Document:

Exhibit 10.1

 

Execution Version

 

 

 

AMENDED
AND RESTATED CREDIT AGREEMENT

 

among

 

GREC
ENTITY HOLDCO LLC,

as Borrower,

 

GREENBACKER
RENEWABLE ENERGY CORPORATION,

as
Intermediate Holdco,

 

GREENBACKER
RENEWABLE ENERGY COMPANY LLC,

as Parent,

 

THE
LENDERS NAMED HEREIN,

 

and

 

fifth
third bank,

as
Administrative Agent

 

$110,000,000
Senior Secured Credit Facility

 

FIFTH
THIRD BANK

Sole
Lead Arranger and Sole Bookrunner

 

Dated
as of June 20, 2019

 

 

 

    

     

    

 

Table
of Contents

 

	 	 	
        Page

        

	 	 	 
	ARTICLE I
	 
	DEFINITIONS
	 	 	 
	1.1	Defined Terms	1
	1.2	Accounting Terms	29
	1.3	Other Terms; Construction	30
	1.4	Interest Rates	31
	 	 	 
	ARTICLE II
	 
	AMOUNT AND TERMS OF CREDIT
	 	 	 
	2.1	Commitments	32
	2.2	Types of Loans; Borrowings	32
	2.3	Disbursements; Funding Reliance; Domicile of Loans	33
	2.4	Evidence of Debt; Notes	34
	2.5	Termination and Reduction of Commitments	34
	2.6	Mandatory Payments and Prepayments	35
	2.7	Voluntary Prepayments	37
	2.8	Interest	37
	2.9	Fees	39
	2.10	Method of Payments; Computations; Apportionment of Payments	39
	2.11	Recovery of Payments	41
	2.12	Use of Proceeds	42
	2.13	Pro Rata Treatment	42
	2.14	Increased Costs; Change in Circumstances; Illegality	43
	2.15	Taxes	45
	2.16	Compensation	49
	2.17	Mitigation Obligations; Replacement of Lenders	50
	2.18	Defaulting Lenders	51
	2.19	Approval and Initial Valuation of Borrowing Base Projects	55
	2.20	Revaluation of Project Values	59
	2.21	Letters of Credit	60
	2.22	Incremental Commitments	63
	2.23	Successor LIBOR	65

 

    -i-

     

    

 

TABLE OF CONTENTS

(continued)

 

	 	 	 
	 	 	Page
	 	 	 
	ARTICLE III
	 
	CONDITIONS to credit extensions
	 	 	 
	3.1	Conditions of Initial Credit Extensions	66
	3.2	Conditions of All Credit Extensions	70
	 	 	 
	ARTICLE IV
	 
	REPRESENTATIONS AND WARRANTIES
	 	 	 
	4.1	Corporate Organization and Power	71
	4.2	Authorization; Enforceability	71
	4.3	No Violation	71
	4.4	Governmental and Third-Party Authorization; Permits	72
	4.5	Litigation	72
	4.6	Taxes	72
	4.7	Subsidiaries	72
	4.8	Full Disclosure	73
	4.9	Margin Regulations	73
	4.10	No Material Adverse Effect	73
	4.11	Financial Matters	73
	4.12	Ownership of Properties; Access; Utilities	74
	4.13	ERISA	74
	4.14	Environmental Matters	75
	4.15	Compliance with Laws	76
	4.16	Intellectual Property	76
	4.17	Investment Company Act	76
	4.18	Insurance	76
	4.19	Material Contracts	76
	4.20	Security Documents	77
	4.21	Labor Relations	77
	4.22	Project Documents	77
	4.23	No Burdensome Restrictions	77
	4.24	No Default	78
	4.25	Sanctions; Anti-Corruption Laws; Anti-Terrorism Laws	78
	4.26	EEA Financial Institutions	78

 

    -ii-

     

    

 

TABLE OF CONTENTS

(continued)

 

	 	 	Page
	 	 	 
	ARTICLE V
	 
	AFFIRMATIVE COVENANTS
	 	 	 
	5.1	Financial Statements	78
	5.2	Other Business and Financial Information	80
	5.3	Existence; Franchises; Maintenance of Properties	82
	5.4	Compliance with Laws	83
	5.5	Payment of Obligations	83
	5.6	Insurance	83
	5.7	Maintenance of Books and Records; Inspection	84
	5.8	Rate Management Agreements	84
	5.9	Acquisitions	84
	5.10	Subsidiaries and Tax Credit Parties	85
	5.11	Environmental Laws	87
	5.12	Public/Private Information	88
	5.13	Compliance with Anti-Corruption Laws; Sanctions; PATRIOT Act	88
	5.14	Further Assurances	88
	5.15	Project Subsidiaries	88
	5.16	Project Documents	88
	5.17	Depository Relationship	88
	5.18	Reserves	89

 

	ARTICLE VI
	 
	FINANCIAL COVENANTS
	 	 	 
	6.1	Debt to Capitalization Ratio	89
	6.2	Fixed Charge Coverage Ratio	89
	 	 	 
	ARTICLE VII
	 
	NEGATIVE COVENANTS
	 	 	 
	7.1	Merger; Consolidation	89
	7.2	Indebtedness	90
	7.3	Liens	91
	7.4	Asset Dispositions	92
	7.5	Investments	93
	7.6	Restricted Payments	94

 

    -iii-

     

    

 

TABLE OF CONTENTS

(continued)

 

	 	 	Page
	 	 	 
	7.7	Transactions with Affiliates	96
	7.8	Lines of Business	97
	7.9	Sale-Leaseback Transactions	97
	7.10	Certain Payments and Amendments	97
	7.11	Limitation on Certain Restrictions	97
	7.12	No Other Negative Pledges	98
	7.13	Ownership of Subsidiaries	98
	7.14	Fiscal Year	98
	7.15	Accounting Changes	98
	7.16	Sanctions	98
	 	 	 
	ARTICLE VIII
	 
	EVENTS
    OF DEFAULT
	 
	8.1	Events of Default	99
	8.2	Remedies: Termination of Commitments, Acceleration, etc	101
	8.3	Remedies: Setoff	102
	8.4	Equity Cure	103
	 	 	 
	ARTICLE IX
	 
	THE ADMINISTRATIVE AGENT

 

	9.1	Appointment and Authority	103
	9.2	Rights as a Lender	104
	9.3	Exculpatory Provisions	104
	9.4	Reliance by Administrative Agent	105
	9.5	Delegation of Duties	106
	9.6	Resignation of Administrative Agent	106
	9.7	Non-Reliance on Administrative Agent and Other Lenders	107
	9.8	No Other Duties, Etc	107
	9.9	Administrative Agent May File Proofs of Claim	108
	9.10	Collateral and Guaranty Matters	109
	9.11	Rate Management Agreements and Cash Management Agreements	110
	9.12	Lender Representations	110

 

    -iv-

     

    

 

TABLE OF CONTENTS

(continued)

 

	 	 	Page
	ARTICLE
    X
	 	 	 
	MISCELLANEOUS
	 	 	 
	10.1	Expenses;
    Indemnity; Damage Waiver	111
	10.2	Governing
    Law; Submission to Jurisdiction; Waiver of Venue; Service of Process	112
	10.3	Waiver of
    Jury Trial	113
	10.4	Notices;
    Effectiveness; Electronic Communication	114
	10.5	Amendments,
    Waivers, etc	115
	10.6	Successors
    and Assigns	118
	10.7	No Waiver;
    Enforcement	122
	10.8	Survival	123
	10.9	Severability	123
	10.10	Construction	124
	10.11	Confidentiality	124
	10.12	Counterparts; Integration; Effectiveness	125
	10.13	Disclosure of Information	125
	10.14	USA Patriot Act Notice	125
	10.15	Termination of Obligations of the Parent or Intermediate Holdco	125
	10.16	Acknowledgment and Consent to Bail-In of EEA Financial Institutions	126
	10.17	Keepwell	126
	10.18	Amendment and Restatement	127

  

    -v-

     

    

 

EXHIBITS

 

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

 

 

    

     

    

 

SCHEDULES

 

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

 

    

     

    

 

AMENDED
AND RESTATED CREDIT AGREEMENT

 

THIS
CREDIT AGREEMENT, dated as of the 20th day of June, 2019, is made between GREC ENTITY HOLDCO LLC, a Delaware
limited liability company (the “Borrower”), GREENBACKER RENEWABLE ENERGY CORPORATION, a Maryland corporation
(“Intermediate Holdco”), GREENBACKER RENEWABLE ENERGY COMPANY LLC, a Delaware limited liability company
(the “Parent”), the Lenders (as hereinafter defined), and FIFTH THIRD BANK, an Ohio banking corporation,
as Administrative Agent for the Lenders.

 

BACKGROUND
STATEMENT

 

The
Borrower, Intermediate Holdco, the Parent, the lenders from time to time party thereto and Fifth Third Bank, as administrative
agent, entered into that certain Credit Agreement dated as of January 5, 2018 (as amended and modified from time to time prior
to the date hereof, the “Existing Credit Agreement”).

 

The
Borrower has requested, and the Lenders have agreed, to amend and restate the Existing Credit Agreement to make available to the
Borrower a non-revolving line of credit facility that will convert into a term loan facility in the aggregate principal amount
of up to $110,000,000. The Borrower will use the proceeds of these facilities as provided in Section 2.12. The Lenders
are willing to make available to the Borrower the credit facilities described herein subject to and on the terms and conditions
set forth in this Agreement.

 

AGREEMENT

 

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

 

ARTICLE
I

 

DEFINITIONS

 

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

 

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

 

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

 

“Adjusted
Base Rate” means, at any time with respect to any Base Rate Loan of any Class, a rate per annum equal to the Base Rate
as in effect at such time plus 0.75%.

 

    

     

    

 

“Adjusted
LIBOR Rate” means, at any time for any Interest Period with respect to any LIBOR Loan of any Class, a rate per annum
equal to the LIBOR Rate for such Interest Period as in effect at such time plus 1.75%.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Agreement”
means this Credit Agreement.

 

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

 

“Applicable
Conversion Date” means (i) with respect to any Closing Date Borrowing Base Project, the Closing Date and (ii) otherwise,
the Second Conversion Date.

 

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

 

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

 

    2

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    3

     

    

 

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

 

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

 

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

 

“Beneficial
Ownership Certification” means the certification regarding beneficial ownership of legal entity customers required by
the Beneficial Ownership Regulation.

 

“Beneficial
Ownership Regulation” means 31 C.F.R. § 1010.230.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    4

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    5

     

    

 

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

 

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

 

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

 

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

 

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

 

    6

     

    

 

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

 

“Closing
Date” means the date of this Agreement.

 

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

 

“Code”
means the Internal Revenue Code of 1986.

 

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

 

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

 

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

 

“Commitment”
means, with respect to any Lender at any time, the commitment of such Lender to make Committed Loans and purchase participations
in L/C Obligations hereunder, in an aggregate principal amount not to exceed the amount set forth opposite such Lender’s
name on Schedule 1.1(a) under the caption “Commitment” or, if such Lender has entered into one or more
Assignment and Assumptions, the amount set forth for such Lender at such time in the Register as such Lender’s “Commitment,”
in either case, as such amount may be increased or reduced at or prior to such time pursuant to the terms hereof. The Commitments
of the Lenders aggregate $110,000,000 on the Closing Date.

 

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

 

    7

     

    

 

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

 

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

 

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

 

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

 

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

 

    8

     

    

 

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

 

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

 

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

 

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

 

    9

     

    

 

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

 

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

 

“Conversion
Dates” means the Closing Date and the Second Conversion Date.

 

“Converted
Term Loan” means (i) prior to the Second Conversion Date, the Initial Converted Term Loan and (ii) from and after the
Second Conversion Date, the aggregate of the Initial Converted Term Loan and the Second Converted Term Loan.

 

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

 

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

 

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

 

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

 

“Credit
Parties” means the Borrower and the Guarantors.

 

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

 

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

 

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

 

    10

     

    

 

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

 

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

 

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

 

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

 

    11

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    12

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

    13

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

    14

     

    

 

“Existing
Credit Agreement” has the meaning given to such term in the recitals hereof.

 

“FASB”
means the Financial Accounting Standards Board.

 

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

 

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

 

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

 

“Fee
Letter” means that certain letter from the Administrative Agent or the Arranger to the Borrower, dated as of January
8, 2019, relating to certain fees payable by the Borrower in respect of the transactions contemplated by this Agreement.

 

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

 

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

 

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

 

    15

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    16

     

    

 

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

 

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

 

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

 

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

 

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

 

    17

     

    

 

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

 

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

 

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

 

“Interest
Period” means, with respect to the initial Interest Period hereunder, the period commencing on the Closing Date and
ending on June 28, 2019, and with respect to any subsequent Interest Period hereunder, the period commencing on the last Business
Day of each calendar quarter and ending on the last Business Day of the following calendar quarter.

 

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

 

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

 

“IRS”
means the United States Internal Revenue Service.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“LIBOR”
has the meaning given to such term in Section 2.23.

 

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

 

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

 

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

 

    19

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

“Maturity
Date” means the sixth anniversary of the Closing Date, or if such day is not a Business Day, the immediately preceding
Business Day.

 

“Moody's”
means Moody's Investor Services, Inc. or any successor thereto.

 

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

 

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

 

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

 

    20

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    21

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    22

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Project
Holding Companies” means East to West Solar II LLC, a Delaware limited liability company, Magnolia Sun LLC, a Delaware
limited liability company, Foresight Solar LLC, a Delaware limited liability company, Powerhouse One, LLC, a Tennessee limited
liability company, Green Maple LLC, a Delaware limited liability company, Six States Solar II LLC, a Delaware limited liability
company, Phelps Management LLC, a Delaware limited liability company, HREF-3 Parent LLC, a Delaware limited liability company,
Holocene Renewable Energy Fund 3, LLC, a North Carolina limited liability company, and any other Subsidiary of the Borrower that
directly owns any Capital Stock issued by a Project Subsidiary or a Tax Credit Party. As of the Closing Date, each Project Holding
Company is identified as such on Schedule 1.1(b).

 

    23

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

    24

     

    

 

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

 

“Real
Property Support Documents” means such title searches, surveys, Phase I and Phase II environmental site assessments,
environmental questionnaires, landlord consents and waivers, subordination and nondisturbance agreements, and other third-party
consents and real property-related documents as the Administrative Agent reasonably requires, in each case in form and substance
reasonably satisfactory to the Administrative Agent.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    25

     

    

 

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

 

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

 

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

 

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

 

“Restricted
Parties” means the Borrower and its Subsidiaries.

 

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

 

“S&P”
means Standard & Poor’s Rating Group (a division of McGraw Hill, Inc.) or any successor thereto.

 

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

 

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

 

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

 

    26

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Unutilized
Commitment” means, with respect to any Lender at any time, such Lender’s Commitment at such time less the
sum of (i) the aggregate principal amount of all Loans that have been advanced by such Lender under this Agreement
as of such time plus (ii) such Lender’s participation interest in L/C Obligations (without duplication) that
have been incurred as of such time. The Unutilized Commitments of the Lenders aggregate $49,387,666 on the Closing Date.

 

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

 

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

 

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

 

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

 

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

 

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

 

1.2 Accounting
Terms. Unless otherwise specified herein, all accounting terms used herein shall be interpreted, all accounting determinations
hereunder shall be made, and all financial statements required to be delivered hereunder shall be prepared in accordance with,
GAAP applied on a basis consistent with the audited consolidated financial statements in respect of fiscal year 2018 delivered
to the Lenders pursuant to Section 5.1(b) and (other than in respect of any financial statements of the Parent and
its Subsidiaries to be prepared on a consolidated basis) without regard to FASB ASC 946; provided that if the Borrower
notifies the Administrative Agent that it wishes to amend any financial covenant in Article VI to eliminate the effect
of any change in GAAP on the operation of such covenant (or if the Administrative Agent notifies the Borrower that the Required
Lenders wish to amend Article VI for such purpose), then the Borrower’s compliance with such covenant shall
be determined on the basis of GAAP as in effect immediately before the relevant change in GAAP became effective, until either
such notice is withdrawn or such covenant is amended in a manner satisfactory to the Borrower and the Required Lenders. Notwithstanding
the foregoing, for purposes of determining compliance with any covenant (including the computation of any financial covenant)
contained herein, (i) Indebtedness of the Borrower and its Subsidiaries shall be deemed to be carried at 100% of the outstanding
principal amounts thereof, and the effects of FASB ASC 825 and FASB ASC 470-20 on financial liabilities and any other accounting
rule to the contrary shall be disregarded, and (ii) any impact on the income of the Borrower and its Subsidiaries due to
mark-to-market accounting requirements with respect to Rate Management Agreements shall be disregarded.

 

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1.3 Other
Terms; Construction.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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ARTICLE
II

 

AMOUNT
AND TERMS OF CREDIT

 

2.1 Commitments.

 

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

 

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

 

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

 

2.2 Types
of Loans; Borrowings.

 

(a) The
Committed Loans and Converted Term Loan (each a “Class” of Loan) shall each be LIBOR Loans (except under the
circumstances described in Sections 2.14(e), 2.14(f), 2.23 and 2.21).

 

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

 

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

 

2.3 Disbursements;
Funding Reliance; Domicile of Loans.

 

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

 

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

 

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

 

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

 

2.4 Evidence
of Debt; Notes.

 

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

 

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

 

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

 

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

 

2.5 Termination
and Reduction of Commitments.

 

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

 

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

 

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

 

2.6 Mandatory
Payments and Prepayments.

 

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

 

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

 

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

 

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

 

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

 

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

 

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(g) Each
prepayment made pursuant to Sections 2.6(d) through 2.6(f) shall be applied (i) first, (x) at any
time on or after the Second Conversion Date, to reduce the outstanding principal amount of the Converted Term Loan, with such
reduction to be applied to the remaining scheduled principal payments in each instance in the inverse order of maturity (and,
in the case of any prepayment made pursuant to Section 2.6(e) or 2.6(f) with respect to a Borrowing Base Project,
solely to the portion of the Converted Term Loan corresponding to the Committed Loans advanced in respect of the Borrowing Base
Project that is subject to the applicable Material Casualty Event or Asset Disposition, and applied to each such corresponding
portion of the remaining scheduled principal payments in the inverse order of maturity), (y) at any time on or after the Closing
Date but prior to the Second Conversion Date (other than in the case of any such prepayment made with respect to a Borrowing Base
Project that is not a Closing Date Borrowing Base Project), to reduce the outstanding principal amount of the Converted Term Loan,
with such reduction to be applied to the remaining scheduled principal payments in each instance in the inverse order of maturity
(and, in the case of any prepayment made pursuant to Section 2.6(e) or 2.6(f) with respect to a Borrowing Base
Project, solely to the portion of the Converted Term Loan corresponding to the Committed Loans advanced in respect of the Borrowing
Base Project that is subject to the applicable Material Casualty Event or Asset Disposition, and applied to each such corresponding
portion of the remaining scheduled principal payments in the inverse order of maturity), or (z) in the case of any such prepayment
made at any time prior to the Second Conversion Date with respect to a Borrowing Base Project that is not a Closing Date Borrowing
Base Project, to reduce the outstanding principal amount of the Committed Loans, and (ii) second, the extent of any
excess remaining after application as provided in clause (i) above, to repay and Cash Collateralize the L/C Obligations.
Within each Class of Loans, such prepayments shall be applied first to prepay all Base Rate Loans, and then to prepay LIBOR Loans.
Each payment or prepayment pursuant to the provisions of this Section 2.6 shall be applied ratably among the Lenders
holding the Loans being prepaid, in proportion to the principal amount held by each; provided that if any Lender is a Defaulting
Lender at the time of any such prepayment, any mandatory prepayment of the Loans shall, if the Administrative Agent so directs
at the time of making such mandatory prepayment, be applied to the Loans of other Lenders as if such Defaulting Lender had no
Loans outstanding and the outstanding Loans of such Defaulting Lender were zero. Each payment or prepayment of a LIBOR Loan made
pursuant to the provisions of this Section on a day other than the last day of the Interest Period applicable thereto shall be
made together with all amounts required under Section 2.16 to be paid as a consequence thereof.

 

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

 

2.7 Voluntary
Prepayments.

 

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

 

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

 

2.8 Interest.

 

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

 

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

 

(c) Accrued
(and theretofore unpaid) interest shall be payable in respect of any Loan as follows: (i) quarterly on the last Business
Day of each calendar quarter, in arrears, commencing with June 28, 2019, and (ii) at maturity (whether pursuant to acceleration,
on the Maturity Date or otherwise) and, after maturity, on demand.

