Document:

Exhibit 10.1-11.20.14

 SIXTH Amendment to Amended and 
Restated Revolving Credit Agreement

This Sixth Amendment to Amended and Restated Revolving Credit Agreement (herein, the “Amendment”) is entered into as of November 18, 2014, by and among World Acceptance Corporation, a South Carolina corporation (the “Borrower”), Bank of America, N.A. together with the other financial institutions a party hereto (the “Lenders”) and Wells Fargo Bank, National Association, as Administrative Agent and Collateral Agent for the Lenders (the “Administrative Agent”).
Preliminary Statements
A.The Borrower, the Lenders, and the Administrative Agent are parties to a certain Amended and Restated Revolving Credit Agreement, dated as of September 17, 2010, as amended (the “Credit Agreement”).  All capitalized terms used herein without definition shall have the same meanings herein as such terms have in the Credit Agreement.
B.Upon the effectiveness of this Amendment, Borrower shall repay all amounts owing to Branch Banking and Trust Company (“BB&T”) under the Credit Agreement and BB&T shall cease to be a Lender under the Credit Agreement and Loan Documents.
C.The Borrower has requested that the Lenders agree to make certain amendments to the Credit Agreement, and the Lenders are willing to do so under the terms and conditions set forth in this Amendment.

Now Therefore, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:
		
	Section 1.
	Amendments.

Subject to the satisfaction of the conditions precedent set forth in Section 2 below, the Credit Agreement shall be and hereby is amended as follows:
1.1The following definitions in Section 5.1 of the Credit Agreement (Definitions) shall be amended and restated as follows:
“Borrowing Base” means, as of any time it is to be determined, the product of the Advance Rate multiplied by the remainder of (x) the then outstanding unpaid amount of Eligible Finance Receivables minus (y) all unearned finance charges and unearned insurance premiums and insurance commissions applicable to such Eligible Finance Receivables.
“Commitment" means, as to any Lender, the obligation of such Lender to make Loans under the Revolving Credit in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Lender’s name on Schedule 1.1 attached hereto and made a part hereof, as such Commitments may be reduced or modified at any time or from time to time pursuant to the terms hereof (including, without limitation, Section 2.9 hereof).  The Borrower and the Lenders acknowledge and agree that the Commitments of the Lenders aggregate $680,000,000 as of November ___, 2014 (as may be adjusted pursuant to the terms of that Sixth Amendment to Amended and Restated Revolving Credit Agreement dated as of such date among the Borrower, the Administrative Agent and the Lenders).
“Termination Date” means June 15, 2016, or such earlier date on which the Commitments are terminated in whole pursuant to Sections 2.9, 9.3 or 9.4 hereof.
1.2The following definitions are added to Section 5.1 of the Credit Agreement (Definitions):

“Advance Rate” means the following percentage based upon the Collateral Performance Indicator as of the end of each month then most recently ended for which monthly reports have been delivered to Agent, pursuant to Section 8.20 of this Agreement:

	
		
	Collateral Performance Indicator
	Advance Rate

	Less than or equal to 18%
	85%

	Greater than 18% but less than or equal to 19%
	84%

	Greater than 19% but less than or equal to 20%
	83%

	Greater than 20% but less than or equal to 21%
	82%

	Greater than 21% but less than or equal to 22%
	81%

	Greater than 22% 
	80%

“Collateral Performance Indicator” means as of the end of each calendar month, the sum of (a) the rolling three (3) month average 60+ day delinquency percentage (the percentage defined as (x) Finance Receivables for which payment is sixty (60) or more days contractually past due, divided by (y) total Finance Receivables at such date); plus (b) (i) net charge-offs for the eight (8) month period ending on such date divided by (ii) average net Finance Receivables during the eight (8) month period ending on such date.
1.3The following new Section 8.4(c) is added to the Credit Agreement (Compliance with Laws):
    
(c)   Notices.  The Borrower shall promptly notify the Administrative Agent of (i) any enforcement action or investigation instituted or, to Borrower’s or any Subsidiary’s knowledge, threatened, against Borrower or any of its Subsidiaries by any governmental authority, including without limitation any proceeding or action to be commenced by the filing of a stipulation and consent; or (ii) receipt by Borrower or any of its Subsidiaries of an “Early Warning Notice,” “Notice and Opportunity to Respond and Advise” or “Civil Investigative Demand” from the Consumer Financial Protection Bureau or similar notice or request from any other Governmental Authority.
1.4The following new Section 8.23 is added to the Credit Agreement (Collateral Performance Indicator):
    
Section 8.23    Collateral Performance Indicator.  The Borrower will maintain a Collateral Performance Indicator of less than or equal to twenty four percent (24%) as of the end of each calendar month.
1.5The following new Section 8.24 is added to the Credit Agreement (Chattel Paper Review):
    
