Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 

FIRST AMENDMENT 

This FIRST AMENDMENT (this “Amendment”) is entered into as of June 28, 2019, by and among MELINTA THERAPEUTICS, INC., a
Delaware corporation (the “Borrower”), the other Loan Parties party hereto and the Lenders party hereto. 
 W I T N E S S E
T H: 
 WHEREAS, the Borrower, the other Loan Parties party thereto and the Lenders party thereto are parties to that certain Second Amended
and Restated Senior Subordinated Convertible Loan Agreement, originally dated as of December 31, 2018 and as amended and restated as of January 14, 2019 and February 22, 2019 (as amended, restated, supplemented or otherwise modified
from time to time, the “Loan Agreement”); and 
 WHEREAS, the Borrower has requested that the Lenders amend certain
provisions of the Loan Agreement to extend the drawing period for the First Subsequent Disbursement and the Second Subsequent Disbursement until October 31, 2019, and, subject to the satisfaction of the conditions set forth herein, the Lenders
are willing to do so, on the terms set forth herein. 
 NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants
contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

SECTION 1. Defined Terms. Capitalized terms used herein (including in the preamble and recitals above) but not
otherwise defined herein shall have the respective meanings ascribed to such terms in the Loan Agreement. 
 SECTION 2.
Amendments of the Loan Agreement. Subject to, and effective immediately upon, the satisfaction (or waiver by all of the Lenders) of the conditions precedent set forth in Section 3 hereof (the date all such conditions
are first satisfied or waived being referred to as the “First Amendment Effective Date”), the Loan Agreement shall be hereby amended as follows: 

(a) The definition of “Permitted Indebtedness” in Section 1.1 of the Loan Agreement shall be hereby amended to amend and
restate clause (m) thereof as follows: 
 “(m) Indebtedness in respect of a revolving credit facility in an aggregate principal
amount not to exceed $22,000,000 (the “Revolving Credit Facility”), so long as (i) no Subsidiary of the Borrower that is not a Loan Party shall be the borrower, a guarantor, obligor or otherwise obligated thereunder, (ii) the
lenders providing the Revolving Credit Facility are third parties that are not (A) a Loan Party, (B) a Lender, (C) a lender under the Senior Facility Agreement, (D) any Person set forth on Schedule 1.1 or (E) any Affiliate
or Subsidiary of any of the foregoing; and (iii) only one Revolving Credit Facility may be in effect or exist at any time; and” 

 (b) The definition of “Required Lenders” in Section 1.1 of the Loan Agreement
shall be hereby amended and restated in its entirety as follows: 
 ““Required Lenders” means, at any time, (i) prior to
the first date on which VHP, VIP and their respective Affiliates no longer hold outstanding Loans and/or unfunded Disbursement Commitments in an aggregate amount equal to or greater than 25% of the unfunded Disbursement Commitments held by VHP and
VIP on the Agreement Date, VIP, and (ii) thereafter, Lenders (including VIP for so long as it or one of its Affiliates is a Lender, but excluding the Specified Lenders or any assignee or transferee thereof) having Pro Rata Shares of which the
aggregate Dollar equivalent amount exceeds 50% of the outstanding Loans (excluding any Loans held by the Specified Lenders or any assignee or transferee thereof) and the unfunded Disbursement Commitments, collectively.” 

(c) Section 2.2(b) of the Loan Agreement shall be hereby amended to delete the date “June 30, 2019” where it occurs therein and
insert, in lieu thereof, the date “October 31, 2019”. 
 (d) Section 2.2(c) of the Loan Agreement shall be hereby amended to
delete the date “July 10, 2019” where it occurs therein and insert, in lieu thereof, the date “October 31, 2019”. 
 (e)
Section 4.3(e) of the Loan Agreement shall be hereby amended and restated as follows: 
 “no Default or Event of Default (each as
defined in the Senior Facility Agreement) shall have occurred or would result from the Subsequent Disbursement or the use of the proceeds therefrom;” 

(f) Section 5.1(h) of the Loan Agreement shall be hereby amended to amend and restate clause (ii) thereof as follows: 

“solely with respect to annual reports, not include any explanatory paragraph expressing substantial doubt as to going concern status
(other than any such paragraph (x) included in the Borrower’s annual report on Form 10-K for the years ended December 31, 2017 or December 31, 2018 or (y) arising from the impending
maturity of the Loans, the Loans (as defined in the Senior Facility Agreement) or the Revolving Credit Facility, in each case of this clause (y), solely in the case of the audit delivered with respect to the fiscal year immediately prior to the
fiscal year during which the applicable maturity is scheduled).” 
 (g) Section 6.1 of the Loan Agreement shall be hereby amended
to add the following immediately after the end thereof: 
 “and 

Cravath, Swaine & Moore LLP 

825 Eighth Avenue 
 New York, NY
10019 
 Facsimile No.: 212-474-3700 

E-mail: jzobitz@cravath.com 

Attn: George Zobitz” 

  
 2 

 (h) Annex A to the Loan Agreement is hereby amended and restated in its entirety as set
forth on Exhibit A attached hereto. 
 (i) Schedule 2.4 to the Loan Agreement is hereby amended and restated in its entirety as set forth on
Exhibit B attached hereto. 
 SECTION 3. Conditions. The effectiveness of the amendments of the Loan Agreement
set forth in Section 2 is subject to the satisfaction (or waiver by all of the Lenders) of all of the following conditions precedent: 

(a) the execution and delivery of this Amendment by Borrower, each other Loan Party and each Lender; 

(b) the representations and warranties in Section 3.1 of the Loan Agreement shall be true, complete and correct in all material respects
(without duplication of any materiality qualifier contained therein) as of the First Amendment Effective Date (as if made on the First Amendment Effective Date), except to the extent that such representation or warranty expressly relates to an
earlier date (in which event such representation and warranty shall have been true, complete and correct in all material respects (without duplication of any materiality qualifier contained therein) as of such earlier date); and 

(c) no Default or Event of Default shall have occurred or be continuing (or would result after giving effect to this Amendment or the
transactions contemplated hereby). 
 SECTION 4. Counterparts. This Amendment may be executed in several
counterparts, and by each party hereto on separate counterparts, each of which and any photocopies, facsimile copies and other electronic methods of transmission thereof shall be deemed an original, but all of which together shall constitute one and
the same agreement. 
 SECTION 5. Severability. If any provision of this Amendment shall be invalid, illegal or
unenforceable in any respect under any Applicable Law, the validity, legality and enforceability of the remaining provisions hereof shall not in any way be affected or impaired thereby. The parties hereto shall endeavor in good faith negotiations to
replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provision. 

SECTION 6. Entire Agreement. This Amendment and the other Loan Documents (including as shall be amended hereby on
the First Amendment Effective Date) contain the entire understanding among the parties hereto with respect to the matters covered hereby and thereby and supersede any and all other written and oral communications, negotiations, commitments and
writings with respect thereto. 
 SECTION 7. Successors; Assigns. This Amendment shall be binding upon Borrower,
the Loan Parties and the Lenders and their respective successors and assigns, and shall inure to the benefit of Borrower, the Loan Parties, the Lenders and the successors and assigns of the Lenders. No other Person shall be a direct or indirect
legal beneficiary of, or have any direct or indirect cause of action or claim in connection with, this Amendment or any of the other Loan Documents, except as expressly provided in Section 6.19 of the Loan Agreement. No Loan Party may assign or
transfer any of its rights or obligations under this Amendment without the prior written consent of each Lender, and any prohibited assignment or transfer shall be absolutely void ab initio. 

  
 3 

 SECTION 8. Governing Law; Etc. ALL QUESTIONS CONCERNING THE
CONSTRUCTION, VALIDITY, ENFORCEMENT AND INTERPRETATION OF THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED IN SUCH STATE.
Section 6.4 of the Loan Agreement is incorporated herein, mutatis mutandis. 
 SECTION 9. Reaffirmation and
Ratification. 
 (a) Each Loan Party hereby ratifies and reaffirms all of its payment and performance obligations, contingent or
otherwise, under the Loan Agreement and each other Loan Document to which it is a party (after giving effect hereto). Each Loan Party hereto hereby consents to this Amendment and acknowledges that the Loan Agreement and each other Loan Document
remains in full force and effect and is hereby ratified and reaffirmed. The execution and delivery of this Amendment shall not operate as a waiver of any right, power or remedy of the Lenders, constitute a waiver of any provision of the Loan
Agreement or any other Loan Document or serve to effect a novation of any obligations (including the Obligations). 
 (b) Each Loan Party
hereby ratifies, reaffirms and confirms each Loan Document to which it is a party, and its payment and performance obligations, contingent or otherwise, thereunder and does hereby acknowledge that any rights granted thereby in favor of the Lenders
are and shall remain in full force and effect subsequent to the date of this Amendment and the First Amendment Effective Date, as though each such Loan Document was executed in full by such Loan Party as of the date hereof, subject to any amendments
made to the Loan Documents pursuant to this Amendment on the date of this Amendment or the First Amendment Effective Date. 
 SECTION 10.
Effect on Loan Documents. 
 (a) The Loan Documents (including as shall be amended hereby on the date of this Amendment and
the First Amendment Effective Date), shall be and remain in full force and effect in accordance with their respective terms and hereby are ratified and confirmed in all respects. The execution, delivery, and performance of this Amendment shall not
operate, except with respect to the modifications and amendments expressly set forth herein, as a waiver of, consent to, or a modification or amendment of, any right, power, or remedy of any Lender under the Loan Agreement or any other Loan
Document. Except for the amendments to the Loan Agreement and other Loan Documents expressly set forth herein, the Loan Agreement and the other Loan Documents shall remain unchanged and in full force and effect. The amendments, modifications and
other agreements set forth herein are limited to the specified provisions hereof, shall not apply with respect to any facts or occurrences other than those on which the same are based, shall neither excuse future
non-compliance with the Loan Documents nor operate as a waiver of any Default or Event of Default, shall not operate as a consent to any further or other matter under the Loan Documents and shall not be
construed as an indication that any waiver of covenants or any other provision of the Loan Agreement or other Loan Party will be agreed to, it being understood that the granting or denying of any waiver which may hereafter be requested by Borrower
or any other Loan Party remains in the sole and absolute discretion of the Required Lenders (or each affected Lender or all Lenders, as applicable) in accordance with the terms of the Loan Agreement. 

  
 4 

 (b) Upon and after the effectiveness of this Amendment, each reference in the Loan Agreement
to “this Agreement,” “hereunder,” “herein,” “hereof” or words of like import referring to the Loan Agreement and each reference in the other Loan Documents to “the Loan Agreement,”
“thereunder,” “therein,” “thereof” or words of like import referring to the Loan Agreement shall mean and be a reference to the Loan Agreement as modified and amended hereby. 

(c) To the extent that any of the terms and conditions in any of the Loan Documents shall contradict or be in conflict with any of the terms
or conditions of the Loan Agreement after giving effect to this Amendment, such terms and conditions are hereby deemed modified and amended accordingly to reflect the terms and conditions of the Loan Agreement as modified and amended hereby. 

(d) This Amendment is a Loan Document. 

SECTION 11. Guarantors’ Acknowledgment and Agreement. Although the Guarantors party hereto have been informed of the
matters set forth herein and have agreed to the same, each such Guarantor understands, acknowledges and agrees that none of the Lenders has any obligations to inform such Guarantor of such matters in the future or to seek such Guarantor’s
acknowledgment or agreement to future amendments, restatements, supplements, changes, modifications, waivers or consents, and nothing herein shall create such a duty. 

SECTION 12. No Waiver. The parties hereto reserve all rights with respect to the Amendment, the other Loan Documents
(including as shall be amended hereby on the First Amendment Effective Date) and all other documents and transactions, and this Amendment shall not, by implication or otherwise, constitute a waiver of those rights. 

[Signature Pages Follow] 

  
 5 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of
the first day written above. 
  

			
	BORROWER:
	
	MELINTA THERAPEUTICS, INC.,
	a Delaware corporation
		
	By:	 	 /s/ John Johnson

	Name:	 	John Johnson
	Title:	 	Chief Executive Officer
	
	OTHER LOAN PARTIES:
	
	MELINTA SUBSIDIARY CORP.,
	a Delaware corporation
		
	By:	 	 /s/ John Johnson

	Name:	 	John Johnson
	Title:	 	Chief Executive Officer
	
	CEMPRA PHARMACEUTICALS, INC.,
	a Delaware corporation
		
	By:	 	 /s/ John Johnson

	Name:	 	John Johnson
	Title:	 	Chief Executive Officer
	
	CEM-102 PHARMACEUTICALS, INC.,
	a Delaware corporation
		
	By:	 	 /s/ John Johnson

	Name:	 	John Johnson
	Title:	 	Chief Executive Officer

			
	REMPEX PHARMACEUTICALS, INC.,
	a Delaware corporation
		
	By:	 	 /s/ John Johnson

	Name:	 	John Johnson
	Title:	 	Chief Executive Officer

			
	
	TARGANTA THERAPEUTICS CORPORATION,
	a Delaware corporation

			
		
	By:	 	 /s/ John Johnson

	Name:	 	John Johnson
	Title:	 	Chief Executive Officer

			
	LENDERS:
	
	VATERA HEALTHCARE PARTNERS LLC
		
	By:	 	Vatera Capital Management LLC, as manager
		
	By:	 	 /s/ Kevin Ferro

	Name:	 	Kevin Ferro
	Title:	 	Chief Executive Officer
	
	OIKOS INVESTMENT PARTNERS LLC
		
	By:	 	Oikos Holdings LLC, as manager
		
	By:	 	 /s/ Michael Allen

	Name:	 	Michael Allen
	Title:	 	Chief Financial Officer

 EXHIBIT A 

ANNEX A 

DISBURSEMENT COMMITMENTS 
  

																													
	 Lender
	  	Initial
Disbursement
Commitment	 	  	% of Total
Initial
Disbursement
Commitment	 	 	Pro Rata Initial
Disbursement
Share	 	 	First Subsequent
Disbursement
Commitment	 	  	% of Total First
Subsequent
Disbursement
Commitment	 	 	Second
Subsequent
Disbursement
Commitment	 	  	% of Total
Second
Subsequent
Disbursement
Commitment	 
	 Vatera Healthcare Partners LLC
	  	$	75,000,000	 	  	 	93.75	% 	 	 	100	% 	 	$	25,000,000	 	  	 	100	% 	 	$	 0	 	  	 	0	% 
	 Oikos Investment Partners LLC
	  	$	 0	 	  	 	0	% 	 	 	0	% 	 	$	 0	 	  	 	0	% 	 	$	2,000,000	 	  	 	100	% 
	 Deerfield Private Design Fund IV, L.P.
	  	$	 3,437,500	 	  	 	4.296875	% 	 	 	0	% 	 	$	 0	 	  	 	0	% 	 	$	 0	 	  	 	0	% 
	 Deerfield Private Design Fund III, L.P.
	  	$	 1,041,500	 	  	 	1.301875	% 	 	 	0	% 	 	$	 0	 	  	 	0	% 	 	$	 0	 	  	 	0	% 
	 Deerfield Special Situations Funds, L.P.
	  	$	 521,000	 	  	 	0.65125	% 	 	 	0	% 	 	$	 0	 	  	 	0	% 	 	$	 0	 	  	 	0	% 
		  	  
	  
	 	  	  
	  
	 	 	  
	  
	 	 	  
	  
	 	  	  
	  
	 	 	  
	  
	 	  	  
	  
	 
	 Total
	  	$	80,000,000	 	  	 	100	% 	 	 	100	% 	 	$	25,000,000	 	  	 	100	% 	 	$	2,000,000	 	  	 	100	% 
		  	  
	  
	 	  	  
	  
	 	 	  
	  
	 	 	  
	  
	 	  	  
	  
	 	 	  
	  
	 	  	  
	  
	 

 EXHIBIT B 

Schedule 2.4 

List of Agreement Date Lenders and Such Lenders’ Wire Instructions and Information for Notices 

 

					
	Name of Lender	  	Wire Instructions/ Address for
Payments to Lender	  	Information for Notices
	Vatera Healthcare Partners LLC	  	 Bank: Citibank NA

ABA: 021 0000 89
 Account name: Vatera Healthcare Partners LLC
Account no: 9957357680
	  	 499 Park Avenue

23rd Floor
 New York, NY 10022

Attn: Kevin Ferro; Anna Kim; Justin Sun
 Facsimile: (212) 590-2951 Email: kferro@vateragroup.com; akim@vateragroup.com; jsun@vateragroup.com

	Oikos Investment Partners LLC	  	 Bank: Citibank N.A.

City: New York
 Swift Code: CITIUS33

ABA: 021000089
 Account Name: Goldman Sachs & Co.
A/C
#: 3073-6756
 Client Account Name: Oikos Investment Partners LLC Strategy 14 Client Account Number: 052-79338-7
	  	 499 Park Avenue

23rd Floor
 New York, NY 10022

Attn: Michael Allen
 Facsimile: (212) 590-2941
Email: mallen@oikosholdings.comExhibit 10.1

 

 

 

 

 

 

FOURTH AMENDED AND RESTATED CREDIT AND
SECURITY AGREEMENT

 

dated as of

 

June 28, 2019

 

among

 

AMERESCO, INC.,

 

as Borrower,

 

THE GUARANTORS PARTY HERETO,

 

THE LENDERS FROM TIME TO TIME PARTY HERETO,

 

and

 

BANK OF AMERICA, N.A.,

 

as Agent

 

 

 

 

 

    	 

     

    

Table
of Contents

 

	 	 	Page
	 	 	 
	Article 1	Definitions	1
	1.01.	Defined Terms	1
	1.02.	Classification of Loans and Borrowings	33
	1.03.	Other Interpretive Provisions	33
	1.04.	Accounting Terms	34
	1.05.	Joint and Several Obligations; Responsible Officers	35
	1.06.	Letter of Credit Amounts	35
	1.07.	Rounding	35
	1.08.	Times of Day	35
	1.09.	UCC Terms	35
	1.10.	Exchange Rates; Currency Equivalents	36
	1.11.	Additional Alternative Currencies	36
	1.12.	Interest Rates	37
	Article 2	The Credits	37
	2.01.	Revolving Loans	37
	2.02.	Term Loan	39
	2.03.	Eurocurrency Borrowings	40
	2.04.	Letters of Credit	42
	2.05.	Swing Line Loans	49
	2.06.	Expiration, Termination or Reduction of Commitments	51
	2.07.	Evidence of Debt	52
	2.08.	Payments Generally; Pro Rata Treatment; Sharing of Set-Offs; Collection	52
	2.09.	Prepayment of Loans	56
	2.10.	Fees	60
	2.11.	Computation of Interest and Fees; Retroactive Adjustments of Applicable Rate	61
	2.12.	Cash Collateral	61
	2.13.	Defaulting Lenders	62
	2.14.	Increase in Revolving Commitments	64
	Article 3	Taxes, Yield Protection and Illegality	65
	3.01.	Taxes	65
	3.02.	Illegality and Designated Lenders	69
	3.03.	Inability to Determine Rates	70
	3.04.	Increased Costs; Reserves on Eurocurrency Rate Loans	72
	3.05.	Compensation for Losses	73
	3.06.	Mitigation Obligations; Replacement of Lenders	74
	3.07.	Survival	74
	Article 4	Guarantee by Guarantors	74
	4.01.	The Guarantee	74
	4.02.	Rights of Lenders	75
	4.03.	Rights of Lenders	75
	4.04.	Obligations Independent	75
	4.05.	Subrogation	76
	4.06.	Termination; Reinstatement	76
	4.07.	Stay of Acceleration	76
	4.08.	Condition of Borrower	76

 

    	 	-i-	 

     

    

 

Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	4.09.	Appointment of Borrower	76
	4.10.	Right of Contribution	76
	4.11.	Keep-Well	77
	4.12.	Instrument for the Payment of Money	77
	Article 5	The Collateral	77
	5.01.	Grant of Security Interest	77
	5.02.	Special Warranties and Covenants of the Loan Parties	79
	5.03.	Fixtures, etc	82
	5.04.	Right of Agent to Dispose of Collateral, etc	82
	5.05.	Right of Agent to Use and Operate Collateral, etc	82
	5.06.	Proceeds of Collateral	83
	Article 6	Conditions	83
	6.01.	Effective Time	83
	6.02.	Each Extension of Credit	85
	Article 7	Representations and Warranties	86
	7.01.	Organization; Powers	86
	7.02.	Authorization; Enforceability	86
	7.03.	Governmental Approvals; No Conflicts	86
	7.04.	Financial Condition; No Material Adverse Change	87
	7.05.	Properties	87
	7.06.	Litigation and Environmental Matters	88
	7.07.	Compliance with Laws and Agreements	89
	7.08.	Investment and Holding Company Status	89
	7.09.	Taxes	89
	7.10.	ERISA	89
	7.11.	Disclosure	89
	7.12.	Capitalization	90
	7.13.	Subsidiaries	90
	7.14.	Material Indebtedness, Liens and Agreements	90
	7.15.	Federal Reserve Regulations	91
	7.16.	Solvency	91
	7.17.	Force Majeure	91
	7.18.	Accounts Receivable	91
	7.19.	Labor and Employment Matters	92
	7.20.	Bank Accounts	93
	7.21.	Matters Relating to the Special Purpose Subsidiaries	93
	7.22.	Matters Relating to Inactive Subsidiaries	93
	7.23.	Sanctions Concerns and Anti-Corruption Laws	93
	7.24.	Not EEA Financial Institution	93
	7.25.	Borrower Status	93
	7.26.	Covered Entities	93
	Article 8	Affirmative Covenants	94
	8.01.	Financial Statements and Other Information	94
	8.02.	Notices of Material Events	96
	8.03.	Existence; Conduct of Business	96
	8.04.	Payment of Obligations	96
	8.05.	Maintenance of Properties; Insurance	96

 

    	 	-ii-	 

     

    

 

Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	8.06.	Books and Records; Inspection Rights	97
	8.07.	Fiscal Year	97
	8.08.	Compliance with Laws	97
	8.09.	Use of Proceeds	98
	8.10.	Certain Obligations Respecting Subsidiaries; Additional Guarantors	98
	8.11.	ERISA	98
	8.12.	Environmental Matters; Reporting	98
	8.13.	Matters Relating to Additional Real Property Collateral	99
	8.14.	Anti-Corruption Laws	99
	Article 9	Negative Covenants	99
	9.01.	Indebtedness	99
	9.02.	Liens	101
	9.03.	Contingent Liabilities	102
	9.04.	Fundamental Changes; Asset Sales	103
	9.05.	Investments; Hedging Agreements	106
	9.06.	Restricted Junior Payments	106
	9.07.	Transactions with Affiliates	107
	9.08.	Restrictive Agreements	107
	9.09.	Sale-Leaseback Transactions	108
	9.10.	Certain Financial Covenants	108
	9.11.	Lines of Business	108
	9.12.	Other Indebtedness	108
	9.13.	Modifications of Certain Documents	108
	9.14.	Transactions with Foreign Subsidiaries, Special Purpose Subsidiaries and Inactive Subsidiaries	108
	9.15.	Sanctions	109
	9.16.	Anti-Corruption Laws	109
	Article 10	Events of Default	109
	10.01.	Events of Default	109
	10.02.	Rights and Remedies Upon any Event of Default	111
	10.03.	Application of Funds	111
	Article 11	The Agent	113
	11.01.	Appointment and Authority	113
	11.02.	Rights as a Lender	113
	11.03.	Exculpatory Provisions	113
	11.04.	Reliance by Agent	114
	11.05.	Delegation of Duties	114
	11.06.	Resignation of Agent	115
	11.07.	Non-Reliance on Agent and Other Lenders	116
	11.08.	No Other Duties, Etc	116
	11.09.	Agent May File Proofs of Claim; Credit Bidding	116
	11.10.	Collateral and Guaranty Matters	118
	11.11.	Secured Cash Management Agreements and Secured Hedge Agreements	118
	11.12.	Lender Status	119

 

    	 	-iii-	 

     

    

 

Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	Article 12	Miscellaneous	119
	12.01.	Notices	119
	12.02.	Waivers; Amendments	121
	12.03.	No Waiver; Cumulative Remedies; Enforcement	123
	12.04.	Expenses; Indemnity: Damage Waiver	123
	12.05.	Payments Set Aside	125
	12.06.	Successors and Assigns	125
	12.07.	Treatment of Certain Information; Confidentiality	129
	12.08.	Right of Setoff	130
	12.09.	Interest Rate Limitation	131
	12.10.	Counterparts; Integration; References to Agreement; Effectiveness	131
	12.11.	Survival of Representations and Warranties	131
	12.12.	Severability	132
	12.13.	Replacement of Lenders	132
	12.14.	Governing Law; Jurisdiction; Consent to Service of Process	133
	12.15.	WAIVER OF JURY TRIAL	134
	12.16.	Headings	134
	12.17.	Release of Collateral and Guarantees	134
	12.18.	No Advisory or Fiduciary Responsibility	134
	12.19.	Subordination	135
	12.20.	Electronic Execution	135
	12.21.	USA Patriot Act Notice	136
	12.22.	Judgment Currency	136
	12.23.	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	136
	12.24.	Acknowledgement Regarding Any Supported QFCs	137
	12.25.	Transitional Arrangements	137

 

    	 	-iv-	 

     

    

 

SCHEDULES & EXHIBITS

 

BORROWER PREPARED SCHEDULES

 

	Schedule 1.01(a)	Material Owned Properties
	Schedule 1.01(b)	Loan Party Notice Addresses
	Schedule 1.05	Responsible Officers
	Schedule 5.02	Websites and Domain Names
	Schedule 5.03	Fixtures
	Schedule 7.03	Governmental Approvals; No Conflicts
	Schedule 7.04	Financial Condition; No Material Adverse Changes
	Schedule 7.05	Properties; Proprietary Rights; Real Property Assets
	Schedule 7.06	Litigation and Environmental Matters
	Schedule 7.07	Compliance with Laws and Agreements
	Schedule 7.09	Taxes
	Schedule 7.10	Pension Plans
	Schedule 7.13	Subsidiaries
	Schedule 7.14	Material Indebtedness, Liens and Agreements
	Schedule 7.19	Labor and Employment Matters
	Schedule 7.20	Bank Accounts
	Schedule 9.01	Existing Indebtedness
	Schedule 9.05	Existing Investments
	Schedule 9.07	Transactions with Affiliates
	Schedule 9.08	Restrictive Agreements

 

AGENT PREPARED SCHEDULES

 

	Schedule 1.01(c)	Agent and Lenders Notice Addresses
	Schedule 2.01	Lenders and Commitments
	Schedule 2.04	Existing Letters of Credit
	 	 
	EXHIBITS	 
	 	 
	Exhibit A-1	Form of Revolving Note
	Exhibit A-2	Form of Term Note
	Exhibit A-3	Form of Swing Line Note
	Exhibit B-1	Form of Loan Notice
	Exhibit B-2	Form of Swing Line Loan Notice
	Exhibit C	Form of Perfection Certificate
	Exhibit D	Form of Compliance Certificate
	Exhibit E	Form of Fourth Amended and Restated Pledge Agreement
	Exhibit F	Form of Opinion of Counsel to the Borrower
	Exhibit G	Form of Solvency Certificate
	Exhibit H	Form of Assignment and Assumption
	Exhibit I	Forms of Tax Compliance Certificate
	Exhibit J	Form of Secured Party Designation Notice
	Exhibit K	Authorization to Share Insurance Information
	Exhibit L	Form of Notice of Loan Payment

 

    	 	-v-	 

     

    

 

FOURTH AMENDED AND RESTATED CREDIT AND
SECURITY AGREEMENT

 

THIS FOURTH AMENDED AND
RESTATED CREDIT AND SECURITY AGREEMENT dated as of June 28, 2019 (this “Agreement”), is by and among Ameresco,
Inc., a Delaware corporation, as borrower, the Guarantors party hereto, the Lenders from time to time party hereto, and Bank of
America, N.A., as Agent.

 

This Agreement amends and
restates that certain Third Amended and Restated Credit and Security Agreement dated as of June 30, 2015, as amended (the “Prior
Credit Agreement”), by and among the Borrower, the guarantors party thereto, the lenders party thereto and Bank of America,
N.A., as Agent, which Prior Credit Agreement amended and restated that certain Second Amended and Restated Credit and Security
Agreement dated as of June 30, 2011, as amended, by and among the Borrower, the guarantors party thereto, the lenders party thereto
and Bank of America, N.A., as Agent, which in turn amended and restated that certain Amended and Restated Credit and Security Agreement
dated as of June 10, 2008, as amended, by and among the Borrower, the guarantors party thereto, the lenders party thereto
and Bank of America, N.A., as Agent (as successor by merger to Fleet National Bank), which in turn amended and restated that certain
Credit and Security Agreement dated as of December 29, 2004, as amended, by and among the Borrower, the guarantors party thereto,
the lenders party thereto and Fleet National Bank, as Agent.

 

The parties hereto agree
as follows:

 

Article
1

 

Definitions

 

1.01.       Defined
Terms. As used in this Agreement, the following terms have the meanings specified below:

 

“Additional Mortgage”
has the meaning assigned to such term in Section 8.13(a).

 

“Additional
Mortgaged Property” means any Real Property Asset that is now owned or leased, or hereinafter acquired, by the Loan
Parties, which: (i) has a fair market value in excess of $2,000,000, and (ii) the Agent determines to acquire a Mortgage on
following the Restatement Date.

 

“Additional
Secured Obligations” means (a) all obligations arising under Secured Cash Management Agreements and Secured
Hedge Agreements and (b) all costs and expenses incurred in connection with enforcement and collection of the foregoing,
including the fees, charges and disbursements of counsel, in each case 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 any Loan Party or any Affiliate thereof 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; provided that Additional Secured Obligations of a Guarantor shall exclude any
Excluded Swap Obligations with respect to such Guarantor.

 

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

 

“Affiliate”
means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls
or is Controlled by or is under common Control with the

 

    	 	 

     

    

 

Person specified; provided, that, for purposes of this Agreement,
no Core Domestic Ameresco Company shall be deemed to be an Affiliate of any other Core Domestic Ameresco Company.

 

“Agent”
means Bank of America, N.A. in its capacity as agent under any of the Loan Documents, or any successor agent.

 

“Agent’s
Office” means, with respect to any currency, the Agent’s address and, as appropriate, account as set forth on Schedule
1.01(c) with respect to such currency, or such other address or account with respect to such currency as the Agent may from time
to time notify the Borrower and the Lenders.

 

“Alternative Currency”
means each of the following currencies: Canadian Dollar, Euro and Sterling, together with each other currency (other than Dollars)
that is approved in accordance with Section 1.11; provided that for each Alternative Currency, such requested currency is
an Eligible Currency.

 

“Alternative Currency
Equivalent” means, at any time, with respect to any amount denominated in Dollars, the equivalent amount thereof in the
applicable Alternative Currency as determined by the Agent or the L/C Issuer, as the case may be, at such time on the basis of
the Spot Rate (determined in respect of the most recent Revaluation Date) for the purchase of such Alternative Currency with Dollars.

 

“Alternative Currency
Sublimit” means an amount equal to the lesser of the total Commitments and $20,000,000. The Alternative Currency Sublimit
is part of, and not in addition to, the Commitments.

 

“Ameresco Canada”
means Ameresco Canada, Inc., a company organized under the laws of Ontario, Canada.

 

“Ameresco CT”
means Ameresco CT LLC, a Delaware limited liability company.

 

“Ameresco Evansville”
means Ameresco Evansville LLC, a Delaware limited liability company.

 

“Ameresco Huntington
Beach” means Ameresco Huntington Beach, LLC, a Delaware limited liability company.

 

“Applicable
Percentage” means (a) when referenced with respect to any Revolving Lender, the percentage (carried out to
the ninth decimal place) of the total Revolving Commitments represented by such Lender’s Revolving Commitment, (b)
when referenced with respect to any Term Loan Lender, the percentage (carried out to the ninth decimal place) of the total
Term Loan Commitments (or, after the Effective Time, the total Outstanding Amount of Term Loans) represented by the
aggregate amount of such Lender’s Term Loan Commitments (or, after the Effective Time, the Outstanding Amount of
such Lender’s Term Loans), or (c) when referenced with respect to any Lender generally, the percentage of the total
Commitments or Loans of all Classes represented by the aggregate amount of such Lender’s Commitments or Loans of all
Classes. If the Commitment of all of the Revolving Lenders to make Revolving Loans and the obligation of the L/C Issuer to
make L/C Credit Extensions have been terminated pursuant to Section 10.02, or if the Revolving Commitments have expired, then
the Applicable Percentage of each Revolving Lender in respect of the Revolving Facility shall be determined based on
the Applicable Percentage of such Revolving Lender in respect of the Revolving Facility most recently in effect, giving
effect to any subsequent assignments. The Applicable Percentage of each Lender in respect of each Facility is set forth
opposite the name of such Lender on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender
becomes a party hereto or in any documentation executed by such Lender pursuant to Section 2.14, as applicable.

 

    	 	2	 

     

    

 

“Applicable
Rate” and “Applicable Unused Fee Rate” means, for any day, the rate per annum set forth
below opposite the applicable Level then in effect (based on the Core Leverage Ratio), it being understood that the
Applicable Rate for (a) Revolving Loans that are Base Rate Loans shall be the percentage set forth under the column
“Revolving Loans” and “Base Rate”,  (b) Revolving Loans that are Eurocurrency Rate Loans shall
be the percentage set forth under the column “Revolving Loans” and “Eurocurrency Rate & Letter of
Credit Fee”,  (c) that portion of the Term Loan comprised of Base Rate Loans shall be the percentage set forth
under the column “Term Loan” and “Base Rate”,  (d) that portion of the Term Loan comprised of
Eurocurrency Rate Loans shall be the percentage set forth under the column “Term Loan” and “Eurocurrency
Rate & Letter of Credit Fee”, and  (e) the Applicable Unused Fee Rate shall be the percentage set forth under
the column “Applicable Unused Fee Rate:

 

	Applicable Rate
	 	 	 	 	Eurocurrency Rate
 & Letter of Credit Fee
	 	 	Base Rate	 	 	 	 
	Level	 	Core Leverage
 Ratio
	 	Revolving
 Loans
	 	 	Term Loan	 	 	Revolving
 Loans
	 	 	Term Loan	 	 	Applicable
 Unused Fee Rate
	 
	1	 	Greater than 2.50	 	 	2.25	%	 	 	2.25	%	 	 	0.75	%	 	 	0.75	%	 	 	0.35	%
	2	 	Greater than 1.75 and less than or equal to 2.50	 	 	2.00	%	 	 	2.00	%	 	 	0.50	%	 	 	0.50	%	 	 	0.30	%
	3	 	Greater than 1.00 and less than or equal to 1.75	 	 	1.75	%	 	 	1.75	%	 	 	0.25	%	 	 	0.25	%	 	 	0.25	%
	4	 	Less than or equal to 1.00	 	 	1.50	%	 	 	1.50	%	 	 	0.00	%	 	 	0.00	%	 	 	0.25	%

 

Any increase or decrease in the Applicable
Rate resulting from a change in the Core Leverage Ratio shall become effective as of the first Business Day immediately following
the date a Compliance Certificate is delivered pursuant to Section 8.01(c); provided, however, that if a Compliance
Certificate is not delivered when due in accordance with such Section, then, upon the request of the Required Lenders, Level 1
shall apply, in each case as of the first Business Day after the date on which such Compliance Certificate was required to have
been delivered and in each case shall remain in effect until the first Business Day following the date on which such Compliance
Certificate is delivered. In addition, at all times while the Default Rate is in effect, the highest rate set forth in each column
of the above table shall apply.

 

Notwithstanding anything to the
contrary contained in this definition,  (a) the determination of the Applicable Rate for any period shall be subject to
the provisions of Section 2.10(b) and (b) the initial Applicable Rate shall be set forth in Level 3 until the first
Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 8.01(c) for the first
full fiscal quarter to occur following the Effective Time to the Agent. Any adjustment in the Applicable Rate shall be
applicable to all Loans then existing or subsequently made or issued.

 

“Applicable Time”
means, with respect to any borrowings and payments in any Alternative Currency, the local time in the place of settlement for such
Alternative Currency as may be determined by the Agent or the L/C Issuer, as the case may be, to be necessary for timely settlement
on the relevant date in accordance with normal banking procedures in the place of payment.

 

    	 	3	 

     

    

 

“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.

 

“Assignee Group”
means two or more Eligible Assignees that are Affiliates of one another.

 

“Assignment and
Assumption” means an assignment and assumption entered into by a Lender and an assignee (with the consent of any party
whose consent is required by Section 12.06), and accepted by the Agent, in substantially the form of Exhibit H annexed
hereto or any other form (including electronic documentation generated by use of an electronic platform) approved by the Agent
which complies with the provisions of Section 12.06.

 

“Audited Financial
Statements” has the meaning assigned to such term in Section 7.04(a)(i).

 

“Authorization
to Share Insurance Information” means the authorization substantially in the form of Exhibit K (or such other
form as required by each of the Loan Party’s insurance companies).

 

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

 

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

 

“Bank of America”
means Bank of America, N.A. and its successors.

 

“Base
Rate” means for any day a fluctuating rate per annum equal to the highest of (a) the Federal Funds Rate plus 1/2
of 1%, (b) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as
its “prime rate,” and (c) the Eurocurrency Rate plus 1.5%; and if the Base Rate shall be less than zero, such
rate shall be deemed zero for purposes of this Agreement. The “prime rate” is a rate set by Bank of America based
upon various factors including Bank of America’s costs and desired return, general economic conditions and other
factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below such announced
rate. Any change in such prime rate announced by Bank of America shall take effect at the opening of business on the day
specified in the public announcement of such change. The Base Rate shall be determined without reference to the Eurocurrency
Rate in the first sentence above if the Base Rate is being used as the alternative rate of interest pursuant to Section
3.03.

 

“Base Rate Loan”
means a Loan that bears interest based on the Base Rate. All Base Rate Loans shall be denominated in Dollars.

 

“Borrower”
means Ameresco, Inc., a Delaware corporation.

 

“Borrowing”
means Loans of the same Type, made, converted or continued on the same date and, in the case of Eurocurrency Loans, as to which
a single Interest Period is in effect.

 

“Business Day”
means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the Laws of, or
are in fact closed in, the state where the Agent’s Office is located and:

 

    	 	4	 

     

    

 

(a)          if
such day relates to any interest rate settings as to a Eurocurrency Rate Loan denominated in Dollars, any fundings, disbursements,
settlements and payments in Dollars in respect of any such Eurocurrency Rate Loan, or any other dealings in Dollars to be carried
out pursuant to this Agreement in respect of any such Eurocurrency Rate Loan, means any such day that is also a London Banking
Day;

 

(b)          if
such day relates to any interest rate settings as to a Eurocurrency Rate Loan denominated in Euro, any fundings, disbursements,
settlements and payments in Euro in respect of any such Eurocurrency Rate Loan, or any other dealings in Euro to be carried out
pursuant to this Agreement in respect of any such Eurocurrency Rate Loan, means any day that is a day on which TARGET2 (or, if
such payment system ceases to be operative, such other payment system, if any, determined by the Agent to be a suitable replacement)
is open for the settlement of payments in Euro;

 

(c)          if
such day relates to any interest rate settings as to a Eurocurrency Rate Loan denominated in a currency other than Dollars or Euro,
means any such day on which dealings in deposits in the relevant currency are conducted by and between banks in the London or other
applicable offshore interbank market for such currency; and

 

(d)          if
such day relates to any fundings, disbursements, settlements and payments in a currency other than Dollars or Euro in respect of
a Eurocurrency Rate Loan denominated in a currency other than Dollars or Euro, or any other dealings in any currency other than
Dollars or Euro to be carried out pursuant to this Agreement in respect of any such Eurocurrency Rate Loan (other than any interest
rate settings), means any such day on which banks are open for foreign exchange business in the principal financial center of the
country of such currency.

 

“Canadian Dollar”
and “CAD” means the lawful currency of Canada.

 

“Canadian Subsidiaries”
means each of Ameresco Canada, Ameresco Quebec, Inc. and any other subsidiary of the Borrower organized under the laws of Canada
or any jurisdiction within Canada other than Non-Core Energy Subsidiaries.

 

“Capital Expenditures”
means, for any period, the sum for the Core Ameresco Companies (determined on a consolidated basis without duplication in accordance
with GAAP) of the aggregate amount of cash payments in respect of expenditures made during such period to acquire or construct
fixed assets, plant and equipment (including renewals, improvements and replacements, but excluding repairs) computed in accordance
with GAAP; provided that such term shall not include any such expenditures in connection with any replacement or repair
of Property affected by a Casualty Event.

 

“Capital Lease
Obligations” of any Person means the obligations of such Person to pay rent or other amounts under any lease of (or other
arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to
be classified and accounted for as capital leases on a balance sheet of such Person under GAAP, and the amount of such obligations
shall be the capitalized amount thereof determined in accordance with GAAP.

 

“Cash
Collateralize” means to pledge and deposit with or deliver to the Agent, for the benefit of the Agent, the L/C
Issuer or Swing Line Lender (as applicable) and the Lenders, as collateral for L/C Obligations, Obligations in respect of
Swing Line Loans, or obligations of Lenders to fund participations in respect of either thereof (as the context may require),
cash or deposit account balances or, if the L/C Issuer or Swing Line Lender benefiting from such collateral shall agree in
its sole discretion, other credit support, in each case pursuant to documentation in form and substance satisfactory to (a)
the Agent and (b) the L/C Issuer or the Swing Line Lender (as applicable). “Cash Collateral” shall have a
meaning correlative to the foregoing and shall include the proceeds of such Cash Collateral and other credit support.

 

    	 	5	 

     

    

 

“Cash
Flow” means for the period of four consecutive quarters most recently ended, (a) EBITDA of the Core
Ameresco Companies for such period minus (b) the sum of the following for the Core Ameresco Companies of (i) Capital
Expenditures made during such fiscal period, (ii) the aggregate amount paid in cash in respect of income, franchise, real
estate and other like taxes during such fiscal period, and (iii) dividends, withdrawals and other distributions paid in
cash by the Core Ameresco Companies during such fiscal period.

 

“Cash Management
Agreement” means any agreement that is not prohibited by the terms hereof to provide treasury or cash management services,
including deposit accounts, overnight draft, credit cards, debit cards, p-cards (including purchasing cards and commercial cards),
funds transfer, automated clearinghouse, zero balance accounts, returned check concentration, controlled disbursement, lockbox,
account reconciliation and reporting and trade finance services and other cash management services.

