performed, and, if applicable, compensation paid for services rendered
for the Borrower within and without the Low-Income Community. Borrower shall retain records of the foregoing throughout the term
of the Loans;

 

    	QLICI Loan and Security Agreement Danimer KY	52	 

     

    

 

(n) with
respect to any taxable year, less than five percent (5%) of the average of the aggregate unadjusted bases of Borrower’s property
will be attributable to Collectibles. Borrower will provide Lender (upon request) a true, correct, and complete listing of any
Collectibles owned by Borrower, including the unadjusted basis of such property. Borrower shall maintain records thereof throughout
the term of the Loans;

 

(o) at
no time shall the Property be used as, or converted into, Residential Rental Property;

 

(p) no
portion of the Property has received or shall receive the benefit of Low-Income Housing Tax Credits, as described in Section 42
of the Code;

 

(q) Borrower
shall not have, or use low-income housing tax credits, as described in Section 42 of the Code;

 

(r) Borrower
shall not be a bank, credit union or other financial institution;

 

(s) Borrower
shall not discontinue conducting the Business or change the nature of, or manner in which it conducts, the Business in any way
that would cause to be untrue any of the representations, warranties or covenants set out in this Agreement;

 

(t) Borrower
shall remain a corporation for federal income tax purposes, separate and distinct from any other entity and at no time during the
NMTC Recapture Period shall Borrower be an entity disregarded as separate from any other entity for federal income tax purposes;

 

(u) Borrower
shall treat the Loans as indebtedness for all purposes, and shall not take any positions contrary to such treatment;

 

(v) Borrower
shall promptly supply Lender with any reports, records, statements, documents or other information reasonably requested by Lender
and/or the State CDEs in connection with responding to any request by the CDFI Fund and the US Department of Treasury or the KY
DOR, including any request pursuant to Section 6.3 or Section 6.5 of the Allocation Agreement (e.g., financial and activity reports,
records, statements, documents and other information for purposes of ensuring compliance with this Section 6.24) as may be required
to comply with the New Markets Tax Credit or KY NMTCs requirements, and shall promptly cooperate with Lender and/or the State CDEs
to enable Lender and/or the State CDEs (as applicable) to comply with all of the requirements of the Allocation Agreement and any
applicable requirements of the KY NMTC Act and the KY DOR. In connection therewith, Borrower shall maintain records of:

 

(i) if
applicable, the activities and services performed by employees and the administration of their employment (including where their
services are performed) that are sufficient to establish compliance with the requirements of this Section 6.24;

 

    	QLICI Loan and Security Agreement Danimer KY	53	 

     

    

 

(ii) the
amount of total gross income, including the location or locations form which such gross income is derived, that are sufficient
to establish compliance with the requirements of this Section 6.24;

 

(iii) the
Average Values and locations of tangible personal property of Borrower that are sufficient to establish compliance with the requirements
of this Section 6.24; and

 

(iv) the
unadjusted bases of the property of Borrower generally and in particular, any Collectibles and any Nonqualified Financial Property
it may own, that are sufficient to establish compliance with the requirements of this Section 6.24;

 

(w) Borrower
shall provide such information, reports and statements reasonably requested by Lender or any State CDE for purposes of Lender’s
or such State CDE’s reporting requirements pursuant to the Allocation Agreement or KY NMTC Act, as applicable, to monitor
compliance with Section 45D of the Code or the KY NMTC Act, and to measure the community benefit of the Loans;

 

(x) Borrower
shall provide such information and sign such documents as are necessary for Lender, the State CDEs and the Investment Fund to make
timely, accurate and complete submissions of (i) federal and state income tax returns, (ii) reports to Governmental Authorities,
and (iii) any other reports required to be delivered to Lender and the Investment Fund or their members;

 

(y) Borrower
shall generate revenues in the Business from the Property within three (3) years after the date hereof;

 

(z) Borrower
shall not take any action, or fail to take such action, which would result in USBNA, USBCDC, the Investment Fund, Lender, and State
CDEs or any of their Affiliates having NMTC Control of Borrower;

 

(aa) Borrower
shall collaborate with Lender with respect to the response to be made to any 90-day notice of noncompliance and ability to cure
the provisions of this Section 6.24 provided by the CDFI Fund to a Lender pursuant to Section 8.6 of the Allocation Agreement;

 

(bb) Borrower
shall cooperate with Lender, the State CDEs, and their respective members, and their respective members’ members in seeking
any waiver or extension sought by Lender and its respective members with respect to a NMTC Recapture Event (regardless of whether
or not Borrower has violated any covenants provided herein or failed to act or not act as directed by a Lender or its respective
members), pursuant to Section 1.45D-1(e)(5) of the Treasury Regulations and Rev. Proc. 2005-1, 2005-1 I.R.B. 1 or under the KY
NMTC Act;

 

(cc) Borrower
shall not, by its action or inaction, cause a NMTC Recapture Event and shall cooperate with Lender, their members, and their members’
members to the extent necessary to cure any such NMTC Recapture Event, as permitted by the NMTC Requirements;

 

    	QLICI Loan and Security Agreement Danimer KY	54	 

     

    

 

(dd) in
the event that Lender receives a payment of, or for, capital, equity or principal which triggers the reinvestment requirements
of Section 1.45D-1(d)(2) of the Treasury Regulations, Borrower shall cooperate to the extent required by Lender and its members;

 

(ee) Borrower
shall be responsible for informing Lender, the State CDEs and their respective members of any failure by Borrower, whether through
its actions or omissions, to comply with the duties and responsibilities set forth in this Section 6.24 of which Borrower has knowledge
within ten (10) calendar days of the occurrence of such an event;

 

(ff) Borrower
shall supply Lender and the State CDEs with such information as may be reasonably requested by Lender for inclusion in reports
concerning the economic impact of New Markets Tax Credits or KY NMTCs, including, without limitation, information on the number
of jobs created by the operation of the Property and associated payroll information.

 

(gg) Borrower
shall provide Lender and the State CDEs with a semi-annual certification, in the form attached hereto and made a part of as Exhibit
D, by May 1 and November 1 of each year to confirm compliance with the representations, warranties and covenants set forth
in this Agreement and the Reimbursement Certification and Compliance Agreement, including in such certification the current percentages
or ratios under the above paragraphs that are applicable to Borrower at such time;

 

(hh) Borrower
shall maintain, or cause to be maintained, a complete and separate set of books and records for Borrower separate from the books
and records of any other Person and in satisfaction of the requirements of Section 1.45D-1(d)(4)(iii) of the Treasury Regulations.
Such books and records shall be maintained throughout the term of the Loans;

 

(ii) Borrower
shall provide Lender with a summary report of the books and records of Borrower as required under this Agreement. Further, Borrower
shall disclose such additional information to Lender as may be reasonably required to support such entries;

 

(jj) Borrower
shall furnish the following financial information prepared in accordance with GAAP concerning Borrower and the Property:

 

(i) any
reports and information reasonably required by Lender to maintain compliance with NMTC Requirements including those reports set
forth in this Section 6.24; and

 

(ii) such
other information and reports concerning the financial affairs of Borrower, the Business or the Property as required by Section
6.8 or as Lender may reasonably request.