Section 8.24    Chattel Paper/Jurisdictions.  (a) Upon the Administrative Agent’s request from time to time, the Borrower shall engage outside legal counsel reasonably acceptable the Administrative Agent (at the Borrower’s sole cost and expense) to undertake a review of Finance Receivable documentation of the Borrower and its Subsidiaries.  The Borrower shall provide the Administrative Agent with copies of such review within sixty (60) days after each such request with the results of such documentation review to be acceptable to the Administrative Agent in all material respects.
(b) The Borrower shall promptly (i) notify the Administrative Agent of either (A) the Borrower or any of its Subsidiaries conducting business in any new jurisdiction, and (B) the Borrower or any of its Subsidiaries making any material modifications to its respective Finance Receivable documentation and (ii) upon the request of the Administrative Agent, provide the Administrative Agent a list of jurisdictions in which the Borrower and its Subsidiaries conduct business and licenses held in each such jurisdiction.
1.6Section 9.1(d) of the Credit Agreement (Covenant Default) shall be amended and restated as follows:
    
(d)  Default shall occur in the observance or performance of any covenant or agreement contained in Sections 8.7 through 8.18, both inclusive, Section 8.21, Section 8.23 or Section 8.24 hereof; or

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1.7The following provision is added to the end of Section 12.13 of the Credit Agreement (Amendments):

Without regard to any other provision hereof, if any Lender (for such purpose, a “Dissenting Lender”) dissents to any action the Administrative Agent desires to take requiring either the unanimous consent of Lenders or the consent of the Required Lenders or fails to respond to Administrative Agent within five (5) Business Days of Administrative Agent’s request for a consent, either the Borrower (if no Event of Default or Default is outstanding and with the prior written consent of the Administrative Agent, in its sole and absolute discretion) or the Administrative Agent may compel such Dissenting Lender to assign its entire Commitment (either to one or more existing Lenders or other financial institution(s) who is to become a Lender pursuant to the terms hereof) so long as (i) such Dissenting Lender receives written notice of such intended assignment (and the proposed effective date thereof) within one hundred twenty (120) days of its providing its dissent to the Administrative Agent or such Dissenting Lender failing to respond to the Administrative Agent within the required five (5) Business Day period and the effective date of such intended assignment is not later than ten (10) days thereafter and (ii) the Dissenting Lender receives full payment on the effective date of such assignment of its entire portion of the outstanding Obligations, with accrued interest and unpaid fees to such date.
		
	1.8
	Schedule 1.1 of the Credit Agreement (Commitments) shall be amended and restated in its entirety to read as set forth on Schedule 1.1 attached hereto and made a part hereof.

		
	1.9
	On June 15, 2015, so long as no Event of Default or Default is then outstanding, (a) the Borrower shall repay all amounts owing to TD Bank, NA (“TD Bank”) under the Credit Agreement, (b) TD Bank shall cease to be a Lender under the Credit Agreement and Loan Documents, (c) each remaining Lender’s portion of the outstanding Obligations shall be reflective of, and in accordance with, each such Lender’s Commitment Percentage of the Obligations as calculated by the terms of the Credit Agreement (as amended hereby) and (d) Administrative Agent shall notify each such remaining Lender on or before such date of the corresponding adjustments implemented or to be implemented.  Failure of the Borrower to perform under this Section 1.9 shall constitute an Event of Default under the Credit Agreement, and the Termination Date for all Lenders shall thereupon be November 19, 2015.

Section 2.Conditions Precedent.

The effectiveness of this Amendment is subject to the satisfaction of all of the following conditions precedent (the date on which the following conditions precedent have been satisfied being referred to herein as the “Effective Date”):
2.1The Borrower and the Lenders, shall have executed and delivered this Amendment to the Administrative Agent.

2.2The Borrower shall have executed and delivered to the Administrative Agent (for delivery to the relevant Lenders) replacement Notes in the amount of the respective Commitments of the Lenders after giving effect to this Amendment.

2.3The Restricted Subsidiaries parties to the Subsidiary Guaranty Agreement shall have executed and delivered to the Administrative Agent their consent to this Amendment in the form set forth below.

2.4The Borrower shall have paid to Administrative Agent non-refundable fee for the benefit of each Lender executing this Amendment in the amount set forth on Schedule 2 attached hereto, which fees shall be fully earned by such Lenders upon the effectiveness of this Amendment.

2.5Legal matters incident to the execution and delivery of this Amendment shall be satisfactory to the Administrative Agent and its counsel.

Upon the satisfaction of the conditions precedent set forth above on the Effective Date, all loans outstanding under the Credit Agreement shall remain outstanding as the initial Borrowing of Loans under this Agreement and the Lenders each agree to make such purchases and sales of interests in the outstanding Loans between themselves so that each Lender is then holding its relevant pro rata share of outstanding Loans based on their Commitments as in effect after giving effect hereto.  Such purchases and sales shall be arranged through the Administrative Agent and each Lender hereby agrees to execute such 

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further instruments and documents, if any, as the Administrative Agent may reasonably request in connection therewith.  
		