 

“Cash Management
Bank” means any Person in its capacity as a party to a Cash Management Agreement that, at the time it enters into a Cash
Management Agreement with a Loan Party or any Subsidiary, is a Lender or an Affiliate of a Lender, in its capacity as a party to
such Cash Management Agreement (even if such Person ceases to be a Lender or such Person’s Affiliate ceased to be a Lender);
provided, however, that for any of the foregoing to be included as a “Secured Cash Management Agreement”
on any date of determination by the Agent, the applicable Cash Management Bank (other than the Agent or an Affiliate of the Agent)
must have delivered a Secured Party Designation Notice to the Agent prior to such date of determination.

 

“Casualty Event”
means, with respect to any Property of any Person, any loss of or damage to, or any condemnation or other taking of, such Property
for which such Person or any of its Subsidiaries receives insurance proceeds, or proceeds of a condemnation award or other compensation.

 

“Change
in Law” means the occurrence, after the Effective Time, 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, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and
all requests, rules, guidelines or directives thereunder or issued in connection therewith and (ii) 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 one or more of the Specified Shareholders 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 35% or more of the Equity Interests of the Borrower entitled to vote for members
of the board of directors or equivalent governing body of the 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); or

 

    	 	6	 

     

    

 

(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.

 

“Class”
when used in reference to any Loan, Borrowing or Commitment, refers to whether such Loan, the Loans comprising such Borrowing or
the Loans that the a Lender holding such Commitment is obligated to make, are Revolving Loans, or a Term Loan.

 

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

 

“Collateral”
means, collectively, all of the Property in which Liens are purported to be granted hereunder and under the other Loan Documents
as security for the Secured Obligations of the Loan Parties hereunder.

 

“Collateral Documents”
means, collectively, the Pledge Agreement and all other agreements, instruments and documents (other than this Agreement) now or
hereafter executed and delivered in connection with this Agreement pursuant to which Liens are granted or purported to be granted
to the Agent in Collateral securing all or part of the Secured Obligations, each in form and substance reasonably satisfactory
to the Agent.

 

“Commitments”
means (a) for all Lenders, the aggregate Revolving Commitments and Term Loan Commitments of all Lenders, and (b) for each
Lender the aggregate of such Lender’s Revolving Commitment and Term Loan Commitment.

 

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

 

“Competitor”
means each of BlueWave Solar, Borrego Solar, Citizens Energy, Clean Energy Collective, Comfort Systems USA and Veolia, Constellation
NewEnergy (and Exelon Company), EMCOR Group, Energy Systems Group, Honeywell, Johnson Controls, Nexamp, NORESCO, Schneider Electric,
Siemens Building Technologies, Solect Energy, SunPower Corp., Syncarpha Capital, Trane and Veolia and each of their Subsidiaries.

 

“Compliance
Certificate” means a certificate signed by a Responsible Officer, in substantially the form of Exhibit D
annexed hereto, (a) certifying as to whether a Default has occurred and, if a Default has occurred, specifying the details
thereof and any action taken or proposed to be taken with respect thereto, (b) certifying compliance with Section 9.05(b),
(c) setting forth reasonably detailed calculations demonstrating compliance with Section 9.10, (d) attaching a current
listing of all Subsidiaries in the form of Schedule 7.13, showing any changes since the most recently delivered Schedule
7.13, (e) setting forth in reasonable detail all adjustments to the consolidated financial statements of the Borrower and
its Subsidiaries necessary to reflect the exclusion of all Subsidiaries of the Borrower other than the Core Ameresco
Companies from the financial covenant calculations set forth therein, and (f) stating whether any change in GAAP or in the
application thereof has occurred since the date of the audited financial statements referred to in Section 7.04 and, if
any such change has occurred, specifying the effect of such change on the financial statements accompanying
such certificate.

 

    	 	7	 

     

    

 

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

 

“Consolidated
Interest Charges” means, for any period, for the Core Ameresco Companies on a consolidated basis, the sum of
(a) all interest, premium payments, debt discount, fees, charges and related expenses of the Core Ameresco Companies
in connection with borrowed money (including capitalized interest) or in connection with the deferred purchase price of
assets, in each case to the extent treated as interest in accordance with GAAP, and (b) the portion of rent expense of the
Core Ameresco Companies with respect to such period under capital leases that is treated as interest in accordance with
GAAP.

 

“Consolidated
Net Income” means, at any date of determination, the net income (or loss) of the Core Ameresco Companies on a consolidated
basis for the most recently completed applicable period.

 

“Construction
Completion and Cost Overrun Guaranty” means, in connection with any Non-Core Energy Project, a guaranty of (i)
the lien-free completion and operation of such Non-Core Energy Project on or prior to the date set forth in such guaranty and
(ii) the payment of all construction costs and expenses related to such Non-Core Energy Project (x) in excess of the proposed
budget for such Non-Core Energy Project or (y) resulting from any delay in the completion of such Non-Core Energy
Project.

 

“Control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a
Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled”
have meanings correlative thereto. A Person who owns or holds capital stock, beneficial interests or other securities representing
ten percent (10%) or more of the Total Voting Power of another Person shall be deemed, for purposes of this Agreement, to “control”
such other Person.

 

“Control Agreement”
means, with respect to any deposit or securities account of any Loan Party, a control agreement, in form and substance reasonably
satisfactory to the Agent, executed and delivered by such Loan Party, the financial institution at which such account is maintained
and the Agent, as any such agreement may be amended, supplemented or otherwise modified from time to time.

 

“Copyrights”
means all copyrights, whether statutory or common law, owned by or assigned to the Loan Parties, and all exclusive
and nonexclusive licenses to the Loan Parties from third parties or rights to use copyrights owned by such third
parties, including, without limitation, the registrations, applications and licenses listed on Schedule 7.05 hereto,
along with any and all (a) renewals and extensions thereof, (b) income, royalties, damages, claims and payments now and
hereafter due and/or payable with respect thereto, including, without limitation, damages and payments for past, present or
future infringements thereof, (c) rights to sue for past, present and future infringements thereof, and (d) foreign
copyrights and any other rights corresponding thereto throughout the world.

 

“Core Ameresco
Companies” means the Core Domestic Ameresco Companies, the Canadian Subsidiaries, the Dutch Subsidiary and all of the
Subsidiaries of the Dutch Subsidiary, in each case other than Non-Core Energy Subsidiaries that are not Guarantors.

 

“Core Domestic
Ameresco Companies” means each of the Loan Parties.

 

“Core
Leverage Ratio” means the ratio of (a) Total Funded Debt of the Core Ameresco Companies to (b) EBITDA of the Core
Ameresco Companies for the period of four consecutive fiscal quarters most recently ended.

 

“Covered Entity”
has the meaning specified in Section 12.24.

 

    	 	8	 

     

    

 

“Credit Extension”
means each of the following: (a) a Borrowing and (b) an L/C Credit Extension.

 

“Debt
Service” means, for the period of four consecutive quarters most recently ended, the sum, for the Core Ameresco
Companies (determined on a consolidated basis in accordance with GAAP) of (a) all regularly scheduled principal payments, as
such amounts may be adjusted from time to time by reason of any prepayments, of Indebtedness (including the principal
component of any payments in respect of Capital Lease Obligations), but excluding any prepayments pursuant to Section 2.09
made during such period and any principal payments in respect of the Revolving Loans made during such period, plus (b) all
Consolidated Interest Charges paid in cash (excluding amortization of deferred financing costs and interest by its terms
“paid-in-kind”) for such period.

 

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

 

“Default”
means any event or condition that constitutes an Event of Default or that, with the giving of any notice, the passage of time or
both would, unless cured or waived, become an Event of Default.

 

“Default
Rate” means  (a) with respect to any Obligation for which a rate is specified, a rate per annum equal to
two percent (2%) in excess of the rate otherwise applicable thereto and  (b) with respect to any Obligation for which a
rate is not specified or available, a rate per annum equal to the Base Rate plus the Applicable Rate for Revolving
Loans that are Base Rate Loans plus two percent (2%), in each case, to the fullest extent permitted by applicable
Law.

 

“Defaulting
Lender” means, subject to Section 2.13(b), any Lender that  (a) has failed to  (i) fund all or
any portion of its Loans within two (2) Business Days of the date such Loans were required to be funded hereunder unless
such Lender notifies the Agent and the Borrower in writing that such failure is the result of such Lender’s
determination that one or more conditions precedent to funding (each of which conditions precedent, together with any
applicable default, shall be specifically identified in such writing) has not been satisfied, or  (ii) pay to the Agent,
the L/C Issuer, the Swing Line Lender or any other Lender any other amount required to be paid by it hereunder (including in
respect of its participation in Letters of Credit or Swing Line Loans) within two (2) Business Days of the date when due,
 (b) has notified the Borrower, the Agent, the L/C Issuer or the Swing Line Lender in writing that it does not intend to
comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public
statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on
such Lender’s determination that a condition precedent to funding (which condition precedent, together with any
applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied),  (c) has
failed, within three (3) Business Days after written request by the Agent or the Borrower, to confirm in writing to the Agent
and the Borrower that it will comply with its prospective funding obligations hereunder (provided that such Lender
shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Agent and
the 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

 

    	 	9	 

     

    

 

Governmental Authority) to reject, repudiate, disavow or disaffirm
any contracts or agreements made with such Lender. Any determination by the Agent that a Lender is a Defaulting Lender under any
one or more of clauses (a) through (d) above, and of the effective date of such status, shall be conclusive and binding absent
manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.13(b)) as of the date established
therefor by the Agent in a written notice of such determination, which shall be delivered by the Agent to the Borrower, the L/C
Issuer, the Swing Line Lender and each other Lender promptly following such determination.

 

“Design-Build
Agreement” means the Design-Build Agreement dated as of December 20, 2012, between SRO LP and Ameresco Canada.

 

“Designated Jurisdiction”
means any country or territory to the extent that such country or territory itself is the subject of any Sanction.

 

“Disclosed Matters”
means the actions, suits and proceedings and the environmental matters disclosed in Schedule 7.06.

 

“Disposition”
means any sale, assignment, transfer or other disposition of any property (whether now owned or hereafter acquired) by
any Loan Party to any Person other than to another Loan Party excluding (a) the granting of Liens to the Agent and Lenders
and other Liens permitted hereunder, (b) any sale, assignment, transfer or other disposition by any Loan Party of the assets
of a Non-Core Energy Project or the Equity Interests of any Special Purpose Subsidiary (other than the Hawaii Joint Venture),
and (c) any sale, assignment, transfer or other disposition of (i) any property sold or disposed of in the ordinary course of
business and on ordinary business terms, (ii) any property no longer used or useful in the business of the Loan Parties
and (iii) any Collateral pursuant to an exercise of remedies by the Agent hereunder or under any other Loan Document.

 

“Dollar”
and “$” mean lawful money of the United States.

 

“Dollar
Equivalent” means, at any time, (a) with respect to any amount denominated in Dollars, such amount, and (b) with
respect to any amount denominated in any Alternative Currency, the equivalent amount thereof in Dollars as determined by the
Agent or the L/C Issuer, as the case may be, at such time on the basis of the Spot Rate (determined in respect of the most
recent Revaluation Date) for the purchase of Dollars with such Alternative Currency.

 

“Dutch Subsidiary”
means Ameresco International Holdings B.V., a private limited liability company organized under the laws of the Netherlands.

 

“EBITDA”
means, for any period, for the Core Ameresco Companies on a consolidated basis, an amount equal to Consolidated Net Income
for such period plus (a) the following to the extent deducted in calculating such Consolidated Net Income: (i) Consolidated
Interest Charges for such period, (ii) the provision for federal, state, local and foreign income taxes payable for such
period, (iii) depreciation and amortization expense for such period, (iv) Non-Cash Charges for such period, (v) extraordinary
or non-recurring expenses for such period, in an amount not to exceed $5,000,000 after the Effective Time (it being
understood that any payment required to be made by any Core Ameresco Company in respect of any Non-Core Energy Project
Guaranty Liability shall reduce Consolidated Net Income of the Core Ameresco Companies and shall not be added back to
EBITDA), and (vi) the aggregate amount received in cash by the Core Ameresco Companies during such period in respect of regularly
scheduled dividends or distributions from the Special Purpose Subsidiaries, calculated and paid in accordance with the
organizational documents of such Special Purpose Subsidiaries; (provided, that the amount added back pursuant to this clause
(vi) shall not include any amounts received by the Core Ameresco Companies, in connection with any sale,

 

    	 	10	 

     

    

 

transfer or other disposition of assets
or Equity Interests of any Special Purpose Subsidiary); minus (b) the following to the extent included in calculating such
Consolidated Net Income (i) extraordinary or non-recurring gains during such period (including, without limitation, non-cash
gains attributable to the mark to market movement in the valuation of hedging obligations (to the extent the cash impact
resulting from such gain has not been realized) or other derivative instruments, and foreign currency translations), and
(ii) proceeds received during such period in respect of Casualty Events and Dispositions. For purposes of calculating EBITDA
for any period during which a Permitted Acquisition is consummated, EBITDA shall be adjusted in a manner proposed by the
Borrower and reasonably satisfactory to the Required Lenders.

 

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

 

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

 

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

 

“Effective Time”
means the time at which the conditions specified in Section 6.01 are satisfied (or waived in accordance with Section 12.02).

 

“Eligible Assignee”
means any Person that meets the requirements to be an assignee under Section 12.06(b) (subject to such consents, if any, as may
be required under Section 12.06(b)(iii)).

 

“Eligible Currency”
means any lawful currency other than Dollars that is readily available, freely transferable and convertible into Dollars in the
international interbank market available to the Lenders in such market and as to which a Dollar Equivalent may be readily calculated.
If, after the designation by the Lenders of any currency as an Alternative Currency, any change in currency controls or exchange
regulations or any change in the national or international financial, political or economic conditions are imposed in the country
in which such currency is issued, result in, in the reasonable opinion of the Required Lenders (in the case of any Loans to be
denominated in an Alternative Currency) or the L/C Issuer (in the case of any Letter of Credit to be denominated in an Alternative
Currency), (a) such currency no longer being readily available, freely transferable and convertible into Dollars, (b) a Dollar Equivalent
is no longer readily calculable with respect to such currency, (c) providing such currency is impracticable for the Lenders or (d) no longer
a currency in which the Required Lenders are willing to make such Credit Extensions (each of (a), (b), (c), and (d) a “Disqualifying
Event”), then the Agent shall promptly notify the Lenders and the Borrower, and such country’s currency shall no
longer be an Alternative Currency until such time as all such Disqualifying Events no longer exist. Within, five (5) Business Days
after receipt of such notice from the Agent, the Borrower shall repay all Loans in such currency to which the Disqualifying Event
applies or convert such Loans into the Dollar Equivalent of Loans in Dollars, subject to the other terms contained herein.

 

“Energy Conservation
Financing Collateral” means all rights of any Loan Party or Canadian Subsidiary in and to task orders or contracts and
any related equipment which are subject to a security interest in favor of the Energy Conservation Project Financing Agent in connection
with any Energy Conservation Project Financing.

 

    	 	11	 

     

    

 

“Energy Conservation
Projects” means (i) any energy conservation project conducted by any Loan Party or Canadian Subsidiary pursuant to an Energy
Savings Performance Contract between such Loan Party or Canadian Subsidiary, any governmental entity and/or an agency thereof and
(ii) any energy conservation project conducted by a Loan Party or Canadian Subsidiary for a non-governmental entity on terms substantially
similar to the projects described in clause (i) of this definition.

 

“Energy Conservation
Project Financing” means the loan, lease or bond financing arrangements or master purchase agreements and assignment
schedules or similar financing arrangements entered into by any Loan Party or Canadian Subsidiary from time to time with the Energy
Conservation Project Financing Agent to finance the construction and completion of the Energy Conservation Projects.

 

“Energy Conservation
Project Financing Agent” means the financial institution acting in the capacity of agent or trustee for itself and/or
other lenders or bondholders in connection with any Energy Conservation Project Financing.

 

“Energy Savings
Performance Contract” means a contract providing for the construction or installation of energy savings facilities or
equipment to be paid for over time in whole or in part based upon energy savings expected to be achieved from such facilities or
equipment.

 

“Environmental
Laws” means any and all Federal, state, local, and foreign statutes, laws (including common law), regulations, standards,
ordinances, rules, judgments, interpretations, orders, decrees, permits, agreements or governmental restrictions relating to pollution
or the protection of the Environment or human health (to the extent related to exposure to hazardous materials), including those
relating to the manufacture, generation, handling, transport, storage, treatment, Release or threat of Release of Hazardous Materials,
air emissions and discharges to waste or public systems.

 

“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, strict liability, criminal
or civil statute or common law, of any Loan Party directly or indirectly relating to (a) any Environmental Law, (b) the generation, use,
handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the Release
or threatened Release of any Hazardous Materials or (e) any contract, agreement or other consensual arrangement pursuant to which liability
is assumed or imposed with respect to any of the foregoing.

 

“Equity Interests”
means, with respect to any Person, all of the shares of capital stock of (or other ownership or profit interests in) such Person,
all Equity Rights with respect to such Person, and all of the other ownership or profit interests in such Person (including partnership,
member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other
interests are outstanding on any date of determination.

 

“Equity Rights”
means, with respect to any Person, any subscriptions, options, warrants, commitments, preemptive rights or agreements of any kind
(including any stockholders’ or voting trust agreements) for the issuance or sale of, or securities convertible into, any
additional shares of capital stock of any class, or partnership or other ownership interests of any type in, such Person.

 

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

 

“ERISA Affiliate”
means any trade or business (whether or not incorporated) that, together with the Loan Parties, is treated as a single employer
within the meaning of Section 414(b), (c), (m) or (o) of the

 

    	 	12	 

     

    

 

Code. Notwithstanding the foregoing, for purposes of any liability
related to a Multiemployer Plan under Title IV of ERISA, the term “ERISA Affiliate” means any trade or business that,
together with the Loan Parties, is treated as a single employer within the meaning of Section 4001(b) of ERISA.

 

“ERISA
Event” means (a)  a Reportable Event with respect to a Pension Plan; (b)  the withdrawal of the Borrower
or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which such entity was a
“substantial employer” as defined in Section 4001(a)(2) of ERISA or a cessation of operations that is
treated as such a withdrawal under Section 4062(e) of ERISA;  (c) a complete or partial withdrawal by the Borrower or
any ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is in reorganization;  (d) the
filing of a notice of intent to terminate, the treatment of a Pension Plan amendment as a termination under Section 4041 or
4041A of ERISA;  (e) the institution by the Pension Benefit Guaranty Corporation (“PBGC”) of
proceedings to terminate a Pension Plan;  (f) any event or condition which constitutes grounds under Section 4042
of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan; (g)  the determination
that any Pension Plan is considered an at-risk plan or a plan in endangered or critical status within the meaning of Sections
430, 431 and 432 of the Code or Sections 303, 304 and 305 of ERISA;  (h) the imposition of any liability under Title IV
of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon the Borrower or any ERISA
Affiliate or  (i) a failure by the Borrower or any ERISA Affiliate to meet all applicable requirements under the Pension
Funding Rules in respect of a Pension Plan, whether or not waived, or the failure by the Borrower or any ERISA Affiliate to
make any required contribution to a Multiemployer Plan.

 

“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.

 

“Euro”
and “€” mean the single currency of the Participating Member States.

 

“Eurocurrency
Rate” means:

 

(a)          for
any Interest Period, with respect to any Credit Extension:

 

(i)          denominated
in a LIBOR Quoted Currency, the rate per annum equal to the London Interbank Offered Rate as administered by ICE Benchmark Administration
or any other Person responsible for the administration of such rate for such currency (“LIBOR”), as published
on the applicable Bloomberg screen page (or such other commercially available source providing such quotations as may be designated
by the Agent from time to time) (in such case, the “LIBOR Rate”) at approximately 11:00 a.m. (London time) on the Rate
Determination Date, for deposits in the relevant currency, with a term equivalent to such Interest Period; and

 

(ii)          denominated
in Canadian Dollars, the rate per annum equal to the Canadian Dollar Offered Rate (“CDOR”), or a comparable
or successor rate which rate is approved by the Agent, as published on the applicable Bloomberg screen page (or such other commercially
available source providing such quotations as may be designated by the Agent from time to time) (in such case, the “CDOR
Rate”) at or about 10:00 a.m. (Toronto, Ontario time) on the Rate Determination Date with a term equivalent to such
Interest Period; and

 

(b)          for
any interest rate calculation with respect to a Base Rate Loan on any date, the rate per annum equal to the LIBOR Rate, at or about
11:00 a.m. (London time) determined two (2) Business Days prior to such date for Dollar deposits being delivered in the London
interbank market for deposits in Dollars with a term of one (1) month commencing that day;

 

    	 	13	 

     

    

 

provided that if the Eurocurrency Rate
shall be less than zero, such rate shall be deemed zero for purposes of this Agreement.

 

“Eurocurrency
Rate Loan” means a Loan that bears interest at a rate based on clause (a) of the definition of “Eurocurrency Rate.”
Eurocurrency Rate Loans may be denominated in Dollars or in an Alternative Currency. All Loans denominated in an Alternative Currency
must be Eurocurrency Rate Loans.

 

“Event of Default”
has the meaning assigned to such term in Section 10.01.

 

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

 

“Excluded
Taxes” means any of the following Taxes imposed on or with respect to any 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 Lending Office 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 Loan or Commitment pursuant to a law in effect on the date on which  (i) such Lender acquires such
interest in the Loan or Commitment (other than pursuant to an assignment request by the Borrower under Section 12.13) or
 (ii) such Lender changes its Lending Office, except in each case to the extent that, pursuant to Section 3.01(a)(ii),
(a)(iii) or (c), 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 3.01(e) and  (d) any U.S. federal
withholding Taxes imposed pursuant to FATCA.

 

“Existing Debt”
means (i) Indebtedness of the Loan Parties existing as of the Effective Time which is being repaid in full with the proceeds of the
Loans made by the Lenders at the Effective Time and (ii) Indebtedness of the Loan Parties existing as of the Effective Time which is
permitted to remain outstanding after the Effective Time under Section 9.01 and is listed on Schedule 9.01 hereto.

 

“Existing Letters
of Credit” shall have the meaning specified in Section 2.04(a)(i).

 

“Facility”
means the Term Facility or the Revolving Facility, as the context may require.

 

“Facility Termination
Date” means the date as of which all of the following shall have occurred: (a) the Commitments have terminated,  (b) all
Obligations have been paid in full (other than contingent indemnification obligations), and (c) all Letters of Credit have terminated
or expired (other than Letters of

 

    	 	14	 

     

    

 

Credit as to which other arrangements with respect thereto satisfactory to the Agent and the
L/C Issuer shall have been made).

 

“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
and any agreements entered into pursuant to Section 1471(b)(1) of the Code or any fiscal or regulatory legislation, rules or practices
adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the
Code.

 

“Federal Funds
Rate” means, for any day, the rate per annum equal to the weighted average of the rates on overnight Federal funds transactions
with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank
of New York on the Business Day next succeeding such day; provided that (a) if such day is not a Business Day, the Federal Funds Rate
for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding
Business Day, and (b) if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day shall
be the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to Bank of America on such day on
such transactions as determined by Agent.

 

“Fee Letter”
means the letter agreement dated as of April 30, 2019, by and between the Borrower and the Agent, describing certain fees to be
paid by the Loan Parties in connection with the credit facility established by this Agreement.

 

“First Priority”
means, with respect to any Lien purported to be created in any Collateral pursuant to any Collateral Document, that such Lien is
the most senior Lien (other than Permitted Liens) to which such Collateral is subject.

 

“Foreign Lender”
means any Lender that is resident or organized under the laws of a jurisdiction other than that in which the Borrower is resident
for tax purposes. For purposes of this definition, the United States of America, each State thereof and the District of Columbia
shall be deemed to constitute a single jurisdiction.

 

“Foreign Office”
means with respect to any Lender, an office of such Lender located outside of the United States of America.

 

“Foreign Subsidiaries”
means each Subsidiary of the Borrower organized under the laws of a jurisdiction other than the United States of America, a state
thereof or the District of Columbia.

 

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

 

“Fronting Exposure”
means, at any time there is a Defaulting Lender, (a) with respect to the L/C Issuer, such Defaulting Lender’s Applicable Percentage
of the Outstanding Amount of all outstanding L/C Obligations other than L/C Obligations as to which such Defaulting Lender’s
participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof, and
(b) with respect to the Swing Line Lender, such Defaulting Lender’s Applicable Percentage of Swing Line Loans other than Swing
Line Loans as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders or Cash Collateralized
in accordance with the terms hereof.

 

    	 	15	 

     

    

 

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

 

“Funding Subsidiaries”
means each of Ameresco Funding I, LLC, a Delaware limited liability company; Ameresco Funding II, LLC, a Delaware limited liability
company; Ameresco Funding III, LLC, a Delaware limited liability company; Ameresco Funding IV, LLC, a Delaware limited liability
company; Speen Street Holdings I, LLC, a Delaware limited liability company; Speen Street Holdings II, LLC, a Delaware limited
liability company; Speen Street Holdings III, LLC, a Delaware limited liability company; and Speen Street Holdings IV, LLC, a Delaware
limited liability company.

 

“GAAP”
means generally accepted accounting principles in the United States of America set forth in the opinions and pronouncements of
the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of
the Financial Accounting Standards Board or such other principles as may be approved by a significant segment of the accounting
profession of the United States that are applicable to the circumstances as of the date of determination 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).

 

“Guarantee”
means a guarantee, an endorsement, a contingent agreement to purchase or to furnish funds for the payment or maintenance of, or
otherwise to be or become contingently liable under or with respect to, the Indebtedness, other obligations, net worth, working
capital or earnings of any Person, or a guarantee of the payment of dividends or other distributions upon the Equity Interests
of any Person, or an agreement to purchase, sell or lease (as lessee or lessor) property, products, materials, supplies or services
primarily for the purpose of enabling a debtor to make payment of such debtor’s obligations or an agreement to assure a creditor
against loss, and including, without limitation, causing a bank or other financial institution to issue a letter of credit or other
similar instrument for the benefit of another Person, but excluding endorsements for collection or deposit in the ordinary course
of business. The terms “Guarantee” and “Guaranteed” used as a verb shall have a correlative
meaning. The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the primary
obligations in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability
in respect thereof (assuming such Person is required to perform thereunder).

 

“Guarantors”
means, collectively, each Subsidiary of the Borrower party hereto as a guarantor at the Effective Time and each other Person which
becomes a guarantor hereunder after the Effective Time.

 

“Guaranty”
means Article 4 of this Agreement.

 

“Hawaii Joint
Venture” means the Investment by Ameresco Hawaii LLC, a Delaware limited liability company, in 99% of the Equity Interests
of Ameresco/ Pacific Energy JV, a Hawaii general partnership for the purpose of engaging in the performance of work and services
related to the completion of the Hawaii Project.

 

“Hawaii Project”
means the development, implementation and construction of energy performance measures and/or construction management services for
the State of Hawaii or agencies or instrumentalities

 

    	 	16	 

     

    

 

thereof, including, without limitation, the Housing & Community Development
Corporation of Hawaii at one or more properties owned or operated by such entities.

 

“Hazardous Materials”
means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other pollutants, including
petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious
or medical wastes and all other substances or wastes of any nature, in each case regulated or subject to regulation pursuant to
any Environmental Law.

 

“Hedge Bank”
means any Person in its capacity as a party to a Swap Contract that, at the time it enters into a Swap Contract not prohibited
under Article 9, is a Lender or an Affiliate of a Lender, in its capacity as a party to such Swap Contract (even if such Person
ceases to be a Lender or such Person’s Affiliate ceased to be a Lender); provided, in the case of a Secured Hedge
Agreement with a Person who is no longer a Lender (or Affiliate of a Lender), such Person shall be considered a Hedge Bank only
through the stated termination date (without extension or renewal) of such Secured Hedge Agreement and provided further that for
any of the foregoing to be included as a “Secured Hedge Agreement” on any date of determination by the Agent, the applicable
Hedge Bank (other than the Agent or an Affiliate of the Agent) must have delivered a Secured Party Designation Notice to the Agent
prior to such date of determination.

 

“Hedging Agreement”
means any interest rate protection agreement, foreign currency exchange agreement, commodity price protection agreement or other
interest or currency exchange rate or commodity price hedging arrangement.

 

“Inactive Subsidiaries”
means each of the Subsidiaries of the Borrower designated by the Borrower as an inactive subsidiary on Schedule 7.13 attached
hereto as of the Effective Time and from time to time after the Effective Time.

 

“Indebtedness”
means, for any Person, without duplication: (a) obligations created, issued or incurred by such Person for borrowed money (whether
by loan, advance, the issuance and sale of debt securities or the sale of Property to another Person subject to an understanding
or agreement, contingent or otherwise, to repurchase such Property from such Person); (b) obligations of such Person to pay the deferred
purchase or acquisition price of Property or services, other than trade accounts payable (other than for borrowed money) arising,
and accrued expenses and deferred taxes incurred and paid, in the ordinary course of business; (c) Capital Lease Obligations of such
Person; (d) obligations of such Person in respect of Hedging Agreements; and (e) obligations of such Person in respect of letters of credit
or similar instruments issued or accepted by banks and other financial institutions for the account of such Person. The Indebtedness
of any Person shall include, without duplication, the Indebtedness of any other entity (including any partnership in which such
Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest
in or other relationship with such entity, except to the extent the terms of such Indebtedness provide that such Person is not
liable therefor.

 

“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 any
Loan Party under any Loan Document and (b)  to the extent not otherwise described in clause (a), Other Taxes.

 

“ISP”
means, with respect to any Letter of Credit, the “International Standby Practices 1998” published by the Institute
of International Banking Law & Practice, Inc. (or such later version thereof as may be in effect at the time of issuance).

 

    	 	17	 

     

    

 

“Issuer Documents”
means, with respect to any Letter of Credit, the Letter of Credit Application and any other document, agreement and instrument
entered into by the L/C Issuer and the Borrower or in favor of the L/C Issuer and relating to such Letter of Credit.

 

“Intercompany
Indebtedness” has the meaning assigned to such term in Section 12.19.

 

“Interest Election
Request” means a request by the Borrower to convert or continue a Borrowing in accordance with Section 2.03.

 

“Interest Payment
Date” means, (a) as to any Loan other than a Base Rate Loan, the last day of each Interest Period applicable to such Loan
and the Maturity Date of the Facility under which such Loan was made; provided, however, that if any Interest Period
for a Eurocurrency Rate Loan exceeds three (3) months, the respective dates that fall every three (3) months after the beginning
of such Interest Period shall also be Interest Payment Dates; (b) as to any Base Rate Loan or Swing Line Loan, the last Business Day
of each March, June, September and December and the Maturity Date of the Facility under which such Loan was made (with Swing Line
Loans being deemed made under the Revolving Facility for purposes of this definition); and  (c) upon the earlier acceleration
of the Loans pursuant to Section 10.02.

 

“Interest Period”
means with respect to any Eurocurrency Borrowing, the period commencing on the date of such Borrowing and ending on the numerically
corresponding day in the calendar month that is one, two, three or six months thereafter (in each case, subject to availability
for the interest rate applicable to the relevant currency and such period subject to adjustment for such availability), as the
Borrower may elect; provided, that (i) if any Interest Period would end on a day other than a Business Day, such Interest Period
shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar
month, in which case such Interest Period shall end on the next preceding Business Day and (ii) any Interest Period that commences on
the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar
month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period. For purposes
hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and thereafter shall be the effective
date of the most recent conversion or continuation of such Borrowing. Notwithstanding the foregoing,

 

(x)          if
any Interest Period for any Borrowing under the Revolving Facility or Term Facility would otherwise end after the Maturity Date
of such Facility, such Interest Period shall end on the Maturity Date of such Facility, and

 

(y)          notwithstanding
the foregoing clause (x), no Interest Period shall have a duration of less than one month and, if the Interest Period for any Eurocurrency
Loan would otherwise be a shorter period, such Loan shall not be available hereunder as a Eurocurrency Loan for such period.

 

“Interface Agreement”
means the Interface Agreement dated as of December 20, 2012, among Ameresco Canada, SRO LP and Black & McDonald Limited, a
corporation organized under the laws of Ontario, Canada.

 

“Investment”
means, for any Person: (a) the acquisition (whether for cash, Property, services or securities or otherwise) of capital stock, bonds,
notes, debentures, partnership, limited liability company or other ownership interests or other securities of any other Person
or any agreement to make any such acquisition (including, without limitation, any “short sale” or any sale of any securities
at a time when such securities are not owned by the Person entering into such short sale); (b) the making of any deposit with, or advance,
loan or other extension of credit to, any other Person (including the purchase of Property from

 

    	 	18	 

     

    

 

another Person subject to an understanding
or agreement, contingent or otherwise, to resell such Property to such Person, but excluding any such advance, loan or extension
of credit representing the purchase price of inventory or supplies sold by such Person in the ordinary course of business provided
that in no event shall the term of any such inventory or supply advance, loan or extension of credit exceed 270 days); or (c) the entering
into of any Guarantee of, or other contingent obligation with respect to, Indebtedness or other liability of any other Person and
(without duplication) any amount committed to be advanced, loaned or extended to such Person. Notwithstanding the foregoing, Capital
Expenditures shall not be deemed “Investments” for purposes hereof.

 

“IP Collateral”
means, collectively, the Collateral relating to intellectual property rights of the Loan Parties hereunder or under any other Loan
Document.

 

“ISP”
means, with respect to any Letter of Credit, the “International Standby Practices 1998” published by the Institute
of International Banking Law & Practice, Inc. (or such later version thereof as may be in effect at the time of issuance).

 

“Issuer Documents”
means with respect to any Letter of Credit, the Letter of Credit Application and any other document, agreement or instrument entered
into by the L/C Issuer and the Borrower (or any Subsidiary) or in favor of the L/C Issuer and relating to such Letter of Credit.

 

“Landlord’s
Waiver and Consent” means, with respect to any Leasehold Property, a letter, certificate or other instrument in writing
from the lessor under the related lease, in form approved by the Agent in its sole discretion.

 

“Laws”
means, collectively, all international, foreign, Federal, state and local statutes, treaties, rules, guidelines, regulations, ordinances,
codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental
Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed
duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether
or not having the force of law.

 

“L/C Advance”
means, with respect to each Revolving Lender, such Revolving Lender’s funding of its participation in any L/C Borrowing in
accordance with its Applicable Percentage. All L/C Advances shall be denominated in Dollars.

 

“L/C Borrowing”
means an extension of credit resulting from a drawing under any Letter of Credit which has not been reimbursed on the date when
made or refinanced as a Revolving Loan Borrowing. All L/C Borrowings shall be denominated in Dollars.

 

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

 

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

 

“L/C Issuer”
means Bank of America or any other Lender designated by the Agent in its sole discretion and with the consent of such other Lender
in its sole discretion, in each case, in its capacity as an issuer of Letters of Credit hereunder, or any successor issuer of Letters
of Credit hereunder.

 

“L/C Obligations”
means, as at any date of determination, the aggregate amount available to be drawn under all outstanding Letters of Credit plus
the aggregate of all Unreimbursed Amounts, including all L/C Borrowings. For purposes of computing the amount available to be drawn
under any Letter of

 

    	 	19	 

     

    

 

Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.06. 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 Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding”
in the amount so remaining available to be drawn.

 

“Leasehold Property”
means any leasehold interest of any Loan Party as lessee under any lease of real property, other than any such leasehold interest
designated from time to time by the Agent in its sole discretion as not being required to be included in the Collateral and not
being of material importance to the business or operations of the Loan Parties.

 

“Lenders”
means the Persons listed on Schedule 2.01 (including, without limitation, the L/C Issuer and the Swing Line Lender)
and any other Person that shall have become a party hereto pursuant to an Assignment and Acceptance, other than any such Person
that ceases to be a party hereto pursuant to an Assignment and Acceptance.

 

“Lending Office”
means, as to the Agent, the L/C Issuer or any Lender, the office or offices of such Person described as such in such Person’s
Administrative Questionnaire, or such other office or offices as such Person may from time to time notify the Borrower and the
Agent, which office may include any Affiliate of such Person or any domestic or foreign branch of such Person or such Affiliate.
Unless the context otherwise requests, each reference to a Lender shall include its applicable Lending Office.

 

“Letter of Credit”
means any letter of credit issued hereunder on a standby basis and shall include the Existing Letters of Credit.

 

“Letter of Credit
Application” means an application and agreement for the issuance or amendment of a Letter of Credit in the form from
time to time in use by the L/C Issuer.

 

“Letter of Credit
Expiration Date” means the day that is seven (7) days prior to the Maturity Date then in effect for the Revolving Facility
(or, if such day is not a Business Day, the next preceding Business Day).

 

“Letter of Credit
Fees” has the meaning as specified in Section 2.10(b).

 

“Letter of Credit
Sublimit” means an amount equal to $40,000,000. The Letter of Credit Sublimit is part of, and not in addition to, the
Revolving Commitments.

 

“LIBOR”
has the meaning specified in the definition of Eurocurrency Rate.

 

“LIBOR Quoted
Currency” means Dollars, Euro and Sterling, in each case as long as there is a published LIBOR Rate with respect thereto.

 

“Lien”
means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest
in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention
agreement (or any financing lease having substantially the same economic effect as any of the foregoing), other than an operating
lease, relating to such asset and (c) in the case of securities, any purchase option, call or similar right of a third party with respect
to such securities.

 

“Loan Documents”
means this Agreement, the Revolving Notes, the Term Notes, the Swing Line Note, the Collateral Documents, the Fee Letter, each
Issuer Document and any other instruments or

 

    	 	20	 

     

    

 

documents delivered or to be delivered from time to time pursuant to this Agreement,
as the same may be supplemented and amended from time to time in accordance with their respective terms.

 

“Loan Notice”
means a notice of (a) a Borrowing, (b) a conversion of Loans from one Type to the other, or (c) a continuation of Eurocurrency Rate Loans,
pursuant to Section 2.01(c), which shall be substantially in the form of Exhibit B-1 or such other form as may be approved
by the Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Agent),
appropriately completed and signed by a Responsible Officer of the Borrower.

 

“Loan Parties”
means the Borrower and the Guarantors.

 

“Loans”
means the Revolving Loans, the Term Loans and the Swing Line Loans.

 

“London Banking
Day” means any day on which dealings in Dollar deposits are conducted by and between banks in the London interbank Eurodollar
market.

 

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

 

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

 

“Material Canadian
Subsidiary” means any Canadian Subsidiary having assets with a total book value of greater than or equal to 10% of the
total book value of all assets of the Core Ameresco Companies on a consolidated basis.

 

“Material Indebtedness”
means Indebtedness (other than the Loans or Letters of Credit), including, without limitation, obligations in respect of one or
more Hedging Agreements, in an aggregate principal amount exceeding $5,000,000. For purposes of determining Material Indebtedness,
the “principal amount” of the obligations of any Person in respect of a Hedging Agreement at any time shall be the
maximum aggregate amount (giving effect to any netting agreements) that such Person would be required to pay if such Hedging Agreement
were terminated at such time.

 

“Material Leasehold
Property” means a Leasehold Property that is reasonably determined by the Agent to be of material importance to the operations
of the Loan Parties (taken as a whole).

 

“Material Owned
Property” means any real property owned by any Loan Party that has a fair market value in excess of $2,000,000 or is
reasonably determined by the Agent to be of material importance to the operations of the Loan Parties (taken as a whole) and listed
on Schedule 1.01(a) hereto.

 

“Material Rental
Obligations” means obligations of the Loan Parties to pay rent under any one or more operating leases with respect to
any real or personal property that is material to the business of the Loan Parties (taken as a whole).

 

“Maturity Date”
means (a) with respect to the Revolving Facility, June 28, 2024, and (b) with respect to the Term Facility, June 28, 2024; provided,
however, that, in each case, if such date is not a Business Day, the Maturity Date shall be the next preceding Business
Day.

 

    	 	21	 

     

    

 

“Minimum Collateral
Amount” means, at any time, (a) with respect to Cash Collateral consisting of cash or deposit account balances provided to
reduce or eliminate Fronting Exposure during any period when a Lender constitutes a Defaulting Lender, an amount equal to 102%
of the Fronting Exposure of the L/C Issuer with respect to Letters of Credit issued and outstanding at such time, (b) with respect
to Cash Collateral consisting of cash or deposit account balances provided in accordance with the provisions of Section 2.12(a)(i),
(a)(ii) or (a)(iii), an amount equal to 102% of the Outstanding Amount of all L/C Obligations, and (c) otherwise, an amount determined
by the Agent and the L/C Issuer in their reasonable discretion.

 

“Mortgage”
means a security instrument (whether designated as a deed of trust or a mortgage, leasehold mortgage, assignment of leases and
rents or by any similar title) executed and delivered by any Loan Party in such form as may be approved by the Agent in its sole
and reasonable discretion, in each case with such changes thereto as may be recommended by the Agent’s local counsel based
on local laws or customary local practices, and (d) at the Agent’s option, in the case of an Additional Mortgaged Property, an
amendment to an existing Mortgage, in form satisfactory to the Agent, adding such Additional Mortgaged Property to the Real Property
Assets encumbered by such existing Mortgage, in either cases as such security instrument or amendment may be amended, supplemented
or otherwise modified from time to time.

 

“Multiemployer
Plan” means a Plan that is a multiemployer plan as defined in Section 4001(a)(3) of ERISA.

 

“Net Cash Payments”
means,

 

(a)          with
respect to any Casualty Event, the aggregate amount of cash proceeds of insurance, condemnation awards and other compensation received
by the Loan Parties in respect of such Casualty Event net of (i) reasonable expenses incurred by the Loan Parties in connection therewith
and (ii) contractually required repayments of Indebtedness to the extent secured by a Lien on such property and (iii) any income and transfer
taxes payable by the Loan Parties in respect of such Casualty Event;

 

(b)          with
respect to any Disposition, the aggregate amount of all cash payments received by the Loan Parties directly or indirectly in connection
with such Disposition, whether at the time of such Disposition or after such Disposition under deferred payment arrangements or
Investments entered into or received in connection with such Disposition, net of (i) the amount of any legal, title, transfer and recording
tax expenses, commissions and other fees and expenses payable by the Loan Parties in connection therewith, (ii) any Federal, state and
local income or other Taxes estimated to be payable by the Loan Parties as a result thereof, (iii) any repayments by the Loan Parties
of Indebtedness to the extent that such Indebtedness is secured by a Lien on the property that is the subject of such Disposition
and the transferee of (or holder of a Lien on) such property requires that such Indebtedness be repaid as a condition to the purchase
of such property, (iv) any repayments by the Loan Parties to minority stockholders if and to the extent permitted hereby, and (v) a reasonable
reserve for retained liabilities; and

 

(c)          with
respect to any incurrence of Indebtedness, the aggregate amount of all cash proceeds received by the Loan Parties therefrom less
all legal, underwriting, registration, marketing, filing and similar fees and expenses incurred in connection therewith.

