Document:

EXHIBIT 10.1

 

SIXTH AMENDMENT AGREEMENT

 

This SIXTH AMENDMENT AGREEMENT,
dated as of December 29, 2022 (this “Amendment”), is made and entered into by and among LANDSEA HOMES CORPORATION,
a Delaware corporation (the “Borrower”), WESTERN ALLIANCE BANK, an Arizona corporation (“Western Alliance
Bank”), as Administrative Agent (in such capacity, the “Administrative Agent”), the lenders party to the
Credit Agreement, and the other Loan Parties as of the date hereof.

 

RECITALS:

 

WHEREAS, reference is made to the
Credit Agreement dated as of October 6, 2021 as amended by the First Amendment Agreement dated November 30, 2021, Second Amendment Agreement
dated December 31, 2021, Third Amendment Agreement dated as of April 13, 2022, Fourth Amendment Agreement dated as of June 30, 2022, and
Fifth Amendment Agreement dated September 30, 2022 (and as may be further amended, supplemented or otherwise modified to the date hereof,
the “Credit Agreement”), by and among the Borrower, the lenders from time to time party thereto and the Administrative
Agent;

 

WHEREAS, Borrower has requested
that the maturity date of the Loan be extended for one year pursuant to the Credit Agreement and certain other amendments be made to the
Credit Agreement (the transactions described in this paragraph, collectively, the “Transactions”);

 

WHEREAS, the parties hereto wish
to amend the Credit Agreement on the terms and subject to the conditions set forth herein and in the Credit Agreement.

 

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

 

SECTION 1. Defined Terms;
Interpretation; Etc. Capitalized terms used and not defined herein shall have the meanings assigned to such terms in the Credit
Agreement.

 

SECTION 2. Amendments to
Credit Agreement; Other Agreements. From the Amendment Effective Date, each of the provisions of the Credit Agreement which appear
with computerized underscoring in Exhibit A attached hereto (indicated textually in the same manner as the following example: double-underlined
text) are hereby inserted into the Credit Agreement, and each of the provisions of the Credit Agreement which appear with computerized
strike-through markings in Exhibit A attached hereto (indicated textually in the same manner as the following example: stricken
text) are hereby deleted in their entirety from the Credit Agreement.

 

SECTION 3. Conditions Precedent
to Effectiveness of Amendment and Incremental Loans. This Amendment shall become effective as of the date on which the following
conditions precedent are satisfied (such date, the “Amendment Effective Date”):

 

(a) The Administrative
Agent shall have received from the Borrower, each other Loan Party, and Lenders a counterpart of this Amendment duly executed and delivered
on behalf of such party.

 

    

     

    

  

(b) The Administrative
Agent shall have received a favorable written opinion (addressed to the Administrative Agent and the Lenders and dated the Amendment Effective
Date) of counsel for the Loan Parties in form and substance reasonably satisfactory to the Administrative Agent.

 

(c) The Administrative
Agent shall have received a certificate of Borrower, dated the Amendment Effective Date and in form and substance reasonably satisfactory
to the Administrative Agent, executed by any Responsible Officer of Borrower, including or attaching (i) copies of resolutions of the
board of directors and/or similar governing bodies of Borrower approving and authorizing the execution, delivery and performance of this
Amendment, certified as of the Amendment Effective Date by a secretary, an assistant secretary or a Responsible Officer of Borrower as
being in full force and effect without modification or amendment, and (ii) the documents or certifications, as applicable, referred to
in paragraph (d) of this Section, or otherwise certifying such documents provided to Administrative Agent in connection with the closing
of the Credit Agreement or subsequent Guarantees by Guarantors (as applicable) remain in full force and effect, and without amendment
or modification.

 

(d) The Administrative
Agent shall have received (i) as to each Loan Party, either (x) a copy of each certificate or articles of incorporation or organization
or other applicable constitutive documents of such Loan Party certified, to the extent applicable, as of a recent date by the applicable
Governmental Authority or (y) written certification by such Loan Party’s secretary, assistant secretary or other Responsible Officer
that such Loan Party’s certificate or articles of incorporation or organization or other applicable constitutive documents most
recently certified and delivered to the Administrative Agent prior to the Amendment Effective Date pursuant to the Loan Documents remain
in full force and effect on the Amendment Effective Date without modification or amendment since such original delivery, (ii) as
to each Loan Party, either (x) signature and incumbency certificates of the Responsible Officers of such Loan Party executing the Loan
Documents to which it is a party or (y) written certification by such Loan Party’s secretary, assistant secretary or other Responsible
Officer that such Loan Party’s signature and incumbency certificates most recently delivered to the Administrative Agent prior to
the Amendment Effective Date pursuant to the Loan Documents remain true and correct as of the Amendment Effective Date, and (iii) a certificate
of existence or good standing (to the extent such concept exists) from the applicable Governmental Authority of each Loan Party’s
jurisdiction of incorporation, organization or formation as of a reasonably recent date.

 

(e) The Administrative
Agent shall have received all fees and other amounts due and payable on or prior to the Amendment Effective Date, including reimbursement
or payment of all out-of-pocket expenses (including reasonable fees, charges and disbursements of counsel) required to be reimbursed or
paid by any Loan Party.

 

(f) The Administrative
Agent shall have received such other documents and agreements as required by Administrative Agent in connection with this Amendment.

 

(g) Upon the effectiveness
of this Amendment and both immediately before and immediately after giving effect to this Amendment, no Default or Event of Default shall
exist.

 

(h) The representations
and warranties in Section 4 of this Amendment shall be true and correct in all material respects.

 

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The Administrative Agent shall notify the Borrower
and the Lenders of the Amendment Effective Date, and such notice shall be conclusive and binding.

 

SECTION 4. Representations
and Warranties. In order to induce the Lenders and the Administrative Agent to enter into this Amendment, the Borrower hereby
represents and warrants to the Lenders and the Administrative Agent on and as of the Amendment Effective Date that:

 

(a) Existence, Qualification
and Power. The Borrower and each Loan Party (i) is duly organized or formed, validly existing and, as applicable, in good
standing under the Laws of the jurisdiction of its incorporation or organization, (ii) has all requisite power and authority and
all requisite governmental licenses, authorizations, consents and approvals to (x) own or lease its assets and carry on its business
and (y) execute, deliver and perform its obligations under the Amendment and the other Loan Documents to which it is a party, and
(iii) is duly qualified and is licensed and, as applicable, in good standing under the laws of each jurisdiction where its ownership,
lease or operation of properties or the conduct of its business requires such qualification or license, except to the extent that failure
to do so could not reasonably be expected to result in a Material Adverse Change.

 

(b) Authorization;
No Contravention. The execution, delivery and performance by the Borrower of the Amendment and each Loan Document to which it
is party have been duly authorized by all necessary corporate or other organizational action, and do not and will not (i) contravene
the terms of its certificate or articles of incorporation or organization or other applicable constitutive documents, (ii) conflict
with or result in any breach or contravention of, or the creation of any Lien under, or require any payment to be made under (x) any
material contractual obligation to which the Borrower is a party or affecting the Borrower or the properties of the Borrower or any Subsidiary
or (y) any material order, injunction, writ or decree of any Governmental Authority or any arbitral award to which the Borrower or
any Subsidiary or its property is subject or (c) violate any law in any material respect.

 

(c) Governmental
Authorization; Other Consents. No approval, consent, exemption, authorization, or other action by, or notice to, or filing with,
any Governmental Authority or any other Person is necessary or required in connection with the execution, delivery or performance by,
or enforcement against, the Borrower of this Amendment or any other Loan Document, except for such approvals, consents, exemptions, authorizations,
actions or notices that have been duly obtained, taken or made and in full force and effect.

 

(d) Execution and
Delivery; Binding Effect. This Amendment has been, and each other Loan Document, when delivered hereunder, will have been, duly
executed and delivered by the Loan Parties party thereto. This Amendment constitutes, and each other Loan Document when so delivered will
constitute, a legal, valid and binding obligation of each Loan Party that is party thereto, enforceable against each such Loan Party in
accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, receivership, moratorium
or other Laws affecting creditors’ rights generally and by general principles of equity.

 

(e) Credit Agreement
Representations and Warranties. The representations and warranties of the Borrower and the other Loan Parties set forth in the
Credit Agreement or in any other Loan Document are true and correct in all material respects (or, in the case of any such representation
or warranty already qualified by materiality, in all respects) on and as of the Amendment Effective Date (or, in the case of any such
representation or warranty expressly stated to have been made as of a specific date, as of such specific date).

 

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SECTION 5. Reaffirmation
of Guarantees. Each Loan Party hereby acknowledges its receipt of a copy of this Amendment and its review of the terms and conditions
hereof and consents to the terms and conditions of this Amendment and the transactions contemplated thereby, including the extension of
credit in the form of the Incremental Commitments. Each Loan Party hereby (a) affirms and confirms its guarantees and other undertakings
under the Credit Agreement and the other Loan Documents to which it is a party, and (b) agrees that (i) each Loan Document to which it
is a party shall continue to be in full force and effect and (ii) all guarantees, pledges, grants and other undertakings thereunder shall
continue to be in full force and effect and shall accrue to the benefit of the Administrative Agent and Lenders.

 

SECTION 6. Miscellaneous.

 

(a) Release.
Each Loan Party fully, finally, and forever releases and discharges Administrative Agent, Lenders and their successors, assigns, directors,
officers, employees, agents, and representatives from any and all actions, causes of action, claims, debts, demands, liabilities, obligations,
and suits, of whatever kind or nature, in law or equity, that such Loan Party has or in the future may have, whether known or unknown,
(i) in respect of the Loan, the Loan Documents, or the actions or omissions of Administrative Agent or Lenders in respect of the Loan
or the Loan Documents and (ii) arising from events occurring prior to the date of this Amendment. FURTHER, BORROWER AND EACH OTHER
LOAN PARTY EXPRESSLY WAIVES ANY PROVISION OF APPLICABLE LAW TO THE EFFECT THAT A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE CREDITOR
OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, AND THAT, IF KNOWN BY HIM
OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY.

 

(b) Amendment, Modification
and Waiver. This Amendment may not be amended and no provision hereof may be waived except pursuant to a writing signed by the
requisite parties pursuant to Section 10.2(c) of the Credit Agreement.

 

(c) Entire Agreement.
This Amendment, the Credit Agreement (as amended hereby) and the other Loan Documents constitute the entire agreement among the parties
with respect to the subject matter hereof and thereof and supersede all other prior agreements and understandings, both written and verbal,
among the parties or any of them with respect to the subject matter hereof.

 

(d) Governing Law.
This Amendment and any claims controversy, dispute or cause of action (whether in contract or tort or otherwise) based upon, arising out
of or relating to this Amendment and the transactions contemplated hereby shall be governed by, and construed in accordance with, the
laws of the State of Arizona.

 

(e) Jurisdiction.
The Borrower and each other Loan Party irrevocably and unconditionally agrees that it will not commence any action, litigation or proceeding
of any kind or description, whether in law or equity, whether in contract or in tort or otherwise, against the Administrative Agent, any
Lender, or any Related Party of the foregoing in any way relating to this Amendment, the Credit Agreement or any other Loan Document or
the transactions relating hereto or thereto, in any forum other than the courts of the State of Arizona sitting in Maricopa County, and
of the United States District Court of the District of Arizona, and any appellate court from any thereof, and each of the parties hereto
irrevocably and unconditionally submits to the jurisdiction of such courts and agrees that all claims in respect of any such action,

 

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litigation
or proceeding may be heard and determined in such Arizona State court or, to the fullest extent permitted by applicable Law, in such federal
court. Each of the parties hereto agrees that a final judgment in any such action, litigation or proceeding shall be conclusive and may
be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement or in any
other Loan Document shall affect any right that the Administrative Agent, any Lender may otherwise have to bring any action or proceeding
relating to this Agreement or any other Loan Document against Borrower or its properties in the courts of any jurisdiction.

 

(f) Waiver of Venue.
The Borrower and each other Loan Party irrevocably and unconditionally waives, to the fullest extent permitted by Applicable Law, any
objection that it may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating to this Amendment
or any other Loan Document in any court referred to in paragraph (e) of this Section. Each of the parties hereto hereby irrevocably
waives, to the fullest extent permitted by Applicable Law, the defense of an inconvenient forum to the maintenance of such action or proceeding
in any such court.

 

(g) Service of Process.
Each party hereto irrevocably consents to service of process in the manner provided for notices in Section 10.1 of the Credit Agreement.
Nothing in this Amendment or any other Loan Document will affect the right of any party hereto to serve process in any other manner permitted
by Applicable Law.

 

(h) WAIVER OF JURY
TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO
A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AMENDMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY
OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE
THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AMENDMENT BY,
AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. WITHOUT LIMITING THE FOREGOING WAIVER OF JURY TRIAL, SECTION 10.12
OF THE CREDIT AGREEMENT IS HEREBY INCORPORATED HEREIN BY REFERENCE.

 

(i) Severability.
Any term or provision of this Amendment that is invalid or unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective
to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms and provisions of
this Amendment or affecting the validity or enforceability of any of the terms or provisions of this Amendment in any other jurisdiction.
If any provision of this Amendment is so broad as to be unenforceable, the provision shall be interpreted to be only so broad as would
be enforceable.

 

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(j) Counterparts;
Integration; Effectiveness. This Amendment may be executed in counterparts (and by different parties hereto in different counterparts),
each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Amendment and
the other Loan Documents constitute the entire contract among the parties relating to the subject matter hereof and supersede any and
all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in Section 5 hereof,
this Amendment shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall
have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed
counterpart of a signature page of this Amendment by facsimile or in electronic (i.e., “pdf” or “tif”) format
shall be effective as delivery of a manually executed counterpart of this Amendment.

 

(k) Headings.
The headings of this Amendment are for purposes of reference only and shall not limit or otherwise affect the meaning hereof.

 

(l) Reference to
and Effect on the Credit Agreement and the Other Loan Documents. On and after the Amendment Effective Date, each reference in
the Credit Agreement to “this Agreement”, “hereunder”, “herein” or words of like import referring
to the Credit Agreement, and each reference in the other Loan Documents to the “Credit Agreement”, “thereunder”,
“thereof” or words of like import referring to the Credit Agreement shall mean and be a reference to the Credit Agreement
as amended by this Amendment. Except as specifically amended by this Amendment, the Credit Agreement and the other Loan Documents shall
remain in full force and effect and are hereby ratified and confirmed and this Amendment shall not be considered a novation. The execution,
delivery and performance of this Amendment shall not constitute a waiver of any provision of, or operate as a waiver of any right, power
or remedy of the Administrative Agent or Lender under, the Credit Agreement or any of the other Loan Documents. This Amendment shall be
deemed to be a Loan Document as defined in the Credit Agreement.

 

[SIGNATURE PAGES FOLLOW]

 

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IN WITNESS WHEREOF, the parties
hereto have caused this Amendment to be duly executed by their respective authorized officers as of the day and year first above written.

 

ADMINISTRATIVE AGENT:

 

	   	WESTERN ALLIANCE BANK, an Arizona corporation
	 	 	 
	 	By:	/s/ John Weyenberg
	 	Name:	John Weyenberg
	 	Title:	Vice President

 

[Signature
Page to Sixth Amendment Agreement]

 

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LENDER:

 

	   	WESTERN ALLIANCE BANK, an Arizona corporation
	 	 	 
	 	By:	/s/ John Weyenberg
	 	Name:	John Weyenberg
	 	Title:	Vice President

 

[Signature
Page to Sixth Amendment Agreement]

 

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LENDER:

 

	   	BANK OF AMERICA, N.A., a national banking association
	 	 
	 	By:	/s/ Helen Chan
	 	Name:	Helen Chan
	 	Title: 	Vice President

 

[Signature
Page to Sixth Amendment Agreement]

 

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LENDER:

 

	 	FLAGSTAR BANK, FSB
	 	 	 
	 	By:	/s/ Philip Trujillo
	 	Name:	Philip Trujillo
	 	Title:	First Vice President

 

[Signature
Page to Sixth Amendment Agreement]

 

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LENDER:

 

	 	EAST WEST BANK
	 	 	 
	 	By:	/s/ May Kwong
	 	Name:	May Kwong
	 	Title:	First Vice President - CRE Banking

  

[Signature
Page to Sixth Amendment Agreement]

 

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LENDER:

 

	 	U.S. BANK NATIONAL ASSOCIATION
	 	 	 
	 	By:	/s/ David Prowse
	 	Name:	David Prowse
	 	Title:	Senior Vice President

 

[Signature
Page to Sixth Amendment Agreement]

 

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BORROWER:

 

	 	LANDSEA HOMES CORPORATION, a Delaware
corporation
	 	 	 
	 	By:	/s/ John Ho
	 	Name:	John Ho
	 	Title:	Chief Executive
Officer

 

[Signature
Page to Sixth Amendment Agreement]

 

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GUARANTORS:

 

	 	LANDSEA HOMES US CORPORATION, a Delaware corporation
	 	 	 
	 	By:	/s/ John Ho
	 	Name:	John Ho
	 	Title:	Chief Executive Officer

 

[Signature
Page to Sixth Amendment Agreement]

 

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GUARANTORS CONTINUED:

 

	 	LANDSEA HOMES- WAB 2 LLC, a Delaware limited liability company
	 	GARRETT WALKER HOMES, LLC, an Arizona limited liability company
	 	AV1, LLC, an Arizona limited liability company
	 	GWH NCC, LLC, an Arizona limited liability company
	 	GWH MOUNTAIN VIEWS, LLC, an Arizona limited liability company
	 	BETHANY RANCH, LLC, an Arizona limited liability  company
	 	GWH GRAND VILLAGE, LLC, an Arizona limited liability company
	 	GWH NCC-71, LLC, an Arizona limited liability company
	 	GWH PARK FOREST, LLC, an Arizona limited liability company
	 	GWH WEST POINTE ESTATES, LLC, an Arizona limited liability company
	 	GWH WEST POINTE VILLAGE, LLC, an Arizona limited liability company
	 	GWH TRENTON PARK, LLC, an Arizona limited liability company
	 	GWH SUNDANCE, LLC, an Arizona limited liability company
	 	GWH NORTHERN FARMS, LLC, an Arizona limited liability company
	 	GWH NCC 13 & 14, LLC , an Arizona limited liability company
	 	ACOMA COURT, LLC, an Arizona limited liability company
	 	PINNACLE WEST HOMES M72 LLC, an Arizona limited liability company
	 	GWH SUNSET FARMS, LLC, an Arizona limited liability company
	 	GWH NCC 9 & 11, LLC, an Arizona limited liability company
	 	GWH SUNRISE, LLC, an Arizona limited liability company
	 	PINNACLE WEST HOMES CENTERRA LLC, an Arizona limited liability company
	 	 
	 	By: 	/s/ John Ho
	 	Name:	John Ho
	 	Title: 	Chief Executive Officer

 

[Signature
Page to Sixth Amendment Agreement]

  

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GUARANTORS CONTINUED:

 

	 	PINNACLE WEST HOMES DESTINY LLC, an
Arizona limited liability company
	 	LS-VERRADO VICTORY DUPLEX LLC, a Delaware limited liability company
	 	LS-EASTMARK V LLC, a Delaware limited liability company
	 	LS-VEH COUNTRY CLUB LAKES LLC, a Delaware limited liability company
	 	LS-VEH EAGLE CREST LLC , a Florida limited
liability company
	 	LS-VEH GEORGIANA RESERVE LLC, a Delaware limited liability company
	 	LS-VEH ST. JOHN’S LLC, a Delaware
limited liability company
	 	LS-VEH HALIFAX ESTATE LLC, a Delaware limited liability company
	 	LS-VEH HALIFAX BULOW LLC, a Delaware limited liability company
	 	LS-VEH LAKE HELEN LLC, a Delaware limited liability company
	 	LS-VEH REDTAIL LLC, a Delaware limited liability company
	 	LS-VEH LLC, a Delaware limited liability company
	 	LS-VEH 2 LLC, a Delaware limited liability company
	 	LS-VEH TX LLC, a Delaware limited liability company
	 	LS-VEH TX 2 LLC, a Delaware limited liability company
	 	LS-VEH JUNCTION LLC, a Delaware limited liability company
	 	LS-FL COURTYARDS AT WATERSTONE LLC, a Delaware limited liability company
	 	LANDSEA HOMES- WAB LLC , a Delaware limited liability company
	 	LS INVESTCO VALE LLC , a Delaware limited liability company
	 	SF VALE, LLC, a Delaware limited liability company
	 	LS MANAGER VALE LLC , a Delaware limited liability company
	 	LS-SUNNYVALE LLC, a California limited liability company
	 	THE VALE PA-1 OWNER, LLC , a Delaware limited liability company
	 	THE VALE PA-2 OWNER, LLC , a Delaware limited liability company
	 	THE VALE PA-3 OWNER, LLC , a Delaware limited liability company
	 	 
	 	By:	/s/ John Ho
	 	Name: 	John Ho
	 	Title: 	Chief Executive Officer

 

[Signature
Page to Sixth Amendment Agreement]

 

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GUARANTORS CONTINUED:

 

	 	LS-MILPITAS LLC, a Delaware limited liability company
	 	LS-LIDO LLC, a Delaware limited liability company
	 	LS-NEWARK LLC, a Delaware limited liability company
	 	LS-CHANDLER LLC, a Delaware limited liability company
	 	LS-CHATSWORTH LLC, a Delaware limited liability company
	 	LS-ONTARIO II LLC, a Delaware limited liability company
	 	LS-ONTARIO LLC, a Delaware limited liability company
	 	PINNACLE WEST HOMES E92 LLC, an Arizona limited liability company
	 	LS-EASTMARK LLC, a Delaware limited liability company
	 	LS-TRACY LLC, a Delaware limited liability company
	 	LS-GOODYEAR LLC, a Delaware limited liability company
	 	LS-ANAHEIM LLC, a Delaware limited liability company
	 	LS-925 WOLFE LLC, a Delaware limited liability company
	 	LS-BENTRIDGE LLC, a Delaware limited liability company
	 	LS-51 PEORIA LLC, a Delaware limited liability company
	 	MERCEDES PREMIER HOMES, LLC, a Florida limited liability company
	 	MERCEDES PREMIER HOMES JACKSONVILLE LLC, a Florida  limited liability company
	 	MERCEDES PREMIER HOMES MELBOURNE LLC, a Florida limited liability company
	 	VINTAGE ESTATE HOMES LLC, a Florida limited liability company
	 	VINTAGE ESTATE HOMES OF TEXAS LLC, a Florida limited liability company 
	 	MERCEDES PREMIER REALTY, LLC, a Florida limited liability company
	 	COUNTRY CLUB LAKES DEVELOPERS, LLC, a Florida limited liability company
	 	HERITAGE POINT COMMUNITY DEVELOPERS LLC, a Florida limited liability company
	 	THOUSAND OAKS DEVELOPMENT, LLC, a Florida limited liability company
	 	GEORGIANA COMMUNITY DEVELOPERS, LLC, a Florida limited liability company
	 	 
	 	By: 	/s/ John Ho
	 	Name: 	John Ho
	 	Title: 	Chief Executive Officer

 

[Signature
Page to Sixth Amendment Agreement]

 

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GUARANTORS CONTINUED:

  

	 	THE JUNCTION COMMUNITY DEVELOPERS, LLC, a Florida limited liability company
	 	LANDSEA URBAN LLC, a Delaware limited liability company
	 	LANDSEA CONSTRUCTION INC., a Delaware corporation
	 	LANDSEA CONSTRUCTION LLC, a California limited liability company
	 	LANDSEA CONSTRUCTION ARIZONA INC., a Delaware corporation
	 	LANDSEA REAL ESTATE INC., a California corporation
	 	LANDSEA REAL ESTATE, NEW JERSEY,L.L.C., a Delaware limited liability company
	 	LANDSEA REAL ESTATE CALIFORNIA, INC., a California corporation
	 	LANDSEA REAL ESTATE ARIZONA INC., a Delaware corporation
	 	 
	 	By: 	/s/ John Ho
	 	Name: 	John Ho
	 	Title: 	Chief Executive Officer

 

[Signature
Page to Sixth Amendment Agreement]

 

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GUARANTORS CONTINUED:

 

	 	LANDSEA HOMES OF CALIFORNIA INC., a
Delaware corporation
	 	LS-SANTA CLARA LLC, a Delaware limited
liability company
	 	LS-DANVILLE LLC, a Delaware limited
liability company
	 	LS-WALNUT CREEK LLC, a California limited
liability company
	 	LS-SF JORDAN RANCH LLC, a California
limited liability company
	 	LS-NOVATO LLC, a Delaware limited liability
company
	 	LS-WILDER LLC, a Delaware limited liability
company
	 	LS-ALAMEDA MARINA LLC, a Delaware limited
liability company
	 	LS-SAN JUAN LLC, a Delaware limited
liability company
	 	LS-PLACENTIA LLC, a Delaware limited
liability company
	 	LS-FONTANA LLC, a Delaware limited liability
company
	 	LS-LA SIMI MEZZ LLC, a Delaware limited
liability company
	 	LS-LA SIMI LLC, a California limited
liability company
	 	LS-OC PORTOLA LLC, a California limited
liability company
	 	PORTOLA PA-1 MEZZ OWNER LLC, a Delaware
limited liability company
	 	PORTOLA PA-1 OWNER, LLC, a Delaware
limited liability company
	 	PORTOLA PA-3 MEZZ OWNER LLC, a Delaware
limited liability company
	 	PORTOLA PA-3 OWNER, LLC, a Delaware
limited liability company
	 	PORTOLA PA-4 MEZZ OWNER LLC, a Delaware
limited liability company
	 	PORTOLA PA-4 OWNER, LLC, a Delaware
limited liability company
	 	PORTOLA PA-5 MEZZ OWNER LLC, a Delaware
limited liability company
	 	PORTOLA PA-5 OWNER, LLC, a Delaware
limited liability company
	 	PORTOLA PA-5B MEZZ OWNER LLC, a Delaware
limited liability company
	 	PORTOLA PA-5B OWNER, LLC,a Delaware
limited liability company
	 	 
	 	By: 	/s/
John Ho
	 	Name:	John Ho
	 	Title: 	Chief Executive
Officer

 

[Signature
Page to Sixth Amendment Agreement]

 

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GUARANTORS CONTINUED:

  

	 	LANDSEA HOMES OF TEXAS LLC, a Delaware limited liability company
	 	LANDSEA HOMES OF FLORIDA LLC, a Delaware limited liability company 
	 	LANDSEA HOMES OF ARIZONA LLC, a Delaware limited liability company
	 	LS-NORTH PHOENIX LLC, a Delaware limited liability company
	 	LS-QUEEN CREEK LLC, a Delaware limited liability company
	 	LS-QUEEN CREEK II LLC, a Delaware limited liability company
	 	LS-VERRADO MARKETSIDE LLC, a Delaware limited liability company
	 	LS-CITRUS PARK LLC, a Delaware limited liability company
	 	GWH HOLDINGS, LLC, an Arizona limited liability company
	 	GARRETT WALKER DEVELOPMENT, LLC, an Arizona limited liability company
	 	JJAZ CONSTRUCTION, LLC, an Arizona limited liability company
	 	GW SALES, LLC, an Arizona limited liability company
	 	54 WINDSOR, LLC, an Arizona limited liability company
	 	ALICE PARK, LLC, an Arizona limited liability company
	 	SUMMERS PLACE AT BASELINE, LLC, an Arizona limited liability company
	 	THE GROVE AT BASELINE, LLC, an Arizona limited liability company
	 	THE RIDGE, LLC, an Arizona limited liability company
	 	TOWNLEY PARK, LLC, an Arizona limited liability company
	 	SFGW, LLC, an Arizona limited liability company
	 	OLIVE PARK, LLC, an Arizona limited liability company
	 	PARADISE 21, LLC, an Arizona limited liability company
	 	SGCR, LLC, an Arizona limited liability company
	 	SMGWH, LLC, an Arizona limited liability company
	 	CDR11, LLC, an Arizona limited liability company
	 	GRAND MANOR, LLC, an Arizona limited liability company
	 	GWH CANTADA, LLC, an Arizona limited liability company
	 	HEARN MANOR, LLC, an Arizona limited liability company
	 	HNM, LLC, an Arizona limited liability company
	 	 
	 	By: 	/s/ John Ho
	 	Name: 	John Ho
	 	Title:	Chief Executive Officer

 

[Signature
Page to Sixth Amendment Agreement]

 

    20

     

    

  

GUARANTORS CONTINUED:

 

	 	PINNACLE WEST HOMES HOLDING LLC, a Delaware limited liability company
	 	A & J COMPANIES, LLC, an Arizona limited liability company
	 	PINNACLE WEST HOMES AND DEVELOPMENT, LLC, an Arizona limited liability company
	 	PINNACLE WEST HOMES ALAMAR LLC, an Arizona limited liability company
	 	PINNACLE WEST HOMES ENCANTA LLC, an Arizona limited liability company
	 	PINNACLE WEST HOMES HIGHLANDS LLC, an Arizona limited liability company
	 	PINNACLE WEST HOMES E-69 LLC, an Arizona limited liability company
	 	PINNACLE WEST HOMES E70 LLC, an Arizona limited liability company
	 	PINNACLE WEST HOMES M71 LLC, an Arizona limited liability company
	 	PINNACLE WEST HOMES E44 LLC, an Arizona limited liability company
	 	PINNACLE WEST HOMES V117 LLC, an Arizona limited liability company
	 	PINNACLE WEST HOMES E48 LLC, an Arizona limited liability company
	 	
	 	By: 	/s/ John Ho
	 	Name:	John Ho
	 	Title: 	Chief Executive Officer

 

[Signature
Page to Sixth Amendment Agreement]

 

    21

     

    

  

GUARANTORS CONTINUED:

 

	 	HANOVER FAMILY BUILDERS, LLC, a Florida limited liability company
	 	HFB ARDMORE PHASE III, LLC, a Florida limited liability company
	 	HFB CELERY AVENUE, LLC, a Florida limited liability company
	 	HFB CYPRESS HAMMOCK, LLC, a Florida limited liability company
	 	HFB CYPRESS OAKS, LLC, a Florida limited liability company
	 	HFB ORCHID TERRACE, LLC , a Florida limited liability company
	 	HFB PRESERVATION POINTE LLC, a Florida limited liability company
	 	HFB RIDGEVIEW LLC, a Florida  limited liability company
	 	HFB SKY VENTURES, LLC, a Florida limited liability company
	 	HFB FIRST PLACE, LLC , a Florida limited liability company
	 	HFB SUNRISE, LLC, a Florida limited liability company
	 	HFB GREENFIELD, LLC , a Florida limited liability company
	 	HFB HORSE CREEK, LLC , a Florida limited liability company
	 	 
	 	By: 	/s/ John Ho
	 	Name:	John Ho
	 	Title:	Chief Executive Officer

 

[Signature
Page to Sixth Amendment Agreement]

 

    22

     

    

  

GUARANTORS CONTINUED:

  

	 	HFB TRINITY LAKES, LLC, a Florida limited liability company
	 	HFB WILLIAMS PRESERVE, LLC, a Florida limited liability company
	 	HFB LAKES, LLC, a Florida limited liability company
	 	HFB WIREGRASS PARTNER, LLC, a Florida limited liability company
	 	PSH PARTNERSHIP, LLC , a Florida limited liability company
	 	WILLIAMS PRESERVE PHASE III, LLC, a Florida limited liability company
	 	HFB BERESFORD WOODS, LLC, a Florida limited liability company
	 	HFB KENTUCKY SQUARE, LLC, a Florida limited liability company
	 	HFB HAMMOCK RESERVE, LLC, a Florida limited liability company
	 	THOMPSON ROAD, LLC , a Florida limited liability company
	 	HFB MARION RIDGE, LLC, a Florida limited liability company
	 	HFB TRINITY PLACE, LLC, a Florida limited liability company
	 	HANOVER SUNRISE RIDGE, LLC, a Florida limited liability company
	 	 
	 	By:	/s/ John Ho
	 	Name:	John Ho
	 	Title:	Chief Executive Officer

 

[Signature
Page to Sixth Amendment Agreement]

 

    23

     

    

 

GUARANTORS CONTINUED:

 

	 	LS-14 AVE MEMBER LLC, a Delaware
    limited liability company
	 	LS-14 AVE JV LLC , a Delaware limited liability
    company
	 	LS-14 AVE MEZZ LLC, a Delaware limited liability
    company
	 	LS-14 AVE LLC, a Delaware limited liability
    company
	 	LS-ANTHEM LLC, a Delaware limited liability
    company
	 	VE HOMES, LLC, a Florida limited liability company
	 	LS-LCF CA, LLC, a Delaware limited liability
    company 
	 	 
	 	By:	 /s/ John Ho
	 	Name:	 John Ho
	 	Title:	 Chief Executive Officer

 

[Signature
Page to Sixth Amendment Agreement]

  

    24

     

    

 

EXHIBIT A

 

AMENDED CREDIT AGREEMENT

 

[See attached]

 

    

     

    

  

CONFORMED
CREDIT AGREEMENT,

 

As
amended by First Amendment Agreement dated November 30, 2021,

Second
Amendment Agreement dated December 31, 2021

Third
Amendment Agreement dated April 13, 2022

and
Fourth Amendment Agreement dated June 30, 2022

Fifth
Amendment Agreement dated September 30, 2022

and
Sixth Amendment Agreement dated December 29, 2022

 

CREDIT AGREEMENT

 

DATED AS OF OCTOBER 6, 2021

 

BY AND AMONG

 

LANDSEA HOMES CORPORATION,

AS BORROWER,

 

WESTERN ALLIANCE BANK,

AS ADMINISTRATIVE AGENT,

 

AND

 

THE LENDERS PARTY HERETO

 

*********************************

 

WESTERN ALLIANCE BANK

 

AND

 

BofA SECURITIES, INC.

 

AS JOINT LEAD ARRANGERS AND JOINT BOOKRUNNERS

 

AND

 

FLAGSTAR BANK

 

AS JOINT BOOKRUNNER

 

    	 

    	 

    

 

TABLE
OF CONTENTS

 

Article I.

DEFINITIONS

 

	1.1	Definitions	1
	1.2	No Presumption Against Any Party	32
	1.3	Generally	32
	1.4	Accounting Terms; Changes in GAAP	32
	1.5	Divisions	33
	1.6	Letter of Credit Amounts	33
	1.7	Benchmark Replacement Provisions	33

  

Article II.

COMMITMENTS AND CREDIT EXTENSIONS

 

	2.1	Commitments	34
	2.2	Prepayment of Loans	34
	2.3	Interest	35
	2.4	Revolving Loans	36
	2.5	Letters of Credit	38
	2.6	Maturity of the Obligations	46
	2.7	Extension of Maturity Date	46
	2.8	Noteless Agreement; Evidence of Indebtedness	47
	2.9	Lending Installations	49
	2.10	Increased Costs	49
	2.11	Taxes	50
	2.12	Illegality; Inability to Determine Rates	54
	2.13	Mitigation Obligations; Replacement of Lenders	55
	2.14	Increases in Commitments	56
	2.15	Fees	58
	2.16	General Provisions as to Payments	59
	2.17	Cash Collateral	59
	2.18	Defaulting Lenders	60
	2.19	Erroneous Payments	62

 

    	i

    	 

    

 

Article III.

BORROWING BASE

 

	3.1	Determination of Eligible Assets/Borrowing Base	65
	3.2	Lot Term Limits	66
	3.3	Unit Term Limits	67
	3.4	Borrowing Base Report	67
	3.5	General	68

  

Article IV.

CONDITIONS PRECEDENT

 

	4.1	Conditions Precedent to Effectiveness of this Agreement	69
	4.2	Additional Conditions Precedent to Credit Extensions	70
	4.3	Right to Waive	71

  

Article V.

BORROWER REPRESENTATIONS AND WARRANTIES

 

	5.1	Representations and Warranties	71
	5.2	Representations and Warranties Upon Delivery of Financial Statements, Documents, and Other Information	75

 

 

Article VI.

AFFIRMATIVE COVENANTS

 

	6.1	Corporate Existence	76
	6.2	Books and Records; Access	76
	6.3	Information and Statements	76
	6.4	Law; Judgments; Material Agreements; Approvals and Permits	78
	6.5	Sanctions; Anti-Corruption Laws	79
	6.6	Impositions and Other Indebtedness	79
	6.7	Assets and Property	79
	6.8	Environmental Laws	79
	6.9	Material Contracts	79
	6.10	Maintenance of Insurance	79
	6.11	Rights of Inspection	80
	6.12	Use of Proceeds of Revolving Loans	80
	6.13	Further Assurances	80
	6.14	Deposit Accounts	80
	6.15	Subsidiaries	81
	6.16	Post-Closing Requirements	82

  

    	ii

    	 

    

 

Article VII.

BORROWER NEGATIVE COVENANTS

 

	7.1	Indebtedness	82
	7.2	Liens	83
	7.3	Fundamental Changes	84
	7.4	Prohibition on Amendments to Organizational Documents	84
	7.5	Lines of Business	85
	7.6	Dispositions	85
	7.7	Restricted Payments	85
	7.8	Investments	86
	7.9	Transactions with Affiliates	86
	7.10	Certain Restrictive Agreements	86
	7.11	Permitted Activities	86
	7.12	Sanctions; Anti-Corruption Use of Proceeds	87
	7.13	Accounting Changes	87
	7.14	Financial Covenants	87

 

Article VIII.

EVENTS OF DEFAULT

 

	8.1	Events of Default	88
	8.2	Remedies	91
	8.3	[Reserved]	92
	8.4	[Reserved]	92
	8.5	Protective Advances	92
	8.6	Scheduled Payments	92
	8.7	Application of Payments	92

  

Article IX.

AGENCY

 

	9.1	Appointment and Authority	93
	9.2	Rights as a Lender	94
	9.3	Exculpatory Provisions	94
	9.4	Reliance by Administrative Agent	95
	9.5	Delegation of Duties	95
	9.6	Resignation of Administrative Agent	95

 

    	iii

    	 

    

  

	9.7	Non-Reliance on Agents and Other Lenders	96
	9.8	No Other Duties	97
	9.9	Administrative Agent May File Proofs of Claim	97
	9.10	Bank Product Liability Arrangements	97
	9.11	Lender Representation	98

  

Article X.

MISCELLANEOUS

 

	10.1	Notices Generally	98
	10.2	Waivers; Amendments	100
	10.3	Guaranty Matters	102
	10.4	Expenses; Indemnity; Damage Waiver	102
	10.5	Successors and Assigns	104
	10.6	Survival	108
	10.7	Counterparts; Integration; Effectiveness; Electronic Execution	108
	10.8	Severability	109
	10.9	Right of Setoff 	109
	10.10	Governing Law; Jurisdiction; Etc	109
	10.11	WAIVER OF JURY TRIAL	110
	10.12	JUDICIAL REFERENCE	111
	10.13	Headings	112
	10.14	Public Information	112
	10.15	Treatment of Certain Information; Confidentiality	113
	10.16	USA PATRIOT ACT	113
	10.17	Sharing of Payments	114
	10.18	Payments Set Aside	114
	10.19	No Advisory or Fiduciary Responsibility	115
	10.20	Acknowledgement Regarding Any Supported QFCs	115
	10.21	Keepwell	116
	10.22	Acknowledgement and Consent to Bail-In of Affected Financial Institutions	117

 

    	iv

    	 

    

 

	Schedules	 
	 	 
	Schedule 1.1(A)	Lenders and Commitments
	Schedule 7.1	Indebtedness
	Schedule 7.2	Liens

  

	Exhibits	 
	 	 
	Exhibit A	Assignment and Assumption Agreement
	Exhibit B	Organizational Chart
	Exhibit C	Compliance Certificate
	Exhibit D	Guaranty
	Exhibit E	Promissory Note
	Exhibit F1-F4	Tax Compliance Certificates
	Exhibit G	Borrowing Base Report
	Exhibit H	Notices Address
	Exhibit I	Post-Closing Requirements
	Exhibit J	Other Approved Subsidiaries

  

    	v

    	 

    

 

CREDIT AGREEMENT

 

This CREDIT AGREEMENT dated
as of October 6, 2021, is made and entered into by and among LANDSEA HOMES CORPORATION, a Delaware corporation (“Borrower”),
WESTERN ALLIANCE BANK, an Arizona corporation (“Administrative Agent”) and the Lenders from time to time party
hereto.

 

RECITALS

 

A.           Borrower is engaged
in the business of developing residential subdivisions and constructing and selling residential units in such subdivisions.

 

B.            Borrower has requested
that Lenders provide a senior unsecured borrowing base revolving line of credit for Borrower, pursuant to which Borrower may finance
the construction of residential housing units.

 

C.            Lenders are willing
to provide such a senior unsecured borrowing base revolving line of credit upon the terms and conditions hereinafter set forth.

 

AGREEMENT

 

For good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, Borrower, Administrative Agent and Lenders agree that:

 

Article
I.

DEFINITIONS

 

1.1          
Definitions. In this Agreement, the following capitalized terms have the following meanings:

 

“A&D Lot”
means an individual Lot designated on a subdivision plat or map (whether preliminary or final) for a subdivision under development
by Borrower or a Project Owner that is zoned by a Government Authority as a use by right by the municipality in which such real
property is located for residential building and use, and with respect to which the Borrower or such Project Owner is actively
developing into a Finished Lot. Unless the context otherwise requires, the term “A&D Lot” refers to the Lot prior
to a transfer of the Lot for Unit construction and inclusion of the Lot in Eligible Assets as a Unit.

 

“Additional Lender”
has the meaning specified in Section 2.7(d).

 

“Administrative
Agent” means Western Alliance Bank, an Arizona corporation, in its capacity as administrative agent under any
of the Loan Documents, or any successor administrative agent.

 

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

 

    	 

    	 

    

 

“Affected Financial
Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution.

 

“Affiliate”
of any Person means any other Person directly or indirectly Controlling or Controlled by or under direct or indirect common Control
with, such Person.

 

“Agent Parties”
has the meaning specified in Section 10.1(f)(ii).

 

“Agreement”
means this Credit Agreement, as amended, restated, supplemented or otherwise modified from time to time.

 

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

 

“Approvals and Permits”
means, with respect to any Real Estate Inventory, each and all approvals, authorizations, bonds, consents, certificates, franchises,
licenses, permits, registrations, qualifications, entitlements and other actions and rights granted by or filings with any Person necessary
or appropriate for acquisition and development of such property, for construction of Units, for the sale of Units, for occupancy, ownership,
and use by Borrower and other Persons of the Lots and Units, or otherwise for the conduct of, or in connection with, the business and
operations of the applicable Subsidiary or Restricted Affiliate.

 

“Approved Fund”
means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of
an entity that administers or manages a Lender.

 

“Approved Lines
of Business” means (a) acquiring property intended for residential development projects that are included or intended
to be included as Eligible Assets; (b) zoning, entitling, subdividing or causing to be subdivided such projects into residential
lots and related amenities; (c) installing, or causing to be installed, onsite and/or offsite improvements as needed to create
finished residential lots and related amenities for such projects; and (d) constructing and selling Units in such projects to members
of the home buying public, and in each case, any business substantially related or incidental thereto.

 

“Asset Value”
means for any Eligible Asset, the “Asset Value” for such Eligible Asset as provided in Section 3.1(a).

 

“Assignment and
Assumption” means an assignment and assumption entered into by a Lender and an Eligible Assignee (with the consent of
any party whose consent is required by Section 10.5), and accepted by the Administrative Agent, in substantially the form
of Exhibit A or any other form approved by the Administrative Agent.

 

“Available Loan
Commitment” means at any time, the lesser of:

 

(a)          the Commitment Amount;
or

 

    	2

    	 

    

 

(b)         (i) the Asset Value
of the Borrowing Base, as reflected in the most recent Borrowing Base Report, minus (ii) the outstanding principal amount of the
Permitted Senior Debt.

 

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

 

“Bail-In Legislation”
means, (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and
of the Council of the European Union, the implementing law, regulation, rule or requirement for such EEA Member Country from time
to time that is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United
Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom
relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other
than through liquidation, administration or other insolvency proceedings).

 

“Bank Product Liability”
means any and all obligations of Borrower and the other Loan Parties, whether absolute or contingent and howsoever and whensoever
created, arising, evidenced or acquired (including all renewals, extensions, and modifications thereof and substitutions therefor)
in connection with Bank Products.

 

“Bank Products”
means each and any of the following bank products and services provided to any Loan Party by any Lender or any of its Affiliates:
(a) credit cards for commercial customers (including “commercial credit cards” and purchasing cards), (b) stored value
cards, and (c) depository, cash management, and treasury management services (including controlled disbursement, automated clearinghouse
transactions, return items, overdrafts and interstate depository network services).

 

“Bankruptcy Code”
means 11 U.S.C. §101, et seq.

 

“Base Rate”
means, for any day, a fluctuating rate per annum equal to the highest of: (a) the Prime Rate for such day plus 0.50%, and (b) the
Federal Funds Effective Rate for such day, plus 0.50%.

 

“Base Rate Borrowing”
means, as to any Borrowing, the Base Rate Loans comprising such Borrowing.

 

“Base Rate Loan”
means a Loan that bears interest at a rate based on the “Base Rate”.

 

“Benchmark Replacement
Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes,
such as changes to the definition of “Business Day,” or timing and frequency of determining rates and making payments
of interest, that Administrative Agent decides may be appropriate to reflect the adoption and implementation of such Benchmark
Replacement and to permit the administration thereof in a manner substantially consistent with market practice (or, if the Administrative
Agent decides that adoption of any portion of such market practice is not administratively feasible or if Administrative Agent
determines that no market practice for the administration of such Benchmark Replacement exists, in such other manner of administration
as Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Loan
Documents).

 

    	3

    	 

    

 

“Beneficial Ownership
Certification” means a certification regarding beneficial ownership required by the Beneficial Ownership Regulation.

 

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

 

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

 

“Borrower Materials”
has the meaning specified in Section 10.14.

 

“Borrowing”
means a borrowing consisting of simultaneous Revolving Loans of the same Type made by the Lenders.

 

“Borrowing Base”
consists of the Eligible Assets as reflected in the most current Borrowing Base Report.

 

“Borrowing Base
Report” means a report prepared by Borrower substantially in the form of Exhibit G, executed by a Responsible
Officer of the Borrower, and setting forth in reasonable detail all assets used in the calculation of the Borrowing Base, including
the determination of Eligible Assets and the Asset Value thereof.

 

“Borrowing Base
Valuation Date” means (a) August 31, 2021, and (b) the date of each Borrowing Base Report provided to Administrative
Agent thereafter.

 

“Borrowing Group”
means, collectively, Borrower and the Guarantors.

 

“Business Day”
means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City and Phoenix, Arizona, are
authorized or required by law to remain closed.

 

“Calendar Month”
means the twelve (12) calendar months of the year. With respect to any payment or obligation that is due or required to be performed
within a specified number of Calendar Months, then such payment or obligation shall become due on the day in the last of such specified
number of Calendar Months that corresponds numerically to the date on which such payment or obligation was incurred or commenced;
provided, however, that with respect to any obligation that was incurred or commenced on the 29th, 30th or 31st day
of any Calendar Month and if the Calendar Month in which such payment or obligation would otherwise become due does not have a
numerically corresponding date, such obligation shall become due on the last day of such Calendar Month.

 

“Capitalized Lease”
means each lease that has been or is required to be, in accordance with GAAP, recorded as a capitalized lease.

 

“Cash Collateral”
shall have a meaning analogous to the definition of “Cash Collateralize” and shall include the proceeds of such cash
collateral and other credit support.

 

“Cash Collateralize”
means to pledge and deposit with or deliver to the Administrative Agent, for the benefit of the Issuing Bank or Lenders, as collateral
for L/C Obligations or obligations of Lenders to fund participations in respect of L/C Obligations, cash or deposit account balances
or, if the Administrative Agent and the Issuing Bank shall agree, each in its sole and absolute discretion, other credit support,
in each case pursuant to documentation in form and substance satisfactory to the Administrative Agent and the Issuing Bank.

 

    	4

    	 

    

 

“Cash Equivalent
Investments” means, collectively, (a) marketable direct obligations issued or unconditionally guaranteed by the United
States or any agency thereof maturing within one hundred twenty (120) days from the date of acquisition thereof; (b) commercial
paper maturing no more than one hundred twenty (120) days from the date of creation thereof and currently having the highest rating
obtainable from either S&P or Moody’s; (c) certificates of deposit maturing no more than one hundred twenty (120) days
from the date of creation thereof issued by Western Alliance Bank or other commercial banks incorporated under the laws of the
United States, each having combined capital, surplus and undivided profits of not less than $500,000,000 and having a rating of
“A” or better by S&P or Moody’s; (d) time deposits maturing no more than thirty (30) days from the date of
creation thereof with commercial banks or savings banks or savings and loan associations each either having membership in the FDIC
or the deposits of which are insured by the FDIC and in amounts not exceeding the maximum amounts of insurance thereunder; (e)
demand deposit accounts maintained in the ordinary course of business with an FDIC insured financial institution; and (f) investment
funds at least ninety-five percent (95%) of the assets of which constitute cash or Cash Equivalent Investments of the kinds described
in clauses (a) through (e) of this definition.

 

“CC&Rs”
means and includes restrictive covenants, conditions, restrictions, easements, and other rights that exist or are contemplated
with respect to any Real Estate Inventory.

 

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

 

“Change of Control”
means an event or series of events by which:

 

(a)          any “person”
or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, but excluding
any employee benefit plan of such person or its Subsidiaries, and any person or entity acting in its capacity as trustee, agent
or other fiduciary or administrator of any such plan) other than a Permitted Investor becomes the “beneficial owner”
(as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, except that a person or group shall be deemed to
have “beneficial ownership” of all securities that such person or group has the right to acquire, whether such right
is exercisable immediately or only after the passage of time (such right, an “option right”)), directly or indirectly,
of 25% or more of the Equity Interests of Borrower entitled to vote for members of the board of directors or equivalent governing
body of Borrower on a fully-diluted basis (and taking into account all such securities that such person or group has the right
to acquire pursuant to any option right); provided that there shall be no Change of Control pursuant to this clause (a)
if the Permitted Investor is the beneficial owner (as determined above), directly or indirectly, of more than 40% of such Equity
Interests of Borrower;

 

    	5

    	 

    

 

(b)         during any period
of 12 consecutive months, a majority of the members of the board of directors or other equivalent
governing body of the Borrower cease to be composed of individuals (i) who were members of that board or equivalent governing
body on the first day of such period, (ii) whose election or nomination to that board or equivalent governing body was approved
by individuals referred to in clause (i) above constituting at the time of such election or nomination at least a majority
of that board or equivalent governing body or (iii) whose election or nomination to that board or other equivalent governing
body was approved by individuals referred to in clauses (i) and (ii) above constituting at the time of such election or nomination
at least a majority of that board or equivalent governing body;

 

(c)          the passage of 30
days from the date upon which any Person or two or more Persons (other than a Permitted Investor) acting in concert shall have
acquired by contract or otherwise, or shall have entered into a contract or arrangement that, upon consummation thereof, will result
in its or their acquisition of the power to exercise, directly or indirectly, a controlling influence over the management or policies
of Borrower, or control over the Equity Interests of Borrower entitled to vote for members of the board of directors or equivalent
governing body of Borrower on a fully-diluted basis (and taking into account all such securities that such Person or group has
the right to acquire pursuant to any option right) representing 25% or more of the combined voting power of such securities; provided
that there shall be no Change of Control pursuant to this clause (c) if the Permitted Investor is the beneficial owner (as determined
above), directly or indirectly, of more than 40% of such Equity Interests of Borrower; or

 

(d)          Borrower shall, at
any time, cease to own, directly or indirectly, 100% of the Equity Interests of Landsea Homes US.

 

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

 

“Commitment”
means with respect to each Lender, the commitment of such Lender pursuant to this Agreement to (a) make Revolving Loans and (b)
purchase a participation in L/C Obligations, in either case expressed as an amount representing the maximum principal and/or face
amount of such Revolving Loan and/or Letter of Credit, as such commitment may be reduced or increased from time to time pursuant
to Section 10.5. The amount of the Commitment of each Lender as of November 30, 2021 is set forth on Schedule 1.1(A)
and from and after November 30, 2021 will be as set forth in amendments entered into pursuant to Section 2.14 and/or in
the Assignment and Assumption pursuant to which such Lender shall have assumed its Commitment, as applicable.

 

“Commitment Amount”
means the aggregate amount of the Lenders’ Commitments.

 

    	6

    	 

    

 

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

 

“Completion Deed
of Trust” means a deed of trust or mortgage or similar Lien in favor of a land seller that secures deferred purchase
price payable by the Project Owner upon partial or full completion of onsite and/or offsite improvements (including for example
grading, streets and utilities) in the applicable Subdivision that are being constructed and developed by the land seller.

 

“Compliance Certificate”
means a certificate in the form of Exhibit C or as otherwise required by Administrative Agent from time to time.

 

“Consolidated Debt”
means, at any date of determination, the aggregate principal amount of all Indebtedness of Borrower and its Subsidiaries outstanding
at such time, in the amount that would be reflected on a balance sheet prepared at such date, determined on a consolidated basis
in accordance with GAAP and net of all cash and Cash Equivalent Investments in excess of the Threshold Cash Amount.

 

“Consolidated EBITDA”
means, with respect to Borrower, on a consolidated basis for the applicable period, the sum of the following amounts for such period
of (a) Consolidated Net Income, (b) Consolidated Net Interest Expense, (c) the aggregate amount of federal and state taxes, if
any, based on income for that period, (d) total depreciation expense, (e) total amortization expense, (f) amortization of capitalized
interest to costs of sales, and (g) other non-cash items reducing Consolidated Net Income less other non-cash items increasing
Consolidated Net Income, all of the foregoing as determined in accordance with GAAP.