 

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

 

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

 

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2.9 Fees.
The Borrower agrees to pay:

 

(a) To
the Administrative Agent, for the account of each Lender, a commitment fee for each calendar quarter (or portion thereof) for
the period from the date of this Agreement to the Termination Date, at a per annum rate of 0.50% on such Lender’s Applicable
Percentage of the average daily aggregate Unutilized Commitments, payable in arrears (i) on the last Business Day of each
calendar quarter, beginning with June 28, 2019, and (ii) on the Termination Date; provided, however, that no
commitment fee shall accrue on the Unutilized Commitment of a Defaulting Lender during any period that such Lender shall be a
Defaulting Lender;

 

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

 

2.10 Method
of Payments; Computations; Apportionment of Payments.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

2.11 Recovery
of Payments.

 

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

 

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

 

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

 

2.13 Pro
Rata Treatment.

 

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

 

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

 

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2.14 Increased
Costs; Change in Circumstances; Illegality.

 

(a) If
any Change in Law shall:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

2.15 Taxes.

 

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

 

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

 

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

 

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

 

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

 

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

 

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(g) Status
of Lenders.

 

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

 

(ii) Without
limiting the generality of the foregoing:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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2.17 Mitigation
Obligations; Replacement of Lenders.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

2.18 Defaulting
Lenders.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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2.19 Approval
and Initial Valuation of Borrowing Base Projects.

 

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

 

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

 

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

 

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

 

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

 

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

 

(i) in
the case of any Project for which the offtaker under the Power Purchase Agreement therefor is an investment grade or equivalent
offtaker (which may include a government entity or government financed entity or utility or such other Person as reasonably determined
by the Administrative Agent, provided that any such offtaker that is not an investment grade offtaker must have been approved
by the Administrative Agent in its sole discretion), the aggregate principal amount Loans that may be advanced and Letters of Credit
that may be issued (including the amount of any Letter of Credit issued as a contribution to the Reserve for such Project) hereunder
based on such Project shall be determined by the amount of debt that could support the maintenance (on a stand-alone basis for
such Project) of minimum debt service coverage ratios of (i) 1.25 to 1.00 using the projected net income of the Project (as confirmed
by an Approved Engineer on a P50 basis) and (ii) 1.00 to 1.00 using the projected net income of the Project (as confirmed by an
Approved Engineer on a P99 basis) (and using the aggregate principal and interest payments that would be required to be made during
such year if a principal amount of Loans equal to the approved maximum funding amount (for both Loans and Letter of Credit issuances)
for such Project was amortized (on a “sculpted” basis taking into account seasonality of projected revenues based on
the Approved Engineer’s data for the Project) over a period equal to the greater of (A) the then-remaining term of the applicable
Power Purchase Agreement (not to exceed 15 years) and (B) 90% of the then-remaining term of the applicable Power Purchase Agreement
(not to exceed 23 years), and using an interest rate determined based on the applicable forward swap rate (plus 1.75% through the
Maturity Date and increasing by 0.125% on the Maturity Date and every three years thereafter) commercially available at the time
of determination, for the period starting on the Applicable Conversion Date and continuing until the Maturity Date, and based on
such amortization period); and

 

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(ii) in
the case of any Project for which the offtaker under the Power Purchase Agreement therefor is not an investment grade or equivalent
offtaker (which may include a government entity or government financed entity or utility or such other Person as reasonably determined
by the Administrative Agent, provided that any such offtaker that is not an investment grade offtaker must have been approved
by the Administrative Agent in its sole discretion), the aggregate principal amount Loans that may be advanced and Letters of Credit
that may be issued (including the amount of any Letter of Credit issued as a contribution to the Reserve for such Project) hereunder
based on such Project shall be determined by the amount of debt that could support the maintenance (on a stand-alone basis for
such Project) of minimum debt service coverage ratios of (i) 1.40 to 1.00 using the projected net income of the Project (as confirmed
by an Approved Engineer on a P50 basis) and (ii) 1.15 to 1.00 using the projected net income of the Project (as confirmed by an
Approved Engineer on a P99 basis) (and using the aggregate principal and interest payments that would be required to be made during
such year if a principal amount of Loans equal to the approved maximum funding amount (for both Loans and Letter of Credit issuances)
for such Project was amortized (on a “sculpted” basis taking into account seasonality of projected revenues based on
the Approved Engineer’s data for the Project) over a period equal to the greater of (A) the then-remaining term of the applicable
Power Purchase Agreement (not to exceed 15 years) and (B) 90% of the then-remaining term of the applicable Power Purchase Agreement
(not to exceed 20 years), and using an interest rate determined based on the applicable forward swap rate (plus 1.75% through the
Maturity Date and increasing by 0.125% on the Maturity Date and every three years thereafter) commercially available at
the time of determination, for the period starting on the Applicable Conversion Date and continuing until the Maturity Date, and
based on such amortization period); provided that the aggregate Project Values for all Borrowing Base Projects for which
the offtaker under the Power Purchase Agreement therefor is an investment grade offtaker shall at all times be equal to or greater
than 85% of the total Project Values of all Borrowing Base Projects; provided, further, that the aggregate Project
Values for all Borrowing Base Projects for which the offtaker under the Power Purchase Agreement therefor is an investment grade
or equivalent offtaker shall at all times be equal to or greater than 90% of the total Project Values of all Borrowing Base Projects.

 

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

 

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

 

(i) consents
to collateral assignment of the Capital Stock of the applicable Restricted Parties and Tax Credit Parties shall have been obtained
from such third parties as the Administrative Agent requires;

 

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

 

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

 

(iv) the
Administrative Agent shall be reasonably satisfied with title and other matters relating to real estate for the Project and shall
have received such Real Property Support Documents with respect thereto as the Administrative Agent requires.

 

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

 

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(f) Each
Closing Date Borrowing Base Project that is designated as a Borrowing Base Project shall be an approved Borrowing Base Project
and shall have the Project Value assigned thereto as set forth on Schedule 1.1(b) (or as adjusted thereafter in accordance
with Section 2.20). No conditions set forth in Section 2.19 to designate a Project as a Borrowing Base Project shall
be applicable to a Closing Date Borrowing Base Project. Each Pre-Approved Borrowing Base Project is approved to become a Borrowing
Base Project after the Closing Date and shall, upon becoming a Borrowing Base Project after the Closing Date, have the Project
Value assigned thereto as set forth on Schedule 1.1(e) (as adjusted as described on such Schedule 1.1(e) or
as adjusted thereafter in accordance with Section 2.20). The Borrower shall not be required to submit a request that
the Administrative Agent and the Required Lenders approve a Project Value for any Pre-Approved Borrowing Base Project after the
Closing Date, but each Pre-Approved Borrowing Base Project shall only become a Borrowing Base Project after the Closing Date when
(i) the Borrower has satisfied the conditions set forth in Section 2.19(a)(i) through Section 2.19(a)(iv) to the
extent such information or documentation has not previously been delivered to Administrative Agent, and (ii) the Borrower has satisfied
the applicable conditions and requirements of Sections 5.9 and 5.10, and upon satisfaction of all the foregoing
conditions such Pre-Approved Borrowing Base Project shall be deemed a Borrowing Base Project having the proposed Project Value
assigned thereto as set forth on Schedule 1.1(e) (as adjusted as described on such Schedule 1.1(e) or as adjusted
thereafter in accordance with Section 2.20), effective as of the date that the Administrative Agent notifies the
Lenders and the Borrower thereof (it being acknowledged, for the avoidance of doubt, that prior to becoming a Borrowing Base Project
in accordance with the foregoing, a Pre-Approved Borrowing Base Project shall not be part of the Borrowing Base or contribute in
any way to borrowing availability hereunder); provided that the Administrative Agent may require satisfactory evidence that
a Reserve for such Project has been Fully Funded prior to any borrowing hereunder that is based on the Project Value attributed
to such Project.

 

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

 

(h) Notwithstanding
anything herein to the contrary, the following provisions will apply in the case of any Project for which the offtaker under the
Power Purchase Agreement therefor is Southern California Edison Company:

 

(i) with
respect to any such Project that is a Closing Date Borrowing Base Project, the Project Value for such Project shall be determined
pursuant to Section 2.19(b)(ii); provided, that, notwithstanding the foregoing, such Project shall be considered investment
grade for purposes of calculating the 85% and 90% limitations set forth in the provisos to Section 2.19(b)(ii) so long as
such offtaker remains investment grade;

 

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(ii) with
respect to any such Project that is not a Closing Date Borrowing Base Project (even if such Project is a Pre-Approved Borrowing
Base Project), such Project shall not be a Borrowing Base Project or otherwise be included in the Borrowing Base (including pursuant
to Section 2.19(f)); and

 

(iii)
if, prior to the Second Conversion Date, the credit rating of such offtaker as determined by both Moody’s and S&P is
investment grade with a stable outlook, then:

 

(A) with
respect to any Project that was subject to Section 2.19(h)(i), the Borrower may request that the Project Value for such
Project be redetermined pursuant to Section 2.19(b)(i); and

 

(B) with
respect to any Project that was subject to Section 2.19(h)(ii), such Project may become a Borrowing Base Project pursuant
to and in accordance with the terms and conditions of this Section 2.19.

 

2.20 Revaluation
of Project Values.

 

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

 

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

 

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

 

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2.21 Letters
of Credit.

 

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

 

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

 

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

 

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

 

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

 

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

 

(g) The
Borrower shall pay to the L/C Issuer for its own account a fronting fee with respect to each Letter of Credit at a rate equal
to .125% per annum, computed on the daily amount available to be drawn under such Letter of Credit and payable on a quarterly basis
in arrears on the last Business Day of each March, June, September, and December; provided that such fronting fees will
accrue only during any period in which there is more than one Lender. Quarterly in arrears, on the last Business Day of each March,
June, September, and December, commencing on the first such date occurring after the Closing Date, the Borrower shall pay to the
Administrative Agent, for the ratable benefit of the Lenders according to their Applicable Percentages (subject to Section 2.18),
a letter of credit fee (the “L/C Participation Fee”) for each Letter of Credit at a rate per annum equal to
1.75% (computed on the basis of a year of 360 days and the actual number of days elapsed) times the daily amount available
to be drawn under such Letter of Credit. In addition, the Borrower shall pay to the L/C Issuer for its own account the L/C Issuer’s
standard issuance, drawing, negotiation, amendment, transfer and other administrative fees for each Letter of Credit. Such standard
fees referred to in the preceding sentence may be established by the L/C Issuer from time to time. In addition, the Borrower shall
pay directly to the L/C Issuer for its own account the customary issuance, presentation, amendment and other processing fees, and
other standard costs and charges, of the L/C Issuer relating to letters of credit as from time to time in effect. Such customary
fees and standard costs and charges are due and payable on demand and are nonrefundable. Unless otherwise specified herein, the
amount of a Letter of Credit at any time (including for purposes of computing the daily amount available to be drawn under any
Letter of Credit) shall be deemed to be the stated amount of such Letter of Credit in effect at such time; provided, however,
that with respect to any Letter of Credit that, by its terms or the terms of any Application or other document related thereto,
provides for one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed
to be the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum
stated amount is in effect at such time.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(f) the
Administrative Agent shall have received:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

2.23 Successor
LIBOR

 

(a) If
the Administrative Agent determines (which determination shall be deemed presumptively correct absent manifest error) that:

 

(i) the
circumstances set forth in Section 2.14(e) have arisen and such circumstances are unlikely to be temporary, or

 

(ii) a
public statement or publication of information has been made (A) by or on behalf of the administrator of the London InterBank Offered
Rate (“LIBOR”); or by the regulatory supervisor for the administrator of LIBOR, the U.S. Federal Reserve System,
an insolvency official with jurisdiction over the administrator for LIBOR, a resolution authority with jurisdiction over the administrator
for LIBOR or a court or an entity with similar insolvency or resolution authority over the administrator for LIBOR; in each case
which states that such administrator has ceased or will cease to provide LIBOR, permanently or indefinitely, provided that,
at the time of the statement or publication, there is no successor administrator that will continue to provide LIBOR, (B) by the
administrator of LIBOR that it has invoked or will invoke, permanently or indefinitely, its insufficient submissions policy, or
(C) by the regulatory supervisor for the administrator of LIBOR or any Governmental Authority having jurisdiction over the Administrative
Agent announcing that LIBOR is no longer representative or may no longer be used, or

 

(iii) a
LIBOR rate is not published by the administrator of LIBOR for five consecutive Business Days and such failure is not the result
of a temporary moratorium, embargo or disruption declared by the administrator of LIBOR or by the regulatory supervisor for the
administrator of LIBOR, or

 

(iv) a
new index rate has become a widely-recognized replacement benchmark rate for LIBOR in newly originated loans denominated in
Dollars in the U.S. market, then, the Administrative Agent may, in consultation with Borrower, amend this Agreement as
described below to replace LIBOR with an alternative benchmark rate, and to modify the applicable margins and make other
related amendments, in each case giving due consideration to any evolving or then existing convention for similar U.S. Dollar
denominated credit facilities, or any selection, endorsement or recommendation by a relevant governmental body with respect
to such facilities.

 

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(b) the
Administrative Agent shall provide notice to Borrower of an amendment of this Agreement to reflect the replacement index, adjusted
margins and such other related amendments as may be appropriate, in the sole discretion of the Administrative Agent, for the implementation
and administration of the replacement index-based rate. Notwithstanding anything to the contrary in this Agreement or the other
Loan Documents (including, without limitation, Section 10.5), such amendment shall become effective upon execution by the
Administrative Agent without any further action or consent of any other party to this Agreement on the fifth (5th) Business
Day after the date that such executed amendment is provided to the Lenders, unless the Administrative Agent receives, on or before
such fifth (5th) Business Day, a written notice from Required Lenders stating that such Lenders object to such amendment.

 

(c) For
the avoidance of doubt, following the date when a determination is made pursuant to subsection (a) above and until a replacement
index has been selected and implemented in accordance with the terms and conditions of subsection (b) above, at the Administrative
Agent’s election all Loans shall accrue interest at, and the interest rate applicable to all Loans shall be, the interest
rate applicable to Base Rate Loans as set forth herein.

 

(d) Notwithstanding
anything to the contrary contained herein, if at any time the replacement index is less than zero, then at such times, such index
shall be deemed to be zero for purposes of this Agreement and the other Credit Documents.

 

ARTICLE
III

 

CONDITIONS
to credit extensions

 

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

 

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

 

(i) executed
counterparts of this Agreement;

 

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

 

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

 

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(iv) the
Security Agreement, duly completed and executed by each of the Borrower and each Subsidiary of the Borrower that is a Project Holding
Company (other than any Excluded Tax Credit Subsidiary), and the Pledge Agreement, duly completed and executed by Intermediate
Holdco;

 

(v) [reserved];
and

 

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

 

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

 

(b) The
Administrative Agent shall have received a certificate, signed by the president, the chief executive officer or the chief financial
officer of the Borrower, dated the Closing Date and in form and substance reasonably satisfactory to the Administrative Agent,
certifying that (i) all representations and warranties of the Credit Parties contained in this Agreement and the other
Credit Documents are true and correct as of the Closing Date, both immediately before and after giving effect to the consummation
of the Transactions, the making of the initial Loans and L/C Credit Extensions and the application of the proceeds thereof (except
to the extent any such representation or warranty is expressly stated to have been made as of a specific date, in which case such
representation or warranty shall be true and correct as of such date), (ii) no Default or Event of Default has occurred and
is continuing, both immediately before and after giving effect to the consummation of the Transactions, the making of the initial
Loans and L/C Credit Extensions and the application of the proceeds thereof, (iii) both immediately before and after giving
effect to the consummation of the Transactions, the making of the initial Loans and L/C Credit Extensions and the application of
the proceeds thereof, no Material Adverse Effect has occurred since December 31, 2018, and there exists no event, condition or
state of facts that could reasonably be expected to result in a Material Adverse Effect, and (iv) all conditions to the initial
extensions of credit hereunder set forth in this Section 3.1 and in Section 3.2 have been satisfied as
required hereunder.

 

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

 

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

 

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

 

(f) The
Administrative Agent shall have received a Beneficial Ownership Certification with respect to the Borrower.

 

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

 

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(h) [reserved].

 

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

 

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

 

(k) Since
December 31, 2018, both immediately before and after giving effect to the consummation of the Transactions, there shall not have
occurred (i) a Material Adverse Effect or (ii) any event, condition or state of facts that could reasonably be
expected to have a Material Adverse Effect.

 

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

 

(m) The
Administrative Agent shall have received copies of the financial statements referred to in Section 4.11(a), together
with copies of unaudited profit and loss statements for each Borrowing Base Project as of March 31, 2019.

 

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

 

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

 

(p) [reserved].

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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ARTICLE
IV

 

REPRESENTATIONS
AND WARRANTIES

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

4.10
No Material Adverse Effect. There has been no Material Adverse Effect since December 31, 2018, and there exists no
event, condition or state of facts that could reasonably be expected to result in a Material Adverse Effect.

 

4.11
Financial Matters.

 

(a)
The Borrower has heretofore furnished to the Administrative Agent copies of (i) the audited consolidated balance sheets of
the Company Parties as of December 31, 2018, and the related statements of income, cash flows and stockholders’ equity for
the fiscal year then ended, together with the opinion of KPMG LLP thereon, and (ii) the unaudited consolidated balance sheet
of the Company Parties as of March 31, 2019, and the related statements of income, cash flows and stockholders’ equity for
the three-month period then ended. Such financial statements have been prepared in accordance with GAAP (subject, with respect
to the unaudited financial statements, to the absence of notes required by GAAP and to normal year-end adjustments) and present
fairly in all material respects the financial condition of the Company Parties on a consolidated basis as of the respective dates
thereof and the results of operations of the Company Parties on a consolidated basis for the respective periods then ended. Except
as fully reflected in the most recent financial statements referred to above and the notes thereto, there are no material liabilities
or obligations with respect to the Company Parties of any nature whatsoever (whether absolute, contingent or otherwise and whether
or not due) that are required in accordance with GAAP to be reflected in such financial statements and that are not so reflected.

 

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

 

(c)
Since December 31, 2018, there has not been an occurrence of a “material weakness” (as defined in statement on Auditing
Standards No. 60) in, or fraud that involves management or other employees who have a significant role in, the Parent’s
or the Borrower’s internal controls over financial reporting, in each case as described in Section 404 of the Sarbanes-Oxley
Act of 2002 and all rules and regulations promulgated thereunder and the accounting and auditing principles, rules, standards
and practices promulgated or approved with respect thereto.

 

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

 

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

 

4.13
ERISA. No Restricted Party sponsors, maintains or participates in, nor, to the knowledge of the Borrower, has at any time
sponsored, maintained or participated in, any Plan. As of the Closing Date, the Borrower is not and will not be (i) an employee
benefit plan subject to Part 4 of Subtitle B of Title I of ERISA, (ii) a plan or account subject to Section 4975 of the Code,
(iii) an entity deemed to hold “plan assets” of any such plans or accounts for purposes of ERISA or the Code, as determined
pursuant to Section 3(42) of ERISA, or (iv) a “governmental plan” within the meaning of Section 3(32) of ERISA.

 

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4.14
Environmental Matters.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

4.19
Material Contracts. As of the Closing Date and after giving effect to the Transactions (or, with respect to any Project
that is not a Closing Date Borrowing Base Project, as the date such Project becomes a Borrowing Base Project), (i) each Material
Contract is in full force and effect and is enforceable by each Restricted Party or Tax Credit Party that is a party thereto in
accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other
similar laws affecting creditors’ rights generally, by general or equitable principles or by principles of good faith and
fair dealing, and (ii) no Restricted Party, Tax Credit Party or, to the knowledge of the Borrower, any other party thereto
is in breach of or default under any Material Contract in any material respect or has given notice of termination or cancellation
of any Material Contract. There are no Material Contracts directly affecting or relating to the construction, management or operation
of a Borrowing Base Project except the Project Documents made available by the Borrower to the Administrative Agent.

