Document:

Exhibit 10.2.2

 

Arkansas Development
Finance Authority

Industrial Development
Revenue Bonds

(Big River Steel
Project),

Tax-Exempt Series 2020

(Green Bonds)

 

CERTIFICATE CONFIRMING DEFINITIONS ANNEX

 

The undersigned parties
each hereby certify that the attached Definitions Annex is the document referenced and incorporated in the various documents, agreements
and certificates relating to the above-referenced bonds.

 

IN
TESTIMONY WHEREOF, the undersigned has hereunto set my hand as of this 10th day of September, 2020.

 

[Signature pages follow]

 

    

     

    

 

	 	ARKANSAS DEVELOPMENT FINANCE
	 	AUTHORITY, as Issuer
	 	 
	 	 
	 	By:	/s/
    Bryan Scoggins
	 	 	Bryan Scoggins, President

 

Signature Page to Certificate re Definitions Annex

 

    

     

    

 

	 	U.S. BANK NATIONAL ASSOCIATION,
    as
	 	Trustee
	 	 
	 	 
	 	By:	/s/
    David A. Schlabach
	 	 	Name: David A. Schlabach
	 	 	Title: Vice President

 

Signature Page to
Certificate re Definitions Annex

 

    

     

    

 

	 	BIG RIVER STEEL LLC
	 	 
	 	 
	 	By:	/s/ David Stickler
	 	 	David Stickler, Chief Executive Officer
	 	 
	 	 
	 	BRS INTERMEDIATE HOLDINGS LLC
	 	 
	 	 
	 	By:	/s/ David Stickler
	 	 	David Stickler, Chief Executive Officer
	 	 
	 	 
	 	BRS FINANCE CORP.
	 	 
	 	 
	 	By:	/s/ David Stickler
	 	 	David Stickler, Chief Executive Officer

 

Signature Page to Certificate re Definitions Annex

 

    

     

    

 

DEFINITIONS OF TERMS

 

“2019 Bond
Financing Agreement” means that certain Bond Financing Agreement dated as of May 31, 2019, by and between the Bond
Issuer, the Company, Parent and BRS Finance Corp.

 

“2019 Bond
Indenture” means that certain Trust Indenture dated as of May 31, 2019, by and between the Bond Issuer and the trustee
for the 2019 Bonds.

 

“2019 Bonds”
means the bonds designated as the “Arkansas Development Finance Authority Industrial Development Revenue Bonds (Big River
Steel Project), Series 2019” and any Additional Bonds issued pursuant to the 2019 Bond Indenture.

 

“2020 Bonds”
means the bonds designated as the “Arkansas Development Finance Authority Industrial Development Revenue Bonds (Big River
Steel Project), Tax-Exempt Series 2020 (Green Bonds).”

 

“ABL Agent”
means Goldman Sachs Bank USA and any successors thereof under the ABL Facility, acting as administrative agents on behalf of the
ABL Facility Lenders.

 

“ABL Cap Amount” has the meaning
specified in the definition of “ABL Obligations.”

 

“ABL Claimholders”
means, at any relevant time, the holders of ABL Obligations and/or the Excess ABL Obligations at that time, including the ABL Facility
Lenders, issuing banks of letters of credit issued pursuant to the ABL Facility, the ABL Agent under the loan documents for the
ABL Facility, the ABL Hedge Provider and the ABL Cash Management Provider (as each such term is defined in the Intercreditor Agreement),
and the successors, replacements and assigns of each of the foregoing, and shall include, without limitation, any former ABL Facility
Lenders, issuing banks of letters of credit issued pursuant to the ABL Facility, the ABL Agent, ABL Hedge Provider and ABL Cash
Management Provider to the extent that any Obligations owing to such Persons were incurred while such Persons were ABL Facility
Lenders, issuing banks of letters of credit issued pursuant to the ABL Facility, the ABL Agent, ABL Hedge Provider or ABL Cash
Management Provider, as applicable, and such Obligations have not been paid or satisfied in full.

 

“ABL Facility”
means (i) the Credit Agreement, dated as of August 23, 2017, among the Company, any Restricted Subsidiary of the Company
designated as a “Borrower” or “Credit Party” thereunder, the lenders party thereto, Goldman Sachs Bank
USA (or an affiliate thereof) as administrative agent, as amended, restated, supplemented, waived, replaced (whether or not upon
termination, and whether with the original agents, lenders or otherwise), restructured, repaid, refunded, refinanced or otherwise
modified from time to time, including any agreement or indenture extending the maturity thereof, refinancing, replacing or otherwise
restructuring all or any portion of the Indebtedness thereunder or under such agreement or agreements or indenture or indentures
or any successor or replacement agreement or agreements or indenture or indentures or increasing the amount loaned or issued thereunder
or altering the maturity thereof, and (ii) whether or not the facility referred to in clause (i) remains outstanding,
if designated in an Officer’s Certificate delivered to the Trustee as “ABL Facility” until such time as the Company
subsequently delivers an Officer’s Certificate to the Trustee to the effect that such facility will no longer constitute
 “ABL Facility”, including one or more (A) debt facilities or commercial paper facilities, providing for revolving
credit loans, term loans, receivables financing (including through the sale of receivables to lenders or to special purpose entities
formed to borrow from lenders against such receivables) or letters of credit, (B) debt securities, indentures or other forms
of debt financing (including convertible or exchangeable debt instruments or bank guarantees or bankers’ acceptances), or
(C) instruments or agreements evidencing any other Indebtedness, in each case, with the same or different borrowers or issuers
and, in each case, as amended, supplemented, modified, extended, restructured, renewed, refinanced, restated, replaced or refunded
in whole or in part from time to time.

 

“ABL Facility Lenders” means the
lenders or holders of Indebtedness under the ABL Facility.

 

“ABL Obligations” means, subject
to clause (5) hereof, the following:

 

(1) the “Obligations” (as defined in
the ABL Facility);

 

    1

     

    

 

		(2)	all ABL Hedging Obligations (as defined in the Intercreditor Agreement);

 

		(3)	all ABL Cash Management Obligations (as defined in the Intercreditor Agreement);

 

(4)
to the extent any payment with respect to any ABL Obligation (whether by or on behalf of any Grantor, as proceeds of
security, enforcement of any right of setoff or otherwise) is declared to be a fraudulent conveyance or a preference in any
respect, set aside or required to be paid to a debtor in possession, any Fixed Asset Pari Passu Lien Claimholders, receiver
or similar Person, then the obligation or part thereof originally intended to be satisfied shall, for the purposes of the
Intercreditor Agreement and the rights and obligations of the ABL Claimholders and the Fixed Asset Pari Passu Lien
Claimholders, be deemed to be reinstated and outstanding as if such payment had not occurred. To the extent that any
interest, fees, expenses or other charges (including Post-Petition Interest) to be paid pursuant to the loan documents for
the ABL Facility are disallowed by order of any court, including by order of a court of competent jurisdiction presiding over
an Insolvency or Liquidation Proceeding, such interest, fees, expenses and charges (including Post-Petition Interest) shall,
as between the ABL Claimholders and the Fixed Asset Pari Passu Lien Claimholders, be deemed to continue to accrue and be
added to the amount to be calculated as the “ABL Obligations”; and

 

(5)
notwithstanding the foregoing, if the sum of: (1) Indebtedness for borrowed money constituting principal outstanding
under the ABL Facility and the other loan documents for the ABL Facility; plus (2) the aggregate face amount of any
letters of credit issued but not reimbursed under the ABL Facility, is in excess of (i) so long as the Senior Secured
Notes and the Obligations under the Term Loan Credit Agreement remain outstanding, $350,000,000 in the aggregate and
(ii) after discharge in full (pursuant to a covenant defeasance, legal defeasance, upon maturity or otherwise) of the
Senior Secured Notes and the Obligations under the Term Loan Credit Agreement and with the requisite consent of any other
then-outstanding Pari Passu Lien Secured Parties necessary to effectuate required amendments to the Fixed Asset Pari Passu
Lien Collateral Documents and the Intercreditor Agreement $500,000,000 (the “ABL Cap Amount”), then only
that portion of such Indebtedness and such aggregate face amount of letters of credit equal to the ABL Cap Amount shall be
included in ABL Obligations and interest and reimbursement obligations with respect to such Indebtedness and letters of
credit shall only constitute ABL Obligations to the extent related to Indebtedness and face amounts of letters of credit
included in the ABL Obligations.

 

“ABL Priority
Collateral” means the following of any Grantor: (i) Accounts and chattel paper, in each case other than to the extent
constituting identifiable proceeds of Fixed Asset Priority Collateral; (ii) deposit accounts, securities accounts and commodity
accounts (and all cash, checks and other negotiable instruments, funds, securities, commodity contracts and other evidences of
payment or other assets held therein) (but, in any event, excluding the Revenue Account (which will be used, among other things,
for deposit of identifiable proceeds of Fixed Asset Priority Collateral), other Fixed Asset Accounts and the Fixed Asset Collateral
Proceeds Account); (iii) all Inventory; (iv) to the extent evidencing, governing, securing or otherwise reasonably related
to any of the foregoing, all documents, general intangibles, instruments, commercial tort claims, letters of credit, letter-of-credit
rights and supporting obligations; provided, however, that to the extent any of the foregoing also evidence, govern, secure or
otherwise reasonably relate to any Fixed Asset Priority Collateral only that portion that evidences, governs, secures or reasonably
relates to ABL Priority Collateral shall constitute ABL Priority Collateral; provided, further, that the foregoing shall not include
any intellectual property; (v) all books, records and documents related to the foregoing (including databases, customer lists
and other records, whether tangible or electronic, which contain any information relating to any of the foregoing); (vi) insurance
and claims against third parties to the extent arising on account of ABL Priority Collateral and all of the proceeds of and payments
under all policies of business interruption insurance; and (vii) all proceeds and products of any or all of the foregoing
in whatever form received, but excluding any property that is directly acquired prior to the commencement of any case or proceeding
under the Bankruptcy Code or any similar Bankruptcy Law with cash proceeds of any ABL Priority Collateral and does not otherwise
constitute ABL Priority Collateral upon its acquisition. Subject to certain provisions of the Intercreditor Agreement, upon a Discharge
of Fixed Asset Pari Passu Lien Obligations, all Fixed Asset Priority Collateral shall become ABL Priority Collateral.

 

“Accounts”
means all present and future “accounts” (as defined in Article 9 of the UCC), whether or not the UCC is applicable
thereto, and shall include all rights of payment owed by an issuer of a credit or charge card.

 

    2

     

    

 

“Acquired Indebtedness” means,
with respect to any specified Person,

 

(1)
Indebtedness of any other Person existing at the time such other Person is merged, consolidated or amalgamated with or into
or became a Restricted Subsidiary of such specified Person, including Indebtedness incurred in connection with, or in
contemplation of, such other Person merging, amalgamating or consolidating with or into, or becoming a Restricted Subsidiary
of, such specified Person, and

 

		(2)	Indebtedness secured by a Lien encumbering any asset acquired by such specified Person.

 

“Act”
means the Arkansas Development Finance Authority Act, Title 15, Chapter 5, Subchapters 1 through 3 of the Arkansas Code of 1987
Annotated, as amended.

 

“Act 9 Bond
Documents” means (a) the Act 9 Trust Indenture, (b) the Act 9 Lease Agreement, and (c) that certain Payment
in Lieu of Taxes Agreement dated as of April 30, 2015, between the City of Osceola and the Company, and all other documents
executed in connection therewith, as the same may be amended, restated, supplemented or otherwise modified from time to time.

 

“Act 9 Bonds”
means the bonds issued to Big River Steel Holdings LLC and assigned to Parent under the Act 9 Trust Indenture pursuant to Amendment
65 to the Constitution of State of Arkansas and Act No. 9 of the First Extraordinary Session of the Sixty-Second General Assembly
of the State of Arkansas for the year 1960, codified as Ark. Code Ann. Sections 14,164-201 et seq. as amended.

 

“Act 9 Lease
Agreement” means that certain Lease Agreement dated as of April 30, 2015, between the City of Osceola and the Company,
as the same may be amended, restated, supplemented or otherwise modified from time to time.

 

“Act 9 Trust
Indenture” means that certain Trust Indenture dated as of April 30, 2015, between the City of Osceola, as issuer,
and Regions Bank, as trustee for Parent as the owner of the Act 9 Bonds issued thereunder, as the same may be amended, restated,
supplemented or otherwise modified from time to time.

 

“Act of Required Pari Passu Lien Secured
Parties” means, as to any matter,

 

(1)
from and after August 23, 2017, but prior to the Discharge of Pari Passu Lien Obligations, a direction in writing
delivered to the Collateral Agent by or with the written consent of, the Required Term Lenders until the earliest of
(x) the Discharge of Credit Agreement Obligations (as such term is defined in the Collateral Trust Agreement),
(y) the Outstanding Term Loan Threshold Date (as such term is defined in the Collateral Trust Agreement) and
(z) the First Specified Pari Passu Lien Debt Threshold Date (the date on which the earliest of the foregoing clauses
(1)(x), (1)(y) and (1)(z) occurs, the “First Controlling Change Date”);

 

(2)
from and after the First Controlling Change Date, but prior to the Discharge of Pari Passu Lien Obligations, a direction in
writing delivered to the Collateral Agent by or with the written consent of, the Required Delayed Draw Term Lenders until the
earlier of (x) the Discharge of Specified Pari Passu Lien Debt Obligations and (y) the Second Specified Pari Passu
Lien Debt Threshold Date (the date on which the earlier of the foregoing clauses (2)(x) and (2)(y) occurs, the
 “Second Controlling Change Date”); and

 

(3)
from and after the Second Controlling Change Date, but prior to the Discharge of Pari Passu Lien Obligations, a direction in
writing delivered to the Collateral Agent by or with the written consent of, the holders of (or the Pari Passu Lien Debt
Representatives representing the holders of) more than 50% of the aggregate outstanding principal amount of Pari Passu Lien
Debt; provided, however, that if at any time prior to the Discharge of Pari Passu Lien Obligations the only remaining Pari
Passu Lien Obligations are Secured Hedging Obligations, then the term “Act of Required Pari Passu Lien Secured
Parties” will mean a direction in writing delivered by the Hedge Bank with the largest amount of Secured Hedging
Obligations owed to it. For purposes of this definition, (a) Pari Passu Lien Debt registered in the name of, or
beneficially owned by, the Company or any Affiliate of the Company will be deemed not to be outstanding and neither the
Company nor any Affiliate of the Company will be entitled to vote such Pari Passu Lien Debt and (b) votes will be
determined as described in the Collateral Trust Agreement and in the Limited Offering Memorandum under the heading
 “SECURITY AND SOURCES OF PAYMENT FOR THE 2020 BONDS AND OTHER PARI PASSU LIEN DEBT—Collateral Trust
Agreement—Voting”.

 

    3

     

    

 

“Additional Bonds” means Bonds
issued under Section 2.05 of the Bond Indenture.

 

“Additional
Pari Passu Lien Debt” has the meaning specified in clause (1) of the definition of “Additional Pari Passu
Lien Debt Designation”.

 

“Additional
Pari Passu Lien Debt Designation” means a designation under the Collateral Trust Agreement pursuant to which the Company
designates as Pari Passu Lien Debt thereunder any Funded Debt incurred by the Company or any Subsidiary Guarantor after August 23,
2017 in accordance with the terms of all applicable Pari Passu Lien Debt Documents that states that:

 

(1) the
Company or such other Grantor intends to incur additional Pari Passu Lien Debt (“Additional Pari Passu Lien
Debt”) which will be Pari Passu Lien Debt not prohibited by any Pari Passu Lien Debt Document to be incurred and
secured by a Pari Passu Lien equally and ratably with all previously existing and future Pari Passu Lien Debt;

 

(2)
specifies the name and address of the Pari Passu Lien Debt Representative for such Additional Pari Passu Lien Debt for
purposes of the Collateral Trust Agreement;

 

(3)
states that the Company and each other Grantor has duly authorized, executed (if applicable) and recorded (or caused to be
recorded) in each appropriate governmental office all relevant filings and recordations to ensure that the Additional Pari
Passu Lien Debt is secured by the Collateral in accordance with the Pari Passu Lien Security Documents;

 

(4)
attaches a reaffirmation agreement contemplated by the Collateral Trust Agreement, which has been duly executed by the
Company and each other Grantor; and

 

(5)
states that the Company has caused a copy of the Additional Pari Passu Lien Debt Designation and the related Collateral Trust
Joinder (if any) to be delivered to each then existing Pari Passu Lien Debt Representative.

 

“Affiliate”
of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified Person. For purposes of this definition, “control” (including, with correlative
meanings, the terms “controlling,” “controlled by” and “under common control with”),
as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction
of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise.

 

“After-Acquired
Property” means (i) equipment or fixtures acquired by the Company or any other Grantor after August 23, 2017
which constitute accretions, additions or technological upgrades to the equipment or fixtures that form part of the Fixed Asset
Priority Collateral, (ii) any equipment, fixtures and real estate of the Company or any other Grantor acquired after August 23,
2017, (iii) all of the Capital Stock acquired after August 23, 2017 and held by the Company or any other Grantor (other
than any Capital Stock that is an Excluded Asset), (iv) substantially all of the other tangible and intangible assets of the
Company and each Grantor acquired after August 23, 2017 and

 

(v) any asset or other property, whether
personal, real or other, that was designated as an “Excluded Asset,” which asset or other property ceases to constitute
an Excluded Asset.

 

“Anti-Corruption
Law” means any provision of the Foreign Corrupt Practices Act of 1977, the Bribery Act 2010 of the United Kingdom or
any other applicable anti-bribery or anti-corruption law.

 

    4

     

    

 

“Applicable
Collateral Agents” has the meaning given to such term in the Intercreditor Agreement and in the Limited Offering Memorandum
under the heading “SECURITY AND SOURCES OF PAYMENT FOR THE 2020 BONDS AND OTHER PARI PASSU LIEN DEBT—Intercreditor
Agreement”.

 

“Applicable
Procedures” means, with respect to any selection of Bonds, the rules and procedures of the Depository, Euroclear
and Clearstream that apply to such selection, transfer or exchange.

 

“Applicable
Tax-Exempt Municipal Bond Rate” means the Comparable AAA General Obligations yield curve rate for the September 1,
2027 published by Municipal Market Data (“MMD”) five business days prior to the date fixed for redemption. If no such
yield curve rate is established for the applicable year, the Comparable AAA General Obligations yield curve rate for the two published
years most closely corresponding to such year will be determined, and the Applicable Tax-Exempt Municipal Bond Rate will be interpolated
or extrapolated from those yield curves rates on a straight-line basis. This rate is made available by MMD and is available to
subscribers at: www.tm3.com. In calculating the Applicable Tax-Exempt Municipal Bond Rate, if MMD no longer publishes the Comparable
AAA General Obligations yield curve rate, then the Applicable Tax-Exempt Municipal Bond Rate will equal the Municipal Market Advisors
Consensus Municipal yield curve rate for the applicable year, or will be based on a comparable industry standard. The Consensus
Municipal yield curve rates are made available daily by Municipal Market Analytics, Inc. through Bloomberg (Command Prompt:
CMMA) and if Municipal Market Analytics, Inc. no longer publishes the Consensus Municipal yield curve rate, then the Applicable-Tax
Exempt Municipal Bond Rate will be determined by the Quotation Agent, based upon the rate per annum equal to the semiannual equivalent
yield to maturity of those tax-exempt general obligation bonds rated in the highest rating category by Moody’s and S&P
with a maturity date equal to September 1, 2027 and having characteristics (other than the rating) most comparable to such
2020 Bonds, in the judgement of the Quotation Agent.

 

“Asset Sale” means:

 

(1) the
sale, conveyance, transfer or other disposition, whether in a single transaction or a series of related transactions, of property
or assets (including by way of a Sale and Lease-Back Transaction, other than a Specified Sale and Lease-Back Transaction) of the
Company or any Restricted Subsidiary (each referred to in this definition as a “disposition”); or

 

(2) the
issuance or sale of Equity Interests (other than Preferred Stock or Disqualified Stock of Restricted Subsidiaries issued in compliance
with Section 6.03 of the Bond Financing Agreement and the covenant described in the Limited Offering Memorandum under the
heading “FINANCING FOR THE TAX-EXEMPT PROJECT—Bond Financing Agreement—Covenants of the Company— Limitation
on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock”) of any Restricted Subsidiary (other
than to the Company or another Restricted Subsidiary), whether in a single transaction or a series of related transactions;

 

    5

     

    

 

in each case,
other than: (a) any disposition of (i) Cash Equivalents or Investment Grade Securities, (ii) obsolete, damaged
or worn out property or assets in the ordinary course of business or consistent with industry practice or any disposition of
inventory or goods (or other assets) held for sale or no longer used or useful in the ordinary course, (iii) assets no
longer economically practicable or commercially reasonable to maintain (as determined in good faith by the management of the
Company), (iv) dispositions to landlords of improvements made to leased real property pursuant to customary terms of
leases entered into in the ordinary course of business and (v) assets for purposes of charitable contributions or
similar gifts to the extent such assets are not material to the ability of the Company and its Restricted Subsidiaries, taken
as a whole, to conduct its business in the ordinary course; (b) the disposition of all or substantially all of the
assets of the Company or a Restricted Subsidiary in a manner permitted pursuant to the provisions of 6.12 of the Bond
Financing Agreement (other than under Section 6.12(b)(2)) and the covenant described in the Limited Offering Memorandum
under the heading “FINANCING FOR THE TAX-EXEMPT PROJECT— Covenants of the Company—Merger,
Amalgamation, Consolidation or Sale of All or Substantially All Assets” (other than under clause (2) of the fourth
paragraph thereof) or any disposition that constitutes a Change of Control; (c) any disposition in connection with the
making of any Restricted Payment that is permitted to be made pursuant to Section 6.01 of the Bond Financing Agreement
and the covenant described in the Limited Offering Memorandum under the heading “FINANCING FOR THE TAX-EXEMPT
PROJECT—Bond Financing Agreement—Covenants of the Company—Limitation on Restricted Payments”
or any Permitted Investment or any acquisition otherwise permitted by the Bond Financing Agreement; (d) any disposition
of property or assets or issuance or sale of Equity Interests of any Restricted Subsidiary with an aggregate fair market
value for any individual transaction or series of related transactions of less than the greater of $30.0 million and 20.0% of
Consolidated EBITDA of the Company for the most recently ended Test Period (calculated on a pro forma basis)
determined at the time of the making of such disposition; (e) any disposition of property or assets or issuance of
securities by a Restricted Subsidiary to the Company or by the Company or a Restricted Subsidiary to a Restricted Subsidiary
(and in the event such disposition of property or assets or issuance of securities was made by the Company or a Guarantor,
such disposition of property or assets or issuance of securities is made to a Guarantor); (f) to the extent allowable
under Section 1031 of the Code, any exchange of like property (excluding any boot thereon) for use in a Similar
Business; (g) (i) the lease or sub-lease, assignment, license or sublicense of any real or personal property in the
ordinary course of business or consistent with industry practice, (ii) the lease or sub-lease, assignment, license or
sublicense of, or co-location arrangement relating to, any real or other property of the Company and its Restricted
Subsidiaries for the purpose of facilitating the use by other Persons of such real or other property in connection with the
conduct by such other Persons (or their affiliates) of a Similar Business and, in connection with which, the Company or a
Restricted Subsidiary or a Parent Company enters into a contract or arrangement with such other Person for the sale or
acquisition of products or services, and (iii) the exercise of termination rights with respect to any lease, sub-lease,
assignment, license or sublicense or other agreement or arrangement; (h) any issuance, disposition or sale of Equity
Interests in, or Indebtedness, assets or other securities of, an Unrestricted Subsidiary; (i) foreclosures,
condemnation, expropriation, eminent domain or any similar action (including, for the avoidance of doubt, any casualty event)
with respect to assets or the granting of Liens not prohibited by the Bond Financing Agreement; (j) sales of accounts
receivable, or participations therein, or Securitization Assets or related assets in connection with any Qualified
Securitization Facility, sales of receivables in connection with Receivables Financing Transactions or the disposition of an
account receivable in connection with the collection or compromise thereof in the ordinary course of business or consistent
with industry practice or in bankruptcy or similar proceedings; (k) any financing transaction with respect to property
built or acquired by the Company or any Restricted Subsidiary after August 23, 2017, including asset securitizations
permitted by the Bond Financing Agreement; (l) the sale, lease, assignment, license, sublease or discount of inventory,
equipment, accounts receivable, notes receivable or other current assets in the ordinary course of business or consistent
with industry practice or the conversion of accounts receivable to notes receivable or other dispositions of accounts
receivable in connection with the collection thereof; (m) the licensing or sub- licensing of intellectual property or
other general intangibles in the ordinary course of business or consistent with industry practice; (n) any surrender or
waiver of contract rights or the settlement, release or surrender of contract rights or other litigation claims in the
ordinary course of business or consistent with industry practice; (o) the unwinding of any Hedging Obligations;
(p) sales, transfers and other dispositions of Investments in joint ventures to the extent required by, or made pursuant
to, customary buy/sell arrangements between the joint venture parties set forth in joint venture arrangements and similar
binding arrangements; (q) the lapse, abandonment or other disposition of intellectual property rights in the ordinary
course of business or consistent with industry practice, which in the reasonable good faith determination of the Company are
not material to the conduct of the business of the Company and its Restricted Subsidiaries taken as a whole; (r) the
granting of a Lien that is permitted under Section 6.06 of the Bond Financing Agreement and the covenant described in
the Limited Offering Memorandum under the heading “FINANCING FOR THE TAX-EXEMPT PROJECT— Bond Financing
Agreement—Covenants of the Company—Liens;” (s) the issuance of directors’ qualifying shares and
shares of Capital Stock of Foreign Subsidiaries issued to foreign nationals as required by applicable law; (t) the
disposition of any assets (including Equity Interests) (i) acquired in a transaction permitted under the Bond Financing
Agreement, which assets are not used or useful in the principal business of the Company and its Restricted Subsidiaries or
(ii) made in connection with the approval of any applicable antitrust authority or otherwise necessary or advisable in
the good faith determination of the Company to consummate any acquisition permitted under the Bond Financing Agreement;
(u) dispositions of property to the extent that such property is exchanged for credit against the purchase price of the
same or similar replacement property; (v) the settlement or early termination of any Permitted Bond Hedge Transaction
and the settlement or early termination of any related Permitted Warrant Transaction; and (w) dispositions of property
in connection with any Specified Sale and Lease-Back Transaction.

 

“Assigned
Agreements” shall mean any agreement, contract or record to which any Grantor is now or may hereafter become a party,
in each case as such agreements, contracts or other records may be amended, amended and restated, supplemented or otherwise modified
from time to time.

 

    6

     

    

 

“Attributable
Indebtedness” means, on any date, in respect of any Capitalized Lease Obligation or Sale and Lease-Back Transaction of
any Person, (i) in the case of a Capitalized Lease Obligation or a Sale and Lease-Back Transaction that constitutes a Capitalized
Lease Obligation, the amount thereof that would appear as a liability on a balance sheet of such Person prepared as of such date
in accordance with GAAP or (ii) in the case of a Sale and Lease-Back Transaction that does not constitute a Capitalized Lease
Obligation, the present value (discounted at the interest rate implicit in the transaction) of the total obligations of the lessee
for rental payments during the remaining term of the lease included in such Sale and Lease-Back Transaction, including any period
for which such lease has been extended or may, at the option of the lessor, be extended determined in accordance with GAAP.

 

“Authenticating
Agent” means the Trustee and the Registrar for the Bonds and any bank, trust company or other Person designated as an
Authenticating Agent for the Bonds by or in accordance with Section 6.13 of the Bond Indenture.

 

“Authorized
Company Representative” means the person or persons designated at the time to act on behalf of the Company by written
instrument furnished to the Issuer and the Trustee, containing the specimen signature of such person or persons and signed by any
officer of the Company. Such instrument may designate an alternate or alternates.

 

“Authorized
Denominations” shall mean, with respect to the 2020 Bonds, $100,000 or any integral multiple of $5,000 in excess thereof.

 

“Authorized
Issuer Representative” means the Chairman, Vice Chairman, President or any Vice President of the Bond Issuer, or any
other person at the time designated to act on behalf of the Bond Issuer by written certificate furnished to the Company and the
Trustee containing the specimen signature of such person and signed by the Chairman, Vice Chairman, President or any Vice President
of the Bond Issuer. Such certificate may designate an alternate or alternates each of whom shall be entitled to perform all duties
of the Authorized Issuer Representative.

 

“Bankruptcy Code” means Title 11
of the United States Code.

 

“Bankruptcy
Law” means the Bankruptcy Code and any similar federal, state or foreign law for the relief of debtors, including for
greater certainty, any such law in respect of corporation arrangement, reorganization or scheme, and all other liquidation, conservatorship,
bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, winding-up,
or arrangement (including corporate statutes).

 

“Base Date” has the meaning ascribed
to such term in Section 6.01(a) of the Bond Financing Agreement.

 

“Beneficial
Owner” means, with respect to the Bonds, a Person owning a Beneficial Ownership Interest therein, which has provided
written notice to the Trustee of its Beneficial Ownership Interest of such Bond.

 

“Beneficial
Ownership Interest” means the right of the owner to receive for its own account, held directly or indirectly with a Direct
Participant or Indirect Participant, payments made by the Bond Issuer with respect to a specified principal amount of Bonds with
a specified CUSIP held by the Depository under a Book-Entry System pursuant to the Bond Indenture.

 

“BFA Loan”
means the loan of the proceeds of the Bonds from the Bond Issuer to the Company, pursuant to the Bond Financing Agreement, and
evidenced by the Series 2020 Note.

 

“BFA Loan
Obligations” means the obligations of the Company and the Guarantors under the Bond Financing Agreement and the Series 2020
Note.

 

“Board of
Directors” means, for any Person, the board of directors, board of managers or other governing body of such Person or,
if such Person does not have such a board of directors, board of managers or other governing body and is owned or managed by a
single entity, the Board of Directors of such entity, or, in either case, any committee thereof duly authorized to act on behalf
of such Board of Directors.

 

    7

     

    

 

“Bond Counsel”
means collectively, Mitchell, Williams, Selig, Gates & Woodyard, PLLC, and Ballard Spahr LLP, or any other firm of attorneys
(other than an employee of the Company) satisfactory to the Bond Issuer and nationally recognized as experienced in matters relating
to the tax-exempt status of obligations issued by or on behalf of states and political subdivisions.

 

“Bond Documents”
means the Bond Indenture, the Bond Financing Agreement, the Purchase Agreement, the Series 2020 Note and the Fixed Asset Pari
Passu Lien Collateral Documents.

 

“Bond Financing
Agreement” means that certain Bond Financing Agreement by and between the Bond Issuer, the Company, Parent and BRS Finance
Corp. to be dated as of the Closing Date.

 

“Bond Financing
Payments” means payments by the Company pursuant to the Bond Financing Agreement towards the principal of, premium, if
any, and interest on the Bonds and related expenses.

 

“Bondholder”
 “Holder” or “Holder of a Bond” at any time, means the Person in whose name a Bond is registered
on the Register pursuant to the Bond Indenture.

 

“Bond Indenture”
means that certain Trust Indenture to be dated as of the Closing Date, by and between the Bond Issuer and the Trustee.

 

“Bond Issuer”
means the Arkansas Development Finance Authority, a public body corporate and politic created and existing under the Act together
with its successors and assigns.

 

“Bond Issuer Board” means the Board
of Directors of the Bond Issuer.

 

“Bond Resolution”
means (a) when used with reference to the 2020 Bonds, the resolution of the Bond Issuer Board providing for their issuance
and approving the Bond Financing Agreement, the Bond Indenture and the Purchase Agreement and related matters; and (b) when
used with reference to an issue of Additional Bonds, the resolution of the Bond Issuer Board providing for the issuance of the
Additional Bonds and approving any amendment or supplement to the Bond Financing Agreement, any Supplemental Indenture and related
matters.

 

“Bonds” means the 2020 Bonds and
any Additional Bonds.

 

“Book-Entry
Form” or “Book-Entry System” means a form or system, as applicable, under which (a) the Beneficial
Ownership Interests may be transferred only through a book-entry-only system and (b) physical Bond certificates in fully registered
form are registered only in the name of a Depository or its nominee as Holder, with the physical Bond certificates “immobilized”
in the custody of the Depository or the Trustee.

 

“Borrower
Bonds” mean any Bonds of which ownership is registered in the name of the Company or any Affiliate of Company.

 

“Broker-Dealer
Regulated Subsidiary” means any Subsidiary of the Company that is registered as a broker-dealer under the Exchange Act
or any other applicable laws requiring such registration.

 

“BRS Finance” means BRS Finance
Corp., a Delaware corporation.

 

“BRS Intermediate” means BRS Intermediate
Holdings LLC, a Delaware limited liability company.

 

“Business Day” means any day that
is not a Legal Holiday.

 

“Capex Equity”
means Capital Stock of the Company issued to Parent, the Net Cash Proceeds from the issuance of which, and other cash equity capital
contributions by Parent to the Company, the Net Cash Proceeds of which, are used for purposes of Expansion Capital Expenditures.

 

    8

     

    

 

“Capital Expenditures”
means all expenditures made by the Company, a Subsidiary Guarantor or a Restricted Subsidiary, as applicable, for the acquisition,
leasing (pursuant to a capital lease of fixed or capital assets), construction, development or improvement of assets or additions
to equipment (including replacement, capitalized repairs and improvements during such period) that should be capitalized under
GAAP on a consolidated balance sheet of the Company and its Restricted Subsidiaries.

 

“Capital Markets
Indebtedness” means any Indebtedness consisting of bonds, debentures, notes or other similar debt securities issued in
(a) a public offering registered under the Securities Act, (b) a private placement to institutional investors that is
resold in accordance with Rule 144A or Regulation S under the Securities Act, whether or not it includes registration rights
entitling the holders of such debt securities to registration thereof with the SEC or

 

(c) a private placement to institutional
investors. For the avoidance of doubt, the term “Capital Markets Indebtedness” does not include any Indebtedness under
commercial bank facilities, Indebtedness incurred in connection with a Sale and Lease-Back Transaction, Indebtedness
incurred in the ordinary course of business of the Company, Capitalized Lease Obligations or recourse transfer of any financial
asset or any other type of Indebtedness incurred in a manner not customarily viewed as a “securities offering” but
does include the obligations of the Company pursuant to the 2019 Bond Financing Agreement and the Bond Financing Agreement.

 

“Capital Stock” means:

 

		(1)	in the case of a corporation, corporate stock or shares in the capital of such corporation;

 

(2) in
the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however
designated) of corporate stock;

 

(3) in
the case of a partnership or limited liability company, partnership or membership interests (whether general or limited); and

 

(4) any
other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or
distributions of assets of, the issuing Person;

 

but excluding from all of the foregoing any debt securities
convertible into or exchangeable for Capital Stock, whether or not such debt securities include any right of participation with
Capital Stock.

 

“Capitalized
Lease Obligation” means, at the time any determination thereof is to be made, the amount of the liability in respect
of a capital lease that would at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding
the footnotes thereto) prepared in accordance with GAAP; provided that all obligations of any Person that are or would have
been treated as operating leases for purposes of GAAP prior to the issuance by the Financial Accounting Standards Board on February 25,
2016 of an Accounting Standards Update (the “ASU”) shall continue to be accounted for as operating leases for
purposes of all financial definitions and calculations for purposes of the Bond Financing Agreement (whether or not such operating
lease obligations were in effect on such date) notwithstanding the fact that such obligations are required in accordance with the
ASU (on a prospective or retroactive basis or otherwise) to be treated as Capitalized Lease Obligations in the financial statements
to be delivered pursuant to the Bond Financing Agreement and the Continuing Disclosure Agreement.

 

“Capitalized
Software Expenditures” means, for any period, the aggregate of all expenditures (whether paid in cash or accrued as liabilities)
by a Person and its Restricted Subsidiaries during such period in respect of licensed or purchased software or internally developed
software and software enhancements that, in conformity with GAAP, are or are required to be reflected as capitalized costs on the
consolidated balance sheet of a Person and its Restricted Subsidiaries.

 

“Captive Insurance
Subsidiary” means any Subsidiary of the Company that is subject to regulation as an insurance company (or any Subsidiary
thereof).

 

    9

     

    

 

“Cash Equivalents” means:

 

 (1) United States dollars;

 

(2)
(a) Euros, Yen, Canadian Dollars, Pounds Sterling or any national currency of any participating member state of the EMU;
or (b) in the case of any Foreign Subsidiary or any jurisdiction in which the Company or its Restricted Subsidiaries
conducts business, such local currencies held by it from time to time in the ordinary course of business or consistent with
industry practice;

 

(3) readily
marketable direct obligations issued or directly and fully and unconditionally guaranteed or insured by the United States government
or any agency or instrumentality thereof the securities of which are unconditionally guaranteed as a full faith and credit obligation
of such government with maturities of 36 months or less from the date of acquisition;

 

(4) certificates
of deposit, time deposits and eurodollar time deposits with maturities of three years or less from the date of acquisition, demand
deposits, bankers’ acceptances with maturities not exceeding three years and overnight bank deposits, in each case with any
domestic or foreign commercial bank having capital and surplus of not less than $500.0 million in the case of U.S. banks and $100.0
million (or the United States dollar equivalent as of the date of determination) in the case of non-U.S. banks;

 

(5) repurchase
obligations for underlying securities of the types described in clauses (3) and (4) above or clauses (7) and (8) below
entered into with any financial institution or recognized securities dealer meeting the qualifications specified in clause (4) above;

 

(6) commercial
paper and variable or fixed rate notes rated at least P-2 by Moody’s or at least A-2 by S&P (or, if at any time neither
Moody’s nor S&P is rating such obligations, an equivalent rating from another nationally recognized statistical rating
agency selected by the Company) and, in each case, maturing within 36 months after the date of acquisition;

 

(7)
marketable short-term money market and similar liquid funds
having a rating of at least P-2 or A-2 from either Moody’s or S&P, respectively (or, if at any time neither
Moody’s nor S&P is rating such obligations, an equivalent rating from another nationally recognized statistical
rating agency selected by the Company);

 

(8) securities
issued or directly and fully and unconditionally guaranteed by any state, commonwealth or territory of the United States or any
political subdivision or taxing authority of any such state, commonwealth or territory or any public instrumentality thereof having
maturities of not more than 36 months from the date of acquisition;

 

(9) readily
marketable direct obligations issued or directly and fully and unconditionally guaranteed by any foreign government or any
political subdivision or public instrumentality thereof, in each case, having an Investment Grade Rating from either
Moody’s or S&P (or, if at any time neither Moody’s nor S&P is rating such obligations, an equivalent
rating from another nationally recognized statistical rating agency selected by the Company) with maturities of 36 months or
less from the date of acquisition;

 

(10) Indebtedness
or Preferred Stock issued by Persons with a rating of “A” or higher from S&P or “A2” or higher
from Moody’s (or, if at any time neither Moody’s nor S&P is rating such obligations, an equivalent rating
from another nationally recognized statistical rating agency selected by the Company) with maturities of 36 months or less
from the date of acquisition;

 

(11) Investments
with average maturities of 36 months or less from the date of acquisition in money market funds rated AAA- (or the equivalent thereof)
or better by S&P or Aaa3 (or the equivalent thereof) or better by Moody’s (or, if at any time neither Moody’s nor
S&P is rating such obligations, an equivalent rating from another nationally recognized statistical rating agency selected
by the Company);

 

(12) investment
funds investing substantially all of their assets in securities of the types described in clauses (1) through (11) above;
and

 

    10

     

    

 

(13) solely with respect to any
Captive Insurance Subsidiary, any investment that the Captive Insurance Subsidiary is not prohibited to make in accordance with
applicable law.

 

In the case of Investments
by any Foreign Subsidiary or Investments made in a country outside the United States, Cash Equivalents will also include (i) investments
of the type and maturity described in clauses (1) through (13) above of foreign obligors, which Investments or obligors (or
the parents of such obligors) have ratings described in such clauses or equivalent ratings from comparable foreign rating agencies
and (ii) other short-term investments utilized by Foreign Subsidiaries in accordance with normal investment practices for
cash management in investments analogous to the foregoing investments in clauses (1) through (13) and in this paragraph. Notwithstanding
the foregoing, Cash Equivalents will include amounts denominated in currencies other than those set forth in clauses (1) and
(2) above; provided that such amounts, except amounts used to pay non-dollar denominated obligations of the Company
or any Restricted Subsidiary in the ordinary course of business, are converted into any currency listed in clause (1) or (2) above
as promptly as practicable and in any event within ten (10) Business Days following the receipt of such amounts.

 

“Cash Management
Agreement” means any agreement entered into from time to time by the Company or any Restricted Subsidiary in connection
with cash management services for collections, other Cash Management Services and for operating, payroll and trust accounts of
such Person, including automatic clearing house services, controlled disbursement services, electronic funds transfer services,
information reporting services, lockbox services, stop payment services and wire transfer services.

 

“Cash Management
Obligations” means Obligations in connection with, or in respect of, Cash Management Services.

 

“Cash Management
Services” means (a) commercial credit cards, employee credit cards, merchant card services, purchase or debit cards,
including non-card e-payables services, (b) treasury management services (including controlled disbursement, overdraft protections,
automatic clearing house arrangements and fund transfer services, return items and interstate depository network services), (c) foreign
exchange, netting and currency management services, (d) any other demand deposit or operating account relationships or other
cash management services, including under any Cash Management Agreements and (e) any other related services or activities.

 

“CFC” means a “controlled
foreign corporation” within the meaning of Section 957(a) of the Code.

 

“CFC Holdco”
means a Domestic Subsidiary substantially all of whose assets consists (directly or indirectly through disregarded entities) of
the Capital Stock or indebtedness (in the case of indebtedness, to the extent such indebtedness is treated as equity for U.S. federal
income tax purposes) of one or more Subsidiaries that are CFCs.

 

“Change of Control” means the occurrence
of any of the following after the Closing Date:

 

(1) the
sale, lease, transfer, conveyance or other disposition in one or a series of related transactions (other than by merger,
consolidation, amalgamation or business combination) of all or substantially all of the assets of Parent or the Company and
its Subsidiaries, in each case, taken as a whole, to any Person other than one or more Permitted Holders;

 

(2)
the Company becomes aware of (by way of a report or any other filing pursuant to Section 13(d) of the Exchange Act,
proxy, vote, written notice or otherwise) (a) any Person (other than a Permitted Holder) or (b) Persons (other than
one or more Permitted Holders) constituting a “group” (as such term is used in Sections 13(d) and
14(d) of the Exchange Act), becoming the “beneficial owner” (as defined in Rules 13(d)-3
and 13(d)-5 under the Exchange Act), directly or
indirectly, of Equity Interests of the Company representing more than fifty percent (50.00%) of the aggregate ordinary voting
power represented by the issued and outstanding Equity Interests of the Company (it being understood and agreed that for
purposes of measuring beneficial ownership held by any Person that is not a Permitted Holder, Equity Interests held by any
Permitted Holder will be excluded), unless the Permitted Holders have, at such time, directly or indirectly, the right or the
ability by voting power, contract or otherwise to elect or designate for election at least a majority of the Board of
Directors of the Company; or

 

    11

     

    

 

(3) the Company ceases to be directly wholly-owned
by Parent.

 

“Change of
Control Offer” means an electronically delivered or mailed redemption notice with respect to all Outstanding Bonds pursuant
to the terms of the Bond Indenture pursuant to which the Company will make an offer to purchase all of the 2020 Bonds as further
described in Section 6.08 of the Bond Financing Agreement and in the Limited Offering Memorandum under the heading “FINANCING
FOR THE TAX-EXEMPT PROJECT—Bond Financing Agreement—Offer to Repurchase Upon Change of Control.”

 

“Clearstream” means Clearstream
Banking, Société Anonyme and its successors.

 

“Closing Date”
means, with respect to the 2020 Bonds, the date of delivery of and payment for the 2020 Bonds, being September 10, 2020, and
with respect to any Additional Bonds, the date of their delivery and payment.

 

“Code” means the Internal Revenue
Code of 1986, as amended from time to time.

 

“Collateral” means all the assets
and properties subject to the Liens created by the Security Documents.

 

“Collateral
Agent” means U.S. Bank National Association, in its capacity as the collateral agent under the Collateral Trust Agreement.

 

“Collateral
Trust Agreement” means the Collateral Trust Agreement dated as of August 23, 2017, among the Collateral Agent, Goldman
Sachs Bank USA, as administrative agent, U.S. Bank National Association, as trustee under the Notes Indenture, the trustee for
the 2019 Bonds, the Trustee, the Commercial Building Lender, the Equipment Lessor, and each other Pari Passu Debt Representative
with respect to Pari Passu Lien Obligations from time to time party thereto and the Loan Parties under the Term Loan Credit Agreement.

 

“Collateral
Trust Joinder” means as to any Series of Pari Passu Lien Debt, the written agreement of a representative of holders
of such Series of Pari Passu Lien Debt, as set forth in the indenture, credit agreement or other agreement governing such
Series of Pari Passu Lien Debt, whereby such Person agrees to become party as a Pari Passu Lien Debt Representative under
the Collateral Trust Agreement and whereby such Person, on behalf of itself and each holder of Pari Passu Lien Obligations in respect
of the Series of Pari Passu Lien Debt for which such Person is acting as Pari Passu Lien Debt Representative agrees, for the
enforceable benefit of all holders of each current and future Series of Pari Passu Lien Debt, each current and future Pari
Passu Lien Debt Representative, and each current and future Pari Passu Lien Secured Party and Pari Passu Lien Obligations and as
a condition to being treated as Pari Passu Lien Debt under the Collateral Trust Agreement that:

 

(1) all
Pari Passu Lien Obligations will be and are secured equally and ratably by all Pari Passu Liens at any time granted by the
Company or any other Grantor to secure any Pari Passu Lien Obligations, whether or not upon property otherwise constituting
collateral for such Pari Passu Lien Obligations, and that all such Pari Passu Liens will be enforceable by the Collateral
Agent for the benefit of all Pari Passu Lien Secured Party equally and ratably; provided, however, that notwithstanding the
foregoing, this provision will not be violated with respect to any particular Collateral and any particular Series of
Pari Passu Lien Debt if the Pari Passu Lien Debt Documents in respect thereof prohibit the applicable Pari Passu Lien Debt
Representative from accepting the benefit of a Pari Passu Lien on any particular asset or property or such Pari Passu Lien
Debt Representative otherwise expressly declines in writing to accept the benefit of a Pari Passu Lien on such asset or
property, provided that notwithstanding the foregoing, all amounts on deposit in the Specified Accounts (as such term is
defined in the Collateral Trust Agreement) or credited thereto shall be for the benefit of all Pari Passu Lien Secured
Parties; provided further that funds in the various debt service reserve accounts and the construction account shall be for
the exclusive benefit of specified creditors until those creditors are paid in full, and otherwise the funds on deposit in
the Specified Accounts shall be applied to the Pari Passu Lien Obligations in the order provided in, and otherwise in
accordance with, the Collateral Trust Agreement and/or the Deposit Agreement, as applicable;

 

(2)
such Person and each holder of Pari Passu Lien Obligations in respect of the Series of Pari Passu Lien Debt for which
the undersigned is acting as Pari Passu Lien Debt Representative are bound by the provisions of the Collateral Trust
Agreement, including the provisions relating to the ranking of Pari Passu Liens and the order of application of proceeds from
the enforcement of Pari Passu Liens; and

 

    12

     

    

 

(3) the Collateral Agent
shall perform its obligations under the Collateral Trust Agreement and the other Pari Passu Lien Debt Documents.

 

“Commercial
Building Collateral” means such properties and assets of the Company as are specified in the Commercial Building Security
Documents on which Commercial Building Liens have been granted, or purported to be granted.

 

“Commercial Building Lender” means
First Security Bank, an Arkansas banking corporation.

 

“Commercial
Building Lender Obligations” means all Obligations under the Commercial Building Loan Agreement, including with respect
to the Commercial Building Loan.

 

“Commercial
Building Lien” means a Lien granted, or purported to be granted, by a Commercial Building Security Document to the Commercial
Building Lender to secure Commercial Building Lender Obligations prior to August 23, 2017.

 

“Commercial
Building Loan” means the loan made by the Commercial Building Lender under the Commercial Building Loan Agreement.

 

“Commercial
Building Loan Agreement” means that certain Loan Agreement, dated as of September 8, 2016, by and between the Company
and the Commercial Building Lender, as the same has been amended, supplemented or otherwise modified prior to August 23, 2017
and as in effect on such date, and as may be further amended, supplemented or otherwise modified from time to time hereafter to
the extent not prohibited by the Intercreditor Agreement.

 

“Commercial
Building Loan Proportion by Value” means the net proceeds of a Going Concern Sale, multiplied by the proportion
of (x) $20,316,283, which is the amount of Project Costs expended by the Company to acquire and construct the Commercial Building
Collateral, divided by (y) $1,330,000,000, which is the total amount of Project Costs incurred by the Company as of
August 23, 2017; provided that such amount will not exceed the total amount of the outstanding and unpaid Commercial
Building Lender Obligations.

 

“Commercial
Building Security Documents” means the Leasehold Mortgage, Assignment of Purchase Option and Security Agreement from
the Company to the Commercial Building Lender, made January 31, 2017 by the Company, as mortgagor, to the Commercial Building
Lender, as mortgagee, the Amended and Restated Recognition of Leasehold and Security Interest, Nondisturbance and Attornment Agreement
made November 17, 2016 among the Company, the City of Osceola, Arkansas, the Equipment Lessor and the Commercial Building
Lender, the Easement Agreement, dated as of January 31, 2017, among City of Osceola, as grantor, Commercial Building Lender
and the Company, and other grants or transfers for security executed and delivered by the Company creating or perfecting (or purporting
to create or perfect) a Lien on properties and assets of the Company in favor of the Commercial Building Lender, in each case as
the same has been amended, supplemented or otherwise modified prior to August 23, 2017 and in effect on such date and as may
be further amended, supplemented or otherwise modified from time to time hereafter to the extent not prohibited by the Intercreditor
Agreement.

 

“Common Collateral”
means all of the assets and property of the Company or any Guarantor, whether real, personal or mixed, in or upon which Liens are
granted, or required to be granted, to secure both the ABL Obligations and the Fixed Asset Pari Passu Lien Obligations, including
any property subject to Liens granted pursuant to the first and second paragraphs described in the Limited Offering Memorandum
under the heading “SECURITY AND SOURCES OF PAYMENT FOR THE 2020 BONDS AND OTHER PARI PASSU LIEN DEBT—Intercreditor
Agreement—Insolvency or Liquidation Proceeding” to secure both the ABL Obligations and the Fixed Asset Pari
Passu Lien Obligations.

 

    13

     

    

 

“Company” means Big River Steel
LLC, a Delaware limited liability company, and its successors and assigns.

 

“Consolidated
Depreciation and Amortization Expense” means, with respect to any Person for any period, the total amount of depreciation
and amortization expense of such Person and its Restricted Subsidiaries, including, the amortization of intangible assets, deferred
financing fees, debt issuance costs, commissions, fees and expenses and the amortization of Capitalized Software Expenditures of
such Person and its Restricted Subsidiaries for such period on a consolidated basis and otherwise determined in accordance with
GAAP.

 

“Consolidated
EBITDA” means, with respect to any Person for any period, the Consolidated Net Income of such Person and its Restricted
Subsidiaries for such period:

 

(1) increased
(without duplication) by the following, in each case (other than clauses (h), (l) and (m)) to the extent deducted (and
not added back) in determining Consolidated Net Income for such period: (a) total interest expense and, to the extent
not reflected in such total interest expense, any losses on Hedging Obligations or other derivative instruments entered into
for the purpose of hedging interest rate risk, net of interest income and gains on such Hedging Obligations or such
derivative instruments, and bank and letter of credit fees, letter of guarantee and bankers’ acceptance fees and costs
of surety bonds in connection with financing activities, together with items excluded from the definition of
 “Consolidated Interest Expense” pursuant to the definition thereof; plus (b) provision for taxes
based on income, profits, revenue or capital, including federal, foreign and state income, franchise and similar taxes, and
foreign withholding taxes paid or accrued during such period (including any other levies that replace or are intended to be
in lieu of such taxes, and any penalties and interest related to taxes or arising from tax examinations) and the net tax
expense associated with any adjustments made pursuant to the definition of “Consolidated Net Income”, and any
payments to a Parent Company in respect of such taxes permitted to be made under the Bond Financing Agreement; plus
(c) Consolidated Depreciation and Amortization Expense for such period; plus (d) any other non-cash charges,
including any write-offs or write-downs reducing Consolidated Net Income for such period (provided that if any such
non-cash charges represent an accrual or reserve for potential cash items in any future period, (A) the Company may
determine not to add back such non-cash charge in the current period and (B) to the extent the Company does decide to
add back such non-cash charge, the cash payment in respect thereof, with the exception of any cash payments related to the
settlement of deferred compensation balances awarded prior to the Closing Date, in such future period shall be subtracted
from Consolidated EBITDA to such extent, and excluding amortization of a prepaid cash item that was paid in a prior period); plus
(e) minority interest expense, the amount of any non-controlling interest consisting of income attributable to
non-controlling interests of third parties in any non-wholly-owned Restricted Subsidiary, excluding cash distributions in
respect thereof, and the amount of any reductions in arriving at Consolidated Net Income resulting from the application of
Accounting Standards Codification Topic No. 810, Consolidation; plus (f) (i) the amount of board of director
fees and any management, monitoring, consulting, transaction, advisory and other fees (including termination fees) and
indemnities and expenses paid or accrued in such period under the Management Services Agreements or otherwise to the extent
permitted under the Bond Financing Agreement and (ii) the amount of payments made to optionholders of such Person or any
Parent Company in connection with, or as a result of, any distribution being made to equityholders of such Person or its
Parent Companies, which payments are being made to compensate such optionholders as though they were equityholders at the
time of, and entitled to share in, such distribution, in each case to the extent permitted under the Bond Financing
Agreement; plus (g) the amount of loss or discount on sale of receivables, Securitization Assets and related
assets to any Securitization Subsidiary in connection with a Qualified Securitization Facility; plus (h) cash
receipts (or any netting arrangements resulting in reduced cash expenditures) not representing Consolidated EBITDA or
Consolidated Net Income in any prior period to the extent non-cash gains relating to such income were deducted in the
calculation of Consolidated EBITDA pursuant to clause (2) below for any previous period and not added back; plus
(i) any costs or expenses incurred pursuant to any management equity plan, stock option plan or any other management or
employee benefit plan, agreement or any stock subscription or shareholder agreement, to the extent that such costs or
expenses are funded with cash proceeds contributed to the capital of such Person or Net Cash Proceeds of an issuance of
Equity Interests of such Person (other than Disqualified Stock); plus (j) any net pension or other
post-employment benefit costs representing amortization of unrecognized prior service costs, actuarial losses, including
amortization of such amounts arising in prior periods, amortization of the unrecognized net obligation (and loss or cost)
existing at the date of initial application of FASB Accounting Standards Codification Topic
715—Compensation—Retirement Benefits, and any other items of a similar nature; plus (k) any net
loss from operations expected to be disposed of, abandoned or discontinued within twelve months after the end of such period; plus
(l) the amount of “run rate” cost savings, synergies and operating expense reductions related to
restructurings, cost savings initiatives or other initiatives that are projected by the Company in good faith to result from
actions either taken or with respect to which substantial steps have been taken or are expected to be taken (in the good
faith determination of the Company) within 24 months after the end of such period (which cost savings, synergies or operating
expense reductions shall be calculated on a pro forma basis as though such cost savings, synergies or operating
expense reductions had been realized on the first day of such period), net of the amount of actual benefits realized from
such actions during such period (it is understood and agreed that “run rate” means the full recurring benefit
that is associated with any action taken or with respect to which substantial steps have been taken or are expected to be
taken, whether prior to or following the Closing Date) (which adjustments may be incremental to (but not duplicative of) any pro
forma cost savings, synergies or operating expense reduction adjustments as are appropriate and consistent with the pro
forma provisions set forth in the definition of Fixed Charge Coverage Ratio); provided that such cost savings,
synergies and operating expenses are reasonably identifiable and factually supportable; plus (m) any payments in
the nature of compensation or expense reimbursement made to independent board members; plus (n) internal software
development costs that are expensed during the period but could have been capitalized in accordance with GAAP; plus
(o) any loss from discontinued operations (but if such operations are classified as discontinued due to the fact that
they are subject to an agreement to dispose of such operations, only when and to the extent such operations are actually
disposed of); plus (p) pre-startup expenses; and

 

    14

     

    

 

(2) decreased
(without duplication) by the following, in each case to the extent included in determining Consolidated Net Income for such period:
(a) non-cash gains for such period (excluding any non-cash gain to the extent it represents the reversal of an accrual or
reserve for a potential cash item that reduced Consolidated Net Income or Consolidated EBITDA in any prior period other than any
such accrual or reserve that has been added back to Consolidated Net Income in calculating Consolidated EBITDA in accordance with
this definition); (b) the amount of any non-controlling interest consisting of loss attributable to non-controlling interests
of third parties in any non-wholly-owned Restricted Subsidiary added to (and not deducted from) Consolidated Net Income in such
period; and (c) any income from discontinued operations (but if such operations are classified as discontinued due to the
fact that they are subject to an agreement to dispose of such operations, only when and to the extent such operations are actually
disposed of).

 

“Consolidated Interest Expense”
means, with respect to any Person for any period, without duplication, the sum of:

 

(1) cash
interest expense (including that attributable to Capitalized Lease Obligations), net of cash interest income, with respect to Indebtedness
of such Person and its Restricted Subsidiaries for such period, other than Non- Recourse Indebtedness, including commissions, discounts
and other fees and charges owed with respect to letters of credit and bankers’ acceptance financing and net cash costs under
hedging agreements (other than in connection with the early termination thereof); plus

 

(2) non-cash
interest expense resulting solely from (a) the amortization of original issue discount from the issuance of Indebtedness
of such Person and its Restricted Subsidiaries at less than par (excluding the 2020 Bonds, the 2019 Bonds, the Senior Secured
Notes and any Indebtedness borrowed under the Term Loan Credit Agreement or ABL Facility and any Non-Recourse Indebtedness), plus (b) pay-in-kind
interest expense of such Person and its Restricted Subsidiaries payable pursuant to the terms of the agreements governing
Indebtedness for borrowed money, excluding, in each case, (i) amortization of deferred financing costs, debt issuance
costs, commissions, fees and expenses and any other amounts of non-cash interest other than referred to in clauses
(2)(a) and (2)(b) above (including as a result of the effects of acquisition method accounting or pushdown
accounting), (ii) interest expense attributable to the movement of the mark-to-market valuation of obligations under
Hedging Obligations or other derivative instruments, including pursuant to FASB Accounting Standards Codification Topic
815—Derivatives and Hedging, (iii) costs associated with incurring or terminating Hedging Obligations and
cash costs associated with breakage in respect of hedging agreements for interest rates, (iv) commissions, discounts,
yield, make-whole premium and other fees and charges (including any interest expense) incurred in connection with any
Non-Recourse Indebtedness, (v) “additional interest” owing pursuant to a registration rights agreement with
respect to any securities, (vi) any payments with respect to make-whole premiums or other breakage costs of any
Indebtedness, (vii) penalties and interest relating to taxes, (viii) accretion or accrual of discounted liabilities
not constituting Indebtedness, (ix) interest expense attributable to a Parent Company resulting from push-down
accounting, (x) any expense resulting from the discounting of Indebtedness in connection with the application of
recapitalization or purchase accounting, (xi) any interest expense attributable to the exercise of appraisal rights and
the settlement of any claims or actions (whether actual, contingent or potential), with respect thereto in connection with
any acquisition or Investment and (xii) annual agency fees paid to the administrative agents and collateral agents
(including any security or collateral trust arrangements related thereto) under any Credit Facilities, including the ABL
Facility, the Term Loan Credit Agreement, the Senior Secured Notes, the 2019 Bonds and the Bonds. For purposes of this
definition, interest on a Capitalized Lease Obligation will be deemed to accrue at an interest rate reasonably determined by
such Person to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP.

 

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“Consolidated
Net Income” means, for any period, the net income (loss) of the Company and its Restricted Subsidiaries for such period
determined on a consolidated basis in accordance with GAAP, excluding (and excluding the effect of), without duplication,

 

(1)
extraordinary, non-recurring or unusual gains, losses, fees, costs, charges or expenses (including relating to any strategic
initiatives and accruals and reserves in connection with such gains, losses, charges or expenses); restructuring costs,
charges, accruals or reserves (including restructuring and integration costs related to acquisitions and adjustments to
existing reserves, and in each case, whether or not classified as such under GAAP); costs and expenses related to any
reconstruction, decommissioning, recommissioning or reconfiguration of facilities and fixed assets for alternative uses;
Public Company Costs; costs and expenses related to the integration, consolidation, opening, pre-opening and closing of
facilities and fixed assets; severance and relocation costs and expenses, one-time compensation costs and expenses,
consulting fees, signing, retention or completion bonuses, and executive recruiting costs; costs and expenses incurred in
connection with strategic initiatives; transition costs and duplicative running costs; costs and expenses incurred in
connection with non-ordinary course product and intellectual property development; costs incurred in connection with
acquisitions (or purchases of assets) prior to or after August 23, 2017 (including integration costs); business
optimization expenses (including costs and expenses relating to business optimization programs, new systems design, retention
charges, system establishment costs and implementation costs and project start-up costs), accruals and reserves; operating
expenses attributable to the implementation of cost savings initiatives; curtailments and modifications to pension and post-
employment employee benefit plans (including any settlement of pension liabilities and charges resulting from changes in
estimates, valuations and judgments);

 

(2) the
cumulative effect of a change in accounting principles and changes as a result of the adoption or modification of accounting policies
during such period whether effected through a cumulative effect adjustment or a retroactive application, in each case in accordance
with GAAP;

 

(3) expenses incurred
in connection with the issuance of the Bonds, the 2019 Bonds and the Senior Secured Notes;

 

(4) any
gain (loss) on asset sales, disposals or abandonments (other than asset sales, disposals or abandonments in the ordinary course
of business);

 

(5)
the Net Income for such period of any Person that is an Unrestricted Subsidiary, and, solely for the purpose of determining
the amount available for Restricted Payments under Section 6.01(a)(3) of the Bond Financing Agreement and as
described in clause (a)(3) of the Limited Offering Memorandum under the heading “FINANCING FOR THE TAX-EXEMPT
PROJECT—Bond Financing Agreement—Covenants of the Company—Limitation on Restricted Payments,”
the Net Income for such period of any Person that is not a Subsidiary or that is accounted for by the equity method of
accounting (provided that the Consolidated Net Income of a Person will be increased by the amount of dividends or
distributions or other payments that are actually paid in cash or Cash Equivalents (or to the extent converted into
cash or Cash Equivalents) to such Person or a Restricted Subsidiary thereof in respect of such period);

 

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(6)   solely
for the purpose of determining the amount available for Restricted Payments under Section 6.01(a)(3) of the Bond Financing
Agreement and as described in clause (a)(3) of the Limited Offering Memorandum under the heading “FINANCING FOR THE
TAX-EXEMPT PROJECT—Bond Financing Agreement—Covenants of the Company—Limitation on Restricted Payments,”
the Net Income for such period of any Restricted Subsidiary (other than any Subsidiary Guarantor) to the extent that the declaration
or payment of dividends or similar distributions by that Restricted Subsidiary of its Net Income is not at the date of determination
permitted without any prior governmental approval (which has not been obtained) or, directly or indirectly, by the operation of
the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule, or governmental regulation applicable
to that Restricted Subsidiary or its stockholders, unless such restriction with respect to the payment of dividends or similar
distributions has been legally waived (or the Company reasonably believes such restriction could be waived and is using commercially
reasonable efforts to pursue such waiver); provided that Consolidated Net Income of a Person will be increased by the amount
of dividends or other distributions or other payments actually paid in cash or Cash Equivalents (or to the extent converted into
cash or Cash Equivalents), or the amount that could have been paid in cash or Cash Equivalents without violating any such restriction
or requiring any such approval, to such Person or a Restricted Subsidiary thereof in respect of such period, to the extent not
already included therein;

 

(7)   effects
of adjustments (including the effects of such adjustments pushed down to such Person and its Restricted Subsidiaries) related to
the application of recapitalization accounting or purchase accounting (including in the inventory, property and equipment, software,
goodwill, intangible assets, in process research and development, deferred revenue and debt line items);

 

(8)   income
(loss) from the early extinguishment or conversion of (a) Indebtedness, (b) Hedging Obligations or (c) other derivative
instruments;

 

(9)   any
impairment charge or asset write-off or write-down in each case, pursuant to GAAP, and the amortization of intangibles arising
pursuant to GAAP;

 

(10)   (a) any
equity based or non-cash compensation charge or expense, including any such charge or expense arising from grants of stock appreciation,
equity incentive programs or similar rights, stock options, restricted stock or other rights to, and any cash charges associated
with the rollover, acceleration, or payout of, Equity Interests by management of such Person or of a Restricted Subsidiary or
any Parent Company, (b) noncash compensation expense resulting from the application of Accounting Standards Codification
Topic No. 718, Compensation—Stock Compensation or Accounting Standards Codification Topic 505-50, Equity-Based Payments
to Non-Employees, and (c) any income (loss) attributable to deferred compensation plans or trusts;

 

(11)   any
fees, expenses or charges incurred during such period, or any amortization thereof for such period, in connection with any acquisition, Investment,
Asset Sale, disposition, incurrence or repayment of Indebtedness (including such fees, expenses or charges related to the offering
and issuance of the Senior Secured Notes, the 2019 Bonds and the Bonds and the syndication and incurrence of any Credit Facilities,
the Term Loan Credit Agreement or Other Pari Passu Lien Obligations), issuance of Equity Interests (including by any direct or
indirect parent of the Company), recapitalization, refinancing transaction or amendment or modification of any debt instrument
(including any amendment or other modification of the 2019 Bonds, the Bonds and other securities and any Credit Facilities or the
Term Loan Credit Agreement, Senior Secured Notes or Other Pari Passu Lien Obligations) and including, in each case, any such transaction
whether consummated on, after or prior to the Closing Date and any such transaction undertaken but not completed, and any charges
or nonrecurring merger costs incurred during such period as a result of any such transaction, in each case whether or not successful
or consummated (including, for the avoidance of doubt, the effects of expensing all transaction related expenses in accordance
with Accounting Standards Codification Topic No. 805, Business Combinations);

 

(12)   accruals
and reserves that are established or adjusted in connection with an Investment or an acquisition that are required to be established
or adjusted as a result of such Investment or such acquisition, in each case in accordance with GAAP;

 

    17 

     

    

 

(13)   any
expenses, charges or losses to the extent covered by insurance that are, directly or indirectly, reimbursed or reimbursable by
a third party, and any expenses, charges or losses that are covered by indemnification or other reimbursement provisions in connection
with any acquisition, Investment or any sale, conveyance, transfer or other disposition of assets permitted under the Bond
Financing Indenture;

 

(14)   any
non-cash gain (loss) attributable to the mark to market movement in the valuation of Hedging Obligations or other derivative instruments
pursuant to FASB Accounting Standards Codification Topic 815— Derivatives and Hedging or mark to market movement of other
financial instruments pursuant to FASB Accounting Standards Codification Topic 825—Financial Instruments;

 

(15)   any
net unrealized gain or loss (after any offset) resulting in such period from currency transaction or translation gains or losses
including those related to currency remeasurements of Indebtedness (including any net loss or gain resulting from (a) Hedging
Obligations for currency exchange risk and (b) resulting from intercompany indebtedness) and any other foreign currency transaction
or translation gains and losses, to the extent such gain or losses are non-cash items;

 

(16)   any
adjustments resulting from the application of Accounting Standards Codification Topic No. 460, Guarantees, or any comparable
regulation;

 

 (17)   any non-cash rent expense;

 

 (18)   any non-cash expenses, accruals or reserves related to adjustments to historical tax exposures; and

 

(19)   earn-out
and contingent consideration obligations (including to the extent accounted for as bonuses or otherwise) and adjustments thereof
and purchase price adjustments.