 

“Consolidated Interest
Expense” means for any period, without duplication, the aggregate amount of interest incurred (whether paid, accrued,
or capitalized, but not including interest and other charges amortized to cost of sales) of Borrower, which, in conformity with
GAAP, would be set opposite the caption “Interest Expense” or any like caption on a consolidated income statement for
Borrower for such period, including imputed interest included in Capitalized Lease Obligations, all commissions, discounts and
other fees and charges owed with respect to letters of credit, the interest portion of any deferred payment obligation, amortization
of discount or premiums, if any, and all other non-cash interest expense, other than interest and other charges amortized to cost
of sales.

 

“Consolidated Net
Income” means, with respect to Borrower, for any fiscal year or other fiscal period, the net income of Borrower for such
fiscal year or other fiscal period, determined on a consolidated basis in accordance with GAAP.

 

“Consolidated Net
Interest Expense” means, with respect to Borrower, for any period, Consolidated Interest Expense less interest capitalized
during the current period.

 

“Consolidated Total
Assets” means, with respect to Borrower, as at the end of any fiscal period, the total assets of Borrower, determined
on a consolidated basis in accordance with GAAP.

 

“Control”
when used with respect to any Person, means the power to direct the management and policies of such Person, directly or indirectly,
whether through the ownership of voting securities, partnership interests, membership interests, by contract or otherwise; and
the terms “Controlling” and “Controlled” have the meanings correlative to the foregoing.

 

    	7

    	 

    

 

“Cost”
means the actual costs (determined in accordance with GAAP) paid to independent third parties by Borrower or any Guarantor in the
acquisition or development of Real Estate Inventory or construction of a Unit (or if the Lot or Unit was originally acquired by
an Affiliate of Borrower from an independent third party and subsequently conveyed to Borrower or its Affiliate, the “Cost”
shall mean the actual cost paid to the independent third party and not the cost paid in the subsequent conveyance). Further, in
no event shall Cost include (a) projected costs and costs for materials or labor not yet delivered to, provided to or incorporated
in such Unit or Lots or other property, (b) administrative costs incurred by the Borrower or any Guarantor or Affiliate of Borrower
in connection with (i) the marketing and selling of Units and (ii) the administration, management and operation of the Borrower’s,
Guarantors’ or Affiliate of Borrower’s business or (c) any mark-up or profit of any amount or kind paid to members
of the Borrowing Group or Affiliates of the Borrowing Group in connection with the transfer of Lots or Units among members of the
Borrowing Group or Affiliates of the Borrowing Group.

 

“Credit Extension”
means (a) a Revolving Loan or (b) an L/C Credit Extension.

 

“Daily Simple SOFR”
means, for any day, SOFR, with the conventions for this rate (which will include a lookback) being established by the Administrative
Agent in accordance with the conventions for this rate recommended by the Relevant Governmental Body for determining “Daily
Simple SOFR” for syndicated business loans; provided, that if the Administrative Agent decides that any such convention is
not administratively feasible for the Administrative Agent, then the Administrative Agent may establish another convention in its
reasonable discretion.

 

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

 

“Default”
means an Event of Default or an event which, with notice or lapse of time or both, would become an Event of Default.

 

“Default Rate”
means 3% per annum plus the Interest Rate.

 

“Defaulting Lender”
means, subject to Section 2.18(b), any Lender that (a) has failed to (i) fund all or any portion of its Revolving Loans
within two (2) Business Days of the date such Revolving Loans were required to be funded hereunder unless such Lender notifies
the Administrative Agent and Borrower in writing that such failure is the result of such Lender’s determination that one
or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically
identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent, the Issuing Bank, or any other Lender
any other amount required to be paid by it hereunder within two (2) Business Days of the date when due (including in respect of
any participation in Letters of Credit), (b) has notified Borrower, the Administrative Agent, or the Issuing Bank in writing that
it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such
writing or public statement relates to such Lender’s obligation to fund a Revolving Loan hereunder and states that such position
is based on such Lender’s determination that a condition precedent to funding (which condition precedent, together with any
applicable default,

 

    	8

    	 

    

 

shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed,
within three (3) Business Days after written request by the Administrative Agent or Borrower, to confirm in writing to the Administrative
Agent and Borrower that it will comply with its prospective funding obligations hereunder (provided that such Lender shall
cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative
Agent and Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under
any Debtor Relief Law, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for
the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the
Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity or (iii) become
the subject of a Bail-In Action; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership
or acquisition of any Equity Interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority
so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within
the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental
Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the
Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above
shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section
2.18(b)) upon delivery of written notice of such determination to Borrower and each Lender.

 

“Disposition”
or “Dispose” means the sale, transfer, license, lease or other disposition (in one transaction or in a series
of transactions and whether effected pursuant to a Division or otherwise) of any property by any Person (including any sale and
leaseback transaction and any issuance of Equity Interests by a Subsidiary of such Person), including any sale, assignment, transfer
or other disposal, with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith.

 

“Division”
means the division of the assets, liabilities and/or obligations of a Person (the “Dividing Person”) among two
or more Persons (whether pursuant to a “plan of division” or similar arrangement), which may or may not include the
Dividing Person and pursuant to which the Dividing Person may or may not survive.

 

“Draw Request”
means a completed request, in form and substance satisfactory to Administrative Agent, from Borrower to Administrative Agent requesting
a Revolving Loan, together with such other documents and information as Administrative Agent may require from time to time.

 

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

 

    	9

    	 

    

 

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

 

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

 

“Effective Date”
means the date set forth on the first page of this Agreement.

 

“Eligible Assets”
means (a) Unrestricted Cash; and (b) Real Estate Inventory located in any U.S. State that is not an Excluded State, in each case owned
in fee simple absolute by (1) Borrower or, (2)
a Restricted Subsidiary that is a Guarantor, or (3) a Restricted Affiliate that is a Guarantor,
and that which Real Estate Inventory
is (i) not subject to any Liens or Encumbrances, or Negative Pledges, other than Permitted Exceptions, (ii) not subject to any title,
survey or environmental or other defects that materially affect Borrower’s ability to develop such property, construct Units thereon
and sell such Units to the public, and (iii) subject to the limitations in Article III, included in the most recent Borrowing Base Report
submitted to Administrative Agent.

 

“Eligible Assignee”
means any Person that meets the requirements to be an assignee under Section 10.5(b)(iii), (v) and (vi) (subject
to such consents, if any, as may be required under Section 10.5(b)(iii)).

 

“Entitled Land”
means real property with respect to which all of the following are true: (a) the property has a zoning classification appropriate
for the intended development of such property; (b) no discretionary approvals from any Governmental Authority remain with respect
to such zoning classification; and (c) Borrower or the applicable Project Owner has prepared at least a tentative map/preliminary
subdivision plat (as applicable) which has been approved by the applicable Governmental Authorities.

 

“Environmental
Laws” means any federal, state or local law, whether by common law, statute, ordinance, or regulation, pertaining to
health, industrial hygiene, environmental conditions, or the regulation or protection of the environment.

 

“Environmental
Liability” means any liability, contingent or otherwise (including any liability for damages, costs of environmental
remediation, fines, penalties or indemnities), whether based in contract, tort, implied or express warranty, criminal or civil
statute or common law, directly or indirectly relating to (a) any Environmental Laws, (b) the generation, use, transportation,
storage or disposal of any Hazardous Substances, (c) exposure to any Hazardous Substances, (d) the release or threatened release
of any Hazardous Substances into the environment or (e) any contract or agreement pursuant to which liability is assumed or imposed
with respect to any of the foregoing.

 

“Equity Interest”
means shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interest in a trust
or other equity ownership interest in a Person, (including,
without limitation, rights to distributions by such Person), and any warrants, options or other rights entitling the holder
thereof to purchase or acquire any such equity interest.

 

    	10

    	 

    

 

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

 

“ERISA Affiliate”
means any trade or business (whether or not incorporated) under common control with Borrower within the meaning of Section 414(b)
or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code or Section
302 of ERISA).

 

“ERISA Event”
means (a) a Reportable Event with respect to a Pension Plan; (b) the failure by Borrower or any ERISA Affiliate to meet all applicable
requirements under the Pension Funding Rules or the filing of an application for the waiver of the minimum funding standards under
the Pension Funding Rules; (c) the incurrence by Borrower or any ERISA Affiliate of any liability pursuant to Section 4063 or 4064
of ERISA or a cessation of operations with respect to a Pension Plan within the meaning of Section 4062(e) of ERISA; (d) a complete
or partial withdrawal by Borrower or any ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is
in reorganization or insolvent (within the meaning of Title IV of ERISA); (e) the filing of a notice of intent to terminate a Pension
Plan under, or the treatment of a Pension Plan amendment as a termination under, Section 4041 of ERISA; (f) the institution by
the PBGC of proceedings to terminate a Pension Plan; (g) any event or condition that constitutes grounds under Section 4042 of
ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan; (h) the determination that any Pension
Plan is in at-risk status (within the meaning of Section 430 of the Code or Section 303 of ERISA) or that a Multiemployer Plan
is in endangered or critical status (within the meaning of Section 432 of the Code or Section 305 of ERISA); (i) the imposition
or incurrence of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007
of ERISA, upon Borrower or any ERISA Affiliate; (j) the engagement by Borrower or any ERISA Affiliate in a transaction that could
be subject to Section 4069 or Section 4212(c) of ERISA; or (k) the imposition of a lien upon Borrower pursuant to Section 430(k)
of the Code or Section 303(k) of ERISA.

 

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

 

“Event of Default”
means as defined in Section 8.1.

 

“Evergreen Letter
of Credit” has the meaning specified in Section 2.5(e).

 

“Excluded State”
means any of the following: Alaska; Arkansas; Connecticut; Hawaii; Illinois; Indiana; Iowa; Kansas; Kentucky; Louisiana; Maine;
Massachusetts; Michigan; Minnesota; Mississippi; Missouri; Montana; Nebraska; New Hampshire; New Mexico; North Dakota; Ohio; Oklahoma;
Rhode Island; South Dakota; Vermont; West Virginia; Wisconsin; and Wyoming.

 

    	11

    	 

    

 

“Excluded Swap
Obligation” means with respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a portion of
the Guarantee of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or any
Guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures
Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor’s failure for
any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act and the regulations
thereunder at the time the Guarantee of such Guarantor or the grant of such security interest becomes effective with respect to
such Swap Obligation. If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply
only to the portion of such Swap Obligation that is attributable to swaps for which such Guarantee or security interest is or becomes
illegal.

 

“Excluded Taxes”
means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment
to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes,
in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in
the case of any Lender, its applicable Lending Installation located in, the jurisdiction imposing such Tax (or any political subdivision
thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts
payable to or for the account of such Lender with respect to an applicable interest in a Revolving Loan or Commitment pursuant
to a law in effect on the date on which (i) such Lender acquires such interest in the Revolving Loan or Commitment (other than
pursuant to an assignment requested by the Borrower under Section 2.12(b)) or (ii) such Lender changes its Lending Installation
except in each case to the extent that, pursuant to Section 2.11, amounts with respect to such Taxes were payable either to
such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed
its lending office, (c) Taxes attributable to such Recipient’s failure to comply with Section 2.11(g), and (d)
any withholding Taxes imposed under FATCA.

 

“Extending Lender”
has the meaning specified in Section 2.7(e).

 

“Extension Election
Notice Date” has the meaning specified in Section 2.7(b).

 

“FATCA”
means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively
comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof,
any agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or practices
adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities and implementing such
Sections of the Code.

 

“FCPA”
has the meaning specified in Section 5.1(m).

 

“Federal Funds
Effective Rate” means, for any day, the greater of (a) the rate calculated by the Federal Reserve Bank of New York based
on such day’s Federal funds transactions by depositary institutions (as determined in such manner as the Federal Reserve
Bank of New York shall set forth on its public website from time to time) and published on the next succeeding Business Day by
the Federal Reserve Bank of New York as the Federal funds effective rate and (b) 0%.

 

    	12

    	 

    

 

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

 

“Fee Letter”
means the fee letter, dated the same date as this Agreement, between Borrower and the Administrative Agent, as amended, modified,
restated and renewed from time to time.

 

“Finished Lot”
means an individual Lot as designated on a subdivision plat or map (whether preliminary or final), with respect to which (a) the
Lot Improvements are finished or substantially finished and (b) there are no other unsatisfied Requirements in effect to obtain
building permits for the construction of Units on such Lot.

 

“FIRRMA”
means the Foreign Investment Risk Review Modernization Act of 2018.

 

“First Payment
Date” means November 5, 2021.

 

“Fiscal Quarter”
means each quarterly period in each Fiscal Year.

 

“Fiscal Year”
means the fiscal year of Borrower ending on each December 31.

 

“Floor Rate”
means a rate of interest equal to 3.85% per annum.

 

“Foreign Lender”
means any Lender that is not a U.S. Person.

 

“Foreign Person”
has the meaning set forth in the DPA.

 

“Fourth Amendment
Effective Date” means June 30, 2022.

 

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

 

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

 

“GAAP”
means generally accepted accounting principles consistently applied.

 

“Governmental Authority”
means the government of the United States of America or any other nation, or of any political subdivision thereof, whether state
or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive,
legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national
bodies such as the European Union or the European Central Bank).

 

    	13

    	 

    

 

“Guarantee”
of or by any Person (the “guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing
or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”)
in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase
or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to
advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities
or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain
working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable
the primary obligor to pay such Indebtedness or other obligation, or (d) as an account party in respect of any letter of credit
or letter of guaranty issued to support such Indebtedness or obligation; provided, that the term Guarantee shall not include
endorsements for collection or deposit in the ordinary course of business.

 

“Guarantor”
means, individually and collectively, each Subsidiary of Borrower that has executed a Guaranty or Guaranty
Joinder in favor of Administrative Agent and Lenders, and each Restricted Affiliate that has executed a Guaranty or Guaranty Joinder
in favor of Administrative Agent and Lenders.

 

“Guaranty”
means (a) the guaranty made by the Guarantors on the Effective Date in favor of Administrative Agent, Lenders and Issuing Bank,
substantially in the form of Exhibit D and (b) each other guaranty, Guaranty Joinder, and guaranty supplement delivered
pursuant to the Loan Documents.

 

“Guaranty Joinder”
means a joinder agreement whereby a Subsidiary or Restricted Affiliate joins the obligations
of the Guarantors under the Guaranty, in the form set forth in the Guaranty.

 

“Hazardous Substance”
means all of the following:

 

(a)          Any substance, material, or waste that is included within the definitions of “hazardous substances,”
“hazardous materials,” “hazardous waste,” “toxic substances,” “toxic
materials,” “toxic waste,” or words of similar import in any Environmental Law;

 

(b)          Those substances
listed as hazardous substances by the United States Department of Transportation (or any successor agency) (49 C.F.R. 172.101 and
amendments thereto) or by the Environmental Protection Agency (or any successor agency) (40 C.F.R. Part 302 and amendments thereto);
and

 

(c)          Any substance, material,
or waste that is petroleum, or a petroleum by-product, asbestos or asbestos-containing material, polychlorinated biphenyls, flammable,
explosive, radioactive, freon gas, radon, pesticide or herbicides.

 

“Highest Lawful
Rate” means the maximum non-usurious interest rate, as in effect from time to time, which may be charged, contracted
for, reserved, received, or collected by the Lender in connection with this Agreement and the other Loan Documents, it being the
express intent of the parties hereto that such maximum non-usurious interest rate shall be determined, to the maximum extent permitted
by law, by the internal laws of the State of Arizona applicable to interest rates agreed to and contracted for in writing.

 

    	14

    	 

    

 

“Impositions”
means any and all of the following:

 

(a)          Real property taxes
and assessments (general and special) assessed against or imposed upon or in respect of any of the Real Estate Inventory or the
Obligations;

 

(b)          Personal property
taxes assessed against or imposed upon or in respect of any of the Real Estate Inventory or the Obligations;

 

(c)          Other taxes and assessments
of any kind or nature that are assessed or imposed upon or in respect of the Real Estate Inventory or the Obligations or that may
result in a Lien or Encumbrance upon any of the Real Estate Inventory (including non-governmental assessments, levies, maintenance
and other charges whether resulting from covenants, conditions, and restrictions or otherwise, water and sewer rents and charges,
assessments on any water stock, utility charges and assessments, and owner association dues, fees, and levies);

 

(d)         Taxes or assessments
on any of the Real Estate Inventory in lieu of or in addition to any of the foregoing; and

 

(e)          Taxes on income,
revenues, rents, issues, and profits, and franchise taxes.

 

“Incremental Commitment”
has the meaning specified in Section 2.14(a).

 

“Incremental Commitment
Effective Date” has the meaning specified in Section 2.14(c).

 

“Incremental Lender”
has the meaning specified in Section 2.14(b).

 

“Indebtedness”
means, as to any Person at a particular time, without duplication: (a) indebtedness or liability for borrowed money; (b) obligations
evidenced by bonds, debentures, notes or similar instruments; (c) obligations for the deferred purchase price of property or services
(excluding trade obligations in the ordinary course of business); (d) obligations under Capitalized Leases; (e) accounts payable
to the extent such obligations remain unpaid 90 days or later after the applicable due date; (f) all obligations of such Person
arising under letters of credit; (g) obligations under acceptance facilities; (h) all guaranties, endorsements (other than for
collection or deposit in the ordinary course of business) and other contingent obligations to purchase, to provide funds for payment,
to supply funds to invest in any person or entity, or otherwise to assure a creditor against loss; (i) obligations secured by any
Liens and Encumbrances whether or not the obligations have been assumed; (j) net obligations of such Person under any Swap Contract,
and (k) all Guarantees of such Person in respect of any of the foregoing. For all purposes hereof, the Indebtedness of any Person
shall include the Indebtedness of any partnership or joint venture (other than a joint venture that is itself a corporation or
limited liability company) in which such Person is a general partner or a joint venturer, unless such Indebtedness is expressly
made non-recourse to such Person. The amount of any net obligation under any Swap Contract on any date shall be deemed to be the
Swap Termination Value thereof as of such date. 

 

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

 

    	15

    	 

    

 

“Index Rate”
means the Term SOFR Rate as in effect from time to time; provided, in no case will the Index Rate be less than 0.50% per annum.

 

“Index Rate Borrowing”
means, as to any Borrowing, the Index Rate Loans comprising such Borrowing.

 

“Index Rate Loan”
means a Loan that bears interest at a rate based on the “Index Rate.”

 

“Interest Election
Request” means a request by Borrower to convert or continue a Borrowing in accordance with Section 2.4, which
shall be in such form as Administrative Agent may approve.

 

“Interest Payment
Date” means the First Payment Date and the fifth day of each Calendar Month thereafter.

 

“Interest Rate”
means (i) with respect to Index Rate Loans, a rate of interest on the outstanding principal amount at a rate per annum equal to
the Index Rate plus 3.35% per annum, and (ii) with respect to Base Rate Loans, a rate of interest on the outstanding principal
amount at a rate per annum equal to the Base Rate plus 2.25% per annum; provided, however, in no case will the Interest Rate for
any Loan be less than the Floor Rate.

 

“Intermediate
Entity” means each Person in which Borrower owns a direct or indirect Equity Interest and that directly or indirectly owns an Equity
Interest in a Project Owner.

 

“Investment”
means, as to any Person, any direct or indirect acquisition or investment by such Person, whether by means of (a) the purchase
or other acquisition of Equity Interests or debt or other securities of another Person, (b) a loan, advance or capital contribution
to, Guarantee or assumption of debt of, or purchase or other acquisition of any other debt or equity participation or interest
in, another Person, including any partnership or joint venture interest in such other Person and any arrangement pursuant to which
the investor incurs Indebtedness in respect of such other Person, or (c) the purchase or other acquisition (in one transaction
or a series of transactions) of all or substantially all of the property and assets or business of another Person or assets constituting
a business unit, line of business or division of such Person. For purposes of covenant compliance, the amount of any Investment
shall be the amount actually invested, without adjustment for subsequent increases or decreases in the value of such Investment
but giving effect to any returns or distributions of capital or repayment of principal actually received in case by such Person
with respect thereto.

 

“Involuntary Lien”
means any Lien or Encumbrance (for clarity, to include mechanic’s and materialmen’s liens) securing the payment of
money or the performance of any other obligation created involuntarily under any Law and any claim of any such Lien or Encumbrance.

 

“IRS”
means the United States Internal Revenue Service.

 

“ISP”
means the International Standby Practices, International Chamber of Commerce Publication No. 590 (ISP 98) (or such later version
thereof as may be in effect at the applicable time).

 

    	16

    	 

    

 

“Issuing Bank”
means Western Alliance Bank, an Arizona corporation, in its capacity as issuer of Letters of Credit hereunder, and each other Lender
(if any) appointed as the Issuing Bank pursuant to Section 2.5(k); provided that such Lender has agreed to be the
Issuing Bank.

 

“Joinder Agreement”
means a joinder or similar agreement in form satisfactory to Administrative Agent entered into by any Person (including any Lender)
under Section 2.14 pursuant to which such Person shall provide an Incremental Commitment hereunder and (if such Person is
not then a Lender) shall become a Lender party hereto.

 

“Joint Bookrunner”
means, individually (a) Western Alliance Bank, and (b) BofA Securities, Inc.

 

“Joint Lead Arranger”
means, individually (a) Western Alliance Bank, and (b) BofA Securities, Inc.

 

“Land Seller Documents”
means, with respect to any Real Estate Inventory, development covenants, profit or price participation agreements and other similar
rights of a land seller or master developer.

 

“Landsea Homes
US” means Landsea Homes US Corporation, a Delaware corporation.

 

“Law”
means any law (including common law), constitution, statute, treaty, regulation, rule, ordinance, guideline, order, injunction,
writ, decree, or award of any Governmental Authority with jurisdiction.

 

“L/C Commitment
Expiration Date” means the date that is one year before the Maturity Date (as the Maturity Date may be extended from
time to time).

 

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

 

“L/C Disbursement”
means a payment made by the Issuing Bank pursuant to a Letter of Credit.

 

“L/C Documents”
means, as to any Letter of Credit, each application therefor and any other document, agreement and instrument entered into by the
Borrower or a Project Owner with or in favor of the Issuing Bank and relating to such Letter of Credit.

 

“L/C Fee”
has the meaning specified in Section 2.15(c).

 

“L/C Obligations”
means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit at such time, including any
automatic or scheduled increases provided for by the terms of such Letters of Credit, determined without regard to whether any
conditions to drawing could be met at that time, plus (b) the aggregate amount of all L/C Disbursements that have not yet
been reimbursed by or on behalf of the Borrower at such time. The L/C Obligations of any Lender at any time shall be its Applicable
Percentage of the total L/C Obligations at such time. For all purposes of this Agreement, if on any date of determination a Letter
of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of Article 29(a) of
the UCP or Rule 3.13 or Rule 3.14 of the ISP or similar terms of the Letter of Credit itself, or if compliant documents have been
presented but not yet honored, such Letter of Credit shall be deemed to be “outstanding” and “undrawn”
in the amount so remaining available to be paid, and the obligations of the Borrower and each Lender shall remain in full force
and effect until the Issuing Bank and the Lenders shall have no further obligations to make any payments or disbursements under
any circumstances with respect to any Letter of Credit.

 

    	17

    	 

    

 

“L/C Sublimit”
means an amount equal to the lesser of (a) $10,000,000 and (b) the
total amount of the Commitments. The L/C Sublimit is part of, and not in addition to, the Revolving Facility.

 

“Lender Swap Contract”
means any Swap Contract that is entered into by and between Borrower and any Person that is a Lender or any Affiliate of a Lender
at the time it enters into any Swap Contract or that is a Lender or an Affiliate of Lender at any time after it has entered into
a Swap Contract, in its capacity as a party thereto.

 

“Lenders”
means the Persons listed on Schedule 1.1(A) and any other Person that has become a party hereto pursuant to an Assignment
and Assumption or Joinder Agreement, other than any such Person that ceases to be a party hereto pursuant to an Assignment and
Assumption.

 

“Lending Installation”
means, with respect to a Lender or the Administrative Agent, the office, branch, subsidiary, or affiliate of such Lender or the
Administrative Agent listed on the signature pages hereto or on a Schedule or otherwise selected by such Lender or the Administrative
Agent pursuant to Section 2.9.

 

“Letter of Credit”
means any standby letter of credit issued hereunder.

 

“Lien,”
“Lien or Encumbrance” and “Liens and Encumbrances” mean, respectively, each and all of the
following:

 

(a)          Any lease or other
right to use real property or personal property;

 

(b)         Any assignment as
security, conditional sale, grant in trust, lien, mortgage, pledge, security interest, title retention arrangement, other encumbrance,
or other interest or right securing the payment of money or the performance of any other liability or obligation, whether voluntarily
or involuntarily created (including Involuntary Liens) and whether arising by agreement, document, or instrument, under any law,
ordinance, regulation, or rule (federal, state, or local), or otherwise; and

 

(c)          Any option, right
of first refusal, or other interest or right with respect to real property.

 

“Liquidity”
has the meaning specified in Section 7.14(a).

 

“Loan”
means the Revolving Loans made by Lenders to Borrower pursuant to this Agreement.

 

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“Loan Documents”
means this Agreement, each Note, each Guaranty, the L/C Documents, any agreement creating or perfecting rights in Cash Collateral,
the Fee Letter, and any other agreements, assignments, documents or instruments now or hereafter evidencing, guarantying or securing
the Obligations, any and all Revolving Loans and any and all L/C Obligations, as such documents may be amended, restated, supplemented
or otherwise modified from time to time, but Loan Documents shall not include any Swap Contracts or agreements governing Bank Product
Liabilities.

 

“Loan Party”
means Borrower and each Guarantor.

 

“Lot”
means, an individual lot designated as such on a subdivision plat or map (whether preliminary or final) for the applicable Subdivision
and with respect to which a Unit has been constructed or is under construction. Unless the context otherwise requires the term
“Lot” refers generally to an A&D Lot or Finished Lot and to a subdivided lot after the transfer of an A&D Lot
or Finished Lot for Unit construction and the inclusion of the subdivided lot in Eligible Assets as a Unit.

 

“Lot Improvements”
means, with respect to each Subdivision, the improvements which may exist or which are to be constructed (including curbs, grading,
landscaping, sprinklers, storm and sanitary sewers, paving, sidewalks, and utilities) necessary to make the Lots and other Real
Estate Inventory located in such Subdivision suitable for the construction of single family homes, and any common area improvements
for the Subdivision which may exist or which are to be constructed, together with the associated fixtures and other tangible personal
property located or used in or on land on which such improvements are constructed. For clarity, Lot Improvements do not include
the Units constructed or to be constructed on Lots.

 

“Lot Term”
means the period of time during which Lots may be included as Eligible Assets in the Borrowing Base pursuant to Section 3.2.

 

“Master Agreement”
has the meaning specified in the definition of “Swap Contract”.

 

“Material Adverse
Change” means (a) a material adverse change in, or a material adverse effect upon, the operations, business, properties,
liabilities (actual or contingent), condition (financial or otherwise) of Borrower and its Subsidiaries, taken as a whole;
or (b) a material adverse effect on (i) the ability of any Loan Party to perform its Obligations under any Loan Document, (ii)
the legality, validity, binding effect or enforceability against any Loan Party of any Loan Document to which it is a party or
(iii) the rights, remedies and benefits available to, or conferred upon, Administrative Agent or any Lender under any Loan Documents.

 

“Material Contract”
means, with respect to any Person, any agreement or contract to which such Person or any of its Subsidiaries is a party, that is
material to the Borrower and its Subsidiaries taken as a whole, the loss of which would be reasonably likely to result in a Material
Adverse Change.

 

“Maturity Date”
means October 6, 20242025, as such date may
be extended pursuant to Section 2.7.

 

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“Minimum Collateral
Amount” means, at any time, (a) with respect to Cash Collateral consisting of cash or deposit account balances, an amount
equal to 105% of the Fronting Exposure of the Issuing Bank with respect to Letters of Credit issued and outstanding at such time
and (b) otherwise, an amount determined by Administrative Agent and the Issuing Bank in their sole discretion.

 

“Model Unit”
means a residential dwelling located in a Subdivision which is open to the general public for viewing purposes and which is not
typically available for sale until substantially all units in such Subdivision are sold.

 

“Moody’s”
means Moody’s Investors Service, Inc.

 

“Multiemployer
Plan” means any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to which Borrower or any
ERISA Affiliate makes or is obligated to make contributions, during the preceding five plan years has made or been obligated to
make contributions, or has any liability.

 

“Multiple Employer
Plan” means a Plan with respect to which Borrower or any ERISA Affiliate is a contributing sponsor, and that has two
or more contributing sponsors at least two of whom are not under common control, as such a plan is described in Section 4064 of
ERISA.

 

“Negative Pledge”
means a provision of any agreement (other than the Loan Documents) that prohibits the creation of any Lien on any assets of Borrower
or the Guarantors to secure any Obligations.

 

“Net Income”
means, for any Person, the net income (or loss) of the Person and its consolidated Subsidiaries for the subject period in accordance
with GAAP; provided, however, that net income shall exclude (a) extraordinary gains and extraordinary losses for such period, and
(b) the net income of any Subsidiary during such period to the extent that the declaration or payment of dividends or similar distributions
by such subsidiary of such income is not permitted by operation of the terms of its organization documents or any agreement, instrument
or law applicable to such subsidiary during such period.

 

“Non-Consenting
Lender” means any Lender that does not approve any consent, waiver or amendment that (a) requires the approval of all
or all affected Lenders in accordance with the terms of Section 10.2 and (b) has been approved by the Required Lenders.

 

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

 

“Non-Extending
Lender” has the meaning specified in Section 2.7(b).

 

“Non-Extension
Notice Date” has the meaning specified in Section 2.5(c).

 

“Non-Recourse Indebtedness”
means, for any member of the Borrowing Group, Indebtedness or other obligations of such member of the Borrowing Group secured by
a Lien on property that is not included in the Borrowing Base to the extent that the liability for such Indebtedness or other obligations
is limited to the security of such property (or to Persons other than a member of the Borrowing Group) without liability on the
part of any member of the Borrowing Group (other than, in the case of Indebtedness or obligations of a Subsidiary, any Subsidiary
that holds title to such property (if such property constitutes all or substantially all the property of such Subsidiary).

 

    	20

    	 

    

 

“Note”
means each promissory note issued by Borrower pursuant to this Agreement to evidence the Revolving Loans.

 

“Obligations”
means all advances to, and debts, liabilities, obligations, covenants and duties of, Borrower or any Loan Party arising under this Agreement,
any Guaranty, or any other Loan Document, or otherwise with respect to any Revolving Loan or Letter of Credit, whether direct or indirect
(including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including
interest and fees that accrue after the commencement by or against Borrower or any Subsidiary thereof or
Restricted Affiliate of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless
of whether such interest and fees are allowed claims in such proceeding. Without limiting the foregoing, the Obligations include (a)
the obligation to pay principal, interest, Letter of Credit commissions, charges, expenses, fees, indemnities and other amounts payable
by Borrower under any Loan Document; (b) the obligation of Borrower to reimburse any amount in respect of any of the foregoing that the
Administrative Agent or any Lender, in each case in its sole discretion, may elect to pay or advance on behalf of Borrower; and (c) all
L/C Obligations of Borrower and all reimbursement and other obligations of Borrower and each other Loan Party in respect of Letters of
Credit at any time arising.

 

“Organizational
Documents” means (a) as to any corporation, the charter or certificate or articles of incorporation and the bylaws (or
equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction), (b) as to any limited liability company,
the certificate or articles of formation or organization and operating or limited liability agreement and (c) as to any partnership,
joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation
or organization and any agreement, instrument, filing or notice with respect thereto filed in connection with its formation or
organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable,
any certificate or articles of formation or organization of such entity.

 

“Other Approved
Subsidiaries” means Subsidiaries of Landsea Homes US that are either (a) listed on Exhibit J so long as (i) Landsea Homes
US’s percentage ownership of the Equity Interests in such Subsidiaries is not reduced after the Effective Date, and (ii)
such Subsidiaries do not acquire Real Estate Inventory that is not currently owned by such Persons on the Effective Date; or (b)
otherwise approved by Administrative Agent.

 

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

 

    	21

    	 

    

 

“Other Taxes”
means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment
made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security
interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed
with respect to an assignment (other than an assignment made pursuant to Section 2.12(b)).

 

“Outstanding Credit
Exposure” means at any time the aggregate outstanding principal amount of Revolving Loans and L/C Obligations outstanding
at such time.

 

“Participant”
has the meaning specified in Section 10.5(d).

 

“Participant Register”
has the meaning specified in Section 10.5(d).

 

“PATRIOT Act”
means the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)).

 

“PBGC”
means the Pension Benefit Guaranty Corporation.

 

“Pension Act”
means the Pension Protection Act of 2006.

 

“Pension Funding
Rules” means the rules of the Code and ERISA regarding minimum funding standards and minimum required contributions (including
any installment payment thereof) to Pension Plans and Multiemployer Plans and set forth in, with respect to plan years ending prior
to the effective date of the Pension Act, Section 412 of the Code and Section 302 of ERISA, each as in effect prior to the Pension
Act and, thereafter, Sections 412, 430, 431, 432 and 436 of the Code and Sections 302, 303, 304 and 305 of ERISA.

 

“Pension Plan”
means any employee pension benefit plan (including a Multiple Employer Plan, but excluding a Multiemployer Plan) that is maintained
or is contributed to by Borrower or any ERISA Affiliate and is either covered by Title IV of ERISA or is subject to the minimum
funding standards under Section 412 of the Code.

 

“Permitted Exceptions”
means:

 

(a)          Involuntary Liens
for Impositions that are not delinquent;

 

(b)          Involuntary Liens
(other than for Impositions) with respect to which Borrower satisfies each of the following requirements: (i) Borrower diligently
contests the validity of such Involuntary Lien in good faith by appropriate legal proceedings and after setting aside adequate
reserves to pay such amounts, (ii) Borrower gives written notice to Administrative Agent of Borrower’s intent to contest
or object to the same, (iii) Borrower demonstrates to Administrative Agent’s satisfaction that the procedures will conclusively
operate to prevent the sale of any part of the Real Estate Inventory in order to satisfy the Involuntary Lien prior to the final
determination of such proceedings, (iv) the aggregate amount of such Involuntary Liens with respect to Borrower and the Guarantors
as a whole does not exceed the greater of (x) $15,000,000 and (y) 2.83% of Tangible Net Worth as of the last day of any Fiscal
Quarter of Borrower (unless otherwise approved by Administrative Agent), and (v) Borrower takes any and all other actions (including
obtaining bonds or other security) as Administrative Agent may deem necessary or appropriate in order to prevent the sale of any
Real Estate Inventory to satisfy the Involuntary Lien and prevent any impairment of any such Real Estate Inventory; provided that
if any Involuntary Lien described in this clause (b) (x) is in an amount greater than $50,000, and (y) has attached to any Eligible
Assets for a time period longer than 6 months, then Borrower will immediately remove the affected Real Estate Inventory from the
Borrowing Base for so long as such Involuntary Liens continue to affect such Real Estate Inventory;

 

    	22

    	 

    

 

(c)          Utility easements,
rights of way, zoning restrictions, covenants, conditions, restrictions, reservations, condominium declarations, plat maps and
replats (provided that such plats and replats are consistent with the overall development plans for the applicable Subdivision)
and such other burdens, encumbrances or charges, or other minor irregularities of title, as are of a nature generally existing
with respect to properties of a similar character and which do not in any material way interfere with the use thereof or the sale
thereof in the ordinary course of business of Borrower or the applicable Project Owner or materially detract from the value of
the applicable Real Estate Inventory; and

 

(d)       
  Land Seller Documents excluding Completion Deeds of Trust; and

 

(e)          Completion Deeds
of Trust, provided, that the amounts secured by Completion Deeds of Trust in the aggregate shall not exceed $50,000,000;

 

provided, in no case will Permitted
Exceptions include Liens or Encumbrances securing any Indebtedness, Guarantee, or indemnity obligations of any Person except as
described in clause (e) above.

 

“Permitted Investments”
means:

 

(a)           Cash Equivalent Investments;

 

(b)          Investments in Real
Estate Inventory owned by Restricted Subsidiaries and the construction of Units thereon;

 

(c)            Investments by Borrower
in any Restricted Subsidiaries that are Guarantors or will upon the making of such Investment become a Guarantor;

 

(d)           advances to officers,
directors and employees of Borrower or any of its Subsidiaries in an aggregate amount not to exceed $6,000,000 at any time outstanding,
for travel, entertainment, relocation and analogous ordinary business purposes;

 

(e)           Investments of the Borrower
or any of its Subsidiaries in any other Person that is, or will upon the making of such Investment become, a Subsidiary that is
not a Restricted Subsidiary, together with all Investments pursuant to clause (g) below, at any time outstanding, not to
exceed 15% of Tangible Net Worth as of the last day of any Fiscal Quarter of the Borrower;

 

(f)           Investments consisting
of extensions of credit in the nature of accounts receivable or notes receivable arising from the grant of grade credit in the
ordinary course of business, and Investments received in satisfaction or partial satisfaction thereof from financially troubled
account debtors to the extent reasonably necessary in order to prevent or limit loss;

 

    	23

    	 

    

 

(g)         
Investments in any Person that is (i) as of the Effective Date, an Unconsolidated Affiliate,
or (ii) Restricted Affiliate, together with all Investments pursuant to clause (e) above, at any time outstanding,
not to exceed 15% of Tangible Net Worth as of the last day of any Fiscal Quarter of the Borrower; and

 

(h)           acquisitions of real
property in the ordinary course of business.

 

“Permitted Investors”
means Landsea Green Properties Co., Ltd. and Landsea Holdings Corporation, a Delaware corporation.

 

“Permitted Senior
Debt” means Indebtedness in an aggregate amount not to exceed $500,000,000, evidenced by bonds issued by Loan Parties
in a capital markets transaction, provided that such Indebtedness shall at all times satisfy the following requirements: (i) be
Unsecured Debt, (ii) in all respects, be pari passu with the Obligations of the Loan Parties under the Loan Documents, (iii) no
Person shall be primarily or contingently liable to pay such Indebtedness, unless such Person is also a Borrower or Guarantor under
the Loan Documents, and (iv) not mature, and not require scheduled amortization, earlier than six months after the Maturity Date
as in effect at the time of incurrence of such Indebtedness.

 

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

 

“Plan”
means any employee benefit plan within the meaning of Section 3(3) of ERISA, maintained for employees of Borrower or any Subsidiary,
or any such plan to which Borrower or any Subsidiary is required to contribute on behalf of any of its employees or with respect
to which Borrower has any liability.

 

“Platform”
means Debt Domain, Intralinks, Syndtrak, DebtX or a substantially similar electronic transmission system.

 

“Presold Unit”
means a Unit that is subject to a Purchase Contract.

 

“Prime Rate”
means the rate of interest most recently publicly announced in the Western Edition of The Wall Street Journal as the “prime
rate”. Any change in the “prime rate” shall become effective as of the same date of any such change

 

“Product Line”
means a group of Units which, in the ordinary course of Borrower’s or the applicable Project Owner’s business are marketed
together under a common plan or plans based upon the type of Unit constructed and the price of such Units.

 

“Project Owner”
means Restricted Affiliate and each Subsidiary of Borrower that is the owner of Real Estate Inventory
and is a Guarantor.

 

    	24

    	 

    

 

“Protective Advance”
means amounts advanced by Administrative Agent or Lenders to pay the following amounts:

 

(a)          All amounts that
are necessary to protect the validity, priority and enforceability of the Liens and Encumbrances in favor of Administrative Agent
for the benefit of Lenders arising pursuant to the Loan Documents;

 

(b)         All amounts that
are necessary to protect the Project Owners interest in the Real Estate Inventory (such amounts to include payment of taxes, assessments
and other Liens and Encumbrances affecting the Real Estate Inventory); and

 

(c)          All insurance premiums
that are necessary to insure the Real Estate Inventory against loss, damage or destruction pursuant to the requirements of the
Loan Documents.

 

“Public Lender”
has the meaning specified in Section 10.14.

 

“Purchase Contract”
means a bona fide written agreement between Borrower or the applicable Project Owner and a purchaser who is not an Affiliate of
Borrower or the applicable Project Owner entered into in the ordinary course of Borrower’s or the applicable Project Owner’s
business and pursuant to which such purchaser has agreed to purchase Real Estate Inventory, and, in the case of a Unit, which agreement
(a) shall be accompanied by a cash earnest money deposit or down payment of at least $5,000, (b) shall be with a purchaser who
is using cash to purchase the Unit or has been prequalified for a purchase money loan by Borrower or a mortgage broker, mortgage
banker or other residential lending institution, and (c) shall not be subject to contingencies (other than customary contingencies
applicable to a closing such as delivery of transfer documents).

 

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

 

“Real Estate Inventory”
means the A&D Lots, Finished Lots, Units and other Entitled Land owned, in fee simple absolute, by Borroweror,
a Subsidiary of Borrower, or a Restricted Affiliate that is a Guarantor.

 

“Recipient”
means (a) the Administrative Agent, (b) the Issuing Bank, or (c) any Lender, as applicable.

 

“Register”
has the meaning specified in Section 10.5(c).

 

“Regulation D”
means Regulation D of the Federal Reserve Board, as in effect from time to time and all official rulings and interpretations thereunder
or thereof.

 

“Regulation U”
means Regulation U of the Federal Reserve Board, as in effect from time to time and all official rulings and interpretations thereunder
or thereof.

 

    	25

    	 

    

 

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

 

“Relevant Governmental
Body” means the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or a committee
officially endorsed or convened by the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York,
or any successor thereto.

 

“Removal Effective
Date” has the meaning specified in Section 9.6(b).

 

“Reportable Event”
means any of the events set forth in Section 4043(c) of ERISA, other than events for which the 30-day notice period has been waived.

 

“Required Lenders”
means, at any time, Lenders having Total Credit Exposures representing more than 50% of the Total Credit Exposures of all Lenders.
The Total Credit Exposure of any Defaulting Lender shall be disregarded in determining Required Lenders at any time.

 

“Required Tangible
Net Worth” means the sum of (i) an amount equal to 65% of Borrower’s Tangible Net Worth as of December 31, 2020
plus (ii) the cumulative amount of 50% of Borrower’s Net Income for each Fiscal Year ending after December 31, 2020; provided,
if in any Fiscal Year, Borrower’s Net Income is less than $0, the Net Income amount for such Fiscal Year will be excluded
from the Required Tangible Net Worth.

 

“Required Consent
Trigger Date” means the date upon which Western Alliance Bank and its Affiliates hold 50% or less of the Total Credit
Exposures of all Lenders.

 

“Requirements”
means, as of any date of determination, with respect to any Real Estate Inventory (a) any and all material obligations, requirements,
restrictions and other terms and conditions then in effect by which Borrower, any Loan Party or any or all of the Real Estate Inventory
is bound or which are otherwise applicable to any or all of the Real Estate Inventory, construction of any Lot Improvements or
Units, or occupancy, operation, ownership, or use of Lots or Units, (b) other terms and conditions, restrictions, and requirements
then imposed by any law, ordinance, regulation, or rule (federal, state, or local), (c) any then applicable Approvals and Permits,
(d) restrictions set forth in or required by any Permitted Exceptions, (e) any condition, covenant, restriction, easement, right-of-way,
or reservation applicable to such Real Estate Inventory, (f) any material requirements under insurance policies, (g) any other
material restrictions contained in any agreement, document, or instrument to which Borrower is a party or by which Borrower, any
Project Owner, any other Loan Party, or any of the Real Estate Inventory or the business or operations of Borrower or any other
Loan Party is bound, or (h) any judgment, order, or decree of any arbitrator, other private adjudicator, or Governmental Authority
to which Borrower or any other Loan Party is a party or by which Borrower, any other Loan Party or any of the Real Estate Inventory
is bound.

 

“Resignation Effective
Date” has the meaning specified in Section 9.6(a).

 

    	26

    	 

    

 

“Resolution Authority”
means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

 

“Responsible Officer”
means (a) the chief executive officer, president, executive vice president, senior vice president, or chief financial officer of
the applicable Loan Party, (b) solely for purposes of the delivery of incumbency certificates and certified Organizational Documents
and resolutions pursuant to Section 4.1, any senior vice president, vice president, secretary or assistant secretary of
the applicable Loan Party and (c) solely for purposes of Draw Requests, requests for L/C Credit Extensions, prepayment notices
and notices for Commitment terminations or reductions given pursuant to Article 2, any other officer or employee of the
applicable Loan Party so designated from time to time by one of the officers described in clause (a) in a notice to the
Administrative Agent (together with evidence of the authority and capacity of each such Person to so act in form and substance
satisfactory to the Administrative Agent). Any document delivered hereunder that is signed by a Responsible Officer of the applicable
Loan Party shall be conclusively presumed to have been authorized by all necessary corporate, partnership or other action on the
part of the Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of the Loan Party.

 

“Restricted
Affiliate” means LS-LCF CA, LLC, a Delaware limited liability company.

 

“Restricted
Entity” means, individually and collectively, each Subsidiary of Borrower, each Restricted Subsidiary, each Intermediate Entity,
and Restricted Affiliate.

 

“Restricted Payment”
means any dividend or other distribution (whether in cash, securities or other property) with respect to any Equity Interest of
any Person, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account
of the purchase, redemption, retirement, acquisition, cancellation or termination of any such Equity Interest, or on account of
any return of capital to such Person’s shareholders, partners or members (or the equivalent Persons thereof).

 

“Restricted Subsidiaries”
means Subsidiaries that are both (a)(i) Wholly-Owned by Landsea Homes US, or (ii) Other Approved Subsidiaries, and (b) engaged,
in all material respects, in lines of business substantially similar to those lines of business conducted by the Borrowing Group
on the date hereof or any business reasonably related, complementary, synergistic or ancillary thereto or reasonable extensions
thereof.

 

“Revolving Facility”
means the Commitment and all Credit Extensions thereunder.

 

“Revolving Loans”
means each advance of the Loan to Borrower by the Lenders under this Agreement.

 

“S&P”
means Standard & Poor’s Ratings Services, Inc.

 

“Sale Leaseback
Transaction” means any sale or other transfer of Model Units by a Project Owner with the intent to lease such Model Units
as lessee.

 

“SEC”
means the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal functions.

 

    	27

    	 

    

 

“Sixth
Amendment Date” means December 29, 2022.

 

“SOFR”
means a rate per annum equal to the secured overnight financing rate for such Business Day published by the Federal Reserve Bank
of New York (or a successor administrator of the secured overnight financing rate) on the website of the Federal Reserve Bank of
New York, currently at http://www.newyorkfed.org (or any successor source for the secured overnight financing rate identified as
such by the administrator of the secured overnight financing rate from time to time).

 

“Solvent”
means, as to any Person as of any date of determination, that on such date (a) the fair value of the property of such Person is
greater than the total amount of liabilities, including contingent liabilities, of such Person, (b) the present fair saleable value
of such Person is not less than the amount that will be required to pay the probable liability of such Person on its debts as they
become absolute and matured, (c) such Person does not intend to, and does not believe that it will, incur debts or liabilities
beyond such Person’s ability to pay such debts and liabilities as they mature and (d) such Person is not engaged in a business
or a transaction, and is not about to engage in a business or a transaction, for which such Person’s property would constitute
an unreasonably small capital. The amount of any contingent liability at any time shall be computed as the amount that, in light
of all of the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an
actual or matured liability.

 

“Spec Unit”
means a Unit constructed for the purpose of addition to Borrower’s or a Project Owner’s inventory of Units and which
is not subject to a Purchase Contract and is not a Model Unit.

 

“Specified Loan
Party” means any Loan Party that is not an “eligible contract participant” under the Commodity Exchange Act
(determined prior to giving effect to Section 10.21).

 

“Subdivision”
means a group of Lots owned by a Project Owner that are intended to be marketed and sold together regardless of whether Units in
such group of Lots are to be constructed at the same time or in phases. If required by Administrative Agent, Subdivisions located
in the same area and similar in product and market segment shall be treated as a single Subdivision.

 

“Subsidiary”
of a Person means a corporation, partnership, limited liability company, association or joint venture or other business entity
of which a majority of the Equity Interests having ordinary voting power for the election of directors or other governing body
(other than securities or interests having such power only by reason of the happening of a contingency) are at the time owned or
the management of which is controlled, directly, or indirectly through one or more intermediaries, by such Person. Unless otherwise
specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or
Subsidiaries of Borrower.

 

“Swap Contract”
means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity
swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index
swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign
exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate
swap transactions,

 

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currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing
(including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any
master agreement, and (b) any and all transactions of any kind, and the related confirmations, that are subject to the terms and
conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc.,
any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with any
related schedules, a “Master Agreement”), including any such obligations or liabilities under any Master Agreement.

 

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

 

“Swap Termination
Value” means, as to any one or more Swap Contracts, after taking into account the effect of any legally enforceable netting
agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and termination
value(s) determined in accordance therewith, such termination value(s), and (b) for any date prior to the date referenced in clause
(a), the amount(s) determined as the mark-to-market value(s) for such Swap Contracts, as determined based upon one or more
mid-market or other readily available quotations provided by any recognized dealer in such Swap Contracts (which may include a
Lender or any Affiliate of a Lender).

 

“Tangible Net Worth”
means the sum of (a) Borrower’s consolidated total assets; minus (b) intangible assets (goodwill, patents, trademarks, trade
names, organizational expense, treasury stock, monies due from affiliates, officers, directors or shareholders of Borrower and
other intangibles); minus (c) the aggregate principal amount of all Indebtedness of Borrower and its Subsidiaries, in the amount
that would be reflected on a balance sheet prepared at such date, determined on a consolidated basis in accordance with GAAP.

 

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

 

“Term SOFR Rate”
means the 1-month Term SOFR Reference Rate (“Term SOFR”) which is published for loans in United States Dollars
by CME Group Benchmark Administration Limited and is obtained by Administrative Agent from Bloomberg Financial Services Systems
with the code SR1M (or, if no longer available, any similar or successor publication selected by Administrative Agent). The Term
SOFR Rate shall initially be determined on the Fourth Amendment Effective Date and shall thereafter be adjusted monthly on the
first day of each calendar month (each, a “Determination Date”) to be the Term SOFR determined by Administrative
Agent to be in effect on such date.

 

“Threshold Cash
Amount” means the greater of (a) $20,000,000; or (b) 1.78% of the Borrower’s Consolidated Total Assets as of the
end of the most recent Fiscal Quarter of Borrower (based on the most recent financial statements delivered to the Lenders pursuant
to Section 6.3(a) or (b)).

 

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“Total Credit Exposure”
means, as to any Lender at any time, the unused Commitments and Outstanding Credit Exposure of such Lender at such time.

 

“Type”,
when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans comprising
such Borrowing, is determined by reference to the Index Rate or the Base Rate.

 

“UCP”
means the Uniform Customs and Practice for Documentary Credits, International Chamber of Commerce Publication No. 600 (or
such later version thereof as may be in effect at the applicable time).

 

“UK Financial Institution”
means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United
Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time)
promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms,
and certain affiliates of such credit institutions or investment firms.

 

“UK Resolution
Authority” means the Bank of England or any other public administrative authority having responsibility for the resolution
of any UK Financial Institution.

 

“Unconsolidated
Affiliates” means an Affiliate of Borrower whose financial statements are not required to be consolidated with the financial
statements of Borrower in accordance with GAAP.

 

“Undrawn Availability”
means as of each date of determination, (a) the Available Loan Commitment minus (b) the Outstanding Credit Exposure for all the
Lenders at such time.

 

“Unit”
means a residential dwelling constructed or to be constructed on a Lot, together with the underlying Lot.

 

“Unit Budget”
means, collectively, the budgets setting forth the construction costs with respect to each Unit.

 

“Unit Construction
Threshold” means, with respect to a Unit, not less than 5% of the cost to construct such Unit as provided in the applicable
Unit Budget has been incurred by the Loan Parties (excluding the cost of Lot Improvements associated with such Unit).

 

“Unit Eligibility
Date” means, with respect to each Unit, the date on which that Unit is first included in Eligible Assets as a Unit pursuant
to this Agreement, as reflected on the Borrowing Base Report, and regardless of whether (a) periods exist during which such Unit
is not included as Eligible Assets or (b) such Unit is subsequently reclassified pursuant to Article 3.

 

“Unit Plans and
Specifications” means plans and specifications for construction of a particular type of Unit that have been prepared
by an architect, together with any amendments or modifications to those plans and specifications.

 

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“Unit Term”
means the period of time which Units may be included as Eligible Assets in the Borrowing Base pursuant to Section 3.3.

 

“United States”
and “U.S.” mean the United States of America.

 

“Unrestricted Cash”
means cash and cash equivalents of the Loan Parties that are (x) not subject to a Lien (excluding statutory liens in favor of a
depository bank where such cash is deposited) or a Negative Pledge or (y) otherwise not restricted as determined in accordance
with GAAP.

 

“Unsecured Debt”
means unsecured Indebtedness, the repayment of which is not secured, in whole or in part, by a Lien, and the documents governing
such Indebtedness do not contain any contractual provision requiring the granting of Liens to secure such Indebtedness or other
obligations therein.

 

“Unused Fee”
has the meaning specified in Section 2.14(e).

 

“Unused Fee Rate”
means the percentages per annum set forth below.

 

	Pricing
Level	Unused
CommitmentsOutstanding Credit Exposure 
 (as
a percentage of total CommitmentCommitments
of a LenderLenders)	Unused
Fee Rate
	I	≤ 50.0%	0.25%
	II	> 50.0%	0.15%

 

“U.S. Borrower”
means any Borrower that is a U.S. Person.

 

“U.S. Person”
means any Person that is a “United States Person” as defined in Section 7701(a)(30) of the Code.

 

“U.S. Tax Compliance
Certificate” has the meaning specified in Section 2.11(g).

 

“Western Alliance
Bank” means Western Alliance Bank, an Arizona corporation.

 

“Wholly-Owned”
means, as to a Subsidiary of a Person, a Subsidiary of such Person all of the outstanding Equity Interests of which are owned by
such Person and/or by one or more Wholly-Owned Subsidiaries of such Person.