 

“Non-Cash Charges”
means (a) any impairment charge or asset write-off or write-down related to intangible assets (including goodwill), long-lived assets,
and Investments in debt and equity securities pursuant to GAAP, (b) all losses from Investments recorded using the equity method, (c) the
non-cash impact of acquisition method accounting, (d) non-cash losses attributable to the mark to market movement in the valuation
of (i) hedging obligations (to the extent the cash impact resulting from such loss has not

 

    	 	22	 

     

    

 

been realized) or other derivative instruments
pursuant to Financial Accounting Standards Accounting Standards Codification No. 815—Derivatives and Hedging, and (ii) foreign
currency translations, (e) non-cash losses from Dispositions for such period and (f) other non-cash charges, expenses or charges, including
expenses and costs that result from stock based awards, partnership interest based awards and similar incentive based awards or
arrangements.

 

“Non-Consenting
Lender” means any Lender that does not approve any consent, waiver or amendment that (a) requires the approval of all Lenders
or all affected Lenders in accordance with the terms of Section 12.02 and (b) has been approved by the Required Lenders.

 

“Non-Core
Energy Project” means (i) any Renewable Energy Project and (ii) any other energy infrastructure project other than
an Energy Conservation Project.

 

“Non-Core Energy
Project Financing” means a credit facility entered into by one or more Non-Core Energy Subsidiaries to finance the construction
of one or more Non-Core Energy Projects.

 

“Non-Core Energy
Project Guaranty” means in connection with any Non-Core Energy Project, (a) any Guarantee (other than a Construction Completion
and Cost Overrun Guaranty) by the Borrower of the obligations of the Non-Core Energy Subsidiary in connection with such Non-Core
Energy Project and (b) any indemnification by or from the Borrower of the Non-Core Energy Subsidiary’s customer or the owner
of property used for such Non-Core Energy Project or of a third party purchaser of gas or energy and related products (including
tax and environmental credits and heating and cooling) produced from such Non-Core Energy Project; provided, however, that no Non-Core
Energy Project Guaranty shall guarantee the Indebtedness of any Person.

 

“Non-Core Energy
Project Guaranty Liability” means, in connection with any Non-Core Energy Project Guaranty, any liability required to
be accrued on the consolidated balance sheet of the Core Ameresco Companies in accordance with GAAP, but excluding the Borrower’s
guaranty of the obligations of Ameresco Evansville.

 

“Non-Core Energy
Subsidiary” means (i) Ameresco Huntington Beach, (ii) any Renewable Energy Subsidiary and (iii) any other direct or indirect subsidiary
of the Borrower formed for the purpose of financing, constructing or operating any Non-Core Energy Project.

 

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

 

“Notice of Loan
Prepayment” means a notice of prepayment with respect to a Loan, which shall be substantially in the form of Exhibit
L annexed hereto or such other form as may be approved by the Agent (including any form on an electronic platform or electronic
transmission system as shall be approved by the Agent), appropriately completed and signed by a Responsible Officer.

 

“Obligations”
means (a) all advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party arising under any
Loan Document or otherwise with respect to any Loan, or Letter of Credit and (b ) all costs and expenses incurred in
connection with enforcement and collection of the foregoing, including the fees, charges and disbursements of counsel, in
each case to the extent payable under the Loan Documents and 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 any Loan Party or any Affiliate thereof pursuant to any proceeding under any
Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such

 

    	 	23	 

     

    

 

interest and fees are allowed claims in such proceeding; provided that Obligations
of a Guarantor shall exclude any Excluded Swap Obligations with respect to such Guarantor.

 

“OFAC”
means the Office of Foreign Assets Control of the United States Department of the Treasury.

 

“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).

 

“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 3.06).

 

“Outstanding Amount”
means (i) with respect to any Loans on any date, the Dollar Equivalent amount of the aggregate outstanding principal amount thereof
after giving effect to any borrowings and prepayments or repayments of such Loans, as the case may be, occurring on such date;
and (ii) with respect to any L/C Obligations on any date, the Dollar Equivalent amount of the aggregate outstanding amount of such L/C
Obligations on such date after giving effect to any L/C Credit Extension occurring on such date and any other changes in the aggregate
amount of the L/C Obligations as of such date, including as a result of any reimbursements by the Borrower of Unreimbursed Amounts.

 

“Overnight Rate”
means, for any day, (a) with respect to any amount denominated in Dollars, the greater of (i) the Federal Funds Rate and (ii) an overnight rate
determined by the Agent, the L/C Issuer, or the Swing Line Lender, as the case may be, in accordance with banking industry rules
on interbank compensation, and (b) with respect to any amount denominated in an Alternative Currency, an overnight rate determined
by the Agent or the L/C Issuer, as the case may be, in accordance with banking industry rules on interbank compensation.

 

“Participant”
shall have the meaning specified in Section 12.06(d).

 

“Participant Register”
shall have the meaning specified in Section 12.06(d).

 

“Participating
Member State” means any member state of the European Union that adopts or has adopted the Euro as its lawful currency
in accordance with legislation of the European Union relating to Economic and Monetary Union.

 

“Patents”
means all patents issued or assigned to and all patent applications made by the Loan Parties and, to the extent that the grant
of a security interest does not cause a breach or termination thereof, all exclusive and nonexclusive licenses to the Loan Parties
from third parties or rights to use patents owned by such third parties, including, without limitation, the patents, patent applications
and licenses listed on Schedule 7.05 hereto, along with any and all (a) inventions and improvements described and claimed therein,
(b) reissues, divisions, continuations, extensions and continuations-in-part thereof, (c) income, royalties, damages, claims and payments
now and hereafter due and/or payable under and with respect thereto, including, without limitation, damages and payments for past
or future infringements thereof, (d) 

 

    	 	24	 

     

    

 

rights to sue for past, present and future infringements thereof, and (e) any other rights corresponding
thereto throughout the world.

 

“Pension Funding
Rules” means the rules of the Code and ERISA regarding minimum required contributions (including any installment payment
thereof) to Pension 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, Section 412, 430, 431, 432
and 436 of the Code and Sections 302, 303, 304 and 305 of ERISA.

 

“Pension Plan”
means any Plan that is a defined benefit pension plan subject to the provisions of Title IV of ERISA or Section 412 of the
Code or Section 302 of ERISA, and in respect of which any Loan Party or any ERISA Affiliate is (or, if such plan were terminated,
would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA.

 

“Permitted Acquisitions”
shall have the meaning specified in Section 9.04(d).

 

“Permitted Investments”
means:

 

(a)          direct
obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United States of America
(or by any agency thereof to the extent such obligations are backed by the full faith and credit of the United States of America),
in each case maturing within one year from the date of acquisition thereof;

 

(b)          investments
in commercial paper maturing within 270 days from the date of acquisition thereof and having, at such date of acquisition, the
highest credit rating obtainable from Standard and Poor’s Ratings Service or from Moody’s Investors Service, Inc.;

 

(c)          investments
in certificates of deposit, banker’s acceptances and time deposits maturing within 180 days from the date of acquisition
thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office of
any commercial bank organized under the laws of the United States of America or any State thereof which has a combined capital
and surplus and undivided profits of not less than $250,000,000;

 

(d)          fully
collateralized repurchase agreements with a term of not more than 30 days for securities described in clause (a) above and entered
into with a financial institution satisfying the criteria described in clause (c) above;

 

(e)          advances,
loans and extensions of credit to any director, officer or employee of the Loan Parties, if the aggregate outstanding amount of
all such advances, loans and extensions of credit (excluding travel advances in the ordinary course of business) does not at any
time exceed $750,000; and

 

(f)          investments
in money market mutual funds that are rated AAA by Standard & Poor’s Rating Service.

 

“Permitted Liens”
has the meaning specified in Section 9.02.

 

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

 

    	 	25	 

     

    

 

“Plan”
means any employee benefit plan within the meaning of Section 3(3) of ERISA in which any Loan Party or any ERISA Affiliate
is an “employer” as defined in Section 3(5) of ERISA, including, but not limited to, any Pension Plan or Multiemployer
Plan.

 

“Platform”
has the meaning specified in Section 8.01.

 

“Pledge Agreement”
means the Fourth Amended and Restated Pledge Agreement dated as of even date herewith in the form of Exhibit E hereto, as
amended, modified and supplemented from time to time, by and between the Loan Parties and the Agent.

 

“Prior Credit
Agreement” has the meaning assigned to such term in the introductory paragraph hereto.

 

“Pro Forma Basis”
and “Pro Forma Effect” means, for any Disposition of all or substantially all of a division or a line of business,
for any Acquisition or for any Junior Restricted Payment, whether actual or proposed, for purposes of determining compliance with
the financial covenants set forth in Section 9.10, and with respect to a Junior Restricted Payment pursuant to Section 9.06(d),
each such transaction or proposed transaction shall be deemed to have occurred on and as of the first day of the relevant period,
and the following pro forma adjustments shall be made:

 

(a)          in
the case of an actual or proposed Disposition, all income statement items (whether positive or negative) attributable to the line
of business or the Person subject to such Disposition shall be excluded from the results of the Core Ameresco Companies for such
period;

 

(b)          in
the case of an actual or proposed Acquisition, income statement items (whether positive or negative) attributable to the property,
line of business or the Person subject to such Acquisition shall be included in the results of the Core Ameresco Companies for
such period;

 

(c)          interest
accrued during the relevant period on, and the principal of, any Indebtedness repaid or to be repaid or refinanced in such transaction
shall be excluded from the results of the Core Ameresco Companies for such period; and

 

(d)          any
Indebtedness actually or proposed to be incurred or assumed in such transaction shall be deemed to have been incurred as of the
first day of the applicable period, and interest thereon shall be deemed to have accrued from such day on such Indebtedness at
the applicable rates provided therefor (and in the case of interest that does or would accrue at a formula or floating rate, at
the rate in effect at the time of determination) and shall be included in the results of the Core Ameresco Companies for such period.

 

“Pro Forma Compliance”
means, with respect to any transaction, that such transaction does not cause, create or result in a Default after giving Pro Forma
Effect, based upon the results of operations for the most recently completed applicable period to (a) such transaction and (b) all other
transactions which are contemplated or required to be given Pro Forma Effect hereunder that have occurred on or after the first
day of the relevant period.

 

“Property”
means any interest of any kind in property or assets, whether real, personal or mixed, and whether tangible or intangible.

 

“Proprietary Rights”
has the meaning assigned to such term in Section 7.05(b).

 

    	 	26	 

     

    

 

“PTO”
means the United States Patent and Trademark Office or any successor or substitute office in which filings are necessary or, in
the opinion of the Agent, desirable in order to create or perfect Liens on any IP Collateral.

 

“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 Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

 

“Quarterly Date”
means the last day of any fiscal quarter of the Loan Parties.

 

“Rate Determination
Date” means two (2) Business Days prior to the commencement of such Interest Period (or such other day as is generally
treated as the rate fixing day by market practice in such interbank market, as determined by the Agent; provided that to
the extent such market practice is not administratively feasible for the Agent, then “Rate Determination Date” means
such other day as otherwise reasonably determined by the Agent).

 

“Real Property
Asset” means, at any time of determination, any and all real property owned or leased by the Loan Parties.

 

“Recipient”
means the Agent, any Lender, the L/C Issuer or any other recipient of any payment to be made by or on account of any obligation
of any Loan Party hereunder.

 

“Register”
has the meaning assigned to such term in Section 12.06(c).

 

“Registered Proprietary
Rights” has the meaning assigned to such term in Section 7.05(c).

 

“Reimbursement
Obligation” has the meaning assigned to such term in Section 2.04(c)(i).

 

“Release”
means any release, spill, emission, discharge, deposit, disposal, leaking, pumping, pouring, dumping, emptying, injection or leaching
into the Environment, or into, from or through any building, structure or facility.

 

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

 

“Removal Effective
Date” has the meaning specified in Section 11.06(b).

 

“Renewable
Energy Project” means a project conducted by a Renewable Energy Subsidiary for (i) the construction and
operation of a facility to process methane gas from a landfill site and/ or convert methane gas, sunlight, wind or biomass
into useable energy, the storage of such energy, and (ii) the sale of such methane gas and/ or energy produced from methane
gas, sunlight, wind or biomass to one or more customers.

 

“Renewable Energy
Subsidiaries” means (i) each of the Subsidiaries of the Borrower designated by the Borrower as a renewable energy subsidiary
on Schedule 7.13 attached hereto as of the Effective Time, as the same may be amended from time to time, and (ii) any other direct
or indirect Subsidiary of the Borrower formed for the purpose of (x) financing, constructing and/or operating any project for the
construction and operation of a facility to process methane gas from one or more landfill sites and/or convert

 

    	 	27	 

     

    

 

 methane gas, sunlight,
wind or biomass into useable energy and/or (y) selling such methane gas and/or energy and related products produced from methane
gas, sunlight, wind or biomass.

 

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

 

“Required Lenders”
means, (a) when referenced with respect to the Revolving Lenders, at any time when there is more than one Revolving Lender, at least
two Revolving Lenders having Revolving Commitments representing at least 66-2/3% of the sum of the aggregate Revolving Commitments
at such time, or at any time when there is only one Revolving Lender, such Revolving Lender, (b) when referenced with respect to the
Term Loan Lenders, at any time when there is more than one Term Loan Lender, at least two Term Loan Lenders having Term Loans representing
at least 66-2/3% of the sum of the aggregate Term Loans at such time, or at any time when there is only one Term Loan Lender, such
Term Loan Lender, (c) when referenced with respect to all Lenders, at any time when there is more than one Lender, at least two Lenders
the sum of whose outstanding Term Loans and Revolving Commitments at such time (or, after the termination thereof, outstanding
Revolving Loans) represents at least 66-2/3% of the sum of (i) all outstanding Term Loans and (ii) the total Revolving Commitment (or, after
the termination thereof, outstanding Revolving Loans) in effect at such time, or at any time when there is only one Lender, such
Lender; provided that the Commitment of, and the portion of the Loans held or deemed held by, any Defaulting Lender shall
be excluded for purposes of making a determination of Required Lenders.

 

“Resignation Effective
Date” has the meaning specified in Section 11.06(a).

 

“Responsible Officer”
means an individual holding one or more of the following offices with the Borrower or otherwise having executive responsibilities
for financial matters and listed in Schedule 1.05 hereto: chief financial officer, principal accounting officer, treasurer,
assistant treasurer or controller, and, solely for purposes of notices given pursuant to Article 2, any other officer or employee
of the Borrower so designated by any of the foregoing officers in a notice to the Agent or any other officer or employee of the
Borrower designated in or pursuant to an agreement between the Borrower and the Agent. Any document delivered hereunder that is
signed by a Responsible Officer shall be conclusively presumed to have been authorized by all necessary corporate action on the
part of the Borrower and such Responsible Officer shall be conclusively presumed to have acted on behalf of the Borrower. To the
extent requested by the Agent, each Responsible Officer will provide an incumbency certificate and to the extent requested by the
Agent, appropriate authorization documentation, in form and substance satisfactory to the Agent.

 

“Restatement Date”
means the date of the amendment and restatement of the Prior Credit Agreement, on which date the Effective Time shall occur.

 

“Restricted Junior
Payment” means (i) any dividend or other distribution, direct or indirect, on account of any shares of any class of Equity
Interest in, any Loan Party or any Subsidiary now or hereafter outstanding, except a dividend payable solely in shares of Equity
Interests, (ii) any redemption, retirement, sinking fund or similar payment, purchase or other acquisition for value, direct or indirect,
of any shares of any class of Equity Interest in, any Loan Party or any Subsidiary now or hereafter outstanding, (iii) any payment made
to retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire shares of any class of Equity
Interest in, any Loan Party or any Subsidiary, (iv) any payment or prepayment of principal of, premium, if any, or interest on, or redemption
purchase, retirement, defeasance (including economic or legal defeasance), sinking fund or similar payment with respect to, any
Subordinated Indebtedness, and (v) any payment made to any Affiliates of any Loan Party or any Subsidiary in respect of management,
consulting or other similar services provided to any Loan Party or any Subsidiary.

 

    	 	28	 

     

    

 

“Restrictive Agreements”
has the meaning assigned to such term in Section 7.13(b).

 

“Revaluation
Date” means (a) with respect to any Loan, each of the following: (i) each date of a Borrowing of a Eurocurrency
Rate Loan denominated in an Alternative Currency, (ii) each date of a continuation of a Eurocurrency Rate Loan denominated in
an Alternative Currency pursuant to Section 2.03, and (iii) such additional dates as the Agent shall determine or the
Required Lenders shall require; and (b) with respect to any Letter of Credit, each of the following: (i) each date of
issuance, amendment and/or extension of a Letter of Credit denominated in an Alternative Currency, (ii) each date of any
payment by the L/C Issuer under any Letter of Credit denominated in an Alternative Currency, and (iii) such additional dates
as the Agent or the L/C Issuer shall determine or the Required Lenders shall require.

 

“Revolving
Commitment” means, with respect to each Lender, the commitment of such Lender to make Revolving Loans and
to acquire participations in Letters of Credit hereunder, as such commitment may be (a) reduced from time to time pursuant
to Sections 2.06 and 2.09, (b) increased from time to time pursuant to Section 2.14, or (c) reduced or increased from time to
time pursuant to assignments by or to such Lender pursuant to Section 12.06. The initial maximum amount of each
Lender’s Revolving Commitment is specified on Schedule 2.01, or in the Assignment and Acceptance pursuant to
which such Lender shall have assumed its Revolving Commitment, as applicable. The aggregate original maximum amount of the
Revolving Commitments is equal to $115,000,000 as of the Effective Time.

 

“Revolving
Credit Availability Period” means the period from and including the Effective Time to but excluding the earlier
of (a) the Maturity Date of the Revolving Facility and (b) the date of termination of the Revolving Commitments, as
terminated by the Borrower pursuant to Section 2.06 or as terminated pursuant to Section 10.02.

 

“Revolving Credit
Exposure” means, as to any Lender at any time, the aggregate Outstanding Amount at such time of its Revolving Loans and
the aggregate Outstanding Amount of such Lender’s participation in L/C Obligations and Swing Line Loans at such time.

 

“Revolving
Lender” means (a) initially, a Lender that has a Revolving Commitment set forth opposite its name on Schedule 2.01
and (b) thereafter, the Lenders from time to time holding Revolving Loans and Revolving Commitments, after giving effect to
any assignments thereof permitted by Section 12.06.

 

“Revolving Loan”
means a Loan made pursuant to Section 2.01(a) that utilizes the Revolving Commitments.

 

“Revolving Notes”
means the promissory notes, substantially in the form of Exhibit A-1 annexed hereto, issued by the Borrower in favor of
the Revolving Lenders.

 

“Same
Day Funds” means (a)  with respect to disbursements and payments in Dollars, immediately available funds,
and  (b) with respect to disbursements and payments in an Alternative Currency, same day or other funds as may be
determined by the Agent or the L/C Issuer, as the case may be, to be customary in the place of disbursement or payment for
the settlement of international banking transactions in the relevant Alternative Currency.

 

“Sanction(s)”
means any sanction administered or enforced by the United States Government (including without limitation, OFAC), the United Nations
Security Council, the European Union, Her Majesty’s Treasury (“HMT”) or other relevant sanctions authority.

 

    	 	29	 

     

    

 

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

 

“Secured Cash
Management Agreement” means any Cash Management Agreement between any Loan Party and any Cash Management Bank.

 

“Secured Hedge
Agreement” means any interest rate, currency, foreign exchange, or commodity Swap Contract required by or not prohibited
under Article 9 between any Loan Party and any Hedge Bank.

 

“Secured Obligations”
means all Obligations and all Additional Secured Obligations.

 

“Secured Parties”
means, collectively, the Agent, the Lenders, the L/C Issuer, the Hedge Banks, the Cash Management Banks, the Indemnitees and each
co-agent or sub-agent appointed by the Agent from time to time pursuant to Section 11.05.

 

“Secured Party
Designation Notice” means a notice from any Lender or an Affiliate of a Lender substantially in the form of Exhibit
J.

 

“Special Counsel”
means Locke Lord LLP, in its capacity as special counsel to Bank of America.

 

“Special Guarantors”
means Ameresco Evansville, Ameresco CT, and Ameresco Solar Newburyport LLC, a Delaware limited liability company.

 

“Special Purpose
Subsidiaries” means the Hawaii Joint Venture, the Non-Core Energy Subsidiaries and the Funding Subsidiaries.

 

“Specified Loan
Party” means any Loan Party that is not then an “eligible contract participant” under the Commodity Exchange
Act (determined prior to giving effect to Section 4.11).

 

“Specified Shareholders”
means any one or more of George Sakellaris and his immediate family members and heirs and any trusts for the benefit of the foregoing.

 

“Spot Rate”
for a currency means the rate determined by the Agent or the L/C Issuer, as applicable, to be the rate quoted by the Person acting
in such capacity as the spot rate for the purchase by such Person of such currency with another currency through its principal
foreign exchange trading office at approximately 11:00 a.m. on the date two (2) Business Days prior to the date as of which the
foreign exchange computation is made; provided that the Agent or the L/C Issuer may obtain such spot rate from another financial
institution designated by the Agent or the L/C Issuer if the Person acting in such capacity does not have as of the date of determination
a spot buying rate for any such currency; and provided further that the L/C Issuer may use such spot rate quoted on the
date as of which the foreign exchange computation is made in the case of any Letter of Credit denominated in an Alternative Currency.

 

“SRO LP”
means SRO LP, a limited partnership organized under the laws of Ontario, Canada.

 

“Sterling”
and “£” mean the lawful currency of the United Kingdom.

 

“Subordinated
Debt Documents” means all instruments, agreements and other documents executed and delivered by the Loan Parties in connection
with Subordinated Indebtedness.

 

“Subordinated
Indebtedness” means, any Indebtedness of the Core Ameresco Companies incurred after the Restatement Date with the consent
of the Agent that by its terms (or by the terms of the instrument

 

    	 	30	 

     

    

 

under which it is outstanding and
to which appropriate reference is made in the instrument evidencing such Subordinated Indebtedness) (a) is subordinated in
right of payment to the prior payment of the Obligations and (b) contains other terms, including without limitation,
standstill, interest rate, maturity and amortization, and insolvency-related provisions, in all respects reasonably
satisfactory to the Agent and Special Counsel.

 

“Subsidiary”
means, with respect to any Person (the “parent”) at any date, any corporation, limited liability
company, partnership, association or other entity  the accounts of which would be consolidated with those of the parent in
the parent’s consolidated financial statements if such financial statements were prepared in accordance with GAAP as
of such date, as well as any other corporation, limited liability company, partnership, association or other entity (a) of
which securities or other ownership interests representing more than 50% of the ordinary voting power or, in the case of
a partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held, or (b)
that is, as of such date, otherwise Controlled (as described in the first sentence of the definition of
“Control”), by the parent and/or one or more subsidiaries of the parent. References herein to
“Subsidiaries” shall, unless the context requires otherwise, be deemed to be references to Subsidiaries of
the 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, 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, which 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 Obligations”
means with respect to any Guarantor any obligation to pay or perform under any agreement, contract or transaction that constitutes
a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act.

 

“Swap
Termination Value” means, in respect of 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).

 

“Swing Line Loan”
has the meaning specified in Section 2.05.

 

“Swing Line Loan
Notice” means a notice of a Swing Line Borrowing pursuant to Section 2.05(b) which shall be substantially in the form
of Exhibit B-2 annexed hereto or such other form as approved by the Agent (including any form on an electronic platform
or electronic transmission system as shall be approved by the Agent), appropriately completed and signed by a Responsible Officer.

 

    	 	31	 

     

    

 

“Swing Line
Commitment” means the commitment of the Swing Line Lender to make Swing Line Loans, as such commitment may be
(a) reduced from time to time pursuant to Sections 2.06 and 2.09 and (b) reduced or increased from time to time pursuant to
assignments by the Swing Line Lender pursuant to Section 12.06. The original amount of the Swing Line Commitment is equal to
$5,000,000.

 

“Swing Line Lender”
means Bank of America, in its capacity as the Swing Line Lender, together with its successors and assigns in such capacity.

 

“Swing Line Note”
means the promissory note, substantially in the form of Exhibit A-3, issued by the Borrower in favor of the Swing Line Lender
to evidence the Swing Line Loans.

 

“TARGET2”
means the Trans-European Automated Real-time Gross Settlement Express Transfer payment system which utilizes a single shared platform
and which was launched on November 19, 2007.

 

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

 

“Term Loan”
means at the Effective Time, the $65,000,000 Term Loan of which $40,000,000 was outstanding at the Effective Time and the balance
of which will be advanced by the Term Lenders for the purpose of repaying outstanding indebtedness under the Revolving Facility.

 

“Term Loan Commitment”
means with respect to each Term Loan Lender, the agreement of such Lender to retain the outstanding balance of its portion of the
Term Loan under the Prior Credit Agreement to the Borrower at the Effective Time and to make additional Term Loan advances to increase
the Term Loan to $65,000,000 at the Effective Time.

 

“Term
Loan Lender” means, (a) a Lender that has a Term Loan Commitment set forth opposite its name on Schedule
2.01 and (i) who retained a portion of the Term Loan under the Prior Credit Agreement at the Effective Time and (ii) who
advanced additional Term Loans as of the Effective Time, and (b) thereafter, the Lenders from time to time holding an
interest in the Term Loan after giving effect to any assignments thereof permitted by Section 12.06.

 

“Term Loan Notes”
means the promissory notes, substantially in the form of Exhibit A-2, issued by the Borrower in favor of the Term Loan Lender
to evidence the Term Loans.

 

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

 

“Total
Funded Debt” means the outstanding principal amount of all Indebtedness of the Core Ameresco Companies determined
on a consolidated basis (without duplication) in respect of borrowed money, plus the face amount of letters of credit for
which a Core Ameresco Company is an obligor to the extent such letters of credit are not secured by cash deposits, plus any
obligations of the Borrower with respect to its Guarantees of the Design-Build Agreement to the extent such obligations are
required to be accrued on the consolidated balance sheet of the Core Ameresco Companies in accordance with GAAP, including
(i) all Indebtedness described in clauses (a), (b), (c) and (e) of the definition of Indebtedness set forth herein, including
all guarantees of any of such Indebtedness, and (ii) all Non-Core Energy Project Guaranty Liabilities, but excluding any
Indebtedness incurred by the Loan Parties in connection with any Energy Conservation Project Financing.

 

    	 	32	 

     

    

 

“Total Voting
Power” means, with respect to any Person, the total number of votes which holders of securities having the ordinary power
to vote, in the absence of contingencies, are entitled to cast in the election of directors of such Person.

 

“Trademarks”
means all trademarks (including service marks), federal and state trademark registrations and applications made by the Loan
Parties, common law trademarks and trade names owned by or assigned to the Loan Parties, all registrations and applications
for the foregoing and all exclusive and nonexclusive licenses from third parties of the right to use trademarks of such third
parties, including, without limitation, the registrations, applications, unregistered trademarks, service marks and licenses
listed on Schedule 7.05 hereto, along with any and all (a) renewals thereof, (b) income, royalties, damages and
payments now and hereafter due and/or payable with respect thereto, including, without limitation, damages, claims and
payments for past or future infringements thereof, (c) rights to sue for past, present and future infringements thereof, and
(d) foreign trademarks, trademark registrations, and trade name applications for any thereof and any other
rights corresponding thereto throughout the world.

 

“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 Eurocurrency Rate or the Base Rate.

 

“UCC”
means the Uniform Commercial Code (or any similar or equivalent legislation) as in effect in any applicable jurisdiction.

 

“Unreimbursed
Amount” has the meaning specified in Section 2.04(c)(i).

 

“Wholly Owned
Subsidiary” means, with respect to any Person at any date, any corporation, limited liability company, partnership, association
or other entity of which securities or other ownership interests representing 100% of the equity or ordinary voting power (other
than directors’ qualifying shares) or, in the case of a partnership, 100% of the general partnership interests are, as of
such date, directly or indirectly owned, controlled or held by such Person or one or more Wholly Owned Subsidiaries of such Person
or by such Person and one or more Wholly Owned Subsidiaries of such Person.

 

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

 

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

 

1.02.       Classification
of Loans and Borrowings. For purposes of this Agreement, Loans may be classified and referred to by Class (e.g.,
a “Revolving Loan” or “Term Loan”) or by Type (e.g., a “Base Rate Loan” or
a “Eurocurrency Loan”) or by Class and Type (e.g., a “Eurocurrency Revolving Loan” or
a “Base Rate Revolving Loan”). In similar fashion, (i) Borrowings may be classified and referred to by Class, by
Type and by Class and Type, and (ii) Commitments may be classified and referred to by Class.

 

1.03.       Other
Interpretive Provisions. With reference to this Agreement and each other Loan Document, unless otherwise specified herein or
in such other Loan Document:

 

(a)          The
definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may
require, any pronoun shall include the corresponding masculine,

 

    	 	33	 

     

    

 

feminine and neuter forms. The
words “include,” “includes” and “including” shall be deemed to be followed by the
phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect
as the word “shall.” Unless the context requires otherwise, (i) any definition of or reference to any
agreement, instrument or other document (including the Loan Documents) shall be construed as referring to such agreement,
instrument or other document as from time to time amended, amended and restated, modified, extended, restated, replaced or
supplemented from time to time (subject to any restrictions on such amendments, supplements or modifications set forth herein
or in any other Loan Document), (ii) any reference herein to any Person shall be construed to include such Person’s
successors and assigns, (iii) the words “hereto,” “herein,” “hereof” and
“hereunder,” and words of similar import when used in any Loan Document, shall be construed to refer to such Loan
Document in its entirety and not to any particular provision thereof, (iv) all references in a Loan Document to Articles,
Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, the
Loan Document in which such references appear, (v) any reference to any law shall include all statutory and regulatory rules,
regulations, orders and provisions consolidating, amending, replacing or interpreting such law and any reference to any law
or regulation shall, unless otherwise specified, refer to such law or regulation as amended, modified, extended, restated,
replaced or supplemented from time to time, and (vi) the words “asset” and “property” shall be
construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties,
including cash, securities, accounts and contract rights.

 

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

 

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

 

(d)          Any
reference herein to a merger, transfer, consolidation, amalgamation, consolidation, assignment, sale, disposition or transfer,
or similar term, shall be deemed to apply to a division of or by a limited liability company, or an allocation of assets to a series
of a limited liability company (or the unwinding of such a division or allocation), as if it were a merger, transfer, consolidation,
amalgamation, consolidation, assignment, sale, disposition or transfer, or similar term, as applicable, to, of or with a separate
Person. Any division of a limited liability company shall constitute a separate Person hereunder (and each division of any limited
liability company that is a Subsidiary, joint venture or any other like term shall also constitute such a Person or entity).

 

1.04.       Accounting
Terms.

 

(a)          Generally.
All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data
(including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared
in conformity with, GAAP applied on a consistent basis, as in effect from time to time, applied in a manner consistent with that
used in preparing the Audited Financial Statements, except as otherwise specifically prescribed herein. Notwithstanding the foregoing,
for purposes of determining compliance with any covenant (including the computation of any financial covenant) contained herein,
Indebtedness of the Borrower and its Subsidiaries shall be deemed to be carried at 100% of the outstanding principal amount thereof,
and the effects of FASB ASC 825 on financial liabilities shall be disregarded.

 

(b)          Changes
in GAAP. If at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in
any Loan Document, and either the Borrower or the Required Lenders shall so request, the Agent, the Lenders and the Borrower shall
negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP
(subject

 

    	 	34	 

     

    

 

to the approval of the Required Lenders); provided
that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP prior to
such change therein and  (ii) the Borrower shall provide to the Agent and the Lenders financial statements and other
documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between
calculations of such ratio or requirement made before and after giving effect to such change in GAAP. Without limiting the
foregoing, leases shall continue to be classified and accounted for on a basis consistent with that reflected in the Audited
Financial Statements for all purposes of this Agreement, notwithstanding any change in GAAP relating thereto, unless the
parties hereto shall enter into a mutually acceptable amendment addressing such changes, as provided for above.

 

(c)          Pro
Forma Treatment. Each Disposition of all or substantially all of a line of business, and each Acquisition, by the Borrower
and its Subsidiaries that is consummated during any fiscal period shall, for purposes of determining compliance with the financial
covenants set forth in Section 9.10 and for purposes of determining the Applicable Rate, be given Pro Forma Effect as of the first
day of such fiscal period.

 

1.05.       Joint
and Several Obligations; Responsible Officers.

 

(a)          All
Obligations of the Guarantors hereunder shall be joint and several. Any notice, request, waiver, consent or other action made,
given or taken by any Loan Party shall bind all Loan Parties.

 

(b)          Each
Loan Party hereby authorizes each of the Responsible Officers listed in Schedule 1.05 hereto to act as agent for each Loan
Party and to execute and deliver on behalf of each Loan Party such notices, requests, waivers, consents, certificates and other
documents, and to take any and all actions required or permitted to be delivered or taken by any Loan Party hereunder. The Borrower
may replace any of the Responsible Officers listed in Schedule 1.05 hereto or add any additional Responsible Officers by
delivering written notice to the Agent specifying the names of each new Responsible Officer and the offices held by each such Person.
Each Loan Party hereby agrees that any such notices, requests, waivers, consents, certificates and other documents executed, delivered
or sent by any Responsible Officer and any such actions taken by any Responsible Officer shall bind each Loan Party.

 

1.06.       Letter
of Credit Amounts. Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the
Dollar Equivalent of the stated amount of such Letter of Credit in effect at such time; provided, however, that with
respect to any Letter of Credit that, by its terms or the terms of any Issuer Document related thereto, provides for one or more
automatic increases or decreases, as the case may be, in the stated amount thereof, the amount of such Letter of Credit shall be
deemed to be the Dollar Equivalent of the maximum stated amount of such Letter of Credit after giving effect to all such increases
or decreases, as the case may be, whether or not such maximum stated amount is in effect at such time.

 

1.07.       Rounding.
Any financial ratios required to be maintained by the Borrower pursuant to this Agreement shall be calculated by dividing the appropriate
component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed
herein and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number).

 

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

 

1.09.       UCC
Terms. Terms defined in the UCC in effect at the Effective Time and not otherwise defined herein shall, unless the context
otherwise indicates, have the meanings provided by those

 

    	 	35	 

     

    

 

definitions. Subject to the foregoing, the term “UCC” refers,
as of any date of determination, to the UCC then in effect.

 

1.10.      Exchange
Rates; Currency Equivalents.

 

(a)          The
Agent or the L/C Issuer, as applicable, shall determine the Spot Rates as of each Revaluation Date to be used for calculating Dollar
Equivalent amounts of Credit Extensions and Outstanding Amounts denominated in Alternative Currencies. Such Spot Rates shall become
effective as of such Revaluation Date and shall be the Spot Rates employed in converting any amounts between the applicable currencies
until the next Revaluation Date to occur. Except for purposes of financial statements delivered by Loan Parties hereunder or calculating
financial covenants hereunder or except as otherwise provided herein, the applicable amount of any currency (other than Dollars)
for purposes of the Loan Documents shall be such Dollar Equivalent amount as so determined by the Agent or the L/C Issuer, as applicable.

 

(b)          Wherever
in this Agreement in connection with a Borrowing, conversion, continuation or prepayment of a Eurocurrency Rate Loan or the issuance,
amendment or extension of a Letter of Credit, an amount, such as a required minimum or multiple amount, is expressed in Dollars,
but such Borrowing, Eurocurrency Rate Loan or Letter of Credit is denominated in an Alternative Currency, such amount shall be
the relevant Alternative Currency Equivalent of such Dollar amount (rounded to the nearest unit of such Alternative Currency, with
0.5 of a unit being rounded upward), as determined by the Agent or the L/C Issuer, as the case may be.

 

(c)          The
Agent does not warrant, nor accept responsibility, nor shall the Agent have any liability with respect to the administration, submission
or any other matter related to the rates in the definition of “Eurocurrency Rate” or with respect to any rate that
is an alternative or replacement for successor to any of such rate (including, without limitation, any LIBOR Successor Rate) or
the effect of any of the foregoing, or of any LIBOR Successor Rate Conforming Changes..

 

1.11.      Additional
Alternative Currencies.

 

(a)          The
Borrower may from time to time request that Eurocurrency Rate Loans be made and/or Letters of Credit be issued in a currency
other than those specifically listed in the definition of “Alternative Currency”; provided that (i) such
requested currency is an Eligible Currency and (ii) such requested currency shall only be treated as a “LIBOR Quoted
Currency” to the extent that there is published LIBOR rate for such currency. In the case of any such request with
respect to the making of Eurocurrency Rate Loans, such request shall be subject to the approval of the Agent and each Lender
with a Commitment under which such currency is requested to be made available; and in the case of any such request with
respect to the issuance of Letters of Credit, such request shall be subject to the approval of the Agent and the L/C
Issuer.

 

(b)          Any
such request shall be made to the Agent not later than 11:00 a.m., twenty (20) Business Days prior to the date of the desired Credit
Extension (or such other time or date as may be agreed by the Agent and, in the case of any such request pertaining to Letters
of Credit, the L/C Issuer, in its or their sole discretion). In the case of any such request pertaining to Eurocurrency Rate Loans,
the Agent shall promptly notify each Lender thereof; and in the case of any such request pertaining to Letters of Credit, the Agent
shall promptly notify the L/C Issuer thereof. Each Lender (in the case of any such request pertaining to Eurocurrency Rate Loans)
or the L/C Issuer (in the case of a request pertaining to Letters of Credit) shall notify the Agent, not later than 11:00 a.m.,
ten (10) Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Eurocurrency
Rate Loans or the issuance of Letters of Credit, as the case may be, in such requested currency.

 

    	 	36	 

     

    

 

(c)          Any
failure by a Lender or the L/C Issuer, as the case may be, to respond to such request within the time period specified in
the preceding sentence shall be deemed to be a refusal by such Lender or the L/C Issuer, as the case may be, to
permit Eurocurrency Rate Loans to be made or Letters of Credit to be issued in such requested currency. If the Agent and all
the Lenders consent to making Eurocurrency Rate Loans in such requested currency and the Agent and the Lenders
reasonably determine that an appropriate interest rate is available to be used for such requested currency, the Agent shall
so notify the Borrower and (i) the Agent and the Lenders may amend the definition of Eurocurrency Rate for any Non-LIBOR
Quoted Currency to the extent necessary to add the applicable Eurocurrency Rate for such currency and (ii) to the extent the
definition of Eurocurrency Rate reflects the appropriate interest rate for such currency or has been amended to reflect the
appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency
for purposes of any Borrowings of Eurocurrency Rate Loans. If the Agent and the L/C Issuer consent to the issuance of Letters
of Credit in such requested currency, the Agent shall so notify the Borrower and (A) the Agent and the L/C Issuer may amend
the definition of Eurocurrency Rate for any Non-LIBOR Quoted Currency to the extent necessary to add the
applicable Eurocurrency Rate for such currency and (B) to the extent the definition of Eurocurrency Rate reflects the
appropriate interest rate for such currency or has been amended to reflect the appropriate rate for such currency, such
currency shall thereupon be deemed for all purposes to be an Alternative Currency, for purposes of any Letter of Credit
issuances. If the Agent shall fail to obtain consent to any request for an additional currency under this Section 1.11, the
Agent shall promptly so notify the Borrower.

 

1.12.      Interest
Rates. The Agent does not warrant, nor accept responsibility, nor shall the Agent have any liability with respect to the administration,
submission or any other matter related to the rates in the definition of “Eurocurrentcy Rate” or with respect to any
comparable or successor rate thereto.

 

Article
2

 

The Credits

 

2.01.      Revolving
Loans.

 

(a)          Revolving
Commitments. Subject to the terms and conditions set forth herein, each Revolving Lender agrees to make Revolving Loans
to the Borrower in Dollars or in one or more Alternative Currencies from time to time during the Revolving Credit
Availability Period; provided that, after giving effect to any requested Revolving Credit Borrowing and any repayment
of Swing Line Loans effected by any requested Revolving Credit Borrowing (i) the Revolving Credit Exposure of any Lender
shall not exceed such Lender’s Revolving Commitment, (ii) the total Revolving Credit Exposure shall not at any time
exceed the total Revolving Commitments of all Lenders at such time, and (iii) the aggregate Outstanding Amount of all
Loans denominated in Alternative Currencies shall not exceed the Alternative Currency Sublimit. Within the foregoing limits
and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Revolving Loans.

 

(b)          Limit
on Revolving Loans. Each Base Rate Borrowing shall be in an aggregate amount at least equal to $500,000 or any greater multiple
of $100,000, and each Eurocurrency Borrowing shall be subject to Section 2.03(e).