	Section 3.
	Representations.

In order to induce the Lenders to execute and deliver this Amendment, the Borrower hereby represents to the Administrative Agent, the Collateral Agent, and the Lenders that as of the date hereof, after giving effect to the amendments set forth in Section 1 above, (a) the representations and warranties set forth in Section 6 of the Credit Agreement and in the other Loan Documents are and shall be and remain true and correct (except that the representations contained in Section 6.6 shall be deemed to refer to the most recent financial statements of the Borrower delivered to the Agent) and (b) the Borrower and the Guarantors are in compliance with the terms and conditions of the Credit Agreement and the other Loan Documents and no Default or Event of Default exists or shall result after giving effect to this Amendment. 
		
	Section 4.
	Miscellaneous.

4.1Except as specifically amended herein, the Credit Agreement shall continue in full force and effect in accordance with its original terms.  Reference to this specific Amendment need not be made in the Credit Agreement, the Notes, or any other instrument or document executed in connection therewith, or in any certificate, letter or communication issued or made pursuant to or with respect to the Credit Agreement, any reference in any of such items to the Credit Agreement being sufficient to refer to the Credit Agreement as amended hereby.

4.2The Borrower heretofore executed and delivered, among other things, the Company Security Agreement and hereby acknowledges and agrees that the security interests and liens created and provided for therein secure the payment and performance of the Obligations under the Credit Agreement as amended hereby, which are entitled to all of the benefits and privileges set forth therein.  Without limiting the foregoing, the Borrower acknowledges that the “Secured Indebtedness” as defined in, and secured by the Collateral pursuant to, the Company Security Agreement shall be deemed amended to include all “Obligations” as defined in the Credit Agreement as amended hereby.
4.3The Borrower agrees to pay on demand all costs and expenses of or incurred by the Administrative Agent in connection with the negotiation, preparation, execution and delivery of this Amendment and the other instruments and documents to be executed and delivered in connection herewith, including the fees and expenses of counsel for the Administrative Agent.

4.4This Amendment may be executed in any number of counterparts, and by the different parties on different counterpart signature pages, all of which taken together shall constitute one and the same agreement.  Any of the parties hereto may execute this Amendment by signing any such counterpart and each of such counterparts shall for all purposes be deemed to be an original.  Delivery of a counterpart hereof by facsimile transmission or by e-mail transmission of a Portable Document Format File (also known as an “PDF” file) shall be effective as delivery of a manually executed counterpart hereof.  This Amendment shall be governed by, and construed in accordance with, the internal laws of the State of Illinois (without regard to principles of conflicts of laws).

[Signature Page to Follow]

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[Signature Page to Sixth Amendment to Amended and Restated Revolving Credit Agreement]

This Amendment is entered into as of the date and year first above written.
	
			
	 
	World Acceptance Corporation

	 
	 

	 
	By
	 

	 
	A. Alexander McLean III, Chief Executive Officer

Accepted and agreed to:
	
			
	 
	Wells Fargo Bank, National Association, individually as a Lender and as Administrative Agent and Collateral Agent

	 
	 

	 
	By 
	 

	 
	William M. Laird, Senior Vice President

-5-

	
					
	 
	Bank of America, N.A.

	 
	 

	 
	By
	 

	 
	Name
	 

	 
	Title
	 

	 
	 
	 

	 
	BANK OF MONTREAL

	 
	

By_______________________________
     Name  
     Title    

	 
	 

	 
	Capital One, National Association

	 
	 

	 
	By
	 

	 
	Name
	 

	 
	Title
	 

	 
	 

	 
	TD Bank, NA

	 
	 

	 
	By
	 

	 
	Name
	 

	 
	Title
	 

	 
	 

	 
	Texas Capital Bank, National Association

	 
	 

	 
	By
	 

	 
	Name
	 

	 
	Title
	 

	 
	 

	 
	First Tennessee Bank National Association

	 
	 

	 
	By
	 

	 
	Name
	 

	 
	Title
	 

-6-

Acknowledgment and Consent
Each of the undersigned is a Restricted Subsidiary of World Acceptance Corporation who has executed and delivered to the Collateral Agent, the Administrative Agent, and the Lenders the Subsidiary Guaranty Agreement and the Subsidiary Security Agreement.  Each of the undersigned hereby acknowledges and consents to the Sixth Amendment to Amended and Restated Revolving Credit Agreement set forth above and confirms that the Loan Documents executed by it, and all of its obligations thereunder, remain in full force and effect, and that the security interests and liens created and provided for therein continue to secure the payment and performance of the Obligations of the Borrower under the Credit Agreement after giving effect to the Amendment.  
[Signature Page to Acknowledgement and Consent to Follow]

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Each of the undersigned acknowledges that the Collateral Agent, the Administrative Agent, and the Lenders are relying on the foregoing in entering into the Sixth Amendment to Amended and Restated Revolving Credit Agreement set forth above.
Dated as of November ___, 2014.
	