 

In addition, to the
extent not already included in the Consolidated Net Income of such Person and its Restricted Subsidiaries, Consolidated Net Income
will include the amount of proceeds received or receivable from business interruption insurance, the amount of any expenses or
charges incurred by such Person or its Restricted Subsidiaries during such period that are, directly or indirectly, reimbursed
or reimbursable by a third party, and amounts that are covered by indemnification or other reimbursement provisions in connection
with any acquisition, Investment or any sale, conveyance, transfer or other disposition of assets permitted under the Bond
Financing Agreement.

 

Notwithstanding the
foregoing, for the purpose of the Section 6.01 of the Bond Financing Agreement (other than Section 6.01(a)(3)(D) only)
and the covenant described in the Limited Offering Memorandum under the heading “FINANCING FOR THE TAX-EXEMPT PROJECT—Bond
Financing Agreement—Covenants of the Company— Limitation on Restricted Payments” (other than (a)(3)(D) only),
there will be excluded from Consolidated Net Income any income arising from any sale or other disposition of Restricted Investments
made by such Person and its Restricted Subsidiaries, any repurchases and redemptions of Restricted Investments from such Person
and its Restricted Subsidiaries, any repayments of loans and advances which constitute Restricted Investments by such Person or
any Restricted Subsidiary, any sale of the stock of an Unrestricted Subsidiary or any distribution or dividend from an Unrestricted
Subsidiary, in each case only to the extent such amounts increase the amount of Restricted Payments permitted under Section 6.01(a)(3)(D) of
the Bond Financing Agreement (or clause (a)(3)(D) of the covenant described in the Limited Offering Memorandum under the heading
 “FINANCING FOR THE TAX-EXEMPT PROJECT—Bond Financing Agreement—Covenants of the Company—Limitation on Restricted
Payments”).

 

“Consolidated
Secured Debt” means, as of any date of determination, subject to the definition of “Designated Revolving
Commitments,” the aggregate principal amount of Indebtedness of the Company and its Restricted Subsidiaries outstanding
on such date, determined on a consolidated basis in accordance with GAAP, consisting only of Indebtedness for borrowed money,
Capitalized Lease Obligations and purchase money Indebtedness, in each case secured by a lien; provided that
Consolidated Secured Debt will not include Non-Recourse Indebtedness, undrawn amounts under revolving credit facilities and
Indebtedness in respect of any (1) letter of credit, bank guarantees and performance or similar bonds, except to the
extent of obligations in respect of drawn standby letters of credit which have not been reimbursed within three
(3) Business Days and (2) Hedging Obligations. The U.S. dollar-equivalent principal amount of any Indebtedness
denominated in a foreign currency will reflect the currency translation effects, determined in accordance with GAAP, of
Hedging Obligations for currency exchange risks with respect to the applicable currency in effect on the date of
determination of the U.S. dollar-equivalent principal amount of such Indebtedness.

 

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“Consolidated
Total Debt” means, as of any date of determination, subject to the definition of “Designated Revolving Commitments,”
the aggregate principal amount of Indebtedness of the Company and its Restricted Subsidiaries outstanding on such date, determined
on a consolidated basis in accordance with GAAP, consisting only of Indebtedness for borrowed money, Capitalized Lease Obligations
and purchase money Indebtedness; provided that Consolidated Total Debt will not include Non-Recourse Indebtedness, undrawn
amounts under revolving credit facilities and Indebtedness in respect of any (1) letter of credit, bank guarantees and performance
or similar bonds, except to the extent of obligations in respect of drawn standby letters of credit which have not been reimbursed
within three (3) Business Days and (2) Hedging Obligations. The U.S. dollar-equivalent principal amount of any Indebtedness
denominated in a foreign currency will reflect the currency translation effects, determined in accordance with GAAP, of Hedging
Obligations for currency exchange risks with respect to the applicable currency in effect on the date of determination of the U.S.
dollar-equivalent principal amount of such Indebtedness.

 

“Construction
Fund” means the fund of that name established pursuant to Section 5.01(b) of the Bond Indenture.

 

“Contingent
Obligations” means, with respect to any Person, any obligation of such Person guaranteeing any leases, dividends or other
monetary obligations that do not constitute Indebtedness (“primary obligations”) of any other Person (the “primary
obligor”) in any manner, whether directly or indirectly, including any obligation of such Person, whether or not contingent:
(1) to purchase any such primary obligation or any property constituting direct or indirect security therefor; (2) to
advance or supply funds (a) for the purchase or payment of any such primary obligation, or (b) to maintain working capital
or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor; or (3) to
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 to make payment of such primary obligation against loss in respect thereof.

 

“Continuing
Disclosure Agreement” means the Continuing Disclosure Agreement dated as of the Closing Date by and between the Company
and the Dissemination Agent.

 

“Controlled
Investment Affiliate” means, as to any Person, any other Person, other than any Investor, which directly or indirectly
is in control of, is controlled by, or is under common control with such Person and is organized by such Person (or any Person
controlling such Person) primarily for making direct or indirect equity or debt investments in the Company and/or other companies.

 

“Controlling Representative” means:

 

(1)  from
and after August 23, 2017 until the First Controlling Change Date, but prior to the Discharge of Pari Passu Lien Obligations,
the Term Loan Administrative Agent;

 

(2)  from
and after the First Controlling Change Date until the Second Controlling Change Date, but prior to the Discharge of Pari Passu
Lien Obligations, the Specified Pari Passu Lien Debt Representative;

 

(3)  from
and after the Second Controlling Change Date, but prior to the Discharge of Pari Passu Lien Obligations, the Pari Passu Lien
Debt Representative that represents the Series of Pari Passu Lien Debt with the then largest outstanding principal
amount (which, if the proviso contained in the Collateral Trust Agreement under the heading Voting and described in the
Limited Offering Memorandum under the heading “SECURITY AND SOURCES OF PAYMENT FOR THE 2020 BONDS AND OTHER PARI PASSU
LIEN DEBT—Collateral Trust Agreement—Voting” applies, will be the Series of Pari Passu Lien Debt with
the then largest outstanding principal amount which cast its votes); provided, however, that if at any time prior to
the Discharge of Pari Passu Lien Obligations the only remaining Pari Passu Lien Obligations are Secured Hedging
Obligations, then the term “Controlling Representative” will mean the Hedge Bank with the largest amount of
Secured Hedging Obligations owed to it.

 

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“Convertible
Indebtedness” means Indebtedness of the Company (which may be guaranteed by the Guarantors) permitted to be incurred
under the terms of the Bond Financing Agreement that is either (a) convertible into common stock of the Company (and cash
in lieu of fractional shares) and/or cash (in an amount determined by reference to the price of such common stock) or (b) sold
as units with call options, warrants or rights to purchase (or substantially equivalent derivative transactions) that are exercisable
for common stock of the Company and/or cash (in any amount determined by reference to the price of such common stock).

 

“Credit Facilities”
means, with respect to the Company or any Restricted Subsidiary, one or more debt facilities, including the ABL Facility or other
financing arrangements (including commercial paper facilities or indentures) providing for revolving credit loans, term loans,
note issuances, letters of credit or other long-term indebtedness, including any notes, mortgages, guarantees, collateral documents,
instruments and other agreements executed in connection therewith, and any amendments, supplements, modifications, extensions,
renewals, restatements or refundings thereof, in whole or in part, and any indentures or credit facilities or commercial paper
facilities that replace, refund, supplement, extend, renew, restate, amend, modify or refinance any part of the loans, notes, other
credit facilities or commitments thereunder, including any such exchange, replacement, refunding, supplemental, extended, renewed,
restated, amended, modified or refinancing facility, arrangement or indenture that increases the amount permitted to be borrowed
or issued thereunder or alters the maturity thereof (provided that such increase in borrowings or issuances is permitted
by Section 6.03 of the Bond Financing Agreement and the covenant described in the Limited Offering Memorandum under the heading
 “FINANCING FOR THE TAX-EXEMPT PROJECT—Bond Financing Agreement—Covenants of the Company—Limitation
on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock”) or adds Restricted Subsidiaries as
additional borrowers or guarantors thereunder and whether by the same or any other agent, trustee, lender or group of lenders or
holders. Any agreement or instrument other than the ABL Facility must be designated in an Officer’s Certificate delivered
to the Trustee as a “Credit Facility” until such time as the Company subsequently delivers an Officer’s Certificate
to the Trustee to the effect that such facility will no longer constitute a “Credit Facility.”

 

“CTA Parties
Event of Default” means a Pari Passu Lien Debt Default, an “Event of Default” under the Equipment Lease Documents
or an “Event of Default” under the Commercial Building Loan Agreement, as applicable.

 

“CTA Parties
Standstill Period” means with respect to the Equipment Lessor and the Commercial Building Lender in connection with the
Going Concern Collateral that constitutes Equipment Lease Collateral and Commercial Building Loan Collateral, respectively, the
period of time commencing on the date when the other Lender Representatives and the Collateral Agent receive written notice from
a Lender Representative of a CTA Parties Event of Default pursuant to the Collateral Trust Agreement (such date, the “Standstill
Commencement Date”) and ending on the earliest of (x) the date that the Controlling Representative ceases to exercise
commercially reasonable efforts to identify a Going Concern Buyer or to direct the Collateral Agent to consummate a Going Concern
Sale, (y) the date that the Controlling Representative notifies in writing the Equipment Lessor and the Commercial Building
Lender it is no longer pursuing a Going Concern Sale and (z) that date that is 210 days after the Standstill Commencement
Date.

 

“CTA Parties Loan Documents” means,

 

(i) with respect
to the Pari Passu Lien Debt Representatives, Pari Passu Lien Debt Documents, the Pari Passu Lien Security Documents, and the Collateral
Trust Agreement, with the rights and remedies of the Collateral Agent in connection with any enforcement of Liens as provided in
the Collateral Trust Agreement, on behalf of itself and the other Pari Passu Lien Secured Parties, (ii) with respect to the
Equipment Lessor, the Equipment Lease Documents and (iii) with respect to the Commercial Building Lender, the Commercial Building
Loan Agreement and the Commercial Building Security Documents.

 

“Debtor Relief
Laws” means the Bankruptcy Code of the United States, 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 and affecting the rights of creditors generally.

 

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“Debt Service”
means the principal of and premium (if any) and interest on the Bonds, including on the 2020 Bonds, for any period or payable at
any time, whether due on an Interest Payment Date or a Principal Payment Date.

 

“Debt Service Fund” means the fund
of that name established pursuant to the Bond Indenture.

 

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

 

“Default Rate”
with respect to a Bond, the interest rate borne by such Bond plus 1% per annum; provided that the Default Rate shall never exceed
the Maximum Rate.

 

“Deposit Agreement”
means the Security Deposit Agreement, substantially in the form attached to the Collateral Trust Agreement as Exhibit E, (with
such changes as may be reasonably requested by the Depository Bank as are customary for its role as a depository thereunder), to
be entered between the Company, the Collateral Agent, the ABL Agent (as defined in the Intercreditor Agreement), the Equipment
Lessor and the Commercial Building Lender and the Depository Bank, governing the bank accounts established pursuant thereto, as
the same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time in accordance with
the term thereof. As of the Closing Date, no Deposit Agreement is required under the Collateral Trust Agreement and no Deposit
Agreement has been entered into pursuant thereto.

 

“Depository”
means any securities depository that is a clearing agency or corporation under federal and state law operating and maintaining,
with its participants or otherwise, a Book-Entry System to record ownership of Book-Entry interests in bonds, and to effect transfers
of Book-Entry interests in bonds in Book-Entry Form, and includes and means initially The Depository Trust Company (a limited purpose
trust company), New York, New York.

 

“Depository
Bank” means U.S. Bank National Association, as both a “securities intermediary” and a “bank”
under the Deposit Agreement.

 

“Designated
Non-Cash Consideration” means the fair market value of non-cash consideration received by the Company or a Restricted
Subsidiary in connection with an Asset Sale that is so designated as Designated Non-Cash Consideration pursuant to an Officer’s
Certificate, setting forth the basis of such valuation, less the amount of cash or Cash Equivalents received in connection
with a subsequent sale, redemption or repurchase of, or collection or payment on, such Designated Non-Cash Consideration.

 

“Designated
Office” means, as to the 2020 Bonds, initially, as to the Registrar and the Trustee, for Bond transfer/surrender purposes,
U.S. Bank National Association, Global Corporate Trust Services, 1350 Euclid Avenue, Suite 1100, Cleveland, Ohio 44115, and
thereafter such office as each may designate from time to time; provided, that any change in designation shall be effective not
sooner than the fifteenth day following the mailing by first-class mail of notice of that change to the Bond Issuer, the Company,
each Holder that is a registered owner not earlier than the fifth Business Day prior to that mailing, the Paying Agent and, in
the case of (i) the Registrar, to the Trustee and (ii) the Trustee, to the Registrar.

 

“Designated
Preferred Stock” means Preferred Stock of the Company, any Restricted Subsidiary thereof or any Parent Company (in each
case other than Disqualified Stock) that is issued for cash (other than to a Restricted Subsidiary or an employee stock ownership
plan or trust established by the Company or any of its Subsidiaries) and is so designated as Designated Preferred Stock, pursuant
to an Officer’s Certificate on or promptly after the issuance date thereof, the cash proceeds of which are excluded from
the calculation set forth in Section 6.01(a)(3) of the Bond Financing Agreement and as described in clause (a)(3) of
the covenant described in the Limited Offering Memorandum under the heading “FINANCING FOR THE TAX-EXEMPT PROJECT—Bond
Financing Agreement—Covenants of the Company—Limitation on Restricted Payments.”

 

“Designated
Revolving Commitments” means any commitments to make loans or extend credit on a revolving basis to the Company or
any Restricted Subsidiary by any Person other than the Company or any Restricted Subsidiary that have been designated in an
Officer’s Certificate delivered to the Trustee as “Designated Revolving Commitments” until such time as the
Company subsequently delivers an Officer’s Certificate to the Trustee to the effect that such commitments will no
longer constitute “Designated Revolving Commitments”; provided that during such time, such Designated
Revolving Commitments will be deemed an incurrence of Indebtedness on such date and will be deemed outstanding for purposes
of calculating the Fixed Charge Coverage Ratio, Total Net Leverage Ratio, Senior Secured Net Leverage Ratio and the
availability of any baskets pursuant to the Bond Financing Agreement.

 

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“Development”
means the ownership, occupation, design, development, construction, system establishment, testing, start-up, commissioning, implementation,
optimization, repair, operation, maintenance and use of the Phase II Project through final completion of the Phase II Project as
determined by the Board of Directors.

 

“DIP Financing”
has the meaning given to such term in the Limited Offering Memorandum under the heading “SECURITY AND SOURCES OF PAYMENT
FOR THE 2020 BONDS AND OTHER PARI PASSU LIEN DEBT—Intercreditor Agreement—Insolvency or Liquidation Proceeding.”

 

“Direct Agreement”
means any agreement required to be entered into under the Specified Pari Passu Lien Debt Documents or as otherwise entered into
by the Company or any other Grantor, a counterparty to any material contract of the Company or such Grantor and the Collateral
Agent, that grants the consent of such material contract counterparty to the collateral assignment of the applicable material contract
to the Collateral Agent, including the SMS Direct Agreement.

 

“Direct Participant” means a participant
as defined in the Letter of Representations.

 

“Discharge
of ABL Obligations” means, with respect to any ABL Obligation, the repayment, prepayment, repurchase (including pursuant
to an offer to purchase), redemption, defeasance or other discharge of such Indebtedness, in any such case in whole or in part.

 

“Discharge
of Commercial Building Lender Obligations” means the payment in full in cash of the principal of and interest and premium
(if any) on all Commercial Building Lender Obligations and all other Commercial Building Lender Obligations that are outstanding
and unpaid at the time such principal and interest is paid (other than contingent indemnification obligations not then due).

 

“Discharge
of Equipment Lease Obligations” means the payment in full in cash of all Rent (as defined in the Equipment Lease) and
all other Equipment Lease Obligations that are outstanding and unpaid (other than contingent indemnification obligations not then
due).

 

“Discharge
of Fixed Asset Pari Passu Lien Obligations” means, except to the extent otherwise expressly provided in the
Intercreditor Agreement, the occurrence of each of the following clauses (a) through (c): (a) payment in full in
cash of the principal of and interest (including interest accruing on or after the commencement of any Insolvency or
Liquidation Proceeding, whether or not such interest would be allowed in such Insolvency or Liquidation Proceeding), on all
Indebtedness outstanding under the Fixed Asset Pari Passu Lien Debt Documents; (b) (i) payment in full in cash of all
the Secured Hedging Obligations (other than contingent indemnification obligations not then due) and the expiration or
termination of all outstanding transactions under the Hedge Agreements or (ii) the cash collateralization of all such
Hedging Obligations on terms satisfactory to each applicable Hedge Bank (or other arrangements satisfactory to each such
Hedge Bank shall have been made); and (c) termination or expiration of all commitments, if any, to extend credit that
would constitute Fixed Asset Pari Passu Lien Obligations.

 

“Discharge
of Pari Passu Lien Obligations” means the occurrence of all of the following: (a) termination or expiration of
all commitments to extend credit that would constitute Pari Passu Lien Debt; (b) with respect to each Series of Pari
Passu Lien Debt, either (i) payment in full in cash of the principal of and interest and premium (if any) on all Pari Passu
Lien Debt of such Series or (ii) there has been a legal defeasance or covenant defeasance pursuant to the terms of the
applicable Pari Passu Lien Documents for such Series of Pari Passu Lien Debt; (c) payment in full in cash of all other
Pari Passu Lien Obligations that are outstanding and unpaid at the time the Pari Passu Lien Debt is paid in full in cash; and
(d) (i) payment in full in cash of all Secured Hedging Obligations and the expiration or termination of all outstanding
transactions under the Hedge Agreements or (ii) the cash collateralization of all such Secured Hedging Obligations on terms
satisfactory to each applicable Hedge Bank (or other arrangements satisfactory to each such Hedge Bank shall have been made).

 

    22 

     

    

 

“Discharge
of Specified Pari Passu Lien Debt Obligations” means that the Pari Passu Lien Obligations pursuant to the Specified Pari
Passu Lien Debt Documents (other than any contingent indemnification obligations not then due) are no longer secured by, and no
longer required to be secured by, the Collateral pursuant to the terms of the Specified Pari Passu Lien Debt Documents.

 

“Disposition” means, with respect to any Person, any sale, assignment (except as contemplated by any of the Pari Passu Lien Debt Documents,
the Equipment Lease or the Commercial Building Loan Agreement), conveyance, sale and leaseback, transfer, lease or other disposition
of any property of such Person to any other Person. “Dispose” has a correlative meaning.

 

“Disqualified
Stock” means, with respect to any Person, any Capital Stock of such Person which, by its terms, or by the terms of any
security into which it is convertible or for which it is redeemable or exchangeable, or upon the happening of any event, matures
or is mandatorily redeemable (other than (i) for any Qualified Equity Interests or (ii) solely as a result of a change
of control, asset sale, casualty, condemnation or eminent domain) pursuant to a sinking fund obligation or otherwise, or is redeemable
at the option of the holder thereof (other than for any Qualified Equity Interests or solely as a result of a change of control,
asset sale, casualty, condemnation or eminent domain), in whole or in part, in each case prior to the date 91 days after the earlier
of the maturity date of the Bonds or the date the Bonds are no longer outstanding; provided that if such Capital Stock is
issued pursuant to any plan for the benefit of future, current or former employees, directors, officers, members of management,
consultants or independent contractors (or their respective Controlled Investment Affiliates or Immediate Family Members or any
permitted transferees thereof) of the Company or its Subsidiaries or any Parent Company or by any such plan to such employees,
directors, officers, members of management, consultants or independent contractors (or their respective Controlled Investment Affiliates
or Immediate Family Members or any permitted transferees thereof), such Capital Stock will not constitute Disqualified Stock solely
because it may be required to be repurchased by the Company or its Subsidiaries in order to satisfy applicable statutory or regulatory
obligations or as a result of such employee’s, director’s, officer’s, management member’s, consultant’s
or independent contractor’s termination, death or disability; provided, further that any Capital Stock held
by any future, current or former employee, director, officer, member of management, consultant or independent contractor (or their
respective Controlled Investment Affiliates or Immediate Family Members or any permitted transferees thereof) of the Company, any
of its Subsidiaries, any Parent Company, or any other entity in which the Company or a Restricted Subsidiary has an Investment
and is designated in good faith as an “affiliate” by the Board of Directors (or the compensation committee thereof),
in each case pursuant to any equity subscription or equity holders’ agreement, management equity plan or stock option plan
or any other management or employee benefit plan or agreement will not constitute Disqualified Stock solely because it may be required
to be repurchased by the Company or its Subsidiaries in order to satisfy applicable statutory or regulatory obligations or as a
result of such employee’s, director’s, officer’s, management member’s, consultant’s or independent
contractor’s termination, death or disability. For the purposes hereof, the aggregate principal amount of Disqualified Stock
will be deemed to be equal to the greater of its voluntary or involuntary liquidation preference and maximum fixed repurchase price,
determined on a consolidated basis in accordance with GAAP, and the “maximum fixed repurchase price” of any Disqualified
Stock that does not have a fixed repurchase price will be calculated in accordance with the terms of such Disqualified Stock as
if such Disqualified Stock were purchased on any date on which the Consolidated Total Debt or Consolidated Secured Debt, as applicable,
will be required to be determined pursuant to the Bond Financing Agreement, and if such price is based upon, or measured by, the
fair market value of such Disqualified Stock, such fair market value shall be determined in good faith by the Company.

 

“Dissemination
Agent” means U.S. Bank National Association in its capacity as dissemination agent under the Continuing Disclosure Agreement.

 

“Domestic
Subsidiary” means any direct or indirect Subsidiary of the Company that is organized or existing under the laws of the
United States, any state thereof or the District of Columbia.

 

“Electronic
Means” shall mean the following communications methods: e-mail, facsimile transmission, secure electronic transmission
containing applicable authorization codes, passwords and/or authentication keys issued by the Trustee, or another method or system
specified by the Trustee as available for use in connection with its services under the Bond Indenture.

 

    23 

     

    

 

“Eligible
Investments” for purposes of the Bonds, the Bond Indenture and the Bond Financing Agreement shall mean any of the following
investments, or any combination thereof, so long as such investments at the time of investment are legal investments under the
laws of the State of Arkansas for the moneys proposed to be invested therein:

 

(a)          (a) direct
obligations of the United States of America for the payment of which the full faith and credit of the United States of America
is pledged, including State and Local Government Series (“SLGS”) of such direct obligations; (b) obligations
issued by a person controlled or supervised by and acting as an agency or instrumentality of the United States of America, the
payment of the principal of, premium, if any, and interest on which is fully guaranteed as a full faith and credit obligation of
the United States of America (including any securities described in (a) or (b) issued or held in book-entry form on the
books of the Department of the Treasury of the United States of America or Federal Reserve Bank); and (c) securities evidencing
ownership of the right to payment of specific principal or interest payments on an obligation described in (a) or (b) above,
provided that such securities were created by or on behalf of the issuer of the applicable obligation and are held in the custody
of a bank or trust company having a reported capital, surplus and undivided profits of at least $25,000,000 and a rating on its
unsecured, unenhanced short-term obligations in the highest short-term category by at least one Rating Agency, in a special account
separate from the general assets of such custodian (“Government Securities”);

 

		(b)	Qualified Investments;

 

(c)          unsecured
certificates of deposit having maturities of not more than 365 days which are fully insured by the Federal Deposit Insurance Corporation
(“FDIC”) in one or more of the following institutions: banks, trust companies or savings and loan associations
(including without limitation, the Trustee or any bank affiliated with the Trustee) organized under the laws of the United States
of America or any state thereof, each bank, trust company or savings and loan association having a reported capital, surplus and
undivided profits of at least $25,000,000 and a rating on its unsecured, unenhanced short-term obligations in the highest short-term
category by at least one Rating Agency;

 

(d)          unsecured
and uninsured certificates of deposit having maturities of not more than 365 days in institutions described in clause (c) above,
provided the short-term obligations of such institution are rated in the highest short-term category by at least one Rating Agency;

 

(e)          any
investment contract with a bank, trust company or savings and loan association having a reported capital, surplus and undivided
profits of at least $25,000,000 and a rating on its unsecured, unenhanced short-term obligations in the highest short-term category
by at least one Rating Agency, provided further that the investment contract shall contain a provision to the effect that such
investment contract can be terminated by the Trustee without penalty in the event the rating of the institution falls below the
highest short-term category by all of the Rating Agencies then rating such institution or such institution defaults on the payment
of any of its obligations thereunder or to the Company, unless such investment contract is collateralized with Government Securities
(as defined in clause (a) above) held by the Trustee or a third party custodian acting as agent for the Trustee with a value,
marked to market no less frequently than on a weekly basis, of at least 102% of the principal amount invested under the investment
contract or such rating is reinstated to the highest short-term category by at least one Rating Agency on or prior to such termination
date;

 

(f)           any
share in a money market mutual fund provided such fund is (i) rated at least “A” by S&P or the equivalent
by a Rating Agency or (ii) the entire investments of which are limited to investments described in clause (a) above;

 

		(g)	commercial paper rated in the highest short-term rating category by any Rating Agency;

 

(h)          U.S.
denominated deposit account, certificates of deposit and banker’s acceptances of any bank, trust company, or savings
and loan association, including the Trustee or their affiliates, which have a rating on their short-term certificates of
deposit on the date of purchase in one of the two highest short-term rating categories (without regard to any refinement or
gradation of rating category by numerical modifier or otherwise) assigned by any Rating Agency, and which mature not more
than 360 days after the date of purchase;

 

    24 

     

    

 

(i)           an
investment agreement, repurchase agreement or forward delivery agreement with a provider or a guarantor that has unsecured, unenhanced
long-term obligations rated at least “A-” or its equivalent by one or more of the Rating Agencies at the time such
agreement is entered into;

 

(j)           certificates
of deposit, bankers’ acceptances or interest-bearing time deposits that are made with the Trustee or with any member of the
Federal Deposit Insurance Corporation, provided that such investments are: (A) fully insured by the Federal Deposit Insurance
Corporation; (B) made with any bank (including the Trustee or any Affiliate thereof) having undivided capital and surplus
of at least $100,000,000, the debt obligations (or in the case of the principal bank holding company, debt obligations of the bank
holding company) of which are rated in the top 2 tier categories by at least one of the recognized rating agencies at the time
of purchase; or (C) continuously secured as to principal, to the extent not insured by the Federal Deposit Insurance Corporation,
by items listed above, or other marketable securities eligible as security for the deposit of trust funds under applicable regulations
of the Comptroller of the Currency of the United States of America, having a market value (exclusive of accrued interest) not less
than the amount of such deposit; and

 

		(k)	Tax-Exempt Obligations.

 

“EMU” means the economic and monetary
union as contemplated in the Treaty on European Union.

 

“Environmental
Laws” means all laws, regulations, ordinances, rules, orders, judgments, decrees, permits or other legal requirements
of any governmental authority, including, without limitation, any international, foreign, national, state, provincial, regional,
or local authority, relating to pollution, the protection of human health or safety relating to hazardous materials, the environment,
or natural resources, or to use, handling, storage, manufacturing, transportation, treatment, discharge, disposal or release of
hazardous or toxic substances or wastes, pollutants or contaminants.

 

“Environmental
Permit” means any permit, approval, identification number, license or other authorization required under any Environmental
Law.

 

“Equipment
Lease” means each of (i) Equipment Schedule No. 1, dated September 8, 2016, between the Equipment Lessor
and the Company and (ii) Equipment Schedule No. 2, dated December 16, 2016, between the Equipment Lessor and the
Company, in each case incorporating the terms of that certain Master Sub-sublease Agreement, dated as of September 8, 2016,
as the same has been amended, supplemented, assigned or otherwise modified prior to August 23, 2017 and as in effect on such
date and as may be further amended, supplemented, assigned or otherwise modified from time to time hereafter to the extent not
prohibited by the Intercreditor Agreement.

 

“Equipment
Lease Advance” means the sub-lease financings made by the Equipment Lessor under the Equipment Lease.

 

“Equipment
Lease Collateral” means any subleased interest in equipment or real property sold to the Equipment Lessor and leased
back by the Company in accordance with the Equipment Lease, in each case as described in, and as updated from time to time in accordance
with, the Equipment Lease.

 

“Equipment
Lease Documents” means the Equipment Lease, the Leasehold Mortgage, Assignment of Leases and Rents and Security
Agreement from the Company, as mortgagor, to the Equipment Lessor, as mortgagee, with the effective date of September 8,
2016, the Amended and Restated Recognition of Leasehold and Security Interest, Nondisturbance and Attornment Agreement made
November 17, 2016 among the Company, the City of Osceola, Arkansas, the Equipment Lessor and the Commercial Building
Lender, the Option Agreement, dated September 8, 2016, between the Company and the Equipment Lessor, the Amended and
Restated Easement Agreement, dated as of December 16, 2016, among City of Osceola, as grantor, the Company and the
Equipment Lessor, the Amended and Restated Environmental Indemnity Agreement, dated as of December 16, 2016, by the
Company, Parent and the Equipment Lessor, the Continuing Guaranty, dated as of September 8, 2016, made by Parent in
favor of the Equipment Lessor, the Guaranty Affirmation Letter delivered by Parent to the Equipment Lessor on
December 16, 2016, and each of the other agreements, documents and instruments providing for or evidencing any Equipment
Lease Obligation, and any other document or instrument executed or delivered at any time in connection with any Equipment
Lease Obligations, in each case as the same has been amended, supplemented, assigned or otherwise modified prior to the
Closing Date and as in effect on the Closing Date and as may be further amended, supplemented, assigned or otherwise modified
from time to time hereafter to the extent not prohibited by the Intercreditor Agreement.

 

    25 

     

    

 

“Equipment
Lease Lien” means a Lien granted, or purported to be granted, by the Company to the Equipment Lessor in the Equipment
Lease Collateral to secure the Equipment Lease Obligations.

 

“Equipment
Lease Obligations” means all Rent (as defined in the Equipment Lease Documents), fees, deposits, payments of stipulated
loss value, late charges, reimbursement obligations and other amounts owing in connection with the Equipment Lease Advances issued
under the Equipment Lease Documents.

 

“Equipment
Lease Proportion by Value” means the net proceeds of a Going Concern Sale multiplied by the proportion of (x) $145,979,215,
which is the amount of Project Costs expended by the Company to acquire and construct the Equipment Lease Collateral, divided
by (y) $1,330,000,000, which is the total amount of Project Costs incurred by the Company as of August 23, 2017; provided
that such amount will not exceed the total amount of the outstanding and unpaid Equipment Lease Obligations.

 

“Equipment Lessor” means SCF,
as sub-sublessor under the Equipment Lease and servicer on behalf of other Persons.

 

“Equity Interests”
means, with respect to any Person, the Capital Stock of such Person and all warrants, options or other rights to acquire Capital
Stock of such Person, but excluding any debt security that is convertible into, or exchangeable for, Capital Stock of such Person.

 

“Equity Offering”
means any public or private sale of common equity or Preferred Stock of the Company or any Parent Company (excluding Disqualified
Stock), other than:

 

		(1)	public offerings with respect to the Company’s
or any Parent Company’s common equity registered on Form S-4 or Form S-8;

 

		(2)	issuances to any Restricted Subsidiary of the Company; and

 

		(3)	any such public or private sale that constitutes an Excluded Contribution or Capex Equity.

 

“Escrowed
Proceeds” means the proceeds from the offering of any debt securities or other Indebtedness paid into an escrow account
with an independent escrow agent on the date of the applicable offering or incurrence pursuant to escrow arrangements that permit
the release of amounts on deposit in such escrow account upon satisfaction of certain conditions or the occurrence of certain events.
The term “Escrowed Proceeds” shall include any interest earned on the amounts held in escrow.

 

“Euroclear” means Euroclear Bank
S.A./N.V., as operator of the Euroclear system, and its successors.

 

“Euros” means the single currency
of participating member states of the EMU.

 

“Event of
Default” means, with respect to the Bonds, an Event of Default as described in Section 7.01 of the Bond Indenture,
with respect to the Bond Financing Agreement, an Event of Default as described in Article VII of the Bond Financing
Agreement, with respect to the Term Loan Credit Agreement, an Event of Default as described therein, and with respect to the Senior
Secured Notes, an Event of Default pursuant to the Notes Indenture and, with respect to an event of default under any other document
or agreement, the definition given to such term therein.

 

    26 

     

    

 

“Excess ABL
Obligations” means any Obligations that would constitute ABL Obligations if not for the ABL Cap Amount.

 

“Excess Proceeds” has the meaning
given to such term in Section 6.04(d) of the Bond Financing Agreement.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated
thereunder.

 

“Excluded
Account” means any deposit or securities account now or hereafter owned by the Company or any other Grantor that is used
solely by the Company or such Guarantor (a) as a payroll account so long as such payroll account is a zero balance account,
(b) as a petty cash account so long as the aggregate amount on deposit in all petty cash accounts of the Company and all Guarantors
does not exceed $50,000 at any one time for all such deposit accounts combined, (c) to hold amounts required to be paid in
connection with workers compensation claims, unemployment insurance, social security benefits and other similar forms of governmental
insurance benefits, (d) to hold amounts which are required to be pledged or otherwise provided as security as required by
law or pension requirement, (e) to hold cash and cash equivalents pledged to secure Obligations under the ABL Facility consisting
of reimbursement obligations in respect of letters of credit and swing line loans (and/or any obligations of lenders participating
in the facilities under which such letters of credit are issued and swing line loans made) without granting a Lien thereon to secure
any other Obligations under the ABL Facility or Lenders Debt or any Pari Passu Lien Obligations, (f) to hold cash and cash
equivalents pledged to the Equipment Lessor to secure Equipment Lease Obligations so long as the aggregate amount of cash and cash
equivalents so pledged and on deposit in or credited to all such accounts does not exceed $6,672,335 at any one time or (g) as
a withholding tax or fiduciary account.

 

“Excluded Assets” means the collective
reference to:

 

(1)  any
lease, license, contract or agreement to which the Company or any other Grantor is a party, and any of its rights or interest
thereunder, if and to the extent that a security interest is prohibited by or in violation of (i) any law, rule or regulation
applicable to the Company or such Guarantor, or (ii) a term, provision or condition of any such lease, license, contract
or agreement (unless such law, rule, regulation, term, provision or condition would be rendered ineffective with respect to the
creation of the security interest hereunder pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the Uniform Commercial Code (or
any successor provision or provisions) of any relevant jurisdiction or any other applicable law (including the Bankruptcy Code)
or principles of equity); provided however that the Excluded Assets shall not include (and security interest under the
Security Documents shall attach) immediately at such time as the contractual or legal prohibition shall no longer be applicable
and to the extent severable, shall attach immediately to any portion of such lease, license, contract or agreement not subject
to the prohibitions specified in subclauses (i) or (ii) above; provided further that the exclusions referred to in this
clause (1) of this definition shall not include any Proceeds (as defined in the Uniform Commercial Code (or any successor
provision or provisions) of any relevant jurisdiction) of any such lease, license, contract or agreement;

 

(2)  any
portion of Capital Stock that is voting Capital Stock of any Foreign Subsidiary or CFC Holdco to the extent such portion of Capital
Stock represents voting power in excess of 65% of the total combined voting power of all classes of voting stock (within the meaning
of Treasury Regulations section 1.956-2(c)(2)) of such Foreign Subsidiary or CFC Holdco;

 

(3)  any
 “intent-to-use” application for registration of a trademark filed pursuant to Section 1(b) of the Lanham
Act, 15 U.S.C. § 1051, prior to the filing of a “Statement of Use” pursuant to Section 1(d) of the Lanham
Act or an “Amendment to Allege Use” pursuant to Section 1(c) of the Lanham Act with respect thereto, solely
to the extent, if any, that, and solely during the period, if any, in which, the grant of a security interest therein would impair
the validity or enforceability of any registration that issues from such intent-to-use application under applicable federal law;

 

 (4)  any equity interests in, and the assets and properties of, an Excluded Subsidiary; or

 

 (5)  Excluded Accounts.

 

    27 

     

    

 

“Excluded
Capital Expenditures” means any Capital Expenditure (whether or not required) made solely for maintenance, replacement
or environmental, human health or safety or other regulatory purposes and not in connection with the incurrence of Expansion Capital
Expenditures.

 

“Excluded
Contribution” means Net Cash Proceeds, the fair market value of marketable securities or the fair market value of Qualified
Proceeds received by the Company from:

 

 (1)  contributions to its common equity capital;

 

(2)  dividends,
distributions, fees and other payments from any joint ventures that are not Restricted Subsidiaries; and

 

(3)  the
sale (other than to a Restricted Subsidiary of the Company or to any management equity plan or stock option plan or any other management
or employee benefit plan or agreement of the Company) of Capital Stock (other than Disqualified Stock and Designated Preferred
Stock) of the Company; in each case, designated as Excluded Contributions pursuant to an Officer’s Certificate or that are
excluded from the calculation set forth in Section 6.01(a)(3) of the Bond Financing Agreement and as described in clause
(a)(3) of the covenant described in the Limited Offering Memorandum under the heading “FINANCING FOR THE TAX-EXEMPT
PROJECT—Bond Financing Agreement—Covenants of the Company—Limitation on Restricted Payments.”

 

“Excluded
Subsidiary” means (1) any Subsidiary that is not a Wholly-Owned Subsidiary of the Company or a Subsidiary Guarantor,
(2) any Foreign Subsidiary, (3) any CFC Holdco, (4) any Domestic Subsidiary that is a direct or indirect Subsidiary
of any CFC, (5) any Subsidiary, including any regulated entity that is subject to net worth or net capital or similar capital
and surplus restrictions, that is prohibited or restricted by applicable law or by contractual obligation (including in respect
of assumed Indebtedness permitted hereunder) existing on the Closing Date (or, with respect to any Subsidiary acquired by the Company
or a Restricted Subsidiary after the Closing Date (and so long as such contractual obligation was not incurred in contemplation
of such acquisition), on the date such Subsidiary is so acquired) from providing a Guarantee (including any Broker-Dealer Regulated
Subsidiary), or if such Guarantee would require governmental (including regulatory) or third party (other than the Company or any
Guarantor or their respective Subsidiaries) consent, approval, license or authorization, (6) any special purpose vehicle (or
similar entity) or any Securitization Subsidiary, (7) any Captive Insurance Subsidiary, (8) any not-for-profit Subsidiary,
(9) any Subsidiary that is not a Significant Subsidiary, (10) any other Subsidiary with respect to which, in the reasonable
judgment of the Company, the burden or cost (including any material adverse tax consequences) of providing the Guarantee will outweigh
the benefits to be obtained by the Holders therefrom and (11) each Unrestricted Subsidiary; provided that any such Subsidiary
that is an Excluded Subsidiary pursuant to clause (9) or (10) above will cease to be an Excluded Subsidiary at any time
such Subsidiary guarantees Indebtedness under the Term Loan Credit Agreement, the ABL Facility or Capital Markets Indebtedness
of the Company or any other Subsidiary Guarantor.

 

“Expansion
Capital Expenditures” means (i) any Capital Expenditures carried out for the purpose of increasing the earnings
capacity of the Company or a Subsidiary Guarantor or (ii) any Investment in a Restricted Subsidiary made pursuant to clause
(26) of the definition of “Permitted Investments;” provided further that Expansion Capital Expenditures shall
include any Phase II Project Costs whether or not such Phase II Project Costs are considered capital expenditures in accordance
with GAAP. Excluded Capital Expenditures shall be deemed not to be Expansion Capital Expenditures.

 

“Extraordinary
Services” or “Extraordinary Expenses” means all services rendered and all reasonable expenses incurred
by the Trustee under the Bond Indenture, other than Ordinary Services and Ordinary Expenses.

 

“fair market
value” means, with respect to any asset or liability, the fair market value of such asset or liability as determined
by the Company in good faith.

 

“Financial
Officer” means the chief financial officer, accounting officer, treasurer, controller or other senior financial or accounting
officer of the Company, as appropriate.

 

    28 

     

    

 

“First Specified
Pari Passu Lien Debt Threshold Date” means the date on which the sum of (1) the outstanding principal amount of
the term loans under the Specified Pari Passu Lien Debt Documents (as long as the amount of funded term loans is not less than
25% of the aggregate term loan commitments thereunder on the Initial Funding Date (but in no event unless and until the amount
of funded term loans exceeds $275.0 million) plus (2) from and after the occurrence of the Initial Funding Date, the aggregate
term loan commitments subject to the Specified Commitment Condition under the Specified Pari Passu Lien Debt Documents exceeds
(1) 50% of the aggregate outstanding principal amount of all Pari Passu Lien Debt or (2) the aggregate outstanding principal
amount of the largest Series of Pari Passu Lien Debt (other than, for purposes of this clause (2), such loans and such commitments
under the Specified Pari Passu Lien Debt Documents).

 

“Fixed Asset Accounts” has the
meaning ascribed to the term “Accounts” in the Deposit Agreement.

 

“Fixed Asset
Collateral Proceeds Account” means a deposit or securities account which will be used solely for deposit of identifiable
proceeds of Fixed Asset Priority Collateral prior to the date the Deposit Agreement becomes effective.

 

“Fixed Asset
General Intangibles” means all general intangibles (including intellectual property) which are not ABL Priority Collateral.

 

“Fixed Asset
Mortgages” means a collective reference to each mortgage, deed of trust and any other document or instrument under which
any Lien on real property owned or leased by any Grantor is granted to secure any Fixed Asset Pari Passu Lien Obligations or under
which rights or remedies with respect to any such Liens are governed.

 

“Fixed Asset
Pari Passu Lien Claimholders” means, at any relevant time, the holders of Fixed Asset Pari Passu Lien Obligations at
that time, including the Holders, the Trustee, any other Pari Passu Lien Debt Representative (as defined in the Collateral Trust
Agreement) and the other Pari Passu Lien Secured Parties and the Collateral Agent, and the successors, replacements and assigns
of each of the foregoing, and shall include, without limitation, any former Collateral Agent, Holder, Trustee and other Pari Passu
Lien Debt Representative and Pari Passu Lien Secured Parties to the extent that any Obligations owing to such Persons were incurred
while such Persons were Collateral Agent, Holder, Trustee, Pari Passu Lien Debt Representative or Pari Passu Lien Secured Parties,
as applicable, and such Obligations have not been paid or satisfied in full.

 

“Fixed Asset
Pari Passu Lien Collateral Documents” means the Collateral Trust Agreement, the “Collateral Documents” (as
defined in the Term Loan Credit Agreement), the Security Documents and any other agreement, document or instrument pursuant to
which a Lien is granted securing any Fixed Asset Pari Passu Lien Obligations or under which rights or remedies with respect to
such Liens are governed (other than the Intercreditor Agreement).

 

“Fixed Asset
Pari Passu Lien Debt Documents” means (a) the Notes Indenture, the Senior Secured Notes, the Term Loan Credit Agreement,
the 2019 Bond Financing Agreement, the Bond Financing Agreement, any Specified Pari Passu Lien Debt Documents, any other indenture,
notes, credit agreement or other agreement or instrument pursuant to which any Pari Passu Lien Debt (as defined in the Collateral
Trust Agreement) is incurred, the Fixed Asset Pari Passu Lien Collateral Documents and the Intercreditor Agreement and (b) each
of the other agreements, documents and instruments providing for or evidencing any other Fixed Asset Pari Passu Lien Obligation,
and any other document or instrument executed or delivered at any time in connection with any Fixed Asset Pari Passu Lien Obligations,
including any intercreditor or joinder agreement among holders of Fixed Asset Pari Passu Lien Obligations to the extent such are
effective at the relevant time, as each may be amended, restated, supplemented, modified, renewed or extended, replaced or Refinanced
from time to time to the extent permitted pursuant to the Intercreditor Agreement.

 

“Fixed Asset Pari Passu Lien Obligations”
means:

 

(1) all Obligations
under the Notes Indenture, the Term Loan Credit Agreement, the Senior Secured Notes, the 2019 Bond Financing Agreement, the
Specified Pari Passu Lien Debt Documents and other Obligations in respect of Pari Passu Lien Debt (including Obligations
under the Bond Financing Agreement and the Series 2020 Note);

 

    29 

     

    

 

 (2)  all Secured Hedging Obligations; and

 

(3)  to
the extent any payment with respect to any Fixed Asset Pari Passu Lien Obligation (whether by or on behalf of any Grantor, as proceeds
of security, enforcement of any right of setoff or otherwise) is declared to be a fraudulent conveyance or a preference in any
respect, set aside or required to be paid to a debtor in possession, any ABL Claimholders, receiver or similar Person, then the
obligation or part thereof originally intended to be satisfied shall, for the purposes of the Intercreditor Agreement and the rights
and obligations of the ABL Claimholders and the Fixed Asset Pari Passu Lien Claimholders, be deemed to be reinstated and outstanding
as if such payment had not occurred. To the extent that any interest, fees, expenses or other charges (including Post-Petition
Interest) to be paid pursuant to the Fixed Asset Pari Passu Lien Debt Documents are disallowed by order of any court, including
by order of a court of competent jurisdiction presiding over an Insolvency or Liquidation Proceeding, such interest, fees, expenses
and charges (including Post-Petition Interest) shall, as between the ABL Claimholders and the Fixed Asset Pari Passu Lien Claimholders,
be deemed to continue to accrue and be added to the amount to be calculated as the “Fixed Asset Pari Passu Lien Obligations.”
For purposes of the Bond Financing Agreement, and for the avoidance of doubt, “Fixed Asset Pari Passu Lien Obligations”
includes (i) Obligations of the Company and the other Grantors under the Bond Financing Agreement or any of the Security Documents,
(ii) Secured Hedging Obligations, and (iii) any Other Pari Passu Lien Obligations.

 

“Fixed Asset
Priority Collateral” means the following of any Grantor: (i) Equipment (as defined in the UCC); (ii) Real Estate
Assets; (iii) intellectual property; (iv) Equity Interests in all direct Subsidiaries of any Grantor; (v) intercompany
indebtedness of the Company and its Subsidiaries; (vi) all other assets of any Grantor, whether real, personal or mixed (including
the Revenue Account and other Fixed Asset Accounts and the Fixed Asset Collateral Proceeds Account), in each case, not constituting
ABL Priority Collateral prior to the Discharge of ABL Obligations; (vii) to the extent evidencing, governing, securing or
otherwise reasonably related to any of the foregoing, all documents, general intangibles, instruments, commercial tort claims,
letters of credit, letter-of credit-rights and supporting obligations; provided, however, that to the extent any of the foregoing
also evidence, govern, secure or otherwise reasonably relate to any ABL Priority Collateral only that portion that evidences, governs,
secures or reasonably relates to Fixed Asset Priority Collateral shall constitute Fixed Asset Priority Collateral; (viii) all
books, records and documents related to the foregoing (including databases, customer lists and other records, whether tangible
or electronic, which contain any information relating to any of the foregoing); (ix) insurance and claims against third parties
to the extent arising on account of Fixed Asset Priority Collateral (excluding, however, the proceeds of and payments under all
policies of business interruption insurance); and (x) all proceeds and products of any or all of the foregoing in whatever
form received, but excluding any property that is directly acquired prior to the commencement of any case or proceeding under the
Bankruptcy Code or any similar Bankruptcy Law with cash proceeds of any Fixed Asset Priority Collateral and does not otherwise
constitute Fixed Asset Priority Collateral upon its acquisition. Subject to certain provisions of the Intercreditor Agreement,
upon a Discharge of ABL Obligations, all ABL Priority Collateral shall become Fixed Asset Priority Collateral.

 

    30 

     

    

 

“Fixed
Charge Coverage Ratio” means, with respect to any Test Period, the ratio of (1) Consolidated EBITDA of the
Company for such Test Period to (2) the Fixed Charges of the Company and its Restricted Subsidiaries for such Test
Period. In the event that the Company or any Restricted Subsidiary incurs, assumes, guarantees, redeems, repays, retires or
extinguishes any Indebtedness (other than Indebtedness incurred or repaid under any revolving credit facility or line of
credit unless such Indebtedness has been permanently repaid and not replaced) or issues, repurchases or redeems Disqualified
Stock or Preferred Stock or establishes or eliminates any Designated Revolving Commitments, in each case, subsequent to the
commencement of the period for which the Fixed Charge Coverage Ratio is being calculated but prior to or simultaneously with
the event for which the calculation of the Fixed Charge Coverage Ratio is made (the “Fixed Charge Coverage Ratio
Calculation Date”), then the Fixed Charge Coverage Ratio will be calculated giving pro forma effect to such
incurrence, assumption, guarantee, redemption, repayment, retirement or extinguishment of Indebtedness or such issuance,
repurchase or redemption of Disqualified Stock or Preferred Stock, as if the same had occurred at the beginning of the most
recently ended Test Period (and (1) for the purposes of the numerator of the Total Net Leverage Ratio and the Senior
Secured Net Leverage Ratio, as if the same had occurred on the last day of the most recently ended Test Period and
(2) for all purposes, as if Indebtedness in the full amount of any undrawn Designated Revolving Commitments had been
incurred thereunder throughout such period); provided, however, that at the election of the Company, the pro
forma calculation will not give effect to any Indebtedness incurred or Disqualified Stock or Preferred Stock issued on
the Fixed Charge Coverage Ratio Calculation Date pursuant Section 6.03(b) of the Bond Financing Agreement (other
than clause (15) thereof or Indebtedness secured pursuant to clause (4) of the definition of Permitted Liens in the case
of the Senior Secured Net Leverage Ratio) and as described in the second paragraph (other than clause (15) thereof or
Indebtedness secured pursuant to clause (4) of the definition of Permitted Liens in the case of the Senior Secured Net
Leverage Ratio) of the covenant described in the Limited Offering Memorandum under the heading “FINANCING FOR THE
TAX-EXEMPT PROJECT—Bond Financing Agreement—Covenants of Borrower—Limitation on Incurrence of Indebtedness
and Issuance of Disqualified Stock and Preferred Stock.” For purposes of making the computation referred to above, any
Specified Transaction that has been consummated by the Company or any Restricted Subsidiary during any Test Period or
subsequent to such Test Period and on or prior to or simultaneously with the Fixed Charge Coverage Ratio Calculation Date
will be calculated on a pro forma basis assuming that all such Specified Transactions (and the change in any
associated fixed charge obligations and the change in Consolidated EBITDA resulting therefrom) had occurred on the first day
of the Test Period. If since the beginning of such Test Period any Person that subsequently became a Restricted Subsidiary or
was merged, amalgamated or consolidated with or into the Company or any Restricted Subsidiary since the beginning of such
Test Period will have made any Specified Transaction that would have required adjustment pursuant to this definition, then
the Fixed Charge Coverage Ratio will be calculated giving pro forma effect thereto for such Test Period as if such
Specified Transaction had occurred at the beginning of the most recently ended Test Period. For purposes of this
definition in the Bond Financing Agreement, whenever pro forma effect is to be given to any Specified Transaction, the pro
forma calculations will be made in good faith by a Financial Officer of the Company and may include, for the avoidance of
doubt, the amount of “run-rate” cost savings, operating expense reductions and synergies projected by the Company
in good faith to result from or relating to any Specified Transaction which is being given pro forma effect that have
been realized or are expected to be realized and for which the actions necessary to realize such cost savings, operating
expense reductions and synergies are taken or with respect to which substantial steps have been taken or are expected to be
taken (in the good faith determination of the Company) no later than twenty four (24) months after the date of any such
Specified Transaction (in each case as though such cost savings, operating expense reductions and synergies had been realized
on the first day of the applicable period and as if such cost savings, operating expense reductions and synergies were
realized for the entirety of such period). For the purposes of the Bond Financing Agreement, “run-rate”
means the full recurring benefit for a period that is associated with any action taken or with respect to which substantial
steps have been taken or are expected to be taken (including any savings expected to result from the elimination of a public
target’s compliance costs with public company requirements), net of the amount of actual benefits realized during such
period from such actions. If any Indebtedness bears a floating rate of interest and is being given pro forma effect,
the interest on such Indebtedness will be calculated as if the rate in effect on the Fixed Charge Coverage Ratio Calculation
Date had been the applicable rate for the entire period (taking into account any Hedging Obligations applicable to such
Indebtedness). Interest on Indebtedness that may optionally be determined at an interest rate based upon a factor of a prime
or similar rate, a eurocurrency interbank offered rate, or other rate, will be deemed to have been based upon the rate
actually chosen, or, if none, then based upon such optional rate chosen as the Company may designate.

 

“Fixed Charge
Coverage Ratio Calculation Date” has the meaning ascribed to such term in the definition of “Fixed Charge Coverage
Ratio.”

 

“Fixed Charges” means, with respect
to any Person for any period, the sum of, without duplication:

 

 (1) Consolidated Interest Expense of such Person for such period;

 

(2) all
cash dividends or other cash distributions paid (excluding items eliminated in consolidation) on any series of Preferred
Stock during such period; and

 

(3) all
cash dividends or other cash distributions paid (excluding items eliminated in consolidation) on any series of Disqualified
Stock during such period.

 

    31 

     

    

 

“Foreign Subsidiary”
means any direct or indirect Restricted Subsidiary of the Company that is not a Domestic Subsidiary.

 

“Funded Debt” means,
with respect to any specified Person, any indebtedness of such Person (excluding accrued expenses and trade payables), whether
or not contingent:

 

 (1) in respect of borrowed money or advances; or

 

(2)
evidenced by indentures, bonds, notes, debentures, loan agreements or similar instruments. For the avoidance of doubt,
 “Funded Debt” shall not include Secured Hedging Obligations.

 

“GAAP”
means generally accepted accounting principles in the United States of America set forth in the opinions and pronouncements of
the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of
the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant
segment of the accounting profession, as in effect from time to time. Notwithstanding any other provision contained herein, (i) the
amount of any Indebtedness under GAAP with respect to Capitalized Lease Obligations and Attributable Indebtedness shall be determined
in accordance with the definition of Capitalized Lease Obligations and Attributable Indebtedness, respectively and (ii) all
terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred
to herein shall be made, without giving effect to any election under Financial Accounting Standards Board Accounting Standards
Codification 825 (or any other Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other
liabilities of the Company or any of the Company’s Subsidiaries at “fair value,” as defined therein.

 

“Going Concern”
means that the Project facility is producing any commercially saleable product and capable of operating as a going concern,
as determined in the reasonable discretion of the Controlling Representative.

 

“Going Concern
Buyer” means any purchaser, or potential purchaser, of the Project, that is not an Affiliate of any Grantor, and that
intends, as determined in good faith by the Controlling Representative, to continue to operate the Project as a Going Concern following
the completion of the sale to it of Project assets or the Capital Stock of the Company.

 

“Going Concern
Collateral” means all of the Collateral except for the ABL Priority Collateral, and in any event including the Equipment
Lease Collateral and the Commercial Building Collateral.

 

“Going Concern
Sale” means the sale of the Project (whether through a sale of the Project assets or the sale of the Company’s
Capital Stock) to a Going Concern Buyer.

 

“Governmental
Authority” means the government of the United States or any other nation, or of any political subdivision thereof, whether
state, local, or otherwise, 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 supra-national bodies such as the European Union or the European Central Bank).

 

“Government Securities” has the
meaning given to such term in the definition of “Eligible Investments.”

 

“Grantor”
means, for the purposes of the Collateral Trust Agreement or the Intercreditor Agreement, the Company, Parent, the Guarantors and
any other Person (if any) that at any time provides collateral security for any Pari Passu Lien Obligations, Equipment Lease Obligations
or Commercial Building Lender Obligations; and, for the purposes of the Bond Financing Agreement means the Company, Parent and
any other Guarantor.

 

“guarantee”
means a guarantee (other than by endorsement of negotiable instruments for collection in the ordinary course of business or consistent
with industry practice), direct or indirect, in any manner (including letters of credit and reimbursement agreements in respect
thereof), of all or any part of any Indebtedness or other obligations.

 

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“Guarantee”
means the guarantee by any Person of the Company’s Obligations under the Bond Financing Agreement and the Series 2020
Note.

 

“Guarantor” means Parent (or any
successor thereof) and the Subsidiary Guarantors.

 

“Hazardous
Materials” means all explosive or radioactive substances or wastes, and all other substances, wastes, pollutants and
contaminants and chemicals in any form, including petroleum or petroleum distillates, asbestos or asbestos-containing materials,
polychlorinated biphenyls, radon gas and infectious or medical wastes, to the extent any of the foregoing are regulated pursuant
to, or can form the basis for liability under, any Environmental Law.

 

“Hedge Agreement”
means any agreement governing Hedging Obligations; provided that the counterparty thereto has delivered a Collateral Trust
Joinder in respect thereof under the Collateral Trust Agreement. The term “Hedge Agreement” shall include both any
 “master agreement” and any related transaction and the related confirmations that are subject to the terms and conditions
of, or governed by, any Hedge Agreement; it being understood and agreed that a Collateral Trust Joinder shall only be required
once for each master agreement and shall not be required for each individual transaction or confirmation thereunder.

 

“Hedge Bank”
means any Person that is an Agent, a Lender, an Arranger (as each such term is defined in the Term Loan Credit Agreement or the
ABL Facility) or an Affiliate of any of the foregoing that delivers a Collateral Trust Joinder, whether or not such Person subsequently
ceases to be an Agent, a Lender, an Arranger or an Affiliate of any of the foregoing.

 

“Hedging Obligations” means, with respect to any Person, the obligations of such Person under any interest rate swap agreement, interest rate
cap agreement, interest rate collar agreement, commodity swap agreement, commodity cap agreement, commodity collar agreement, foreign
exchange contract, currency swap agreement or similar agreement providing for the transfer, modification or mitigation of interest
rate, currency, commodity risks or equity risks either generally or under specific contingencies. For the avoidance of doubt, any
Permitted Convertible Indebtedness Call Transaction will not constitute Hedging Obligations.

 

“Immediate
Family Members” means with respect to any individual, such individual’s child, stepchild, grandchild or more remote
descendant, parent, stepparent, grandparent, spouse, former spouse, qualified domestic partner, sibling, mother-in- law, father-in-law,
son-in-law and daughter- in-law (including, in each case, adoptive relationships) and any trust, partnership or other bona fide
estate planning vehicle the only beneficiaries of which are any of the foregoing individuals or any private foundation or fund
that is controlled by any of the foregoing individuals or any donor-advised fund of which any such individual is the donor.

 

“Incur”
means issue, assume, enter into any guarantee of, incur or otherwise become liable for and the terms “Incurs”,
 “Incurred” and “Incurrence” shall have a correlative meaning.

 

“Incremental
Amounts” has the meaning assigned to such term in the definition of “Refinancing Indebtedness.”

 

“Indebtedness” means, with respect
to any Person, without duplication:

 

(1) any
indebtedness (including principal and premium) of such Person, whether or not contingent: (a) in
respect of borrowed money; (b) evidenced by bonds, notes, debentures or similar instruments or letters of credit or
bankers’ acceptances (or, without duplication, reimbursement agreements in respect thereof); (c) representing the
deferred and unpaid balance of the purchase price of any property (including Capitalized Lease Obligations and Sale and
Lease-Back Transactions other than Specified Sale and Lease-Back Transactions) due more than twelve months after such
property is acquired, except (i) any such balance that constitutes an obligation in respect of a commercial letter of
credit, a trade payable or similar obligation to a trade creditor, in each case accrued in the ordinary course of business or
consistent with industry practice and (ii) any earn-out obligations until such obligation is reflected as a liability on the
balance sheet (excluding any footnotes thereto) of such Person in accordance with GAAP and is not paid within 60 days after
becoming due and payable; (d) representing the net obligations under any Hedging Obligations; or (e) Attributable Indebtedness;
if and to the extent that any of the foregoing Indebtedness (other than obligations in respect of letters of credit and
Hedging Obligations) would appear as a liability upon a balance sheet (excluding the footnotes thereto) of such Person
prepared in accordance with GAAP; provided that Indebtedness of any Parent Company appearing upon the balance sheet of
the Company solely by reason of push-down accounting under GAAP will be excluded;

 

    33 

     

    

 

(2) to
the extent not otherwise included, any obligation by such Person to be liable for, or to pay, as obligor, guarantor or otherwise,
on the obligations of the type referred to in clause (1) of this definition of a third Person (whether or not such items would
appear upon the balance sheet of such obligor or guarantor), other than by endorsement of negotiable instruments for collection
in the ordinary course of business or consistent with industry practice; and

 

(3) to
the extent not otherwise included, the obligations of the type referred to in clause (1) of this definition of a third Person
secured by a Lien on any asset owned by such first Person, whether or not such Indebtedness is assumed by such first Person; provided
that the amount of such Indebtedness will be the lesser of (i) the fair market value of such asset at such date of determination
and (ii) the amount of such Indebtedness of such other Person;

 

provided that notwithstanding
the foregoing, Indebtedness will be deemed not to include (a) Contingent Obligations incurred in the ordinary course
of business or consistent with industry practice (including any Contingent Obligations issued in connection with operating licenses
or permits), (b) reimbursement obligations under commercial letters of credit (provided that unreimbursed amounts under commercial
letters of credit will be counted as Indebtedness three (3) Business Days after such amount is drawn), (c) obligations
under or in respect of Qualified Securitization Facilities; (d) accruals for payroll and other liabilities accrued in the
ordinary course of business, and those accrued in connection with the Management Services Agreements, (e) deferred or prepaid
revenues, (f) asset retirement obligations and obligations in respect of reclamation and workers compensation (including pensions
and retiree medical care) and (g) obligations in connection with a Specified Sale and Lease-Back Transaction; provided,
further that Indebtedness will be calculated without giving effect to the effects of Accounting Standards Codification Topic
No. 815, Derivatives and Hedging, and related interpretations to the extent such effects would otherwise increase or decrease
an amount of Indebtedness for any purpose under the Bond Financing Agreement as a result of accounting for any embedded derivatives
created by the terms of such Indebtedness.