 

(c)          Funding
of Revolving Loans. To request a Borrowing (except requests for Swing Line Loan Borrowings which are subject to Section
2.05(b)), the Borrower shall notify the Agent of such request by: (A) telephone or (B) a Loan Notice, provided that
any telephone notice must be confirmed immediately by delivery to the Agent of a Loan Notice. Each such Loan Notice must be
received by the Agent (i) in the case of a Eurocurrency Borrowing, not later than 11:00 a.m. three Business Days before
the date of the

 

    	 	37	 

     

    

 

proposed Borrowing or, if such
Borrowing is requested in an Alternative Currency, not later than the Applicable Time for such Alternative Currency at least
four Business Days before the date of the proposed Borrowing, or (ii) in the case of a Base Rate Borrowing not later than
12:00 noon on the date of the proposed Borrowing (including a Base Rate Borrowing to finance the reimbursement of an
L/C Disbursement as contemplated by Section 2.04(c)), provided further that the Borrower shall use Swing Line
Loan Borrowings to finance the reimbursement of an L/C Disbursement except to the extent that such Borrowings would cause
the aggregate principal balance of all Swing Line Loans outstanding to exceed the Swing Line Commitment, in which case
the Borrower may use Base Rate Revolving Credit Borrowings to finance such reimbursement, but only to the extent of such
excess. Each such telephonic Loan Notice shall be irrevocable and shall be confirmed promptly by hand delivery, telecopy
or electronic transmission to the Agent of a written Loan Notice in the form of Exhibit B-1 hereto, setting forth all
of the information required to be set forth therein, and signed by a Responsible Officer of the Borrower. Promptly
following receipt of an Loan Notice in compliance with this subsection 2.01(c), the Agent shall advise each Lender of the
details thereof and of the amount and currency of such Lender’s Revolving Loan to be made as part of the requested
Borrowing, and provided that no Default under Section 10.01(a)(ii) or Event of Default shall have occurred and be continuing
or shall result therefrom, (i) in the case of a Eurocurrency Borrowing, on the date three Business Days after such Loan
Notice is delivered to the Agent and (ii) in the case of a Base Rate Borrowing, on the date one Business Day thereafter, such
Loan Notice is delivered to the Agent, the Lenders shall make a Revolving Loan to the Borrower in accordance with the terms
of Section 2.08(c) in an amount equal to the amount set forth in such Loan Notice.

 

(d)          Interest
on Revolving Loans. Subject to Section 2.03 hereof, each Revolving Loan made to the Borrower by the Lenders
hereunder shall bear interest at a rate per annum equal to the Base Rate plus the Applicable Rate. Notwithstanding the
foregoing, (i) the principal of all Revolving Loans which are not paid when due shall automatically bear interest until paid
in full at the Default Rate, (ii) during the period when any Event of Default of the type described in clauses (g), (h)
or (i) of Section 10.01 shall have occurred and be continuing, the principal of all Revolving Loans hereunder shall
automatically bear interest, after as well as before judgment, at the Default Rate, (iii)  if there shall occur and be
continuing any Event of Default (other than an Event of Default of the type described in clauses (g), (h) or (i) of
Section 10.01), following written notice delivered to the Borrower from the Agent at the request of the Required Lenders, the
principal of all Revolving Loans hereunder shall bear interest, after as well as before judgment, at the Default Rate during
the period beginning on the date such Event of Default first occurred, and ending on the date such Event of Default is cured
or waived. Accrued interest on each Revolving Loan shall be payable in arrears on each Interest Payment Date; provided
that interest accrued at the Default Rate shall be payable on demand.

 

(e)          Repayment
of Revolving Loans. The Borrower unconditionally promises to pay to the Agent for the account of each Revolving Lender the
then unpaid principal amount of such Lender’s Revolving Loans on the Maturity Date for the Revolving Facility. In addition,
if following any reduction in the Revolving Commitments or at any other time the Revolving Credit Exposure shall exceed the Revolving
Commitment at such time, the Borrower shall first, repay Swing Line Loans, second, repay Revolving Loans, and third, to the extent
necessary, provide Cash Collateral for L/C Obligations as specified in Section 2.12(a), in an aggregate amount equal to 102%
of such excess.

 

(f)          Loan
Accounts. Each Revolving Lender shall maintain in accordance with its usual practice an account evidencing the indebtedness
of the Borrower to such Lender resulting from each Revolving Loan made by such Lender, including the amounts of principal and interest
payable and paid to such Lender from time to time hereunder. The Agent shall maintain accounts in which it shall record the amount
of each Revolving Loan made hereunder in accordance with Section 2.07.

 

    	 	38	 

     

    

 

(g)          Revolving
Notes. Prior to the Effective Time, the Borrower shall prepare, execute and deliver to each Revolving Lender requesting a note
evidencing the Revolving Loans owed to it a Revolving Note in the principal amount of such Lender’s Revolving Commitment.
Thereafter, the Revolving Loans of each Revolving Lender evidenced by such Revolving Note and interest thereon shall at all times
(including after assignment pursuant to Section 12.06) be represented by one or more promissory notes in such form payable to the
order of the payee named therein.

 

2.02.      Term
Loan.

 

(a)          Funding
of the Term Loan. Subject to the terms and conditions set forth herein, each Term Loan Lender agrees to continue its currently
outstanding Term Loan made under the Prior Credit Agreement and to make an additional Term Loan to the Borrower so that the aggregate
amount of the Term Loan as of the Effective Time shall be increased to the amount of such Term Lender’s Term Loan Commitment
as of the Effective Time. From and after the Effective Time, all references to the Term Loan shall refer to the Term Loan as so
increased. Principal amounts of the Term Loan that have been repaid or prepaid may not be reborrowed.

 

(b)          Interest
on the Term Loan. Subject to Section 2.03 hereof, the outstanding principal amount of the Term Loan shall bear interest
at a rate per annum equal to the Base Rate plus the Applicable Rate, but notwithstanding Section 2.03 hereof any Eurocurrency
Borrowing shall be denominated in Dollars. Notwithstanding the foregoing, (i) any portion of the principal of the Term Loan
which is not paid when due shall automatically bear interest until paid in full at the Default Rate,(ii) during the period
when any Event of Default of the type described in clauses (g), (h) or (i) of Section 10.1 shall have occurred and
be continuing, the outstanding principal balance of the Term Loan shall automatically bear interest, after as well as before
judgment, at the Default Rate, (iii) if there shall occur and be continuing any Event of Default (other than an Event of
Default of the type described in clauses (g), (h) or (i) of Section 10.01), following written notice delivered to the
Borrower from the Agent at the request of the Required Lenders, the outstanding principal balance of the Term Loan shall bear
interest, after as well as before judgment, at the Default Rate during the period beginning on the date such Event of Default
first occurred, and ending on the date such Event of Default is cured or waived. Accrued interest on the outstanding
principal balance of the Term Loan shall be payable in arrears on each Interest Payment Date; provided that interest
accrued at the Default Rate shall be payable on demand, and all accrued interest on the Term Loan shall be payable on each
date that any portion of the principal of the Term Loan shall be payable hereunder.

 

(c)          Repayment
of Term Loan. The Borrower hereby unconditionally promises to pay to the Agent for the account of the Term Loan Lenders quarterly
principal installments in respect of the Term Loan on the last Business Day of each quarter commencing September 30, 2019, in the
amount of $1,218,750.00. To the extent not previously paid, the Term Loan shall be due and payable in full on the Maturity Date
of the Term Facility.

 

(d)          Loan
Accounts. Each Term Loan Lender shall maintain in accordance with its usual practice an account evidencing the indebtedness
of the Borrower to such Lender in respect of the Term Loan, including the amounts of principal and interest payable and paid to
such Lender from time to time hereunder. The Agent shall maintain accounts in which it shall record the amount of each Term Loan
in accordance with Section 2.07.

 

(e)          Term
Note. Prior to the Effective Time, the Borrower shall prepare, execute and deliver to each Term Loan Lender requesting a note
to evidence the Term Loans owed to it a Term Note in the principal amount of such Lender’s Term Loan Commitment. Thereafter,
such Term Loan Lender’s portion of the Term Loan evidenced by such Term Note and interest thereon shall at all times (including
after

 

    	 	39	 

     

    

 

assignment pursuant to Section 12.06) be represented by one or more promissory notes in such form payable to the order of
the payee named therein.

 

2.03.       Eurocurrency
Borrowings.

 

(a)          General.
All of the Loans outstanding under the Prior Credit Agreement immediately before the Effective Time (i) that are Eurocurrency
Loans shall be continued hereunder as Eurocurrency Loans at the Effective Time, and (ii) that are Base Rate Loans shall be
continued hereunder as Base Rate Loans at the Effective Time. Thereafter, the Borrower may elect to continue Eurocurrency
Borrowings or convert Base Rate Borrowings to Eurocurrency Borrowings in accordance with this Section. The Borrower may elect
different options for continuations and conversions with respect to different portions of the affected Borrowing, except with
respect to Swing Line Loans, in which case the Loans comprising each such portion shall be considered a separate Borrowing.
The Borrower shall not be permitted to select any Interest Period for any Eurocurrency Borrowing that ends after the Maturity
Date of the applicable Facility.

 

(b)          Interest
on Eurocurrency Borrowings. Each Eurocurrency Borrowing shall bear interest during the applicable Interest Period at a
rate per annum equal to the Eurocurrency Rate plus the Applicable Rate for such Class. Notwithstanding the foregoing, (i) all
Eurocurrency Borrowings which are not paid when due shall bear interest until paid in full at the Default Rate, and all
Eurocurrency Borrowings denominated in Dollars which are not paid when due shall automatically be converted into Base Rate
Borrowings; (ii) during the period when any Event of Default of the type described in clauses (g), (h) or (i) of Section
10.01 shall have occurred and be continuing, (A) all Eurocurrency Borrowings shall bear interest, after as well as before
judgment, at the Default Rate,  and (B) all Eurocurrency Borrowings denominated in Dollars shall automatically be converted
into Base Rate Borrowings; and (iii) if there shall occur and be continuing any Event of Default (other than an Event of
Default of the type described in clauses (g), (h) or (i) of Section 10.01), following written notice delivered to the
Borrower from the Agent at the request of the Required Lenders, (A) all Eurocurrency Borrowings shall bear interest, after as
well as before judgment, at the Default Rate during the period beginning on the date such Event of Default first occurred,
and ending on the date such Event of Default is cured or waived, and (B) all Eurocurrency Borrowings denominated in Dollars
shall automatically be converted into Base Rate Borrowings. Accrued interest on each Eurocurrency Borrowing shall be payable
in arrears on the last Business Day of the Interest Period applicable to such Eurocurrency Borrowing; provided that
(a) in the case of a Eurocurrency Borrowing with an Interest Period of more than three months’ duration, accrued
interest shall be due on the last Business Day of such Interest Period and on the last Business Day of each three month
period, and (b) interest accrued at the Default Rate shall be payable on demand. All interest on Eurocurrency Borrowings
hereunder shall be computed on the basis of a year of 360 days, and in each case shall be payable for the actual number of
days elapsed (including the first day but excluding the last day). The applicable Eurocurrency Rate or Eurocurrency Base Rate
shall be determined by the Agent, and such determination shall be conclusive absent manifest error.

 

(c)          Procedure
for Requesting Eurocurrency Borrowings and Conversions. To request that any portion of the Term Loan or the outstanding
Revolving Loans denominated in Dollars be converted into a Eurocurrency Borrowing, to request that any Eurocurrency Borrowing
continue as a Eurocurrency Borrowing for an additional Interest Period, or, to request the conversion of any portion of the
Eurocurrency Borrowing denominated in Dollars to a Base Rate Borrowing, the Borrower shall notify the Agent of such request
by telephone (i) in the case of a Eurocurrency Borrowing denominated in Dollars, not later than 11:00 a.m. three Business
Days before the date of the proposed continuation of such Borrowing, (ii) in the case of a Eurocurrency Borrowing denominated
in an Alternative Currency, not later than the Applicable time four Business Days before the date of the proposed conversion
or continuation of such Borrowing, and (iii) in the case of a conversion of a Eurocurrency Borrowing to a Base Rate
Borrowing, not later than 1:00 p.m. on the date of such conversion. Each such Interest Election Request made by the
Borrower shall

 

    	 	40	 

     

    

 

be irrevocable and shall be confirmed
promptly by hand delivery, telecopy or electronic transmission to the Agent of a written Loan Notice in the form of Exhibit
B-1 hereto, setting forth all of the information required to be set forth therein, and signed by a Responsible Officer of
the Borrower. No Swing Line Loan shall be converted from a Base Rate Borrowing to a Eurocurrency Borrowing. Promptly
following receipt of an Interest Election Request, the Agent shall advise each affected Lender of the details thereof and of
such Lender’s portion of each resulting Borrowing. Subject to the provisions of Section 3.03 and provided that, in the
case of a Loan denominated in Dollars, no Default or Event of Default shall have occurred and be continuing and the Agent, at
the request of the Required Lenders shall have so notified the Borrower, upon receipt of an Interest Election Request, the
Lenders shall on the requested date of conversion or continuation (i) convert the Base Rate Loan requested to be converted
into a Eurocurrency Loan for the Interest Period set forth in such Interest Election Request, (ii) continue the Eurocurrency
Loan requested to be continued as a Eurocurrency Loan for the additional Interest Period set forth in such Interest Election
Request and/or (iii) convert a Eurocurrency Loan to a Base Rate Loan. Each Lender at its option may make any Eurocurrency
Loan by causing any domestic or foreign branch of any Affiliate of such Lender to make such Loan; provided that any
exercise of such option shall not affect the obligation of the Borrower to repay such Loan in accordance with the terms of
this Agreement.

 

(d)          Incomplete
Interest Election Requests. If the Borrower fails to specify a currency in a Loan Notice requesting a Borrowing, then the Loans
so requested shall be made in Dollars. If the Borrower fails to specify a Type of Loan in a Loan Notice or if the Borrower fails
to give a timely notice requesting a conversion or continuation, then the applicable Loans shall be made as, or converted to, Base
Rate Loans; provided, however, that in the case of a failure to timely request a continuation of Loans denominated
in an Alternative Currency, such Loans shall be continued as Eurocurrency Rate Loans in their original currency with an Interest
Period of one (1) month. Any such automatic conversion to Base Rate Loans shall be effective as of the last day of the Interest
Period then in effect with respect to the applicable Eurocurrency Rate Loans. If the Borrower requests a Borrowing of, conversion
to, or continuation of Eurocurrency Rate Loans in any such Loan Notice, but fails to specify an Interest Period, it will be deemed
to have specified an Interest Period of one (1) month. Except as provided pursuant to Section 2.03(e), no Loan may be converted
into or continued as a Loan denominated in a different currency, but instead must be repaid in the original currency of such Loan
and reborrowed in the other currency.

 

(e)          Conversion
of Eurocurrency Rate Loans. Except as otherwise provided herein, a Eurocurrency Rate Loan may be continued or converted only
on the last day of an Interest Period for such Eurocurrency Rate Loan. During the existence of a Default, no Loans may be requested
as, converted to or continued as Eurocurrency Rate Loans without the consent of the Required Lenders, and the Required Lenders
may demand that any or all of the outstanding Eurocurrency Rate Loans denominated in Dollars be converted immediately to Base Rate
Loans and any or all of the then outstanding Eurocurrency Rate Loans denominated in an Alternative Currency be prepaid, or redenominated
into Dollars in the amount of the Dollar Equivalent thereof, on the last day of the then current Interest Period with respect thereto.

 

(f)          Limit
on Eurocurrency Borrowings. At the commencement of each Interest Period for a Eurocurrency Borrowing, such Borrowing shall
be in an aggregate amount at least equal to the Dollar Equivalent of $1,000,000 or any greater multiple of the Dollar Equivalent
of $500,000. Borrowings of more than one Type and Class may be outstanding at the same time; provided that there shall not
at any time be more than a total of seven (7) Eurocurrency Borrowings outstanding.

 

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2.04.       Letters
of Credit.

 

(a)          The
Letter of Credit Commitment.

 

(i)          Subject
to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Revolving Lenders
set forth in this Section 2.04, (1) from time to time on any Business Day during the period from the Restatement Date until
the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars or in one or more Alternative Currencies
for the account of the Borrower and its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance
with subsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) the Revolving Lenders severally agree
to participate in Letters of Credit issued for the account of the Borrower and any drawings thereunder; provided that after
giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the total Revolving Credit Exposure shall not
exceed the total Revolving Commitments, (y) the Revolving Credit Exposure of any Revolving Lender shall not exceed such Revolving
Lender’s Revolving Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit
Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation
by the Borrower that the L/C Credit Extension so requested complies with the conditions set forth in the proviso to the preceding
sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower’s ability to obtain Letters
of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to
replace Letters of Credit that have expired or that have been drawn upon and reimbursed. Each of the letters of credit identified
on Schedule 2.04 (collectively, the “Existing Letters of Credit”) shall be deemed to have been issued
pursuant hereto, and from and after the Restatement Date shall be subject to and governed by the terms and conditions hereof so
long as they remain outstanding.

 

(ii)          The
L/C Issuer shall not issue any Letter of Credit if:

 

(A)          subject
to Section 2.04(b)(iii), the expiry date of the requested Letter of Credit would occur more than twelve (12) months after the date
of issuance or last extension, unless the Required Lenders have approved such expiry date, or

 

(B)          the
expiry date of the requested Letter of Credit would occur after the Letter of Credit Expiration Date unless all the Revolving Lenders
have approved such expiry date.

 

(iii)         The
L/C Issuer shall not be under any obligation to issue any Letter of Credit if:

 

(A)          any
order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain the L/C
Issuer from issuing the Letter of Credit, or any Law applicable to the L/C Issuer or any request or directive (whether or not having
the force of law) from any Governmental Authority with jurisdiction over the L/C Issuer shall prohibit, or request that the L/C
Issuer refrain from, the issuance of letters of credit generally or the Letter of Credit in particular or shall impose upon the
L/C Issuer with respect to the Letter of Credit any restriction, reserve or capital requirement (for which the L/C Issuer is not
otherwise compensated hereunder) not in effect at the Effective Time, or shall impose upon the L/C Issuer any unreimbursed loss,
cost or expense which

 

    	 	42	 

     

    

 

was not applicable at the Effective Time and which the L/C Issuer in good faith deems material to it;

 

(B)          the
issuance of the Letter of Credit would violate one or more policies of the L/C Issuer applicable to letters of credit generally;

 

(C)          except
as otherwise agreed by the Agent and the L/C Issuer, the Letter of Credit is in an initial stated amount less than $100,000;

 

(D)          except
as otherwise agreed by the Agent and the L/C Issuer, the Letter of Credit is to be denominated in a currency other than Dollars
or an Alternative Currency;

 

(E)          any
Revolving Lender is at that time a Defaulting Lender, unless the L/C Issuer has entered into arrangements, including the delivery
of Cash Collateral, satisfactory to the L/C Issuer (in its sole discretion) with the Borrower or such Revolving Lender to eliminate
the L/C Issuer’s actual or potential Fronting Exposure (after giving effect to Section 2.13(a)(iv)) with respect to the Defaulting
Lender arising from either the Letter of Credit then proposed to be issued or that Letter of Credit and all other L/C Obligations
as to which the L/C Issuer has actual or potential Fronting Exposure, as it may elect in its sole discretion; or

 

(F)          the
Letter of Credit contains any provisions for automatic reinstatement of the stated amount after any drawing thereunder.

 

(iv)         The
L/C Issuer shall not amend any Letter of Credit if the L/C Issuer would not be permitted at such time to issue the Letter of Credit
in its amended form under the terms hereof.

 

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

 

(vi)          The
L/C Issuer shall act on behalf of the Revolving Lenders with respect to any Letters of Credit issued by it and the documents
associated therewith, and the L/C Issuer shall have all of the benefits and immunities (A)  provided to the Agent in
Article 11 with respect to any acts taken or omissions suffered by the L/C Issuer in connection with Letters of Credit issued
by it or proposed to be issued by it and Issuer Documents pertaining to such Letters of Credit as fully as if the term
“Agent” as used in Article 11 included the L/C Issuer with respect to such acts or omissions, and (B)  as
additionally provided herein with respect to the L/C Issuer.

 

(b)          Procedures
for Issuance, Amendment and Extension of Letters of Credit.

 

(i)          Each
Letter of Credit shall be issued or amended, as the case may be, upon the request of the Borrower delivered to the L/C Issuer (with
a copy to the Agent) in the form of a Letter of Credit Application, appropriately completed and signed by a Responsible Officer
of the Borrower. Such Letter of Credit Application may be sent by facsimile, by United States mail, by overnight courier, by electronic
transmission using the system provided by the L/C Issuer, by personal delivery or by any other means acceptable to the L/C Issuer.
Such Letter of Credit Application must be received by the L/C Issuer and the Agent not later than 11:00 a.m. at least two Business
Days (or such later date and time as the Agent and the L/C Issuer may agree in a particular

 

    	 	43	 

     

    

 

instance in their sole
discretion) prior to the proposed issuance date or date of amendment, as the case may be. In the case of a request for an
initial issuance of a Letter of Credit, such Letter of Credit Application shall specify in form and detail satisfactory to
the L/C Issuer: (A) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (B)
the amount and currency thereof and in the absence of specification of currency shall be deemed to be a request for a Letter
of Credit denominated in Dollars; (C) the expiry date thereof; (D) the name and address of the beneficiary thereof; (E)
the documents to be presented by such beneficiary in case of any drawing thereunder; (F) the full text of any certificate to
be presented by such beneficiary in case of any drawing thereunder; (G) the purpose and nature of the requested Letter of
Credit; and (H) such other matters as the L/C Issuer may reasonably require. In the case of a request for an amendment of any
outstanding Letter of Credit, such Letter of Credit Application shall specify in form and detail reasonably satisfactory to
the L/C Issuer (A) the Letter of Credit to be amended; (B) the proposed date of amendment thereof (which shall be a Business
Day); (C) the nature of the proposed amendment; and (D) such other matters as the L/C Issuer may reasonably require.
Additionally, the Borrower shall furnish to the L/C Issuer and the Agent such other documents and information pertaining to
such requested Letter of Credit issuance or amendment, including any Issuer Documents, as the L/C Issuer or the Agent may
require.

 

(ii)          Promptly
after receipt of any Letter of Credit Application, the L/C Issuer will confirm with the Agent (by telephone or in writing) that
the Agent has received a copy of such Letter of Credit Application from the Borrower and, if not, the L/C Issuer will provide the
Agent with a copy thereof. Unless the L/C Issuer has received written notice from any Revolving Lender, the Agent or any Loan Party,
at least one Business Day prior to the requested date of issuance or amendment of the applicable Letter of Credit, that one or
more applicable conditions contained in Article 6 shall not then be satisfied, then, subject to the terms and conditions hereof,
the L/C Issuer shall, on the requested date, issue a Letter of Credit for the account of the Borrower or enter into the applicable
amendment, as the case may be, in each case in accordance with the L/C Issuer’s usual and customary business practices. Immediately
upon the issuance of each Letter of Credit, each Revolving Lender shall be deemed to, and hereby irrevocably and unconditionally
agrees to, purchase from the L/C Issuer a risk participation in such Letter of Credit in an amount equal to the product of such
Revolving Lender’s Applicable Percentage multiplied by the amount of such Letter of Credit.

 

(iii)         If
the Borrower so requests in any applicable Letter of Credit Application, the L/C Issuer may, in its sole and absolute
discretion, agree to issue a Letter of Credit that has automatic extension provisions (each, an “Auto-Extension
Letter of Credit”); provided that any such Auto-Extension Letter of Credit must permit the L/C Issuer 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-month period to be agreed upon at the time such Letter of Credit is issued. Unless
otherwise directed by the L/C Issuer, the Borrower shall not be required to make a specific request to the L/C Issuer for any
such extension. Once an Auto-Extension Letter of Credit has been issued, the Revolving Lenders shall be deemed to have
authorized (but may not require) the L/C Issuer to permit the extension of such Letter of Credit at any time to an expiry
date not later than the Letter of Credit Expiration Date; provided, however, that the L/C Issuer shall not
permit any such extension if (A) the L/C Issuer has determined that it would not be permitted, or would have no obligation,
at such time to issue such Letter of Credit in its revised form (as extended) under the terms hereof (by reason of the
provisions of clause (ii) or (iii) of Section 2.04(a) or otherwise), or (B) it has received notice (which may be by telephone
or in writing) on or before the day that is five Business Days before the Non-Extension Notice Date (1) from the Agent that
the Required Lenders have elected not to permit such extension or (2) from the Agent, any Revolving Lender or

 

    	 	44	 

     

    

 

the Borrower
that one or more of the applicable conditions specified in Section is not then satisfied, and in each such case directing the L/C
Issuer not to permit such extension.

 

(iv)         Promptly
after its delivery of any Letter of Credit or any amendment to a Letter of Credit to an advising bank with respect thereto or to
the beneficiary thereof, the L/C Issuer will also deliver to the Borrower and the Agent a true and complete copy of such Letter
of Credit or amendment.

 

(c)          Drawings
and Reimbursements; Funding of Participations.

 

(i)           Upon
receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the L/C
Issuer shall notify the Borrower and the Agent thereof. In the case of a Letter of Credit denominated in an Alternative
Currency, the Borrower shall reimburse the L/C Issuer in such Alternative Currency, unless (A) the L/C Issuer (at its option)
shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such
requirement for reimbursement in Dollars, the Borrower shall have notified the L/C Issuer promptly following receipt of the
notice of drawing that the Borrower will reimburse the L/C Issuer in Dollars. In the case of any such reimbursement in
Dollars of a drawing under a Letter of Credit denominated in an Alternative Currency, the L/C Issuer shall notify the
Borrower of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than
11:00 a.m. on the date of any payment by the L/C Issuer under a Letter of Credit to be reimbursed in Dollars, or the
Applicable Time on the date of any payment by the L/C Issuer under a Letter of Credit to be reimbursed in an Alternative
Currency (each such date, an “Honor Date”), the Borrower shall reimburse the L/C Issuer through the Agent
in an amount equal to the amount of such drawing and the applicable currency (each such obligation of the Borrower, a
“Reimbursement Obligation”). In the event that (C) a drawing denominated in an Alternative Currency is to
be reimbursed in Dollars pursuant to the second sentence in this Section 2.04(c)(i) and (D) the Dollar amount paid by the
Borrower, whether on or after the Honor Date, shall not be adequate on the date of that payment to purchase in accordance
with normal banking procedures a sum denominated in the Alternative Currency equal to the drawing, the Borrower agrees, as a
separate and independent obligation, to indemnify the L/C Issuer for the loss resulting from its inability on that date to
purchase the Alternative Currency in the full amount of the drawing. If the Borrower fails to timely reimburse the L/C Issuer
on the Honor Date, the Agent shall promptly notify each Revolving Lender of the Honor Date, the amount of the unreimbursed
drawing (expressed in Dollars in the amount of the Dollar Equivalent thereof in the case of a Letter of Credit denominated in
an Alternative Currency) (the “Unreimbursed Amount”), and the amount of such Revolving Lender’s
Applicable Percentage thereof. In such event, the Borrower shall be deemed to have requested a Borrowing of Base Rate Loans
to be disbursed on the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and
multiples specified in Section 2.01(b) for the principal amount of Base Rate Loans, but subject to the amount of the
unutilized portion of the Commitments and the conditions set forth in Section 6.02 (other than the delivery of an Loan
Notice). Any notice given by the L/C Issuer or the Agent pursuant to this Section 2.04(c)(i) may be given by telephone if
immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the
conclusiveness or binding effect of such notice.

 

(ii)          Each
Revolving Lender shall upon any notice pursuant to Section 2.04(c)(i) make funds available to the Agent (and the Agent may apply
Cash Collateral provided for this purpose) for the account of the L/C Issuer, in Dollars, at the Agent’s Office for Dollar
denominated payments in an amount equal to its Applicable Percentage of the Unreimbursed Amount not later than 1:00 p.m. on the
Business Day specified in such notice by the Agent, whereupon, subject to the

 

    	 	45	 

     

    

 

provisions of Section 2.04(c)(iii), each Revolving
Lender that so makes funds available shall be deemed to have made a Base Rate Loan to the Borrower in such amount. The Agent shall
remit the funds so received to the L/C Issuer in Dollars.

 

(iii)         With
respect to any Unreimbursed Amount that is not fully refinanced by a Borrowing of Base Rate Loans because the conditions set forth
in Section 6.02 cannot be satisfied or for any other reason, the Borrower shall be deemed to have incurred from the L/C Issuer
an L/C Borrowing in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing shall be due and payable
on demand (together with interest) and shall bear interest at the Default Rate. In such event, each Revolving Lender’s payment
to the Agent for the account of the L/C Issuer pursuant to Section 2.04(c)(ii) shall be deemed payment in respect of its participation
in such L/C Borrowing and shall constitute an L/C Advance from such Revolving Lender in satisfaction of its participation obligation
under this Section 2.04.

 

(iv)         Until
each Revolving Lender funds its Base Rate Loan or L/C Advance pursuant to this Section 2.04(c) to reimburse the L/C Issuer for
any amount drawn under any Letter of Credit, interest in respect of such Revolving Lender’s Applicable Percentage of such
amount shall be solely for the account of the L/C Issuer.

 

(v)          Each
Revolving Lender’s obligation to make Base Rate Loans or L/C Advances to reimburse the L/C Issuer for amounts
drawn under Letters of Credit, as contemplated by this Section 2.04(c), shall be absolute and unconditional and shall not
be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right which such
Revolving Lender may have against the L/C Issuer, the Borrower or any other Person for any reason whatsoever; (B) the
occurrence or continuance of a Default, or (C) any other occurrence, event or condition, whether or not similar to any of the
foregoing; provided, however, that each Revolving Lender’s obligation to make Revolving Loans pursuant to
this Section 2.04(c) is subject to the conditions set forth in Section 6.02 (other than delivery by the Borrower of a Loan
Notice). No such making of an L/C Advance shall relieve or otherwise impair the obligation of the Borrower to reimburse the
L/C Issuer for the amount of any payment made by the L/C Issuer under any Letter of Credit, together with interest as
provided herein.

 

(vi)         If
any Revolving Lender fails to make available to the Agent for the account of the L/C Issuer any amount required to be paid by such
Revolving Lender pursuant to the foregoing provisions of this Section 2.04(c) by the time specified in Section 2.04(c)(ii), then,
without limiting the other provisions of this Agreement, the L/C Issuer shall be entitled to recover from such Revolving Lender
(acting through the Agent), on demand, such amount with interest thereon for the period from the date such payment is required
to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the applicable Overnight
Rate from time to time in effect, plus any administrative, processing or similar fees customarily charged by the L/C Issuer in
connection with the foregoing. If such Revolving Lender pays such amount (with interest and fees as aforesaid), the amount so paid
shall constitute such Revolving Lender’s Revolving Loan included in the relevant Borrowing or L/C Advance in respect of the
relevant L/C Borrowing, as the case may be. A certificate of the L/C Issuer submitted to any Revolving Lender (through the Agent)
with respect to any amounts owing under this clause (vi) shall be conclusive absent manifest error.

 

(d)          Repayment
of Participations.

 

(i)           At
any time after the L/C Issuer has made a payment under any Letter of Credit and has received from any Revolving Lender such Revolving
Lender’s L/C Advance in respect of

 

    	 	46	 

     

    

 

such payment in accordance with Section 2.04(c), if the Agent receives for the account
of the L/C Issuer any payment in respect of the related Unreimbursed Amount or interest thereon (whether directly from the Borrower
or otherwise, including proceeds of Cash Collateral applied thereto by the Agent), the Agent will distribute to such Revolving
Lender its Applicable Percentage thereof in Dollars and in the same funds as those received by the Agent.

 

(ii)          If
any payment received by the Agent for the account of the L/C Issuer pursuant to Section 2.04(c)(i) is required to be returned under
any of the circumstances described in Section 12.05 (including pursuant to any settlement entered into by the L/C Issuer in its
discretion), each Revolving Lender shall pay to the Agent for the account of the L/C Issuer its Applicable Percentage thereof on
demand of the Agent, plus interest thereon from the date of such demand to the date such amount is returned by such Revolving Lender,
at a rate per annum equal to the applicable Overnight Rate from time to time in effect. The obligations of the Revolving Lenders
under this clause shall survive the payment in full of the Obligations and the termination of this Agreement.

 

(e)          Obligations
Absolute. The obligation of the Borrower to reimburse the L/C Issuer for each drawing under each Letter of Credit and to repay
each L/C Borrowing shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms of
this Agreement under all circumstances, including the following:

 

(i)           any
lack of validity or enforceability of such Letter of Credit, this Agreement, or any other Loan Document;

 

(ii)          the
existence of any claim, counterclaim, setoff, defense or other right that the Borrower or any Subsidiary may have at any time against
any beneficiary or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such transferee
may be acting), the L/C Issuer or any other Person, whether in connection with this Agreement, the transactions contemplated hereby
or by such Letter of Credit or any agreement or instrument relating thereto, or any unrelated transaction;

 

(iii)         any
draft, demand, endorsement, certificate or other document presented under or in connection with such Letter of Credit proving to
be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect;
or any loss or delay in the transmission or otherwise of any document required in order to make a drawing under such Letter of
Credit;

 

(iv)         waiver
by the L/C Issuer of any requirement that exists for the L/C Issuer’s protection and not the protection of the Borrower or
any waiver by the L/C Issuer which does not in fact materially prejudice the Borrower;

 

(v)          honor
of a demand for payment presented electronically even if such Letter of Credit requires that demand be in the form of a draft;

 

(vi)         any
payment made by the L/C Issuer in respect of an otherwise complying item presented after the date specified as the expiration date
of, or the date by which documents must be received under, such Letter of Credit if presentation after such date is authorized
by the UCC or the ISP, as applicable;

 

(vii)        any
payment by the L/C Issuer under such Letter of Credit against presentation of a draft or certificate that does not strictly comply
with the terms of such Letter of Credit; or any payment made by the L/C Issuer under such Letter of Credit to any Person purporting
to be a trustee

 

    	 	47	 

     

    

 

in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative
of or successor to any beneficiary or any transferee of such Letter of Credit, including any arising in connection with any proceeding
under any Debtor Relief Law;

 

(viii)        any
adverse change in the relevant exchange rates or in the availability of the relevant Alternative Currency to the Borrower or any
Subsidiary or in the relevant currency markets generally; or

 

(ix)          any
other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance that
might otherwise constitute a defense available to, or a discharge of, the Borrower or any Subsidiary, except any circumstance or
happening caused by the gross negligence or willful misconduct of the L/C Issuer.

 

The Borrower shall promptly examine a copy
of each Letter of Credit and each amendment thereto that is delivered to it in accordance with the procedures set forth herein
and, in the event of any claim of noncompliance with the Borrower’s instructions or other irregularity, the Borrower will
immediately notify the L/C Issuer. The Borrower shall be conclusively deemed to have waived any such claim against the L/C Issuer
and its correspondents unless such notice is given as aforesaid.

 

(f)          Role
of L/C Issuer. Each Revolving Lender and the Borrower agree that, in paying any drawing under a Letter of Credit, the L/C
Issuer shall not have any responsibility to obtain any document (other than any sight draft, certificates and documents
expressly required by the Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or
the authority of the Person executing or delivering any such document. None of the L/C Issuer, the Agent, any of their
respective Related Parties nor any correspondent, participant or assignee of the L/C Issuer shall be liable to any Revolving
Lender for (i) any action taken or omitted in connection herewith at the request or with the approval of Revolving Lenders or
the Required Lenders, as applicable; (ii) any action taken or omitted in the absence of gross negligence or willful
misconduct; or (iii) the due execution, effectiveness, validity or enforceability of any document or instrument related
to any Letter of Credit or Issuer Document. The Borrower hereby assumes all risks of the acts or omissions of any beneficiary
or transferee with respect to its use of any Letter of Credit; provided, however, that this assumption is
not intended to, and shall not, preclude the Borrower’s pursuing such rights and remedies as it may have against
the beneficiary or transferee at law or under any other agreement. None of the L/C Issuer, the Agent, any of their
respective Related Parties nor any correspondent, participant or assignee of the L/C Issuer, shall be liable or responsible
for any of the matters described in Section 2.04(e); provided, however, that anything in such clauses to the
contrary notwithstanding, the Borrower may have a claim against the L/C Issuer, and the L/C Issuer may be liable to the
Borrower, to the extent, but only to the extent, of any direct, as opposed to consequential or exemplary, damages suffered by
the Borrower which the Borrower proves, as determined by a final and nonappealable judgment of a court of competent
jurisdiction, were caused by the L/C Issuer’s willful misconduct or gross negligence or the L/C Issuer’s willful
failure to pay under any Letter of Credit after the presentation to it by the beneficiary of a sight or time draft and
certificate(s) strictly complying with the terms and conditions of a Letter of Credit. In furtherance and not in limitation
of the foregoing, the L/C Issuer may accept documents that appear on their face to be in order, without responsibility for
further investigation, regardless of any notice or information to the contrary, and the L/C Issuer shall not be responsible
for the validity or sufficiency of any instrument transferring, endorsing or assigning or purporting to transfer, endorse or
assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to
be invalid or ineffective for any reason. The L/C Issuer may send a Letter of Credit or conduct any communication to or from
the beneficiary via the Society for Worldwide Interbank Financial Telecommunication (“SWIFT”) message
or overnight courier, or any other commercially reasonable means of communicating with a beneficiary.

 

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(g)          Applicability
of ISP. Unless otherwise expressly agreed by the L/C Issuer and the Borrower when a Letter of Credit is issued (including any
such agreement applicable to an Existing Letter of Credit), the rules of the ISP shall apply to each Letter of Credit. Notwithstanding
the foregoing, the L/C Issuer shall not be responsible to the Borrower for, and the L/C Issuer’s rights and remedies against
the Borrower shall not be impaired by, any action or inaction of the L/C Issuer 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 Law or any order
of a jurisdiction where the L/C Issuer or the beneficiary is located, the practice stated in the ISP or in the decisions, opinions,
practice statements, or official commentary of the ICC Banking Commission, the Bankers Association for Finance and Trade - International
Financial Services Association (BAFT-IFSA), or the Institute of International Banking Law & Practice, whether or not any Letter
of Credit chooses such law or practice.

 

(h)          Confirmation
of Existing Letters of Credit Issued Under Prior Credit Agreement. All Existing Letters of Credit (including those issued under
the Prior Credit Agreement) outstanding on the Restatement Date shall be deemed to be Letters of Credit issued hereunder.

 

(i)           Conflict
with Issuer Documents. In the event of any conflict between the terms hereof and the terms of any Issuer Document, the terms
hereof shall control.

 

2.05.       Swing
Line Loans.

 

(a)          The
Swing Line. Subject to the terms and conditions set forth herein, the Swing Line Lender, in reliance upon the agreements of
the other Revolving Lenders set forth in this Section 2.05, agrees to make loans in Dollars (each such loan, a “Swing
Line Loan”) to the Borrower from time to time on any Business Day during the Availability Period in an aggregate amount
not to exceed at any time outstanding the amount of the Swing Line Commitment; provided, however, that (x) after
giving effect to any Swing Line Loan, (i) the total Revolving Credit Exposure shall not exceed the total Revolving Commitments,
and (ii) the Revolving Credit Exposure of any Revolving Lender shall not exceed such Revolving Lender’s Revolving Commitment,
(y) the Borrower shall not use the proceeds of any Swing Line Loan to refinance any outstanding Swing Line Loan, and (z) the Swing
Line Lender shall not be under any obligation to make any Swing Line Loan if it shall determine (which determination shall be conclusive
and binding absent manifest error) that it has, or by such Credit Extension may have, Fronting Exposure. Within the foregoing limits,
and subject to the other terms and conditions hereof, the Borrower may borrow under this Section 2.05, prepay under Section 2.09,
and reborrow under this Section 2.05. Each Swing Line Loan shall be a Base Rate Loan. Immediately upon the making of a Swing Line
Loan, each Revolving Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Swing Line
Lender a risk participation in such Swing Line Loan in an amount equal to the product of such Revolving Lender’s Applicable
Percentage times the amount of such Swing Line Loan.

 

(b)          Borrowing
Procedures. Each Swing Line Borrowing shall be made upon the Borrower’s irrevocable notice to the Swing Line Lender and
the Agent, which may be given by (A) telephone or (B) by a Swing Line Loan Notice; provided that any telephonic notice must be
confirmed promptly by delivery to the Swing Line Lender and the Agent of a Swing Line Loan Notice. Each such Swing Line Loan Notice
must be received by the Swing Line Lender and the Agent not later than 1:00 p.m. on the requested borrowing date, and shall specify
(i) the amount to be borrowed, which shall be in an aggregate amount at least equal to $100,000 or any greater multiple of $100,000,
and (ii) the requested borrowing date, which shall be a Business Day. Promptly after receipt by the Swing Line Lender of any telephonic
Swing Line Loan Notice, the Swing Line Lender will confirm with the Agent (by telephone or in writing) that the Agent has also
received such Swing Line Loan Notice and, if not, the Swing Line Lender will notify the Agent of the contents thereof. Unless the
Swing Line Lender has received notice (by telephone or in writing) from the Agent (including at the request of any Revolving Lender)
prior to 2:00 p.m. on the date of the proposed

 

    	 	49	 

     

    

 

Swing Line Borrowing (A) directing the Swing Line Lender not to make such Swing
Line Loan as a result of the limitations set forth in the first proviso to the first sentence of Section 2.05(a), or (B) that one
or more of the applicable conditions specified in Article 6 is not then satisfied, then, subject to the terms and conditions hereof,
the Swing Line Lender will, not later than 3:00 p.m. on the borrowing date specified in such Swing Line Loan Notice, make the amount
of its Swing Line Loan available to the Borrower at its office by crediting the account of the Borrower on the books of the Swing
Line Lender in Same Day Funds.

 

(c)          Refinancing
of Swing Line Loans.

 

(i)           The
Swing Line Lender at any time in its sole discretion may request, on behalf of the Borrower (which hereby irrevocably authorizes
the Swing Line Lender to so request on its behalf), that each Revolving Lender make a Base Rate Loan in an amount equal to such
Revolving Lender’s Applicable Percentage of the amount of Swing Line Loans then outstanding. Such request shall be made in
writing (which written request shall be deemed to be a Loan Notice for purposes hereof) and in accordance with the requirements
of Section 2.01, without regard to the minimum and multiples specified therein for the principal amount of Base Rate Loans, but
subject to the unutilized portion of the Revolving Commitments and the conditions set forth in Section 6.02. The Swing Line Lender
shall furnish the Borrower with a copy of the applicable Loan Notice promptly after delivering such notice to the Agent. Each Revolving
Lender shall make an amount equal to its Applicable Percentage of the amount specified in such Loan Notice available to the Agent
in Same Day Funds (and the Agent may apply Cash Collateral available with respect to the applicable Swing Line Loan) for the account
of the Swing Line Lender at the Agent’s Office for Dollar-denominated payments not later than 1:00 p.m. on the day specified
in such Loan Notice, whereupon, subject to Section 2.04(c)(ii), each Revolving Lender that so makes funds available shall be deemed
to have made a Base Rate Revolving Loan to the Borrower in such amount. The Agent shall remit the funds so received to the Swing
Line Lender.