 

“Withholding Agent”
means Borrower and the Administrative Agent.

 

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

 

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modify or change the form of a liability
of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that
liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument
is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of
the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.

 

1.2         No
Presumption Against Any Party. Neither this Agreement nor
any other Loan Document nor any uncertainty or ambiguity herein or therein shall be construed or resolved using any presumption
against any party hereto or thereto, whether under any rule of construction or otherwise. On the contrary, this Agreement and
the other Loan Documents have been reviewed by each of the parties and their counsel and, in the case of any ambiguity or uncertainty,
shall be construed and interpreted, according to the ordinary meaning of the words used so as to fairly accomplish the purposes
and intentions of all parties hereto.

 

1.3           Generally.
The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context
may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,”
“includes” and “including” shall be deemed to be followed by the phrase “without limitation.”
The word “will” shall be construed to have the same meaning and effect as the word “shall.” Unless the
context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be construed
as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified
(subject to any restrictions on such amendments, supplements or modifications set forth herein), (b) any reference herein to any
Person shall be construed to include such Person’s successors and assigns, (c) the words “herein,” “hereof”
and “hereunder,” and words of similar import, shall be construed to refer to this Agreement in its entirety and not
to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be construed
to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement, (e) any reference to any law or regulation
herein shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time,
and (f) the words “asset” and “property” shall be construed to have the same meaning and effect and to
refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.
In this Agreement, with respect to the computation of periods of time from a specified date to a later specified date, the word
“from” means “from and including” and the words “to” and “until” each mean “through
and including.” Periods of days referred to in this Agreement shall be counted in calendar days unless otherwise stated.

 

1.4          Accounting
Terms; Changes in GAAP.

 

(a)           Accounting Terms.
Except as otherwise expressly provided herein, all accounting terms not otherwise defined herein shall be construed in conformity
with GAAP. Financial statements and other information required to be delivered by Borrower to the Administrative Agent pursuant
to this Agreement and the other Loan Documents shall be prepared in accordance with GAAP as in effect at the time of such preparation.
.. Notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein shall be construed,
and all computations of financial covenants, shall be made, without giving effect to any election under Accounting Standards Codification
825-10 (or any other Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities
of any Loan Party at “fair value.”

 

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(b)          Changes in GAAP.
If Borrower notifies the Administrative Agent that Borrower requests an amendment to any provision hereof to eliminate the effect
of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision (or if the
Administrative Agent notifies Borrower that the Required Lenders request an amendment to any provision hereof for such purpose),
regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision
shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until
such notice shall have been withdrawn or such provision amended in accordance herewith.

 

1.5           Divisions.
For all purposes under the Loan Documents, in connection with any division or plan of division under Delaware law (or any comparable
event under a different jurisdiction’s laws, if and to the extent the laws of any such other jurisdiction are applicable),
if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person,
then it shall be deemed to have been transferred from the original Person to the subsequent Person and shall be subject to all
terms and provisions of the Loan Documents restricting, limiting or otherwise governing transfers of assets and other property
and delegation of duties or other obligations.

 

1.6           Letter
of Credit Amounts. Unless otherwise specified herein, the amount of a Letter of Credit at any
time shall be deemed to be the amount of such Letter of Credit that may under any circumstances be available to be drawn at such
time; provided that with respect to any Letter of Credit that, by its terms or the terms of any L/C Document related thereto,
provides for one or more automatic increases in the available amount thereof (without in any way obligating the Issuing Bank to
approve or issue any such Letter of Credit), the amount of such Letter of Credit shall be deemed to be the maximum amount of such
Letter of Credit after giving effect to all such increases, whether or not such maximum amount is available to be drawn at such
time.

 

1.7           Benchmark
Replacement Provisions. If Administrative Agent determines (which
determination shall be conclusive absent manifest error) that any of the following has occurred: (a) Term SOFR ceases to exist
or is no longer available; or (ii) a public announcement is made by the regulatory supervisor for the administrator of Term SOFR,
or (b) a determination is made by Administrative Agent or Required Lenders, that Term SOFR is no longer representative (date of
the the occurrence of such event shall be referred to as the “Benchmark Replacement Date”), then commencing
on the next Determination Date as provided in the definition of “Term SOFR Rate”, the Index Rate hereunder shall be
replaced with the first alternative set forth in the order that follows that can be determined by Administrative Agent as of the
Benchmark Replacement Date (as applicable, the “Benchmark Replacement”): (a) Daily Simple SOFR; and (b) such
alternate base rate and spread as Administrative Agent and all Lenders determine in their reasonable discretion (in consultation
with Borrower) to be most comparable to the then-current interest rate. The Index Rate based on the Benchmark Replacement shall
initially be determined on the first Determination Date following the Benchmark Replacement Date and shall thereafter be adjusted
on each subsequent Determination Date to be the applicable Benchmark Replacement determined by Administrative Agent to be in effect
on such date. If the Benchmark Replacement as determined pursuant to this section would be less than 50 basis points, the Benchmark
Replacement will be deemed to equal 50 basis points for the purposes of this Agreement and the other Loan Documents. In
connection with the implementation of a Benchmark Replacement, Administrative Agent will have the right to make Benchmark Replacement
Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments
implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of Borrower
or Lenders. 

 

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Article
II.

COMMITMENTS AND CREDIT EXTENSIONS

 

2.1           Commitments.

 

(a)          Loans. Subject
to the terms and conditions of this Agreement and from time to time prior to the Maturity Date, each Lender, severally and not
jointly, agrees to make Revolving Loans to Borrower in an aggregate principal amount that will not result in (a) such Lender’s
Outstanding Credit Exposure exceeding such Lender’s Commitment or (b) the sum of the Outstanding Credit Exposures for
all the Lenders exceeding the Available Loan Commitment. Within the foregoing limits and subject to the terms and conditions set
forth herein, the Borrower may borrow, prepay and reborrow Revolving Loans.

 

(b)          Revolving Nature
of Loan. The Commitments of Lenders to make Revolving Loans shall constitute a revolving line of credit and Revolving Loans
repaid may be reborrowed on a revolving basis through the Maturity Date. Although the outstanding principal of the Obligations
may be zero from time to time, the Loan Documents will remain in full force and effect until all obligations of each Lender to
make Revolving Loans and all other Commitments of Lenders expire and all Obligations are paid and performed in full.

 

(c)          Ratable Loans.
Each Revolving Loan shall be made as part of a Borrowing consisting of Revolving Loans of the same Type made by the Lenders ratably
in accordance with their respective Commitments.

 

(d)          Commitment Reductions.
The Borrower may, upon written notice to the Administrative Agent, terminate any unused Commitment Amount or reduce the unused
Commitment Amount; provided that any such notice shall be received by the Administrative Agent three (3) Business Days prior to
the date of such termination or reduction and any such termination or reduction shall be in a minimum amount of $1,000,000 and
any whole multiple of $500,000 in excess thereof. The Borrower may not terminate or reduce the Commitment Amount if after giving
effect thereto and any concurrent payments, a mandatory prepayment would be required under Section 2.4(d). Any such termination
or reduction shall be applied to the Commitments of each Lender based on its Applicable Percentage. If required pursuant to Section
7.1(j), Borrower shall immediately reduce the Commitment Amount pursuant to this Section 2.1(d).

 

2.2          Prepayment
of Loans.

 

(a)          Right to Prepay.
Borrower shall have the right at any time and from time to time to prepay any outstanding principal in whole or in part, subject
to prior notice in accordance with Section 2.2(b).

 

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(b)          Method of Prepayment.
Prepayments (other than mandatory prepayments) shall be in a minimum aggregate amount of $100,000 or any integral multiple of $100,000
in excess thereof and Borrower shall give notice to the Administrative Agent of a prepayment not later than 11:00 a.m. (Phoenix,
Arizona time) one (1) Business Day before the date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment
date and the principal amount to be prepaid. Prepayments shall be accompanied by accrued interest on the amount prepaid.

 

2.3           Interest.

 

(a)          Interest Rate.
Subject to the provisions of clause (b) below, each Revolving Loan shall bear interest at the applicable Interest Rate.

 

(b)          Default Rate.
Notwithstanding the foregoing, if any principal of or interest on any Revolving Loan or any fee or other amount payable by Borrower
hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest,
after as well as before judgment, at the Default Rate. In addition, from and after an Event of Default, all Obligations shall bear
interest at the Default Rate.

 

(c)          Late Fee.
If any payment of interest and/or principal is not received by Administrative Agent when such payment is due, then in addition
to the remedies conferred upon the Administrative Agent and the Lenders pursuant to this Agreement and the other Loan Documents,
(i) a late charge of 5% of the amount due and unpaid or $10.00, whichever is greater (the “Late Fee”), will
be added to the delinquent amount for any payment past due in excess of ten (10) days, regardless of any notice and cure periods,
and (ii) the amount due and unpaid (including the unpaid Late Fee) shall bear interest at the Default Rate, computed from the date
on which the amount was due and payable until paid. Notwithstanding the foregoing the Late Fee will not apply to a balloon payment
of principal due upon the maturity of the Loan. Borrower acknowledges and agrees that (A) the Late Fee is not a penalty; (B) is
intended to compensate Administrative Agent and Lenders for the internal administrative costs and expenses of monitoring, handling
and processing late payments (including, for example, staff costs arising from internal and regulatory reporting of delinquencies,
additional underwriting analysis, in-house legal review, and credit committee reviews) over and above the economic costs associated
with the loss of use of money and out of pocket costs otherwise subject to reimbursement pursuant to this Agreement and the other
Loan Documents; (C) the amount of the Late Fee is a reasonable forecast of just compensation for the harm caused by the failure
to timely make the applicable payment; and (D) the actual damage is incapable or very difficult of accurate estimation.

 

(d)          Interest Payments.
Accrued interest on the Revolving Loans shall be payable in arrears, and Borrower shall pay Administrative Agent all accrued, unpaid
interest on the Loan on each Interest Payment Date and on the Maturity Date; provided that (i) interest accrued pursuant
to Section 2.3(b) shall be payable on demand and (ii) in the event of any repayment or prepayment or other termination of
the credit facility provided pursuant to this Agreement, accrued interest on the principal amount repaid or prepaid shall be payable
on the date of such repayment, prepayment or termination.

 

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(e)          Computation of
Interest. Interest on the Obligations shall be computed on a 365/360 basis; that is, by applying the ratio of the interest
rate over a year of 360 days, multiplied by the outstanding principal balance, multiplied by the actual number of days the principal
balance is outstanding. All interest payable under the Loan is computed using this method. This calculation method results in a
higher effective interest rate than the numeric interest rate stated in this Agreement. By executing below, Borrower hereby acknowledges
and agrees to the calculation of interest in accordance with a year of 360 days and acknowledges that calculation of interest in
accordance with this paragraph will increase the Loan’s effective interest rate above the stated Interest Rate and Default
Rate, as applicable.

 

(f)           Advances for Interest
and Fees. Borrower and Lenders hereby authorize Administrative Agent and Lenders to make Revolving Loans to pay interest accrued
on the Loan, notwithstanding that Borrower may not have requested a disbursement of such amount. Administrative Agent or any Lender
may make such Revolving Loans notwithstanding that Borrower may be in default under the terms of this Agreement or any other Loan
Document. Nothing in this provision shall prevent Borrower from paying interest and fees from its own funds, or otherwise excuse
Borrower’s obligation to pay such interest and fees. Nothing contained herein shall be deemed to obligate Administrative
Agent or any Lender to make such disbursements to pay interest. The authorization hereby granted shall be irrevocable and at Administrative
Agent’s discretion, and no further direction or authorization from Borrower shall be necessary for Administrative Agent to
make such disbursements on behalf of the Lenders.

 

2.4           Revolving
Loans.

 

(a)          Method
for Revolving Loans. Subject to satisfaction of the applicable conditions precedent in this Agreement, Revolving Loans funded by
the Lenders will be made available to Borrower by the Administrative Agent on behalf of the Lenders at the request of a Responsible Officer
of Borrower, which request must be made at least five (5three
(3) Business Days before the date the requested Revolving Loan is to be made. Borrowings will be made not more often than
once per week. Each Draw Request pursuant to this Section shall specify the following information: (i) the aggregate amount of the
requested Borrowing; (ii) the date of such Borrowing (which shall be a Business Day); (iii) whether such Borrowing is to be
a Base Rate Borrowing or an Index Rate Borrowing; and (iv) the location and number of the Borrower’s account to which funds
are to be disbursed. Promptly following receipt of a Draw Request, the Administrative Agent shall advise each Lender of the details thereof
and the amount of such Lender’s Revolving Loans to be made as part of the requested advance. Borrower hereby authorizes the Lenders
and the Administrative Agent to make Revolving Loans and to transfer funds based on telephonic notices made by any person or persons
the Administrative Agent or any Lender in good faith believes to be acting on behalf of Borrower, it being understood that the foregoing
authorization is specifically intended to allow Draw Requests to be given telephonically. Borrower agrees to deliver promptly to the
Administrative Agent a written confirmation (including a written Draw Request), if such confirmation is requested by the Administrative
Agent or any Lender, of each telephonic notice signed by a Responsible Officer. If the written confirmation differs in any material respect
from the action taken by the Administrative Agent and the Lenders, the records of the Administrative Agent and the Lenders shall govern
absent manifest error. The Administrative Agent has no duty to monitor for Borrower or to report to Borrower the use of proceeds of Revolving
Loans. Except as provided above, each request for a Revolving Loan submitted by Borrower to the Administrative Agent shall be accompanied
by a Draw Request. Each Revolving Loan shall be in the minimum amount of $100,000 and in increments of $100,000 in excess thereof.

 

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(b)          Use of Proceeds.
The proceeds of Revolving Loans shall be used for general corporate purposes (including the repayment of existing Indebtedness
of the Borrower and its Subsidiaries on the Effective Date, working capital, capital expenditures, acquisitions, construction,
horizontal and vertical development and redevelopment) and other lawful corporate purposes not in contravention of any Law or of
any Loan Document.

 

(c)          Funding by Lenders.
Each Lender shall make its Applicable Percentage of each Revolving Loan available to the Administrative Agent in immediately available
funds at the Administrative Agent’s office not later than 12:00 noon (Phoenix, Arizona time) on the proposed date thereof.
The Administrative Agent will make all such funds so received available to Borrower in like funds, either by wire transfer of such
funds in accordance with the instructions provided in the applicable Draw Request or by deposit to an account of Borrower at Administrative
Agent; provided that Revolving Loans made to finance the reimbursement of an L/C Disbursement as provided in Section
2.5(g) shall be remitted by the Administrative Agent to the Issuing Bank.

 

(d)          Prepayments.
If for any reason the Outstanding Credit Exposure for all the Lenders at any time exceeds the Available Loan Commitment then in
effect, Borrower shall immediately prepay Loans and/or Cash Collateralize the L/C Obligations in an aggregate amount equal to such
excess; provided, however, that Borrower shall not be required to Cash Collateralize the L/C Obligations pursuant to
this Section 2.4(d) unless such excess continues after the prepayment in full of the Loans.

 

(e)          Non-Receipt of
Funds by the Administrative Agent. Unless Borrower or a Lender, as the case may be, notifies the Administrative Agent prior
to the date on which it is scheduled to make payment to the Administrative Agent of (i) in the case of a Lender, the proceeds of
a Revolving Loan or (ii) in the case of Borrower, a payment of principal, interest or fees to the Administrative Agent for the
account of the Lenders, that it does not intend to make such payment, the Administrative Agent may assume that such payment has
been made. The Administrative Agent may, but shall not be obligated to, make the amount of such payment available to the intended
recipient in reliance upon such assumption. If such Lender or Borrower, as the case may be, has not in fact made such payment to
the Administrative Agent, the recipient of such payment shall, on demand by the Administrative Agent, repay to the Administrative
Agent the amount so made available together with interest thereon in respect of each day during the period commencing on the date
such amount was so made available by the Administrative Agent until the date the Administrative Agent recovers such amount at a
rate per annum equal to (A) in the case of payment by a Lender, the Federal Funds Effective Rate for such day for the first three
(3) days and, thereafter, the interest rate applicable to the relevant Revolving Loan or (B) in the case of payment by Borrower,
the interest rate applicable to the relevant Revolving Loan (including the Default Rate, if applicable).

 

(f)           Elections by Borrower
for Borrowings. The Loans comprising each Borrowing initially shall be of the Type specified in the applicable Draw Request.
Thereafter, the Borrower may elect to convert a Borrowing to a Borrowing of a different Type or to continue such Borrowing as a
Borrowing of the same Type, all as provided in this Section. The Borrower may elect different options with respect to different
portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans
comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing.

 

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(g)          Notice of Elections.
Each such election of the Type of Borrowing pursuant to this Section shall be made upon the Borrower’s irrevocable notice
to the Administrative Agent. Each such notice shall be in the form of a written Interest Election Request, appropriately completed
and signed by a Responsible Officer of the Borrower, or may be given by telephone to the Administrative Agent (if promptly confirmed
in writing by delivery of such a written Interest Election Request consistent with such telephonic notice) and must be received
by the Administrative Agent not later than the time that a Draw Request would be required under Section 2.4 if the Borrower
were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election. Interest
Election Requests to change the Type of a Borrowing may not be submitted more frequently than once per month and will take effect
on the first day of the month following submission of such Interest Election Request.

 

(h)          Content of Interest
Election Requests. Each Interest Election Request pursuant to this Section shall specify the following information:

 

(i)            the
Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different
portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified
pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing);

 

(ii)           the
effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day; and

 

(iii)          whether
the resulting Borrowing is to be a Base Rate Borrowing or Index Rate Borrowing.

 

(i)           Notice by Administrative
Agent to Lenders. Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender
of the details thereof and such Lender’s portion of each resulting Borrowing.

 

(j)           Failure to Elect;
Events of Default. If no election as to the Type of a Borrowing is specified in the applicable Draw Request, then the requested
Borrowing shall be a Base Rate Borrowing. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and
is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower, then, so long as
such Event of Default is continuing (i) no outstanding Borrowing may be converted to or continued as a Index Rate Borrowing
and (ii) unless repaid, each Index Rate Borrowing shall automatically be converted to a Base Rate Borrowing.

 

(k)          Notice by Administrative
Agent to Lenders. Promptly following receipt of a Borrowing Request, the Administrative Agent shall advise each Lender of the
details thereof and the amount of such Lender’s Loan to be made as part of the requested Borrowing.

 

2.5           Letters
of Credit.

 

(a)General. Subject
to the terms and conditions set forth herein, in addition to the Revolving Loans, Borrower may request the Issuing Bank, in reliance
on the agreements of the Lenders set forth in this Section 2.5, to issue, at any time and from time to time prior to the
L/C Commitment Expiration Date, Letters of Credit denominated in Dollars for Borrower’s own account or the account of any
Project Owner in such form as is acceptable to the Administrative Agent and such Issuing Bank in its reasonable determination.
Letters of Credit issued hereunder shall constitute utilization of the Commitment.

 

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(b)          Notice of Issuance,
Amendment, Extension, Reinstatement or Renewal. To request the issuance of a Letter of Credit (or the amendment of the terms
and conditions, extension of the terms and conditions, extension of the expiry date, or reinstatement of amounts paid, or renewal
of an outstanding Letter of Credit), Borrower shall deliver (or transmit by electronic communication, if arrangements for doing
so have been approved by the respective Issuing Bank) to the Issuing Bank and to the Administrative Agent (reasonably in advance
of the requested date of issuance, amendment, extension, reinstatement or renewal) a notice requesting the issuance of a Letter
of Credit, or identifying the Letter of Credit to be amended, extended, reinstated or renewed, and specifying the date of issuance,
amendment, extension, reinstatement or renewal (which shall be a Business Day), the date on which such Letter of Credit is to expire
(which shall comply with Section 2.5(d)), the amount of such Letter of Credit, the name and address of the beneficiary thereof,
the purpose and nature of the requested Letter of Credit and such other information as shall be necessary to prepare, amend, extend,
reinstate or renew such Letter of Credit. If requested by the Issuing Bank, Borrower also shall submit a letter of credit application
and reimbursement agreement on Issuing Bank’s standard form in connection with any request for a Letter of Credit. In the
event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any form of letter
of credit application and reimbursement agreement or other agreement submitted by Borrower to, or entered into by Borrower with,
the Issuing Bank relating to any Letter of Credit, the terms and conditions of this Agreement shall control.

 

(c)          Evergreen Credits.
If the Borrower so requests in any notice requesting the issuance of a Letter of Credit (or the amendment, extension, reinstatement
or renewal of an outstanding Letter of Credit), the Issuing Bank may, in its sole and absolute discretion (and with no obligation
to do so), agree to issue a Letter of Credit that has automatic extension provisions (each, an “Evergreen Letter of Credit”);
provided that, if and to the extent that the Issuing Bank agrees to issue an Evergreen Letter of Credit, then in addition
to all other requirements for the issuance of Letters of Credit, (i) the Borrower shall pay such additional Letter of Credit fees
with respect thereto (and at such times and for such periods) as the Issuing Bank may require each in its sole and absolute discretion
and (ii) in addition to other requirements of the Issuing Bank, any such Evergreen Letter of Credit shall permit the Issuing Bank
to prevent any such extension at least once in each twelve-month period (commencing with the date of issuance of such Letter of
Credit) by giving prior notice to the beneficiary thereof not later than a day (the “Non-Extension Notice Date”)
in each such twelve (12) month period to be agreed upon by Borrower and the Issuing Bank at the time such Letter of Credit is issued
(which date will, at a minimum, allow the Issuing Bank to cause such Evergreen Letter of Credit to expire at least 30 days before
the Maturity Date). Unless otherwise directed by the Issuing Bank, Borrower shall not be required to make a specific request to
the Issuing Bank for any such extension. Once an Evergreen Letter of Credit has been issued, the Lenders shall be deemed to have
authorized (but may not require) the applicable Issuing Bank to permit the extension of such Letter of Credit at any time to an
expiration date not later than the L/C Commitment Expiration Date; provided, that the Issuing Bank shall not (i) permit
any such extension if (A) the Issuing Bank has determined that it would not be permitted, or would have no obligation, at such
time to issue such Letter of Credit in its extended form under the terms hereof (except that the expiration date may be extended
to a date that is no more than one year from the then-current expiry date) or (B) it has received notice (which may be in writing
or by telephone (if promptly confirmed in writing)) on or before the day that is fifteen (15) days before the Non-Extension Notice
Date from the Administrative Agent that the Required Lenders have elected not to permit such extension or (ii) be obligated to
permit such extension if it has received notice (which may be in writing or by telephone (if promptly confirmed in writing)) on
or before the day that is fifteen (15) days before the Non-Extension Notice Date from the Administrative Agent, any Lender or the
Borrower that one or more of the applicable conditions set forth in Section 4.2 is not then satisfied, and in each such
case directing such Issuing Bank not to permit such extension.

 

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(d)          Limitations on
Amounts, Issuance and Amendment. A Letter of Credit shall be issued, amended, extended, reinstated or renewed only if (and
upon issuance, amendment, extension, reinstatement or renewal of each Letter of Credit, Borrower shall be deemed to represent and
warrant that), after giving effect to such issuance, amendment, extension, reinstatement or renewal (i) the aggregate amount of
the outstanding Letters of Credit shall not exceed the L/C Sublimit, (ii) the aggregate L/C Obligations shall not exceed the L/C
Sublimit, (iii) the Outstanding Credit Exposure of any Lender shall not exceed its Commitment and (iv) the Outstanding Credit Exposure
of all Lenders shall not exceed the Available Loan Commitment. In addition, the Issuing Bank shall not be under any obligation
to issue any Letter of Credit if:

 

(i)            Any
order, judgment or decree of any Governmental Authority shall by its terms purport to enjoin or restrain the Issuing Bank from
issuing such Letter of Credit, or any Law applicable to the Issuing Bank shall prohibit, the issuance of letters of credit generally
or such Letter of Credit in particular or shall impose upon the Issuing Bank with respect to such Letter of Credit any restriction,
reserve or capital requirement (for which the Issuing Bank is not otherwise compensated hereunder) not in effect on the date hereof,
or shall impose upon the Issuing Bank any unreimbursed loss, cost or expense that was not applicable on the date hereof and that
the Issuing Bank in good faith deems material to it.

 

(ii)           The
issuance of such Letter of Credit would violate one or more policies of the Issuing Bank applicable to letters of credit generally.

 

(iii)          Except
as otherwise agreed by the Administrative Agent and the Issuing Bank, each in its sole discretion, such Letter of Credit is in
an initial amount less than $500,000.

 

(iv)         The
Letter of Credit is not a standby letter of credit issued in connection with an approved project to secure obligations of Borrower
or the applicable Project Owner that are directly related to the Approved Lines of Business.

 

(v)          Any
Lender is at that time a Defaulting Lender, unless the Issuing Bank has entered into arrangements, including the delivery of Cash
Collateral, satisfactory to such Issuing Bank (in its sole discretion) with the Borrower or such Lender to eliminate the Issuing
Bank’s actual or potential Fronting Exposure (after giving effect to Section 2.17(a)(iv)) with respect to the Defaulting
Lender arising from either such Letter of Credit then proposed to be issued or such Letter of Credit and all other L/C Obligations
as to which the Issuing Bank has actual or potential Fronting Exposure, as it may elect in its sole discretion.

 

An Issuing Bank shall be under no
obligation to amend any Letter of Credit if (A) the Issuing Bank would have no obligation at such time to issue the Letter of Credit
in its amended form under the terms hereof, or (B) the beneficiary of the Letter of Credit does not accept the proposed amendment
to the Letter of Credit.

 

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(e)           Expiry Date.
Each Letter of Credit shall have a stated expiry date no later than the earlier of (i) the date twelve (12) months after the date
of the issuance of such Letter of Credit (or, in the case of any extension of the expiration date thereof, twelve months after
the then-current expiration date of such Letter of Credit) and (ii) the date that is thirty (30) days prior to the Maturity Date.

 

(f)           Participations.
By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount or extending the expiration
date thereof), and without any further action on the part of the Issuing Bank or the Lenders, the Issuing Bank hereby grants to
each Lender, and each Lender hereby acquires from the Issuing Bank, a participation in such Letter of Credit equal to such Lender’s
Applicable Percentage of the aggregate amount available to be drawn under such Letter of Credit. Each Lender acknowledges and agrees
that its obligation to acquire participations pursuant to this paragraph in respect of Letters of Credit is absolute, unconditional
and irrevocable and shall not be affected by any circumstance whatsoever, including any amendment, extension, reinstatement or
renewal of any Letter of Credit or the occurrence and continuance of a Default or reduction or termination of the Commitments.

 

In consideration and in
furtherance of the foregoing, each Lender hereby absolutely, unconditionally and irrevocably agrees to pay to the Administrative
Agent, for account of the Issuing Bank, such Lender’s Applicable Percentage of each L/C Disbursement made by the Issuing
Bank promptly upon the request of the Issuing Bank at any time from the time of such L/C Disbursement until such L/C Disbursement
is reimbursed by Borrower or at any time after any reimbursement payment is required to be refunded to Borrower for any reason,
including after the Maturity Date. Such payment shall be made without any offset, abatement, withholding or reduction whatsoever.
Each such payment shall be made in the same manner as provided in Section 2.4(c) with respect to Loans made by such Lender
(and Section 2.4(c) shall apply, mutatis mutandis, to the payment obligations of the Lenders), and the Administrative
Agent shall promptly pay to the Issuing Bank the amounts so received by it from the Lenders. Promptly following receipt by the
Administrative Agent of any payment from the Borrower pursuant to Section 2.5(g), the Administrative Agent shall distribute
such payment to the Issuing Bank or, to the extent that the Lenders have made payments pursuant to this paragraph to reimburse
the Issuing Bank, then to such Lenders and such Issuing Bank as their interests may appear. Any payment made by a Lender pursuant
to this paragraph to reimburse the Issuing Bank for any L/C Disbursement shall not constitute a Revolving Loan and shall not relieve
the Borrower of its obligation to reimburse such L/C Disbursement.

 

Each Lender further acknowledges
and agrees that its participation in each Letter of Credit will be automatically adjusted to reflect such Lender’s Applicable
Percentage of the aggregate amount available to be drawn under such Letter of Credit at each time such Lender’s Commitment
is amended pursuant to the operation of Section 2.13, as a result of an assignment in accordance with Section 10.5
or otherwise pursuant to this Agreement.

 

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(g)          Reimbursement.
If the Issuing Bank shall make any L/C Disbursement in respect of a Letter of Credit, Borrower shall reimburse the Issuing Bank
in respect of such L/C Disbursement by paying to the Administrative Agent an amount equal to such L/C Disbursement not later than
noon (Phoenix, Arizona time) on the Business Day immediately following the day that the Borrower receives notice from Administrative
Agent or Issuing Bank; provided that, if Borrower has otherwise satisfied all of the conditions and requirements for a Revolving
Loan and is entitled to immediate funding of the Revolving Loan as of the date such reimbursement is due, Borrower may request
in accordance with this Agreement that such payment be financed with a Revolving Loan in an equivalent amount and, to the extent
so financed, the Borrower’s obligation to make such payment shall be discharged and replaced by the resulting Revolving Loan.
If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Lender of the applicable L/C Disbursement,
the payment then due from the Borrower in respect thereof and such Lender’s Applicable Percentage thereof.

 

(h)          Obligations Absolute.
The Borrower’s obligation to reimburse L/C Disbursements as provided in Section 2.5(g) shall be absolute, unconditional
and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances
whatsoever and irrespective of (i) any lack of validity or enforceability of this Agreement, any other Loan Document, or any Letter
of Credit, or any term or provision herein or therein, (ii) any draft or other document presented under a Letter of Credit proving
to be forged, fraudulent or invalid in any respect or any statement in such draft or other document being untrue or inaccurate
in any respect, (iii) payment by the Issuing Bank under a Letter of Credit against presentation of a draft or other document that
does not comply strictly with the terms of such Letter of Credit, or (iv) any other event or circumstance whatsoever, whether or
not similar to any of the foregoing, that might, but for the provisions of this Section, constitute a legal or equitable discharge
of, or provide a right of setoff against, the Borrower’s obligations hereunder.

 

None of the Administrative
Agent, the Lenders, the Issuing Bank, or any of their Related Parties shall have any liability or responsibility by reason of or
in connection with the issuance or transfer of any Letter of Credit by the Issuing Bank or any payment or failure to make any payment
thereunder (irrespective of any of the circumstances referred to in the preceding sentence), or any error, omission, interruption,
loss or delay in transmission or delivery of any draft, notice or other communication under or relating to any Letter of Credit
(including any document required to make a drawing thereunder), any error in interpretation of technical terms, any error in translation
or any consequence arising from causes beyond the control of the Issuing Bank; provided that the foregoing shall not be
construed to excuse the Issuing Bank from liability to the Borrower to the extent of any direct damages (as opposed to consequential
damages, claims in respect of which are hereby waived by the Borrower to the extent permitted by applicable Law) suffered by the
Borrower that are caused by the Issuing Bank’s failure to exercise care when determining whether drafts and other documents
presented under a Letter of Credit comply with the terms thereof. The parties hereto expressly agree that, in the absence of gross
negligence or willful misconduct on the part of the Issuing Bank (as finally determined by a court of competent jurisdiction),
the Issuing Bank shall be deemed to have exercised care in each such determination, and that:

 

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(i)            the
Issuing Bank may replace a purportedly lost, stolen, or destroyed original Letter of Credit or missing amendment thereto with a
replacement marked as such or waive a requirement for its presentation;

 

(ii)           the
Issuing Bank may accept documents that appear on their face to be in substantial compliance with the terms of a Letter of Credit
without responsibility for further investigation, regardless of any notice or information to the contrary, and may make payment
upon presentation of documents that appear on their face to be in substantial compliance with the terms of such Letter of Credit
and without regard to any non-documentary condition in such Letter of Credit;

 

(iii)         the
Issuing Bank shall have the right, in its sole discretion, to decline to accept such documents and to make such payment if such
documents are not in strict compliance with the terms of such Letter of Credit; and

 

(iv)         this
paragraph shall establish the standard of care to be exercised by the Issuing Bank when determining whether drafts and other documents
presented under a Letter of Credit comply with the terms thereof (and the parties hereto hereby waive, to the extent permitted
by applicable Law, any standard of care inconsistent with the foregoing).

 

Without limiting the foregoing,
none of the Administrative Agent, the Lenders, the Issuing Bank, or any of their Related Parties shall have any liability or responsibility
by reason of (i) any presentation that includes forged or fraudulent documents or that is otherwise affected by the fraudulent,
bad faith, or illegal conduct of the beneficiary or other Person, (ii) the Issuing Bank declining to take-up documents and make
payment (A) against documents that are fraudulent, forged, or for other reasons by which that it is entitled not to honor or (B)
following a Borrower’s waiver of discrepancies with respect to such documents or request for honor of such documents or (iii)
the Issuing Bank retaining proceeds of a Letter of Credit based on an apparently applicable attachment order, blocking regulation,
or third-party claim notified to such Issuing Bank.

 

Unless otherwise expressly
agreed by the Issuing Bank and the Borrower when a Letter of Credit is issued by it, the rules of the ISP shall apply to each Letter
of Credit. Notwithstanding the foregoing, the Issuing Bank shall not be responsible to the Borrower for, and the Issuing Bank’s
rights and remedies against the Borrower shall not be impaired by, any action or inaction of the Issuing Bank required or permitted
under any law, order, or practice that is required or permitted to be applied to any Letter of Credit or this Agreement, including
the Laws or any order of a jurisdiction where the Issuing Bank or the beneficiary is located, the practice stated in the ISP or
in the decisions, opinions, practice statements, or official commentary of the International Chamber of Commerce Banking Commission,
the Bankers Association for Finance and Trade (BAFT), or the Institute of International Banking Law & Practice, whether or
not any Letter of Credit chooses such laws or practice rules.

 

The Issuing Bank shall act
on behalf of the Lenders with respect to any Letters of Credit and the documents associated therewith, and the Issuing Bank shall
have all of the benefits and immunities (A) provided to the Administrative Agent in Article 9 of this Agreement with respect
to any acts taken or omissions suffered by the Issuing Bank in connection with Letters of Credit issued by it or proposed to be
issued by it and L/C Documents pertaining to such Letters of Credit as fully as if the term “Administrative Agent”
as used in Article 9 of this Agreement included the Issuing Bank with respect to such acts or omissions, and (B) as additionally
provided herein with respect to the Issuing Bank.

 

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(i)           Disbursement Procedures.
The Issuing Bank shall, within the time allowed by applicable Laws or the specific terms of the Letter of Credit following its
receipt thereof, examine all documents purporting to represent a demand for payment under such Letter of Credit. The Issuing Bank
shall promptly after such examination notify the Administrative Agent and the Borrower in writing of such demand for payment if
such Issuing Bank has made or will make an L/C Disbursement thereunder; provided that any failure to give or delay in giving
such notice shall not relieve the Borrower of its obligation to reimburse such Issuing Bank and the Lenders with respect to any
such L/C Disbursement.

 

(j)           Interim Interest.
If the Issuing Bank for any Letter of Credit shall make any L/C Disbursement, then, unless the Borrower shall reimburse such L/C
Disbursement in full on the date such L/C Disbursement is made, the unpaid amount thereof shall bear interest, for each day from
and including the date such L/C Disbursement is made to but excluding the date that the Borrower reimburses such L/C Disbursement,
at the rate per annum then applicable to Base Rate Revolving Loans; provided that if the Borrower fails to reimburse such
L/C Disbursement when due pursuant to Section 2.5(g), then the Default Rate shall apply. Interest accrued pursuant to this
paragraph shall be for account of such Issuing Bank, except that interest accrued on and after the date of payment by any Lender
pursuant to Section 2.5(g) to reimburse such Issuing Bank shall be for account of such Lender to the extent of such payment.

 

(k)          Replacement of
an Issuing Bank. The Issuing Bank may be replaced at any time by written agreement between the Borrower, the Administrative
Agent, the replaced Issuing Bank and the successor Issuing Bank. The Administrative Agent shall notify the Lenders of any such
replacement of an Issuing Bank. At the time any such replacement shall become effective, the Borrower shall pay all unpaid L/C
Fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.14(c). From and after the effective date
of any such replacement, (i) the successor Issuing Bank shall have all the rights and obligations of the Issuing Bank under this
Agreement with respect to Letters of Credit to be issued by it thereafter and (ii) references herein to the term “Issuing
Bank” shall be deemed to include such successor or any previous Issuing Bank. After the replacement of the Issuing Bank hereunder,
the replaced Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing Bank
under this Agreement with respect to Letters of Credit issued by it prior to such replacement, but shall not be required to issue
additional Letters of Credit.

 

The Issuing Bank may resign
at any time by giving thirty (30) days’ prior notice to the Administrative Agent, the Lenders and the Borrower. After the
resignation of the Issuing Bank hereunder, the retiring Issuing Bank shall remain a party hereto and shall continue to have all
the rights and obligations of the Issuing Bank under this Agreement and the other Loan Documents with respect to Letters of Credit
issued by it prior to such resignation, but shall not be required to issue additional Letters of Credit or to extend, reinstate,
renew or increase any existing Letter of Credit.

 

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(l)           Cash Collateralization.
If any Event of Default shall occur and be continuing or if a deposit of cash collateral is otherwise required pursuant to this
Section 2.5 or any other provision of the Loan Documents, on the Business Day that the Borrower receives notice from the
Administrative Agent or the Required Lenders (or, if the maturity of the Loans has been accelerated, Lenders with L/C Obligations
representing at least 50% of the total L/C Obligations) demanding the deposit of cash collateral pursuant to this paragraph, the
Borrower shall immediately deposit into an account established and maintained on the books and records of the Administrative Agent
(the “Collateral Account”) an amount in cash equal to 105% of the total L/C Obligations as of such date plus
any accrued and unpaid interest thereon, provided that the obligation to deposit such cash collateral shall become effective
immediately, and such deposit shall become immediately due and payable, without demand or other notice of any kind, upon the occurrence
of any Event of Default with respect to the Borrower described in Sections 8.1(f) and (g). Such deposit shall be
held by the Administrative Agent as collateral for the payment and performance of the obligations of the Borrower under this Agreement,
and Borrower grants to Administrative Agent a security interest in such Collateral Account and all Cash Collateral therein. In
addition, and without limiting the foregoing or Section 2.5(d), if any L/C Obligations remain outstanding (i) on the date
Lenders’ Commitments are cancelled or (ii) after the date that is 30 days before the Maturity Date (without in any way obligating
the Issuing Bank or any Lender to permit any Letter of Credit to remain outstanding after the date that is 30 days before the Maturity
Date), the Borrower shall immediately deposit into the Collateral Account an amount in cash equal to 105% of such L/C Obligations
as of such date plus any accrued and unpaid interest thereon.

 

The Administrative Agent
shall have exclusive dominion and control, including the exclusive right of withdrawal, over the Collateral Account. Other than
any interest earned on the investment of such deposits, which investments shall be made at the option and sole discretion of the
Administrative Agent and at the Borrower’s risk and expense, such deposits shall not bear interest. Interest or profits,
if any, on such investments shall accumulate in the Collateral Account. Moneys in the Collateral Account shall be applied by the
Administrative Agent to reimburse the Issuing Bank for L/C Disbursements for which it has not been reimbursed, together with related
fees, costs, and customary processing charges, and, to the extent not so applied, shall be held for the satisfaction of the reimbursement
obligations of the Borrower for the L/C Obligations at such time or, if the maturity of the Loans has been accelerated (but subject
to the consent of Lenders with L/C Obligations representing greater an 50% of the total L/C Obligations), be applied to satisfy
other obligations of the Borrower under this Agreement. If the Borrower is required to provide an amount of cash collateral hereunder
solely as a result of the occurrence of an Event of Default, such amount (to the extent not applied as aforesaid) shall be returned
to the Borrower within three (3) Business Days after all Events of Default have been cured or waived unless such cash collateral
is otherwise required pursuant to this Agreement.

 

(m)         Letters of Credit
Issued for Account of Project Owners or Other Subsidiaries. Notwithstanding that a Letter of Credit issued or outstanding hereunder
is in support of any obligations of, or is for the account of, a Project Owner or other Subsidiary, the Borrower shall be obligated
to reimburse the Issuing Bank hereunder for any and all drawings under such Letter of Credit. The Borrower hereby acknowledges
that the issuance of Letters of Credit for the account of Project Owners and Subsidiaries inures to the benefit of the Borrower,
and that the Borrower’s business derives substantial benefits from the businesses of such Project Owners and Subsidiaries.

 

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2.6
          Maturity of the Obligations.
On the Maturity Date or, if sooner, upon acceleration of the Maturity Date after an Event of Default, all Obligations, together
with all principal, interest, and other charges outstanding pursuant to the Loan Documents shall be immediately due and payable.

 

2.7          Extension
of Maturity Date.

 

(a)          Requests for Extension.
Borrower may, by written notice to Administrative Agent (who shall promptly notify the Lenders) not earlier than 90 days and not
later than 30 days prior to each annual anniversary of the Effective Date (each such annual anniversary, an “Extension
Effective Date”), request that the then-existing Maturity Date be extended for an additional one year; provided,
however, that any such request may be made only once during each such 60-day period.

 

(b)          Lender Elections
to Extend. Each Lender, acting in its sole and individual discretion, shall, by notice to Administrative Agent given not later
than the date (the “Extension Election Notice Date”) that is 20 days prior to the annual anniversary of the
Effective Date, advise Administrative Agent whether or not such Lender agrees to such extension (and each Lender that determines
not to so extend its Maturity Date (a “Non-Extending Lender”) shall promptly notify Administrative Agent of
such determination (but in any event no later than the Extension Election Notice Date) and any Lender that does not so advise Administrative
Agent on or before the Extension Election Notice Date shall be deemed to be a Non-Extending Lender. The election of any Lender
to agree to such extension shall not obligate any other Lender to so agree.

 

(c)          Notification by
Administrative Agent. Administrative Agent shall notify Borrower of each Lender’s determination under this Section no
later than the date 15 days prior to the annual anniversary of the Effective Date (or, if such date is not a Business Day, on the
next Business Day).

 

(d)          Additional Lenders.
Borrower shall have the right to cause each Non-Extending Lender to assign its Commitment to one or more Eligible Assignees (each,
an “Additional Lender”) as provided in Section 10.5; provided that each of such Additional
Lenders shall enter into an Assignment and Assumption pursuant to which such Additional Lender shall, effective as of the Extension
Effective Date, provide a Commitment (and, if any such Additional Lender is already a Lender, its additional Commitment shall be
in addition to such Lender’s existing Commitment hereunder on such date). No existing Lender is required to be an Additional
Lender.

 

(e)          Minimum Extension
Requirement. If (and only if) (i) the total of the Commitments of the Lenders that have agreed so to extend their Maturity
Date (each, an “Extending Lender”) and the additional Commitments of the Additional Lenders shall be more than
662/3% of the aggregate amount of the Commitments in effect immediately prior to the Extension Effective
Date, and (ii) Borrower complies with Section 2.7(f), then, effective as of the Extension Effective Date, the Maturity Date
with respect to all Lenders shall be extended to the date falling one year after the Maturity Date in effect immediately prior
to the Extension Effective Date (except that, if such date is not a Business Day, such Maturity Date as so extended shall be the
immediately preceding Business Day) and each Additional Lender shall thereupon become a “Lender” for all purposes of
this Agreement.

 

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(f)           Conditions to
Effectiveness of Extensions. As conditions precedent to each such extension:

 

(i)            Borrower
shall deliver to Administrative Agent a certificate of each Loan Party as of the Extension Effective Date (in sufficient copies
for each Lender and each Additional Commitment Lender) signed by a Responsible Officer of such Loan Party (A) certifying and attaching
the resolutions adopted by such Loan Party approving or consenting to such extension and (B) in the case of Borrower, certifying
that, before and after giving effect to such extension, (1) the representations and warranties contained in the Loan Documents
are true and correct on and as of the Extension Effective Date, except to the extent that such representations and warranties specifically
refer to an earlier date, in which case they are true and correct as of such earlier date, and (2) no Default or Event of Default
exists or would result therefrom.

 

(ii)           On
the Extension Effective Date, Borrower shall pay to Administrative Agent a fee, for the pro rata account of each Lender an amount
provided in the Fee Letter, which fee shall, when paid, be fully earned and non-refundable under any circumstances.

 

(iii)          (A)
Upon the reasonable request of any Lender, including any Additional Lender, made at least 15 days prior to the Extension Effective
Date, Borrower shall have provided to such Lender, and such Lender shall be reasonably satisfied with, the documentation and other
information so requested in connection with applicable “know your customer” and anti-money-laundering rules and regulations,
including the PATRIOT Act, in each case at least 10 days prior to the Extension Effective Date and (B) at least 10 days prior to
the Extension Effective Date, any Loan Party that qualifies as a “legal entity customer” under the Beneficial Ownership
Regulation shall have delivered, to each Lender that so requests, a Beneficial Ownership Certification in relation to such Loan
Party.

 

(iv)         On
the date of the notice described in Section 2.7(a) and the date of such extension and after giving effect thereto, (A) the representations
and warranties contained in the Loan Documents are true and correct on and as of the Extension Effective Date, except to the extent
that such representations and warranties specifically refer to an earlier date, in which case they are true and correct as of such
earlier date, and (B) no Default or Event of Default exists or would result therefrom.

 

(g)         Amendment.
In connection with any extension of the Maturity Date, Borrower, Guarantors and Administrative Agent will execute such amendments
to this Agreement as Administrative Agent determines to be reasonably necessary to evidence the extension. This Section 2.7 shall
supersede any provisions in Section 10.2 to the contrary.

 

2.8           Noteless Agreement; Evidence
of Indebtedness.

 

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

 

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(b)          Administrative
Agent Accounts. The Administrative Agent shall also maintain accounts in which it will record (i) the amount of each Revolving
Loan made hereunder, (ii) the amount of any principal or interest due and payable or to become due and payable from Borrower to
each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder from Borrower and each Lender’s
share thereof.

 

(c)          Evidence.
The entries maintained in the accounts maintained pursuant to paragraphs (a) and (b) above shall be prima facie
evidence of the existence and amounts of the Obligations therein recorded; provided, however, that the failure of
the Administrative Agent or any Lender to maintain such accounts or any error therein shall not in any manner affect the obligation
of Borrower to repay the Obligations in accordance with their terms.

 

(d)          Promissory Notes.
Any Lender may request that its Commitment be evidenced by a promissory note, substantially in the form of Exhibit E. In
such event, Borrower shall prepare, execute and deliver to such Lender such Note or Notes payable to the order of such Lender.
Thereafter, the Commitment evidenced by each such Note and interest thereon shall at all times (prior to any assignment pursuant
to Section 10.5) be represented by one or more Notes payable to the order of the payee named therein, except to the extent
that any such Lender subsequently returns any such Note for cancellation and requests that such Commitment once again be evidenced
as described in paragraphs (a) and (b) above.

 

(e)          Maximum Interest
Rate.

 

(i)            Highest
Lawful Rate. Notwithstanding anything to the contrary contained in this Agreement, Borrower shall not be obligated to pay,
and the Lenders shall not be entitled to charge, collect, receive, reserve, or take, interest (it being understood that “interest”
shall be calculated as the aggregate of all charges which constitute interest under applicable Law that are contracted for, charged,
reserved, received, or paid) in excess of the Highest Lawful Rate. During any period of time in which the interest rates specified
herein exceed the Highest Lawful Rate, interest shall accrue and be payable at such maximum rate; provided that, if the
interest rates decline below the Highest Lawful Rate, interest shall continue to accrue and be payable at the Highest Lawful Rate
(so long as there remains any unpaid principal with respect to the Revolving Loans) until the interest that has been paid equals
the amount of interest that would have been paid if interest had at all times accrued and been payable at the applicable interest
rates specified in this Agreement.

 

(ii)           Application
to Principal. If, for any reason, the Lenders receive anything of value as interest or anything deemed interest by applicable
Law under this Agreement or any of the other Loan Documents or otherwise that results in the Lenders receiving interest in an amount
in excess of the Highest Lawful Rate, the amount of such excess shall be applied to the reduction of the principal amount owing
hereunder and not to the payment of interest. If the amount of such excess exceeds the unpaid principal balance of the Loan such
amount shall be refunded to Borrower.

 

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(iii)          Determination
of Rate. In determining whether or not the interest paid or payable with respect to the Loan exceeds the Highest Lawful Rate,
Borrower and the Lenders shall, to the maximum extent permitted by applicable Law: (A) characterize any non-principal payment as
an expense, fee, or premium rather than as interest; (B) exclude voluntary prepayments and the effects thereof; (C) amortize, prorate,
allocate, and spread the total amount of interest throughout the actual term of the Loan so that it does not exceed the maximum
amount permitted by applicable Law; or (D) allocate interest between portions of the Loan so that, to the greatest extent possible,
no such portion shall bear interest at a rate greater than the Highest Lawful Rate.

 

(iv)         Applicable
Law. For purposes of this Section 2.8, the term “applicable Law” means the internal laws of the State of
Arizona, provided that, to the extent, contrary to the express intent of the parties, Arizona law is found to be inapplicable
to this Agreement, then “applicable Law” also means that law in effect from time to time and applicable to this loan
transaction which lawfully permits the charging and collection of the highest permissible, lawful, non-usurious rate of interest
on such loan transaction and this Agreement, and, to the extent controlling, laws of the United States of America.

 

(v)           Effective
Rate. Borrower hereby agrees to pay an effective, contracted-for rate of interest that is the interest rate provided for in
this Agreement (as in effect from time to time), together with any additional rate of interest resulting from any other charges
of interest or in the nature of interest paid or to be paid in connection with the Revolving Loans, including any fees to be paid
by Borrower pursuant to the provisions of the Loan Documents or the Fee Letter.

 

2.9           Lending
Installations. Each Lender may book its Revolving Loans
at any Lending Installation selected by such Lender and may change its Lending Installation from time to time. All terms of this
Agreement shall apply to any such Lending Installation and the Revolving Loans and any Notes issued hereunder shall be deemed
held by each Lender for the benefit of any such Lending Installation. Each Lender may, by written notice to the Administrative
Agent and Borrower, designate replacement or additional Lending Installations through which Revolving Loans will be made by it
and for whose account Loan payments are to be made.

 

2.10         Increased
Costs.

 

(a)          Increased Costs
Generally. If any Change in Law shall:

 

(i)            impose,
modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets
of, deposits with or for the account of, or credit extended or participated in by, any Lender;

 

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

 

(iii)          impose
on any Lender or the Issuing Bank any other condition, cost or expense (other than Taxes) affecting this Agreement or Loans made
by such Lender or any Letter of Credit or participation therein;

 

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

 

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

 

(c)          Certificates for
Reimbursement. A certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender or its holding
company, as the case may be, as specified in Sections 2.10(a) and (b) and delivered to Borrower, shall be conclusive
absent manifest error. Borrower shall pay such Lender the amount shown as due on any such certificate within ten (10) days after
receipt thereof.

 

(d)          Delay in Requests.
Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not constitute a waiver of such
Lender’s right to demand such compensation; provided that Borrower shall not be required to compensate a Lender pursuant
to this Section for any increased costs incurred or reductions suffered more than sixty (60) days prior to the date that such Lender
notifies Borrower of the Change in Law giving rise to such increased costs or reductions, and of such Lender’s intention
to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive,
then the sixty (60) days referred to above shall be extended to include the period of retroactive effect thereof).

 

2.11         Taxes.

 

(a)          Defined Terms.
For purposes of this Section, the term “applicable Law” includes FATCA.

 

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

 

(c)          Payment of Other
Taxes by Borrower. Borrower shall timely pay to the relevant Governmental Authority in accordance with applicable Law, or at
the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes.

 

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

 

(e)          Indemnification
by the Lenders. Each Lender shall severally indemnify the Administrative Agent, within ten (10) days after demand therefor,
for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that Borrower has not already indemnified the
Administrative Agent for such Indemnified Taxes and without limiting the obligation of Borrower to do so), (ii) any Taxes attributable
to such Lender’s failure to comply with the provisions of Section 10.5(d) relating to the maintenance of a Participant
Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative
Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not
such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount
of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each
Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under
any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to
the Administrative Agent under this Section 2.11(e).

 

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

 

(g)          Status of Lenders.

 

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(i)           Any
Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document
shall deliver to Borrower and the Administrative Agent, at the time or times reasonably requested by Borrower or the Administrative
Agent, such properly completed and executed documentation reasonably requested by Borrower or the Administrative Agent as will
permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably
requested by Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable Law or reasonably
requested by Borrower or the Administrative Agent as will enable Borrower or the Administrative Agent to determine whether or not
such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in
the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set
forth in Sections 2.11(g)(ii)(A), 2.11(g)(ii)(B) and 2.11(g)(ii)(D)) shall not be required if in the Lender’s
reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense
or would materially prejudice the legal or commercial position of such Lender.

 

(ii)           Without
limiting the generality of the foregoing, in the event that Borrower is a U.S. Borrower,

 

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

 

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

 

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

 

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

 

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(3)           in
the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x)
a certificate substantially in the form of Exhibit F-1 to the effect that such Foreign Lender is not a “bank”
within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of Borrower within the meaning of
Section 871(h)(3)(B) of the Code, or a “controlled foreign corporation” related to Borrower as described in Section
881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) executed copies of IRS Form W-8BEN or
IRS Form W 8BEN-E; or

 

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

 

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

 

(D)          if
a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender
were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b)
of the Code, as applicable), such Lender shall deliver to Borrower and the Administrative Agent at the time or times prescribed
by law and at such time or times reasonably requested by Borrower or the Administrative Agent such documentation prescribed by
applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested
by Borrower or the Administrative Agent as may be necessary for Borrower and the Administrative Agent to comply with their obligations
under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the
amount, if any, to deduct and withhold from such payment. Solely for purposes of this Section 2.11(g)(ii)(D), “FATCA”
shall include any amendments made to FATCA after the date of this Agreement.