		
	 
	World Acceptance Corporation of Alabama

	 
	World Acceptance Corporation of Missouri

	 
	World Finance Corporation of Georgia

	 
	World Finance Corporation of Louisiana

	 
	World Acceptance Corporation of Oklahoma, Inc.

	 
	World Finance Company of South Carolina, LLC

	 
	World Finance Corporation of Tennessee

	 
	WFC of South Carolina, Inc.

	 
	World Finance Corporation of Illinois

	 
	World Finance Corporation of New Mexico

	 
	World Finance Company of Kentucky LLC

	 
	World Finance Corporation of Colorado

	 
	World Finance Corporation of Wisconsin

	 
	WFC Services, Inc.

	 
	World Finance Corporation of Texas

	 
	World Finance Company of Indiana, LLC

	 
	World Finance Company of Mississippi, LLC

	
			
	 
	By
	 

	 
	A. Alexander McLean III, its Chief Executive Officer

	 
	 

	 
	WFC Limited Partnership

	 
	 

	 
	By WFC of South Carolina, Inc., 

	 
	as sole general partner

	 
	By
	 

	 
	A. Alexander McLean III, its Chief Executive Officer

-8-SUBSCRIPTION
AGREEMENT

 

in connection
with

 

PLASTIC2OIL,
INC.

 

12% Secured Promissory
Notes

(together with
Warrants to Purchase shares of Common Stock)

 

 

 

November 19,
2014

 

    	 

    	 

    

 

SUBSCRIPTION
AGREEMENT

 

This
Subscription Agreement (the “Agreement”), is executed by the undersigned (the “Subscriber”) in connection
with the offering (the “Offering”) by Plastic2Oil, Inc., a Nevada corporation (the “Company”), of five-year
12% Secured Promissory Notes (the “Notes”) and Warrants (the “Warrants”) to purchase shares of Common
Stock, par value $.001 per share, of the Company (the “Shares”) (the Notes and the Warrants are collectively referred
to as the “Offered Securities” and the Offered Securities and the Shares issuable upon the exercise of the Warrants
are collectively referred to herein as the “Securities”). For every $100,000 principal amount of Notes purchased,
the Subscriber shall receive Warrants to purchase 100,000 shares of Common Stock. The Notes shall be substantially in the form
attached hereto as Exhibit A. The Warrants shall be substantially in the form attached hereto as Exhibit B. The
obligations under the Note will be secured pursuant to a Security Agreement substantially in the form attached hereto as Exhibit
C.

 

SECTION
1

 

	Section 1.1	Subscription.
    The Subscriber, intending to be legally bound, hereby irrevocably subscribes for and agrees to purchase the principal amount
    of Notes indicated on Page 10 hereof, on the terms and conditions described herein.

 

	Section 1.2	Purchase.
    The Subscriber understands and acknowledges that the purchase price to be remitted to the Company in exchange for the Offered
    Securities shall be equal to the principal amount of Notes purchased.

 

	Section 1.3	Payment
    for Purchase. PAYMENT FOR THE SECURITIES SHALL BE BY WIRE TRANSFER OR CHECK PAYABLE TO: “PLASTIC2OIL” and
    delivered to the Company, together with an original executed copy of this Agreement. Wire transfer instructions are available
    upon request from Mr. Rahoul Banerjea at (716) 278-0015; Extension 257.

 

	Section 1.4	Closings.
    The Company may schedule any number of closings to consummate the sale and issuance of the Notes subscribed for by the Investors
    in connection with the Offering (the “Closing”).

 

    	 

    	 

    

 

SECTION
2

 

Section 2.1
Acceptance or Rejection.

 

	 	(a)	The Subscriber
    understands and agrees that the Company reserves the right to reject this subscription for the Offered Securities in whole
    or in part in any order, if, in its reasonable judgment, it deems such action in the best interest of the Company, notwithstanding
    prior receipt by the Subscriber of notice of acceptance of the Subscriber’s subscription.

 

	 	(b)	In the event of rejection of this subscription,
    or in the event the sale of the Offered Securities is not consummated by the Company for any reason (in which event this Agreement
    shall be deemed to be rejected), this Agreement and any other agreement entered into between the Subscriber and the Company
    relating to this subscription shall thereafter have no force or effect and the Company shall promptly return or cause to be
    returned to the Subscriber the purchase price remitted to the Company by the Subscriber in exchange for the Offered Securities.