 

(kk) Borrower
shall maintain separate bank accounts, and shall not commingle the assets of Borrower with those of any Person. Borrower’s
assets shall not be listed as assets on the books and records of any other Person, except to the extent that such assets are consolidated
with another Person’s assets for financial reporting purposes, which shall not relieve Borrower of its obligation to maintain
a complete set of books and records for Borrower. Borrower shall not possess or use assets of any other Person, and Borrower shall
not permit any other Person to possess or use the assets of Borrower, unless in either case such assets are rented, leased, or
otherwise provided for use on an arms-length basis pursuant to a lease or services agreement or similar agreement with such Person.
Any services performed for or on behalf of Borrower by employees of any other Person shall be performed on an arms-length basis
pursuant to a services agreement or similar agreement with such Person;

 

    	QLICI Loan and Security Agreement Danimer KY	55	 

     

    

 

(ll) At
the written request of Lender from time to time (but not more frequently than semi-annually in the absence or the occurrence and
continuance of an Event of Default), Borrower shall provide to Lender, within forty-five (45) days after receipt of such request,
copies of the separate books and records required to be maintained for Borrower’s business pursuant to this Section 6.24,
which shall be certified as complete and accurate by a financial officer of Borrower;

 

(mm) Borrower
shall not engage in any business or acquire any assets other than in connection with Borrower’s Business;

 

(nn) Borrower
will keep or cause to be kept a complete set of books and records, regular books of account and such other records and data as
may be necessary to support the entries on Borrower’s books of account;

 

(oo) Borrower
shall permit representatives of Lender to, upon reasonable prior notice and during normal business hours, have free access to and
to inspect and copy all books, records and contracts of Borrower. Any such inspection by Lender and its representatives shall be
for the sole benefit and protection of the Lender, and Lender shall not have any obligation to disclose the results thereof to
Borrower or to any third party;

 

(pp) Borrower
shall use all of the proceeds of the Loans in connection with the operation of the Property and the conduct of the Business as
set forth in this Agreement;

 

(qq) neither
Borrower nor any Person that could be deemed a “participant” or a “principal” thereof within the meaning
of 29 CFR §§ 98.980 and 98.995, respectively, shall be debarred, suspended, proposed for debarment, declared ineligible,
or voluntarily excluded from participation in this transaction by any Federal department or agency as such terms are defined in
Executive Order 12549;

 

(rr) Borrower
shall not discontinue conducting business, shall not materially change the nature of its business, and shall not materially change
the manner in which its business activities are conducted, other than changes in the nature of its business or the manner in which
it conducts its business that do not cause any of the Loans to cease to constitute a QLICI (as determined by Lender in their good
faith judgment and based upon the advice of counsel) and which are otherwise permitted hereunder;

 

(ss) the
sole business activity of Borrower is and will continue to be the Business and is not, and will not be, the development, management,
sale or leasing of real estate. Without limiting the foregoing, Borrower will not derive fifteen percent (15%) or more of its annual
revenue from the sale of real estate or from the rental of real estate to any business other than one that is controlled by, or
under common control with Borrower, provided further that such business does not derive or project to derive 15% or more of its
annual revenue from the rental or sale of real estate, and such business is the primary tenant of the real estate leased from the
Borrower;

 

    	QLICI Loan and Security Agreement Danimer KY	56	 

     

    

 

(tt) the
amount of reserves, receivables, assets and other items of working capital shown on the Financial Projections are and will continue
to be reasonable based upon Borrower’s reasonably anticipated costs of operation; Borrower does not have outstanding, nor
is it committed to make a loan with a term of eighteen (18) months to any Person; and Borrower does not have an ownership interest
or an option to acquire an ownership interest of any kind in any Person; and

 

(uu) Borrower
and its Affiliates shall make and collect all payments shown in any Operating Contracts (including, Leases) in accordance with
Operating Contracts and as shown in the Financial Projections and shall not waive or fail to make any such payment without the
prior written consent of Lender.

 

Without limiting any
other rights or remedies of Lender, Borrower acknowledges and agrees that (i) the failure of any Loan to constitute a Qualified
Low Income Community Investment, as well as the failure of Borrower to provide the certifications and other information that Lender
may require in order to confirm and report that such Loan constitutes a Qualified Low-Income Community Investment, will have a
material adverse effect on Lender, and (ii) accordingly, in the event that (A) any representation and warranty set forth in
Section 3.17 shall not be true in any material respect or (B) any breach, violation, or failure to comply with any of the covenants
set forth in this Section 6.24 shall occur, such breach, violation or failure to comply shall be material and shall constitute
an Event of Default pursuant to Section 7.1(c) hereof. Further, in connection with the issuance of any opinion letter to be delivered
by any Counsel, Borrower agrees that such Counsel may rely on the representations, warranties and covenants contained herein.

 

6.25 Annual
Reimbursements, Fees and Reserves.

 

(a) Lender
Interest Reserve and Tax and Audit Fees. Borrower shall deposit $119,000 on the date hereof in the AMCREF Reserve Account and
amounts from such account shall be withdrawn solely in accordance with the Account Control Agreement (Fee Reserve Accounts). AMCREF
Reserve Account funds shall be used only to pay to the Lender within thirty (30) days of receipt of an invoice from the Lender
an annual reimbursement fee of $17,000.00 ($12,000 for federal and $5,000 for state) for each year payable to the Lender for audit,
tax and state filing fees and other reasonable third-party costs incurred by the Lender, without proration for any partial
years;

 

(b) Consortium
and Brownfield Asset Management Fees and Accounting Fees. Borrower shall deposit (i) $70,000 on the date hereof in the Consortium
Reserve Account and amounts from such account shall be withdrawn solely in accordance with the Account Control Agreement (Fee Reserve
Accounts) and Consortium Fee Agreement, to pay an annual asset management fee and tax and audit reimbursement to the Consortium
CDE of $10,000 for each year, not prorated for any partial year, and (ii) $70,000 on the date hereof in the Brownfield Reserve
Account and amounts from such account shall be withdrawn solely in accordance with the Account Control Agreement (Fee Reserve Accounts)
and Brownfield Fee Agreement, to pay an annual asset management fee and tax and audit reimbursement to the Brownfield CDE of $10,000
for each year, not prorated for any partial year;

 

    	QLICI Loan and Security Agreement Danimer KY	57	 

     

    

 

(c) Borrower’s
payments to Lender and each of the State CDEs of audit and tax fees and asset management fees, if applicable, Fiscal Year 2019
will be paid at closing of the Loans pursuant to the Flow of Funds Memorandum; and

 

(d) if
Borrower shall fail to pay the amounts required to be paid to the Lender pursuant to this Section 6.25 as and when due, then the
Borrower shall pay to the Lender the liquidated damages as set forth in Section 6.8 until the amount outstanding has been paid
in full.

 

6.26 Organizational
Status; Authorizations.

 

(a) Borrower
is, and will continue to be duly formed, validly existing and in good standing as a corporation under the laws of the State of
Delaware with full power and authority to perform its obligations under the Loan Documents. Borrower is and will continue to be
qualified to transact business in the Commonwealth of Kentucky.

 

(b) MHG
is, and will continue to be duly formed, validly existing and in good standing as a corporation under the laws of the State of
Georgia with full power and authority to perform its obligations under the Loan Documents.

 

(c) Danimer
Holdings is, and will continue to be duly formed, validly existing and in good standing as a limited liability company under the
laws of the State of Delaware with full power and authority to perform its obligations under the Loan Documents. Danimer Holdings
is not required to be qualified to transact business in the Commonwealth of Kentucky.

 

6.27 Equipment.
All Equipment will be located and used at the Property in the operation of the Business, except for any Equipment in transit to
the Property or, in transit to, or off-site at, any other location for repair, maintenance, replacements, or to effectuate a transfer
permitted by this Agreement.

 

6.28 Compliance.
The Borrower’s use of the Property, Improvements and Collateral and the operation of the Business will not violate (a) any
Laws (including Environmental Laws and subdivision, zoning, and building Laws) except for immaterial non-compliance that could
not reasonably be expected to cause a Material Adverse Effect, or (b) any building permits, restrictions of record or agreements
affecting the Property, Improvements or Collateral, or any part thereof. Neither the zoning authorizations, approvals or variances
nor any other right to construct or to use the Property and Improvements is to any extent dependent upon any real property other
than the Property. Without limiting the generality of the foregoing, all consents, licenses and permits and all other authorizations
or approvals required to complete (i) the acquisition or use of any Equipment, and (ii) any construction at the Property related
to such Equipment, have been obtained or will be obtained prior to the Closing Date or, with respect to Equipment acquired after
the Closing Date, prior to the commencement of any such acquisition for which such consent, license, permit, authorization or approval
is required. To the best of Borrower’s knowledge, after due inquiry and investigation, all Laws relating to the operation
of the Property, Improvements and Equipment have been complied with. To the best of Borrower’s knowledge, after due inquiry
and investigation, none of the Improvements encroach upon any property line, building line, setback line, side yard line or any
recorded or visible easement (or other easement of which Borrower is aware or has reason to believe may exist) with respect to
the Property, and the use of the Property, Improvements and any Equipment complies with all material requirements of Governmental
Authorities and any restrictive covenants to which the Property may be subject. The transfer to, ownership of and license by the
Borrower of any Intellectual Property current complies and will comply with all Laws.