 

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

 

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(h)          Treatment of Certain
Refunds. If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes
as to which it has been indemnified pursuant to this Section (including by the payment of additional amounts pursuant to this Section),
it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under
this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such
indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such
refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount
paid over pursuant to this Section 2.11(h) (plus any penalties, interest or other charges imposed by the relevant Governmental
Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding
anything to the contrary in this Section 2.11(h), in no event will the indemnified party be required to pay any amount to
an indemnifying party pursuant to this Section 2.11(h) the payment of which would place the indemnified party in a less
favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving
rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts
with respect to such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to make available
its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other
Person.

 

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

 

2.12        Illegality;
Inability to Determine Rates. 

 

(a)          Illegality.
If any Lender determines that any Law has made it unlawful, or that any Governmental Authority has asserted it is unlawful, for
any Lender or its applicable Lending Office to make, maintain or fund Loan advances whose interest is determined by reference to
Term SOFR, or any Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell,
or to take deposits of, U.S. Dollars in the London interbank eurodollar market, then, upon notice thereof by such Lender to Borrower
(through Administrative Agent), any obligation of such Lender to make or maintain advances of the Loan at the Term SOFR Rate shall
be suspended, in each case until such Lender notifies Administrative Agent and Borrower that the circumstances giving rise to such
determination no longer exist, in which case the Loans will accrue interest at the Base Rate. Upon receipt of such notice, all
Loans accruing interest based on the Term SOFR Rate will instead accrue interest at the Base Rate. Upon any such prepayment or
conversion, Borrower shall also pay accrued interest on the amount so prepaid or converted.

 

(b)          Inability to Determine
Rates. If a Benchmark Replacement has not been implemented and Administrative Agent determines (which determination shall be
conclusive absent manifest error) that (i) adequate and reasonable means do not exist for determining Term SOFR for proposed or
existing advances of the Loan, or (ii) Administrative Agent or Required Lenders determine that for any reason Term SOFR does not
adequately and fairly reflect the cost to such Lenders of funding the Loan, Administrative Agent will promptly so notify Borrower
and each Lender. Thereafter, the obligation of Lenders to make or maintain advances of the Loan at the Term SOFR Rate shall be
suspended, in each case until Administrative Agent (or, in the case of a determination by Required Lenders described in clause
(ii) above, until Administrative Agent upon instruction of Required Lenders) revokes such notice. During the period of such
suspension, all proposed advances and all amounts from day to day outstanding which are not past due, shall bear interest at a
fluctuating rate of interest per annum equal to the Base Rate.

 

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2.13         Mitigation
Obligations; Replacement of Lenders.

 

(a)          Designation of
a Different Lending Installation. If any Lender requests compensation under Section 2.10, or requires Borrower to pay
any Indemnified Taxes or additional amounts to such Lender or any Governmental Authority for the account of any Lender pursuant
to Section 2.11, then such Lender shall promptly upon becoming aware thereof use reasonable efforts to (i) designate a different
Lending Installation for funding or booking its Revolving Loans hereunder, (ii) assign its rights and obligations hereunder to
another of its offices, branches or affiliates, or (iii) take such other actions as such Lender may deem reasonable, if, in the
judgment of such Lender, such designation, assignment or other action (A) would eliminate or reduce amounts payable pursuant to
Section 2.10 or 2.11, as the case may be, in the future, and (B) would not subject such Lender to any unreimbursed
cost or expense and would not otherwise be materially disadvantageous to such Lender. Borrower hereby agrees to pay all reasonable
costs and expenses incurred by any Lender in connection with any such designation or assignment or other remedial action.

 

(b)          Replacement of
Lenders. If any Lender requests compensation under Section 2.10, or if Borrower is required to pay any Indemnified Taxes
or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.11
and, in each case, such Lender has, for any reason or for no reason, declined or is unable to remedy the circumstances giving rise
thereto in accordance with Section 2.13(a), or if any Lender is a Defaulting Lender or a Non-Consenting Lender, then Borrower
may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and
delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section
10.5), all of its interests, rights (other than its existing rights, if any, to payments pursuant to Section 2.10 or
Section 2.11) and obligations under this Agreement and the related Loan Documents to an Eligible Assignee that shall assume
such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that:

 

(i)            Borrower
shall have paid to the Administrative Agent the assignment fee (if any) specified in Section 10.5;

 

(ii)           such
Lender shall have received payment of an amount equal to the outstanding principal of its Revolving Loans and participations in
L/C Disbursements, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan
Documents (including any amounts under Section 2.10) from the assignee (to the extent of such outstanding principal and
accrued interest and fees) or Borrower (in the case of all other amounts);

 

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(iii)          in
the case of any such assignment resulting from a claim for compensation under Section 2.10 or payments required to be made
pursuant to Section 2.11, such assignment will result in a reduction in such compensation or payments thereafter;

 

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

 

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

 

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

 

Notwithstanding anything in this Section
to the contrary, (A) any Lender that acts as an Issuing Bank may not be replaced hereunder at any time it has any Letter of Credit
outstanding hereunder unless arrangements satisfactory to such Lender (including the furnishing of a backstop standby letter of
credit in form and substance, and issued by an issuer, reasonably satisfactory to such Issuing Bank or the depositing of cash collateral
into a cash collateral account in amounts and pursuant to arrangements reasonably satisfactory to such Issuing Bank) have been
made with respect to such outstanding Letter of Credit and (B) the Lender that acts as the Administrative Agent may not be replaced
hereunder except in accordance with the terms of Section 9.6.

 

2.14         Increases
in Commitments. 

 

(a)          Request for Increase.
Following the Effective Date, Borrower may, by notice to the Administrative Agent (who shall promptly notify the Lenders), request
an increase in the Commitments (each such increase, an “Incremental Commitment”) by an aggregate amount (for
all such requests) (x) such that the total Commitment Amount does not exceed $850,000,000 (subject to reduction as provided in
Section 7.1(j)); provided that any such request for an increase shall be in a minimum amount of the lesser of (A)
$20,000,000 (or such lesser amount as may be approved by the Administrative Agent) and (B) the entire remaining amount of increases
available under this Section, and (y) in the case of any Incremental Commitment that effectively replaces any Commitments terminated
pursuant to Section 2.13(b), an amount equal to the portion of such Commitments so terminated.

 

(b)          Lender Elections
to Increase. Each Lender shall notify Administrative Agent within such time period whether or not it agrees to increase its
Commitment and, if so, whether by an amount equal to, greater than, or less than its Applicable Percentage of such requested increase
(each such existing Lender or other Person that agrees to provide an Incremental Commitment, an “Incremental Lender”).
Any Lender not responding within such time period required by Administrative Agent shall be deemed to have declined to increase
its Commitment.

 

(c)          Notification by
Administrative Agent; Additional Lenders. Administrative Agent shall notify Borrower and each Lender of the Lenders’
responses to each request made hereunder. To achieve the full amount of a requested increase and subject to the approval of Administrative
Agent and each Issuing Bank, Borrower may also invite additional Eligible Assignees to become Lenders pursuant to a joinder agreement
in form and substance satisfactory to Administrative Agent and its counsel.

 

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(d)          Effective Date
and Allocations. If the Commitments are increased in accordance with this Section, Administrative Agent and Borrower shall
determine the effective date (the “Incremental Commitment Effective Date”) and the final allocation of such
increase. Administrative Agent shall promptly notify Borrower and the Lenders of the final allocation of such increase and the
Incremental Commitment Effective Date.

 

(e)          Conditions to
Effectiveness. Notwithstanding the foregoing, the increase in the Commitments pursuant to this Section shall not be effective
with respect to any Incremental Lender unless:

 

(i)            no
Default or Event of Default shall have occurred and be continuing on the Incremental Commitment Effective Date and after giving
effect to such increase;

 

(ii)           the
representations and warranties contained in this Agreement are true and correct on and as of the Incremental Commitment Effective
Date and after giving effect to such increase, as though made on and as of such date (or, if any such representation or warranty
is expressly stated to have been made as of a specific date, as of such specific date);

 

(iii)          the
Administrative Agent shall have received one or more Joinder Agreements contemplated above, providing for Incremental Commitments
in the amount of such increase;

 

(iv)         if
required by the Incremental Lender (subject to Borrower’s approval right pursuant to Section 2.12(b)), Borrower shall
have paid the amount of attorneys’ fees incurred by Incremental Lender in connection with the Incremental Commitment; and

 

(v)          the
Administrative Agent shall have received such legal opinions and other documents reasonably requested by the Administrative Agent
in connection therewith.

 

(f)           Joinder Agreement.
Incremental Commitments shall become Commitments under this Agreement pursuant to a Joinder Agreement and, as appropriate, the
other Loan Documents, executed by the Borrower, each Person or Lender agreeing to provide such Commitment, if any, and Administrative
Agent. Each Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other
Loan Documents as may be necessary or appropriate, in the reasonable opinion of Administrative Agent and the Borrower, to effect
the provisions of this Section. As of such Incremental Commitment Effective Date, upon the Administrative Agent’s receipt
of the documents required by this paragraph (f), the Administrative Agent shall record the information contained in the
applicable Joinder Agreement(s) in the Register and give prompt notice of the increase in the Commitments to Borrower and the Lenders
(including each Incremental Lender).

 

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(g)          Adjustments to
Outstanding Revolving Loans. On each Incremental Commitment Effective Date, (i) if there are Revolving Loans then outstanding,
each Incremental Lender shall make a payment to Administrative Agent in an amount sufficient, upon the application of such payments
by all Incremental Lenders to the reduction of the outstanding Revolving Loans held by each Lender, to cause the principal amount
outstanding under the Revolving Loans made by such Lender (including the Incremental Lender) to be in the amount of its Applicable
Percentage (upon the effective date of such Incremental Commitment, after giving effect to such Incremental Commitment) of all
outstanding Revolving Loans, and (ii) if there are Letters of Credit then outstanding, the participation of the Lenders in such
Letters of Credit will be automatically adjusted to reflect the Applicable Percentages of all the Lenders (including the Incremental
Lender) after giving effect to the applicable Incremental Commitment(s). Borrower hereby irrevocably authorizes each Incremental
Lender to fund to Administrative Agent the payment required to be made pursuant to the immediately preceding sentence for application
to the reduction of the outstanding Revolving Loans held by the other Lenders and each such payment shall constitute a Revolving
Loan hereunder.

 

2.15        Fees.

 

(a)          Commitment Fee.
On the Effective Date, Borrower shall pay to Administrative Agent, in advance, a commitment fee pursuant to the Fee Letter.

 

(b)          Extension Fees.
Upon the effectiveness of each extension of the Maturity Date, Borrower shall pay to Administrative Agent in advance any extension
fees provided pursuant to the Fee Letter.

 

(c)          L/C Fees.
The Borrower agrees to pay to the Administrative Agent for the account of each Lender a Letter of Credit fee with respect to its
participation in each outstanding Letter of Credit (the “L/C Fee”) upon the issuance or extension thereof (and
as a further condition precedent to such issuance or extension) for the entire term of such Letter of Credit equal to 0.50% per
annum of the maximum amount that may at any time be available to be drawn thereon. In addition, if the stated amount of any Letter
of Credit is increased, the Borrower agrees to pay to the Administrative Agent for the account of each Lender the L/C Fee on the
amount of the increase, which fee shall be due and payable on the date of the increase. Each L/C Fee paid to the Administrative
Agent shall be nonrefundable and fully earned as of the date paid.

 

(d)          Issuing Bank Fees.
The Borrower agrees to pay to the Issuing Bank for its own account the customary issuance, presentation, amendment and other processing
fees, and other standard costs and charges, of the Issuing Bank relating to letters of credit as from time to time in effect, which
fees, costs and charges shall be payable to such Issuing Bank within five (5) Business Days after its demand therefor and are nonrefundable.

 

(e)          Unused Fee.
Borrower shall pay to Administrative Agent for the account of each Lender in accordance with its Applicable Percentage, an unused
fee (the “Unused Fee”) on the average daily unused amount of the Commitment of such Lender for the period from
the Effective Date to the Maturity Date, at a rate equal to the applicable Unused Fee Rate. The Unused Fee shall be due and payable
in arrears (x) on the first Business Day after the end of each of March, June, September and December, and (y) on the Maturity
Date (or any earlier acceleration of the Obligations) , in each case for any period then ending for which the Unused Fee has not
previously been paid. For purposes of computing the Unused Fees, the Commitment of any Lender shall be deemed to be used to the
extent of the aggregate principal amount at such time of its outstanding Revolving Loans and such Lender’s participation
in L/C Obligations. The Unused Fee shall be calculated in arrears and if different Unused Fee Rates apply during any period of
calculation, the daily amount shall be computed and multiplied by the applicable Unused Fee Rate for each period during which such
Unused Fee Rate was in effect.

 

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(f)           Fees Non-Refundable.
Borrower acknowledges that all fees payable under this Section 2.15 are (i) fully earned on the date on which they are payable,
and (ii) nonrefundable when paid (exclusive of double payments and other manifest errors).

 

(g)          Computation of
Fees. All fees hereunder shall be computed on the basis of a year of three hundred sixty (360) days and paid for the actual
number of days elapsed.

 

2.16         General
Provisions as to Payments.

 

(a)          Method of Payment.
All payments of the Obligations hereunder shall be made, without setoff, deduction, or counterclaim, in immediately available funds
to the Administrative Agent at One East Washington Street, 14th Floor, Phoenix, Arizona 85004, or at any other Lending
Installation of the Administrative Agent specified in writing by the Administrative Agent to Borrower, by noon (Phoenix, Arizona
time) on the date when due and shall be applied ratably by the Administrative Agent among the Lenders. Each payment delivered to
the Administrative Agent for the account of any Lender shall be delivered promptly by the Administrative Agent to such Lender in
the same type of funds that the Administrative Agent received at the address specified above or at any Lending Installation specified
in a notice received by the Administrative Agent from such Lender. Upon the occurrence and continuation of an Event of Default,
the Administrative Agent is hereby authorized to charge the account of Borrower maintained with Western Alliance Bank for each
payment of principal, interest and fees as it becomes due hereunder.

 

(b)          No Setoff, Etc.
All payments made by Borrower under this Agreement and the other Loan Documents shall be made without any setoff, deduction, or
counterclaim.

 

2.17        Cash
Collateral.

 

(a)          Obligation to
Cash Collateralize. In addition to Cash Collateral otherwise required pursuant to this Agreement, at any time that there shall
exist a Defaulting Lender, within one Business Day following the written request of the Administrative Agent or any Issuing Bank
(with a copy to the Administrative Agent), the Borrower shall Cash Collateralize the Issuing Bank’s Fronting Exposure with
respect to such Defaulting Lender (determined after giving effect to Section 2.18(a)(v) and any Cash Collateral provided
by such Defaulting Lender) in an amount not less than the Minimum Collateral Amount.

 

(b)          Grant of Security
Interest. The Borrower, and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby grants to the Administrative
Agent, for the benefit of the Issuing Bank, and agrees to maintain, a first priority security interest in all such Cash Collateral
as security for the Defaulting Lender’s obligation to fund participations in respect of L/C Obligations, to be applied pursuant
to Section 2.17(c). If at any time the Administrative Agent determines that Cash Collateral is subject to any right or claim
of any Person other than the Administrative Agent and the Issuing Banks as herein provided, or that the total amount of such Cash
Collateral is less than the Minimum Collateral Amount, the Borrower will, promptly upon demand by the Administrative Agent, pay
or provide to the Administrative Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency (after giving
effect to any Cash Collateral provided by the Defaulting Lender).

 

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

 

(d)          Termination of
Requirement. Cash Collateral (or the appropriate portion thereof) provided to reduce the Issuing Bank’s Fronting Exposure
shall no longer be required to be held as Cash Collateral pursuant to this Section following (i) the elimination of the applicable
Fronting Exposure (including by the termination or cessation of Defaulting Lender status of the applicable Lender), or (ii) the
determination by the Administrative Agent and the Issuing Bank that there exists excess Cash Collateral; provided that,
subject to Section 2.17 the Person providing Cash Collateral and the Issuing Bank may mutually agree that Cash Collateral
shall be held to support future anticipated Fronting Exposure or other obligations and provided further that to the
extent that such Cash Collateral was provided by the Borrower, such Cash Collateral shall remain subject to the security interest
granted pursuant to the Loan Documents.

 

2.18        Defaulting
Lenders.

 

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

 

(i)           Waivers
and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect
to this Agreement shall be restricted as set forth in the definition of Required Lenders and Section 10.2(c).

 

(ii)           Defaulting
Lender Waterfall. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account
of such Defaulting Lender (whether voluntary or mandatory, at maturity, or otherwise) or received by the Administrative Agent from
a Defaulting Lender pursuant to Section 10.9 shall be applied at such time or times as may be determined by the Administrative
Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder;
second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to the Issuing Bank; third,
to Cash Collateralize the Issuing Bank’s Fronting Exposure with respect to such Defaulting Lender in accordance with Section
2.17; fourth, as the Borrower may request (so long as no Default or Event of Default exists), to the funding of any
Revolving Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement,
as determined by the Administrative Agent; fifth, if so determined by the Administrative Agent and the Borrower,

 

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to be held
in a deposit account and released pro rata in order to (x) satisfy such Defaulting Lender’s potential future funding obligations
with respect to Revolving Loans under this Agreement and (y) Cash Collateralize the Issuing Bank’s future Fronting Exposure
with respect to such Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in accordance with
Section 2.17; sixth, to the payment of any amounts owing to the Lenders or the Issuing Bank as a result of any judgment
of a court of competent jurisdiction obtained by any Lender or the Issuing Bank against such Defaulting Lender as a result of such
Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no Default or Event of Default
exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained
by the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this
Agreement; and eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided
that if (x) such payment is a payment of the principal amount of any Revolving Loans or L/C Disbursements in respect of which such
Defaulting Lender has not fully funded its appropriate share, and (y) such Revolving Loans were made or the related Letters of
Credit were issued at a time when the conditions set forth in Section 4.2 were satisfied or waived, such payment shall be
applied solely to pay the Revolving Loans of, and L/C Disbursements owed to, all Non-Defaulting Lenders on a pro rata basis prior
to being applied to the payment of any Revolving Loans of, or L/C Disbursements owed to, such Defaulting Lender until such time
as all Revolving Loans and funded and unfunded participations in L/C Obligations are held by the Lenders pro rata in accordance
with the Commitments without giving effect to clause (iv) below. Any payments, prepayments or other amounts paid or payable
to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant
to this Section shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.

 

(iii)          Fees.

 

(A)         No
Defaulting Lender shall be entitled to receive any commitment or other fees to which it would otherwise be entitled for any period
during which that Lender is a Defaulting Lender (and Borrower shall not be required to pay any such fee that otherwise would have
been required to have been paid to that Defaulting Lender, as determined by Administrative Agent). The foregoing shall not obligate
Administrative Agent to share any fees with any Lender or otherwise entitle any Lender to any fees except as expressly agreed in
writing between Administrative Agent and such Lender or as expressly provided in this Agreement.

 

(B)          Notwithstanding
the foregoing, each Defaulting Lender shall be entitled to receive L/C Fees for any period during which that Lender is a Defaulting
Lender to the extent allocable to its Applicable Percentage of the stated amount of Letters of Credit for which it has provided
Cash Collateral pursuant to Section 2.17.

 

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

 

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(iv)          Reallocation
of Participations to Reduce Fronting Exposure. All or any part of such Defaulting Lender’s participation in L/C Obligations
shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Applicable Percentages (calculated without
regard to such Defaulting Lender’s Commitment) but only to the extent that such reallocation does not cause the aggregate
Revolving Loans of any Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Commitment. Subject to Section 10.19,
no reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender
arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such
Non-Defaulting Lender’s increased exposure following such reallocation.

 

(v)           Cash
Collateral. If the reallocation described in clause (iv) above cannot, or can only partially, be effected, the Borrower shall,
without prejudice to any right or remedy available to it hereunder or under law Cash Collateralize the Issuing Banks’ Fronting
Exposure in accordance with the procedures set forth in Section 2.17.

 

(b)          New Letters of
Credit. So long as any Lender is a Defaulting Lender, the Issuing Bank shall not be required to issue, extend, increase, reinstate
or renew any Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto.

 

(c)          Defaulting Lender
Cure. If Borrower and Administrative Agent agree in writing that a Lender is no longer a Defaulting Lender, the Administrative
Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions
set forth therein, that Lender will, to the extent applicable, purchase at par that portion of outstanding Revolving Loans of the
other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Revolving Loans
to be funded in accordance with the Commitments, whereupon, such Lender will cease to be a Defaulting Lender; provided that
no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of Borrower while that
Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the
affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any
party hereunder arising from that Lender’s having been a Defaulting Lender.

 

2.19        Erroneous
Payments. 

 

(a)          If the Administrative
Agent notifies a Lender, or any Person who has received funds on behalf of a Lender, (any such Lender or other recipient, a “Payment
Recipient”) that the Administrative Agent has determined in its reasonable discretion (whether or not after receipt of
any notice under immediately succeeding Section 2.19(b)) that any funds received by such Payment Recipient from the Administrative
Agent or any of its Affiliates were erroneously transmitted to, or otherwise erroneously or mistakenly received by, such Payment
Recipient (whether or not known to such Lender, or other Payment Recipient on its behalf) (any such funds,

 

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whether received as
a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise, individually and collectively, an “Erroneous
Payment”) and demands the return of such Erroneous Payment (or a portion thereof), such Erroneous Payment shall at all
times remain the property of the Administrative Agent and shall be segregated by the Payment Recipient and held in trust for the
benefit of the Administrative Agent, and such Lender shall (or, with respect to any Payment Recipient who received such funds on
its behalf, shall cause such Payment Recipient to) promptly, but in no event later than two Business Days thereafter, return to
the Administrative Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made, in same
day funds (in the currency so received), together with interest thereon in respect of each day from and including the date such
Erroneous Payment (or portion thereof) was received by such Payment Recipient to the date such amount is repaid to the Administrative
Agent in same day funds at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in
accordance with banking industry rules on interbank compensation from time to time in effect. A notice of the Administrative Agent
to any Payment Recipient under this Section 2.19(a) shall be conclusive, absent manifest error.

 

(b)          Without limiting
immediately preceding Section 2.19(a), each Lender, or any Person who has received funds on behalf of a Lender, hereby further
agrees that if it receives a payment, prepayment or repayment (whether received as a payment, prepayment or repayment of principal,
interest, fees, distribution or otherwise) from the Administrative Agent (or any of its Affiliates) (x) that is in a different
amount than, or on a different date from, that specified in a notice of payment, prepayment or repayment sent by the Administrative
Agent (or any of its Affiliates) with respect to such payment, prepayment or repayment, (y) that was not preceded or accompanied
by a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates), or (z) that such Lender,
or other such recipient, otherwise becomes aware was transmitted, or received, in error or by mistake (in whole or in part) in
each case:

 

(i)            (A)
in the case of immediately preceding clauses (x) or (y), an error shall be presumed to have been made (absent written confirmation
from the Administrative Agent to the contrary) or (B) an error has been made (in the case of immediately preceding clause (z)),
in each case, with respect to such payment, prepayment or repayment; and

 

(ii)          such
Lender shall (and shall cause any other recipient that receives funds on its respective behalf to) promptly (and, in all events,
within one Business Day of its knowledge of such error) notify the Administrative Agent of its receipt of such payment, prepayment
or repayment, the details thereof (in reasonable detail) and that it is so notifying the Administrative Agent pursuant to this
Section 2.19(b).

 

(c)          Each Lender hereby
authorizes the Administrative Agent to set off, net and apply any and all amounts at any time owing to such Lender under any Loan
Document, or otherwise payable or distributable by the Administrative Agent to such Lender from any source, against any amount
due to the Administrative Agent under immediately preceding Section 2.19(a) or under the indemnification provisions of this
Agreement.

 

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(d)          In the event that
an Erroneous Payment (or portion thereof) is not recovered by the Administrative Agent for any reason, after demand therefor by
the Administrative Agent in accordance with immediately preceding Section 2.19(a), from any Lender that has received such
Erroneous Payment (or portion thereof) (and/or from any Payment Recipient who received such Erroneous Payment (or portion thereof)
on its respective behalf) (such unrecovered amount, an “Erroneous Payment Return Deficiency”), upon the Administrative
Agent’s notice to such Lender at any time, (i) such Lender shall be deemed to have assigned its Revolving Loans (but not
its Commitments) with respect to which such Erroneous Payment was made (the “Erroneous Payment Impacted Class”)
in an amount equal to the Erroneous Payment Return Deficiency (or such lesser amount as the Administrative Agent may specify) (such
assignment of the Revolving Loans (but not Commitments) of the Erroneous Payment Impacted Class, the “Erroneous Payment
Deficiency Assignment”) at par plus any accrued and unpaid interest (with the assignment fee to be waived by the Administrative
Agent in such instance), and is hereby (together with the Borrower) deemed to execute and deliver an Assignment and Assumption
with respect to such Erroneous Payment Deficiency Assignment, and such Lender shall deliver any Notes evidencing such Revolving
Loans to the Borrower or the Administrative Agent, (ii) the Administrative Agent as the assignee Lender shall be deemed to acquire
the Erroneous Payment Deficiency Assignment, (iii) upon such deemed acquisition, the Administrative Agent as the assignee Lender
shall become a Lender hereunder with respect to such Erroneous Payment Deficiency Assignment and the assigning Lender shall cease
to be a Lender hereunder with respect to such Erroneous Payment Deficiency Assignment, excluding, for the avoidance of doubt, its
obligations under the indemnification provisions of this Agreement and its applicable Commitments which shall survive as to such
assigning Lender and (iv) the Administrative Agent may reflect in the Register its ownership interest in the Revolving Loans subject
to the Erroneous Payment Deficiency Assignment. The Administrative Agent may, in its discretion, sell any Revolving Loans acquired
pursuant to an Erroneous Payment Deficiency Assignment and upon receipt of the proceeds of such sale, the Erroneous Payment Return
Deficiency owing by the applicable Lender shall be reduced by the net proceeds of the sale of such Loan (or portion thereof), and
the Administrative Agent shall retain all other rights, remedies and claims against such Lender (and/or against any recipient that
receives funds on its respective behalf). For the avoidance of doubt, no Erroneous Payment Deficiency Assignment will reduce the
Commitments of any Lender and such Commitments shall remain available in accordance with the terms of this Agreement. In addition,
each party hereto agrees that, except to the extent that the Administrative Agent has sold a Revolving Loan (or portion thereof)
acquired pursuant to an Erroneous Payment Deficiency Assignment, and irrespective of whether the Administrative Agent may be equitably
subrogated, the Administrative Agent shall be contractually subrogated to all the rights and interests of the applicable Lender
under the Loan Documents with respect to each Erroneous Payment Return Deficiency (the “Erroneous Payment Subrogation
Rights”).

 

(e)          The parties hereto
agree that an Erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations owed by the Borrower
or any other Loan Party, except, in each case, to the extent such Erroneous Payment is, and solely with respect to the amount of
such Erroneous Payment that is, comprised of funds received by the Administrative Agent from the Borrower or any other Loan Party
for the purpose of making such Erroneous Payment.

 

To
the extent permitted by applicable law, no Payment Recipient shall assert any right or claim to an Erroneous Payment, and hereby
waives, and is deemed to waive, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand,
claim or counterclaim by the Administrative Agent for the return of any Erroneous Payment received, including without limitation
waiver of any defense based on “discharge for value” or any similar doctrine. Each party’s obligations, agreements
and waivers under this Section 2.19 shall survive the resignation or replacement
of the Administrative Agent, the termination of the Commitments and/or the repayment, satisfaction or discharge of all Obligations
(or any portion thereof) under any Loan Document.

 

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Article
III.

BORROWING BASE

 

3.1
         Determination of Eligible Assets/Borrowing Base.
The Borrowing Base shall consist of the Asset Value of the Eligible Assets set forth in the most recent Borrowing Base Report
as determined by Administrative Agent from time to time in accordance with this Agreement and subject to the limitations set forth
in this Article 3.

 

(a)           Advance
Rates Applicable to Eligible Assets. The Borrowing Base will be determined as of each Borrowing Base Valuation Date by determining
the Asset Value of the Unrestricted Cash and Eligible Assets directly owned by Borrower or a Restricted Subsidiary that is a Guarantor
or Restricted Affiliate that is a Guarantor, depending upon the classification of such Eligible
Asset, subject, in each case, to the limitations set forth below. In determining the Asset Values, the Asset Values of each class of
Eligible Asset is set forth in the chart below: 

 

	Eligible Asset	Asset Value
	Unrestricted Cash	100% of the amount of Unrestricted Cash of Borrower in excess of the Threshold Cash Amount then in effect
	Presold Units	90% of Cost 
	Spec Units	80% of Cost (subject to the limitations in Section 3.1(b) and 3.3(b) below)
	Model Units	80% of Cost (subject to the limitations in Section 3.1(d) below)
	Finished Lots	70% of Cost (subject to the limitations in Section 3.1(e) below)
	A&D Lots	65% of Cost (subject to the limitations in Section 3.1(e) below)
	Entitled Land	55% of Cost (subject to the limitations in Section 3.1(c) below)

 

(b)          Limitations on
Spec Units. (i) The combined Asset Value of Spec Units included in the Borrowing Base shall be limited to lesser of (1) 40%
of the Commitment Amount, or (2) 40% of the total Asset Value of the Borrowing Base.

 

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(c)          Limitations on
Entitled Land. The combined Asset Value of Entitled Land shall be limited to lesser of (i) 15% of the Commitment Amount, or
(ii) 15% of the total Asset Value of the Borrowing Base.

 

(d)          Limitations on
Model Units. The aggregate number of Model Units included in the Borrowing Base from any single Subdivision will not at any
one time exceed 10 Model Units.

 

(e)          Limitations on
A&D Lots and Finished Lots. The combined Asset Value of A&D Lots and Finished Lots shall not exceed an aggregate amount
equal to the lesser of (i) 50% of the total Asset Value of the Borrowing Base and (ii) 50% of the Commitment Amount.

 

(f)          Adjustment to
Borrowing Base. Any Units, Lots or Entitled Land that are not Eligible Assets shall be immediately and automatically removed
from the Borrowing Base and the Asset Value thereof will be removed from the Borrowing Base.

 

(g)          Restricted
Affiliate.

 

(i)            Assets
owned by the Restricted Affiliate may be included in the Eligible Assets provided that the following requirements are satisfied at all
times: (1) Borrower’s percentage ownership of the Equity Interests in such Person (including Borrower’s interest in the total
capital accounts of the Restricted Affiliate) is not reduced after the Sixth Amendment Date; (ii) Borrower at all times maintains Control
of the Restricted Affiliate; and (iii) the Restricted Affiliate and each Intermediate Entity that owns a direct or indirect interest
in the Restricted Affiliate is a Guarantor.

 

(ii)           If
assets of the Restricted Affiliate are Eligible Assets, the Asset Value of such Eligible Assets determined pursuant to Section 3.1(a)
will be further adjusted to not exceed the Asset Value determined pursuant to Section 3.1(a) multiplied by 15%.

 

(iii)          The
combined Asset Value of Eligible Assets owned by the Restricted Affiliate (as adjusted by Section 3.1(g)(ii)) cannot exceed $5,000,000
at any one time.

 

3.2          Lot
Term Limits.

 

(a)          Finished Lots.
Each Finished Lot may be included in Eligible Assets as a Finished Lot for not more than eighteen (18) months from the date such
Finished Lot was first included in the Eligible Assets as a Finished Lot.

 

(b)          A&D Lots.
Each A&D Lot may be included in Eligible Assets as an A&D Lot for not more than twenty-four (24) months from the date such
A&D Lot was first included in the Eligible Assets as an A&D Lot.

 

(c)          Entitled Land:
Any Entitled Land may be included in Eligible Assets as Entitled Land for not more than twenty-four (24) months from the date such
Entitled Land was first included in the Eligible Assets as Entitled Land.

 

(d)         Transfer of Lots
for Unit Construction. Borrower may reclassify an A&D Lot or Finished Lot as a Unit subject to the provisions of this Agreement
relating to Units.

 

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3.3          Unit
Term Limits. Subject to the additional limitations on the Borrowing Base set forth herein, Units
may be included in the Eligible Assets for the time periods provided below.

 

(a)          Presold Units.
Each Presold Unit may be included in Eligible Assets for not more than twelve (12) months from the original Unit Eligibility Date
for such Unit; provided, however, that so long as no Event of Default has occurred and is continuing, each Presold
Unit may be included in Eligible Assets for two (2) additional consecutive periods of three (3) months each (i.e., for a total
Unit Term of eighteen (18) months from the original Unit Eligibility Date). A Presold Unit no longer subject to a Purchase Contract
will be deemed to be a Spec Unit as of the date the Unit is no longer subject to a Purchase Contract. Notwithstanding any contrary
provision of this Agreement or the Loan Documents, a Unit will not be considered to be a Presold Unit unless and until a final
public report (if a public report is required by applicable Requirements) has been obtained by Borrower (or the applicable Project
Owner) and delivered to the purchaser of such Unit and all cancellation periods in favor of such purchaser with respect to such
public report have expired.

 

(b)          Spec Units.
Each Spec Unit may be included in Eligible Assets for not more than twelve (12) months from the original Unit Eligibility Date
for such Unit; provided, however, that so long as no Event of Default has occurred and is continuing, Spec Units
may be included in Eligible Assets for two (2) additional consecutive periods of three (3) months each (i.e., for a total Unit
Term of eighteen (18) months from the original Unit Eligibility Date); provided further, however, that during
the second such three (3) month period the Asset Value for each such Unit will be reduced to 70% of Cost. No Unit may be included
in the Eligible Assets as a Spec Unit (including by reclassification of a Presold Unit as a Spec Unit) if after giving effect to
such inclusion any of the provisions of Section 3.1(b) would be exceeded or such inclusion is otherwise not permitted pursuant
to this Agreement.

 

(c)          Model Units.
Each Model Unit may be included in Eligible Assets for not more than thirty-six (36) months from the applicable Unit Eligibility
Date.

 

(d)          Eligibility Date.
Reclassification of Units (for example, from Spec Units to Presold Units) will not change the Unit Eligibility Date for the Unit
in question.

 

(e)          Unit Ineligibility.
Except to the extent permitted in the case of an extension of the Maturity Date to the Holdover Maturity Date pursuant to Section
2.5, in no event may any Unit be included in Eligible Assets beyond the Maturity Date.

 

3.4           Borrowing
Base Report.

 

(a)          Borrowing Base
Report. Within twenty days after the end of each month (the “Designated Month”), Borrower will prepare and
submit to Administrative Agent a Borrowing Base Report for all of the Eligible Assets dated no earlier than the last day of the
Designated Month.

 

(b)          Form of Report
and Certificate. If requested by Administrative Agent, the proposed Borrowing Base Report will be in an electronic format in
compliance with Administrative Agent’s specifications and requirements as in effect from time to time.

 

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(c)          Approval of Borrowing
Base Report. Each proposed Borrowing Base Report shall be subject to adjustment by Administrative Agent based upon (i) Administrative
Agent’s review of such report, (ii) Administrative Agent’s inspections made pursuant to Section 6.11 (as such
inspections may result in any adjustments to reflect any variance between the Borrowing Base Report and/or the Real Estate Inventory
report and the results of such inspections by Administrative Agent), and (iii) such other information as Administrative Agent may
reasonably require in order to verify the Borrowing Base, Eligible Assets, the Asset Value of the Borrowing Base, and all other
amounts and items relating thereto. Each determination by Administrative Agent of the Borrowing Base, Eligible Assets, the Asset
Value of the Borrowing Base, and the amount of each Revolving Loan (and all other amounts and items entering into such determinations),
will be final, conclusive and binding upon Borrower, absent manifest error. The Administrative Agent will use reasonable efforts
to review each Borrowing Base Report and make any adjustments or provide approval within three (3) Business Days after receipt
of each Borrowing Base Report that complies with the requirements of this Section 3.4; provided that Administrative
Agent’s failure to give such notice or delay in giving such notice shall not limit, waive or reduce any of the Obligations.

 

(d)          Failure to Deliver
Borrowing Base Report. In the event that Borrower fails to deliver a Borrowing Base Report as and when required pursuant to
this Agreement, in addition to all rights and remedies of Administrative Agent and without waiving any Event of Default resulting
from such failure, Administrative Agent may compute the Asset Values of the Eligible Assets in the Borrowing Base in Administrative
Agent’s sole and absolute discretion and such determination by Administrative Agent shall be conclusive and immediately effective
unless and until Administrative Agent has approved a Borrowing Base Report submitted by Borrower.

 

3.5          General.

 

(a)          If any Eligible
Asset is sold, materially damaged, destroyed, or becomes subject to any condemnation proceeding, or otherwise becomes not eligible
to be Eligible Assets pursuant to any provision of this Agreement, then such Eligible Asset will no longer be Eligible Assets upon
such sale or upon such Eligible Asset becoming ineligible, as the case may be and Borrower shall repay the Obligations to the extent
required pursuant to Section 2.4(d) within one Business Day or such sale or ineligibility.

 

(b)          Anything in this
Article 3 or the Loan Documents to the contrary notwithstanding, Borrower agrees that (a) no limitation on any Revolving
Loans required or permitted pursuant to this Agreement will limit or otherwise change Borrower’s obligations and liabilities
under the applicable Loan Documents and (b) Borrower will remain obligated to pay all costs, expenses, and fees required to be
paid by Borrower pursuant to this Agreement and the other Loan Documents.

 

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Article
IV.

CONDITIONS PRECEDENT

 

4.1
         Conditions Precedent to Effectiveness of this Agreement.
This Agreement will become effective only upon satisfaction of the following conditions precedent on or before the initial Revolving
Loan, in each case as determined by Administrative Agent:

 

(a)          Representations
and Warranties Accurate. The representations and warranties of the Borrower set forth in this Agreement and in any other Loan
Document shall be true and correct in all material respects (or, in the case of any such representation or warranty already qualified
by materiality, in all respects) on and as of the Effective Date (or, in the case of any such representation or warranty expressly
stated to have been made as of a specific date, as of such specific date).

 

(b)          No Defaults.
No Event of Default or Default shall have occurred and be continuing.

 

(c)          Documents.
Administrative Agent shall have received the following agreements, documents, and instruments, each duly executed (and acknowledged
where applicable) by the parties thereto and in form and substance satisfactory to Administrative Agent and its legal counsel:

 

(i)            Loan
Documents. Executed counterparts of each of this Agreement, each Note, and each Guaranty.

 

(ii)           Formation
Documents. The Organizational Documents of Borrower and each other Loan Party, together with such resolutions, consents and
other documents as Administrative Agent may require to evidence the due formation, valid existence and authority of Borrower and
each other Loan Party.

 

(iii)          Authorization
Documents. Certified copies of resolutions of Borrower and each other Loan Party authorizing Borrower and each other Loan Party
to execute, deliver, and perform its obligations under this Agreement and the other Loan Documents to be executed and delivered
by Borrower or any Loan Party in connection herewith, and certifying the names and signatures of the officers of Borrower and each
Loan Party authorized to execute this Agreement and to request Revolving Loans on behalf of Borrower.

 

(iv)          Good
Standing. Evidence of the good standing of each Loan Party in the jurisdiction of formation of such Loan Party and each other
jurisdictions where the nature of the business and operations of such Loan Party require registration with any Governmental Authority,
except to the extent that failure to do so could not reasonably be expected to have a Material Adverse Change.

 

(v)           Incumbency
Certificates. Incumbency certificates from Borrower and each other Loan Party which shall: (A) identify by name and title,
and bear the signatures of, the Responsible Officers of each such entity and (B) be certified by one of its Responsible Officers
(other than the Responsible Officer signing Loan Documents on behalf of Borrower or any other Loan Party).

 

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(d)          Legal Opinion.
A favorable written opinion of legal counsel to Borrower and each other Loan Party in form and substance reasonably satisfactory
to the Administrative Agent and its counsel.

 

(e)          Closing Certificate.
A certificate signed by a Responsible Officer of the Borrower certifying that (x) the conditions specified in Section 4.2(a)
and (b) have been satisfied and (y) there has been no event or circumstance since December 31, 2020 that has had or could
reasonably be expected to have a Material Adverse Change.

 

(f)           Payoff Letters
and Releases. Payoff letters and other evidence that each of (x) that certain Credit Agreement, dated as of January 15, 2020,
by and among Landsea Homes- WAB 2 LLC, and Western Alliance Bank and (y) Senior Secured Credit Agreement dated February 1, 2018,
by Landsea Homes- WAB LLC, and Western Alliance Bank has been or concurrently with the Effective Date is being terminated and all
Liens securing obligations thereunder, except for Liens permitted under Section 7.2(j), have been or concurrently with the
Effective Date are being released.

 

(g)          Payment of Costs,
Expenses and Fees. Unless waived by Administrative Agent, Borrower shall have paid all outstanding fees, charges and disbursements
of counsel to Administrative Agent (directly to such counsel if requested by Administrative Agent) to the extent invoiced at least
3 Business Days prior to the Effective Date.

 

(h)          KYC / Beneficial
Ownership Certification. (a) Upon the reasonable request of any Lender made at least 15 days prior to the Effective Date, Borrower
shall have provided to such Lender, and such Lender shall be reasonably satisfied with, the documentation and other information
so requested in connection with applicable “know your customer” and anti-money laundering rules and regulations, including
the PATRIOT Act, in each case at least 3 days prior to the Effective Date and (b) at least 3 days prior to the Effective Date,
any Loan Party that qualifies as a “legal entity customer” under the Beneficial Ownership Regulation shall have delivered,
to each Lender that so requests, a Beneficial Ownership Certification in relation to such Loan Party.

 

(i)           Borrowing Base
Report. A duly completed Borrowing Base Report dated as of the Effective Date and calculated as of August 31, 2021, signed
by a Responsible Officer of Borrower.

 

(j)           No Material Adverse
Change. There has been no event or circumstance since December 31, 2020 that has had or could reasonably be expected to have,
either individually or in the aggregate, a Material Adverse Change.

 

4.2          Additional
Conditions Precedent to Credit Extensions. The obligation of each Lender (including the Issuing
Bank) to make a Credit Extension (including its initial Credit Extension) is additionally subject to the satisfaction of the following
conditions:

 

(a)          Defaults.
No Event of Default or Default shall have occurred and be continuing on the date of such Credit Extension, both before and after
giving effect thereto.

 

(b)          Representations
and Warranties. The representations and warranties of the Borrower set forth in this Agreement and in any other Loan Document
shall be true and correct in all material respects (or, in the case of any such representation or warranty already qualified by
materiality, in all respects) on and as of the date of such Credit Extension (or, in the case of any such representation or warranty
expressly stated to have been made as of a specific date, as of such specific date).

 

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(c)          Compliance with
the Borrowing Base. The Administrative Agent shall have received a pro forma Borrowing Base Report dated no earlier than 3
Business Days prior to the date of the applicable Credit Extension.

 

(d)          Compliance with
Covenants. After giving effect to such proposed Credit Extension, (i) the Outstanding Credit Exposure of all the Lenders does
not exceed the Available Loan Commitment; and (ii) Borrower is in compliance with the covenants set forth in Section 7.14
calculated on a pro forma basis.

 

(e)          Draw Request.
Borrower will have delivered to Administrative Agent (and if applicable, the Issuing Bank) a Draw Request for such Revolving Loan
or Letter of Credit.

 

(f)           No Material Adverse
Change. There has been no event or circumstance since December 31, 2020 that has had or could reasonably be expected to have,
either individually or in the aggregate, a Material Adverse Change.

 

Each Draw Request or request
for L/C Credit Extension, as applicable, by the Borrower hereunder and each Credit Extension shall be deemed to constitute a representation
and warranty by the Borrower on and as of the date of the applicable Credit Extension as to the satisfaction of conditions specified
in above in this Section 4.2.

 

4.3          Right
to Waive. Borrower authorizes Administrative Agent and Administrative Agent reserves
the right to verify any documents and information submitted to it in connection with this Agreement. Administrative Agent may elect
to waive any of the conditions precedent and requirements in this Article 4. Any such waiver will be limited to the conditions
precedent and requirements in the applicable Sections of this Article 4. Delay or failure by Administrative Agent to insist on
satisfaction of any condition precedent will not be a waiver of such condition precedent or any other condition precedent. The
making of a Credit Extension will not be deemed a waiver by Administrative Agent of the occurrence of an Event of Default or Default.

 

Article
V.

BORROWER REPRESENTATIONS AND WARRANTIES

 

5.1           Representations
and Warranties. Borrower represents and warrants to Administrative Agent and each Lender that
as of the Effective Date and as of the various other dates specified in this Agreement and the other Loan Documents on which such
representations and warranties are to be accurate, the following:

 

(a)           Formation
and Authorization. Each Loan Party (i) is duly organized or formed, validly existing and, as applicable, in good standing or
active status under the Laws of the jurisdiction of its incorporation or organization and (ii) has requisite power and authority
and all requisite governmental licenses, authorizations, consents and approvals to (x) own or lease its assets and carry on its
business and (y) to execute, deliver, and perform its obligations under the Loan Documents to which it is a party. The execution,
delivery and performance by each Loan Party of the Loan Documents to which it is a party have been duly authorized by all requisite
action by or on behalf of such Loan Party and will not conflict with or result in a violation of or a default under any of the
formation documents of such Loan Party. Set forth in Exhibit B is a true and complete organizational chart of Borrower and
all of its Subsidiaries.

 

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(b)           No Approvals,
etc. No approval, authorization, bond, consent, certificate, franchise, license, permit, registration, qualification, or other
action or grant by or filing with any Governmental Authority or other Person is required in connection with the execution, delivery,
or performance (other than performance which is not yet due) by Borrower of any Loan Document. No approval, authorization, bond,
consent, certificate, franchise, license, permit, registration, qualification, or other action or grant by or filing with any Governmental
Authority or other Person is required in connection with the execution, delivery, or performance (other than performance which
is not yet due) by any Loan Party of any Loan Document.

 

(c)           No Conflicts.
The execution, delivery, and performance by Borrower and, as applicable, each other Loan Party, of the Loan Documents will not
conflict with or result in a violation of or a default under (i) any applicable Law, ordinance, regulation, or rule (federal, state,
or local), (ii) any judgment, order, or decree of any arbitrator, other private adjudicator, or Governmental Authority to which
Borrower or such Loan Party is a party or by which Borrower or such Loan Party is bound, (iii) any of the Approvals and Permits,
or (iv) any agreement, document, or instrument to which Borrower or such Loan Party is a party or by which Borrower or such Loan
Party or any of the assets of Borrower or such Loan Party is bound.

 

(d)          Execution
and Delivery and Binding Nature of Loan Documents. The Loan Documents executed by each Loan Party that is party thereto have
been duly executed and delivered by or on behalf of such Loan Party. The Loan Documents are legal, valid, and binding obligations
of each Loan Party that is party thereto, enforceable in accordance with their terms against each Loan Party that is party thereto,
except as such enforceability may be limited by bankruptcy, insolvency, moratorium, reorganization, or similar laws and by equitable
principles of general application.

 

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

 

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(f)            Litigation.
Except as disclosed to Administrative Agent in writing prior to the date of this Agreement, there are no actions, suits proceedings,
claims or disputes pending or, to the actual knowledge of the Borrower or any Loan Party, threatened, at law, in equity, in arbitration
or before any Governmental Authority, by or against any Loan Party or against any of their properties or revenues that (a) purport
to affect or pertain to this Agreement or any other Loan Document, or any of the transactions contemplated hereby, or (b) either
individually or in the aggregate could reasonably be expected to have a Material Adverse Change.

 

(g)          No Defaults.
No Event of Default or Default has occurred and is continuing.

 

(h)          No Material
Adverse Change. Since December 31, 2020, there has been no event or circumstance that, either individually or in the aggregate,
has or could reasonably be expected to result in a Material Adverse Change.

 

(i)            Approvals
and Permits; Assets and Property. Borrower and each Loan Party has obtained and there are in full force and effect all Approvals
and Permits presently necessary for the conduct of the business of Borrower and each Loan Party, and Borrower and each Loan Party
owns, leases, or licenses all assets necessary for conduct of the business and operations of Borrower and each Loan Party, except
as otherwise permitted pursuant to this Agreement. The assets of each Loan Party are not subject to any Liens and Encumbrances,
other than (i) the Liens and Encumbrances created pursuant to this Agreement or any other Loan Document, and (ii) the Permitted
Exceptions with respect to Subdivisions.

 

(j)             Borrowing Base.
The classification and Asset Value of all Eligible Assets included in the Borrowing Base is true and correct as of the most recent
date of determination and all of the representations and warranties set forth in the most recent Borrowing Base Report as of each
date of determination are true and correct.

 

(l)            Impositions.
Except as otherwise permitted pursuant to Section 6.6, Borrower and each other Loan Party has filed or caused to be filed
all tax returns (federal, state, and local) required to be filed by Borrower or such Loan Party and has paid or caused to be paid
all Impositions and other amounts shown thereon to be due (including, without limitation, any interest or penalties) except for
any failure to so file or to so pay that could not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Change .

 

(m)          Compliance
With Law. Each Loan Party is in compliance in all material respects with the requirements of all applicable Laws and all orders,
writs, injunctions and decrees applicable to it or to its properties, except in such instances in which (x) such requirement of
Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently conducted or (y)
the failure to comply therewith, either individually or in the aggregate, could not reasonably be expected to have a Material Adverse
Change.

 

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(n)          Use of
Proceeds; Margin Stock. The proceeds of the Revolving Loans will be used by Borrower solely for the purposes specified in this
Agreement. None of such proceeds will be used for the purpose of purchasing or carrying any “margin stock” as defined
in Regulation U or G of the Board of Governors of the Federal Reserve System (12 C.F.R. Part 221 and 207), or for the purpose of
reducing or retiring any indebtedness which was originally incurred to purchase or carry margin stock or for any other purpose
which might constitute this transaction a “purpose credit” within the meaning of such Regulation U or G. Borrower is
not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock. Neither Borrower nor any
Person acting on behalf of Borrower has taken or will take any action which might cause this Agreement or any other Loan Document
to violate Regulation U or G or any other regulations of the Board of Governors of the Federal Reserve System or to violate Section
7 of the Securities Exchange Act of 1934, or any rule or regulation thereunder, in each case as now in effect or as the same may
hereafter be in effect. Borrower and its subsidiaries own no “margin stock”.

 

(o)          ERISA Compliance.

 

(i)            Except
as could not reasonably be expected, either individually or in the aggregate, to cause a Material Adverse Change, (i) each Plan
is in compliance with the applicable provisions of ERISA, the Code and other federal or state Laws and (ii) each Plan that is intended
to be a qualified plan under Section 401(a) of the Code has received a favorable determination letter from the IRS to the effect
that the form of such Plan is qualified under Section 401(a) of the Code and the trust related thereto has been determined by the
IRS to be exempt from federal income tax under Section 501(a) of the Code, or an application for such a letter is currently being
processed by the IRS, and, to the knowledge of Borrower, nothing has occurred that would prevent or cause the loss of such tax-qualified
status.

 

(ii)           There
are no pending or, to the knowledge of Borrower, threatened or contemplated claims, actions or lawsuits, or action by any Governmental
Authority, with respect to any Plan that, either individually or in the aggregate, could reasonably be expected to cause a Material
Adverse Change. There has been no prohibited transaction or violation of the fiduciary responsibility rules with respect to any
Plan that, either individually or in the aggregate, has had or could reasonably be expected to cause a Material Adverse Change.

 

(iii)          No
ERISA Event has occurred, and Borrower is not aware of any fact, event or circumstance that, either individually or in the aggregate,
could reasonably be expected to constitute or result in an ERISA Event with respect to any Pension Plan that, either individually
or in the aggregate, has had or could reasonably be expected to cause a Material Adverse Change.

 

(iv)          Except
as could not reasonably be expected, either individually or in the aggregate, to cause a Material Adverse Change, the present value
of all accrued benefits under each Pension Plan (based on those assumptions used to fund such Pension Plan) did not, as of the
last annual valuation date prior to the date on which this representation is made or deemed made, exceed the value of the assets
of such Pension Plan allocable to such accrued benefits by a material amount. As of the most recent valuation date for each Multiemployer
Plan, the potential liability of Borrower or any ERISA Affiliate for a complete withdrawal from such Multiemployer Plan (within
the meaning of Section 4203 or Section 4205 of ERISA), when aggregated with such potential liability for a complete withdrawal
from all Multiemployer Plans could not reasonably be expected, either individually or in the aggregate, to cause a Material Adverse
Change.

 

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(p)          Sanctions; Anti-Corruption.

 

(i)            None
of the Loan Parties or their respective Subsidiaries or any director, officer, employee, agent, or affiliate of thereof is an individual
or entity (“person”) that is, or is owned or controlled by persons that are: (A) the subject of any sanctions
administered or enforced by the U.S. Department of the Treasury’s Office of Foreign Assets Control, the U.S. Department of
State, the United Nations Security Council, the European Union, Her Majesty’s Treasury, or other relevant sanctions authority
(collectively, “Sanctions”), or (B) located, organized or resident in a country or territory that is, or whose
government is, the subject of Sanctions (including, as of the Closing Date, Cuba, Iran, North Korea, Syria, Crimea and the
Donetsk People’s Republic and Luhansk People’s Republic regions of the Ukraine).

 

(ii)           The
Loan Parties, their respective Subsidiaries and their respective directors, officers and employees and, to the knowledge of Borrower,
the agents thereof, are in compliance with all applicable Sanctions and with the Foreign Corrupt Practices Act of 1977, as amended,
and the rules and regulations thereunder (the “FCPA”) and any other applicable anti-corruption law, in all material
respects. Borrower and its Subsidiaries have instituted and maintain policies and procedures designed to ensure continued compliance
with applicable Sanctions, the FCPA and any other applicable anti-corruption laws.

 

(q)          Solvency.
Each Loan Party is Solvent.