 

SECTION
3

 

	Section 3.1	Subscriber
    Representations and Warranties. The Subscriber hereby acknowledges, represents and warrants to, and agrees with, the Company
    and its affiliates as follows:

 

	 	(a)	The Subscriber is acquiring the Offered Securities
    for the Subscriber’s own account as principal, not as a nominee or agent, for investment purposes only, and not with
    a view to, or for, resale, distribution or fractionalization thereof in whole or in part and no other person has a direct
    or indirect beneficial interest in such Offered Securities. Further, the Subscriber does not have any contract, undertaking,
    agreement or arrangement with any person to sell, transfer or grant participations to such person or to any third person,
    with respect to any of the Securities.

 

	 	(b)	The Subscriber acknowledges the Subscriber’s
    understanding that the offering and sale of the Offered Securities is intended to be exempt from registration under the Securities
    Act of 1933, as amended (the “Securities Act”) by virtue of Section 4(a)(2) of the Securities Act, the provisions
    of Rule 506 of Regulation D promulgated under the Securities Act (“Regulation D”) and Regulation S promulgated
    under the Securities Act (“Regulation S”). In furtherance thereof, the Subscriber represents and warrants to and
    agrees with the Company and its affiliates as follows:

 

	 	(i)	The Subscriber realizes that the basis for the foregoing
    exemptions may not be present, if, notwithstanding such representations, the Subscriber has in mind merely acquiring Securities
    for a fixed or determinable period in the future, or for a market rise, or for sale if the market does not rise. The Subscriber
    does not have any such intentions;

 

	 	(ii)	The Subscriber has the financial ability to bear
    the economic risk of the Subscriber’s investment, has adequate means for providing for the Subscriber’s current
    needs and personal contingencies and has no need for liquidity with respect to the Subscriber’s investment in the Company;
    and

 

	 	(iii)	The Subscriber has such knowledge and experience
    in financial and business matters as to be capable of evaluating the merits and risks of the prospective investment. If other
    than an individual, the Subscriber also represents it has not been organized for the purpose of acquiring the Offered Securities.

 

	 	(c)	The Subscriber represents and warrants to the Company
    as follows:

 

	 	(i)	The Subscriber has been given the opportunity for
    a reasonable time prior to the date hereof to ask questions of, and receive answers from the Company or its representatives
    concerning the terms and conditions of the Offering, and other matters pertaining to this investment, and has been given the
    opportunity for a reasonable time prior to the date hereof to obtain such additional information in connection with the Company
    in order for the Subscriber to evaluate the merits and risks of purchase of the Offered Securities, to the extent the Company
    possesses such information or can acquire it without unreasonable effort or expense; and

 

	 	(ii)	The Subscriber has not been furnished with any oral
    representation or oral information in connection with the offering of the Offered Securities; and

 

	 	(iii)	The Subscriber has determined that the Offered Securities
    are a suitable investment for the Subscriber and that at this time the Subscriber could bear a complete loss of the Subscriber’s
    investment; and

 

	 	(iv)	The Subscriber is not relying on the Company, or
    its affiliates with respect to economic considerations involved in this investment; and

 

	 	(v)	The Subscriber realizes that it may not be able
    to resell readily any of the Securities purchased hereunder because (A) there may only be a limited public market for any
    Securities and (B) none of the Securities have been registered under the “blue sky” laws; and

 

	 	(vi)	The Subscriber understands that the Company has
    the absolute right to refuse to consent to the transfer or assignment of the Securities if such transfer or assignment does
    not comply with applicable state and federal securities laws; and

 

	 	(vii)	No representations or warranties have been made
    to the Subscriber by the Company, or any officer, employee, agent, affiliate or subsidiary of any of it, other than the representations
    of the Company in this Agreement; and

 

	 	(viii)	Any information which the Subscriber has heretofore
    furnished to the Company with respect to the Subscriber’s financial position and business experience is correct and
    complete as of the date of this Agreement and if there should be any material change in such information the Subscriber will
    immediately furnish such revised or corrected information to the Company; and

 

	 	(ix)	The Subscriber has received and reviewed the Company’s
    Confidential Private Placement Memorandum dated as of August 9, 2013, as amended, and has had access to the reports of the
    Company filed pursuant to the Securities Exchange Act of 1934, as amended; and

 

	 	(x)	The foregoing representations, warranties and agreements
    shall survive the sale of the Securities and acceptance by the Company of the Subscriber’s subscription.

 

    	 

    	 

    

 

SECTION
4

 

The Company represents and warrants to the
Subscriber as follows:

 

	Section 4.1	Organization,
    Good Standing and Qualification. The Company is a corporation duly organized, validly existing and in good standing under
    the laws of the State of Nevada and has all requisite corporate power and authority to carry on its business as now conducted
    and as proposed to be conducted. The Company is duly qualified to transact business and is in good standing in each jurisdiction
    in which the failure to so qualify would have a material adverse effect on the business or properties of the Company and its
    subsidiaries taken as a whole.