 

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

 

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

 

4.22
Project Documents. The Borrower has heretofore furnished to the Administrative Agent true and complete copies of the Project
Documents described in clauses (a), (b), (e), (g) and (i) of paragraph 3 of Schedule 2.19 for each Borrowing
Base Project that are in Borrower’s or any of its Affiliates’ possession or that Borrower or any of its Affiliates
has knowledge of, in each case together with all material schedules and exhibits referred to therein or delivered pursuant thereto
and all material amendments, modifications and waivers relating thereto. No Project Document has been amended, modified or supplemented
since being furnished to the Administrative Agent, nor any condition or provision thereof waived since being furnished to the
Administrative Agent, in any material respect other than as approved in writing by the Administrative Agent or the Required Lenders.
Each Project Document described in paragraphs 3 and 4 of Schedule 2.19 is in full force and effect and no Restricted
Party (nor, to the knowledge of the Borrower, any other party thereto) is in material default thereunder or in material breach
thereof.

 

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

 

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

 

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

 

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

 

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

 

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

 

ARTICLE
V

 

AFFIRMATIVE
COVENANTS

 

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

 

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

 

(a)
(i) As soon as available and in any event within 60 days after the end of each fiscal quarter of each fiscal year, beginning with
the fiscal quarter ending on June 30, 2019, unaudited consolidated balance sheets of the Restricted Parties as of the end of such
fiscal quarter and unaudited consolidated statements of income, cash flows and stockholders’ equity for the Restricted Parties
for the fiscal quarter then ended and for that portion of the fiscal year then ended, in each case setting forth comparative consolidated
figures as of the end of and for the corresponding period in the preceding fiscal year, all in reasonable detail and prepared
in accordance with GAAP (subject to the absence of notes required by GAAP and subject to normal year-end adjustments) applied
on a basis consistent with that of the preceding quarter or containing disclosure of the effect on the financial condition or
results of operations of any change in the application of accounting principles and practices during such quarter, and certified
by a Financial Officer of the Borrower as presenting fairly in all material respects the consolidated financial condition and
results of operations of the Restricted Parties, as of the dates and for the periods indicated, in accordance with GAAP (subject
to the absence of notes required by GAAP and subject to normal year-end adjustments), and (ii) within 60 days of the Administrative
Agent’s request therefor, unaudited consolidating financial statements of the type described in clause (i) for the Restricted
Parties for such fiscal quarter, all in reasonable detail and prepared in accordance with GAAP (subject to the absence of notes
required by GAAP and subject to normal year-end adjustments) applied on a basis consistent with that of the preceding quarter
or containing disclosure of the effect on the financial condition or results of operations of any change in the application of
accounting principles and practices during such quarter, and certified by a Financial Officer of the Borrower as presenting fairly
in all material respects the consolidating financial condition and results of operations of the Restricted Parties, as of the
dates and for the periods indicated, in accordance with GAAP (subject to the absence of notes required by GAAP and subject to
normal year-end adjustments) and in relation to the consolidated financial statements;

 

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(b)
(i) As soon as available and in any event within 120 days after the end of each fiscal year, commencing with the fiscal year ending
December 31, 2019, an audited consolidated balance sheet of the Restricted Parties as of the end of such fiscal year and the related
audited consolidated statements of income, cash flows and stockholders’ equity for the Restricted Parties for the fiscal
year then ended, including the notes thereto, in each case setting forth comparative consolidated figures as of the end of and
for the preceding fiscal year, all in reasonable detail and certified by the independent certified public accounting firm regularly
retained by the Borrower or another independent certified public accounting firm of recognized national standing reasonably acceptable
to the Administrative Agent, together with a report thereon by such accountants that is not qualified as to going concern or scope
of audit and to the effect that such financial statements present fairly in all material respects the consolidated financial condition
and results of operations of the Restricted Parties as of the dates and for the periods indicated in accordance with GAAP applied
on a basis consistent with that of the preceding year or containing disclosure of the effect on the financial condition or results
of operations of any change in the application of accounting principles and practices during such year, and (ii) within 60 days
of the Administrative Agent’s request therefor, annual unaudited consolidating financial statements of the type described
in clause (i) for the Restricted Parties for such fiscal year, all in reasonable detail and prepared in accordance with GAAP applied
on a basis consistent with that of the preceding quarter or containing disclosure of the effect on the financial condition or
results of operations of any change in the application of accounting principles and practices during such quarter, and certified
by a Financial Officer of the Borrower as presenting fairly in all material respects the consolidating financial condition and
results of operations of the Restricted Parties, as of the dates and for the periods indicated, in accordance with GAAP and in
relation to the consolidated financial statements; and

 

(c)
(i) As soon as available and in any event within 60 days after the end of each fiscal quarter of each fiscal year, beginning with
the fiscal quarter ending on June 30, 2019, unaudited consolidated balance sheets of the Company Parties as of the end of such
fiscal quarter and unaudited consolidated statements of income, cash flows and stockholders’ equity for the Company Parties
for the fiscal quarter then ended and for that portion of the fiscal year then ended, in each case setting forth comparative consolidated
figures as of the end of and for the corresponding period in the preceding fiscal year, all in reasonable detail and prepared
in accordance with GAAP (subject to the absence of notes required by GAAP and subject to normal year-end adjustments) applied
on a basis consistent with that of the preceding quarter or containing disclosure of the effect on the financial condition or
results of operations of any change in the application of accounting principles and practices during such quarter, and certified
by a Financial Officer of the Parent as presenting fairly in all material respects the consolidated financial condition and results
of operations of the Company Parties, as of the dates and for the periods indicated, in accordance with GAAP (subject to the absence
of notes required by GAAP and subject to normal year-end adjustments), and (ii) within 60 days of the Administrative Agent’s
request therefor, unaudited consolidating financial statements of the type described in clause (i) for the Company Parties for
such fiscal quarter, all in reasonable detail and prepared in accordance with GAAP (subject to the absence of notes required by
GAAP and subject to normal year-end adjustments) applied on a basis consistent with that of the preceding quarter or containing
disclosure of the effect on the financial condition or results of operations of any change in the application of accounting principles
and practices during such quarter, and certified by a Financial Officer of the Parent as presenting fairly in all material respects
the consolidating financial condition and results of operations of the Company Parties, as of the dates and for the periods indicated,
in accordance with GAAP (subject to the absence of notes required by GAAP and subject to normal year-end adjustments) and in relation
to the consolidated financial statements.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(g)
Promptly following any change to the list of beneficial owners identified in the Beneficial Ownership Regulation, a new Beneficial
Ownership Certification;

 

(h)
Promptly, such additional information regarding the business, financial, legal or corporate affairs of any Credit Party or any
Subsidiary thereof, regarding compliance with the terms of the Credit Documents or for purposes of compliance with applicable
“know your customer” and anti-money-laundering rules and regulations, including, without limitation, the PATRIOT Act
and the Beneficial Ownership Regulation, as the Administrative Agent or any Lender may from time to time reasonably request; and

 

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

 

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

 

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

 

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

 

5.6
Insurance.

 

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

 

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

 

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

 

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

 

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

 

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5.10
Subsidiaries and Tax Credit Parties.

 

(a)
Within thirty (30) days (or such longer period as the Administrative Agent agrees in its discretion) of the creation or direct
or indirect acquisition by any Restricted Party of any Subsidiary (other than an Excluded Tax Credit Subsidiary), each such new
Subsidiary (such Person, for purposes of this Section 5.10, the “subject Subsidiary”) shall execute
and deliver to the Administrative Agent (i) a joinder to the Guaranty, pursuant to which the subject Subsidiary shall become
a Guarantor thereunder and shall guarantee the payment in full of the Obligations of the Borrower under this Agreement and the
other Credit Documents and the other obligations described therein, and (ii) if the subject Subsidiary is a Project Holding
Company, a joinder to the Security Agreement and such of the other Security Documents, as applicable, pursuant to which the subject
Subsidiary shall become a party thereto and shall grant to the Administrative Agent a first priority Lien upon and security interest
in its accounts receivable, inventory, equipment, general intangibles and other personal property as Collateral for its obligations
under the Guaranty and the other obligations described therein, subject only to Permitted Liens, and the Borrower shall, or shall
cause the parent Credit Party that owns the Capital Stock of the subject Subsidiary to, execute and deliver to the Administrative
Agent an amendment or supplement to the Security Agreement pursuant to which all of the Capital Stock of the subject Subsidiary
then held by the Borrower or such parent Credit Party shall be pledged to the Administrative Agent, together, to the extent applicable,
with the certificates evidencing such Capital Stock and undated stock powers duly executed in blank.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(c)
Each Project Subsidiary and Tax Credit Party shall deliver to the Administrative Agent Real Property Support Documents with respect
to its Realty, in each case within thirty (30) days (or such longer period as the Administrative Agent agrees in its discretion)
of (i) the date such Person becomes a Guarantor, if such Person becomes a Guarantor after the Closing Date, or (ii) the date such
Person acquires such Realty, if such Realty is acquired after the Closing Date.

 

(d)
Without limiting the generality of the foregoing, each Credit Party shall obtain consents to the collateral assignment of the
Capital Stock of the applicable Restricted Parties and Tax Credit Parties from such counterparties to the Project Documents and
third parties as the Administrative Agent requires.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

ARTICLE
VI

 

FINANCIAL
COVENANTS

 

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

 

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

 

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

 

ARTICLE
VII

 

NEGATIVE
COVENANTS

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(iii)
[reserved];

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(vi)
Investments consisting of Cash Equivalents;

 

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

 

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

 

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

 

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

 

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

 

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

 

7.6
Restricted Payments.

 

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

 

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

 

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

 

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

 

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(iv)
the Borrower may declare and make additional dividend payments and other distributions to Intermediate Holdco, no more frequently
than once in any fiscal year, so long as (A) any such dividend or distribution is made within thirty (30) days after the annual
audited consolidated financial statements of the Restricted Parties for the prior fiscal year (commencing with the audited consolidated
financial statements of the Restricted Parties for the fiscal year ending December 31, 2020, it being acknowledged that in no
event shall any dividend payments or other distributions be made under this clause (iv) prior to such time) are delivered to the
Administrative Agent pursuant to Section 5.1(b)(i), (B) any such dividend or distribution is made from excess cash flow
of the Restricted Parties for the prior fiscal year (as such calculation of excess cash flow is demonstrated and certified by
the Borrower to the Administrative Agent and approved by the Administrative Agent), (C) both immediately before and after
giving effect to any such dividend or distribution (1) no Default or Event of Default has occurred and is continuing or would
result therefrom, (2) the Fixed Charge Coverage Ratio, calculated on a Pro Forma Basis for the Reference Period ending as of the
end of such prior fiscal year in accordance with GAAP as if such dividend or distribution had been made on the last day of such
Reference Period, shall not be less than 1.00 to 1.00 and (3) the Borrower is in compliance with the financial covenant contained
in Section 6.1, such compliance determined with regard to calculations made on a Pro Forma Basis for the Reference Period
ending as of the end of such prior fiscal year, calculated in accordance with GAAP as if such dividend or distribution had been
made on the last day of such Reference Period, and (D) as of the end of such prior fiscal year, the Debt Service Coverage Ratio
shall have been not less than 1.20 to 1.00;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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ARTICLE
VIII

 

EVENTS
OF DEFAULT

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(o)
Any Change of Control shall occur.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

ARTICLE
IX

 

THE
ADMINISTRATIVE AGENT

 

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

 

    103

     

    

 

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

 

9.3
Exculpatory Provisions.

 

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

 

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

 

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

 

    104

     

    

 

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

 

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

 

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

 

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

 

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

 

9.6
Resignation of Administrative Agent.

 

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

 

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

 

    106

     

    

 

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

 

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

 

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

 

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

 

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

 

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9.10
Collateral and Guaranty Matters.

 

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

 

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

 

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

 

9.12
Lender Representations. Each Lender as of the Closing Date represents and warrants as of the Closing Date to the Administrative
Agent, the Arranger and their respective Affiliates, and not, for the avoidance of doubt, for the benefit of the Borrower or any
other Credit Party, that (i) such Lender is not and will not be (a) an employee benefit plan subject to Title I of ERISA, or (b)
a plan or account subject to Section 4975 of the Internal Revenue Code, (ii) the assets of such Lender do not constitute “plan
assets” within the meaning of Section 3(42) of ERISA, or (iii) such Lender is not a “governmental plan” within
the meaning of Section 3(32) of ERISA.

 

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ARTICLE
X

 

MISCELLANEOUS

 

10.1
Expenses; Indemnity; Damage Waiver.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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10.4
Notices; Effectiveness; Electronic Communication.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(a)
unless agreed to in writing by each Lender directly affected thereby, (i) reduce or forgive the principal amount of any Loan
or funded Letter of Credit participation, reduce the rate of or forgive any interest thereon (provided that (y) only the
consent of the Required Lenders shall be required to waive the applicability of any post-default increase in interest rates and
(z) an amendment to implement a replacement index rate and related changes may be entered into in accordance with the terms of
Section 2.23), or reduce or forgive any fees hereunder (other than fees payable to the Administrative Agent or the Arranger
for its own account), (ii) extend the final scheduled maturity date or any other scheduled date for the payment of any principal
of or interest on any Loan or funded Letter of Credit participation (including any scheduled date for the mandatory reduction
or termination of any Commitments, but excluding any mandatory prepayment of the Loans pursuant to Section 2.6(d)
or 2.6(e) or reduction or termination of the Commitments in connection therewith), or extend the time of payment of any
fees hereunder (other than fees payable to the Administrative Agent or the Arranger for its own account), or (iii) increase
any Commitment of any such Lender over the amount thereof in effect or extend the maturity thereof (it being understood that a
waiver of any condition precedent set forth in Section 3.2 or of any Default or Event of Default or mandatory reduction
in the Commitments, if agreed to by the Required Lenders or all Lenders (as may be required hereunder with respect to such waiver),
shall not constitute such an increase), or (iv) reduce the percentage of the aggregate Commitments or of the aggregate unpaid
principal amount of the Loans, or the number or percentage of Lenders, that shall be required for the Lenders or any of them to
take or approve, or direct the Administrative Agent to take, any action hereunder or under any other Credit Document (including
as set forth in the definition of “Required Lenders”);

 

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

 

(c)
[reserved];

 

(d)
[reserved];

 

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

 

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

 

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

 

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

 

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

 

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10.6
Successors and Assigns.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    121

     

    

 

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

 

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

 

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

 

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

 

    122

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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10.18
Amendment and Restatement. The parties hereto agree that, on the Closing Date, the following transactions shall be deemed
to occur automatically, without further action by any party hereto: (a) the Commitment of each Lender as of the date hereof is
equal the amount set forth opposite such Lender’s name as its Commitment on Schedule 1.1(a); (b) immediately upon
the effectiveness of this Agreement and any Borrowing on the date hereof, existing Lenders with Loans shall have made such assignments
(and the Administrative Agent shall make such adjustments to the Register as are necessary) of the outstanding Loans and participation
interests in Letters of Credit to the new Lenders as of the date hereof so that after giving effect to the such assignments each
Lender, including the new Lenders, holds its pro rata share (based on its Applicable Percentage) of outstanding Loans and participation
interests in Letters of Credit (and the parties hereto agree that, notwithstanding anything to the contrary in this Agreement,
the fundings, repayments, purchases, reallocations and transfers described in this clause (b) shall occur without requiring any
further consent or that any further documents or instruments, including any Assignment and Assumption, be executed in connection
therewith (and any requirement therefor is hereby waived); (c) each Lender waives the right to claim compensation under Section
2.16 of this Agreement solely in connection with any of the transactions described in the preceding clause (b); (d) the Existing
Credit Agreement shall be deemed to be amended and restated in its entirety pursuant to this Agreement, (e) the Security Documents
and the Liens created thereunder in favor of Fifth Third Bank as Administrative Agent and securing the Obligations (as defined
in the Existing Credit Agreement), shall remain in full force and effect with respect to the Obligations and are hereby reaffirmed,
(f) all Obligations (as defined in the Existing Credit Agreement) under the Existing Credit Agreement shall be deemed to be Obligations
outstanding hereunder and (g) all references in the other Credit Documents to the Existing Credit Agreement shall be deemed to
refer without further amendment to this Agreement. The parties hereto further acknowledge and agree that this Agreement constitutes
an amendment to the Existing Credit Agreement made under and in accordance with the terms of Section 10.5 of the Existing Credit
Agreement and is not executed in novation of the Existing Credit Agreement. For the avoidance of doubt, it is acknowledged and
agreed that $58,307,080 of Committed Loans have been borrowed as of the date hereof immediately before giving effect to this Agreement.

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

 

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

 

	 	GREC ENTITY HOLDCO LLC
	 	 	 
	 	By:	/s/ Richard C. Butt
	 	Name:	Richard C. Butt

	 	Title:	Chief Financial Officer
	 	 	 
	 	GREENBACKER
    RENEWABLE ENERGY CORPORATION
	 	 	 
	 	By:	/s/ Richard C. Butt
	 	Name: 	Richard C. Butt
	 	Title: 	Chief Financial Officer
	 	 	 
	 	GREENBACKER
    RENEWABLE ENERGY COMPANY LLC
	 	 	 
	 	By:	/s/ Richard C. Butt
	 	Name:	Richard C. Butt
	 	Title:	Chief Financial Officer

  

(signatures
continued)

 

GREC ENTITY
HOLDCO LLC 

A&R CREDIT AGREEMENT

    

     

    

  

	 	FIFTH
                    THIRD BANK, as Administrative Agent and a Lender

	 	 	 
	 	By:	/s/
    Eric Cohen                             
	 	Name:	Eric Cohen

	 	Title:	VP

 

 

GREC
ENTITY HOLDCO LLC

A&R
CREDIT AGREEMENT

 

    

     

    

 

	 	CITY NATIONAL BANK,
                        as a Lender

	 	 	 
	 	By:	/s/ Jonathan Bouvet                         
	 	Name:	Jonathan Bouvet

	 	Title:	Vice President

 

 

GREC
ENTITY HOLDCO LLC 

A&R CREDIT AGREEMENT

 

    

     

    

  

	 	

UNITED
COMMUNITY BANK, as a Lender

	 	 	 
	 	By:	/s/ Clayton Summers
	 	Name:	Clayton Summers

	 	Title:	Senior Vice President

 

 

GREC ENTITY
HOLDCO LLC 

A&R CREDIT AGREEMENT

 

    

     

    

 

	 	

NATIONAL
COOPERATIVE BANK, N.A., as a Lender

	 	 	 
	 	By:	/s/ Matthew Wright
	 	Name:	Matthew Wright

	 	Title:	SVP

 

 

GREC ENTITY
HOLDCO LLC 

A&R CREDIT AGREEMENT

 

    

     

    

 

EXHIBIT A

 

[FORM
OF] NOTE

 

	$[__________]	[__________],
    [___]

 

FOR
VALUE RECEIVED, GREC ENTITY HOLDCO LLC, a Delaware limited liability company (the “Borrower”), hereby promises
to pay to [  ] (the “Lender”), at the offices of the Administrative Agent located at 201 North Tryon
Street, Suite 1700, Charlotte, North Carolina 28202 (or at such other place or places as the Administrative Agent may designate),
at the times and in the manner provided in the Amended and Restated Credit Agreement, dated as of June 20, 2019 (as amended, modified,
restated or supplemented from time to time, the “Credit Agreement”), among the Borrower, Intermediate Holdco,
the Parent, the Lenders from time to time parties thereto, and Fifth Third Bank, as Administrative Agent and a Lender, the principal
sum of [  ] ($[  ].00), under the terms and conditions of this promissory note (this “Note”) and
the Credit Agreement. The defined terms in the Credit Agreement are used herein with the same meaning. The Borrower also promises
to pay interest on the aggregate unpaid principal amount of this Note at the rates applicable thereto from time to time as provided
in the Credit Agreement.

 

This
Note is one of the Notes referred to in the Credit Agreement and is issued to evidence the Loans made by the Lender pursuant to
the Credit Agreement. All of the terms, conditions and covenants of the Credit Agreement are expressly made a part of this Note
by reference in the same manner and with the same effect as if set forth herein at length, and any holder of this Note is entitled
to the benefits of and remedies provided in the Credit Agreement and the other Credit Documents. Reference is made to the Credit
Agreement for provisions relating to the interest rate, maturity, payment, prepayment and acceleration of this Note.

 

In
the event of an acceleration of the maturity of this Note, this Note shall become immediately due and payable, without presentation,
demand, protest or notice of any kind, all of which are hereby waived by the Borrower.

 

In
the event this Note is not paid when due at any stated or accelerated maturity, the Borrower agrees to pay, in addition to the
principal and interest, all costs of collection, including reasonable attorneys’ fees, in accordance with and subject to
the terms of Section 10.1 of the Credit Agreement.