 

(r)           Taxes. Each
Loan Party has filed or caused to be filed all tax returns (federal, state, or local) required to be filed by such Loan Party and
has paid all taxes and other amounts shown thereon to be due (including, without limitation, any interest or penalties), except
as may be contested by such Loan Party in good faith and for which adequate reserves have been set aside by such Loan Party.

 

5.2           Representations
and Warranties Upon Delivery of Financial Statements, Documents, and Other Information. Each
delivery by Borrower of financial statements, other documents, or information after the date of this Agreement (including, without
limitation, documents and information delivered in obtaining a Revolving Loan) will be a representation and warranty to Administrative
Agent by Borrower that such financial statements, other documents, or information (other than financial projections) are correct
and complete in all material respects, that there are no material omissions therefrom that result in such financial statements,
other documents, or information being materially incomplete, incorrect, or misleading as of the date thereof, and that such financial
statements accurately present the financial condition and results of operations of the subject thereof as at the dates thereof
and for the periods covered thereby. Each delivery by Borrower of financial projections is a representation and warranty to Administrative
Agent by Borrower that such financial projections have been prepared in accordance with the requirements in this Agreement, are
complete in all material respects as of the date thereof, and are based on Borrower’s best good faith estimates, compiled
and prepared with due diligence, of the matters set forth therein.

 

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Article
VI.

AFFIRMATIVE COVENANTS

 

The following covenants
shall apply until the all Obligations of Borrower are paid and performed in full and Administrative Agent, Issuing Bank and Lenders
have no further obligation to make any Credit Extensions to Borrower or any other Loan Party:

 

6.1
         Corporate Existence. Borrower
agrees that Borrower shall continue to be a corporation validly existing, and in good standing under the laws of the State of
Delaware. Each Loan Party shall continue to be validly existing and in good standing under the laws of the jurisdiction of its
organization, except in a transaction permitted by Section 7.3 or 7.7.

 

6.2           Books
and Records; Access. Borrower agrees that Borrower and its Subsidiaries will maintain a proper
system of accounting in accordance with GAAP and in material conformity with all applicable requirements of any Governmental Authority
having regulatory jurisdiction over such person, as the case may be.

 

6.3           Information
and Statements. Borrower will furnish the following information and statements to Administrative
Agent:

 

(a)           Annual
Statements. Within one hundred twenty (120) days after the close of each Fiscal Year of Borrower (or, if earlier, 5 days
after the date required to be filed with the SEC) a consolidated balance sheet of the Borrower and its Subsidiaries as at the end
of such fiscal year and the related consolidated statements of income or operations, shareholders’ equity and cash flows
for such fiscal year, setting forth in each case in comparative form the figures for the previous fiscal year, audited and accompanied
by a report and opinion of independent public accountants of nationally recognized standing, which report and opinion shall be
prepared in accordance with generally accepted auditing standards (and shall not be subject to any “going concern”
or like qualification, exception or explanatory paragraph or any qualification, exception or explanatory paragraph as to the scope
of such audit) to the effect that such consolidated financial statements present fairly in all material respects the financial
condition, results of operations, shareholders’ equity and cash flows of the Borrower and its Subsidiaries on a consolidated
basis in accordance with GAAP consistently applied.

 

(b)          Quarterly
Financial Statements. Within sixty (60) days after the close of each quarterly period of each Fiscal Year, (or, if earlier,
5 days after the date required to be filed with the SEC), a consolidated balance sheet of the Borrower and its Subsidiaries
as at the end of such fiscal quarter, the related consolidated statements of income or operations, shareholders’ equity and
cash flows for such fiscal quarter and for the portion of the Borrower’s fiscal year then ended, in each case setting forth
in comparative form, as applicable, the figures for the corresponding fiscal quarter of the previous fiscal year and the corresponding
portion of the previous fiscal year, certified by a Responsible Officer of the Borrower as fairly presenting in all material respects
the financial condition, results of operations, shareholders’ equity and cash flows of the Borrower and its Subsidiaries
on a consolidated basis in accordance with GAAP consistently applied, subject only to normal year-end audit adjustments and the
absence of notes.

 

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(c)           Sales
Reports. Within fifteen (15) days after the end of each month, sales reports in form reasonably satisfactory to Administrative
Agent reflecting Borrower’s and the Project Owners’ sales of all residential units in Borrower’s and each Project
Owner’s projects.

 

(d)          Permitted
Senior Debt. As soon as practicable after the finalization thereof (and execution, if applicable), copies of the offering memorandum,
indenture and any other material documents reasonably requested by the Administrative Agent with respect to the Permitted Senior
Debt issued by the Loan Parties.

 

(e)           Borrowing
Base Reports. Monthly, as and when required pursuant to Section 3.4, a Borrowing Base Report.

 

(f)           Compliance
Information. All annual financial statements pursuant to Section 6.3(a) and all quarterly financial statements pursuant to
Section 6.3(b) will also be accompanied by a Compliance Certificate signed by the chief financial officer of Borrower.

 

(g)          Other
Items and Information. Borrower shall also provide such other information concerning Borrower, each Loan Party, the Subdivisions
owned by Borrower and its Subsidiaries, Lots and Units, and the assets, business, financial condition, operations, prospects, and
results of operations of Borrower and the other Loan Parties as Administrative Agent reasonably requests from time to time. Such
other items shall include, without limitation, (i) Borrower’s certification that all Purchase Contracts with respect to Units
included in Eligible Assets satisfy the requirements of this Agreement, (ii) copies of legal descriptions for Real Estate Inventory,
and (iii) title reports or title insurance policies for Real Estate Inventory requested by Administrative Agent and dated no more
than 90 days prior to the date of delivery to Administrative Agent; provided that Administrative Agent will not make such request
under this clause (iii) with respect to a specific Real Estate Inventory more often than once per year, unless an Event of Default
is continuing.

 

(h)           Additional
Notices. Borrower will promptly notify the Administrative Agent and each Lender of:

 

(i)            the
occurrence of any Default;

 

(ii)           the
filing or commencement of any action, suit, investigation or proceeding by or before any arbitrator or Governmental Authority against
or affecting Borrower or any Affiliate thereof, including pursuant to any applicable Environmental Laws, that could reasonably
be expected to be adversely determined, and, if so determined, could reasonably be expected to result in a Material Adverse Change;

 

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(iii)          the
occurrence of any ERISA Event that, either individually or together with any other ERISA Events, could reasonably be expected to
result in a Material Adverse Change;

 

(iv)         notice
of any action arising under any Environmental Law or of any noncompliance by Borrower or any SubsidiaryRestricted
Entity with any Environmental Law or any permit, approval, license or other authorization required thereunder that, if adversely
determined, could reasonably be expected result in a Material Adverse Change;

 

(v)          any
material change in accounting or financial reporting practices by Borrower or any of its Subsidiaries; and

 

(vi)         any
other matter or development that has had or could reasonably be expected to result in a Material Adverse Change.

 

Each notice delivered
under this Section shall be accompanied by a statement of a Responsible Officer of Borrower setting forth the details of the occurrence
requiring such notice and stating what action Borrower has taken and proposes to take with respect thereto.

 

Notwithstanding
the foregoing, (x) the obligations in paragraphs (a) and (b) of this Section 6.3 may be satisfied with
respect to financial information of the Borrower and its Subsidiaries by providing written notice to the Administrative Agent that
the Borrower’s Form 10-K or 10-Q, as applicable, has been filed with the SEC; provided that to the extent such information
is in lieu of information required to be provided under Section 6.01(a), such materials are accompanied by a report
and opinion of an independent registered public accounting firm of nationally recognized standing, which report and opinion shall
be prepared in accordance with generally accepted auditing standards and shall not be subject to any “going concern”
or like qualification or exception or any qualification or exception as to the scope of such audit other than a “going concern”
qualification resulting solely from an upcoming maturity date under the Revolving Facility occurring within one year from the time
such opinion is delivered and (y) the Borrower shall provide prompt written notice to the Administrative Agent with respect to
(i) copies of all annual, regular, periodic and special reports and registration statements not included in clause (x) above
and (ii) copies of each annual report, proxy or financial statement or other report or communication sent to the stockholders of
Borrower, in each case, that the Borrower has filed (or has been required to file) with the SEC under Section 13 or 15(d) of the
Securities Exchange Act of 1934, to the extent not otherwise required to be delivered to Administrative Agent pursuant hereto.

 

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6.4           Law;
Judgments; Material Agreements; Approvals and Permits. Borrower agrees that Borrower will comply with,
and cause each of Borrower’s Subsidiaries to comply with, in all material respects, with all laws, ordinances, regulations, and
rules (federal, state, and local) and all judgments, orders, and decrees of any arbitrator, other private adjudicator, or Governmental
Authority relating to Borrower or any Subsidiary of BorrowerRestricted
Entity, or any Real Estate Inventory, except in circumstances in which such requirement of Law or order, writ, injunction
or decree is being contested in good faith by appropriate proceedings diligently conducted. Borrower also agrees to comply with, and
cause each of Borrower’s Subsidiaries to comply with, all material agreements, documents, and instruments to which Borrower or
any Subsidiary of BorrowerRestricted Entity, is a party
or by which Borrower or, any Subsidiary of BorrowerRestricted
Entity are bound or affected. Borrower will obtain and maintain in effect, and cause each Subsidiary
of BorrowerRestricted Entity to obtain and maintain in effect, from time to time
all Approvals and Permits required for the business activities and operations then being conducted by Borrower and its Subsidiaries and
as may be required to enable Borrower and its Subsidiaries to comply with their respective obligations hereunder and under the other
Loan Documents, except to the extent that failure to do so could not reasonably be expected to have a Material Adverse Change. 

 

6.5          Sanctions;
Anti-Corruption Laws. The Borrower will conduct its businesses in compliance with the FCPA,
and other applicable anti-corruption laws and all applicable Sanctions, and maintain in effect policies and procedures designed to promote
compliance by the Borrower, its Subsidiariesthe
Restricted Entities, and their respective directors, officers, employees, and agents
with applicable Sanctions and with the FCPA and any other applicable anti-corruption laws.

 

6.6           Impositions
and Other Indebtedness. Except for amounts being contested as provided in paragraph (b) of the
definition of Permitted Exceptions, Borrower will pay and discharge (a) before delinquency all Impositions affecting Borrower, any Subsidiary
of BorrowerRestricted Entity or their respective assets, (b) when due all lawful
claims (including, without limitation, claims for labor, materials, and supplies), which, if unpaid, might become a Lien or Encumbrance
upon any of the assets of the Borrower or any of its Subsidiaries, and (c) all its other Indebtedness, when due.

 

6.7           Assets
and Property. Borrower shall, and shall cause each Subsidiary
of BorrowerRestricted Entity to, maintain, keep, and preserve all of its assets
(tangible and intangible) necessary or useful in the proper conduct of its business and operations in good working order and condition,
ordinary wear and tear excepted.

 

6.8          Environmental
Laws. Borrower shall, and shall cause each Subsidiary
of BorrowerRestricted Entity to comply
with all Environmental Laws, and keep its properties free of Hazardous Substances, except where failure to do so could not reasonably
be expected to have a Material Adverse Change. 

 

6.9          Material
Contracts. Borrower shall, and shall cause each Subsidiary
of BorrowerRestricted Entity to, perform and observe all the terms and provisions of
each Material Contract to be performed or observed by it, maintain each such Material Contract in full force and effect, enforce each
such Material Contract in accordance with its terms, take all such action to such end as may be from time to time requested by Administrative
Agent and, upon request of Administrative Agent, make to each other party to each such Material Contract such demands and requests for
information and reports or for action as any Loan Party or any of its Subsidiaries is entitled to make under such Material Contract,
and cause each of its Subsidiaries to do so.

 

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6.10         Maintenance
of Insurance. Borrower shall, and shall cause each Subsidiary of BorrowerRestricted
Entity to, maintain with financially sound and reputable insurance companies, insurance in such amounts and against such risks
as are customarily maintained by companies engaged in the same or similar businesses operating in the same locations.

 

6.11         Rights
of Inspection. Administrative Agent and its agents, employees, representatives and independent
contractors will have the right, in its sole discretion, to (a) enter upon the Real Estate Inventory, during normal business hours
and, if requested by Borrower, accompanied by a representative of Borrower, in order to inspect the Real Estate Inventory, the
Lot Improvements, the Units and all aspects thereof, and (b) access the Borrower’s and each of the Borrower’s Subsidiaries’
respective assets, property, books, records and documents and to audit, copy, examine and make excerpts from such books, records
and documents, in each case, upon reasonable advance notice to Borrower; provided, that when an Event of Default has occurred
and is continuing, Administrative Agent (or its agents, employees, representatives and independent contractors) may do any of
the foregoing at any time during normal business hours and without advance notice. Inspections will be subject to Borrower’s
reasonable and customary safety requirements applicable to active construction sites. Administrative Agent is under no obligation
to perform any such inspections. Borrower may make or cause to be made such other independent inspections as Borrower may desire
for its own protection.

 

6.12         Use
of Proceeds of Revolving Loans. Borrower will use proceeds of Revolving Loans only for the purposes
described in Section 2.4(b).

 

6.13         Further
Assurances. Borrower will execute, acknowledge, and deliver such additional agreements, documents,
and instruments and do or cause to be done such other acts as Administrative Agent may reasonably request from time to time to
effectuate the transactions contemplated by the Loan Documents to which it is a party. Within 10 Business Days of written request
(as may be extended by the Administrative Agent in its discretion), Borrower will provide to Administrative Agent completed requests
for information listing all financing statements that name any Loan Party as debtor, together with copies of such financing statements.

 

6.14         Deposit
Accounts. 

 

(a)           Borrower
shall, and shall cause its Subsidiaries to, maintain Western Alliance Bank as their principal depository bank for (x) accounts
holding all initial disbursements of Loans and (y) certain corporate accounts of Borrower, in each case, to the extent permitted
by law and contractual agreements.

 

(b)           Commencing
on March 31, 2022, and continuing at all times thereafter, with respect to each Lender that is a commercial bank and holds a Commitment
in an aggregate principal amount of at least $40,000,000 (each a “Depository Lender”), as of the end of each
calendar month, Borrower shall maintain, or cause to be maintained, at each such Depository Lender on a pro rata basis as among
such Depository Lenders based upon their Commitments, the average daily free collected balances on deposit in the aggregate equal
to 75% of the amount of Liquidity required to be maintained by Borrower and its Subsidiaries pursuant to Section 7.14(a).
Such deposits may be maintained by Borrower or its Subsidiaries. For purposes of determining compliance with this Section 6.14,
(i) the average daily balance will be measured as of the end of each calendar month,

 

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and in computing the average daily balance,
the five (5) lowest daily balance amounts in such month will be excluded from the calculation, and (ii) such free collected balances
shall include Cash Collateral held by Western Alliance Bank as the Issuing Bank (or as the Administrative Agent) in order to Cash
Collateralize L/C Obligations pursuant to Section 2.5 or Section 2.17 to the extent that such Cash Collateral has
not been applied to the payment of L/C Obligations or other Obligations and without limiting any Loan Party’s obligation
with respect to the pledge and maintenance of such Cash Collateral.

 

6.15        Subsidiaries.

 

(a)           Restricted
Subsidiaries. With each Borrowing Base Report submitted by Borrower to Administrative Agent, Borrower shall identify to Administrative
Agent all new Subsidiaries formed or acquired by a member of the Borrowing Group since the prior Borrowing Base Report was provided
by Borrower. Each Subsidiary, upon its formation or acquisition by a member of Borrowing Group, (i) shall be in compliance with
the terms and conditions of this Agreement and the other Loan Documents, and (ii) shall not cause any Loan Parties to be in violation
of the terms and conditions of this Agreement and the other Loan Documents. Borrower shall update the organizational chart included
in Exhibit B promptly following the completion of the acquisition of any Subsidiary or following the incorporation, organization
or formation of any Subsidiary.

 

(b)           Conditions
to Formation and Acquisition of Subsidiaries. Within 30 days of the incorporation, organization, formation or acquisition of
a Subsidiary, Borrower will perform the following:

 

(i)            Borrower
shall provide to Administrative Agent, with respect to such Subsidiaries the following: 

 

(A)         true
and correct copies of copies of (1) the articles of incorporation or certificate of organization or partnership of such Subsidiary,
together with all amendments, certified by the appropriate governmental officer in its jurisdiction of organization; (2) such Subsidiary’s
bylaws, operating agreement, or partnership agreement (as applicable); and (3) certified resolutions of the board of directors
or actions by the members, managers or partners (as applicable) of such Subsidiary, authorizing the execution and delivery of the
Guaranty Joinder by such Subsidiary; and

 

(B)         a
Guaranty Joinder duly executed and delivered by each such Subsidiary; and 

 

(C)         a
favorable opinion of counsel with respect to such Subsidiary, in form and content reasonably acceptable to Administrative Agent.

 

(c)           Real
Estate Inventory. Unless and until Borrower has satisfied the foregoing requirements of this Section 6.15 with respect
to a Restricted Subsidiary, none of the Unrestricted Cash or Real Estate Inventory owned by such Restricted Subsidiary may be classified
as Eligible Assets.

 

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6.16         Post-Closing
Requirements. Borrower will comply with the requirements set forth on Exhibit I.

 

Article
VII.

BORROWER NEGATIVE COVENANTS

 

The following negative covenants
shall be applicable to Borrower and (as designated) Guarantor until this Agreement has terminated or expired and all Obligations
are paid and performed in full and Administrative Agent, Issuing Bank and Lenders have no further obligation to make any Credit
Extensions to Borrower or any other Loan Party:

 

7.1           Indebtedness.
Borrower will not, nor will it permit any Subsidiary of BorrowerRestricted
Entity to, create, incur, assume or suffer to exist any Indebtedness, except:

 

(a)          Indebtedness under
the Loan Documents and Guarantees of such Indebtedness;

 

(b)         Trade debt incurred
in the ordinary course of business and paid not more than ninety (90) days after the invoice date, or if a payment date is specified
in the applicable invoice within ninety (90) days after such specified payment date;

 

(c)          Indebtedness in respect
of performance bonds, bid bonds, appeal bonds, surety bonds and completion guarantees and similar obligations not in connection
with money borrowed, in each case provided in the ordinary course of business, including those incurred to secure health, safety
and environmental obligations in the ordinary course of business;

 

(d)          Indebtedness (i)
resulting from a bank or other financial institution honoring a check, draft or similar instrument in the ordinary course of business
or (ii) arising under or in connection with cash management services in the ordinary course of business;

 

(e)          Indebtedness existing
on the Effective Date and set forth on Schedule 7.1;

 

(f)           Guarantees of Borrower
or any of its Subsidiaries in respect of Indebtedness otherwise permitted hereunder of Borrower or any of its Subsidiaries;

 

(g)         Obligations (contingent
or otherwise) of Borrower or any Subsidiary existing or arising under any Swap Contract; provided that (i) such obligations
are (or were) entered into by such Person in the ordinary course of business for the purpose of directly mitigating risks associated
with liabilities, commitments, investments, assets, or property held or reasonably anticipated by such Person, or changes in the
value of securities issued by such Person, and not for purposes of speculation or taking a “market view;” and
(ii) such Swap Contract does not contain any provision exonerating the non-defaulting party from its obligation to make payments
on outstanding transactions to the defaulting party;

 

(h)          Indebtedness in respect
of Capitalized Leases and purchase money obligations for fixed or capital assets within the limitations set forth in Section
7.2(k); provided, however, that the aggregate amount of all such Indebtedness at any one time outstanding shall
not exceed $5,000,000; provided, further Borrower or its Affiliates shall be permitted to enter into any model
home lease back in the normal course of business in which Borrower or its Affiliates are a tenant to the extent any such lease
is deemed a Capitalized Lease and such model home leases shall not be subject to the limitation in the preceding clause; or

 

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(i)           Non-Recourse Indebtedness
to the extent permitted under this Agreement; provided, however, that the aggregate amount of all such Indebtedness at any
one time outstanding shall not exceed 10% of Tangible Net Worth as of the last day of any Fiscal Quarter of Borrower; or

 

(j)           The Permitted Senior
Debt of the Loan Parties in an aggregate amount not to exceed $500,000,000; provided that (i) no Default or Event of Default exists
or would result from the incurrence of such Indebtedness, (ii) to the extent the outstanding amount of such Permitted Senior Debt
is in excess of $350,000,000, upon the incurrence of such Indebtedness, the Commitment Amount shall be immediately reduced by Borrower
pursuant to Section 2.1(d) on a dollar for dollar basis by an amount equal to such excess (and for the avoidance of doubt,
the maximum Commitment Amount after giving effect to any increase pursuant to Section 2.14, shall also be reduced by the
same amount), (iii) such Indebtedness shall not mature (or require scheduled amortization) earlier than six months after the Maturity
Date then in effect at the time of incurrence of such Indebtedness and (iv) such Indebtedness shall not be subject to any mandatory
prepayment provisions (other than those related to customary asset sale, change of control or similar event offers) that would
result in prepayment of such Indebtedness prior to such Maturity Date.

 

7.2           Liens.
Borrower will not, nor will it permit any Subsidiary of BorrowerRestricted
Entity to, create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues, whether now owned
or hereafter acquired, other than the following:

 

(a)          With respect to Real
Estate Inventory, the Permitted Exceptions;

 

(b)          Involuntary Liens
for Impositions that are not delinquent and such Liens are being contested in good faith and by appropriate proceedings for which
adequate reserves shall have been established on Borrower’s books in accordance with GAAP;

 

(c)          Inchoate Liens imposed
by law, such as carriers’, warehousemen’s, mechanics’ and materialmen’s Liens and other similar Liens arising
in the ordinary course of business with respect to amounts that are not yet delinquent;

 

(d)          Liens arising out
of pledges or deposits under worker’s compensation laws, unemployment insurance, old age pensions, or other social security
or retirement benefits, or similar legislation;

 

(e)          Bankers’
Liens, rights of setoff and other similar Liens existing solely with respect to cash and Cash Equivalent Investments on deposit in one
or more accounts maintained by Borrower or any Project OwnerRestricted
Entity, in each case in the ordinary course of business in favor of the bank or banks with which such accounts are maintained
provided, that except with respect to Liens in favor of Administrative Agent for the benefit of Lenders, in no case shall any
such Liens secure (either directly or indirectly) the repayment of any Indebtedness;

 

(f)           Liens arising out
of judgments or awards not resulting in an Event of Default; provided that such Liens do not attach to any Eligible Assets;

 

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(g)          Any zoning, building
or similar laws or rights reserved to or vested in any Governmental Authority;

 

(h)         Sale Leaseback Transactions
of Model Units that are permitted under this Agreement;

 

(i)           Liens existing on
the Effective Date and set forth on Schedule 7.2;

 

(j)           Liens securing obligations
that are not Indebtedness on assets that are not included in the Borrowing Base; or

 

(k)          Liens securing Indebtedness
permitted under Section 7.1(h); provided that (i) such Liens do not at any time encumber any property other than
the property financed by such Indebtedness; (ii) such Liens do not attach to any assets included in the Borrowing Base; and (iii)
the Indebtedness secured thereby does not exceed the cost or fair market value, whichever is lower, of the property being acquired
on the date of the acquisition.

 

7.3           Fundamental
Changes. None of the Loan Parties will dissolve, divide or liquidate, nor will Borrower or any SubsidiaryRestricted
Entity become a party to any merger or consolidation or plan of division, or acquire by purchase, lease or otherwise all or
substantially all of the assets or capital stock of any Person; provided that, so long as no Default exists or would result therefrom:

 

(a) (i) any Subsidiary other
than Landsea Homes US may merge or consolidate with Borrower; provided that Borrower shall be the continuing or surviving
Person, (ii) any Subsidiary other than Landsea Homes US may merge or consolidate with Landsea Homes US; provided that Landsea
Homes US shall be the continuing or surviving Person, or (iii) any Subsidiary other than Landsea Homes US may merge or consolidate
with any one or more Subsidiaries; provided that when any Guarantor is merging with another Subsidiary pursuant to this
subsection, the continuing or surviving Person shall be or become a Guarantor; and

 

(b) any Subsidiary (other
than Landsea Homes US), and any Project Owner may Dispose of all or substantially all of its
assets (upon voluntary liquidation or otherwise) to Borrower or to another Subsidiary; provided that if the transferor in
such transaction is a Guarantor, then the transferee must either be Borrower or a Guarantor.

 

7.4           Prohibition
on Amendments to Organizational Documents. Without the prior written consent of Administrative Agent
(which consent may be granted or withheld in the reasonable discretion of the Administrative Agent), Borrower shall not allow any amendments
to be made in the terms of any Organizational Documents of Borrower or any SubsidiaryRestricted
Entity to the extent such amendments would adversely affect any Loan Party’s ability to pay its Obligations hereunder
or materially and adversely impair any rights or remedies of Administrative Agent or any Lender under the Loan Documents or applicable
Laws. 

 

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7.5           Lines
of Business. Borrower (directly or through any other Persons) will not engage in or permit any SubsidiaryRestricted
Entity to engage in any line or lines of business activity other than the Approved Lines of Business.

 

7.6           Dispositions.
Borrower shall not, and shall not permit any Subsidiary of BorrowerRestricted
Entity to, sell or otherwise transfer (whether voluntarily or involuntarily) any Real Estate Inventory of Borrower or such
Subsidiary; provided that the following shall be permitted:

 

(a) Dispositions of obsolete
or worn out property, whether now owned or hereafter acquired, in the ordinary course of business;

 

(b) Dispositions of Real
Estate Inventory in the ordinary course of business;

 

(c) Dispositions of
equipment or real property to the extent that (i) such property is exchanged for credit against the purchase price of similar
replacement property or (ii) the proceeds of such Disposition are reasonably promptly applied to the purchase price of such
replacement property;

 

(d) Dispositions of property
by any Subsidiary to Borrower or to a Wholly-Owned Subsidiary; provided that if the transferor of such property is
a Guarantor, the transferee thereof must either be Borrower or a Guarantor; and

 

(e) Dispositions
permitted by Section 7.3.

 

provided, however,
that any Disposition pursuant to subsections (a) through (e) shall be for fair market value.

 

7.7           Restricted
Payments. Borrower will not, and will not permit any SubsidiaryRestricted
Entity to, declare or make, directly or indirectly, any Restricted Payment, or incur any obligation (contingent or otherwise)
to do so, except that, so long as no Default or Event of Default shall have occurred and be continuing at the time of any action described
below or would result therefrom:

 

(a)          each
SubsidiaryRestricted Entity may make Restricted
Payments to Borrower and any other Person that owns an Equity Interest in such SubsidiaryRestricted
Entity, ratably according to their respective holdings of such Equity Interests in respect of which such Restricted Payment
is being made;

 

(b)          Borrower
and each SubsidiaryRestricted Entity may purchase,
redeem or otherwise acquire Equity Interests issued by it with the proceeds received from the substantially concurrent issue of new common
Equity Interests; and

 

(c)          Borrower may (i)
declare or pay cash dividends or distributions to its shareholders and (ii) purchase, redeem or otherwise acquire for cash its
Equity Interests if, in either such case, after giving effect thereto, (A) no Default or Event of Default shall exist or result
therefrom, (B) Borrower shall be in pro forma compliance with Section 7.14, (C) Borrower’s Net Income (as determined
in accordance with GAAP) for the Fiscal Year in respect of which such dividend or distribution is being made is greater than zero,
and (D) the amount of such dividend or distribution is not greater than such Net Income for such Fiscal Year.

 

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7.8           Investments.
Borrower will not, and will not permit any SubsidiaryRestricted
Entity to, make any Investments, except Permitted Investments.

 

7.9           Transactions
with Affiliates. Borrower will not, and will not permit any SubsidiaryRestricted
Entity to, enter into any transaction of any kind with any Affiliate of Borrower, whether or not in the ordinary course of
business, other than on fair and reasonable terms substantially as favorable to Borrower or such SubsidiaryRestricted
Entity as would be obtainable by Borrower or such SubsidiaryRestricted
Entity at the time in a comparable arm’s-length transaction with a Person other than an Affiliate.

 

7.10         Certain
Restrictive Agreements. Borrower will not, and will not permit any SubsidiaryRestricted
Entity to, enter into any contract or other obligation (other than this Agreement or any other Loan Document) that, directly
or indirectly, limits the ability of (i) any SubsidiaryRestricted
Entity to make Restricted Payments to Borrower or to otherwise transfer property to Borrower or any other Loan Party or (ii)
any SubsidiaryRestricted Entity to Guarantee
Indebtedness of Borrower; provided that this Section shall not restrict customary provisions (a) contained in the documentation governing
Indebtedness permitted to be incurred under Section 7.1(j) if (i) such provisions are no more restrictive than the limitations set forth
herein (taken as a whole, as reasonably determined in good faith by the Borrower), (ii) such provisions do not materially impact the
Borrower’s ability to pay the Obligations as and when due (as reasonably determined in good faith by the Borrower), and (iii) such
provisions expressly permit the guarantees of the Obligations contemplated hereunder, (b) in joint venture agreements and similar agreements
applicable to joint ventures and applicable solely to such joint venture and the capital stock issued thereof, and (c) contained in leases,
subleases, licenses or asset sale agreements or other similar contracts so long as such provisions apply only to the property or assets
subject thereto or the assignment thereof.

 

7.11         Permitted
Activities. Borrower shall not conduct, transact or otherwise engage in any business or operations
other than (i) the ownership of the Equity Interests of Landsea Homes US, (ii) the maintenance of its legal existence, including
the ability to incur fees, costs and expenses relating to such maintenance, (iii) participating in tax, accounting and other administrative
matters as owner of the Equity Interests of the Landsea Homes US and its Subsidiaries and reporting related to such matters, (iv)
the performance of its obligations under and in connection with the Loan Documents, any documentation governing Indebtedness that
is permitted under this Agreement, any refinancing thereof and the other agreements contemplated hereby and thereby, (v) any public
offering of its common stock or any other issuance or registration of its Equity Interests for sale or resale not prohibited by
this Agreement, including the ability to incur costs, fees and expenses related thereto, (vi) incurring fees, costs and expenses
relating to overhead and general operating including professional fees for legal, tax and accounting matters, (vii) providing
indemnification to officers and directors and as otherwise permitted hereunder, (viii) activities incidental to the consummation
of the transactions contemplated under this Agreement, (ix) financing activities, including the issuance of securities, incurrence
of debt, payment of dividends, making contributions to the capital of Landsea Homes US and guaranteeing the obligations of the
Landsea Homes US, (x) any other transaction permitted pursuant to this Agreement, (xi) the ownership of assets permitted by this
Agreement, and (xii) activities incidental to the businesses or activities described in this Section 7.11.

 

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7.12        Sanctions;
Anti-Corruption Use of Proceeds. The Borrower will not, directly or indirectly, use
the proceeds of the Loans or use the Letters of Credit, or lend, contribute or otherwise make available such proceeds to any subsidiary,
joint venture partner or other Person, (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment
or giving of money, or anything else of value, to any Person in violation of the FCPA or any other applicable anti-corruption law,
or (ii) (A) to fund any activities or business of or with any Person, or in any country or territory, that, at the time
of such funding, is, or whose government is, the subject of Sanctions, or (B) in any other manner that would result in a violation
of Sanctions by any Person (including any Person participating in the Loans or Letters of Credit, whether as Administrative Agent,
Issuing Bank, Lender, underwriter, advisor, investor, or otherwise).

 

7.13        Accounting
Changes. Borrower shall not make any change in (a) accounting policies or reporting
practices, except as required by or otherwise in accordance with GAAP, the Financial Accounting Standards Board, the SEC or other
Governmental Authority, or (b) its fiscal year.

 

7.14         Financial
Covenants. Borrower shall not violate any of the following financial covenants: 

 

(a)          Liquidity.
At all times during the term of the Loan, the Borrower and its Subsidiaries shall maintain Liquidity at a minimum of $50,000,000,
tested on a quarterly basis as of the end of each Fiscal Quarter. The first quarterly testing period shall end on December 31,
2021. “Liquidity” means an amount equal to the sum of: (i) Borrower’s and its Subsidiaries’ aggregate
unencumbered and unrestricted cash (including (x) cash deposited with Western Alliance Bank to cash collateralize letters of credit
issued by Western Alliance Bank for the account of Borrower or another Loan Party to the extent such cash has not been applied
to reimbursement and other obligations in respect of such letters of credit and (y) other deposit accounts maintained pursuant
to Section 6.11), (ii) Borrower’s and its Subsidiaries’ aggregate unencumbered and unrestricted cash equivalents
(to the extent consisting of readily marketable securities, excluding “margin stock” within the meaning of Regulation
U of the Board of Governors of the Federal Reserve System, restricted stock and stock subject to the provisions of Rule 144 of
the Securities and Exchange Commission), deemed by Administrative Agent in its sole and absolute discretion to be liquid (provided
that all Cash Equivalent Investments shall be deemed liquid), and (iii) the Undrawn Availability; provided, however,
Liquidity shall only include such cash and other assets held with financial institutions in the United States.

 

(b)          Minimum Tangible
Net Worth. At all times during the term of the Loan, Borrower shall maintain a minimum Tangible Net Worth equal or greater
than the applicable Required Tangible Net Worth, to be tested on a quarterly basis as of the end of each Fiscal Quarter, beginning
as of December 31, 2021.

 

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(c)          Maximum Leverage
Ratio. At all times during the term of the Loan, Borrower shall maintain a Leverage Ratio not greater that the ratios set forth
in the table below for the applicable periods. The Leverage Ratio shall be tested on a quarterly basis as of the end of each Fiscal
Quarter, beginning with the Fiscal Quarter ending on December 31, 2021. The “Leverage Ratio” means the ratio
calculated by taking (a) Consolidated Debt divided by (b) Total Capitalization. “Total Capitalization” means
the sum (without duplication) of (a) Tangible Net Worth, plus (b) Consolidated Debt. The maximum Leverage Ratio shall be as follows:

 

	Fiscal Quarter End	Maximum Leverage Ratio
	December 31, 2021	0.65:1.00
	March 31, 2022 and each Fiscal Quarter thereafter	0.60:1.00

 

(d)          Interest Coverage.
Commencing with the Fiscal Quarter ending December 31, 2021, and continuing at the end of each Fiscal Quarter thereafter, Borrower
shall maintain a ratio of Consolidated EBITDA to Consolidated Interest Expense not less than that set forth in the table below.
The interest only coverage ratio shall be calculated based upon the Consolidated EBITDA and Consolidated Interest Expense for the
applicable preceding consecutive four (4) quarter period.

 

	Fiscal Quarter End	Minimum Interest Coverage
	December 31, 2021	1.50:1.00
	March 31, 2022	1.75:1.00
	June 30, 2022	1.75:1.00
	September 30, 2022	1.75:1.00
	December 31, 2022	1.75:1.00
	March 31, 2023 and each Fiscal Quarter thereafter	2.00:1.00

 

Article
VIII.

EVENTS OF DEFAULT

 

8.1           Events
of Default. Each of the following will be an event of default which entitles Administrative
Agent to exercise the rights and remedies in Section 8.2 (each, an “Event of Default”):

 

(a)          Payment.

 

(i)            Borrower
shall fail to pay any principal of any Revolving Loan when and as the same shall become due and payable, whether at the due date
thereof or at a date fixed for prepayment thereof, on maturity, or otherwise;

 

(ii)           Borrower
shall fail to pay any reimbursement obligation in respect of any L/C Disbursement when and as the same shall become due and payable,
whether at the due date thereof or at a date fixed for prepayment thereof or otherwise;

 

(iii)          Borrower
shall fail to Cash Collateralize L/C Obligations as and when required under this Agreement and the other Loan Documents; or

 

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(iv)         Borrower
shall fail to pay any interest on any Revolving Loan, any L/C Obligation, or any fee or any other amount (other than an amount
referred to in paragraph (i) or (ii) of this Section) payable under this Agreement, any other Loan Document or the
Fee Letter, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of three
(3) or more Business Days.

 

(b)          Negative
Covenants/Financial Covenants. (i) Borrower or any Subsidiary of BorrowerRestricted
Entity shall fail to perform any term, covenant or agreement contained in Article 7 or (ii) Borrower shall breach or
violate any financial covenant contained in Section 7.14.

 

(c)          Other Defaults.
Any Loan Party shall fail to perform any obligation not specifically identified in Section 8.1(a) or 8.1(b) or perform
any other obligation not involving the payment of money, or to comply with any other term or condition applicable to any Loan Party,
under any Loan Document and such failure continues following the expiration of thirty (30) days after written notice of such failure
by the Administrative Agent to Borrower unless Borrower has commenced such cure within such thirty (30) day period, in which event
no Event of Default shall be deemed to have occurred if within such thirty (30) day period Borrower commences a diligent effort
to cure such failure and continues such diligent effort until such failure is fully and completely cured, which in all events must
occur within sixty (60) days of the notice of such failure.

 

(d)          Representations
and Warranties. Any representation or warranty by any Loan Party in any Loan Document is materially false, incorrect, or misleading
as of the date made or received; provided, however, that such breach of a representation or warranty shall not constitute
an Event of Default in the event that (a) such breach is not intentional, (b) such breach is immaterial, and (c) such breach is
remedied in a timely manner and in any event not more than thirty (30) days after the earlier of Administrative Agent’s request
or when a Responsible Officer of the Borrower has actual knowledge of such breach.

 

(e)          Other Indebtedness.
(i) Borrower or any Guarantor shall fail to make any payment when due (whether by scheduled maturity, required prepayment, acceleration,
demand or otherwise) in respect of any Indebtedness (other than Indebtedness under the Loan Documents) or Guarantee of Indebtedness
having an aggregate principal amount of more than $2,500,000, in each case beyond the applicable grace period with respect thereto,
if any; or (ii) Borrower or any Guarantor shall fail to observe or perform any other agreement or condition relating to any such
Indebtedness in clause (i) for Borrower or any Guarantor, or contained in any instrument or agreement evidencing, securing or relating
thereto, or any other event occurs, the effect of which default or other event is to cause, or to permit the holder or holders
or beneficiary or beneficiaries of such Indebtedness (or a trustee or agent on behalf of such holder or holders or beneficiary
or beneficiaries) to cause, with the giving of notice if required, such Indebtedness to become due or to be repurchased, prepaid,
defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness to be
made, prior to its stated maturity.

 

(f)           Involuntary Proceedings.
An involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization
or other relief in respect of Borrower or any other Loan Party or any of their debts, or of a substantial part of any of their
assets, under any Debtor Relief Law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator,
conservator or similar official for Borrower or any other Loan Party or for a substantial part of any of their assets, and, in
any such case, such proceeding or petition shall continue undismissed for a period of sixty (60) or more days or an order or decree
approving or ordering any of the foregoing shall be entered.

 

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(g)          Voluntary Proceedings.
Borrower or any other Loan Party shall (i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization
or other relief under any Debtor Relief Law now or hereafter in effect, (ii) consent to the institution of, or fail to contest
in a timely and appropriate manner, any proceeding or petition described in Section 8.1(f), (iii) apply for or consent to
the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for Borrower or any other Loan
Party or for a substantial part of the assets of Borrower or any other Loan Party, (iv) file an answer admitting the material allegations
of a petition filed against it in any such proceeding, or (v) make a general assignment for the benefit of creditors.

 

(h)          Inability to Pay.
Borrower or any other Loan Party shall become unable, admit in writing its inability or fail generally to pay its debts as they
become due.

 

(i)           Judgments.
There is entered against Borrower or other Loan Party (i) a final judgment or order for the payment of money in an aggregate amount
(as to all such judgments and orders) exceeding $2,500,000 (to the extent not covered by independent third-party insurance as to
which the insurer has been notified of such judgment or order and has not denied or failed to acknowledge coverage), or (ii) a
non-monetary final judgment or order that, either individually or in the aggregate, has or could reasonably be expected to cause
a Material Adverse Change and, in either case, (A) enforcement proceedings are commenced by any creditor upon such judgment or
order, or (B) there is a period of sixty (60) consecutive days during which a stay of enforcement of such judgment, by reason of
a pending appeal or otherwise, is not in effect.

 

(j)           ERISA. An
ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan that has resulted or could reasonably be expected to result
in liability of Borrower under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount that
could reasonably be expected to result in a Material Adverse Change.

 

(k)          Control. A
Change of Control shall occur.

 

(l)           Enforceability.
Any material provision of any Loan Document, at any time after its execution and delivery and for any reason other than as expressly
permitted hereunder or thereunder or satisfaction in full of all Obligations, ceases to be in full force and effect; or Borrower
or any of its Subsidiaries contests in writing the validity or enforceability of any provision of any Loan Document; or Borrower
or any Loan Party denies in writing that it has any or further liability or obligation under any Loan Document, or purports in
writing to revoke, terminate or rescind any Loan Document.

 

(m)         Stock Exchange
Listing. Borrower’s common Equity Interests shall cease to be traded on the New York Stock Exchange, NASDAQ, or other
nationally recognized exchange reasonably acceptable to Required Lenders.

 

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8.2           Remedies.
Upon the occurrence of any Event of Default and at any time thereafter, for so long as such Event of Default is continuing:

 

(a)          the Administrative
Agent may, and at the request of the Required Lenders shall, by notice to Borrower, take any or all of the following actions, at
the same or different times:

 

(i)            terminate
the Commitments, and thereupon the Commitments shall terminate immediately;

 

(ii)           declare
the Obligations then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be
due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Obligations so declared to
be due and payable, together with accrued interest thereon and all fees and other Obligations of Borrower accrued hereunder, shall
become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived
by Borrower;

 

(iii)          require
that the Borrower Cash Collateralize the L/C Obligations as provided in Section 2.17; and

 

(iv)         exercise
on behalf of itself, the Lenders all rights and remedies available to it, the Lenders under the Loan Documents and applicable Law;

 

provided
that, in case of any Event of Default described in Section 8.1(f) or (g), the Commitments shall automatically terminate
and the principal of the Revolving Loans then outstanding, together with accrued interest thereon and all fees and other Obligations
accrued hereunder, shall automatically become due and payable, and the obligation of the Borrower to Cash Collateralize the L/C
Obligations as provided in clause (iii) above shall automatically become effective, in each case without presentment, demand,
protest or other notice of any kind, all of which are hereby waived by the Borrower;

 

(b)          if and to the extent
not previously delivered to Administrative Agent, Borrower will, upon demand of Administrative Agent, deliver to Administrative
Agent all surveys, plans and specifications, building permits, construction contracts and subcontracts, plats and other maps, lien
releases, subdivision reports, annexation documents, declarant’s rights, marketing material and other documents, permits,
licenses and contracts that are necessary to complete construction and marketing of the Lots and Units, and Borrower will, on demand
of Administrative Agent, assign to Administrative Agent such of Borrower’s rights thereunder as Administrative Agent may
request. Administrative Agent shall be entitled to use and rely on all such surveys, plans, specifications, building permits, construction
contracts and subcontracts, plats and other maps and other materials, permits, licenses and contracts without any further authorization
or direction from Borrower and without any further consent from any other Person; and/or

 

(c)          Administrative Agent
may enforce any and all rights and remedies under this Agreement and the other Loan Documents and may pursue all rights and remedies
available at law or in equity.

 

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8.3           [Reserved].

 

8.4           [Reserved].

 

8.5           Protective
Advances. Administrative Agent may at any time, but will not be obligated to, make Protective
Advances which will be deemed to be Revolving Loans hereunder. All Protective Advances, all other advances by Administrative Agent
and the Lenders, and all other charges, costs and expenses, including reasonable attorneys’ fees, incurred or paid by Administrative
Agent and the Lenders in exercising any right, power or remedy conferred by this Agreement or any other Loan Document, or in the
enforcement hereof, or the completion of construction of the Real Estate Inventory, together with interest thereon at the Default
Rate, from the date advanced, paid or incurred until repaid. Any Protective Advance will only occur through Administrative Agent
or at Administrative Agent’s direction and will not be funded directly to Borrower or any of its Affiliates by Administrative
Agent or any Lender. Notwithstanding the foregoing, each Protective Advance and the charges, costs and expenses, including reasonable
attorneys’ fees, incurred or paid by Administrative Agent or Lenders in exercising any right, power or remedy conferred
by this Agreement or any other Loan Document or in the enforcement thereof or the completion of Real Estate Inventory shall be
charged to Borrower pursuant to Section 10.4.

 

8.6           Scheduled
Payments. Administrative Agent, Lenders and Borrower acknowledge that notwithstanding the continuation
of an Event of Default, Borrower may elect to continue to make scheduled payments. Administrative Agent’s acceptance of
any such payments shall not be a waiver of any of Administrative Agent’s or any Lender’s rights and remedies, and
Administrative Agent and the Lenders shall continue to be entitled to all such rights and remedies (including, without limitation,
acceleration and foreclosure).

 

8.7           Application
of Payments.

 

(a)          So long as no Event
of Default has occurred and is continuing, if at any time insufficient funds are received by and available to Administrative Agent
to pay fully all amounts of principal, interest and fees then due hereunder, such funds received shall be applied (i) first towards
payment of fees, indemnities and expense reimbursements then due hereunder to the parties entitled thereto; (ii) second, towards
payment of interest then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and
fees then due to each such parties; (iii) third, towards payment of principal then due hereunder, ratably among the parties entitled
thereof in accordance with the amounts of principal then due to such parties; and (iv) fourth, towards payment of Bank Product
Liabilities then due.

 

(b)          Notwithstanding anything
herein to the contrary, following the occurrence and during the continuance of an Event of Default, and notice thereof to the Administrative
Agent by Borrower or the Required Lenders, all payments received on account of the Obligations shall, subject to Sections 2.17,
shall be applied by the Administrative Agent as follows:

 

(i)            first,
to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees and disbursements
and other charges of counsel payable under Section 10.4 and amounts payable under the Fee Letter) payable to the Administrative
Agent in its capacity as such;

 

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(ii)           second,
to payment of that portion of the Obligations constituting fees, indemnities, interest, and other amounts payable to the Lenders
(other than principal, reimbursement obligations in respect of L/C Disbursements, and L/C Fees, but including fees and disbursements
and other charges of counsel payable under Section 10.4) arising under the Loan Documents, ratably among them in proportion
to the respective amounts described in this paragraph (ii) payable to them;

 

(iii)          third,
(A) to payment of that portion of the Obligations constituting unpaid principal of the Revolving Loans and unreimbursed L/C Disbursements
and (B) to Cash Collateralize that portion of L/C Obligations comprising the undrawn amount of Letters of Credit to the extent
not otherwise Cash Collateralized by the Borrower pursuant to Section 2.17, Section 2.18, or any other provision
of this Agreement, ratably among the Lenders and the Issuing Bank in proportion to the respective amounts described in this clause
(iii) payable to them; provided that (x) any such amounts applied pursuant to subclause (B) above shall be paid
to the Administrative Agent for the ratable account of the Issuing Bank to Cash Collateralize such L/C Obligations, (y) subject
to Section 2.17(c) or 2.18, amounts used to Cash Collateralize the aggregate amount of Letters of Credit pursuant
to this clause (iii) shall be used to satisfy drawings under such Letters of Credit as they occur, and (z) upon the expiration
of any Letter of Credit (without any pending drawings), the pro rata share of Cash Collateral shall be distributed in accordance
with this clause (iii).

 

(iv)          fourth,
to the payment in full of all other Obligations (including Bank Product Liabilities), in each case ratably among the Administrative
Agent and the Lenders based upon the respective aggregate amounts of all such Obligations owing to them in accordance with the
respective amounts thereof then due and payable; and

 

(v)           finally,
the balance, if any, after all Obligations have been indefeasibly paid in full, to Borrower or as otherwise required by Law.

 

If any amount remains on
deposit as Cash Collateral after all Letters of Credit have either been fully drawn or expired (without any pending drawings),
such remaining amount shall be applied to the other Obligations, if any, in the order set forth above.

 

Article
IX.

AGENCY

 

9.1           Appointment
and Authority. Each of the Lenders hereby irrevocably appoints Western Alliance Bank to act
on its behalf as the Administrative Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent
to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof
or thereof, together with such actions and powers as are reasonably incidental thereto. Except as otherwise provided in Section
9.6(b), the provisions of this Article are solely for the benefit of the Administrative Agent, the Lenders, and Borrower shall
not have rights as a third-party beneficiary of any of such provisions. It is understood and agreed that the use of the term “agent”
herein or in any other Loan Documents (or any other similar term) with reference to the Administrative Agent is not intended to
connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable Law. Instead such
term is used as a matter of market custom, and is intended to create or reflect only an administrative relationship between contracting
parties.

 

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

 

9.3           Exculpatory
Provisions.

 

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

 

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

 

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

 

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

 

(b)          The Administrative
Agent shall not be liable for any action taken or not taken by it (i) with the consent or at the request of the Required Lenders
(or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good
faith shall be necessary, under the circumstances as provided in Sections 8.1 and 10.2), or (ii) in the absence of
its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and nonappealable judgment.
The Administrative Agent shall be deemed not to have knowledge of any Default unless and until notice describing such Default is
given to the Administrative Agent in writing by Borrower or a Lender.

 

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(c)          The Administrative
Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation
made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other
document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of
the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity,
enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document,
or (v) the satisfaction of any condition set forth in Article 4 or elsewhere herein, other than to confirm receipt of items
expressly required to be delivered to the Administrative Agent.

 

9.4           Reliance
by Administrative Agent. The Administrative Agent shall be entitled to rely upon, and shall
not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other
writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine
and to have been signed, sent or otherwise authenticated by the proper Person. The Administrative Agent also may rely upon any
statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any
liability for relying thereon. In determining compliance with any condition hereunder to the making of a Revolving Loan or the
issuance, extension, increase, reinstatement or renewal of a Letter of Credit that by its terms must be fulfilled to the satisfaction
of a Lender or the Issuing Bank, the Administrative Agent may presume that such condition is satisfactory to such Lender or the
Issuing Bank unless the Administrative Agent shall have received notice to the contrary from such Lender prior to the making of
such Loan or the issuance of such Letter of Credit. The Administrative Agent may consult with legal counsel (who may be counsel
for Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken
by it in accordance with the advice of any such counsel, accountants or experts.

 

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

 

9.6           Resignation
of Administrative Agent.

 

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(a)          The Administrative
Agent may at any time give notice of its resignation to the Lenders and Borrower. Upon receipt of any such notice of resignation,
the Required Lenders shall have the right, upon approval by the Borrower if no Event of Default then exists, such approval not
to be unreasonably withheld or delayed, to appoint a successor, which shall be a bank with an office in Phoenix, Arizona, or an
Affiliate of any such bank with an office in Phoenix, Arizona. If no such successor shall have been appointed by the Required Lenders
as aforesaid and shall have accepted such appointment within thirty (30) days after the retiring Administrative Agent gives notice
of its resignation (or such earlier day as shall be agreed by the Required Lenders) (the “Resignation Effective Date”),
then the retiring Administrative Agent may (but shall not be obligated to), on behalf of the Lenders, appoint a successor Administrative
Agent meeting the qualifications set forth above; provided that in no event shall any such successor Administrative Agent
be a Defaulting Lender. Whether or not a successor has been appointed, such resignation shall become effective in accordance with
such notice on the Resignation Effective Date.

 

(b)          If the Person serving
as Administrative Agent is a Defaulting Lender pursuant to clause (d) of the definition thereof, the Required Lenders may
and upon the request of the Borrower shall, to the extent permitted by applicable Law, by notice in writing to Borrower and such
Person remove such Person as Administrative Agent and, upon approval by the Borrower if no Event of Default then exists, such approval
not to be unreasonably withheld or delayed, appoint a successor. If no such successor shall have been so appointed by the Required
Lenders and shall have accepted such appointment within thirty (30) days (or such earlier day as shall be agreed by the Required
Lenders) (the “Removal Effective Date”), then such removal shall nonetheless become effective in accordance
with such notice on the Removal Effective Date.

 

(c)          With effect from
the Resignation Effective Date or the Removal Effective Date (as applicable) (i) the retiring or removed Administrative Agent shall
be discharged from its duties and obligations hereunder and under the other Loan Documents and (ii) except for any indemnity payments
owed to the retiring or removed Administrative Agent, all payments, communications and determinations provided to be made by, to
or through the Administrative Agent shall instead be made by or to each Lender directly, until such time, if any, as the Required
Lenders appoint a successor Administrative Agent as provided for above. Upon the acceptance of a successor’s appointment
as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges
and duties of the retiring or removed Administrative Agent (other than any rights to indemnity payments owed to the retiring or
removed Administrative Agent), and the retiring or removed Administrative Agent shall be discharged from all of its duties and
obligations hereunder or under the other Loan Documents. The fees payable by Borrower to a successor Administrative Agent shall
be the same as those payable to its predecessor unless otherwise agreed between Borrower and such successor. After the retiring
or removed Administrative Agent’s resignation or removal hereunder and under the other Loan Documents, the provisions of
this Article and Section 10.4 shall continue in effect for the benefit of such retiring or removed Administrative Agent,
its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while
the retiring or removed Administrative Agent was acting as Administrative Agent.

 

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

 

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9.8           No
Other Duties. Anything herein to the contrary notwithstanding, no Person designated as an “arranger,”
“syndication agent,” “bookrunner” or other title shall have any powers, duties or responsibilities under
this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent, a Lender
hereunder.

 

9.9           Administrative
Agent May File Proofs of Claim. In case of the pendency of any proceeding under any Debtor Relief
Law or any other judicial proceeding relative to Borrower or any other Loan Party, the Administrative Agent (irrespective of whether
the principal of any Revolving Loan or L/C Obligation shall then be due and payable as herein expressed or by declaration or otherwise
and irrespective of whether the Administrative Agent shall have made any demand on Borrower) shall be entitled and empowered (but
not obligated) by intervention in such proceeding or otherwise:

 

(a)          to file and prove
a claim for the whole amount of the principal and interest owing and unpaid in respect of the Revolving Loans, L/C Obligations
and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order
to have the claims of the Lenders and the Administrative Agent (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Lenders and the Administrative Agent and their respective agents and counsel and all other amounts
due the Lenders and the Administrative Agent under Section 10.4) allowed in such judicial proceeding; and

 

(b)          to collect and receive
any monies or other property payable or deliverable on any such claims and to distribute the same in accordance with the terms
of this Agreement and the other Loan Documents;

 

(c)          and any custodian,
receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized
by each Lender to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent
to the making of such payments directly to the Lenders, to pay to the Administrative Agent any amount due for the reasonable compensation,
expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative
Agent under Section 10.4.