 

“Independent
Assets or Operations” means, with respect to any Parent Company, that Parent Company’s total assets, revenues,
income from continuing operations before income taxes and cash flows from operating activities (excluding in each case amounts
related to its investment in the Company and the Restricted Subsidiaries), determined in accordance with GAAP and as shown on the
most recent balance sheet of such Parent Company, is more than 3.00% of such Parent Company’s corresponding consolidated
amount.

 

“Independent
Financial Advisor” means an accounting, appraisal, investment banking firm or consultant of nationally recognized standing
that is, in the good faith judgment of the Company, qualified to perform the task for which it has been engaged.

 

“Indirect
Participant” means a Person utilizing the Book-Entry System of the Depository by, directly or indirectly, clearing through
or maintaining a custodial relationship with a Direct Participant.

 

“Initial Funding
Date” means the first date on which both (a) the initial advance(s) of term loans has been made under the Specified
Pari Passu Lien Debt Documents and (b) the only conditions to further advances of term loans under the Specified Pari Passu
Lien Debt Documents are conditions precedent substantially similar to the conditions precedent set forth in the Original KfW Credit
Agreement (such condition, the “Specified Commitment Condition”).

 

“Interest
Account” means the account of that name established in the Debt Service Fund pursuant to Section 5.01(a) of
the Bond Indenture.

 

    34 

     

    

 

“Interest Payment Date”
or “Interest Payment Dates” means, with respect to the 2020 Bonds, each March 1 and September 1 commencing
March 1, 2021.

 

“Inventory” has the meaning given
to such term in Article 9 of the UCC.

 

“Investment Grade Rating”
means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P, or an
equivalent rating by any other Rating Agency selected by the Company.

 

“Investment Grade Securities” means:

 

(1)
securities issued or directly and fully guaranteed or insured by the United States government or any agency or
instrumentality thereof (other than Cash Equivalents);

 

(2)
debt securities or debt instruments with an Investment Grade Rating, but excluding any debt securities or debt instruments
constituting loans or advances among the Company and its Subsidiaries;

 

(3)
investments in any fund that invests substantially all of its assets in investments of the type described in clauses
(1) and (2) of this definition which fund may also hold immaterial amounts of cash pending investment or
distribution; and

 

(4)
corresponding instruments in countries other than the United States customarily utilized for high quality investments.

 

“Investments”
means, with respect to any Person, all investments by such Person in other Persons (including Affiliates) in the form of loans
(including guarantees), advances or capital contributions (excluding accounts receivable, credit card and debit card receivables,
trade credit, advances to customers, commission, travel and similar advances to employees, directors, officers, members of management,
consultants and independent contractors, in each case made in the ordinary course of business or consistent with industry practice)
or purchases or sales or other dispositions for consideration of Indebtedness, Equity Interests or other securities issued by any
other Person. For purposes of the definitions of “Permitted Investments” and “Unrestricted Subsidiary”
and the covenant contained in Section 6.01 of the Bond Financing Agreement and described in the Limited Offering Memorandum
under the heading “FINANCING FOR THE TAX-EXEMPT PROJECT—Bond Financing Agreement—Covenants of the Company—
Limitation on Restricted Payments;” (1) “Investments” will include the portion (proportionate to the Company’s
Equity Interest in such Subsidiary) of the fair market value of the net assets of a Subsidiary of the Company at the time that
such Subsidiary is designated an Unrestricted Subsidiary; provided that upon a redesignation of such Subsidiary as a Restricted
Subsidiary, the Company will be deemed to continue to have a permanent “Investment” in an Unrestricted Subsidiary in
an amount (if positive) equal to: (a) the Company’s “Investment” in such Subsidiary at the time of such
redesignation; minus (b) the portion (proportionate to the Company’s Equity Interest in such Subsidiary) of the
fair market value of the net assets of such Subsidiary at the time of such redesignation; and (2) any property transferred
to or from an Unrestricted Subsidiary will be valued at its fair market value at the time of such transfer. The amount of any Investment
outstanding at any time will be the original cost of such Investment, reduced by any dividend, distribution, interest payment,
return of capital, repayment or other amount received in cash by the Company or a Restricted Subsidiary in respect of such Investment.

 

“Investor”
means any of Koch Industries, Inc., TPG Capital, L.P., Arkansas Teacher Retirement System, Global Principal Partners LLC,
US Steel, directly or indirectly through its Subsidiaries, any of their respective Affiliates and funds or partnerships managed
or advised by any of them or any of their respective Affiliates but not including, however, any portfolio company of any of the
foregoing.

 

“Insolvency
or Liquidation Proceeding” means (a) any voluntary or involuntary case or proceeding under the Bankruptcy Code
with respect to the Company or any other Grantor, (b) any other voluntary or involuntary insolvency, reorganization or
bankruptcy case or proceeding, or any receivership, liquidation, reorganization or other similar case or proceeding with
respect to the Company or any other Grantor or with respect to any of its assets, (c) any liquidation, dissolution,
reorganization or winding up of the Company or any other Grantor whether voluntary or involuntary and whether or not
involving insolvency or bankruptcy or (d) any assignment for the benefit of creditors or any other marshalling of assets
and liabilities of the Company or any other Grantor.

 

    35 

     

    

 

“Intercreditor
Agreement” means that intercreditor agreement dated as of August 23, 2017 by the Collateral Agent, on its own behalf
and on behalf of the Trustee, the trustee for the 2019 Bonds, the trustee for the Senior Secured Notes, the holders of the Senior
Secured Notes, the holders of the 2019 Bonds, the Bondholders and other Secured Parties, and the ABL Agent, on its own behalf and
on behalf of the lenders under the ABL Facility and any other Lenders Debt (together with the Collateral Agent, the “Applicable
Collateral Agents”), the Equipment Lessor, the Commercial Building Lender, the Company and the other Grantors, as amended,
restated, supplemented or otherwise modified from time to time in accordance with the terms thereof.

 

“Laws”
means, collectively, all international, foreign, federal, state and local laws (including common law), statutes, treaties, rules,
guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities and executive orders, including
the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration
thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements
with, any Governmental Authority.

 

“Legal Holiday”
means Saturday, Sunday or a day on which commercial banking institutions are not required to be open in the State of New York or
at the place of payment.

 

“Lenders Debt”
means all (i) Indebtedness outstanding from time to time under the ABL Facility (including all principal, interest, fees,
costs and expenses thereunder), (ii) any Indebtedness which has a priority security interest relative to the Obligations under
the Bond Financing Agreement in the ABL Priority Collateral pursuant to the Intercreditor Agreement, (iii) all Obligations
with respect to such Indebtedness and any Hedging Obligations directly related to any Lenders Debt and (iv) all Obligations
incurred with the ABL Facility Lenders (or their affiliates) in connection with the delivery of cash management and related services
and other commercial bank products as described in the ABL Facility.

 

“Lender Representative”
means each Pari Passu Lien Debt Representative, acting on behalf of the Pari Passu Lien Secured Parties represented by such
Pari Passu Lien Debt Representative, the Equipment Lessor (acting on its own behalf and as servicer for certain other Persons)
and the Commercial Building Lender (acting on its own behalf).

 

“Letter of
Representations” means the Blanket Issuer Letter of Representations dated July 24, 1995 filed by the Issuer and
accepted by the Depository.

 

“Lien”
means, with respect to any asset, any mortgage, lien (statutory or otherwise), pledge, hypothecation, charge, security interest
or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law,
including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or other agreement
to sell or give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial
Code (or equivalent statutes) of any jurisdiction; provided that in no event will an operating lease be deemed to constitute a
Lien.

 

“Limited Offering
Memorandum” means the Limited Offering Memorandum (in printed or electronic form) with respect to the 2020 Bonds, dated
as of August 28, 2020, and any amendments or supplements thereto that shall be approved by the Bond Issuer and the Company,
in connection with the limited public offering and sale of the 2020 Bonds.

 

“Majority
Holders” means, with respect to any Series of Pari Passu Lien Debt, the holders of more than 50% of the aggregate
outstanding principal amount (and, if applicable, the unused commitments under the Specified Pari Passu Lien Debt Documents, subject
to the Specified Commitment Condition) in respect thereof.

 

“Management
Services Agreements” means any management services agreement, bonus agreement or similar agreements among one or
more of the Investors or Management Stockholders or certain of their respective management companies or Affiliates thereof
associated with it or their advisors, if applicable, and the Company (and/or any Parent Company) or any amendment thereto or
renewal or replacement thereof so long as any such amendment or replacement is not materially disadvantageous in the good
faith judgment of the Board of Directors to the Holders when taken as a whole, as compared to the Management Services
Agreements as in effect on the Closing Date.

 

    36 

     

    

 

 

“Management
Stockholders” means the members of management (and their Controlled Investment Affiliates and Immediate Family Members
and any permitted transferees thereof) of the Company (or a Parent Company) who are holders of Equity Interests of any Parent Company
on the Closing Date.

 

“Margin Stock”
has the meaning set forth in Regulation U of the Board of Governors of the United States Federal Reserve System, or any successor
thereto.

 

“Market Capitalization”
means an amount equal to (i) the total number of issued and outstanding shares of common Equity Interests of the Company or
the applicable Parent Company, as applicable, on the date of the declaration of a Restricted Payment permitted pursuant to Section 6.01(b)(8) of
the Bond Financing Agreement and clause (b)(8) of the covenant described in the Limited Offering Memorandum under the heading
 “FINANCING FOR THE TAX-EXEMPT PROJECT—Bond Financing Agreement—Covenants of the Company—Limitation
on Restricted Payments” multiplied by (ii) the arithmetic mean of the closing prices per share of such common Equity
Interests on the principal securities exchange on which such common Equity Interests are traded for the 30 consecutive trading
days immediately preceding the date of declaration of such Restricted Payment.

 

“Material
Adverse Effect” means any material adverse change, or any development involving a prospective material adverse
change, whether or not arising from transactions in the ordinary course of business, in or affecting (i) the business,
properties, general affairs, management, financial position, stockholders’ equity or results of operations of the
Company, the Guarantors and their Subsidiaries, taken as a whole, or (ii) the ability of the Company or any Guarantor to
perform in all material respects its obligations under the Borrower Documents, the Existing Debt Documents, the Guarantees or
the Collateral Documents.

 

“Material
Real Property” means any fee-owned real property owned by the Company or leasehold interest of the Company in real property,
in each case, located in the United States and with a fair market value in excess of $10.0 million on the Closing Date (if owned
or leased by the Company on the Closing Date) or at the time of acquisition (if acquired by the Company after the Closing Date).

 

“Maximum Rate”
means, with respect to the 2020 Bonds, the lesser of 15% per annum or the maximum interest rate permitted by applicable Arkansas
law.

 

“Money Laundering
Laws” means anti-money laundering laws, including, but not limited to, the Bank Secrecy Act of 1970, as amended by the
USA PATRIOT ACT of 2001, and the rules and regulations promulgated thereunder, and the anti-money laundering laws of the various
jurisdictions in which any such party or its subsidiaries conduct business.

 

“Mortgaged Property” means any
real property subject to a deed of trust or mortgage.

 

“Mortgages”
means the mortgages, debentures, hypothecs, deeds of trust, deeds to secure Indebtedness or other similar documents securing Liens
on the owned real property or leased real property that is to form a portion of the Collateral.

 

“Mortgaged Premises” means any
real property which shall now or hereafter be subject to a mortgage.

 

“Moody’s” means Moody’s
Investors Service, Inc. and any successor to its rating agency business.

 

“Net Cash
Proceeds,” with respect to any issuance or sale of Capital Stock, means the cash proceeds of such issuance or sale, net
of attorneys’ fees, accountants’ fees, underwriters’ or placement agents’ fees, listing fees, discounts
or commissions and brokerage, consultant and other fees and charges actually incurred in connection with such issuance or sale
and net of taxes paid or payable as a result of such issuance or sale (after taking into account any available tax credit or deductions
and any tax sharing arrangements).

 

    37 

     

    

 

“Net Income”
means, with respect to any Person, the net income (loss) of such Person, determined in accordance with GAAP and before any reduction
in respect of Preferred Stock dividends.

 

“Net Proceeds”
means the aggregate cash and Cash Equivalents received by the Company or any Restricted Subsidiary in respect of any Asset Sale,
including any cash and Cash Equivalents received upon the sale or other disposition of any Designated Non-Cash Consideration received
in any Asset Sale, net of the costs relating to such Asset Sale and the sale or disposition of such Designated Non-Cash Consideration,
including legal, accounting and investment banking fees, payments made in order to obtain a necessary consent or required by applicable
law, brokerage and sales commissions, title insurance premiums, related search and recording charges, survey costs and mortgage
recording tax paid in connection therewith, all dividends, distributions or other payments required to be made to minority interest
holders in Restricted Subsidiaries as a result of any such Asset Sale by a Restricted Subsidiary, the amount of any purchase price
or similar adjustment claimed by any Person to be owed by the Company or any Restricted Subsidiary, until such time as such claim
will have been settled or otherwise finally resolved, or paid or payable by the Company or any Restricted Subsidiary, in either
case in respect of such Asset Sale, any relocation expenses incurred as a result thereof, costs and expenses in connection with
unwinding any Hedging Obligation in connection therewith, other fees and expenses, including title and recordation expenses, taxes
paid or payable as a result thereof or any transactions occurring or deemed to occur to effectuate a payment under the Bond Financing
Agreement, amounts required to be applied to the repayment of principal, premium, if any, and interest on Indebtedness (other than
Subordinated Indebtedness) or amounts required to be applied to the repayments of Indebtedness secured by a Lien on such assets
and required (other than required by Section 6.04(b)(1) of the Bond Financing Agreement and clause (b)(1) of the
covenant described in the Limited Offering Memorandum under the heading “FINANCING FOR THE TAX-EXEMPT PROJECT—Bond
Financing Agreement—Covenants of the Company—Asset Sales”) to be paid as a result of such transaction
and any deduction of appropriate amounts to be provided by the Company or any Restricted Subsidiary as a reserve in accordance
with GAAP against any liabilities associated with the asset disposed of in such transaction and retained by the Company or any
Restricted Subsidiary after such sale or other disposition thereof, including pension and other post-employment benefit liabilities
and liabilities related to environmental matters or against any indemnification obligations associated with such transaction.

 

“Non-Recourse
Indebtedness” means Indebtedness that is non-recourse to the Company and the Restricted Subsidiaries.

 

“Notes Indenture”
means the Indenture dated as of August 23, 2017 among the Company, as issuer, BRS Finance Corp., as co-issuer, the Parent,
each guarantor that may become a party thereto, and U.S. Bank National Association, as trustee and collateral agent, relating to
7.250% Senior Secured Notes due 2025.

 

“Obligations”
means any principal, interest (including any interest accruing on or subsequent to the filing of a petition in bankruptcy, reorganization
or similar proceeding at the rate provided for in the documentation with respect thereto, whether or not such interest is an allowed
claim under applicable state, federal or foreign law), premium, penalties, fees, indemnifications, reimbursements (including reimbursement
obligations with respect to letters of credit and banker’s acceptances), damages and other liabilities, and guarantees of
payment of such principal, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities, payable
under the documentation governing any Indebtedness.

 

“OECD” means the Organisation for
Economic Co-Operation and Development.

 

“OECD Rules”
means the OECD Arrangement on Guidelines for Officially Supported Export Credits (TAD/ECG (2017) 1) dated February 1, 2017,
as amended from time to time.

 

“Officer”
means the Chairman of the Board of Directors, the Chief Executive Officer, the Chief Financial Officer, the Chief Operating Officer,
the President, any Executive Vice President, Senior Vice President or Vice President, the Treasurer or the Secretary of any Person.
Unless otherwise indicated, Officer shall refer to an officer of the Company.

 

“Officer’s
Certificate” means a certificate signed on behalf of a Person by an Officer of such Person that meets the requirements
set forth in the Bond Financing Agreement.

 

    38 

     

    

 

“ordinary
course of business” means activity conducted in the ordinary course of business of the Company and any Restricted Subsidiary.

 

“Ordinary
Services” or “Ordinary Expenses” means those standard and customary services normally rendered, and
those reasonable expenses normally incurred, by a trustee under instruments similar to the Bond Indenture and the Bond Financing
Agreement.

 

“Original
KfW Credit Agreement” means that certain Senior Facilities Agreement, dated as of June 27, 2014 (as amended, supplemented
or modified from time to time on or prior to August 23, 2017) among the Company, the guarantors party thereto, KfW IPEX-Bank
GmbH, as the lead arranger and the and the other lenders party hereto, KfW IPEX-Bank GmbH, as administrative agent, and Deutsche
Bank Trust Issuer Americas, as collateral agent.

 

“Other Pari
Passu Lien Obligations” means (a) all outstanding Indebtedness under the Notes Indenture, the Senior Secured Notes,
the Term Loan Credit Agreement and the 2019 Bond Financing Agreement, (b) Funded Debt incurred under Specified Pari Passu
Lien Debt Documents, and (c) any other Indebtedness that is permitted to be secured on a pari passu basis with the Liens securing
the Obligations under the Bond Financing Agreement and the Series 2020 Note, by the Collateral and not by any other assets;
provided, however, that a representative or agent with respect to such Indebtedness described in this clause (c) is
a Pari Passu Lien Debt Representative under the Collateral Trust Agreement and such Indebtedness is Additional Pari Passu Lien
Debt.

 

“Other Pari
Passu Lien Obligations Debt Limit” means, as at any time of determination, $400 million plus an amount equal to
the product of (x) the aggregate amount of Capex Equity received since the Base Date through and including such time of determination
multiplied by (y) two.

 

“Outstanding”,
 “Outstanding Bonds” or “Bonds outstanding” means, as of the applicable date, all Bonds which
have been authenticated and delivered, except:

 

(a)           Bonds
canceled or required to be canceled pursuant to the provisions of the Bond Indenture upon surrender, exchange or transfer, or canceled
or required to be canceled pursuant to the provisions of the Bond Indenture because of payment or redemption on or prior to that
date;

 

(b)           On
and after the applicable payment, redemption or purchase date, Bonds, or the portion thereof, for the payment, redemption or purchase
for cancellation of which sufficient money has been deposited and credited with the Trustee or any Paying Agent pursuant to the
Bond Indenture for the purpose of extinguishing the applicable debt; provided, that, in the case of the redemption or purchase
of the applicable Bonds, notice of such redemption or purchase shall have been given as required under the Bond Indenture;

 

(c)           Bonds,
or the portion thereof, which are deemed to have been paid and discharged or caused to have been paid and discharged pursuant to
the provisions of the Bond Indenture;

 

		(d)	Bonds paid pursuant to Section 3.07 of the Bond Indenture; and

 

(e)           Bonds
in lieu of which others have been authenticated pursuant to the Bond Indenture; provided that, in determining whether the
Holders of the requisite percentage of Bonds have concurred in any demand, direction, request, notice, consent, waiver or
other action under the Bond Indenture, Bonds that are owned by the Company or any Person directly or indirectly controlling
or controlled by or under direct or indirect common control with the Company shall be disregarded and deemed not to be
outstanding for the purpose of any such determination (unless all of the Bonds are so owned); provided that for the purposes
of determining whether the Trustee shall be protected in relying on any such direction, consent or waiver, only such Bonds of
which the Trustee has actual knowledge are so owned shall be disregarded. Bonds so owned that have been pledged in good faith
may be regarded as Outstanding for such purpose, if the pledgee shall establish to the satisfaction of the Trustee the
pledgee’s right to vote such Bonds and the pledgee is not a Person directly or indirectly controlling or controlled by
or under direct or indirect common control with the Company. In case of a dispute as to such right, any decision by
the Trustee taken upon the advice of counsel shall be full protection to the Trustee.

 

    39 

     

    

 

“Outstanding
Term Loan Threshold Date” means the date on which both (x) the outstanding principal amount of Term Loan under (and
as defined in) the Term Loan Credit Agreement (or the aggregate outstanding principal amount of all loans and other evidences of
indebtedness in respect thereof under any replacement Term Loan Credit Agreement designated as such in accordance with the Collateral
Trust Agreement) is less than 15% of the aggregate outstanding principal amount (and the unused commitments under the Specified
Pari Passu Lien Debt Documents, subject to the Specified Commitment Condition) of all Pari Passu Lien Debt and (y) the aggregate
outstanding principal amount (and the unused commitments under the Specified Pari Passu Lien Debt Documents, subject to the Specified
Commitment Condition) of another Series of Pari Passu Lien Debt exceeds the outstanding principal amount of Term Loans under
the Term Loan Credit Agreement.

 

“Parent” means BRS Intermediate
Holdings LLC, a Delaware limited liability company.

 

“Parent Company”
means any Person that is a direct or indirect parent (which may be organized as, among other things, a partnership) of the Company.

 

“Parent Guarantee” means a Guarantee
of Parent and its successors.

 

“Pari Passu Indebtedness” means:

 

(1)            with
respect to the Company, the Obligations under the Bond Financing Agreement and the Series 2020 Note and any Indebtedness which
ranks pari passu in right of payment thereto; and

 

(2)            with
respect to any Guarantor, its Guarantee and any Indebtedness which ranks pari passu in right of payment to such Guarantor’s
Guarantee.

 

“Pari Passu
Lien” means a Lien granted, or purported to be granted, by a Pari Passu Lien Security Document to the Collateral Agent,
at any time, upon any property of the Company or any other Grantor to secure Pari Passu Lien Obligations.

 

“Pari
Passu Lien Debt” means: (a) any Funded Debt now or hereafter incurred under the Term Loan Credit Agreement;
(b)(i) the Obligations under the Bond Financing Agreement and the Series 2020 Note (and amendments or supplements
thereto or additional notes delivered in connection with the issuance of any Additional Bonds), the Obligations under the
2019 Bond Financing Agreement and the Series 2019 Note (and amendments or supplements thereto or additional notes
delivered in connection with the issuance of any additional Bonds pursuant to the 2019 Indenture) and any Senior Secured
Notes issued on August 23, 2017 and any senior secured notes issued under the Notes Indenture (or a supplemental
indenture thereto) in exchange for the Senior Secured Notes and (ii) any additional Senior Secured Notes issued under
the Notes Indenture (or a supplemental indenture thereto) from time to time and any Senior Secured Notes issued under the
Notes Indenture in exchange for such additional senior secured notes; and (c) any other Funded Debt (including, without
limitation (x) Funded Debt incurred under any replacement Notes Indenture, (y) Funded Debt incurred under Specified
Pari Passu Lien Debt Documents or (z) borrowings under any other Pari Passu Lien Debt Documents) that is secured by a
Pari Passu Lien and that was permitted to be incurred and permitted to be so secured under each applicable Pari Passu Lien
Debt Document; provided, in the case of any Funded Debt referred to in this clause (c), that: (i) on or before the date
on which such Funded Debt is incurred by the Company or by another Grantor, such Funded Debt is designated by the Company as
 “Pari Passu Lien Debt” for the purposes of the Pari Passu Lien Debt Documents in an Additional Pari Passu Lien
Debt Designation executed and delivered in accordance with the Collateral Trust Agreement; (ii) unless such Funded Debt
is issued under an existing Pari Passu Lien Debt Document for any Series of Pari Passu Lien Debt whose Pari Passu Lien
Debt Representative is already party to the Collateral Trust Agreement, the Pari Passu Lien Debt Representative for such
Funded Debt executes and delivers a Collateral Trust Joinder in accordance with the Collateral Trust Agreement; and
(iii) all other requirements for the Additional Pari Passu Lien Obligations Debt Designations set forth in the
Collateral Trust Agreement have been complied with. For the avoidance of doubt, (i) Secured Hedging Obligations do not
constitute Pari Passu Lien Debt but may constitute Pari Passu Lien Obligations and (ii) Equipment Lease Obligations and
Commercial Building Lender Obligations do not constitute Pari Passu Lien Debt.

 

    40 

     

    

 

“Pari Passu
Lien Debt Default” means any event or condition that, under the terms of any indenture, credit agreement or other agreement
governing any Series of Pari Passu Lien Debt causes, or permits holders of Pari Passu Lien Debt outstanding thereunder (with
or without the giving of notice or lapse of time, or both, and whether or not notice has been given or time has lapsed) to cause,
the Pari Passu Lien Debt outstanding thereunder to become immediately due and payable.

 

“Pari Passu
Lien Debt Documents” means the Bond Financing Agreement, the 2019 Bond Financing Agreement, the Notes Indenture, the
Term Loan Credit Agreement and any other indenture, notes, credit agreement or other agreement or instrument pursuant to which
any Pari Passu Lien Debt is incurred (including, without limitation, the Specified Pari Passu Lien Debt Documents) and the Pari
Passu Lien Security Documents.

 

“Pari Passu
Lien Debt Proportion by Value” means (x) the net proceeds of a Going Concern Sale minus (y) the sum
of the Equipment Lease Proportion by Value plus the Commercial Building Loan Proportion by Value, provided that such
amount will not exceed the total amount of the outstanding and unpaid Pari Passu Lien Obligations.

 

“Pari Passu Lien Debt Representative”
means:

 

		(1)	in the case of the Term Loan Credit Agreement, the Term Loan Administrative Agent;

 

		(2)	in the case of the Bond Financing Agreement, the Trustee (as assignee of the Bond Issuer);

 

(3) 
in the case of the Notes Indenture, the trustee for the Senior Secured Notes, and in the case of the 2019 Bonds Financing
Agreement, the trustee for the 2019 Bonds;

 

(4)  in
the case of the Specified Pari Passu Lien Debt Documents, the Specified Pari Passu Lien Debt Representative;

 

(5)  in
the case of any other Series of Pari Passu Lien Debt, the trustee, agent or representative of the holders of such Series of
Pari Passu Lien Debt who maintains the transfer register for such Series of Pari Passu Lien Debt or is appointed as a representative
of the Pari Passu Lien Debt (for purposes related to the administration of the Pari Passu Lien Security Documents) pursuant to
the indenture, credit agreement or other agreement governing such Series of Pari Passu Lien Debt, and who has executed a Collateral
Trust Joinder; and

 

		(6)	in the case of any Secured Hedging Obligations owing to a Hedge Bank, such Hedge Bank.

 

“Pari Passu
Lien Obligations” means the Pari Passu Lien Debt and all other Obligations in respect of Pari Passu Lien Debt, together
with Secured Hedging Obligations, including any Post-Petition Interest whether or not allowable, and all guarantees of any of the
foregoing. In addition to the foregoing, all obligations owing to the Collateral Agent in its capacity as such, whether pursuant
to the Collateral Trust Agreement or one or more of the Pari Passu Lien Debt Documents, shall in each case be deemed to constitute
Pari Passu Lien Obligations (with the obligations described in this sentence being herein the “Collateral Agent Obligations”),
which Collateral Agent Obligations shall be entitled to the priority provided in clause FIRST under “SECURITY AND SOURCES
OF PAYMENT FOR THE 2020 BONDS AND OTHER PARI PASSU LIEN DEBT—Collateral Trust Agreement— Order of Application.”
For the avoidance of doubt, Equipment Lease Obligations and Commercial Building Lender Obligations do not constitute Pari Passu
Lien Obligations.

 

“Pari Passu
Lien Secured Parties” means the holders of Pari Passu Lien Obligations, each Pari Passu Lien Debt Representative and
the Collateral Agent.

 

    41 

     

    

 

“Pari Passu
Lien Security Documents” means all security agreements, pledge agreements, collateral assignments, mortgages, deeds
of trust, collateral agency agreements, control agreements, consent or direct arrangements (including any Direct Agreements),
or other grants or transfers for security executed and delivered by the Company or any other Grantor creating or perfecting (or
purporting to create or perfect) or governing rights of enforcement with respect to, a Lien upon Collateral in favor of the Collateral
Agent, for the benefit of any of the Pari Passu Lien Secured Parties, in each case, as amended, modified, renewed, restated or
replaced, in whole or in part, from time to time, in accordance with its terms of the Intercreditor Agreement and as described
under the heading “SECURITY AND SOURCES OF PAYMENT FOR THE 2020 BONDS AND OTHER PARI PASSU LIEN DEBT—Intercreditor
Agreement—Amendment of Pari Passu Lien Security Documents.”

 

“Paying Agent”
means any bank or trust company designated as a Paying Agent by or in accordance with Section 6.12 of the Bonds Indenture.

 

“Permitted
Asset Swap” means the substantially concurrent purchase and sale or exchange of Related Business Assets or a combination
of Related Business Assets and cash or Cash Equivalents between the Company or any Restricted Subsidiary and another Person; provided
that any cash or Cash Equivalents received in connection with a Permitted Asset Swap that constitutes an Asset Sale must be applied
in accordance with Section 6.04 of the Bond Financing Agreement and the covenant described in the Limited Offering Memorandum
under the heading “FINANCING FOR THE TAX-EXEMPT PROJECT—Bond Financing Agreement—Covenants of the Company—
Asset Sales.”

 

“Permitted
Bond Hedge Transaction” means any call or capped call option (or substantially equivalent derivative transaction) on
the Company’s common stock purchased by the Company in connection with the issuance of any Convertible Indebtedness; provided
that the purchase price for such Permitted Bond Hedge Transaction, less the proceeds received by the Company from the sale of any
related Permitted Warrant Transaction, does not exceed the net proceeds received by the Company from the sale of such Convertible
Indebtedness issued in connection with the Permitted Bond Hedge Transaction.

 

“Permitted
Convertible Indebtedness Call Transaction” means any Permitted Bond Hedge Transaction and any Permitted Warrant Transaction.

 

“Permitted
Holder” means (1) any of the Investors, Management Stockholders and any group (within the meaning of Section 13(d)(3) or
Section 14(d)(2) of the Exchange Act) of which any of the foregoing are members; provided that in the case of
any such group and without giving effect to the existence of such group or any other group, such Investors and Management Stockholders,
collectively, have, directly or indirectly, beneficial ownership of more than 50.0% of the total voting power of the Voting Stock
of the Company and (2) any Person acting in the capacity of an underwriter (solely to the extent that and for so long as such
Person is acting in such capacity) in connection with a public or private offering of Capital Stock of the Company or any Parent
Company. Any Person or group whose acquisition of beneficial ownership constitutes a Change of Control in respect of which any
required Change of Control Offer is made in accordance with the requirements of the Bond Financing Agreement (or would have required
a Change of Control Offer in the absence of the waiver of such requirement by Holders in accordance with the provisions of the
Bond Financing Agreement) will thereafter, together with its Affiliates, constitute an additional Permitted Holder.

 

“Permitted Investments” means:

 

		(1)	any Investment in the Company or any Guarantor (including guarantees of obligations of the Guarantors);

 

(2)  any
Investment in Cash Equivalents or Investment Grade Securities and Investments that were Cash Equivalents or Investment Grade Securities
when made;

 

    42 

     

    

 

(3)  any
Investment by the Company or any Restricted Subsidiary in a Person that is engaged (directly or through entities that will be
Restricted Subsidiaries) in a Similar Business, or in a business unit, line of business or division of such Person, if as a result
of such Investment: (a) such Person becomes a Restricted Subsidiary (and in the event such Investment was made by the Company
or a Guarantor, becomes a Guarantor); or (b) such Person, in one transaction or a series of related transactions, is amalgamated,
merged or consolidated with or into, or transfers or conveys substantially all of its assets or assets constituting such
business unit, line of business or division in which such Investment was made, as applicable, to, or is liquidated into, the Company
or a Restricted Subsidiary (and in the event such Investment was made by the Company or a Guarantor, such amalgamation, merger,
consolidation, transfer or conveyance is made to a Guarantor); and, in each case, any Investment held by such Person; provided
that such Investment was not acquired by such Person in contemplation of such acquisition, merger, amalgamation, consolidation,
transfer or conveyance;

 

(4)  any
Investment in securities or other assets not constituting Cash Equivalents or Investment Grade Securities and received in connection
with an Asset Sale permitted pursuant to Section 6.04 of the Bond Financing Agreement and the covenant described in the Limited
Offering Memorandum under the heading “FINANCING FOR THE TAX-EXEMPT PROJECT—Bond Financing Agreement—Covenants
of the Company—Asset Sales” or any other disposition of assets not constituting an Asset Sale;

 

(5)  any
Investment existing on the Closing Date or made pursuant to binding commitments in effect on such date or an Investment consisting
of any extension, modification, replacement, renewal or reinvestment of any Investment or binding commitment existing on such date;
provided that the amount of any such Investment or binding commitment may be increased only (a) as required by the
terms of such Investment or binding commitment as in existence on such date (including as a result of the accrual or accretion
of interest or original issue discount or the issuance of pay-in-kind securities) or (b) as otherwise permitted under the
Bond Financing Agreement;

 

(6)  any
Investment by the Company or any Restricted Subsidiary: (a) in exchange for any other Investment, accounts receivable or indorsements
for collection or deposit held by the Company or any Restricted Subsidiary in connection with or as a result of a bankruptcy, workout,
reorganization or recapitalization of, or settlement of delinquent accounts and disputes with or judgments against, the issuer
of such other Investment or accounts receivable (including any trade creditor or customer); (b) in satisfaction of judgments
against other Persons; (c) as a result of a foreclosure by the Company or any Restricted Subsidiary with respect to any secured
Investment or other transfer of title with respect to any secured Investment in default; or (d) as a result of the settlement,
compromise or resolution of (A) litigation, arbitration or other disputes or (B) obligations of trade creditors or customers
that were incurred in the ordinary course of business or consistent with industry practice of the Company or any Restricted Subsidiary,
including pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of any trade creditor
or customer;

 

(7)  Hedging
Obligations permitted under Section 6.03(b)(11) of the Bond Financing Agreement and in clause (11) of the second paragraph
of the covenant described in the Limited Offering Memorandum under the heading “FINANCING FOR THE TAX-EXEMPT PROJECT—Bond
Financing Agreement—Covenants of the Company—Limitation on Incurrence of Indebtedness and Issuance of Disqualified
Stock and Preferred Stock”

 

(8)  any
Investment in a Similar Business, taken together with all other Investments made pursuant to this clause (8) that are at that
time outstanding, not to exceed (as of the date such Investment is made) the greater of (a) $80 million and (b) 50% of
Consolidated EBITDA of the Company and the Restricted Subsidiaries determined at the time of making of such Investment for the
most recently ended Test Period (calculated on a pro forma basis);

 

(9)  Investments
the payment for which consists of, or are funded by the sale of, Equity Interests (other than Disqualified Stock) of the Company
or any Parent Company or are funded from cash equity contributions to the capital of the Company; provided that such Equity
Interests, the proceeds from the sale of any such Equity Interests, and such contributions to the capital of the Company, will
not increase the amount available for Restricted Payments under Section 6.01(a)(3) of the Bond Financing Agreement and
clause (a)(3) of the covenant described in the Limited Offering Memorandum under the heading “FINANCING FOR THE TAX-EXEMPT
PROJECT—Bond Financing Agreement—Covenants of the Company—Limitation on Restricted Payments;”

 

    43 

     

    

 

(10) (a) guarantees
of Indebtedness permitted under Section 6.03 of the Bond Financing Agreement and the covenant described in the Limited
Offering Memorandum under the heading “FINANCING FOR THE TAX-EXEMPT PROJECT—Bond Financing
Agreement—Covenants of the Company—Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock
and Preferred Stock,” performance guarantees and Contingent Obligations incurred in the ordinary course of business or
consistent with industry practice and (b) the creation of Liens on the assets of the Company or any Restricted
Subsidiary in compliance with Section 6.06 of the Bond Financing Agreement as described in “FINANCING FOR THE
TAX-EXEMPT PROJECT—Bond Financing Agreement—Covenants of the Company—Liens;”

 

(11)
any transaction to the extent it constitutes an Investment that is permitted by and made in accordance with the provisions of
Section 6.05(b) of the Bond Financing Agreement (except transaction described in clauses (2), (6), (10), (16) and
(23) thereof) and of the covenant described in the Limited Offering Memorandum under the heading “FINANCING FOR THE
TAX-EXEMPT PROJECT—Bond Financing Agreement—Covenants of the Company—Transactions with Affiliates”
(except transactions described in clause (b)(2), (b)(6), (b)(10), (b)(16) or (b)(23) of such covenant);

 

(12)
Investments consisting of purchases and acquisitions of inventory, supplies, material, services, equipment or similar assets
or the licensing or contribution of intellectual property pursuant to joint marketing arrangements with other Persons;

 

(13)
Investments, taken together with all other Investments made pursuant to this clause (13) that are at that time outstanding,
not to exceed (as of the date such Investment is made) the greater of (a) $80 million and (b) 50% of Consolidated
EBITDA of the Company determined at the time of making of such Investment for the most recently ended Test Period (calculated
on a pro forma basis);

 

(14)
Investments in or relating to a Securitization Subsidiary that, in the good faith determination of the Company, are necessary
or advisable to effect any Qualified Securitization Facility (including distributions or payments of Securitization Fees) or
any repurchase obligation in connection therewith (including the contribution or lending of Cash Equivalents to Subsidiaries
to finance the purchase of such assets from the Company or any Restricted Subsidiary or to otherwise fund required
reserves);

 

(15)
loans and advances to, or guarantees of Indebtedness of, officers, directors, employees, consultants, members of management
and independent contractors not in excess of $2.0 million outstanding at any one time, in the aggregate;

 

(16)
loans and advances to employees, directors, officers, members of management, independent contractors and consultants for
business-related travel expenses, moving expenses, payroll advances and other similar expenses or payroll expenses, including
pursuant to Management Services Agreements, in each case incurred in the ordinary course of business or consistent with past
practice or consistent with industry practice or to future, present and former employees, directors, officers, members of
management, independent contractors and consultants (and their Controlled Investment Affiliates and Immediate Family Members)
to fund such Person’s purchase of Equity Interests of the Company or any Parent Company;

 

(17)
advances, loans or extensions of trade credit or prepayments to suppliers or loans or advances made to distributors, in each
case, in the ordinary course of business or consistent with past practice or consistent with industry practice by the Company
or any Restricted Subsidiary;

 

(18)
any Investment in any Subsidiary or any joint venture in connection with intercompany cash management arrangements or related
activities arising in the ordinary course of business or consistent with industry practice;

 

(19)
Investments consisting of purchases and acquisitions of assets or services in the ordinary course of business or consistent
with industry practice;

 

    44 

     

    

 

(20)
Investments made in the ordinary course of business or consistent with industry practice in connection with obtaining,
maintaining or renewing client contracts and loans or advances made to distributors;

 

(21)
Investments in prepaid expenses, negotiable instruments held for collection and lease, utility and workers compensation,
performance and similar deposits entered into as a result of the operations of the business in the ordinary course of
business or consistent with industry practice;

 

(22)
the purchase or other acquisition of any Indebtedness of the Company or any Restricted Subsidiary to the extent not otherwise
prohibited hereunder;

 

(23)
Investments in Unrestricted Subsidiaries or joint ventures, taken together with all other Investments made pursuant to this
clause (23) that are at that time outstanding, without giving effect to the sale of an Unrestricted Subsidiary or joint
venture to the extent the proceeds of such sale do not consist of, or have not been subsequently sold or transferred for,
Cash Equivalents or marketable securities, not to exceed (as of the date such Investment is made) the greater of (a) $40
million and (b) 30% of Consolidated EBITDA of the Company and the Restricted Subsidiaries determined at the time of
making of such Investment for the most recently ended Test Period (calculated on a pro forma basis);

 

(24)
Investments in the ordinary course of business or consistent with industry practice consisting of Uniform Commercial Code
Article 3 endorsements for collection or deposit and Article 4 customary trade arrangements with customers;

 

(25)
any Investment by any Captive Insurance Subsidiary in connection with its provision of insurance to the Company or any of its
Subsidiaries, which Investment is made in the ordinary course of business or consistent with industry practice of such
Captive Insurance Subsidiary, or by reason of applicable law, rule, regulation or order, or that is required or approved by
any regulatory authority having jurisdiction over such Captive Insurance Subsidiary or its business, as applicable;

 

(26)
any Investment, constituting Indebtedness, by the Company or a Subsidiary Guarantor, in a Restricted Subsidiary that is not a
Wholly-Owned Subsidiary of the Company or such Guarantor, the net proceeds of which are used by such Restricted Subsidiary to
make any Capital Expenditures for the purpose of increasing the earnings capacity in such Restricted Subsidiary, in a Similar
Business; provided that (i) such Investment is secured by a first priority Lien on all of the assets and property
of such Restricted Subsidiary that would constitute Fixed Asset Priority Collateral if such property or assets were
Collateral (prior to all Liens on such assets and property that would constitute ABL Priority Collateral if such assets and
property were Collateral), (ii) such Investment is collaterally assigned in favor of the Collateral Agent as Fixed Asset
Priority Collateral and (iii) the assets and property of such Restricted Subsidiary (other than assets and property that
would constitute ABL Priority Collateral if such assets and property were Collateral) are not otherwise subject to any Lien
other than Permitted Restricted Subsidiary Liens;

 

(27)
Investments of assets relating to non-qualified deferred payment plans in the ordinary course of business or consistent with
industry practice;

 

(28)
intercompany current liabilities owed to Unrestricted Subsidiaries or joint ventures incurred in the ordinary course of
business or consistent with industry practice in connection with the cash management operations of the Company and its
Subsidiaries;

 

(29) acquisitions
of obligations of one or more directors, officers or other employees or consultants or independent contractors of any Parent
Company, the Company or any Subsidiary of the Company in connection with such director’s, officer’s,
employee’s consultant’s or independent contractor’s acquisition of Equity Interests of the Company or any
direct or indirect parent of the Company, to the extent no cash is actually advanced by the Company or any Restricted
Subsidiary to such directors, officers, employees, consultants or independent contractors in connection with the acquisition
of any such obligations;

 

    45 

     

    

 

(30)
Investments resulting from pledges and deposits permitted pursuant to the definition of “Permitted Liens;”

 

(31)
loans and advances to any direct or indirect parent of the Company in lieu of and not in excess of the amount of (after
giving effect to any other loans, advances or Restricted Payments in respect thereof) Restricted Payments to the extent
permitted to be made in cash to such parent in accordance with the covenant contained in Section 6.01 of the Bond
Financing Agreement and the covenant described in the Limited Offering Memorandum under the heading “FINANCING FOR THE
TAX-EXEMPT PROJECT—Bond Financing Agreement—Covenants of the Company—Limitation on Restricted
Payments” at such time, such Investment being treated for purposes of the applicable clause of such covenant in
Section 6.01 of the Bond Financing Agreement or the corresponding section of the Limited Offering Memorandum, including
any limitations, as if a Restricted Payment were made pursuant to such applicable clause;

 

(32)
any other Investments if on a pro forma basis after giving effect to such Investment, the Total Net Leverage Ratio
would be equal to or less than 3.00 to 1.00 as of the last day of the Test Period most recently ended;

 

(33)
Investments constituting promissory notes or other non-cash proceeds of dispositions of assets to the extent permitted under
Section 6.04 of the Bond Financing Agreement and the covenant described in the Limited Offering Memorandum under the
heading “FINANCING FOR THE TAX-EXEMPT PROJECT—Bond Financing Agreement—Covenants of the Company—Asset
Sales;” and

 

(34) Permitted Bond Hedge Transactions.

 

For purposes of determining
compliance with this definition, (A) an Investment need not be incurred solely by reference to one category of Permitted Investments
described in this definition but is permitted to be incurred in part under any combination thereof and of any other available exemption
and (B) in the event that an Investment (or any portion thereof) meets the criteria of one or more of the categories of Permitted
Investments, the Company will, in its sole discretion, classify or reclassify such Investment (or any portion thereof) in any manner
that complies with this definition and with Section 6.01 of the Bond Financing Agreement and the covenant described in the
Limited Offering Memorandum under the heading “FINANCING FOR THE TAX-EXEMPT PROJECT—Bond Financing Agreement—Covenants
of the Company—Limitation on Restricted Payments.”

 

“Permitted Liens” means, with respect to
any Person:

 

(1)  
Liens securing Obligations in respect of the Bond Financing Agreement and Series 2020 Note, the 2019 Bond Financing
Agreement and the Series 2019 Note and any guarantees thereof, the Senior Secured Notes and any guarantees thereof and
the Guarantees;

 

(2)  
Liens securing Obligations in respect of Indebtedness permitted to be incurred under any Credit Facility, including any
letter of credit facility relating thereto, that was permitted by the terms of Section 6.03(b)(1) of the Bond
Financing Agreement and clause (1) of the second paragraph of the covenant described in the Limited Offering Memorandum
under the heading “FINANCING FOR THE TAX-EXEMPT PROJECT—Bond Financing Agreement—Covenants of the
Company—Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock;”
provided that any such Lien will be subject to the Intercreditor Agreement, as required therein;

 

(3)   Liens
securing Other Pari Passu Lien Obligations permitted to be incurred pursuant to Section 6.03(b)(2) of the Bond
Financing Agreement and clause (2) of the second paragraph of the covenant described in the Limited Offering Memorandum
under the heading “FINANCING FOR THE TAX-EXEMPT PROJECT—Bond Financing Agreement—Covenants of the
Company—Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock;”
provided that any such Lien will be subject to the Collateral Trust Agreement and the Intercreditor Agreement, as required
therein;

 

    46 

     

    

 

(4)  
Liens securing Pari Passu Lien Obligations in respect of Indebtedness permitted to be incurred under Section 6.03 of the
Bond Financing Agreement and the covenant described in the Limited Offering Memorandum under the heading “FINANCING FOR
THE TAX-EXEMPT PROJECT—Bond Financing Agreement—Covenants of the Company—Limitation on Incurrence of
Indebtedness and Issuance of Disqualified Stock and Preferred Stock;” provided that at the time of incurrence (or, in
the case of Indebtedness under Designated Revolving Commitments, on the date such Designated Revolving Commitments are
established after giving pro forma effect to the incurrence of the entire committed amount of Indebtedness thereunder,
in which case such committed amount under such Designated Revolving Commitments may thereafter be borrowed and reborrowed, in
whole or in part, from time-to-time, without further compliance with this subclause) and after giving pro forma effect
thereto and the application of the net proceeds therefrom, the Company’s Senior Secured Net Leverage Ratio for the most
recently ended Test Period preceding the date on which such additional Indebtedness is incurred would not exceed 3.00 to
1.00; provided that any such Lien will be subject to the Collateral Trust Agreement and the Intercreditor Agreement,
as required therein;

 

(5)   Liens,
pledges or deposits by such Person made in connection with (A) workers’ compensation laws, unemployment insurance,
health, disability or employee benefits or other social security laws or similar legislation or regulations,
(B) insurance-related obligations (including, in respect of deductibles, self-insured retention amounts and premiums and
adjustments thereto) or indemnification obligations of (including obligations in respect of letters of credit, bank
guarantees or similar documents or instruments for the benefit of) insurance carriers providing property, casualty or
liability insurance, or otherwise supporting the payment of items set forth in the foregoing clause (A), or (C) bids,
tenders, contracts, statutory obligations, surety, indemnity, warranty, release, appeal or similar bonds, or with regard to
other regulatory requirements, completion guarantees, stay, customs and appeal bonds, performance bonds, bankers’
acceptance facilities, and other obligations of like nature (including those to secure health, safety and environmental
obligations) (other than for the payment of Indebtedness), or deposits to secure public or statutory obligations of such
Person or deposits of cash, Cash Equivalents or U.S. government bonds to secure surety or appeal bonds to which such Person
is a party, or deposits as security for the payment of rent, contested taxes or import duties and obligations in respect of
letters of credit, bank guarantees or similar instruments that have been posted to support the same, in each case incurred in
the ordinary course of business or consistent with industry practice;

 

(6)  
Liens imposed by law, such as landlords’, carriers’, warehousemen’s, materialmen’s,
repairmen’s, construction and mechanics’ Liens and other similar Liens, or similar landlord Liens specifically
created by contract, and (i) for sums not yet overdue for a period of more than 60 days or, if more than 60 days
overdue, are unfiled and no other action has been taken to enforce such Liens or (ii) being contested in good faith by
appropriate actions or other Liens arising out of or securing judgments or awards against such Person with respect to which
such Person will then be proceeding with an appeal or other proceedings for review if such Liens are adequately bonded or
adequate reserves with respect thereto are maintained on the books of such Person in accordance with GAAP;

 

(7)  
Liens for taxes, assessments or other governmental charges not yet overdue for a period of more than 30 days or not yet
payable or not subject to penalties for nonpayment or which are being contested in good faith by appropriate actions if
adequate reserves with respect thereto are maintained on the books of such Person in accordance with GAAP;

 

(8)  
Liens in favor of issuers of performance, surety, bid, indemnity, warranty, release, appeal or similar bonds, instruments or
obligations or with respect to regulatory requirements or letters of credit or bankers’ acceptance issued, and
completion guarantees provided, in each case, pursuant to the request of and for the account of such Person in the ordinary
course of its business or consistent with past practice or industry practice;

 

(9)   survey
exceptions, encumbrances, covenants, conditions, ground leases, easements, restrictions, protrusions, encroachments or
reservations of, or rights of others for, licenses, rights-of-way, servitudes, sewers, electric lines, drains, telegraph,
telephone and cable television lines and other similar purposes, or zoning, building codes or other restrictions (including
minor defects or irregularities in title and similar encumbrances) as to the use of real properties or Liens
incidental to the conduct of the business of such Person or to the ownership of its properties that were not incurred in
connection with Indebtedness and that do not in the aggregate materially impair their use in the operation of the business of
such Person;

 

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(10) Liens
securing obligations in respect of Indebtedness, Disqualified Stock or Preferred Stock permitted to be incurred or issued
pursuant to Section 6.03(b), clauses (5), (7), (14), (15) or (16) of the Bond Financing Agreement and as described in
clauses (5), (7), (14), (15) or (16) of the second paragraph of the covenant described in the Limited Offering Memorandum
under the heading “FINANCING FOR THE TAX-EXEMPT PROJECT—Bond Financing Agreement—Covenants of the
Company—Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock;” provided
that: (a) Liens securing obligations relating to any Indebtedness, Disqualified Stock or Preferred Stock permitted to be
incurred or issued pursuant to Section 6.03(b)(14) of the Bond Financing Agreement and clause (14) of the second
paragraph of the covenant described in the Limited Offering Memorandum under the heading “FINANCING FOR THE TAX-EXEMPT
PROJECT—Bond Financing Agreement—Covenants of the Company— Limitation on Incurrence of Indebtedness and
Issuance of Disqualified Stock and Preferred Stock” relate only to obligations relating to Refinancing Indebtedness
that is secured by Liens on the same assets as the assets securing the Refinanced Debt (as defined in the definition of
Refinancing Indebtedness), plus improvements, accessions, proceeds or dividends or distributions in respect thereof and
After-Acquired Property, or serves to refund, refinance, extend, replace, renew or defease Indebtedness incurred under
Section 6.03(b)(5) or (14) of the Bond Financing Agreement and clause (5) or (14) of the second paragraph of
the covenant described in the Limited Offering Memorandum under the heading “FINANCING FOR THE TAX-EXEMPT
PROJECT—Bond Financing Agreement—Covenants of the Company—Limitation on Incurrence of Indebtedness and
Issuance of Disqualified Stock and Preferred Stock,” (b) [Reserved], (c) Liens securing obligations in
respect of Indebtedness, Disqualified Stock or Preferred Stock permitted to be incurred pursuant to
Section 6.03(b)(5) of the Bond Financing Agreement and clause (5) of the second paragraph of the covenant
described in the Limited Offering Memorandum under the heading “FINANCING FOR THE TAX-EXEMPT PROJECT—Bond
Financing Agreement—Covenants of the Company—Limitation on Incurrence of Indebtedness and Issuance of
Disqualified Stock and Preferred Stock” extend only to the assets so purchased, constructed, replaced, leased or
improved and proceeds and products thereof; provided, further that individual financings of assets provided by a
counterparty may be cross-collateralized to other financings of assets provided by such counterparty, (d) Liens securing
Obligations in respect of Indebtedness permitted to be incurred pursuant to Section 6.03(b)(15)(b) of the Bond
Financing Agreement and clause (15)(b) of the second paragraph of the covenant described in the Limited Offering
Memorandum under the heading “FINANCING FOR THE TAX-EXEMPT PROJECT—Bond Financing Agreement—Covenants of
the Company—Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock” are
solely on acquired property or the assets of the acquired entity, and (e) Liens securing Obligations in respect of
Indebtedness permitted to be incurred pursuant to Section 6.03(b)(15) of the Bond Financing Agreement and clause (15) of
the second paragraph of the covenant described in the Limited Offering Memorandum under the heading “FINANCING FOR THE
TAX-EXEMPT PROJECT—Bond Financing Agreement—Covenants of the Company—Limitation on Incurrence of
Indebtedness and Issuance of Disqualified Stock and Preferred Stock,” after giving pro forma effect to such
Indebtedness secured by such Lien and the application of the net proceeds therefrom, the Company’s Senior Secured Net
Leverage Ratio for the most recently ended Test Period preceding the date on which such additional Indebtedness is incurred
after giving pro forma effect to the incurrence of the entire committed amount of Indebtedness thereunder, would
(a) be no less than the Senior Secured Net Leverage Ratio immediately prior to giving effect to such incurrence of
Indebtedness secured by such Lien or (b) not exceed 3.00 to 1.00;

 

(11)
Liens existing, or provided for under binding contracts existing, on the Closing Date (other than Liens securing Obligations
under the Term Loan Credit Agreement, the ABL Facility, to secure the 2019 Bond Financing Agreement and related guarantees or
to secure the Senior Secured Notes and related guarantees, the Obligations under the Bond Financing Agreement and related
Guarantees);

 

    48 

     

    

 

(12)
Liens on property or shares of stock or other assets of a Person at the time such Person becomes a Subsidiary
(provided that such Liens are not created or incurred in connection with, or in contemplation of, such other Person
becoming such a Subsidiary ); and any replacement, extension or renewal of any such Lien (to the extent the
Indebtedness and other obligations secured by such replacement, extension or renewal Liens are permitted by the Bond
Financing Agreement); provided that such replacement, extension or renewal Liens do not cover any property other than the
property that was subject to such Liens prior to such replacement, extension or renewal;

 

(13) Liens
on property or other assets at the time the Company or a Restricted Subsidiary acquired the property or such other assets,
including any acquisition by means of a merger, amalgamation or consolidation with or into the Company or any Restricted
Subsidiary (provided that such Liens are not created or incurred in connection with, or in contemplation of, such
acquisition, amalgamation, merger or consolidation) and any replacement, extension or renewal of any such Lien (to the extent
the Indebtedness and other obligations secured by such replacement, extension or renewal Liens are permitted by the Bond
Financing Agreement); provided that such replacement, extension or renewal Liens do not cover any property other than
the property that was subject to such Liens prior to such replacement, extension or renewal;

 

(14)
Liens securing obligations in respect of Indebtedness or other obligations of a Restricted Subsidiary owing to the Company or
another Restricted Subsidiary permitted to be incurred in accordance with Section 6.03 of the Bond Financing Agreement
and the covenant described in the Limited Offering Memorandum under the heading “FINANCING FOR THE TAX-EXEMPT
PROJECT—Bond Financing Agreement—Covenants of the Company—Limitation on Incurrence of Indebtedness and
Issuance of Disqualified Stock and Preferred Stock;”

 

(15) Liens securing
(x) Hedging Obligations and (y) obligations in respect of Cash Management Services;

 

(16)
Liens on specific items of inventory or other goods and proceeds of any Person securing such Person’s accounts payable
or similar obligations in respect of bankers’ acceptances or letters of credit issued or created for the account of
such Person to facilitate the purchase, shipment or storage of such inventory or other goods;

 

(17)
leases, subleases, licenses or sublicenses (or other agreement under which the Company or any Restricted Subsidiary has
granted rights to end users to access and use the Company’s or any Restricted Subsidiary’s products, technologies
or services) that do not either (a) materially interfere with the business of the Company and its Restricted
Subsidiaries, taken as a whole, or (b) secure any Indebtedness;

 

(18)
Liens arising from Uniform Commercial Code (or equivalent statutes) financing statement filings regarding operating leases,
consignments or accounts entered into by the Company and its Restricted Subsidiaries in the ordinary course of business or
consistent with industry practice or purported Liens evidenced by the filing of precautionary Uniform Commercial Code (or
equivalent statutes) financing statements or similar public filings;

 

 (19) Liens in favor of the Company or any Guarantor;

 

(20)
Liens on equipment or vehicles of the Company or any Restricted Subsidiary granted in the ordinary course of business or
consistent with industry practice;

 

(21)
Liens on accounts receivable, Securitization Assets and related assets incurred in connection with a Qualified Securitization
Facility and Liens on any receivables transferred in connection with a Receivables Financing Transaction, including Liens on
such receivables resulting from precautionary Uniform Commercial Code filings or from recharacterization of any such sale as
a financing or a loan;

 

    49 

     

    

 

(22)
Liens to secure any modification, refinancing, refunding, extension, renewal, replacement or defeasance (or successive
modification, refinancing, refunding, extensions, renewals, replacements or defeasances) as a whole, or in part, of any
Indebtedness, Disqualified Stock or Preferred Stock secured by any Lien referred to in clauses (1), (3), (4), (10), (11),
(12), (13) or this clause (22) of this definition; provided that (a) such new Lien will be limited to all or part
of the same property that secured the original Lien (plus improvements, accessions, proceeds or dividends or
distributions in respect thereof and After-Acquired Property) and (b) the Indebtedness secured by such Lien at such time
is not increased to any amount greater than the sum of (i) the outstanding principal amount or, if greater, committed
amount of the Indebtedness described under clauses (1), (3), (4), (10), (11), (12), (13) or this clause (22) of this
definition at the time the original Lien became a Permitted Lien under the Bond Financing Agreement, plus
(ii) any accrued and unpaid interest on the Indebtedness being so modified, refinanced, extended, replaced, refunded,
renewed or defeased plus (iii) the amount of any tender premium or penalty or premium required to be paid under
the terms of the instrument or documents governing such refinanced Indebtedness and any defeasance costs and any fees and
expenses (including original issue discount, upfront fees or similar fees) incurred in connection with the issuance of such
new Indebtedness or the modification, extension, replacement, refunding, refinancing, renewal or defeasance of such
refinanced Indebtedness; provided, further that that in the case of any Liens to secure any refinancing, refunding,
extension or renewal of Indebtedness secured by a Lien referred to in clauses (4) or (10), the principal amount of any
Indebtedness Incurred for such refinancing, refunding, extension or renewal shall be deemed secured by a Lien under clauses
(4) or (10) and not this clause (22) for purposes of determining the principal amount of Indebtedness outstanding
under clause (4) or (10);

 

(23)
deposits made or other security provided to secure liability to insurance brokers, carriers, underwriters or self-insurance
arrangements, including Liens or insurance policies and the proceeds thereof securing the financing of the premiums with
respect thereto;

 

(24)
other Liens securing obligations in an aggregate outstanding amount not to exceed (as of the date any such Lien is incurred)
the greater of (i) $100.0 million and (ii) 60% of Consolidated EBITDA of the Company and the Restricted
Subsidiaries determined at the time of incurrence of such Lien for the most recently ended Test Period (calculated on a pro
forma basis);

 

(25)
Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in
connection with the importation of goods;

 

(26)
(i) the prior rights of consignees and their lenders under consignment arrangements entered into in the ordinary course
of business or consistent with industry practice, (ii) Liens arising out of conditional sale, title retention or similar
arrangements for the sale of goods in the ordinary course of business or consistent with industry practice and
(iii) Liens arising by operation of law under Article 2 of the Uniform Commercial Code;

 

(27)
Liens securing judgments for the payment of money not constituting an Event of Default under Section 7.07 of the Bond
Financing Agreement and clause (g) of the provisions described in the Limited Offering Memorandum under the heading
 “FINANCING FOR THE TAX-EXEMPT PROJECT—Bond Financing Agreement—Events of Default;”

 

(28)
Liens (a) of a collection bank arising under Section 4-208 or 4-210 of the Uniform Commercial Code on items in the
course of collection, (b) attaching to commodity trading accounts or other brokerage accounts incurred in the ordinary
course of business or consistent with industry practice, and (c) in favor of banking or other institutions or other
electronic payment service providers arising as a matter of law or under general terms and conditions encumbering deposits or
margin deposits or other funds maintained with such institution (including the right of set off) and that are within the
general parameters customary in the banking industry;

 

(29)
Liens deemed to exist in connection with Investments in repurchase agreements permitted under the Bond Financing Agreement; provided
that such Liens do not extend to assets other than those that are subject to such repurchase agreements;

 

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(30)
Liens that are contractual rights of set-off (a) relating to the establishment of depository relations with banks or
other deposit-taking financial institutions or other electronic payment service providers and not given in connection with
the issuance of Indebtedness, (b) relating to pooled deposit or sweep accounts to permit satisfaction of overdraft or
similar obligations incurred in the ordinary course of business or consistent with industry practice of the Company and its
Restricted Subsidiaries or (c) relating to purchase orders and other agreements entered into with customers of the
Company or any Restricted Subsidiary in the ordinary course of business or consistent with industry practice;

 

(31)
Liens on cash proceeds (as defined in Article 9 of the Uniform Commercial Code) of assets sold that were subject to a
Lien permitted hereunder;

 

(32)
any encumbrance or restriction (including put, call arrangements, tag, drag, right of first refusal and similar rights) with
respect to Capital Stock of any joint venture or similar arrangement pursuant to any joint venture or similar agreement;

 

(33)
Liens (a) on cash advances or cash earnest money deposits in favor of the seller of any property to be acquired in an
Investment permitted under the Bond Financing Agreement to be applied against the purchase price for such Investment and
(b) consisting of a letter of intent or an agreement to sell, transfer, lease or otherwise dispose of any property in a
transaction permitted pursuant to Section 6.04 of the Bond Financing Agreement and the covenant described in the Limited
Offering Memorandum under the heading “FINANCING FOR THE TAX-EXEMPT PROJECT—Bond Financing
Agreement—Covenants of the Company—Asset Sales;”

 

(34)
ground leases, subleases, licenses or sublicenses in respect of real property on which facilities owned or leased by the
Company or any of its Subsidiaries are located; provided such ground leases, subleases, licenses or sublicenses do not
materially impair the use of the remainder of the Mortgaged Property and are subordinate to the lien of the Mortgages;

 

(35)
Liens in connection with a Specified Sale and Lease-Back Transaction and any leasehold mortgage or similar Lien on the
associated Lease;

 

 (36) Liens on
Capital Stock or other securities of an Unrestricted Subsidiary;

 

(37)
any interest or title of a lessor, sublessor, licensor or sublicensor or secured by a lessor’s, sublessor’s,
licensor’s or sublicensor’s interest under leases or licenses entered into by the Company or any of the
Restricted Subsidiaries in the ordinary course of business or consistent with industry practice;

 

(38)
deposits of cash with the owner or lessor of premises leased and operated by the Company or any of its Subsidiaries in the
ordinary course of business or consistent with industry practice of the Company and such Subsidiary to secure the performance
of the Company’s or such Subsidiary’s obligations under the terms of the lease for such premises;

 

(39)
rights of set-off, banker’s liens, netting arrangements and other Liens arising by operation of law or by the terms of
documents of banks or other financial institutions in relation to the maintenance or administration of deposit accounts,
securities accounts, cash management arrangements or in connection with the issuance of letters of credit, bank guarantees or
other similar instruments;

 

(40)
Liens on cash and Cash Equivalents used to satisfy or discharge Indebtedness; provided that such satisfaction or
discharge is permitted under the Bond Financing Agreement;

 

(41)
receipt of progress payments and advances from customers in the ordinary course of business or consistent with industry
practice to the extent the same creates a Lien on the related inventory and proceeds thereof and Liens on property or assets
under construction arising from progress or partial payments by a third party relating to such property or assets;

 

(42)
agreements to subordinate any interest of the Company or any Restricted Subsidiary in any accounts receivable or other
proceeds arising from inventory consigned by the Company or any Restricted Subsidiary pursuant to an agreement entered into
in the ordinary course of business or consistent with industry practice;

 

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(43)
Liens securing Guarantees of any Indebtedness or other obligations otherwise permitted to be secured by a Lien under the Bond
Financing Agreement;

 

(44)
Liens arising pursuant to Section 107(l) of the Comprehensive Environmental Response, Compensation and Liability
Act or similar provision of any environmental law;

 

(45)
Liens disclosed by the title insurance reports or policies delivered on or prior to the Closing Date and any replacement,
extension or renewal of any such Lien (to the extent the Indebtedness and other obligations secured by such replacement,
extension or renewal Liens are permitted by the Bond Financing Agreement); provided that such replacement, extension or
renewal Liens do not cover any property other than the property that was subject to such Liens prior to such replacement,
extension or renewal;

 

(46)
rights reserved or vested in any Person by the terms of any lease, license, franchise, grant or permit held by the Company or
any of its Restricted Subsidiaries or by a statutory provision, to terminate any such lease, license, franchise, grant or
permit, or to require annual or periodic payments as a condition to the continuance thereof;

 

(47)
restrictive covenants affecting the use to which real property may be put; provided that the covenants are complied
with;

 

(48)
security given to a public utility or any municipality or governmental authority when required by such utility or authority
in connection with the operations of that Person in the ordinary course of business or consistent with industry practice;

 

(49)
zoning, building and other similar land use restrictions, including, without limitation, site plan agreements, development
agreements and contract zoning agreements; provided that such restrictions and agreements are complied with;

 

(50)
Liens on assets of Restricted Subsidiaries that are Foreign Subsidiaries (i) securing Indebtedness and other obligations
of such Foreign Subsidiaries or (ii) to the extent arising mandatorily under applicable law;

 

(51)
Liens on Escrowed Proceeds for the benefit of the related holders of debt securities or other Indebtedness (or the
underwriters, trustee, escrow agent or arrangers thereof) or on cash set aside at the time of the incurrence of any
Indebtedness or government securities purchased with such cash, in either case to the extent such cash or government
securities prefund the payment of interest on such Indebtedness and are held in an escrow account or similar arrangement to
be applied for such purpose; and

 

 (52) any Lien contemplated by clause (26) of the definition of “Permitted Investments.”