 

    	QLICI Loan and Security Agreement Danimer KY	58	 

     

    

 

6.29 Required
Notices. Promptly upon Borrower’s knowledge of the following, Borrower will provide Lender with written notice in accordance
with Section 8.3 of this Agreement of any of the following, provided such notice shall be delivered within than 5 Business Days
of Borrower receipt thereof: (i) all default notices with respect to any Borrower Indebtedness or Guarantor Indebtedness (with
copies of such notices included), (ii) notices of reductions or elimination of benefits under any federal, state, or local program
previously enjoyed by Borrower (with copies of such notices included), (iii) notice of any demand for payment or draw under any
construction completion guarantee, performance bond, or letter of credit regarding Borrower or Guarantor; (iv) IRS or KY DOR proceedings
regarding the Property, Borrower or any Guarantor if the results of such proceedings could reasonably be expected to have a Material
Adverse Effect; (v) litigation or administrative proceedings against Borrower where the amount in controversy is in excess of $50,000
or criminal action against Borrower, Guarantor, Danimer Holdings or any Affiliate of Borrower; (vi) any termination default, breach
or event which could become a default pursuant to any Material Contract or defaults or failures of compliance with respect to any
other material financial or contractual obligation of Borrower or Guarantor; or (vii) communications from any other lender or Governmental
Authority or any other Person which is not in the ordinary course of business and which indicates a potential Material Adverse
Effect.

 

6.30 No
Plan Assets. Borrower will not be a party in interest to any plan defined or regulated under ERISA, and the assets of Borrower
will not be “plan assets” of any employee benefit plan covered by ERISA or Section 4975 of the Code.

 

6.31 Taxes.
Borrower will file all federal, state, local and other income and other tax returns that are required to be filed and pay all taxes
when due and payable pursuant to such returns and all other taxes, assessments, fees and other governmental charges upon Borrower
and upon its properties, income and franchises when due and payable by Borrower, except those which are being contested in good
faith by appropriate proceedings being diligently conducted, for which adequate reserves have been provided in accordance with
GAAP, as to which taxes no lien has been filed and which contest effectively suspends the collection of the contested obligation
and the enforcement of any lien securing such obligation.

 

6.32 Organizational
Documents. Borrower and Guarantor (and their respective managing members) shall comply with all of the terms and provisions
of the Borrower Organizational Documents and the Guarantor Organization Documents. Neither the Borrower Organizational Documents
nor the Guarantor Organization Documents shall be amended, restated or otherwise modified without the prior written consent of
the Lender. Borrower shall not admit any new or substitute stockholders of Borrower without the prior written consent of the Lender.

 

    	QLICI Loan and Security Agreement Danimer KY	59	 

     

    

 

6.33 Material
Contracts. Borrower will not cause any breach of or default under any Material Contracts and will promptly send written notice
to Lender of any material breach of or default under any Material Contracts, regardless of which party has committed the breach
or default. Borrower will provide copies of any new Material Contracts entered into after the date hereof or any material amendments,
supplements or other modifications to existing Material Contracts.

 

6.34 Project
Completion. Borrower shall acquire and install all equipment and improvements necessary to operate the Business at the Property
as shown in the Financial Projections.

 

6.35 Indemnification.
Without limiting and in addition to the indemnification set forth in Sections 6.5 and 6.16 above, Borrower agrees to indemnify,
protect, hold harmless and defend Lender, its members (including, without limitation, the Investment Fund) and Affiliates and each
of their respective directors, managers, members, officers, employees, lenders, representatives, consultants and attorneys (each,
a “Covered Person” and collectively, the “Covered Persons”), from and against any and all
actual losses, liabilities, suits, actions, obligations, fines, damages, judgments, penalties, claims, causes of action, charges,
costs and expenses (including, without limitation, reasonable attorneys’, accountants’, experts’, consultants’
fees, disbursements and court costs prior to trial, at trial and on appeal) which are imposed on, incurred or paid by, or asserted
against a Covered Person by reason or on account of, or in connection with, (i) any Default or Event of Default hereunder; (ii)
any breach of any representation or covenant of Borrower in any of the Loan Documents; (iii) any action or inaction of Borrower
or any Affiliate thereof or any of their respective directors, managers, members, officers, employees, representatives, consultants,
or attorneys; (iv) the construction or reconstruction of the Property; (v) any accident, injury, death or damage to any Person
or property occurring in, on or about the Property or any street, drive, sidewalk, curb or passageway adjacent thereto; (vi) any
NMTC Recapture Event and (vii) any claim arising from the operation of the Property, Equipment or any other real property owned
or managed by Borrower and any business conducted by the Borrower, including without limitation, claims by or on behalf of contractors,
neighbors, tenants, and community groups. Notwithstanding the foregoing, Borrower shall not have any liability for losses, liabilities,
suits, actions, obligations, fines, damages, judgments, penalties, claims, causes of action, charges, costs and expenses of a Covered
Person caused by the gross negligence, fraud, or willful misconduct of or by such Covered Person as determined by a final, non-appealable
judgement of a court of competent jurisdiction. In addition and without limiting the generality of the foregoing, if Lender shall
be made a party to any litigation commenced by or against Borrower or otherwise in connection with these Loans (other than suits
between Borrower and Lender), then Borrower shall protect and hold Lender harmless and shall be obligated to pay immediately when
due all costs, expenses and reasonable attorneys’ fees of Lender in connection with such litigation. The obligations of Borrower
under this Section 9.35 shall survive the making and repayment of the Loans and the expiration or termination of this Agreement.

 

    	QLICI Loan and Security Agreement Danimer KY	60	 

     

    

 

ARTICLE
7

Events of Default and Remedies

 

7.1 Events
of Default. Each of the following shall constitute an “Event of Default” hereunder:

 

(a) if
Borrower shall fail to pay any sum due and owing under any Note or if Borrower shall fail to comply with any other monetary covenant
hereunder or under any of the other Loan Documents when such sum or amount becomes due and payable under applicable Loan Documents
and such failure shall continue beyond any applicable grace or cure period;

 

(b) if
Borrower fails to comply with any non-monetary covenant made by it hereunder or under any of the other Loan Documents (other than
a failure which would be an Event of Default under another subparagraph of this Section 7.1) within thirty (30) calendar days after
receipt of written notice of such default from Lender; provided, however, that if such default results in the termination
or impairment of Lender’s lien in any Collateral or a lien that has priority over Lender’s lien in Collateral, or if
Borrower has committed any fraud or conversion as to any Collateral or misrepresentation as to the value or condition of any Collateral,
the Lender need not provide Borrower with any notice of or right to cure such default; further provided, however, if such
default is of a type that is susceptible to cure but cannot reasonably be cured within such 30 calendar day period, in Lender’s
reasonable discretion, such failure will not be an Event of Default if Borrower commences to cure such default within such 30 calendar
day period and thereafter diligently prosecutes such cure to completion within sixty (60) calendar days after receipt of written
notice of such default from a Lender;

 

(c) if
Borrower fails to comply with Section 6.24 or Section 6.25 in any manner;

 

(d) if
any material representation or warranty of Borrower made herein or in any of the other Loan Documents, including the application
for any Loan or any certificate submitted to Lender, shall be incorrect in any material respect when made;

 

(e) if
any default or event of default shall exist under any of the Senior Loan Documents, the Subordinate Loan Documents or the Loan
Documents (other than this Agreement), and such default or event of default shall continue beyond any applicable grace or cure
periods;

 

(f) if
Borrower fails to use the proceeds of the Loans as set forth herein;

 

(g) if
the operation of the Business at the Property shall at any time be discontinued for a period of fifteen consecutive Business Days;

 

(h) if
Borrower defaults beyond any applicable grace or cure period under any other Indebtedness of Borrower in excess of $100,000 and
such default permits the holder thereof to accelerate such Indebtedness;

 

(i) if
Borrower assigns this Agreement or any Advance to be made hereunder or any interest in either, or if the Property, Improvements
or Collateral (or any portion thereof) is conveyed, assigned, mortgaged, pledged or encumbered in any way other than as herein
permitted;

 

    	QLICI Loan and Security Agreement Danimer KY	61	 

     

    

 

(j) if
a lien or claim of lien for the performance of work or the supply of materials be filed against any Collateral;