 

Nothing contained herein shall be deemed to authorize
the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender any plan of reorganization, arrangement,
adjustment or composition affecting the Obligations or the rights of any Lender.

 

9.10         Bank
Product Liability Arrangements. By reason of a Lender’s
execution of this Agreement or an Assignment and Assumption, as the case may be, any Affiliate of such Lender with whom any Loan
Party has entered into an agreement creating a Bank Product Liability shall be deemed a Lender party hereto for the purposes of
any reference in a Loan Document to the parties for whom the Administrative Agent is acting, it being understood and agreed that
the rights and benefits of such Affiliate under the Loan Document consist exclusively of such Affiliate’s right to share
in payments and collections out of the guaranty as more fully set forth in Section 8.7. In connection with any such distribution
of payments and collections, the Administrative Agent shall be entitled to assume no amounts are due to any Lender or its Affiliate
with respect to any Bank Product Liability unless such Lender has notified the Administrative Agent in writing of the amount of
any such liability owed to it or its Affiliate prior to such distribution.

 

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9.11         Lender
Representation. Each Lender as of the Effective Date represents and warrants as of the Effective
Date (or, if later, as of the date it becomes a Lender) to the Administrative Agent and not, for the avoidance of doubt, for the
benefit of the Borrower or any other Loan Party, that (a) such Lender is not and will not be an employee benefit plan subject
to Title I of ERISA or a plan or account subject to Section 4975 of the Internal Revenue Code; (b) the assets of such Lender do
not constitute “Plan Assets” within the meaning of Section 3(42) of ERISA, or (c) such Lender is not a “Governmental
Plan” within the meaning of Section 3(32) of ERISA.

 

Article
X.

MISCELLANEOUS

 

10.1         Notices
Generally.

 

(a)          Addresses.
Except in the case of notices and other communications expressly permitted to be given by telephone (and except as provided in
paragraph (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered
by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile or email as follows:

 

(i)            if
to Borrower, to it at the address set forth on Exhibit H;

 

(ii)           if
to the Administrative Agent, to it at the address set forth on Exhibit H;

 

(iii)          if
to Issuing Bank, to it at the address set forth on Exhibit H; and

 

(iv)          if
to a Lender, to it at its address (or facsimile number or email address) set forth in its Administrative Questionnaire.

 

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

 

(c)          Electronic Communications.
Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communication (including
e mail, FpML, and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent, provided that
the foregoing shall not apply to notices to any Lender pursuant to Article 2 if such Lender, as applicable,

 

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has notified
the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication. The Administrative
Agent or Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications
pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular notices or
communications.

 

(d)          EMail. Unless
the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received
upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested”
function, as available, return e-mail or other written acknowledgement), and (ii) notices or communications posted to an Internet
or intranet website shall be deemed received upon the deemed receipt by the intended recipient, at its e-mail address as described
in the foregoing clause (i), of notification that such notice or communication is available and identifying the website
address therefor; provided that, for both clauses (i) and (ii) above, if such notice, email or other communication
is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at
the opening of business on the next business day for the recipient.

 

(e)          Change of Address,
etc. Any party hereto may change its address or facsimile number for notices and other communications hereunder by notice to
the other parties hereto.

 

(f)           Platform.

 

(i)            Borrower
agrees that the Administrative Agent may, but shall not be obligated to, make the Communications (as defined below) available to
the other Lenders by posting the Communications on the Platform.

 

(ii)           The
Platform is provided “as is” and “as available.” The Agent Parties (as defined below) do not warrant the
adequacy of the Platform and expressly disclaim liability for errors or omissions in the Communications. No warranty of any kind,
express, implied or statutory, including any warranty of merchantability, fitness for a particular purpose, non-infringement of
third-party rights or freedom from viruses or other code defects, is made by any Agent Party in connection with the Communications
or the Platform. In no event shall the Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”)
have any liability to Borrower, any Lender or any other Person or entity for damages of any kind, including direct or indirect,
special, incidental or consequential damages, losses or expenses (whether in tort, contract or otherwise) arising out of Borrower’s
or the Administrative Agent’s transmission of communications through the Platform. “Communications” means, collectively,
any notice, demand, communication, information, document or other material provided by or on behalf of Borrower pursuant to any
Loan Document or the transactions contemplated therein that is distributed to the Administrative Agent, any Lender by means of
electronic communications pursuant to this Section, including through the Platform.

 

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10.2         Waivers;
Amendments.

 

(a)           No Waiver; Remedies
Cumulative; Enforcement. No failure or delay by the Administrative Agent or any Lender in exercising any right, remedy, power
or privilege hereunder or under any other Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise
of any such right, remedy, power or privilege, or any abandonment or discontinuance of steps to enforce such a right remedy, power
or privilege, preclude any other or further exercise thereof or the exercise of any other right remedy, power or privilege. The
rights, remedies, powers and privileges of the Administrative Agent and the Lenders hereunder and under the Loan Documents are
cumulative and are not exclusive of any rights, remedies, powers or privileges that any such Person would otherwise have.

 

(b)          Enforcement.
Notwithstanding anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies
hereunder and under the other Loan Documents against Borrower and any Loan Party shall be vested exclusively in, and all actions
and proceedings at law in connection with such enforcement shall be instituted and maintained exclusively by, the Administrative
Agent in accordance with Section 8.2 for the benefit of all the Lenders and the Lenders and such Affiliates of Lenders that
may enter into or provide Bank Products hereby so authorize Administrative Agent; provided that the foregoing shall not
prohibit (i) the Administrative Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely
in its capacity as Administrative Agent) hereunder and under the other Loan Documents or (ii) any Lender from exercising setoff
rights in accordance with Section 10.9; provided, further, that if at any time there is no Person acting as
Administrative Agent hereunder and under the other Loan Documents, then (x) the Required Lenders shall have the rights otherwise
provided to the Administrative Agent pursuant to Section 8.2 and (y) in addition to the matters set forth in clauses
(ii) and (iii) of the preceding proviso, any Lender may, with the consent of the Required Lenders, enforce any rights
or remedies available to it and as authorized by the Required Lenders.

 

(c)          Amendments, Etc.
Except as otherwise expressly set forth in this Agreement, no amendment or waiver of any provision of this Agreement or any other
Loan Document, and no consent to any departure by Borrower therefrom, shall be effective unless in writing executed by Borrower
and the Required Lenders, and acknowledged by the Administrative Agent, or by Borrower and the Administrative Agent with the consent
of the Required Lenders, and each such waiver or consent shall be effective only in the specific instance and for the specific
purpose for which given; provided that no such amendment, waiver or consent shall:

 

(i)            Except
as provided in Section 2.7, extend or increase any Commitment of any Lender without the written consent of such Lender (it
being understood that a waiver of any condition precedent set forth in Article 4 or the waiver of any Default or Event of
Default shall not constitute an extension or increase of any Commitment of any Lender);

 

(ii)           reduce
the principal of, or rate of interest specified herein on, any Revolving Loan or any L/C Disbursement or any fees or other amounts
payable hereunder or under any other Loan Document (other than the Fee Letter), without the written consent of each Lender directly
and adversely affected thereby (provided (x) only the consent of the Required Lenders shall be necessary to amend the definition
of “Default Rate” or to waive the obligation of Borrower to pay interest at the Default Rate or to pay any late charge,
and (y) Administrative Agent may make amendments to administratively or operationally implement a replacement Index Rate and make
Benchmark Replacement Conforming Changes pursuant in Section 1.7 of this Agreement without further consent of the Lenders
except as expressly required in Section 1.7);

 

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(iii)          postpone
any date scheduled for any payment of principal of, or interest on, any Revolving Loan or L/C Disbursement, or any fees or other
amounts payable hereunder or under any other Loan Document, or reduce the amount of, waive or excuse any such payment, without
the written consent of each Lender directly and adversely affected thereby;

 

(iv)         change
Sections 2.14, or 8.7 or 10.17 in a manner that would alter the pro rata sharing of payments required thereby
without the written consent of each Lender directly and adversely affected thereby;

 

(v)          waive
any condition set forth in Sections 4.1(a), (b), (c), (d) or (g) without the written consent
of each Lender;

 

(vi)         change
Section 2.5(e) in a manner that would permit the expiration date of any Letter of Credit to occur after the Maturity Date
without the consent of each Lender; 

 

(vii)        change
any provision of this Section or the percentage in the definition of “Required Lenders” or any other provision hereof
specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make any determination
or grant any consent hereunder, without the written consent of each Lender; or

 

(viii)       prior
to the Required Consent Trigger Date, (A) if the Joint Lead Arrangers and Joint Bookrunners (or their Affiliates) are all of the
Lenders, change any provision of Sections 3.1, 3.2, 7.1, 7.7 or 7.14 (or any defined term directly or indirectly used therein),
without the consent of all Lenders; and (B) if the Joint Lead Arrangers and Joint Bookrunners (or their Affiliates) are not all
of the Lenders, change any provision of Sections 3.1, 3.2, 7.1, 7.7 or 7.14 (or any defined term directly or indirectly used therein),
without the consent of (1) Required Lenders and (2) one Lender other than Western Alliance Bank; provided that, from and after
the Required Consent Trigger Date, changes to any of Sections 3.1, 3.2, 7.1, 7.7 or 7.14 (or any defined term directly or indirectly
used therein) will only require consent of the Required Lenders;

 

provided, further, that no amendment,
waiver or consent shall amend, modify or otherwise affect the rights or duties hereunder or under any other Loan Document of the
Administrative Agent or the Issuing Bank, unless in writing executed by the Administrative Agent and the Issuing Bank, as applicable.

 

Nothing herein will limit Administrative Agent’s
rights to determine a replacement Index Rate or implement Benchmark Replacement Conforming Changes pursuant in Section 1.7
of this Agreement.

 

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Notwithstanding anything herein to the contrary,
no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment,
waiver or consent that by its terms requires the consent of all the Lenders or each affected Lender may be effected with the consent
of the applicable Lenders other than Defaulting Lenders, except that (x) the Commitment of any Defaulting Lender may not be increased
or extended, or the maturity of any of its Loan may not be extended, the rate of interest on any of its Loans may not be reduced
and the principal amount of any of its Loans may not be forgiven, in each case without the consent of such Defaulting Lender and
(y) any amendment, waiver or consent requiring the consent of all the Lenders or each affected Lender that by its terms affects
any Defaulting Lender more adversely than the other affected Lenders shall require the consent of such Defaulting Lender).

 

In addition, notwithstanding anything in this
Section to the contrary, if the Administrative Agent and Borrower shall have jointly identified an obvious error or any error or
omission of a technical nature, in each case, in any provision of the Loan Documents, then the Administrative Agent and Borrower
shall be permitted to amend such provision, and, in each case, such amendment shall become effective without any further action
or consent of any other party to any Loan Document if the same is not objected to in writing by the Required Lenders to the Administrative
Agent within ten (10) Business Days following receipt of notice thereof.

 

10.3         Guaranty
Matters. The Lenders irrevocably authorize the Administrative Agent, at its option and in its
discretion:

 

(a)           Releases.
To release the Guaranty of any Loan Party (i) upon termination of the Commitments and payment in full of all Obligations (other
than contingent indemnification obligations for which no claim has been asserted), (ii) with respect to any Loan Party that is
sold or otherwise disposed of or to be sold or otherwise disposed of as part of or in connection with any sale or other disposition
permitted (or not prohibited) hereunder or under any other Loan Document, or (iii) if approved, authorized or ratified in writing
by the Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the Loan Document
or other Loan Documents).

 

Upon request by the Administrative
Agent at any time, the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein
or in the other Loan Documents) shall confirm in writing the Administrative Agent’s authority to release any Loan Party from
its obligations under any applicable Loan Document or to enter into other agreements pursuant to this Section 10.3. In each
case as specified in this Section 10.3, the Administrative Agent shall, at Borrower’s expense, execute and deliver
to the applicable Loan Party such documents as such Loan Party may reasonably request to release a Loan Party from its obligations
under any Loan Document, in each case in accordance with the terms of the Loan Documents and this Section 10.3.

 

10.4         Expenses;
Indemnity; Damage Waiver.

 

(a)          Costs, Expenses,
and Fees. Borrower agrees to pay the fees separately agreed to in writing between Borrower and the Administrative Agent, including,
without limitation, the fees set forth in the Fee Letter. In addition, Borrower agrees to pay on demand all reasonable out-of-pocket
costs, expenses, and fees of the Administrative Agent and the Issuing Bank (including, without limitation, reasonable fees, charges
and disbursements of counsel for Administrative Agent, any Lender or any Issuing Bank pursuant to the Loan Documents): (i) in the
negotiation, execution, delivery, administration and modification of the Loan Documents and in connection with the issuance, amendment,

 

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extension, reinstatement or renewal of any Letter of Credit or any demand for payment thereunder, and (ii) in inspecting
the Borrowing Base assets, including the evaluation of proposed Eligible Assets and Real Estate Inventory, and otherwise including
new Real Estate Inventory in the Borrowing Base. In addition, Borrower agrees to pay on demand all reasonable costs, expenses,
and fees of the Administrative Agent and the Lenders (including, without limitation, reasonable fees, charges and disbursements
of counsel for Administrative Agent and the Lenders pursuant to the Loan Documents): (A) in the modification or enforcement of
the Loan Documents and exercise of the rights and remedies of the Administrative Agent, the Issuing Bank, and the Lenders; (B)
in defense of the legality, validity, binding nature, and enforceability of the Loan Documents or any Letter of Credit; (C) otherwise
in relation to the enforcement of the rights and remedies of the Administrative Agent, the Issuing Bank, and the Lenders under
the Loan Documents; and (D) in preparing for the foregoing, whether or not any legal proceeding is brought or other action is taken.
Such costs, expenses, and fees will include, without limitation, all such reasonable costs, expenses, and fees incurred in connection
with any court proceedings (whether at the trial or appellate level). Revised Statutes Section 12-341.01 shall not be applicable
to disputes arising under this Agreement or the other Loan Documents.

 

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

 

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(c)          Reimbursement
by Lenders. To the extent that Borrower for any reason fails to indefeasibly pay any amount required under Section 10.4(a)
or (b) to be paid by it to the Administrative Agent (or any sub-agent thereof), any Related Party of any of the foregoing,
each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent), such Related Party, as the case may be,
such Lender’s pro rata share (determined as of the time that the applicable unreimbursed expense or indemnity payment is
sought based on each Lender’s Applicable Percentage at such time) of such unpaid amount (including any such unpaid amount
in respect of a claim asserted by such Lender); provided that the unreimbursed expense or indemnified loss, claim, damage,
liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent (or any such sub-agent),
or against any Related Party of any of the foregoing acting for the Administrative Agent (or any such sub-agent).

 

(d)          Waiver of Consequential
Damages, Etc. To the fullest extent permitted by applicable Law, Borrower shall not assert, and hereby waives, any claim against
any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual
damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document, any Letter of Credit or
any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Revolving Loan or Letter
of Credit or the use of the proceeds thereof. No Indemnitee referred to in paragraph (b) above shall be liable for any damages
arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications,
electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions
contemplated hereby or thereby.

 

(e)          Payments.
All amounts due under this Section shall be payable not later than thirty (30) days after demand therefor.

 

(f)           Survival.
Each party’s obligations under this Section shall survive the termination of the Loan Documents and payment of the obligations
hereunder.

 

10.5         Successors
and Assigns.

 

(a)           Successors and
Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and
their respective successors and assigns permitted hereby, except that Borrower may not assign or otherwise transfer any of its
rights or obligations hereunder without the prior written consent of the Administrative Agent and each Lender, and no Lender may
assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions
of Section 10.5(b), (ii) by way of participation in accordance with the provisions of Section 10.5(d), or (iii) by
way of pledge or assignment of a security interest subject to the restrictions of Section 10.5(e) (and any other attempted
assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed
to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants
to the extent provided in Section 10.5(d) and, to the extent expressly contemplated hereby, the Related Parties of each
of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.

 

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(b)          Assignments by
Lenders. Any Lender may at any time assign to one or more assignees all or a portion of its rights and obligations under this
Agreement (including all or a portion of its Commitment and the Loans at the time owing to it); provided that any such assignment
shall be subject to the following conditions:

 

(i)            Minimum
Amounts.

 

(A)         in
the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and/or the Loans at the
time owing to it or contemporaneous assignments to related Approved Funds (determined after giving effect to such
assignments) that equal at least the amount specified in Section 10.5(b)(i)(B) in the aggregate or in the case of an
assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and

 

(B)          in
any case not described in Section 10.5(b)(i)(A), the aggregate amount of the Commitment (which for this purpose includes
Loans outstanding thereunder) or, if the Commitment is not then in effect, the principal outstanding balance of the Revolving Loans
of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to
such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption,
as of the “Trade Date”) shall not be less than $10,000,000, unless each of the Administrative Agent and, so long as
no Default or Event of Default has occurred and is continuing, Borrower otherwise consents (each such consent not to be unreasonably
withheld or delayed).

 

(ii)           Proportionate
Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s
rights and obligations under this Agreement with respect to the Loan or the Commitment assigned.

 

(iii)          Required
Consents. No consent shall be required for any assignment except to the extent required by Section 10.5(b)(i)(B) and,
in addition:

 

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

 

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

 

(iv)          Assignment
and Assumption. The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption,
together with a processing and recordation fee of $3,500.00; provided that the Administrative Agent may, in its sole discretion,
elect to waive such processing and recordation fee in the case of any assignment. The assignee, if it is not a Lender, shall deliver
to the Administrative Agent an Administrative Questionnaire.

 

(v)           No
Assignment to Certain Persons. No such assignment shall be made to (A) Borrower or any of Borrower’s Affiliates or Subsidiaries
or (B) to any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder, would constitute
a Defaulting Lender or a Subsidiary thereof.

 

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

 

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

 

Subject to acceptance and recording
thereof by the Administrative Agent pursuant to Section 10.5(c), from and after the effective date specified in each Assignment
and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such
Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder
shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement
(and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this
Agreement,

 

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such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 2.10
and 10.5 with respect to facts and circumstances occurring prior to the effective date of such assignment; provided,
that except to the extent otherwise expressly agreed by the affected parties, no assignment by a Defaulting Lender will constitute
a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. Any assignment
or transfer by a Lender of rights or obligations under this Agreement that does not comply with this paragraph shall be treated
for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with Section
10.5(d).

 

(c)          Register.
The Administrative Agent, acting solely for this purpose as an agent of Borrower, shall maintain at one of its offices in Phoenix,
Arizona a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses
of the Lenders, and the Commitments of, and principal amounts (and stated interest) of the Loans owing to, each Lender pursuant
to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent
manifest error, and Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register
pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection
by Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice.

 

(d)          Participations.
Any Lender may at any time, without the consent of, or notice to, Borrower or the Administrative Agent, sell participations to
any Person (other than a natural Person, or a holding company, investment vehicle or trust for, or owned and operated for the primary
benefit of, a natural Person, or Borrower or any of Borrower’s Affiliates or Subsidiaries) (each, a “Participant”)
in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment
and/or the Loans owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged,
(ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, and (iii)
Borrower, the Administrative Agent and Lenders shall continue to deal solely and directly with such Lender in connection with such
Lender’s rights and obligations under this Agreement. For the avoidance of doubt, each Lender shall be responsible for the
indemnity under Section 10.5 with respect to any payments made by such Lender to its Participant(s).

 

Any agreement or instrument pursuant to which
a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to
approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument
may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described
in Section 10.2(c)(i), (ii) or (iii) that affects such Participant. Borrower agrees that each Participant
shall be entitled to the benefits of Sections 2.10 and 2.11 (subject to the requirements and limitations therein,
including the requirements under Section 2.11(g) (it being understood that the documentation required under Section 2.11(g)
shall be delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment
pursuant to Section 10.5(b); provided that such Participant (A) agrees to be subject to the provisions of Section
2.12 as if it were an assignee under paragraph (b) of this Section and (B) shall not be entitled to receive any
greater payment under Section 2.10 or 2.11, with respect to any participation, than its participating Lender would
have been entitled to receive,

 

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except to the extent such entitlement to receive a greater payment results from a Change in Law
that occurs after the Participant acquired the applicable participation. Each Lender that sells a participation agrees, at Borrower’s
request and expense, to use reasonable efforts to cooperate with Borrower to effectuate the provisions of Section 2.12(b)
with respect to any Participant. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary
agent of Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and
stated interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant
Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant
Register (including the identity of any Participant or any information relating to a Participant’s interest in any commitments,
loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure
is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section
5f.103-1(c) and Proposed Section 1.163-5(b) of the United States Treasury Regulations. The entries in the Participant Register
shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register
as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance
of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant
Register.

 

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

 

10.6         Survival.
All covenants, agreements, representations and warranties made by Borrower herein and in any Loan Document or other documents
delivered in connection herewith or therewith or pursuant hereto or thereto shall be considered to have been relied upon by the
other parties hereto and shall survive the execution and delivery hereof and thereof and the making of the Revolving Loans hereunder,
regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent
or any Lender may have had notice or knowledge of any Default at the time of any Revolving Loan, and shall continue in full force
and effect as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied or any Letter of Credit shall
remain outstanding and so long as the Commitments have not expired or been terminated. The provisions of Sections 2.10, 2.11,
10.5, 10.16 and Article 9 shall survive and remain in full force and effect regardless of the consummation of the transactions
contemplated hereby, the payment in full of the Obligations, the expiration or termination of the Letters of Credit and the Commitments
or the termination of this Agreement or any provision hereof.

 

10.7         Counterparts;
Integration; Effectiveness; Electronic Execution.

 

(a)          Counterparts;
Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto in different counterparts),
each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement
and the other Loan Documents, and any separate letter agreements with respect to fees payable to the Administrative Agent, constitute
the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings,
oral or written, relating to the subject matter hereof. Except as provided in Section 4.1, this Agreement shall become effective
when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts
hereof that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed counterpart
of a signature page of this Agreement by facsimile or in electronic (e.g., “pdf” or “tif”) format shall
be effective as delivery of a manually executed counterpart of this Agreement.

 

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

 

10.8         Severability.
If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable, (a) the legality,
validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or
impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable
provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable
provisions. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision
in any other jurisdiction. Without limiting the foregoing provisions of this Section, if and to the extent that the enforceability
of any provision of this Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good
faith by the Administrative Agent, then such provision shall be deemed to be in effect only to the extent not so limited.

 

10.9         Right
of Setoff. In addition to, and without limitation of, any rights of the Lenders under applicable
Law, if an Event of Default occurs and is continuing, any and all deposits (including all account balances, whether provisional
or final and whether or not collected or available) and any other Indebtedness at any time owing by any Lender or any Affiliate
of any Lender to or for the credit or account of Borrower may be offset and applied toward the payment of the Obligations owing
to such Lender, whether or not the Obligations, or any part thereof, shall then be due; provided, however, that no Lender will
exercise any right of setoff unless Administrative Agent consents to such exercise, or requires such exercise in Administrative
Agent’s sole and absolute discretion and any Lender that exercises a right of setoff without such consent or requirement
hereby agrees to indemnify Administrative Agent and each other Lender for, from and against any loss, liability, claims, damages,
costs and expenses arising from the exercise of such right of setoff.

 

10.10       Governing
Law; Jurisdiction; Etc.

 

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

 

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

 

(c)          Waiver of Venue.
Borrower irrevocably and unconditionally waives, to the fullest extent permitted by applicable Law, any objection that it may now
or hereafter have to the laying of venue of any action or proceeding arising out of or relating to this Agreement or any other
Loan Document in any court referred to in Section 10.10(b). Each of the parties hereto hereby irrevocably waives, to the
fullest extent permitted by applicable Law, the defense of an inconvenient forum to the maintenance of such action or proceeding
in any such court.

 

(d)          Service of Process.
Each party hereto irrevocably consents to service of process in the manner provided for notices in Section 10.1. Nothing
in this Agreement will affect the right of any party hereto to serve process in any other manner permitted by applicable Law.

 

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

 

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10.12      JUDICIAL REFERENCE.
IN THE EVENT ANY LEGAL PROCEEDING IS FILED IN A COURT OF THE STATE OF CALIFORNIA (THE “COURT”) BY OR AGAINST ANY PARTY
HERETO IN CONNECTION WITH ANY CONTROVERSY, DISPUTE OR CLAIM DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT
OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY) (EACH, A “CLAIM”) AND
THE WAIVER SET FORTH IN SECTION 10.10 IS NOT ENFORCEABLE IN SUCH ACTION OR PROCEEDING, THE PARTIES HERETO AGREE AS FOLLOWS:

 

(a)          WITH THE EXCEPTION
OF THE MATTERS SPECIFIED IN PARAGRAPH (B) BELOW, ANY CLAIM WILL BE DETERMINED BY A GENERAL REFERENCE PROCEEDING IN ACCORDANCE
WITH THE PROVISIONS OF CALIFORNIA CODE OF CIVIL PROCEDURE SECTIONS 638 THROUGH 645.1. THE PARTIES INTEND THIS GENERAL REFERENCE
AGREEMENT TO BE SPECIFICALLY ENFORCEABLE IN ACCORDANCE WITH CALIFORNIA CODE OF CIVIL PROCEDURE SECTION 638. EXCEPT AS OTHERWISE
PROVIDED IN THE LOAN DOCUMENTS, VENUE FOR THE REFERENCE PROCEEDING WILL BE IN THE STATE OR FEDERAL COURT IN THE COUNTY OR DISTRICT
WHERE VENUE IS OTHERWISE APPROPRIATE UNDER APPLICABLE LAW.

 

(b)          THE FOLLOWING MATTERS
SHALL NOT BE SUBJECT TO A GENERAL REFERENCE PROCEEDING: (I) NON-JUDICIAL FORECLOSURE OF ANY SECURITY INTERESTS IN REAL OR PERSONAL
PROPERTY, (II) EXERCISE OF SELF-HELP REMEDIES (INCLUDING, WITHOUT LIMITATION, SET-OFF), (III) APPOINTMENT OF A RECEIVER AND (IV)
TEMPORARY, PROVISIONAL OR ANCILLARY REMEDIES (INCLUDING, WITHOUT LIMITATION, WRITS OF ATTACHMENT, WRITS OF POSSESSION, TEMPORARY
RESTRAINING ORDERS OR PRELIMINARY INJUNCTIONS). THIS AGREEMENT DOES NOT LIMIT THE RIGHT OF ANY PARTY TO EXERCISE OR OPPOSE ANY
OF THE RIGHTS AND REMEDIES DESCRIBED IN CLAUSES (I)-(IV) AND ANY SUCH EXERCISE OR OPPOSITION DOES NOT WAIVE THE RIGHT OF ANY PARTY
TO A REFERENCE PROCEEDING PURSUANT TO THIS AGREEMENT.

 

(c)          UPON THE WRITTEN
REQUEST OF ANY PARTY, THE PARTIES SHALL SELECT A SINGLE REFEREE, WHO SHALL BE A RETIRED JUDGE OR JUSTICE. IF THE PARTIES DO NOT
AGREE UPON A REFEREE WITHIN TEN (10) DAYS OF SUCH WRITTEN REQUEST, THEN, ANY PARTY MAY REQUEST THE COURT TO APPOINT A REFEREE PURSUANT
TO CALIFORNIA CODE OF CIVIL PROCEDURE SECTION 640(B). A REQUEST FOR APPOINTMENT OF A REFEREE MAY BE HEARD ON AN EX PARTE OR EXPEDITED
BASIS, AND THE PARTIES AGREE THAT IRREPARABLE HARM WOULD RESULT IF EX PARTE RELIEF IS NOT GRANTED.

 

(d)         ALL PROCEEDINGS AND
HEARINGS CONDUCTED BEFORE THE REFEREE, EXCEPT FOR TRIAL, SHALL BE CONDUCTED WITHOUT A COURT REPORTER, EXCEPT WHEN ANY PARTY SO
REQUESTS, A COURT REPORTER WILL BE USED AND THE REFEREE WILL BE PROVIDED A COURTESY COPY OF THE TRANSCRIPT. THE PARTY MAKING SUCH
REQUEST SHALL HAVE THE OBLIGATION TO ARRANGE FOR AND PAY COSTS OF THE COURT REPORTER, PROVIDED THAT SUCH COSTS, ALONG WITH THE
REFEREE’S FEES, SHALL ULTIMATELY BE BORNE BY THE PARTY WHO DOES NOT PREVAIL, AS DETERMINED BY THE REFEREE.

 

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(e)          THE REFEREE MAY REQUIRE
ONE OR MORE PREHEARING CONFERENCES. THE PARTIES HERETO SHALL BE ENTITLED TO DISCOVERY, AND THE REFEREE SHALL OVERSEE DISCOVERY
IN ACCORDANCE WITH THE RULES OF DISCOVERY, AND MAY ENFORCE ALL DISCOVERY ORDERS IN THE SAME MANNER AS ANY TRIAL COURT JUDGE IN
PROCEEDINGS AT LAW IN THE STATE OF CALIFORNIA. THE REFEREE SHALL APPLY THE RULES OF EVIDENCE APPLICABLE TO PROCEEDINGS AT LAW IN
THE STATE OF CALIFORNIA AND SHALL DETERMINE ALL ISSUES IN ACCORDANCE WITH APPLICABLE STATE AND FEDERAL LAW. THE REFEREE SHALL BE
EMPOWERED TO ENTER EQUITABLE AS WELL AS LEGAL RELIEF AND RULE ON ANY MOTION WHICH WOULD BE AUTHORIZED IN A TRIAL, INCLUDING, WITHOUT
LIMITATION, MOTIONS FOR DEFAULT JUDGMENT OR SUMMARY JUDGMENT. THE REFEREE SHALL REPORT HIS DECISION, WHICH REPORT SHALL ALSO INCLUDE
FINDINGS OF FACT AND CONCLUSIONS OF LAW.

 

(f)           THE PARTIES RECOGNIZE
AND AGREE THAT ALL CLAIMS RESOLVED IN A GENERAL REFERENCE PROCEEDING PURSUANT HERETO WILL BE DECIDED BY A REFEREE AND NOT BY A
JURY.

 

10.13       Headings.
Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this
Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.

 

10.14      Public
Information. Borrower hereby acknowledges that certain of the Lenders (each, a “Public
Lender”) may have personnel who do not wish to receive material non-public information
with respect to Borrower or its Affiliates, or the respective securities of any of the foregoing, and who may be engaged in investment
and other market-related activities with respect to such Persons’ securities. At the request of the Administrative Agent,
Borrower hereby agrees that it will use commercially reasonable efforts to identify that portion of the materials and information
provided by or on behalf of Borrower hereunder and under the other Loan Documents (collectively, “Borrower Materials”)
that may be distributed to the Public Lenders and that (i) all such Borrower Materials shall be clearly and conspicuously marked
“PUBLIC,” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first
page thereof; (ii) by marking Borrower Materials “PUBLIC,” the Borrower shall be deemed to have authorized the Administrative
Agent, the Issuing Banks and the Lenders to treat such Borrower Materials as not containing any material non-public information
with respect to Borrower or its securities for purposes of U.S. federal and state securities Laws (provided,
however, that to the extent that such Borrower Materials constitute Information,
they shall be subject to Section 10.15); (iii) all Borrower Materials marked
“PUBLIC” are permitted to be made available through a portion of the Platform designated “Public Side Information;”
and (iv) the Administrative Agent shall be entitled to treat any Borrower Materials that are not marked “PUBLIC” as
being suitable only for posting on a portion of the Platform not designated “Public Side Information”. Each Public
Lender will designate one or more representatives that shall be permitted to receive information that is not designated as being
available for Public Lenders.

 

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10.15       Treatment
of Certain Information; Confidentiality. Each of the Administrative Agent, the Lenders agree
to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates
and to its Related Parties (it being understood that the Persons to whom such disclosure is made will be informed of the confidential
nature of such Information and instructed to keep such Information confidential); (b) to the extent required or requested by any
regulatory authority purporting to have jurisdiction over such Person or its Related Parties (including any self-regulatory authority,
such as the National Association of Insurance Commissioners); (c) to the extent required by applicable Laws or by any subpoena
or similar legal process; (d) to any other party hereto; (e) in connection with the exercise of any remedies hereunder or under
any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement or
defense of rights hereunder or thereunder; (f) subject to an agreement containing provisions substantially the same as those of
this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights and
obligations under this Agreement, or (ii) any actual or prospective party (or its Related Parties) to any swap, derivative or
other transaction under which payments are to be made by reference to Borrower and its obligations, this Agreement or payments
hereunder; (g) on a confidential basis to (i) any rating agency in connection with rating Borrower or its Subsidiaries or the
Loan or (ii) the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers with
respect to the Loan; (h) with the consent of Borrower; or (i) to the extent such Information (x) becomes publicly available other
than as a result of a breach of this Section, or (y) becomes available to the Administrative Agent, any Lender or any of their
respective Affiliates on a nonconfidential basis from a source other than Borrower who did not acquire such information as a result
of a breach of this Section. In addition, the Administrative Agent and the Lenders may disclose the existence of this Agreement
and information about this Agreement to market data collectors, similar service providers to the lending industry and service
providers to the Administrative Agent or any Lender in connection with the administration of this Agreement, the other Loan Documents,
and the Commitments.

 

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

 

10.16       USA
PATRIOT ACT. The Administrative Agent and each Lender hereby notifies Borrower that pursuant
to the requirements of the PATRIOT Act, it may be required to obtain, verify and record information that identifies Borrower,
which information includes the name and address of Borrower and other information that will allow the Administrative Agent and
each Lender to identify Borrower in accordance with the PATRIOT Act.

 

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10.17       Sharing
of Payments. If any Lender shall, by exercising any right of setoff or counterclaim or otherwise,
obtain payment in respect of any principal of or interest on any of its Revolving Loans or participations in L/C Disbursements
or other obligations hereunder resulting in such Lender receiving payment of a proportion of the aggregate amount of its Revolving
Loans or participations in L/C Disbursements and accrued interest thereon or other such obligations greater than its pro rata
share thereof as provided herein, then the Lender receiving such greater proportion shall (1) notify the Administrative Agent
of such fact, and (2) purchase (for cash at face value) participations in the Revolving Loans and participations in L/C Disbursements
and such other obligations of the other Lenders, or make such other adjustments as shall be equitable, so that the benefit of
all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest
on their respective Loans and participations in L/C Disbursements and other amounts owing them; provided that:

 

(a)          if any such participations
are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and
the purchase price restored to the extent of such recovery, without interest; and

 

(b)          the provisions of
this paragraph shall not be construed to apply to (i) any payment made by the Borrower pursuant to and in accordance with the express
terms of this Agreement (including the application of funds arising from the existence of a Defaulting Lender), (ii) the application
of Cash Collateral provided for in Section 2.18, or (iii) any payment obtained by a Lender as consideration for the assignment
of or sale of a participation in any of its Loans or participations in L/C Disbursements to any assignee or participant, other
than to the Borrower or any Subsidiary thereof (as to which the provisions of this paragraph shall apply).

 

The Borrower consents to
the foregoing and agrees, to the extent it may effectively do so under applicable Law, that any Lender acquiring a participation
pursuant to the foregoing arrangements subject to Section 10.9, may exercise against the Borrower rights of setoff and counterclaim
with respect to such participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation.

 

10.18       Payments
Set Aside. To the extent that any payment by or on behalf of Borrower is made to the Administrative
Agent, the Issuing Bank, or any Lender, or the Administrative Agent, the Issuing Bank, or any Lender exercises its right of setoff,
and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or
preferential, set aside or required (including pursuant to any settlement entered into by the Administrative Agent, the Issuing
Bank, or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding
under any Debtor Relief Law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended
to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had
not occurred, and (b) each Lender severally agrees to pay to the Administrative Agent upon demand its applicable share (without
duplication) of any amount so recovered from or repaid by the Administrative Agent, plus interest thereon from the date of such
demand to the date such payment is made at a rate per annum equal to the Federal Funds Effective Rate from time to time in effect.

 

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10.19       No
Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction contemplated
hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), Borrower
acknowledges and agrees, and acknowledges its Affiliates’ understanding, that: (a) (i) no fiduciary, advisory or agency
relationship between Borrower and its Subsidiaries and the Administrative Agent, the Issuing Bank, or any Lender is intended to
be or has been created in respect of the transactions contemplated hereby or by the other Loan Documents, irrespective of whether
the Administrative Agent or any Lender has advised or is advising Borrower or any Subsidiary on other matters, (ii) the arranging
and other services regarding this Agreement provided by the Administrative Agent and the Lenders are arm’s-length commercial
transactions between Borrower and its Affiliates, on the one hand, and the Administrative Agent, the Issuing Bank, and the Lenders,
on the other hand, (iii) Borrower has consulted its own legal, accounting, regulatory and tax advisors to the extent that it has
deemed appropriate and (iv) Borrower is capable of evaluating, and understands and accepts, the terms, risks and conditions of
the transactions contemplated hereby and by the other Loan Documents; and (b) (i) the Administrative Agent, the Issuing Bank,
and the Lenders each is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties,
has not been, is not, and will not be acting as an advisor, agent or fiduciary for Borrower or any of its Affiliates, or any other
Person; (ii) none of the Administrative Agent, the Issuing Bank, and the Lenders has any obligation to Borrower or any of its
Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the
other Loan Documents; and (iii) the Administrative Agent, the Issuing Bank, and the Lenders and their respective Affiliates may
be engaged, for their own accounts or the accounts of customers, in a broad range of transactions that involve interests that
differ from those of Borrower and its Affiliates, and none of the Administrative Agent and the Lenders has any obligation to disclose
any of such interests to Borrower or its Affiliates. To the fullest extent permitted by Law, Borrower hereby waives and releases
any claims that it may have against any of the Administrative Agent, and the Lenders with respect to any breach or alleged breach
of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby.

 

10.20      Acknowledgement
Regarding Any Supported QFCs. To the extent that the Loan Documents provide support,
through a guarantee or otherwise, for Swap Contracts or any other agreement or instrument that is a QFC (such support, “QFC
Credit Support” and, each such QFC, a “Supported QFC”),
the parties acknowledge and agree as follows with respect to the resolution power of the FDIC under the Federal Deposit Insurance
Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder,
the “U.S. Special Resolution Regimes”) in respect of such Supported
QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC
may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the
United States):

 

(a)           In the event
a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding
under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any
interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported
QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective
under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest,

 

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obligation and
rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party
or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights
under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against
such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S.
Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state
of the United States. Without limitation of the foregoing, it is understood and agreed that any rights and remedies of the parties
with respect to the Lender if the Lender has failed to perform any of its obligations under the Loan Documents shall in no event
affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.

 

(b)          As used in this Section,
the following terms have the following meanings:

 

(i)            “BHC
Act Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted in accordance
with, 12 U.S.C. 1841(k)) of such party.

 

(ii)           “Covered
Entity” means any of the following:

 

(A)         a
“covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

 

(B)          a
“covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or

 

(C)          a
“covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

 

(iii)          “Default
Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81,
47.2 or 382.1, as applicable.

 

(iv)          “QFC”
has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with,
12 U.S.C. 5390(c)(8)(D).

 

10.21      Keepwell.
Each Loan Party that is a Qualified ECP Guarantor at the time any Guaranty, in each case, by any Specified Loan Party, becomes
effective with respect to any Swap Obligation, hereby jointly and severally, absolutely, unconditionally and irrevocably undertakes
to provide such funds or other support to each Specified Loan Party with respect to such Swap Obligation as may be needed by such
Specified Loan Party from time to time to honor all of its obligations under its Guaranty and the other Loan Documents in respect
of such Swap Obligation (but, in each case, only up to the maximum amount of such liability that can be hereby incurred without
rendering such Qualified ECP Guarantor’s obligations and undertakings under this Section voidable under applicable Law relating
to fraudulent conveyance or fraudulent transfer,

 

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and not for any greater amount). The obligations and undertakings of each Qualified
ECP Guarantor under this Section shall remain in full force and effect until the Obligations have been indefeasibly paid and performed
in full. Each Qualified ECP Guarantor intends this Section to constitute, and this Section shall be deemed to constitute, a guarantee
of the obligations of, and a “keepwell, support, or other agreement” for the benefit of, each Specified Loan Party
for all purposes of the Commodity Exchange Act.

 

10.22       Acknowledgement
and Consent to Bail-In of Affected Financial Institutions. Notwithstanding anything to the contrary
in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges
that any liability of any Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured,
may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and
acknowledges and agrees to be bound by:

 

(a)          the application of
any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder that may
be payable to it by any party hereto that is an Affected Financial Institution; and

 

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

 

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

 

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

 

(e)          the variation of
the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution
Authority.

 

[Signature Pages Intentionally Removed]

 

117Exhibit 10.1

  

  
    EXCHANGE AGREEMENT

     

    This Exchange Agreement (the “Agreement”) executed as of
      December 30, 2022 by and among Stronghold Digital Mining, Inc., a Delaware corporation (the “Company”), and each of the holders named on the executed signature pages hereto
      (collectively, the “Holders”) sets forth the terms and conditions upon which the Company will issue an aggregate of 23,102 shares (the “Shares”) of the Company’s Series C Convertible Preferred Stock, par value $0.0001 per share (the “Series C Preferred Stock”), containing the
      rights, powers and privileges as set forth on Exhibit A hereto (the “Certificate of Designation”), in exchange for the cancellation of $17,893,750.00 of the principal and accrued
      interest outstanding under the Amended and Restated 10.0% Notes due February 15, 2023, as amended, by and between the Company and each of the Holders (the “Exchanged Notes,” and
      such principal and interest representing all of the amounts thereunder owed to the Holders, the “Debt”).

     

    Section
        1.          Exchange.  On the terms and subject to the conditions of this Agreement and in
        reliance upon the representations, warranties and agreements contained herein, the Holders, severally and not jointly, agree to exchange such Holder’s Exchanged Notes, and to release all security interest, liens, guarantees and other rights and
        interests related thereto and deem the Debt to be paid in full and such Holder’s Exchanged Notes terminated, in consideration of and in exchange for issuance by the Company to such Holder of the number of Shares set forth on such Holder’s signature
        page hereto.  Upon satisfaction or waiver, if applicable, of the terms and subject to the conditions of this Agreement, at Closing (as defined below) (i) the Company shall issue the Shares in such amount as set forth on each Holder’s signature page
        hereto and reflect such issuance in the Company’s books and records, and (ii) the amount of Debt as set forth on each Holder’s signature page hereto shall be immediately, automatically and irrevocably canceled and all obligations thereunder shall
        be extinguished and terminated. From the date hereof through the Closing or earlier termination of this Agreement pursuant to Section 8 hereto, no principal or interest shall become due
        or payable with respect to such Exchanged Notes. Immediately after Closing, each of the Holders acknowledge and agree that all guaranties of the Exchanged Notes shall be terminated in connection with the transactions contemplated by this Agreement.

     

    Section 2.          Closing; Conditions to Closing.  The
      closing of the transactions contemplated by this Agreement (the “Closing”) shall occur as promptly as reasonably practicable upon satisfaction or waiver, if applicable, of the
      conditions set forth in this Section 2, and in no event later than the Outside Date (as defined below), or such later date as the Company and the Holders of a majority of the aggregate outstanding principal amounts under the Exchanged Notes
      shall determine by mutual written agreement. The obligations of Company and the Holders hereunder to consummate the transactions contemplated by this Agreement are subject to the satisfaction of each of the following conditions:

     

    	

          	(a)	
            Each of the representations and warranties of each of the Holders and the Company contained in Sections 3 and 4, respectively, of this Agreement shall be true and correct in all material respects on and as of the Closing with the same effect as though such representations and warranties had been made on and as of
              the Closing.

          

     

    	

          	(b)	
            Each of the Company and each of the Holders shall in all material respects have performed, satisfied and complied with all of its respective covenants, agreements and conditions contained in this
              Agreement that are required to be performed, satisfied or complied with by it on or before the Closing.

          

     

    	

          	(c)	
            Within ten calendar days of the date first written above, the Company shall have solicited and obtained the requisite written consent of its stockholders (the “Majority Stockholder Approval”) to approve (i) the adoption and filing with the Secretary of State of the State of Delaware the Certificate of Designation and the subsequent issuance of the Shares, and
              (ii) issuances of more than 20% of the Company’s outstanding shares of Class A common stock, $0.0001 par value per share (the “Class A Common Stock”), and Class V common
              stock, $0.0001 par value per share (the “Class V Common Stock” and together with the Class A Common Stock, the “Common Stock”), upon the conversion of the Series C Preferred Stock, exercise of the Pre-Funded Warrants (as defined below) and exercise of the prior warrants issued by the Company to each of the Holders on each of May 15,
              2022, August 16, 2022 and November 15, 2022, as required by Nasdaq Listing Rules 5635(b) and 5635(d). Upon receipt of the Majority Stockholder Approval, the Company shall have within ten calendar days prepared and caused to be filed a
              preliminary information statement in accordance with the requirements of the rules and regulations promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange
                Act”), and, once cleared through the U.S. Securities and Exchange Commission (the “SEC”) or the SEC shall not have indicated an intent to comment or commented on
              such information statement within ten calendar days of such filing, as applicable, shall have immediately after such clearance or expiration of such ten calendar day period, as applicable, filed and mailed a definitive information statement
              in accordance with the requirements of the rules and regulations promulgated under the Exchange Act.

          

     

    
      
        

    

    
    	

          	(d)	
            The Majority Stockholder Approval shall become effective.

          

     

    	

          	(e)	
            The Company shall have obtained the receipt of any and all government and other necessary consents in connection with the transactions contemplated by this Agreement.

          

     

    	

          	(f)	
            The Certificate of Designation shall have been filed with and accepted by the Secretary of State of the State of Delaware.

          

     

    	

          	(g)	
            The Company shall have paid all legal fees and expenses, including, without limitation, the reasonable and documented legal fees and expenses (excluding taxes) incurred by Adage Capital Partners, LP
              in connection only with the transactions contemplated by this Agreement.

          

     

    	

          	(h)	
            The Company and the Holders shall have executed and delivered a Registration Rights Agreement in a form to be mutually agreed to by the Company and the Holders.

          

     

    	

          	(i)	
            The Class A Common Stock shall continue to be listed, or the Company shall have used its commercially reasonable efforts to ensure such continued listing, on The Nasdaq Global Market.

          

     

    	

          	(j)	
            Within fifteen calendar days of the date first written above, or if such approval as further described below is not obtained after fifteen calendar days of the date first written above, as soon as
              reasonably practicable thereafter with the prior written consent of each of the Holders, the transactions contemplated by this Agreement shall have been approved by The Nasdaq Stock Market LLC and The Nasdaq Stock Market LLC shall not have
              notified the Company of any issues relating to compliance with its listing rules in connection with the transactions contemplated by this Agreement that shall not have been resolved or requested any additional information that shall not have
              been provided.

          

     

    	

          	(k)	
            Neither the Company nor any of its subsidiaries shall (i) have experienced a Material Adverse Effect, (ii) have an order for relief entered with respect to it, (iii) have commenced a voluntary case
              under the U.S. bankruptcy code or under any other similar law now or hereafter in effect, (iv) have consented to the entry of an order for relief in an involuntary case, or to the conversion of an involuntary case to a voluntary case, under
              any such law, (v) have consented to the appointment of or taking possession by a receiver, manager, trustee, examiner or other custodian for all or a substantial part of its property or (vi) have made any assignment for the benefit of
              creditors.

          

     

    	

          	(l)	
            The Company shall remain an SEC-registered public company and shall continue to file reports under the Exchange Act, and the rules and regulations promulgated thereunder.

          

     

    
      2

      
        

    

    	

          	(m)	
            On or prior to the Closing, each Holder shall deliver to the Company a duly executed and properly completed Internal Revenue Service Form W-9 certifying as to a complete exemption from backup
              withholding.

          

     

    	

          	(n)	
            The Company shall issue the Shares in such amount as set forth on each Holder’s signature page hereto and deliver evidence thereof to each Holder.

          

     

    	

          	(o)	
            The Debt representing all of the amounts owed to the Holders shall be canceled in exchange for the Shares.

          

     

    	

          	(p)	
            At the Closing, the Company shall deliver to each Holder a certificate, signed by an authorized officer of the Company, certifying that the representations, warranties and covenants of the Company
              set forth in Section 2(a) and Section 2(b) have been satisfied.

          

     

    	

          	(q)	
             At the Closing, each of the Holders shall deliver to the Company a certificate, signed by an authorized officer of such Holder, certifying that the representations, warranties and covenants of such
              Holder set forth in Section 2(a) and Section 2(b) have been satisfied.

          

     

    Section 3.          Representations and Warranties of the Holders.  Each
      Holder, severally and not jointly, represents and warrants on behalf of itself to the Company, as of the date hereof and as of the date of Closing, that:

     

    	

          	(a)	
            The execution, delivery and performance by the Holder of this Agreement, the documents attached hereto (the “Transaction Documents”)
              to which it is a party and the consummation of the transactions contemplated hereby and thereby are within the powers of the Holder and have been duly authorized by all necessary action on the part of the Holder and no further consent,
              approval or authorization is required by the Holder or its equity owners in order for the Holder to perform its obligations hereunder or thereunder and consummate the transactions contemplated hereby and thereby, including, without
              limitation, the cancellation of the Debt and acceptance of the Shares as contemplated hereunder, and this Agreement constitutes (and the other Transaction Documents to which it is a party will constitute) a valid and binding agreement of the
              Holder, enforceable in accordance with its terms, except  as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of general application affecting enforcement or creditors’ rights generally or  as limited
              by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies.

          

     

    	

          	(b)	
            The execution, delivery and performance by the Holder of this Agreement, the Transaction Documents to which it is a party and the consummation of the transactions contemplated hereby and thereby
              require no order, license, consent, authorization or approval of, or exemption by, or action by or in respect of, or notice to, or filing or registration with, any governmental body, agency or official on the part of the Holder.

          

     

    	

          	(c)	
            The execution, delivery and performance by the Holder of this Agreement, the Transaction Documents to which it is a party and the consummation of the transactions contemplated hereby and thereby, do
              not and will not violate (i) the certificate of formation (or similar constituent document) or limited liability company agreement (or similar constituent document) of the Holder, (ii) any material agreement to which the Holder is a party or
              by which the Holder or any of its property or assets is bound or (iii) any law, rule, regulation, judgment, injunction, order or decree applicable to the Holder.

          

     

    	

          	(d)	
            The Holder is an “accredited investor” within the meaning of Rule 501(a) under the Securities Act of 1933, as amended (the “Securities
                Act”), and an institutional investor with such knowledge, sophistication and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Shares, the pre-funded warrants in
              the form as set forth on Annex B to the Certificate of Designation attached as Exhibit A hereto, which may be issued by the Company to the Holders upon conversion of the Shares (the
              “Pre-Funded Warrants”), and the shares of Class A Common Stock that may be received upon conversion of the Shares or the Pre-Funded Warrants (the “Conversion Shares,” and, collectively with the Shares and the Pre-Funded Warrants, the “Offered Securities”).
              The Holder acknowledges that it understands the risks inherent in an investment in the Offered Securities and that it has the financial ability to fend for itself and bear the economic risk of, and to afford the entire loss of, its investment
              in the Offered Securities.

          

     

    
      3

      
        

    

    	

          	(e)	
            Neither the Holder, nor, to its knowledge, any of its officers, directors, employees, agents, stockholders or partners has either directly or indirectly, including, through a broker or finder
              (i) engaged in any general solicitation or (ii) published any advertisement in connection with the offer and sale of the Offered Securities.

          

     

    	

          	(f)	
            The Holder understands that its investment in the Offered Securities being acquired by the Holder from the Company involves a high degree of risk. The Holder understands that no U.S. federal or state
              agency or any other government or governmental agency has passed on or made any recommendation or endorsement of the Offered Securities being acquired by the Holder from the Company. The Holder represents and warrants that it has read and
              understands the risk factors relating to the Company set forth in the Company’s filings with the SEC prior to the date hereof (the “Company SEC Filings”), under the
              respective “Risk Factors” heading.

          

     

    	

          	(g)	
            The Holder has made its own independent inquiry as to the legal, tax and accounting aspects of the transactions contemplated by this Agreement, and the Holder has not relied on the Company, the
              Company’s legal counsel or the Company’s accounting advisors for legal, tax or accounting advice in connection with the transactions contemplated by this Agreement. The Holder has determined based on its own independent review and due
              diligence investigation of the Company and such professional advice as it deems appropriate that the transactions contemplated by this Agreement, including the cancellation of the Debt and the acquisition and ownership of the Offered
              Securities  is consistent with its financial needs, objectives and condition,  complies and is consistent with all investment policies, guidelines and other restrictions applicable to the Holder, and  is a fit, proper and suitable investment
              for the Holder, notwithstanding the substantial risks inherent in such transactions, including investing in or holding the Offered Securities.

          

     

    	

          	(h)	
            The Holder acknowledges that  it has access to and has reviewed the Company SEC Filings to the extent it deems necessary and appropriate to make an investment decision regarding the transactions
              contemplated in this Agreement and  it is relying only upon its own independent review and due diligence investigation of the Company and its review of the information contained in the Company SEC Filings and the representations and
              warranties of Company in this Agreement and it is not relying upon any other information furnished by the Company or any of its officers, directors or representatives. The Holder represents that it has had an opportunity to discuss the
              Company’s business, management, financial affairs with the Company’s management and to obtain any additional information it deemed necessary. Holder represents that it has been furnished with all materials and information requested by either
              Holder or others representing the Holder. The Holder understands and acknowledges that there may exist material non-public information regarding the Company and its business, prospects and liquidity position that has not been disclosed by the
              Company in the Company SEC Filings and, unless the Holder expressly requested such information, has not been furnished to the Holder. The Holder understands that its acquisition of the Offered Securities involves a high degree of risk.