 

If any
Liens are incurred to secure obligations incurred to refinance obligations initially incurred in reliance on a basket
measured by reference to a percentage of Consolidated EBITDA, and such refinancing would cause the percentage of Consolidated
EBITDA to be exceeded if calculated based on the Consolidated EBITDA on the date of such refinancing, such percentage of
Consolidated EBITDA will not be deemed to be exceeded to the extent the principal amount of such obligations secured by such
newly incurred Lien does not exceed the principal amount of such obligations secured by such Liens being refinanced, plus any
accrued and unpaid interest on the Indebtedness (and with respect to Indebtedness under Designated Revolving Commitments,
including an amount equal to any unutilized Designated Revolving Commitments being refinanced, extended, replaced, refunded,
renewed or defeased to the extent permanently terminated at the time of incurrence of such refinancing Indebtedness) plus
the amount of any tender premium or penalty or premium required to be paid under the terms of the instrument or documents
governing such refinanced Indebtedness, and any defeasance costs and any fees and expenses (including original issue
discount, upfront fees or similar fees) incurred in connection with the issuance of such new Indebtedness, or the extension,
replacement, refunding, refinancing, renewal or defeasance of such refinanced Indebtedness. For purposes of this definition,
the term “Indebtedness” will be deemed to include interest and other obligations payable on and with respect to
such Indebtedness.

 

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“Permitted
Prior Lien” means any Lien that has priority over the Lien of the Collateral Agent for the benefit of the Pari Passu
Lien Secured Parties which Lien was permitted under each Pari Passu Lien Debt Document.

 

“Permitted
Restricted Subsidiary Liens” means clauses (5) through (9), (10) (with respect to clauses (5), (7) and
(14) of Section 6.03(b) of the Bond Financing Agreement and the same clauses of the covenant described in the Limited
Offering Memorandum under the heading “FINANCING FOR THE TAX-EXEMPT PROJECT—Bond Financing Agreement—Covenants
of the Company—Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock;” provided
that, with respect to such clause (14), only with respect to such clause (5)), (12) through (21), (22) (with respect to clauses
(12), (13) and (22)), (23) through (35), (37) through (42), (44) through (49), (51) and (52) of the definition of “Permitted
Liens.”

 

“Permitted
Warrant Transaction” means any call option, warrant or right to purchase (or substantially equivalent derivative transaction)
on the Company’s or a Parent Company’s common stock sold by the Company or a Parent Company substantially concurrently
with a related Permitted Bond Hedge Transaction.

 

“Person”
means any individual, corporation, limited liability company, partnership, joint venture, association, joint stock company, trust,
unincorporated organization, government or any agency or political subdivision thereof or any other entity.

 

“Phase II
Project” means any capacity addition, line extension or addition of value-added product facilities, in a Similar Business,
at the steel mini-mill located in Mississippi County, Arkansas.

 

“Phase II
Project Costs” means all costs and expenses to be incurred by Parent, the Company or any Restricted Subsidiary in connection
with the Development of the Phase II Project, and incurred after August 23, 2017, including, without limitation, the purchase
of equipment and related services, the training of personnel relating to the Phase II Project, the financing of the Phase II Project,
including interest expense incurred during Development, and activities reasonably related thereto.

 

“Post-Petition
Interest” means interest, fees, expenses and other charges that pursuant to the ABL Credit Agreement, the Term Loan Credit
Agreement, the 2019 Bond Financing Agreement, the Notes Indenture or any other Fixed Asset Pari Passu Lien Debt Documents (including
the Bond Financing Agreement and any Specified Pari Passu Lien Debt Documents), continue to accrue after the commencement of any
Insolvency or Liquidation Proceeding, whether or not such interest, fees, expenses and other charges are allowed or allowable under
the Bankruptcy Law or in any such Insolvency or Liquidation Proceeding.

 

“Predecessor
Bond” of any particular Bond means every previous Bond evidencing all or a portion of the same debt as that evidenced
by the particular Bond. For the purposes of this definition, any Bond authenticated and delivered under Section 3.07 of the
Bond Indenture in lieu of a lost, stolen or destroyed Bond shall, except as otherwise provided in said Section 3.07, be deemed
to evidence the same debt as the lost, stolen or destroyed Bond.

 

“Preferred
Stock” means any Equity Interest with preferential rights of payment of dividends or upon liquidation, dissolution, or
winding up.

 

“Principal
Account” means the account of that name established in the Debt Service Fund pursuant to Section 5.01(a) of
the Bond Indenture.

 

“Principal
Payment Date” means any date on which any amounts payable with respect to the principal of the Bonds shall become due,
whether upon redemption (including without limitation sinking fund redemption), acceleration, maturity or otherwise.

 

    53 

     

    

 

“Project”
means the construction, start-up and operation and maintenance by the Company of one or more flat-roll steel mini mills constructed
or to be constructed on land located in Mississippi County, Arkansas.

 

“Project Costs”
means all costs and expenses incurred by the Grantors and their Subsidiaries in connection with the ownership, occupation,
construction, testing, starting, repair, operation, maintenance and use of the Project, the training of personnel relating to the
Project, the financing of the Project and activities reasonably related thereto, in each case incurred prior to August 23,
2017.

 

“Public Company
Costs” means the initial costs relating to establishing compliance with the Sarbanes-Oxley Act of 2002, as amended,
and other expenses arising out of or incidental to the Company’s or its Restricted Subsidiaries’ initial establishment
of compliance with the obligations of a reporting company, including costs, fees and expenses (including legal, accounting and
other professional fees) relating to compliance with provisions of the Securities Act and the Exchange Act.

 

“Purchase
Agreement” means the Bond Purchase Agreement with respect to the 2020 Bonds, dated the date of the Limited Offering Memorandum,
by and among the Bond Issuer, the Company and the Underwriter, and any similar agreement with respect to Additional Bonds.

 

“Purchase
Money Obligations” means any Indebtedness incurred to finance or refinance the acquisition, leasing, construction or
improvement of property (real or personal) or assets (other than Capital Stock), and whether acquired through the direct acquisition
of such property or assets, or otherwise.

 

“Qualified
Capital Contribution” means cash common equity capital contributions to, or cash proceeds from the issuance of Capital
Stock in, Big River Steel Holdings LLC, a Delaware limited liability company, which Big River Steel Holdings LLC, upon receipt,
contributes to Parent, which in turn, upon receipt, contributes to the Company.

 

“Qualified Equity Interests” means
Equity Interests that are not Disqualified Stock.

 

“Qualified
Institutional Buyer” has the meaning set forth in Rule 144A promulgated under the Securities Act of 1933, as amended.

 

“Qualified
Investments” means (a) any of the following: bonds, debentures, notes or other evidence of indebtedness, other than
subordinated or junior bonds, debentures, notes or other evidence of indebtedness, issued or guaranteed, other than on a subordinated
or junior basis, by any of the following federal agencies, and any other agency or other instrumentality subsequently created by
an act of the United States Congress, which are not backed by the full faith and credit of the United States of America: U.S. Export-Import
Bank (Eximbank) direct obligations or fully guaranteed certificates of beneficial ownership; Farmers Home Administration certificates
of beneficial ownership; securities of the Federal Financing Bank; Federal Housing Administration debentures; General Services
Administration participation certificates; Federal National Mortgage Association senior debt obligations and mortgage-backed securities;
Federal Home Loan Mortgage Corporation senior debt obligations and mortgage-backed securities; Federal Farm Credit Bank senior
debt obligations and mortgage-backed securities; Government National Mortgage Association guaranteed mortgage-backed bonds and
guaranteed pass-through obligations; Student Loan Marketing Association senior debt obligations; U.S. Maritime Administration guaranteed
Title XI financing obligations; and U.S. Department of Housing and Urban Development project notes, local authority bond, new communities
debentures-U.S. government guaranteed debentures and U.S. public housing notes and bonds-U.S. government guaranteed public housing
notes and bonds and (b) securities evidencing ownership of the right to payment of specific principal or interest payments
on an obligation described in (a) above, provided that such securities were created by or on behalf of the issuer of the applicable
obligation and are held in the custody of a bank or trust company having a reported capital, surplus and undivided profits of at
least $25,000,000 and a rating on its unsecured, unenhanced short-term obligations in the highest short-term category by at least
one Rating Agency, in a special account separate from the general assets of such custodian.

 

“Qualified
Proceeds” means the fair market value of assets that are used or useful in, or Capital Stock of any Person engaged in,
a Similar Business.

 

    54 

     

    

 

“Qualified
Securitization Facility” means any Securitization Facility (1) constituting a securitization financing facility
that meets the following conditions: (a) the Board of Directors will have determined in good faith that such Securitization
Facility (including financing terms, covenants, termination events and other provisions) is in the aggregate economically fair
and reasonable to the Company and the applicable Restricted Subsidiary or Securitization Subsidiary and (b) all sales and/or
contributions of Securitization Assets and related assets to the applicable Person or Securitization Subsidiary are made at fair
market value (as determined in good faith by the Company) or (2) constituting a receivables financing facility.

 

“Quotation
Agent” means BofA Securities, Inc. or another bank, underwriter, or financial institution determined by the Company
and reasonably acceptable to the Bond Issuer.

 

“Rating” means the credit rating
of the Bonds by the Rating Agencies.

 

“Rating Agencies”
means Moody’s and S&P or if Moody’s or S&P or if both do not make a rating on the Bonds publicly available,
a nationally recognized statistical rating agency or agencies, as the case may be, selected by the Company which will be substituted
for Moody’s or S&P or both, as the case may be.

 

“Ratings Reaffirmation”
means in the case of an event or proposed event, a reaffirmation by either of the Rating Agencies rating the Bonds that the then
current Ratings on the 2020 Bonds will not be lower, after giving effect to the event or proposed event, than the Ratings of the
2020 Bonds in effect immediately prior to such event or proposed event.

 

“Real Estate
Asset” means, at any time of determination, any interest (fee, leasehold or otherwise) of any Grantor in any real property,
including Mortgaged Premises, distribution centers and warehouses and corporate headquarters and administrative offices.

 

“Rebate Fund” means the fund of
that name established pursuant to Section 5.01(c) of the Bond Indenture.

 

“Receivables
Financing Transaction” means any transaction or series of transactions entered into by the Company, BRS Finance Corp.
or any Restricted Subsidiary pursuant to which such party consummates a “true sale” of its receivables to a nonrelated
third party on market terms as determined in good faith by the Company; provided that such Receivables Financing Transaction
is (i) non-recourse to Parent, the Company, BRS Finance Corp. and the Restricted Subsidiaries and their assets, other than
any recourse solely attributable to a breach by Parent, the Company, BRS Finance Corp. or any Restricted Subsidiary of representations
and warranties that are customarily made by a seller in connection with a “true sale” of receivables on a non-recourse
basis and (ii) consummated pursuant to customary contracts, arrangements or agreements entered into with respect to the “true
sale” of receivables on market terms for similar transactions.

 

“Redemption
Account” means the account of that name established in the Debt Service Fund pursuant to Section 5.01(a) of
the Bond Indenture.

 

“Redemption
Date” means a date on which the 2020 Bonds are subject to redemption pursuant to the terms of the Bond Indenture.

 

“Refinance”
has the meaning assigned in the definition of “Refinancing Indebtedness” and “Refinancing”
and “Refinanced” have meanings correlative to the foregoing.

 

“Refinanced Debt” has the meaning
assigned to such term in the definition of “Refinancing Indebtedness”.

 

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“Refinancing Indebtedness”
means (x) Indebtedness incurred by the Company or any Restricted Subsidiary, (y) Disqualified Stock issued by the
Company or any Restricted Subsidiary or (z) Preferred Stock issued by any Restricted Subsidiary which, in each case,
serves to extend, replace, refund, refinance, renew or defease (“Refinance”) any Indebtedness,
Disqualified Stock or Preferred Stock, including Refinancing Indebtedness, so long as: (1) the principal amount (or
accreted value, if applicable) of such new Indebtedness, the amount of such new Preferred Stock or the liquidation preference
of such new Disqualified Stock does not exceed (a) the principal amount of (or accreted value, if applicable) the
Indebtedness, the amount of the Preferred Stock or the liquidation preference of the Disqualified Stock being so extended,
replaced, refunded, refinanced, renewed or defeased (such Indebtedness, Disqualified Stock or Preferred Stock, the
 “Refinanced Debt”), plus (b) any accrued and unpaid interest on, or any accrued and unpaid
dividends on, such Refinanced Debt, plus (c) the amount of any tender premium or penalty or premium required to
be paid under the terms of the instrument or documents governing such Refinanced Debt and any defeasance costs and any fees
and expenses (including original issue discount, upfront fees or similar fees) incurred in connection with the issuance of
such new Indebtedness, Preferred Stock or Disqualified Stock or to Refinance such Refinanced Debt (such amounts in clause
(b) and (c), the “Incremental Amounts”); (2) such Refinancing Indebtedness has a:
(a) Weighted Average Life to Maturity at the time such Refinancing Indebtedness is incurred that is not less than the
remaining Weighted Average Life to Maturity of the applicable Refinanced Debt; (b) final scheduled maturity date equal
to or later than the final scheduled maturity date of the Refinanced Debt (or, if earlier, the date that is 91 days after the
maturity date of the Bonds; and (3) to the extent such Refinancing Indebtedness Refinances (i) Subordinated
Indebtedness (other than Subordinated Indebtedness assumed or acquired in an acquisition and not created in contemplation
thereof), unless such Refinancing constitutes a Restricted Payment permitted by Section 6.01 of the Bond Financing
Agreement and the covenant described in the Limited Offering Memorandum under the heading “FINANCING FOR THE TAX-EXEMPT
PROJECT—Bond Financing Agreement—Covenants of the Company— Limitation on Restricted Payments,”
such Refinancing Indebtedness is subordinated to the Bonds or the Guarantee thereof at least to the same extent as the
applicable Refinanced Debt or (ii) Disqualified Stock or Preferred Stock, such Refinancing Indebtedness must be
Disqualified Stock or Preferred Stock, respectively. Refinancing Indebtedness will not include: (a) Indebtedness,
Disqualified Stock or Preferred Stock of a Subsidiary of the Company that is not a Subsidiary Guarantor that refinances
Indebtedness or Disqualified Stock of the Company; (b) Indebtedness, Disqualified Stock or Preferred Stock of a
Subsidiary of the Company that is not a Subsidiary Guarantor that refinances Indebtedness, Disqualified Stock or Preferred
Stock of a Guarantor; or (c) Indebtedness or Disqualified Stock of the Company or Indebtedness, Disqualified Stock or
Preferred Stock of a Restricted Subsidiary that refinances Indebtedness, Disqualified Stock or Preferred Stock of an
Unrestricted Subsidiary; and, provided, further that (x) clause (2) of this definition will not apply
to any Refinancing of any Indebtedness other than Indebtedness incurred under Section 6.03(b)(3) of the Bond
Financing Agreement and clause (3) of the second paragraph of the covenant described in the Limited Offering Memorandum
under the heading “FINANCING FOR THE TAX-EXEMPT PROJECT—Bond Financing Agreement—Covenants of the
Company—Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock,” any
Subordinated Indebtedness (other than Subordinated Indebtedness assumed or acquired in an Investment or acquisition and not
created in contemplation thereof), Disqualified Stock and Preferred Stock and (y) Refinancing Indebtedness may be
incurred in the form of a bridge or other interim credit facility intended to be Refinanced with long-term indebtedness (and
such bridge or other interim credit facility shall be deemed to satisfy clause (2) of this definition so long as
(x) such credit facility includes customary “rollover” provisions and (y) assuming such credit facility
were to be extended pursuant to such “rollover” provisions, such extended credit facility would comply with
clause (2) of this definition).

 

“Register”
means the books kept and maintained by the Registrar for registration and transfer of Bonds pursuant to the Bond Indenture.

 

“Registrar”
means the Trustee, or any successor Registrar which shall have become such pursuant to applicable provisions of the Bond Indenture.

 

“Regular Record Date” means the
close of business on the fifteenth day preceding each Interest Payment Date.

 

“Regulations” means Treasury Regulations
promulgated pursuant to the Code.

 

“Related Business
Assets” means assets (other than Cash Equivalents) used or useful in a Similar Business; provided that any assets
received by the Company or a Restricted Subsidiary in exchange for assets transferred by the Company or a Restricted Subsidiary
will not be deemed to be Related Business Assets if they consist of securities of a Person, unless upon receipt of the securities
of such Person, such Person is or would become a Restricted Subsidiary.

 

“Required
Term Lenders” means the “Required Lenders” (or an equivalent term with substantially similar meaning) under
and as defined in the Term Loan Credit Agreement.

 

    56 

     

    

 

 

“Required
Delayed Draw Term Lenders” means the “Required Senior Term Lenders” (or an equivalent term with substantially
similar meaning as the meaning of such term in the Original KfW Credit Agreement) under and as defined in the Specified Pari Passu
Lien Debt Documents.

 

“Responsible
Officer” means, with respect to a Person, the chief executive officer, chief operating officer, president, executive
vice president, director of finance, chief financial officer, treasurer or assistant treasurer or other similar officer or Person
performing similar functions, of such Person. Unless otherwise specified, all references to a “Responsible Officer”
shall refer to a Responsible Officer of the Company.

 

“Restricted Investment” means an
Investment other than a Permitted Investment.

 

“Restricted
Subsidiary” means, at any time, any direct or indirect Subsidiary of the Company (including any Foreign Subsidiary and
BRS Finance Corp.) that is not then an Unrestricted Subsidiary; provided that upon the occurrence of an Unrestricted Subsidiary
ceasing to be an Unrestricted Subsidiary, such Subsidiary will be included in the definition of “Restricted Subsidiary”.
Wherever the term “Restricted Subsidiary” is used with respect to any Subsidiary of a referenced Person that is not
the Company, then it will be construed to mean a Person that would be a Restricted Subsidiary of the Company on a pro forma
basis following consummation of one or a series of related transactions involving such referenced Person and the Company (unless
such transactions would include a designation of a Subsidiary of such Person as an Unrestricted Subsidiary on a pro forma
basis in accordance with the Bond Financing Agreement).

 

“Revenue Account”
means the account entitled the “Revenue Account” held by the Depository Bank under the Deposit Agreement.

 

“S&P”
means Standard & Poor’s, a division of The McGraw-Hill Companies, Inc., and any successor to its rating agency
business.

 

“Sale and
Lease- Back Transaction” means any arrangement providing for the leasing by the Company or any Restricted Subsidiary
of any real or tangible personal property, which property has been or is to be sold or transferred by the Company or such Restricted
Subsidiary to a third Person in contemplation of such leasing. The net proceeds of any Sale and Lease-Back Transaction will be
determined giving effect to transaction expenses and the tax effect of such transactions (including taxes paid or payable and tax
attributes used as a result of such transactions).

 

“Sanctions”
means any sanctions administered or enforced by the U.S. Government, including, without limitation, the Office of Foreign Assets
Control of the U.S. Department of the Treasury, or the U.S. Department of State and including, without limitation, the designation
as a “specially designated national” or “blocked person,” the European Union, Her Majesty’s Treasury,
the United Nations Security Council, or other relevant sanctions authority.

 

“SCF” means Stonebriar Commercial
Finance LLC, a Delaware limited liability company.

 

“SEC”
means the U.S. Securities and Exchange Commission or any governmental authority succeeding to any of its principal functions.

 

“Second Specified
Pari Passu Lien Debt Threshold Date” means the date, after the occurrence of the First Specified Pari Passu Lien Debt
Threshold Date, on which the sum of (1) the outstanding principal amount of the term loans under the Specified Pari Passu
Lien Debt Documents plus (2) from and after the occurrence of the Initial Funding Date, the commitments under the Specified
Pari Passu Lien Debt Documents subject to the Specified Commitment Condition is less than 50% of the aggregate outstanding principal
amount of all Pari Passu Lien Debt or less than the aggregate outstanding principal amount of the largest Series of Pari Passu
Lien Debt other than the Pari Passu Lien Debt incurred under the Specified Pari Passu Lien Debt Documents.

 

“Secured Hedging
Obligations” means any Hedging Obligations under a Hedge Agreement entered into between the Company or another Grantor
and a Hedge Bank or any guarantee thereof by the Company or another Grantor.

 

    57

     

    

 

“Secured Indebtedness” means any
Indebtedness of the Company or any Restricted Subsidiary secured by a Lien.

 

“Secured Parties”
means (a) the Collateral Agent, (b) each Holder, (c) the Trustee, (d) each other Pari Passu Lien Secured Party
and (e) the successors, replacements and assigns of each of the foregoing, and shall include, without limitation, all former
Collateral Agent, Holder, Trustee and the Pari Passu Lien Secured Party to the extent that any Obligations owing to such Persons
were incurred while such Persons were Collateral Agent, Holder, Trustee or Pari Passu Lien Secured Party and such Obligations have
not been paid or satisfied in full.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated thereunder.

 

“Securitization
Assets” means (a) the accounts receivable, royalty or other revenue streams and other rights to payment and other
assets related thereto subject to a Qualified Securitization Facility and the proceeds thereof and

 

(b) contract rights, lockbox accounts
and records with respect to such accounts receivable and any other assets customarily transferred together with accounts receivable
in a securitization financing.

 

“Securitization
Facility” means any transaction or series of securitization financings that may be entered into by the Company or any
Restricted Subsidiary pursuant to which the Company or any such Restricted Subsidiary may sell, convey or otherwise transfer, or
may grant a security interest in, Securitization Assets to either (a) a Person that is not the Company or a Restricted Subsidiary
or (b) a Securitization Subsidiary that in turn sells such Securitization Assets to a Person that is not the Company or a
Restricted Subsidiary, or may grant a security interest in, any Securitization Assets of the Company or any of its Subsidiaries.

 

“Securitization
Fees” means distributions or payments made directly or by means of discounts with respect to any participation interest
issued or sold in connection with, and other fees and expenses (including reasonable fees and expenses of legal counsel) paid to
a Person that is not a Securitization Subsidiary in connection with, any Qualified Securitization Facility.

 

“Securitization
Subsidiary” means any Subsidiary formed for the purpose of, and that solely engages only in one or more Qualified Securitization
Facilities and other activities reasonably related thereto.

 

“Security
Documents” means the Collateral Trust Agreement, each Additional Pari Passu Lien Debt Designation, each of the other
Pari Passu Lien Security Documents, each of the other security agreements, pledge agreements, mortgages, deeds of trust, collateral
assignments, agreements creating a security interest, charge or encumbrance of any kind, and related agreements, as amended, supplemented,
restated, renewed, refunded, replaced, restructured, repaid, refinanced or otherwise modified from time to time, creating the security
interests in the Collateral as contemplated by the Collateral Trust Agreement.

 

“Senior Indebtedness” means:

 

(1)       all
Indebtedness of the Company or BRS Finance Corp. or any Subsidiary Guarantor outstanding under the Term Loan Credit Agreement,
the Notes Indenture and related guarantees, the 2019 Bond Financing Agreement and related guarantees, the ABL Facility and the
Bond Financing Agreement and related Guarantees (including interest accruing on or after the filing of any petition in bankruptcy
or similar proceeding or for reorganization of the Company or BRS Finance Corp. or any Subsidiary Guarantor (at the rate provided
for in the documentation with respect thereto, regardless of whether or not a claim for post-filing interest is allowed in such
proceedings)), and any and all other fees, expense reimbursement obligations, indemnification amounts, penalties, and other amounts
and all obligations of the Company or BRS Finance Corp. or any Subsidiary Guarantor to reimburse any bank or other Person in respect
of amounts paid under letters of credit, acceptances or other similar instruments;

 

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(2)       all
(a) Hedging Obligations (and guarantees thereof) and (b) obligations in respect of Cash Management Services (and
guarantees thereof), in the case of each of clauses (a) and (b), owing to a lender under the Term Loan Credit Agreement,
the ABL Facility or any Affiliate of such lender (or any Person that was a lender or an Affiliate of such lender at the time
the applicable agreement giving rise to such Hedging Obligation or Cash Management Obligations was entered into); provided
that such Hedging Obligations and obligations in respect of Cash Management Services, as the case may be, are permitted to be
incurred under the terms of the Bond Financing Agreement;

 

 

(3)       any
other Indebtedness of the Company or BRS Finance or any Subsidiary Guarantor permitted to be incurred under the terms of the Bond
Financing Agreement, unless the instrument under which such Indebtedness is incurred expressly provides that it is subordinated
in right of payment to the Obligations under the Bond Financing Agreement or any related Guarantee; and

 

(4)       all
Obligations with respect to the items listed in the preceding clauses (1), (2) and (3); provided that Senior Indebtedness
will not include: (a) any obligation of such Person to the Company or any of its Subsidiaries; (b) any liability for
federal, state, local or other taxes owed or owing by such Person; (c) any accounts payable or other liability to trade creditors
arising in the ordinary course of business or consistent with industry practice; (d) any Indebtedness or other Obligation
of such Person which is subordinate or junior in any respect to any other Indebtedness or other Obligation of such Person; or (e) that
portion of any Indebtedness which at the time of incurrence is incurred in violation of the Bond Financing Agreement.

 

“Senior Secured
Net Leverage Ratio” means, with respect to any Test Period, the ratio of (a) Consolidated Secured Debt outstanding
on the last day of such Test Period minus the aggregate amount of cash and Cash Equivalents of the Company and the Restricted
Subsidiaries on such date that (x) would not appear as “restricted” on a consolidated balance sheet of the Company
and the Restricted Subsidiaries or (y) are restricted in favor of the lenders or investors under the Term Loan Credit Agreement,
the ABL Facility or Other Pari Passu Lien Obligations, to (b) Consolidated EBITDA of the Company for such Test Period, in
each case on a pro forma basis with such pro forma adjustments as are appropriate and consistent with the pro
forma provisions set forth in the definition of Fixed Charge Coverage Ratio.

 

“Senior Secured
Notes” means $600.0 million aggregate principal amount of 7.250% Senior Secured Notes issued by the Company and BRS Finance
Corp., as co-issuers.

 

“Series”
means Bonds identified as a separate series that are authenticated and delivered on original issuance and any Bonds thereafter
authenticated and delivered in lieu of or in substitution for such Bonds pursuant to the Bond Indenture, or any Supplemental Indenture.

 

“Series 2020
Construction Account” means the account of that name established in the Construction Fund pursuant to Section 5.01(b) of
the Bond Indenture.

 

“Series 2020
Costs of Issuance Account” means the account of that name established in the Construction Fund pursuant to Section 5.01(b) of
the Bond Indenture.

 

“Series 2020
Note” means the Closed End Line of Credit Promissory Note, Series 2020, dated the Closing Date, from the Company
to the Bond Issuer, and assigned to the Trustee, issued to secure the Company’s obligations under the Bond Financing Agreement,
and any other promissory note delivered in connection with Additional Bonds.

 

“Series of
Pari Passu Lien Debt” means, severally, Funded Debt under the Term Loan Credit Agreement, the Notes Indenture, the Specified
Pari Passu Lien Debt Documents, the 2019 Bond Financing Agreement, the Bond Financing Agreement, and each other issue or series
of Pari Passu Lien Debt for which a single transfer register is maintained.

 

“Significant
Subsidiary” means any Restricted Subsidiary that would be a “significant subsidiary” as defined in Article 1,
Rule 1-02 of Regulation S-X of the SEC, as such regulation is in effect on the Closing Date; provided that notwithstanding
the foregoing, in no event will any Securitization Subsidiary be considered a Significant Subsidiary for purposes of Sections 7.05,
7.06 and 7.07 of the Bond Financing Agreement and clauses (e), (f) and (g) of the provisions described in the Limited
Offering Memorandum under the heading “FINANCING FOR THE TAX-EXEMPT PROJECT—Bond Financing Agreement—Events of
Default.”

 

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“Similar Business”
means (1) any business conducted or proposed to be conducted by the Company or any Restricted Subsidiary on the Closing Date
or (2) any business or other activities that are reasonably similar, ancillary, incidental, complementary or related to (including
non-core incidental businesses acquired in connection with any Permitted Investment), or a reasonable extension, development or
expansion of, the businesses which the Company and its Restricted Subsidiaries conduct or propose to conduct as of the Closing
Date.

 

“SMS Direct
Agreement” means that certain direct agreement dated as of May 31, 2019 by and among the Borrower, SMS Site Services
Inc., SMS Group GMBH and the Collateral Agent.

 

“Solvent” and “Solvency”
mean, with respect to any Person on any date of determination, that on such date:

 

(1)           the
fair value of the assets of such Person exceeds its debts and liabilities, subordinated, contingent or otherwise,

 

(2)           the
present fair saleable value of the property of such Person is greater than the amount that will be required to pay the probable
liability of its debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become
absolute and matured,

 

(3)           such
Person is able to pay its debts and liabilities, subordinated, contingent or otherwise, as such liabilities become absolute and
matured and

 

(4)           such
Person is not engaged in, and is not about to engage in, business for which it has unreasonably small capital.

 

The amount of any contingent
liability at any time shall be computed as the amount that would reasonably be expected to become an actual and matured liability.

 

“Special Record
Date” means, with respect to any Bond, the date established by the Trustee in connection with the payment of overdue
interest on that Bond pursuant to the Bond Indenture.

 

“Specified
Access Period” means for the Commercial Building Collateral or the Equipment Lease Collateral, as the case may be, the
period, which begins on the earlier of (i) the day on which the ABL Agent provides the Commercial Building Lender or the Equipment
Lessor, as the case may be, with an enforcement notice described in the Intercreditor Agreement and as described in the Limited
Offering Memorandum under the heading “SECURITY AND SOURCES OF PAYMENT FOR THE 2020 BONDS AND OTHER PARI PASSU LIEN DEBT—Intercreditor
Agreement;” and (ii) the date on which the Commercial Building Lender or SCF, as the case may be, provides the ABL Agent
with the notice required pursuant to the Intercreditor Agreement and as described in the Limited Offering Memorandum under the
heading “SECURITY AND SOURCES OF PAYMENT FOR THE 2020 BONDS AND OTHER PARI PASSU LIEN DEBT—Intercreditor Agreement
that the Commercial Building Lender or the Equipment Lessor (or any of their agents), as the case may be, has either obtained possession
or control of such Commercial Building Collateral or Equipment Lease Collateral, as applicable, or sold or otherwise disposed of
such Commercial Building Collateral or Equipment Lease Collateral, as applicable, and ends on the earliest of (A) the 180th
day after such date; (B) the date on which all or substantially all of the ABL Priority Collateral located on the Commercial
Building Collateral and the Equipment Lease Collateral is sold, collected or liquidated; and (C) the Discharge of ABL Obligations.

 

“Specified Commitment Condition”
has the meaning specified in the definition of Initial Funding Date.

 

“Specified
Pari Passu Lien Debt Representative” means KfW IPEX-Bank GmbH, whether acting in its own capacity or as agent to the
lenders under any Specified Pari Passu Lien Debt Document or any of its Affiliates, or any other such representative that has been
designated as “Specified Pari Passu Lien Debt Representative” by the Company in accordance with the Collateral Trust
Agreement, that delivers a Collateral Trust Joinder in the form of Exhibit B to the Collateral Trust Agreement.

 

    60

     

    

 

“Specified
Pari Passu Lien Debt” means the Indebtedness incurred pursuant to the Specified Pari Passu Lien Debt Documents.

 

“Specified
Pari Passu Lien Debt Documents” means (a) any credit agreement described in the Collateral Trust Joinder delivered
by the Specified Pari Passu Lien Debt Representative governing Funded Debt that is designated by the Company as “Pari Passu
Lien Debt” for the purposes of the Pari Passu Lien Debt Documents in an Additional Pari Passu Lien Debt Designation executed
and delivered in accordance with the Collateral Trust Agreement and (b) any other credit agreement entered into subsequent
to the delivery of the Collateral Trust Joinder described in clause (a) above governing another Series of Pari Passu
Lien Debt for which the Specified Pari Passu Lien Debt Representative maintains the transfer register and is appointed as a representative
of the Pari Passu Lien Debt (for purposes related to the administration of the Pari Passu Lien Security Documents) pursuant to
such credit agreement or other agreement and which governs Funded Debt that is designated by the Company as “Pari Passu Lien
Debt” for the purposes of the Pari Passu Lien Debt Documents in an Additional Pari Passu Lien Debt Designation executed and
delivered in accordance with the Collateral Trust Agreement; provided, however, that no credit agreement may be designated as,
or deemed to be, a “Specified Pari Passu Lien Debt Document” if such credit agreement provides for any of the following:
(i) payment of interest in cash rather than solely in kind during a Specified SPOC Period, (ii) scheduled amortization
payments of principal or other repayments of principal during a Specified SPOC Period (it being understood that such credit agreement
will have scheduled amortization payments of principal following the expiration of the Specified SPOC Period and that none of the
foregoing shall prohibit the payment of interest in cash or payment of principal during the Specified SPOC Period as long as such
payment is in each case funded solely with the proceeds of Qualified Capital Contributions), or (iii) the scheduled final
maturity of the Funded Debt evidenced thereby that is prior to the scheduled final maturity of the Senior Secured Notes.

 

“Specified
Sale and Lease-Back Transaction” means any arrangement providing for the leasing by the Company or any Restricted Subsidiary
of any real or tangible personal property, which property has been or is to be sold or transferred by the Company or such Restricted
Subsidiary to a Governmental Authority in contemplation of such leasing, and which is in connection with the purchase by the Company
or an Affiliate of industrial development revenue bonds, or similar instruments, of a Governmental Authority and pursuant to which
payments of principal, premiums and interest thereon are payable solely from income derived by such Governmental Authority from
such leasing arrangement, including the arrangement contemplated by the Act 9 Bond Documents solely to the extent that parties
under the Act 9 Bond Documents “net settle” any and all payments under such arrangement pursuant to the terms thereof,
including pursuant to the Home Office Payment Agreement, dated as of April 28, 2015.

 

“Specified
SPOC Period” means a period after the Initial Funding Date ending on the earlier to occur of (i) 6 months following
SPOC and (ii) 30 months following the Initial Funding Date.

 

“Specified
Transaction” means (i) solely for the purposes of determining the applicable cash balance, any contribution of capital,
including as a result of an Equity Offering, to the Company, in each case, in connection with an acquisition or Investment, (ii) any
designation of operations or assets of the Company or a Restricted Subsidiary as discontinued operations (as defined under GAAP),
(iii) any Investment that results in a Person becoming a Restricted Subsidiary, (iv) any designation of a Subsidiary
as a Restricted Subsidiary or an Unrestricted Subsidiary in compliance with the Bond Financing Agreement (v) any purchase
or other acquisition of a business of any Person, or assets constituting a business unit, line of business or division of any Person,
(vi) any Asset Sale (without regard to any de minimis thresholds set forth therein) (a) that results in a Restricted
Subsidiary ceasing to be a Subsidiary of the Company or (b) of a business, business unit, line of business or division of
the Company or a Restricted Subsidiary, in each case whether by merger, amalgamation, consolidation or otherwise, (vii) any
operational changes identified by the Company that have been made by the Company or any Restricted Subsidiary during the Test Period
or (viii) any Restricted Payment or other transaction that by the terms of the Bond Financing Agreement requires a financial
ratio to be calculated on a pro forma basis.

 

“SPOC”
means the “starting point of credit” as determined pursuant and in accordance with the OECD Rules and any then
applicable policies and regulations of any relevant export credit agency.

 

“Standstill Commencement Date”
has the meaning set forth in the definition of “CTA Parties Standstill

 

Period.”

 

    61

     

    

 

“Subordinated
Indebtedness” means, with respect to the Obligations under the Bond Financing Agreement and the Series 2020 Note,
(1) any Indebtedness of the Company that is by its terms subordinated in right of payment thereto, and (2) any Indebtedness
of any Guarantor that is by its terms subordinated in right of payment to the Guarantee of such entity of the Obligations under
the Bonds Financing Agreement and the Series 2020 Note.

 

“Subsidiary” means, with respect
to any Person:

 

(1)  any
corporation, association, or other business entity (other than a partnership, joint venture, limited liability company or similar
entity) of which more than 50.00% of the total voting power of Equity Interests entitled (without regard to the occurrence of any
contingency) to vote in the election of directors, members of management or trustees thereof is at the time of determination owned
or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination
thereof; and

 

(2)  any
partnership, joint venture, limited liability company or similar entity of which: (i) more than 50.00% of the capital accounts,
distribution rights, total equity and voting interests or general or limited partnership interests, as applicable, are owned or
controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof
whether in the form of membership, general, special or limited partnership or otherwise, and (ii) such Person or any Restricted
Subsidiary of such Person is a controlling general partner or otherwise controls such entity. Unless otherwise specified, all references
herein to a “Subsidiary” or to “Subsidiaries” refer to a Subsidiary or Subsidiaries of the Company.

 

“Subsidiary Guarantee” means the
Guarantee of a Subsidiary Guarantor.

 

“Subsidiary
Guarantor” means each Restricted Subsidiary of the Company, if any, that Guarantees the Obligations under the Bond Financing
Agreement in accordance with the terms of the Guarantee (excluding any Parent Company that provides any such guarantees).

 

“Supplemental
Indenture” means any indenture supplemental to the Bond Indenture entered into by and between the Issuer and the Trustee
in accordance with Article VIII of the Bond Indenture.

 

“Tax-Exempt
Bonds” means any Bonds, including the 2020 Bonds, the interest on which is (i) excludable from gross income for
federal income tax purposes, except with respect to interest on any such Bond for any period during which such Bond is held by
a person who, within the meaning of Section 147(a) of the Code, is a “substantial user” or a “related
person” to such a “substantial user” of the facilities financed or refinanced with the proceeds of such Bond,
and (ii) an item of tax preference that is includable in alternative minimum taxable income for purposes of determining the
alternative minimum tax.

 

“Tax-Exempt
Obligation” means (a) any obligation the interest on which is excludable from gross income under Section 103(a) of
the Code and which is rated at least “AA” or its equivalent by at least one Rating Agency and is not a “specified
private activity bond” within the meaning of Section 57(a)(5)(C) of the Code, or (b) any interest in a regulated
investment company, the income of which is at least 95% excludable to the holder under Section 103(a) of the Code, and
which invests all its invested assets in obligations described in clause (a) hereof and is rated “Aam” or “AAm-G”
or its equivalent by a Rating Agency.

 

“Tax-Exempt Project” has the meaning
ascribed to such term in the Bond Financing Agreement.

 

“Tax-Exempt
Project Costs” means any and all costs incurred by the Bond Issuer or the Company in connection with the acquisition,
construction, and equipping, as the case may be, of the Tax Exempt Project, and all other costs permitted by the Act and the Code
to be paid or reimbursed from the proceeds of the 2020 Bonds including, but not limited to, the following:

 

(i)        (a) the
cost of the preparation of plans and specifications (including any preliminary study or planning thereof or any aspect
thereof), (b) the cost of acquisition and construction thereof and all construction, acquisition, and installation
expenses required to provide utility services or other facilities and all real or personal properties deemed necessary in
connection therewith (including development, architectural, engineering, and supervisory services with respect to any of the
foregoing), and (c) any other costs and expenses relating to the acquisition, construction, and placing in service
thereof;

 

    62

     

    

 

(ii)       the
purchase price of the equipment in connection therewith, including all costs incident thereto, payment for labor, services, materials,
and supplies used or furnished in site improvement and in the construction thereof, including all costs incident thereto, payment
for the cost of the construction, acquisition, and installation of utility services or other facilities in connection therewith,
payment for all real and personal property deemed necessary in connection therewith, payment of consulting and development fees
in connection therewith, and payment for the miscellaneous expenses incidental to any of the foregoing items including the premium
on any surety bond;

 

(iii)      the
fees or out-of-pocket expenses, if any, of those providing services with respect thereto, including, but not limited to, architectural,
engineering, development and supervisory services;

 

(iv)      any
other costs and expenses relating to the Tax Exempt Project, including, without limitation, interest expense, that constitute costs
or expenses for which the Company may expend 2020 Bond proceeds under the Act, but other than costs of issuance of the 2020 Bonds;
and

 

(v)       reimbursement
to the Company for any costs described above paid by it, whether before or after the execution of the Bond Financing Agreement;
provided, however, that reimbursement for any expenditures made prior to the execution of the Bond Financing Agreement, as applicable,
from the Construction Fund shall only be permitted for expenditures meeting the requirements of the Regulations, including but
not limited to, §1.150-2 of the Regulations.

 

“Term Loan”
means the loan of the proceeds of the Term Loan Credit Agreement from the lenders and other entities party thereto to the Company,
pursuant to the Term Loan Credit Agreement.

 

“Term Loan Administrative Agent”
means Goldman Sachs Bank USA.

 

“Term Loan
Credit Agreement” means the first lien secured term loan credit agreement, dated as of August 23, 2017, by and among
the Company, Parent, Goldman Sachs Bank USA, as the administrative agent, and the lenders and other entities party thereto, as
amended, restated, amended and restated, supplemented or otherwise modified from time to time, including any replacement thereof
if such replacement thereof which has been designated as Additional Pari Passu Lien Debt under the Collateral Trust Agreement.

 

“Test Period”
in effect at any time means the Company’s most recently ended four consecutive fiscal quarters for which internal financial
statements are available (as determined in good faith by the Company).

 

“Top Parent” means Big River Steel
Parent LLC and any successor thereof.

 

“Total Net
Leverage Ratio” means, with respect to any Test Period, the ratio of (a) Consolidated Total Debt outstanding on
the last day of such Test Period minus the aggregate amount of cash and Cash Equivalents of the Company and the Restricted
Subsidiaries on such date that (x) would not appear as “restricted” on a consolidated balance sheet of the Company
or (y) are restricted in favor of the Term Loan Credit Agreement, the ABL Facility or Other Pari Passu Lien Obligations to
(b) Consolidated EBITDA of the Company for such Test Period, in each case on a pro forma basis with such pro forma
adjustments as are appropriate and consistent with the pro forma adjustment provisions set forth in the definition of Fixed
Charge Coverage Ratio.

 

“Trust Estate” has the meaning
given to such term in the Bond Indenture.

 

    63

     

    

 

“Trust
Estate Revenues” means (a) the Bond Financing Payments, (b) all of the moneys received or to be received
by the Bond Issuer or the Trustee in respect of payment of the amounts owing under the Bond Financing Agreement, (c) all
moneys and investments in the Debt Service Fund (created and held under the Bond Indenture), (d) with regard to a
Series of Bonds, the proceeds of such Series and investments thereof in the Construction Fund (or  in any account
or subaccount therein relating to such Series) created and held by the Trustee for the benefit of the Bond Issuer and the
holders of the Bonds until expended, (e) with regard to any other Series of Bonds, all amounts on deposit in a debt
service reserve fund (if any) held for the benefit of the holders of such Series of Bonds, and (f) all income and
profit from the investment of the foregoing moneys. For the avoidance of doubt, with regard to (d) herein, any proceeds
of a Series of Bonds constitute “Trust Estate Revenues” only for the Series from which such proceeds
were derived and for no other Series of Bonds.

 

“Trustee”
means the Trustee at the time acting on behalf of itself and the owners of the Bonds under the Bond Indenture, originally U.S.
Bank National Association, as Trustee, and any successor Trustee as determined or designated under or pursuant to the Bond Indenture.

 

“Trust Indenture Act” means the
Trust Indenture Act of 1939, as amended (15 U.S.C. §§ 77aaa- 777bbbb).

 

“Unassigned Issuer’s Rights”
shall have the meaning ascribed thereto in the Bond Financing Agreement.

 

“Underwriter”
means, collectively, BofA Securities, Inc., Wells Fargo Securities, LLC, Goldman Sachs & Co. LLC, Crews &
Associates, Inc. and Truist Securities, Inc.

 

“Uniform Commercial
Code” or “UCC” means the Uniform Commercial Code or any successor provision thereof as the same may
from time to time be in effect in the State of New York; provided, however, that in the event that, by reason of mandatory provisions
of law, any or all of the perfection or priority of, or remedies with respect to, any Collateral is governed by the Uniform Commercial
Code as enacted and in effect in a jurisdiction other than the State of New York, the term “UCC” shall mean the Uniform
Commercial Code as enacted and in effect in such other jurisdiction solely for purposes of the provisions of the Pari Passu Lien
Security Documents relating to such perfection, priority or remedies.

 

“Unrestricted Subsidiary” means:

 

(1)  any
Subsidiary of the Company which at the time of determination is an Unrestricted Subsidiary (as designated by the Company, as provided
below); and

 

		(2)	any Subsidiary of an Unrestricted Subsidiary.

 

The Company
may designate any Subsidiary of the Company (including any existing Subsidiary and any newly acquired or newly formed Subsidiary)
to be an Unrestricted Subsidiary unless such Subsidiary or any of its Subsidiaries owns any Equity Interests or Indebtedness of,
or owns or holds any Lien on, any property of, the Company or any Subsidiary of the Company (other than solely any Subsidiary of
the Subsidiary to be so designated);

 

provided:

 

(1)  such
designation complies with Section 6.01 of the Bond Financing Agreement and as described in the covenant described in the Limited
Offering Memorandum under the heading “FINANCING FOR THE TAX-EXEMPT PROJECT—Bond Financing Agreement—Covenants
of the Company—Limitation on Restricted Payments;” and

 

(2)  each
of (a) the Subsidiary to be so designated and (b) its Subsidiaries has not at the time of designation, and does not
thereafter, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable with respect to any
Indebtedness pursuant to which the lender has recourse to any of the assets of the Company or any Restricted Subsidiary
(other than Equity Interests in an Unrestricted Subsidiary). The Company may designate any Unrestricted Subsidiary to be a
Restricted Subsidiary; provided that immediately after giving effect to such designation, no Event of Default will
have occurred and be continuing and the Company could incur at least $1.00 of additional Indebtedness pursuant to the Fixed
Charge Coverage Ratio test set forth in the Section 6.03(a) of the Bond Financing Agreement and of the first
paragraph of the covenant described in the Limited Offering Memorandum under the heading “FINANCING FOR THE TAX-EXEMPT
PROJECT—Bond Financing Agreement—Covenants of the Company— Limitation on Incurrence of Indebtedness and
Issuance of Disqualified Stock and Preferred Stock;” and

 

    64

     

    

 

(3) Any
such designation by the Company will be notified by the Company to the Trustee by promptly filing with the Trustee a copy of the
resolution of the Board of Directors or any committee thereof giving effect to such designation and an Officer’s Certificate
certifying that such designation complied with the foregoing provisions.

 

“Use of Proceeds
Certificate” means the Use of Proceeds Certificate and Agreement, dated the Closing Date, between the Bond Issuer and
the Company with respect to the 2020 Bonds, as amended from time to time pursuant to the terms thereof.

 

“USS Holdco” means U.S. Steel Holdco
LLC, a wholly-owned subsidiary of US Steel.

 

“US Steel” means United States
Steel Corporation.

 

“Voting Stock”
of any Person as of any date means the Capital Stock of such Person that is at the time entitled to vote in the election of the
Board of Directors of such Person.

 

“Weighted
Average Life to Maturity” means, when applied to any Indebtedness, Disqualified Stock or Preferred Stock, as the case
may be, at any date, the quotient obtained by dividing: (1) the sum of the products of the number of years (calculated to
the nearest one-twenty-fifth) from the date of determination to the date of each successive scheduled principal payment of such
Indebtedness or redemption or similar payment with respect to such Disqualified Stock or Preferred Stock, multiplied by
the amount of such payment; by (2) the sum of all such payments; provided that for purposes of determining the Weighted
Average Life to Maturity of any Indebtedness that is being Refinanced (the “Applicable Indebtedness”), the effects
of any amortization or prepayments made on such Applicable Indebtedness prior to the date of the applicable Refinancing will be
disregarded.

 

“Wholly-Owned
Subsidiary” of any Person means a Subsidiary of such Person, 100.00% of the outstanding Equity Interests of which (other
than directors’ qualifying shares and shares of Capital Stock of Foreign Subsidiaries issued to foreign nationals as required
under applicable law) is at the time owned by such Person and/or by one or more Wholly-Owned Subsidiaries of such Person.

 

“Wholly-Owned Restricted Subsidiary”
is any Wholly-Owned Subsidiary that is a Restricted Subsidiary.

 

    65Exhibit 10.3.1

 

EXECUTION DRAFT

 

 

BOND FINANCING AGREEMENT

 

between

 

ARKANSAS DEVELOPMENT FINANCE AUTHORITY,

 

and each of

 

BIG RIVER STEEL LLC,

 

BRS FINANCE CORP.,

 

and

 

BRS INTERMEDIATE HOLDINGS LLC

 

Dated as of May 31, 2019

 

relating to

 

$487,000,000

 

Arkansas Development Finance Authority

Industrial Development Revenue Bonds

(Big River Steel Project),

Series 2019

 

 

The interest of Arkansas Development Finance
Authority in this Bond Financing Agreement has been assigned (except for the Unassigned Issuer’s Rights) pursuant to the
Trust Indenture dated as of the date hereof between the Arkansas Development Finance Authority and U.S. Bank National Association,
as trustee, and is subject to the security interest of U.S. Bank National Association, as trustee.

 

    

     

    

 

TABLE OF CONTENTS

 

	 	Page
	 	 
	ARTICLE I DEFINITIONS	1
	Section 1.01	Definition of Terms	1
	Section 1.02	Other Interpretive Provisions	2
	Section 1.03	 Accounting Terms	3
	Section 1.04	 Rounding	3
	Section 1.05	References to Agreements, Laws, Etc.	3
	Section 1.06	 Times of Day	4
	Section 1.07	 Certifications	4
	Section 1.08	Payment or Performance	4
	Section 1.09	Classification	4
	ARTICLE II REPRESENTATIONS OF THE ISSUER	4
	Section 2.01	 Constituted Authority	4
	Section 2.02	 Suitability for Purpose	4
	Section 2.03	Act	5
	Section 2.04	 Due Power and Authorization	5
	Section 2.05	 Binding Effect	5
	Section 2.06	 Resolution	5
	Section 2.07	 Loan of Proceeds	5
	Section 2.08	 No Default	5
	Section 2.09	 No Other Pledge	5
	Section 2.10	Volume Cap	5
	ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE COMPANY	6
	Section 3.01	 Existence, Qualification and Power	6
	Section 3.02	 Authorization; No Contravention	6
	Section 3.03	 Governmental Authorization	7
	Section 3.04	Binding Effect	7
	Section 3.05	 Financial Statements; No Material Adverse Effect	8
	Section 3.06	 Litigation	8
	Section 3.07	 Ownership of Project; Liens	8
	Section 3.08	 Environmental Matters	9
	Section 3.09	 Taxes	9
	Section 3.10	Sales and Use Tax	9
	Section 3.11	 Tax-Exempt	10
	Section 3.12	 ERISA	10
	Section 3.13	Subsidiaries; Equity Interests	10
	Section 3.14	Investment Company Act	11
	Section 3.15	 Solvency.	11
	Section 3.16	 Compliance with Laws; Anti-Corruption Laws and Sanctions	11
	Section 3.17	 Security	12
	Section 3.18	 Status as Pari Passu Lien Debt	12
	Section 3.19	 No Default	12
	Section 3.20	Location	12
	Section 3.21	Insurance	12

 

    -i-

     

    

 

TABLE OF CONTENTS

(continued)

 

	 	Page
	 	 
	ARTICLE IV ISSUANCE OF THE SERIES 2019
    BONDS; USE OF PROCEEDS	13
	Section 4.01	Deposits with the Trustee; Issuance of Series 2019 Bonds	13
	Section 4.02	 Rebate Fund	13
	Section 4.03	 Use of Series 2019 Bond Proceeds	14
	Section 4.04	Repayment of Loan	14
	Section 4.05	Assignment of Issuer’s Rights	15
	Section 4.06	Amounts Remaining in Funds	16
	ARTICLE V AFFIRMATIVE COVENANTS	16
	Section 5.01	Company Reporting and Information Covenants	16
	Section 5.02	 Certificates; Other Information	16
	Section 5.03	Company Existence	16
	Section 5.04	Maintenance of Properties	17
	Section 5.05	Insurance	17
	Section 5.06	 Compliance with Laws	17
	Section 5.07	Books and Records	17
	Section 5.08	 Inspection Rights	18
	Section 5.09	 Compliance with Environmental Laws	18
	Section 5.10	Further Assurances	18
	Section 5.11	 Maintenance of Ratings	19
	Section 5.12	 Taxes	19
	Section 5.13	Tax Covenants	19
	Section 5.14	Certificate of Completion	19
	ARTICLE VI NEGATIVE COVENANTS	20
	Section 6.01	Limitation on Restricted Payments	20
	Section 6.02	Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries	31
	Section 6.03	 Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock	35
	Section 6.04	 Asset Sales	45
	Section 6.05	Transactions with Affiliates.	50
	Section 6.06	 Liens	55
	Section 6.07	 Company Existence	56
	Section 6.08	Offer to Repurchase Upon Change of Control	56
	Section 6.09	 Limitation on Guarantees of Indebtedness by Restricted Subsidiaries	58
	Section 6.10	 Suspension of Covenants	59
	Section 6.11	Limitations on Activities of the Parent	61
	Section 6.12	 Merger, Amalgamation, Consolidation or Sale of All or Substantially All Assets	62
	Section 6.13	 Successor Person Substituted	68
	ARTICLE VII EVENTS OF DEFAULT	68
	Section 7.01	 Non-Payment	68

 

    -ii-

     

    

 

TABLE OF CONTENTS

(continued)

 

	 	Page
	 	 
	Section 7.02	Indenture
    Default	69
	Section 7.03	Other
    Defaults	69
	Section 7.04	Representations
    and Warranties	69
	Section 7.05	Cross-default	69
	Section 7.06 	Insolvency
    or Liquidation Proceeding	69
	Section 7.07	Judgment	70
	Section 7.08 	Invalidity
    of Bond Documents	71
	Section 7.09 	Invalidity
    of Guarantees	71
	Section 7.10	Security	71
	ARTICLE VIII REMEDIES UPON DEFAULT	72
	Section 8.01	Cross-Default
    and Insolvency	72
	Section 8.02	Acceleration	72
	Section 8.03	Other
    Remedies	72
	Section 8.04	Records	72
	Section 8.05	Enforcement	72
	Section 8.06	Adverse
    Determination	73
	Section 8.07	Repayment
    Default	73
	Section 8.08	Collection	73
	Section 8.09	Intervention	73
	Section 8.10 	Agreement
    to Pay Attorneys’ Fees and Expenses	73
	Section 8.11	No
    Remedy Exclusive	74
	Section 8.12	No
    Additional Waiver Implied by One Waiver	74
	ARTICLE IX PREPAYMENT	74
	Section 9.01 	Redemption
    of Series 2019 Bonds with Prepayment Moneys	74
	Section 9.02 	Optional
    Redemption of Series 2019 Bonds	74
	Section 9.03 	Mandatory
    Redemption of Series 2019 Bonds.	74
	Section 9.04 	Actions
    by Issuer	75
	ARTICLE X NON-LIABILITY OF ISSUER; RELIANCE BY TRUSTEE; INDEMNIFICATION	75
	Section 10.01	Non-Liability
    of Issuer	75
	Section 10.02	Reliance
    by Trustee	76
	Section 10.03 	Indemnification	76
	ARTICLE XI SECURITY DOCUMENTS	80
	Section 11.01 	Security
    Interest	80
	Section 11.02 	Collateral
    Trust Agreement	80
	Section 11.03	Collateral
    Agent	80
	Section 11.04	Release
    of Liens on Collateral	81
	Section 11.05 	Release
    of Liens in Respect of BFA Loan Obligations	81
	Section 11.06 	Equal
    and Ratable Sharing of Collateral by Pari Passu Lien Secured Parties	81
	Section 11.07 	Relative
    Rights	82
	Section 11.08 	Further
    Assurances	83

 

    -iii-

     

    

 

TABLE OF CONTENTS

(continued)

 	 	Page
	 	 
	Section 11.09	Intercreditor
    Agreement	83
	Section 11.10	Trustee
    Duties	84
	ARTICLE XII MISCELLANEOUS	85
	Section 12.01	Notices	85
	Section 12.02 	Severability	87
	Section 12.03 	Execution
    of Counterparts	87
	Section 12.04 	Amendments,
    Changes and Modifications	87
	Section 12.05	Governing
    Law; Venue	87
	Section 12.06 	Delegation
    of Duties by Issuer	87
	Section 12.07 	Authorized
    Representative	87
	Section 12.08 	Term
    of the Agreement	88
	Section 12.09 	Binding
    Effect	88
	Section 12.10	Survival
    of Fee Obligation	88
	Section 12.11 	Non-Recourse
    Liability	88
	Section 12.12	Liability
    of Issuer Limited to Trust Estate	88
	Section 12.13 	Waiver
    of Personal Liability	89
	Section 12.14	No
    Constitutional Debt	89
	Section 12.15 	Certificates
    of the Company	90
	Section 12.16 	Complete
    Agreement	90

 

	EXHIBITS	 
	 	 
	Exhibit A	Description
    of Tax-Exempt Project
	Exhibit B	Form of Series 2019 Closed
    End Line of Credit Promissory Note
	Exhibit C	Form of Amendment to
    Financing Agreement

 

    -iv-

     

    

 

 

BOND FINANCING AGREEMENT

 

THIS BOND FINANCING
AGREEMENT, dated as of May 31, 2019 (this “Financing Agreement” or “Bond Financing Agreement”),
is entered into between ARKANSAS DEVELOPMENT FINANCE AUTHORITY, a public body corporate and politic created and existing under
the Act (the “Issuer” or “Bond Issuer”), and each of BIG RIVER STEEL LLC, a Delaware limited
liability company (the “Company” or the “Borrower”), BRS FINANCE CORP., a Delaware corporation
(“BRS Finance”), and BRS INTERMEDIATE HOLDINGS LLC, a Delaware limited liability company (“Holdings”
or “Parent”).

 

WITNESSETH:

 

WHEREAS, pursuant to
and in accordance with the provisions of the Arkansas Development Finance Authority Act, Title 15, Chapter 5, Subchapters 1 through
3 of the Arkansas Code of 1987 Annotated (as amended, the “Act”), by appropriate action duly taken by the Board
of Directors of the Issuer, and in furtherance of the purposes of the Act, the Issuer proposes to issue its Industrial Development
Revenue Bonds (Big River Steel Project), Series 2019 (the “Series 2019 Bonds”) under the Indenture (defined
below), to provide funds, as provided herein, and to loan the proceeds of such Bonds to the Company pursuant to this Financing
Agreement to provide financing and refinancing for a portion of the costs of the Tax-Exempt Project; and

 

WHEREAS, the Issuer
proposes to loan the proceeds of the Series 2019 Bonds to the Company upon the terms and conditions set forth herein (the “BFA
Loan”); and

 

WHEREAS, the Company
has delivered to the Issuer its Series 2019 Promissory Note, in the form of Exhibit B attached hereto, dated May 31, 2019
(the “Series 2019 Note”), as evidence of its obligations with respect to the BFA Loan under this Financing Agreement;
and

 

WHEREAS, the Issuer
will enter into a Trust Indenture, dated as of even date herewith (the “Indenture”), with U.S. Bank National
Association, as trustee (the “Trustee”), pursuant to which the Series 2019 Bonds will be issued; and

 

WHEREAS, to secure
the obligations of the Company and the Guarantors under the Series 2019 Note and this Financing Agreement (collectively, the “BFA
Loan Obligations”), the Trustee will execute a Joinder to the Collateral Trust Agreement and such obligations shall become
entitled to the benefits of Pari Passu Lien Debt;

 

NOW, THEREFORE, for
value received and for due consideration, the receipt and sufficiency of which are hereby acknowledged, and for and in consideration
of the premises and the mutual covenants hereinafter contained, the parties hereto agree as follows:

 

ARTICLE I

 

DEFINITIONS

 

Section 1.01 Definition
of Terms. Words and terms not otherwise defined herein shall have the meanings set forth in the Definitions Annex incorporated
herein by this reference.

 

     

     

    

 

Section 1.02 Other
Interpretive Provisions. With reference to this Financing Agreement and each other Bond Document, unless otherwise specified
herein or in such other Bond Document:

 

(a)          The meanings of
defined terms are equally applicable to the singular and plural forms of the defined terms. Whenever the context may require, any
pronoun shall include the corresponding masculine, feminine and neuter forms.

 

(b)

 

(i)           The words “herein”, “hereto”, “hereof” and “hereunder” and words of similar import
when used in any Bond Document shall refer to such Bond Document as a whole and not to any particular provision thereof.

 

(ii)        References in this Financing Agreement and any other Bond Document to the introductory paragraph, preliminary statements, an Exhibit,
Schedule, Article, Section, clause or sub-clause refer (A) to the appropriate introductory paragraph, preliminary statements, Exhibit
or Schedule to, or Article, Section, clause or sub-clause in, this Financing Agreement or (B) to the extent such references are
not present in this Financing Agreement, to the Bond Document in which such reference appears.

 

(iii)        The terms “include”, “includes” and “including” are by way of example and not limitation.

 

(iv)        The term “documents” includes any and all instruments, documents, agreements, certificates, notices, reports, financial
statements and other writings, however evidenced, whether in physical or electronic form.

 

(v)         The words “assets” and “property” shall be construed to have the same meaning and effect.

 

(vi)        The word “or” is not exclusive.

 

(c)          In the computation of periods of time from a specified date to a later specified date, the word “from” means “from
and including”; the words “to” and “until” each mean “to but excluding”; and the word
 “through” means “to and including”.