 

(k) if
Borrower or Guarantor shall generally not pay its debts as such debts become due, or shall admit in writing its inability to pay
its debts generally, or shall make a general assignment for the benefit of creditors; or if any proceeding shall be instituted
by Borrower or any Guarantor seeking to adjudicate it bankrupt or insolvent, or seeking liquidation, winding up, reorganization,
arrangement, adjustment, protection, relief, or composition of it or its debts under any law relating to bankruptcy, insolvency
or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee,
or similar official for it or for any substantial part of its property; or if any proceeding shall be instituted against Borrower
or any Guarantor seeking to adjudicate it bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement,
adjustment, protection, relief, or composition of its or its debts under any law relating to bankruptcy, insolvency or reorganization
or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee, or similar official
for it or for any substantial part of its property and any such proceeding is not dismissed within sixty (60) calendar days after
the commencement of such proceeding; or if Borrower or any Guarantor shall take any action to authorize any of the actions set
forth in this subparagraph;

 

(l) if
any judgment or order in excess of $50,000, that is beyond all applicable appeal periods, singly or in the aggregate, shall be
rendered against Borrower and either (i) enforcement proceedings shall have been commenced by any creditor upon such judgment or
order, or (ii) there shall be any period of sixty (60) consecutive calendar days during which a stay of enforcement of such judgment
or order by reason of a pending appeal or otherwise shall not be in effect; provided, however, that any such judgment or
order shall not be deemed an Event of Default under this subparagraph if and for so long as (A) the amount of such judgment or
order is covered by a valid and binding insurance policy covering payment thereof by a solvent and reputable insurer, and (B) such
insurer has been notified of, and has not disputed the claim made for payment of, the amount of such judgment or order, or Borrower
provides Lender with an acceptable bond, letter of credit or other assurances, which is satisfactory to Lender, that Borrower has
the required funds to satisfy the judgment following final resolution of all matters relating to such judgment;

 

(m) if
any material provision of any Loan Document shall for any reason cease to be valid and binding on Borrower or Guarantor, or Borrower
or Guarantor shall so state in writing;

 

(n) a
final judgment by a court of competent jurisdiction, or any challenge, whether by litigation or otherwise asserted, if such challenge
results in (i) an injunction or other order to halt work on the Project such that the Project could not be completed and operated
as contemplated by the Financial Projections, or (ii) a claim against the validity of this Agreement, the development of the Project
or any of the transactions carried out pursuant to any of them, including, without limitation, a claim that Borrower has no authority
to enter into them, or that such transactions violate any federal, state or municipal constitution, charter, law, ordinance, regulation,
resolution or rule, or any court order;

 

    	QLICI Loan and Security Agreement Danimer KY	62	 

     

    

 

(o) the
occurrence of any NMTC Recapture Event;

 

(p) the
invalidity of this Agreement or any other Loan Documents or any of the transactions carried out pursuant thereto shall have been
successfully asserted and finally adjudicated, including, without limitation, a claim that Borrower or any Guarantor has no authority
to enter into them, or that such transactions violate any federal, state or municipal constitution, charter, law, ordinance, regulation,
resolution or rule, or any court order;

 

(q) any
Change in Control of the Borrower that was not approved by Lender in accordance with the terms hereof;

 

(r) an
event of default occurs under the Operating Sublease, there is a termination of the Operating Sublease, or there is an amendment
or modification to the Operating Sublease without the advance written consent of the Lender; or

 

(s) if
there shall occur, in the reasonable judgment of the Lender, any material adverse change in the financial condition, business,
operations or prospects of Borrower.

 

7.2 Remedies.

 

(a) Upon
the occurrence and during the continuance of any Event of Default, Lender, in addition to all remedies conferred upon Lender by
law and by the terms of the other Loan Documents, or other documents serving as security for Borrower’s Indebtedness to Lender,
may pursue any one or more of the following remedies, subject to the terms of the Subordination and Intercreditor Agreement:

 

(i) to
refuse to make any additional Advances hereunder;

 

(ii) to
cancel this Agreement by written notice to Borrower, in which event Lender shall be fully released and relieved of all further
obligations and liabilities to Borrower hereunder;

 

(iii) to
take immediate possession of the Property, as well as all other property to which title is held by Borrower as is necessary to
fully complete all on-site and off-site improvements contemplated to be developed and/or constructed under this Agreement;

 

(iv) to
institute appropriate proceedings to specifically enforce performance hereof (without limitation or waiver of any defense or counterclaim
of Borrower relating thereto);

 

(v) to
appoint a receiver as a matter of strict right without regard to the solvency of Borrower for the purpose of preserving the Collateral,
preventing waste and to protect all rights accruing to Lender by virtue of this Agreement or under the Loan Documents and expressly
to make any and all further improvements, whether on-site or off-site, as may be determined by Lender for the purpose of completing
the Project in accordance with this Agreement. All expense incurred in connection with the appointment of said receiver, or in
protecting, preserving, or improving the Collateral shall be chargeable against Borrower and shall be enforced as a lien against
the Collateral;

 

    	QLICI Loan and Security Agreement Danimer KY	63	 

     

    

 

(vi) to
accelerate maturity of any Note, and payment of the principal sums due thereunder with interest, advances and costs, without notice
or demand to Borrower (which is hereby expressly waived) and in default of said payment or any part thereof, to exercise the power
of sale, if given and available, and pursue any or all of its other rights and remedies under the Loan Documents;

 

(vii) to
exercise the power of sale, if given and available, including, without limitation Lender’s right to sell the Collateral pursuant
to the UCC, and all other rights set forth in Article 9;

 

(viii) to
foreclose and to enforce collection of such payment by foreclosure under the Security Documents and/or other appropriate action
in any court of competent jurisdiction to enforce the Security Documents;

 

(ix) to
pursue any or all of its other rights and remedies under the Security Documents and the other Loan Documents;

 

(x) upon
or after the occurrence and during the continuation of any Event of Default, Lender is hereby authorized at any time and from time
to time, without notice to Borrower (any such notice being hereby waived by Borrower), to set-off and apply any and all deposits
(general or special, time or demand, provisional or final) at any time held and other Indebtedness at any time owing by Lender
to or for the credit or the account of Borrower against any and all of the obligations of Borrower to Lender, irrespective of whether
or not Lender shall have made any demand under this Agreement or any of the other Loan Documents and although such obligations
may be unmatured;

 

(xi) to
instruct the depository institution holding any reserve that is part of the Collateral to pay the funds in such reserve over to
Lender, and to apply such funds to expenses, reimbursements, interest and principal as Lender determines in its sole discretion;
and/or

 

(xii) to
establish and require Borrower to pay into reserves imposed by Lender in its sole discretion.

 

(b) The
rights of Lender hereunder are in addition to any other rights and remedies (including, without limitation, other rights of set-off)
which Lender may have at law or in equity.

 

(c) The
remedies and rights of Lender shall be cumulative and not exclusive of any other remedies of Lender under any other provision of
this Agreement or under any Loan Document or other instrument or at law or in equity. Lender shall have the absolute right to resort
to any one or more or all of said remedies, none to the exclusion of the others, concurrently or successively, in such order as
Lender may select. Except if Lender select the option of specific performance, Lender shall have the absolute right to refuse to
disburse and to apply any balance of the funds of any Loan as a payment toward any Note to the extent not prohibited by law. No
other party, whether architect, engineer, contractor, subcontractor, laborer, materialman, manufacturer or supplier, shall have
any interest in any Loan funds so applied and shall not have any right to garnish, require or compel payment thereof toward discharge
or satisfaction of any claim or lien which they or any of them have or may have for work performed or materials supplied to the
Property or equipment manufactured for the Borrower. Any additional funds advanced by Lender pursuant to this Agreement shall be
secured by the Security Documents and shall be considered a part of the Loans as though initially included therein.

 

    	QLICI Loan and Security Agreement Danimer KY	64	 

     

    

 

(d) As
security for the payment and performance of all obligations of Borrower under the Loan Documents, Borrower hereby grants Lender
a security interest in, a lien on, and an express contractual right to set off against all depository account balances, cash, and
any other property of Borrower now or hereafter in the possession of or under the control of Lender and the right to refuse to
allow withdrawals from any account. Lender may, at any time upon the occurrence and during the continuance of an Event of Default
under this Agreement or any other Loan Document, setoff against any amounts outstanding under the Loans whether or not the Loans
or any portion thereof is then due or has been accelerated, all without any advance or contemporaneous notice of demand of any
kind to Borrower, such notice and demand being expressly waived.