          

     

    	

          	(i)	
            The Holder covenants that neither it nor any person acting on behalf of or pursuant to any understanding with it will engage in any transactions in the securities of Company (including “short sales,”
              as defined in Rule 200 of Regulation SHO under the Exchange Act) prior to the time that the transactions contemplated by this Agreement are publicly disclosed by the Company.

          

     

    
      4

      
        

    

    	

          	(j)	
            There is no investment banker, broker, finder or other intermediary which has been retained by, will be retained by or is authorized to act on behalf of the Holder who might be entitled to any fee or
              commission from Company or the Holder upon consummation of the transactions contemplated by this Agreement.

          

     

    	

          	(k)	
            The Holder understands that the Offered Securities have not been, and will not be, registered under the Securities Act, by reason of a specific exemption from the registration provisions of the
              Securities Act which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of the Holder’s representations as expressed herein. The Holder understands that the Offered Securities are “restricted
              securities” under applicable U.S. federal and state securities laws and that, pursuant to these laws, the Holder must hold the Offered Securities indefinitely unless they are registered with the SEC and qualified by state authorities, or an
              exemption from such registration and qualification requirements is available. The Holder acknowledges that the Company has no obligation to register or qualify the Offered Securities for resale except as may be set forth in the Registration
              Rights Agreement. The Holder represents that it is familiar with Rule 144 promulgated under the Securities Act or any similar rule or regulation hereafter adopted by the SEC having substantially the same effect as such rule (“Rule 144”), and understands the resale limitations imposed thereby and by the Securities Act. The Holder further acknowledges that if an exemption from registration or
              qualification is available, it may be conditioned on various requirements including, but not limited to, the time and manner of sale, the holding periods for the Offered Securities, and on requirements relating to the Company which are
              outside of the Holder’s control, and which the Company is under no obligation and may not be able to satisfy.

          

     

    	

          	(l)	
            The Holder understands that the Offered Securities may be notated with one or all of the following legends:

          

     

    	

          	(i)	
            “THE SHARES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION
              THEREOF. NO SUCH TRANSFER MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933.”

          

     

    	

          	(ii)	
            Any legend required by the securities laws of any state to the extent such laws are applicable to the Offered Securities, represented by the certificate, instrument, or book entry so legended.

          

     

    	

          	(m)	
            The Holder understands that no public market now exists for the Shares, and that the Company has made no assurances that a public market will ever exist for the Shares.

          

     

    	

          	(n)	
            The Holder represents and warrants that (i) it is the legal and beneficial owner of the Exchanged Note (and the related Debt) issued to it by the Company and (ii) such Exchanged Note is free and
              clear of any lien, encumbrance or other adverse claim.

          

     

    Section 4.          Representations and Warranties of the Company.  The Company represents and warrants to the Holder, as of the date
      hereof and as of the date of Closing, that:

     

    	

          	(a)	
             The Company has the authorized capitalization as set forth in the Company’s Second Amended and Restated Certificate of Incorporation (the “Certificate of Incorporation”) and the Company SEC Filings. Except as described in the Company SEC Filings, there are no outstanding rights (including, without limitation, preemptive rights), warrants or options to acquire, or
              instruments convertible into or exchangeable for, any shares of capital stock or other equity interest in the Company or any of its subsidiaries, or any contract, commitment, or agreement relating to the issuance of any capital stock of the
              Company or any such subsidiary, any such convertible or exchangeable securities or any such rights, warrants or options; and, except as otherwise disclosed in the Company SEC Filings, all the outstanding shares of capital stock or other
              equity interests of each subsidiary owned, directly or indirectly, by the Company are owned directly or indirectly by the Company, free and clear of any lien, charge, encumbrance, security interest, restriction on voting or transfer or any
              other similar claim of any third party.

          

     

    
      5

      
        

    

    	

          	(b)	
            Each of the Company and its subsidiaries has been duly organized and is validly existing as a corporation or other legal entity, as applicable, in good standing (or its equivalent) under the laws of
              its jurisdiction of incorporation or organization. Each of the Company and its subsidiaries is duly qualified to do business and is in good standing as a foreign corporation or other legal entity in each jurisdiction in which its ownership or
              lease of its properties or the conduct of its business requires such qualification and has all corporate power and authority necessary to own or hold its properties and to conduct the businesses in which each is engaged as described in the
              Company SEC Filings, except where the failure to so qualify or have such power or authority would not reasonably be expected to have a Material Adverse Effect (as defined below) or a material adverse effect on the ability of the Company to
              perform its obligations under, and consummate the transactions contemplated by, this Agreement.

          

     

    “Material Adverse Effect” means any material adverse
      effect, change, event, occurrence, circumstance or development (“Effect”) in or on the business, properties, financial condition, results of operations or prospects of the
      Company and its consolidated subsidiaries taken as a whole, provided that, in no event shall any of the following Effects, alone or in combination, or any Effect to the extent
      any of the foregoing results from any of the following, be taken into account in determining whether there shall have occurred a Material Adverse Effect: (i) changes in general business, economic or political conditions in the United States or any
      other country or region in the world; (ii) conditions in the financial, credit, banking, capital or currency markets in the United States or any other country or region in the world, or changes therein, including (a) changes in interest rates in the
      United States or any other country and changes in exchange rates for the currencies of any countries and (b) any suspension of trading in securities (whether equity, debt, derivative or hybrid securities) generally on any securities exchange or
      over-the-counter market operating in the United States or any other country or region in the world; (iii) changes in conditions in the industries in which the Company conducts business, including changes in conditions in the crypto asset industry
      generally or the Bitcoin mining industry generally; (iv) changes in political conditions in the United States or any other country or region in the world; (v) acts of hostilities, war, sabotage or terrorism, including cyber-terrorism (including any
      outbreak, escalation or general worsening of any such acts) in the United States or any other country or region in the world; (vi) earthquakes, hurricanes, tsunamis, tornadoes, floods, mudslides, wild fires or other natural or man-made disasters or
      acts of God or weather conditions in the United States or any other country or region in the world, or any escalation of the foregoing; (vii) the entry into or the announcement, pendency or performance of this Agreement or the Transaction Documents
      or the consummation of the transactions contemplated hereby or thereby, including (a) by reason of any communication by the Company or any of its affiliates regarding the plans or intentions of the Company with respect to the conduct of the business
      of the Company following the Closing and (b) the impact of any of the foregoing on any relationships, contractual or otherwise, with customers, franchisors, managers, lenders, suppliers, tenants, vendors, business partners, employees or any other
      Persons (provided that this clause (vii) shall not apply for purposes of Section 4(b) or Section 4(c)); (viii) the taking of any
      action expressly required by this Agreement or the Transaction Documents or the failure to take any action expressly prohibited by this Agreement or the Transaction Documents (provided that this clause (viii) shall not apply for purposes of Section 4(b) or Section 4(c)); (ix) changes in Law (as defined below) or other legal or regulatory conditions (or the interpretation
      thereof); or (xii) changes in the generally accepted accounting principles in the United States or other accounting standards (or the interpretation thereof); provided, however, that to be excluded under the subsections above (other than subsection (vii) or subsection (viii)) such Effect may not disproportionately affect, as compared to others in
      the industry in which the Company or its subsidiaries are operated, the business, properties, financial condition, results of operations or prospects of the Company and its consolidated subsidiaries as a whole.

     

    
      6

      
        

    

    	

          	(c)	
            Assuming satisfaction of all conditions to Closing specified herein, the execution, delivery and performance of this Agreement, the Transaction Documents and the consummation of the transactions
              contemplated hereby and thereby do not and will not conflict or result in a breach of or violation of or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any assets or properties of
              the Company or any of its subsidiaries pursuant to, any contract, indenture, mortgage, deed of trust, loan or credit agreement, note, lease or other agreement or instrument to which the Company or any of its subsidiaries is a party or by
              which it or any of them may be bound or to which any of the assets or properties of the Company or any of its subsidiaries is subject, which has not been waived or the result of which could reasonably be expected, individually or in the
              aggregate, to have a Material Adverse Effect, nor will such action result in any violation of  the provisions of the Certificate of Incorporation or the Amended and Restated Bylaws of the Company or similar organizational documents of any of
              its subsidiaries or  any applicable law or statute or any order, rule, regulation or judgment of any court or governmental agency or body having jurisdiction over the Company or any of its subsidiaries or any of their assets, properties or
              operations (each, a “Law”), except, with respect to (ii) above, for any such violations that could not, individually or in the aggregate, reasonably be expected
              to have a Material Adverse Effect.

          

     

    	

          	(d)	
            The Company has the full legal right, power and authority to execute and deliver, and perform its obligations under this Agreement, the Transaction Documents and the transactions contemplated hereby
              and thereby. This Agreement, the Transaction Documents and the transactions contemplated hereby and thereby have been duly authorized, executed and delivered by the Company, and when executed and delivered, assuming due authorization,
              execution and delivery by each Holder party thereto, constitutes and will constitute valid and legally binding obligations of the Company, enforceable in accordance with their respective terms, subject to applicable bankruptcy, insolvency,
              moratorium, reorganization, fraudulent conveyance or similar laws affecting the enforcement of creditors’ rights generally and to general equitable principles (whether considered in a proceeding in equity or at law).

          

     

    	

          	(e)	
            The reports of the Company required to be filed by it under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for the 12 months preceding the date of this
              Agreement did not, at the time they were filed, contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances
              under which they were made, not misleading; provided, however, that information disclosed in
              such reports shall be deemed to be modified by information disclosed in subsequently filed reports filed before the date of this Agreement.

          

     

    	

          	(f)	
            As of the date hereof, the Company is unaware of any item requiring disclosure by the Company to the public on a Current Report on Form 8-K under the Exchange Act and does not currently intend to
              disclose any item to the public on a Current Report on Form 8-K under the Exchange Act with respect to events or other matters that would reasonably be expected to have a material adverse effect on the trading price of the Common Stock,
              except for the filing of a Current Report on Form 8-K (i) for this Agreement and the transactions described herein as described in Section 7(c) and (ii) that provides an operational
              update and discloses the Company’s liquidity position after giving effect to this Agreement and the transactions described herein; provided, however, the Company may in
              the future be required or deem it necessary to file additional Current Reports on Form 8-K to report material events or provide operational updates in order to satisfy its disclosure obligations.

          

     

    
      7

      
        

    

    	

          	(g)	
            Neither the Company, nor, to its knowledge, any of its officers, directors, employees, agents, stockholders or partners has either directly or indirectly, including, through a broker or finder (i)
              engaged in any general solicitation or (ii) published any advertisement in connection with the offer and sale of the Offered Securities.

          

     

    	

          	(h)	
            The Shares, when issued and delivered in exchange for the cancellation of the Debt in accordance with the terms and for the consideration set forth in this Agreement, and upon effectiveness of the
              Majority Stockholder Approval and filing and acceptance of the Certificate of Designation with the Secretary of State of the State of Delaware, will be duly and validly authorized and issued, fully-paid and non-assessable, free and clear of
              all encumbrances, liens, equities or claims and any preemptive or similar rights.  The Pre-Funded Warrants that may be issued upon conversion of the Shares upon issuance will be duly and validly authorized, free and clear of all encumbrances,
              liens, equities or claims and any preemptive or similar rights. The shares of Class A Common Stock that may be issued upon conversion of the Shares or the exercise of any Pre-Funded Warrants have been duly reserved for issuance, and upon
              issuance in accordance with the terms of the Certificate of Designation or Pre-Funded Warrants, as applicable, will be duly and validly authorized and issued, fully-paid and non-assessable, free and clear of all encumbrances, liens, equities
              or claims and any preemptive or similar rights.

          

     

    	

          	(i)	
            The Company is not, and has not been, an issuer described in Rule 144(i)(1) under the Securities Act.

          

     

    	

          	(j)	
            There is no investment banker, broker, finder or other intermediary which has been retained by, will be retained by or is authorized to act on behalf of the Company who would be entitled to any fee
              or commission from Company or each of the Holders for soliciting the exchange upon consummation of the transactions contemplated by this Agreement.

          

     

    	

          	(k)	
            The Class A Common Stock is registered pursuant to Section 12(b) or 12(g) of the Exchange Act, and the Company has taken no action designed to, or which to its knowledge is likely to have the effect
              of, terminating the registration of the Common Stock under the Exchange Act nor has the Company received any notification that the SEC is contemplating terminating such registration.

          

     

    Section 5.          Tax Matters.

     

    	

          	(a)	
            For U.S. federal and applicable state and local income tax purposes, the Company and the Holders hereby acknowledge and agree (i) that notwithstanding the form of the Exchanged Notes, the Exchanged
              Notes are treated as equity of the Company and (ii) to file all tax returns consistent with the tax treatment described in clause (i).

          

     

    	

          	(b)	
            The Company and its paying agent shall be entitled to deduct or withhold taxes on all payments or deemed payments (including constructive distributions) on the exchange of the Exchanged Notes for the
              Shares, the Shares, the Conversion Shares and the Pre-Funded Warrants to the extent required by law. The Company and its paying agent shall be entitled to satisfy any required withholding tax on non-cash payments (including deemed payments)
              to a Holder through any sale of all or a portion of the Shares or the Conversion Shares or the Pre-Funded Warrants received by such Holder as dividends or upon conversion of the Shares or the Pre-Funded Warrants or otherwise owned by such
              Holder.  To the extent such amounts are so deducted or withheld and paid over to the applicable taxing authority, such amounts shall be treated for all purposes as having been paid to the Holder to whom such amounts would otherwise have been
              paid absent such deduction or withholding.

          

     

    
      8

      
        

    

    
      Section
          6.          Exempt Transaction.

    

     

      

    	

          	(a)	
            Each Holder understands that the exchange of the Exchanged Notes for the Shares hereby is intended to be exempt from
              registration under Section 3(a)(9) of the Securities Act, which exemption depends upon, among other things, the accuracy of the Holder’s representations expressed herein.

          

     

    	

          	(b)	
            Each Holder represents and warrants to the Company that it did not purchase the Exchanged Notes with a view to, or for sale in connection with, any distribution of the Shares issuable upon exchange
              of the Exchanged Notes in violation of the Securities Act or other securities laws.

          

     

    	

          	(c)	
            Each Holder represents and warrants to the Company that  to the knowledge of the Holder, no commission or other remuneration has been or will be paid or given, directly or indirectly, for soliciting
              the transactions contemplated hereby, and  the Company did not, and to the knowledge of the Holder, no person acting on behalf of the Company did, solicit the Holder with respect to this disposition of the Exchanged Notes.

          

     

    	

          	(d)	
            Each Holder represents and warrants to the Company that the Holder is not, and has not been in the preceding three months, an “affiliate” of the Company as such term is defined in Rule 144 under the
              Securities Act, nor to the knowledge of the Holder did the Holder acquire the Exchanged Notes within one year from the date of this Agreement from a person that was an affiliate of the Company.

          

     

    	

          	(e)	
            The Company represents and warrants to each Holder that (i) no commission or other remuneration has been or will be paid or given, directly or indirectly, for soliciting the transactions contemplated
              hereby, and (ii) the Company did not, and no person acting on behalf of the Company did, solicit the Holder with respect to this disposition of the Exchanged Notes.

          

     

    	

          	(f)	
            Each Holder understands that the Shares have not been registered under the Securities Act, and are being issued hereunder in reliance upon a specific exemption from the registration provisions of the
              Securities Act afforded by Section 3(a)(9) of the Securities Act.  Under current interpretations of the SEC, securities that are obtained in a Section 3(a)(9) exchange generally assume the same character (i.e., restricted or unrestricted) as
              the securities that have been surrendered.

          

     

    Section
        7.          Certain Covenants.

     

    	

          	(a)	
            As of the Closing or promptly after termination of this Agreement other than pursuant to Section 8(d), the Company shall pay in full all
              legal fees and expenses, including, without limitation, the reasonable and documented legal fees and expenses (excluding taxes) incurred by Adage Capital Partners, LP and incurred prior to the Closing or promptly after termination of this
              Agreement other than pursuant to Section 8(d), as notified by Adage Capital Partners, LP to the Company at least one calendar day prior to the Closing or within two business days
              after termination, as applicable. The Company shall also pay all amounts due under Section 8(a) when so required under Section 8(a).

          

     

    	

          	(b)	
            During the period commencing on the date of this Agreement and ending on the Closing, (a) the Company will use commercially reasonable efforts to (i) conduct its business in the ordinary course of
              business and (ii) preserve intact its existence and business organization, permits, goodwill and present business relationships with all material customers, suppliers, licensors, distributors and others having significant business
              relationships with the Company, in the case of clause (ii) above, in all material respects, and, in the case of clause (i) and clause (ii) above, excluding any transactions contemplated hereby, and (b) the Company shall not, without the prior
              written consent of each of the Holders, take any action that would have required the consent or approval of the holders of Series C Preferred Stock under the Certificate of Designation had the Certificate of Designation become effective (and
              the Series C Preferred Stock issued to the Holders) as of the date of this Agreement.

          

     

    
      9

      
        

    

    	

          	(c)	
            The Company covenants and agrees to file a Current Report on Form 8-K with the SEC containing the applicable disclosure regarding this Agreement and the transactions contemplated hereby required by a
              Current Report on Form 8-K for material agreements and transactions of this type and the operational update and liquidity disclosure referred to in Section 4(f) on such Current
              Report on Form 8-K not later than 9:00 am Eastern Time on the business day following the execution of this Agreement.

          

     

    	

          	(d)	
            The Company covenants and agrees with the Holders that from and after the execution of this Agreement until the Closing, it shall not negotiate with any party regarding, or consummate, any exchange
              of any of the Company’s debt or equity securities other than as expressly contemplated by this Agreement.

          

     

    	

          	(e)	
            The Company covenants and agrees to deliver the executed Transaction Documents to the Company’s representative at The Nasdaq Global Market within two business days of the date of this Agreement and
              to promptly begin discussions with such representative regarding approval of the transactions contemplated by this Agreement by The Nasdaq Global Market.

          

     

    	

          	(f)	
            Each of the parties hereto shall use its commercially reasonable efforts promptly to take or cause to be taken all action and promptly to do or cause to be done all things necessary, proper or
              advisable under applicable law and regulations to consummate and make effective the transactions contemplated by this Agreement. Without limiting the foregoing, the Company and each Holder shall use its commercially reasonable efforts to make
              all filings and obtain all consents of governmental authorities that may be necessary or, in the reasonable opinion of the Holders or the Company, as the case may be, advisable for the consummation of the transactions contemplated by this
              Agreement and the Transaction Documents.

          

     

    	

          	(g)	
            Prior to Closing, the Company shall submit an application for the listing of the Class A Common Stock underlying the Offered Securities to The Nasdaq Global Market, and the Company shall use
              commercially reasonable efforts to ensure that The Nasdaq Global Market shall have provided a notification to the Company confirming that its review process has been completed.

          

     

    Section 8.          Termination. This Agreement may be
      terminated:

     

    	

          	(a)	
            by either the Company, on the one hand, or the Holders of a majority of the aggregate outstanding principal amounts under the Exchange Notes, on the other hand, upon written notice of termination to
              the other parties, if the Closing has not occurred on or before February 20, 2023, (the “Outside Date”) and such principal and accrued interest outstanding under the
              Exchanged Notes shall become due on the Outside Date; provided, that the right to terminate this Agreement pursuant to this Section 8(a) shall not be available to a party if the inability to satisfy any of the conditions to Closing was due primarily to the failure of such party to perform any of its obligations under this Agreement;

          

     

    	

          	(b)	
            by either the Company, on the one hand, or the Holders of a majority of the aggregate outstanding principal amounts under the Exchange Notes, on the other hand, if a statute, rule, order, decree or
              regulation shall have been enacted or promulgated, or if any action shall have been taken by any governmental authority of competent jurisdiction which permanently restrains, precludes, enjoins or otherwise prohibits the consummation of the
              transactions contemplated by this Agreement or makes the transactions contemplated by this Agreement illegal;

          

     

    	

          	(c)	
            by the Holders of a majority of the aggregate outstanding principal amounts under the Exchange Notes, upon written notice of termination to the Company, if (A) the Company has breached or failed to
              perform any of its covenants or other agreements contained in this Agreement to be complied with by it such that the Closing condition set forth in Section 2(b) would not be
              satisfied, (B) there exists a breach of any representation or warranty of the Company contained in Section 4 of this Agreement such that the Closing condition set forth in Section 2(a) would not be satisfied, and in the case of each of clauses (A) and (B) above, such breach, failure to perform or failure to satisfy such Closing condition, as applicable,
              (x) has not been waived by the Holders of a majority of the aggregate outstanding principal amounts under the Exchange Notes or cured on or before the earlier of 10 calendar days after receipt by the Company of written notice thereof or the
              Outside Date or (y) is incapable of being cured by the Company by the Outside Date, or (C)(1) the Company shall have an order for relief entered with respect to it or shall commence a voluntary case under the Bankruptcy Code or under any
              other similar law now or hereafter in effect, or shall consent to the entry of an order for relief in an involuntary case, or to the conversion of an involuntary case to a voluntary case, under any such law, or shall consent to the
              appointment of or taking possession by a receiver, manager, trustee, examiner or other custodian for all or a substantial part of its property or shall make any assignment for the benefit of creditors, or (2) the Company shall be unable, or
              shall fail generally, or shall admit in writing its inability, to pay its debts or obligations when due; or

          

     

    
      10

      
        

    

    	

          	(d)	
            by the Company, upon written notice of termination to the Holders, if (A) Holders of a majority of the aggregate outstanding principal amounts under the Exchange Notes have breached or failed to
              perform any of its covenants or other agreements contained in this Agreement to be complied with by them such that the Closing condition set forth in Section 2(b) would not be
              satisfied, (B) there exists a breach of any representation or warranty of a Holder contained in Section 3 of this Agreement such that the Closing condition set forth in Section 2(a) would not be satisfied, and in the case of each of clauses (A) and (B) above, such breach, failure to perform or failure to satisfy such Closing condition, as applicable,
              (x) has not been waived by the Company or cured on or before the earlier of 10 calendar days after receipt by the Holders of written notice thereof or the Outside Date or (y) is incapable of being cured by the Holders by the Outside Date.

          

     

    Section
        9.          Indemnification. 
        The Company and each of the Guarantors (as defined in the Exchanged Notes) agree, jointly and severally, to indemnify the Holders and each Related Party of any of the foregoing persons (each such person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, and to advance funds and to reimburse each Indemnitee upon request from time to time with respect to, any and all losses, claims, damages,
        liabilities and related expenses (including the reasonable and documented fees, charges and disbursements of any one counsel for each Indemnitee) incurred by any Indemnitee or asserted against any Indemnitee by any third party or by the Company or
        any of its affiliates arising out of, in connection with, or as a result of, any actual, threatened or prospective claim, litigation, investigation or proceeding relating to (i) the execution or delivery of this Agreement, any other Transaction
        Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby, or (ii)
        any Offered Securities, whether based on contract, tort or any other theory, whether brought by a third party or by the Company or any of its affiliates, and regardless of whether any Indemnitee is a party thereto, provided that such indemnity
        shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (x) are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the
        gross negligence or willful misconduct of such Indemnitee or (y) result from a claim brought by the Company against an Indemnitee for breach in bad faith of such Indemnitee’s material obligations hereunder or under any other Transaction Document,
        if the Company has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction. “Related Parties” means, with
        respect to any person, such person’s affiliates and the partners, directors, officers, employees, agents and advisors of such person and of such person’s affiliates. This covenant shall survive any termination of this Agreement.  The remedies
        provided for herein are cumulative and are not exclusive of any remedies that may be available to a party at law or in equity or otherwise.

     

    
      11

      
        

    

    
      Section
          10.          Notices.  All
          notices, requests and other communications to any party hereunder shall be in writing (including facsimile transmission) and shall be given,

    

     

      

    if to the Company, to:

    

    

    Stronghold Digital Mining, Inc.

    595 Madison Avenue, 28th Floor

    New York, New York 10022

    Attention: General Counsel

    Email: matt.usdin@strongholddigitalmining.com

    

    

    with a copy to:

    

    

    Vinson & Elkins LLP

    901 East Byrd Street, Suite 1500,

    Richmond, VA 23219,

    Attention: Daniel LeBey

    Email: dlebey@velaw.com

    

    

    and if to a Holder, to the contact information set forth on such Holder’s signature page hereto,

    

    

    or to such other address or telecopy number and with such other copies as such party may hereafter specify for the purpose of notice.  All such
      notices, requests and other communications shall be deemed received on the date of receipt by the recipient thereof if received prior to 5 p.m. in the place of receipt and such day is a business day in the place of receipt.  Otherwise, any such
      notice, request or communication shall be deemed not to have been received until the next succeeding business day in the place of receipt.

     

    Section
        11.          Confidentiality. 
        Each of Company and each Holder represents that it has not disclosed any information regarding discussions relating to this Agreement and has directed its representatives not to disclose any such information. Except as may be required by applicable
        law or regulatory requirement, neither Company nor the Holder shall disclose the existence or terms of this Agreement or any of the provisions contained herein without the prior written consent of the other until public disclosure of the Agreement
        and the transactions contemplated hereby pursuant to Section 7(c); provided, however, that nothing contained herein shall prevent any party from promptly making all filings with any governmental entity or supervisory body (including, without limitation, the Company’s ongoing
        reporting obligations under the Exchange Act) or disclosures with the stock exchange, if any, on which such party’s capital stock is listed, as may, in its judgment, be required in connection with the execution and delivery of this Agreement or the
        consummation of the transactions contemplated hereby. Each Holder acknowledges that  the terms of this Agreement and the transactions contemplated hereunder may be considered material non-public information concerning the Company and  U.S.
        securities laws restrict the purchase and sale of securities (including entering into hedge transactions involving such securities) by persons who possess material non-public information relating to the issuer of such securities, and also the
        communication of such information to any other person under circumstances in which it is reasonably foreseeable that such person is likely to purchase or sell such securities.

     

    Section
        12.          Amendments and Waivers.  Any provision of this Agreement may be amended if, but only if, such amendment is in writing and is signed by the Company and the Holders of a majority of the aggregate outstanding principal amounts under the Exchanged Notes. Any
        provision of this Agreement may be waived if, but only if, such waiver is in writing and is signed by the party or parties against whom the waiver is to be effective.  Notwithstanding the forgoing, any amendment or waiver which materially adversely
        alters or changes any rights of any Holder under this Agreement must, in each case, be executed by the Company and the Holder. No failure or delay by any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof
        nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or
        remedies provided by law.

     

    Section 13.          Expenses.  Except as set forth in Section 2(g), all costs and expenses incurred in connection with this Agreement shall be paid by the party incurring such cost or expense.

     

    
      12

      
        

    

    Section
        14.          Successors and Assigns.  The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns; provided
        that no party may assign, delegate or otherwise transfer any of its rights or obligations under this Agreement without the consent of each other party hereto.

     

    Section 15.          Governing Law: Jurisdiction; Waiver of Jury Trial. 
      This Agreement shall be subject to and governed by the laws of the State of New York, excluding any conflicts-of-law rule or principle that might refer the construction or interpretation of this Agreement to the laws of another state. Each
      party hereby submits to the jurisdiction of the state and federal courts in the State and county of New York City, New York. EACH OF THE PARTIES IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING
      TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

     

    Section
        16.          Survival.  Notwithstanding
        the provisions of Section 8, the provisions of Section 2(g), Section 7(a),
        Section 7(c), Section 8, Section 9, Section 10, Section 11, Section 12, Section
            13, Section 14, Section 15, Section 16, Section 17, Section 18, Section 20, Section 21, Section 22, Section 23, Section 24
        and Section 25, hereof shall survive the termination of this Agreement indefinitely.

     

    Section
        17.          Specific Performance.  Each party acknowledges and agrees that the other parties would be damaged irreparably if any provision of this Agreement is not performed in accordance with its specific terms or is otherwise breached. Accordingly, each party
        agrees that the other parties will be entitled to seek an injunction or injunctions to prevent breaches of the provisions of this Agreement and to enforce specifically this Agreement and its terms and provisions in any action instituted in any
        court of the United States or any state thereof having jurisdiction over the parties and the matter, in addition to any other remedy to which it may be entitled, at law or in equity.

     

    Section 18.          Counterparts; Third Party Beneficiaries.  This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement shall
      become effective when each party hereto shall have received a counterpart hereof signed by the other party hereto.  No provision of this Agreement shall confer upon any person other than the parties hereto any rights or remedies hereunder.

     

    Section 19.          Entire Agreement.  This Agreement
      constitutes the entire agreement between the parties with respect to the subject matter of this Agreement and supersedes all prior agreements and understandings, both oral and written, between the parties with respect to the subject matter of this
      Agreement.

     

    Section 20.          Captions.  The captions herein are
      included for convenience of reference only and shall be ignored in the construction or interpretation hereof.

     

    Section 21.          Severability.  If one or more provisions
      of this Agreement are held to be unenforceable under applicable law, such provision shall be excluded from this Agreement and the balance of this Agreement shall be interpreted as if such provision were so excluded and shall be enforced in accordance
      with its terms to the maximum extent permitted by law.

     

    Section
        22.          Limitation on Damages.  Notwithstanding anything to the contrary contained in this Agreement, except as provided below, none of the parties to this Agreement shall be entitled to either punitive, special, indirect, or consequential damages in
        connection with this Agreement and the transactions contemplated hereby. The Company and each Holder hereby expressly waive any right to punitive, special, indirect, or consequential damages (including loss of profits or revenue that are not
        direct, actual damages) in connection with this Agreement and the transactions contemplated hereby, except to the extent either (i) actually awarded to a third party and for which a party entitled to indemnification or damages hereunder is liable
        or (ii) which such party has paid under a third party claim subject to indemnification hereunder.

     

    
      13

      
        

    

    

    

    Section
        23.          No Recourse Against Non-Parties.  All claims or causes of action that may be based upon, arise out of or relate to this Agreement, or the negotiation, execution or performance of this Agreement, may be made only against the entities that are
        expressly identified as parties hereto.  No person who is not a named party to this Agreement, including any director, officer, employee, member, partner (general or limited), securityholder, affiliate, agent, attorney or representative of any
        named party to this Agreement (“Non-Party Affiliates”), shall have any liability (whether in contract or in tort, in law or in equity, or based upon any
        theory that seeks to impose liability of an entity party against its owners or affiliates) for any obligations arising under, in connection with or related to this Agreement or for any claim based on, in
        respect of, or by reason of this Agreement or its negotiation or execution; and each party waives and releases all such claims and obligations against any such Non-Party Affiliates.  Non-Party Affiliates are expressly intended as third party beneficiaries of this provision of this Agreement.

     

    Section
        24.          Independent Nature of Holder’s Obligations. The obligations of each Holder under
        this Agreement are several and not joint with the obligations of any other Holder, and no Holder shall be responsible in any way for the performance of the obligations of any other Holder under this Agreement.  Nothing contained herein, and no
        action taken by any Holder pursuant thereto, shall be deemed to constitute the Holder as a partnership, an association, a joint venture or any other kind of group or entity, or create a presumption that a Holder is in any way acting in concert or
        as a group with respect to such obligations or the transactions contemplated by this Agreement.  No Holder shall, as a result of its entering into and performing its obligations under this Agreement, be deemed to be part of a “group” (as that term
        is used in Section 13(d) of the Exchange Act, and the rules and regulations promulgated thereunder) with any of the other Holders. Each Holder shall be entitled to independently protect and enforce its rights, including, the rights arising out of
        this Agreement, and it shall not be necessary for any other Holder to be joined as an additional party in any proceeding for such purpose.

     

    Section
        25.           Equity Interests.  The provisions of this Agreement shall apply to the full extent set forth herein with respect to any and all equity interests of
          the Company or any successor or assign of the Company (whether by merger, consolidation, sale of assets or otherwise) that may be issued in respect of, in exchange for or in substitution of, the Offered Securities, and shall be appropriately
          adjusted for combinations, splits, recapitalizations and the like of the Series C Preferred Stock or the Common Stock occurring after the date of this Agreement.

     

    [Signature Pages Follow]

     

    
      14

      
        

    

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

     

    STRONGHOLD DIGITAL MINING, INC.

    

    

     
      	By:

            	/s/ Gregory A. Beard
	
               

            	Name: Gregory A. Beard
	
               

            	Title: Chief Executive Officer

    

       

      

    GUARANTORS,
        solely with respect to Section 9:

    

    

    CLEARFIELD PROPERTIES INC.

          

        
      	By:

            	/s/ Gregory A. Beard
	
               

            	Name: Gregory A. Beard
	
               

            	Title: Authorized Person

    

    

    

    EIF SCRUBGRASS, LLC

     

      

    
      
        	By:

              	/s/ Gregory A. Beard
	
                 

              	Name: Gregory A. Beard
	
                 

              	Title: Authorized Person

      

      

      

    FALCON POWER LLC

        
      

      

      	By:

            	/s/ Gregory A. Beard
	
               

            	Name: Gregory A. Beard
	
               

            	Title: Authorized Person

      

      

    LEECHBURG PROPERTIES, INC.

        

      
      	By:

            	/s/ Gregory A. Beard
	
               

            	Name: Gregory A. Beard
	
               

            	Title: Authorized Person

      

      

    LIBERTY BELL FUNDING, LLC

        

      
      	By:

            	/s/ Gregory A. Beard
	
               

            	Name: Gregory A. Beard
	
               

            	Title: Authorized Person

      

      

    OLYMPUS PANTHER HOLDINGS, LLC

          

        
      
        	By:

              	/s/ Gregory A. Beard
	
                 

              	Name: Gregory A. Beard
	
                 

              	Title: Authorized Person

      

    

    
      

      

    

    
      

      

      

      

      
        Signature Page to Exchange Agreement

         

      

       

    
      
        

    

    
    PANTHER CREEK PERMITTING, LLC

        

      
      	By:

            	/s/ Gregory A. Beard
	
               

            	Name: Gregory A. Beard
	
               

            	Title: Authorized Person

      

      

    PANTHER CREEK POWER OPERATING,

        

        
      	By:

            	/s/ Gregory A. Beard
	
               

            	Name: Gregory A. Beard
	
               

            	Title: Authorized Person

      

      

    PANTHER OP INTEREST HOLDINGS, LLC

    

      
      
        	By:

              	/s/ Gregory A. Beard
	
                 

              	Name: Gregory A. Beard
	
                 

              	Title: Authorized Person

      

      

      

    SCRUBGRASS POWER LLC

        
      

      

      
        	By:

              	/s/ Gregory A. Beard
	
                 

              	Name: Gregory A. Beard
	
                 

              	Title: Authorized Person

      

      

      

    SCRUBGRASS RECLAMATION COMPANY, L.P.

        

      
      	By:

            	/s/ Gregory A. Beard
	
               

            	Name: Gregory A. Beard
	
               

            	Title: Authorized Person

      

      

    STRONGHOLD DIGITAL MINING BT, LLC

        

      
      	By:

            	/s/ Gregory A. Beard
	
               

            	Name: Gregory A. Beard
	
               

            	Title: Authorized Person

      

      

    STRONGHOLD DIGITAL MINING EQUIPMENT, LLC

        

      
      	By:

            	/s/ Gregory A. Beard
	
               

            	Name: Gregory A. Beard
	
               

            	Title: Authorized Person

      

        

      

    
      1

      
        

    

    STRONGHOLD DIGITAL MINING HASHCO, LLC

          

        
      	By:

            	/s/ Gregory A. Beard
	
               

            	Name: Gregory A. Beard
	
               

            	Title: Authorized Person

      

      

    STRONGHOLD DIGITAL MINING HOSTING, LLC

    

      
      	By:

            	/s/ Gregory A. Beard
	
               

            	Name: Gregory A. Beard
	
               

            	Title: Authorized Person

    

    

    

    STRONGHOLD DIGITAL MINING HOLDINGS, LLC

    

      

    
      	By:

            	/s/ Gregory A. Beard
	
               

            	Name: Gregory A. Beard
	
               

            	Title: Authorized Person

    

    

    
    STRONGHOLD DIGITAL MINING OPERATING, LLC

        

      
      
        	By:

              	/s/ Gregory A. Beard
	
                 

              	Name: Gregory A. Beard
	
                 

              	Title: Authorized Person

      

    

    

    

    STRONGHOLD DIGITAL MINING LLC,

     

      

    
      	By:

            	/s/ Gregory A. Beard
	
               

            	Name: Gregory A. Beard
	
               

            	Title: Authorized Person

    

    

    
    STRONGHOLD DIGITAL MINING PENN, LLC
      

      

      
        	By:

              	/s/ Gregory A. Beard
	
                 

              	Name: Gregory A. Beard
	
                 

              	Title: Authorized Person

      

    

    

    

    STRONGHOLD DIGITAL MINING TH, LLC

        

      
      
        	By:

              	/s/ Gregory A. Beard
	
                 

              	Name: Gregory A. Beard
	
                 

              	Title: Authorized Person

      

    

    

    

     

    
      2

      
        

    

    ADAGE CAPITAL PARTNERS, LP

    

    

    By: Adage Capital Partners, GP, LLC, its General Partner

    

    

    By: Adage Capital Advisors, LLC, its Managing Member

    

    

    
      	By:

            	/s/ Dan Lehan

            
	
               

            	Name: Dan Lehan
	
               

            	Title: COO / CCO

      

      

    

    

    
    Address for Notices to Holder pursuant to Section 7:

    

    

    Adage Capital Partners, LP

    Attn: Dan Lehan

    200 Clarendon St., Ste. 52

    Boston, MA 02116

    Email: DJL@adagecapital.com

    

    

    with an additional copy by email only to (which shall not constitute notice):

    

    

    Christopher E. Centrich

    Email: ccentrich@akingump.com

    

    

    Aggregate Amount of Exchanged Notes and Debt to be extinguished: $13,254,629.63

    

    

    Number of shares of Series C Preferred Stock to be issued: 17,112.593

     

      

  

  

  

  
    Signature Page to Exchange Agreement

     

  

  

    
    
      3

      
        

    

    CONTINENTAL GENERAL INSURANCE COMPANY

     

      

    
      	By:

            	/s/ Michael Gorzynski
	
               

            	Name: Michael Gorzynski
	
               

            	Title: Executive Chairman

    

    

      

    
    Address for Notices to Holder pursuant to Section 7:

    

    

    Continental General Insurance Company

    11001 Lakeline Blvd., Ste. 120

    Austin, TX 78717

    Email: Mike@cgic.com

    

    

    

    

    Aggregate Amount of Exchanged Notes and Debt to be extinguished: $3,313,657.41

    

    

    Number of shares of Series C Preferred Stock to be issued: 4,278.148

     

      

     

      

    
      Signature Page to Exchange Agreement

       

    

    
      
        

    

    PARALLAXES CAPITAL OPPORTUNITY FUND IV, L.P.

     

      

    
      
        	By:

              	/s/ Andrew Lee
	
                 

              	Name: Andrew Lee
	
                 

              	Title: Chief Investment Officer

      

    

     

      

    Address for Notices to Holder pursuant to Section 7:

    

    

    Parallaxes Capital Opportunity Fund IV, L.P.

    250 Park Avenue Floor 7

    New York, NY 10177

    Attn: Andrew Lee

    E-mail: andy@plxcap.com

    

    

    

    

    Aggregate Amount of Exchanged Notes and Debt to be extinguished: $1,325,462.96

    

    

    Number of shares of Series C Preferred Stock to be issued: 1,711.259

     

      

    
       

        

      
        Signature Page to Exchange Agreement

         

          

      

    

    
      
        

    

    Exhibit A

      

      

      Certificate of Designation of the

      Series C Preferred Stock

     

    

    

     
      Exhibit A

       

        

    

    
      
        

    

    STRONGHOLD DIGITAL MINING, INC.

     

    CERTIFICATE OF DESIGNATIONS

     

    Pursuant to Section 151 of the General

      Corporation Law of the State of Delaware

     

    SERIES C CONVERTIBLE PREFERRED STOCK

     

    (Par Value $0.0001 Per Share)

     

    Stronghold Digital Mining, Inc. (the “Corporation”), a corporation
      organized and existing under the General Corporation Law of the State of Delaware, as the same exists or may hereafter be amended from time to time (the “DGCL”), hereby certifies that,
      pursuant to the authority expressly granted to and vested in the Board of Directors of the Corporation (the “Board of Directors”) by the Second Amended and Restated Certificate of
      Incorporation of the Corporation (as amended from time to time in accordance with its terms and the DGCL, the “Certificate of Incorporation”), which authorizes the Board of Directors, by
      resolution, to provide out of the unissued shares of the preferred stock (the “Preferred Stock”) for one or more series of Preferred Stock and to establish from time to time the number of
      shares to be included in each such series and to fix the voting rights (if any), designations, powers, preferences and relative, participating, optional, special and other rights (if any) of each such series and any qualifications, limitations and
      restrictions thereof, and in accordance with the provisions of Section 151 of the DGCL, the Board of Directors duly adopted on [●], 2023 the following resolution:

     

    RESOLVED, that the rights, powers and privileges, and the restrictions, qualifications and limitations, of the Series C Preferred
      Stock as set forth in the Certificate of Designations are hereby approved and adopted by the Board of Directors and the Series C Preferred Stock is hereby authorized out of the Corporation’s authorized Preferred Stock, par value $0.0001 per share;
      and the form, terms and provisions of the Certificate of Designations are hereby approved, adopted, ratified and confirmed in all respects as follows:

     

    ARTICLE 1

      DESIGNATION

     

    Section 1.1. There is hereby created out of the authorized and unissued shares of Preferred Stock of the Corporation a series of preferred stock designated “Series C Convertible Preferred Stock” (the “Series C Preferred Stock”), consisting of twenty-three thousand, one hundred two (23,102) shares, par value $0.0001 per share (each, a “Series C Preferred Share”).
        Each Series C Preferred Share shall rank equally in all respects and shall be subject to the following provisions of this Certificate of Designations. Series C Preferred Shares which have been converted, redeemed, repurchased or otherwise acquired
        by the Corporation shall be retired and, following the filing of any certificate required by the DGCL, will have the status of authorized and unissued shares of the Corporation’s Preferred Stock, without designation as to series, until such shares
        are once more designated by the Board of Directors as part of a particular series of Preferred Stock.

     

    ARTICLE 2

      RANK AND PREFERENCE

     

    Section 2.1. The Series C Preferred Stock shall, with respect to rights upon an acquisition, merger or consolidation of the Corporation, sale of all or substantially all assets of the Corporation, other business combination or liquidation,
        dissolution or winding up of the affairs of the Corporation, either voluntary or involuntary (collectively, a “Liquidation Event”) rank:

     

    (a)          senior to the Class A Common Stock, par value $0.0001 per share, of the Corporation (including any capital stock into which the Class A Common Stock shall have been converted, exchanged or reclassified following the date hereof, the “Class A Common Stock”), the Class V Common Stock, par value $0.0001 per share, of the Corporation (the “Class V Common Stock” and
          together with the Class A Common Stock, the “Common Stock”), and any other class or series of capital stock of the Corporation, the terms of which do not expressly provide that such
          class or series ranks senior to or on a parity with the Series C Preferred Stock with respect to rights upon a Liquidation Event (collectively, together with any warrants, rights, calls or options exercisable for or convertible into such capital
          stock, the “Junior Stock”);

     

        

    
      
        

    

    (b)           on a parity with any class or series of capital stock of the Corporation, the terms of which provide that such class or series ranks on a parity with the Series C Preferred Stock with respect to rights upon a
          Liquidation Event (collectively, together with any warrants, rights, calls or options exercisable for or convertible into such capital stock, the “Parity Stock”); and

    

    

     

    (c)          junior to any class or series of capital stock of the Corporation, the terms of which expressly provide that such class or series ranks senior to the Series C Preferred Stock with respect to rights upon a Liquidation Event (collectively,
          together with any warrants, rights, calls or options exercisable for or convertible into such capital stock, the “Senior Stock”).

    

    

    Section 2.2.  In the event of a Liquidation Event, each Holder shall, with respect to each Series C Preferred Share owned by such Holder, be entitled to receive, out of funds of the Corporation legally available therefor, before any payment or
        distribution of any assets of the Corporation shall be made or set apart for holders of the Junior Stock, an amount per Series C Preferred Share equal to the Stated Value (as defined below).  If upon any such Liquidation Event of the Corporation,
        the funds and assets available for distribution to the stockholders of the Corporation shall be insufficient to pay the Holders the full amount to which they are entitled under this Section 2.2
        and the holders of any shares of Parity Stock ranking on a parity with the Series C Preferred Stock the full amount to which they are entitled under the Certificate of Incorporation or any certificate of designations, the Holders and the holders of
        such Parity Stock shall share ratably in any distribution of the funds and assets legally available for distribution in respect of the shares of Series C Preferred Stock and such Parity Stock held by them upon such distribution. The “Stated Value” shall mean One Thousand United States Dollars ($1,000.00) per share, subject to any adjustment for stock splits, stock combinations, recapitalizations and
        similar transactions as set forth herein; provided, that a Fundamental Transaction shall not constitute a Liquidation Event but instead shall be subject to Article 4.

     

    ARTICLE 3

      VOTING RIGHTS AND TRANSFERABILITY

     

    Section 3.1.  Except as required by the DGCL or the Certificate of Incorporation (including this Certificate of Designations), Holders shall not have any voting rights except as set forth in this Section
            3.1.  The Corporation shall require approval of the Holders of at least two-thirds (66.67%) of the then outstanding Series C Preferred Shares (together with any Parity Stock) to (either directly or through a Subsidiary or controlled
        Affiliate):

     

    	

          	(a)	
            amend, alter, repeal or otherwise modify (whether by merger, operation of law, consolidation or otherwise) (i) any provision of the Certificate of Incorporation (including this Certificate of
              Designations) or the Corporation’s bylaws in a manner that would adversely affect the powers, rights, preferences or privileges of the Series C Preferred Stock or (ii) any provision of this Certificate of Designations;

          

    

    

     

    	

          	(b)	
            authorize, create, increase the authorized amount of, or issue any Series C Preferred Stock or class or series of Senior Stock or Parity Stock or any security convertible into, or exchangeable or
              exercisable for, shares of Series C Preferred Stock, Senior Stock or Parity Stock;

          

    

    

     

    	

          	(c)	
            authorize, enter into or otherwise engage in a Fundamental Transaction unless such Fundamental Transaction does not adversely affect the rights, preferences or privileges of the Series C Preferred
              Stock; and

          

    

    

    	

          	(d)	
            agree or consent to any of the foregoing.

          

    

    

    Section 3.2.  No Holder shall be entitled to transfer any Series C Preferred Shares to any Person who is not a ”United States person” as defined in Section 7701(a)(30) of the Internal Revenue Code of 1986, as amended, and any
        such transfer shall be void ab initio.

     

    
      
        

    

    Section 3.3.  Certificated Shares; Replacement Certificates.

     

    (a)          The Corporation agrees, upon request of a Holder or permitted assignee, to take all steps reasonably necessary to promptly effect the removal of any restrictive legend from the certificates representing Series C Preferred Shares or
          shares of Class A Common Stock issued or the book-entry account of such Series C Preferred Shares or shares of Class A Common Stock, and the Corporation shall bear all costs associated therewith, regardless of whether the request is made in
          connection with a sale or otherwise, so long as such Holder, its permitted assigns or its broker provides to the Corporation a certification as to the length of time such shares have been held and a certification that such Holder is not an
          Affiliate of the Corporation.  The Corporation shall cooperate with the Holder to effect the removal of the legend at any time such legend is no longer appropriate.

    

    

     

    (b)          The Corporation shall replace any mutilated Series C Preferred Stock certificate at the Holder’s expense upon surrender of that certificate to the Corporation. The Corporation shall replace certificates that become destroyed, stolen or
          lost at the Holder’s expense upon delivery to the Corporation of satisfactory evidence that the certificate has been destroyed, stolen or lost, together with any indemnity that may reasonably be required by the Corporation.

    

    

    (c)          Notwithstanding anything to the contrary herein, unless requested in writing by a Holder to the Corporation, shares of Common Stock issued upon conversion of shares of Series C Preferred Stock or exercise of a Pre-Funded Warrant shall be
          uncertificated, book entry form as permitted by the bylaws of the Corporation and the DGGL.

    

    

    Section 3.4. Subject to the terms of this Certificate of Designations, the Holder may transfer to any Person any portion of their Series C Preferred Stock issued pursuant to this Certificate of Designations or any Class A Common Stock issued
        upon conversion of the Series C Preferred Stock (or exercise of Pre-Funded Warrants (as defined below)) issued pursuant to this Certificate of Designation or Pre-Funded Warrants.

     

    ARTICLE 4

      CONVERSION; FUNDAMENTAL TRANSACTIONS

     

    Section 4.1. Securities To Be Delivered Upon Conversion. Each Series C Preferred Share shall be convertible into shares of Class A Common Stock or Pre-Funded Warrants (the “Conversion Securities”) at a conversion rate equal to (i) (A) the Stated Value plus (B) cash in lieu of fractional shares, as set forth in Section
            4.7 divided by (ii) a conversion price of $0.40 per share of Class A Common Stock (subject to the adjustments in Section 4.5 herein, the “Conversion Price”) as provided in this Article 4. On the date of conversion, with respect to each Series C Preferred Share, uncertificated book-entry shares
        representing the number of shares of Class A Common Stock into which such share of Series C Preferred Stock is converted (or Pre-Funded Warrants with respect to such shares, as applicable) shall be promptly issued and delivered to the Holder
        thereof or such Holder’s designee upon presentation and surrender of the certificate evidencing the Series C Preferred Stock, if any (or, if such certificate or certificates have been lost, stolen, or destroyed, a lost certificate affidavit and
        indemnity in form and substance reasonably acceptable to the Corporation), to the Corporation and, if required, the furnishing of appropriate endorsements and transfer documents and the payment of all transfer and similar taxes, if any, allocable
        to the Holder pursuant to Section 4.4. The Person or Persons entitled to receive the Class A Common Stock and/or cash issuable upon conversion of Series C Preferred Stock (or Pre-Funded
        Warrants) shall be treated for all purposes as the record holder(s) of such shares of Class A Common Stock and/or securities (including Pre-Funded Warrants) as of the close of business on the date of conversion with respect thereto. In the event
        that a Holder shall not by written notice designate the name in which shares of Class A Common Stock and/or cash (or Pre-Funded Warrants) to be issued or paid upon conversion or shares of Series C Preferred Stock should be registered or paid or the
        manner in which such shares (or Pre-Funded Warrants) should be delivered, the Corporation shall be entitled to register and deliver such shares (or Pre-Funded Warrants), and make such payment, in the name of the Holder and in the manner shown on
        the records of the Corporation.

     

    

    

    
      
        

    

    
      Section 4.2. Optional Conversion.

       

        

    

    (a) Optional Conversion Right. Subject to Section 4.3, from and after the issuance of the Series C Preferred Shares (the “Issuance Date”), each Holder shall be entitled to
      convert all or a portion of such Holder’s Series C Preferred Shares, at any time and from time to time (any such conversion, an “Optional Conversion”), into a number of duly authorized,
      validly issued, fully paid and non-assessable shares of Class A Common Stock as set forth in this Article 4. From and after any such conversion, the Series C Preferred Shares so converted
      shall no longer be deemed to be outstanding, and all rights of the Holder with respect to such Series C Preferred Shares shall immediately terminate, except the right to receive the shares of Class A Common Stock issuable pursuant to such Optional
      Conversion.

     

    (b) Notice of Optional Conversion. In order to effect an Optional
      Conversion, a Holder shall submit a written notice to the Corporation, duly executed by an officer of the Holder and in the form attached hereto as Annex A (the “Optional Conversion Notice”),
      stating that the Holder irrevocably elects to convert the number of Series C Preferred Shares specified in such Optional Conversion Notice. Upon receiving an Optional Conversion Notice, the Corporation shall issue and deliver to such Holder the
      number of shares of Class A Common Stock issuable upon conversion of such Series C Preferred Shares.

     

    (c) Beneficial Ownership Limitation. The Corporation shall not
      effect any conversion of Series C Preferred Shares, and a Holder shall not have the right to convert any Series C Preferred Shares, to the extent that, after giving effect to the conversion set forth on the applicable Optional Conversion Notice, such
      Holder (together with such Holder’s Affiliates, and any Persons acting as a group together with such Holder or any of such Holder’s Affiliates (such Persons, “Attribution Parties”)) would
      beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the number of shares of Class A Common Stock beneficially owned by such Holder and its Affiliates and Attribution Parties
      shall include the number of shares of Class A Common Stock issuable upon conversion of the Series C Preferred Stock with respect to which such determination is being made, but shall exclude the number of shares of Class A Common Stock which are
      issuable upon (i) conversion of the remaining, unconverted shares of Class A Common Stock underlying the Series C Preferred Stock beneficially owned by such Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the
      unexercised or unconverted portion of any other securities of the Corporation subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by such Holder or any of its Affiliates or Attribution
      Parties. Except as set forth in the preceding sentence, for purposes of this Section 4.2, beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities
      Exchange Act of 1934, as amended (the “Exchange Act”) and the rules and regulations promulgated thereunder. To the extent that the limitation contained in this Section 4.2 applies, the determination of whether the Series C Preferred Stock is convertible (in relation to other securities owned by such Holder together with any Affiliates and Attribution Parties) and of how
      many Series C Preferred Shares are convertible shall be in the sole discretion of such Holder, and the submission of an Optional Conversion Notice shall be deemed to be such Holder’s determination of whether such Series C Preferred Shares may be
      converted (in relation to other securities owned by such Holder together with any Affiliates and Attribution Parties) and how many Series C Preferred Shares are convertible, in each case subject to the Beneficial Ownership Limitation. To ensure
      compliance with this restriction, each Holder will be deemed to represent to the Corporation each time it delivers an Optional Conversion Notice that such Optional Conversion Notice has not violated the restrictions set forth in this paragraph and
      the Corporation shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and
      the rules and regulations promulgated thereunder. For purposes of this Section 4.2, in determining the number of outstanding shares of Class A Common Stock, a Holder may rely on the number
      of outstanding shares of Class A Common Stock as stated in the most recent of the following: (i) the Corporation’s most recent periodic or annual report filed with the U.S. Securities and Exchange Commission, as the case may be, (ii) a more recent
      public announcement by the Corporation or (iii) a more recent written notice by the Corporation or the Corporation’s transfer agent setting forth the number of shares of Class A Common Stock outstanding. Upon the written or oral request (which may be
      via email) of a Holder, the Corporation shall within one Trading Day confirm orally and in writing to such Holder the number of shares of Class A Common Stock then outstanding. In any case, the number of outstanding shares of Class A Common Stock
      shall be determined after giving effect to the conversion or exercise of securities of the Corporation, including the Series C Preferred Stock, by such Holder or its Affiliates or Attribution Parties since the date as of which such number of
      outstanding shares of Class A Common Stock was reported. The “Beneficial Ownership Limitation” shall be 9.99% of the number of shares of the Class A Common Stock outstanding immediately
      after giving effect to the issuance of shares of Class A Common Stock issuable upon conversion of Series C Preferred Shares held by the applicable Holder. The limitations contained in this paragraph shall apply to a successor holder of Series C
      Preferred Stock.