 

(d)          Section headings herein and in the other Bond Documents are included for convenience of reference only and shall not affect the
interpretation of this Financing Agreement or any other Bond Document.

 

(e)          Whenever
in this Financing Agreement the Issuer, the Company or the Trustee is named or referred to, it shall include, and shall be
deemed to include, its respective successors and permitted assigns whether so expressed or not. All of the covenants,
stipulations, obligations and agreements by or on behalf of, and other provisions for the benefit of, the Issuer, the Company
or the Trustee contained in this Financing Agreement shall bind and inure to the benefit of such respective successors and
assigns and shall bind and inure to the benefit of any officer, board, commission, authority, agency or instrumentality to
whom or to which there shall be transferred by or in accordance with law any right, power or duty of the Issuer or of its
successors or permitted assigns, the possession of which is necessary or appropriate in order to comply with any such
covenants, stipulations, obligations, agreements or other provisions of this Financing Agreement.

 

    2 

     

    

 

(f)           Nothing in this
Financing Agreement expressed or implied is intended or shall be construed to confer upon, or to give to, any Person other than
the Issuer and the Trustee, including their respective agents and indemnified persons (as such term is used in Section 10.03 hereof),
the Company or the Holders and Beneficial Owners of the Bonds or any other Secured Party any right, remedy or claim under or by
reason of this Financing Agreement or any covenant, condition or stipulation hereof. All the covenants, stipulations, promises
and agreements in this Financing Agreement contained by or on behalf of the Issuer or the Company shall be for the sole benefit
of the Issuer, the Company and the Trustee, including their respective agents and indemnified persons (as such term is used in
Section 10.03 hereof), and the Holders of the Bonds.

 

Section 1.03 Accounting Terms.

 

(a)           All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data
(including financial ratios and other financial calculations) required to be submitted pursuant to this Financing Agreement shall
be prepared in conformity with, GAAP, except as otherwise specifically prescribed herein. For the avoidance of doubt, for purposes
of the Bond Documents, any obligation of a Person under a lease that is not (or would not be) required to be classified and accounted
for as a capitalized lease on a balance sheet of such Person under GAAP, as in effect as of the Closing Date, shall not be treated
as a capitalized lease as a result of the adoption of changes in GAAP or changes in the application of GAAP.

 

(b)           All references herein to GAAP or any other accounting requirements shall refer to such requirements as are in use in the United
States at the time of determination of any computation required or permitted hereunder, or, at the option of the Company, such
requirements in use on the Closing Date.

 

Section 1.04 Rounding.
Any financial ratios required to be maintained by the Company pursuant to this Financing Agreement (or required to be satisfied
in order for a specific action to be permitted under this Financing Agreement) shall be calculated by dividing the appropriate
component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed
herein and rounding the result up or down to the nearest number (with a rounding up if there is no nearest number).

 

Section 1.05 References
to Agreements, Laws, Etc. Unless otherwise expressly provided herein, (a) references to Organizational Documents,
documents (including any Bond Document) and other contractual instruments shall be deemed to include all subsequent
amendments, restatements, amendments and restatements, extensions, supplements, replacements, refinancings and other
modifications thereto, but only to the extent that such amendments, restatements, amendments and restatements, extensions,
supplements, replacements, refinancings, and other modifications are not prohibited by any Bond Document; (b) references to
any Law shall include all statutory and regulatory provisions consolidating, amending, replacing, supplementing or
interpreting such Law and (c) references to any Person shall include such Person’s successors and permitted
assigns.

 

    3 

     

    

 

Section 1.06 Times
of Day. Unless otherwise specified, all references herein to times of day shall be references to Eastern time (daylight or
standard, as applicable).

 

Section 1.07 Certifications.
All certificates and other statements required to be made by any director, officer, employee or member of management of the Company,
any Guarantor or any of their respective Subsidiaries pursuant to any Bond Document are and will be made on the behalf of the Company,
any such Guarantor or any of their respective Subsidiaries and not in such officer’s, director’s, employee’s
or member of management’s individual capacity.

 

Section 1.08 Payment
or Performance. When the payment of any obligation or the performance of any action, covenant, duty or obligation under any
Bond Document is stated to be due or performance required on a day which is not a Business Day, the date of such payment or performance
shall extend to the immediately succeeding Business Day and such extension of time shall be reflected in computing interest or
fees, as the case may be.

 

Section 1.09 Classification.
Subject to Section 6.01(d)(i), for purposes of determining compliance at any time with Section 6.01, Section 6.02,
Section 6.03, Section 6.05, Section 6.06 and Section 6.08, in the event that any Lien, Investment,
Indebtedness, Disposition, Restricted Payment, affiliate transaction or prepayment of Indebtedness meets the criteria of more than
one of the categories of transactions or items permitted pursuant to any clause of such Section 6.01, Section 6.02,
Section 6.03, Section 6.05, Section 6.06 and Section 6.08, the Company, in its sole discretion, may
classify and/or reclassify such transaction or item (or portion thereof) from time to time and will only be required to include
the amount and type of such transaction (or portion thereof) in any one category.

 

ARTICLE II

 

REPRESENTATIONS OF THE ISSUER

 

The Issuer makes the
following representations and warranties to the Company on the Closing Date:

 

Section 2.01 Constituted Authority.
The Issuer is a public body corporate and politic created and existing under the Act. Under the provisions of the Act and applicable
laws of the State of Arkansas, the Issuer is authorized to enter into the transactions contemplated by this Financing Agreement
and the Indenture and to carry out its obligations hereunder and thereunder.

 

Section 2.02 Suitability
for Purpose. Based upon representations of the Company, the Tax-Exempt Project constitutes a “industrial
enterprise” within the meaning of the Act. The Issuer makes no representation or warranty concerning the suitability of
the Tax-Exempt Project or the Project for the purpose for which they are being undertaken by the Company. The Issuer has not
made any independent investigation as to the feasibility of the Tax-Exempt Project or the Project or the creditworthiness of
the Company. Any bond purchaser, assignee of this Financing Agreement or any other party with any interest in this
transaction shall make its own independent investigation as to the creditworthiness and feasibility of the Tax-Exempt Project
and the Project, independent of any representation or warranty of the Issuer. Act. The Issuer hereby finds and
determines that all requirements of the Act with respect to the issuance of the Series 2019 Bonds and the execution of this
Financing Agreement by the Issuer have been complied with and that issuing the Series 2019 Bonds and entering into this
Financing Agreement by the Issuer will be in furtherance of the purposes of the Act.

 

    4 

     

    

 

Section 2.04 Due
Power and Authorization. Under the provisions of the Act, the Issuer has full legal right, power and authority to enter into
the transactions contemplated by this Financing Agreement and the Indenture and to carry out its obligations hereunder and thereunder.
By proper action, the Issuer has duly authorized the execution, delivery and performance of its obligations under this Financing
Agreement and the Indenture.

 

Section 2.05 Binding Effect.
This Financing Agreement and the Indenture each constitutes the legal, valid, and binding limited obligation of the Issuer, enforceable
against the Issuer in accordance with its terms, except as the same may be limited by bankruptcy, insolvency, reorganization, and
other laws affecting creditors’ rights generally from time to time in effect, and rights of acceleration, indemnity, and
contribution, and the availability of equitable remedies may be limited by equitable principles.

 

Section 2.06 Resolution.
The issuance and sale of the Series 2019 Bonds; the execution and delivery of this Financing Agreement and the assignment of this
Financing Agreement and the Series 2019 Note to the Trustee (other than the Unassigned Issuer’s Rights); and the performance
of all covenants and agreements of the Issuer contained in the Series 2019 Bonds, the Use of Proceeds Certificate and this Financing
Agreement have been duly authorized by resolutions of the governing body of the Issuer adopted at meetings thereof duly called
and held by the affirmative vote of not less than a majority of a quorum present at such meeting.

 

Section 2.07 Loan
of Proceeds. The Issuer agrees to issue the Series 2019 Bonds and to loan the proceeds thereof to the Company for the purpose
of providing financing and refinancing to pay a portion of the Tax-Exempt Project Costs.

 

Section 2.08 No
Default. The execution and delivery of this Financing Agreement, the Indenture and the Use of Proceeds Certificate by the Issuer
do not, and consummation of the transactions contemplated hereby and thereby and the performance by the Issuer of its obligations
thereunder will not result in a breach of any of the terms or provisions of, or constitute a default under, any indenture, mortgage,
deed of trust or other agreement or instrument to which the Issuer is now a party or by which it is now bound.

 

Section 2.09 No
Other Pledge. The Issuer has not and will not pledge the amounts derived from this Financing Agreement other than to secure
the Series 2019 Bonds or any Additional Bonds.

 

Section 2.10 Volume
Cap. The Issuer has a carryforward of Arkansas state volume cap from the 2018 calendar year, plus Arkansas state volume
cap from the 2019 calendar year in an amount equal to or greater than the aggregate principal amount of the portion of the
Series 2019 Bonds for which an allocation of Arkansas state volume cap is required pursuant to the Code.

 

    5 

     

    

 

ARTICLE III

 

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

 

On the Closing Date,
the Company and, with respect to Sections 3.01, 3.02, 3.04, 3.06, 3.14, and 3.18 only, Holdings represent and warrant to the Issuer
that:

 

Section 3.01 Existence,
Qualification and Power. Each of the Company and each Guarantor and their respective Subsidiaries has been (a) duly organized
and is validly existing and in good standing under the laws of its jurisdiction of organization, and (b) duly qualified as a foreign
corporation or limited liability company for the transaction of business and is in good standing under the laws of each other jurisdiction
in which it owns or leases properties or conducts any business so as to require such qualification, except, in the case of this
clause (b), where the failure to be so qualified or in good standing would not, individually or in the aggregate, have a Material
Adverse Effect. The Company, each Guarantor and their respective Subsidiaries have full legal right, power, and authority pursuant
to its operating agreement or other governing document, as applicable, to (i) enter into the Bond Documents and any and all such
other agreements and documents as may be required to be executed, delivered and received by the Borrower or any Guarantor in order
to carry out, give effect to and consummate the transactions contemplated in such Bond Documents, in each case to which such Person
is a party, and (ii) carry out and to consummate the transactions contemplated by the Bond Documents.

 

Section 3.02 Authorization; No Contravention.

 

(a)              
The Borrower and each Guarantor has duly authorized and approved by all necessary official action the execution and delivery of,
and the performance by the Borrower or such Guarantor of the obligations on each of their part contained in the Indenture, the
Bond Documents and the Guarantees, as applicable, and any and all such other agreements and documents to which either the Borrower
or any Guarantor is a party or as may be required to be executed, delivered or received by the Borrower or any Guarantor in order
to carry out, give effect to and consummate the transactions to be consummated by the Borrower or Guarantor, as applicable, and
described therein.

 

(b)              
(i) None of the Borrower, any Guarantor nor any Subsidiary is in breach or violation of or in default under (A) any
applicable organizational document of the Borrower, any Guarantor or any Subsidiary, (B) in any material respect, any
statute, law or any judgment, order, decree, rule or regulation of any court or governmental agency or body having
jurisdiction over any of the Borrower, any Guarantor or any of their respective Subsidiaries or any of their properties; or
(C) in any material respect, any material obligation, agreement, covenant or condition contained in any indenture, mortgage,
deed of trust, loan agreement, lease or other material agreement or instrument to which it is a party or by which it or any
of its properties may be bound, including the the Fixed Asset Pari Passu Lien Collateral Documents, and (ii) the issuance and
sale of the Bonds upon the terms set forth in the Indenture and the execution and delivery by the Borrower of the Bond
Documents and by the Guarantor of the Guarantees, and compliance with the provisions of each thereof, will not conflict with
or constitute a breach of or default under (A) any indenture, mortgage, deed of trust, loan agreement, lease or other
agreement or instrument (including the Fixed Asset Pari Passu Lien Collateral Documents) to which any of the Borrower, any
Guarantor or any of their respective Subsidiaries is a party or by which any of the Borrower, any Guarantor or any of their
respective Subsidiaries is bound or to which any of the property or assets of any of them is subject, except, in the case of
this clause for such conflicts, breaches or defaults that would not, individually or in the aggregate, have a Material
Adverse Effect, (B) any applicable organizational document of the Borrower, any Guarantor or any of their respective
Subsidiaries, or (C) any law, statute, governmental regulation or any order, rule or regulation of any court or governmental
agency or body having jurisdiction over any of the Borrower, any Guarantor any of their respective Subsidiaries or any of
their properties, except in the case of clause (C) for such conflicts, breaches or defaults that would not, individually or
in the aggregate, have a Material Adverse Effect.

 

    6 

     

    

 

Section 3.03 Governmental
Authorization. All approvals, consents, and orders of any Governmental Authority, board, agency, or commission having jurisdiction
that would constitute a condition precedent to the performance by the Borrower of its obligations under the Bond Documents, the
issuance of the Bonds, and the execution and delivery and performance by the Borrower of the Bond Documents or the execution, delivery
and performance by the Guarantors of the Guarantees, have been obtained, except for (a) filings or other actions necessary to maintain
the perfection of the Liens on the Collateral granted by the Company, each Guarantor and their respective Subsidiaries in favor
of the Pari Passu Lien Secured Parties, (b) those approvals, consents, exemptions, authorizations or other actions, notices or
filings described in the Bond Documents, or (c) those approvals, consents, exemptions, authorizations or other actions, notices
or filings, the failure of which to obtain or make would not reasonably be expected to have, individually or in the aggregate,
a Material Adverse Effect.

 

Except as would not
reasonably be expected to result in a Material Adverse Effect, all approvals, consents, and orders of any Governmental Authority,
board, agency, or commission having jurisdiction that are required to have been obtained for the construction and operation of
the Project have been obtained or will be obtained prior to the Closing Date other than those that are not yet required to be obtained
as of the Closing Date. The Borrower has no reason to believe that it will not be able to obtain any material approvals, consents,
and orders of any Governmental Authority, board, agency, or commission having jurisdiction that are required to be obtained for
the construction and operation of the Project that are not yet required to be obtained as of the Closing Date.

 

Section 3.04 Binding
Effect. This Financing Agreement constitutes, and each of the Bond Documents and the Guarantees (when executed and
delivered by the Borrower or any Guarantor, as applicable, and any other parties thereto) and the Fixed Asset Pari Passu Lien
Collateral Documents constitute (or did constitute and continues to constitute, in the case of any Bond Document or Fixed
Asset Pari Passu Lien Collateral Document executed prior to the date hereof), the legal, valid, and binding obligations of
the Borrower or such Guarantor, as applicable, enforceable against the Borrower or such Guarantor, as applicable, in
accordance with its terms, except as the same may be limited by bankruptcy, insolvency, reorganization, and other laws
affecting creditors’ rights generally from time to time in effect, and rights of acceleration, indemnity, and
contribution, and the availability of equitable remedies may be limited by equitable principles.

 

    7 

     

    

 

Section 3.05 Financial
Statements; No Material Adverse Effect. The financial statements included in the Limited Offering Memorandum, together with
the related schedules and notes, present fairly in all material respects the financial position of the Borrower and the Guarantors
and their respective Subsidiaries at the dates indicated and the statement of operations, stockholders’ equity and cash flows
of the Borrower, the Guarantors and their respective Subsidiaries for the periods specified; said financial statements have been
prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) applied on a consistent basis throughout
the periods involved. The supporting schedules, if any, present fairly in all material respects in accordance with GAAP the information
required to be stated therein.

 

(b)          None of the Borrower
nor any Guarantor or any of their respective Subsidiaries has, since the date of the latest audited financial statements included
in the Limited Offering Memorandum, (i) sustained any material loss or interference with its business from fire, explosion, flood
or other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental action, order or decree
or (ii) entered into any transaction or agreement (whether or not in the ordinary course of business) that is material to the Borrower,
any Guarantor and their respective Subsidiaries taken as a whole or incurred any liability or obligation, direct or contingent,
that is material to the Borrower, the Guarantors and their respective Subsidiaries taken as a whole, in each case, otherwise than
as set forth or contemplated in the Limited Offering Memorandum.

 

Section 3.06 Litigation.
Except as otherwise disclosed in the Limited Offering Memorandum, there is no action, suit, proceeding, inquiry, or investigation,
at law or in equity, before or by any court, public board, or body, pending or, to the knowledge of the Borrower, threatened against
the Borrower, any Guarantor or any of their respective Subsidiaries, (i) affecting the existence of the Borrower or any Guarantor
or any of their respective Subsidiaries or the titles of any of their officers to their respective offices, (ii) seeking to prohibit,
restrain, or enjoin the issuance, sale, or delivery of the Bonds or the collection of the Trust Estate pledged or to be pledged
to pay the principal of and interest on the Bonds, or the pledge thereof, (iii) in any way contesting or affecting the validity
or enforceability of any Bond Document, the Guarantees or Fixed Asset Pari Passu Lien Collateral Document or any amendment or supplement
thereto, (iv) contesting the power or authority of the Borrower to execute and deliver any of the Bond Documents or the authority
of any of the Guarantors to execute and deliver any of the Guarantees, (v) wherein an unfavorable decision, ruling, or finding
would materially adversely affect the validity or enforceability of any of the Bond Documents; or (vi) if determined adversely
to the Borrower, the Guarantors or any of their respective Subsidiaries, would individually or in the aggregate have a Material
Adverse Effect.

 

Section 3.07 Ownership
of Project; Liens. Each of the Borrower and each Guarantor and their respective Subsidiaries has (i) good and marketable
title in fee simple to all real property owned by them, (ii) good and marketable title to all personal property owned by them
and (iii) good and marketable leasehold or subleasehold interests in all real property and personal property leased by them
pursuant to valid and enforceable leases, in each case, free and clear of all liens, encumbrances and defects, except such as
are permitted under the Existing Debt Documents and the Fixed Asset Pari Passu Lien Collateral Documents, or such as do not
materially affect the value of such property and do not interfere with the use made and proposed to be made of such property
by the Borrower and the Guarantors in any material respects.

 

    8 

     

    

 

Section 3.08 Environmental
Matters. Except as described in the Limited Offering Memorandum, (i) each of the Borrower, each Guarantor and their respective
Subsidiaries is, and at all times prior hereto was, in compliance in all material respects with all laws, regulations, ordinances,
rules, orders, judgments, decrees, permits or other legal requirements of any Governmental Authority, including, without limitation,
any international, foreign, national, state, provincial, regional, or local authority, relating to pollution, the protection of
human health or safety relating to hazardous materials, the environment, or natural resources, or to use, handling, storage, manufacturing,
transportation, treatment, discharge, disposal or release of hazardous or toxic substances or wastes, pollutants or contaminants
(“Environmental Laws”) applicable to such entity, which compliance includes, without limitation, obtaining,
maintaining and complying with all permits and authorizations and approvals required by Environmental Laws to conduct their respective
businesses, and (ii) none of the Borrower, a Guarantor or any of their respective Subsidiaries has received written notice or otherwise
has knowledge of any actual or alleged material violation of Environmental Laws, or of any actual or potential material liability
for or other material obligation arising out of the presence, disposal or release of hazardous or toxic substances or wastes, pollutants
or contaminants. Except as described in the Limited Offering Memorandum, (i) there are no proceedings that are pending against
any of the Borrower, the Guarantors or their respective Subsidiaries under Environmental Laws in which a Governmental Authority
is also a party, in which any of the Borrower, the Guarantors or their Subsidiaries reasonably believe that monetary fines or sanctions
of $100,000 or more could be imposed, (ii) none of the Borrower, any Guarantor or their respective Subsidiaries are aware of any
proposed or pending Environmental Laws which any of them reasonably believes will have a material and adverse impact on any of
the Borrower, any Guarantors or their respective Subsidiaries within the next two (2) years, and (iii) none of the Borrower, any
Guarantor or their respective Subsidiaries reasonably anticipates that any of them will incur material capital expenditures relating
to compliance with, or liabilities or obligations under, applicable Environmental Laws within the next two (2) years, beyond those
already budgeted to maintain compliance with such Environmental Laws.

 

Section 3.09 Taxes.
Except as described in the Limited Offering Memorandum, each of the Borrower, each Guarantor and their respective Subsidiaries
has filed all federal, state and foreign income tax returns and all other material tax returns required to be filed through the
date hereof, subject to permitted extensions, and have paid all material taxes required to be paid by them to the extent due and
payable, except for any such tax that is currently being contested in good faith (provided that appropriate reserves are made),
and no material tax deficiency has been determined adversely to any of the Borrower, any Guarantor or any of their respective Subsidiaries,
nor does any of the Borrower, any Guarantor or their respective Subsidiaries have any knowledge of any material tax deficiencies
that have been asserted.

 

Section 3.10 Sales
and Use Tax. By virtue of the Tax-Exempt Project being financed under the Act, the Company has not and will not assert
that it is entitled to an exemption from Arkansas sales or use taxes on personal property acquired in connection with the
Tax-Exempt Project. The foregoing sentence shall not operate to prevent the Company from seeking or obtaining an exemption or
rebate on a basis other than the Tax-Exempt Project having been financed under the Act.

 

    9 

     

    

 

Section 3.11 Tax-Exempt.
The proceeds received from the sale of the Series 2019 Bonds and loaned to the Borrower pursuant to the terms hereof shall be
used in accordance with the Use of Proceeds Certificate and the Indenture, and the Borrower has not taken or permitted, or omitted
to take, and will not take or permit, or omit to take, any action which will in any way (i) cause or result in the proceeds of
the sale of the Series 2019 Bonds to be applied in a manner other than as provided in the Use of Proceeds Certificate and the
Indenture, or (ii) adversely affect the exclusion from gross income for federal income tax purposes of the interest on the Series
2019 Bonds.

 

Section 3.12 ERISA. Except as
described in the Limited Offering Memorandum, each (i) “employee benefit plan” (within the meaning of Section
3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) which any of the Borrower, any
Guarantor or any member of their “Controlled Group” (defined as any organization which is a member of a
controlled group of corporations within the meaning of Section 414 of the Internal Revenue Code of 1986, as amended (the
 “Code”)) sponsors (each a “Plan”) has been maintained in material compliance with its terms and with
the requirements of all applicable statutes, rules and regulations including ERISA and the Code; (ii) no prohibited
transaction, within the meaning of Section 406 of ERISA or Section 4975 of the Code, has occurred with respect to any Plan
excluding transactions eligible for a statutory or administrative exemption; (iii) with respect to each Plan subject to Title
IV of ERISA (A) no “reportable event” (within the meaning of Section 4043(c) of ERISA) has occurred or, to the
knowledge of the Borrower, is reasonably expected to occur, (B) no failure to satisfy the “minimum funding
standard” (within the meaning of Section 302 of ERISA or Section 412 of the Code), whether or not waived, has occurred
or, to the knowledge of the Borrower, is reasonably expected to occur, (C) the fair market value of the assets under each
Plan subject to the funding requirements of Code Section 412 is at least 80% of the present value of all benefits accrued
under such Plan (such that the Plan is not subject to funding-based limits under Code Section 436), and (D) each of the
Borrower and each Guarantor has not incurred, and does not reasonably expect to incur, any liability (whether directly or as
a member of its Controlled Group) under Title IV of ERISA (other than contributions to the Plan or premiums to the Pension
Benefit Guaranty Corporation in the ordinary course and without default) in respect of a Plan (including with respect to a
 “multiemployer plan,” within the meaning of Section 4001(c)(3) of ERISA); and (iv) each Plan that is intended to
be qualified under Section 401(a) of the Code is so qualified and nothing has occurred, whether by action or by failure to
act, which would cause the loss of such qualification.

 

Section 3.13 Subsidiaries;
Equity Interests. As of the Closing Date, the Company has one wholly owned Subsidiary, BRS Finance, and all of the outstanding
Equity Interests in the Company have been validly issued and are fully paid and (if applicable) nonassessable, and (a) the Parent
owns all outstanding Equity Interests in the Company, and (b) the Company owns all outstanding Equity Interests in BRS Finance,
in each case free and clear of all Liens other than Permitted Liens.

 

    10 

     

    

 

Section 3.14 Investment
Company Act. The Borrower is not required to register as an “investment company” within the meaning of the Investment
Company Act of 1940, as amended, and is not “controlled” by a company required to register as an “investment
company” under the Investment Company Act of 1940, as amended.

 

Section 3.15 Solvency. On the Closing
Date, the Company is Solvent.

 

Section 3.16 Compliance with Laws; Anti-Corruption
Laws and Sanctions.

 

(a)         Compliance
with Laws. Except as described in the Limited Offering Memorandum, the Company is in compliance with the requirements of all
applicable Laws and all orders, writs, injunctions and decrees applicable to it, the Plant or the Project, except in such instances
in which (i) such requirement of Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings
diligently conducted or (ii) the failure to comply therewith could not reasonably be expected to have a Material Adverse Effect.

 

(b)          Anti-Corruption
Laws and Sanctions. None of the Borrower, any Guarantor or any of their respective Subsidiaries nor any of their
respective directors, members, managers or officers, or, to the knowledge of the Borrower, of each Guarantor and their
respective Subsidiaries, any director, officer, member, manager, agent, employee, affiliate or other person associated with
or acting on behalf of any of them has (i)   made, offered, promised or authorized any unlawful contribution, gift,
entertainment or other unlawful expense; (ii) made, offered, promised or authorized any direct or indirect unlawful payment;
or (iii) violated or is in violation of any provision of the Foreign Corrupt Practices Act of 1977, the Bribery Act 2010 of
the United Kingdom or any other applicable anti-bribery or anti-corruption law (collectively, the “Anti-Corruption
Law”).

 

The operations
of each of the Borrower, each Guarantor and any of their respective Subsidiaries are and have been conducted at all times in compliance
with the requirements of applicable anti-money laundering laws, including, but not limited to, the Bank Secrecy Act of 1970, as
amended by the USA PATRIOT ACT of 2001, and the rules and regulations promulgated thereunder, and the anti-money laundering laws
of the various jurisdictions in which any such party or its Subsidiaries conduct business (collectively, the “Money Laundering
Laws”), and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator
involving any of the Borrower, a Guarantor or any of their respective Subsidiaries with respect to the Money Laundering Laws is
pending or, to the knowledge of any such entity, threatened.

 

(ii)
None of the Borrower, a Guarantor or any of their respective Subsidiaries nor, to the knowledge of the Borrower, any
director, officer, member, manager, agent, employee or affiliate of each of the Borrower, each Guarantor or any of their
respective Subsidiaries, is currently the subject or the target of any sanctions administered or enforced by the U.S.
Government, including, without limitation, the Office of Foreign Assets Control of the U.S. Department of the Treasury, or
the U.S. Department of State and including, without limitation, the designation as a “specially designated
national” or “blocked person,” the European Union, Her Majesty’s Treasury, the United Nations
Security Council, or other relevant sanctions authority (collectively, “Sanctions”), and the Borrower will
not directly or indirectly use the proceeds of the offering of the Bonds, or lend, contribute or otherwise make available
such proceeds to any Subsidiary, joint venture partner or other person or entity (i) to fund or facilitate any activities of
or business with any person, or in any country or territory, that, at the time of such funding, is the subject or the target
of Sanctions or (ii) in any other manner that will result in a violation by any person (including any person participating in
the transaction, whether as issuer, underwriter, advisor, investor or otherwise) of Sanctions.

 

    11 

     

    

 

Section 3.17 Security.
The Fixed Asset Pari Passu Lien Collateral Documents create legally valid and enforceable liens securing the BFA Loan Obligations
ranking as contemplated in the Collateral Trust Agreement and Intercreditor Agreement, and no other security interest, lien or
other encumbrance exists or will exist over the Borrower’s or Guarantors’ interest in the Collateral or over any other
of the Borrower’s or Guarantors’ revenues or assets other than Permitted Liens, and on or promptly following the Closing
Date, all necessary recordings and filings will have been or will be made such that the security interests created by such Fixed
Asset Pari Passu Lien Collateral Documents constitute valid, perfected and continuing security interests on the Collateral under
such Fixed Asset Pari Passu Lien Collateral Documents, subject only to Permitted Liens.

 

Except as otherwise
contemplated hereby or under any other Bond Documents, the BFA Loan Obligations will be fully and unconditionally guaranteed (the
 “Guarantees”) on a senior secured basis, jointly and severally, by Holdings, BRS Finance and each current and
future domestic subsidiary that is an obligor or guarantor under the ABL Facility or the Term Loan Credit Agreement (each a “Guarantor”
and collectively, the “Guarantors”).

 

Section 3.18 Status
as Pari Passu Lien Debt. The BFA Loan Obligations constitute, and shall continue to constitute, Pari Passu Lien Debt pursuant
to the terms of the Collateral Trust Agreement and will be on a parity of security with other outstanding debt of the Company or
the Guarantors and future debt of the Company or Guarantors, if any, designated as Pari Passu Lien Debt pursuant to the Pari Passu
Lien Debt Documents.

 

Section 3.19 No
Default. No Default or Event of Default has occurred and is continuing.

 

 

Section 3.20 Location. The Project is
located wholly within the State of Arkansas.

 

Section 3.21 Insurance.
Each of the Borrower, each Guarantor and their respective Subsidiaries carry, or are covered by, insurance from insurers of
recognized financial responsibility in such amounts and covering such risks as is generally deemed adequate and customary for
companies engaged in similar businesses in similar industries. All such policies of insurance are in full force and effect;
the Borrower, each Guarantor and their respective Subsidiaries are in compliance with the terms of such policies in all
material respects; and none of the Borrower, any Guarantor or their respective Subsidiaries has received notice from any
insurer or agent of such insurer that capital improvements or other expenditures are required or necessary to be made in
order to continue such insurance.

 

    12 

     

    

 

ARTICLE IV

 

ISSUANCE OF THE SERIES 2019 BONDS; USE OF PROCEEDS

 

Section 4.01 Deposits with the
Trustee; Issuance of Series 2019 Bonds. To provide funds to the Company for purposes of financing and refinancing a portion
of the Tax-Exempt Project Costs, the Issuer will issue, sell and deliver the Series 2019 Bonds upon the order of the Underwriter
as provided in the Purchase Agreement. The Series 2019 Bonds will be issued pursuant to the Indenture in the aggregate principal
amount, will bear interest, will mature, will be subject to redemption and have such other terms as set forth therein. The Company
hereby approves the terms and conditions of the Indenture and the Series 2019 Bonds, and the terms and conditions under which the
Series 2019 Bonds will be issued, sold and delivered. The Company and the Issuer agree and, in accordance with Section 5.02
of the Indenture, the Company directs that the proceeds from the sale of the Series 2019 Bonds shall be deposited pursuant to Section
5.02 of the Indenture. The Company acknowledges that it has no ownership interest in the moneys held in the funds and accounts
maintained by the Trustee, and specifically, with respect to the Construction Fund, the Company acknowledges and agrees that advances
under the Series 2019 Note will be funded from deposits held by the Trustee in the applicable subaccounts only upon delivery of
a written requisition satisfying the terms and conditions of the Indenture. The Company further acknowledges and agrees that the
Issuer shall have no liability with respect to the investment, rebate, use, application or disbursement of the proceeds from the
sale of the Series 2019 Bonds, and pursuant to Section 10.03 hereof, the Company holds the Issuer harmless from any such liability,
cost or expense as may result therefrom.

 

At the request of the
Company, and for the purposes and upon fulfillment of the conditions specified in the Indenture, the Issuer may provide for the
issuance, sale and delivery of Additional Bonds, in accordance with the Bond Documents and in accordance with the requirements
of the Act and other applicable law and make available the proceeds from the sale thereof to the Company.

 

Section 4.02 Rebate
Fund. The Company agrees to make such payments to the Trustee (for deposit in the Rebate Fund as anticipated by Section
5. 11 of the Indenture) as are required of it under the Use of Proceeds Certificate. The obligation of the Company to
make such payments shall remain in effect and be binding upon the Company notwithstanding the release and discharge of the
Indenture and this Financing Agreement. The Company and the Issuer (to the extent within its control) each covenants to the
owners of the Series 2019 Bonds that, notwithstanding any other provision of this Financing Agreement or any other
instrument, it shall take no action, nor shall the Company direct the Trustee to take or approve the Trustee taking any
action or direct the Trustee to make or approve the Trustee’s making any investment or use of proceeds of the Series
2019 Bonds, or any other moneys which may arise out of or in connection with this Financing Agreement, the Indenture or the
Tax-Exempt Project, which would cause the Series 2019 Bonds to be treated as “arbitrage bonds” within the meaning
of Section 148 of the Code. In addition, the Company covenants and agrees to comply with the requirements of Section 148(f)
of the Code as it may be applicable to the Series 2019 Bonds or the proceeds derived from the sale of the Series 2019 Bonds
or any other moneys which may arise out of, or in connection with, this Financing Agreement, the Indenture or the Tax-Exempt
Project throughout the term of the Series 2019 Bonds. No provision of this Financing Agreement shall be construed to impose
upon the Trustee any obligation or responsibility for compliance with arbitrage regulations. For purposes of complying with
their respective obligations under this Section 4.02 and the Use of Proceeds Certificate, the Issuer and the Company
may rely upon the advice of Bond Counsel retained by the Issuer or the Company.

 

    13 

     

    

 

Section 4.03 Use
of Series 2019 Bond Proceeds. (a) The Issuer covenants and agrees, upon the terms and conditions in this Financing Agreement
and the Series 2019 Note, to use the proceeds of the Series 2019 Bonds (conditioned on the receipt thereof by the Issuer) to make
the BFA Loan to the Company for the financing and reimbursement of a portion of the Tax-Exempt Project Costs. The Company agrees
to use such proceeds of the Series 2019 Bonds solely for such purposes.

 

(b)          In the event the
amounts available to the Company from the BFA Loan should not be sufficient to pay the costs of the Tax-Exempt Project in full,
the Company agrees to complete the Tax-Exempt Project and to pay that portion of the Tax-Exempt Project Costs in excess of the
moneys available from the BFA Loan. The Issuer does not make any warranty, either expressed or implied, that the proceeds of the
BFA Loan will be sufficient to pay all of the Tax-Exempt Project Costs.

 

Section 4.04 Repayment of Loan.

 

(a)           Whether
or not the Company has fully drawn the proceeds of the BFA Loan, at least one (1) Business Day before each date provided in or
pursuant to the Indenture for the payment (whether at maturity or upon redemption, tender or acceleration) of principal of, and
premium, if any, and interest on, and the purchase price of, the Series 2019 Bonds, until the principal of, and premium, if any,
and interest on, and the purchase price of, the Series 2019 Bonds shall have been fully paid or provision for the payment thereof
shall have been made in accordance with the Indenture, the Company shall pay to the Trustee in immediately available funds, for
deposit in the Debt Service Fund, and without regard to the principal amount of the BFA Loan, a sum equal to the amount payable
on such date (whether at maturity or upon redemption or acceleration) as principal of, and premium, if any, and interest on, the
Series 2019 Bonds as provided in the Indenture; provided, however, that the obligation of the Company to make any
such payments shall be reduced by the amount of any moneys then on deposit in the Debt Service Fund and available for such payment.
The obligation of the Company to make the payments pursuant to this Financing Agreement shall be absolute and unconditional without
defense or set-off by reason of any default by the Issuer under this Financing Agreement or under any other agreement between the
Company and the Issuer or for any other reason, including, but not limited to, the unpaid balance of the BFA Loan, it being the
intention of the parties that the payments required hereunder will be paid in full when due without any delay or diminution whatsoever
and without regard to the principal amount of the BFA Loan.

 

    14 

     

    

 

(b)          The Company also agrees to pay (i) the annual fee of the Trustee and the Collateral Agent, for their ordinary services
rendered as trustee or collateral agent, respectively, and their ordinary expenses, as and when the same become due, (ii) the
fees, charges and expenses (including reasonable legal fees and expenses) of the Trustee previously agreed upon in writing,
in each of its respective capacities (including as Registrar, Paying Agent and Authenticating Agent (as each such term is
defined in the Indenture)), the reasonable, customary and documented fees of any other paying agent on the Series 2019 Bonds
as provided in the Indenture, as and when the same become due, (iii)  the fees, charges and expenses of the Trustee for
any extraordinary services rendered by it and any extraordinary expenses (including, but not limited to reasonable
attorneys’ fees and expenses) incurred by it under the Indenture, as and when the same become due, (iv)  the cost
of printing any Series 2019 Bonds required to be furnished by the Issuer, (v) the cost of printing and typesetting any
preliminary offering memorandum, offering memorandum or other offering circular utilized in connection with the sale of any
Series 2019 Bonds and any amendment or supplement thereto, (vi) the Issuer’s fee at the Closing Date, and (vii) any
amounts required to be deposited in the Rebate Fund to comply with the provisions hereof, the Indenture and the Use of
Proceeds Certificate, and the payment of any rebate analyst. The Trustee’s compensation shall not be limited by any
provision of law regarding the compensation of a trustee of an express trust.

 

(c)          The Company also agrees to pay, (i) as soon as practicable after receipt of request for payment thereof, all expenses required
to be paid by the Company under the terms of the Purchase Agreement, and (ii) all reasonable, customary and documented expenses
of the Issuer, including reasonable legal fees and expenses, related to the Project, and the execution, delivery and performance
of this Financing Agreement, the Indenture, and all other agreements and instruments executed in connection with the issuance of
the Series 2019 Bonds, which are not otherwise required to be paid by the Company under the terms of this Financing Agreement,
including all costs of issuance.

 

(d)          The Company may prepay all or any part of the amounts required to be paid by it under this Financing Agreement or the Series 2019
Note as further provided in Article IX hereof.

 

Section 4.05 Assignment
of Issuer’s Rights. As security in part for the payment of the Series 2019 Bonds, the Issuer will assign to the Trustee
the Issuer’s rights under this Financing Agreement (except the Unassigned Issuer’s Rights) and under the Series 2019
Note, and the Issuer hereby directs the Company to make or cause the payments required hereunder to be made (except such payments
for expenses and indemnification included in the Unassigned Issuer’s Rights) directly to the Trustee. The Company hereby
assents to such assignment and agrees to make payments directly to the Trustee without defense or set-off by reason of any dispute
between the Company and the Issuer or the Trustee. “Unassigned Issuer’s Rights” means the Issuer’s right
to cause the Company to pay for or otherwise reimburse costs and expenses of the Issuer, to enforce certain below-listed obligations
of the Company (but not to the exclusion of such enforcement by the Trustee), including, without limitation, all of the Issuer’s
right to indemnification from the Company under this Financing Agreement, as set forth in Sections 4.01, 4.02, 4.04(b), 4.04(c),
5.06, 5.13, 8.05, 8.10, 8.11, 8.12, 10.01, 10.03, 12.04, 12.06, 12.08, 12.10, 12.12, 12.13 and 12.14 hereof.

 

    15 

     

    

 

Section 4.06 Amounts
Remaining in Funds. It is agreed by the parties hereto that after payment in full of (i) the Series 2019 Bonds, or after provision
for such payment shall have been made as provided in the Indenture, (ii) the fees, charges and expenses of the Trustee and paying
agents in accordance with the Indenture, and (iii) all other amounts required to be paid under this Financing Agreement and the
Indenture, any amounts remaining in any fund held by the Trustee under the Indenture (except the Rebate Fund) shall be paid as
provided in Section 5.09 of the Indenture.

 

ARTICLE V

 

AFFIRMATIVE COVENANTS

 

The Company hereby
agrees that it shall, and, as applicable, shall cause each Restricted Subsidiary to:

 

Section 5.01 Company
Reporting and Information Covenants. So long as any Series 2019 Bonds are Outstanding, the Company will furnish to the Holders
the information required by and otherwise comply with the Continuing Disclosure Undertaking Agreement.

 

Section 5.02 Certificates; Other Information.

 

(a)          Deliver to the Trustee, within one hundred twenty (120) days after the end of each fiscal year ending after the Closing Date, a
certificate from the principal executive officer, principal financial officer or principal accounting officer stating that a review
of the activities of the Company and its Restricted Subsidiaries during the preceding fiscal year has been made under the supervision
of the signing Officer with a view to determining whether the Company has kept, observed, performed and fulfilled its obligations
under this Financing Agreement, and further stating, as to such Officer signing such certificate, that to the best of his or her
knowledge the Company has kept, observed, performed and fulfilled each and every condition and covenant contained in this Financing
Agreement during such fiscal year and is not in Default in the performance or observance of any of the terms, provisions, covenants
and conditions of this Financing Agreement (or, if a Default shall have occurred, describing all such Defaults of which he or she
may have knowledge and what action the Company is taking or proposes to take with respect thereto).

 

(b)          When any Default has occurred and is continuing under this Financing Agreement, shall promptly (which shall be no more than thirty
(30) days after becoming aware of such Default) deliver to the Trustee by registered or certified mail or by facsimile transmission
an Officer’s Certificate specifying such Default, its status and what actions the Company proposes to take with respect thereto.

 

Section 5.03 Company
Existence. Subject to Sections 6.12 and 6.13, the Company shall do or cause to be done all things necessary
to preserve and keep in full force and effect its organizational existence, and the corporate, partnership or other
organizational existence of each of its Restricted Subsidiaries, in accordance with the respective Organizational Documents
(as the same may be amended from time to time) of the Company or any such Restricted Subsidiary; provided that the Company
shall not be required to preserve the corporate, partnership or other organizational existence of its Restricted
Subsidiaries, if the Company in good faith shall determine that the preservation thereof is no longer desirable in the
conduct of the business of the Company and its Restricted Subsidiaries, taken as a whole.

 

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Section 5.04 Maintenance
of Properties. Except if the failure to do so would not reasonably be expected to have, individually or in the aggregate, a
Material Adverse Effect, maintain, preserve and protect all of its material properties and equipment used in the operation of its
business in good working order, repair and condition, ordinary wear and tear excepted and casualty or condemnation excepted and
any repairs and replacements that are the obligation of the owner or landlord of any property leased by the Company or any of the
Restricted Subsidiaries excepted.

 

Section 5.05 Insurance.
Maintain with insurance companies that the Company believes (in the good faith judgment of its management) are financially sound
and reputable at the time the relevant coverage is placed or renewed or with a Captive Insurance Subsidiary, insurance with respect
to the Company’s and the Restricted Subsidiaries’ properties and business against loss or damage of the kinds customarily
insured against by Persons engaged in the same or similar business, of such types and in such amounts (after giving effect to any
self-insurance reasonable and customary for similarly situated Persons engaged in the same or similar businesses as the Company
and the Restricted Subsidiaries) as are customarily carried under similar circumstances by such other Persons, and will furnish
to the Trustee, upon reasonable written request, information presented in reasonable detail as to the insurance so carried;
provided that notwithstanding the foregoing, in no event will the Company or any Restricted Subsidiary be required to obtain
or maintain insurance that is more restrictive than its normal course of practice. The Company shall use commercially reasonable
efforts to ensure that each such policy of insurance (other than business interruption insurance (if any), director and officer
insurance and worker’s compensation insurance) shall as appropriate and to the extent customary in the applicable jurisdiction
governing such policy of insurance for substantially similar financings, (i) name the Collateral Agent, on behalf of the Pari Passu
Lien Secured Parties, as an additional insured thereunder as its interests may appear and/or (ii) in the case of each casualty
insurance policy, contain a loss payable clause or endorsement that names the Collateral Agent, on behalf of the Pari Passu Lien
Secured Parties, as the loss payee thereunder (in the case of property insurance with respect to the Collateral).

 

Section 5.06 Compliance
with Laws. Comply in all material respects with the requirements of all Laws and comply, as applicable, with the USA PATRIOT
Act, sanctions administered by OFAC and all orders, writs, injunctions and decrees of any Governmental Authority applicable to
it or to its business or property, except, in each case, in instances in which (i) such requirement of Law, order, writ, injunction
or decree is being contested in good faith by appropriate proceedings diligently conducted or (ii) the failure to comply therewith
would not reasonably be expected individually or in the aggregate to have a Material Adverse Effect.

 

Section 5.07 Books
and Records. Maintain proper books of record and account, in which entries that are full, true and correct in all
material respects shall be made of all material financial transactions and matters involving the assets and business of the
Company or such Restricted Subsidiary, as the case may be (it being understood and agreed that certain Foreign Subsidiaries
may maintain individual books and records in conformity with generally accepted accounting principles in their respective
countries of organization and that such maintenance shall not constitute a breach of the representations, warranties or
covenants hereunder).

 

    17 

     

    

 

Section 5.08 Inspection
Rights. Permit representatives of the Trustee and each Bond Holder to visit and inspect any of its properties, to examine
its corporate, financial and operating records, and make copies thereof or abstracts therefrom (other than the records of the
Board of Directors of the Company, any Guarantor or any of their respective Subsidiaries), and to discuss its affairs,
finances and accounts with its directors, officers, and independent accountants (subject to such accountants’ customary
policies and procedures), all at the reasonable expense of the Company and at such reasonable times during normal business
hours and as often as may be reasonably desired, upon reasonable advance notice to the Company; provided that, only
the Trustee on behalf of the Bond Holders may exercise rights of the Trustee and the Bond Holders under this Section
5.08 and the Trustee shall not exercise such rights more often than one (1) time during any calendar year absent the
existence of an Event of Default and such one (1) time shall be at the Company’s expense; provided, further,
that when an Event of Default exists, the Trustee (or any of its respective representatives or independent contractors) on
behalf of the Bond Holders may do any of the foregoing at the expense of the Company at any time during normal business hours
and upon reasonable advance notice. The Trustee and the Bond Holders shall give the Company the opportunity to participate in
any discussions with the Company’s independent public accountants. Notwithstanding anything to the contrary in this Section
5.08, none of the Company or any of the Subsidiaries will be required to disclose, permit the inspection, examination or
making copies or abstracts of, or discussion of, any document, information or other matter that (a) constitutes non-financial
trade secrets or non-financial proprietary information, (b) in respect of which disclosure to the Trustee or any Bond Holder
(or their respective representatives or contractors) is prohibited by Law or any binding agreement or (c) is subject to
attorney-client or similar privilege or constitutes attorney work product; provided that, to the extent legally
permissible, the Company shall notify the Trustee in writing that any such document, information or other matter is being
withheld pursuant to clauses (a), (b) or (c) of this Section 5.08 and shall use commercially
reasonable efforts to communicate, to the extent permitted, the applicable information in a way that would not violate such
restrictions and to eliminate such restrictions.

 

Section 5.09 Compliance
with Environmental Laws. Except, in each case, to the extent that the failure to do so would not reasonably be expected to
have, individually or in the aggregate, a Material Adverse Effect, comply, and take all reasonable actions to cause any lessees
and other Persons operating or occupying its properties to comply with all applicable Environmental Laws and Environmental Permits.

 

Section 5.10 Further
Assurances. Subject to the provisions and limitations of Section 6.11 and any applicable limitations in any Fixed
Asset Pari Passu Lien Collateral Document and in each case at the expense of the Company, promptly as may be required by
applicable Laws (a) correct any material defect or error that may be discovered in the execution, acknowledgment, filing or
recordation of any Fixed Asset Pari Passu Lien Collateral Document or other document or instrument relating to any
Collateral, and (b) do, execute, acknowledge, deliver, record, re-record, file, re-file, register and re-register any and all
such further acts, deeds, certificates, assurances and other instruments as the Trustee or Collateral Agent may reasonably
request from time to time in order to carry out more effectively the purposes of the Fixed Asset Pari Passu Lien Collateral
Documents.

 

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Section 5.11 Maintenance
of Ratings. Use commercially reasonable efforts to maintain ratings on the Series 2019 Bonds by the Rating Agencies so long
as the Series 2019 Bonds are Outstanding under the Indenture and the Rating Agencies continue to rate securities issued by or on
behalf of an entity similar to the Company.

 

Section 5.12 Taxes.
Timely pay, discharge or otherwise satisfy, as the same shall become due and payable, all of its obligations and liabilities in
respect of Taxes imposed upon it or upon its income or profits or in respect of its property, except, in each case, to the extent
(1) any Tax is being contested in good faith and by appropriate actions for which appropriate reserves have been established in
accordance with GAAP or (2) the failure to pay or discharge the same would not reasonably be expected, individually or in the aggregate,
to have a Material Adverse Effect.

 

Section 5.13 Tax
Covenants. Not take any action or inaction, nor fail to take any action or permit any action to be taken, if any such action
or inaction would adversely affect the exclusion from gross income for federal income tax purposes of the interest on the Series
2019 Bonds under the Code. Without limiting the generality of the foregoing, the Company will comply with the instructions and
requirements of the Use of Proceeds Certificate, which is incorporated herein as if set forth fully herein. The Company will, on
a timely basis, provide the Trustee with written evidence of the Company’s computation of the Company’s rebate requirement
or yield reduction payments and, with respect to the Company’s rebate requirement or yield reduction payments (both as may
be required under the Use of Proceeds Certificate) required to be paid, all necessary funds, in addition to any funds that are
then available for such purpose in the Rebate Fund, to enable the Company to comply with all arbitrage and rebate requirements
of the Code. For purposes of complying with its obligations under this Section 5.13 and the Use of Proceeds Certificate,
the Company may rely upon the advice of Bond counsel retained by the Company. Notwithstanding any other provision of this Financing
Agreement or Article IX of the Indenture to the contrary, the covenants contained in this Section 5.13 shall survive the
defeasance or payment in full of any and all Series 2019 Bonds.

 

Section 5.14 Certificate
of Completion. In order to facilitate complying with §148 of the Code, within thirty (30) days of completion of the Tax-Exempt
Project, provide the Trustee with a certificate stating that construction of the Tax-Exempt Project has been completed and all
costs and expenses incurred in connection therewith have been paid or provided for and a certificate of occupancy for the Tax-Exempt
Project has been issued by appropriate local governmental authorities, if applicable. Notwithstanding the foregoing, such certificate
may state that it is given without prejudice to any rights against third parties that exist at the date of such certificate or
that may subsequently come into being.

 

    19 

     

    

 

 

ARTICLE VI

 

NEGATIVE COVENANTS

 

Section 6.01 Limitation on Restricted Payments.

 

(a)         The Company will not, and will not permit
any of its Restricted Subsidiaries, directly or indirectly, to:

 

(I)         declare
or pay any dividend or make any payment or distribution on account of the Company’s or any Restricted Subsidiary’s
Equity Interests to any Person other than the Company or any Restricted Subsidiary of the Company (in each case, solely in such
Person’s capacity as holder of such Equity Interests), including any dividend or distribution payable in connection with
any merger, amalgamation or consolidation, other than:

 

		(A)	dividends, payments or distributions payable solely in Equity Interests (other than Disqualified
Stock) of the Company or a Parent Company or in options, warrants or other rights to purchase such Equity Interests; or

 

		(B)	dividends, payments or distributions by a Restricted Subsidiary so long as, in the case of any
dividend, payment or distribution payable on or in respect of any class or series of securities issued by a Restricted Subsidiary
other than a Wholly-Owned Subsidiary, the Company or a Restricted Subsidiary receives at least its pro rata share of such
dividend, payment or distribution in accordance with its Equity Interests in such class or series of securities or such other amount
to which it is entitled pursuant to the terms of such Equity Interest;

 

(II)         purchase,
redeem, defease or otherwise acquire or retire for value any Equity Interests of the Company or any Parent Company, including in
connection with any merger, amalgamation or consolidation, in each case held by Persons other than the Company or a Restricted
Subsidiary;

 

(III)      make
any principal payment on, or redeem, repurchase, defease or otherwise acquire or retire for value, in each case, prior to any scheduled
repayment, sinking fund payment or final maturity, any Subordinated Indebtedness, other than:

 

		(A)	Indebtedness permitted under Sections 6.03(b)(8), (9)
and (10); or

 

		(B)	the payment, redemption, repurchase, defeasance, acquisition or retirement for value of Subordinated
Indebtedness purchased in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each
case due within one year of the date of such payment, redemption, repurchase, defeasance, acquisition or retirement; or

 

    20 

     

    

 

(IV)       make any
Restricted Investment;

 

(all such payments
and other actions set forth in clauses (I) through (IV) above being collectively referred to as “Restricted Payments”),
unless, at the time of and immediately after giving effect to such Restricted Payment:

 

(1)        
no Default or Event of Default will have occurred and be continuing or would occur as a consequence thereof;

 

(2)       
immediately after giving effect to any such Restricted Payment made utilizing clause (3)(A) below on a pro forma basis,
the Company could incur $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Test; and

 

(3)        
such Restricted Payment, together with the aggregate amount of all other Restricted Payments (including the fair market value of
any non-cash amount) made by the Company and its Restricted Subsidiaries after the Closing Date (excluding Restricted Payments
permitted by Section 6.01(b), other than Sections 6.01(b)(1), (8) and (14), is less than the sum of (without duplication):

 

		(A)	50.00% of the Consolidated Net Income of the Company for the period (taken as one accounting period)
beginning on the first fiscal quarter commencing after the Closing Date to the end of the most recently ended fiscal quarter for
which internal financial statements are available (as determined in good faith by the Company) preceding such Restricted Payment,
or, in the case such Consolidated Net Income for such period is a deficit, minus 100.00% of such deficit; plus

 

		(B)	100.00% of the aggregate net cash proceeds and the fair market value of marketable securities or
other property received by the Company and its Restricted Subsidiaries since the Closing Date from the issue or sale of:

 

(i)                
(A)    Equity Interests of the Company, including Treasury Capital Stock, but excluding cash proceeds and the fair market value of
marketable securities or other property received from the sale of:

 

(x)            Equity Interests to any future, present or former employees, directors, officers, members of management, consultants or independent
contractors (or their respective Controlled Investment Affiliates or Immediate Family Members or any permitted transferees thereof)
of the Company, its Subsidiaries or any Parent Company after the Closing Date to the extent the amount of such cash proceeds have
been applied to Restricted Payments made in accordance with Section 6.01(b)(4); and

 

(y)              Designated Preferred Stock; and

 

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(B)    Equity
Interests of Parent Companies, to the extent the proceeds of any such issuance or consideration for any such sale are contributed
to the Company (excluding contributions of the proceeds from the sale of Designated Preferred Stock of such companies or contributions
to the extent such amounts have been applied to Restricted Payments made in accordance with Section 6.01(b)(4)); or

 

(ii)    Indebtedness
of the Company or any Restricted Subsidiary, that has been converted into or exchanged for Equity Interests of the Company or any
Parent Company;

 

provided that this
clause (3)(B) will not include the proceeds from (V) Refunding Capital Stock (as defined below) applied in accordance with
Section 6.01(b)(2), (W) Equity Interests or convertible debt securities of the Company sold to a Restricted Subsidiary, (X)
Disqualified Stock or debt securities or Indebtedness that have been converted into Disqualified Stock, (Y) Excluded
Contributions or (Z) Capex Equity; plus

 

		(C)	100.00% of the aggregate amount of cash, Cash Equivalents and the fair market value of marketable
securities or other property contributed to the capital of the Company (other than in the form of Disqualified Stock) following
the Closing Date (including the fair market value of any Indebtedness contributed to the Company or its Restricted Subsidiaries
for cancellation) or that becomes part of the capital of the Company through consolidation, amalgamation or merger following the
Closing Date, in each case not involving cash consideration payable by the Company (other than (X) cash, Cash Equivalents and marketable
securities or other property that are contributed by a Restricted Subsidiary, (Y) Excluded Contributions or (Z) Capex Equity);
plus

 

		(D)	100.00% of the aggregate amount received in cash and the fair market value of marketable securities
or other property received by the Company or a Restricted Subsidiary by means of:

 

(i)    
the sale or other disposition (other than to the Company or a Restricted Subsidiary) of, or other returns on Investments
from, Restricted Investments made by the Company or its Restricted Subsidiaries (including cash distributions and cash
interest received in respect of Restricted Investments) and repurchases and redemptions of such Restricted Investments from
the Company or its Restricted Subsidiaries (other than by the Company or a Restricted Subsidiary) and repayments of loans or
advances, and releases of guarantees, which constitute Restricted Investments made by the Company or its Restricted
Subsidiaries, in each case after the Closing Date (excluding any Excluded Contributions made pursuant to clause (2) of the
definition thereof); or

 

    22 

     

    

 

(ii)   
the sale (other than to the Company or a Restricted Subsidiary) of Equity Interests of an Unrestricted Subsidiary or a
distribution from an Unrestricted Subsidiary (other than, in each case, to the extent the Investment in such Unrestricted
Subsidiary constituted a Permitted Investment, but including such cash or fair market value to the extent exceeding the
amount of such Permitted Investment) or a dividend from an Unrestricted Subsidiary after the Closing Date (excluding any
Excluded Contributions made pursuant to clause (2) or (3) of the definition thereof); or

 

(iii)   
any cash returns, profits, distributions and similar amounts received on account of any Permitted Investment subject to a dollar-denominated
or ratio-based basket (to the extent in excess of the original amount of such Investment and not included in Consolidated Net
Income); plus

 

		(E)	in the case of the redesignation of an Unrestricted Subsidiary as a Restricted Subsidiary or the
merger, amalgamation or consolidation of an Unrestricted Subsidiary into the Company or a Restricted Subsidiary or the transfer
of all or substantially all of the assets of an Unrestricted Subsidiary to the Company or a Restricted Subsidiary after the Closing
Date, the fair market value of the Investment in such Unrestricted Subsidiary (or the assets transferred) at the time of the redesignation
of such Unrestricted Subsidiary as a Restricted Subsidiary or at the time of such merger, amalgamation, consolidation or transfer
of assets, other than to the extent the Investment in such Unrestricted Subsidiary constituted a Permitted Investment, but, to
the extent exceeding the amount of such Permitted Investment, including such excess amounts of cash or fair market value; plus

 

		(F)	100.00% of the aggregate amount of Declined Excess Proceeds;
plus

 

		(G)	the greater of (i) $10.0 million and (ii) 7.5% of the Consolidated EBITDA of the Company and its
Restricted Subsidiaries for the most recently ended Test Period (calculated on a pro forma basis).