 

7.3 Lender’s
Right to Complete.

 

(a) 
Upon the occurrence of any Event of Default (and the expiration of any applicable cure period) of the character described in Section
7.1 which would give Lender the right under this Agreement to refrain from making any further Advance or Disbursement hereunder,
Lender, at its sole option (whether or not it exercised any rights under Section 7.2) but without any obligation upon Lender to
do so, may at any time thereafter (1) disburse the proceeds of the Loans or any part thereof, or if necessary, sums in excess of
the Loans, to the general contractor, any subcontractor or any person furnishing labor or material in the construction of the Project
for the account of Borrower, and the sums so paid or advanced shall for the purposes of this Agreement, be deemed to have been
advanced to Borrower pursuant to the provisions hereof; and (2) take possession of the Property together with all materials, equipment
and improvements thereon whether affixed to the realty or not, and Lender shall have the right but shall be under no obligation
to perform any and all work and labor necessary to complete the Project substantially according to the Financial Projections and
may employ watchmen or take any action it may deem necessary to protect them from depredation or injury.

 

(b) To
implement and protect the rights of Lender under this Section 7.3, upon the occurrence of an Event of Default, Lender shall have
the authority and right to complete the Project as follows:

 

(i) to
use the balance of the Loans including any funds of Borrower which may not have been advanced for the purpose of completing the
Project;

 

(ii) to
make such additions and changes and corrections in the Construction and Engineering Contracts as may be necessary or desirable
to complete the Project in substantially the manner contemplated in the Financial Projections;

 

    	QLICI Loan and Security Agreement Danimer KY	65	 

     

    

 

(iii) to
succeed to the rights of Borrower under the Construction and Engineering Contracts and the Purchase Agreements, or to make new
contractual arrangements to employ the present or new contractors, subcontractors, agents, architects and inspectors as shall be
required;

 

(iv) to
pay, settle or compromise all existing bills and claims which may be or become liens against the Property, the Project or the Improvements
or as may be necessary or desirable for completion of the Improvements or for the clearance of title;

 

(v) to
execute all applications, certificates or instruments in the name of Borrower which may be required by any Governmental Authority
or contract; and

 

(vi) to
do any and every act which Borrower might or could do in its own behalf.

 

Upon the
occurrence of an Event of Default, Lender, in its name, or on behalf of Borrower, shall also have power to prosecute and defend
all actions and proceedings in connection with the construction of the Project on the Property and to take such action and require
such performance as it deems necessary and Borrower hereby assigns and quitclaims to Lender all sums unadvanced hereunder conditioned
upon the use of said sums in trust for the completion of the Project. In addition it is agreed that Lender may, at its option upon
the occurrence of an Event of Default, expend money in completing said construction and protecting and preserving the Property,
which shall be over and above the total amount of the funds in the Loan fund to the maximum extent permitted by the law of the
applicable jurisdiction, and said money when so expended, shall be added to the principal of the Loans and the same, together with
interest thereon at the default rate specified in the Notes, shall be secured by the lien of the Loan Documents and shall be payable
by Borrower on demand.

 

ARTICLE
8

General Conditions

 

The following conditions
shall be applicable throughout the term of this Agreement:

 

8.1 No
Waiver. Neither any Advance of the Loans hereunder nor any future advance shall constitute a waiver of any of the obligations
set forth herein, nor, in the event Borrower is unable to satisfy any such condition, shall any such waiver have the effect of
precluding Lender from thereafter declaring such inability to be an Event of Default hereunder.

 

8.2 Form
Satisfactory. All proceedings taken in connection with the transactions provided herein, all documents required or contemplated
by this Agreement, the designation of the persons responsible for the preparation and execution thereof and the form of all policies
of insurance and the issuers thereof shall be reasonably satisfactory to Lender in all respects.

 

8.3 Notices.
Any notice, request, demand, consent, confirmation or other communication hereunder shall be in writing and delivered (a) in person,
by messenger or overnight courier, (b) by registered or certified mail, return receipt requested and postage prepaid or (c) by
electronic mail in .pdf format, to the applicable party at its email address set forth below, or at such other address as such
party hereafter may designate as its address for communications hereunder by notice so given. Such notices and communications shall
be deemed delivered upon receipt (or refusal to accept delivery).

 

    	QLICI Loan and Security Agreement Danimer KY	66	 

     

    

 

	If to Borrower:	Danimer Scientific Kentucky, Inc.
	 	605 Rolling Hills Lane
	 	Winchester, Kentucky 40391
	 	Attn: Jad Dowdy
	 	Facsimile: (229) 246-0764
	 	Telephone: (229) 254-9566
	 	 
	 	 
	with a copy to:	Thompson Hine LLP
	 	Two Alliance Center
	 	3560 Lenox Road Suite 1600
	 	Atlanta, Georgia 30326-4266
	 	Attention: Sherman Golden, Esq.
	 	Email: Sherman.Golden@thompsonhine.com
	 	 
	And:	Meredian Holdings Group, Inc.
	 	140 Industrial Boulevard
	 	Bainbridge, GA 39817
	 	Attn: Jad Dowdy
	 	 
	If to AMCREF Lender:	AMCREF Fund 51, LLC
	 	2525 Jena Street
	 	New Orleans, Louisiana 70115
	 	Attention: Clifford Kenwood and Maria Mandina
	 	Email: cliff@amcref.com; maria@amcref.com
	 	 
	with a copy to:	Coats Rose, PC
	 	Canal Place
	 	365 Canal Street, 8th Floor
	 	New Orleans, Louisiana 70130
	 	Attention: Megan C. Riess, Esq.
	 	Email: mriess@coatsrose.com
	 	 
	With a copy to:	U.S. Bancorp Community Development Corporation
	 	1307 Washington Avenue, Suite 300
	 	St. Louis, Missouri 63103
	 	Attn: Director of Asset Management-NMTC; Deal #26604
	 	Email: usbcdc.nmtc&htc@usbank.com

 

A copy of all notices
sent by and among the parties pursuant to the terms of this Agreement shall be sent to USBCDC as follows, in accordance with the
notice provisions of this Section 8.3:

 

    	QLICI Loan and Security Agreement Danimer KY	67	 

     

    

 

	If to USBCDC:	U.S. Bancorp Community Development Corporation
	 	1307 Washington Ave. Suite 300
	 	St. Louis, MO 63103
	 	Attn:  Director of Asset Management-NMTC; Deal #26604
	 	Email: usbcdc.nmtc&htc@usbank.com 
	 	 
	With a copy to:	Dentons US LLP
	 	One Metropolitan Square
	 	211 N. Broadway, Suite 3000
	 	St. Louis, MO  63102
	 	Attention: Jennifer Simmons, Esq.
	 	Email: jennifer.simmons@dentons.com

 

8.4 No
Oral Amendments. Neither this Agreement nor any provision hereof may be changed, waived, discharged or terminated orally, but
only by an instrument in writing signed by the party against whom enforcement of such change, waiver, discharge or termination
is sought.

 

8.5 Additional
Remedies. The remedies herein provided shall be in addition to and not in substitution for the rights and remedies which would
otherwise be vested in Lender in any Loan Document or at law or in equity, all of which rights and remedies are specifically reserved
by Lender. The remedies herein provided or otherwise available to Lender shall be cumulative and may be exercised concurrently.
The failure to exercise any of the remedies herein provided shall not constitute a waiver thereof, nor shall use of any of the
remedies hereby provided prevent the subsequent or concurrent resort to any other remedy or remedies. It is intended that all remedies
herein provided for or otherwise available to Lender shall continue and be available to Lender until all sums due it by reason
of this Agreement have been paid to it in full and all obligations incurred by it in connection with the ownership or operation
of the Property, Improvements and Equipment have been fully discharged without loss or damage to Lender.

 

8.6 No
Control or Recourse. Lender is not in control of Borrower or any other party with respect to the operation of the Property,
Improvements, Collateral or Business. Lender shall not in any way be liable or responsible by reason of the provisions hereof,
or otherwise, for the payment of any claims growing out of the operation of the Property, Improvements, Collateral or the Business.