 

This
Note and any claims, controversy, dispute or cause of action (whether in contract or tort or otherwise) based upon, arising out
of or relating to this Note shall be governed by, and construed in accordance with, the law of the State of New York. The Borrower
hereby submits to the exclusive jurisdiction and venue of the courts of the State of New York sitting in the City and County of
New York and of the United States District Court of the Southern District of New York, and any appellate court from any thereof,
although the Lender shall not be limited to bringing an action in such courts.

 

[Remainder
of page left blank intentionally; signature page follows.]

 

    

     

    

 

IN
WITNESS WHEREOF, the Borrower has caused this Note to be executed by its duly authorized corporate officer as of the day and
year first above written.

 

	 	GREC
    ENTITY HOLDCO LLC
	 	 	 
	 	By:	        
	 	Name:	         
	 	Title:	         

 

    

     

    

 

EXHIBIT
B

 

[FORM
OF] NOTICE OF BORROWING

 

________
__, 20__

 

Fifth
Third Bank,

as
Administrative Agent

under
the Credit Agreement referred to below

201
N. Tryon Street, Suite 1700

Charlotte,
North Carolina 28202

Attention:
Eric Cohen

 

Ladies
and Gentlemen:

 

The
undersigned, GREC Entity HoldCo LLC, a Delaware limited liability company (the “Borrower”), refers to the Amended
and Restated Credit Agreement, dated as of June 20, 2019, between the Borrower, Greenbacker Renewable Energy Corporation, Greenbacker
Renewable Energy Company LLC, the Lenders from time to time parties thereto, and Fifth Third Bank, as Administrative Agent and
a Lender (as amended, modified or supplemented from time to time, the “Credit Agreement,” the terms used herein
are defined therein), and, pursuant to Section 2.2(b) of the Credit Agreement, hereby gives you, as Administrative Agent, irrevocable
notice that the Borrower requests a Borrowing of Committed Loans under the Credit Agreement, and to that end sets forth below
the information relating to such Borrowing (the “Proposed Borrowing”) as required by Section 2.2(b) of the
Credit Agreement:

 

(i)
The aggregate principal amount of the Proposed Borrowing is [$ ].1

 

(ii)
The Proposed Borrowing is requested to be made on (the “Borrowing Date”).2

 

The
Borrower hereby certifies that the following statements are true on and as of the date hereof and will be true on and as of the
Borrowing Date:

 

Each
of the representations and warranties made by each Credit Party in Article IV of the Credit Agreement and in the other Credit
Documents is and will be true and correct on and as of the Borrowing Date with the same effect as if made on and as of such date,
both immediately before and after giving effect to the Proposed Borrowing and the application of the proceeds therefrom (except
to the extent any such representation or warranty is expressly stated to have been made as of a specific date, in which case such
representation or warranty shall be true and correct as of such date); and

 

No
Default or Event of Default has occurred and is continuing or would result from the Proposed Borrowing or from the application
of the proceeds therefrom.

 

 

 1
Amount of Proposed Borrowing must comply with Section 2.2(b) of the Credit Agreement in an amount not less than $5,000,000.

 

2
Shall be a Business Day at least three Business Days after the date hereof or such other time as approved by the Administrative
Agent.

 

    

     

    

 

	 	Very
    truly yours,
	 	 
	 	GREC
    ENTITY HOLDCO LLC
	 	 	 
	 	By:	        
	 	Name:	         
	 	Title:	         

 

    

     

    

 

EXHIBIT
C

 

[FORM
OF]

COMPLIANCE CERTIFICATE

 

[________, ____]

 

THIS
COMPLIANCE CERTIFICATE is delivered pursuant to the Amended and Restated Credit Agreement, dated as of June 20, 2019 (the
“Credit Agreement”), among GREC Entity HoldCo LLC, a Delaware limited liability company (the “Borrower”),
Greenbacker Renewable Energy Corporation, a Maryland corporation, Greenbacker Renewable Energy Company LLC, a Delaware limited
liability company, the Lenders from time to time parties thereto and Fifth Third Bank, as Administrative Agent and a Lender. Capitalized
terms used herein without definition shall have the meanings given to such terms in the Credit Agreement.

 

The
undersigned hereby certifies for and on behalf of the Borrower, and not in his individual capacity, as follows:

 

1.
The undersigned is a duly elected Financial Officer of the Borrower.

 

2.
Enclosed with this Certificate are copies of the financial statements of the Borrower as of ____________,
and for the [quarter] [year] then ended, required to be delivered under Section [5.1(a)][5.1(b)] of the Credit Agreement. Such
financial statements have been prepared in accordance with GAAP [(subject to the absence of notes required by GAAP and subject
to normal year-end adjustments)]3 and present fairly in all material respects the financial condition of the Borrower
on a consolidated basis as of the date indicated and the results of operation of the Borrower on a consolidated basis for the
period covered thereby.

 

3.
The undersigned has reviewed the terms of the Credit Agreement and has made, or caused to be made under the supervision of the
undersigned, a review in reasonable detail of the transactions and condition of the Parent and its Subsidiaries during the accounting
period covered by such financial statements.

 

4.
The examination described in paragraph 3 above did not disclose, and the undersigned has no knowledge of the existence of, any
Default or Event of Default during or at the end of the accounting period covered by such financial statements or as of the date
of this Certificate[.][, except as set forth below.

 

Describe
here or in a separate attachment any exceptions to paragraph 4 above by listing, in reasonable detail, the nature of the Default
or Event of Default, the period during which it existed and the action that the Borrower has taken or proposes to take with respect
thereto.]

 

5.
Attached to this Certificate as Schedule I is, for the fiscal quarter ended on the date referenced in paragraph (2)
above, (A) a calculation (with reasonable supporting detail) of the Dividend Amount, Dividend Overage (if any) and Dividend
Carryforward Amount (if any) for such fiscal quarter, (B) a listing of the Net Asset Value for each of the Parent and
the Borrower as of the end of each month during the such fiscal quarter and the Average Net Asset Value for each of the
Parent and Borrower for such fiscal quarter, (C) a summary of all distributions and dividends paid by the Borrower and by the
Parent during such fiscal quarter, (D) a summary of all Capital Contributions received by the Borrower during such fiscal
quarter and whether such Capital Contributions intended to be used to satisfy the obligations related
to a Dividend Overage as set forth clause (x) of the proviso in Section 7.6(a)(iii) of the Credit Agreement.

 

(iii)
Attached to this Certificate as Schedule II is a covenant compliance worksheet reflecting the computation of the financial
covenants set forth in Article VI of the Credit Agreement and the Debt Service Coverage Ratio as of the last day of and for the
period covered by the financial statements enclosed herewith.

 

[Signatures
on the following page]

 

 

3
Insert in the case of quarterly financial statements.

 

    

     

    

 

The
foregoing certifications, together with the computations set forth in Schedule II hereto and the financial statements delivered
with this Compliance Certificate in support hereof, are made and delivered this _______ day of ____________, _______.

 

	 	GREC
    ENTITY HOLDCO LLC
	 	 	 
	 	By:	        
	 	Name:	         
	 	Title:	         

 

    

     

    

 

SCHEDULE
I

 

REQUIRED
INFORMATION RELATED TO DIVIDENDS AND CAPITAL CONTRIBUTIONS

 

For
the fiscal quarter ended ________________,  ___________

 

	1.	 	Dividend Definitions	 	 
	 	 	 	 	 
	 	●	Dividend Amount	$__________________	 
	 	●	Dividend Overage	$__________________	 
	 	●	Dividend Carryforward Amount	$__________________	 
	 	 	 	 	 
	[include calculations]	 	 
	 	 	 	 
	2.	 	Net Asset Value of the Parent	 	 
	 	 	 	 	 
	 	●	First month during fiscal quarter	$__________________	 
	 	●	Second month during fiscal quarter	$__________________	 
	 	●	Third month during fiscal quarter	$__________________	 
	 	●	Average Net Asset Value	$__________________	 
	 	 	 	 	 
	3.	 	Net Asset Value of the Borrower	 	 
	 	 	 	 	 
	 	●	First month during fiscal quarter	$__________________	 
	 	●	Second month during fiscal quarter	$__________________	 
	 	●	Third month during fiscal quarter	$__________________	 
	 	●	Average Net Asset Value	$__________________	 
	 	 	 	 	 
	4.	 	Summary of all distributions and dividends paid by the Borrower
	 	 	 	 	 
	5.	 	Summary of all distributions and dividends paid by the Parent
	 	 	 	 	 
	6.	 	Summary of all Capital Contributions received by
    the Borrower4

 

 

4
If applicable, indicate whether such Capital Contributions intended to be used to satisfy the obligations related to a Dividend
Overage as set forth clause (x) of the proviso in Section 7.6(a)(iii) of the Credit Agreement

 

    

     

    

 

SCHEDULE
II

 

COVENANT
COMPLIANCE WORKSHEET

 

A.
Debt to Capitalization Ratio

(Section
6.1 of the Credit Agreement)

as
of __________,  ____

 

	(1)	Consolidated Total Funded Debt as of the date of determination	 	$__________________
	 	 	 	 
	(2)	Total Capitalization as of the date of determination	 	 
	 	 	 	 
	 	A.	Consolidated Net Worth	$__________________	 
	 	B.	Consolidated Total Funded Debt	$__________________	 
	 	C.	Total Capitalization
    (Line 2(a) plus Line 2(b) )		$__________________
	 	 	 	 	 
	(3)	Debt to Capitalization Ratio: 

                                                Divide Line 1 by Line 2(c)
	 	_.__:1.00
	 	 	 	 
	(4)	Maximum Debt to Capitalization Ratio as of the date of determination	 	0.80:1.00

 

    

     

    

 

B.
Fixed Charge Coverage Ratio5

(Section 6.2 of the Credit Agreement)

as
of _________,  ____

 

	(1)	Ratio Numerator: For the period of four consecutive fiscal quarters ending on the date of determination:	 	 	 
	 	(a)	Consolidated EBITDA of the Borrower for such period (from EBITDA Worksheet, Line 1(j) below)	 	$__________________	 
	 	(b)	the excess (not to be less than $0) of (x) the aggregate of all amounts paid by the Borrower or any of its Subsidiaries to any other Person during such Reference Period as dividends or distributions in respect of its Capital Stock or to purchase, redeem, retire or otherwise acquire its Capital Stock (other than dividends or distributions made in accordance with Section 7.6(a)(ii) and Section 7.6(a)(iv) of the Credit Agreement) over (y) the aggregate Net Cash Proceeds of all Capital Contributions received by the Borrower and its Subsidiaries from any other Person (other than any Specified Equity Contribution)	 	$__________________	 
	 	(c)	Capital Expenditures for the Borrower and its Subsidiaries to the extent paid (or required to be paid) in cash during such Reference Period that are not financed by the proceeds of Indebtedness (other than revolving Indebtedness)	 	$__________________	 
	 	(d)	aggregate tax expense for the Borrower and its Subsidiaries to the extent paid (or required to be paid) in cash during such Reference Period	 	$__________________	 
	 	(e)	any management fees paid in cash by the Borrower and its Subsidiaries in accordance with Section 7.7(iii) of the Credit Agreement during such Reference Period to the extent not already included in the determination of Consolidated EBITDA for the Borrower for such Reference Period	 	$__________________	 
	 	(f)	Line 1(a) minus Line 1(b)
    minus Line 1(c) minus Line 1(d) minus Line 1(e)	 	 	$__________________
	 	 	 	 	 	 
	(2)	Ratio Denominator: For the period of four consecutive fiscal quarters ending on the date of determination:	 	 	 
	 	(a)	Consolidated Interest Expense for the Borrower and its Subsidiaries to the extent paid (or required to be paid) in cash during such Reference Period and	 	$__________________	 

	 	(b)	the aggregate (without duplication) of all scheduled payments
    of principal on Funded Debt (with respect to the Converted Term Loan, as set forth in Section 2.6(a) of the Credit Agreement)
    required to have been made by the Borrower and its Subsidiaries during such Reference Period (whether or not such payments
    are actually made), including scheduled principal payments with respect to any Subordinated Indebtedness6	 	$__________________	 
	 	(c)	Consolidated Fixed Charges (Line 2(a) plus Line 2(b)):	 	 	$__________________
	(3)	
        Fixed Charge Coverage Ratio:

        Line 1(f) divided by Line 2(c)
	 	 	_.__:1.00
	(4)	Minimum Fixed Charge Coverage Ratio as of the date of determination	 	 	1.10:1.00

  

 

 5
Calculations of the Fixed Charge Coverage Ratio (and all defined terms used and other calculations made herein) to determine
compliance with Section 6.2 of the Credit Agreement in respect of any Reference Period shall include, with respect to each component
of the calculation, the actual amount thereof attributable to any Person only for such portion of such Reference Period during
which such Person was a member of the group described in the applicable definition.

6
The scheduled payments of principal on Funded Debt included in Consolidated Fixed Charges under this clause (b) with respect
to the Loans will be determined (x) for any Reference Period ending prior to the Second Conversion Date, based on the scheduled
payments of principal on the Loans that would be (or are anticipated to be) required hereunder for the first four-quarter Reference
Period commencing after the Second Conversion Date, on the outstanding principal balance of the Loans at the time of determination,
(y) for any Reference Period ending after the Second Conversion Date but prior to the one-year anniversary of the Second Conversion
Date, based on the annualized amount of scheduled payments of principal on the Loans for the period from the Second Conversion
Date through the end of such Reference Period (i.e., the actual amount of scheduled payments of principal on the Loans for the
period from the Second Conversion Date through the end of such Reference Period, multiplied by 365 and divided by
the number of days in the period from the Second Conversion Date through the end of such Reference Period), and (z) for any Reference
Period ending on or after the one-year anniversary of the Second Conversion Date, based on the actual amount of scheduled payments
of principal on the Loans for such Reference Period (in each case under clauses (x) and (y), as determined by the Administrative
Agent, which determination shall be conclusive absent manifest error).

 

    

     

    

 

C.
EBITDA Worksheet

 

	(i)
    Consolidated EBITDA of the Borrower from [________]7
    to [________]8	 	 	 
	A.	Consolidated Net Income of the Borrower	 	$__________________	 
	B.	interest expense	 	$__________________	 
	C.	foreign, federal, state, local and other income taxes	 	$__________________	 
	D.	depreciation and amortization	 	$__________________	 
	E.	extraordinary losses	 	$__________________	 
	F.	nonrecurring cash fees, costs and expenses incurred in connection with the closing of the Credit Agreement and other Credit Documents (including any Incremental Amendment or other amendment thereto) not later than 12 months after the relevant transaction (including fees and expenses paid pursuant to the Credit Agreement not to exceed $1,500,000 in the aggregate	 	$__________________	$__________________
	G.	non-cash expenses relating to equity-based compensation, all to the extent taken into account in the calculation of Consolidated Net Income for such Reference Period for the Borrower and all calculated in accordance with GAAP	 	$__________________	 
	H.	the sum of (A) extraordinary gains or income and (B) non-cash credits increasing income for such period, all to the extent taken into account in the calculation of Consolidated Net Income for such period for the Borrower	 	$__________________	 
	I.	cash payments during such period on account of noncash expenses or charges expensed in any prior period and added back under clauses (b)-(g) above) above for purposes of determining Consolidated EBITDA for such prior period for the Borrower (or that would have been added back for such purposes if this Agreement had been in effect for such prior period)	 	$__________________	 
	J.	Consolidated EBITDA (Line 2(a)
    plus Line 2(b) plus Line 2(c) plus Line 2(d) plus Line 2(e) plus Line 2(f) plus
    Line2(g) minus Line 2(h) minus Line 2(i)	 	 	$__________________

 

 

 7
Insert first day of the reference period

 8
Insert last day of the reference period.

 

    

     

    

 

D.
Debt Service Coverage Ratio

as of _________, ____

 

 

	(1)	Consolidated
    EBITDA (see C. above)	$__________________
	(2)	Consolidated
    Fixed Charges (see B. above)	$__________________
	(3)	Debt
                                         Service Coverage Ratio:

        Divide
Line 1 by Line 2
	_.
    :1.00

 

    

     

    

 

EXHIBIT D

 

[FORM OF] ASSIGNMENT AND ASSUMPTION

 

This Assignment and
Assumption (the “Assignment and Assumption”) is dated as of the Effective Date set forth below and is entered
into by and between [the][each]9 Assignor identified in item 1 below ([the][each, an] “Assignor”)
and [the][each]10 Assignee identified in item 2 below ([the][each, an] “Assignee”). [It is understood
and agreed that the rights and obligations of [the Assignors][the Assignees]11 hereunder are several and not joint.]12
Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement identified below
(as amended, the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by [the][each] Assignee.
The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference
and made a part of this Assignment and Assumption as if set forth herein in full.

 

For an agreed consideration,
[the][each] Assignor hereby irrevocably sells and assigns to [the Assignee][the respective Assignees], and [the][each] Assignee
hereby irrevocably purchases and assumes from [the Assignor][the respective Assignors], subject to and in accordance with the Standard
Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below
(i) all of [the Assignor’s][the respective Assignors’] rights and obligations in [its capacity as a Lender][their respective
capacities as Lenders] under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent
related to the amount and percentage interest identified below of all of such outstanding rights and obligations of [the Assignor][the
respective Assignors] under the respective facilities identified below (including without limitation any guarantees and swingline
loans included in such facilities), and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes
of action and any other right of [the Assignor (in its capacity as a Lender)][the respective Assignors (in their respective capacities
as Lenders)] against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other
documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related
to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and
all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the
rights and obligations sold and assigned by [the][any] Assignor to [the][any] Assignee pursuant to clauses (i) and (ii) above being
referred to herein collectively as [the][an] “Assigned Interest”). Each such sale and assignment is without
recourse to [the][any] Assignor and, except as expressly provided in this Assignment and Assumption, without representation or
warranty by [the][any] Assignor.

 

	1.	Assignor[s]:	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	2.	Assignor[s]:	 	 
	 	 	 	 
	 	 	 	 
	 	[Assignee is an [Affiliate][Approved Fund] of [identify Lender]	 

 

 

 9 For
bracketed language here and elsewhere in this form relating to the Assignor(s), if the assignment is from a single Assignor, choose
the first bracketed language. If the assignment is from multiple Assignors, choose the second bracketed language.

10 For bracketed language here
and elsewhere in this form relating to the Assignee(s), if the assignment is to a single Assignee, choose the first bracketed
language. If the assignment is to multiple Assignees, choose the second bracketed language.

11 Select as appropriate.

12 Include bracketed language
if there are either multiple Assignors or multiple Assignees.

 

    

     

     

	3.	Borrower(s):	GREC Entity HoldCo LLC, a Delaware limited liability company
	 	 	 
	4.	Administrative Agent:	Fifth Third Bank, as the administrative agent under the Credit Agreement
	 	 	 
	5.	Credit Agreement:	Amended and Restated Credit Agreement dated as of June 20, 2019 among GREC Entity HoldCo LLC, Greenbacker Renewable Energy Corporation, Greenbacker Renewable Energy Company LLC, the Lenders parties thereto, and Fifth Third Bank, as Administrative Agent
	 	 	 
	6.	Assigned Interest[s]:	 

 

	Assignor[s]13	 	Assignee[s]14	 	Facility Assigned 
15	 	 	Aggregate
                                         Amount of Commitment/Lo ans for all Lenders16	 	 	 	 
 
Amount
                                         of Commitment/L oans Assigned8
	 	 	 	 
 
Percentage
                                         Assigned of Commitment/ Loans17
	 	 	CUSIP 
Number
	(ii)	 	(iii)	 	(iv)	 	$		 	 	$		 	 	 		%	 	 
	(v)	 	(vi)	 	(vii)	 	$		 	 	$		 	 	 		%	 	 
	(viii)	 	(ix)	 	(x)	 	$		 	 	$		 	 	 		%	 	 

 

[7. Trade Date: ___________________]18

 

 

13 List each Assignor, as appropriate.

14 List each Assignee, as appropriate.

15 Fill in the appropriate terminology
for the types of facilities under the Credit Agreement that are being assigned under this Assignment (e.g., “Commitment,”
“Converted Term Loan,” etc.)

16 Amount to be adjusted by the
counterparties to take into account any payments or prepayments made between the Trade Date and the Effective Date.

17 Set forth, to at least 9 decimals,
as a percentage of the Commitment/Loans of all Lenders thereunder.

18 To be completed if the Assignor(s)
and the Assignee(s) intend that the minimum assignment amount is to be determined as of the Trade Date.