 

(b)        
Section 6.01(a) will not prohibit:

 

(1)              
the payment of any dividend or other distribution or the consummation of any irrevocable redemption within sixty (60) days after
the date of declaration of the dividend or other distribution or giving of the redemption notice, as the case may be, if at the
date of declaration or notice, the dividend or other distribution or redemption payment would have complied with the provisions
of this Financing Agreement;

 

    23 

     

    

 

(2)              
(a) the redemption, repurchase, defeasance, discharge, retirement or other acquisition of (i) any Equity Interests of the
Company or any Restricted Subsidiary or any Parent Company, including any accrued and unpaid dividends thereon
(“Treasury Capital Stock”), or (ii) Subordinated Indebtedness, in each case, made (x) in exchange for, or
out of the proceeds of, a sale or issuance (other than to a Restricted Subsidiary) of Equity Interests of the Company or any
Parent Company (in the case of proceeds, to the extent any such proceeds therefrom are contributed to the Company) (in each
case, other than Disqualified Stock) (“Refunding Capital Stock”) and (y) within one hundred twenty (120)
days of such sale or issuance, (b) the declaration and payment of dividends on Treasury Capital Stock out of the proceeds of
a sale or issuance (other than to a Restricted Subsidiary of the Company or to an employee stock ownership plan or any trust
established by the Company or any Restricted Subsidiary) of Refunding Capital Stock made within one hundred twenty (120) days
of such sale or issuance, and (c) if, immediately prior to the retirement of Treasury Capital Stock, the declaration and
payment of dividends thereon by the Company was permitted under Section 6.01(b)(6)(A) or (B), the declaration and payment of
dividends on the Refunding Capital Stock (other than Refunding Capital Stock the proceeds of which were used to redeem,
repurchase, retire or otherwise acquire any Equity Interests of any Parent Company) in an aggregate amount per annum no
greater than the aggregate amount of dividends per annum that were declarable and payable on such Treasury Capital Stock
immediately prior to such retirement;

 

(3)              the principal payment on, defeasance, redemption, repurchase, exchange or other acquisition or retirement of (a) Subordinated
Indebtedness of the Company or BRS Finance or a Subsidiary Guarantor made (i) by exchange for, or out of the proceeds of the
sale, issuance or incurrence of, new Subordinated Indebtedness of the Company or BRS Finance or a Subsidiary Guarantor or
Disqualified Stock of the Company or BRS Finance or a Subsidiary Guarantor and (ii) within one hundred twenty (120) days of
such sale, issuance or incurrence, (b) Disqualified Stock of the Company or BRS Finance or a Subsidiary Guarantor made by
exchange for, or out of the proceeds of the sale, issuance or incurrence of, Disqualified Stock or Subordinated Indebtedness
of the Company or BRS Finance or a Subsidiary Guarantor, made within one hundred twenty (120) days of such sale, issuance or
incurrence, (c) Disqualified Stock of a Restricted Subsidiary that is not a Subsidiary Guarantor made by exchange for, or out
of the proceeds of the sale or issuance of, Disqualified Stock of a Restricted Subsidiary that is not a Subsidiary Guarantor
made within one hundred twenty (120) days of such sale or issuance that, in each case, is Refinancing Indebtedness incurred
or issued, as applicable, in compliance with Section 6.03 and (d) any Subordinated Indebtedness or Disqualified Stock that
constitutes Acquired Indebtedness;

 

(4)              
a Restricted Payment to pay for the repurchase, retirement or other acquisition or retirement for value of Equity Interests
(other than Disqualified Stock) (including related stock appreciation rights or similar securities) of the Company or any
Parent Company held by any future, present or former employee, director, officer, member of management, consultant or
independent contractor (or their respective Controlled Investment Affiliates or Immediate Family Members or any permitted
transferees thereof) of the Company, any of its Subsidiaries or any Parent Company pursuant to any management equity plan or
stock option plan or any other management or employee benefit plan or agreement, or any equity subscription or equity holder
agreement (including, for the avoidance of doubt, any principal and interest payable on any notes issued by the Company or
any Parent Company in connection with any such repurchase, retirement or other acquisition); provided that the
aggregate amount of Restricted Payments made under this clause (4) does not exceed $20.0 million in any calendar year
(increasing to $40.0 million following an underwritten public Equity Offering by the Company or any Parent Company) with
unused amounts in any calendar year being carried over to succeeding calendar years; provided, further, that
such amount in any calendar year under this clause (4) may be increased by an amount not to exceed:

 

    24 

     

    

 

(A)          
the cash proceeds from the sale of Equity Interests (other than Disqualified Stock) of the Company and, to the extent contributed
to the Company, the cash proceeds from the sale of Equity Interests of any Parent Company, in each case to any future, present
or former employees, directors, officers, members of management, consultants or independent contractors (or their respective Controlled
Investment Affiliates or Immediate Family Members or any permitted transferees thereof) of the Company, any of its Subsidiaries
or any Parent Company, or pursuant to any Management Services Agreements, that occurs after the Closing Date, to the extent the
cash proceeds from the sale of such Equity Interests have not otherwise been applied to the payment of Restricted Payments by virtue
of Section 6.01(a)(3); plus

 

(B)          
the amount of any cash bonuses otherwise payable to members of management, employees, directors, consultants or independent
contractors (or their respective Controlled Investment Affiliates or Immediate Family Members or any permitted transferees
thereof) of the Company, any of its Restricted Subsidiaries or pursuant to any Management Services Agreements that are
foregone in exchange for the receipt of Equity Interests of the Company pursuant to any compensation arrangement, including
any deferred compensation plan; plus

 

(C)            the cash
proceeds of life insurance policies received by the Company or its Restricted Subsidiaries (or by any Parent Company to the extent
contributed to the Company (other than in the form of Disqualified Stock)) after the Closing Date; minus

 

(D)            the
amount of any Restricted Payments previously made with the cash proceeds described in clauses (A), (B) and (C) of this clause
(4);

 

and provided that the Company may elect to apply all or any portion of the aggregate increase contemplated by
Sections 6.01(b)(4)(A), (B) and (C) in any calendar year and provided, further, that cancellation of
Indebtedness owing to the Company or any of its Restricted Subsidiaries from any future, present or former employees,
directors, officers, members of management, consultants or independent contractors (or their respective Controlled Investment
Affiliates or Immediate Family Members or any permitted transferees thereof), of the Company, any Parent Company or any of
its Restricted Subsidiaries in connection with a repurchase of Equity Interests of the Company or any Parent Company will not
be deemed to constitute a Restricted Payment for purposes of this Section 6.01 or any other provision of this Financing
Agreement;

 

    25 

     

    

 

(5)         the declaration and payment of dividends or distributions to holders of any class or series of Disqualified Stock of the Company
or any Restricted Subsidiary or any class or series of Preferred Stock of any Restricted Subsidiary issued in accordance with Section
6.03 to the extent such dividends or distributions are included in the definition of “Fixed Charges”;

 

(6)        
(A)              the declaration and payment of dividends or distributions to holders of any class or series of Designated Preferred Stock issued
by the Company or any Restricted Subsidiary after the Closing Date;

 

(B)            
the declaration and payment of dividends or distributions to any Parent Company, the proceeds of which will be used to fund the
payment of dividends or distributions to holders of any class or series of Designated Preferred Stock issued by such Parent Company
after the Closing Date; provided that the amount of dividends and distributions paid pursuant to this clause (B) will not
exceed the aggregate amount of cash actually contributed to the Company from the sale of such Designated Preferred Stock; or

 

(C)             
the declaration and payment of dividends on Refunding Capital Stock that is Preferred Stock in excess of the dividends declarable
and payable thereon pursuant to Section 6.01(b)(2);

 

provided that in the case of each
of clauses (A), (B) and (C) of this clause (6), for the most recently ended Test Period preceding the date of issuance of such
Designated Preferred Stock or the declaration of such dividends on Refunding Capital Stock that is Preferred Stock, after giving
effect to such issuance or declaration on a pro forma basis, the Company would have had a Fixed Charge Coverage Ratio of
at least 2.00 to 1.00;

 

(7)         (a) payments made
or expected to be made by the Company or any Restricted Subsidiary in respect of withholding or similar taxes payable by any future,
present or former employee, director, officer, member of management, consultant or independent contractor (or their respective
Controlled Investment Affiliates or Immediate Family Members or permitted transferees) of the Company or any Restricted Subsidiary
or any Parent Company, (b) any repurchases or withholdings of Equity Interests in connection with the exercise of stock options,
warrants or similar rights if such Equity Interests represent a portion of the exercise price of, or withholding obligations with
respect to, such options, warrants or similar rights or required withholding or similar taxes and (c) loans or advances to officers,
directors, employees, managers, consultants and independent contractors of the Company or any Parent Company or any Restricted
Subsidiary of the Company in connection with such Person’s purchase of Equity Interests of the Company or any Parent Company;
provided that no cash is actually advanced pursuant to this clause (c) other than to pay taxes due in connection with such
purchase, unless immediately repaid;

 

    26 

     

    

 

(8)         
the declaration and payment of dividends on the Company’s common equity (or the payment of dividends to any Parent Company
to fund a payment of dividends on a Parent Company’s common equity), following the first public offering of the Company’s
common equity or the common equity of any Parent Company after the Closing Date, in an amount not to exceed the sum of (a) 6.00%
per annum of the net cash proceeds received by or contributed to the Company in or from any such public offering, other than public
offerings with respect to the Company’s or such Parent Company’s common equity registered on Form S-4 or Form S-8 and
other than any public sale constituting an Excluded Contribution, or Capex Equity and (b) an aggregate amount per annum not to
exceed 6.00% of Market Capitalization;

 

(9)         
Restricted Payments in an amount that does not exceed the aggregate amount of Excluded Contributions;

 

(10)      
Restricted Payments in an aggregate amount taken together with all other Restricted Payments made pursuant to this clause (10)
not to exceed (as of the date any such Restricted Payment is made) the greater of (a) $15.0 million and (b) 10.0% of the Consolidated
EBITDA of the Company and its Restricted Subsidiaries for the most recently ended Test Period (calculated on a pro forma
basis);

 

(11)       
distributions or payments of Securitization Fees;

 

(12)      the repurchase, redemption, defeasance, acquisition or retirement for value of any Subordinated Indebtedness pursuant to the
provisions similar to those of Sections 6.04 or 6.08; provided that (i) at or prior
to such repurchase, redemption, defeasance, acquisition or retirement, the Company and/or BRS Finance (or a third person
permitted by this Financing Agreement) have made any required Change of Control Offer or Asset Sale Offer, as applicable, to
purchase the Bonds on the terms provided in this Financing Agreement applicable to Change of Control Offers or Asset Sale
Offers, respectively, and (ii) all Bonds validly tendered and not validly withdrawn by Holders in any such Change of Control
Offer or Asset Sale Offer, as applicable, have been repurchased, redeemed, acquired or retired for value;

 

(13)       
the declaration and payment of dividends or distributions by the Company or a Restricted Subsidiary to, or the making of loans
or advances to, the Company or any Parent Company in amounts required for any Parent Company to pay, in each case without duplication:

 

(a)              
franchise, excise and similar taxes, and other fees and expenses required to maintain their corporate or other legal existence;

 

    27 

     

    

 

(b)         
(i) for any taxable period (or portion thereof) for which the Company or any of its Restricted Subsidiaries are members of a
consolidated, combined, unitary or similar income tax group for U.S. federal or applicable foreign, state or local income tax
purposes of which a Parent Company is the common parent (a “Tax Group”), the portion of any U.S. federal,
foreign, state or local income taxes (as applicable) of such Tax Group for such taxable period that are attributable to the
taxable income of the Company and/or the applicable Restricted Subsidiaries (and, to the extent permitted below, the
applicable Unrestricted Subsidiaries); provided that for each taxable period, (x) the amount of such payments made in
respect of such taxable period in the aggregate will not exceed the amount that the Company and the applicable Restricted
Subsidiaries (and, to the extent permitted below, the applicable Unrestricted Subsidiaries), as applicable, would have been
required to pay in respect of such taxable income as stand-alone taxpayers or a stand-alone Tax Group and (y) the amount of
such payments made in respect of an Unrestricted Subsidiary will be permitted only to the extent that cash distributions were
made by such Unrestricted Subsidiary to the Company or any Restricted Subsidiary for such purpose; or

 

   (ii) for any taxable
period (or portion thereof) for which the Company and any Parent Company is a partnership or disregarded entity for U.S. federal
income tax purposes, cash distributions (“Tax Distributions”) to each direct or indirect member of the Parent
Company in accordance with the terms of its relevant operating agreement, in an aggregate amount not to exceed the product of (A)
the taxable income of the Company allocable to such member for such period reduced by any taxable loss of the Company allocated
to such member with respect to any prior taxable periods (or portions thereof) ending after the Closing Date (provided that any
such taxable loss will be taken into account only to the extent that (I) such taxable loss was not previously taken into account
in determining the amount of any Tax Distributions pursuant to this clause (b)(ii), (II) such taxable loss would be deductible
if such loss had been incurred in the current taxable period, and (III) such taxable loss would actually reduce the tax liability
of such member for such taxable period, taking into account any alternative minimum tax consequences as well as the character of
the taxable loss and of the Company’s and its Subsidiaries’ income, and assuming for the purposes of this subclause
(III) that such member, for all tax years (or portions thereof) ending after the Closing Date, has been a taxable corporation that
has held no assets other than such member’s direct or indirect interest in the Company or Parent Company), in each case,
determined by taking into account any basis step-up in the assets of the Company or any of its Subsidiaries (including any step-up
attributable to such member under section 743 of the Code), and (B) the maximum combined effective tax rate applicable to any direct
or indirect equity owner of the Company or Parent Company for such taxable period (taking into account the character of the taxable
income in question (e.g. long-term capital gain, qualified dividend income, etc.) and the deductibility of state and local
income taxes for U.S. federal income tax purposes (and any applicable limitations thereon)); provided that the amount of
any Tax Distribution permitted under this clause (b)(ii) shall be reduced by the amount of any income taxes that are paid directly
by the Company and attributable to such member;

 

(c)          salary,
bonus, severance and other benefits payable to, and indemnities provided on behalf of, employees, directors, officers,
members of management, consultants and independent contractors of any Parent Company and any payroll, social security or
similar taxes thereof;

 

    28 

     

    

 

(d)          
general corporate or other operating, administrative, compliance and overhead costs and expenses (including expenses relating to
auditing and other accounting matters) of any Parent Company;

 

(e)         
fees and expenses (including ongoing compliance costs and listing expenses) related to any equity or debt offering of a Parent
Company (whether or not consummated);

 

(f)           
amounts that would be permitted to be paid directly by the Company or its Restricted Subsidiaries under Section 6.05 (other than
clause (b)(2)(a) thereof); and

 

(g)         
to finance Investments or other acquisitions or investments otherwise permitted to be made pursuant to this Section 6.01 if
made by the Company; provided that (A) such Restricted Payment must be made within one hundred twenty (120) days of
the closing of such Investment, acquisition or investment, (B) such Parent Company must, promptly following the closing
thereof, cause (1) all property acquired (whether assets or Equity Interests) to be contributed to the capital of the Company
or one of its Restricted Subsidiaries or (2)    the merger, amalgamation, consolidation, or sale of the Person
formed or acquired into the Company or one of its Restricted Subsidiaries (to the extent not prohibited by Section 6.13) in
order to consummate such Investment, acquisition or investment, (C) such Parent Company and its Affiliates (other than the
Company or a Restricted Subsidiary) receives no consideration or other payment in connection with such transaction except to
the extent the Company or a Restricted Subsidiary could have given such consideration or made such payment in compliance with
this Financing Agreement, (D) any property received by the Company may not increase amounts available for Restricted Payments
pursuant to Section 6.01(a)(3) and (E) to the extent constituting an Investment, such Investment will be deemed to be made by
the Company or such Restricted Subsidiary pursuant to another provision of this Section 6.01 (other than pursuant to Section
6.01(b)(9)) or pursuant to the definition of “Permitted Investments” (other than clause (9) thereof);

 

(14)       
the distribution, by dividend or otherwise, or other transfer or disposition of shares of Capital Stock of, Equity Interests in,
or Indebtedness owed to the Company or a Restricted Subsidiary by, Unrestricted Subsidiaries (other than Unrestricted Subsidiaries,
substantially all the assets of which are cash and Cash Equivalents);

 

(15)     
cash payments or loans, advances, dividends or distributions to any Parent Company to make payments, in lieu of issuing
fractional shares in connection with share dividends, share splits, reverse share splits, mergers, consolidations,
amalgamations or other business combinations and in connection with the exercise of warrants, options or other securities
convertible into or exchangeable for Equity Interests of the Company, any of its Restricted Subsidiaries or any Parent
Company;

 

    29 

     

    

 

(16)          
other Restricted Payments, provided that after giving pro forma effect thereto and the application of the net proceeds
therefrom, the Total Net Leverage Ratio for the Test Period immediately preceding such Restricted Payment would be no greater than
3.00 to 1.00;

 

(17)          
payments made for the benefit of the Company or any of its Restricted Subsidiaries to the extent such payments could have been
made by the Company or any of its Restricted Subsidiaries because such payments (a) would not otherwise be Restricted Payments
and (b) would be permitted by Section 6.05;

 

(18)          
payments and distributions to dissenting stockholders of Restricted Subsidiaries pursuant to applicable law, pursuant to or in
connection with a consolidation, amalgamation, merger or transfer of all or substantially all of the assets of any Restricted Subsidiary
that complies with the terms of this Financing Agreement or any other transaction that complies with the terms of this Financing
Agreement;

 

(19)          
the payment of dividends, other distributions and other amounts by the Company to, or the making of loans to, any Parent Company
in the amount required for such parent to, if applicable, pay amounts equal to amounts required for any Parent Company, if applicable,
to pay interest and/or principal (including AHYDO “catch-up payments”) on Indebtedness, the proceeds of which have
been permanently contributed to the Company or any Restricted Subsidiary and that has been guaranteed by, or is otherwise considered
Indebtedness of, the Company or any Restricted Subsidiary incurred in accordance with this Financing Agreement; provided
that the aggregate amount of such dividends, distributions, loans and other amounts shall not exceed the amount of cash actually
contributed to the Company for the incurrence of such Indebtedness;

 

(20)          
the making of cash payments in connection with any conversion of Convertible Indebtedness of the Company, BRS Finance or any Restricted
Subsidiary in an aggregate amount since the Closing Date not to exceed the sum of (a) the principal amount of such Convertible
Indebtedness plus (b) any payments received by the Company, BRS Finance or any Restricted Subsidiary pursuant to the exercise,
settlement or termination of any related Permitted Bond Hedge Transaction;

 

(21)          
any payments in connection with (a) a Permitted Bond Hedge Transaction and (b) the settlement of any related Permitted Warrant
Transaction (i) by delivery of shares of the Company’s common equity upon settlement thereof or (ii) by (A) set-off against
the related Permitted Bond Hedge Transaction or (B) payment of an early termination amount thereof in common equity upon any early
termination thereof; and

 

    30 

     

    

 

(22)       
the refinancing of any Subordinated Indebtedness with the Net Proceeds of, or in exchange for, any Refinancing Indebtedness;

 

provided that at the time of, and
after giving effect to, any Restricted Payment permitted under Section 6.01(b)(6), (10) and (16), in respect of Restricted Payments
described in clauses (I), (II) or (III) of Section 6.01(a), no Event of Default will have occurred and be continuing or would occur
as a consequence thereof. For purposes of Sections 6.01(b)(7) and (13), taxes will include all interest and penalties with respect
thereto and all additions thereto.

 

(c)        
For purposes of determining compliance with this Section 6.01, in the event that any Restricted Payment or Investment (or a portion
thereof) meets the criteria of more than one of the categories of Restricted Payments described in Section 6.01(a) or 6.01(b),
but excluding 6.01(b)(22), and/or one or more of the clauses contained in the definition of “Permitted Investments”,
the Company will, in its sole discretion, be entitled to divide or classify (or later divide, classify or reclassify), in whole
or in part, such Restricted Payment or Investment (or any portion thereof) among Section 6.01(a) and/or 6.01(b), but excluding
6.01(b)(22), and/or one or more clauses contained in the definition of “Permitted Investments,” in a manner that otherwise
complies with this Section 6.01. The amount of all Restricted Payments (other than cash) will be the fair market value on the date
the Restricted Payment is made, or at the Company’s election, the date a commitment is made to make such Restricted Payment,
of the assets or securities proposed to be transferred or issued by the Company or any Restricted Subsidiary, as the case may be,
pursuant to the Restricted Payment.

 

(d)        
As of the Closing Date, all of the Company’s Subsidiaries will be Restricted Subsidiaries. The Company will not permit any
Unrestricted Subsidiary to become a Restricted Subsidiary except pursuant to the penultimate sentence of the definition of “Unrestricted
Subsidiary.” For purposes of designating any Restricted Subsidiary as an Unrestricted Subsidiary, all outstanding Investments
by the Company and its Restricted Subsidiaries (except to the extent repaid) in the Subsidiary so designated will be deemed to
be Restricted Payments or Permitted Investments in an amount determined as set forth in the definition of “Investments.”
Such designation will be permitted only if a Restricted Payment in such amount would be permitted at such time pursuant to this
Section 6.01 or if an Investment would be permitted at such time, pursuant to the definition of “Permitted Investments,”
and if such Subsidiary otherwise meets the definition of an Unrestricted Subsidiary. Unrestricted Subsidiaries will not be subject
to any of the restrictive covenants set forth in this Financing Agreement. For the avoidance of doubt, this Section 6.01 will not
restrict the making of any “AHYDO catch up payment” with respect to, and required by the terms of, any Indebtedness
of the Company or any Restricted Subsidiary permitted to be incurred under the terms of this Financing Agreement.

 

Section 6.02 Dividend and Other Payment
Restrictions Affecting Restricted Subsidiaries.

 

(a)         The Company will
not, and will not permit any Restricted Subsidiary that is not a Subsidiary Guarantor to, create or otherwise cause to exist or
become effective any consensual encumbrance or consensual restriction on the ability of any such Restricted Subsidiary to:

 

(1)            (A) pay
dividends or make any other distributions to the Company or BRS Finance or any Restricted Subsidiary that is a Subsidiary Guarantor
on its Capital Stock or with respect to any other interest or participation in, or measured by, its profits, or

 

    31 

     

    

 

(B) pay any Indebtedness owed to
the Company or BRS Finance or to any Restricted Subsidiary that is a Subsidiary Guarantor;

 

(2)         
make loans or advances to the Company or BRS Finance or to any Restricted Subsidiary that is a Subsidiary Guarantor; or

 

(3)        
sell, lease or transfer any of its properties or assets to the Company or BRS Finance or to any Restricted Subsidiary that is a
Subsidiary Guarantor;

 

provided
that dividend or liquidation priority between or among classes or series of Capital Stock, and the subordination of any obligation
(including the application of any remedy bars thereto) to any other obligation will not be deemed to constitute such an encumbrance
or restriction.

 

(b)         The restrictions in Section 6.02(a)
will not apply to encumbrances or restrictions existing under or by reason of:

 

(1)        
encumbrances or restrictions in effect on the Closing Date, including pursuant to the Term Loan Credit Agreement, the ABL Facility
and the related documentation and Hedging Obligations and the related documentation;

 

(2)         
this Financing Agreement, the Series 2019 Note, the Indenture, the Bonds, the Notes Indenture, the Bonds, the Guarantees thereof
and the Security Documents;

 

(3)         
Purchase Money Obligations and Capitalized Lease Obligations that impose restrictions of the nature discussed in Section 6.02(a)(3)
on the property so acquired;

 

(4)         
applicable law or any applicable rule, regulation or order;

 

(5)         
any agreement or other instrument of a Person, or relating to Indebtedness or Equity Interests of a Person, acquired by or merged,
amalgamated or consolidated with or into the Company or any Restricted Subsidiary or an Unrestricted Subsidiary that is designated
as a Restricted Subsidiary, or any other transaction entered into in connection with any such acquisition, merger, consolidation
or amalgamation in existence at the time of such acquisition or at the time it merges, amalgamates or consolidates with or into
the Company or any Restricted Subsidiary or an Unrestricted Subsidiary that is designated as a Restricted Subsidiary or assumed
in connection with the acquisition of assets from such Person (but, in any such case, not created in contemplation thereof), which
encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person so
acquired and its Subsidiaries, or the property or assets of the Person so acquired or designated and its Subsidiaries or the property
or assets so acquired or designated;

 

(6)         
contracts or agreements for the sale or disposition of assets, including any restrictions with respect to a Subsidiary of the Company
pursuant to an agreement that has been entered into for the sale or disposition of any of the Capital Stock or assets of such Subsidiary;

 

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(7)            
Secured Indebtedness otherwise permitted to be incurred pursuant to Sections 6.03 and 6.06 that limit the right of the debtor to
dispose of assets or incur Liens;

 

(8)           
restrictions on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary course of
business or consistent with industry practice or arising in connection with any Permitted Liens;

 

(9)            
provisions in agreements governing Indebtedness, Disqualified Stock or Preferred Stock of Restricted Subsidiaries that are not
Subsidiary Guarantors permitted to be incurred subsequent to the Closing Date pursuant to Section 6.03;

 

(10)          
provisions in joint venture agreements and other similar agreements (including equity holder agreements) relating to such joint
venture or its members or entered into in the ordinary course of business;

 

(11)          
customary provisions contained in leases, sub-leases, licenses, sub-licenses, Equity Interests or similar agreements, including
with respect to intellectual property and other agreements;

 

(12)          
restrictions created in connection with any Qualified Securitization Facility or Receivables Financing Transaction that, in the
good faith determination of the Company, are necessary or advisable to effect such Qualified Securitization Facility or Receivables
Financing Transaction;

 

(13)         
restrictions or conditions contained in any trading, netting, operating, construction, service, supply, purchase, sale or other
agreement to which the Company or any Restricted Subsidiary is a party entered into in the ordinary course of business or consistent
with industry practice; provided that such agreement prohibits the encumbrance of solely the property or assets of the Company
or such Restricted Subsidiary that are subject to such agreement, the payment rights arising thereunder or the proceeds thereof
and does not extend to any other asset or property of the Company or such Restricted Subsidiary or the assets or property of another
Restricted Subsidiary;

 

(14)          
customary provisions restricting subletting or assignment of any lease governing a leasehold interest of the Company or any Restricted
Subsidiary;

 

(15)          
customary provisions restricting assignment of any agreement;

 

(16)          
restrictions arising in connection with cash or other deposits permitted under Section 6.06;

 

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(17)         
any other agreement or instrument governing any Indebtedness, Disqualified Stock, or Preferred Stock permitted to be incurred
or issued pursuant to Section 6.03 entered into after the Closing Date that contains encumbrances and restrictions that
either (i) are no more restrictive in any material respect, taken as a whole, with respect to the Company or any Restricted
Subsidiary than (A) the restrictions contained in this Financing Agreement, the Notes Indenture, the Term Loan Credit
Agreement or the ABL Facility as of the Closing Date or (B) those encumbrances and other restrictions that are in effect on
the Closing Date with respect to the Company or that Restricted Subsidiary pursuant to agreements in effect on the Closing
Date, (ii) are not materially more disadvantageous, taken as a whole, to the Holders than is customary in comparable
financings for similarly situated entities or (iii) will not materially impair the Company’s ability to make payments
due and owing pursuant to this Financing Agreement when due, in each case in the good faith judgment of the Company;

 

(18)          
(i) under terms of Indebtedness and Liens in respect of Indebtedness permitted to be incurred pursuant to Section 6.03(b)(5) and
any permitted refinancing in respect thereof, and (ii) agreements entered into in connection with a Sale and Lease-Back Transaction
entered into in the ordinary course of business or consistent with industry practice or a Specified Sale and Lease-Back Transaction;

 

(19)          
customary restrictions and conditions contained in documents relating to any Lien so long as (i) such Lien is a Permitted Lien
and such restrictions or conditions relate only to the specific asset subject to such Lien and (ii) such restrictions and conditions
are not created for the purpose of avoiding the restrictions imposed by this Section 6.02;

 

(20)          
any encumbrance or restriction with respect to a Restricted Subsidiary that was previously an Unrestricted Subsidiary which encumbrance
or restriction exists pursuant to or by reason of an agreement that such Subsidiary is a party to or entered into before the date
on which such Subsidiary became a Restricted Subsidiary; provided that such agreement was not entered into in anticipation of an
Unrestricted Subsidiary becoming a Restricted Subsidiary and any such encumbrance or restriction does not extend to any assets
or property of the Company or any other Restricted Subsidiary other than the assets and property of such Restricted Subsidiary;

 

(21)          
any encumbrances or restrictions imposed by any amendments, modifications, restatements, renewals, increases, supplements, refundings,
replacements or refinancings of the contracts, instruments or obligations referred to in clauses (1) through (20) of this Section
6.02(b); provided that such amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements
or refinancings are, in the good faith judgment of the Company, no more restrictive in any material respect with respect to such
encumbrance and other restrictions, taken as a whole, than those prior to such amendment, modification, restatement, renewal, increase,
supplement, refunding, replacement or refinancing;

 

(22)        
any encumbrance or restriction existing under, by reason of or with respect to Refinancing Indebtedness; provided that the encumbrances
and restrictions contained in the agreements governing that Refinancing Indebtedness are, in the good faith judgment of the Company,
not materially more restrictive, taken as a whole, than those contained in the agreements governing the Indebtedness being refinanced;

 

(23)          
applicable law or any applicable rule, regulation or order in any jurisdiction where Indebtedness, Disqualified Stock or
Preferred Stock of Foreign Subsidiaries permitted to be incurred or issued pursuant to Section 6.03 is incurred or issued;
and

 

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(24)           restrictions
on the sale, lease or transfer of property or assets arising or agreed to in the ordinary course of business, not relating to any
Indebtedness, and that do not, individually or in the aggregate, detract from the value of property or assets of the Company or
any Restricted Subsidiary in any manner material to the Company and the Restricted Subsidiaries, taken as a whole.

 

Section 6.03 Limitation on Incurrence
of Indebtedness and Issuance of Disqualified Stock and Preferred Stock.

 

(a)         
The Company will not, and will not permit any of its Restricted Subsidiaries to, create, incur, issue, assume, guarantee or otherwise
become directly or indirectly, liable, contingently or otherwise (collectively, “incur” and collectively, an
 “incurrence”) with respect to any Indebtedness (including Acquired Indebtedness) and the Company will not issue
any shares of Disqualified Stock and will not permit any Restricted Subsidiary to issue any shares of Disqualified Stock or Preferred
Stock; provided that the Company may incur Indebtedness (including Acquired Indebtedness) or issue shares of Disqualified
Stock, and any Restricted Subsidiary may incur Indebtedness (including Acquired Indebtedness), issue shares of Disqualified Stock
and issue shares of Preferred Stock, if the Fixed Charge Coverage Ratio of the Company for the Company’s most recently ended
Test Period preceding the date on which such additional Indebtedness is incurred or such Disqualified Stock or Preferred Stock
is issued (or, in the case of Indebtedness under Designated Revolving Commitments, on the date such Designated Revolving Commitments
are established after giving pro forma effect to the incurrence of the entire committed amount of Indebtedness thereunder,
in which case such committed amount under such Designated Revolving Commitments may thereafter be borrowed and reborrowed, in whole
or in part, from time to time, without further compliance with this proviso) would have been at least 2.00 to 1.00, determined
on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness
had been incurred, or the Disqualified Stock or Preferred Stock had been issued, as the case may be, and the application of proceeds
therefrom had occurred at the beginning of such Test Period.

 

(b)        
Section 6.03(a) will not apply to:

 

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(1)              
the incurrence of Indebtedness pursuant to Credit Facilities by the Company or any Restricted Subsidiary and the issuance and
creation of letters of credit and bankers’ acceptances thereunder (with letters of credit and bankers’
acceptances being deemed to have a principal amount equal to the face amount thereof) in an aggregate principal amount not to
exceed the greater of (a) the ABL Cap Amount (as such amount may be modified pursuant to and in compliance with subparagraph
(5) of the definition of ABL Obligations) and (b) the sum of (i) 75% of the book value (calculated in accordance with GAAP)
of the inventory of the Company and any Restricted Subsidiaries (excluding LIFO reserves) and (ii) 90% of the book value of
accounts receivable of the Company and any Restricted Subsidiaries (in each case, calculated on a pro forma basis by the book
value set forth on the consolidated balance sheet of the Company for the for the most recently ended Test Period); provided
that any Indebtedness incurred under this Section 6.03(b)(1) may be extended, replaced, refunded, refinanced, renewed or
defeased (including through successive extensions, replacements, refundings, refinancings, renewals and defeasances) with new
Indebtedness so long as the principal amount (or accreted value, if applicable) of such new Indebtedness does not exceed the
sum of (x) the principal amount (or accreted value, if applicable) of the Indebtedness being so extended, replaced, refunded,
refinanced, renewed or defeased (and with respect to Indebtedness under Designated Revolving Commitments, including an amount
equal to any unutilized Designated Revolving Commitments being refinanced to the extent permanently terminated at the time of
incurrence of such new Indebtedness), plus (y) any accrued and unpaid interest on the Indebtedness being refinanced, plus (z)
the amount of any tender premium or penalty or premium required to be paid under the terms of the instrument or documents
governing such refinanced Indebtedness and any defeasance costs and any fees and expenses (including original issue discount,
upfront fees or similar fees) incurred in connection with the incurrence of such new Indebtedness or the extension,
replacement, refunding, refinancing, renewal or defeasance of such refinanced Indebtedness;

 

(2)              
Other Pari Passu Lien Obligations incurred by the Company, BRS Finance or any Restricted Subsidiary, which when aggregated with
all other Pari Passu Lien Obligations incurred in reliance on this clause (2), together with any Refinancing Indebtedness in respect
thereof (excluding Incremental Amounts) do not exceed the Other Pari Passu Lien Obligations Debt Limit after giving pro forma effect
to such incurrence and the application of the net proceeds therefrom;

 

(3)              
(a) the incurrence by the Company or BRS Finance and any Subsidiary Guarantor of Indebtedness represented by the obligations under
this Financing Agreement and the Series 2019 Note and related Guarantees (but excluding any obligations under this Financing Agreement
related to the issuance of Additional Bonds and related guarantees issued after the Closing Date) and (b) the incurrence by the
Company or BRS Finance and any Subsidiary Guarantor of Indebtedness represented by the Senior Secured Notes and related Guarantees
(but excluding any additional notes issued under the Notes Indenture and related guarantees issued after the Closing Date);

 

(4)               
the incurrence of Indebtedness by the Company and any Restricted Subsidiary in existence on the Closing Date (excluding Indebtedness
described in Sections 6.03(b)(1), (2) and (3));

 

(5)               
(a) the incurrence of Attributable Indebtedness and (b) Indebtedness (including Purchase Money Obligations) and Disqualified
Stock incurred or issued by the Company or any Restricted Subsidiary and Preferred Stock issued by any Restricted Subsidiary
to finance the purchase, lease, expansion, construction, installation, replacement, repair or improvement of property (real
or personal), equipment or other assets, including assets that are used or useful in a Similar Business, whether through the
direct purchase of assets or the Capital Stock of any Person owning such assets in an aggregate principal amount, together
with any Refinancing Indebtedness in respect thereof (excluding any Incremental Amounts) and all other Indebtedness,
Disqualified Stock and/or Preferred Stock incurred or issued and outstanding under this clause (5) at such time, not to
exceed (as of the date such Indebtedness, Disqualified Stock and/or Preferred Stock is issued, incurred or otherwise
obtained) the greater of (x) $100.0 million and (y) 60% of Consolidated EBITDA of the Company and the Restricted Subsidiaries
for the most recently ended Test Period (calculated on a pro forma basis after giving effect to such incurrence or
issuance);

 

    36 

     

    

 

(6)              
Indebtedness incurred by the Company or any Restricted Subsidiary (a) constituting reimbursement obligations with respect to letters
of credit, bank guarantees, banker’s acceptances, warehouse receipts, or similar instruments issued or entered into, or relating
to obligations or liabilities incurred, in the ordinary course of business or consistent with industry practice, including in respect
of workers’ compensation claims, performance, completion or surety bonds, health, disability or other employee benefits or
property, casualty or liability insurance or self-insurance, unemployment insurance or other social security legislation or other
Indebtedness with respect to reimbursement-type obligations regarding workers’ compensation claims, performance, completion
or surety bonds, health, disability or other employee benefits or property, casualty or liability insurance or self-insurance or
(b) as an account party in respect of letters of credit, bank guarantees or similar instruments in favor of suppliers, trade creditors
or other Persons issued or incurred in the ordinary course of business or consistent with industry practice;

 

(7)               the incurrence of Indebtedness arising from agreements of the Company or any Restricted Subsidiary providing for indemnification,
adjustment of purchase price, earnouts or similar obligations, in each case, incurred or assumed in connection with the acquisition
or disposition of any business, assets, property or a Person that becomes a Subsidiary, other than guarantees of Indebtedness incurred
by any Person acquiring all or any portion of such business, assets, property or a Person that becomes a Subsidiary for the purpose
of financing such acquisition;

 

(8)              
the incurrence of Indebtedness or the issuance of Disqualified Stock by the Company and owing to a Restricted Subsidiary (or to
any Parent Company which is substantially contemporaneously transferred to any Restricted Subsidiary); provided that any
such Indebtedness for borrowed money owing to a Restricted Subsidiary that is not a Subsidiary Guarantor or BRS Finance is expressly
subordinated in right of payment to the Bonds to the extent permitted by applicable law and it does not result in material adverse
tax consequences; provided further that any subsequent issuance or transfer of any Capital Stock or any other event that
results in any such Restricted Subsidiary ceasing to be a Restricted Subsidiary or any other subsequent transfer of any such Indebtedness
or Disqualified Stock (except to the Company or another Restricted Subsidiary or any pledge of such Indebtedness or Disqualified
Stock constituting a Permitted Lien) will be deemed, in each case, to be an incurrence of such Indebtedness (to the extent such
Indebtedness is then outstanding) or issuance of such Disqualified Stock (to the extent the Disqualified Stock is then outstanding)
not permitted by this clause (8);

 

    37 

     

    

 

(9)            
the incurrence of Indebtedness by a Restricted Subsidiary and owing to the Company or another Restricted Subsidiary (or to
any Parent Company which is substantially contemporaneously transferred to the Company or any Restricted Subsidiary) to the
extent such Indebtedness constitutes a Permitted Investment; provided that any such Indebtedness for borrowed money
incurred by a Subsidiary Guarantor or BRS Finance and owing to a Restricted Subsidiary that is not a Subsidiary Guarantor or
BRS Finance is expressly subordinated in right of payment to the BFA Loan Obligations of such Subsidiary Guarantor or the BFA
Loan Obligations of BRS Finance to the extent permitted by applicable law and it does not result in material adverse tax
consequences; provided further that any subsequent issuance or transfer of any Capital Stock or any other event which
results in any such Restricted Subsidiary ceasing to be a Restricted Subsidiary or any such subsequent transfer of any such
Indebtedness (except to the Company or another Restricted Subsidiary or any pledge of such Indebtedness constituting a
Permitted Lien) will be deemed, in each case, to be an incurrence of such Indebtedness (to the extent such Indebtedness is
then outstanding) not permitted by this clause (9);

 

(10)          
the issuance of shares of Preferred Stock or Disqualified Stock of a Restricted Subsidiary to the Company or another Restricted
Subsidiary (or to any Parent Company which is substantially contemporaneously transferred to the Company or any Restricted Subsidiary);
provided that any subsequent issuance or transfer of any Capital Stock or any other event that results in any such Restricted
Subsidiary that holds such Preferred Stock or Disqualified Stock ceasing to be a Restricted Subsidiary or any other subsequent
transfer of any such shares of Preferred Stock or Disqualified Stock (except to the Company or another Restricted Subsidiary or
any pledge of such Preferred Stock or Disqualified Stock constituting a Permitted Lien) will be deemed, in each case, to be an
issuance of such shares of Preferred Stock or Disqualified Stock (to the extent such Preferred Stock or Disqualified Stock is then
outstanding) not permitted by this clause (10);

 

(11)           
the incurrence of Hedging Obligations (excluding Hedging Obligations entered into for speculative purposes);

 

(12)          
the incurrence of obligations in respect of self-insurance and obligations in respect of performance, bid, appeal, surety and similar
bonds and performance, banker’s acceptance facilities and completion guarantees and similar obligations (including guarantees
thereof) provided by the Company or any Restricted Subsidiary or obligations in respect of letters of credit, bank guarantees or
similar instruments related thereto, in each case in the ordinary course of business or consistent with industry practice, including
those incurred to secure health, safety and environmental obligations;

 

    38 

     

    

 

(13)       
the incurrence of Indebtedness or issuance of Disqualified Stock of the Company and the incurrence or issuance of
Indebtedness, Disqualified Stock or Preferred Stock of any Restricted Subsidiary in an aggregate principal amount or
liquidation preference that, when aggregated with the principal amount and liquidation preference of all other Indebtedness,
Disqualified Stock and Preferred Stock then outstanding and incurred or issued, as applicable, pursuant to this clause (13),
together with any Refinancing Indebtedness in respect thereof (excluding any Incremental Amounts), does not exceed (as of the
date such Indebtedness, Disqualified Stock or Preferred Stock is issued, incurred or otherwise obtained) (i) the greater of
(x) $100.0 million and (y) 60% of Consolidated EBITDA of the Company and the Restricted Subsidiaries for the most recently
ended Test Period (calculated on a pro forma basis after giving effect to such incurrence or issuance); plus, without
duplication, (ii) in the event of any extension, replacement, refinancing, renewal or defeasance of any such Indebtedness,
Disqualified Stock or Preferred Stock, an amount equal to (x) any accrued and unpaid interest on the Indebtedness, any
accrued and unpaid dividends on the Preferred Stock, and any accrued and unpaid dividends on the Disqualified Stock being so
refinanced, extended, replaced, refunded, renewed or defeased plus (y) the amount of any tender premium or penalty or
premium required to be paid under the terms of the instrument or documents governing such Indebtedness, Disqualified Stock or
Preferred Stock and any defeasance costs and any fees and expenses (including original issue discount, upfront fees or
similar fees) incurred in connection with the issuance of such new Indebtedness, Disqualified Stock or Preferred Stock or the
extension, replacement, refunding, refinancing, renewal or defeasance of such Indebtedness, Disqualified Stock or Preferred
Stock;

 

(14)       
the incurrence or issuance by the Company of Refinancing Indebtedness or the incurrence or issuance by a Restricted Subsidiary
of Refinancing Indebtedness that serves to refund, refinance, extend, replace, renew or defease (collectively, “refinance”
with “refinances,” “refinanced,” and “refinancing” having a correlative meaning) any Indebtedness
(including any Designated Revolving Commitments) incurred or Disqualified Stock or Preferred Stock issued as permitted under Sections
6.03(a) and Sections 6.03(b)(2), (3), (4), (5), (13), this Section 6.03(b)(14) and Section 6.03(b)(15) or any successive Refinancing
Indebtedness with respect to any of the foregoing;

 

(15)       
the incurrence or issuance of:

 

(a)         Indebtedness or Disqualified Stock of the Company or Indebtedness, Disqualified Stock or Preferred Stock of a Restricted Subsidiary
incurred or issued to finance an acquisition or investment (or other purchase of assets) or that is assumed by the Company or any
Restricted Subsidiary in connection with such acquisition or investment (or other purchase of assets) including any Acquired Indebtedness;
and (b) Indebtedness, Disqualified Stock or Preferred Stock of Persons that are acquired by the Company or any Restricted Subsidiary
or merged into, amalgamated or consolidated with the Company or a Restricted Subsidiary in accordance with the terms of this Financing
Agreement, including any Acquired Indebtedness; provided that in the case of the preceding clauses (a) and (b) either:

 

(A)            
after giving pro forma effect to such acquisition, amalgamation, consolidation or merger, the Company would be permitted
to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Test; or

 

    39 

     

    

 

(B)             
after giving pro forma effect to such acquisition, amalgamation, consolidation or merger, the Fixed Charge Coverage
Ratio of the Company for the Test Period preceding the date on which such additional Indebtedness is incurred or such
Disqualified Stock or Preferred Stock is issued (or, in the case of Indebtedness under Designated Revolving Commitments, on
the date such Designated Revolving Commitments are established after giving pro forma effect to the incurrence of the
entire committed amount of Indebtedness thereunder, in which case such committed amount under such Designated Revolving
Commitments may thereafter be borrowed and reborrowed, in whole or in part, from time to time, without further compliance
with this clause (B)) would be no less than the Fixed Charge Coverage Ratio immediately prior to giving effect to such
incurrence of Indebtedness or issuance of Disqualified Stock or Preferred Stock, in each case, determined on a pro forma basis
(including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been
incurred, or the Disqualified Stock or Preferred Stock had been issued, as the case may be, and the application of proceeds
therefrom had occurred at the beginning of such Test Period;

 

(16)      
the incurrence of Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar
instrument drawn against insufficient funds in the ordinary course of business or consistent with industry practice;

 

(17)      
the incurrence of Indebtedness of the Company or any Restricted Subsidiary supported by a letter of credit or bank guarantee issued
pursuant to any Credit Facility, in a principal amount not in excess of the stated amount of such letter of credit or bank guarantee;

 

(18)      
(a) the incurrence of any guarantee by the Company or a Restricted Subsidiary of Indebtedness or other obligations of the Company
or any Restricted Subsidiary so long as the incurrence of such Indebtedness or other obligation incurred by the Company or such
Restricted Subsidiary is permitted under the terms of this Financing Agreement, or (b) any co-issuance by the Company or any Restricted
Subsidiary of any Indebtedness or other obligations of the Company or any Restricted Subsidiary so long as the incurrence of such
Indebtedness or other obligations by the Company or such Restricted Subsidiary was permitted under the terms of this Financing
Agreement;

 

(19)      
the incurrence of Indebtedness issued by the Company or any Restricted Subsidiary to future, present or former employees, directors,
officers, members of management, consultants and independent contractors thereof, their respective Controlled Investment Affiliates
or Immediate Family Members and permitted transferees thereof, in each case to finance the purchase or redemption of Equity Interests
of the Company or any Parent Company to the extent described in Section 6.01(b)(4);

 

(20)      
customer deposits and advance payments received in the ordinary course of business or consistent with industry practice from customers
for goods and services purchased in the ordinary course of business or consistent with industry practice;

 

(21)      
the incurrence of (a) Indebtedness owed to banks and other financial institutions incurred in the ordinary course of business
or consistent with industry practice in connection with ordinary banking arrangements to manage cash balances of the Company,
any Subsidiaries or any joint venture and (b) Indebtedness in respect of Cash Management Services, including Cash Management
Obligations;

 

    40 

     

    

 

 

(22)        Indebtedness incurred by a Restricted Subsidiary in connection with bankers’ acceptances, discounted bills of exchange or
the discounting or factoring of receivables for credit management purposes, in each case incurred or undertaken in the ordinary
course of business or consistent with industry practice on arm’s length commercial terms;

 

(23)        the incurrence of Indebtedness of the Company or any Restricted Subsidiary consisting of (a) the financing of insurance premiums
or (b) take-or-pay obligations contained in supply arrangements in each case, incurred in the ordinary course of business or consistent
with industry practice;

 

(24)       the incurrence of Indebtedness, Disqualified Stock or Preferred Stock by Restricted Subsidiaries of the Company that are not Subsidiary
Guarantors or BRS Finance in an aggregate principal amount or liquidation preference that, when aggregated with the principal amount
and liquidation preference of all other Indebtedness, Disqualified Stock and Preferred Stock then outstanding and incurred or issued,
as applicable, pursuant to this clause (24), together with any Refinancing Indebtedness in respect thereof (excluding any Incremental
Amounts), does not exceed (as of the date such Indebtedness is issued, incurred or otherwise obtained) the greater of (a) $100.0
million and (b) 60% of Consolidated EBITDA of the Company for the most recently ended Test Period (calculated on a pro forma
basis after giving effect to such incurrence or issuance);

 

(25)        the incurrence of Indebtedness by the Company or any Restricted Subsidiary to the extent that the net proceeds thereof are promptly
deposited with the Trustee to satisfy and discharge the Bonds in accordance with this Financing Agreement;

 

(26)        guarantees incurred in the ordinary course of business or consistent with industry practice in respect of obligations to suppliers,
customers, franchisees, lessors, licensees, sub-licensees, and distribution partners and guarantees required by PUCs or other Governmental
Authorities in the ordinary course of business;

 

(27)        the incurrence of Indebtedness representing deferred compensation to employees of any Parent Company, the Company or any Restricted
Subsidiary, including Indebtedness consisting of obligations under deferred compensation or any other similar arrangements incurred
in connection with any investment or any acquisition (by merger, consolidation or amalgamation or otherwise) permitted under this
Financing Agreement;

 

(28)         repayment obligations with respect to grants from Governmental

Authorities;

 

(29)         Qualified Securitization Facilities and, to the extent constituting Indebtedness, Receivables Financing Transactions; and

 

    41

     

    

 

(30)        all premiums (if any), interest (including post-petition interest), fees, expenses, charges and additional or contingent interest
on obligations described in clauses (1) through (29) of this Section 6.03(b).

 

(c)          For purposes of determining compliance with this Section 6.03:

 

(1)          in the event that an item of Indebtedness, Disqualified Stock or Preferred Stock (or any portion thereof) at any time, whether
at the time of incurrence or upon the application of all or a portion of the proceeds thereof or subsequently, meets the criteria
of more than one of the categories of permitted Indebtedness, Disqualified Stock or Preferred Stock described in clauses (1) through
(30) of Section 6.03(b) or is entitled to be incurred pursuant to Section 6.03(a), the Company, in its sole discretion, may divide
and classify and may subsequently re-divide and reclassify such item of Indebtedness, Disqualified Stock or Preferred Stock (or
any portion thereof) and will only be required to include the amount and type of such Indebtedness, Disqualified Stock or Preferred
Stock (or a portion thereof) in such of the above clauses or under Section 6.03(a) as determined by the Company at such time; provided
that all Indebtedness outstanding under the (a) ABL Facility on the Closing Date will, at all times, be treated as incurred on
the Closing Date under Section 6.03(b)(1) and may not be reclassified and (b) Term Loan Credit Agreement on the Closing Date will,
at all times, be treated as incurred on the Closing Date under Section 6.03(b)(2) and may not be reclassified and the Notes Indenture
on the Closing Date will, at all times, be treated as incurred on the Closing Date under Section 6.03(b)(3);

 

(2)          the Company is entitled to divide and classify an item of Indebtedness, Disqualified Stock or Preferred Stock in more than one
of the types of Indebtedness, Disqualified Stock or Preferred Stock described in Section 6.03(a) and Section 6.03(b), subject to
the proviso to Section 6.03(c)(1);

 

(3)          the principal amount of Indebtedness outstanding under any clause of this Section 6.03 will be determined after giving effect to
the application of proceeds of any such Indebtedness to refinance any such other Indebtedness;

 

(4)          in the event an item of Indebtedness, Disqualified Stock or Preferred Stock (or any portion thereof) is incurred or issued pursuant
to Section 6.03(b) (other than Sections 6.03(b)(1) or (15)) on the same date that an item of Indebtedness, Disqualified Stock or
Preferred Stock (or any portion thereof) is incurred or issued under Section 6.03(a) or Sections 6.03(b)(1) or (15), then the Fixed
Charge Coverage Ratio, or applicable leverage ratio, will be calculated with respect to such incurrence or issuance under Section
6.03(a) or Sections 6.03(b)(1) or (15) without regard to any incurrence or issuance under Section 6.03(b) (other than with respect
to any incurrence or issuance under Section 6.03(b)(1) or (15)). Unless the Company elects otherwise, the incurrence or issuance
of Indebtedness, Disqualified Stock or Preferred Stock will be deemed incurred or issued first under Section 6.03(a) or Sections
6.03(b)(1) or (15) to the extent permitted, with the balance incurred or issued under Section 6.03(b) (other than pursuant to Sections
6.03(b)(1) or (15)); and

 

    42

     

    

 

(5)          guarantees
of, or obligations in respect of letters of credit relating to, Indebtedness that are otherwise included in the determination of
a particular amount of Indebtedness will not be included in the determination of such amount of Indebtedness; provided that
the incurrence of the Indebtedness represented by such guarantee or letter of credit, as the case may be, was incurred in compliance
with this Section 6.03.

 

Accrual of interest
or dividends, the accretion of accreted value, the accretion or amortization of original issue discount, and the payment of interest
or dividends in the form of additional Indebtedness, Disqualified Stock or Preferred Stock and increases in the amount of Indebtedness
outstanding solely as a result of fluctuations in the exchange rate of currencies, will, in each case, not be deemed to be an incurrence
of Indebtedness or an issuance of Disqualified Stock or Preferred Stock for purposes of this Section 6.03. Any Indebtedness incurred,
or Disqualified Stock or Preferred Stock issued, to refinance Indebtedness incurred, or Disqualified Stock or Preferred Stock issued,
pursuant to Sections 6.03(b)(1), (2), (3), (4), (5), (13), (14) and (15) will be permitted to include additional Indebtedness,
Disqualified Stock or Preferred Stock incurred to pay (I) any accrued and unpaid interest on the Indebtedness, any accrued and
unpaid dividends on the Preferred Stock and any accrued and unpaid dividends on the Disqualified Stock being so refinanced, extended,
replaced, refunded, renewed or defeased and (II) the amount of any tender premium or penalty or premium required to be paid under
the terms of the instrument or documents governing such refinanced Indebtedness, Preferred Stock or Disqualified Stock and any
defeasance costs and any fees and expenses (including original issue discount, upfront fees or similar fees) incurred in connection
with the issuance of such new Indebtedness, Preferred Stock or Disqualified Stock or the extension, replacement, refunding, refinancing,
renewal or defeasance of such refinanced Indebtedness, Preferred Stock or Disqualified Stock (and, with respect to Indebtedness
under Designated Revolving Commitments, will be permitted to include an amount equal to any unutilized Designated Revolving Commitments
being refinanced, extended, replaced, refunded, renewed or defeased to the extent permanently terminated at the time of incurrence
of such new Indebtedness).

 

For purposes of determining
compliance with any U.S. dollar-denominated restriction on the incurrence of Indebtedness or issuance of Disqualified Stock or
Preferred Stock, the U.S. dollar-equivalent principal amount of Indebtedness, liquidation preference of Disqualified Stock or
amount of Preferred Stock denominated in a foreign currency will be calculated based on the relevant currency exchange rate in
effect on the date such Indebtedness, Disqualified Stock or Preferred Stock was incurred or issued (or, in the case of revolving
credit debt, the date such Indebtedness was first committed or first incurred (whichever yields the lower U.S. dollar equivalent));
provided that if such Indebtedness is incurred or Disqualified Stock or Preferred Stock is issued to refinance other Indebtedness,
Disqualified Stock or Preferred Stock, as applicable, denominated in a foreign currency, and such refinancing would cause the
applicable U.S. dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on
the date of such refinancing, such U.S. dollar-denominated restriction will be deemed not to have been exceeded so long as the
principal amount of such refinancing Indebtedness, Disqualified Stock or Preferred Stock does not exceed (1) the principal amount
of such Indebtedness, the liquidation preference of such Disqualified Stock or the amount of such Preferred Stock (as applicable)
being refinanced, extended, replaced, refunded, renewed or defeased plus (2) any accrued and unpaid interest on the Indebtedness,
any accrued and unpaid dividends on the Preferred Stock and any accrued and unpaid dividends on the Disqualified Stock being so
refinanced, extended, replaced, refunded, renewed or defeased, plus (3) the amount of any tender premium or penalty or
premium required to be paid under the terms of the instrument or documents governing such refinanced Indebtedness, Preferred Stock
or Disqualified Stock and any defeasance costs and any fees and expenses (including original issue discount, upfront fees or similar
fees) incurred in connection with the issuance of such new Indebtedness, Preferred Stock or Disqualified Stock or the extension,
replacement, refunding, refinancing, renewal or defeasance of such refinanced Indebtedness, Preferred Stock or Disqualified Stock
(and, with respect to Indebtedness under Designated Revolving Commitments, will be permitted to include an amount equal to any
unutilized Designated Revolving Commitments being refinanced, extended, replaced, refunded, renewed or defeased to the extent
permanently terminated at the time of incurrence of such new Indebtedness).

 

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The principal amount
of any Indebtedness incurred or Disqualified Stock or Preferred Stock issued to refinance other Indebtedness, Disqualified Stock
or Preferred Stock, if incurred or issued in a different currency from the Indebtedness, Disqualified Stock or Preferred Stock,
as applicable, being refinanced, will be calculated based on the currency exchange rate applicable to the currencies in which such
respective Indebtedness, Disqualified Stock or Preferred Stock is denominated that is in effect on the date of such refinancing.
The principal amount of any non-interest bearing Indebtedness or other discount security constituting Indebtedness at any date
will be the principal amount thereof that would be shown on a balance sheet of the Company dated such date prepared in accordance
with GAAP.

 

The Company will not,
and will not permit any Subsidiary Guarantor to, directly or indirectly, incur any Indebtedness (including Acquired Indebtedness)
that is contractually subordinated in right of payment to any Indebtedness of the Company or such Subsidiary Guarantor, as the
case may be, unless such Indebtedness is expressly subordinated in right of payment to the Bonds or such Subsidiary Guarantor’s
Guarantee to the extent and in the same manner as such Indebtedness is contractually subordinated to other Indebtedness of the
Company or such Subsidiary Guarantor, as the case may be.

 

For purposes of this
Financing Agreement, (1) unsecured Indebtedness will not be deemed to be subordinated or junior to Secured Indebtedness merely
because it is unsecured, (2) Indebtedness will not be deemed to be subordinated or junior to any other Indebtedness merely because
it is issued or guaranteed by other obligors and (3) Secured Indebtedness will not be deemed to be subordinated or junior to any
other Secured Indebtedness merely because it has a junior priority lien with respect to the same collateral.

 

If any
Indebtedness is incurred, or Disqualified Stock or Preferred Stock is issued, in reliance on a basket measured by reference
to a percentage of Consolidated EBITDA, and any refinancing thereof would cause the percentage of Consolidated EBITDA to be
exceeded if calculated based on the Consolidated EBITDA on the date of such refinancing, such percentage of Consolidated
EBITDA will not be deemed to be exceeded to the extent the principal amount of such newly incurred Indebtedness, the
liquidation preference of such newly issued Disqualified Stock or the amount of such newly issued Preferred Stock does not
exceed the sum of (i) the principal amount of such Indebtedness, the liquidation preference of such Disqualified Stock or the
amount of such Preferred Stock being refinanced, extended, replaced, refunded, renewed or defeased plus (ii) any
accrued and unpaid interest on the Indebtedness, any accrued and unpaid dividends on the Preferred Stock and any accrued and
unpaid dividends on the Disqualified Stock being so refinanced, extended, replaced, refunded, renewed or defeased plus (iii)
the amount of any tender premium or penalty or premium required to be paid under the terms of the instrument or documents
governing such refinanced Indebtedness, Preferred Stock or Disqualified Stock and any defeasance costs and any fees and
expenses (including original issue discount, upfront fees or similar fees) incurred in connection with the issuance of such
new Indebtedness, Preferred Stock or Disqualified Stock or the extension, replacement, refunding, refinancing, renewal or
defeasance of such refinanced Indebtedness, Preferred Stock or Disqualified Stock (and, with respect to Indebtedness under
Designated Revolving Commitments, will be permitted to include an amount equal to any unutilized Designated Revolving
Commitments being refinanced, extended, replaced, refunded, renewed or defeased to the extent permanently terminated at the
time of incurrence of such new Indebtedness).

 

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Section 6.04        Asset Sales.

 

(a)          The Company will
not, and will not permit any Restricted Subsidiary to, consummate an Asset Sale, unless:

 

(1)         the Company or such Restricted Subsidiary, as the case may be, receives consideration (including by way of relief from, or by any
other Person assuming responsibility for, any liabilities, contingent or otherwise, in connection with such Asset Sale) at least
equal to the fair market value (measured at the time of contractually agreeing to such Asset Sale) of the assets sold or otherwise
disposed of; and

 

(2)         except in the case of a Permitted Asset Swap, at least 75.00% of the consideration for such Asset Sale, together with all other
Asset Sales since the Closing Date (on a cumulative basis), received by the Company or a Restricted Subsidiary, as the case may
be, is in the form of cash or Cash Equivalents; provided that each of the following will be deemed to be cash or Cash Equivalents
for purposes of this Section 6.04(a)(2):

 

(A)         any liabilities (as shown on the Company’s or any Restricted Subsidiary’s most recent balance sheet or in the footnotes
thereto or, if incurred or accrued subsequent to the date of such balance sheet, such liabilities that would have been reflected
on the Company’s or a Restricted Subsidiary’s consolidated balance sheet or in the footnotes thereto if such incurrence
or accrual had taken place on or prior to the date of such balance sheet, as determined in good faith by the Company) of the Company
or any Restricted Subsidiary, other than liabilities that are by their terms subordinated in right of payment to the Bonds or any
Subsidiary Guarantor’s Guarantee of the Bonds, that are (i) assumed by the transferee of any such assets (or a third party
in connection with such transfer) or (ii) otherwise cancelled or terminated in connection with the transaction with such transferee
(other than intercompany debt owed to the Company or a Restricted Subsidiary);

 

(B)          any
securities, bonds or other obligations or assets received by the Company or a Restricted Subsidiary from such transferee or
in connection with such Asset Sale (including earnouts and similar obligations) that are converted by the Company or a
Restricted Subsidiary into cash or Cash Equivalents, or by their terms are required to be satisfied for cash or Cash
Equivalents (to the extent of the cash or Cash Equivalents received) within 180 days following the closing of such Asset
Sale;

 

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(C)         any Designated Non-Cash Consideration received by the Company or a Restricted Subsidiary in such Asset Sale having an aggregate
fair market value, taken together with all other Designated Non-Cash Consideration received pursuant to this clause (C) that is
at that time outstanding, not to exceed the greater of (x) $80.0 million and (y) 50% of Consolidated EBITDA of the Company for
the most recently ended Test Period (calculated on a pro forma basis), with the fair market value of each item of Designated Non-Cash
Consideration being measured, at the Company’s option, either at the time of contractually agreeing to such Asset Sale or
at the time received and, in either case, without giving effect to subsequent changes in value;

 

(D)         Indebtedness of any Restricted Subsidiary that ceases to be a Restricted Subsidiary as a result of such Asset Sale (other than
intercompany debt owed to the Company or a Restricted Subsidiary), to the extent that the Company and each other Restricted Subsidiary
are released from any guarantee of payment of the principal amount of such Indebtedness in connection with such Asset Sale; and

 

(E)          any Investment, Capital Stock, assets, property or capital or other expenditure of the kind referred to in Section 6.04(b)(2).

 

(b)          Within 365 days after the receipt of any Net Proceeds of any Asset Sale (as may be extended pursuant to clause (2) below, the “Asset
Sale Proceeds Application Period”), the Company or a Restricted Subsidiary, at its option, may apply an amount equal to the
Net Proceeds from such Asset Sale:

 

(1)          to:

 

(A)         if the assets subject to such Asset Sale constitute ABL Priority Collateral, prepay, repay, redeem, reduce or purchase ABL Obligations
(and to correspondingly reduce commitments with respect thereto);

 

(B)          if
the assets subject to such Asset Sale constitute Fixed Asset Priority Collateral, prepay, repay, redeem, reduce or purchase
Fixed Asset Pari Passu Lien Obligations on a pro rata basis; provided that the Company will reduce Obligations under the
Series 2019 Bonds on a pro rata basis by, at its option, (i) redeeming Series 2019 Bonds as described in Section 4.01
of the Indenture, (ii) purchasing Series 2019 Bonds through open-market purchases, at a price equal to (or higher than)
100.00% of the principal amount thereof, or (iii) making an offer (in accordance with the procedures set forth in Section
6.04(d) below for an Asset Sale Offer) to all Holders to purchase their Series 2019 Bonds on a pro rata basis with such
other Indebtedness for no less than 100.00% of the principal amount thereof, plus the amount of accrued but unpaid interest,
if any, on the principal amount of Series 2019 Bonds to be repurchased to the date of repurchase as described in Section
4.01(d) of the Indenture;

 

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(C)          subject
to clause (D) below, if the assets subject to such Asset Sale do not constitute Collateral, prepay, repay, redeem, reduce or purchase
Obligations under other Indebtedness of the Company or a Subsidiary Guarantor (and, if the Indebtedness prepaid, repaid, redeemed,
reduced or purchased is revolving credit Indebtedness, to correspondingly reduce commitments with respect thereto);

 

provided that the Company
shall equally and ratably prepay, repay, redeem, reduce or purchase (or offer to prepay, repay, redeem, reduce or purchase, as
applicable) Fixed Asset Pari Passu Lien Obligations (and may elect to reduce other ABL Obligations) on a pro rata basis; provided
further, the Company will reduce Obligations under the Series 2019 Bonds on a pro rata basis by, at its option, (i) redeeming
Series 2019 Bonds as described under Section 4.01 of the Indenture, (ii) purchasing Series 2019 Bonds through open-market purchases,
at a price equal to (or higher than) 100.00% of the principal amount thereof, or (iii) making an offer (in accordance with the
procedures set forth in Section 6.04(d) below for an Asset Sale Offer) to all Holders to purchase their Series 2019 Bonds
on a pro rata basis with such other Indebtedness for no less than 100.00% of the principal amount thereof, plus the amount of accrued
but unpaid interest, if any, on the principal amount of Series 2019 Bonds to be repurchased to the date of repurchase; or

 

(D)         If the
assets subject to such Asset Sale do not constitute Collateral prepay, repay, redeem, reduce or purchase Obligations in respect
of Indebtedness of a Restricted Subsidiary that is not a Subsidiary Guarantor, other than Obligations owed to the Company or a
Restricted Subsidiary;

 

provided that in the case
of clauses (B) and (C) above, (i) if an offer to purchase any Indebtedness of the Company or any Restricted Subsidiary is made,
such amount will be deemed repaid to the extent of the amount of such offer, whether or not accepted by the Holders of such Indebtedness,
for purposes of compliance with this Section 6.04 and no Net Proceeds in the amount of such offer will be deemed to exist following
such offer, and (ii) if the Holder of any Indebtedness of the Company or any Restricted Subsidiary declines the repayment of such
Indebtedness owed to it from such Net Proceeds, such amount will be deemed repaid to the extent of the declined Net Proceeds for
the purposes of compliance with this Section 6.04 (but such Indebtedness will remain Outstanding);

 

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(2)          to
make (a) an Investment in any one or more businesses; provided that such Investment in any business is in the form of the
acquisition of Capital Stock and results in the Company or any Restricted Subsidiary owning an amount of the Capital Stock of
such business such that it constitutes or continues to constitute a Restricted Subsidiary, provided, further that, in the
case of an Asset Sale of Collateral, the assets (including Capital Stock) constitute and are pledged as Collateral (and in
the case of an Asset Sale of Fixed Asset Priority Collateral, constitute and are pledged as Fixed Asset Priority Collateral)
as provided under the Security Documents, (b) capital expenditures, provided, that, in the case of an Asset Sale of
Collateral, such capital expenditures are made with respect to properties or assets that constitute and are pledged as
Collateral (and in the case of an Asset Sale of Fixed Asset Priority Collateral, constitute and are pledged as Fixed Asset
Priority Collateral), (c) other expenditures made in connection with the construction or development of facilities operated
or to be operated by the Company or a Restricted Subsidiary, provided, that, in the event of an Asset Sale of Collateral,
such facilities constitute Collateral (and in the case of an Asset Sale of Fixed Asset Priority Collateral, constitute and
are pledged as Fixed Asset Priority Collateral), (d) acquisitions of properties (including fee and leasehold interests)
provided, that, in the event of an Asset Sale of Collateral, such properties constitute and are pledged as Collateral (and in
the case of an Asset Sale of Fixed Asset Priority Collateral, constitute and are pledged as Fixed Asset Priority Collateral)
or (e) acquisitions of other assets, other than securities, in the case of clauses (a) and, (d) above and this clause (e),
either (i) that are or will be used or useful in a Similar Business or (ii) that replace, in whole or in part, the properties
or assets that are the subject of such Asset Sale provided, that, in the event of an Asset Sale of Collateral, such other
assets constitute Collateral (and in the case of an Asset Sale of Fixed Asset Priority Collateral, constitute and are pledged
as Fixed Asset Priority Collateral); provided further that in the case of this clause (2), a binding commitment will be
treated as a permitted application of the Net Proceeds from the date of such commitment so long as the Company or a
Restricted Subsidiary enters into such commitment with the good faith expectation that such Net Proceeds will be applied to
satisfy such commitment within 180 days of such commitment (or, if later, 365 days after the receipt of such Net Proceeds)
(an “Acceptable Commitment”) and, in the event that any Acceptable Commitment is later cancelled or terminated
for any reason before the Net Proceeds are applied in connection therewith, then such Net Proceeds will constitute Excess
Proceeds (as defined below); or

 

(3)          any combination of the foregoing.

 

(c)          Notwithstanding
the foregoing, (i) to the extent that any or all of the Net Proceeds of any Asset Sale by a Foreign Subsidiary (a
 “Foreign Disposition”) are prohibited or delayed by applicable local law from being repatriated to the United
States, the amount equal to the portion of such Net Proceeds so affected will not be required to be applied in compliance
with this covenant, and such amounts may be retained by the applicable Foreign Subsidiary so long, but only so long, as the
applicable local law will not permit repatriation to the United States (the Company hereby agreeing to use reasonable efforts
to cause the applicable Foreign Subsidiary to take all actions reasonably required by the applicable local law to permit such
repatriation), and if such repatriation of any of such affected Net Proceeds is permitted under the applicable local law, an
amount equal to such Net Proceeds permitted to be repatriated will be applied (whether or not repatriation actually occurs)
in compliance with this covenant (net of any additional taxes that are or would be payable or reserved against as a result
thereof) and (ii) to the extent that the Company has determined in good faith that repatriation of any or all of the Net
Proceeds of any Foreign Disposition could have a material adverse tax consequence (which for the avoidance of doubt,
includes, but is not limited to, any purchase whereby doing so the Company, any Restricted Subsidiary or any of their
Affiliates and/or equity partners would incur a material tax liability, including a material deemed dividend pursuant to Code
Section 956 or material withholding tax), the amount equal to the Net Proceeds so affected will not be required to be applied
in compliance with this covenant.