 

8.7 Security
Documents. The Security Documents shall constitute security for all monies advanced by Lender under any Note. All obligations
incurred by Lender in excess of the Loans advanced or incurred by Lender pursuant to the authority of this Agreement shall constitute
a lien upon the Collateral secured by the Security Documents, as applicable and recovery therefore may be had by Lender under the
Security Documents, as applicable, in addition to all other remedies herein granted to Lender.

 

8.8 Usury
Savings. Notwithstanding any provision herein or in any other Loan Document, the total liability of Borrower for any payments
of interest or in the nature of interest shall not exceed the maximum limits imposed by the usury laws of the State of Kentucky.
In the event that such payment is paid by Borrower or received by Lender, then such excess sum shall be credited as a payment of
principal, unless Borrower shall notify Lender, in writing, that it elects to have such excess sum returned forthwith. Such credit
or return shall not cure or waive any Event of Default under this Agreement, the Notes or any other Loan Document.

    	QLICI Loan and Security Agreement Danimer KY	68	 

     

    

 

8.9 Assignment
by Lender. Lender may pledge or otherwise hypothecate or may assign, in whole or in part, or issue participating interests
in and to, this Agreement and any of its rights and security hereunder, the Notes relating to the Loans made by Lender hereunder,
and all of the other Loan Documents to any other Person, firm or corporation and that all of the provisions of this Agreement shall
continue to apply to the Loans and the Notes. In the event of such assignment, it shall be deemed a compliance by Lender with this
Agreement and to have been made in pursuance of this Agreement and not to be in modification hereof, and any Advance made by any
such assignee shall be evidenced by the Notes, and shall be secured by this Agreement. In the case of any such transfer by Lender,
whether by assignment, issuance of participations, pledge, or hypothecation, (i) Lender will provide Borrower with written notice
of the assignment, issuance of participations, pledge, or hypothecation, and (ii) Borrower will accord full recognition thereto
and agrees that all rights and remedies of Lender in connection with the interest so transferred shall be enforceable against Borrower
by any such assignee with the same force and effect and to the same extent as the same would have been enforceable by Lender but
for such transfer.

 

8.10 Additional
Documents. Borrower agrees upon demand to do any act or execute any additional documents (including, without limitation, security
agreements on any personalty included or to be included in the Collateral) as may be reasonably required by Lender to secure the
Notes applicable to its Loans or to confirm the lien of the Security Documents, as applicable. All of said documents shall be in
form and substance prepared by or acceptable to Lender.

 

8.11 Binding
Effect; Continuing Agreement. The terms, conditions, covenants, agreements, powers, privileges, notices and authorizations
herein contained shall extend to, be binding upon and available to the heirs, executors, administrators, successors and, to the
extent permitted hereunder, the assigns of each of the respective parties hereto. Notwithstanding the foregoing, Borrower shall
not, without the prior written consent of Lender, assign or transfer this Agreement, whether voluntarily or by operation of law.
An assignment or transfer in violation of this provision shall be invalid, of no force or effect and an Event of Default hereunder.
Borrower’s obligations, covenants, representations and warranties hereunder shall continue beyond the final disbursement
of the Loans made hereunder for so long as Borrower has any obligations outstanding to Lender hereunder, or Lender has any lien
on any property of Borrower.

 

8.12 Governing
Law. This Agreement and each transaction consummated hereunder shall be deemed to be made under the internal laws of the State
of Kentucky and shall be construed in accordance with and governed by the laws of said State, without regard to the choice of law
rules of that State, except to the extent that any of such laws may now or hereafter be preempted by Federal law.

 

8.13 Headings.
The titles and headings of the Sections of this Agreement have been inserted for convenience of reference only and are not intended
to summarize or otherwise describe, or limit, modify or expound upon the subject matter of such Sections.

 

    	QLICI Loan and Security Agreement Danimer KY	69	 

     

    

 

8.14 Reserved.

 

8.15 Duration
of Agreement. Borrower’s agreements hereunder, including, without limitation, Borrower’s agreements relating to
maintenance of insurance, shall remain in effect after the Loans are fully disbursed so long as any amount under any Note is outstanding
or any other Security Document remains in effect; provided that any obligation of Borrower that is specifically stated to survive
termination of the Loan Documents and/or repayment of the Notes shall so survive.

 

8.16 Counterparts.
This Agreement may be executed in several counterparts, including electronic counterparts (such as facsimile or .pdf), each of
which shall be deemed to be an original, and all of which together shall constitute one agreement binding on all parties hereto,
notwithstanding that all of the parties shall not have signed the same counterpart.

 

8.17 Time
is of the Essence. Time is of the essence in the performance of this Agreement and the other Loan Documents by Borrower, and
each and every term thereof.

 

8.18 Purpose
and Effect of Approval. Lender’s approval of any matter in connection with the Loans is for the sole purpose of protecting
Lender’s security and rights. No such approval shall result in a waiver of any default of Borrower. In no event shall Lender’s
approval be a representation of any kind with regard to the matter being approved.

 

8.19 Language
of Agreement. The language of this Agreement shall be construed as a whole according to its fair meaning and not strictly for
or against any party.

 

8.20 Exchange
of Information. Borrower agrees that Lender may exchange or disclose financial and other information about Borrower with or
to any of Lender’s Affiliates or other related entities and with any party that acquires, or may acquire, a participation
or other interest in all or part of the Loans.

 

8.21 Survival.
The representations, warranties, acknowledgments, and agreements set forth herein shall survive the date of this Agreement.

 

8.22 Further
Performance. Borrower, whenever and as often as it shall be requested by Lender, shall execute, acknowledge, and deliver, or
cause to be executed, acknowledged, and delivered to Lender, such further instruments and documents, and do any and all things
as may be requested, in order to carry out the intent and purpose of this Agreement and the other Loan Documents.

 

8.23 Publicity,
Photographs and Other Media. Borrower hereby authorizes Lender to publicize its participation in the Property and to reproduce
and display any media (including, without limitation, photographs and illustrations) of the Property submitted to Lender and/or
USBCDC by Borrower. Lender may publicize the basic terms of the transaction and the beneficial impact that has resulted from the
use of NMTCs, including when information disclosure is required by the CDFI Fund, KY DOR and future NMTC applications or the KY
NMTC Act. Lender may also disclose a short transaction summary of the transaction on their websites and in targeted newsletters.
Borrower represents and warrants to Lender that Borrower has obtained any and all licenses and/or permissions necessary for Borrower’s
and Lender’s use of such media. Borrower hereby authorizes Lender (and its respective members) and USBCDC to reproduce and
display any media (including, without limitation, photographs and illustrations) of the Property, the Improvements and/or the Project
submitted to Lender (and its respective members) or USBCDC by Borrower. Borrower represents and warrants to Lender and USBCDC that
Borrower has obtained any and all licenses and/or permissions necessary for Borrower’s, Lender’s (and its respective
members’) and USBCDC’s use of such media. Publicity of USBCDC or Lender involvement in the transactions described in
this Agreement shall require the prior written consent of USBCDC or Lender (as applicable).

 

    	QLICI Loan and Security Agreement Danimer KY	70	 

     

    

 

8.24 Reserved.

 

8.25 No
Third Party Beneficiary. This Agreement is for the sole benefit of Lender, Borrower, and is not for the benefit of any third
party.

 

8.26 Waiver
of Special Damages. TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAWS, BORROWER SHALL NOT ASSERT, AND HEREBY WAIVES, ANY
CLAIM AGAINST THE LENDER, AND/OR ANY OF ITS DIRECT AND INDIRECT MEMBERS, 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
OR ANY AGREEMENT OR INSTRUMENT CONTEMPLATED HEREBY, THE TRANSACTIONS, THE LOANS OR THE USE OF THE PROCEEDS THEREOF.