 

	Section 4.2	Authorization.
    All corporate action on the part of the Company, its officers, directors and shareholders necessary for the authorization,
    execution and delivery of this Agreement, the performance of all obligations of the Company hereunder and the authorization,
    issuance (or reservation for issuance) and delivery of the Securities being sold hereunder have been taken, and this Agreement
    constitutes a valid and legally binding obligation of the Company, enforceable in accordance with its terms.

 

	Section 4.3	Valid
    Issuance of Securities. The Securities, when issued, sold and delivered in accordance with the terms hereof for the consideration
    expressed herein, will be validly issued, and, based in part upon the representations of the Subscriber in this Agreement,
    will be issued in compliance with all applicable U.S. federal and state securities laws.

 

 

	Section 4.4	No
    Conflicts. The execution and delivery of this Agreement and the consummation of the issuance of the Securities and the
    transactions contemplated by this Agreement do not and will not conflict with or result in a breach by the Company of any
    of the terms or provisions of, or constitute a default under, the certificate of incorporation or bylaws of the Company, or
    any indenture, mortgage, deed of trust or other material agreement or instrument to which the Company is a party or by which
    it or any of its properties or assets are bound, or any existing applicable decree, judgment or order of any court, Federal
    or State regulatory body, administrative agency or other governmental body having jurisdiction over the Company or any of
    its properties or assets.

 

	Section 4.5	Compliance
    with Laws. As of the date hereof, the conduct of the business of the Company complies in all material respects with all
    material statutes, laws, regulations, ordinances, rules, judgments, orders or decrees applicable thereto. The Company shall
    comply with all applicable securities laws with respect to the sale of the Securities.

 

    	 

    	 

    

 

SECTION
5 (CANADIAN SECURITIES REQUIREMENTS)

 

If
the Subscriber is a resident of Alberta, Ontario or British Columbia, such Subscriber’s subscription for Offered Securities
is subject to the terms and conditions of this Section 5.

 

Section 5.1
Offering Exemption.

 

If
the Subscriber is a resident of Alberta, Ontario or British Columbia, the sale of the Offered Securities by the Company to the
Subscriber is conditional upon such sale being exempt from the requirements as to the filing of a prospectus and as to the preparation
of an offering memorandum contained in any statute, regulation, instrument, rule or policy applicable to the sale of the Offered
Securities or upon the issue of such orders, consents or approvals as may be required to permit such sale without the requirement
of filing a prospectus or delivering an offering memorandum.

 

Section 5.2
Representations and Warranties.

 

By
the Subscriber’s acceptance of this Agreement, the Subscriber represents and warrants to the Company (which representations
and warranties shall survive the Closing) that:

 

	 	·	the Subscriber is a resident of Alberta, Ontario
    or British Columbia and the Subscriber complies with one of the following:

 

(i)
the Subscriber is purchasing as principal or is deemed to be purchasing as principal in accordance with applicable Canadian securities
legislation and meets the definition of “accredited Subscriber” as such term is defined under NI 45-106 and has completed
and signed the Subscriber questionnaire set forth on Annex B; or

 

(ii)
the Subscriber is purchasing as principal and has purchased that number of Offered Securities having an acquisition cost to the
Subscriber of not less than $150,000 to be paid in cash on the date of Closing;

 

	 	·	The Subscriber is not a person created or used solely
    to purchase or hold securities in order to comply with an exemption from the prospectus requirements of applicable Canadian
    securities legislation; and

 

	 	·	The Subscriber and any beneficial purchaser for
    whom it is acting is resident in the jurisdiction set out in column (1) on Schedule I, such address was not created and is
    not used solely for the purpose of acquiring the Offered Securities and the Subscriber was solicited to purchase in such jurisdiction.

 

Section 5.3
Anti-Money Laundering.

 

The
Subscriber represents and warrants that the funds representing the Purchase Price for the Offered Securities being subscribed
for herein which will be advanced by the Subscriber to the Company hereunder will not represent proceeds of crime for the purposes
of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada)(the “PCMLTFA”) and the Subscriber
acknowledges that the Company may in the future be required by law to disclose the Subscriber’s name and other information
relating to this Agreement and the Subscriber’s subscription hereunder, on a confidential basis, pursuant to PCMLTFA. To
the best of the Subscriber’s knowledge: (a) none of the subscription funds to be provided by the Subscriber (i) have been
or will be derived from or related to any activity that is deemed criminal under the laws of Canada or the United States of America
or any other jurisdiction, or (ii) are being tendered on behalf of a person or entity who has not been identified to the Subscriber;
and (b) it shall promptly notify the Company if the Subscriber discovers that any of such representations ceases to be true, and
to provide the Company with appropriate information in connection therewith.