 

    

     

     

Effective
Date: ____________ ___, 20___ [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF
TRANSFER IN THE REGISTER THEREFOR.]

 

The terms set forth in this Assignment and
Assumption are hereby agreed to:

 

	 	ASSIGNOR[S]
	 	[NAME OF ASSIGNOR]
	 	 	 
	 	By:	            
	 	Name:	 
	 	Title:	 

 

	 	[NAME OF ASSIGNOR]
	 	 	 
	 	By:	            
	 	Name:	 
	 	Title:	 

 

	 	ASSIGNOR[S]
	 	[NAME OF ASSIGNOR]
	 	 	 
	 	By:	            
	 	Name:	 
	 	Title:	 

 

	 	[NAME OF ASSIGNOR]
	 	 	 
	 	By:	            
	 	Name:	 
	 	Title:	 

 

[Consented to and]19
Accepted:

 

FIFTH THIRD BANK, as

Administrative Agent

 

	By:	            	 
	Name:	 	 
	Title:	 	 

 

Title: [Consented to:]20

 

	[NAME OF RELEVANT PARTY]	 
	 	 	 
	By:	            	 
	Name:	 	 
	Title:	 	 

 

 

19 To be added only if the consent
of the Administrative Agent is required by the terms of the Credit Agreement.

20 To be added only if the consent
of the Borrower and/or other parties is required by the terms of the Credit Agreement.

 

    

     

    

 

ANNEX 1

 

STANDARD TERMS AND CONDITIONS FOR

ASSIGNMENT
AND ASSUMPTION

 

1. Representations and
Warranties.

 

1.1 Assignor[s].
[The][Each] Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of [the][the relevant] Assigned
Interest, (ii) [the][such] Assigned Interest is free and clear of any lien, encumbrance or other adverse claim, (iii) it has full
power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate
the transactions contemplated hereby and (iv) it is not a Defaulting Lender; and (b) assumes no responsibility with respect to
(i) any statements, warranties or representations made in or in connection with the Credit Agreement or any other Credit Document,
(ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Credit Documents or any collateral
thereunder, (iii) the financial condition of the Borrower, any of its Subsidiaries or Affiliates or any other Person obligated
in respect of any Credit Document, or (iv) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates
or any other Person of any of their respective obligations under any Credit Document.

 

1.2. Assignee[s].
[The][Each] Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary,
to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender
under the Credit Agreement, (ii) it meets all the requirements to be an assignee under Section 10.6 of the Credit Agreement (subject
to such consents, if any, as may be required thereunder), (iii) from and after the Effective Date, it shall be bound by the provisions
of the Credit Agreement as a Lender thereunder and, to the extent of [the][the relevant] Assigned Interest, shall have the obligations
of a Lender thereunder, (iv) it is sophisticated with respect to decisions to acquire assets of the type represented by the Assigned
Interest and either it, or the Person exercising discretion in making its decision to acquire the Assigned Interest, is experienced
in acquiring assets of such type, (v) it has received a copy of the Credit Agreement, and has received or has been accorded the
opportunity to receive copies of the most recent financial statements delivered pursuant to Section 5.1 thereof, as applicable,
and such other documents and information as it deems appropriate to make its own credit analysis and decision to enter into this
Assignment and Assumption and to purchase [the][such] Assigned Interest, (vi) it has, independently and without reliance upon the
Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own
credit analysis and decision to enter into this Assignment and Assumption and to purchase [the][such] Assigned Interest, and (vii)
if it is a Foreign Lender attached to the Assignment and Assumption is any documentation required to be delivered by it pursuant
to the terms of the Credit Agreement, duly completed and executed by [the][such] Assignee; and (b) agrees that (i) it will, independently
and without reliance on the Administrative Agent, [the][any] Assignor or any other Lender, and based on such documents and information
as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit
Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Credit Documents
are required to be performed by it as a Lender. The][Each] Assignee further represents and warrants as of the Effective Date to
the Administrative Agent, the Arranger and their respective Affiliates, and not, for the avoidance of doubt, for the benefit of
the Borrower or any other Loan Party, that (a) [the][such] Assignee is not and will not be (i) an employee benefit plan subject
to Title I of ERISA, or (ii) a plan or account subject to Section 4975 of the Code, (b) the assets of [the][such] Assignee do not
constitute “plan assets” within the meaning of Section 3(42) of ERISA, and (c) [the][such] Assignee is not a “governmental
plan” within the meaning of Section 3(32) of ERISA.

 

    

     

    

 

2. Payments. From
and after the Effective Date, the Administrative Agent shall make all payments in respect of [the][each] Assigned Interest (including
payments of principal, interest, fees and other amounts) to [the][the relevant] Assignee whether such amounts have accrued prior
to, on or after the Effective Date. The Assignor[s] and the Assignee[s] shall make all appropriate adjustments in payments by the
Administrative Agent for periods prior to the Effective Date or with respect to the making of this assignment directly between
themselves. Notwithstanding the foregoing, the Administrative Agent shall make all payments of interest, fees or other amounts
paid or payable in kind from and after the Effective Date to [the][the relevant] Assignee.

 

3. General Provisions.
This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors
and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one
instrument. Delivery of an executed counterpart of a signature page of this Assignment and Assumption by telecopy shall be effective
as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed
by, and construed in accordance with, the law of the State of New York.

   

    

     

     

EXHIBIT E-1

 

[FORM OF] SECURITY
AGREEMENT

 

[see attached]

 

    

     

     

EXHIBIT E-2

 

[FORM OF] PLEDGE AGREEMENT

 

[see attached]

 

    

     

     

EXHIBIT F

 

[FORM OF] GUARANTY

 

[see attached]

 

    

     

     

EXHIBIT G

 

[FORM OF]

FINANCIAL CONDITION CERTIFICATE

 

THIS FINANCIAL CONDITION
CERTIFICATE is delivered pursuant to the Amended and Restated Credit Agreement, dated as of June 20, 2019 (the “Credit
Agreement”), among GREC Entity HoldCo LLC, a Delaware limited liability company (the “Borrower”),
Greenbacker Renewable Energy Corporation, a Maryland corporation, Greenbacker Renewable Energy Company LLC, a Delaware limited
liability company, the Lenders from time to time parties thereto, and Fifth Third Bank, as Administrative Agent and a Lender. Capitalized
terms used herein without definition shall have the meanings given to such terms in the Credit Agreement.

 

The undersigned hereby certifies for and on
behalf of the Borrower, and not in his individual capacity, as follows:

 

1. Capacity. The
undersigned is a duly qualified and acting Financial Officer of the Borrower.

 

2. Procedures. Expressly
for purposes of this Certificate, the undersigned has, as of or prior to the date hereof, undertaken the following activities in
connection herewith:

 

The undersigned has reviewed the following:

 

the contents of this Certificate;

 

the Credit Agreement (including the exhibits
and schedules thereto);

 

the financial statements referred to in Section
4.11(a) of the Credit Agreement; and

 

such other financial information as the undersigned
deemed necessary in order to make the certifications contained in this Certificate.

 

3. Certifications.
Based on the foregoing, the undersigned hereby certifies as follows:

 

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

 

[The remainder of this page is left blank
intentionally.]

 

    

     

     

Executed on behalf of the Borrower as of the
date first written above.

 

	 	GREENBACKER RENEWABLE ENERGY COMPANY LLC
	 	 	 
	 	By:	                  
	 	Name:	 
	 	Title:	 

 

 

 

Financial Condition
Certificate

 

    

     

     

EXHIBIT H-1

 

[FORM OF]

U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Lenders That Are Not Partnerships
For U.S. Federal Income Tax Purposes)

 

Reference is made to
the Amended and Restated Credit Agreement dated as of June 20, 2019, among GREC Entity HoldCo LLC, a Delaware limited liability
company (the “Borrower”), Greenbacker Renewable Energy Corporation, a Maryland corporation, Greenbacker Renewable
Energy Company LLC, a Delaware limited liability company, the Lenders defined therein, and Fifth Third Bank, as administrative
agent (the “Administrative Agent”) for the Lenders (as amended, restated, modified or supplemented from time
to time, the “Credit Agreement”). Terms defined in the Credit Agreement are, unless otherwise defined herein
or the context otherwise requires, used herein as defined therein.

 

Pursuant to the provisions
of Section 2.15(g)(ii)(B)(3) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial
owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii)
it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower
within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a controlled foreign corporation related to the Borrower
as described in Section 881(c)(3)(C) of the Code.

 

The undersigned has furnished
the Administrative Agent and the Borrower with a certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS Form W-8BEN-E
(as applicable). By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate
changes, the undersigned shall promptly so inform the Administrative Agent and the Borrower , and (2) the undersigned shall have
at all times furnished the Administrative Agent and the Borrower with a properly completed and currently effective certificate
in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding
such payments.

 

	[NAME OF LENDER]	 
	 	 	 
	By:	        	 
		Name:	 
		Title:	 
	Date:	_______ __,20[  ]	 

 

 

    

     

     

EXHIBIT H-2

 

[FORM OF ]

U.S. TAX COMPLIANCE
CERTIFICATE

(For Non-U.S. Participants That Are Not Partnerships
For U.S. Federal Income Tax Purposes)

 

Reference is made to
the Amended and Restated Credit Agreement dated as of June 20, 2019, among GREC Entity HoldCo LLC, a Delaware limited liability
company (the “Borrower”), Greenbacker Renewable Energy Corporation, a Maryland corporation, Greenbacker Renewable
Energy Company LLC, a Delaware limited liability company, the Lenders defined therein, and Fifth Third Bank, as administrative
agent (the “Administrative Agent”) for the Lenders (as amended, restated, modified or supplemented from time
to time, the “Credit Agreement”). Terms defined in the Credit Agreement are, unless otherwise defined herein
or the context otherwise requires, used herein as defined therein.

 

Pursuant to the provisions
of Section 2.15(g)(ii)(B)(4) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial
owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section
881(c)(3)(A) of the Code,

 

(iii) it is not a ten
percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, and (iv) it is not a controlled foreign
corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

 

The undersigned has furnished
its participating Lender with a certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS Form W-8BEN-E (as applicable).
By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned
shall promptly so inform such Lender in writing, and (2) the undersigned shall have at all times furnished such Lender with a properly
completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned,
or in either of the two calendar years preceding such payments.

 

	[NAME OF PARTICIPANT]	 
	 	 	 
	By:	        	 
		Name:	 
		Title:	 
	Date:	_______ __,20[  ]	 

 

    

     

    

 

EXHIBIT H-3

 

[FORM OF]

U.S. TAX COMPLIANCE CERTIFICATE

(For Non-U.S. Participants That Are Partnerships
For U.S. Federal Income Tax Purposes)

 

Reference is made to
the Amended and Restated Credit Agreement dated as of June 20, 2019, among GREC Entity HoldCo LLC, a Delaware limited liability
company (the “Borrower”), Greenbacker Renewable Energy Corporation, a Maryland corporation, Greenbacker Renewable
Energy Company LLC, a Delaware limited liability company, the Lenders defined therein, and Fifth Third Bank, as administrative
agent (the “Administrative Agent”) for the Lenders (as amended, restated, modified or supplemented from time
to time, the “Credit Agreement”). Terms defined in the Credit Agreement are, unless otherwise defined herein
or the context otherwise requires, used herein as defined therein.

 

Pursuant to the provisions
of Section 2.15(g)(ii)(B)(4) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of
the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole
beneficial owners of such participation, (iii) with respect to such participation, neither the undersigned nor any of its direct
or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its
trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members
is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct
or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of
the Code.

 

The undersigned has
furnished its participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members
that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or IRS Form W-8BEN-E (as applicable) or (ii) an IRS Form
W-8IMY accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E (as applicable) from each of such partner’s/member’s
beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that
(1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender and (2) the undersigned
shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar
year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

 

	[NAME OF PARTICIPANT]	 
	 	 	 
	By:	 	 
		Name: 	 
	 	Title:	 
	Date: __________ __, 20[  ]	 

 

    

     

    

 

EXHIBIT H-4

 

[FORM OF]

U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Lenders that Are Partnerships
For U.S. Federal Income Tax Purposes)

 

Reference is made to
the Amended and Restated Credit Agreement dated as of June 20, 2019, among GREC Entity HoldCo LLC, a Delaware limited liability
company (the “Borrower”), Greenbacker Renewable Energy Corporation, a Maryland corporation, Greenbacker Renewable
Energy Company LLC, a Delaware limited liability company, the Lenders defined therein, and Fifth Third Bank, as administrative
agent (the “Administrative Agent”) for the Lenders (as amended, restated, modified or supplemented from time
to time, the “Credit Agreement”). Terms defined in the Credit Agreement are, unless otherwise defined herein
or the context otherwise requires, used herein as defined therein.

 

Pursuant to the provisions
of Section 2.15(g)(ii)(B)(4) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of
the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its direct
or indirect partners/members are the sole beneficial owners of such Loan(s) (as well as any Note(s) evidencing such Loan(s)), (iii)
with respect to the extension of credit pursuant to the Credit Agreement or any other Credit Document, neither the undersigned
nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the
ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect
partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none
of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section
881(c)(3)(C) of the Code.

 

The undersigned has
furnished the Administrative Agent and the Borrower with IRS Form W-8IMY accompanied by one of the following forms from each of
its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or IRS Form W-8BEN-E (as applicable)
or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E (as applicable) from each of such partner’s/member’s
beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that
(1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Administrative Agent
and the Borrower, and (2) the undersigned shall have at all times furnished the Administrative Agent and the Borrower with a properly
completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned,
or in either of the two calendar years preceding such payments.

 

	[NAME OF LENDER]	 
	 	 	 
	By:	 	 
		Name: 	 
	 	Title:	 
	Date: __________ __, 20[  ]	 

 

    

     

    

 

Schedule
1.1(a)

 

Commitments and Notice Addresses

 

Commitments

 

	Lender	 	Commitment	 
	Fifth Third Bank	 	$	55,000,000	 
	City National Bank	 	$	25,000,000	 
	United Community Bank	 	$	20,000,000	 
	National Cooperative Bank, N.A.	 	$	10,000,000	 
	Total	 	$	110,000,000	 

 

Notice Addresses

 

	Party	 	Address
	 	 	 
	Borrower	 	
        c/o Greenbacker Capital Management, LLC 11 East

        44th Street, Suite 1200

        New York, New York 10017

        Attention: Richard Butt

        Email: richard.butt@greenbackercapital.com

         

	Fifth Third Bank	 	Address for notices as Administrative Agent or L/C Issuer:
	 	
	 	
        Fifth Third Bank

        Fifth Third Center

        35 Fountain Square Plaza

        Cincinnati, Ohio 45263

        Attention: Loan Syndications/Judy Huls

        Telephone: (513) 534-4224

        Facsimile: (513) 534-0875

        E-Mail Address: judy.huls@53.com

         

        Address for notices as Lender:

         

	 	
        Fifth Third Bank

        201 N. Tryon Street, Suite 1700

        Charlotte,
        North Carolina 28202

        Attention: Eric Cohen

        Email: eric.cohen@53.com

         

	City National Bank	 	
        City National Bank

        350 S. Grand Ave, 4th Floor

        Los Angeles,
        California 90071

 

    1

     

    

 

	 	 	Attention:
    Genevieve Zubia, Loan Syndication Administrator
	 	 	Email: CLC354Syn4444@cnb.com
	 	 	Telephone: (213) 252-4847
	 	 	Facsimile: (310) 888-6795
	 	 	AND
	 	 	City National Bank
	 	 	555 S. Flower Street, 21st Floor
	 	 	Los Angeles, California 90071
	 	 	Attention: Emmanuel Gomez, Loan Administrator
	 	 	Email: Emmanuel.Gomez@cnb.com
	 	 	Telephone: (213) 218-4162
	 	 	Facsimile: (213) 673-0414
	 	 	 
	United Community Bank	 	Specialized Loan Servicing
	 	 	Email: specializedloanservicing@ucbi.com
	 	 	AND
	 	 	United Community Bank
	 	 	306 E. North Street
	 	 	Greenville, South Carolina 29601
	 	 	Attention: Kathy Dalton, Specialized Lending Assistant
	 	 	Email: Kathy_Dalton@ucbi.com
	 	 	Telephone: (864) 335-0768
	 	 	 
	National Cooperative Bank, N.A.	 	National Cooperative Bank, N.A.
	 	 	2011 Crystal Drive, Suite 800
	 	 	Arlington, Virginia 22202
	 	 	Attention: Kamille Carrington, AVP – Loan Closing and
	 	 	Cynthia Hallman, AVP – Loan Closing
	 	 	Email: kcarrington@ncb.coop and challman@ncb.coop
	 	 	Telephone: (703) 302-1968

 

    2

     

    

 

Schedule
1.1(b)

 

Closing Date
Projects

 

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

 

	Project Holding Entity Name	 	Project Location	 	Project Value	 	 	Tax Credit Party	 	Excluded Tax Credit 
 Subsidiary
	WE 46 Precision Drive LLC	 	46 Precision Drive, North Springfield, VT 05150	 	$	800,784	 	 	N/A	 	N/A
	City Solar Garden LLC	 	201 Woodstock Ave, Rutland, VT 05701	 	$	2,025,636	 	 	N/A	 	N/A
	Airport Solar I, LLC	 	11190 North Queensburg St, Denver CO 80249	 	$	2,872,624	 	 	N/A	 	N/A
	Bloomfield Solar, LLC	 	1415 Blue Hills Ave., Bloomfield, CT 06002	 	$	171,070	 	 	N/A	 	N/A
	MLH Phase 2 LLC	 	2650 NE 53rd Ave, Gainesville, FL 32609	 	$	2,073,988	 	 	N/A	 	N/A
	MLH Phase 3, LLC	 	2650 NE 53rd Ave, Gainesville, FL 32609	 	$	1,341,104	 	 	N/A	 	N/A
	MP2 Green Valley ES, LLC	 	5290 Kittredge St., Denver, CO 
80239 4100 N. Jericho St., Denver, CO 80249 5130
    Durham Ct., Denver, 	 	$	294,868	 	 	N/A	 	N/A
	South Robeson Solar Farm, LLC / South Robeson Farm, LLC	 	7821 NC HWY 710 South Rowland, NC 28383	 	$	3,122,078	 	 	N/A	 	N/A
	Lincoln Farm I, LLC	 	2724 Huntsville Hwy, Fayetteville, TN 37334	 	$	649,6671	 	 	N/A	 	N/A
	Lincoln Farm II, LLC	 	2730 Huntsville Hwy, Fayetteville, TN 37334	 	$	649,667	 	 	N/A	 	N/A
	Lincoln Farm III, LLC	 	2742 Huntsville Hwy, Fayetteville, TN 37334	 	$	649,667	 	 	N/A	 	N/A
	Lincoln Farm IV, LLC	 	564 Huntsville Hwy, Fayetteville, TN 37334	 	$	649,667	 	 	N/A	 	N/A
	Solaverde, LLC	 	105 Brookside Drive, Fayetteville, TN 37334

 126 Ardmore Highway, Fayetteville, TN 37334 

206 Cotton Mill Road, Fayetteville, TN 37334

228 Cotton Mill Road, Fayetteville, TN 37334

230 Cotton Mill Road, Fayetteville, TN 37334

246 Cotton Mill Road, Fayetteville, TN 37334

306 Eldad Road, Fayetteville, TN 37334 
314 Eldad Road, Fayetteville, TN 37334 
	 	$	381,999	 	 	N/A	 	N/A
	Earth Right Energy II, LLC	 	207 Richardson Street, Tazewell, TN 37879

375 Court Street, Sneedville, TN 37869 418

Harris Street, Sneedville, TN 37869	 	$	0	 	 	N/A	 	N/A

 

 

 

		1	$649,667 is the aggregate
Project Value for Lincoln Farm I, LLC, Lincoln Farm II, LLC, Lincoln Farm III, LLC and Lincoln Farm IV, LLC.