 

(ii)          If
for any reason any Swing Line Loan cannot be refinanced by such a Revolving Borrowing in accordance with Section 2.05(c)(i), the
request for Base Rate Revolving Loans submitted by the Swing Line Lender as set forth herein shall be deemed to be a request by
the Swing Line Lender that each of the Revolving Lenders fund its risk participation in the relevant Swing Line Loan and each Revolving
Lender’s payment to the Agent for the account of the Swing Line Lender pursuant to Section 2.04(c)(i) shall be deemed payment
in respect of such participation.

 

(iii)         If
any Revolving Lender fails to make available to the Agent for the account of the Swing Line Lender any amount required to be paid
by such Lender pursuant to the foregoing provisions of this Section 2.05(c) by the time specified in Section 2.05(c)(i), the Swing
Line Lender shall be entitled to recover from such Revolving Lender (acting through the Agent), on demand, such amount with interest
thereon for the period from the date such payment is required to the date on which such payment is immediately available to the
Swing Line Lender at a rate per annum equal to the applicable Overnight Rate from time to time in effect, plus any administrative,
processing or similar fees customarily charged by the Swing Line Lender in connection with the foregoing. If such Revolving Lender
pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Revolving Lender’s Revolving
Loan included in the relevant Borrowing or funded participation in the relevant Swing Line Loan, as the case may be. A certificate
of the Swing Line Lender submitted to any Revolving Lender (through the Agent) with respect to any amounts owing under this clause
(iii) shall be conclusive absent manifest error.

 

(iv)         Each
Revolving Lender’s obligation to make Revolving Loans or to purchase and fund risk participations in Swing Line Loans pursuant
to this Section 2.05(c) shall be absolute and

 

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unconditional and shall not be affected by any circumstance, including (A) any setoff,
counterclaim, recoupment, defense or other right which such Revolving Lender may have against the Swing Line Lender, the Borrower
or any other Person for any reason whatsoever, (B) the occurrence or continuance of a Default, or (C) any other occurrence, event
or condition, whether or not similar to any of the foregoing; provided, however, that each Revolving Lender’s obligation
to make Revolving Loans pursuant to this Section 2.05(c) is subject to the conditions set forth in Section 6.02. No such funding
of risk participations shall relieve or otherwise impair the obligation of the Borrower to repay Swing Line Loans, together with
interest as provided herein.

 

(d)          Repayment
of Participations.

 

(i)           At
any time after any Revolving Lender has purchased and funded a risk participation in a Swing Line Loan, if the Swing Line Lender
receives any payment on account of such Swing Line Loan, the Swing Line Lender will distribute to such Revolving Lender its Applicable
Percentage thereof in the same funds as those received by the Swing Line Lender.

 

(ii)          If
any payment received by the Swing Line Lender in respect of principal or interest on any Swing Line Loan is required to be returned
by the Swing Line Lender under any of the circumstances described in Section 12.05 (including pursuant to any settlement entered
into by the Swing Line Lender in its discretion), each Revolving Lender shall pay to the Swing Line Lender its Applicable Percentage
thereof on demand of the Agent, plus interest thereon from the date of such demand to the date such amount is returned, at a rate
per annum equal to the applicable Overnight Rate. The Agent will make such demand upon the request of the Swing Line Lender. The
obligations of the Revolving Lenders under this clause shall survive the payment in full of the Obligations and the termination
of this Agreement.

 

(e)          Interest
for Account of Swing Line Lender. The Swing Line Lender shall be responsible for invoicing the Borrower for interest on the
Swing Line Loans. Until each Revolving Lender funds its Base Rate Revolving Loan or risk participation pursuant to this Section
2.05 to refinance such Revolving Lender’s Applicable Percentage of any Swing Line Loan, interest in respect of such Applicable
Percentage shall be solely for the account of the Swing Line Lender.

 

(f)          Payments
Directly to Swing Line Lender. The Borrower shall make all payments of principal and interest in respect of the Swing Line
Loans directly to the Swing Line Lender.

 

(g)          Payment
of Swing Line Loans. The Borrower shall repay each Swing Line Loan on the earlier to occur of (i) the date ten Business Days
after such Loan is made and (ii) the Maturity Date of the Revolving Facility.

 

2.06.       Expiration,
Termination or Reduction of Commitments.

 

(a)          Expiration
of Revolving Commitments. Unless previously terminated, (i) the Revolving Commitments shall expire at the close
of business on the Maturity Date of the Revolving Facility, and (ii) the Term Loan Commitments shall terminate immediately
following the Effective Time.

 

(b)          Reduction
of Revolving Commitments. The Borrower may at any time and from time to time reduce the Revolving Commitments or
the Swing Line Commitment; provided that (i) each reduction of the Revolving Commitments shall be in an amount that is
at least equal to $5,000,000 or any greater multiple of $1,000,000, (ii) each reduction of the Swing Line Commitment shall be
in an amount that is at least equal to $1,000,000 or any greater multiple of $100,000, and (iii) the Borrower shall not
reduce (A) the Revolving Commitments if, after giving effect to any concurrent repayment, the total Revolving Credit

 

    	 	51	 

     

    

 

Exposure would exceed the total Revolving
Commitments or (B) the Swing Line Commitment if, after giving effect to any concurrent repayment of the Swing Line Loans in
accordance with Section 2.05 or prepayment of the Loans in accordance with Section 2.09, the aggregate principal
amount of outstanding Swing Line Loans would exceed the Swing Line Commitment, after giving effect to such termination or
reduction. The Borrower shall notify the Agent of any election to reduce the Revolving Commitment or the Swing Line
Commitment no later than 11:00 a.m. three Business Days prior to the effective date of such reduction, specifying the
effective date thereof. Each notice of reduction of the Revolving Commitment or the Swing Line Commitment shall be
irrevocable. Each reduction of the Revolving Commitment shall be permanent and shall be made ratably among the Revolving
Lenders in accordance with their respective Revolving Commitments.

 

(c)          Optional
Termination of Commitments. The Borrower shall have the right at any time to terminate the Commitments. The Borrower shall
notify the Agent of any election to terminate Commitments under this Section 2.06(c) no later than 11:00 a.m. three Business Days
prior to the effective date of such termination, specifying such election and the effective date thereof. Promptly following receipt
of any notice, the Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this
Section 2.06(c) shall be irrevocable; provided that a notice of termination of Commitments delivered by the Borrower
may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked
by the Borrower (by notice to the Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination
of Commitments shall be permanent.

 

2.07.       Evidence
of Debt.

 

(a)          Maintenance
of Accounts. The Credit Extensions made by each Lender shall be evidenced by one or more accounts or records maintained by
such Lender and by the Agent in the ordinary course of business. The accounts or records maintained by the Agent and each Lender
shall be conclusive absent manifest error of the amount of the Credit Extensions made by the Lenders to the Borrower and the interest
and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation
of the Borrower hereunder to pay any amount owing with respect to the Obligations. In the event of any conflict between the accounts
and records maintained by any Lender and the accounts and records of the Agent in respect of such matters, the accounts and records
of the Agent shall control in the absence of manifest error. Upon request of any Lender made through the Agent, the Borrower shall
execute and deliver to such Lender (through the Agent) a Note, which shall evidence such Lender’s Loans in addition to such
accounts or records. Each Lender may attach schedules to its Note and endorse thereon the date, Type (if applicable), amount, currency
and maturity of its Loans and payments with respect thereto.

 

(b)          Maintenance
of Records. In addition to the accounts and records referred to in Section 2.07(a), each Lender and the Agent shall maintain
in accordance with its usual practice accounts and records evidencing the purchases and sales by such Lender of participations
in Letters of Credit and Swing Line Loans. In the event of any conflict between the accounts and records maintained by the Agent
and the accounts and records of any Lender in respect of such matters, the accounts and records of the Agent shall control in the
absence of manifest error.

 

2.08.       Payments
Generally; Pro Rata Treatment; Sharing of Set-Offs; Collection.

 

(a)          Payments
Generally. All payments to be made by the Borrower shall be made free and clear of and without condition or deduction for any
counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided herein and except with respect to principal
of and interest on Loans denominated in an Alternative Currency, all payments by the Borrower hereunder shall be made to the

 

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Agent, for the account of the
respective Lenders to which such payment is owed, at the applicable Agent’s Office in Dollars and in Same Day Funds not
later than 2:00 p.m. on the date specified herein. Except as otherwise expressly provided herein, all payments by the
Borrower hereunder with respect to principal and interest on Loans denominated in an Alternative Currency shall be made to
the Agent, for the account of the respective Lenders to which such payment is owed, at the applicable Agent’s office in
such Alternative Currency and in Same Day Funds not later than the Applicable Time specified by the Agent on the dates
specified herein. Without limiting the generality of the foregoing, the Agent may require that any payments due under this
Agreement be made in the United States. If, for any reason, the Borrower is prohibited by any Law from making any required
payment hereunder in an Alternative Currency, such Borrower shall make such payment in Dollars in the Dollar Equivalent of
the Alternative Currency payment amount. The Agent will promptly distribute to each Lender its Applicable Percentage in
respect of the relevant Facility (or other applicable share as provided herein) of such payment in like funds as received by
wire transfer to such Lender’s Lending Office. All payments received by the Agent (i) after 2:00 p.m., in the case of
payments in Dollars, or (ii) after the Applicable Time specified by the Agent, in the case of payments in an Alternative
Currency, shall in each case be deemed received on the next succeeding Business Day and any applicable interest or fee shall
continue to accrue. Except as otherwise specifically provided for in this Agreement, if any payment to be made by the
Borrower shall come due on a day other than a Business Day, payment shall be made on the next following Business Day, and
such extension of time shall be reflected in computing interest or fees, as the case may be. Notwithstanding anything to the
contrary set forth herein, all payments of interest, fees and other amounts (including, without limitation, payments of
principal) due to be paid by the Borrower hereunder shall be made through the automatic withdrawal from the Borrower’s
deposit account with the Agent of amounts equal to the amounts of such interest, fees or other amounts due to be paid by the
Borrower hereunder, and the Borrower hereby irrevocably authorizes and directs the Agent to take such actions as may be
necessary to effectuate such automatic withdrawals, and, upon funding of any such withdrawal in an amount sufficient to make
a payment of interest, fees or other amounts due hereunder, the Borrower’s obligation to make such payment shall be
discharged. The Borrower expressly acknowledges and agrees that if any such withdrawal is not in an amount sufficient to
satisfy the amount of any interest, fees or other amounts (including, without limitation, principal payments) due hereunder,
the Borrower shall remain obligated to pay the full amount of such interest, fees or other amounts as and when the same shall
become due.

 

(b)          Application
of Payments. If at any time insufficient funds are received by and available to the Agent to pay fully all amounts
of principal, unreimbursed L/C Disbursements, interest and fees then due hereunder under any circumstances, including,
without limitation during, or as a result of the exercise by the Agent or the Lenders of remedies hereunder or under any
other Loan Document and applicable law, such funds shall be applied (i) first, to pay fees, costs and expenses then due
hereunder ratably among the parties entitled thereto under the Loan Documents in accordance with the amounts of fees, costs
and expenses then due to such parties,  (ii) second, to pay interest then due hereunder ratably among the parties
entitled thereto under the Loan Documents in accordance with the amount of interest then due to such parties; (iii) third, to
pay principal and unreimbursed L/C Disbursements then due hereunder ratably among the parties entitled thereto in accordance
with the amounts of principal and unreimbursed L/C Disbursements then due to such parties, and (iv) fourth, to any other
Obligations then due from the Loan Parties to the Agent, the L/C Issuer or the Lenders.

 

(c)         (i)           Loans and
Borrowings. Each Loan of a particular Class shall be made as part of a Borrowing consisting of Loans of such Class made by
the Lenders ratably in accordance with their respective Commitments of such Class. The Failure of any Lender to make any Loan required
to be made by it shall not relieve any other Lender of its obligations hereunder; provided that the Commitments of the Lenders
are several and no Lender shall be responsible for any other Lender’s failure to make Loans as required herein.

 

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(ii)           Funding
of Borrowings. Each Lender shall make each Loan (other than a Swing Line Loan) to be made by it hereunder on the
proposed date thereof by wire transfer of Same Day Funds by 2:00 p.m. to the account of the Agent most recently designated by
it for such purpose by notice to the Lenders. The Agent will make such Loans (other than Swing Line Loans) available to the
Borrower by promptly crediting the amounts so received, in like funds, to one or more accounts of the Borrower maintained
with the Agent in Boston, Massachusetts, or to such other account as the Borrower may designate; provided that (i)
Revolving Base Rate Loans made to finance the reimbursement of an L/C Disbursement under any Letter of Credit as provided in
subsection 2.04(c) shall be remitted by the Agent to the L/C Issuer and (ii) Revolving Credit Base Rate Loans made to finance
the refunding of Swing Line Loans as provided in Section 2.05(c)(i) shall be remitted by the Agent to the Swing Line
Lender.

 

(iii)          Funding
by Lenders; Presumption by Agent. Unless the Agent shall have received notice from a Lender prior to the proposed date
of any Borrowing of Eurocurrency Rate Loans (or, in the case of any Borrowing of Base Rate Loans, prior to 12:00 noon on
the date of such Borrowing) that such Lender will not make available to the Agent such Lender’s share of such
Borrowing, the Agent may assume that such Lender has made such share available on such date in accordance with Section 2.01,
2.02 or 2.03 (or, in the case of a Borrowing of Base Rate Loans, that such Lender has made such share available in accordance
with and at the time required by Section 2.01 or 2.02) and may, in reliance upon such assumption, make available to the
Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing
available to the Agent, then the applicable Lender and the Borrower severally agree to pay to the Agent forthwith on demand
such corresponding amount in Same Day Funds with interest thereon, for each day from and including the date such amount is
made available to the Borrower to but excluding the date of payment to the Agent, at (A)  in the case of a payment to be
made by such Lender, the applicable Overnight Rate plus any administrative, processing or similar fees customarily changed by
the Agent in connection with the foregoing, and (B)  in the case of a payment to be made by the Borrower, the interest
rate applicable to Base Rate Loans or in the case of Alternative Currencies in accordance with such market practice, in each
case, as applicable. If the Borrower and such Lender shall pay such interest to the Agent for the same or an overlapping
period, the Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such period. If
such Lender pays its share of the applicable Borrowing to the Agent, then the amount so paid shall constitute such
Lender’s Loan included in such Borrowing. Any payment by the Borrower shall be without prejudice to any claim the
Borrower may have against a Lender that shall have failed to make such payment to the Agent.

 

(iv)         Payments
by Borrower; Presumptions by Agent. Unless the Agent shall have received notice from the Borrower prior to the date on which
any payment is due to the Agent for the account of the Lenders or the L/C Issuer hereunder that the Borrower will not make such
payment, the Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance
upon such assumption, distribute to the Lenders or the L/C Issuer, as the case may be, the amount due. In such event, if the Borrower
has not in fact made such payment, then each of the Lenders or the L/C Issuer, as the case may be, severally agrees to repay to
the Agent forthwith on demand the amount so distributed to such Lender or the L/C Issuer, in Same Day Funds with interest thereon,
for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Agent, at
the applicable Overnight Rate.

 

A notice of the Agent to
any Lender or the Borrower with respect to any amount owing under this subsection (c) shall be conclusive, absent manifest error.

 

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(d)          Failure
to Satisfy Conditions Precedent. If any Lender makes available to the Agent funds for any Loan to be made by such Lender as
provided in the foregoing provisions of this Article 2, and such funds are not made available to the Borrower by the Agent because
the conditions to the applicable Credit Extension set forth in Article 6 are not satisfied or waived in accordance with the terms
hereof, the Agent shall return such funds (in like funds as received from such Lender) to such Lender, without interest.

 

(e)          Obligations
of Lenders Several. The obligations of the Lenders hereunder to make Term Loans and Revolving Loans, to fund participations
in Letters of Credit and Swing Line Loans and to make payments pursuant to Section 12.04(c) are several and not joint. The failure
of any Lender to make any Loan, to fund any such participation or to make any payment under Section 12.04(c) on any date required
hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible
for the failure of any other Lender to so make its Loan, to purchase its participation or to make its payment under Section 12.04(c).

 

(f)          Funding
Source. Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan in any particular place or manner
or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular place
or manner.

 

(g)          Pro
Rata Treatment. Except to the extent otherwise provided herein: (i)  each Borrowing (other than Swing
Line Borrowings) shall be made from the Lenders, each payment of fees payable to the Lenders under Section 2.10 shall be made
for account of the Lenders, and each termination or reduction of the amount of the Commitments shall be applied to the
respective Commitments of the Lenders, pro rata according to the amounts of their respective Commitments; (ii)  each
Borrowing shall be allocated pro rata among the Lenders according to the amounts of their respective Commitments (in the case
of the making of Revolving Loans) or their respective Loans that are to be included in such Borrowing (in the case of
conversions and continuations of Loans);  (iii) each payment or prepayment of principal of Loans by the Borrower shall
be made for account of the Lenders pro rata in accordance with the respective unpaid principal amounts of the Loans held by
them; and (iv)  each payment of interest on Loans by the Borrower shall be made for account of the Lenders pro rata in
accordance with the amounts of interest on such Loans then due and payable to the respective Lenders.

 

(h)          Sharing
of Payments by Lenders. If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain
payment in respect of  (i) Obligations in respect of any of the Facilities due and payable to such Lender hereunder and
under the other Loan Documents at such time in excess of its ratable share (according to the proportion of (A)  the
amount of such Obligations due and payable to such Lender at such time to (B)  the aggregate amount of the Obligations
in respect of the Facilities due and payable to all Lenders hereunder and under the other Loan Documents at such time) of
payments on account of the Obligations in respect of the Facilities due and payable to all Lenders hereunder and under the
other Loan Documents at such time obtained by all the Lenders at such time or (ii) Obligations in respect of any of the
Facilities owing (but not due and payable) to such Lender hereunder and under the other Loan Documents at such time in excess
of its ratable share (according to the proportion of  (A) the amount of such Obligations owing (but not due and payable)
to such Lender at such time to (B)  the aggregate amount of the Obligations in respect of the Facilities owing (but not
due and payable) to all Lenders hereunder and under the other Loan Documents at such time) of payments on account of
the Obligations in respect of the Facilities owing (but not due and payable) to all Lenders hereunder and under the other
Loan Documents at such time obtained by all of the Lenders at such time, then, in each case under clauses (h) and (h)
above, the Lender receiving such greater proportion shall (I) notify the Agent of such fact, and (II) purchase (for
cash at face value) participations in the Loans and subparticipations in L/C Obligations and Swing Line Loans 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

 

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Obligations in respect of the Facilities then due and payable to the
Lenders or owing (but not due and payable) to the Lenders, as the case may be, provided that:

 

(1)          if
any such participations or subparticipations are purchased and all or any portion of the payment giving rise thereto is recovered,
such participations or subparticipations shall be rescinded and the purchase price restored to the extent of such recovery, without
interest; and

 

(2)          the
provisions of this Section shall not be construed to apply to (x) any payment made by or on behalf of 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), (y) the application of Cash Collateral provided for in Section 2.12, or (z) any payment obtained
by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or subparticipations in L/C Obligations
or Swing Line Loans to any assignee or participant, other than an assignment to any Loan Party or any Affiliate thereof (as to
which the provisions of this Section shall apply).

 

Each Loan Party consents
to the foregoing and agrees, to the extent it may effectively do so under applicable Law, that any Lender acquiring a participation
pursuant to the foregoing arrangements may exercise against such Loan Party rights of setoff and counterclaim with respect to such
participation as fully as if such Lender were a direct creditor of such Loan Party in the amount of such participation.

 

2.09.       Prepayment
of Loans.

 

(a)          Optional.

 

(i)           The
Borrower may, upon notice to the Agent pursuant to delivery to the Agent of a Notice of Loan Prepayment, at any time or
from time to time voluntarily prepay Term Loans and Revolving Loans in whole or in part without premium or penalty subject
to Section 3.05; provided that, unless otherwise agreed by the Agent, (A) such notice must be received by the Agent
not later than 11:00 a.m. (1) three (3) Business Days prior to any date of prepayment of Eurocurrency Rate Loans denominated
in Dollars, (2) four (4) Business Days prior to any date of prepayment of Eurocurrency Rate Loans denominated in
Alternative Currencies, and (3) on the date of prepayment of Base Rate Loans; (B) any prepayment shall be in a principal
amount of (1) $1,000,000 or a whole multiple of $500,000 for Eurocurrency Rate Loans and (2) $500,000 or a whole multiple of
$100,000 in excess thereof or for Base Rate Loans, and, in each case, if less, the entire principal amount thereof then
outstanding. Each such notice shall specify the date, the currency and amount of such prepayment and the Type(s) of Loans to
be prepaid and, if Eurocurrency Rate Loans are to be prepaid, the Interest Period(s) of such Loans. The Agent will promptly
notify each Lender of its receipt of each such notice, and of the amount of such Lender’s ratable portion of such
prepayment (based on such Lender’s Applicable Percentage in respect of the relevant Facility). If such notice is given
by the Borrower, the Borrower shall make such prepayment and the payment amount specified in such notice shall be due and
payable on the date specified therein. Any prepayment of principal shall be accompanied by all accrued interest on the amount
prepaid, together with any additional amounts required pursuant to Section 3.05. Each prepayment of the outstanding Term
Loans pursuant to this Section 2.09(a) shall be applied to the principal repayment installments thereof in inverse order
of maturity. Subject to Section 2.13, such prepayments shall be paid to the Lenders in accordance with their
respective Applicable Percentages in respect of each of the relevant Facilities.

 

    	 	56	 

     

    

 

(ii)          The
Borrower may, upon notice to the Swing Line Lender pursuant to delivery to the Swing Line Lender of a Notice of Loan
Prepayment (with a copy to the Agent), at any time or from time to time, voluntarily prepay Swing Line Loans in whole or in
part without premium or penalty; provided that, unless otherwise agreed by the Swing Line Lender, (A) such notice must
be received by the Swing Line Lender and the Agent not later than 1:00 p.m. on the date of the prepayment, and (B) any such
prepayment shall be in a minimum principal amount of $100,000 or a whole multiple of $100,000 in excess hereof (or, if less,
the entire principal thereof then outstanding). Each such notice shall specify the date and amount of such prepayment. If
such notice is given by the Borrower, the Borrower shall make such prepayment and the payment amount specified in such notice
shall be due and payable on the date specified therein. Any prepayment of principal shall be accompanied by all accrued
interest on the amount prepaid, together with any additional amounts required pursuant to Section 3.05.

 

(b)          Mandatory
Prepayments. The Borrower shall be obligated to, and shall, make prepayments of the Loans hereunder (and, if applicable as
provided in Section 2.09(c), reduce the Revolving Commitments hereunder) as follows:

 

(i)           Incurrence
of Debt. Without limiting the obligation of the Borrower to obtain the consent of the Required Lenders to any incurrence of
Indebtedness not otherwise permitted hereunder, the Borrower agrees, on the closing of any incurrence of Indebtedness by any Loan
Party (other than Indebtedness permitted pursuant to Section 9.01) to prepay the Loans hereunder (and provide Cash Collateral
for L/C Obligations, if applicable, as specified in Section 2.09(c) and Section 2.12), the Revolving Commitments hereunder shall
be subject to automatic reduction, upon the date of such incurrence of Indebtedness, in an aggregate amount equal to 100% of the
amount of the Net Cash Payments from such incurrence of Indebtedness received by any Loan Party, such prepayment and reduction
to be effected in each case in the manner and to the extent specified in subsection 2.09(c) below.

 

(ii)          Sale
of Assets. Without limiting the obligation of the Borrower to obtain the consent of the Required Lenders to
any Disposition not otherwise permitted hereunder, the Borrower agrees, on or prior to the occurrence of any Disposition by
any Loan Party, to deliver to the Agent a statement certified by a Responsible Officer of the Borrower, in form and
detail reasonably satisfactory to the Agent, of the estimated amount of the Net Cash Payments of such Disposition that will
(on the date of such Disposition) be received by any Loan Party in cash, indicating on such certificate, whether the Borrower
intends to reinvest such Net Cash Payments (to the extent Net Cash Payments from Dispositions do not exceed $2,000,000 in
the aggregate after the Effective Time) or will be prepaying the Loans, as hereinafter provided, and the Borrower will
be obligated to either (A) cause the applicable Loan Party to reinvest such Net Cash Payments (to the extent Net Cash
Payments from Dispositions do not exceed $2,000,000 in the aggregate after the Effective Time) within 180 days after receipt
(or, if within such 180 day period the Borrower or any Loan Party enters into contracts related to the reinvestment of such
Net Cash Payments, such longer period not to exceed 365 days after the original date of receipt of such Net Cash Payments as
is contemplated by such contracts) into replacement assets or the repair of existing assets or other assets useful to
the business of the Borrower or (B) to the extent such Net Cash Payments exceed $2,000,000 in the aggregate after the
Effective Time, prepay the Loans hereunder (and provide Cash Collateral for L/C Obligations, if applicable, as specified in
Section 2.09(c) and Section 2.12 in an amount equal to 102% of such L/C Obligations), and, if applicable, as provided in
Section 2.09(c), the Revolving Commitments hereunder shall be subject to automatic reduction, as follows:

 

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(x)          upon
the date of such Disposition, or on the date (the “Reinvestment Date”) which is 180 days after such date (or
such longer period not to exceed 365 days as contemplated by contracts related to the reinvestment of such Net Cash Payments) if
the Borrower had indicated on the certificate delivered as hereinabove required that it intended to reinvest the Net Cash Payments
of such Disposition, in an aggregate amount equal to 100% of the amount of such Net Cash Payments, to the extent received by any
Loan Party in cash on the date of such Disposition or, if applicable, the Reinvestment Date to the extent of any Net Cash Payments
not so reinvested; and

 

(y)          thereafter,
quarterly, on the date of the delivery by the Borrower to the Agent pursuant to Section 8.01 of the financial statements
for any quarterly fiscal period or fiscal year, to the extent any Loan Party shall receive Net Cash Payments during the
quarterly fiscal period ending on the date of such financial statements in cash under deferred payment arrangements or
Investments entered into or received in connection with any Disposition, an amount equal to (A) 100% of the aggregate amount
of such Net Cash Payments minus (B) any transaction expenses associated with Dispositions and not previously deducted
in the determination of Net Cash Payments plus (or minus, as the case may be) (C) any other adjustment received
or paid by any Loan Party pursuant to the respective agreements giving rise to Dispositions and not previously taken into
account in the determination of the Net Cash Payments.

 

Prepayments of Loans (and Cash Collateral for
L/C Obligations) shall be effected in each case in the manner and to the extent specified in paragraph (c) of this Section 2.09;
provided that if at the time of any such Disposition a Default shall have occurred and be continuing, the Loan Parties shall
not have the right to reinvest any Net Cash Payments and shall instead prepay the Loans by 100% of the amount of Net Cash Payments
received from such Disposition.

 

(iii)         Proceeds
of Casualty Events. Upon the date 180 days following the receipt by any Loan Party (or, if within such 180 day period any Loan
Party enters into contracts related to the reinvestment of such Net Cash Payments, such longer period not to exceed 365 days after
the original date of receipt of such Net Cash Payments as is contemplated by such contracts) of the proceeds of insurance, condemnation
award or other compensation in respect of any Casualty Event affecting any property of any Loan Party (or upon such earlier date
as such Loan Party, as the case may be, shall have determined not to repair or replace the property affected by such Casualty Event),
except to the extent Net Cash Payments from Casualty Events do not exceed $1,500,000 in the aggregate after the Effective Time,
the Borrower shall prepay the Loans (and provide Cash Collateral for L/C Obligations as specified in Section 2.12, and, if
applicable as provided in Section 2.09(c), the Revolving Commitments shall be subject to automatic reduction, in an aggregate amount,
if any, equal to 100% of the Net Cash Payments from such Casualty Event not theretofore applied or committed to be applied to the
repair or replacement of such property (it being understood that if Net Cash Payments committed to be applied are not in fact applied
within 180 days after receipt thereof (or such longer period not to exceed 365 days as contemplated by contracts related to the
reinvestment of such Net Cash Payments), then such Net Cash Payments shall be applied to the prepayment of Loans and cover for
L/C Obligations and reduction of Commitments as provided in this clause (iii) at the expiration of such 180 day or 365 day period,
as applicable), such prepayment and reduction to be effected in each case in the manner and to the extent specified in paragraph
(c) of this Section 2.09; provided that if an Event of Default has occurred and is continuing, no Net Cash Payments
from any Casualty Event may be applied to the

 

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repair or replacement of any property and such Net Cash Payments shall be applied
instead to prepay the Loans by 100% of the amount of Net Cash Payments received from such Casualty Event.

 

(iv)         Revolving
Outstandings. If for any reason the total Revolving Credit Exposure at any time exceeds the total Revolving Commitments at
such time, the Borrower shall immediately prepay Revolving Loans, Swing Line Loans and L/C Borrowings (together with all accrued
but unpaid interest thereon) and/or Cash Collateralize the L/C Obligations in an aggregate amount equal to such excess; provided,
however, that the Borrower shall not be required to Cash Collateralize the L/C Obligations pursuant to this Section 2.09(b)(iv)
unless, after the prepayment of the Revolving Loans and Swing Line Loans, the total Revolving Credit Exposure exceeds the total
Revolving Commitments at such time.

 

(v)          Alternative
Currencies. If the Agent notifies the Borrower at any time that the Revolving Credit Exposure of all Revolving Loans and L/C
Obligations denominated in Alternative Currencies at such time exceeds the Dollar Equivalent of the Alternative Currency Sublimit
then in effect, then, within two (2) Business Days after receipt of such notice, the Borrower shall prepay Revolving Loans and/or
Cash Collateralize Letters of Credit in an aggregate amount sufficient to reduce such Revolving Credit Exposure as of such date
of payment to an amount not to exceed 100% of the Alternative Currency Sublimit then in effect.

 

(c)          Application.

 

(i)           In
the event of any mandatory prepayment of Loans pursuant to subsection (b) of this Section 2.09, the proceeds shall be applied
as follows:

 

(A)          first,
if such prepayment pursuant to clauses (i) through (iii) of Section 2.09(b) is made at a time when any part of the Term Loan remains
outstanding, such prepayment shall be applied to the repayment of the Term Loan to be shared and applied ratably among the Term
Loan Lenders in proportion to the Outstanding Amount of their Term Loans, in inverse order of maturity;

 

(B)          second,
to the extent that a repayment of Swing Line Loans shall at such time be required pursuant to Section 2.09(a) or 2.09(b)(iv), to
the repayment of Swing Line Loans, but only to such extent (with no reduction in the Commitments);

 

(C)          third,
to the extent that total Revolving Credit Exposure shall at such time exceed the total Revolving Commitments or the Revolving Credit
Exposure of all Revolving Loans and L/C Obligations denominated in Alternative Currencies at such time exceeds the Dollar Equivalent
of the Alternative Currency Sublimit at such time, such prepayment shall be applied to the repayment of Revolving Loans to be shared
and applied ratably among the Revolving Lenders in proportion to their respective Revolving Commitments (with no reduction in the
Commitments); and

 

(D)          fourth,
the amount of any mandatory prepayment shall be applied to repay Revolving Loans, and, second, to provide Cash Collateral for L/C
Obligations as specified in Section 2.12 in an amount equal to 102% of such L/C Obligations, with a corresponding permanent
reduction in the Revolving Commitments.

 

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(ii)          Within
the parameters of the applications set forth above, prepayments pursuant to this Section 2.09(c) shall be applied first to Base
Rate Loans and then to Eurocurrency Rate Loans in direct order of Interest Period maturities. All prepayments under this Section 2.09(c)
shall be subject to Section 3.05, but otherwise without premium or penalty, and shall be accompanied by interest on the principal
amount prepaid through the date of prepayment

 

2.10.      Fees.

 

(a)          Unused
Fee. The Borrower shall pay to the Agent for the account of each Revolving Lender unused fees in respect of the Revolving Commitments,
in an aggregate amount equal to the product of (x) the Applicable Unused Fee Rate, multiplied by (y) the daily unused amounts of
the respective Revolving Commitment of such Lender (excluding with respect to the Swing Line Lender the amount of any Swing Line
Loans) during the period from and including the date on which the Effective Time shall occur to but excluding the date on which
the Revolving Commitments terminate. Accrued unused fees shall be payable quarterly in arrears on the last Business Day of each
March, June, September and December and on the date on which the Revolving Commitments terminate.

 

(b)          Letter
of Credit Fees. The Borrower shall pay with respect to Letters of Credit issued hereunder the following fees:

 

(i)           with
respect to each Letter of Credit issued hereunder, to the Agent for the accounts of the Revolving Lenders a participation fee with
respect to their participations in such Letters of Credit which fee shall accrue at a rate per annum equal to the Applicable Rate
then used in determining interest on Eurocurrency Revolving Loans on the Dollar Equivalent of the actual daily amount of such Lender’s
L/C Obligations (excluding any portion thereof attributable to unreimbursed L/C Disbursements) during the period from and including
the Restatement Date to but excluding the later of the date on which there shall no longer be any Letters of Credit outstanding
hereunder, and

 

(ii)          with
respect to each Letter of Credit issued hereunder, to the L/C Issuer a fronting fee equal to 0.125% of the Dollar Equivalent of
the face amount of each Letter of Credit, along with the L/C Issuer’s standard and customary fees with respect to the issuance,
amendment, renewal or extension of any Letter of Credit or processing of drawings thereunder.

 

Accrued fees for Letters of Credit shall be
payable quarterly in arrears (i) no later than ten (10) days after the last Business Day of each March, June, September and December
and (ii) on the date the Revolving Commitments terminate, commencing on the first such date to occur after the date hereof, provided
that any such fees accruing after the date on which the Revolving Commitments terminate shall be payable on demand.

 

(c)          The
Borrower agrees to pay to the Agent, for the accounts of the Lenders, fees payable in the amounts and at the times set forth in
the Fee Letter and as otherwise separately agreed in writing between the Borrower and the Agent.

 

(d)          The
Borrower agrees to pay to the Agent, for its own account, fees payable in the amounts and at the times set forth in the Fee Letter
and as otherwise separately agreed in writing between the Borrower and the Agent.

 

(e)          All
fees payable hereunder shall be paid on the dates due, in Same Day Funds. Fees paid shall not be refundable under any circumstances,
absent manifest error in the determination thereof.

 

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2.11.      Computation
of Interest and Fees; Retroactive Adjustments of Applicable Rate.

 

(a)          Computation
of Interest and Fees. All computations of interest for Base Rate Loans (including Base Rate Loans determined by reference to
the Eurocurrency Rate) shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All
other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in
more fees or interest, as applicable, being paid than if computed on the basis of a 365 day year), or, in the case of interest
in respect of Loans denominated in Alternative Currencies as to which market practice differs from the foregoing, in accordance
with such market practice. Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a
Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid
on the same day on which it is made shall, subject to Section 2.08(a), bear interest for one (1) day. Each determination by
the Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error.

 

(b)          Financial
Statement Adjustments or Restatements. If, as a result of any restatement of or other adjustment to the financial
statements of the Borrower and its Subsidiaries or for any other reason, the Borrower, or the Lenders determine that (i)
 the Core Leverage Ratio as calculated by the Borrower as of any applicable date was inaccurate and (ii) a proper
calculation of the Core Leverage Ratio would have resulted in higher pricing for such period, the Borrower shall immediately
and retroactively be obligated to pay to the Agent for the account of the applicable Lenders or the L/C Issuer, as the case
may be, promptly on demand by the Agent (or, after the occurrence of an actual or deemed entry of an order for relief with
respect to the Borrower under the Bankruptcy Code of the United States, automatically and without further action by the
Agent, any Lender or the L/C Issuer), an amount equal to the excess of the amount of interest and fees that should have been
paid for such period over the amount of interest and fees actually paid for such period. This paragraph shall not limit the
rights of the Agent, any Lender or the L/C Issuer, as the case may be, under any provision of this Agreement to payment of
any Obligations hereunder at the Default Rate or under Article 10. The Borrower’s obligations under this paragraph
shall survive the termination of the Commitments and the repayment of all other Obligations hereunder.

 

2.12.      Cash
Collateral

 

(a)          Certain
Credit Support Events. If (i)  the L/C Issuer has honored any full or partial drawing request under any Letter of
Credit and such drawing has resulted in an L/C Borrowing, (ii)  as of the Letter of Credit Expiration Date, any L/C
Obligation for any reason remains outstanding, (iii)  the Borrower shall be required to provide Cash Collateral pursuant
to Section 2.09 or 10.02, or (iv)  there shall exist a Defaulting Lender, the Borrower shall immediately (in the case of
clause (iii) above) or within one (1) Business Day (in all other cases) following any request by the Agent or the L/C
Issuer, provide Cash Collateral in an amount not less than the applicable Minimum Collateral Amount (determined in the case
of Cash Collateral provided pursuant to clause (iv) above, after giving effect to Section 2.13(a)(iv) and any Cash Collateral
provided by the Defaulting Lender). Additionally, if the Agent notifies the Borrower at any time that the Outstanding Amount
of all L/C Obligations at such time exceeds 102% of the Letter of Credit Sublimit then in effect, then within two (2)
Business Days after receipt of such notice, the Borrower shall provide Cash Collateral for the Outstanding Amount of the L/C
Obligations in an amount not less than the amount by which the Outstanding Amount of all L/C Obligations exceeds the Letter
of Credit Sublimit.

 

(b)          Grant
of Security Interest. The Borrower, and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby grants
to (and subjects to the control of) the Agent, for the benefit of the Agent, the L/C Issuer and the Lenders, and agrees to maintain,
a first priority security interest in all such cash, deposit accounts and all balances therein, and all other property so provided
as collateral pursuant hereto, and in all proceeds of the foregoing, all as security for the obligations to which such Cash Collateral
may be applied pursuant to Section 2.12(c). If at any time the Agent determines that Cash Collateral is

 

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subject to any right or
claim of any Person other than the Agent or the L/C Issuer 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 Agent, pay or provide to the Agent additional
Cash Collateral in an amount sufficient to eliminate such deficiency. All Cash Collateral (other than credit support not constituting
funds subject to deposit) shall be maintained in one or more blocked, non-interest bearing deposit accounts at the Agent. The Borrower
shall pay on demand therefor from time to time all customary account opening, activity and other administrative fees and charges
in connection with the maintenance and disbursement of Cash Collateral.

 

(c)          Application.
Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under any of this Section 2.12 or
Sections 2.04, 2.09, 2.13 or 10.02 in respect of Letters of Credit shall be held and applied to the satisfaction of the specific
L/C Obligations, obligations to fund participations therein (including, as to Cash Collateral provided by a Revolving Lender that
is a Defaulting Lender, any interest accrued on such obligation) and other obligations for which the Cash Collateral was so provided,
prior to any other application of such property as may be provided for herein.

 

(d)          Release.
Cash Collateral (or the appropriate portion thereof) provided to reduce Fronting Exposure or to secure other
obligations shall be released promptly following (i) the elimination of the applicable Fronting Exposure or other obligations
giving rise thereto (including by the termination of Defaulting Lender status of the applicable Revolving Lender (or, as
appropriate, its assignee following compliance with Section 12.06(b)(vi))) or (ii) the determination by the Agent and the L/C
Issuer that there exists excess Cash Collateral; provided, however, (A) any such release shall be without
prejudice to, and any disbursement or other transfer of Cash Collateral shall be and remain subject to, any other Lien
conferred under the Loan Documents and the other applicable provisions of the Loan Documents, and (B) the Person providing
Cash Collateral and the L/C Issuer may agree that Cash Collateral shall not be released but instead held to support future
anticipated Fronting Exposure or other obligations.

 

2.13.      Defaulting
Lenders

 

(a)          Adjustments.
Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such
time as that 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 12.02.

 

(ii)          Defaulting
Lender Waterfall. Any payment of principal, interest, fees or other amounts received by the Agent for the account of
such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article 10 or otherwise) or received by the
Agent from a Defaulting Lender pursuant to Section 12.08 shall be applied at such time or times as may be determined by the
Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Agent hereunder; second,
to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to the L/C Issuer or Swing Line
Lender hereunder; third, to Cash Collateralize the L/C Issuer’s Fronting Exposure with respect to such
Defaulting Lender in accordance with Section 2.12; fourth, as the Borrower may request (so long as no Default or Event
of Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion
thereof as required by this Agreement, as determined by the Agent; fifth, if so determined by the Agent and the
Borrower, to be held in a deposit account and released pro rata in order to (A)  satisfy such Defaulting Lender’s
potential future funding obligations with respect to Loans under this Agreement and (B)  Cash Collateralize the L/C
Issuer’s future Fronting Exposure

 

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with respect to such
Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in accordance with Section 2.12; sixth,
to the payment of any amounts owing to the Lenders, the L/C Issuer or Swing Line Lender as a result of any judgment of
a court of competent jurisdiction obtained by any Lender, the L/C Issuer or the Swing Line Lender 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 as may be required under the Loan Documents in connection with any Lien conferred thereunder or directed by a court
of competent jurisdiction; provided that if (1) such payment is a payment of the principal amount of any Loans or
L/C Borrowings in respect of which such Defaulting Lender has not fully funded its appropriate share, and (2) such Loans were
made or the related Letters of Credit were issued at a time when the conditions set forth in Section 6.02 were satisfied
or waived, such payment shall be applied solely to pay the Loans of, and L/C Obligations owed to, all Non-Defaulting
Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or L/C Obligations owed to, such
Defaulting Lender until such time as all Loans and funded and unfunded participations in L/C Obligations and Swing Line Loans
are held by the Lenders pro rata in accordance with the Commitments hereunder without giving effect to Section 2.13(a)(v).
Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts
owed by a Defaulting Lender or to post Cash Collateral pursuant to this Section 2.13(a)(ii) shall be deemed paid to and
redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.

 

(iii)         Certain
Fees.

 

(A)          Fees.
No Defaulting Lender shall be entitled to receive any fee payable under Section 2.10(a) for any period during which that Lender
is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise would have been required to have
been paid to that Defaulting Lender).

 

(B)          Letter
of Credit Fees. Each Defaulting Lender shall be entitled to receive Letter of Credit Fees for any period during which that
Lender is a Defaulting Lender only to the extent allocable to its Applicable Percentage of the stated amount of Letters of Credit
for which it has provided Cash Collateral pursuant to Section 2.12.

 

(C)          Defaulting
Lender Fees. With respect to any Letter of Credit Fee not required to be paid to any Defaulting Lender pursuant to clause
(B) above, the Borrower shall (1) 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, (2) pay to the L/C Issuer the amount of any such fee otherwise
payable to such Defaulting Lender to the extent allocable to such L/C Issuer’s Fronting Exposure to such Defaulting
Lender, and (3) not be required to pay the remaining amount of any such fee.