  

Section 5.4
Ontario Securities Commission Disclosure.

 

If
the Subscriber is resident in Ontario, it acknowledges it has been notified by the Company: (i) of the delivery to the Ontario
Securities Commission (the “OSC”) of the Subscriber’s personal information; (ii) that the Subscriber’s
personal information is being collected indirectly by the OSC under the authority granted to it in the securities legislation;
(iii) the Subscriber’s personal information is being collected for the purposes of the administration and enforcement of
the securities legislation of Ontario; and (iv) the contact information of the public official in Ontario who can answer questions
about the OSC’s indirect collection of personal information is, Administrative Assistant to the Director of Corporate Finance,
Ontario Securities Commission, Suite 1903, Box 5520 Queen Street West, Toronto, Ontario, M5H 3S8, telephone (416) 593-8086, facsimile
(416) 593-8252.

 

	Section 5.5	Stock
    Legends. If the Subscriber is a resident of Alberta, Ontario or British Columbia, in addition to the securities legends
    set forth in Section 3.7, such Subscriber hereby agrees with the Company as follows: the certificates evidencing the Securities
    issued to such Subscriber, and each certificate issued in transfer thereof within the four month period after issuance of
    the Securities, will bear the following or similar legend:

 

UNLESS
PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE THE DATE THAT IS 4 MONTHS
AND A DAY AFTER THE LATER OF (I) [INSERT THE DISTRIBUTION DATE], AND (II) THE DATE THE ISSUER BECAME A REPORTING ISSUER IN ANY
PROVINCE OR TERRITORY OF CANADA.

 

    	 

    	 

    

 

SECTION
6

 

	Section 6.1	Additional
    Representations and Warranties of Non-U.S. Persons. Each Subscriber that is not a U.S. Person (as defined under Regulation
    S), severally and not jointly, further represents and warrants to the Company as follows: (i) at the time of (A) the offer
    by the Company and (B) the acceptance of the offer by such Person, of the Securities, such Person was outside the U.S; (ii)
    no offer to acquire the Securities or otherwise to participate in the transactions contemplated by this Agreement was made
    to such Person or its representatives inside the U.S.; (iii) such Person is not purchasing the Securities for the account
    or benefit of any U.S. Person, or with a view towards distribution to any U.S. Person, in violation of the registration requirements
    of the Securities Act; (iv) such Person will make all subsequent offers and sales of the Securities either (A) outside of
    the U.S. in compliance with Regulation S; (B) pursuant to a registration under the Securities Act; or (C) pursuant to an available
    exemption from registration under the Securities Act; (v) such Person is acquiring the Securities for such Person’s
    own account, for investment and not for distribution or resale to others; (vi) such Person has no present plan or intention
    to sell the Securities in the U.S. or to a U.S. Person at any predetermined time, has made no predetermined arrangements to
    sell the Securities and is not acting as an underwriter or dealer with respect to such securities or otherwise participating
    in the distribution of such securities; (vii) neither such Person, its Affiliates nor any Person acting on behalf of such
    Person, has entered into, has the intention of entering into, or will enter into any put option, short position or other similar
    instrument or position in the U.S. with respect to the Securities at any time after the date of Closing through the one year
    anniversary of the date of Closing except in compliance with the Securities Act; (viii) such Person consents to the placement
    of a legend on any certificate or other document evidencing the Securities as required under applicable law (ix) such Person
    is not acquiring the Securities in a transaction (or an element of a series of transactions) that is part of any plan or scheme
    to evade the registration provisions of the Securities Act.

 

	Section 6.2	Opinion.
    Such Subscriber will not transfer any or all of such Subscriber’s Securities pursuant to Regulation S or absent an effective
    registration statement under the Securities Act and applicable state securities law covering the disposition of such Subscriber’s
    Securities, without first providing the Company with an opinion of counsel (which counsel and opinion are reasonably satisfactory
    to the Company) to the effect that such transfer will be made in compliance with Regulation S or will be exempt from the registration
    and the prospectus delivery requirements of the Securities Act and the registration or qualification requirements of any applicable
    U.S. state securities laws.

 

    	 

    	 

    

 

SECTION
7

 

 

	Section 7.1	Indemnity.
    The Subscriber agrees to indemnify and hold harmless the Company, its officers and directors, employees and its affiliates
    and each other person, if any, who controls any thereof, against any loss, liability, claim, damage and expense whatsoever
    (including, but not limited to, any and all expenses whatsoever reasonably incurred in investigating, preparing or defending
    against any litigation commenced or threatened or any claim whatsoever) arising out of or based upon any false representation
    or warranty or breach or failure by the Subscriber to comply with any covenant or agreement made by the Subscriber herein
    or in any other document furnished by the Subscriber to any of the foregoing in connection with this transaction.