    3

     

    

 

	MP2 Capital - WGBH Educational Foundation, LLC	 	1 Guest Street, Boston, MA 02135	 	$	186,175	 	 	N/A	 	N/A
	MP2/IRG-Petaluma City Schools, LLC	 	800 Reisling Road, Petaluma, CA 95073	 	$	156,580	 	 	N/A	 	N/A
	MP2-Oregon Solar One, LLC	 	401 Old San Jose Road, Soquel CA 94952	 	$	450,703	 	 	N/A	 	N/A
	ESA Fleet Community Solar, LLC	 	1010 S. Wesmorland Ave., Orlando, FL 32805	 	$	646,579	 	 	N/A	 	N/A
	North Carolina Solar I, LLC	 	1420/1520 Stewartsville Rd., Laurinburg, NC 28352	 	$	2,635,708	 	 	N/A	 	N/A
	MP2 Hawaii Solar I, LLC	 	4134A Noho Road, Koloa, HI 96756	 	$	690,970	 	 	N/A	 	N/A
	North Carolina Solar II, LLC	 	US 401 S. & Tartan Rd., Laurinburg, NC 28352	 	$	1,303,277	 	 	N/A	 	N/A
	Sunsense Clayton Lessee, LLC	 	33 Pony Farm Road, Clayton, NC 27520	 	$	502,313	 	 	N/A	 	N/A
	Sunsense Fletcher Lessee, LLC	 	4600 Hendersonville Rd., Fletcher, NC 28732	 	$	554,024	 	 	N/A	 	N/A
	Sunsense Inman Lessee, LLC	 	2315 Atlantic Ave., Raleigh, NC 27604	 	$	471,452	 	 	N/A	 	N/A
	Turtle Top Solar LLC	 	67819 State Road 15, New Paris, IN 46553	 	$	578,007	 	 	N/A	 	N/A
	Hartford Solarfield, LLC	 	2590 North Hartland Road, Hartford, VT 05763	 	$	804,687	 	 	N/A	 	N/A
	Pittsford GLC Solar, LLC	 	Kendall Hill Road, Pittsford, VT 05763	 	$	739,073	 	 	N/A	 	N/A
	Proctor GLC Solar, LLC	 	2824 West Street, Proctor, VT 05765	 	$	759,394	 	 	N/A	 	N/A
	Novus Royalton Solar, LLC	 	3721 Gee Hill Road, Royalton, VT 05068	 	$	736,716	 	 	N/A	 	N/A
	Charter Hill Solar, LLC	 	End of Grandview Terrace, Rutland, VT 05701	 	$	1,747,447	 	 	N/A	 	N/A
	GLC Chester Community Solar, LLC	 	391 VT Route, Chester, VT 05143	 	$	1,445,783	 	 	N/A	 	N/A
	Williamstown Old Town Road Solar, LLC	 	228 Old Town Road, Williamstown, VT 05679	 	$	753,002	 	 	N/A	 	N/A
	Radiance Solar 4 LLC	 	43050 90th Street West, Lancaster, CA 93536	 	$	2,583,683	 	 	N/A	 	N/A

 

    4

     

    

 

	Radiance Solar 5 LLC	 	43052 90th Street West, Lancaster, CA 93536	 	$	2,550,977	 	 	N/A	 	N/A
	Faison Solar LLC/ Faison Lessee LLC	 	166 Robert Hobbs Rd., Faison, NC 28341	 	$	988,392	 	 	HREF-3 Lessor LLC/ 
 HREF-3 Lessee LLC(2)	 	Yes
	ESA Four Oaks NC1, LLC/ Four Oaks Lessee LLC	 	1667 North Carolina Hwy 96 South, Four Oaks, NC 27524	 	$	3,195,258	 	 	HREF-3 Lessor LLC/ 
 HREF-3 Lessee LLC(1)	 	Yes
	Nitro Solar, LLC/ Nitro Lessee LLC	 	Yelverton Grove Rd., Smithfield, NC 27577	 	$	2,969,996	 	 	HREF-3 Lessor LLC/ 
 HREF-3 Lessee LLC(1)	 	Yes
	ESA Princeton NC, LLC/ Princeton Lessee LLC	 	4250 Bizzell Grove Church Rd., Princeton, NC 27568	 	$	3,255,943	 	 	HREF-3 Lessor LLC/ 
 HREF-3 Lessee LLC(1)	 	Yes
	Sarah Solar, LLC/ Sarah Lessee LLC	 	171 Brewer Rd., Louisburg, NC 27549	 	$	3,152,095	 	 	HREF-3 Lessor LLC/ 
 HREF-3 Lessee LLC(1)	 	Yes
	PCIP Solar LLC	 	5661 Durham Road, Roxboro, NC 27574	 	$	1,641,658	 	 	N/A	 	N/A
	Phelps 158 Solar Farm, LLC	 	1341 US Highway 158, Conway, NC 27820	 	$	4,677,760	 	 	Phelps Holdings LLC	 	Yes
	Newington Solar, LLC	 	155 Harding Avenue, Newington, CT 06111	 	$	305,919	 	 	N/A	 	N/A
	Oregon Solar II, LLC	 	County Road 32A, Winters, CA 95694	 	$	974,308	 	 	N/A	 	N/A
	RSD7 Solar, LLC	 	100 Battistoni Drive, Winchester, CT 06094	 	$	611,933	 	 	N/A	 	N/A
	Grizzly Bear Solar LLC	 	205 Edgemont Blvd, Alamosa, CO 81101	 	$	399,351	 	 	N/A	 	N/A
	Sacramento Vineyard Solar LLC	 	10151 Florin Road, Sacramento, CA 95829	 	$	665,116	 	 	N/A	 	N/A
	Goshen Solar, LLC	 	3535 Corrie Drive, Goshen, IN 46526	 	$	964,545	 	 	N/A	 	N/A
	Solon TV1, LLC	 	TVSD-EGJHS: 11150 E Tanque Verde Road, Tucson, AZ 85749 TVSD-TVHS: 4201 N Melpomene Way Tucson, AZ 85749	 	$	1,786,869	 	 	N/A	 	N/A
	Milford Raman Solar, LLC	 	802 N Old SR 15, Milford, IN 46542	 	$	318,839	 	 	N/A	 	N/A
	MR Realty Solar, LLC	 	7250 S 700 W, Topeka, IN 46571	 	$	673,985	 	 	N/A	 	N/A

 

 

 

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

 

    5

     

    

 

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

		a.	Green Maple LLC

		b.	East to West Solar II LLC

		c.	Magnolia Sun LLC

		d.	Powerhouse One, LLC

		e.	Foresight Solar LLC

		f.	HREF-3 Parent LLC

		g.	Holocene Renewable Energy Fund 3, LLC

		h.	Six States Solar II LLC

		i.	Phelps Management LLC

 

    6

     

    

 

Schedule 1.1(c)

 

Approved Engineers

 

		1.	Enertis

		2.	Borrego Solar

		3.	DNV GL

		4.	Radian Generation

		5.	Natural Power

		6.	BEW Engineering

		7.	Luminate

		8.	Black and Veatch

		9.	Bay4

		10.	Clean Energy Associates

		11.	Leidos Engineering, LLC

 

    7

     

    

 

Schedule
1.1(d)

 

Specified
Offtakers 

 

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

 

		1.	Duke Energy

		2.	Southern Company

		3.	NextEra (FPL)

		4.	Dominion Power

		5.	Idaho Power

		6.	Tennessee Valley Authority

		7.	Progress

		8.	Xcel Energy

		9.	Pacificorp

		10.	Imperial Irrigation District

		11.	Portland General Electric

		12.	Northwest Energy

		13.	National Grid

		14.	Eversource

		15.	Green Mountain Power

 

    8

     

    

 

Schedule
1.1(e) 

 

Pre-Approved Borrowing Base Projects

 

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

 

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

Subsidiary
	North Palm Springs Investments, LLC	 	61125 Dillon Road, Desert Palm Springs, CA 92282	 	To be determined when this Project becomes a Borrowing Base Project	 	N/A	 	No

 

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

		a.	Golden Horizons Solar LLC

    9

     

    

 

Schedule
2.19

 

Project Documents

 

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

 

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

 

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

 

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

 

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

 

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

 

		7.	Projections. Projected statements of income and cash flows for the Project, in reasonable
detail, together with any appropriate statement of assumptions, and projected energy generation of the Project, on a quarterly
basis, in each case through the Project Amortization Period for such Project.

    10

     

    

 

Schedule
4.1

 

Jurisdictions of Organization

 

	Name	 	Jurisdiction 

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

    11

     

    

 

	Solaverde, LLC	 	Virginia
	Earth Right Energy II, LLC	 	Tennessee
	Green Maple LLC	 	Delaware
	Charter Hill Solar, LLC	 	Vermont
	GLC Chester Community Solar, LLC	 	Vermont
	Hartford Solarfield, LLC	 	Vermont
	Novus Royalton Solar, LLC	 	Vermont
	Pittsford GLC Solar, LLC	 	Vermont
	Proctor GLC Solar, LLC	 	Vermont
	Williamstown Old Town Road Solar, LLC	 	Vermont
	ESA Fleet Community Solar, LLC	 	Florida
	North Carolina Solar I, LLC	 	North Carolina
	MP2 Hawaii Solar I, LLC	 	Delaware
	North Carolina Solar II, LLC	 	North Carolina
	Sunsense Clayton Lessee, LLC	 	North Carolina
	Sunsense Fletcher Lessee, LLC	 	North Carolina
	Sunsense Inman Lessee, LLC	 	North Carolina
	Turtle Top Solar LLC	 	Indiana
	Radiance Solar 4 LLC	 	Delaware
	Radiance Solar 5 LLC	 	Delaware
	PCIP Solar LLC	 	North Carolina
	Phelps Management LLC	 	Delaware
	HREF-3 Parent LLC	 	Delaware
	Holocene Renewable Energy Fund 3, LLC	 	North Carolina
	Six States Solar II LLC	 	Delaware
	Newington Solar, LLC	 	Delaware
	Oregon Solar II, LLC	 	Delaware
	RSD7 Solar, LLC	 	Delaware
	Grizzly Bear Solar LLC	 	Delaware
	Sacramento Vineyard Solar LLC	 	Delaware
	Goshen Solar, LLC	 	Delaware
	Solon TV1, LLC	 	Delaware
	Milford Raman Solar, LLC	 	Delaware
	MR Realty Solar, LLC	 	Delaware

    12

     

    

 

Schedule
4.7

 

Subsidiaries

 

	Name	 	Jurisdiction of Formation	 	Aggregate Capital Stock Outstanding	 	Holders of Capital Stock
	I.    Credit
Parties that are not Subsidiaries of Borrower
	Greenbacker Renewable Energy Company LLC	 	Delaware	 	43,838,348.003 shares as of June 1, 2019	 	Holders of capital stock in this 

entity are public shareholders
	Greenbacker Renewable Energy Corporation	 	Maryland	 	
        100% of Capital
Stock held by

Greenbacker Renewable Energy Company LLC

	 	
        100% of Capital
Stock held by

Greenbacker Renewable Energy Company LLC

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

Greenbacker Renewable Energy Corporation	 	100% of Capital Stock held by 

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

GREC Entity Holdco LLC	 	100% of the Capital Stock held by 

GREC Entity Holdco LLC
	WE 46 Precision Drive LLC	 	Delaware	 	100% of the Capital Stock held by 

Green Maple LLC	 	100% of the Capital Stock held by 

Green Maple LLC
	City Solar Garden LLC	 	Vermont	 	100% of the Capital Stock held by 

Green Maple LLC	 	100% of the Capital Stock held by 

Green Maple LLC
	Charter Hill Solar, LLC	 	Vermont	 	100% of Capital Stock held by 

Green Maple LLC	 	100% of Capital Stock held by 

Green Maple LLC
	GLC Chester Community Solar, LLC	 	Vermont	 	100% of Capital Stock held by 

Green Maple LLC	 	100% of Capital Stock held by 

Green Maple LLC
	Hartford Solarfield, LLC	 	Vermont	 	100% of Capital Stock held by 

Green Maple LLC	 	100% of Capital Stock held by 

Green Maple LLC
	Novus Royalton Solar, LLC	 	Vermont	 	100% of Capital Stock held by 

Green Maple LLC	 	100% of Capital Stock held by 

Green Maple LLC
	Pittsford GLC Solar, LLC	 	Vermont	 	100% of Capital Stock held by	 	100% of Capital Stock held by

 

    13

     

    

 

	Name	 	Jurisdiction of Formation	 	Aggregate Capital Stock Outstanding	 	Holders of Capital Stock
	 	 	 	 	Green Maple LLC	 	Green Maple LLC
	Proctor GLC Solar, LLC	 	Vermont	 	100% of Capital Stock held by 

Green Maple LLC	 	100% of Capital Stock held by 

Green Maple LLC
	Williamstown Old Town Road Solar, LLC	 	Vermont	 	100% of Capital Stock held by 

Green Maple LLC	 	100% of Capital Stock held by 

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

GREC Entity Holdco LLC	 	100% of the Capital Stock held by 

GREC Entity Holdco LLC
	Airport Solar I, LLC	 	Delaware	 	100% of the Capital Stock held by 

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

East to West Solar II LLC
	Bloomfield Solar, LLC	 	Delaware	 	100% of the Capital Stock held 

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

East to West Solar II LLC
	MLH Phase 2 LLC	 	Florida	 	100% of the Capital Stock held by 

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

East to West Solar II LLC
	MLH Phase 3, LLC	 	Florida	 	100% of the Capital Stock held by 

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

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

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

East to West Solar II LLC
	PCIP Solar LLC	 	North 

Carolina	 	100% of the Capital Stock held by 

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

East to West Solar II LLC
	South Robeson Solar Farm, LLC	 	North 

Carolina	 	100% of the Capital Stock held by 

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

East to West Solar II LLC
	South Robeson Farm, LLC	 	North 

Carolina	 	100% of the Capital Stock held by 

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

East to West Solar II LLC
	ESA Fleet Community Solar, LLC	 	Florida	 	100% of the Capital Stock held by 

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

East to West Solar II LLC
	North Carolina Solar I, LLC	 	North 

Carolina	 	100% of the Capital Stock held by 

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

East to West Solar II LLC
	MP2 Hawaii Solar I, LLC	 	Delaware	 	100% of the Capital Stock held by 

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

East to West Solar II LLC

 

    14

     

    

 

	Name	 	Jurisdiction of Formation	 	Aggregate Capital Stock Outstanding	 	Holders of Capital Stock
	North Carolina Solar II, LLC	 	North 

Carolina	 	100% of the Capital Stock held by 

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

East to West Solar II LLC
	Sunsense Clayton Lessee, LLC	 	North 

Carolina	 	100% of the Capital Stock held by 

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

East to West Solar II LLC
	Sunsense Fletcher Lessee, LLC	 	North 

Carolina	 	100% of the Capital Stock held by 

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

East to West Solar II LLC
	Sunsense Inman Lessee, LLC	 	North 

Carolina	 	100% of the Capital Stock held by 

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

East to West Solar II LLC
	Turtle Top Solar LLC	 	Indiana	 	100% of the Capital Stock held by 

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

East to West Solar II LLC
	Magnolia Sun LLC	 	Delaware	 	100% of the Capital Stock held by 

GREC Entity Holdco LLC	 	100% of the Capital Stock held by 

GREC Entity Holdco LLC
	
        MP2 Capital
– WGBH Educational Foundation, LLC

	 	Delaware	 	100% of the Capital Stock held by 

Magnolia Sun LLC	 	100% of the Capital Stock held by 

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

Magnolia Sun LLC	 	100% of the Capital Stock held by 

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

Magnolia Sun LLC	 	100% of the Capital Stock held by 

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

Magnolia Sun LLC	 	100% of the Capital Stock held by 

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

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

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

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

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

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

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

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

Powerhouse One, LLC

 

    15

     

    

 

	Name	 	Jurisdiction of Formation	 	Aggregate Capital Stock Outstanding	 	Holders of Capital Stock
	Solaverde, LLC	 	Virginia	 	100% of the Capital Stock held by 

Magnolia Sun LLC	 	100% of the Capital Stock held by 

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

Magnolia Sun LLC	 	100% of the Capital Stock held by 

Magnolia Sun LLC
	Foresight Solar LLC (f/k/a/ Green Maple II LLC)	 	Delaware	 	100% of the Capital Stock held by 

GREC Entity Holdco LLC	 	100% of the Capital Stock held by 

GREC Entity Holdco LLC
	Radiance Solar 4 LLC	 	Delaware	 	100% of the Capital Stock held by 

Foresight Solar LLC	 	100% of the Capital Stock held by 

Foresight Solar LLC
	Radiance Solar 5 LLC	 	Delaware	 	100% of the Capital Stock held by 

Foresight Solar LLC	 	100% of the Capital Stock held by 

Foresight Solar LLC
	Phelps Management LLC	 	Delaware	 	100% of the Capital Stock held by 

GREC Entity Holdco LLC	 	100% of the Capital Stock held by 

GREC Entity Holdco LLC
	Phelps Holdings LLC	 	Delaware	 	1% of the Capital Stock held by 

Phelps Management LLC; 99% of the Capital Stock held by Conway RG Solar, LLC	 	100% of the Class B Capital Stock held by Phelps Management LLC; 100% of the Class A Capital Stock held by Conway RG Solar, LLC
	Phelps 158 Solar Farm, LLC	 	Delaware	 	100% of the Capital Stock held by 

Phelps Holdings LLC	 	100% of the Capital Stock held by 

Phelps Holdings LLC
	HREF-3 Parent LLC	 	Delaware	 	100% of the Capital Stock held by 

GREC Entity Holdco LLC	 	100% of the Capital Stock held by 

GREC Entity Holdco LLC
	Holocene Renewable Energy Fund 3, LLC	 	North Carolina	 	100% of the Capital Stock held by 

HREF-3 Parent LLC	 	100% of the Capital Stock held by 

HREF-3 Parent LLC
	HREF-3 Lessor LLC	 	Delaware	 	1% of the Capital Stock held by 

Holocene Renewable Energy Fund 3, LLC; 

99% of the Capital Stock held by Citibank, N.A.	 	1% of the Capital Stock held by 

Holocene Renewable Energy Fund 3, LLC; 

99% of the Capital Stock held by Citibank, N.A.
	HREF-3 Lessee LLC	 	Delaware	 	1% of the Capital Stock held by 

Holocene Renewable Energy Fund 3, LLC; 

99% of the Capital Stock held by Firstar Development, LLC	 	100% of the Class B Capital Stock held by Holocene Renewable Energy Fund 3, LLC; 100% of the Class A Capital Stock held by Firstar Development, LLC

 

    16

     

    

 

	Name	 	Jurisdiction of Formation	 	Aggregate Capital Stock Outstanding	 	Holders of Capital Stock
	Faison Solar LLC	 	Delaware	 	100% of the Capital Stock held by 

HREF-3 Lessor LLC	 	100% of the Capital Stock held by 

HREF-3 Lessor LLC
	Nitro Solar, LLC	 	Nevada	 	100% of the Capital Stock held by 

HREF-3 Lessor LLC	 	100% of the Capital Stock held by 

HREF-3 Lessor LLC
	ESA Princeton NC, LLC	 	Florida	 	100% of the Capital Stock held by 

HREF-3 Lessor LLC	 	100% of the Capital Stock held by 

HREF-3 Lessor LLC
	Sarah Solar, LLC	 	Nevada	 	100% of the Capital Stock held by 

HREF-3 Lessor LLC	 	100% of the Capital Stock held by 

HREF-3 Lessor LLC
	ESA Four Oaks NC 1, LLC	 	Florida	 	100% of the Capital Stock held by 

HREF-3 Lessor LLC	 	100% of the Capital Stock held by 

HREF-3 Lessor LLC
	Faison Lessee LLC	 	Delaware	 	100% of the Capital Stock held by 

HREF-3 Lessee LLC	 	100% of the Capital Stock held by 

HREF-3 Lessee LLC
	Nitro Lessee LLC	 	Delaware	 	100% of the Capital Stock held by 

HREF-3 Lessee LLC	 	100% of the Capital Stock held by 

HREF-3 Lessee LLC
	Princeton Lessee LLC	 	Delaware	 	100% of the Capital Stock held by 

HREF-3 Lessee LLC	 	100% of the Capital Stock held by 

HREF-3 Lessee LLC
	Sarah Lessee LLC	 	Delaware	 	100% of the Capital Stock held by 

HREF-3 Lessee LLC	 	100% of the Capital Stock held by 

HREF-3 Lessee LLC
	Four Oaks Lessee LLC	 	Delaware	 	100% of the Capital Stock held by 

HREF-3 Lessee LLC	 	100% of the Capital Stock held by 

HREF-3 Lessee LLC
	Six States Solar II LLC	 	Delaware	 	100% of the Capital Stock held by 