 

8.27 Waiver
of Jury Trial. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH OF BORROWER AND LENDER WAIVES 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 THE OTHER LOAN
DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). IT IS AGREED
AND UNDERSTOOD THAT THIS WAIVER CONSTITUTES A WAIVER OF TRIAL BY JURY OF ALL CLAIMS AGAINST ALL PARTIES TO SUCH ACTIONS OR PROCEEDINGS,
INCLUDING CLAIMS AGAINST PARTIES WHO ARE NOT PARTIES TO THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS. EACH PARTY (i) CERTIFIES THAT
NO REPRESENTATIVE, AGENT OR ATTORNEY OF 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 (ii) ACKNOWLEDGES THAT IT AND THE OTHER PARTY HAVE BEEN INDUCED
TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS
SECTION 8.27.

 

ARTICLE
9

Security Agreement

 

9.1 Definitions.
For purposes of this Article 9, the terms “accounts,” “instruments,” “account debtor,” “goods,”
“document,” “equipment,” “general intangibles,” “inventory,” “chattel paper,”
“commercial tort claims”, “electronic chattel paper”, “tangible chattel paper”, “investment
property,” “deposit accounts,” “securities accounts,” “fixtures”, “software”,
“farm products” “letters of credit”, “cash proceeds” and “proceeds” shall have
the meanings provided in the UCC as enacted and in force at the date of this Agreement.

 

    	QLICI Loan and Security Agreement Danimer KY	71	 

     

    

 

9.2 Grant
of Security. Borrower hereby assigns and pledges to Lender, and grants to Lender, as additional security for the Loans, a security
interest in, all of Borrower’s right, title and interest in and to the following, including those now and hereafter owned,
acquired, leased or arising:

 

(a) all
Equipment;

 

(b) to
the extent any Equipment is or becomes Fixtures, all such Fixtures;

 

(c) all
contract rights, licenses, permits, certificates, warranties, commercial tort claims, documents, software, leases, rental agreements,
and instruments related to the Equipment;

 

(d) all
funds held on deposit in the Disbursement Account and Reserve Accounts;

 

(e) all
Inventory, all Instruments, all Farm Products, all Accounts, all Documents, all Chattel Paper including Electronic Chattel Paper
and Tangible Chattel Paper, all Commercial Tort Claims, all Investment Property, all Deposit Accounts, all Securities Accounts,
all General Intangibles including without limitation all Payment Intangibles and Software, all Letters of Credit and letters-of-credit
rights all contracts and agreements to which Borrower is or may become a party and all of Borrower’s rights and interests
therein or therefrom, together with all additions, replacements, substitutions, accessions and improvements, and all supporting
obligations, profits, products and proceeds including insurance proceeds, cash proceeds, and non-cash proceeds including, but not
limited to, all accounts, chattel paper, documents, instruments, general intangibles, investment property and supporting obligations
relating to or arising out of any of the foregoing and all interest, dividends, income, profits, and distributions (including,
without limitation, stock splits and stock dividends);

 

(f) all
proceeds (as defined in the UCC) and products of, all substitutions and replacements for, and all additions, attachments and accessions
to, any and all of the foregoing Collateral and, to the extent not otherwise included, all payments under insurance payable by
reason of loss or damage or otherwise with respect to any such Collateral (whether or not Lender is the loss payee thereof) or
under any indemnity, warranty or guaranty payable by reason of loss or damage to any of the foregoing Collateral; and

 

(g) all
Borrower’s books and records and other instruments and documents of title (now in existence or hereafter coming into existence)
pertaining to any of the Collateral described above.

 

Notwithstanding anything
to the contrary contained in clauses (a) through (f) in this Section 9.2, the security interest created hereunder shall not extend
to, and the term “Collateral” shall not include, any assets of the Borrower for which non-waivable Law prohibits the
creation of a security therein or thereon, provided the Borrower shall promptly upon acquiring rights in such property give written
notice to Lender identifying in reasonable detail any such property and shall provide to Lender such other information and property
as Lender may reasonably request.

 

    	QLICI Loan and Security Agreement Danimer KY	72	 

     

    

 

9.3 Security
for Obligations. The Collateral and this Agreement secure the payment and performance of all of Borrower’s obligations
now or hereafter owed to Lender, including but not limited to obligations under the Notes, this Agreement, and all other Loan Documents,
together with all extensions, renewals and modifications thereof (no matter how evidenced and whether for payments, interest, fees,
expenses or otherwise), whether direct or indirect, absolute or contingent, now existing or hereafter arising and howsoever evidenced
or acquired (collectively, “Obligations”).

 

9.4 Borrower
Remains Liable. Anything herein to the contrary notwithstanding, the exercise by Lender of any of their rights hereunder shall
not release Borrower from any of its duties or obligations under the contracts and agreements included in the Collateral, and Lender
shall not have any obligation nor liability under the contracts and agreements included in the Collateral by reason of this Agreement,
nor shall Lender be obligated to perform any of the obligations or duties of Borrower thereunder or to take any action to collect
or enforce any claim for payment assigned hereunder.

 

9.5 Representations
and Warranties. Borrower represents and warrants to Lender as follows:

 

(a) Borrower’s
main place of business, location of the Equipment and the address to be inserted on all UCC-1 Financing Statements and fixture
filings is 605 Rolling Hills Lane, Winchester, KY 40391. Borrower’s Federal Taxpayer I.D. No. is 83-1666371.

 

(b) Borrower
owns the Collateral free and clear of any lien, security interest, charge or encumbrance whatsoever, other than (i) the liens and
security interests granted herein, (ii) Permitted Liens and (iii) liens for taxes, assessments or similar charges by a Governmental
Authority that are not yet due and payable.

 

(c) Borrower
has obtained all third party consents necessary, if any, to grant Lender a security interests in Borrower’s property, including,
without limitation, all contracts, licenses, permits, certificates, leases, rental agreements, and instruments to which Borrower
or its sole member is a party.

 

(d) This
Agreement creates valid security interests in the Collateral described in this Article 9 securing the payment of the Obligations,
and such security interests have attached and will remain perfected upon the execution hereof and the filing of financing statements
in the appropriate state and county offices.

 

9.6 Further
Assurances. Borrower:

 

(a) shall
from time to time, at its expense, promptly execute and deliver all further instruments and documents (including UCC financing
statements, continuation statements and amendments) and take all further action that may be necessary or desirable or that Lender
may reasonably request in order to perfect and protect any security interest granted or purported to be granted hereby or described
herein or to enable Lender to exercise and enforce its rights and remedies hereunder with respect to all the Collateral;

 

    	QLICI Loan and Security Agreement Danimer KY	73	 

     

    

 

(b) hereby
authorizes Lender to file one or more financing or continuation statements, fixture filings and amendments thereto, relative to
all or any part of the Collateral, without the signature of Borrower;

 

(c) will
furnish to Lender from time to time statements and schedules further identifying and describing the Collateral and such other reports
in connection with the Collateral as Lender may reasonably request, all in reasonable detail including, without limitation, all
updates to lists of Equipment required under this Agreement (which shall be deemed to amend or supplement Exhibit E-1 hereto
without further action); and

 

(d) will
maintain, in accordance with sound accounting practice, accurate records and books of account of Borrower showing, among other
things, all Collateral, the proceeds of the sale or other disposition thereof and the collections therefrom; and, upon the occurrence
of an Event of Default, Lender shall have the right, without hindrance or delay, to inspect the Collateral and to inspect, audit,
check and make extracts from the books, records, journals, orders, receipts, correspondence, and other data relating to the Collateral.