     

    
      
        

    

    Section 4.3. Automatic Conversion.

     

    (a) Automatic Conversion. Upon the fifth anniversary of the
      Issuance Date, each outstanding Series C Preferred Share will automatically and immediately convert (the “Automatic Conversion”) into a number of duly authorized, validly issued, fully paid
      and non-assessable shares of Class A Common Stock or Pre-Funded Warrants as set forth in this Article 4 without any further action by the Holders. From and after the Automatic Conversion,
      the Series C Preferred Shares shall no longer be deemed to be outstanding, and all rights of the Holders with respect to such Series C Preferred Shares shall immediately terminate, except the right to receive the shares of Class A Common Stock or
      Pre-Funded Warrants, as applicable.

     

    (b) Automatic Conversion Notice. In advance of the occurrence of
      the Automatic Conversion, the Corporation shall deliver to all Holders a written notice of the Automatic Conversion pursuant to this Section 4.3.

     

    (c) Automatic Conversion Beneficial Ownership Limitation. Upon the
      Automatic Conversion, in lieu of issuing any shares of Class A Common Stock to a Holder that would exceed the Beneficial Ownership Limitation, the Corporation will issue, and the Holder will receive, pre-funded warrants exercisable for the number of
      shares of Class A Common Stock which would otherwise be issuable (“Pre-Funded Warrants”), substantially in the form attached hereto as Annex
          B, the exercise of which shall be subject to the Beneficial Ownership Limitation.

     

    Section 4.4. Transfer Taxes. Issuances of shares of Class A Common Stock or Pre-Funded Warrants upon conversion of the Series C Preferred Shares shall be made without charge to the
        Holder for any issuance or transfer tax in respect of the issuance thereof; provided, however, that the Corporation shall not be required to pay any tax which may be payable
        in respect of any transfer involved in the issuance or delivery of shares of Class A Common Stock or Pre-Funded Warrants in a name other than that of the converting Holder, and no such issuance or delivery need be made unless and until the Person
        requesting such issuance or delivery has paid to the Corporation the amount of any such tax or has established, to the reasonable satisfaction of the Corporation, that such tax has been, or will timely be, paid.

     

    Section 4.5. Adjustments for Subsequent Events. From and after the date of this Certificate of Designations, adjustments shall be made to the Conversion Price from time to time as
        follows:

     

    (a) Adjustment Upon Stock Dividends, Certain Issuances, Subdivisions or Combinations of Common Stock.  If the Corporation, at any time while Series C Preferred
        Shares are outstanding:  (i) pays a stock dividend or otherwise makes a distribution or distributions on shares of Class A Common Stock or any other equity or equity equivalent securities payable in shares of Class A Common Stock, (ii) subdivides
        outstanding shares of Class A Common Stock into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding shares of Class A Common Stock into a smaller number of shares, or (iv) issues by reclassification of
        shares of the Class A Common Stock any shares of capital stock of the Corporation, then in each case the Conversion Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Class A Common Stock (excluding
        treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Class A Common Stock outstanding immediately after such event.  Any adjustment made pursuant to this Section 4.5(a)
        shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision,
        combination or re‐classification.

     

    (b)          Fundamental Transaction.  If, at any time while Series C Preferred Shares are outstanding, (i) the Corporation, directly or indirectly, in one or more related transactions
          effects any merger or consolidation of the Corporation with or into another Person (excluding a merger effected solely to change the Corporation’s name), (ii) the Corporation (and all of its Subsidiaries, taken as a whole), directly or
          indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any direct or indirect purchase offer, tender offer or
          exchange offer (whether by the Corporation or another Person) is completed pursuant to which holders of Class A Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property and such offer has been
          accepted by the holders of 50% or more of the outstanding Class A Common Stock, (iv) the Corporation, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Class A
          Common Stock or any compulsory share exchange pursuant to which the Class A Common Stock is effectively converted into or exchanged for other securities, cash or property, or (v) the Corporation, directly or indirectly, in one or more related
          transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person or group of Persons
          whereby such other Person or group acquires more than 50% of the outstanding shares of Class A Common Stock (not including any shares of Class A Common Stock held by the other Person or other Persons making or party to, or associated or
          affiliated with the other Persons making or party to such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent
          Optional Conversion or the Automatic Conversion, the Holder shall have the right to receive, for each share of Class A Common Stock that would have been issuable upon such Optional Conversion or the Automatic Conversion immediately prior to the
          occurrence of such Fundamental Transaction, at the option of the Holder (without regard to the Beneficial Ownership Limitation), the number of shares of common stock of the successor or acquiring corporation, or of the Class A Common Stock if the
          Corporation is the surviving corporation, and any additional consideration (the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the
          number of shares of Class A Common Stock into which a Holder’s Series C Preferred Shares are convertible immediately prior to such Fundamental Transaction (without regard to the Beneficial Ownership Limitation).

     

    
      
        

    

    c)  Alternate Consideration.  If holders of Class A Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate
      Consideration it receives upon any Optional Conversion or the Automatic Conversion following such Fundamental Transaction.  The Corporation shall cause any successor entity in a Fundamental Transaction in which the Corporation is not the survivor
      (the “Successor Entity”) to assume in writing all of the obligations of the Corporation under this Certificate of Designations and the other Transaction Documents in accordance with the
      provisions of this Section 4.5(c) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to
      such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for the Series C Preferred Shares a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance
      to this Certificate of Designations which is convertible for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the shares of Class A Common Stock acquirable and receivable upon an Optional
      Conversion or the Automatic Conversion (without regard to the Beneficial Ownership Limitation) prior to such Fundamental Transaction, and with a conversion price which applies the Conversion Price hereunder to such shares of capital stock (but taking
      into account the relative value of the shares of Class A Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such conversion price being for the purpose of
      protecting the economic value of the Series C Preferred Shares immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder.  Upon the occurrence of any such
      Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for, the Corporation so that from and after the date of such Fundamental Transaction, the provisions of this Certificate of Designations and the other Transaction
      Documents referring to the “Company” or the “Corporation” shall refer instead to the Successor Entity, and the Successor Entity may exercise every right and power of the Corporation and shall assume all of the obligations of the Corporation under
      this Certificate of Designations and the other Transaction Documents with the same effect as if such Successor Entity had been named as the Corporation herein.

     

    (d)  Other Distributions.  During
      such time as the Series C Preferred Shares are outstanding, if the Corporation shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of shares of Class A Common Stock, by way of return of
      capital or otherwise (including, without limitation, any distribution of property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) other than any such dividend
      or distribution that is subject to Section 4.5(a) hereof (a “Distribution”), at any time after the issuance of the Series C
      Preferred Shares, then, in each such case, the Conversion Price shall be adjusted by multiplying the Conversion Price in effect immediately prior to the record date fixed for determination of stockholders entitled to receive such Distribution by a
      fraction of which the denominator shall be the closing price on the record date mentioned above, and of which the numerator shall be such closing price on such record date less the then-per-share fair market value at such record date of the portion
      of such assets or evidence of indebtedness so distributed applicable to one outstanding share of the Class A Common Stock as determined by the Board of Directors in good faith.  In either case the adjustments shall be described in a statement
      provided to the Holder of the portion of assets or evidences of indebtedness so distributed or such subscription rights applicable to one share of Class A Common Stock.  Such adjustment shall be made whenever any such distribution is made and shall
      become effective immediately after the record date mentioned above.

     

    
      
        

    

    e)          Repurchases. Unless otherwise adjusted pursuant to Section
              4.5(a) through Section 4.5(f) hereof, if, at any time while Series C Preferred Shares are outstanding, the Corporation effects any Repurchases (as defined below), then,
          following the completion of the Repurchase, the Conversion Price shall be reduced to the price determined by multiplying the Conversion Price in effect immediately prior to the date of the Repurchase by a fraction of which the numerator shall be
          (i) the product of (A) the number of shares of Class A Common Stock outstanding immediately prior to the date of the Repurchase and (B) the closing price of the Class A Common Stock on the Trading Day immediately preceding the Corporation’s first
          public disclosure of its intent to effect such Repurchases, minus (ii) the Assumed Payment Amount (as defined below), and of which the denominator shall be the product of (A) the number of shares of Class A Common Stock outstanding immediately
          prior to the date of the Repurchase minus the number of shares of Class A Common Stock so repurchased and (B) the closing price of the Class A Common Stock on the Trading Day immediately preceding the Corporation’s first public disclosure of its
          intent to effect such Repurchases. For purposes of the foregoing, the “Assumed Payment Amount” with respect to any Repurchases shall mean the closing price as of the date of such Repurchases, of the aggregate consideration paid to effect such
          Repurchases and “Repurchases” means any transaction or series of related transactions to purchase Class A Common Stock of the Corporation for a purchase price greater than the closing price on the Trading Day immediately prior to such
          transactions pursuant to any tender offer or exchange offer.

     

    (f)  Exceptions to Adjustment Upon Issuance of Class A Common Stock. 
      Notwithstanding anything herein to the contrary herein, there shall be no adjustment to the Conversion Price with respect to any Excluded Issuance.

     

    Section 4.5. Rights Plans. If the Corporation has a rights plan in effect with respect to the Common Stock when Series C Preferred Shares are converted, upon conversion of any shares of the Series C Preferred Stock, Holders of such shares will
        receive, in addition to the shares of Class A Common Stock, the rights under the rights plan relating to such Common Stock, unless, prior to such date the rights have (i) become exercisable or (ii) separated from the shares of Common Stock.

     

    Section 4.6. Reservation of Shares Issuable Upon Conversion. The Corporation covenants that it will at all times reserve and keep available out of its authorized and unissued shares
        of Class A Common Stock for the sole purpose of issuance upon conversion of the Series C Preferred Stock and, as applicable, the exercise of the Pre-Funded Warrants as herein provided, free from preemptive rights or any other actual contingent
        purchase rights of Persons other than the Holders, not less than such aggregate number of shares of the Class A Common Stock as shall be issuable (taking into account the adjustments and restrictions of this Article 4) upon the conversion of the then outstanding shares of Series C Preferred Stock and the exercise of the then outstanding Pre-Funded Warrants. The Corporation covenants that all shares of Class A Common Stock that
        shall be so issuable shall, upon issue, be duly authorized, validly issued, fully paid and nonassessable.

     

    Section 4.7.  No Fractional Shares of Class A Common Stock.  No fractional shares of Class A Common Stock will be issued as a result of any conversion of shares of Series C Preferred
        Stock. In lieu of any fractional share of Class A Common Stock otherwise issuable in respect of any conversion pursuant hereto, the Corporation shall pay (concurrently with the issuance of the shares of Class A Common Stock) an amount in cash
        (computed to the nearest cent) equal to the same fraction of the closing price of the Class A Common Stock determined as of the second Trading Day immediately preceding the date of conversion.  If more than one share of the Series C Preferred Stock
        is surrendered for conversion at one time by or for the same Holder, the number of full shares of Class A Common Stock issuable upon conversion thereof shall be computed on the basis of the aggregate number of shares of the Series C Preferred Stock
        so surrendered.

     

    
      
        

    

    ARTICLE 5

      DEFINITIONS

     

    Unless the context otherwise requires, when used herein the following terms shall have the meaning indicated.

     

    “Affiliate” means any person or entity that, directly or indirectly
      through one or more intermediaries, controls or is controlled by or is under common control with a Person, as such terms are used in and construed under Rule 144 under the Securities Act of 1933, as amended. With respect to a Holder, any investment
      fund or managed account that is managed on a discretionary basis by the same investment manager as such Holder will be deemed to be an Affiliate of such Holder.

     

    “Business Day” means a day except a Saturday, a Sunday or other day
      on which commercial banks in the City of New York are authorized or required by applicable law to be closed.

     

    “Excluded Issuances”
      means any issuance of (a) shares of any equity securities pursuant to an employee stock option plan, management incentive plan, restricted stock plan, stock purchase plan or stock ownership plan or similar benefit plan, similar program or similar
      agreement as approved by the Board of Directors and shareholders of the Corporation existing on or prior to the date hereof, (b) shares of any equity securities issuable upon exercise of any warrants or upon conversion, exercise or redemption of
      other securities outstanding as of the date of this Certificate of Designations which have been disclosed in the Corporation’s reports filed with the Securities and Exchange Commission pursuant to the Exchange Act prior to the date of this
      Certificate of Designations, or (c) shares of Class A Common Stock or securities convertible into Class A Common Stock, as applicable, issued by the Corporation upon any or pursuant to any of the other Transaction Documents.

     

    “Holders” means the holders of outstanding Series C Preferred Shares
      as they appear in the records of the Corporation.

     

    “Person” means any individual, sole proprietorship, partnership,
      limited liability company, corporation, joint venture, trust, incorporated organization or government or department or agency thereof.

     

    “Subsidiary” means a corporation, association, company (including
      limited liability company), joint-stock company, business trust or other similar entity more than 50% of the outstanding voting stock of which is owned, directly or indirectly, by the Corporation or by one or more other Subsidiaries, or by the
      Corporation and one or more other Subsidiaries.  For purposes of this definition, “voting stock” means stock which ordinarily has voting power for the election of directors, whether at all times or only so long as no senior class of stock has such
      voting power by reason of any contingency.

     

    “Trading Day” means a day on which the Class A Common Stock is traded
      for any period on the principal securities exchange or if the Class A Common Stock is not traded on a principal securities exchange, on a day that the Class A Common Stock is traded on another securities market on which the Class A Common Stock is
      then being traded or if the Class A Common Stock is not then traded, Trading Day shall mean a Business Day.

     

    “Trading Market” means any of the following markets or exchanges on
      which the Class A Common Stock is listed or quoted for trading on the date in question:  the NYSE MKT, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange, the OTC Bulletin Board, the
      OTCQB, or the OTCQX (or any successors to any of the foregoing).

     

    “Transaction Documents” means that certain Exchange Agreement by and
      among the Corporation and the Holders, dated as of December 30, 2022, that certain Registration Rights Agreement by and among the Corporation and the Holders, dated as of January [●], 2023, the Pre-Funded Warrants, and this Certificate of
      Designations.

     

    
      
        

    

    

    

    ARTICLE 6

      MISCELLANEOUS

     

    Section 6.1. Notices. All notices or communications in respect of the Series C Preferred Shares shall be in writing, shall be effective upon delivery, and shall be delivered by (i)
        registered or certified mail, return receipt requested, postage prepaid, (ii) reputable nationwide overnight courier service guaranteeing next Business Day delivery, (iii) personal delivery, or (iv) email, with written confirmation of receipt.

     

    Section 6.2. No Other Rights. The Series C Preferred Shares shall not have any rights, preferences, privileges or voting powers or relative, participating, optional or other special
        rights, or qualifications, limitations or restrictions thereof, other than as expressly set forth herein or in the Certificate of Incorporation or as required by applicable law or regulation.

     

    Section 6.3. Headings. The headings of the various subdivisions hereof are for convenience of reference only and shall not affect the interpretation of any of the provisions hereof.

     

    Section 6.4. Effectiveness. This Certificate of Designations shall become effective upon filing with the Secretary of State of the State of Delaware.

     

    

    

     

    [Remainder of Page Intentionally Left Blank]

     

    
      
        

    

    IN WITNESS WHEREOF, the Corporation has caused this Certificate of Designations to be duly executed and acknowledged by the
      undersigned, thereunto duly authorized, as of January [●], 2023.

     

    	 	
            STRONGHOLD DIGITAL MINING, INC.

          
	 	 
	 	
            By:

          	 
	 	
            Name:

          
	 	
            Title:

          

     

      

    
      
        

    

    ANNEX A

     

    STRONGHOLD DIGITAL MINING, INC.

      SERIES C PREFERRED STOCK

     

    CONVERSION NOTICE

     

    The undersigned hereby irrevocably elects to convert _____________ shares of Series C Preferred
      Stock into shares of Class A Common Stock according to the conditions of the Certificate of Designations of the Series C Convertible Preferred Stock of Stronghold Digital Mining, Inc., as filed with the Secretary of State of the State of Delaware on
      January [●], 2023 (the “Certificate of Designations”), as of the date written below. The Corporation will pay any issuance or transfer tax on the issuance of shares of Class A Common Stock,
      unless the tax is due because the undersigned requests such shares of Class A Common Stock to be issued in a name other than the undersigned’s name, in which case, the undersigned will pay the tax.  Capitalized terms used but not otherwise defined
      herein shall have the respective meanings ascribed to such terms in the Certificate of Designations.

     

    Date of Conversion:______________

     

    Signature: _____________________

     

    Name: _________________________

     

    Address:_________________________

     

    
      
        

    

     ANNEX B

    
      

      

      STRONGHOLD DIGITAL MINING, INC.

        CLASS A COMMON STOCK PRE-FUNDED WARRANT

       

      THIS PRE-FUNDED WARRANT (THE “WARRANT”) AND THE SECURITIES ISSUABLE UPON EXERCISE OF
        THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR QUALIFIED UNDER ANY STATE OR FOREIGN SECURITIES LAWS AND MAY NOT BE OFFERED FOR SALE,
        SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED OR ASSIGNED UNLESS (I) A REGISTRATION STATEMENT COVERING SUCH SECURITIES IS EFFECTIVE UNDER THE ACT AND IS QUALIFIED UNDER APPLICABLE STATE AND FOREIGN LAW OR (II) THE TRANSACTION IS EXEMPT FROM
        THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS UNDER THE ACT AND THE QUALIFICATION REQUIREMENTS UNDER APPLICABLE STATE AND FOREIGN LAW AND, IF THE COMPANY REQUESTS, AN OPINION SATISFACTORY TO THE COMPANY TO SUCH EFFECT HAS BEEN RENDERED BY
        COUNSEL.

       

      Warrant Certificate No.: _________

       

      Original Issue Date:  [______]

       

      FOR VALUE RECEIVED, Stronghold Digital Mining, Inc., a Delaware corporation (the “Company”),
        hereby certifies that [HOLDER] or its registered assigns (the “Holder”) is entitled to purchase from the Company [_____] duly authorized, validly issued, fully paid and
        nonassessable shares of Class A Common Stock, par value $0.0001 per share, at a purchase price per share of $0.001 (the “Strike Price”), all subject to the terms,
        conditions and adjustments set forth below in this Warrant.

       

      This Warrant is being issued to the Holder in exchange for [_____] shares of the Company’s Series C Convertible Preferred Stock, par value $0.0001
        per share (the “Series C Preferred Stock”), issued by the Company to the Holder on January [●], 2023.

       

      1.          Definitions.  As used in this Warrant, the following terms have the respective meanings set forth below:

       

      “Affiliate” means, with respect to any Person, any other Person that
        directly or indirectly controls, is controlled by, or is under common control with, such Person, it being understood for purposes of this definition that “control” of a Person means the power directly or indirectly to direct or cause the direction
        of the management and policies of such Person whether by contract or otherwise.

       

      “Aggregate Strike Price” means an amount equal to the product of (a)
        the number of Warrant Shares in respect of which this Warrant is then outstanding, multiplied by (b) the Strike Price.

       

      “Alternate Consideration” has the meaning set forth in Section 4(c)(ii).

       

      “Attribution Parties” has the meaning set forth in Section 3(f)(i).

       

      

      
        
          

      

      
      “Beneficial Ownership Limitation” has the meaning set forth in Section 3(f)(i).

       

      “Business Day” means any day, except a Saturday, Sunday or legal
        holiday, on which banking institutions in the State of New York are authorized or obligated by law or executive order to close.

       

      “Certificate of Designations of the Series C Preferred Stock” means
        the certificate of designations of the Series C Preferred Stock filed with the Secretary of State of the State of Delaware on January [●], 2023.

       

      “Common Stock” means the Class A Common Stock, par value $0.0001 per
        share, of the Company, and any capital stock into which such Common Stock shall have been converted, exchanged or reclassified following the date hereof.

       

      “Company” has the meaning set forth in the preamble.

       

      “Distribution” has the meaning set forth in Section 4(c)(iii).

       

      “Exchange Agreement” means that certain Exchange Agreement by and
        among the Company, the Holder and the other holders party thereto, dated as of December 30, 2022.

       

      “Excluded Issuances” means any issuance of (a) shares of any equity
        securities pursuant to an employee stock option plan, management incentive plan, restricted stock plan, stock purchase plan or stock ownership plan or similar benefit plan, similar program or similar agreement as approved by the Board of Directors
        and shareholders of the Company existing on or prior to the date hereof, (b) shares of any equity securities issuable upon exercise of any warrants or upon conversion, exercise or redemption of other securities outstanding as of the date of this
        Warrant which have been disclosed in the Company’s reports filed with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934 (as amended, the “Exchange
            Act”) prior to the date of this Warrant, or (c) shares of Common Stock or securities convertible into Common Stock, as applicable, issued by the Company upon exercise of this Warrant or pursuant to any of the other Transaction
        Documents.

       

      “Exercise Date” means, for any given exercise of this Warrant, the
        date on which the conditions to such exercise as set forth in Section 3(a) shall have been satisfied at or prior to 5:00 p.m., New York City, NY time, on a Business Day.

       

      “Exercise Period” has the meaning set forth in Section 2.

       

      “Fundamental Transaction” has the meaning set forth in Section 4(c)(ii).

       

      “Holder” has the meaning set forth in the preamble.

       

      “Notice of Exercise” has the meaning set forth in Section 3(a).

       

      “Original Issue Date” means the first date hereabove written.

       

      
        2

        
          

      

      “Person” means any individual, sole proprietorship, partnership,
        limited liability company, corporation, joint venture, trust, incorporated organization or government or department or agency thereof.

       

      “Registration Rights Agreement” means that certain Registration
        Rights Agreement by and among the Company, the Holder and the other holders party thereto, dated as of January [●], 2023.

       

      “Series C Preferred Stock” has the meaning set forth in the Preamble.

       

      “Strike Price” has the meaning set forth in the preamble, subject to
        adjustments in accordance with the terms of this Warrant.  No additional consideration (other than the Strike Price per Warrant Share) shall be required to be paid by the Holder to any Person to effect any exercise of this Warrant.  The Holder
        shall not be entitled to the return or refund of all, or any portion, of such pre-paid aggregate exercise price under any circumstance or for any reason whatsoever, including in the event this Warrant shall not have been exercised prior to the
        Termination Date.

       

      “Subsidiary” means a corporation, association, company (including
        limited liability company), joint-stock company, business trust or other similar entity more than 50% of the outstanding voting stock of which is owned, directly or indirectly, by the Company or by one or more other Subsidiaries, or by the Company
        and one or more other Subsidiaries.  For purposes of this definition, “voting stock” means stock which ordinarily has voting power for the election of directors, whether at all times or only so long as no senior class of stock has such voting power
        by reason of any contingency.

       

      “Successor Entity” has the meaning set forth in Section 4(c)(ii).

       

      “Termination Date” means the date on which this Warrant is exercised
        in full.

       

      “Trading Market” means any of the following markets or exchanges on
        which the Common Stock is listed or quoted for trading on the date in question:  the NYSE MKT, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange, the OTC Bulletin Board, the OTCQB, or
        the OTCQX (or any successors to any of the foregoing).

       

      “Transaction Documents” means the Exchange Agreement, the Certificate
        of Designations of the Series C Preferred Stock, the Registration Rights Agreement and this Warrant.

       

      “Transfer Agent” has the meaning set forth in Section 3(c).

       

      “VWAP” means, for any date, the price determined by the first of the
        following clauses that applies: (a) if the Common Stock is then listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the Trading Market on which the
        Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a trading day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if the OTC Bulletin Board is not a Trading Market, the volume weighted average
        price of the Common Stock for such date (or the nearest preceding date) on the OTC Bulletin Board, (c) if the Common Stock is not then listed or quoted for trading on the OTC Bulletin Board and if prices for the Common Stock are then reported on
        the OTCQX, OTCQB or OTC Pink Marketplace maintained by the OTC Markets Group, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the volume weighted average price of the Common Stock on the first such
        facility (or a similar organization or agency succeeding to its functions of reporting prices), or (d) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the
        Holder and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.  For purposes of calculating VWAP over any multiple-day period, the number of shares of Common Stock shall be adjusted for any stock
        splits, stock combinations, reclassifications or similar transaction.

       

      
        3

        
          

      

      “Warrant” means this Warrant and all warrants issued upon division or
        combination of, or in substitution for, this Warrant.

       

      “Warrant Shares” means the shares of Common Stock or other capital
        stock of the Company then purchasable upon exercise of this Warrant in accordance with the terms of this Warrant.

       

      2.          Term of Warrant.  Subject to the terms and conditions hereof, at any time from the Original Issue Date through the Termination Date (the “Exercise Period”), the Holder of this Warrant may exercise this Warrant for all or any part of the Warrant Shares purchasable hereunder, subject to the Beneficial Ownership Limitation and subject to
            adjustment as provided herein.

       

      3.          Exercise of Warrant.

       

      (a)          Exercise Procedure.  This Warrant may be exercised from time to time on any Business Day during the Exercise Period, for all or any part of the unexercised Warrant Shares, upon:  surrender
            of this Warrant to the Company at the address for notices in Section 10 below (or an indemnification undertaking with respect to this Warrant in the case of its loss, theft or
            destruction), together with a duly completed and executed exercise notice in the form attached hereto as Exhibit A (the “Notice of Exercise”).

       

      (b)          RESERVED.

       

      (c)          Delivery of Warrant Shares Upon Exercise.  In accordance with and subject to Section 3(a) and Section 4 hereof, the Company shall, as promptly as practicable, and in any event within three (3) Business Days after surrender of this Warrant, instruct the transfer agent (the “Transfer Agent”) for the Common Stock to record the issuance of the Warrant Shares purchased hereunder to the Holder in book-entry form pursuant to the Transfer Agent’s regular procedures. 
            The Warrant Shares shall be registered in the name of the Holder or, subject to compliance with Section 5 below, such other Person’s name as shall be designated.  This Warrant shall
            be deemed to have been exercised in whole or in part, and such certificate or certificates of Warrant Shares shall be deemed to have been issued, and the Holder or any other Person so designated to be named therein shall be deemed to have
            become a holder of record of such Warrant Shares for all purposes, as of the applicable Exercise Date.

       

      (d)          Delivery of New Warrant.  Unless the purchase rights represented by this Warrant shall have been fully exercised, the Company shall, at the time of delivery of the Warrant Shares being issued in accordance with Section 3(c) hereof, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unexercised Warrant Shares called for by this Warrant.  Such new Warrant
            shall in all other respects be identical to this Warrant.

       

      
        4

        
          

      

      (e)          Reservation of Shares.  During the Exercise Period, the Company shall at all times reserve and keep available out of its authorized but unissued Common Stock or other securities constituting Warrant Shares, solely for the
            purpose of issuance upon the exercise of this Warrant, the maximum number of Warrant Shares issuable upon the exercise of this Warrant, and the par value per Warrant Share shall at all times be less than or equal to the applicable Strike
            Price.  The Company shall not increase the par value of any Warrant Shares receivable upon the exercise of this Warrant above the Strike Price then in effect, and shall take all such actions as may be necessary or appropriate so that the
            Company may validly and legally issue fully paid and nonassessable shares of Common Stock upon the exercise of this Warrant.

       

      (f)          Exercise Restriction.  Notwithstanding anything herein to the contrary, the Company shall not effect the exercise of any portion of this Warrant, and the Holder shall not have the right to exercise any portion of this
            Warrant, and any such exercise shall be null and void and treated as if never made, to the extent, and only to the extent, that:

       

      (i)          the Holder (together with
            the Holder’s Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons, “Attribution Parties”)),
            would beneficially own in excess of the Beneficial Ownership Limitation (as defined below) upon such exercise.  Except as set forth in the preceding sentence, for purposes of this Section 3(f)(i),
            beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such
            calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith.  To the extent that the limitation contained in this Section 3(f)(i) applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution
            Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination of whether this Warrant is exercisable (in
            relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have
            no obligation to verify or confirm the accuracy of such determination.  For purposes of this Section 3(f)(i), in determining the number of outstanding shares of Common Stock,
            the Holder may rely on the number of outstanding shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual report filed with the U.S. Securities and Exchange Commission, as the case may be, (B) a more recent public
            announcement by the Company or (C) a more recent written notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding.  Upon the written or oral request of a Holder, the Company shall within one (1)
            Business Day confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding.  In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise
            of securities of the Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties since the date as of which such number of outstanding shares of Common Stock was reported.  The “Beneficial Ownership Limitation” shall be 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise
            of this Warrant.  The limitations contained in this paragraph shall apply to a successor holder of this Warrant; or

       

      
        5

        
          

      

      (ii)          such issuance, when
            aggregated with any other Common Stock theretofore or simultaneously therewith issued (including all of the transactions as contemplated under the Transaction Documents) to or otherwise beneficially owned by the Holder and its Affiliates and
            any other Persons or entities whose beneficial ownership of Common Stock would be aggregated with the Holder’s for purposes of Section 13(d) of the Exchange Act (including any shares held by any “group” of which the Holder is a member) would
            result in a “change of control” of the Company within the meaning of Nasdaq Listing Rule 5635(b) or otherwise require shareholder approval under Nasdaq Listing Rule 5635(d); except that such limitation under this Section 3(f)(ii) shall not apply in the event that the Company obtains all necessary stockholder approvals for such exchange in accordance with the Nasdaq Listing Rules. The Company has obtained any
            such necessary stockholder approval as of [], 2023. For purposes hereof, “group” has the meaning set forth in Section 13(d) of the Exchange Act and applicable regulations of the Securities and Exchange Commission, and the percentage held by the
            Holder shall be determined in a manner consistent with the provisions of Section 13(d) of the Exchange Act.

       

      4.          Mandatory Cashless Exercise; Adjustments.

       

      (a)          RESERVED.

       

      (b)          Cashless Exercise.  Upon the exercise of this Warrant in whole or in part, the Company will settle such exercise by paying or delivering, as applicable and as provided in this Section 4(b), shares of Common Stock, together, if applicable, with cash in lieu of fractional shares, in the amounts set forth herein.  This Warrant shall only be settled in shares
            of Common Stock, other than any cash payments in lieu of fractional shares, and shall not be settled in cash.  Upon settlement of the exercise of each Warrant, the Company will deliver the following:

       

      (i)          A number of shares of Common
            Stock equal to the greater of (x) zero and (y) the quotient obtained by dividing [(VP-SP) * (WS)] by (VP), where:

       

      WS = the number of Warrant Shares being exercised, subject to any adjustments as set forth in this Section 4;

       

      VP = the 20-day VWAP as of the market close on the trading day immediately preceding the applicable Exercise Date; and

       

      SP = the Strike Price in effect immediately after the close of business on such Exercise Date.

       

      (ii)          Additionally, if the calculation set forth in Section 4(b)(i) results in the issuance of fractional shares of Common Stock, in lieu of delivering any fractional share of Common Stock otherwise due upon exercise of any Warrant,
            the Company shall, at its election, either pay a cash adjustment in respect of such final fraction based on the VP per share of Common Stock on the applicable Exercise Date as set forth in Section 4(b)(i)
            or round up to the next whole share.

       

      
        6

        
          

      

      (c)          Strike Price and Warrant Share Adjustments.  Each of the Strike Price and the Warrant Shares will be adjusted from time to time as follows:

       

      (i)          Adjustment Upon Stock Dividends, Certain Issuances, Subdivisions or Combinations of Common Stock.  If the Company, at any time while this Warrant is outstanding:  (A) pays a stock dividend or
            otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares of Common Stock, (B) subdivides outstanding shares of Common Stock into a larger number of
            shares, (C) combines (including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (D) issues by reclassification of shares of the Common Stock any shares of capital stock of the Company, then
            in each case the Strike Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator
            shall be the number of shares of Common Stock outstanding immediately after such event, and the number of Warrant Shares shall be proportionately adjusted such that the Aggregate Strike Price of this Warrant shall remain unchanged.  Any
            adjustment made pursuant to this Section 4(c)(i) shall become effective immediately after the record date for the determination of stockholders entitled to receive such
            dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re‐classification.

       

      (ii)          Fundamental Transaction.  If, at any time while this Warrant is outstanding, (A) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of
            the Company with or into another Person (excluding a merger effected solely to change the Company’s name), (B) the Company (and all of its Subsidiaries, taken as a whole), directly or indirectly, effects any sale, lease, license, assignment,
            transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (C) any direct or indirect purchase offer, tender offer or exchange offer (whether by the Company or another Person)
            is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property and such offer has been accepted by the holders of 50% or more of the outstanding Common Stock,
            (D) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively
            converted into or exchanged for other securities, cash or property, or (E) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including,
            without limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding shares of Common Stock (not
            including any shares of Common Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to such stock or share purchase agreement or other business combination) (each
            a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have
            been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 3(f)(i)
            on the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such
            Fundamental Transaction (without regard to any limitation in Section 3(f)(i) on the exercise of this Warrant).

       

      
        7

        
          

      

      (iii)          For purposes of any such exercise, the determination of
            the Strike Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall
            apportion the Strike Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration.  If holders of Common Stock are given any choice as to the securities,
            cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction.  The Company
            shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all of the
            obligations of the Company under this Warrant and the other Transaction Documents in accordance with the provisions of this Section 4(c)(ii) pursuant to written agreements in
            form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a
            security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent
            entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which
            applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number
            of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and
            substance to the Holder.  Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for, the Company so that from and after the date of such Fundamental Transaction, the provisions of
            this Warrant and the other Transaction Documents referring to the “Company” shall refer instead to the Successor Entity, and the Successor Entity may exercise every right and power of the Company and shall assume all of the obligations of the
            Company under this Warrant and the other Transaction Documents with the same effect as if such Successor Entity had been named as the Company herein.

       

      (iv)          Other Distributions.  During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to
            holders of shares of Common Stock, by way of return of capital or otherwise (including, without limitation, any distribution of property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement
            or other similar transaction) other than any such dividend or distribution that is subject to Section 4(c)(i) hereof (a “Distribution”), at any time after the issuance of this Warrant, then, in each such case, the Strike Price shall be adjusted by multiplying the Strike Price in effect immediately prior to the record date fixed
            for determination of stockholders entitled to receive such Distribution by a fraction of which the denominator shall be the closing price on the record date mentioned above, and of which the numerator shall be such closing price on such record
            date less the then-per-share fair market value at such record date of the portion of such assets or evidence of indebtedness so distributed applicable to one outstanding share of the Common Stock as determined by the Board of Directors of the
            Company in good faith, and the number of Warrant Shares shall be proportionately adjusted such that the Aggregate Strike Price of this Warrant shall remain unchanged.  In either case the adjustments shall be described in a statement provided to
            the Holder of the portion of assets or evidences of indebtedness so distributed or such subscription rights applicable to one share of Common Stock.  Such adjustment shall be made whenever any such distribution is made and shall become
            effective immediately after the record date mentioned above.

       

      
        8

        
          

      

      (v)          Repurchases. Unless otherwise adjusted pursuant to Section 4(c)(i) through (vi) hereof, if, at any time while this Warrant is outstanding, the Company effects any
            Repurchases, then, following the completion of the Repurchase, the Strike Price shall be reduced to the price determined by multiplying the Strike Price in effect immediately prior to the date of the Repurchase by a fraction of which the
            numerator shall be (a) the product of (1) the number of shares of Common Stock outstanding immediately prior to the date of the Repurchase and (2) the closing price of the Common Stock on the trading day immediately preceding the Company’s
            first public disclosure of its intent to effect such Repurchases, minus (b) the Assumed Payment Amount (as defined below), and of which the denominator shall be the product of (X) the number of shares of Common Stock outstanding immediately
            prior to the date of the Repurchase minus the number of shares of Common Stock so repurchased and (Y) the closing price of the Common Stock on the trading day immediately preceding the Company’s first public disclosure of its intent to effect
            such Repurchases. In such event, the number of Warrant Shares issuable upon the exercise of this Warrant shall be increased to the number obtained by multiplying such number of Warrant Shares by the quotient of (A) the Strike Price in effect
            immediately prior to the date of the Repurchases divided by (B) the new Strike Price determined in accordance with the immediately preceding sentence. For purposes of the foregoing, the “Assumed Payment Amount” with respect to any Repurchases
            shall mean the closing price as of the date of such Repurchases, of the aggregate consideration paid to effect such Repurchases and “Repurchases” means any transaction or series of related transactions to purchase Common Stock of the Company
            for a purchase price greater than the closing price on the trading day immediately prior to such transactions pursuant to any tender offer or exchange offer.

       

      (vi)          Exceptions to Adjustment Upon Issuance of Common Stock.  Notwithstanding anything herein to the contrary herein, there shall be no adjustment to the number of Warrant Shares issuable upon exercise of this Warrant or the Strike
            Price with respect to any Excluded Issuance.

       

      (d)          Notices.  Whenever the Strike Price or the Warrant Shares are adjusted pursuant to any provision of this Section 4, the Company shall send to the Holder
            a notice setting forth the adjusted Strike Price or Warrant Shares and a brief statement of the facts requiring such adjustment.  In the event the Company shall consummate any Fundamental Transaction then, unless the Company has made a filing
            with the Securities and Exchange Commission, including pursuant to a Current Report on Form 8-K, which filing discloses such Fundamental Transaction, the Company shall give to each Holder a written notice of such Fundamental Transaction.

       

      
        9

        
          

      

      5.          Transfer of Warrant.  Subject to the transfer conditions referred to in the legend endorsed hereon, this Warrant and all rights hereunder are transferable, in whole or in part, by the
            Holder without charge to the Holder, upon surrender of this Warrant to the Company at the address for notices in Section 10 below (email being sufficient) with a properly
            completed and duly executed assignment in the form set forth on Exhibit B and any other documentation as may be reasonably requested from the Company.  Upon such compliance, surrender and delivery, the Company shall execute and deliver
            a new Warrant or Warrants in the name of the assignee or assignees and in the denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant, if any, not so
            assigned and this Warrant shall promptly be cancelled.

       

      6.          Holder Not Deemed a Stockholder; Limitations on Liability.  Other than as set forth herein, prior to the issuance to the Holder of the Warrant Shares to which the Holder is then entitled to receive upon the due exercise
            of this Warrant, the Holder shall not be entitled to vote or be deemed the holder of shares of capital stock of the Company for any purpose (other than for tax purposes), nor shall anything contained in this Warrant be construed to confer upon
            the Holder, as such, any right to vote, give or withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation, merger, conveyance or otherwise) or receive notice of meetings.  In
            addition, nothing contained in this Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities (upon exercise of this Warrant or otherwise) or as a stockholder of the Company, whether such liabilities are
            asserted by the Company or by creditors of the Company.

       

      7.          Replacement on Loss; Division and Combination.

       

      (a)          Replacement of Warrant on Loss.  Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and upon delivery of an indemnity reasonably satisfactory to
            it (it being understood that a written indemnification agreement or affidavit of loss of the Holder shall be a sufficient indemnity) and, in case of mutilation, upon surrender of such Warrant for cancellation to the Company, the Company at its
            own expense shall execute and deliver to the Holder, in lieu hereof, a new Warrant of like tenor and exercisable for an equivalent number of Warrant Shares as the Warrant so lost, stolen, mutilated or destroyed; provided, that, in the case of
            mutilation, no indemnity shall be required if this Warrant in identifiable form is surrendered to the Company for cancellation.

       

      (b)          Division and Combination of Warrant.  Subject to compliance with the applicable provisions of this Warrant as to any transfer or other assignment which may be involved in such division or combination, this Warrant may be
            divided or, following any such division of this Warrant, subsequently combined with other Warrants, upon the surrender of this Warrant or Warrants to the Company at its then principal executive offices, together with a written notice specifying
            the names and denominations in which new Warrants are to be issued, signed by the respective Holders or their agents or attorneys, along with any other documentation that the Company may reasonably request.  Subject to compliance with the
            applicable provisions of this Warrant as to any transfer or assignment which may be involved in such division or combination, the Company shall at its own expense execute and deliver a new Warrant or Warrants in exchange for the Warrant or
            Warrants so surrendered in accordance with such notice.  Such new Warrant or Warrants shall be of like tenor to the surrendered Warrant or Warrants and shall be exercisable in the aggregate for an equivalent number of Warrant Shares as the
            Warrant or Warrants so surrendered in accordance with such notice.

       

      
        10

        
          

      

      8.          Compliance with the Act.

       

      (a)          Restrictive Legend.  The Holder, by acceptance of this Warrant, agrees to comply in all respects with the provisions of this Section 8 and the restrictive
            legend requirements set forth on the face of this Warrant and further agrees that such Holder shall not offer, sell or otherwise dispose of this Warrant or any Warrant Shares to be issued upon exercise hereof except under circumstances that
            will not result in a violation of the Act.  This Warrant and all Warrant Shares issued upon exercise of this Warrant (unless registered under the Act) shall be stamped or imprinted with a legend in substantially the following form:

       

      “THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
        1933, AS AMENDED (THE “ACT”), OR QUALIFIED UNDER ANY STATE OR FOREIGN SECURITIES LAWS AND MAY NOT BE OFFERED FOR SALE, SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE
        TRANSFERRED OR ASSIGNED UNLESS (I) A REGISTRATION STATEMENT COVERING SUCH SECURITIES IS EFFECTIVE UNDER THE ACT AND IS QUALIFIED UNDER APPLICABLE STATE AND FOREIGN LAW OR (II) THE TRANSACTION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY
        REQUIREMENTS UNDER THE ACT AND THE QUALIFICATION REQUIREMENTS UNDER APPLICABLE STATE AND FOREIGN LAW AND, IF THE COMPANY REQUESTS, AN OPINION SATISFACTORY TO THE COMPANY TO SUCH EFFECT HAS BEEN RENDERED BY COUNSEL.”

       

      (b)          Removal of Restrictive Legend.  The Company agrees, upon request of the Holder or permitted assignee, to take all steps reasonably necessary to promptly effect the removal of any restrictive legend from the certificates
            representing Warrant Shares or the book-entry account of such Warrant Shares, and the Company shall bear all costs associated therewith, regardless of whether the request is made in connection with a sale or otherwise, so long as the Holder,
            its permitted assigns or its broker provides to the Company a certification as to the length of time such Warrant Shares have been held and a certification that the Holder is not an affiliate of the Company.  The Company shall cooperate with
            the Holder to effect the removal of the legend at any time such legend is no longer appropriate.

       

      9.          Warrant Register.  The Company shall keep and properly maintain at its principal executive offices books for the registration of this Warrant and any transfers thereof.  The Company may deem and treat the Person in whose
            name this Warrant is registered on such register as the Holder thereof for all purposes, and the Company shall not be affected by any notice to the contrary, except any assignment, division, combination or other transfer of this Warrant
            effected in accordance with the provisions of this Warrant.

       

      
        11

        
          

      

      10.          Notices.  All notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in writing and shall be deemed to have been given:  (a) when delivered by
            hand (with written confirmation of receipt); (b) when received by the addressee if sent by a nationally recognized overnight courier (receipt requested); (c) on the date sent by e-mail of a PDF document (with confirmation of transmission); or
            (d) on the third day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid.  Such communications must be sent to the respective parties at the addresses indicated below (or at such other address for a
            party as shall be specified in a notice given in accordance with this Section 10).

       

      	

            	If to the Company:	
              Stronghold Digital Mining, Inc.

                595 Madison Avenue, 28th Floor

                New York, NY 10022

                Attention:  Matthew Usdin

            

       

      	

            	with a copy to:	
              Vinson & Elkins LLP

                901 East Byrd Street, Suite 1500

                Richmond, VA 23219

                Attention:  Daniel M. LeBey

            

       

      	

            	If to the Holder:	
              To such Holder at the address of such Holder as listed in the stock record books of the Company.

            

       

      11.          Cumulative Remedies.  Except to the extent expressly provided to the contrary, the rights and remedies provided in this Warrant are cumulative and are not exclusive of, and are in addition to and not in substitution for,
            any other rights or remedies available at law, in equity or otherwise.

       

      12.          Entire Agreement.  This Warrant, together with the Transaction Documents, constitutes the sole and entire agreement of the parties with respect to this Warrant and the subject matter contained herein, and supersedes all
            prior and contemporaneous understandings and agreements, both written and oral, with respect to such subject matter.  In the event of any inconsistency between the statements in the body of this Warrant and any of the Transaction Documents, the
            statements in the body of this Warrant shall control.

       

      13.          Equitable Relief. Each of the Company and the Holder acknowledges that a breach or threatened breach by such party of any of its obligations under this Warrant would give rise to irreparable harm to the other party hereto
            for which monetary damages would not be an adequate remedy and hereby agrees that in the event of a breach or a threatened breach by such party of any such obligations, the other party hereto shall, in addition to any and all other rights and
            remedies that may be available to it in respect of such breach, be entitled to equitable relief, including a restraining order, an injunction, specific performance and any other relief that may be available from a court of competent
            jurisdiction.

       

      14.          Successors and Assigns.  This Warrant and the rights evidenced hereby shall be binding upon and shall inure to the benefit of the parties hereto and the successors of the Company and the successors and permitted assigns
            of the Holder.  Such successors and/or permitted assigns of the Holder shall be deemed to be a Holder for all purposes hereunder.

       

      
        12

        
          

      

      15.          No Third-Party Beneficiaries.  This Warrant is for the sole benefit of the Company and the Holder and their respective successors and, in the case of the Holder, permitted assigns and nothing herein, express or implied,
            is intended to or shall confer upon any other Person any legal or equitable right, benefit or remedy of any nature whatsoever, under or by reason of this Warrant.

       

      16.          Headings.  The headings in this Warrant are for reference only and shall not affect the interpretation of this Warrant.

       

      17.          Amendment and Modification; Waiver.  Except as otherwise provided herein, this Warrant may only be amended, modified or supplemented by an agreement in writing signed by each party hereto.  No waiver by the Company or the
            Holder of any of the provisions hereof shall be effective unless explicitly set forth in writing and signed by the party so waiving.  No waiver by any party shall operate or be construed as a waiver in respect of any failure, breach or default
            not expressly identified by such written waiver, whether of a similar or different character, and whether occurring before or after that waiver.  No failure to exercise, or delay in exercising, any rights, remedy, power or privilege arising
            from this Warrant shall operate or be construed as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right,
            remedy, power or privilege.

       

      18.          Severability.  If any term or provision of this Warrant is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other term or provision of this
            Warrant or invalidate or render unenforceable such term or provision in any other jurisdiction.

       

      19.          Governing Law.  This Warrant shall be governed by and construed in accordance with the internal laws of the State of Delaware without giving effect to any choice or conflict of law provision or rule (whether of the State
            of Delaware or any other jurisdiction) that would cause the application of laws of any jurisdiction other than those of the State of Delaware.

       

      20.          Submission to Jurisdiction.  Any legal suit, action or proceeding arising out of or based upon this Warrant or the transactions contemplated hereby may be instituted in the federal courts of the United States of America
            or the Chancery Court of the State of Delaware in each case located in the city of Wilmington, and each party irrevocably submits to the exclusive jurisdiction of such courts in any such suit, action or proceeding.  Service of process, summons,
            notice or other document by certified or registered mail to such party’s address set forth herein shall be effective service of process for any suit, action or other proceeding brought in any such court.  The parties irrevocably and
            unconditionally waive any objection to the laying of venue of any suit, action or any proceeding in such courts and irrevocably waive and agree not to plead or claim in any such court that any such suit, action or proceeding brought in any such
            court has been brought in an inconvenient forum.

       

      21.          Waiver of Jury Trial.  Each party acknowledges and agrees that any controversy which may arise under this Warrant is likely to involve complicated and difficult issues and, therefore, each party irrevocably and
            unconditionally waives any right it may have to a trial by jury in respect of any legal action arising out of or relating to this Warrant or the transactions contemplated hereby.

       

      
        13

        
          

      

      22.          Counterparts.  This Warrant may be executed in counterparts, each of which shall be deemed an original, but all of which together shall be deemed to be one and the same agreement.  A signed copy of this Warrant delivered
            by facsimile, e-mail or other means of electronic transmission shall be deemed to have the same legal effect as delivery of an original signed copy of this Warrant.

       

      23.          No Strict Construction.  This Warrant shall be construed without regard to any presumption or rule requiring construction or interpretation against the party drafting an instrument or causing any instrument to be drafted.

       

       

      

      [SIGNATURE PAGE FOLLOWS]

       

      

      
        14

        
          

      

      IN WITNESS WHEREOF, the Company has duly executed this Warrant as of the Original Issue Date.

       

       

      

      
        	STRONGHOLD DIGITAL MINING, INC.
	
                 

              	
                 

              
	By:

              	
                 

              
	Name:

              	
                 

              
	Title:

              	
                 

              

      

      

      

      

      

      

        Signature Page to Warrant Agreement

                        

    

    

      
        
          

      

      ACKNOWLEDGED AND AGREED:
      

      

      [HOLDER]

      

      

      
        	By:

              	
                 

              
	Name:

              	
                 

              
	Title:

              	
                 

              

      

                         
      

      

      

      

      

      

      
        Signature Page to Warrant Agreement

         

        

      

      
        
          

      

      EXHIBIT A

          

        NOTICE OF EXERCISE

       

      To:          STRONGHOLD DIGITAL MINING, INC.

       

      Reference is made to that certain Class A Common Stock Pre-Funded Warrant (the “Warrant”)
        issued by Stronghold Digital Mining, Inc. (the “Company”) on [DATE].  Capitalized terms used but not otherwise defined herein shall have the respective meanings given
        thereto in the Warrant.

       

      (1)          The undersigned Holder of the Warrant hereby elects to
            exercise the Warrant for ______ number of Warrant Shares, subject to tender of Warrant Shares pursuant to the cashless exercise provisions of Section 4 of the Warrant.

       

      The undersigned Holder hereby instructs the Company to issue the applicable net number of shares of Common Stock issuable upon exercise of the
        Warrant pursuant to the cashless exercise provisions of Section 4 of the Warrant, in the name of the undersigned Holder.  [The Holder’s calculation of such net number shall be provided to
        the Company upon request.]

       

      (2)          The undersigned Holder hereby represents and warrants to
            the Company that, as of the date hereof:

       

      (a)          Experience; Accredited Investor Status.  The Holder (i) is an accredited investor as that term is defined in Rule 501 of Regulation D promulgated under the Securities Act, is capable of evaluating the merits and risks of
            its investment in the Company, (iii) has the capacity to protect its own interests, and (iv) has the financial ability to bear the economic risk of its investment in the Company.

       

      (b)          Company Information.  The Holder has been provided access to all information, including through the Company’s publicly available documents and filings, regarding the business and financial condition of the Company, its
            expected plans for future business activities, material contracts, intellectual property, and the merits and risks of its purchase of the Warrant Shares, which it has requested or otherwise needs to evaluate an investment in the Warrant
            Shares.  It has had an opportunity to discuss the Company’s business, management and financial affairs with directors, officers and management of the Company and has had the opportunity to review the Company’s operations and facilities.  It has
            also had the opportunity to ask questions of, and receive answers from, the Company and its management regarding the terms and conditions of this investment and all such questions have been answered to its satisfaction.

       

      (c)          Investment.  The Holder has not been formed solely for the purpose of making this investment and is acquiring the Warrant Shares for investment for its own account, not as a nominee or agent, and not with the view to, or
            for resale in connection with, any distribution of any part thereof.  It understands that the Warrant Shares have not been registered under the Securities Act or applicable state and other securities laws and are being issued by reason of a
            specific exemption from the registration provisions of the Securities Act and applicable state and other securities laws, the availability of which depends upon, among other things, the bona fide nature of the investment intent and the accuracy
            of the Holder’s representations as expressed herein.

       

       

      

      A-1

      

      
        
          

      

      (d)          Transfer Restrictions.  The Holder acknowledges and understands that (i) transfers of the Warrant Shares are subject to transfer restrictions under the federal securities laws and (ii) it may have to bear the economic
            risk of this investment for an indefinite period of time unless the Warrant Shares are subsequently registered under the Securities Act and applicable state and other securities laws or unless an exemption from such registration is available.

       

      	
              Name of Registered Owner:

            	 
	
              Signature of Authorized Signatory of Registered Owner:

            	 
	
              Name of Authorized Signatory:

            	 
	
              Title of Authorized Signatory:

            	 
	
              Date:

            	 	 
	 	 	 

      

      

       

      

      

       A-2

      
        
          

      

      EXHIBIT B

        

        ASSIGNMENT FORM

       

      (To assign the foregoing Warrant, execute this form and supply required information.  Do not use this form to purchase shares.)

       

      FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to

       

      	
              Name:

            	 
	 	
              (Please Print)

            
	
              Address:

            	 
	 	
              (Please Print)

            
	 	 
	
              Dated:

            	 
	
              Holder’s Signature:

            	 
	
              Holder’s Address:

            	 

      

      

       

      

      

      B-1

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