GREC Entity Holdco LLC	 	100% of the Capital Stock held by 

GREC Entity Holdco LLC
	Newington Solar, LLC	 	Delaware	 	100% of the Capital Stock held by 

Six States Solar II LLC	 	100% of the Capital Stock held by 

Six States Solar II LLC
	Oregon Solar II, LLC	 	Delaware	 	100% of the Capital Stock held by 

Six States Solar II LLC	 	100% of the Capital Stock held by 

Six States Solar II LLC
	RSD7 Solar, LLC	 	Delaware	 	100% of the Capital Stock held by 

Six States Solar II LLC	 	100% of the Capital Stock held by 

Six States Solar II LLC

 

    17

     

    

 

	Name	 	Jurisdiction of Formation	 	Aggregate Capital Stock Outstanding	 	Holders of Capital Stock
	Grizzly Bear Solar LLC	 	Delaware	 	100% of the Capital Stock held by 

Six States Solar II LLC	 	100% of the Capital Stock held by 

Six States Solar II LLC
	Sacramento Vineyard Solar LLC	 	Delaware	 	100% of the Capital Stock held by 

Six States Solar II LLC	 	100% of the Capital Stock held by 

Six States Solar II LLC
	Goshen Solar, LLC	 	Delaware	 	100% of the Capital Stock held by 

Six States Solar II LLC	 	100% of the Capital Stock held by 

Six States Solar II LLC
	Solon TV1, LLC	 	Delaware	 	100% of the Capital Stock held by 

Six States Solar II LLC	 	100% of the Capital Stock held by 

Six States Solar II LLC
	Milford Raman Solar, LLC	 	Delaware	 	100% of the Capital Stock held by 

Six States Solar II LLC	 	100% of the Capital Stock held by 

Six States Solar II LLC
	MR Realty Solar, LLC	 	Delaware	 	100% of the Capital Stock held by 

Six States Solar II LLC	 	100% of the Capital Stock held by 

Six States Solar II LLC

 

    18

     

    

 

Schedule
4.12

 

Real Property Interests

 

Realty of the Restricted Parties:

 

	Entity Name	 	Owner of Realty	 	Address	 	Nature of Use	 	Nature of Realty Interest
	WE 46 Precision Drive LLC	 	WE 36 Precision Dr NM LLC	 	46 Precision Drive, North Springfield, VT 05150	 	solar farm	 	Leasehold
	City Solar Garden LLC	 	City of Rutland	 	201 Woodstock Ave, Rutland, VT 05701	 	solar farm	 	Leasehold
	Airport Solar I, LLC	 	City and County of Denver	 	11190 North Queensburg St, Denver CO 80249	 	solar farm	 	Leasehold
	Bloomfield Solar, LLC	 	H.G Conn Realty Corp.3	 	1415 Blue Hills Ave., Bloomfield, CT 06002	 	solar farm	 	Leasehold
	MLH Phase 2 LLC	 	MLH Phase 2 LLC	 	2650 NE 53rd Ave, Gainesville, FL 32609	 	solar farm	 	Fee
	MLH Phase 3, LLC	 	Murphree Land Holdings LLC	 	2650 NE 53rd Ave, Gainesville, FL 32609	 	solar farm	 	Leasehold
	MP2 Green Valley ES, LLC	 	Denver Public Schools	 	5290 Kittredge St., Denver, CO 80239 4100 N. Jericho St., Denver, CO 80249 5130 Durham Ct., Denver, CO 80239	 	solar farm	 	Leasehold
	PCIP Solar LLC	 	Person County Business and Industrial Center	 	5661 Durham Road, Roxboro, NC 27574	 	solar farm	 	Leasehold
	South Robeson Solar Farm, LLC	 	Billy Dean Hunt & Judy Ann Hunt	 	7821 NC HWY 710 South Rowland, NC 28383	 	solar farm	 	Leasehold
	Lincoln Farm I, LLC	 	Danielle Brown	 	2724 Huntsville Hwy, Fayetteville, TN 37334	 	solar farm	 	Leasehold
	Lincoln Farm II, LLC	 	Danielle Brown	 	2730 Huntsville Hwy, Fayetteville, TN 37334	 	solar farm	 	Leasehold
	Lincoln Farm III, LLC	 	Danielle Brown	 	2742 Huntsville Hwy, Fayetteville, TN 37334	 	solar farm	 	Leasehold
	Lincoln Farm IV, LLC	 	William Barry Brown Jr	 	564 Huntsville Hwy, Fayetteville, TN 37334	 	solar farm	 	Leasehold
	Solaverde, LLC	 	Cotton Mill LLC	 	105 Brookside Drive, Fayetteville, TN 37334	 	solar farm	 	Leasehold
	Solaverde, LLC	 	William Brown	 	126 Ardmore Highway, Fayetteville, TN 37334	 	solar farm	 	Leasehold
	Solaverde, LLC	 	Cotton Mill LLC	 	206 Cotton Mill Road, Fayetteville, TN 37334	 	solar farm	 	Leasehold
	Solaverde, LLC	 	Cotton Mill LLC	 	228 Cotton Mill Road, Fayetteville, TN 37334	 	solar farm	 	Leasehold
	Solaverde, LLC	 	Cotton Mill LLC	 	230 Cotton Mill Road, Fayetteville, TN 37334	 	solar farm	 	Leasehold
	Solaverde, LLC	 	Cotton Mill LLC	 	246 Cotton Mill Road, Fayetteville, TN 37334	 	solar farm	 	Leasehold

 

 

 

		3	Name of company occupying
building that has leased its rooftop.

    19

     

    

 

	Solaverde, LLC	 	Danielle Brown	 	306 Eldad Road, Fayetteville, TN 37334	 	solar farm	 	Leasehold
	Solaverde, LLC	 	Danielle Brown	 	314 Eldad Road, Fayetteville, TN 37334	 	solar farm	 	Leasehold
	Earth Right Energy II, LLC	 	Town of Tazewell TN	 	207 Richardson Road, Tazewell, TN 37879	 	solar farm	 	Leasehold
	Earth Right Energy II, LLC	 	Hancock County Board of Education	 	375 Court Street, Sneedville, TN 37869	 	solar farm	 	Leasehold
	Earth Right Energy II, LLC	 	Hancock County Board of Education	 	418 Harrison Street, Sneedville, TN 37869	 	solar farm	 	Leasehold
	MP2 Capital – WGBH Educational Foundation, LLC	 	WGBH Educational Foundation	 	1 Guest Street Boston, MA 02135	 	solar farm	 	Leasehold
	MP2/IRG-Petaluma City Schools, LLC	 	Petaluma City School District	 	800 Reisling Road, Petaluma, CA 95073	 	solar farm	 	Leasehold
	MP2-Oregon Solar One, LLC	 	Santa Cruz City Schools	 	401 Old San Jose Road, Soquel CA 94952	 	solar farm	 	Leasehold
	ESA Fleet Community Solar, LLC	 	 	 	1010 S. Wesmorland Ave., Orlando, FL 32805	 	solar farm	 	 
	North Carolina Solar I, LLC	 	Daniel P. Jones/Joe Dan and Mary Manis	 	1420/1520 Stewartsville Rd., Laurinburg, NC 28352	 	solar farm	 	Leasehold
	MP2 Hawaii Solar I, LLC	 	Omao Ranch Lands, LLC	 	4134A Noho Road, Koloa, HI 96756	 	solar farm	 	Leasehold
	North Carolina Solar II, LLC	 	William D. Bethea and Gloria Bethea	 	US 401 S. & Tartan Rd., Laurinburg, NC 28352	 	solar farm	 	Leasehold
	Sunsense Clayton Lessee, LLC	 	Walthom Group	 	33 Pony Farm Road, Clayton, NC 27520	 	solar farm	 	Leasehold
	Sunsense Fletcher Lessee, LLC	 	Fletcher Warehousing Company, LP	 	4600 Hendersonville Rd., Fletcher, NC 28732	 	solar farm	 	Leasehold
	Sunsense Inman Lessee, LLC	 	Atlantic Partners II, LLC	 	2315 Atlantic Ave., Raleigh, NC 27604	 	solar farm	 	Leasehold
	Turtle Top Solar LLC	 	Independent Protection Company, Inc.	 	67819 State Road 15, New Paris, IN 46553	 	solar farm	 	Leasehold
	Hartford Solarfield, LLC	 	 	 	2590 North Hartland Road, Hartford, VT 05763	 	solar farm	 	Leasehold
	Pittsford GLC Solar, LLC	 	GL Pittsford Holdings, LLC	 	Kendall Hill Road, Pittsford, VT 05763	 	solar farm	 	Leasehold
	Proctor GLC Solar, LLC	 	Mont Vert, LLC	 	2824 West Street, Proctor, VT 05765	 	solar farm	 	Leasehold
	Novus Royalton Solar, LLC	 	Camp Acres, LLC	 	3721 Gee Hill Road, Royalton, VT 05068	 	solar farm	 	Leasehold

 

    20

     

    

 

	Charter Hill Solar, LLC	 	E&K Asset Management, LLC	 	End of Grandview Terrace, Rutland, VT 05701	 	solar farm	 	Leasehold
	GLC Chester Community Solar, LLC	 	 	 	391 VT Route, Chester, VT 05143	 	solar farm	 	Leasehold
	Williamstown Old Town Road Solar,	 	Allen Chouinard	 	228 Old Town Road, Williamstown, VT 05679	 	solar farm	 	Leasehold
	Faison Solar LLC/ Faison Lessee LLC	 	Joseph D. Teachey Revocable Trust	 	166 Robert Hobbs Rd., Faison, NC 28341	 	solar farm	 	Leasehold
	ESA Four Oaks NC1, LLC/ Four Oaks Lessee LLC	 	Travis Lamm	 	1667 North Carolina Hwy 96 South, Four Oaks, NC 27524	 	solar farm	 	Leasehold
	Nitro Solar, LLC/ Nitro Lessee LLC	 	Ashley Gene Spain	 	Yelverton Grove Rd., Smithfield, NC 27577	 	solar farm	 	Leasehold
	ESA Princeton NC, LLC/ Princeton Lessee LLC	 	Blanco Benjamin Parker	 	4250 Bizzell Grove Church Rd., Princeton, NC 27568	 	solar farm	 	Leasehold
	Sarah Solar, LLC/ Sarah Lessee LLC	 	Tony Collins	 	171 Brewer Rd., Louisburg, NC 27549	 	solar farm	 	Leasehold
	Radiance Solar 4 LLC	 	Radiance Solar 4 LLC	 	43050 90th Street West,
    Lancaster, CA 93536	 	solar farm	 	Fee
	Radiance Solar 5 LLC	 	Radiance Solar 5 LLC	 	43052 90th Street West,
    Lancaster, CA 93536	 	solar farm	 	Fee
	Newington Solar, LLC	 	Town of Newington	 	155 Harding Ave, Newington, CT 06111	 	solar farm	 	License
	Oregon Solar II, LLC	 	City of Winters	 	County Road 32A, Winters, CA 95694	 	solar farm	 	License
	RSD7 Solar, LLC	 	Northwestern Regional School District #7	 	100 Battistoni Dr, Winchester, CT 06098	 	solar farm	 	Leasehold
	Grizzly Bear Solar LLC	 	State of Colorado	 	205 Edgemont Blvd, Alamosa, CO 81101	 	solar farm	 	Leasehold
	Sacramento Vineyard Solar LLC	 	Sacramento County Water Agency	 	10151 Florin Rd, Sacramento, CA 95829	 	solar farm	 	Leasehold
	Goshen Solar, LLC	 	Harvest Property Investments LLC	 	3535 Corrie Dr, Goshen, IN 46526	 	solar farm	 	Leasehold
	Solon TV1, LLC	 	Tanque Verde Unified School District No. 13	 	
        TVSD-EGJHS: 11150 E Tanque Verde Road, Tucson,
        AZ 85749

        TVSD-TVHS: 4201 N Melpomene Way Tucson, AZ 85749

	 	solar farm	 	Leasehold
	Milford Raman Solar, LLC	 	Milford Property, LLC	 	802 N Old SR 15, Milford, IN 46542	 	solar farm	 	Leasehold
	MR Realty Solar, LLC	 	Thor Industries, LLC	 	7250 S. 700 W, Topeka, IN 46571	 	solar farm	 	Leasehold
	Phelps 158 Solar Farm, LLC	 	Betsy Hall Phelps and Gloria Sumner Clemmons	 	1341 US Hwy 158, Conway, NC 27820	 	solar farm	 	Leasehold

    21

     

    

 

Schedule 4.14

 

Environmental Matters

 

Section 4.14(a):
None.

 

Section
4.14(b): None.

 

Section
4.14(c): None.

 

    22

     

    

 

Schedule 4.16

 

Intellectual Property

 

None.

 

    23

     

    

 

Schedule
4.18

 

Insurance Coverage

 

	Insurer	 	Policy	 	Type
    of Insurance	 	Coverage Limits	 	Deductibles	 	Expiration
    Date
	Lloyd’s of London	 	SO184667001	 	Property	 	Per each project; please see Table A below:	 	

$25,000 per project

 

        Business

        Interruption

        Deductible: 15 days

         

        Earthquake

        Deductible: 5% MIN/100K/30 days

         

        Flood Deductible: 5% MIN/100K/30 days

         

        Windstorm Deductible: 5% MIN/100K/30 days

	 	June 30, 2019
	Charter Oak Fire Insurance Company	 	
        Y-660-

        0L377176-COF-
	 	General Liability	 	Each occurrence: $1,000,000 General aggregate: $2,000,000	 	 	 	June 30, 2019
	Travelers Indemnity Company of America	 	

BA0L074510181

        4G

	 	Automobile	 	Combined single limit: $1,000,000	 	 	 	June 30, 2019
	Travelers Property Casualty Company of America	 	CUP-0L388246- 18-14	 	Umbrella	 	Each occurrence: $10,000,000 Aggregate: $10,000,000	 	 	 	June 30, 2019

 

    24

     

    

 

Table A

 

	Owner	 	Site Name	 	Address	 	CITY	 	STATE	 	ZIP CODE	 	PHYSICAL DAMAGE	 	 	LOSS OF INCOME	 
	East to West Solar II LLC	 	MP2 Green Valley ES, LLC	 	4100 N. Jericho St.	 	Denver	 	CO	 	80249	 	$	190,385	 	 	$	26,654	 
	East to West Solar II LLC	 	MP2 Green Valley ES, LLC	 	5130 Durham Ct.	 	Denver	 	CO	 	80239	 	$	190,385	 	 	$	26,654	 
	East to West Solar II LLC	 	MP2 Green Valley ES, LLC	 	5290 Kittredge St.	 	Denver	 	CO	 	80239	 	$	190,385	 	 	$	26,654	 
	East to West Solar II LLC	 	ESA Fleet Community Solar, LLC	 	1010 S. Wesmorland.	 	Orlando	 	FL	 	32805	 	$	698,475	 	 	$	97,787	 
	East to West Solar II LLC	 	MP2 Hawaii Solar, LLC	 	4135A Noho Road	 	Koloa	 	HI	 	96756	 	$	487,368	 	 	$	68,231	 
	East to West Solar II LLC	 	Turtle Top Solar, LLC	 	67819 State Road 15	 	New Paris	 	IN	 	46553	 	$	703,463	 	 	$	98,485	 
	East to West Solar II LLC	 	North Carolina Solar I, Lessee, LLC	 	1420/1520 Stewartsville	 	Laurinburg	 	NC	 	28352	 	$	2,906,628	 	 	$	420,795	 
	East to West Solar II LLC	 	SunSense Inman Lessee, LLC	 	2315 Atlantic Ave.	 	Raleigh	 	NC	 	27604	 	$	835,000	 	 	$	100,200	 
	East to West Solar II LLC	 	SunSense Clayton Lessee, LLC	 	33 Pony Farm Road	 	Clayton	 	NC	 	27520	 	$	829,990	 	 	$	116,199	 
	East to West Solar II LLC	 	SunSense Fletcher Lessee, LLC	 	4600 Hendersonville Rd.	 	Fletcher	 	NC	 	28732	 	$	829,990	 	 	$	116,199	 
	East to West Solar II LLC	 	North Carolina Solar II Lessee, LLC	 	US 401 S. & Tartan Rd.	 	Laurinburg	 	NC	 	28352	 	$	2,930,078	 	 	$	301,348	 
	East to West Solar II LLC	 	PCIP Solar, LLC	 	5661 Durham Road	 	Roxboro	 	NC	 	27574	 	$	1,465,391	 	 	$	175,847	 
	East to West Solar II LLC	 	South Robeson Solar Farm, LLC	 	Parcel of Land	 	Rowland	 	NC	 	28383	 	$	7,469,998	 	 	$	763,774	 
	East to West Solar, LLC	 	Phelps 158 Solar Farm LLC	 	13441 US Hwy 158	 	Conway	 	NC	 	27820	 	$	8,243,440	 	 	$	869,462	 
	Foresight Solar LLC	 	Radiance Solar 4 LLC	 	43050 90th St	 	Lancaster	 	CA	 	93536	 	$	2,308,824	 	 	$	277,059	 
	Foresight Solar LLC	 	Radiance Solar 5 LLC	 	43052 90th St	 	Lancaster	 	CA	 	93536	 	$	2,308,824	 	 	$	277,059	 
	Golden Horizons Solar LLC	 	North Palm Springs Investments, LLC	 	SE corner of Dillon Rod and Worsley Road	 	Palm Springs	 	CA	 	92240	 	$	3,747,436	 	 	$	828,321	 
	Golden Horizons Solar LLC	 	North Palm Springs Investments, LLC	 	South of 19th street and east of Karen Avenue	 	Palm Springs	 	CA	 	92240	 	$	6,558,013	 	 	$	1,435,341	 
	Green Maple, LLC	 	Williamstown Old Town Solar, LLC	 	228 Old Town Road	 	Williamstow n	 	VT	 	05679	 	$	958,574	 	 	$	115,029	 
	Green Maple, LLC	 	GLC Chester Community Solar, LLC	 	391 VT Route	 	Chester	 	VT	 	05143	 	$	958,574	 	 	$	115,029	 
	Green Maple, LLC	 	Charter Hill Solar, LLC	 	End of Grandview Terrace	 	Rutland	 	VT	 	05701	 	$	1,434,311	 	 	$	172,117	 
	Green Maple, LLC	 	Pittsford GLC Solar, LLC	 	Kendall Hill Road	 	Pittsford	 	VT	 	05763	 	$	908,820	 	 	$	109,058	 
	Green Maple, LLC	 	Novus Royalton Solar, LLC	 	Gee Hill Road	 	Royalton	 	VT	 	05068	 	$	844,965	 	 	$	101,396	 
	Green Maple, LLC	 	Proctor GLC Solar LLC	 	2824 West Street	 	Proctor	 	VT	 	05765	 	$	887,569	 	 	$	106,508	 

 

    25

     

    

 