 

	Section 7.2	Modification.
    Neither this Agreement nor any provisions hereof shall be waived, amended, modified, discharged or terminated except by
    an instrument in writing signed by the party against whom any waiver, amendment, modification, discharge or termination is
    sought.

 

	Section 7.3	Notices.
    Any notice, demand or other communication which any party hereto may be required, or may elect, to give to anyone interested
    hereunder shall be in writing and shall be deemed given when (a) deposited, postage prepaid, in a United States mail letter
    box, registered or certified mail, return receipt requested, addressed to such address as may be given herein, or (b) delivered
    personally, to the other party hereto at their address set forth in this Agreement or such other address as a party hereto
    may request by notifying the other party hereto.

 

	Section 7.4	Counterparts.
    This Agreement may be executed through the use of separate signature pages or in any number of counterparts, and each of such
    counterparts shall, for all purposes, constitute one agreement binding on all parties, notwithstanding that all parties are
    not signatories to the same counterpart.

 

	Section 7.5	Binding
    Effect. Except as otherwise provided herein, this Agreement shall be binding upon and inure to the benefit of the parties
    and their heirs, executors, administrators, successors, legal representatives and assigns. If the Subscriber is more than
    one person, the obligation of the Subscriber shall be joint and several and the agreements, representations, warranties and
    acknowledgments herein contained shall be deemed to be made by and be binding upon each such person and his heirs, executors,
    administrators and successors.

 

	 Section 7.6	Entire
    Agreement. The Exhibits attached hereto are hereby incorporated herein by reference. This Agreement together with the
    Annex and Exhibits contains the entire agreement of the parties and there are no representations, covenants or other agreements
    except as stated or referred to herein.

 

	Section 7.7	Assignability.
    This Agreement is not transferable or assignable by the Subscriber except as may be provided herein.

 

	Section 7.8	Applicable
    Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York.

 

	Section 7.9	Amendments.
    The provisions of this Agreement may be amended at any time and from time to time, and particular provisions of this Agreement
    may be waived, with and only with an agreement or consent in writing signed by the Company and by the Subscribers currently
    holding fifty percent (50%) of the aggregate principal amount of the outstanding Notes as of the date of such amendment or
    waiver.

 

	Section 7.10	Neutral
    Gender. The use in this Agreement of words in the male, female or neutral gender are for convenience only and shall not
    affect or control any provisions of this Agreement.

 

	Section 7.11	Captions.
    The Section headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning
    or interpretation of this Agreement.

 

[Subscription
signature pages follow]

 

    	 

    	 

    

  

	A.	SUBSCRIPTION:

 

 

Principal Amount
of Note = $1,000,000.

 

 

	B.	MANNER IN WHICH TITLE IS TO BE HELD (Please
    check One):

  

	 	 	 	 	 	 	 
	1.	o	Individual	 	7.	o	Trust/Estate/Pension
        or Profit Sharing Plan, and

        Date
        Opened: _______________

	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	2.	o	Joint Tenants with Rights of Survivorship	 	8.	o	As a
        Custodian for ___________

        ___________________________

        UGMA
        ____________ (State)

	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	3.	o	Community Property	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	4.	o	Tenants in Common	 	9.	o	Married with Separate Property
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	5.	☒	Corporation/Partnership	 	10.	o	Keogh
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	6.	o	IRA	 	11.	o	Tenants by the Entirety
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	12.	Other
	 	 
	 	 
	C.	ACCREDITED INVESTOR REPRESENTATION:
	 	 	 	 	 	 	 	 

 

Subscriber
must complete and sign the Accredited Investor Questionnaire attached as Annex A and Annex B (for Canadian Subscribers only) to
this Agreement.

 

 

    	 

    	 

    

 

	D.	TITLE:

 

PLEASE
GIVE THE EXACT AND COMPLETE NAME IN WHICH TITLE TO THE SECURITIES ARE TO BE HELD: Heddle Marine Service Inc.

 

 

 

IN WITNESS WHEREOF,
the Subscriber has executed this Agreement on the 19th day of November , 2014.

 

Heddle Marine
Service Inc.

 

	Signature: /S/ Richard Heddle	 	Signature: 
	Name: Richard Heddle 	 	Name: 
	Title President  
	 
	Address On File with Plastic2Oil, Inc.

 

***DO NOT
WRITE BELOW DOTTED LINE***

	 
	 
	ACCEPTED ON BEHALF OF THE COMPANY:
	 
	PLASTIC2OIL, INC.
	 
	By:
                                          /S/ Rahoul Banerjea 

        Name:
        Rahoul Banerjea

        Title:
        Chief Financial Officer
	 	Principal Amount of Notes:	$1,000,000  
	No. of
    Warrants:             
                 1,000,000

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00237-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00237-of-00352.parquet"}]]