 

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(d)         The amount equal
to the Net Proceeds from Asset Sales, that are not invested or applied as provided and within the time period set forth in Section
6.04(b) (it being understood that any portion of such Net Proceeds used to make an offer to purchase Series 2019 Bonds pursuant
to Section 6.04(b)(1)(B) and (C) will be deemed to have been so applied whether or not such offer is accepted) will be deemed to
constitute “Excess Proceeds”. When the aggregate amount of Excess Proceeds exceeds $ 50.0 million, the Company will
make an offer (an “Asset Sale Offer”) to all Holders and, at the option of the Company, to any holders of any Pari
Passu Indebtedness to purchase the maximum aggregate principal amount of the Series 2019 Bonds and such Pari Passu Indebtedness
that is in an amount equal to at least $100,000 or an integral multiple of $5,000 in excess thereof, that may be purchased out
of the Excess Proceeds at an offer price, in the case of the Series 2019 Bonds, in cash in an amount equal to 100.00% of the principal
amount thereof (or accreted value thereof, if less), plus accrued and unpaid interest, if any (or, in respect of such Pari Passu
Indebtedness, such other price, if any, as may be provided for by the terms of such Pari Passu Indebtedness), to, but excluding,
the date fixed for the closing of such offer, in accordance with the procedures set forth in Section 4.06 of the Indenture (or,
in respect of such Pari Passu Indebtedness, the agreement or instrument governing the terms thereof). The Company will commence
an Asset Sale Offer with respect to Excess Proceeds within thirty (30) days after the date that the amount of Excess Proceeds exceeds
$50.0 million by mailing or electronically delivering the notice required pursuant to Section 4.06 of the Indenture, with a copy
to the Trustee, or otherwise in accordance with Applicable Procedures. The Company may satisfy the foregoing obligation with respect
to any Net Proceeds from an Asset Sale by making an offer to purchase Series 2019 Bonds with respect to the amount of all or part
of the available Net Proceeds (the “Advance Portion”) prior to the expiration of the Asset Sale Proceeds Application
Period with respect to the amount of all or a part of the available Net Proceeds in advance of being required to do so by this
Financing Agreement (the “Advance Offer”).

 

To the extent
that the aggregate principal amount (or accreted value, as applicable) of Series 2019 Bonds and Pari Passu Indebtedness
tendered pursuant to an Asset Sale Offer is less than the Excess Proceeds (or in the case of an Advance Offer, the Advance
Portion), the Company and its Restricted Subsidiaries may use any remaining Excess Proceeds (or in the case of an Advance
Offer, the Advance Portion) in any manner not prohibited by this Financing Agreement (any such remaining Excess Proceeds and
Advance Portion amount, “Declined Excess Proceeds”). If the aggregate principal amount of Series 2019 Bonds
and/or the Pari Passu Indebtedness surrendered in an Asset Sale Offer exceeds the amount of Excess Proceeds (or in the case
of an Advance Offer, the Advance Portion), the Company will cause the Trustee to select the Series 2019 Bonds to be purchased
in the manner described in Section 4.06 of the Indenture and the Company will select such Pari Passu Indebtedness to be
purchased pursuant to the terms of such Pari Passu Indebtedness; provided that as between the Series 2019 Bonds and any Pari
Passu Indebtedness, such purchases will be made on a pro rata basis based on the principal amount of the Series 2019 Bonds or
such Pari Passu Indebtedness tendered with adjustments as necessary so that no Series 2019 Bonds or Pari Passu Indebtedness
will be repurchased in part in an unauthorized denomination. Upon completion of any such Asset Sale Offer, for purposes of
this provision the amount of Excess Proceeds (or in the case of an Advance Offer, the Advance Portion) that resulted in the
Asset Sale Offer or Advance Offer will be reset to zero (regardless of whether there are any remaining Excess Proceeds (or
Advance Portion) upon such completion). An Asset Sale Offer or Advance Offer may be made at the same time as consents are
solicited with respect to an amendment, supplement or waiver of this Financing Agreement, the Series 2019 Bonds, the
Indenture, and/or Guarantees (but the Asset Sale Offer or Advance Offer may not condition tenders on the delivery of such
consents).

 

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(e)         Pending the final application of the amount of any Net Proceeds pursuant to this Section 6.04, such amount of Net Proceeds may
be applied to temporarily reduce Indebtedness outstanding under a revolving credit facility, including under the ABL Facility,
or otherwise invested in any manner not prohibited by this Financing Agreement.

 

(f)         The Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations
thereunder to the extent such laws or regulations are applicable in connection with the repurchase of the Bonds pursuant to an
Asset Sale Offer or Advance Offer. To the extent that the provisions of any securities laws or regulations conflict with the provisions
of this Financing Agreement, the Company will comply with the applicable securities laws and regulations and will not be deemed
to have breached its obligations described in this Financing Agreement by virtue thereof.

 

(g)        The Company’s obligation to make an offer to repurchase the Series 2019 Bonds pursuant to this Section 6.04 may be waived
or modified with the written consent of the Holders of a majority in principal amount of the then Outstanding Series 2019 Bonds.

 

Section 6.05       Transactions with Affiliates.

 

(a)         The Company will
not, and will not permit any Restricted Subsidiary to, make any payment to, or sell, lease, transfer or otherwise dispose of any
of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction, contract,
agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate of the Company (each of the foregoing,
an “Affiliate Transaction”) involving aggregate payments or consideration in excess of $50.0 million, unless:

 

(1)          such Affiliate Transaction is on terms, taken as a whole, that are not materially less favorable to the Company or the relevant
Restricted Subsidiaries than those that would have been obtained at such time in a comparable transaction by the Company or such
Restricted Subsidiary with a Person other than an Affiliate of the Company on an arm’s-length basis or, if in the good faith
judgment of the Board of Directors no comparable transaction is available with which to compare such Affiliate Transaction, such
Affiliate Transaction is otherwise fair to the Company or such Restricted Subsidiary from a financial point of view; and

 

(2)          the
Company delivers to the Trustee with respect to any Affiliate Transaction or series of related Affiliate Transactions
requiring aggregate payments or consideration in excess of $100.0 million, a resolution adopted by the majority of the Board
of Directors approving such Affiliate Transaction and set forth in an Officer’s Certificate certifying that such
Affiliate Transaction complies with Section 6.05(a)(1).

 

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(b)          Section 6.05(a) will not apply to the following:

 

(1)          (a)
transactions between or among the Company and one or more Restricted Subsidiaries or between or among Restricted Subsidiaries
or, in any case, any entity that becomes a Restricted Subsidiary as a result of such transaction and (b) any merger,
consolidation or amalgamation of the Company and any Parent Company; provided that such merger, consolidation or amalgamation
of the Company is otherwise in compliance with the terms of this Financing Agreement and effected for a bona fide business
purpose;

 

(2)          (a) Restricted Payments permitted by Section 6.01 hereof (including any transaction specifically excluded from the definition of
the term “Restricted Payments,” including pursuant to the exceptions contained in the definition thereof and the parenthetical
exclusions of such definition), (b) any “Permitted Investments” or any acquisition otherwise permitted by this Financing
Agreement and (c) Indebtedness permitted by Section 6.03;

 

(3)          (a) the payment of management, consulting, monitoring, transaction, bonus, advisory and other fees, indemnities and expenses pursuant
to the Management Services Agreements (including any unpaid management, consulting, monitoring, transaction, bonus, advisory and
other fees, indemnities and expenses accrued in any prior year) and any termination fees pursuant to the Management Services Agreements
and (b) the payment of indemnification and similar amounts to, and reimbursement of expenses of, the Investors and their officers,
directors, employees and Affiliates, in each case, approved by, or pursuant to arrangements approved by, the Board of Directors;

 

(4)          any employment agreements, severance arrangements, stock option plans and other compensatory arrangements (and any successor plans
thereto) and any supplemental executive retirement benefit plans or arrangements with any present, future or former employees,
directors, officers, members of management, consultants or independent contractors (or their respective Controlled Investment Affiliates
or Immediate Family Members or any permitted transferees thereof) of the Company, any of its Subsidiaries or any Parent Company
that are, in each case, approved by the Company in good faith; and the provision of reasonable and customary compensation and other
benefits (including the payment of any fees and compensation, benefit plan or arrangement, any health, disability or similar insurance
plan), indemnities and reimbursements of expenses and employment and severance arrangements to, or on behalf of, or for the benefit
of such employees, directors, officers, members of management, consultants or independent contractors (or their respective Controlled
Investment Affiliates or Immediate Family Members or any permitted transferees thereof) of the Company, any of its Subsidiaries
or any Parent Company;

 

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(5)          payments, loans,
advances or guarantees (or cancellation of loans, advances or guarantees) to future, present or former employees, officers, directors,
members of management, consultants or independent contractors (or their respective Controlled Investment Affiliates or Immediate
Family Members) of the Company, any of its Subsidiaries or any Parent Company, or guarantees in respect thereof for bona fide
business purposes or in the ordinary course of business or consistent with industry practice;

 

(6)         transactions in which the Company or any Restricted Subsidiary, as the case may be, delivers to the Trustee a letter from an Independent
Financial Advisor stating that such transaction is fair to the Company or such Restricted Subsidiary from a financial point of
view or stating that the terms, when taken as a whole, are not materially less favorable to the Company or the relevant Restricted
Subsidiary than those that would have been obtained in a comparable transaction by the Company or such Restricted Subsidiary with
a Person that is not an Affiliate of the Company on an arm’s-length basis;

 

(7)          the existence of, or the performance by the Company or any Restricted Subsidiary of its obligations under the terms of, any agreement
as in effect as of the Closing Date, or any amendment thereto or replacement thereof (so long as any such amendment or replacement
is not materially disadvantageous in the good faith judgment of the Board of Directors to the Holders when taken as a whole as
compared to the applicable agreement as in effect on the Closing Date);

 

(8)           the existence of, or the performance by the Company or any Restricted Subsidiary of its obligations under the terms of, any equity
holder agreement or the equivalent (including any registration rights agreement or purchase agreement related thereto) to which
it is a party as of the Closing Date and any amendment thereto and similar agreements or arrangements that it may enter into thereafter;
provided that the existence of, or the performance by the Company or any Restricted Subsidiary of obligations under any future
amendment to any such existing agreement or arrangement or under any similar agreement or arrangement entered into after the Closing
Date will only be permitted by this clause (8) to the extent that the terms of any such amendment or new agreement or arrangement
are not otherwise materially disadvantageous in the good faith judgment of the Board of Directors to the Holders when taken as
a whole (as compared to the original agreement or arrangement in effect on the Closing Date);

 

(9)          the Transactions and the payment of all fees and expenses related to the Transactions, including Transaction Expenses;

 

(10)        transactions
with customers, clients, suppliers, contractors, joint venture partners or purchasers or sellers of goods or services, or
transactions otherwise relating to the purchase or sale of goods or services, in each case in the ordinary course of business
or consistent with industry practice and otherwise in compliance with the terms of this Financing Agreement that are fair to
the Company and the Restricted Subsidiaries, in the reasonable determination of the Board of Directors or the senior
management of the Company, or are on terms at least as favorable as might reasonably have been obtained at such time from an
unaffiliated party;

 

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(11)        the issuance, sale or transfer of Equity Interests (other than Disqualified Stock) of the Company or any Parent Company to any
Person and the granting and performing of customary rights (including registration rights) in connection therewith, and any contribution
to the capital of the Company;

 

(12)       sales of accounts receivable, or participations therein, or Securitization Assets or related assets in connection with any Qualified
Securitization Facility and any other transaction effected in connection with a Qualified Securitization Facility or a financing
related thereto;

 

(13)       payments by the Company or any Restricted Subsidiary made for any financial advisory, consulting, financing, underwriting or placement
services or in respect of other investment banking activities, including in connection with acquisitions or divestitures, which
payments are approved by, or made pursuant to arrangements approved by, a majority of the Board of Directors in good faith;

 

(14)        payments with respect to Indebtedness, Disqualified Stock and other Equity Interests (and repurchase and cancellation of any thereof)
of the Company, any Parent Company and any Restricted Subsidiary and Preferred Stock (and cancellation of any thereof) of any Restricted
Subsidiary to any future, current or former employee, director, officer, member of management, consultant or independent contractor
(or their respective Controlled Investment Affiliates or Immediate Family Members or permitted transferees) of the Company, any
of its Subsidiaries or any Parent Company pursuant to any management equity plan or stock option plan or any other management or
employee benefit plan or agreement or any equity subscription or equity holder agreement that are, in each case, approved by the
Company in good faith;

 

(15)        (a) investments by Affiliates in securities or Indebtedness of the Company or any Restricted Subsidiary (and payment of reasonable
out-of-pocket expenses incurred by such Affiliates in connection therewith) so long as the investment is being offered by the Company
or such Restricted Subsidiary generally to other investors on the same or more favorable terms and (b) payments to Affiliates in
respect of securities or Indebtedness of the Company or any Restricted Subsidiary contemplated in the foregoing subclause (a) or
that were acquired from Persons other than the Company and the Restricted Subsidiaries, in each case, in accordance with the terms
of such securities or Indebtedness;

 

(16)       payments to or from, and transactions with, any joint venture or Unrestricted Subsidiary in the ordinary course of business or
consistent with past practice, industry practice or industry norms (including, any cash management activities related thereto);

 

(17)        payments
by the Company (and any Parent Company) and its Subsidiaries pursuant to tax sharing agreements among the Company (and any
Parent Company) and its Subsidiaries; provided that in each case the amount of such payments by the Company and its
Subsidiaries are permitted under Section 6.01(b)(13);

 

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(18)        any lease or sublease entered into between the Company or any Restricted Subsidiary, as lessee or sublessee, and any Affiliate
of the Company, as lessor or sublessor, and transactions pursuant to that lease which lease or sublease is approved by the Board
of Directors or senior management of the Company in good faith;

 

(19)        (i) intellectual property licenses in the ordinary course of business or consistent with industry practice and (ii) intercompany
intellectual property licenses and research and development agreements;

 

(20)        the payment of reasonable out-of-pocket costs and expenses relating to registration rights and indemnities provided to equity holders
of the Company or any Parent Company pursuant to any equity holders agreement or registration rights agreement entered into on
or after the Closing Date;

 

(21)        transactions permitted by, and complying with Section 6.13 solely for the purpose of (a) reorganizing to facilitate any initial
public offering of securities of the Company or any Parent Company, (b) forming a holding company or (c) reincorporating the Company
or BRS Finance in a new jurisdiction;

 

(22)        transactions undertaken in good faith (as determined by the Board of Directors or senior management of the Company) for the purposes
of improving the consolidated tax efficiency of the Company and its Restricted Subsidiaries and not for the purpose of circumventing
any covenant set forth in this Financing Agreement;

 

(23)         (a) transactions with a Person that is an Affiliate of the Company (other than an Unrestricted Subsidiary) solely because the Company
or any Restricted Subsidiary owns Equity Interests in such Person and (b) transactions with any Person that is an Affiliate solely
because a director or officer of such Person is a director or officer of the Company, any Restricted Subsidiary or any Parent Company;

 

(24)       (a) pledges and other transfers of Equity Interests in Unrestricted Subsidiaries and (b) any transactions with an Affiliate in
which the consideration paid consists solely of Equity Interests of the Company or a Parent Company;

 

(25)        the sale, issuance or transfer of Equity Interests (other than Disqualified Stock) of the Company;

 

(26)        investments by any Investor or Parent Company in securities or Indebtedness of the Company or any Subsidiary Guarantor;

 

(27)        payments on the Series 2019 Bonds in accordance with this Financing Agreement and payments of Obligations under the Credit Facilities
and payments in respect of Obligations under other Indebtedness, Disqualified Stock or Preferred Stock of the Company and its Subsidiaries
held by Affiliates; provided that such Obligations were acquired by an Affiliate of the Company in compliance with this Financing
Agreement;

 

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(28)        transactions undertaken in the ordinary course of business pursuant to membership in a purchasing consortium; and

 

(29)        any transaction on arm’s length terms with a non-Affiliate that becomes an Affiliate as a result of such Transaction.

 

Section 6.06        Liens.

 

(a)          The Parent will not and the Company will not, and will not permit any Subsidiary Guarantor to, create, incur or assume any Lien
(except Permitted Liens) that secures Indebtedness on any Collateral or any income or profits therefrom, or assign or convey any
right to receive income therefrom.

 

(b)          Subject to the foregoing, the Company will not, and will not permit any Restricted Subsidiary to, create, incur or assume any Lien
(except Permitted Liens) that secures Obligations under any Indebtedness or any related guarantee of Indebtedness, on any asset
or property of the Company or any Restricted Subsidiary that is not Collateral, or any income or profits therefrom, or assign or
convey any right to receive income therefrom, unless:

 

(1)          in the case of Liens securing Subordinated Indebtedness, the BFA Loan Obligations and related Guarantees are secured by a Lien
on such property, assets or proceeds that is senior in priority to such Liens until such time as such Subordinated Indebtedness
is no longer secured by such Liens; and

 

(2)          in all other cases, the BFA Loan Obligations or the Guarantees are equally and ratably secured until such time as such Obligations
are no longer secured by such Liens.

 

For purposes of determining
compliance with this Section 6.06, (A) a Lien need not be incurred solely by reference to one category of Permitted Liens described
in the definition thereof but is permitted to be incurred in part under any combination thereof and of any other available exemption
and (B) in the event that a Lien (or any portion thereof) meets the criteria of one or more of the categories of Permitted Liens,
the Company will, in its sole discretion, be entitled to divide, classify or reclassify, in whole or in part, any such Lien (or
any portion thereof) among one or more of such categories or clauses in any manner.

 

Any Lien created for
the benefit of the Holders pursuant to Section 6.06(b) will be deemed automatically and unconditionally released and discharged
upon the release and discharge of each of the Liens described in clauses (1) and (2) of Section 6.06(b) or upon such Liens no longer
attaching to assets or property of the Company or a Restricted Subsidiary so secured.

 

The expansion of Liens
by virtue of accretion or amortization of original issue discount, the payment of dividends in the form of Indebtedness and increases
in the amount of Indebtedness outstanding solely as a result of fluctuations in the exchange rate of currencies will not be deemed
to be an incurrence of Liens for purposes of this covenant.

 

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Section 6.07       Company
Existence. Subject to Section 6.13 hereof, the Company shall do or cause to be done all things necessary to preserve and keep
in full force and effect its organizational existence, and the corporate, partnership or other organizational existence of each
of its Restricted Subsidiaries, in accordance with the respective Organizational Documents (as the same may be amended from time
to time) of the Company or any such Restricted Subsidiary; provided that the Company shall not be required to preserve the corporate,
partnership or other organizational existence of its Restricted Subsidiaries, if the Company in good faith shall determine that
the preservation thereof is no longer desirable in the conduct of the business of the Company and its Restricted Subsidiaries,
taken as a whole.

 

Section 6.08        Offer to Repurchase Upon Change
of Control.

 

(a)          If a Change of
Control occurs, unless the Company have previously or concurrently electronically delivered or mailed a redemption notice with
respect to all the outstanding Bonds as described under Section 4.01 of the Indenture, the Company will make an offer to purchase
all of the Series 2019 Bonds pursuant to the offer described below (the “Change of Control Offer”) at a price
in cash (the “Change of Control Payment”) equal to 101.00% of the aggregate principal amount thereof plus accrued
and unpaid interest, if any, to, but excluding, the date of repurchase, subject to the right of Holders of record on the relevant
Record Date to receive interest due on any Interest Payment Date prior to such repurchase. Within sixty (60) days following any
Change of Control, the Company will send notice of such Change of Control Offer electronically or by first-class mail, postage
prepaid, with a copy to the Trustee, to each Holder at such Holder’s registered address, or otherwise in accordance with
Applicable Procedures, with the following information:

 

(1)          a Change of Control Offer is being made pursuant to this Section 6.08 and all Series 2019 Bonds properly tendered pursuant to such
Change of Control Offer will be accepted for payment by the Company;

 

(2)          the purchase price and the purchase date, which will be no earlier than twenty (20) Business Days nor later than sixty (60) days
from the date such notice is mailed or otherwise delivered (the “Change of Control Payment Date”), subject to
extension (in the case where such notice is mailed or otherwise delivered prior to the occurrence of the Change of Control) in
the event that the occurrence of the Change of Control is delayed;

 

(3)          any Series 2019 Bond not properly tendered will remain outstanding and continue to accrue interest;

 

(4)          unless the Company defaults in the payment of the Change of Control Payment, all Series 2019 Bonds accepted for payment pursuant
to the Change of Control Offer will cease to accrue interest on the Change of Control Payment Date;

 

(5)          Holders
electing to have any Series 2019 Bonds purchased pursuant to a Change of Control Offer will be required to surrender such
Series 2019 Bonds, with the form entitled “Option of Holder to Elect Purchase” on the reverse of such Series 2019
Bonds completed to the Paying Agent at the address specified in the notice or otherwise in accordance with Applicable
Procedures, prior to the close of business on the third Business Day preceding the Change of Control Payment Date;

 

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(6)          Holders will be entitled to withdraw their tendered Series 2019 Bonds and their election to require the Company to purchase such
Series 2019 Bonds; provided that the Paying Agent receives, not later than the close of business on the second Business Day prior
to the expiration date of the Change of Control Offer, a facsimile transmission or letter or other notice in accordance with Applicable
Procedures setting forth the name of the Holder, the principal amount of Series 2019 Bonds tendered for purchase, and a statement
that such Holder is withdrawing its tendered Series 2019 Bonds and its election to have such Bonds purchased;

 

(7)          Holders whose Series 2019 Bonds are being purchased only in part will be issued new Series 2019 Bonds and such new Series 2019
Bonds will be equal in principal amount to the unpurchased portion of the Series 2019 Bonds surrendered; provided that the unpurchased
portion of the Series 2019 Bonds must be equal to at least $100,000 or any integral multiple of $5,000 in excess of $100,000;

 

(8)          if such notice is delivered prior to the occurrence of a Change of Control, stating that the Change of Control Offer is conditional
on the occurrence of such Change of Control and describing each such condition, and, if applicable, stating that, in the Company’s
discretion, the Change of Control Payment Date may be delayed until such time (including more than sixty (60) days after the date
the notice was mailed or delivered, including by electronic transmission) as any or all such conditions are satisfied (or waived
by the Company in its sole discretion), or such purchase may not occur and such notice may be rescinded in the event that any or
all such conditions are not satisfied (or waived by the Company in its sole discretion) by the Change of Control Payment Date,
or by the Change of Control Payment Date as so delayed, or such notice may be rescinded at any time in the Company’s discretion
if in the good faith judgment of the Company any or all of such conditions will not be satisfied. In addition, the Company may
provide in such notice that payment of the purchase price and performance of the Company’s obligations with respect to such
purchase may be performed by another Person; and

 

(9)          the other instructions, as determined by the Company, consistent with this Section 6.08, that a Holder must follow in order to
have its Bonds repurchased.

 

(b)          The Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations
thereunder to the extent such laws or regulations are applicable in connection with the repurchase of Series 2019 Bonds by the
Company pursuant to a Change of Control Offer. To the extent that the provisions of any securities laws or regulations conflict
with the provisions of this Financing Agreement, the Company will comply with the applicable securities laws and regulations and
will not be deemed to have breached their obligations described in this Financing Agreement by virtue thereof.

 

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(c)          On the Change of Control Payment Date, the Company will, to the extent permitted by law:

 

(1)          accept for payment, or cause the Trustee to accept for payment, all Series 2019 Bonds or portions thereof properly tendered pursuant
to the Change of Control Offer;

 

(2)          deposit with the Paying Agent an amount equal to the aggregate Change of Control Payment in respect of all Series 2019 Bonds or
portions thereof validly tendered and not validly withdrawn; and

 

(3)        deliver, or cause to be delivered, to the Trustee (a) an Officer’s Certificate to the Trustee stating that such Series 2019
Bonds or portions thereof have been tendered to and purchased by the Company and (b) at the Company’s, the Series 2019 Bonds
so accepted for cancellation.

 

(d)          The Company will not be required to make a Change of Control Offer following a Change of Control if a third party makes the Change
of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Financing Agreement
applicable to a Change of Control Offer made by the Company and purchases all Series 2019 Bonds validly tendered and not validly
withdrawn under such Change of Control Offer.

 

(e)          A Change of Control Offer may be made in advance of a Change of Control and conditional upon such Change of Control if a definitive
agreement is in place for the Change of Control at the time of making of the Change of Control Offer.

 

(f)           Other than as specifically provided in this Section 6.08, any purchase pursuant to this Section 6.08 shall be made pursuant to
applicable sections of Article IV of the Indenture, and references therein to “redeem,” “redemption,” “Redemption
Date” and similar words shall be deemed to refer to “purchase,” “repurchase,” “Change of Control
Payment Date” and similar words, as applicable.

 

(g)          A Change of Control Offer may be made at the same time as consents are solicited with respect to an amendment, supplement or waiver
of this Financing Agreement, the Indenture, the Series 2019 Bonds and/or Guarantees (but the Change of Control Offer may not condition
tenders on the delivery of such consents).

 

(h)          The Company’s obligation to make an offer to repurchase the Series 2019 Bonds pursuant to this Section 6.08 may be waived
or modified (at any time, including after a Change of Control) with the written consent of the Holders of a majority in principal
amount of the Series 2019 Bonds then outstanding.

 

Section 6.09        Limitation on Guarantees of
Indebtedness by Restricted Subsidiaries.

 

The Company will
not permit any of its Wholly-Owned Subsidiaries that are Restricted Subsidiaries (and non-Wholly-Owned Subsidiaries if such
non-Wholly-Owned Subsidiary guarantees Indebtedness under the Term Loan Credit Agreement, the ABL Facility, the Notes
Indenture or Capital Markets Indebtedness of the Company or any Subsidiary Guarantor), other than a Subsidiary Guarantor or
an Excluded Subsidiary, to guarantee the payment of (i) any Indebtedness of the Company or BRS Finance or any Subsidiary
Guarantor under the Credit Facilities incurred under Section 6.03(b)(1), (ii) the Term Loan Credit Agreement, (iii) the Notes
Indenture, (iv) the BFA Loan Obligations, or (v) Capital Markets Indebtedness of the Company or any Subsidiary Guarantor, in
each case, having an aggregate principal amount outstanding in excess of $50.0 million unless:

 

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(1)   
such Restricted Subsidiary within 30 days executes and delivers to the Trustee a supplemental indenture to this Financing Agreement,
the form of which is attached as Exhibit C hereto, providing for a Guarantee by such Restricted Subsidiary, except that
with respect to a guarantee of Indebtedness of the Company or any Subsidiary Guarantor if such Indebtedness is by its express terms
subordinated in right of payment to the BFA Loan Obligations or such Subsidiary Guarantor’s Guarantee, any such guarantee
by such Restricted Subsidiary with respect to such Indebtedness will be subordinated in right of payment to such Guarantee substantially
to the same extent as such Indebtedness is subordinated to the BFA Loan Obligations; and

 

(2)   
such Restricted Subsidiary waives and will not in any manner whatsoever claim or take the benefit or advantage of, any rights of
reimbursement, indemnity or subrogation or any other applicable rights against the Company or any other Restricted Subsidiary as
a result of any payment by such Restricted Subsidiary under its Guarantee;

 

provided that this
Section 6.09 will not be applicable to any guarantee of any Restricted Subsidiary that existed at the time such Person became a
Restricted Subsidiary and was not incurred in connection with, or in contemplation of, such Person becoming a Restricted Subsidiary.
The Company may elect, in its sole discretion, to cause any Subsidiary that is not otherwise required to be a Subsidiary Guarantor
to become a Subsidiary Guarantor, in which case such Subsidiary will not be required to comply with clause (1) or (2) of this Section
6.09 and such Guarantee may be released at any time in the Company’s sole discretion.

 

Section 6.10        Suspension of Covenants.

 

(a)          During any period of time that (i) the Series 2019 Bonds have an Investment Grade Rating and (ii) no Default has occurred and is
continuing under this Financing Agreement (the occurrence of the events described in the foregoing clauses (i) and (ii) being collectively
referred to as a “Covenant Suspension Event” and the date thereof being referred to as the “Suspension
Date”), the Company and the Restricted Subsidiaries will not be subject to Section 6.01, Section 6.02, Section 6.03,
Section 6.04, Section 6.05, Section 6.09 (but only with respect to any Person that would otherwise be required to become a Subsidiary
Guarantor after the date of commencement of the applicable Suspension Period) and Section 6.12(a)(1)(d) hereof (collectively, the
 “Suspended Covenants”).

 

(b)          During a Suspension Period (as defined below), the Company may not designate any of its Subsidiaries as Unrestricted Subsidiaries
pursuant to the second sentence of the definition of “Unrestricted Subsidiary.”

 

(c)         In
the event that the Company and its Restricted Subsidiaries are not subject to the Suspended Covenants under this Financing
Agreement for any period of time as a result of the foregoing, and on any subsequent date (the “Reversion
Date”) the Series 2019 Bonds no longer have an Investment Grade Rating, then the Suspended Covenants will be
reinstated and the Company and its Restricted Subsidiaries will thereafter again be subject to the Suspended Covenants under
this Financing Agreement with respect to future events.

 

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(d)          The period of time between the Suspension Date and the Reversion Date is referred to in this Financing Agreement as the “Suspension
Period”. Upon the occurrence of a Covenant Suspension Event, the amount of Excess Proceeds from Net Proceeds will be
reset to zero for purposes of Section 6.04.

 

(e)          In the event of any such reinstatement, no action taken or omitted to be taken by the Company or any Restricted Subsidiary or events
occurring prior to such reinstatement with respect to any of the Suspended Covenants will give rise to a Default or Event of Default
under this Financing Agreement with respect to the Series 2019 Bonds; provided that:

 

(1)  with respect to Restricted Payments made after the Reversion Date, the amount of Restricted Payments made will be calculated as
though Section 6.01 had been in effect prior to, but not during, the Suspension Period;

 

(2)  all Indebtedness incurred, or Disqualified Stock or Preferred Stock issued, during the Suspension Period will be classified to
have been incurred or issued pursuant to Section 6.03(b)(4);

 

(3) 
any Affiliate Transaction entered into after the Reversion Date pursuant to an agreement entered into during any Suspension Period
will be deemed to be permitted pursuant to Section 6.05(b)(7);

 

(4) 
any encumbrance or restriction on the ability of any Restricted Subsidiary that is not a Subsidiary Guarantor to take any action
described in Section 6.02(a) that becomes effective during any Suspension Period will be deemed to be permitted Section 6.02(b)(1);

 

(5)  all Liens permitted to be created, incurred or assumed during the Suspension Period will be deemed to have been outstanding on
the Closing Date, so that they are classified as permitted under clause (11) of the definition of “Permitted Liens”;
and

 

(6)  all Investments made during the Suspension Period will be deemed to have been outstanding on the Closing Date, so that they are
classified as Permitted Investments permitted under clause (5) of the definition of “Permitted Investments.”

 

(f)           Notwithstanding
that the Suspended Covenants may be reinstated after the Reversion Date, (i) no Default, Event of Default or breach of any
kind will be deemed to exist under this Financing Agreement, the Series 2019 Bonds, the Indenture, or the Guarantees with
respect to the Suspended Covenants, and none of the Company or any of its Restricted Subsidiaries will bear any liability for
any actions taken or events occurring during the Suspension Period, or any actions taken at any time pursuant to any
contractual obligation arising during a Suspension Period, in each case, as a result of a failure to comply with the
Suspended Covenants during the Suspension Period (or, upon termination of the Suspension Period or after that time, based on
any action taken or event that occurred during the Suspension Period) and (ii) following a Reversion Date, the Company and
each Restricted Subsidiary will be permitted, without causing a Default or Event of Default, to honor, comply with or
otherwise perform any contractual commitments or obligations arising during any Suspension Period (that were permitted to be
entered into at such time) and to consummate any transactions contemplated thereby.

 

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(g)          Upon
the Reversion Date, the obligation to grant Guarantees pursuant Section 6.9 will be
reinstated (and the Reversion Date will be deemed to be the date on which any guaranteed Indebtedness was incurred for
purposes of Section 6.09).

 

(h)          Neither the Trustee nor the Issuer shall have any duty to (i) monitor the ratings of the Series 2019 Bonds, (ii) determine whether
a Covenant Suspension Event or Reversion Date has occurred, or (iii) notify Holders of any of the foregoing.

 

Section 6.11        Limitations on Activities of
the Parent.

 

(a)          Parent shall not
conduct, transact or otherwise engage in any business or operations other than (i) owning Capital Stock of the Company and operations
incidental thereto, (ii) the maintenance of its legal existence and general operations (including the ability to incur fees, costs
and expenses relating to such maintenance and general operations including professional fees for legal, tax and accounting issues),
(iii) the performance of its obligations, including the incurrence, and performance in respect, of guarantees and other liabilities,
with respect to the BFA Loan Obligations, the Notes Indenture, the Term Loan Credit Agreement, Credit Facilities, Other Pari Passu
Lien Obligations or equipment or commercial building financings, (iv) any public offering of its common stock or any other issuance
of its Equity Interests or any corporate transaction permitted under this Financing Agreement, (v) financing activities, including,
without limitation, Credit Facilities, the issuance of securities, incurrence of debt, payment of dividends, making contributions
to the capital of its Subsidiaries and guaranteeing any Indebtedness, liabilities or other obligations of its Subsidiaries or Parent
Companies and the performance of its obligations with respect thereto, (vi) participating in tax, accounting and other administrative
matters as a member of the consolidated group of Parent and the Company or any direct or indirect parent of Parent and its Subsidiaries,
(vii) holding any cash or property received in connection with Restricted Payments made by the Company in accordance with Section
6.01 hereof pending application thereof by Parent, (viii) providing indemnification to officers and directors, (ix) conducting,
transacting or otherwise engaging in any business or operations of the type that it conducts, transacts or engages in on the Closing
Date, (x) any transaction that Parent is permitted to enter into or consummate under this Financing Agreement, the Notes Indenture,
the Term Loan Credit Agreement, Credit Facilities, Other Pari Passu Lien Obligations or equipment or commercial building financings
and any transaction between Parent and the Company or any Restricted Subsidiary permitted under this Financing Agreement, the Notes
Indenture, the Term Loan Credit Agreement, Credit Facilities, Other Pari Passu Lien Obligations or equipment or commercial building
financings, (xi) subject to the following paragraph, its ownership of the Act 9 Bonds and similar bonds in connection with a Specified
Sale and Lease-back Transaction, and (xii) activities incidental to the businesses or activities described in the foregoing clauses
(i) through (xi); provided that, notwithstanding the foregoing, Parent shall not create or acquire (by way of amalgamation, merger,
consolidation or otherwise) any material direct Subsidiaries, other than the Company or any holding company for the Company.

 

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(b)           In addition,
neither Parent, as owner of the Act 9 Bonds nor any agent or designee of Parent (including Regions Bank as trustee under the Act
9 Trust Indenture), shall, without the prior written consent of the Collateral Agent:

 

(1)           dispose of any Act 9 Bonds or its economic interests therein;

 

(2)           enforce or exercise, or seek to enforce or exercise, any rights or remedies (including any right of setoff) under the Act 9 Bond
Documents (including the enforcement of any right under any other agreement or arrangement to which Parent or its agent or designee
and either the City of Osceola or the Company is a party); or

 

(3)           commence or join with any Person (other than the Secured Parties) in commencing, or petition for or vote in favor of, any action
or proceeding with respect to such rights or remedies (including in any foreclosure action or any proceeding under any Debtor Relief
Laws).

 

Section 6.12 Merger, Amalgamation, Consolidation
or Sale of All or Substantially All Assets.

 

(a)           The Company may
not consolidate, amalgamate or merge with or into or wind up into (whether or not the Company is the surviving Person), or sell,
assign, transfer, lease, convey or otherwise dispose of all or substantially all of its assets, in one or more related transactions,
to any Person unless:

 

(1)        (A)         the
Company is the surviving Person or the Person formed by or surviving any such consolidation, amalgamation or merger (if other than
the Company), or to which such sale, assignment, transfer, lease, conveyance or other disposition is made, is a Person organized
or existing under the laws of the United States, any state thereof, the District of Columbia, or any territory thereof (such Person,
as the case may be, being herein called the “Successor Company”); provided that in the case where the surviving
Person is not a corporation, a Guarantor of the BFA Loan Obligations is a corporation;

 

(B)           the Successor
Company, if other than the Company expressly assumes all the obligations of the Company under this Financing Agreement, the Series
2019 Note, the Indenture, and the Security Documents pursuant to an amendment to this Financing Agreement and such other supplemental
indentures, amendments or other customary documents or instruments, as applicable, and shall cause such amendments, supplements
or other documents to be executed, filed and recorded in such jurisdictions as may be required by applicable law to preserve and
protect the Liens on the Collateral owned by or transferred to the Successor Company, together with such financing statements or
comparable documents as may be required to perfect any security interests in such Collateral which may be perfected by the filing
of a financing statement or a similar document under the Uniform Commercial Code or other similar statute or regulation of the
relevant states or jurisdictions;

 

(C)           immediately
after such transaction, no Default exists;

 

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(D)           immediately after
giving pro forma effect to such transaction and any related financing transactions, as if such transactions had occurred
at the beginning of the most recently ended Test Period, either:

 

(i)               the Company (or Successor Company, as applicable) would be permitted to incur at least $1.00 of additional Indebtedness pursuant
to the Fixed Charge Coverage Test; or,

 

(ii)              the Fixed Charge Coverage Ratio for the Company (or Successor Company, as applicable) would be equal to or greater than the Fixed
Charge Coverage Ratio for the Company immediately prior to such transaction;

 

(E)           each Subsidiary Guarantor,
unless it is the other party to the transactions described above, in which case Section 6.12(a)(1)(B) will apply, will have by
supplemental indenture or otherwise confirmed that its Guarantee applies to such Person’s obligations under this Financing
Agreement, the Indenture and the Series 2019 Note and its obligations under the Security Documents shall continue to be in effect
and it shall enter into such supplemental indentures, amendments or other customary documents or instruments and shall cause such
amendments, supplements or other documents to be executed, filed and recorded in such jurisdictions as may be required by applicable
law to preserve and protect the Liens on the Collateral owned by or transferred to the Successor Company, together with such financing
statements or comparable documents as may be required to perfect any security interests in such Collateral which may be perfected
by the filing of a financing statement or a similar document under the Uniform Commercial Code or other similar statute or regulation
of the relevant states or jurisdictions; and

 

(F)           the Company (or the
Successor Company, as applicable), will have delivered to the Trustee and the Issuer an Officer’s Certificate and an Opinion
of Counsel, each stating that such consolidation, amalgamation, merger or transfer and such supplements and amendments, if any,
comply with this Financing Agreement and, if an amendment to the Financing Agreement, a supplement to the Indenture, or any supplement
to any Security Documents is required in connection with such transaction, such supplement or amendment shall require the Company
(or the Successor Company, as applicable) to take all necessary action so that such Lien is perfected to the extent required by
the Security Documents; and

 

(G)           Collateral
owned by or transferred to the Successor Company shall:

 

  (i)              continue to constitute Collateral
under this Financing Agreement, the Collateral Trust Agreement, and the Security Documents;

 

  (ii)            
be subject to the Lien in favor of the Collateral Agent for the benefit of the Pari Passu Lien Secured Parties; and

 

  (iii)           
not be subject to any Lien other than Permitted Liens.

 

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Notwithstanding the foregoing, failure to
satisfy the requirements of Section 6.12(a)(1)(C) and (D) will not prohibit

 

(1)           the Company consolidating, amalgamating or merging with or into or winding up into (whether or not the Company is the surviving
Person), or the sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of its assets, in
one or more related transactions, to Parent or a Wholly-Owned Subsidiary of Parent,

 

(2)          the Company consolidating with, amalgamating with or merging with or into, or winding up into an Affiliate of the Company for the
purpose of reincorporating the Company in the United States, any state thereof, the District of Columbia or any territory thereof,
so long as the amount of Indebtedness of the Company and its Restricted Subsidiaries is not increased thereby,

 

(3)          the Company converting into a corporation, partnership, limited partnership, limited liability company or trust organized or existing
under the laws of the jurisdiction of organization of the Company or the laws of a jurisdiction in the United States (and, if such
entity is not a corporation, a Guarantor of the BFA Loan Obligations is a corporation organized or existing under such laws), and

 

(4)            the Company changing its name.

 

(b)           Subject to Section 6.12(f), no Subsidiary Guarantor will, and the Company will not permit any Subsidiary Guarantor to, consolidate,
amalgamate or merge with or into or wind up into (whether or not such Subsidiary Guarantor is the surviving Person), or sell, assign,
transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets, in one or more related transactions,
to any Person unless:

 

(1)        (A)          such Subsidiary Guarantor is the surviving Person or the Person formed by or surviving any such consolidation, amalgamation
or merger (if other than such Subsidiary Guarantor) or to which such sale, assignment, transfer, lease, conveyance or other disposition
will have been made is a Person organized or existing under the laws of the jurisdiction of organization of such Subsidiary Guarantor
or the laws of the United States, any state thereof, the District of Columbia, or any territory thereof (such Subsidiary Guarantor
or such Person, as the case may be, being herein called the “Successor Person”);

 

(B)           the
Successor Person, if other than such Subsidiary Guarantor, expressly assumes all the obligations of such Subsidiary Guarantor
under this Financing Agreement and such Subsidiary Guarantor’s related Guarantee and the Security Documents pursuant to
supplemental indentures, amendments or other customary documents or instruments and shall cause such amendments, supplements
or other documents to be executed, filed and recorded in such jurisdictions as may be required by applicable law to preserve
and protect the Liens on the Collateral owned by or transferred to the Successor Person, together with such financing
statements or comparable documents as may be required to perfect any security interests in such Collateral which may be
perfected by the filing of a financing statement or a similar document under the Uniform Commercial Code or other similar
statute or regulation of the relevant states or jurisdictions;

 

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(C)          immediately after such transaction, no Default exists;

 

(D)          the Company will have delivered to the Trustee and the Issuer an Officer’s Certificate and an Opinion of Counsel, each
stating that such consolidation, amalgamation, merger or transfer and such supplements and amendments, if any, comply with
this Financing Agreement and, if an amendment to the Financing Agreement or any supplement to any Security Documents is
required in connection with such transaction, such supplement or amendment shall require the Company to take all necessary
action so that such Lien is perfected to the extent required by the Security Documents; and

 

(E)           Collateral owned by or transferred to the Successor Person shall:

 

  (i)               continue to constitute Collateral under this Financing Agreement, the Collateral Trust Agreement, and the Security Documents;

 

  (ii)             
be subject to the Lien in favor of the Collateral Agent for the benefit of the Pari Passu Lien Secured Parties; and

 

  (iii)            
not be subject to any Lien other than Permitted Liens; or

 

(2)           the transaction is not prohibited by Section 6.04.

 

(c)           Notwithstanding the foregoing, any Subsidiary Guarantor may (1) merge, amalgamate or consolidate with or into, wind up into or
sell, assign, transfer, lease, convey or otherwise dispose of all or part of its properties and assets to another Subsidiary Guarantor
or the Company or merge, amalgamate or consolidate with or into, wind up into or sell, assign, transfer, lease, convey or otherwise
dispose of all or part of its properties and assets to a Restricted Subsidiary of the Company, so long as the resulting entity
remains or becomes a Subsidiary Guarantor, (2) merge with an Affiliate of the Company for the purpose of reincorporating the Subsidiary
Guarantor in the United States, any state thereof, the District of Columbia or any territory thereof, (3) convert into a corporation,
partnership, limited partnership, limited liability company or trust organized or existing under the laws of the jurisdiction of
organization of such Subsidiary Guarantor or the laws of a jurisdiction in the United States, (4) liquidate or dissolve or change
its legal form if the Company determines in good faith that such action is in the best interests of the Company and is not materially
disadvantageous to the guarantee of the BFA Loan Obligations, or (5) change its name.

 

(d)           In addition, subject to Section 6.12(g), Parent will not consolidate, amalgamate or merge with or into or wind up into (whether
or not Parent is the surviving Person), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all
of its properties or assets in one or more related transactions to, any Person unless:

 

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(1)           Parent
is the surviving Person or the Person formed by or surviving any such consolidation, amalgamation or merger (if other than
Parent) or to which such sale, assignment, transfer, lease, conveyance or other disposition will have been made is a Person
organized or existing under the laws of the jurisdiction of organization of Parent or the laws of the United States, any
state thereof, the District of Columbia, or any territory thereof (Parent or such Person, as the case may be, being herein
called the “Successor Parent Guarantor”);

 

(2)           the Successor Parent Guarantor (if other than Parent) expressly assumes all the obligations of such Parent under this Financing
Agreement, such Parent’s related Parent Guarantee and the Security Documents pursuant to supplemental indentures, amendments
or other customary documents or instruments and shall cause such amendments, supplements or other documents to be executed, filed
and recorded in such jurisdictions as may be required by applicable law to preserve and protect the Liens on the Collateral owned
by or transferred to the Successor Parent Guarantor, together with such financing statements or comparable documents as may be
required to perfect any security interests in such Collateral which may be perfected by the filing of a financing statement or
a similar document under the Uniform Commercial Code or other similar statute or regulation of the relevant states or jurisdictions;

 

(3)           immediately after such transaction, no Default exists;

 

(4)           the Company will have delivered to the Trustee and the Issuer an Officer’s Certificate and an Opinion of Counsel, each stating
that such consolidation, amalgamation, merger or transfer and such supplement or amendment, if any, comply with this Financing
Agreement and, if a supplement, an amendment or any supplement to any Security Documents is required in connection with such transaction,
such supplement or amendment shall require Parent and the Company to take all necessary action so that such Lien is perfected to
the extent required by the Security Documents; and

 

(5)           Collateral
owned by or transferred to the Successor Parent Guarantor shall:

 

(i)            continue to constitute Collateral under this Financing Agreement, the Collateral Trust Agreement, and the Security Documents;

 

(ii)           be subject to the Lien in favor of the Collateral Agent for the benefit of the Pari Passu Lien Secured Parties; and

 

(iii)          not be subject to any Lien other than Permitted Liens.

 

(e)           Notwithstanding the foregoing, Parent may (1) merge, amalgamate or consolidate with or into, the Company, (2) merge with an Affiliate
of the Company for the purpose of reincorporating Parent in the United States, any state thereof, the District of Columbia or any
territory thereof, (3) convert into a corporation, partnership, limited partnership, limited liability company or trust organized
or existing under the laws of the jurisdiction of organization of Parent or the laws of a jurisdiction in the United States or
(4) change its name.

 

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(f)           (1)           Each Guarantee by a Subsidiary Guarantor will provide by its terms that it shall be automatically and unconditionally
released and discharged and shall thereupon terminate and be of no further force and effect, and no further action by such
Subsidiary Guarantor, the Company, the Collateral Agent, or the Trustee is required for the release of such Subsidiary
Guarantor’s Guarantee, upon:

 

(i)           
any sale,
exchange, issuance, disposition or transfer (by merger, amalgamation, consolidation or otherwise) of (a) the Capital Stock of such
Subsidiary Guarantor, after which the applicable Subsidiary Guarantor is no longer a Restricted Subsidiary, or (b) all or substantially
all of the assets of such Subsidiary Guarantor (including to the Company or another Subsidiary Guarantor), in each case if such
sale, exchange, issuance, disposition or transfer is made in compliance with the applicable provisions of this Financing Agreement;

 

(ii)           
(a) the release or discharge of the guarantee by, or direct obligation of, such Subsidiary Guarantor of Indebtedness under the
Term Loan Credit Agreement, the Notes Indenture, the ABL Facility, Other Pari Passu Lien Obligations or Capital Markets Indebtedness
that, in any case, constitute ABL Obligations or Fixed Asset Pari Passu Lien Obligations of the Company or any Subsidiary Guarantor,
or (b) the release or discharge of such other guarantee that resulted in the creation of such Guarantee, except, in each case,
a discharge or release by or as a result of payment under such guarantee or direct obligation (it being understood that, in each
case, a release subject to a contingent reinstatement is still a release);

 

(iii)          
(a) the designation of any Restricted Subsidiary that is a Subsidiary Guarantor as an Unrestricted Subsidiary or (b) such Subsidiary
Guarantor otherwise becoming an Excluded Subsidiary (other than pursuant to clause (1) of the definition thereof); or

 

(iv)          the discharge of the Company’s obligations under this Financing Agreement in accordance with its terms; or

 

(v)           the merger, amalgamation or consolidation of any Subsidiary Guarantor with and into the Company, BRS Finance, or a Subsidiary Guarantor
that is the surviving Person in such merger, amalgamation or consolidation, or upon the liquidation of a Subsidiary Guarantor following
the transfer of all or substantially all of its assets, in each case in a transaction that is not prohibited by this Financing
Agreement.

 

(2)          The Company will
have the right, upon delivery of an Officer’s Certificate and an Opinion of Counsel to the Trustee and Collateral Agent,
to cause any Subsidiary Guarantor that has not guaranteed any Indebtedness under the Term Loan Credit Agreement, the Notes Indenture,
the ABL Facility, Other Pari Passu Lien Obligations or any Capital Markets Indebtedness that, in any case, constitutes ABL Obligations
or Fixed Asset Pari Passu Lien Obligations of any of the Company or any Subsidiary Guarantor, and is not otherwise required by
the applicable terms of this Financing Agreement to provide a Guarantee, to be unconditionally released and discharged from all
obligations under its Guarantee, and such Guarantee will thereupon automatically and unconditionally terminate and be discharged
and of no further force or effect.

 

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(g)           The Parent Guarantee will be automatically released upon:

 

(1)          
the Company ceasing to be a Wholly-Owned Subsidiary of Parent;

 

(2)        
the Company’s transfer of all or substantially all of its assets to, or merger with, an entity that is not a Wholly-Owned
Subsidiary of Parent in accordance with this Section 6.12, and such transferee entity assumes Company’s obligations under
this Financing Agreement; or

 

(3)          
the Company’s obligations under this Financing Agreement are discharged in accordance with the terms hereof.

 

Section 6.13 Successor Person
Substituted. Upon any consolidation, amalgamation or merger, or any winding up, sale, assignment, transfer, lease, conveyance
or other disposition of all or substantially all of the assets of the Company or a Guarantor in accordance with Section 6.12 hereof,
the Successor Company, Successor Person or Successor Parent Guarantor, as applicable, formed by such consolidation or amalgamation
or into or with which the Company, such Subsidiary Guarantor or Parent, as applicable, is merged or to which such wind up, sale,
assignment, transfer, lease, conveyance or other disposition is made shall succeed to, and be substituted for (so that from and
after the date of such consolidation, amalgamation, merger, sale, lease, conveyance or other disposition, the provisions of this
Financing Agreement, the Series 2019 Bonds and the Guarantees referring to the Company, such Guarantor, or Parent, as applicable,
shall refer instead to the Successor Company, Successor Person or Successor Parent Guarantor, as applicable, and not to the Company,
such Subsidiary Guarantor, or Parent as applicable), and may exercise every right and power of the Company, such Subsidiary Guarantor,
or Parent, as applicable, under this Financing Agreement, the Series 2019 Bonds, the Guarantees and the Security Documents, as
applicable, with the same effect as if such Successor Company, Successor Person or Successor Parent Guarantor, as applicable, had
been named as the Company, a Subsidiary Guarantor or Parent, as applicable, herein, and such Subsidiary Guarantor’s or Parent’s
Guarantee and such Subsidiary Guarantor and Parent, as applicable, will be automatically released and discharged from its obligations
hereunder, and, in the case of a predecessor Company shall automatically be released from its obligations thereunder; provided
that the predecessor Company shall not be relieved from the obligations under this Financing Agreement, the Series 2019 Note, the
Guarantees and the Security Documents in the case of any lease.

 

ARTICLE VII

 

EVENTS OF DEFAULT

 

The occurrence and
continuation of each of the events referred to in this Article VII shall constitute an “Event of Default”:

 

Section 7.01 Non-Payment. The Company fails to pay (i) when and as required to be paid herein, any amount of principal relating to the Bonds,
or (ii) within five (5) Business Days after the same becomes due, any interest or premium relating to the Bonds or any fees payable
hereunder; or

 

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Section 7.02 Indenture
Default. Existence of an Event of Default under and as defined in Section 7.01(a) or (b) of the Indenture; or

 

Section 7.03 Other
Defaults. Failure by the Company or any Guarantor (not specified in Section 7.01 and 7.02 above and Section 5.01 hereof) for
sixty (60) days (or such longer period, not exceeding one hundred eighty (180) days, as is reasonably necessary under the circumstances
to remedy such failure) after receipt of written notice given by the Trustee or the Holders of not less than thirty percent (30%)
in principal amount of the then Outstanding Bonds to comply with any of its obligations, covenants or agreements (other than a
default referred to in Section 7.01 or 7.02 and other than Section 5.01 hereof) contained in this Financing Agreement; or

 

Section 7.04 Representations
and Warranties. Any representation, warranty or certification made by the Company herein shall be untrue in any material respect
when made, unless such misrepresentation is capable of remedy and is remedied within thirty (30) days after the earlier of (i)
the Trustee giving written notice thereof to the Company and (ii) the Company having actual knowledge of the non-compliance; or

 

Section 7.05 Cross-default.
Default under any mortgage, indenture or instrument under which there is issued or by which there is secured or evidenced any Indebtedness
for money borrowed by the Company or any Significant Subsidiary (or any group of Restricted Subsidiaries that taken together (as
of the latest consolidated financial statements of the Company made available to the Holders) would constitute a Significant Subsidiary)
or the payment of which is guaranteed by the Company or any Significant Subsidiary (or any group of Restricted Subsidiaries that
taken together (as of the latest consolidated financial statements of the Company made available to the Holders) would constitute
a Significant Subsidiary), other than Indebtedness owed to the Company or a Restricted Subsidiary, whether such Indebtedness or
guarantee now exists or is created after the issuance of the Series 2019 Bonds, if:

 

(A)          such default either results from the failure to pay any principal of such Indebtedness at its stated final maturity (after giving
effect to any applicable grace periods) or relates to an obligation other than the obligation to pay principal of any such Indebtedness
at its stated final maturity and results in the holder or holders of such Indebtedness causing such Indebtedness to become due
prior to its stated maturity;

 

(B)          the principal amount of such Indebtedness, together with the principal amount of any other such Indebtedness in default for failure
to pay principal at its stated final maturity (after giving effect to any applicable grace periods), or the maturity of which has
been so accelerated, aggregate $25.0 million or more at any one time outstanding; and

 

(C)           such default is unremedied and is not waived by the Holders of such Indebtedness prior to the acceleration of the Series 2019 Bonds
pursuant to Section 8.02 hereof.

 

Section 7.06 Insolvency or Liquidation Proceeding.

 

(a)           The Company or any Significant
Subsidiary (or any group of Restricted Subsidiaries that taken together (as of the latest consolidated financial statements
of the Issuer made available to the Holders) would constitute a Significant Subsidiary) pursuant to or within the meaning of
any Bankruptcy Law:

 

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(i)            commences proceedings to be adjudicated bankrupt or insolvent;

 

(ii)           consents to the institution of bankruptcy or insolvency proceedings against it, or the filing by it of a petition or answer or
consent seeking reorganization or relief under applicable Bankruptcy Law;

 

(iii)          consents to the appointment of a receiver, liquidator, assignee, trustee, sequestrator or other similar official of it or for all
or substantially all of its property;

 

(iv)          makes a general assignment for the benefit of its creditors; or

 

(v)           generally is not paying its debts as they become due;

 

(b)           A
court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

 

(i)            is for relief against the Company or any of its Significant Subsidiaries (or any group of Restricted Subsidiaries that taken together
(as of the latest consolidated financial statements of the Company made available to the Holders), would constitute a Significant
Subsidiary), in a proceeding in which the Company or any such Significant Subsidiary (or any group of Restricted Subsidiaries that
taken together (as of the latest consolidated financial statements of the Company made available to the Holders), would constitute
a Significant Subsidiary), is to be adjudicated bankrupt or insolvent;

 

(ii)           appoints a receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company or any of its Significant
Subsidiaries (or any group of Restricted Subsidiaries that taken together (as of the latest consolidated financial statements of
the Company made available to the Holders), would constitute a Significant Subsidiary), or for all or substantially all of the
property of the Company or any of its Significant Subsidiaries (or any group of Restricted Subsidiaries that taken together (as
of the latest consolidated financial statements of the Company made available to the Holders), would constitute a Significant Subsidiary);
or

 

(iii)          orders
the liquidation of the Company or any of its Significant Subsidiaries (or any group of Restricted Subsidiaries that, taken together
(as of the latest consolidated financial statements of the Company made available to the Holders), would constitute a Significant
Subsidiary);

 

and the order or decree remains unstayed and in effect for sixty (60) consecutive days.

 

Section 7.07 Judgment.
Failure by the Company or any Restricted Subsidiary that is a Significant Subsidiary (or any group of Restricted Subsidiaries
that taken together (as of the latest consolidated financial statements of the Company made available to the Holders) would constitute
a Significant Subsidiary) to pay final judgments aggregating in excess of $25.0 million (net of amounts covered by insurance policies),
which final judgments remain unpaid, undischarged, unwaived and unstayed for a period of more than ninety (90) days after such
judgment becomes final; or

 

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Section 7.08 Invalidity of Bond
Documents. Any material provision of the Bond Documents, taken as a whole, at any time after their execution and delivery and
for any reason other than as expressly permitted hereunder or thereunder (including as a result of a transaction permitted under
Section 6.08 or 6.012) or as a result of acts or omissions by the Trustee or the Issuer which does not arise from a breach by the
Company, any Guarantor or their respective Subsidiaries of its or their obligations under the Bond Documents or the satisfaction
in full of all the Series 2019 Bonds, ceases to be in full force and effect; or the Company, any Guarantor or their respective
Subsidiaries contest in writing the validity or enforceability of the Bond Documents, taken as a whole; or the Company, any Guarantor
or their respective Subsidiaries denies in writing that it has any or further liability or obligation under the Bond Documents,
taken as a whole (other than as a result of a repayment in full of the Series 2019 Bonds), or purports in writing to revoke or
rescind the Bond Documents, taken as a whole; or

 

Section 7.09 Invalidity
of Guarantees. The Guarantee of the Parent or any Significant Subsidiary (or any group of Restricted Subsidiaries that taken
together (as of the latest consolidated financial statements of the Company made available to the Holders) would constitute a Significant
Subsidiary) will for any reason cease to be in full force and effect except as contemplated by the terms of this Financing Agreement
or be declared null and void in a final non-appealable judgment of a court of competent jurisdiction or any Financial Officer of
the Parent or any Guarantor that is a Significant Subsidiary (or the responsible officers of any group of Restricted Subsidiaries
that taken together (as of the latest consolidated financial statements of the Company made available to the Holders) would constitute
a Significant Subsidiary), as the case may be, denies in writing that it has any further liability under its Guarantee or gives
written notice to such effect, other than by reason of the termination of this Financing Agreement or the release of any such Guarantee
in accordance with this Financing Agreement; or

 

Section 7.10 Security.

 

(a)           Failure by the Company or any Restricted Subsidiary to comply for sixty (60) days after notice with its agreements contained in
the Security Documents except for a failure that would not be material to the Holders and would not materially affect the value
of the Collateral, taken as a whole, or any security document for the benefit of the Pari Passu Lien Secured Parties or any obligation
under the Collateral Trust Agreement or Intercreditor Agreement is held in any judicial proceeding to be unenforceable or invalid
or ceases for any reason to be in full force and effect, other than in accordance with the terms of the relevant security documents
or Collateral Trust Agreement or Intercreditor Agreement; or

 

(b)           With
respect to any Collateral having a fair market value in excess of $25.0 million, individually or in the aggregate, (A) the
failure of the security interest with respect to such Collateral under the Collateral Trust Agreement, at any time, to be in
full force and effect for any reason other than in accordance with their terms and the terms of this Financing Agreement, the
Collateral Trust Agreement or the Intercreditor Agreement, if applicable, which failure continues for sixty (60) days or (B)
the assertion by the Company or any Guarantor, in any pleading in any court of competent jurisdiction, that any such security
interest is invalid or unenforceable.

 

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ARTICLE VIII

 

REMEDIES UPON DEFAULT

 

Section 8.01 Cross-Default
and Insolvency. Upon the occurrence and continuance of an Event of Default under Section 7.06, whether or not the Company
has fully drawn the proceeds of the BFA Loan, the unpaid balance of the amount payable under Section 4.04(a) of this Financing
Agreement shall be due and payable immediately without any further action or notice.

 

Section 8.02 Acceleration.
Upon the occurrence and continuance of any Event of Default other than listed in Section 7.06 hereof, and subject to the
provisions of the Collateral Trust Agreement and the Intercreditor Agreement, upon the direction to the Trustee of the Holders
of not less than thirty percent (30%) in principal amount of the then Outstanding Bonds, whether or not the Company has fully drawn
the proceeds of the BFA Loan, the Trustee shall accelerate and declare the unpaid balance of the Series 2019 Note and the amount
payable under Section 4.04(a) of this Financing Agreement to be due and payable immediately, provided, that concurrently
with or prior to such notice the unpaid principal amount of the Series 2019 Bonds shall have been declared to be due and payable
under the Indenture. Upon any such declaration such amount shall become and shall be immediately due and payable as determined
in accordance with Article VII of the Indenture.

 

Section 8.03 Other
Remedies. Upon the occurrence and continuance of any Event of Default, the Trustee may and upon the direction to the Trustee
of the Bond Holders holding not less than thirty percent (30%) in principal amount of the then Outstanding Bonds, the Trustee shall
exercise any remedies, or give direction, under the Fixed Asset Pari Passu Lien Collateral Documents or the Intercreditor Agreement,
or exercise any remedies otherwise available at law or in equity, in each case, subject to the provisions of the Collateral Trust
Agreement and Intercreditor Agreement.

 

Section 8.04 Records.
The Trustee may have access during normal business hours to and may inspect, examine and make copies of, the books and records
and any and all data and federal income tax and other tax returns of the Company; provided, that the Trustee shall be obligated
to protect the confidentiality of such information to the extent required by State and federal law and prevent its disclosure to
the public, except the Issuer.

 

Section 8.05 Enforcement.
Upon the occurrence and continuance of any Event of Default, the Issuer or the Trustee may take whatever other action at law or
in equity as may be necessary or desirable to collect the payments and other amounts then due and thereafter to become due or to
enforce performance and observance of any obligation, agreement or covenant of the Company under this Financing Agreement, in each
case, subject to the terms and conditions of the Collateral Trust Agreement and Intercreditor Agreement; provided, however,
that acceleration of the unpaid balance of the amount payable under Section 4.04(a) of this Financing Agreement is not a
remedy available to the Issuer.

 

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Section 8.06 Adverse
Determination. In case the Trustee or the Issuer shall have proceeded to enforce its rights under this Financing Agreement
and such proceedings shall have been discontinued or abandoned for any reason or shall have been determined adversely to the Trustee
or the Issuer, then, and in every such case, the Company, the Trustee and the Issuer shall be restored respectively to their several
positions and rights hereunder, and all rights, remedies and powers of the Company, the Trustee and the Issuer shall continue as
though no such action had been taken.

 

Section 8.07 Repayment
Default. The Company covenants that, in case an Event of Default shall occur and be continuing with respect to the payment
of any amount payable under Section 4.04(a) hereof, then, upon demand of the Trustee, the Company will pay to the Trustee
the whole amount that then shall have become due and payable under said Section, with interest at the Default Rate. Interest on
overdue payments required under Section 4.04(a) shall be applied as provided in the Indenture.

 

Section 8.08 Collection.
In case the Company shall fail forthwith to pay such amounts upon such demand, the Trustee shall be entitled and empowered to institute
any action or proceeding at law or in equity for the collection of the sums so due and unpaid, and may prosecute any such action
or proceeding to judgment or final decree, and may enforce any such judgment or final decree against the Company and collect in
the manner provided by law the moneys adjudged or decreed to be payable, subject in each case, to the terms and conditions of the
Collateral Trust Agreement and Intercreditor Agreement.

 

Section 8.09 Intervention.
Subject to the terms and conditions of the Collateral Trust Agreement and Intercreditor Agreement, in case proceedings shall be
pending for the bankruptcy or for the reorganization of the Company under Debtor Relief Law or any other Law, or in case a receiver
or trustee shall have been appointed for the property of the Company or in the case of any other similar judicial proceedings relative
to the Company, or the creditors or property of the Company, then the Trustee shall be entitled and empowered, by intervention
in such proceedings or otherwise, to file and prove a claim or claims for the whole amount owing and unpaid pursuant to this Financing
Agreement and, in case of any judicial proceedings, to file such proofs of claim and other papers or documents as may be necessary
or advisable in order to have the claims of the Trustee allowed in such judicial proceedings relative to the Company, its creditors
or its property, and to collect and receive any moneys or other property payable or deliverable on any such claims, and to distribute
such amounts as provided in the Indenture after the deduction of its reasonable charges and expenses to the extent permitted by
the Indenture. Any receiver, assignee or trustee in bankruptcy or reorganization is hereby authorized to make such payments to
the Trustee, and to pay to the Trustee any amount due it for reasonable compensation and expenses, including reasonable expenses
and fees of counsel incurred by it up to the date of such distribution.