 

9.7 Remedies.
In addition to, and without limiting, any rights and remedies otherwise set forth in this Agreement, upon the occurrence and during
the continuation of an Event of Default, the Lender shall have all rights and remedies of a secured party under the UCC, all of
which shall be cumulative. In addition and without limitation, to the greatest extent permitted by the UCC, Lender (a) may require
Borrower to, and Borrower hereby agrees that it will, at its expense and upon request of Lender, assemble the Collateral and any
related books and records as directed by Lender and make the same available to Lender at a place to be designated by Lender, which
is reasonably convenient to both parties; (b) may sell, assign, transfer and effectively deliver all or any part of the Collateral
at one or more public or private sales, through any exchange or broker (including an online exchange or broker), or by way of one
or more contracts, at such prices and on such terms as Lender may deem best, for cash or on credit, without recourse to judicial
proceedings and without demand, appraisement or advertisement, all of which are hereby expressly waived by Borrower to the fullest
extent permitted by law, and (c) may cause all or any part of the Collateral to be seized and sold, under writ issued in execution
of a judgment obtained upon the obligations under the Loan Documents, or under any other pre- or post-judgment legal procedure.
Borrower agrees that the sale or other disposition of any part of the Collateral shall not exhaust Lender’s power of sale,
but sales or other dispositions may be made from time to time until all of the Collateral has been sold or disposed of or until
all obligations under the Loan Documents have been paid in full. Except for any Collateral that is perishable or threatens to decline
speedily in value, Lender shall give or mail to Borrower and other persons as required by law, reasonable notice of the time and
place of any public sale thereof, or the time after which any private sale may be made. Borrower agrees the requirement of reasonable
notice shall be met if such notice is mailed, postage-prepaid by ordinary mail addressed to Borrower at the last address Borrower
has given Lender in writing, at least ten (10) Business Days before the time of the sale or disposition. All advances, costs, charges
and expenses relating to the disposition of the Collateral, (including retaking, holding, insuring and preparing the Collateral
for sale and reasonable attorneys’ fees and expenses), shall become part of the obligations under the Loan Documents secured
by this Agreement and shall bear interest from the date of demand at the highest, nonusurious rate of interest applicable to overdue
payments of principal and interest of any of the obligations under the Loan Documents as in effect from time to time. Borrower
agrees that any public sale shall be conclusively deemed to be conducted in a commercially reasonable manner if it is made consistent
with the standards of similar sales of collateral by commercial banks located in Kentucky. If the proceeds from the sale or enforcement
of the Collateral are insufficient to satisfy all of the obligations under the Loan Documents in full, all parties obligated thereon
shall remain fully obligated for any deficiency. Borrower acknowledges the indebtedness owed under the obligations under the Loan
Documents and, to the greatest extent permitted by applicable law, confesses judgment in favor of Lender for the full amount of
the obligations under the Loan Documents, and agrees to enforcement by executory or other abbreviated process permitted by applicable
law. Borrower waives (a) any benefit of appraisal provided by applicable law and (b) all other rights to notices, demands, appraisements
and delays provided by the UCC or any other applicable laws. Borrower grants to Lender an irrevocable mandate and power of attorney
(coupled with an interest) to exercise, after default, at Lender’s sole discretionary option and without any obligation to
do so, all rights that Borrower has with respect to the Collateral, including, without limitation, the right to exercise all rights
of inspection, deriving from Borrower’s ownership of or other interest in the Collateral. If the proceeds from the sale or
enforcement of the Collateral are insufficient to satisfy all of the obligations under the Loan Documents in full, all parties
obligated thereon shall remain fully obligated for any deficiency. The rights and remedies of Lender hereunder are cumulative,
may be exercised singly or concurrently, and are in addition to any rights and remedies of Lender under applicable law.

 

    	QLICI Loan and Security Agreement Danimer KY	74	 

     

    

 

Without limiting any
rights of Lender under this Agreement, if an Event of Default shall have occurred and be continuing, Lender shall have the right
to, or upon the request of Lender, Borrower shall, instruct all account debtors and other obligors liable on any accounts or other
payment obligations of any kind that are a part of the Collateral to make all payments thereon either (a) directly to Lender (by
instructing that such payments be remitted to a post office box which shall be in the name and under the control of Lender), or
(b) as otherwise provided by applicable law. In addition to the foregoing, Borrower agrees that if any proceeds of any Collateral
(including payments made in respect of accounts or other payment obligations of any kind) shall be received by Borrower while an
Event of Default exists, Borrower shall promptly deliver such proceeds in the form received to Lender with all necessary endorsements.
Until such proceeds are delivered to Lender, such proceeds shall be held in trust by Borrower for the benefit of Lender and shall
not be commingled with any other funds or property of Borrower. All proceeds of Collateral received by Lender pursuant to this
paragraph may, at the absolute discretion of Lender, (i) be applied to the obligations under the Loan Documents, or (ii) be deposited
to the credit of Borrower and held as collateral for the obligations under the Loan Documents or permitted to be used by Borrower
in the ordinary course of its business.

 

In the event Lender
seeks to take possession of any or all of the Collateral by judicial process, to the greatest extent permitted by applicable law,
Borrower hereby irrevocably waives any bonds and any surety or security relating thereto that may be required by applicable law
as an incident to such possession, and waives any demand for possession prior to the commencement of any such suit or action. In
granting Lender the power to enforce its rights hereunder without prior judicial process or judicial hearing, Borrower expressly
waives, renounces and knowingly relinquishes, to the greatest extent permitted by applicable law, any legal right which might otherwise
require Lender to enforce its rights by judicial process. Borrower recognizes and concedes that non-judicial remedies are consistent
with the usage of trade, are responsive to commercial necessity and are the result of a bargain at arm’s length. Nothing
herein is intended to prevent Lender from resorting to judicial process. Borrower waives any right to require Lender to proceed
against any third party, exhaust any Collateral or other security for the obligations under the Loan Documents, or to have any
third party joined with Borrower in any suit arising out of the obligations under the Loan Documents, or pursue any other remedy
available to Lender. Borrower further waives any defense arising by reason of any disability or other defense of any third party
or by reason of the cessation from any cause whatsoever of the liability of any third party.

 

    	QLICI Loan and Security Agreement Danimer KY	75	 

     

    

 

ARTICLE 10

 

INTERCREDITOR

 

10.1 Subordination
and Intercreditor Agreements. This Agreement is subject to the terms of the Subordination and Intercreditor Agreements in
favor of White Oak Global Advisors, LLC, as agent and certain other lenders, which Subordination and Intercreditor Agreements
are incorporated herein by reference. Notwithstanding anything in this Agreement to the contrary, no payment on account
hereof shall be made, except in accordance with and as permitted by the terms of the Subordination and Intercreditor
Agreements. Lender hereby acknowledges (or is deemed to acknowledge) that a copy of each of the Subordination and
Intercreditor Agreements was delivered, or made available, to Lender. Lender hereby acknowledges that it has received and
reviewed the Intercreditor and Subordination Agreements, and Lender agrees to be bound by the Subordination and Intercreditor
Agreements. In the event there is a conflict or inconsistency between any Subordination and Intercreditor Agreement and any
other Loan Document, the terms of such Subordination and Intercreditor Agreements shall control; provided, however,
that no reference to any Subordination and Intercreditor Agreement in any Loan Document shall be construed to provide that
any Loan Party is a third party beneficiary of the provisions of such Subordination and Intercreditor Agreement or that any
such Loan Party may assert any rights, defenses or claims on account of such Subordination and Intercreditor Agreement or
this Section 10.1, and each Loan Party agrees that nothing in the Subordination and Intercreditor Agreement is intended to or
shall impair the obligation of any Loan Party to pay the obligations under this Agreement, or any other Loan Document as and
when the same become due and payable in accordance with their respective terms, or to affect the relative rights of the
creditors with respect to any Loan Party or, except as expressly otherwise provided in the Subordination and Intercreditor
Agreement, as to any Loan Party’s obligations or such Loan Party’s properties.

 

[SIGNATURE PAGES FOLLOW]

 

    	QLICI Loan and Security Agreement Danimer KY	76	 

     

    

 

COUNTERPART SIGNATURE PAGE

 

QLICI LOAN AND SECURITY AGREEMENT

 

IN WITNESS WHEREOF,
the undersigned has set its signature to this Agreement as of the date first written above.

 

	 	BORROWER:
	 	 
	 	DANIMER SCIENTIFIC KENTUCKY, INC., a Delaware corporation
	 	 	 
	 	By:	/s/ John A. Dowdy III
	 	 	Name: 	John A. Dowdy III
	 	 	Title:	Chief Financial Officer

 

Signature Page to QLICI Loan and Security
Agreement

Danimer KY

 

     

     

    

 

COUNTERPART SIGNATURE PAGE

 

QLICI LOAN AND SECURITY AGREEMENT

 

IN WITNESS WHEREOF,
the undersigned has set its signature to this Agreement as of the date first written above.

 

	 	LENDER:
	 	 
	 	AMCREF FUND 51, LLC, a Louisiana limited liability company
	 	 	 
	 	By:	/s/ Clifford M. Kenwood
	 	Name: 	Clifford M. Kenwood
	 	Title:	Authorized Representative

 

Signature Page to QLICI Loan and Security
Agreement

Danimer KY

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