 

(iv)         Reallocation
of Applicable Percentages to Reduce Fronting Exposure. All or any part of such Defaulting Lender’s participation in L/C
Obligations and Swing Line Loans shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Applicable
Percentages of the Revolving Facility (calculated without regard to such Defaulting Lender’s

 

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Commitment) but only to the
extent that such reallocation does not cause the aggregate Revolving Credit Exposure of any Non-Defaulting Lender to exceed such
Non-Defaulting Lender’s Commitment. Subject to Section 12.23, 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, Repayment of Swing Line Loans. If the reallocation described in clause (a)(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 applicable Law, (A) first, prepay Swing Line Loans in an amount equal to the Swing Line Lender’s Fronting
Exposure and (B) second, Cash Collateralize the L/C Issuer’s Fronting Exposure in accordance with the procedures set
forth in Section 2.12.

 

(b)          Defaulting
Lender Cure. If the Borrower, the Agent, Swing Line Lender and the L/C Issuer agree in writing that a Lender is no longer a
Defaulting Lender, the Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and
subject to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral), that Lender will,
to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as
the Agent may determine to be necessary to cause the Loans and funded and unfunded participations in Letters of Credit and Swing
Line Loans to be held on a pro rata basis by the Lenders in accordance with their Applicable Percentages (without giving effect
to Section 2.13(a)(iv)), whereupon such Lender will cease to be a Defaulting Lender; provided that no adjustments will be
made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while 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.

 

2.14.       Increase
in Revolving Commitments

 

(a)          Request
for Increase. Provided there exists no Default, upon notice to the Agent (which shall promptly notify the Lenders), the
Borrower may from time to time, request an increase in the Aggregate Revolving Commitment by an amount (for all such
increases) not exceeding $100,000,000 (an “Incremental Facility”); provided that (i) any such
request for an increase shall be in a minimum amount of $25,000,000, and (ii) the Borrower may make a maximum of three such
requests. At the time of sending such notice, the Borrower (in consultation with the Agent) shall specify the time period
within which each Lender is requested to respond (which shall in no event be less than ten Business Days from the date of
delivery of such notice to the Lenders).

 

(b)          Lender
Elections to Increase. Each Revolving Lender shall notify the Agent within such time period whether or not it agrees to increase
its Revolving Commitment and, if so, whether by an amount equal to, greater than, or less than its Applicable Percentage of such
requested increase. Any Revolving Lender not responding within such time period shall be deemed to have declined to increase its
Revolving Commitment.

 

(c)          Notification
by Agent; Additional Lenders. The Agent shall notify the Borrower and each Revolving Lender of the Revolving Lenders’
responses to each request made hereunder. To achieve the full amount of a requested increase and subject to the approval of the
Agent, the L/C Issuer and the Swing Line Lender (which approvals shall not be unreasonably withheld), the Borrower may also invite
additional Eligible Assignees to become Revolving Lenders pursuant to a joinder agreement in form and substance satisfactory to
the Agent and its counsel.

 

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

 

(e)          Conditions
to Effectiveness of Increase. As a condition precedent to such increase, (i) the Borrower shall deliver to the Agent
a certificate on behalf of itself and the other Loan Parties dated as of the Increase Effective Date (in sufficient copies
for each Lender) signed by a Responsible Officer of the Borrower (x) certifying and attaching the resolutions adopted by
each Loan Party approving or consenting to such increase, and (y) in the case of the Borrower, certifying that, before and
after giving effect to such increase, (A) the representations and warranties contained in Article 5 and the other Loan
Documents are true and correct in all material respects on and as of the Increase 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 except that for purposes of this Section 2.14, the representations and warranties contained in Section
7.04 shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of
Section 8.01, and (B) both before and after giving effect to the Incremental Facility, no Default exists. The Borrower shall
deliver or cause to be delivered any other customary documents, including, without limitation, legal opinions) as reasonably
requested by the Agent in connection with any Incremental Facility. The Borrower shall borrow Revolving Loans and prepay any
Revolving Loans outstanding on the Increase Effective Date (and pay any additional amounts required pursuant to Section 3.05)
to the extent necessary to keep the outstanding Revolving Loans ratable with any revised Applicable Percentages arising from
any nonratable increase in the Revolving Commitments under this Section.

 

(f)          Conflicting
Provisions. This Section shall supersede any provisions in Section 2.08(h) or Section 12.02 to the contrary.

 

(g)          Incremental
Facility. Except as otherwise specifically set forth herein, all of the other terms and conditions applicable to such Incremental
Facility shall be identical to the terms and conditions applicable to the Revolving Loans.

 

Article
3

 

Taxes, Yield Protection
and Illegality

 

3.01.       Taxes.

 

(a)          Payments
Free of Taxes; Obligation to Withhold; Payments on Account of Taxes.

 

(i)           Any
and all payments by or on account of any obligation of any Loan Party under any Loan Document shall be made without deduction or
withholding for any Taxes, except as required by applicable Laws. If any applicable Laws (as determined in the good faith discretion
of the Agent) require the deduction or withholding of any Tax from any such payment by the Agent, then the Agent shall be entitled
to make such deduction or withholding, upon the basis of the information and documentation to be delivered pursuant to subsection
(e) below.

 

(ii)          If
any Loan Party or the Agent shall be required by the Code to withhold or deduct any Taxes, including both United States
federal backup withholding and withholding taxes, from any payment, then  (A) the Agent shall withhold or make such
deductions as are determined by the Agent to be required based upon the information and documentation it has received
pursuant to subsection (e) below,  (B) the Agent shall timely pay the full amount withheld or deducted to the

 

    	 	65	 

     

    

 

relevant Governmental Authority
in accordance with the Code, and (C)  to the extent that the withholding or deduction is made on account of Indemnified
Taxes, the sum payable by the applicable Loan Party shall be increased as necessary so that after any required withholding or
the making of all required deductions (including deductions applicable to additional sums payable under this Section 3.01)
the applicable Recipient receives an amount equal to the sum it would have received had no such withholding or deduction been
made.

 

(iii)         If
any Loan Party or the Agent shall be required by any applicable Laws other than the Code to withhold or deduct any Taxes from
any payment, then (A)  such Loan Party or the Agent, as required by such Laws, shall withhold or make such deductions as
are determined by it to be required based upon the information and documentation it has received pursuant to subsection (e)
below, (B)  such Loan Party or the Agent, to the extent required by such Laws, shall timely pay the full amount withheld
or deducted to the relevant Governmental Authority in accordance with such Laws, and (C)  to the extent that the
withholding or deduction is made on account of Indemnified Taxes, the sum payable by the applicable Loan Party shall
be increased as necessary so that after any required withholding or the making of all required deductions (including
deductions applicable to additional sums payable under this Section 3.01) the applicable Recipient receives an amount equal
to the sum it would have received had no such withholding or deduction been made.

 

(b)          Payment
of Other Taxes by the Loan Parties. Without limiting the provisions of subsection (a) above, the Loan Parties shall timely
pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the Agent timely reimburse it
for the payment of, any Other Taxes.

 

(c)          Tax
Indemnifications.

 

(i)           Each
of the Loan Parties shall, and does hereby, jointly and severally indemnify each Recipient, and shall make payment in respect
thereof 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 3.01) payable or paid
by such Recipient or required to be withheld or deducted from a payment to such Recipient, and any penalties, interest and
reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or
legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or
liability delivered to the Borrower by a Lender or the L/C Issuer (with a copy to the Agent), or by the Agent on its own
behalf or on behalf of a Lender or the L/C Issuer, shall be conclusive absent manifest error.

 

(ii)          Each
Lender and the L/C Issuer shall, and does hereby, severally indemnify and shall make payment in respect thereof within ten
(10) days after demand therefor, (A)  the Agent against any Indemnified Taxes attributable to such Lender or the
L/C Issuer (but only to the extent that any Loan Party has not already indemnified the Agent for such Indemnified Taxes
and without limiting the obligation of the Loan Parties to do so),  (B) the Agent and the Loan Parties, as
applicable, against any Taxes attributable to such Lender’s failure to comply with the provisions of
Section 12.06(d) relating to the maintenance of a Participant Register and (C)  the Agent and the Loan Parties, as
applicable, against any Excluded Taxes attributable to such Lender or the L/C Issuer, in each case, that are payable or paid
by the Agent or a Loan Party 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 Agent shall be
conclusive absent manifest error. Each Lender and the L/C Issuer hereby authorizes the Agent to set off and apply any and all
amounts at any time owing to such Lender or

 

    	 	66	 

     

    

 

the L/C Issuer, as the case may be, under this Agreement or any other Loan Document against any amount
due to the Agent under this clause (ii).

 

(d)          Evidence
of Payments. As soon as practicable after any payment of Taxes by any Loan Party to a Governmental Authority, as provided in
this Section 3.01, the Borrower shall deliver to the Agent the original or a certified copy of a receipt issued by such Governmental
Authority evidencing such payment, a copy of any return reporting such payment or other evidence of such payment within the possession
or control of the Borrower and reasonably satisfactory to the Agent.

 

(e)          Status
of Lenders; Tax Documentation.

 

(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 the Borrower and the Agent, at the time or times reasonably requested by the Borrower or the
Agent, such properly completed and executed documentation prescribed by applicable Law or the taxing authorities of a
jurisdiction pursuant to applicable Law or reasonably requested by the Borrower or the Agent as will permit such payments to
be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the
Borrower or the Agent, shall deliver such other documentation prescribed by applicable Law or reasonably requested by the
Borrower or the Agent as will enable the Borrower or the 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 either (A) set forth in Section
3.01(e)(ii)(A), (ii)(B) and (ii)(D) below or (B) required by applicable Law of other than the Code or the taxing authorities
of the jurisdiction pursuant to such applicable Law to comply with the requirements for exemption or reduction of withholding
tax in that jurisdiction) 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 the Borrower is a U.S. Person,

 

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

 

(B)          any
Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Agent (in such number of copies
as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement
(and from time to time thereafter upon the reasonable request of the Borrower or the 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-E (or W-8BEN, as applicable) establishing an
exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article

 

    	 	67	 

     

    

 

of such tax treaty
and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN-E (or W-8BEN, as applicable) establishing
an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other
income” article of such tax treaty;

 

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

 

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

 

(4)          to
the extent a Foreign Lender is not the beneficial owner, executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS
Form W-8BEN-E (or W-8BEN, as applicable), a U.S. Tax Compliance Certificate substantially in the form of Exhibit I-2 or
Exhibit I-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
I-4 on behalf of each such direct and indirect partner;

 

(C)          any
Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Agent (in such number of copies
as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement
(and from time to time thereafter upon the reasonable request of the Borrower or the Agent), executed copies of any other form
prescribed by applicable Law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed,
together with such supplementary documentation as may be prescribed by applicable Law to permit the Borrower or the 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 the Borrower and the Agent at the time or times prescribed by law and
at such time or times reasonably requested by the Borrower or the Agent such documentation prescribed by applicable Law (including
as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or
the Agent as may be necessary for the Borrower and the Agent to comply with their obligations under FATCA and to determine that
such Lender has complied with such Lender’s 

 

    	 	68	 

     

    

 

obligations under FATCA or to determine the amount to deduct and withhold from
such payment. Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the
date of this Agreement.

 

(iii)         Each
Lender agrees that if any form or certification it previously delivered pursuant to this Section 3.01 expires or becomes obsolete
or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Agent in writing
of its legal inability to do so.

 

(f)          Treatment
of Certain Refunds. Unless required by applicable Laws, at no time shall the Agent have any obligation to file for or otherwise
pursue on behalf of a Lender or the L/C Issuer, or have any obligation to pay to any Lender or the L/C Issuer, any refund of Taxes
withheld or deducted from funds paid for the account of such Lender or the L/C Issuer, as the case may be. If any Recipient 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
by any Loan Party or with respect to which any Loan Party has paid additional amounts pursuant to this Section 3.01, it shall pay
to such Loan Party an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid,
by such Loan Party under this Section 3.01 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses
(including Taxes) incurred by such Recipient, as the case may be, and without interest (other than any interest paid by the relevant
Governmental Authority with respect to such refund), provided that each Loan Party, upon the request of the Recipient, agrees
to repay the amount paid over to such Loan Party (plus any penalties, interest or other charges imposed by the relevant Governmental
Authority) to the Recipient in the event the Recipient is required to repay such refund to such Governmental Authority. Notwithstanding
anything to the contrary in this subsection, in no event will the applicable Recipient be required to pay any amount to such Loan
Party pursuant to this subsection the payment of which would place the Recipient in a less favorable net after-Tax position than
such Recipient 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
subsection shall not be construed to require any Recipient to make available its tax returns (or any other information relating
to its taxes that it deems confidential) to any Loan Party or any other Person.

 

(g)          Survival.
Each party’s obligations under this Section 3.01 shall survive the resignation or replacement of the Agent or any assignment
of rights by, or the replacement of, a Lender or the L/C Issuer, the termination of the Commitments and the repayment, satisfaction
or discharge of all other Obligations.

 

3.02.       Illegality
and Designated Lenders. If any Lender determines that any Law has made it unlawful, or that any Governmental
Authority has asserted that it is unlawful, for any Lender or its applicable Lending Office to perform any of its obligations
hereunder or to make, maintain or fund or charge interest with respect to any Credit Extension for which interest is
determined by reference to the Eurocurrency Rate or to determine or charge interest rates based upon the Eurocurrency Rate,
or any Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to
take deposits of, Dollars or any Alternative Currency in the applicable interbank market, then, on notice thereof by such
Lender to the Borrower through the Agent, (a)  any obligation of such Lender to issue, make, maintain, fund or charge
interest with respect to any such Credit Extension or continue Eurocurrency Rate Loans in the affected currency or currencies
or, in the case of Eurocurrency Rate Loans in Dollars, to convert Base Rate Loans to Eurocurrency Rate Loans shall be
suspended, and  (b) if such notice asserts the illegality of such Lender making or maintaining Base Rate Loans the
interest rate on which is determined by reference to the Eurocurrency Rate component of the Base Rate, the interest rate on
which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Agent without
reference to the Eurocurrency Rate component of the Base Rate, in each case until such Lender notifies the Agent and the
Borrower that the circumstances giving rise to such determination no

 

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longer exist. Upon receipt of
such notice, (i)  the Borrower shall, upon demand from such Lender (with a copy to the Agent), prepay or, if
applicable, convert all Eurocurrency Rate Loans of such Lender to Base Rate Loans (the interest rate on which Base Rate Loans
of such Lender shall, if necessary to avoid such illegality, be determined by the Agent without reference to the Eurocurrency
Rate component of the Base Rate), either on the last day of the Interest Period therefor, if such Lender may lawfully
continue to maintain such Eurocurrency Rate Loans to such day, or immediately, if such Lender may not lawfully continue to
maintain such Eurocurrency Rate Loans and (ii)  if such notice asserts the illegality of such Lender determining or
charging interest rates based upon the Eurocurrency Rate, the Agent shall during the period of such suspension compute the
Base Rate applicable to such Lender without reference to the Eurocurrency Rate component thereof until the Agent is advised
in writing by such Lender that it is no longer illegal for such Lender to determine or charge interest rates based upon the
Eurocurrency Rate. Upon any such prepayment or conversion, the Borrower shall also pay accrued interest on the amount so
prepaid or converted, together with any additional amounts required pursuant to Section 3.05.

 

3.03.       Inability
to Determine Rates.

 

(a)          If
in connection with any request for a Eurocurrency Rate Loan or a conversion to or continuation thereof, (i)  the Agent
determines that  (A) deposits (whether in Dollars or an Alternative Currency) are not being offered to banks in the
applicable offshore interbank market for such currency for the applicable amount and Interest Period of such Eurocurrency
Rate Loan, or (B)  (x) adequate and reasonable means do not exist for determining the Eurocurrency Rate for any
requested Interest Period with respect to a proposed Eurocurrency Rate Loan (whether denominated in Dollars or an Alternative
Currency) or in connection with an existing or proposed Base Rate Loan and (y) the circumstances in Section 3.03(c)(i) do not
apply (in each case with respect to this clause (i), “Impacted Loans”), or (ii) the Agent or the Required
Lenders determine that for any reason Eurocurrency Rate for any requested Interest Period with respect to a proposed
Eurocurrency Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding such Loan, the Agent will
promptly so notify the Borrower and each Lender. Thereafter, (x) the obligation of the Lenders to make or maintain
Eurocurrency Rate Loans in the affected currency or currencies shall be suspended (to the extent of the affected Eurocurrency
Rate Loans or Interest Periods), and (y) in the event of a determination described in the preceding sentence with
respect to the Eurocurrency Rate component of the Base Rate, the utilization of the Eurocurrency Rate component in
determining the Base Rate shall be suspended, in each case until the Agent (or, in the case of a determination by
the Required Lenders described in Section 3.03(a)(ii), until the Agent upon the instruction of the Required Lenders) revokes
such notice. Upon receipt of such notice, the Borrower may revoke any pending request for a Borrowing of, conversion to
or continuation of Eurocurrency Rate Loans in the affected currency or currencies (to the extent of the affected
Eurocurrency Rate Loans or Interest Periods) or, failing that, if applicable, will be deemed to have converted such request
into a request for a Borrowing of Base Rate Loans in Dollars in the amount specified therein.

 

(b)          Notwithstanding
the foregoing, if the Agent has made the determination described in clause (i) of Section 3.03(a), the Agent, in
consultation with the Borrower, may establish an alternative interest rate for the Impacted Loans, in which case, such
alternative rate of interest shall apply with respect to the Impacted Loans until (1) the Agent revokes the notice delivered
with respect to the Impacted Loans under clause (i) of Section 3.03(a), (2) the Agent or the Required Lenders notify the
Agent and the Borrower that such alternative interest rate does not adequately and fairly reflect the cost to such Lenders of
funding the Impacted Loans, or (3) any Lender determines that any Law has made it unlawful, or that any Governmental
Authority has asserted that it is unlawful, for such Lender or its applicable Lending Office to make, maintain or fund Loans
whose interest is determined by reference to such alternative rate of interest or to determine or charge interest rates based
upon such rate or any Governmental Authority has imposed material restrictions on the authority of such Lender to do any of
the foregoing and provides the Agent and the Borrower written notice thereof.

 

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(c)          Notwithstanding
anything to the contrary in this Agreement or any other Loan Documents, if the Agent determines (which determination shall be conclusive
absent manifest error), or the Borrower or Required Lenders notify the Agent (with, in the case of the Required Lenders, a copy
to Borrower) that the Borrower or Required Lenders (as applicable) have determined, that:

 

(i)           adequate
and reasonable means do not exist for ascertaining LIBOR for any requested Interest Period, including, without limitation, because
the LIBOR Screen Rate is not available or published on a current basis and such circumstances are unlikely to be temporary; or

 

(ii)          the
administrator of the LIBOR Screen Rate or a Governmental Authority having jurisdiction over the Agent has made a public statement
identifying a specific date after which LIBOR or the LIBOR Screen Rate shall no longer be made available, or used for determining
the interest rate of loans (such specific date, the “Scheduled Unavailability Date”), or

 

(iii)         syndicated
loans currently being executed, or that include language similar to that contained in this Section, are being executed or amended
(as applicable) to incorporate or adopt a new benchmark interest rate to replace LIBOR,

 

then, reasonably promptly after such determination
by the Agent or receipt by the Agent of such notice , as applicable, the Agent and the Borrower may amend this Agreement to replace
LIBOR with an alternate benchmark rate (including any mathematical or other adjustments to the benchmark (if any) incorporated
therein), giving due consideration to any evolving or then existing convention for similar Dollar-denominated syndicated credit
facilities for such alternative benchmarks (any such proposed rate, a “LIBOR Successor Rate”), together with
any proposed LIBOR Successor Rate Conforming Changes (as defined below) and any such amendment shall become effective at 5:00 p.m.
(New York time) on the fifth Business Day after the Agent shall have posted such proposed amendment to all Lenders and the Borrower
unless, prior to such time, Lenders comprising the Required Lenders have delivered to the Agent written notice that such Required
Lenders do not accept such amendment. Such LIBOR Successor Rate shall be applied in a manner consistent with market practice, provided
that to the extent such market practice is not administratively feasible for the Agent, such LIBOR Successor Rate shall be applied
in a manner as otherwise reasonably determined by the Agent.

 

If no LIBOR Successor Rate has been determined
and the circumstances under clause (i) above exist or the Scheduled Unavailability Date has occurred (as applicable), the
Agent will promptly so notify the Borrower and each Lender.  Thereafter, (x) the obligation of the Lenders to make or
maintain Eurocurrency Rate Loans denominated in Dollars shall be suspended, (to the extent of the affected Eurocurrency Rate Loans
or Interest Periods), and (y) the Eurocurrency Rate component shall no longer be utilized in determining the Base Rate. 
Upon receipt of such notice, the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of Eurocurrency
Rate Loans denominated in Dollars (to the extent of the affected Eurocurrency Rate Loans or Interest Periods) or, failing that,
will be deemed to have converted such request into a request for a Committed Borrowing of Base Rate Loans (subject to the foregoing
clause (y)) in the amount specified therein.

 

Notwithstanding anything else herein, any definition
of LIBOR Successor Rate shall provide that in no event shall such LIBOR Successor Rate be less than zero for purposes of this Agreement.

 

As used in this paragraph (c):

 

“LIBOR Screen
Rate” means the LIBOR quote on the applicable screen page the Agent designates to determine LIBOR (or such other commercially
available source providing such quotations as may be designated by the Agent from time to time).

 

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“LIBOR Successor
Rate Conforming Changes” means, with respect to any proposed LIBOR Successor Rate, any conforming changes to the definition
of Base Rate, Interest Period, timing and frequency of determining rates and making payments of interest and other administrative
matters as may be appropriate, in the discretion of the Agent, to reflect the adoption of such LIBOR Successor Rate and to permit
the administration thereof by the Agent in a manner substantially consistent with market practice (or, if the Agent determines
that adoption of any portion of such market practice is not administratively feasible or that no market practice for the administration
of such LIBOR Successor Rate exists, in such other manner of administration as the Agent determines in consultation with the Borrower).

 

3.04.       Increased
Costs; Reserves on Eurocurrency Rate Loans.

 

(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 (except any reserve requirement contemplated
by Section 3.04(d)) or the L/C Issuer;

 

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

 

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

 

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

 

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

 

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

 

(d)          Delay
in Requests. Failure or delay on the part of any Lender or the L/C Issuer to demand compensation pursuant to the foregoing
provisions of this Section 3.04 shall not constitute a waiver of such Lender’s or the L/C Issuer’s right to demand
such compensation, provided that the Borrower shall not be required to compensate a Lender or the L/C Issuer pursuant to the foregoing
provisions of this Section for any increased costs incurred or reductions suffered more than nine (9) months prior to the date
that such Lender or the L/C Issuer, as the case may be, notifies the Borrower of the Change in Law giving rise to such increased
costs or reductions and of such Lender’s or the L/C Issuer’s intention to claim compensation therefor (except that,
if the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine (9) month period referred
to above shall be extended to include the period of retroactive effect thereof).

 

(e)          Reserves
on Eurocurrency Rate Loans. The Borrower shall pay to each Lender, (i) as long as such Lender shall be required
to maintain reserves with respect to liabilities or assets consisting of or including eurocurrency funds or deposits
(currently known as “Eurocurrency liabilities”), additional interest on the unpaid principal amount of each
Eurocurrency Rate Loan equal to the actual costs of such reserves allocated to such Loan by such Lender (as determined by
such Lender in good faith, which determination shall be conclusive), and (ii) as long as such Lender shall be required to
comply with any reserve ratio requirement or analogous requirement of any central banking or financial regulatory authority
imposed in respect of the maintenance of the Commitments or the funding of the Eurocurrency Rate Loans, such additional costs
(expressed as a percentage per annum and rounded upwards, if necessary, to the nearest five decimal places) equal to the
actual costs allocated to such Commitment or Loan by such Lender (as determined by such Lender in good faith, which
determination shall be conclusive), which in each case shall be due and payable on each date on which interest is payable on
such Loan, provided the Borrower shall have received at least ten (10) days’ prior notice (with a copy to the Agent) of
such additional interest or costs from such Lender. If a Lender fails to give notice ten (10) days prior to the relevant
Interest Payment Date, such additional interest shall be due and payable ten (10) days from receipt of such notice.

 

3.05.       Compensation
for Losses.

 

Upon demand of any Lender
(with a copy to the Agent) from time to time, the Borrower shall promptly compensate such Lender for and hold such Lender harmless
from any loss, cost or expense incurred by it as a result of:

 

(a)          any
continuation, conversion, payment or prepayment of any Loan other than a Base Rate Loan on a day other than the last day of the
Interest Period for such Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise);

 

(b)          any
failure by the Borrower (for a reason other than the failure of such Lender to make a Loan) to prepay, borrow, continue or convert
any Loan other than a Base Rate Loan on the date or in the amount notified by the Borrower;

 

(c)          any
failure by the Borrower to make payment of any Loan or drawing under any Letter of Credit (or interest due thereon) denominated
in an Alternative Currency on its scheduled due date or any payment thereof in a different currency; or

 

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(d)          any
assignment of a Eurocurrency Rate Loan on a day other than the last day of the Interest Period therefor as a result of a request
by the Borrower pursuant to Section 12.13;

 

including any loss of anticipated profits,
any foreign exchange losses and any loss or expense arising from the liquidation or reemployment of funds obtained by it to
maintain such Loan or from fees payable to terminate the deposits from which such funds were obtained or from the performance of
any foreign exchange contract. The Borrower shall also pay any customary administrative fees charged by such Lender in connection
with the foregoing.

 

For purposes of calculating amounts payable
by the Borrower to the Lenders under this Section 3.05, each Lender shall be deemed to have funded each Eurocurrency Rate Loan
made by it at the Eurocurrency Rate for such Loan by a matching deposit or other borrowing in the offshore interbank eurodollar
market for such currency for a comparable amount and for a comparable period, whether or not such Eurocurrency Rate Loan was in
fact so funded.

 

3.06.       Mitigation
Obligations; Replacement of Lenders.

 

(a)          Designation
of a Different Lending Office. Each Lender may make any Credit Extension to the Borrower through any Lending Office,
provided that the exercise of this option shall not affect the obligation of the Borrower to repay the Credit Extension in
accordance with the terms of this Agreement. If any Lender requests compensation under Section 3.04, or requires the Borrower
to pay any Indemnified Taxes or additional amounts to any Lender, the L/C Issuer, or any Governmental Authority for the
account of any Lender or the L/C Issuer pursuant to Section 3.01, or if any Lender gives a notice pursuant to Section 3.02,
then at the request of the Borrower, such Lender or the L/C Issuer shall, as applicable, use reasonable efforts to designate
a different Lending Office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to
another of its offices, branches or affiliates, if, in the judgment of such Lender or the L/C Issuer, such designation or
assignment (i)  would eliminate or reduce amounts payable pursuant to Section 3.01 or 3.04, as the case may be, in the
future, or eliminate the need for the notice pursuant to Section 3.02, as applicable, and (ii)  in each case, would not
subject such Lender or the L/C Issuer, as the case may be, to any unreimbursed cost or expense and would not otherwise be
disadvantageous to such Lender or the L/C Issuer, as the case may be. The Borrower hereby agrees to pay all reasonable costs
and expenses incurred by any Lender or the L/C Issuer in connection with any such designation or assignment.

 

(b)          Replacement
of Lenders. If any Lender requests compensation under Section 3.04, or if the Borrower is required to pay any Indemnified Taxes
or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01 and, in
each case, such Lender has declined or is unable to designate a different lending office in accordance with Section 3.06(a), the
Borrower may replace such Lender in accordance with Section 12.13.

 

3.07.       Survival.
All of the Borrower’s obligations under this Article 3 shall survive termination of the Commitments, repayment of all other
Obligations hereunder, resignation of the Agent and the Facility Termination Date.

 

Article
4

 

Guarantee by Guarantors

 

4.01.       The
Guarantee. Each Guarantor hereby absolutely and unconditionally, jointly and severally guarantees, as primary obligor and as
a guaranty of payment and performance and not merely as a guaranty of collection, prompt payment when due, whether at stated maturity,
by required prepayment,

 

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upon acceleration, demand or
otherwise, and at all times thereafter, of any and all Secured Obligations (for each Guarantor, subject to the proviso in
this sentence, its “Guaranteed Obligations”); provided that (a) the Guaranteed Obligations of a
Guarantor shall exclude any Excluded Swap Obligations with respect to such Guarantor and (b) the liability of each Guarantor
individually with respect to this Guaranty shall be limited to an aggregate amount equal to the largest amount that would not
render its obligations hereunder subject to avoidance under Section 548 of the Bankruptcy Code of the United States or any
comparable provisions of any applicable state law or other applicable Law. The Agent’s books and records showing the
amount of the Obligations shall be admissible in evidence in any action or proceeding, and shall be binding upon each
Guarantor, and conclusive for the purpose of establishing the amount of the Secured Obligations absent manifest error. This
Guaranty shall not be affected by the genuineness, validity, regularity or enforceability of the Secured Obligations or any
instrument or agreement evidencing any Secured Obligations, or by the existence, validity, enforceability, perfection,
non-perfection or extent of any collateral therefor, or by any fact or circumstance relating to the Secured Obligations which
might otherwise constitute a defense to the obligations of the Guarantors, or any of them, under this Guaranty, and each
Guarantor hereby irrevocably waives any defenses it may now have or hereafter acquire in any way relating to any or all of
the foregoing. The Guarantors hereby expressly waive diligence, presentment, demand of payment, protest and all notices
whatsoever, and any requirement that the Agent, the L/C Issuer or any Lender exhaust any right, power or remedy or proceed
against the Borrower hereunder or under the other Loan Documents or any other agreement or instrument referred to herein or
therein, or against any other Person under any other guarantee of, or security for, any of the Secured Obligations.

 

4.02.       Rights
of Lenders. Each Guarantor consents and agrees that the Secured Parties may, at any time and from time to time,
without notice or demand, and without affecting the enforceability or continuing effectiveness hereof: (a)  amend,
extend, renew, compromise, discharge, accelerate or otherwise change the time for payment or the terms of the Secured
Obligations or any part thereof; (b)  take, hold, exchange, enforce, waive, release, fail to perfect, sell, or otherwise
dispose of any security for the payment of this Guaranty or any Secured Obligations; (c)  apply such security and direct
the order or manner of sale thereof as the Agent, the L/C Issuer and the Lenders in their sole discretion may determine; and
(d)  release or substitute one or more of any endorsers or other guarantors of any of the Secured Obligations. Without
limiting the generality of the foregoing, each Guarantor consents to the taking of, or failure to take, any action which
might in any manner or to any extent vary the risks of such Guarantor under this Guaranty or which, but for this provision,
might operate as a discharge of such Guarantor.

 

4.03.       Rights
of Lenders. Each Guarantor waives (a)  any defense arising by reason of any disability or other defense of the
Borrower or any other guarantor, or the cessation from any cause whatsoever (including any act or omission of any Secured
Party) of the liability of the Borrower or any other Loan Party; (b)  any defense based on any claim that such
Guarantor’s obligations exceed or are more burdensome than those of the Borrower or any other Loan Party; (c)  the
benefit of any statute of limitations affecting any Guarantor’s liability hereunder; (d)  any right to proceed
against the Borrower or any other Loan Party, proceed against or exhaust any security for the Secured Obligations, or pursue
any other remedy in the power of any Secured Party whatsoever;  (e) any benefit of and any right to participate in any
security now or hereafter held by any Secured Party; and (f)  to the fullest extent permitted by law, any and all
other defenses or benefits that may be derived from or afforded by applicable Law limiting the liability of or
exonerating guarantors or sureties. Each Guarantor expressly waives all setoffs and counterclaims and all presentments,
demands for payment or performance, notices of nonpayment or nonperformance, protests, notices of protest, notices of
dishonor and all other notices or demands of any kind or nature whatsoever with respect to the Secured Obligations, and all
notices of acceptance of this Guaranty or of the existence, creation or incurrence of new or additional Secured
Obligations

 

4.04.       Obligations
Independent. The obligations of each Guarantor hereunder are those of primary obligor, and not merely as surety, and are independent
of the Secured Obligations and the

 

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obligations of any other guarantor, and a separate action may be brought against each Guarantor
to enforce this Guaranty whether or not the Borrower or any other person or entity is joined as a party.

 

4.05.       Subrogation.
No Guarantor shall exercise any right of subrogation, contribution, indemnity, reimbursement or similar rights with respect to
any payments it makes under this Guaranty until all of the Secured Obligations and any amounts payable under this Guaranty have
been indefeasibly paid and performed in full and the Commitments and the Facilities are terminated. If any amounts are paid to
a Guarantor in violation of the foregoing limitation, then such amounts shall be held in trust for the benefit of the Secured Parties
and shall forthwith be paid to the Secured Parties to reduce the amount of the Secured Obligations, whether matured or unmatured.

 

4.06.       Termination;
Reinstatement. This Guaranty is a continuing and irrevocable guaranty of all Secured Obligations now or hereafter existing
and shall remain in full force and effect until the Facility Termination Date. Notwithstanding the foregoing, this Guaranty shall
continue in full force and effect or be revived, as the case may be, if any payment by or on behalf of the Borrower or a Guarantor
is made, or any of the Secured Parties exercises its right of setoff, in respect of the Secured Obligations 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 any of the Secured Parties in their discretion) to be repaid
to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Laws or otherwise, all as
if such payment had not been made or such setoff had not occurred and whether or not the Secured Parties are in possession of or
have released this Guaranty and regardless of any prior revocation, rescission, termination or reduction. The obligations of each
Guarantor under this paragraph shall survive termination of this Guaranty.

 

4.07.       Stay
of Acceleration. If acceleration of the time for payment of any of the Secured Obligations is stayed, in connection with any
case commenced by or against a Guarantor or the Borrower under any Debtor Relief Laws, or otherwise, all such amounts shall nonetheless
be payable by each Guarantor, jointly and severally, immediately upon demand by the Secured Parties.

 

4.08.       Condition
of Borrower.  Each Guarantor acknowledges and agrees that it has the sole responsibility for, and has adequate means of, obtaining
from the Borrower and any other guarantor such information concerning the financial condition, business and operations of the Borrower
and any such other guarantor as such Guarantor requires, and that none of the Secured Parties has any duty, and such Guarantor
is not relying on the Secured Parties at any time, to disclose to it any information relating to the business, operations or financial
condition of the Borrower or any other guarantor (each Guarantor waiving any duty on the part of the Secured Parties to disclose
such information and any defense relating to the failure to provide the same).

 

4.09.       Appointment
of Borrower. Each of the Loan Parties hereby appoints the Borrower to act as its agent for all purposes of this
Agreement, the other Loan Documents and all other documents and electronic platforms entered into in connection herewith and
agrees that (a) the Borrower may execute such documents and provide such authorizations on behalf of such Loan Parties
as the Borrower deems appropriate in its sole discretion and each Loan Party shall be obligated by all of the terms of any
such document and/or authorization executed on its behalf,  (b) any notice or communication delivered by the Agent, L/C
Issuer or a Lender to the Borrower shall be deemed delivered to each Loan Party and  (c) the Agent, L/C Issuer or the
Lenders may accept, and be permitted to rely on, any document, authorization, instrument or agreement executed by the
Borrower on behalf of each of the Loan Parties.

 

4.10.      Right
of Contribution. The Guarantors agree among themselves that, in connection with payments made hereunder, each Guarantor shall
have contribution rights against the other Guarantors as permitted under applicable Law.

 

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4.11.      Keep-Well.
Each Loan Party that is a Qualified ECP Guarantor at the time the Guaranty or the grant of a Lien under the Loan Documents, 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 the
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 Article 4 voidable
under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations
and undertakings of each Qualified ECP Guarantor under this Section shall remain in full force and effect until the Secured Obligations
have been indefeasibly paid and performed in full. Each Loan Party intends this Section to constitute, and this Section shall be
deemed to constitute, a guarantee of the obligations of, and a “keepwell, support, or other agreement” for the benefit
of, each Specified Loan Party for all purposes of the Commodity Exchange Act.

 

4.12.      Instrument
for the Payment of Money. Each of the Guarantors hereby acknowledges that the guarantee in this Article 4 constitutes an instrument
for the payment of money, and consents and agrees that the Agent, the L/C Issuer, or any Lender, at its sole option, in the event
of a dispute by such Guarantor in the payment of any moneys due hereunder, shall have the right to summary judgment or such other
expedited procedure as may be available for a suit on a note or other instrument for the payment of money.

 

Article
5

 

The Collateral

 

5.01.       Grant
of Security Interest. As security for due and punctual payment and performance of the Secured Obligations, each Loan Party
(other than the Special Guarantors) hereby grants to the Agent for the ratable benefit of the Lenders, the L/C Issuer and any Hedge
Bank a continuing security interest in and lien on all tangible and intangible property and assets of such Loan Party, whether
now owned or existing or hereafter acquired or arising, together with any and all additions thereto and replacements therefor and
proceeds and products thereof (collectively referred to for purposes of this Article 5 as “Collateral”), including
without limitation the property described below:

 

(a)          all
tangible personal property, including without limitation all present and future goods, inventory (including, without limitation,
all merchandise, raw materials, work in process, finished goods and supplies), machinery, equipment, motor vehicles, rolling stock,
tools, furniture, fixtures, office supplies, computers, computer software and associated equipment, whether now owned or hereafter
acquired, including, without limitation, all tangible personal property used in the operation of the business of such Loan Party;

 

(b)          all
rights under all present and future authorizations, permits, licenses and franchises issued, granted or licensed to such Loan Party
for the operation of its business;

 

(c)          all
Patents of such Loan Party;

 

(d)          all
Trademarks of such Loan Party;

 

(e)          all
Copyrights of such Loan Party;

 

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(f)          the
entire goodwill of business of such Loan Party and all other general intangibles (including know-how, trade secrets, customer lists,
proprietary information, inventions, domain names, methods, procedures and formulae) connected with the use of and symbolized by
any Patents, Trademarks or Copyrights of such Loan Party;

 

(g)          all
rights under all present and future vendor or customer contracts and all franchise, distribution, design, consulting, construction,
engineering, management and advertising and related agreements;

 

(h)          all
rights under all present and future leases of real and personal property; and

 

all other personal property, including, without
limitation, all present and future accounts, accounts receivable, cash, cash equivalents, deposits, deposit accounts, loss carry
back, tax refunds, insurance proceeds, premiums, rebates and refunds, choses in action, investment property, securities, partnership
interests, limited liability company interests, contracts, contract rights, general intangibles (including without limitation,
all customer and advertiser mailing lists, intellectual property, patents, copyrights, trademarks, trade secrets, trade names,
domain names, goodwill, customer lists, advertiser lists, catalogs and other printed materials, publications, indexes, lists, data
and other documents and papers relating thereto, blueprints, designs, charts, and research and development, whether on paper, recorded
electronically or otherwise), all websites (including without limitation, all content, HTML documents, audiovisual material, software,
data, hardware, access lines, connections, copyrights, trademarks, patents and trade secrets relating to such websites) and domain
names, any information stored on any medium, including electronic medium, related to any of the personal property of such Loan
Party, all financial books and records and other books and records relating, in any manner, to the business of such Loan Party,
all proposals and cost estimates and rights to performance, all instruments and promissory notes, documents and chattel paper,
and all debts, obligations and liabilities in whatever form owing to such Loan Party from any person, firm or corporation or any
other legal entity, whether now existing or hereafter arising, now or hereafter received by or belonging or owing to such Loan
Party; and all guaranties and security therefor, and all letters of credit and other supporting obligations in respect of such
debts, obligations and liabilities.

 

Any of the foregoing terms which are defined
in the Uniform Commercial Code shall have the meaning provided in the Uniform Commercial Code, as amended and in effect from time
to time, as supplemented and expanded by the foregoing.

 

The term “Collateral”
shall in no event include (A) the tangible and intangible property and assets of the Special Guarantors or a pledge of the
Equity Interests of Ameresco CT and Ameresco Evansville, (B) any Energy Conservation Financing Collateral, (C) any rights
under any license or lease, in each case with respect to each of clauses (B) and (C), to the extent (and only to the extent)
the grant of a security interest pursuant to this Agreement and the other Loan Documents (ii) would invalidate the underlying
rights of such Loan Party under an Energy Conservation Project Financing relating to such Energy Conservation Financing
Collateral or such license or lease, (iii) is prohibited by such Energy Conservation Project Financing or such license or
lease, without the consent of any other party thereto, (iv) would give any other party to such Energy Conservation Project
Financing or such license or lease the right to terminate its obligations thereunder, or (v) is not permitted without
consent, unless in each case, all necessary consents to such grant of a security interest have been obtained from the other
parties thereto; provided, however, that, notwithstanding the foregoing provisions of this paragraph, (x) the
foregoing grant of security interest shall extend to, and the Collateral hereunder shall include, any and all proceeds of any
such Energy Conservation Project Financing or such license or lease to the extent that the assignment or encumbering of such
proceeds is not prohibited by applicable law, (y) immediately upon the ineffectiveness, lapse, waiver or termination of any
such provision or restriction referred to above in this sentence, the Collateral hereunder shall include, and such Loan Party
shall be deemed to have granted a security interest in, all such

 

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rights and interests in and to each
and every license or lease to which such provision or restriction pertained as if such provision or restriction had never
been in effect and (z) the Collateral shall include, and the Loan Party shall be deemed to have granted a security interest
in, any of such Loan Party’s rights, interests, licenses or leases and any other rights and assets that would not
constitute Collateral if the foregoing provisions of this sentence governed, if and to the extent that the issuer of or other
party to such Energy Conservation Project Financing or such license or lease has consented to such grant or to the extent
that any term of any such rights, interests, licenses or leases would be rendered ineffective pursuant to the Uniform
Commercial Code or any other applicable law (including any federal, state or foreign bankruptcy, insolvency or similar law),
(A) any property to the extent that a grant of a security interest in such property is prohibited by applicable law or
regulations of any Governmental Authority or requires a consent not obtained of any Governmental Authority pursuant to such
applicable law or regulation, (B) any equipment (as such term is defined in the UCC) owned by any Loan Party that is subject
to a purchase money Lien or a capital lease permitted (or, if not addressed therein, not prohibited) pursuant to this
Agreement if the contract or other agreement in which such Lien is granted (or in the documentation providing for such
capital lease) prohibits or requires the consent of any Person other than such Loan Party as a condition to the creation of
any other Lien on such equipment, but only, in each case, to the extent, and for so long as, the Indebtedness secured by the
applicable Lien or the capital lease has not been repaid in full or the applicable prohibition (or consent requirement) has
not otherwise been removed or terminated, (C) motor vehicles, aircraft, rolling stock and vessels owned or leased by any Loan
Party (as such terms are defined in the UCC) and any other assets subject to certificates of title, (D) any
“intent-to-use” application for registration of a Trademark filed pursuant to Section 1(b) of the Lanham Act, 15
U.S.C. § 1051, prior to the filing of a “Statement of Use” pursuant to Section 1(d) of the Lanham Act or an
“Amendment to Allege Use” pursuant to Section 1(c) of the Lanham Act with respect thereto, solely to the extent,
if any, that, and solely during the period, if any, in which, the grant of a security interest therein would impair the
validity or enforceability of any registration that issues from such intent-to-use application under applicable federal law,
(E) any permit or approval of any Governmental Authority (“Governmental Approval”) which by its terms, or
in the case of any Governmental Approval or any of the other foregoing property which by operation of applicable law, would
become void, voidable, terminable, revocable or otherwise violated if mortgaged, pledged or assigned hereunder or if a
security interest therein was granted hereunder (or which applicable law prohibits the mortgaging, pledging or assigning or
granting of a security interest therein) to the extent necessary to avoid such voidness, voidability, terminability,
revocability, violation or prohibition, and (F) any other assets (but not the proceeds thereof) that have been sold,
transferred or otherwise disposed of in accordance with Section 9.04.