	Owner	 	Site Name	 	Address	 	CITY	 	STATE	 	ZIP CODE	 	PHYSICAL DAMAGE	 	 	LOSS OF INCOME	 
	Green Maple, LLC	 	Hartford Solar Field LLC	 	2590 North Hartland Road	 	Hartford	 	VT	 	05763	 	$	952,390	 	 	$	114,287	 
	Green Maple, LLC	 	WE 46 Precision Drive, LLC	 	46 Precision Drive	 	North Springfield	 	VT	 	05150	 	$	952,390	 	 	$	114,287	 
	Green Maple, LLC	 	City Solar Garden, LLC	 	201 Woodstock Ave	 	Rutland	 	VT	 	05701	 	$	1,495,188	 	 	$	179,423	 
	HREF-3 Parent LLC	 	Sarah Solar LLC	 	171 Brewer Rd	 	Louisburg	 	NC	 	27549	 	$	7,399,648	 	 	$	660,409	 
	HREF-3 Parent LLC	 	Faison Solar LLC	 	166 Robert Hobbs Rd	 	Faison	 	NC	 	28341	 	$	2,688,543	 	 	$	239,147	 
	HREF-3 Parent LLC	 	Nitro Solar, LLC	 	Yelverton Grove Rd	 	Smithfield	 	NC	 	27577	 	$	7,295,295	 	 	$	657,169	 
	HREF-3 Parent LLC	 	ESA Four Oaks NC 1, LLC	 	1141 Keen Rd	 	Four Oaks,	 	NC	 	27524	 	$	7,622,423	 	 	$	668,872	 
	HREF-3 Parent LLC	 	ESA Princeton NC, LLC	 	4250 Bizzell Grove Church Rd.	 	Princeton	 	NC	 	27568	 	$	7,623,595	 	 	$	672,542	 
	Magnolia Sun LLC	 	MP2 - Oregon Solar One, LLC	 	401 Old San Jose Road	 	Soquel	 	CA	 	95073	 	$	590,625	 	 	$	82,688	 
	Magnolia Sun LLC	 	MP2 IRG - Petaluma City Schools, LLC	 	800 Reisling Road	 	Petaluma	 	CA	 	94952	 	$	285,084	 	 	$	39,912	 
	Magnolia Sun LLC	 	MP2 Capital – WGBH Education Foundation LLC	 	1 Guest Street	 	Brighton	 	MA	 	02135	 	$	189,669	 	 	$	26,554	 
	Magnolia Sun LLC	 	SolaVerde - 105 Brookside	 	105 Brookside Drive	 	Fayetteville	 	TN	 	37334	 	$	234,500	 	 	$	32,830	 
	Magnolia Sun LLC	 	SolaVerde - 126 Ardmore	 	126 Ardmore Highway	 	Fayetteville	 	TN	 	37334	 	$	234,500	 	 	$	32,830	 
	Magnolia Sun LLC	 	SolaVerde - 206 Cotton Mill	 	206 Cotton Mill Road	 	Fayetteville	 	TN	 	37334	 	$	334,500	 	 	$	46,830	 
	Magnolia Sun LLC	 	SolaVerde - 228 Cotton Mill	 	228 Cotton Mill Road	 	Fayetteville	 	TN	 	37335	 	$	334,500	 	 	$	46,830	 
	Magnolia Sun LLC	 	SolaVerde - 230 Cotton Mill	 	230 Cotton Mill Road	 	Fayetteville	 	TN	 	37336	 	$	334,500	 	 	$	46,830	 
	Magnolia Sun LLC	 	SolaVerde - 246 Cotton Mill	 	246 Cotton Mill Road	 	Fayetteville	 	TN	 	37337	 	$	234,500	 	 	$	32,830	 
	Magnolia Sun LLC	 	SolaVerde -	 	306 Eldad	 	Fayetteville	 	TN	 	37338	 	$	234,500	 	 	$	32,830	 
	Magnolia Sun LLC	 	SolaVerde – 3	 	14 Eldad	 	Fayetteville	 	TN	 	37339	 	$	234,500	 	 	$	32,830	 
	Magnolia Sun LLC	 	City Park – Tazewell	 	207 Richardson Road	 	Tazewell	 	TN	 	37879	 	$	58,625	 	 	$	8,208	 
	Magnolia Sun LLC	 	420 Court St. (Alternative School)	 	420 Court Street	 	Sneedville	 	TN	 	37869	 	$	58,473	 	 	$	8,186	 
	Magnolia Sun LLC	 	Central Office Hancock County	 	418 Harrison Street	 	Sneedville	 	TN	 	37869	 	$	83,408	 	 	$	11,677	 
	Magnolia Sun LLC	 	Lincoln Farm I LLC	 	2724 Huntsville Hwy	 	Fayetteville	 	TN	 	37334	 	$	860,615	 	 	$	103,274	 
	Magnolia Sun LLC	 	Lincoln Farm II LLC	 	2730 Huntsville Hwy	 	Fayetteville	 	TN	 	37334	 	$	860,615	 	 	$	103,274	 
	Magnolia Sun LLC	 	Lincoln Farm III LLC	 	2742 Huntsville Hwy	 	Fayetteville	 	TN	 	37334	 	$	860,615	 	 	$	103,274	 
	Magnolia Sun LLC	 	Lincoln Farm IV LLC	 	564 Huntsville Hwy	 	Fayetteville	 	TN	 	37334	 	$	860,615	 	 	$	103,274	 
	Six States Solar LLC	 	Oregon Solar II, LLC	 	County Road 32A	 	Winters	 	CA	 	95694	 	$	333,203	 	 	$	46,648	 
	Six States Solar LLC	 	Sacramento Vineyard Solar, LLC	 	10151 Florin Road	 	Sacramento	 	CA	 	95829	 	$	1,176,833	 	 	$	141,220	 
	Six States Solar LLC	 	Grizzly Bear Solar, LLC	 	208 Edgemont Blvd.	 	Alamosa	 	CO	 	81101	 	$	561,600	 	 	$	78,624	 
	Six States Solar LLC	 	Newington Solar, LLC	 	155 Harding Avenue	 	Newington	 	CT	 	06111	 	$	337,500	 	 	$	47,250	 

 

 

    26

     

    

 

	Owner	 	Site Name	 	Address	 	CITY	 	STATE	 	ZIP CODE	 	PHYSICAL DAMAGE	 	 	LOSS OF INCOME	 
	Six States Solar LLC	 	RSD7 Solar, LLC	 	100 Battistoni Drive	 	Winsted	 	CT	 	06098	 	$	833,104	 	 	$	116,635	 
	Six States Solar LLC	 	Goshen Solar, LLC	 	3535 Corrie Drive	 	Goshen	 	IN	 	46526	 	$	1,207,721	 	 	$	144,926	 
	Six States Solar LLC	 	Milford Raman Solar, LLC	 	802 North Old SR 15	 	Milford	 	IN	 	46542	 	$	438,994	 	 	$	61,459	 
	Six States Solar LLC	 	MR Realty Solar, LLC	 	7250 S. 700 West	 	Topeka	 	IN	 	46571	 	$	822,164	 	 	$	115,103	 

    27

     

    

 

Schedule 7.5

 

Investments

 

None.

 

    28

     

    

 

Schedule 7.7

 

Transactions with Affiliates

 

None.

 

 

29Exhibit 10.1

 

THE
EXCHANGE CONTEMPLATED HEREIN IS INTENDED TO COMPORT WITH THE REQUIREMENTS OF SECTION 3(a)(9) OF THE SECURITIES ACT OF 1933, AS
AMENDED.

 

EXCHANGE
AGREEMENT

 

This
Exchange Agreement (this “Agreement”) is entered into as of June 25, 2019 by and between Iliad Research and
Trading, L.P., a Utah limited partnership (“Lender”), and Inpixon, a Nevada corporation (“Borrower”
or the “Company”). Capitalized terms used in this Agreement without definition shall have the meanings given
to them in the Original Note (defined below).

 

A. Borrower
previously sold and issued to Lender that certain Promissory Note dated October 12, 2018, as amended (the “Original Note”),
in the original principal amount of $2,520,000.00 pursuant to that certain Note Purchase Agreement dated October 12, 2018 by and
between Lender and Borrower, as amended (the “Purchase Agreement,” and together with the Original Note and
all other documents entered into in conjunction therewith, the “Transaction Documents”).

 

B. Subject
to the terms of this Agreement, Borrower and Lender desire to partition a new Promissory Note in the form of the Original Note
(the “Partitioned Note”) in the original principal amount of $200,000.00 (“Exchange Amount”)
from the Original Note and then cause the outstanding balance of the Original Note to be reduced by an amount equal to the Exchange
Amount, which represents the total outstanding balance of the Partitioned Note.

 

C. Borrower
and Lender further desire to exchange (such exchange is referred to as the “Note Exchange”) the Partitioned
Note for the delivery of 327,869 shares of the Company’s Common Stock, par value $0.001 (the “Common Stock”,
and such 327,869 shares of Common Stock, the “Exchange Shares”), at an effective price per Exchange Share equal
to $0.61, according to the terms and conditions of this Agreement.

 

D. The
Note Exchange will consist of Lender surrendering the Partitioned Note in exchange for the Exchange Shares, which will be issued
free of any restrictive securities legend. Other than the surrender of the Partitioned Note, no consideration of any kind whatsoever
shall be given by Lender to Borrower in connection with this Agreement.

 

E. Lender
and Borrower now desire to exchange the Partitioned Note for the Exchange Shares on the terms and conditions set forth herein.

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree
as follows:

 

1. Recitals
and Definitions. Each of the parties hereto acknowledges and agrees that the recitals set forth above in this Agreement are
true and accurate, are contractual in nature, and are hereby incorporated into and made a part of this Agreement.

 

    

     

    

 

2. Partition.
Effective as of the date hereof, Borrower and Lender agree that the Partitioned Note is hereby partitioned from the Original Note.
Following such partition of the Original Note, Borrower and Lender agree that the Original Note shall remain in full force and
effect, provided that the outstanding balance of the Original Note shall be reduced by an amount equal to the Exchange Amount.

 

3. Issuance
of Shares. Pursuant to the terms and conditions of this Agreement, the Exchange Shares shall be delivered to Lender on or
before June 26, 2019 and the Note Exchange shall occur with Lender surrendering the Partitioned Note to Borrower on the Free Trading
Date (as defined below). On the Free Trading Date, the Partitioned Note shall be cancelled and all obligations of Borrower under
the Partitioned Note shall be deemed fulfilled. All Exchange Shares delivered hereunder shall be delivered via DWAC to Lender’s
designated brokerage account. Borrower agrees to provide all necessary cooperation or assistance that may be required to cause
all Exchange Shares delivered hereunder to become Free Trading (the first date such occurs, the “Free Trading Date”).
For purposes hereof, the term “Free Trading” means that (a) the Exchange Shares have been cleared and approved
for public resale by the compliance departments of Lender’s brokerage firm and the clearing firm servicing such brokerage,
and (b) such shares are held in the name of the clearing firm servicing Lender’s brokerage firm and have been deposited
into such clearing firm’s account for the benefit of Lender.

 

4. Closing.
The closing of the transactions contemplated hereby (the “Closing”) along with the delivery of the Exchange
Shares to Lender shall occur on the date that is mutually agreed to by Borrower and Lender by means of the exchange by email of
..pdf documents, but shall be deemed to have occurred at the offices of Hansen Black Anderson Ashcraft PLLC in Lehi, Utah.

 

5. Holding
Period, Tacking and Legal Opinion. Borrower represents, warrants and agrees that for the purposes of Rule 144 (“Rule
144”) of the Securities Act of 1933, as amended (the “Securities Act”), the holding period of the
Partitioned Note and the Exchange Shares will include Lender’s holding period of the Original Note from October 12, 2018,
as amended or modified pursuant to that certain Global Amendment, dated February 8, 2019. Borrower agrees not to take a position
contrary to this Section 5 in any document, statement, setting, or situation. Borrower agrees to take all action necessary to
issue the Exchange Shares without restriction, and not containing any restrictive legend without the need for any action by Lender;
provided that the applicable holding period has been met. In furtherance thereof, at the Closing, counsel to Lender may, in its
sole discretion, provide an opinion that: (a) the Exchange Shares may be resold pursuant to Rule 144 without volume or manner-of-sale
restrictions; and (b) the transactions contemplated hereby and all other documents associated with this transaction comport with
the requirements of Section 3(a)(9) of the Securities Act. Borrower represents that it is not subject to Rule 144(i). The Exchange
Shares are being issued in substitution of and exchange for and not in satisfaction of the Partitioned Note. The Exchange Shares
shall not constitute a novation or satisfaction and accord of the Partitioned Note. Borrower acknowledges and understands that
the representations and agreements of Borrower in this Section 5 are a material inducement to Lender’s decision to consummate
the transactions contemplated herein.

 

    2

     

    

 

6. Representations,
Warranties and Agreements.

 

(a) Borrower
Representations, Warranties and Agreement. In order to induce Lender to enter into this Agreement, Borrower, for itself, and
for its affiliates, successors and assigns, hereby acknowledges, represents, warrants and agrees as follows: (a) Borrower has
full power and authority to enter into this Agreement and to incur and perform all obligations and covenants contained herein,
all of which have been duly authorized by all proper and necessary action, (b) no consent, approval, filing or registration with
or notice to any governmental authority is required as a condition to the validity of this Agreement or the performance of any
of the obligations of Borrower hereunder, (c) no Event of Default has occurred under the Original Note and any Events of Default
that may have occurred thereunder have not been, and are not hereby, waived by Lender, (d) except as specifically set forth herein,
nothing herein shall in any manner release, lessen, modify or otherwise affect Borrower’s obligations under the Original
Note, (e) the issuance of the Exchange Shares is duly authorized by all necessary corporate action and the Exchange Shares, when
issued in accordance with the terms hereof, will be validly issued, fully paid and non-assessable, free and clear of all taxes,
liens, claims, pledges, mortgages, restrictions, obligations, security interests and encumbrances of any kind, nature and description,
(f) Borrower has not received any consideration in any form whatsoever for entering into this Agreement, other than the surrender
of the Partitioned Note, and (g) Borrower has taken no action which would give rise to any claim by any person for a brokerage
commission, placement agent or finder’s fee or other similar payment by Borrower related to this Agreement.

 

(b) Lender
Representations Warranties and Agreement. In order to induce the Company to enter into this Agreement, Lender for itself,
and for its affiliates, successors and assigns, hereby acknowledges, represents, warrants and agrees as follows: (a) Lender has
full power and authority to enter into this Agreement and to incur and perform all obligations and covenants contained herein,
all of which have been duly authorized by all proper and necessary action, (b) no consent, approval, filing or registration with
or notice to any governmental authority is required as a condition to the validity of this Agreement or the performance of any
of the obligations of Lender hereunder, (c) the Lender understands that the Exchange Shares are being offered and exchanged in
reliance on specific exemptions from the registration requirements of United States federal and state securities laws and that
the Company is relying in part upon the truth and accuracy of, and the Lender’s compliance with, the representations, warranties,
agreements, acknowledgments and understandings of the Lender set forth herein and in the Exchange Documents in order to determine
the availability of such exemptions and the eligibility of the Lender to acquire the Exchange Shares, (d) the Lender understands
that no United States federal or state agency or any other government or governmental agency has passed on or made any recommendation
or endorsement of the Securities or the fairness or suitability of the investment in the Partitioned Note or the Exchange Shares
nor have such authorities passed upon or endorsed the merits of the offering of the Partitioned Note or the Exchange Shares, (e)
the Lender is acquiring the Partitioned Note in the ordinary course of its business, the Lender has such knowledge, sophistication,
and experience in business and financial matters so as to be capable of evaluation of the merits and risks of the prospective
investment in the Partitioned Note and Exchange Shares and has so evaluated the merits and risk of such investment and the Lender
is an “accredited investor” as defined in Regulation D under the Securities Act, (f) the Lender owns the Original
Note free and clear of any liens, (h) the Lender shall not sell, purchase, trade or otherwise dispose of or acquire any shares
of Common Stock or other securities of the Company until a Current Report on Form 8-K disclosing the transactions contemplated
hereunder is filed with the U.S. Securities and Exchange Commission, which shall be filed no later than 5:30pm EDT as of the date
hereof and (i) the issuance of the Exchange Shares shall not result in the Lender beneficially owning a number of shares of Common
Stock, when aggregated with any other shares of Common Stock beneficially owned at such time, that would result in the Lender
beneficially owning (as determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended, and the
rules promulgated thereunder) more than 4.99% of all of the issued and outstanding shares of Common Stock.

 

    3

     

    

 

7. Arbitration.
By its execution of this Agreement, each party agrees to be bound by the Arbitration Provisions (as defined in the Purchase Agreement)
set forth as an exhibit to the Purchase Agreement and the parties agree to submit all Claims (as defined in the Purchase Agreement)
arising under this Agreement or any Transaction Document or other agreement between the parties and their affiliates to binding
arbitration pursuant to the Arbitration Provisions.

 

8. Governing
Law; Venue. This Agreement shall be construed and enforced in accordance with, and all questions concerning the construction,
validity, interpretation and performance of this Agreement shall be governed by, the internal laws of the State of Utah, without
giving effect to any choice of law or conflict of law provision or rule (whether of the State of Utah or any other jurisdictions)
that would cause the application of the laws of any jurisdictions other than the State of Utah. The provisions set forth in the
Purchase Agreement to determine the proper venue for any disputes are incorporated herein by this reference. BORROWER HEREBY
IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER
OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

9. Counterparts.
This Agreement may be executed in any number of counterparts with the same effect as if all signing parties had signed the same
document. All counterparts shall be construed together and constitute the same instrument. The exchange of copies of this Agreement
and of signature pages by facsimile transmission or other electronic transmission (including email) shall constitute effective
execution and delivery of this Agreement as to the parties and may be used in lieu of the original Agreement for all purposes.
Signatures of the parties transmitted by facsimile transmission or other electronic transmission (including email) shall be deemed
to be their original signatures for all purposes.

 

10. Attorneys’
Fees. In the event of any arbitration or action at law or in equity to enforce or interpret the terms of this Agreement, the
parties agree that the party who is awarded the most money shall be deemed the prevailing party for all purposes and shall therefore
be entitled to an additional award of the full amount of the attorneys’ fees and expenses  paid by such prevailing
party in connection with the arbitration, litigation and/or dispute without reduction or apportionment based upon the individual
claims or defenses  giving rise to the fees and expenses.  Nothing herein shall restrict or impair an arbitrator’s
or a court’s power to award fees and expenses for frivolous or bad faith pleading.

 

11. No
Reliance. Borrower acknowledges and agrees that neither Lender nor any of its officers, directors, members, managers, equity
holders, representatives or agents has made any representations or warranties to Borrower or any of its agents, representatives,
officers, directors, or employees except as expressly set forth in this Agreement and the Transaction Documents and, in making
its decision to enter into the transactions contemplated by this Agreement, Borrower is not relying on any representation, warranty,
covenant or promise of Lender or its officers, directors, members, managers, equity holders, agents or representatives other than
as set forth in this Agreement.

 

    4

     

    

 

12. Severability.
If any part of this Agreement is construed to be in violation of any law, such part shall be modified to achieve the objective
of the parties to the fullest extent permitted and the balance of this Agreement shall remain in full force and effect.

 

13. Entire
Agreement. This Agreement, together with the Transaction Documents, and all other documents referred to herein, supersedes
all other prior oral or written agreements between Borrower, Lender, its affiliates and persons acting on its behalf with respect
to the matters discussed herein, and this Agreement and the instruments referenced herein contain the entire understanding of
the parties with respect to the matters covered herein and therein and, except as specifically set forth herein or therein, neither
Lender nor Borrower makes any representation, warranty, covenant or undertaking with respect to such matters.

 

14. Amendments.
This Agreement may be amended, modified, or supplemented only by written agreement of the parties. No provision of this Agreement
may be waived except in writing signed by the party against whom such waiver is sought to be enforced.

 

15. Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors
and assigns. This Agreement or any of the severable rights and obligations inuring to the benefit of or to be performed by Lender
hereunder may be assigned by Lender to a third party, including its financing sources, in whole or in part. Borrower may not assign
this Agreement or any of its obligations herein without the prior written consent of Lender.

 

16. Continuing
Enforceability; Conflict Between Documents. Except as otherwise modified by this Agreement, the Original Note, the Partitioned
Note and each of the other Transaction Documents shall remain in full force and effect, enforceable in accordance with all of
its original terms and provisions. This Agreement shall not be effective or binding unless and until it is fully executed and
delivered by Lender and Borrower. If there is any conflict between the terms of this Agreement and the Partitioned Note, on the
one hand, and the Original Note or any other Transaction Document, on the other hand, the terms of this Agreement and the Partitioned
Noted shall prevail.

 

17. Time
of Essence. Time is of the essence with respect to each and every provision of this Agreement.

 

18. Notices.
Unless otherwise specifically provided for herein, all notices, demands or requests required or permitted under this Agreement
to be given to Borrower or Lender shall be given as set forth in the “Notices” section of the Purchase Agreement.

 

19. Further
Assurances. Each party shall do and perform or cause to be done and performed, all such further acts and things, and shall
execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request
in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated
hereby.

 

    5

     

    

 

IN
WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first set forth above.

 

	 	COMPANY:
	 	 
	 	INPIXON
	 	 	 
	 	By:	/s/
    Nadir Ali
	 	Name:	Nadir Ali
	 	Title:	CEO

 

	 	LENDER:
	 	 	 	 
	 	ILIAD RESEARCH AND TRADING, L.P.
	 	 	 	 	 
	 	By:	Iliad Management, LLC, its
	 	 	General Partner
	 	 	 	 	 
	 	 	By:	Fife Trading, Inc., its Manager
	 	 	 	 	 
	 	 	 	By:	/s/
    John M. Fife
	 	 	 	 	John
        M. Fife, President

 

[Signature
Page to Exchange Agreement]

 

 

6

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