 

Section 8.10 Agreement
to Pay Attorneys’ Fees and Expenses. In the event the Company should default under any of the provisions of this
Financing Agreement and the Issuer or the Trustee should employ attorneys or incur other expenses for the collection of the
payments due under this Financing Agreement or the enforcement of performance or observance of any obligation or agreement on
the part of the Company herein contained, the Company agrees to pay and indemnify the Issuer or the Trustee for the
reasonable fees of such attorneys and such other reasonable expenses so incurred by the Issuer or the Trustee.

 

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Section 8.11 No
Remedy Exclusive. No remedy herein conferred upon or reserved to the Issuer or the Trustee is intended to be exclusive of any
other available remedy or remedies, but each and every such remedy shall be cumulative and shall be in addition to every other
remedy given under this Financing Agreement or now or hereafter existing at law or in equity or by statute, but subject to the
terms and conditions of the Collateral Trust Agreement and Intercreditor Agreement. No delay or omission to exercise any right
or power accruing upon any default shall impair any such right or power or shall be construed to be a waiver thereof, but any such
right and power may be exercised from time to time and as often as may be deemed expedient. To entitle the Issuer or the Trustee
to exercise any remedy reserved to it in this Article, it shall not be necessary to give any notice, other than such notice as
may be herein expressly required or as expressly required in the Collateral Trust Agreement and Intercreditor Agreement. The Trustee
and the Bond Holders shall be considered third party beneficiaries for the purposes of enforcing the rights of the Issuer and their
own respective rights.

 

Section 8.12 No
Additional Waiver Implied by One Waiver. In the event any agreement or covenant contained in this Financing Agreement should
be breached by the Company and thereafter waived by the Issuer or the Trustee, such waiver shall be limited to the particular breach
so waived and shall not be deemed to waive any other breach hereunder.

 

ARTICLE IX

 

PREPAYMENT

 

Section 9.01 Redemption
of Series 2019 Bonds with Prepayment Moneys. By the assignment of the rights of the Issuer to the Trustee under this Financing
Agreement (other than the Unassigned Issuer’s Rights) as is provided in Section 4.05 hereof, the Company agrees to
and shall pay or cause to be paid directly to the Trustee any amount permitted or required to be paid by it under this Article
IX. All amounts paid or caused to be paid by the Company pursuant to this Article IX which are used to pay principal
of, premium, if any, or interest on the Series 2019 Bonds, shall constitute prepaid Financing Payments and shall discharge the
Company’s obligation to make Financing Payments in such amount under this Financing Agreement.

 

Section 9.02 Optional
Redemption of Series 2019 Bonds. The Company may deliver moneys to the Trustee in addition to Financing Payments or Additional
Payments required to be made and direct the Trustee in writing to use the moneys so delivered to redeem or purchase in lieu of
redemption some or all of the Series 2019 Bonds called for optional redemption in accordance with Section 4.01(b) of the Indenture
and Section 9.01 hereof.

 

Section 9.03 Mandatory Redemption of Series
2019 Bonds.

 

(a)           The Company
shall pay to the Trustee moneys sufficient to pay Sinking Fund Installments or to effect a purchase in lieu of redemption in accordance
with the mandatory redemption provisions relating thereto set forth in the Indenture.

 

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(b)           Subject to the terms of this Section 9.03, the Company shall prepay the BFA Loan and cause the extraordinary mandatory redemption
of the Series 2019 Bonds in accordance with Sections 4.01(c) or 4.01(f) of the Indenture.

 

(c)           Subject to the terms of this Section 9.03, the Company shall prepay the BFA Loan and cause the optional redemption of the
Series 2019 Bonds tendered in accordance with Sections 6.04 and 6.08 of this Financing Agreement.

 

(d)           All mandatory prepayments and redemptions pursuant to Section 9.03(b) shall be applied to the prepayment of all Series 2019
Bonds to the extent such prepayment is required under the terms and conditions of the applicable Bond Documents pro rata among
all such Series 2019 Bonds based on the outstanding principal amount of all such Series 2019 Bonds.

 

(e)            The Company shall prepay the BFA Loan in an amount sufficient to pay the purchase price of any Series 2019 Bonds tendered pursuant
to Section 4.06 of the Indenture.

 

Section 9.04 Actions
by Issuer. At the request of the Company or the Trustee, the Issuer shall take all reasonable steps required of it under the
applicable provisions of the Indenture or the Series 2019 Bonds to effect the redemption of all or a portion of the Series 2019
Bonds pursuant to this Article IX.

 

ARTICLE X

 

NON-LIABILITY OF ISSUER; RELIANCE BY TRUSTEE; INDEMNIFICATION

 

Section 10.01 Non-Liability
of Issuer. The Issuer shall not be obligated to pay the principal of, purchase price or premium, if any, or interest on the
Bonds, except from Trust Estate Revenues and other amounts available to the Issuer therefor under the Bond Documents, with no obligation
to seek collection thereof. The Company hereby acknowledges that the Issuer’s sole source of moneys to repay the Bonds will
be provided by the payments made by the Company pursuant to this Financing Agreement, together with other Trust Estate Revenues,
including investment income on certain funds held by the Trustee under the Indenture and the Collateral Agent under the Collateral
Trust Agreement and Intercreditor Agreement and other amounts available therefor under the Bond Documents, and hereby agrees that
if the payments to be made hereunder shall ever prove insufficient to pay all principal of, and premium, if any, and interest on
the Bonds as the same shall become due (whether by maturity, redemption, acceleration or otherwise), then upon notice from the
Trustee, the Company shall pay such amounts as are required from time to time to prevent any deficiency or default in the payment
of such principal, premium or interest, including any deficiency caused by acts, omissions, nonfeasance or malfeasance on the part
of the Trustee, the Company, the Issuer or any third party.

 

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Section 10.02 Reliance by
Trustee. Whenever reference is made in this Financing Agreement to any action by, consent, designation, specification,
requirement or approval of, notice, request or other communication from, or other direction given or action to be undertaken
or to be (or not to be) suffered or omitted by the Trustee or to any election, decision, opinion, acceptance, use of
judgment, expression of satisfaction or other exercise of discretion, rights or remedies to be made (or not to be made) by
the Trustee, it is understood that in all cases the Trustee shall be acting, giving, withholding, suffering, omitting, taking
or otherwise undertaking and exercising the same (or shall not be undertaking or exercising the same) as directed. This
provision is intended solely for the benefit of the Trustee and its successors and permitted assigns and is not intended to
and will not entitle the other parties hereto to any defense, claim or counterclaim or confer any rights or benefits on any
party hereto.

 

Section 10.03  Indemnification.

 

(a)           THE
COMPANY RELEASES THE ISSUER AND THE TRUSTEE FROM, AND COVENANTS AND AGREES THAT THE ISSUER AND THE TRUSTEE SHALL NOT BE
LIABLE FOR, AND COVENANTS AND AGREES, TO THE EXTENT PERMITTED BY LAW, TO INDEMNIFY AND HOLD HARMLESS THE ISSUER AND THE
TRUSTEE AND THEIR RESPECTIVE MEMBERS, OFFICERS, EMPLOYEES AND AGENTS FROM AND AGAINST, ANY AND ALL LOSSES, CLAIMS, DAMAGES,
LIABILITIES OR EXPENSES (INCLUDING REASONABLE ATTORNEYS’ FEES, LITIGATION AND COURT COSTS, AMOUNTS PAID IN SETTLEMENT
AS CONSENTED TO BY THE COMPANY AND AMOUNTS PAID TO DISCHARGE JUDGMENTS), OF EVERY CONCEIVABLE KIND, CHARACTER AND NATURE
WHATSOEVER (INCLUDING FEDERAL AND STATE SECURITIES LAWS) ARISING OUT OF, RESULTING FROM OR IN ANY WAY CONNECTED WITH (I) THE
PROJECT, OR THE CONDITIONS, OCCUPANCY, USE, POSSESSION, CONDUCT OR MANAGEMENT OF, OR WORK DONE IN OR ABOUT THE PROJECT OR THE
OTHER FACILITIES OF THE COMPANY OR ITS AFFILIATES, OR FROM THE PLANNING, DESIGN, ACQUISITION, CONSTRUCTION, REHABILITATION,
RENOVATION, IMPROVEMENT, INSTALLATION OR EQUIPPING OF THE PROJECT OR ANY PART THEREOF; (II) THE ISSUANCE, SALE OR RESALE OF
ANY SERIES 2019 BONDS OR ANY CERTIFICATIONS OR REPRESENTATIONS MADE IN CONNECTION THEREWITH, THE EXECUTION AND DELIVERY OF
THIS FINANCING AGREEMENT, THE INDENTURE OR THE USE OF PROCEEDS CERTIFICATE OR ANY AMENDMENT THERETO AND THE CARRYING OUT OF
ANY OF THE TRANSACTIONS CONTEMPLATED BY THE SERIES 2019 BONDS, THE INDENTURE AND THIS FINANCING AGREEMENT; (III) THE
TRUSTEE’S ACCEPTANCE OR ADMINISTRATION OF THE TRUSTS UNDER THE INDENTURE, OR THE EXERCISE OR PERFORMANCE OF ANY OF
THEIR POWERS OR DUTIES UNDER THE INDENTURE OR THIS FINANCING AGREEMENT; (IV) ANY UNTRUE STATEMENT OR ALLEGED UNTRUE STATEMENT
OF ANY MATERIAL FACT OR OMISSION OR ALLEGED OMISSION TO STATE A MATERIAL FACT REQUIRED TO BE STATED OR NECESSARY TO MAKE THE
STATEMENTS MADE, IN LIGHT OF THE CIRCUMSTANCES UNDER WHICH THEY WERE MADE, NOT MISLEADING, IN ANY OFFICIAL STATEMENT OR OTHER
OFFERING CIRCULAR UTILIZED BY ANY UNDERWRITER OR PLACEMENT AGENT IN CONNECTION WITH THE SALE OF ANY SERIES 2019 BONDS OR IN
ANY DISCLOSURE MADE BY THE COMPANY TO COMPLY WITH THE REQUIREMENTS OF S.E.C. RULE 15C2-12; (V) ANY VIOLATION OF ANY
ENVIRONMENTAL LAWS OR THE RELEASE OF ANY HAZARDOUS MATERIALS AT, FROM, UNDER OR ON THE PROJECT OR ANY OTHER FACILITIES OF THE
COMPANY OR ITS AFFILIATES; (VI) THE DEFEASANCE AND/OR REDEMPTION, IN WHOLE OR IN PART, OF THE SERIES 2019 BONDS; OR (VII) ANY
DECLARATION OF TAXABILITY OF INTEREST ON THE SERIES 2019 BONDS, OR ALLEGATIONS THAT INTEREST ON THE SERIES 2019 BONDS IS
TAXABLE OR ANY REGULATORY AUDIT OR INQUIRY REGARDING WHETHER INTEREST IN THE SERIES 2019 BONDS IS TAXABLE; PROVIDED THAT
SUCH INDEMNITY SHALL NOT BE REQUIRED FOR DAMAGES THAT RESULT FROM THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT ON THE PART OF
THE PARTY SEEKING SUCH INDEMNITY. THE COMPANY FURTHER COVENANTS AND AGREES, TO THE EXTENT PERMITTED BY LAW, TO PAY OR TO
REIMBURSE THE ISSUER AND THE TRUSTEE AND THEIR RESPECTIVE OFFICERS, EMPLOYEES AND AGENTS FOR ANY AND ALL COSTS, REASONABLE
ATTORNEYS’ FEES AND EXPENSES, LIABILITIES OR OTHER EXPENSES INCURRED IN CONNECTION WITH INVESTIGATING, DEFENDING
AGAINST OR OTHERWISE IN CONNECTION WITH ANY SUCH LOSSES, CLAIMS, DAMAGES, LIABILITIES, EXPENSES OR ACTIONS, EXCEPT TO THE
EXTENT THAT THE SAME ARISE OUT OF THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF THE ISSUER OR THE TRUSTEE OR THEIR RESPECTIVE
OFFICERS, EMPLOYEES AND AGENTS CLAIMING SUCH PAYMENT OR REIMBURSEMENT. IN NO EVENT SHALL THE TRUSTEE BE RESPONSIBLE OR LIABLE
FOR SPECIAL, INDIRECT, CONSEQUENTIAL OR PUNITIVE LOSS OR DAMAGE OR ANY KIND WHATSOEVER (INCLUDING LOSS OF PROFIT),
IRRESPECTIVE OF WHETHER THE TRUSTEE HAS BEEN ADVISED OF THE LIKELIHOOD OF SUCH LOSS OR DAMAGES AND REGARDLESS OF THE FORM OF
ACTION. THE PROVISIONS OF THIS SECTION SHALL SURVIVE ANY RESIGNATION OR REMOVAL OF THE TRUSTEE, THE RETIREMENT OF THE SERIES
2019 BONDS AND THE TERMINATION OF THIS FINANCING AGREEMENT OR THE INDENTURE.

 

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(b)           THE COMPANY WILL,
TO THE FULLEST EXTENT PERMITTED BY LAW, PROTECT, INDEMNIFY AND SAVE THE ISSUER AND THE STATE AND THEIR OFFICERS, AGENTS, AND EMPLOYEES
AND ANY PERSON WHO CONTROLS THE ISSUER WITHIN THE MEANING OF THE SECURITIES ACT, HARMLESS FROM AND AGAINST ALL LIABILITIES, LOSSES,
DAMAGES, COSTS, EXPENSES (INCLUDING ATTORNEYS’ FEES AND EXPENSES OF THE ISSUER), TAXES, CAUSES OF ACTION, SUITS, CLAIMS,
DEMANDS AND JUDGMENTS IN CONNECTION WITH THE TRANSACTION CONTEMPLATED BY THIS FINANCING AGREEMENT OR ARISING FROM OR RELATED TO
THE ISSUANCE OR SALE OF THE BONDS, INCLUDING:

 

(i)            ANY
INJURY TO OR DEATH OF ANY PERSON OR DAMAGE TO PROPERTY IN OR UPON THE PROJECT OR GROWING OUT OF OR CONNECTED WITH THE USE,
NON-USE, CONDITION OR OCCUPANCY OF THE TAX-EXEMPT PROJECT OR ANY PART THEREOF, INCLUDING ANY AND ALL ACTS OR OPERATIONS
RELATING TO THE ACQUISITION OR INSTALLATION OF PROPERTY OR IMPROVEMENTS. THE FOREGOING INDEMNIFICATION OBLIGATIONS SHALL NOT
BE LIMITED IN ANY WAY BY ANY LIMITATION ON THE AMOUNT OR TYPE OF DAMAGES, COMPENSATION OR BENEFITS PAYABLE BY OR FOR THE
COMPANY, CUSTOMERS, SUPPLIERS OR AFFILIATED ORGANIZATIONS UNDER ANY WORKERS’ COMPENSATION ACTS, DISABILITY BENEFIT ACTS
OR OTHER EMPLOYEE BENEFIT ACTS;

 

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(ii)           VIOLATION OF ANY
AGREEMENT, PROVISION OR CONDITION OF THIS FINANCING AGREEMENT, THE SERIES 2019 BONDS OR THE INDENTURE, EXCEPT THAT THE COMPANY
SHALL NOT BE LIABLE FOR ANY INDEMNIFICATION TO AN INDEMNIFIED PARTY TO THE EXTENT THAT ANY SUCH VIOLATION RESULTS FROM THAT INDEMNIFIED
PARTY’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT;

 

(iii)         VIOLATION BY THE COMPANY OF ANY CONTRACT, AGREEMENT OR RESTRICTION WHICH SHALL HAVE EXISTED AT THE COMMENCEMENT OF THE TERM OF
THIS FINANCING AGREEMENT OR SHALL HAVE BEEN APPROVED BY THE COMPANY;

 

(iv)         VIOLATION BY THE COMPANY OF ANY LAW, ORDINANCE, COURT ORDER OR REGULATION AFFECTING THE TAX-EXEMPT PROJECT OR A PART THEREOF OR
THE OWNERSHIP, OCCUPANCY OR USE THEREOF;

 

(v)              
WITH RESPECT TO THE INVESTMENT, REBATE, USE, APPLICATION OR DISBURSEMENT OF THE PROCEEDS FROM THE SALE OF THE SERIES 2019 BONDS;

 

(vi)          
ANY STATEMENT OR INFORMATION RELATING TO THE EXPENDITURE OF THE PROCEEDS OF THE SERIES 2019 BONDS CONTAINED IN THE USE OF PROCEEDS
CERTIFICATE OR SIMILAR DOCUMENT FURNISHED BY THE COMPANY TO THE ISSUER OR TRUSTEE WHICH, AT THE TIME MADE, IS MISLEADING, UNTRUE
OR INCORRECT IN ANY MATERIAL RESPECT; AND

 

(vii)         
ANY UNTRUE STATEMENT OR ALLEGED UNTRUE STATEMENT OF A MATERIAL FACT CONTAINED IN ANY OFFERING MATERIAL RELATING TO THE SALE
OF THE SERIES 2019 BONDS (AS FROM TIME TO TIME AMENDED OR SUPPLEMENTED) OR ARISING OUT OF OR BASED UPON THE OMISSION OR
ALLEGED OMISSION TO STATE THEREIN A MATERIAL FACT REQUIRED TO BE STATED THEREIN OR NECESSARY IN ORDER TO MAKE THE STATEMENTS
THEREIN NOT MISLEADING, OR FAILURE TO PROPERLY REGISTER OR OTHERWISE QUALIFY THE SALE OF THE BONDS OR FAILURE TO COMPLY WITH
ANY LICENSING OR OTHER LAW OR REGULATION WHICH WOULD AFFECT THE MANNER WHEREBY OR TO WHOM THE SERIES 2019 BONDS COULD BE
SOLD.

 

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PROMPTLY AFTER RECEIPT
BY THE ISSUER OR ANY SUCH OTHER INDEMNIFIED PERSON, AS THE CASE MAY BE, OF NOTICE OF THE COMMENCEMENT OF ANY ACTION WITH RESPECT
TO WHICH INDEMNITY MAY BE SOUGHT AGAINST THE COMPANY UNDER THIS SECTION, SUCH PERSON WILL NOTIFY THE COMPANY IN WRITING OF THE
COMMENCEMENT THEREOF, AND, SUBJECT TO THE PROVISIONS HEREINAFTER STATED, THE COMPANY SHALL ASSUME THE DEFENSE OF SUCH ACTION (INCLUDING
THE EMPLOYMENT OF COUNSEL, WHO SHALL BE COUNSEL SUBJECT TO THE APPROVAL OF THE INDEMNIFIED PERSON, WHICH APPROVAL SHALL NOT BE
UNREASONABLY WITHHELD, AND THE PAYMENT OF EXPENSES). INSOFAR AS SUCH ACTION SHALL RELATE TO ANY ALLEGED LIABILITY WITH RESPECT
TO WHICH INDEMNITY MAY BE SOUGHT AGAINST THE COMPANY, THE ISSUER, THE TRUSTEE OR ANY SUCH OTHER INDEMNIFIED PERSON SHALL HAVE THE
RIGHT TO EMPLOY SEPARATE COUNSEL OF THEIR OWN CHOICE IN ANY SUCH ACTION AND TO PARTICIPATE IN THE DEFENSE THEREOF, AND THE REASONABLE
FEES AND EXPENSES OF SUCH COUNSEL SHALL BE AT THE EXPENSE OF THE COMPANY. THE COMPANY SHALL NOT SETTLE OR COMPROMISE ANY ACTION
OR PROCEEDING DEFENDED BY THE COMPANY WITHOUT THE EXPRESS WRITTEN CONSENT OF THE AFFECTED PARTY, UNLESS SUCH SETTLEMENT OR COMPROMISE
(X) INCLUDES AN UNCONDITIONAL RELEASE OF THE AFFECTED PARTY FROM ALL LIABILITY ARISING OUT OF SUCH ACTION OR PROCEEDING AND (Y)
DOES NOT INCLUDE A STATEMENT OR ADMISSIONS OF FAULT, CULPABILITY OR A FAILURE TO ACT, BY OR ON BEHALF OF, THE AFFECTED PARTY. THE
COMPANY SHALL NOT BE LIABLE FOR ANY SETTLEMENT OF ANY SUCH ACTION EFFECTED WITHOUT ITS CONSENT, BUT IF ANY ACTION IS SETTLED WITH
THE CONSENT OF THE COMPANY OR IF THERE BE A FINAL JUDGMENT FOR THE PLAINTIFF IN ANY SUCH ACTION, THE COMPANY SHALL INDEMNIFY AND
HOLD HARMLESS EACH INDEMNIFIED PARTY FROM AND AGAINST ANY LOSSES, CLAIMS, DAMAGES, LIABILITIES OR EXPENSES INCURRED OR SUFFERED
BY REASON OF SUCH SETTLEMENT OR JUDGMENT.

 

THE PROVISIONS OF THIS
SECTION SHALL SURVIVE PAYMENT AND DISCHARGE OF THE SERIES 2019 BONDS. IF THE TRUSTEE RESIGNS OR IS REPLACED, THE COMPANY’S
OBLIGATIONS UNDER THIS SECTION 10.03 SHALL CONTINUE FOR THE BENEFIT OF THE TRUSTEE AS WELL AS THE SUCCESSOR TRUSTEE.

 

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ARTICLE XI

 

SECURITY DOCUMENTS

 

Section 11.01 Security
Interest. On the Closing Date, the BFA Loan Obligations will be the senior secured obligations of the Company. From and
after the Closing Date, pursuant to the terms hereof and of the Fixed Asset Pari Passu Lien Collateral Documents, the due and
punctual payment of the principal of, premium (if any) and interest, if any, on, the BFA Loan when and as the same shall be
due and payable, whether on an Interest Payment Date, at maturity, by acceleration, repurchase, redemption or otherwise, and
interest on the overdue principal of, premium (if any) and interest, if any, on the BFA Loan and performance and payment of
all other obligations of the Company and the Guarantors to the Issuer or, as a result of the assignment of the Issuer’s
rights hereunder, the Trustee (including, without limitation, the Guarantees), according to the terms hereunder, are secured
as provided herein and in the Security Documents.

 

The Issuer, by its
acceptance of the Series 2019 Note, acknowledges the existence and applicability of the Security Documents (including, without
limitation, the provisions providing for foreclosure and release of Collateral) as the same may be in effect or may be amended
from time to time in accordance with their terms. Each of the Company and the Guarantors acknowledges and agrees that each is bound
by the terms of the Security Documents, as the same may be in effect from time to time, and each affirm its agreement to perform
its respective obligations thereunder in accordance therewith.

 

Each of the Company
and the Guarantors will do or cause to be done all such acts and things as may be required by the provisions of the Security Documents,
to assure and confirm to the Collateral Agent the security interest in the Collateral contemplated by the Security Documents or
any part thereof, as from time to time constituted, so as to render the same available for the security and benefit of the BFA
Loan Obligations. Each of the Company and the Guarantors will take, and will cause the Subsidiary Guarantors to take, any and all
actions reasonably required to cause the Security Documents to create and maintain, as security for the Pari Passu Lien Obligations,
a valid and enforceable perfected Lien in and on all the Collateral in favor of the Collateral Agent for the benefit of the Pari
Passu Lien Secured Parties, in each case, to the extent expressly required by, and with the Lien priority required under, the Pari
Passu Lien Debt Documents.

 

Section 11.02 Collateral Trust Agreement.

 

This Article XII and
the provisions of each other Security Document are subject to the terms, conditions and benefits set forth in the Collateral Trust
Agreement. Each of the Company and the Guarantors consents to, and agrees to be bound by, the terms of the Collateral Trust Agreement,
as the same may be in effect from time to time, and to perform its obligations thereunder in accordance therewith. The Issuer,
by its acceptance and assignment of the Series 2019 Note and of its right, title and interest in and to the Financing Agreement
(other than Unassigned Rights), authorizes the Trustee to execute and deliver the Joinder to the Collateral Trust Agreement.

 

Section 11.03 Collateral Agent.

 

(1)           As of the Closing
Date, U.S. Bank National Association is acting as the Collateral Agent for the benefit of the Holders of all Pari Passu Lien Obligations
outstanding from time to time.

 

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(2)            
None of the Company, the Guarantors, or any of their Affiliates may act as Collateral Agent.

 

(3)            
The Collateral Agent will hold (directly or through co-trustees or agents), and will be entitled to enforce, all Liens on the Collateral
created by the Pari Passu Lien Debt Documents.

 

(4)            
Except as provided in the Collateral Trust Agreement or as directed by an Act of Required Pari Passu Lien Secured Parties, or,
as applicable, the Controlling Representative, in accordance with the Collateral Trust Agreement, the Collateral Agent will not
be obligated:

 

(i)             
to act upon directions purported to be delivered to it by any Person;

 

(ii)            
to foreclose upon or otherwise enforce any Lien; or

 

(iii)            to take any other action whatsoever with regard to any or all of the Pari Passu Lien Debt Documents, the Liens created thereby
or the Collateral.

 

The Company will deliver
to the Trustee copies of all Pari Passu Lien Security Documents delivered to the Collateral Agent.

 

Section 11.04 Release of Liens on Collateral.

 

The Collateral Agent’s
Liens on the Collateral will be released in any one or more of the circumstances described in the Collateral Trust Agreement, the
Intercreditor Agreement and the other Security Documents.

 

Section 11.05 Release of Liens in Respect
of BFA Loan Obligations.

 

The Collateral Agent’s
Liens upon the Collateral will no longer secure the BFA Loan Obligations, and the right of the Holders of the Series 2019 Bonds
to the benefits and proceeds of the Collateral Agent’s Liens on the Collateral will terminate and be discharged:

 

(1)             upon
the prepayment of the BFA Loan Obligations, in accordance with Article IX hereof;

 

(2)             upon defeasance
of the Series 2019 Bonds and any Additional Bonds, in accordance with Article IX of the Indenture;

 

(3)            
solely with respect to ABL Priority Collateral, if and to the extent required by the Intercreditor Agreement; and

 

(4)            
with respect to the assets of any Guarantor, at the time such Guarantor is released from its Guarantee in accordance with its terms.

 

Section 11.06 Equal and Ratable Sharing
of Collateral by Pari Passu Lien Secured Parties.

 

Notwithstanding:

 

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(1)              
anything to the contrary contained in the Security Documents;

 

(2)              
the time of incurrence of any Series of Pari Passu Lien Debt;

 

(3)              
the order or method of attachment or perfection of any Series of Pari Passu Lien Debt;

 

(4)              
the time or order of filing or recording of financing statements, mortgages or other documents filed or recorded to perfect any
Lien upon any Collateral;

 

(5)              
the time of taking possession or control over any Collateral;

 

(6)              
that any Pari Passu Lien may not have been perfected or may be or have become subordinated, by equitable subordination or otherwise,
to any other Lien; or

 

(7)              
the rules for determining priority under any law governing relative priorities of Liens:

 

(a)              
all Pari Passu Liens granted at any time by the Company or any Guarantor will secure, equally and ratably, all present and future
Pari Passu Lien Obligations; and

 

(b)               all proceeds of all Pari Passu Liens granted at any time by the Company or any Guarantor will be allocated and distributed equally
and ratably on account of the Pari Passu Lien Debt and other Pari Passu Lien Obligations.

 

In addition, this Section
11.08 is intended for the benefit of, and shall be enforceable as a third party beneficiary by, each present and future Holder
of Pari Passu Lien Obligations, each present and future Pari Passu Lien Debt Representative and the Collateral Agent as holder
of Pari Passu Liens. The Pari Passu Lien Debt Representative of each future Series of Pari Passu Lien Debt shall be required to
deliver a Lien sharing and priority confirmation to the Trustee and the Collateral Agent at the time of incurrence of such Series
of Pari Passu Lien Debt.

 

Section 11.07 Relative Rights.

 

Nothing in this Financing Agreement or the Security
Documents will:

 

(1) 
impair, as to the Company and the Issuer, the obligation of the Company to pay principal of, premium and interest on the Series
2019 Note in accordance with its terms or any other obligation of the Company or any other Grantor, including, but not limited
to the payment obligations of the Company and Guarantors under this Financing Agreement;

 

(2)  affect
the relative rights of Holders of Pari Passu Indebtedness as against any other creditors of the Company or any other Grantor (other
than holders of Pari Passu Liens);

 

(3)  restrict
the right of any Holder of Pari Passu Indebtedness to sue for payments that are then due and owing (but not enforce any judgment
in respect thereof against any Collateral to the extent prohibited by the Collateral Trust Agreement);

 

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(4)   restrict
or prevent any Holder of Pari Passu Indebtedness, the Pari Passu Collateral Agent or any Pari Passu Lien Debt Representative from
exercising any of its rights or remedies upon a Default or Event of Default not restricted or prohibited by the Collateral Trust
Agreement; or

 

(5)  restrict
or prevent the Collateral Agent from taking any lawful action in an Insolvency or Liquidation Proceeding not specifically restricted
or prohibited by the Collateral Trust Agreement.

 

Section 11.08 Further Assurances.

 

(a)  The Company
and each of the other Grantors will do or cause to be done all acts and things that may be required, or that the Collateral Agent
from time to time may reasonably request, to assure and confirm that the Collateral Agent holds, for the benefit of the Pari Passu
Lien Secured Parties, duly created and enforceable and perfected Liens upon the Collateral, (including any property or assets that
are acquired or otherwise become, or are required by any Pari Passu Lien Debt Document to become, Collateral after the date thereof),
in each case, as expressly required by, and with the Lien priority required under, the Pari Passu Lien Debt Documents.

 

(b)  The Company
and each of the other Grantors will promptly execute, acknowledge and deliver such security documents, instruments, certificates,
notices and other documents, and take such other actions as may be reasonably required, or that the Collateral Agent may reasonably
request, to create, perfect, protect, assure or enforce the Liens and benefits intended to be conferred, in each case, as expressly
required by the Pari Passu Lien Debt Documents for the benefit of the Pari Passu Lien Secured Parties.

 

Section 11.09 Intercreditor Agreement.

 

The Intercreditor Agreement
provides, subject to the terms thereof, for the following priority of the Fixed Asset Pari Passu Lien, on the one hand, relative
to the ABL Liens, on the other hand:

 

(1)              
subject to certain limitations, any Lien on the ABL Priority Collateral to the extent securing any ABL Obligations now or hereafter
held by or on behalf of the ABL Agent, or any other ABL Claimholders or any agent or trustee therefor, shall be senior in all respects
and prior to any Lien on the ABL Priority Collateral securing any Fixed Asset Pari Passu Lien Obligations; and

 

(2)              
the Fixed Asset Pari Passu Lien Obligations on the Notes Priority Collateral will be senior to the ABL Liens on the Fixed Asset
Priority Collateral, and, consequently, the holders of any Fixed Asset Pari Passu Lien Obligations will be entitled to receive
the proceeds from the disposition of any Fixed Asset Priority Collateral prior to the holders of any ABL Obligations.

 

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Section 11.10 Trustee Duties.

 

(a)              
On the Closing Date, the Trustee will execute the Joinder to the Collateral Trust Agreement and will be designated as the
Pari Passu Lien Debt Representative for the BFA Loan Obligations. The Trustee shall not be obligated to take any action (or
to direct the Collateral Agent to take any action) under the Collateral Trust Agreement or any other Security Document for
any of the Series 2019 Bonds without the written direction of the Holders of a majority in aggregate principal amount of the
Outstanding Series 2019 Bonds (or the minimum consent for such action required under the Indenture) and may request the
direction of the Holders of a majority in aggregate principal amount of the Outstanding Series 2019 Bonds (or the minimum
consent for such action required under the Indenture) with respect to any such actions and, upon receipt of the written
consent of the Holders of a majority in aggregate principal amount of the Outstanding Series 2019 Bonds (or the minimum
consent for such action required under the Indenture) along with security and indemnity satisfactory to the Trustee and the
Collateral Agent, shall take such actions.

 

(b)              Neither the Trustee,
the Issuer nor any of their officers, directors, employees, attorneys or agents shall be responsible or liable (i) for the legality,
enforceability, effectiveness or sufficiency of any of the Security Documents, for the creation, perfection, priority, sufficiency,
maintenance, renewal or protection of any Lien, or for any defect or deficiency as to any such matters, or (ii) for any failure
to demand, collect, foreclose or realize upon or otherwise enforce any of the Liens or Security Documents or any delay in doing
so, or (iii) for the validity or sufficiency of the Collateral or any agreement or assignment contained therein, for the validity
of the title, for insuring the Collateral or for the payment of taxes, charges, assessments or Liens upon the Collateral or otherwise
as to the maintenance of the Collateral.

 

(c)               The rights, privileges,
protections, immunities and benefits given to the Issuer under this Financing Agreement and the Trustee under the Indenture, including,
without limitation, their right to be indemnified and compensated and all other rights, privileges, protections, immunities and
benefits set forth in this Financing Agreement and the Indenture are extended to the Trustee when acting under the Collateral Trust
Agreement, the Intercreditor Agreement (if applicable) and the other Pari Passu Lien Debt Documents on behalf of the Holders of
the Series 2019 Bonds.

 

(d)               The Trustee will
not be responsible for filing any financing or continuation statements or recording any documents or instruments in any public
office at any time or times or otherwise perfecting or maintaining the perfection of any Liens on the Collateral.

 

(e)              
Whenever an action under the Collateral Trust Agreement requires an Act of Required Pari Passu Lien Secured Parties, the
Trustee, in its capacity as Pari Passu Lien Debt Representative, shall be entitled to seek the direction of Holders of a
majority in aggregate principal amount of the Outstanding Series 2019 Bonds. Subject to the next succeeding sentence, if the
minimum consent or directions of Holders of Series 2019 Bonds for such action required under the Financing Agreement or the
Indenture are met, the Trustee shall deliver a written direction to the Collateral Agent on behalf of Holders of Series 2019
Bonds (i) directing such Act of Required Pari Passu Lien Secured Parties and (ii) notifying the Collateral Agent in writing
of the aggregate principal amount of such Series 2019 Bonds consenting or directing such action (it being agreed that if the
requisite percentage of consent or direction is received by the Trustee, the Trustee shall consent or direct such action on
behalf of all of the then Outstanding aggregate principal amount of the Series 2019 Bonds), which upon request of the
Collateral Agent, shall be accompanied by indemnity or security acceptable to the Collateral Agent for any losses, liability
or expenses that may be incurred in connection with such direction (it being understood that the Trustee, in its individual
capacity, shall not be obligated to provide such indemnity or security). Notwithstanding the foregoing, if the requested
action requires the consent or direction of each Holder of the Series 2019 Bonds affected thereby, then the Trustee shall not
deliver a direction to the Collateral Agent in such Act of Required Pari Passu Lien Secured Parties unless a unanimous
consent is obtained for the Holders of the Series 2019 Bonds. For purposes of determining the consent or direction of Holders
of the Series 2019 Bonds for an action under the Collateral Trust Agreement that requires an Act of Required Pari Passu Lien
Secured Parties, the Series 2019 Bonds registered in the name of, or beneficially owned by, the Company or any Affiliate of
the Company will be deemed not to be Outstanding and neither the Company nor any Affiliate of the Company will be entitled to
vote such Series 2019 Bonds and the Company shall notify the Trustee and the Collateral Agent in writing whether any of the
Series 2019 Bonds are owned by it or any of its Affiliates.

 

    84

     

    

 

ARTICLE XII

 

MISCELLANEOUS

 

Section 12.01 Notices.
All notices, certificates or other communications shall be deemed sufficiently given on the second day following the day on which
the same have been mailed by certified mail, postage prepaid, addressed to the Issuer, the Company or the Trustee, as follows,
and such communications shall also be deemed sufficiently given to the Trustee if sent by facsimile with confirmed receipt.

 

	If to the Issuer, at:	Arkansas Development Finance Authority
	 	900 West Capitol Avenue, Suite 310
	 	Little Rock, Arkansas
	 	Attn: President
	 	Phone: (501) 682-5900
	 	Fax: (501) 682-5939
	 	Email: Cheryl.schluterman@adfa.arkansas.gov

 

	with a copy to:	Arkansas Development Finance Authority
	 	900 West Capitol Avenue, Suite 310
	 	Little Rock, Arkansas
	 	Attn: Vice President – Legal and Tax
	 	Phone: (501) 682-5927
	 	Fax: (501) 682-5939
	 	Email: ben.vankleef@adfa.arkansas.gov

 

If to the Trustee and

	Paying Agent, at	U.S. Bank National Association
	 	Global Corporate Trust Services
	 	1350 Euclid Avenue, Suite 1100
	 	Cleveland, Ohio 44115
	 	Attn: David Schlabach
	 	Phone: (216) 623-5987
	 	Email: david.schlabach@usbank.com

 

    85

     

    

 

	If to the Rating Agency, at:	Moody’s Investors Service
	 	7 WTC @ 250 Greenwich Street
	 	New York, New York 10007
	 	Attn: Michael S. Corelli, CFA
	 	Phone: (212) 553-1654
	 	E-mail: michael.corelli@moodys.com
	 	 
	 	Standard & Poor’s
	 	55 Water Street
	 	New York, New York 10007
	 	Attn: William R. Ferara
	 	Phone: (212) 438-1776
	 	E-mail: bill.ferara@spglobal.com
	 	 
	If to the Company, at	Big River Steel LLC
	 	2027 East State Highway 198
	 	Osceola, Arkansas 72370
	 	Attn: Chief Executive Officer
	 	 
	with a copy to:	Big River Steel LLC
	 	2027 East State Highway 198
	 	Osceola, Arkansas 72370
	 	Attn: Chief Financial Officer
	 	Phone: (870) 559-3122
	 	E-mail: mcarano@bigriversteel.com
	 	 
	and:	Big River Steel LLC
	 	2027 East State Highway 198
	 	Osceola, Arkansas 72370
	 	Attn: Chief Compliance Officer
	 	Phone: (870) 559-3123
	 	E-mail: ltrammell@bigriversteel.com
	 	 
	and:	Baker & Hostetler LLP
	 	Key Tower
	 	127 Public Square, Suite 2000
	 	Cleveland, Ohio 44114
	 	Attn: Phillip M. Callesen, Esq.
	 	Phone: (216) 861-7884

 

Any notice given to the Company as provided above shall be deemed
to have been given to any affiliate of the Company affected by such notice.

 

    86

     

    

 

A duplicate copy of each notice, certificate
or other communication given hereunder by either the Issuer or the Company to the other shall also be given to the Trustee. The
Issuer, the Company or the Trustee may, by notice given hereunder, designate any different addresses to which subsequent notices,
certificates or other communications shall be sent.

 

Section 12.02 Severability.
If any provision of this Financing Agreement shall be held or deemed to be, or shall in fact be, illegal, inoperative or unenforceable,
the same shall not affect any other provision or provisions herein contained or render the same invalid, inoperative, or unenforceable
to any extent whatever.

 

Section 12.03 Execution
of Counterparts. This Financing Agreement may be simultaneously executed in several counterparts, each of which shall be an
original and all of which shall constitute but one and the same instrument; provided, however, that for purposes
of perfecting a security interest in this Financing Agreement by the Company on behalf of the Trustee under Article 9 of the Uniform
Commercial Code, only the counterpart delivered, pledged, and assigned to the Trustee shall be deemed the original.

 

Section 12.04 Amendments,
Changes and Modifications. After the initial issuance of Series 2019 Bonds and prior to the payment in full of all Bonds, or
provision for such payment having been made as provided in the Indenture, this Financing Agreement may not be effectively amended,
changed, modified, altered or terminated except in accordance with the terms of the Indenture.

 

Section 12.05 Governing
Law; Venue. This Financing Agreement is governed by the laws of the State of Arkansas, without regard to the choice of law
rules of the State of Arkansas. Venue for any action under this Financing Agreement to which the Issuer is a party shall lie within
the district courts of the State of Arkansas, and the parties hereto consent to the jurisdiction and venue of any such court and
hereby waive any argument that venue in such forums is not convenient.

 

Section 12.06 Delegation
of Duties by Issuer. It is agreed that under the terms of this Financing Agreement and under the terms of the Indenture, the
Issuer has delegated certain of its duties hereunder to the Company and to the Trustee. The fact of such delegation shall be deemed
sufficient compliance by the Issuer to satisfy the duties so delegated and the Issuer shall not be liable in any way by reason
of acts done or omitted by the Company, the Authorized Company Representative or the Trustee. The Issuer shall have the right at
all times to act in reliance upon the authorization, representation or certification of the Company, the Authorized Company Representative
or the Trustee.

 

Section 12.07 Authorized
Representative. Whenever under the provisions of this Financing Agreement the approval of the Company is required or the Company
is required to take some action at the request of the Issuer, such approval or such request shall be given on behalf of the Company
by an Authorized Company Representative, and the Issuer and the Trustee shall be authorized to act on any such approval or request
and neither party hereto shall have any complaint against the other or against the Trustee as a result of any such action taken.

 

    87

     

    

 

Section 12.08 Term
of the Agreement. This Financing Agreement shall be in full force and effect from the date hereof and shall continue in effect
as long as any amounts are due hereunder (other than contingent indemnity or other obligations that survive termination of the
Indenture, the Note and this Financing Agreement, but as of such date of determination are not due and payable and for which no
claims have been made), any of the Bonds are outstanding or the Trustee holds any moneys under the Indenture, whichever is later.
All representations and certifications by the Company as to all matters affecting the tax-exempt status of the Series 2019 Bonds
shall survive the termination of this Financing Agreement.

 

Section 12.09 Binding
Effect. This Financing Agreement shall inure to the benefit of and shall be binding upon the Issuer, the Company and their
respective successors and assigns.

 

Section 12.10 Survival
of Fee Obligation. The right of the Issuer and the Trustee to receive any fees or be reimbursed for any expenses incurred pursuant
to this Financing Agreement, and the right of the Issuer and the Trustee to be protected from any liability as provided in this
Financing Agreement, shall survive the retirement of the Series 2019 Bonds and the termination of this Financing Agreement.

 

Section 12.11 Non-Recourse
Liability. Satisfaction of all obligations of the Company and the Guarantors hereunder shall be had solely from the Company,
the Guarantors and the Collateral. No past, present or future director, officer, employee, incorporator, member, partner or equity
holder of the Company or any Guarantor or any Parent Company will have any liability for any obligations of the Company or the
Guarantors under the Series 2019 Bonds, the Guarantees, or this Financing Agreement or for any claim based on, in respect of, or
by reason of such obligations or their creation.

 

Section 12.12 Liability
of Issuer Limited to Trust Estate. Notwithstanding anything in this Financing Agreement or in the Series 2019 Bonds, the Issuer
shall not be required to advance any moneys derived from any source other than the Trust Estate and other assets pledged under
the Indenture for any of the purposes in the Indenture mentioned, whether for the payment of the principal of or interest on the
Series 2019 Bonds or for any other purpose of the Indenture. The Issuer shall not be liable for any costs, expenses, losses, damages,
claims or actions, of any conceivable kind on any conceivable theory, under or by reason of or in connection with this Financing
Agreement, the Series 2019 Bonds or the Indenture, except only to the extent amounts are received for the payment thereof from
the Company under this Financing Agreement.

 

The Company hereby
acknowledges that the Issuer’s sole source of moneys to repay the Series 2019 Bonds will be provided by the payments made
by the Company or the Collateral Agent to the Trustee pursuant to this Financing Agreement and the Collateral Trust Agreement and
Intercreditor Agreement, together with investment income on certain funds held by the Trustee under the Indenture and the Collateral
Agent under the Collateral Trust Agreement and Intercreditor Agreement, and hereby agrees that if the payments to be made hereunder
shall ever prove insufficient to pay all principal (or redemption price) and interest on the Series 2019 Bonds as the same shall
become due (whether by maturity, redemption, acceleration or otherwise), then upon notice from the Trustee, the Company shall pay
such amounts in accordance with Section 4.04 hereof.

 

    88

     

    

 

The provisions of this
Section 11.12 shall be in addition to, and not in lieu of, any other provisions limiting the liability of the Issuer hereunder.

 

Section 12.13 Waiver
of Personal Liability. No member, officer, agent or employee of the Issuer or any direct or indirect owner, director, officer,
agent or employee of the Company shall be individually or personally liable for the payment of any principal (or redemption price)
or interest on the Series 2019 Bonds or any sum hereunder or under the Indenture or be subject to any personal liability or accountability
by reason of the execution and delivery of this Financing Agreement; but nothing herein contained shall relieve any such member,
direct or indirect owner, director, officer, agent or employee from the performance of any official duty provided by law or by
this Financing Agreement.

 

Section 12.14 No
Constitutional Debt. It is understood and agreed by the Company and the Holders that no covenant, provisions or agreement of
the Issuer herein or in the Series 2019 Bonds or in any other document executed by the Issuer in connection with the issuance,
sale and delivery of the Series 2019 Bonds, or any obligation herein or therein imposed upon the Issuer or breach thereof, shall
give rise to a pecuniary liability of the Issuer, its directors, officers, employees or agents or a charge against the Issuer’s
general credit or general fund or shall obligate the Issuer, its directors, officers, employees or agents financially in any way.
No failure of the Issuer to comply with any term, condition, covenant or agreement herein or in the Indenture shall subject the
Issuer, its directors, officers, employees or agents to liability for any claim for damages, costs or other financial or pecuniary
charges. No execution on any claim, demand, cause of action or judgment shall be levied upon or collected from the general credit
or general fund of the Issuer. In making the agreements, provisions and covenants set forth herein, the Issuer has not obligated
itself except with respect to the Indenture and the funds and accounts held thereunder and the application of Trust Estate Revenues
therefrom and from this Financing Agreement, and from the proceeds of the Series 2019 Bonds, as hereinabove provided.

 

The Series 2019 Bonds
constitute special, limited obligations of the Issuer, payable solely from proceeds of the Series 2019 Bonds, the Trust Estate
Revenues pledged to the payment thereof pursuant to the Indenture and this Financing Agreement, and the funds and accounts held
under and pursuant to the Indenture and pledged therefor. The Series 2019 Bonds, the interest thereon and any other payments or
costs incident thereto do not constitute a debt or general obligation of the Issuer, the State of Arkansas or any political subdivision
thereof within the meaning of any constitutional or statutory provisions. No provision in this Financing Agreement or any obligation
herein imposed upon the Issuer, or the breach thereof, shall constitute or give rise to or impose upon the Issuer, the State or
any political subdivision thereof a pecuniary liability or a charge upon their general credit or taxing powers. No officer, director,
employee, member or agent of the Issuer shall be personally liable under this Financing Agreement.

 

NEITHER THE STATE
OF ARKANSAS NOR ANY POLITICAL CORPORATION, SUBDIVISION OR AGENCY OF THE STATE OF ARKANSAS WILL BE OBLIGATED TO PAY THE PRINCIPAL
OF, PREMIUM, IF ANY, OR INTEREST ON THE SERIES 2019 BONDS, AND NEITHER THE FAITH AND CREDIT NOR ANY TAXING POWERS OF THE ISSUER,
THE STATE OF ARKANSAS OR ANY OTHER POLITICAL CORPORATION, SUBDIVISION OR AGENCY THEREOF IS PLEDGED TO THE PAYMENT OF THE PRINCIPAL
OF, PREMIUM, IF ANY, PURCHASE PRICE FOR OR INTEREST ON THE SERIES
2019 BONDS. THE ISSUER HAS NO TAXING POWER.

 

    89

     

    

 

IT IS FURTHER UNDERSTOOD
AND AGREED BY THE COMPANY AND THE HOLDERS THAT THE ISSUER, ITS DIRECTORS, OFFICERS, EMPLOYEES OR AGENTS SHALL INCUR NO PECUNIARY
LIABILITY HEREUNDER AND SHALL NOT BE LIABLE FOR ANY EXPENSES RELATED HERETO, ALL OF WHICH THE COMPANY AGREES TO PAY. IF, NOTWITHSTANDING
THE PROVISIONS OF THIS SECTION, THE ISSUER, ITS DIRECTORS, OFFICERS, EMPLOYEES OR AGENTS INCUR ANY EXPENSE, OR SUFFER ANY LOSSES,
CLAIMS OR DAMAGES OR INCURS ANY LIABILITIES, THE COMPANY WILL INDEMNIFY AND HOLD HARMLESS THE ISSUER, ITS DIRECTORS, OFFICERS,
EMPLOYEES OR AGENTS FROM THE SAME AND WILL REIMBURSE THE ISSUER, ITS DIRECTORS, OFFICERS, EMPLOYEES OR AGENTS IN RELATION THERETO,
AND THIS COVENANT TO INDEMNIFY, HOLD HARMLESS AND REIMBURSE THE ISSUER, ITS DIRECTORS, OFFICERS, EMPLOYEES OR AGENTS SHALL SURVIVE
PAYMENT AND DISCHARGE OF THE SERIES 2019 BONDS.

 

Section 12.15 Certificates
of the Company. Any certificate signed by an Authorized Company Representative and delivered pursuant to the Bond Documents
or any of the other related documents or to be executed and delivered in accordance with the Indenture shall be deemed a representation
and warranty by the Company as to the statements made therein.

 

Section 12.16 Complete
Agreement. The parties agree that the terms and conditions of this Financing Agreement supersede those of all previous agreements
between the parties relative to the Series 2019 Bonds other than the Purchase Agreement, and that this Financing Agreement, together
with the documents referred to in this Financing Agreement, contains the entire agreement relative to the Series 2019 Bonds between
the parties hereto.

 

IMPORTANT: READ BEFORE SIGNING. THE
TERMS OF THIS FINANCING AGREEMENT SHOULD BE READ CAREFULLY BECAUSE ONLY THOSE TERMS IN WRITING ARE ENFORCEABLE. NO OTHER
TERMS OR ORAL PROMISES NOT CONTAINED IN THIS WRITTEN CONTRACT MAY BE LEGALLY ENFORCED. YOU MAY CHANGE THE TERMS OF THIS
FINANCING AGREEMENT ONLY BY ANOTHER WRITTEN AGREEMENT.

 

    90

     

    

 

IN WITNESS WHEREOF,
the Arkansas Development Finance Authority has caused this Financing Agreement to be executed in its name and its seal to be hereunto
affixed by its duly authorized officer, and each of the Company, Holdings, and BRS Finance has caused this Financing Agreement
to be executed in its name all as of the date first above written.

 

	 	ARKANSAS DEVELOPMENT FINANCE AUTHORITY
	 	 	 
	 	 	 
	 	By:	/s/ Cheryl Schluterman
	 	Name:	Cheryl Schluterman
	 	Title:	President

 

[Signature Page to Bond Financing Agreement]

 

    

     

    

 

IN WITNESS WHEREOF,
the Arkansas Development Finance Authority has caused this Financing Agreement to be executed in its name and its seal to be hereunto
affixed by its duly authorized officer, and each of the Company, Holdings, and BRS Finance has caused this Financing Agreement
to be executed in its name all as of the date first above written.

 

	 	BIG RIVER STEEL LLC
	 	 	 
	 	 	 
	 	By:	/s/ David Stickler
	 	Name:	David Stickler
	 	Title:	Chief Executive Officer

 

	 	BRS FINANCE CORP.
	 	 	 
	 	 	 
	 	By:	/s/ David Stickler
	 	Name:	David Stickler
	 	Title:	Chief Executive Officer

 

	 	BRS INTERMEDIATE HOLDINGS LLC
	 	 	 
	 	 	 
	 	By:	/s/ David Stickler
	 	Name:	David Stickler
	 	Title:	Chief Executive Officer

 

[Signature Page to Bond Financing Agreement]

 

    

     

    

 

EXHIBIT A

 

Description of the Tax-Exempt Project

 

The “Tax-Exempt Project” consists
of the acquisition, construction, improvement, development, equipping and furnishing of an approximately 700,000 square foot expansion
of the existing flat-rolled steel mill, its supporting infrastructure, and related facilities that manufacture, refine and process
steel located on approximately 2,000 acres in Osceola, Mississippi County, Arkansas.

 

The Company currently operates a technologically
advanced EAF steel facility, which is commonly referred to as the Flex Mill. From its initial conception, the Company’s Flex
Mill facility was designed to accommodate the Tax-Exempt Project. The Tax-Exempt Project includes the addition of a second EAF,
off-gas system, refining station, caster, tunnel furnace and down coiler to double production of HRC and fully utilize the Company’s
existing hot rolling mill, RH degasser and downstream processing lines. At initial construction and development, the operational
and logistical footprint of the Company’s Flex Mill was designed to support the additional machinery and equipment required
for the Tax-Exempt Project and to allow for the increased flow of inbound raw materials and outbound products relating to and resulting
from the Tax-Exempt Project. As a result, the majority of the Tax-Exempt Project involves the acquisition and installation of equipment
without the necessity to expand or upgrade the Company’s Flex Mill’s existing infrastructure.

 

The totality of the Phase II expansion
includes not only the Tax-Exempt Project, a portion of which will be financed with proceeds of the Series 2019 Bonds, but also
a number of downstream processing expansion initiatives expected to increase the capabilities of the Company’s finishing
mill, including installing NGO FP equipment and a second coating line focused on additional automotive applications. The portions
of the Phase II expansion that are not eligible for tax-exempt financing under the Code are not included within the Tax-Exempt
Project and are specifically excluded therefrom.

 

    Exhibit A - 1

     

    

 

EXHIBIT B

 

Form of Closed
End Line of Credit Promissory Note

Series 2019

 

	$487,000,000	May 31, 2019

 

BIG RIVER STEEL LLC,
a Delaware limited liability company (the “Company”), for value received, hereby promises to pay to Arkansas Development
Finance Authority (the “Issuer”), or assigns, on the dates specified and in the manner set forth in the Financing Agreement
(as hereinafter defined), the principal sum of $487,000,000, subject to prior payment as may be required or permitted in accordance
with the Indenture (as hereinafter defined) and the Financing Agreement, with interest on the unpaid principal sum, from the date
hereof, until the maturity of the Series 2019 Bonds (as hereinafter defined), at the then interest rate provided in the Series
2019 Bonds, as hereinafter defined. Interest shall be payable at the interest rates payable on the Series 2019 Bonds, and the principal
of, premium, if any, and interest on this Note shall be payable at the times as set forth in more detail in the Financing Agreement
and the Indenture.

 

Payments shall be made
in lawful money of the United States of America in immediately available funds on the date payment is due, at the designated corporate
trust office of U.S. Bank National Association, as trustee (the “Trustee”), in Cleveland, Ohio, or at such other place
as the Trustee may direct in writing.

 

The Issuer, by the
execution of the Indenture, as hereinafter defined, and the assignment form at the foot of this Note, is assigning this Note and
the payments thereon, without recourse or warranty, to the Trustee acting pursuant to the Trust Indenture dated as of May 31, 2019
(the “Indenture”), between the Issuer and the Trustee as security for the Issuer’s $487,000,000 in aggregate
principal amount of Industrial Development Revenue Bonds (Big River Steel Project), Series 2019 (the “Series 2019 Bonds”),
as issued pursuant to the Indenture. Payments of principal of and interest on this Note shall be made directly to the Trustee for
the account of the Issuer pursuant to such assignment and applied only to the principal of and interest on the Series 2019 Bonds.
All obligations of the Company hereunder shall terminate when all sums due and to become due pursuant to the Indenture, this Note,
the Financing Agreement, as hereinafter defined, and the Series 2019 Bonds have been paid, excluding contingent indemnity or other
obligations that survive termination of the Indenture, this Note and the Financing Agreement, but as of such date of determination
are not due and payable and for which no claims have been made.

 

In addition to the
payments of principal and interest specified in the first paragraph hereof, the Company shall also pay such additional amounts,
if any, which, together with other moneys available therefor pursuant to the Indenture, may be necessary to provide for payment
(i) when due (whether at maturity, by acceleration or call for redemption, mandatory sinking fund redemption or otherwise) of principal
and purchase price of, premium, if any, and interest on the Series 2019 Bonds, (ii) when due of all amounts payable by the Company
pursuant to the Financing Agreement, and (iii) when due of all amounts payable to the Trustee pursuant to the Indenture.

 

    B-1

     

    

 

The Company shall have
the option or may be required to prepay this Note in whole or in part upon the terms and conditions and in the manner specified
in the Bond Financing Agreement dated as of May 31, 2019 (the “Financing Agreement”), between the Issuer and each of
the Company, BRS Finance Corp., and BRS Intermediate Holdings LLC.

 

This Note evidences
a multi-advance line of credit. Subject to and upon the satisfaction of the terms and conditions of the Financing Agreement and
the Indenture, the Company may request one or more draws under this Note in accordance and compliance with the Indenture. The aggregate
outstanding amount of such draws shall not exceed the full principal amount of this Note.

 

This Note is issued
pursuant to the Financing Agreement as evidence of certain of the Company’s payment obligations thereunder and is entitled
to the benefits and subject to the conditions thereof, including the provisions thereof that the Company’s obligations thereunder
and hereunder shall be unconditional. All the terms, conditions and provisions of the Financing Agreement and the applicable provisions
of the Series 2019 Bonds and the Indenture are, by this reference thereto, incorporated herein as a part of this Note.

 

In case an Event of
Default (as defined in the Financing Agreement) shall occur, the principal of and interest on this Note may be declared immediately
due and payable as provided in the Financing Agreement. This Note shall be governed by, and construed in accordance with, the laws
of the State of Arkansas.

 

IMPORTANT:READ BEFORE SIGNING. THE
TERMS OF THIS NOTE SHOULD BE READ CAREFULLY BECAUSE ONLY THOSE TERMS IN WRITING ARE ENFORCEABLE. NO OTHER TERMS OR ORAL
PROMISES NOT CONTAINED IN THIS WRITTEN CONTRACT MAY BE LEGALLY ENFORCED. YOU MAY CHANGE THE TERMS OF THIS NOTE ONLY BY
ANOTHER WRITTEN AGREEMENT.

 

IN WITNESS WHEREOF,
the Company has caused this Note to be executed in its limited liability company name by its duly authorized officer, all as of
the date first above written.

 

	 	BIG RIVER STEEL LLC
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    B-2

     

    

 

ASSIGNMENT

 

Arkansas Development
Finance Authority (the “Issuer”), hereby irrevocably assigns, without recourse or warranty, the foregoing Note to U.S.
Bank National Association, as trustee (the “Trustee”) under a Trust Indenture dated as of May 31, 2019 (the “Indenture”),
between the Issuer and the Trustee and hereby directs Big River Steel LLC, as the maker of the Note, to make all payments of principal
of and interest thereon directly to the Trustee at its designated corporate trust office in Cleveland, Ohio, or at such other place
as the Trustee may direct in writing. Such assignment is made as security for the payment of the Issuer’s $487,000,000 in
aggregate principal amount of Industrial Development Revenue Bonds (Big River Steel Project), Series 2019, issued pursuant to the
Indenture.

 

	 	ARKANSAS DEVELOPMENT FINANCE AUTHORITY
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name: Cheryl Schluterman
	 	 	Title: President

 

     B-3

     

    

 

EXHIBIT C

 

FORM OF AMENDMENT TO FINANCING AGREEMENT

TO BE DELIVERED BY SUBSEQUENT GUARANTORS

 

[              ]
Amendment to Bond Financing Agreement (this “_______ Amendment”), dated as of [                 ], among [                ] (the
 “Guaranteeing Subsidiary”), a subsidiary of Big River Steel LLC, a Delaware limited liability company (the
 “Company”), Arkansas Development Finance Authority, a public body corporate and politic created and
existing under the Act (the “Issuer”), BRS Finance Corp., a Delaware corporation (“BRS
Finance”), and BRS Intermediate Holdings LLC, a Delaware limited liability company (“Holdings”
or “Parent”).

 

W I T N E S S E T H

 

WHEREAS, the Company,
the Issuer, BRS Finance and Holdings have heretofore executed and delivered, and the Issuer has assigned to the Trustee, a Bond
Financing Agreement (as amended, supplemented or modified from time to time, the “Financing Agreement”), dated
as of May 31, 2019, relating to the issuance of $487,000,000 aggregate principal amount of the Issuer’s Industrial Development
Revenue Bonds (the “Bonds”) with such Bonds issued pursuant to a Trust Indenture dated as of May __, 2019 by
and between the Issuer and U.S. Bank National Association, as Trustee (the “Indenture”);

 

WHEREAS, the Financing
Agreement provides that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Issuer an amendment
to the Financing Agreement pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Company’s
Obligations under the Bonds and the Indenture on the terms and conditions set forth herein and under the Indenture (the “Guarantee”);
and

 

WHEREAS, pursuant to
Article XI of the Indenture pursuant to which such Bonds were issued, the parties hereto may execute and deliver this ______ Amendment
without the consent of the Holders of the Bonds.

 

NOW THEREFORE, in consideration
of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties mutually
covenant and agree for the equal and ratable benefit of the Holders as follows:

 

(1)   Capitalized
Terms. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.

 

(2)   
Agreement to Guarantee. The Guaranteeing Subsidiary acknowledges that it has received and reviewed a copy of the Financing
Agreement, the Indenture and all other documents it deems necessary to review in order to enter into this ______ Amendment and
(i) hereby joins and becomes a party to the Financing Agreement as indicated by its signature below as a Guarantor and (ii) acknowledges
and agrees to (x) be bound by the Financing Agreement as a Guarantor and (y) perform all obligations and duties required of a Guarantor
pursuant to the Financing Agreement.

 

    C - 1

     

    

 

(3)   No
Recourse Against Others. No past, present or future director, officer, employee, incorporator, member, partner or equity holder
of the Company, BRS Finance, or any Guarantor or any Parent Company will have any liability for any obligations of the Company
or BRS Finance or the Guarantors under the Bonds, the Guarantees, the Indenture, the Financing Agreement or this _____ Amendment
or for any claim based on, in respect of, or by reason of such obligations or their creation. Each Holder by accepting Bonds waives
and releases all such liability. The waiver and release are part of the consideration for issuance of the Bonds.

 

(4)   Governing
Law. THIS _______ AMENDMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF ARKANSAS.

 

(5)   Counterparts.
The parties may sign any number of copies of this _____ Amendment. Each signed copy shall be an original, but all of them together
represent the same agreement. This _____ Amendment may be executed in multiple counterparts, which, when taken together, shall
constitute one instrument. The exchange of copies of this _____ Amendment and of signature pages by facsimile or electronic (by
 ‘.pdf’ or other format) transmissions shall constitute effective execution and delivery of this _____ Amendment as
to the parties hereto and may be used in lieu of the original _____ Amendment for all purposes. Signatures of the parties hereto
transmitted by facsimile or electronically (by ‘.pdf’ or other format) shall be deemed to be their original signatures
for all purposes.

 

(6)   Effect
of Headings. The Section headings herein are for convenience only and shall not affect the construction hereof.

 

(7)  The Trustee.
The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this _____ Amendment
or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary.

 

(8)  Benefits
Acknowledged. Upon execution and delivery of this _____ Amendment the Guaranteeing Subsidiary will be subject to the
terms and conditions set forth in the Financing Agreement. The Guaranteeing Subsidiary acknowledges that it will receive
direct and indirect benefits from the financing arrangements contemplated by the Financing Agreement and this _____ Amendment
and that its obligations as a result of this _____ Amendment are knowingly made in contemplation of such benefits.

 

(9)  Successors.
All agreements of the Guaranteeing Subsidiary in this _____ Amendment shall bind its successors, except as otherwise provided in
this _____ Amendment. All agreements of the other parties in this _____ Amendment shall bind their successors.

 

    C - 2

     

    

 

IN WITNESS WHEREOF, the parties hereto have
caused this Supplemental Indenture to be duly executed, all as of the date first above written.

 

	 	[GUARANTEEING SUBSIDIARY]
	 	 
	 	By:	                   
	 	Name:
	 	Title:
	 	 
	 	BIG RIVER STEEL LLC
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	 
	 	BRS FINANCE CORP.
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	 
	 	BRS INTERMEDIATE HOLDINGS LLC
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	[SEAL]	ARKANSAS DEVELOPMENT FINANCE
	 	AUTHORITY
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

    C - 3

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