 

5.02.       Special
Warranties and Covenants of the Loan Parties. Each Loan Party (other than the Special Guarantors) hereby warrants and covenants
to the Agent and the Lenders that:

 

(a)          Such
Loan Party has delivered or caused to be delivered to the Agent a Perfection Certificate in substantially the form of Exhibit
C hereto. All information set forth in such Perfection Certificate is true and correct in all material respects and the facts
contained in such Perfection Certificate are accurate in all material respects as of the date of this Agreement. Each such Loan
Party agrees to supplement its Perfection Certificate promptly after obtaining information which would require a material correction
or addition to such Perfection Certificate.

 

(b)          Such
Loan Party will not change its jurisdiction of organization, principal or any other place of business, or the location of any Collateral
from the locations set forth in the Perfection Certificate delivered by such Loan Party, or make any change in its name or conduct
its business operations under any fictitious business name or trade name, without, in any such case, at least fifteen (15) days’
prior written notice to the Agent; provided that the inventory of such Loan Party may be in the possession of manufacturers or
processors in any jurisdiction in which all necessary UCC financing statements have been

 

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filed by the Agent and with respect to
which the Agent has received waiver letters from all landlords, warehousemen and processors in form and substance acceptable to
the Agent.

 

(c)          Except
for Collateral that is obsolete or no longer used in their business, such Loan Party will keep the Collateral in good order and
repair (normal wear excepted) and adequately insured at all times in accordance with the provisions of Section 8.05. Such Loan
Parties will pay promptly when due all taxes and assessments on the Collateral or for its use or operation, except for taxes and
assessments permitted to be contested as provided in Section 8.04. Following the occurrence and during the continuance of an Event
of Default, the Agent may at its option discharge any taxes or Liens to which any Collateral is at any time subject (other than
Permitted Liens), and may, upon the failure of the Loan Parties (other than the Special Guarantors) to do so in accordance with
this Agreement, purchase insurance on any Collateral and pay for the repair, maintenance or preservation thereof, and each such
Loan Party agrees to reimburse the Agent on demand for any payments or expenses incurred by the Agent or the Lenders pursuant to
the foregoing authorization and any unreimbursed amounts shall constitute Secured Obligations for all purposes hereof.

 

(d)          The
Agent may at reasonable times request and such Loan Party shall deliver copies of all customer lists and vendor lists.

 

(e)          To
the extent, if any, that such Loan Party’s signature is required therefor, such Loan Party will promptly execute and deliver
to the Agent such financing statements and amendments thereto, certificates and other documents or instruments as may be necessary
to enable the Agent to perfect or from time to time renew the security interest granted hereby, including, without limitation,
such financing statements and amendments thereto, certificates and other documents as may be necessary to perfect a security interest
in any additional Collateral hereafter acquired by such Loan Party or in any replacements or proceeds thereof. Such Loan Party
authorizes and appoints the Agent, in case of need, to execute such financing statements, certificates and other documents pertaining
to the Agent’s security interest in the Collateral in its stead if such Loan Party’s signature is required therefor
and such Loan Party fails to so execute such documents, with full power of substitution, as such Debtor’s attorney in fact.
Such Loan Party further agrees that a carbon, photographic or other reproduction of a security agreement or financing statement
is sufficient as a financing statement under this Agreement and the other Loan Documents.

 

(f)          Such
Loan Party hereby irrevocably authorizes the Agent, at any time and from time to time, to file in any jurisdiction financing
statements and amendments thereto that (i) indicate the Collateral (x) as all assets of such Loan Party or words of similar
effect, regardless of whether any particular asset falls within the scope of Article 9 of the Uniform Commercial Code of the
State of New York or such jurisdiction or (y) as being of an equal or lesser scope or with greater detail and (ii) which
contain any other information required by Article 9 of the Uniform Commercial Code (including Part 5 thereof) for
the sufficiency or filing office acceptance of any financing statement or amendment, including whether (A) such Loan Party is
an organization, the type of organization and any organization identification number issued to such Loan Party and (B) in the
case of a financing statement filed as a fixture filing or indicating Collateral as as-extracted collateral or timber to be
cut, a sufficient description of the real property to which the Collateral relates. Such Loan Parties agree to furnish any
such information to the Agent promptly upon reasonable request. Each such Loan Party also ratifies its authorization for the
Agent to have filed in any Uniform Commercial Code jurisdiction any like initial financing statements or amendments thereto
if filed prior to the date hereof.

 

(g)          Such
Loan Party agrees that it will join with the Agent in executing and, at its own expense, will file and refile, or permit the Agent
to file and refile such financing statements, continuation statements and other documents (including, without limitation, this
Agreement and licenses to use software and other property protected by copyright), in such offices (including, without limitation,
the PTO, the United States Copyright Office, and appropriate state patent, trademark and copyright offices), as the Agent may

 

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reasonably
deem necessary or appropriate, wherever required or permitted by law in order to perfect and preserve the rights and interests
granted to the Agent in Patents, Trademarks and Copyrights hereunder. Such Loan Party will give the Agent notice of each office
at which records of such Loan Party pertaining to all intangible items of Collateral are kept. Except as may be provided in such
notice, the records concerning all intangible Collateral are and will be kept at the address shown in the respective Perfection
Certificate for such Loan Party as the principal place of business of such Loan Party.

 

(h)          Such
Loan Parties are the sole and exclusive owners of the websites and domain names listed on Schedule 5.02 hereto and have
registered such domain names with the applicable authority for registration of the same which provides for the exclusive use by
such Loan Parties of such domain names. The websites do not contain, to the knowledge of such Loan Parties, any material, the publication
of which may result in (a) the violation of rights of any person or (b) a right of any person against the publisher or distributor
of such material.

 

(i)           Such
Loan Parties shall, annually by the end of the first calendar quarter following the previous calendar year, provide written notice
to the Agent of all applications for registration of Patents, Trademarks or Copyrights, to the extent such applications exist,
made during the preceding calendar year. Such Loan Parties shall file and prosecute diligently all applications for registration
of Patents, Trademarks or Copyrights now or hereafter pending that would be necessary to the business of the Loan Parties to which
any such applications pertain, and to do all acts, in any such instance, necessary to preserve and maintain all rights in such
registered Patents, Trademarks or Copyrights unless such Patents, Trademarks or Copyrights are not material to the business of
such Loan Parties, as reasonably determined by such Loan Parties consistent with prudent and commercially reasonable business practices.
Any and all costs and expenses incurred in connection with any such actions shall be borne by such Loan Parties. Except in accordance
with prudent and commercially reasonable business practices, such Loan Parties shall not abandon any right to file a Patent, Trademark
or Copyright application or any pending Patent, Trademark or Copyright application or any registered Patent, Trademark or Copyright,
in each case material to its business, without the consent of the Agent.

 

(j)          The
domain name servers used in connection with the domain names of such Loan Parties and all other relevant information pertaining
to such domain names, and the administrative contacts used in connection with the registration of such domain names are identified
on Schedule 5.02 hereof. No such Loan Party will change such domain name servers without 10 days’ prior notice to
the Agent. No such Loan Party will cause a change in the identity of any domain name administrative contact without 10 days’
prior notice to the Agent.

 

(k)          If
any such Loan Party is, now or at any time hereafter, a beneficiary under a letter of credit in an amount equal to or
greater than $100,000, such Loan Party shall promptly notify the Agent thereof and, at the request and option of the Agent,
such Loan Party shall, pursuant to an agreement in form and substance satisfactory to the Agent, either (i) arrange for the
issuer and any confirmer or other nominated person of such letter of credit to consent to an assignment to the Agent of the
proceeds of the letter of credit or (ii) arrange for the Agent to become the transferee beneficiary of the letter of credit,
with the Agent agreeing, in each case, that the proceeds of the letter of credit are to be applied by the Agent against the
Secured Obligations as provided in this Agreement.

 

(l)           To
the extent any such Loan Party shall, now or at any time hereafter, hold or acquire any promissory note or other instrument or
tangible chattel paper (other than a construction contract entered into by any such Loan Party in the ordinary course of such Loan
Party’s business) in an amount equal to or greater than $100,000, such Loan Party will promptly notify the Lender thereof
and, at the request and option of the Lender, such Debtor will deliver such promissory note or other instrument or tangible chattel

 

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paper to the Lender to be held as Collateral hereunder, together with an endorsement thereof reasonably satisfactory in form and
substance to the Lender.

 

(m)         If,
now or at any time hereafter, any such Loan Party shall obtain or hold any investment property or electronic chattel paper in an
amount equal to or greater than $100,000, such Loan Party will promptly notify the Lender thereof and, at the request and option
of the Lender, such Loan Party will take or cause to be taken such steps as the Lender may reasonably request for the Lender to
obtain “control” (as provided in Sections 9-105 and 9-106 of the Uniform Commercial Code of the State of New York,
as amended and in effect from time to time) of such Collateral.

 

(n)          No
such Loan Party holds any commercial tort claims, as defined in Article 9 of the Uniform Commercial Code, except as indicated in
the Perfection Certificates attached hereto as Exhibit C. If any such Loan Party shall at any time acquire a commercial
tort claim, such Loan Party shall immediately notify the Lender in a writing signed by such Loan Party of the brief details thereof
and grant to the Lender in such writing a security interest therein and in the proceeds thereof, all upon the terms of this Agreement,
with such writing to be in form and substance reasonably satisfactory to the Lender.

 

(o)          If
any such Loan Party has accounts receivable in respect of which the account debtor is located in Minnesota, the Loan Parties represent
and warrant that the applicable Loan Party has filed and shall file all legally-required Notice of Business Activities Reports
and comparable reports with the appropriate government authorities.

 

5.03.       Fixtures,
etc. It is the intention of the parties hereto that none of the Collateral shall become fixtures and, except as set forth on
Schedule 5.03 attached hereto and except for Collateral which becomes a fixture pursuant to any construction contract entered
into by a Loan Party the ordinary course of such Loan Party’s business, each Loan Party will take all such reasonable action
or actions as may be necessary to prevent any of the Collateral from becoming fixtures. Without limiting the generality of the
foregoing, each Loan Party will, if requested by the Agent, use commercially reasonable efforts to obtain waivers of Liens, in
form satisfactory to the Agent, from each lessor of real property on which any of the Collateral is or is to be located to the
extent requested by the Agent.

 

5.04.       Right
of Agent to Dispose of Collateral, etc. Upon the occurrence and during the continuance of any Event of Default, but subject
to the provisions of the Uniform Commercial Code or other applicable law, in addition to all other rights under applicable law
and under the Loan Documents, the Agent shall have the right to take possession of the Collateral and, in addition thereto, the
right to enter upon any premises on which the Collateral or any part thereof may be situated and remove the same therefrom. The
Agent may require the Loan Parties (other than the Special Guarantors) to make the Collateral (to the extent the same is moveable)
available to the Agent at a place to be designated by the Agent or transfer any information related to the Collateral to the Agent
by electronic medium. Unless the Collateral is perishable or threatens to decline speedily in value or is of a type customarily
sold on a recognized market, the Agent will give the Loan Parties at least ten (10) days’ prior written notice of the time
and place of any public sale thereof or of the time after which any private sale or any other intended disposition thereof is to
be made. Any such notice shall be deemed to meet any requirement hereunder or under any applicable law (including the Uniform Commercial
Code) that reasonable notification be given of the time and place of such sale or other disposition.

 

5.05.       Right
of Agent to Use and Operate Collateral, etc. Upon the occurrence and during the continuance of any Event of Default,
subject to the provisions of the Uniform Commercial Code or other applicable law, the Agent shall have the right and power
(a) to take possession of all or any part of the Collateral, and to exclude the Loan Parties and all persons claiming under
the Loan Parties wholly or partly therefrom, and thereafter to hold, store, and/or use, operate, manage and control the same,
and (b) to grant

 

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a license to use,
or cause to be granted a license to use, any or all of the Patents, Trademarks and Copyrights (in the case of Trademarks, along
with the goodwill associated therewith), but subject to the terms of any licenses. Upon any such taking of possession, the Agent
may, from time to time, at the expense of the Loan Parties, make all such repairs, replacements, alterations, additions and improvements
to and of the Collateral as the Agent may deem proper. In any such case the Agent shall have the right to manage and control the
Collateral and to carry on the business and to exercise all rights and powers of the Loan Parties in respect thereto as the Agent
shall deem best, including the right to enter into any and all such agreements with respect to the operation of the Collateral
or any part thereof as the Agent may see fit; and the Agent shall be entitled to collect and receive all rents, issues, profits,
fees, revenues and other income of the same and every part thereof. Such rents, issues, profits, fees, revenues and other income
shall be applied to pay the expenses of holding and operating the Collateral and of conducting the business thereof, and of all
maintenance, repairs, replacements, alterations, additions and improvements, and to make all payments which the Agent may be required
or may elect to make, if any, for taxes, assessments, insurance and other charges upon the Collateral or any part thereof, and
all other payments which the Agent may be required or authorized to make under any provision of this Agreement (including reasonable
legal costs and attorneys’ fees). The Agent shall apply the remainder of such rents, issues, profits, fees, revenues and
other income as provided in Section 5.06.

 

5.06.       Proceeds
of Collateral. After deducting all reasonable costs and expenses of collection, storage, custody, sale or other disposition
and delivery (including reasonable legal costs and attorneys’ fees) and all other charges against the Collateral, the Agent
shall apply the residue of the proceeds of any such sale or disposition to the Secured Obligations in accordance with the terms
hereof and any surplus shall be returned to the Loan Parties or to any Person or party lawfully entitled thereto (including, if
applicable, any holders of Subordinated Indebtedness). In the event the proceeds of any sale, lease or other disposition of the
Collateral are insufficient to pay all of the Secured Obligations in full, the Loan Parties will be liable for the deficiency,
together with interest thereon at the Default Rate, and the cost and expenses of collection of such deficiency, including (to the
extent permitted by law), without limitation, reasonable attorneys’ fees, expenses and disbursements.

 

Article
6

 

Conditions

 

6.01.       Effective
Time. The obligations of the Revolving Lenders to make Revolving Loans, of the Term Loan Lenders to make Term Loans, of the
Swing Line Lender to make Swing Line Loans, and of the L/C Issuer to issue Letters of Credit hereunder shall not become effective
until the date on which each of the following conditions is satisfied (or waived in accordance with Section 12.02):

 

(a)          The
Agent’s receipt of the following, each of which shall be originals or telecopies or electronic transmission (followed promptly
by originals) unless otherwise specified, each properly executed by a Responsible Officer of the signing Loan Party, each dated
the Restatement Date (or, in the case of certificates of governmental officials, a recent date before the Restatement Date) and
each in form and substance satisfactory to the Agent and each of the Lenders:

 

(i)           Agreement.
Either a counterpart of this Agreement signed on behalf of such party or written evidence satisfactory to the Agent (which may
include telecopy or electronic transmission of a signed signature page of this Agreement) that such party has signed a counterpart
of this Agreement;

 

(ii)          Notes.
A duly completed and executed Revolving Note for the account of each Revolving Lender, a duly completed and executed Swing Line
Note in the principal amount of the

 

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Swing Line Commitment for the
account of the Swing Line Lender, and a duly completed and executed Term Note for the account of each Term Loan Lender, for
each such Lender requesting the same.

 

(iii)         Existence
and Good Standing. Such documents and certificates as the Agent or Special Counsel may reasonably request relating to the organization,
existence and good standing of each Loan Party, the authorization of the transactions contemplated hereby and any other legal matters
relating to the Loan Parties, this Agreement or the other Loan Documents, all in form and substance reasonably satisfactory to
the Agent and Special Counsel.

 

(iv)         Security
Interests in Personal and Mixed Property. Evidence satisfactory to the Agent that the Loan Parties (other than the Special
Guarantors) shall have taken or caused to be taken (or authorized the Agent to take or cause to be taken) all such actions, executed
and delivered or caused to be executed and delivered all such agreements, documents and instruments and made or caused to be made
all such filings and recordings (other than filings or recordings to be made by the Agent on or after the Restatement Date) that
may be necessary or, in the opinion of the Agent, desirable in order to create in favor of the Agent, for the benefit of the Lenders,
valid and (upon such filing and recording) perfected First Priority security interests in the entire personal and mixed property
Collateral.

 

(v)          Evidence
of Insurance. Certificates from the Loan Parties’ insurance brokers that all insurance required to be maintained pursuant
to Section 8.05 is in full force and effect and that the Agent on behalf of the Lenders has been named as additional insured
or loss payee thereunder to the extent required under Section 8.05.

 

(vi)         Existing
Debt; Liens. Evidence that all principal, interest, and other amounts owing in respect of all Existing Debt of the Loan Parties
(other than Indebtedness permitted to remain outstanding in accordance with Section 9.01 hereof) will be repaid in full as
of the Effective Time, and that with respect to all Indebtedness permitted to remain outstanding in accordance with Section 9.01
hereof, any defaults or events of default existing as of the Restatement Date with respect to such Indebtedness will be cured or
waived immediately following the funding of the initial Loans; and evidence that as of the Effective Time, the Property of the
Loan Parties is not subject to any Liens (other than Liens in favor of the Agent and Liens permitted to remain outstanding in accordance
with Section 9.02 hereof).

 

(vii)        Financial
Statements; Projections. The financial statements and projections referred to in Section 7.04 hereof and the same shall
not be inconsistent with the information previously provided to the Agent.

 

(viii)       Solvency
Certificate. A certificate, dated the Restatement Date and signed by a Responsible Officer, substantially in the form of Exhibit
G attached hereto.

 

(ix)          Financial
Officer Certificate. The Agent shall have received a certificate, dated the Restatement Date and signed by a Responsible Officer,
confirming compliance with the conditions set forth in Sections 6.02(a) and 6.02(b) at the Effective Time.

 

(x)          Opinion
of Counsel to Loan Parties. The favorable written opinions (addressed to the Agent and dated the Restatement Date) of
(xi) Morgan, Lewis & Bockius LLP, counsel to the Loan Parties, substantially in the form of Exhibit F annexed
hereto and covering such matters relating to the Loan Parties, this Agreement, the other Loan Documents or the transactions
contemplated hereby as the Agent shall reasonably request and (xii) local counsel to the Loan

 

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Parties in the following jurisdictions: Arizona, North Carolina,
Nevada, Kentucky, Tennessee, Washington, and Ontario, Canada.

 

(xi)          Other
Documents. All material contracts, instruments, opinions, certificates, assurances and other documents as the Agent or any
Lender or Special Counsel shall have reasonably requested and the same shall be reasonably satisfactory to each of them.

 

(b)          Organizational
Structure. The corporate organizational structure, capitalization and ownership of the Borrower and its Subsidiaries shall
be as set forth on Schedules 7.12 and 7.13 annexed hereto. The Agent shall have had the opportunity to review, and
shall be satisfied with, the Loan Parties’ state and federal tax assumptions, and the ownership, capital, organization and
structure of the Loan Parties.

 

(c)          Necessary
Governmental Permits, Licenses and Authorizations and Consents; Etc. The Loan Parties shall have obtained all other permits,
licenses, authorizations and consents from all other Governmental Authorities and all consents of other Persons with respect to
Material Indebtedness, Liens and material agreements listed on Schedule 7.14 (and so identified thereon) annexed hereto,
in each case that are necessary or advisable in connection with the transactions contemplated by the Loan Documents, and each of
the foregoing shall be in full force and effect, in each case other than those the failure to obtain or maintain which, either
individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect. No action, request for stay,
petition for review or rehearing, reconsideration or appeal with respect to any of the foregoing shall be pending, and the time
for any applicable Governmental Authority to take action to set aside its consent on its own motion shall have expired.

 

(d)          No
Material Adverse Change. There shall have occurred no material adverse change (in the reasonable opinion of the Agent) in the
businesses, operations, properties (including tangible properties), or conditions (financial or otherwise), assets, liabilities
or income of the Loan Parties, taken as a whole.

 

(e)          Fees
and Expenses. The Agent and the L/C Issuer shall have received all reasonable fees and other amounts due and payable to such
Person and Special Counsel at or prior to the Effective Time, including, to the extent invoiced, reimbursement or payment of all
out-of-pocket expenses required to be reimbursed or paid by the Borrower hereunder.

 

For purposes of determining compliance with
the conditions specified in this Section 6.01, each Lender that has signed this Agreement shall be deemed to have consented to,
approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved
by or acceptable or satisfactory to a Lender unless the Agent shall have received notice from such Lender prior to Effective Time
specifying its objection thereto.

 

6.02.       Each
Extension of Credit. The obligation of each Lender and the L/C Issuer to honor any Request for Credit Extension (other than
a Loan Notice requesting only a conversion of Loans to the other Type, or a continuation of Eurocurrency Rate Loans) is subject
to the following conditions precedent:

 

(a)          Representations
and Warranties. The representations and warranties of each Loan Party set forth in this Agreement and the other
Loan Documents shall (i) with respect to representations and warranties that contain a materiality qualification, be true
and correct on and as of the date of such Credit Extension and (ii) with respect to representations and warranties that do
not contain a materiality qualification, be true and correct in all material respects on and as of the date of such Credit
Extension, both before and after giving effect thereto and to the use of the proceeds thereof (or, if any such representation
or warranty is expressly stated to have been made as of a specific date, such representation or warranty shall be or have
been true and correct in all material respects as of such specific date and provided that, to

 

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the extent any change in circumstances expressly permitted by this Agreement causes any representation
and warranty set forth herein to no longer be true, such representation and warranty shall be deemed modified to reflect such change
in circumstances and except that for purposes of this Section 6.02, the representations and warranties contained in Sections 7.04(a)(i))
and 7.04(a)(ii) shall be deemed to refer to the most recent statements furnished pursuant to Sections 8.01(a) and (b), respectively.).

 

(b)          No
Defaults. At the time of, and immediately after giving effect to, such Borrowing, or (as applicable) the date of issuance,
amendment, renewal or extension of such Letter of Credit, no Default or Event of Default shall have occurred and be continuing.

 

(c)          Request
for Credit Extension. The Agent and, if applicable, the L/C Issuer or the Swing Line Lender shall have received a Request for
Credit Extension in accordance with the requirements hereof.

 

(d)          Alternative
Currency. In the case of a Credit Extension to be denominated in an Alternative Currency, such currency remains an Eligible
Currency.

 

Each Request for Credit
Extension (other than a Loan Notice requesting only a conversion of Loans to the other Type or a continuation of Eurocurrency Rate
Loans) submitted by the Borrower shall be deemed to be a representation and warranty that the conditions specified in Sections
6.02(a) and 6.02(b) have been satisfied on and as of the date of the applicable Credit Extension.

 

Article
7

 

Representations and Warranties

 

Each Loan Party represents
and warrants to the Lenders, the L/C Issuer and the Agent, as to itself and each other Loan Party, that:

 

7.01.       Organization;
Powers. Each Loan Party has been duly formed or organized and is validly existing and in good standing under the laws of its
jurisdiction of organization. Each Loan Party has all requisite power and authority to carry on its business as now conducted and
is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required, except where
the failure to have such power or authority or to be so qualified or in good standing, individually or in the aggregate, could
not reasonably be expected to result in a Material Adverse Effect.

 

7.02.       Authorization;
Enforceability. The borrowing of the Loans and the grant of security interests pursuant to the Loan Documents are within the
power and authority of the Loan Parties and have been duly authorized by all necessary action on the part of the Loan Parties.
This Agreement and the other Loan Documents have been duly authorized, executed and delivered by the Loan Parties and constitute
legal, valid and binding obligations of the Loan Parties, enforceable in accordance with their respective terms, subject to applicable
bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general
principles of equity, regardless of whether considered in a proceeding in equity or at law.

 

7.03.       Governmental
Approvals; No Conflicts. The borrowing of the Loans and the grant of the security interests pursuant to the
Loan Documents (a) do not require any consent or approval of, registration or filing with, or any other action by,
any Governmental Authority which has not been obtained, except as disclosed on Schedule 7.03, (b) will not violate
any applicable law, policy or regulation or the organizational documents of the Loan Parties or any order of any
Governmental Authority, (c) will not violate or result in a default under any indenture, agreement or other instrument
binding upon the Loan Parties, or any assets, or give rise to a right thereunder to require any payment to be made by the
Loan

 

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Parties, and such violation or default or
right to payment would have a Material Adverse Effect, and (d) except for the Liens created by the Loan Documents, will not
result in the creation or imposition of any Lien on any asset of the Loan Parties.

 

7.04.       Financial
Condition; No Material Adverse Change.

 

(a)          The
Loan Parties have heretofore delivered to the Lenders the following financial statements:

 

(i)           the
consolidated balance sheets and statements of operations, shareholders’ equity and cash flows of the Borrower and all Subsidiaries
of the Borrower, as of and for the fiscal years ended December 31, 2017 and December 31, 2018, in each case, audited and accompanied
by an opinion of the Borrower’s independent public accountants (the “Audited Financial Statements”);

 

(ii)          the
unaudited consolidated balance sheet and statements of operations, shareholders’ equity and cash flows of the Borrower and
all Subsidiaries of the Borrower and all Subsidiaries of the Borrower, as of and for the fiscal year-to-date period ended March
31, 2019, certified by a Responsible Officer that such financial statements fairly present in all material respects the financial
condition of the Borrower and all Subsidiaries of the Borrower as at such date and the results of the operations of the Borrower
and all Subsidiaries of the Borrower for the period ended on such date and that all such financial statements, including the related
schedules and notes thereto have been prepared in all material respects in accordance with GAAP applied consistently throughout
the periods involved, except as disclosed on Schedule 7.04; and

 

(iii)         the
projected consolidated balance sheets, statements of operations and cash flows for the Borrower and all Subsidiaries of the Borrower
on a quarterly basis for fiscal year 2019.

 

Except as disclosed on Schedule 7.04,
such financial statements (except for the projections) present fairly, in all material respects, the respective consolidated financial
position and results of operations and cash flows of the respective entities as of such respective dates and for such periods in
accordance with GAAP, subject to year-end audit adjustments and the absence of footnotes in the case of such unaudited or pro
forma statements. The projections were prepared by the Borrower in good faith and were based on assumptions that the Borrower
believed were reasonable when made, it being understood, that actual results during the periods covered thereby may differ from
the projected results.

 

(b)          Except
as disclosed on Schedule 7.04, since December 31, 2018, there has been no material adverse change in the business,
assets, operations or condition, financial or otherwise, of the Loan Parties (taken as a whole) from that set forth in the December
31, 2018 financial statements referred to in clause (ii) of paragraph (a) above.

 

(c)          None
of the Loan Parties has on the date hereof any contingent liabilities, liabilities for taxes, unusual forward or long-term
commitments or unrealized or anticipated losses from any unfavorable commitments in each case that are material and would
need to be disclosed on financial statements in accordance with GAAP, except (i) as referred to or reflected or provided for
in the financial statements described in this Section 7.04, (ii) as provided for in Schedule 7.04 annexed
hereto, or (iii) as otherwise permitted pursuant to this Agreement.

 

7.05.       Properties.

 

(a)          Each
Loan Party has good and marketable title to, or valid, subsisting and enforceable leasehold interests in, all its Property material
to its business. All machinery and equipment of the Loan

 

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Parties material to their business is in good operating condition and
repair (ordinary wear and tear excepted), and all necessary replacements of and repairs thereto have be made so as to preserve
and maintain the value and operating efficiency of such machinery and equipment.

 

(b)          Set
forth on Schedule 7.05 hereto is a complete list of all Patents, Trademarks and Copyrights. Each Loan Party owns, or is
licensed to use, all Patents, Trademarks and Copyrights and other intellectual property material to its business (“Proprietary
Rights”), and to the knowledge of the Borrower, the use thereof by the Loan Parties does not infringe upon the rights
of any other Person, except for any such infringements that, individually or in the aggregate, could not reasonably be expected
to result in a Material Adverse Effect.

 

(c)          Schedule
7.05 clearly identifies all Patents, Trademarks and Copyrights that have been duly registered in, filed in or issued by the
PTO or the United States Register of Copyrights (collectively, the “Registered Proprietary Rights”). The Registered
Proprietary Rights have been properly maintained and renewed in accordance with all applicable provisions of law and administrative
regulations in the United States, as applicable. The Loan Parties have taken commercially reasonable steps to protect the Registered
Proprietary Rights material to their businesses and to maintain the confidentiality of all Proprietary Rights that are not generally
in the public domain.

 

(d)          As
of the date hereof, Schedule 7.05 annexed hereto contains a true, accurate and complete list of (i) all
Real Property Assets, whether owned or leased, and (ii) all leases, subleases or assignments of leases (together with all
amendments, modifications, supplements, renewals or extensions of any thereof) affecting each Leasehold Property, regardless
of whether such Loan Party is the landlord or tenant (whether directly or as an assignee or successor in interest) under such
lease, sublease or assignment. Except as specified in Schedule 7.05, each agreement listed in clause (d) of
the immediately preceding sentence is in full force and effect and the Borrower has no knowledge of any default that has
occurred and is continuing thereunder, and each such agreement constitutes the legal, valid and binding obligation of each
applicable Loan Party, enforceable against such Loan Party in accordance with its terms, except as enforcement may be limited
by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights
generally or by equitable principles.

 

7.06.       Litigation
and Environmental Matters.

 

(a)          There
are no actions, suits or proceedings by or before any arbitrator or Governmental Authority pending against or, to the knowledge
of the Loan Parties, threatened against or affecting any Loan Party as to which there is a reasonable possibility of an adverse
determination and that, if adversely determined, could reasonably be expected, individually or in the aggregate, to result in a
Material Adverse Effect (other than the Disclosed Matters set forth in part (a) of Schedule 7.06).

 

(b)          Except
for the Disclosed Matters set forth in Schedule 7.06 and except with respect to any other matters that, individually
or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, the Loan Parties (i) have not
failed to comply with any Environmental Law or to obtain, maintain or comply with any permit, license or other approval
required in connection with the operation of the Loan Parties’ business to be in compliance with all applicable
Environmental Laws, (ii) have not become subject to any Environmental Liability; (iii) have not received notice of any claim
with respect to any Environmental Liability or any inquiry, allegation, notice or other communication from any Governmental
Authority which is currently outstanding or pending concerning its compliance with any Environmental Law or (iv) do not know
of any basis for any Environmental Liability.

 

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(c)          Since
the date of this Agreement, there has been no change in the status of the Disclosed Matters that, individually or in the aggregate,
has resulted in, or could reasonably be expected to result in, a Material Adverse Effect.

 

7.07.       Compliance
with Laws and Agreements. Except as set forth on Schedule 7.07, each Loan Party is in compliance with all laws,
regulations, policies and orders of any Governmental Authority applicable to it or its property and all indentures, agreements
and other instruments binding upon it or its property, except where the failure to do so, individually or in the aggregate, could
not reasonably be expected to result in a Material Adverse Effect.

 

7.08.       Investment
and Holding Company Status. No Loan Party is (a) an “investment company” as defined in, or subject
to regulation under, the Investment Company Act of 1940, as amended, (b) a “holding company” as defined in, or
subject to regulation under, the Public Utility Holding Company Act of 1935, as amended or (c) a “bank holding
company” as defined in, or subject to regulation under, the Bank Holding Company Act of 1956, as amended.

 

7.09.       Taxes.
Except as set forth on Schedule 7.09, each Loan Party has timely filed or caused to be filed all Tax returns
and reports required to have been filed and has paid or caused to be paid all Taxes required to have been paid by it, except
(a) Taxes that are being contested in good faith by appropriate proceedings and for which such Loan Party has set aside on
its books adequate reserves with respect thereto in accordance with GAAP, which reserves shall be acceptable to Agent, or (b)
to the extent that the failure to do so could not reasonably be expected to result in a Material Adverse Effect.

 

7.10.      ERISA.
Except as set forth on Schedule 7.10, no Loan Party has any Pension Plans. No ERISA Event has occurred or is reasonably
expected to occur that, when taken together with all other such ERISA Events for which liability is reasonably expected to occur,
could reasonably be expected to result in a Material Adverse Effect. No Loan Party has a present intention to terminate any Pension
Plan with respect to which any Loan Party would incur a cost of more than $100,000 to terminate such Plan, including amounts required
to be contributed to fund such Plan on Plan termination and all costs and expenses associated therewith, including without limitation
attorneys’ and actuaries’ fees and expenses in connection with such termination and a reasonable estimate of expenses
and settlement or judgment costs and attorneys’ fees and expenses in connection with litigation related to such termination.

 

7.11.      Disclosure.
As of the Effective Time, the Loan Parties have disclosed to the Agent all material agreements, instruments and corporate or other
restrictions to which any Loan Party is subject after the Effective Time, and all other matters known to the Loan Parties, that,
individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect. The organizational structure
of the Loan Parties is as set forth on Schedule 7.12 annexed hereto. The information, reports, financial statements, exhibits
and schedules furnished at or prior to the Effective Time in writing by or on behalf of the Loan Parties to the Agent in connection
with the negotiation, preparation or delivery of this Agreement and the other Loan Documents or included herein or therein or delivered
pursuant hereto or thereto, at the Effective Time, when taken as a whole do not contain any untrue statement of material fact or
omit to state any material fact necessary to make the statements herein or therein, in light of the circumstances under which they
were made, not materially misleading. All written information furnished after the Effective Time by the Loan Parties to the Agent
and/or the Lenders in connection with this Agreement and the other Loan Documents and the transactions contemplated hereby and
thereby will be true, complete and accurate in every material respect, or (in the case of pro-forma information and projections)
prepared in good faith based on assumptions believed by such Loan Party to be reasonable as of the date when such information is
stated or certified. There is no fact known to the Loan Parties that could reasonably be expected to have a Material Adverse Effect
that has not been disclosed herein, in the other Loan Documents or in a report,

 

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financial statement, exhibit, schedule, disclosure
letter or other writing furnished to the Agent for use in connection with the transactions contemplated hereby or thereby.

 

7.12.      Capitalization.
As of the Effective Time, the capital structure and ownership of the Subsidiaries are correctly described on Schedule 7.13.
As of the Effective Time, the authorized, issued and outstanding capital stock of each Subsidiary of the Borrower consists of the
capital stock described on Schedule 7.13 all of which is duly and validly issued and outstanding, fully paid and nonassessable.
Except as set forth on Schedule 7.13, as of the date hereof, (x) there are no outstanding Equity Rights with respect
to any Subsidiary of the Borrower and, (y) there are no outstanding obligations of the any Subsidiary of the Borrower to repurchase,
redeem, or otherwise acquire any shares of capital stock of or other interest in any Subsidiary of the Borrower, nor are there
any outstanding obligations of the any Subsidiary of the Borrower to make payments to any Person, such as “phantom stock”
payments, where the amount thereof is calculated with reference to the fair market value or equity value of any Subsidiary of the
Borrower.

 

7.13.      Subsidiaries.

 

(a)          Set
forth on Schedule 7.13 is a complete and correct list of all Subsidiaries of the Borrower as of the date hereof
(or, from and after the delivery of the first Compliance Certificate with a revised Schedule 7.13, as of the date of
the most recently delivered Compliance Certificate), together with, for each such Subsidiary, (i) the jurisdiction of
organization of such Subsidiary, (ii) each Person holding ownership interests in such Subsidiary, (iii) the nature of
the ownership interests held by each such Person and the percentage of ownership of such Subsidiary represented by such
ownership interests and (iv) a statement with respect to each Subsidiary as to whether such Subsidiary is a Renewable Energy
Subsidiary or other Non-Core Energy Subsidiary, a Special Purpose Subsidiary (other than Non-Core Energy Subsidiary), a
Foreign Subsidiary, an Inactive Subsidiary, or a Subsidiary engaged in the line of business activity engaged in by the Core
Ameresco Companies other than a Renewable Energy Project. Except as disclosed in Schedule 7.13, (x) each Loan
Party and its respective Subsidiaries owns, free and clear of Liens (other than Liens permitted hereunder), and has the
unencumbered right to vote, all outstanding ownership interests in each Person shown to be held by it in Schedule 7.13,
(y) all of the issued and outstanding capital stock of each such Person organized as a corporation is validly issued, fully
paid and nonassessable and (z) there are no outstanding Equity Rights with respect to such Person.

 

(b)          Except
as set forth on Schedule 9.08, as of the date of this Agreement none of the Loan Parties is subject to any indenture,
agreement, instrument or other arrangement containing any provision of the type described in Section 9.08 (“Restrictive
Agreements”), other than any such provision the effect of which has been unconditionally, irrevocably and permanently
waived.

 

7.14.      Material
Indebtedness, Liens and Agreements.

 

(a)          Schedule 7.14
hereto contains a complete and correct list, as of the date of this Agreement, of all Material Indebtedness or any extension of
credit (or commitment for any extension of credit) to, or guarantee by, any Loan Party the aggregate principal or face amount of
which equals or exceeds (or may equal or exceed) $5,000,000, and the aggregate principal or face amount outstanding or that may
become outstanding with respect thereto is correctly described on Schedule 7.14.

 

(b)          Schedule 7.14
hereto is a complete and correct list, as of the date of this Agreement, of each Lien (other than the Liens in favor of the Agent
and Lenders) securing Indebtedness of any Person and covering any property of the Loan Parties, and the aggregate Indebtedness
secured (or which may be secured) by each such Lien and the Property covered by each such Lien is correctly described in the appropriate
part of Schedule 7.14.

 

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(c)          Schedule 7.14
hereto is a complete and correct list, as of the date of this Agreement, of each contract and arrangement to which any Loan Party
is a party for which breach, nonperformance, cancellation or failure to renew would have a Material Adverse Effect other than purchase
orders made in the ordinary course of business and subject to customary terms.

 

(d)          To
the extent requested by the Agent, true and complete copies of each agreement listed on the appropriate part of Schedule 7.14
have been delivered to the Agent, together with all amendments, waivers and other modifications thereto. All such agreements are
valid, subsisting, in full force and effect, are currently binding and will continue to be binding upon each Loan Party that is
a party thereto and, to the best knowledge of the Loan Parties, binding upon the other parties thereto in accordance with their
terms. The Loan Parties are not in default under any such agreements, which default could have a Material Adverse Effect.

 

7.15.      Federal
Reserve Regulations. No Loan Party is engaged principally or as one of its important activities in the business of extending
credit for the purpose of purchasing or carrying margin stock (as defined in Regulation U of the FRB). The making of the Loans
hereunder, the use of the proceeds thereof as contemplated hereby, and the security arrangements contemplated by the Loan Documents,
will not violate or be inconsistent with any of the provisions of Regulations T, U, or X of the FRB.

 

7.16.      Solvency.
As of the Effective Time and after giving effect to the initial Loans hereunder and the other transactions contemplated hereby:

 

(a)          the
aggregate value of all properties of the Loan Parties at their present fair saleable value on a consolidated, going concern basis
(i.e., the amount that may be realized within a reasonable time, considered to be six months to one year, either through collection
or sale at the regular market value, conceiving the latter as the amount that could be obtained for such properties within such
period by a capable and diligent businessman from an interested buyer who is willing to purchase under ordinary selling conditions),
exceeds the amount of all the consolidated debts and liabilities (including contingent, subordinated, unmatured and unliquidated
liabilities) of the Loan Parties;

 

(b)          the
Loan Parties will not, on a consolidated basis, have an unreasonably small capital with which to conduct their business operations
as heretofore conducted; and

 

(c)          the
Loan Parties will have, on a consolidated basis, sufficient cash flow to enable them to pay their debts as they mature.

 

7.17.      Force
Majeure. Since December 31, 2018, the business, properties and other assets of the Loan Parties, taken as a whole, have not
been materially and adversely affected in any way as the result of any fire or other casualty, strike, lockout or other labor trouble,
embargo, sabotage, confiscation, contamination, riot, civil disturbance, activity of armed forces or act of God.

 

7.18.      Accounts
Receivable. Unless otherwise indicated to the Agent in writing:

 

(a)          Each
account receivable is genuine and in all material respects what it purports to be, and it is not evidenced by a judgment;

 

(b)          Except
with respect to accounts receivable arising out of project payments under long term contracts, each account receivable arises out
of a completed, bona fide sale and delivery of goods or rendition of services by a Loan Party in the ordinary course of its business
and in accordance with the terms and conditions of all purchase orders, contracts or other documents relating thereto and forming
a part of

 

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the contract between such Loan Party and the account debtor, and, in the case of goods, title to the goods has passed
from the Loan Party to the account debtor;

 

(c)          Except
with respect to accounts receivable arising out of project payments under long term contracts, each account receivable is for a
liquidated amount maturing as stated in the duplicate invoice covering such sale or rendition of services, a copy of which has
been furnished or is available to the Agent;

 

(d)          Each
account receivable is absolutely owing to one of the Loan Parties and is not contingent in any respect or for any reason and the
Agent’s security interest therein, is not, and will not (by voluntary act or omission of the Loan Parties) be in the future,
subject to any offset, Lien, deduction, defense, dispute, counterclaim or any other adverse condition except for disputes resulting
in returned goods where the amount in controversy is deemed by the Agent to be immaterial and Liens arising in the ordinary course
of business under applicable law in favor of subcontractors, materialmen and mechanics in respect of work performed in connection
with such account receivable; provided that the Loan Parties shall pay all amounts required to be paid to any such subcontractor,
materialman or mechanic in accordance with the terms of the agreement relating to such account receivable;

 

(e)          No
Loan Party has made any agreement with any account debtor for any extension, compromise, settlement or modification of any account
receivable or any deduction therefrom, except discounts or allowances which are granted by the Loan Parties in the ordinary course
of their businesses for prompt payment and which are reflected in the calculation of the net amount of each respective invoice
related thereto;

 

(f)          To
the best knowledge of the Loan Parties, the account debtor under each account receivable had the capacity to contract at the time
any contract or other document giving rise to an account receivable was executed and such account debtor is not insolvent; and

 

(g)          To
the best knowledge of the Loan Parties, there are no proceedings or actions which are threatened or pending against any account
debtor which might result in any material adverse change in such account debtor’s financial condition or the collectability
of any account receivable.

 

7.19.      Labor
and Employment Matters.

 

(a)          Except
as set forth on Schedule 7.19 as of the Effective Time, and thereafter with respect to which such would have a
Material Adverse Effect, (A) no employee of the Loan Parties is represented by a labor union, no labor union has been
certified or recognized as a representative of any such employee, and the Loan Parties do not have any obligation under any
collective bargaining agreement or other agreement with any labor union or any obligation to recognize or deal with any labor
union, and there are no such contracts or other agreements pertaining to or which determine the terms or conditions of
employment of any employee of the Loan Parties; (B) no Loan Party has knowledge of any pending or threatened representation
campaigns, elections or proceedings; (C) the Loan Parties do not have knowledge of any strikes, slowdowns or work stoppages
of any kind, or threats thereof, and no such activities occurred during the 24-month period preceding the date hereof; and
(D) no Loan Party has engaged in, admitted committing or been held to have committed any unfair labor practice.

 

(b)          Except
as set forth on Schedule 7.19, the Loan Parties have at all times complied in all material respects, and are in material
compliance with, all applicable laws, rules and regulations respecting employment, wages, hours, compensation, benefits, and payment
and withholding of taxes in connection with employment.

 

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(c)          Except
as set forth on Schedule 7.19, except as could not reasonably be expected to have, individually or in the aggregate,
a Material Adverse Effect, the Loan Parties have at all times complied with, and are in compliance with, all applicable laws, rules
and regulations respecting occupational health and safety, whether now existing or subsequently amended or enacted, including,
without limitation, the Occupational Safety & Health Act of 1970, 29 U.S.C. Section 651 et seq. and the state analogies
thereto, all as amended or superseded from time to time, and any common law doctrine relating to worker health and safety.

 

7.20.      Bank
Accounts. Schedule 7.20 lists all banks and other financial institutions at which any Loan Party maintains deposits
and/or other accounts as of the Restatement Date, and such Schedule correctly identifies the name and address of each depository,
the name in which the account is held, a description of the purpose of the account, and the complete account number.

 

7.21.      Matters
Relating to the Special Purpose Subsidiaries. Except for Cost Overrun and Completion Guaranties and Non-Core Energy Project
Guaranties permitted hereunder, no Loan Party is obligated under any Indebtedness or other obligation of any Special Purpose Subsidiary.
The Hawaii Joint Venture does not conduct any business other than the construction and operation of the Hawaii Project.

 

7.22.      Matters
Relating to Inactive Subsidiaries. No Inactive Subsidiary (i) owns or otherwise holds any property or other assets or
(ii) conducts any business.

 

7.23.      Sanctions
Concerns and Anti-Corruption Laws.

 

(a)          Sanctions
Concerns. No Loan Party, nor any Subsidiary, nor, to the knowledge of the Loan Parties and their Subsidiaries, any
director, officer, employee, agent, affiliate or representative thereof, is an individual or entity that is, or is owned or
controlled by any individual or entity that is (i) currently the subject or target of any Sanctions, (ii) included
on OFAC’s List of Specially Designated Nationals, HMT’s Consolidated List of Financial Sanctions Targets and
the Investment Ban List, or any similar list enforced by any other relevant sanctions authority or (iii) located, organized
or resident in a Designated Jurisdiction. The Loan Parties and their Subsidiaries have conducted their businesses in
compliance in all material respects with all applicable Sanctions and have instituted and maintained policies and procedures
designed to promote and achieve compliance with such Sanctions.

 

(b)          Anti-Corruption
Laws. The Loan Parties and their Subsidiaries have conducted their business in compliance in all material respects with the
United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010 and other applicable anti-corruption legislation in
other jurisdictions, and have instituted and maintained policies and procedures designed to promote and achieve compliance with
such laws.

 

7.24.      Not
EEA Financial Institution. Neither the Borrower nor any Guarantor is an EEA Financial Institution.

 

7.25.      Borrower
Status. As of the Revolving Amendment Effective Time, the Borrower is not and will not thereafter be (i) an
employee benefit plan subject to Title I of ERISA, (ii) a plan or account subject to Section 4975 of the Code, (iii) an
entity deemed to hold “plan assets” of any such plans or accounts for purposes of ERISA or the Code, or (iv) a
“governmental plan” within the meaning of ERISA.

 

7.26.      Covered
Entities. No Loan Party is a Covered Entity.

 

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Article
8

 

Affirmative Covenants

 

Until the Commitments have
expired or been terminated and the principal of and interest on each Loan and all fees payable hereunder shall have been paid in
full and all Letters of Credit shall have expired or terminated or Cash Collateralized and all L/C Disbursements shall have been
reimbursed, each Loan Party covenants and agrees with the Agent and the Lenders that:

 

8.01.       Financial
Statements and Other Information. The Loan Parties will furnish to the Agent and each Lender:

 

(a)          as
soon as available and in any event within  120 days after the end of each fiscal year of the Loan Parties:

 

(i)           consolidated
statements of operations, shareholders’ equity and cash flows of the Borrower and its Subsidiaries for such fiscal year and
the related consolidated balance sheets of the Borrower and its Subsidiaries as at the end of such fiscal year, setting forth in
each case in comparative form the corresponding consolidated figures for the preceding fiscal year; provided that the consolidated
statements of operations, shareholders’ equity and cash flows of the Borrower and its Subsidiaries and the consolidated balance
sheets of the Borrower and its Subsidiaries for any such fiscal year shall present separately the results of the Core Ameresco
Companies (taken as a whole) for such fiscal year, and

 

(ii)          an
opinion of independent certified public accountants of recognized national standing (without a “going concern” or like
qualification or exception and without any qualification or exception as to the scope of such audit) stating that the consolidated
financial statements referred to in the preceding clause (i) (other than those described in the proviso thereto) fairly present
in all material respects the consolidated financial condition and results of operations of the Loan Parties and their Subsidiaries
as at the end of, and for, such fiscal year in accordance with GAAP.

 

(b)          as
soon as available and in any event within 45 days after the end of each of the first three fiscal quarters:

 

(i)           consolidated
and consolidating statements of operations, shareholders’ equity and cash flows of the Borrower and its Subsidiaries for
such fiscal quarter and for the period from the beginning of the respective fiscal year to the end of such fiscal quarter, and
the related consolidated and consolidating balance sheets of the Borrower and its Subsidiaries as at the end of such period, setting
forth in each case in comparative form the corresponding consolidated figures for the corresponding period in the preceding fiscal
year, and the corresponding figures for the forecasts most recently delivered to the Agent for such period; provided that
the consolidated statements of operations, shareholders’ equity and cash flows of the Borrower and its Subsidiaries and the
consolidated balance sheets of the Borrower and its Subsidiaries for any such fiscal period shall present separately the results
of the Core Ameresco Companies (taken as a whole) for such fiscal period, and

 

(ii)          a
certificate of a Responsible Officer, which certificate shall state that said consolidated financial statements referred to in
the preceding clause (i) fairly present in all material respects the consolidated financial condition and results of operations
of the Borrower and its Subsidiaries and that said consolidating financial statements referred to in the preceding clause (i) fairly
present the respective individual unconsolidated financial conditions and results of operations

 

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of the Borrower and each Subsidiary,
in each case in accordance with GAAP, consistently applied, as at the end of, and for, such period (subject to normal year-end
audit adjustments and the omission of footnotes);

 

(c)          as
soon as available and in any event within (i) 45 days after the end of each of the first three fiscal quarters a Compliance
Certificate duly executed by a Responsible Officer with respect to the quarterly financial statements delivered pursuant to
subsection 8.01(b) above, and (ii) within 120 days after the end of each fiscal year, a Compliance Certificate duly executed
by a Responsible Officer with respect to the annual financial statements delivered pursuant to subsection 8.01(a) above,
together with, in the case of each of clauses (i) and (ii) of this subsection (c), such supporting financial information with
respect to the Core Ameresco Companies as shall be reasonably acceptable to the Agent;

 

(d)          as
soon as available and in any event within 60 days after the end of each fiscal year of the Loan Parties, statements of forecasted
consolidated and consolidating income and cash flows for the Loan Parties for each fiscal month in such fiscal year and a forecasted
consolidated and consolidating balance sheet of the Loan Parties as of the last day of each fiscal month in such fiscal year, together
with supporting assumptions which the Borrower believed were reasonable when made, all prepared in good faith in reasonable detail
and consistent with the Loan Parties’ past practices in preparing projections and otherwise reasonably satisfactory in scope
to the Agent;

 

(e)          promptly
upon receipt thereof, copies of all management letters and accountants’ letters received by the Loan Parties;

 

(f)          promptly
after the same are available, copies of each annual report, proxy or financial statement or other report or communication sent
to the stockholders of the Borrower, and copies of all annual, regular, periodic and special reports and registration statements
which the Borrower may file or be required to file with the SEC under Section 13 or 15(d) of the Securities Exchange Act of 1934,
and not otherwise required to be delivered to the Agent pursuant hereto;

 

(g)          promptly,
and in any event within five Business Days after receipt thereof by any Loan Party or any Subsidiary thereof, to the extent permitted
by applicable Law, copies of each notice or other correspondence received from the SEC (or comparable agency in any applicable
non-U.S. jurisdiction) concerning any investigation or possible investigation or other inquiry by such agency regarding financial
or other operational results of any Loan Party or any Subsidiary thereof; and

 

(h)          promptly
following any request therefor, such other information regarding the operations, business affairs and financial condition of the
Loan Parties, or compliance with the terms of this Agreement, as the Agent or any Lender may reasonably request.

 

The Borrower hereby acknowledges that (a)
the Agent or any Affiliate thereof may, but shall not be obligated to, make available to the Lenders and the L/C Issuer
materials and/or information provided by or on behalf of the Borrower hereunder (collectively, “Borrower
Materials”) by posting the Borrower Materials on IntraLinks, Syndtrak, ClearPar or a substantially similar
electronic transmission system (the “Platform”) and (b) certain of the Lenders (each, a “Public
Lender”) may have personnel who do not wish to receive material non-public information with respect to the 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. The Borrower hereby agrees that, to the extent that
and, so long as, the Borrower is the issuer of any outstanding debt or Equity Interests that are registered or issued
pursuant to a private offering or is actively contemplating issuing any such securities (w) all Borrower Materials that are
to be made available to Public Lenders shall be clearly and conspicuously marked “PUBLIC” which, at a minimum,
shall mean that the word “PUBLIC” shall appear prominently on the first

 

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page thereof; (x) by marking
Borrower Materials “PUBLIC,” Borrower shall be deemed to have authorized the Agent, any Affiliate thereof, the L/C
Issuer and the Lenders to treat such Borrower Materials as not containing any material non-public information (although it may
be sensitive and proprietary) with respect to the Borrower or its securities for purposes of United States Federal and state securities
laws (provided, however, that to the extent such Borrower Materials constitute confidential information (as described
in Section 12.14), they shall be treated as set forth in Section 12.14); (y) all Borrower Materials marked “PUBLIC”
are permitted to be made available through a portion of the Platform that is designated “Public Side Information;”
and (z) the Agent and any Affiliate thereof 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. Notwithstanding
the foregoing, the Borrower shall be under no obligation to mark any Borrower Materials “PUBLIC.”

 

8.02.       Notices
of Material Events. The Loan Parties will furnish to the Agent prompt written notice of the following:

 

(a)          the
occurrence of any Default;

 

(b)          the
filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against or affecting
any Loan Party or Affiliate that could reasonably be expected to result in a Material Adverse Effect;

 

(c)          the
occurrence of any ERISA Event related to the Plan of any Loan Party or knowledge after due inquiry of any ERISA Event related to
a Plan of any other ERISA Affiliate that, alone or together with any other ERISA Events that have occurred, could reasonably be
expected to result in liability of the Loan Parties in an aggregate amount exceeding $500,000; and

 

(d)          any
other development (including, without limitation, any default by a Loan Party under or dispute under a task order or other government
contract) that results in, or could reasonably be expected to result in, a Material Adverse Effect.

 

Each notice delivered under this Section 8.02
shall be accompanied by a statement of a Responsible Officer setting forth the details of the event or development requiring such
notice and any action taken or proposed to be taken with respect thereto.

 

8.03.       Existence;
Conduct of Business. Each Loan Party shall do or cause to be done all things necessary to preserve, renew and keep in full
force and effect its legal existence and the rights, licenses, permits, privileges and franchises material to the conduct of its
business, except to the extent such failure could not reasonably be expected to have a Material Adverse Effect; provided
that the foregoing shall not prohibit any merger, consolidation, liquidation, dissolution or any discontinuance or sale of such
business permitted under Section 9.04.

 

8.04.       Payment
of Obligations. Each Loan Party shall pay its obligations, including Tax liabilities, that, if not paid, could result
in a Material Adverse Effect before the same shall become delinquent or in default, except where (a) the validity or
amount thereof is being contested in good faith by appropriate proceedings, (b) such Loan Party has set aside on its books
adequate reserves with respect thereto in accordance with GAAP, which reserves shall be acceptable to Agent, and (c) the
failure to make payment pending such contest could not reasonably be expected to result in a Material Adverse Effect.

 

8.05.       Maintenance
of Properties; Insurance. Each Loan Party shall (a) keep and maintain all property material to the conduct of
its business in good working order and condition, ordinary wear and tear excepted, and (b) maintain insurance, with
financially sound and reputable insurance companies, as

 

    	 	96	 

     

    

 

may be required by law and such
other 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 or similar locations, including, without limitation, business interruption
insurance. Without limiting the generality of the foregoing, the Loan Parties will maintain or cause to be maintained
replacement value casualty insurance on the Collateral under such policies of insurance and flood insurance on all Additional
Mortgaged Property in compliance with applicable flood laws and regulations, in each case with such insurance companies,
in such amounts, with such deductibles, and covering such terms and risks as are standard and customary, available
on commercially reasonable terms and at all times satisfactory to the Agent in its commercially reasonable judgment. The
Loan Parties shall cause the Agent to be named as lenders’ loss payable, loss payee or mortgagee, as its interest
may appear, and/or additional insured with respect of any such insurance providing liability coverage or coverage in respect
of any Collateral, and cause, unless otherwise agreed to by the Agent, each provider of any such insurance to agree,
by endorsement upon the policy or policies issued by it or by independent instruments furnished to the Agent that it will
give the Agent thirty (30) days prior written notice before any such policy or policies shall be altered or cancelled (or ten
(10) days prior notice in the case of cancellation due to the nonpayment of premiums). Annually, upon expiration of
current insurance coverage, the Loan Parties shall provide, or cause to be provided, to the Agent, such evidence of insurance
as required by the Agent, including, but not limited to: (i) certified copies of such insurance policies, (ii) evidence of
such insurance policies (including, without limitation and as applicable, ACORD Form 28 certificates (or similar form of
insurance certificate), and ACORD Form 25 certificates (or similar form of insurance certificate)), (iii) declaration pages
for each insurance policy and (iv) lender’s loss payable endorsement if the Agent for the benefit of the Secured
Parties is not on the declarations page for such policy. As requested by the Agent, the Loan Parties agree to deliver to the
Agent an Authorization to Share Insurance Information.

 

8.06.       Books
and Records; Inspection Rights. Each Loan Party shall keep proper books of record and account in which entries are made of
all dealings and transactions in relation to its business and activities which fairly record such transactions and activities.
Each Loan Party shall permit any representatives designated by the Agent or any Lender to visit and inspect its properties, to
examine and make extracts from its books and records, and to discuss its affairs, finances and condition with its officers and
independent accountants as frequently as the Agent deems appropriate provided that, so long as no Default has occurred and
is continuing, all such visits shall be on reasonable prior notice, at reasonable times during regular business hours of such Loan
Party and, unless a Default shall have occurred and be continuing, shall not occur more than once per year, and provided further
that after the occurrence and during the continuance of any Default, the Agent and any of the Lenders may visit at any reasonable
time. The Borrower shall reimburse the Agent for all examination and inspections costs, internal costs at the customary rate charged
by the Agent plus all out-of-pocket expenses incurred in connection with such inspections, provided that, unless a Default
shall have occurred and be continuing, such costs and expenses shall not exceed $7,000 during any period of twelve (12) consecutive
months from and after the Restatement Date. The Loan Parties, in consultation with the Agent, will arrange for a meeting to be
held at least once every year (and after the occurrence and during the continuance of a Default, more frequently, if requested
by the Agent or the Required Lenders) with the Lenders and the Agent hereunder at which the business and operations of the Loan
Parties are discussed.

 

8.07.       Fiscal
Year. To enable the ready and consistent determination of compliance with the covenants set forth in Section 9.10 hereof,
the Loan Parties shall maintain their current fiscal year and current method of determining the last day of the first three fiscal
quarters in each fiscal year.

 

8.08.       Compliance
with Laws. Each Loan Party shall comply with the requirements of all Laws and all orders, writs, injunctions and decrees
applicable to it or to its business or property, except in such instances in which (a) such requirement of Law or order,
writ, injunction or decree is being contested in

 

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good faith by appropriate proceedings
diligently conducted; or (b) the failure to comply therewith could not reasonably be expected to have a Material Adverse
Effect.

 

8.09.       Use
of Proceeds. The proceeds of the Loans will be used only for (i) the refinancing of existing indebtedness, (ii) fees
and expenses incurred in connection with the transactions contemplated by this Agreement, and (iii) for general corporate and
working capital purposes of the Loan Parties and their Subsidiaries consistent with the limitations in this Agreement. No
part of the proceeds of any Loan will be used, whether directly or indirectly, for any purpose that entails a violation of
any of the Regulations of the FRB, including Regulations T, U and X.

 

8.10.      Certain
Obligations Respecting Subsidiaries; Additional Guarantors.

 

(a)          Except
as otherwise permitted hereunder, each Loan Party will, and will cause each of its Subsidiaries to, take such action from time
to time as shall be necessary to ensure that the percentage of the issued and outstanding shares of capital stock of any class
or character owned by it in any Subsidiary on the date hereof is not at any time decreased, other than by reason of transfers to
another Loan Party.

 

(b)          Without
limiting the obligation of the Borrower to obtain the consent of the Agent in connection with any formation or acquisition
of Subsidiaries not otherwise permitted hereunder, in the event that any Person becomes a Subsidiary after the Restatement
Date, the Borrower shall promptly (i) notify the Agent of such new Subsidiary that is not a Non-Core Energy Subsidiary and
(ii) provide to the Agent the information required by Section 7.13 with respect to such Person. If such Person is engaged in
business of the type conducted by the Core Ameresco Domestic Companies and is not a Non-Core Energy Subsidiary or a Foreign
Subsidiary, the Borrower shall, within 30 days, cause such Person to (x) become a Guarantor hereunder by delivering to the
Agent such joinder documents as the Agent shall reasonably require and (y) deliver to the Agent (A) documents of the types
referred to in Section 6.01(a)(iii)and (B) except for Special Guarantors, documents of the types referred to in Section
6.01(a)(iv), and (C) if requested by the Agent in its reasonable discretion, opinions of counsel to such Person (which shall
cover, among other things, the legality, validity, binding effect and enforceability of the documentation referred to in
clause (x)), all in form and substance reasonably satisfactory to the Agent.

 

8.11.      ERISA.
Except where a failure to comply with any of the following, individually or in the aggregate, would not or could not
reasonably be expected to result in a Material Adverse Effect, (i) the Loan Parties will maintain, and cause each ERISA
Affiliate to maintain, each Plan in compliance with all applicable requirements of ERISA and of the Code and with all
applicable rulings and regulations issued under the provisions of ERISA and of the Code and (ii) the Loan Parties will not
and, to the extent authorized, will not permit any of the ERISA Affiliates to (a) engage in any transaction with respect
to any Plan which would subject any Loan Party to either a civil penalty assessed pursuant to Section 502(i) of ERISA or
a tax imposed by Section 4975 of the Code, (b) fail to make full payment when due of all amounts which, under the
provisions of any Plan, any Loan Party or any ERISA Affiliate is required to pay as contributions thereto, whether or not
waived or (c) fail to make any payments to any Multiemployer Plan that any Loan Party or any of the ERISA Affiliates may be
required to make under any agreement relating to such Multiemployer Plan or any law pertaining thereto.

 

8.12.      Environmental
Matters; Reporting. The Loan Parties will observe and comply with, and cause each Subsidiary to observe and comply with
all Environmental Laws to the extent non-compliance could reasonably be expected to have a Material Adverse Effect. The Loan
Parties will give the Agent prompt written notice of any violation as to any Environmental Law by any Loan Party and of the
commencement of any judicial or administrative proceeding relating to Environmental Laws (a) in which an adverse result would
have a material adverse effect on any operating permits, air emission permits, water discharge permits, hazardous waste
permits or other environmental permits held by any Loan Party,

 

    	 	98	 

     

    

 

or (b) which will, or is likely to, have
a Material Adverse Effect on such Loan Party or which will require a material expenditure by such Loan Party to cure any
alleged problem or violation.

 

8.13.      Matters
Relating to Additional Real Property Collateral.

 

(a)          From
and after the Effective Time, in the event that any Loan Party acquires any Material Owned Property that the Agent determines is
an Additional Mortgaged Property or in the event that the Agent determines that any Real Property Asset has become an Additional
Mortgaged Property, the Borrower shall deliver, to the Agent, as soon as practicable after the Agent has notified the Borrower
that a Real Property Asset is an Additional Mortgaged Property, fully executed and notarized Mortgages (“Additional Mortgages”),
in proper form for recording in all appropriate places in all applicable jurisdictions, encumbering the interest of the applicable
Loan Party in such Additional Mortgaged Property, together with mortgagee title insurance policies or commitments therefor, and
copies of all surveys, deeds, title exception documents, flood hazard certificates and other documents as the Agent may reasonably
require copies of all deeds with respect to such Additional Mortgaged Property.

 

(b)          From
and after the Effective Time, in the event that any Loan Party enters into any lease with respect to any Material Leasehold Property,
the Borrower shall deliver to the Agent copies of the lease, and all amendments thereto, between the Loan Party and the landlord
or tenant, together with a Landlord’s Waiver and Consent with respect thereto and where required by the terms of any lease,
the consent of the mortgagee, ground lessor or other party.

 

(c)          If
requested by the Agent, the Loan Parties shall permit an independent real estate appraiser satisfactory to the Agent, upon reasonable
notice, to visit and inspect any Additional Mortgaged Property for the purpose of preparing an appraisal of such Additional Mortgaged
Property satisfying the requirements of all applicable laws and regulations (in each case to the extent required under such laws
and regulations as determined by the Agent in its sole discretion).

 

(d)          Notwithstanding
anything contained in this Agreement to the contrary, no Mortgage shall be executed and delivered with respect to any real
property unless and until each Lender (i) has received, at least twenty Business Days prior to such execution and delivery, a
life of loan flood zone determination and such other documents as it may reasonably request to complete its flood insurance
due diligence and (ii) has confirmed to the Agent that flood insurance due diligence and flood insurance compliance has been
completed to its satisfaction.

 

8.14.      Anti-Corruption
Laws. Each of the Loan Parties shall conduct its business in compliance in all material respects with the United States Foreign
Corrupt Practices Act of 1977, the UK Bribery Act 2010 and other similar anti-corruption legislation in other jurisdictions and
maintain policies and procedures designed to promote and achieve compliance with such laws.

 

Article
9

 

Negative Covenants

 

Until the Commitments have
expired or terminated and the principal of and interest on each Loan and all fees payable hereunder have been paid in full and
all Letters of Credit shall have expired or terminated or Cash Collateralized and all L/C Disbursements shall have been reimbursed,
each Loan Party covenants and agrees with the Agent and the Lenders that:

 

9.01.       Indebtedness.
The Loan Parties will not, and will not permit any Foreign Subsidiary to, create, incur, assume or permit to exist any Indebtedness,
except:

 

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(a)          Indebtedness
created hereunder;

 

(b)          Existing
Indebtedness on the Restatement Date which is set forth in Schedule 9.01 and has been designated on such schedule as
Indebtedness that will remain outstanding following the funding of the initial Loans, and any extension, renewal, refunding or
replacement of any such Indebtedness that does not increase the principal amount thereof (except in an amount equal to fees and
premiums reserved in connection therewith);

 

(c)          Intercompany
Indebtedness among the Core Domestic Ameresco Companies;

 

(d)          other
Indebtedness incurred after the Restatement Date (determined on a consolidated basis without duplication in accordance with GAAP)
consisting of Capital Lease Obligations and/or secured by Liens permitted under Section 9.02(h), in an aggregate principal
amount at any time outstanding not in excess of $5,000,000 less the aggregate outstanding principal amount of Indebtedness incurred
pursuant to subsection (h) of this Section 9.01;

 

(e)          Subordinated
Indebtedness;

 

(f)          Guarantees
permitted under section 9.03;

 

(g)          Indebtedness
incurred by any Loan Party or Canadian Subsidiary under an Energy Conservation Project Financing (including, without limitation,
Indebtedness incurred by the Loan Parties under an Energy Conservation Project Financing existing as of the Restatement Date and
set forth on Schedule 9.01 attached hereto) in an aggregate principal amount outstanding at any time not in excess of $500,000,000;

 

(h)          Other
unsecured Indebtedness in an aggregate principal amount at any time outstanding not in excess of $5,000,000 less the aggregate
outstanding principal amount of Indebtedness incurred pursuant to subsection (d) of this Section 9.01;

 

(i)           Indebtedness
of the Hawaiian Joint Venture to any Loan Party in an aggregate principal amount not to exceed $1,000,000 outstanding at any time;

 

(j)          Indebtedness
of the Canadian Subsidiaries to any Loan Party in an aggregate principal amount not to exceed $25,000,000 outstanding at any time;

 

(k)          Indebtedness
of Ameresco Canada to the Borrower not to exceed $10,000,000, the proceeds of which are used to secure one or more letters of credit
to secure obligations of Ameresco Canada under the Design-Build Agreement;

 

(l)           Indebtedness
of the Foreign Subsidiaries (other than any Canadian Subsidiary) to any Loan Party in an aggregate principal amount not to exceed
$25,000,000 outstanding at any time;

 

(m)         Indebtedness
incurred by a Foreign Subsidiary that is a Non-Core Energy Subsidiary;

 

(n)          Hedging
Agreements with a Lender or an Affiliate of a Lender or permitted by Section 9.05(c); and

 

(o)          Performance
and surety bonds entered into by any Core Ameresco Company in the ordinary course of business.

 

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9.02.       Liens.
The Loan Parties will not, and will not permit any Foreign Subsidiary to, create, incur, assume or permit to exist any Lien on
any Property or asset now owned or hereafter acquired by it, or assign or sell any income or revenues (including accounts receivable)
or rights in respect of any thereof, except (the following being called “Permitted Liens”):

 

(a)          Liens
created hereunder or under the other Loan Documents;

 

(b)          any
Lien on any property or asset of any Loan Party existing on the date hereof and set forth in Schedule 9.01
(excluding, however, following the making of the initial Loans hereunder, the Liens in favor of any Person other than
the Agent securing Indebtedness not designated on said schedule as Indebtedness to remain outstanding following the funding
of the initial Loans), provided that (i) such Lien shall not apply to any other property or asset of any Loan Party
and (ii) such Lien shall secure only those obligations which it secures on the date hereof and extensions, renewals and
replacements thereof that do not increase the outstanding principal amount thereof;

 

(c)          Liens
imposed by any Governmental Authority for taxes, assessments or charges not yet delinquent or (in the case of property taxes and
assessments not exceeding $100,000 in the aggregate more than 90 days overdue) which are being contested in good faith and by appropriate
proceedings if adequate reserves with respect thereto are maintained on the books of the applicable Loan Party in accordance with
GAAP and which reserves shall be acceptable to the Agent;

 

(d)          landlords’,
carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens, and vendors’
Liens imposed by statute or common law not securing the repayment of Indebtedness, arising in the ordinary course of business which
are not overdue for a period of more than 60 days or which are being contested in good faith and by appropriate proceedings and
Liens securing judgments (including, without limitation, pre-judgment attachments) but only to the extent for an amount and for
a period not resulting in an Event of Default under Section 10.01(l) hereof;

 

(e)          pledges
or deposits under worker’s compensation, unemployment insurance and other social security legislation and pledges or deposits
to secure the performance of bids, tenders, trade contracts (other than for borrowed money), leases (other than capital leases),
utility purchase obligations, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like
nature incurred in the ordinary course of business;

 

(f)          easements,
rights-of-way, restrictions and other similar encumbrances incurred in the ordinary course of business and encumbrances consisting
of zoning restrictions, easements, licenses, restrictions on the use of Property or minor imperfections in title thereto which,
in the aggregate, are not material in amount, and which do not, in the aggregate, materially detract from the value of the Property
of any Loan Party or materially interfere with the ordinary conduct of the business of any Loan Party;

 

(g)          Liens
consisting of bankers’ liens and rights of setoff, in each case, arising by operation of law, and Liens on documents presented
in letter of credit drawings;

 

(h)          Liens
on fixed or capital assets, including real or personal property, acquired, constructed or improved by any Loan Party, provided
that (A) such Liens secure Indebtedness (including Capital Lease Obligations) permitted by Section 9.01(d),  (B)
such Liens and the Indebtedness secured thereby are incurred prior to or within 90 days after such acquisition or the
completion of such construction or improvement or were in effect at the time the Loan Parties acquired the assets or stock,
(C) the Indebtedness secured thereby does not exceed the cost of acquiring, constructing or improving such fixed or capital
assets, and (D) such security interests shall not apply to any other property or assets of the Loan Parties;

 

    	 	101	 

     

    

 

(i)           Liens
on assets of a Foreign Subsidiary that is a Non-Core Energy Subsidiary to secure Indebtedness permitted under Section 9.01(m);

 

(j)          Liens
on Equity Interests of any Special Purpose Subsidiary held by any Loan Party (other than the Hawaii Joint Venture); provided
that such Liens do not encumber any other property or assets of any of the Loan Parties; and

 

(k)          Liens
on Energy Conservation Financing Collateral in connection with an Energy Conservation Financing and Liens securing Indebtedness
permitted under Section 9.01(g); provided that, in each case, such Liens do not encumber any other property or assets of
any of the Loan Parties.

 

9.03.       Contingent
Liabilities. The Loan Parties will not, and will not permit any Foreign Subsidiary to, Guarantee the Indebtedness or other
obligations of any Person, or Guarantee the payment of dividends or other distributions upon the stock of, or the earnings of,
any Person, except:

 

(a)          endorsements
of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business;

 

(b)          Guarantees
and letters of credit in effect on the date hereof which are disclosed in Schedule 9.01, and any replacements thereof
in amounts not exceeding such Guarantees;

 

(c)          Guarantees
of any Indebtedness permitted under Sections 9.01(a), (c), (d), (e), (g) and 3.03(c)(i);

 

(d)          Guarantees
of any Indebtedness permitted under Section 9.01(b) (other than Indebtedness incurred by any Special Purpose Subsidiary);

 

(e)          obligations
in respect of Letters of Credit;

 

(f)          any
Construction Completion and Cost Overrun Guaranty delivered by the Borrower in connection with a Non-Core Energy Project;

 

(g)          Guarantees
of obligations of Foreign Subsidiaries (including indemnities for surety and performance bonds) with respect to contracts entered
into in the ordinary course of business of such Foreign Subsidiary;

 

(h)          any
Non-Core Energy Project Guaranty delivered by the Borrower in connection with a Non-Core Energy Project, provided, however,
that:

 

(i)           one
or more of the Core Domestic Ameresco Companies or Non-Core Energy Subsidiaries shall control the operation and maintenance of
the Non-Core Energy Project during the term of the renewable energy purchase or infrastructure agreement with respect to such Non-Core
Energy Project; and

 

(ii)          in
connection with the delivery of any Non-Core Energy Project Guaranty, the Borrower shall deliver to the Agent (A) prior to
the delivery of such Non-Core Energy Project Guaranty, a certificate executed by the Chief Financial Officer of the Borrower
certifying (based upon such consultation with the Borrower’s independent certified public accountants as the Borrower
shall reasonably deem appropriate) that, in accordance with GAAP, such Non-Core Energy Project Guaranty will not result in
the accrual of a liability upon the consolidated balance sheet of the Core Ameresco Companies for the fiscal period during
which such Non-Core Energy

 

    	 	102	 

     

    

 

Project Guaranty is
delivered; (B) a copy of such Non-Core Energy Project Guaranty and all other documents related thereto; and (C) such other
information or reports as the Agent may reasonably request with respect to such Non-Core Energy Project Guaranty;

 

(i)           Guarantees
by the Borrower of the obligations of Ameresco Canada under the Design-Build Agreement and the Interface Agreement, provided,
however, that the maximum liability of the Borrower under such Guarantees shall not exceed the maximum aggregate liability
of Ameresco Canada under the Design-Build Agreement, which is an amount equal to up to thirty-five percent (35%) of the contract
price under the Design-Build Agreement, subject to certain exclusions listed in the Design-Build Agreement;

 

(j)          Obligations
of Ameresco Canada or the Borrower under one or more letters of credit to secure a part of the obligations of Ameresco Canada under
the Design-Build Agreement, provided that the aggregate of such obligations of the Borrower and Ameresco Canada under this paragraph
(j) shall not exceed 10% of the contract price under the Design-Build Agreement, and provided, further, that the obligations of
the Borrower under this paragraph (j) shall be a part of and not exceed the obligations of the Borrower under paragraph 3.03(c)(i)
of this Section 9.03; and

 

(k)          Guarantees
by a Foreign Subsidiary that is a Non-Core Energy Subsidiary.

 

9.04.       Fundamental
Changes; Asset Sales.

 

(a)          No
Loan Party will enter into any transaction of merger or consolidation or amalgamation, or liquidate, wind up or dissolve itself
(or suffer any liquidation or dissolution). No Loan Party will acquire any business or property from, or Equity Interests in, or
be a party to any acquisition of, any Person except for purchases of property to be used in the ordinary course of business, Permitted
Acquisitions, Investments permitted under Section 9.05 and Capital Expenditures. No Loan Party will form or acquire any Subsidiary,
other than a Special Purpose Subsidiary or a Subsidiary formed or acquired in connection with a Permitted Acquisition, without
the express prior written consent of the Agent.

 

(b)          No
Loan Party will convey, sell, lease, transfer or otherwise dispose (including any Disposition) of, in one transaction or a series
of transactions, any part of its business or property, whether now owned or hereafter acquired (including, without limitation,
receivables and leasehold interests).

 

(c)          Notwithstanding
the foregoing provisions of this Section 9.04:

 

(i)           any
Loan Party may be merged or combined with or into any other Loan Party (provided that if such merger involves the Borrower,
(x) the Borrower shall be the surviving entity and (y) no Change of Control shall occur);

 

(ii)          any
Loan Party may sell, lease, transfer or otherwise dispose of any or all of its property (upon voluntary liquidation or otherwise)
to any other Loan Party;

 

(iii)         any
Core Domestic Ameresco Company may convey, sell, lease, transfer or dispose of its assets or property to any other Core Domestic
Ameresco Company;

 

(iv)         any
Loan Party or Canadian Subsidiary may convey, sell, transfer or otherwise dispose of a portion of the outstanding capital stock
of any other Canadian Subsidiary, so long as no Change of Control shall result therefrom;

 

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(v)          any
Loan Party may sublease real property to the extent such sublease would not interfere with the operation of the business of the
Loan Parties;

 

(vi)         any
Loan Party may sell, transfer or otherwise dispose of obsolete or worn out property or immaterial assets, whether now owned or
hereafter acquired, in the ordinary course of business;

 

(vii)        any
Loan Party may sell, transfer or otherwise dispose of inventory in the ordinary course of business, including the sale of electricity,
gas, solar and other renewable energy credits and other environmental attributes in the ordinary course of business;

 

(viii)       any
Loan Party may sell, transfer or otherwise dispose of equipment to the extent that (i) such equipment is exchanged for credit against
the purchase price of similar replacement equipment or (ii) the proceeds of such disposition are reasonably promptly applied to
the purchase price of such replacement equipment;

 

(ix)         any
Loan Party may sell, transfer or otherwise dispose of a receivable and the related equipment of an Energy Conservation Project
in the ordinary course of business for fair value;

 

(x)          any
Loan Party may sell, transfer, assign or otherwise dispose of a receivable and related equipment in connection with an Energy Conservation
Project Financing);

 

(xi)         any
Loan Party may sell receivables for collection;

 

(xii)        any
Loan Party may sell cash equivalents;

 

(xiii)       any
Loan Party may sell, transfer assign or otherwise dispose of the assets of any Non-Core Energy Project or the Equity Interests
of a Special Purpose Subsidiary (other than the Hawaii Joint Venture) including the transfer or assignment of the assets of a Non-Core
Energy Project to a Special Purpose Subsidiary; and

 

(xiv)       any
Loan Party may make other asset sales resulting in aggregate Net Cash Proceeds not to exceed $2,000,000 after the Effective Time.

 

(d)          in
addition to the formation and acquisition of Special Purpose Subsidiaries permitted pursuant to subsection (a) of this Section
9.04 and subject to Sections 9.01, 9.02, 9.05 and the third sentence of Section 9.04(a), the Loan Parties may acquire
all or substantially all of the business and assets of any corporation, partnership, limited liability company, or other entity
located in and organized under the laws of the United States or any state thereof (“Permitted Acquisitions”),
subject to satisfaction of the following conditions:

 

(i)           the
business or assets so acquired shall be located in the United States and in the same or a substantially similar line of business
as that of the Loan Parties;

 

(ii)          both
immediately prior to and after giving effect to such Permitted Acquisition on a Pro Forma Basis incorporating such pro-forma
assumptions as are satisfactory to the Agent in its reasonable discretion, (A) the Loan Parties shall be in compliance with
the financial covenant set forth in Section 9.10(b) hereof, (B) the Core Leverage Ratio shall not exceed 2.75 to 1.00, and
(C) the sum of unrestricted cash plus the amount of the Revolving Commitment available to be borrowed under Section 2.01
shall not be less than $25,000,000;

 

    	 	104	 

     

    

 

(iii)         the
assets so acquired shall be transferred free and clear of any Liens (other than Liens permitted by Section 9.02) and no Indebtedness
shall be incurred, guaranteed, assumed or combined except to the extent otherwise permitted by Section 9.01;

 

(iv)         the
Agent shall have received Lien searches reasonably satisfactory to the Lender with respect to the assets being acquired, provided,
that such Lien searches may be delivered within fifteen days after the closing for an acquisition for which the aggregate purchase
price is less than $5,000,000;

 

(v)          the
Agent shall have received perfected Liens (subject only to Liens permitted by Section 9.02) on substantially all of
the assets being acquired in such Permitted Acquisition, provided that such Liens shall not be required on any
Property if (A) such Liens are prohibited pursuant to any agreement binding on the Person owning such Property and (B) the
failure to obtain such Liens is not reasonably likely to have a Material Adverse Effect on the rights of and remedies
available to the Lender, and provided further, that such perfected Liens may be delivered within fifteen
days after the closing for an acquisition for which the aggregate purchase price is less than $5,000,000;

 

(vi)         to
the extent requested by the Agent, the Agent shall have received an opinion of counsel in each applicable jurisdiction reasonably
satisfactory to it to the effect that the Liens granted pursuant to this Agreement are perfected security interests in such assets
and as to such other matters as the Agent may reasonably require, provided, that such opinion of counsel may be delivered
within fifteen days after the closing for an acquisition for which the aggregate purchase price is less than $5,000,000;

 

(vii)        in
connection with such Permitted Acquisition, the Loan Parties shall deliver to the Agent (A) a copy of the purchase agreement
pursuant to which such Permitted Acquisition will be consummated; (B) a copy of each existing material agreement relating to
the assets to be acquired in such Permitted Acquisition and which is to be in effect after the consummation of such Permitted
Acquisition; (C) a Compliance Certificate calculating compliance (as of the last day of the then most recently ended fiscal
quarter) with the requirements of Section 9.04(d)(ii) on a Pro Forma Basis, assuming such acquisition had occurred prior to
the first day of the earliest fiscal quarter included in the applicable test period for calculating such compliance; (D) the
Loan Parties shall use best efforts to provide such other information or reports as the Lender may reasonably request with
respect to such Permitted Acquisition; (E) to the extent available to the Loan Parties, historical financial statements (for
the prior three fiscal years provided that if such statements are not available for the prior three fiscal years, historical
financial statements for not less than the prior four fiscal quarters) of the entity whose assets are being acquired; and (F)
if the Borrower is acquiring any interest in real property, and if required by the Agent, reports and other information in
form, scope and substance reasonably satisfactory to the Agent and prepared by environmental consultants reasonably
satisfactory to the Agent, concerning any environmental hazards or liabilities to which any Loan Party is likely to be
subject with respect to such acquired real property;

 

(viii)       immediately
prior to such Permitted Acquisition no Default shall have occurred and be continuing and after giving effect to such Permitted
Acquisition, no Default shall have occurred and be continuing and no Material Adverse Effect shall result; and

 

(ix)          such
acquisition shall be consensual and shall have been approved by the board of directors or comparable governing body of the business
so acquired.

 

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9.05.       Investments;
Hedging Agreements.

 

(a)          Subject
to the limitation in Section 9.05(b), the Loan Parties will not make or permit to remain outstanding any Investment, except:

 

(i)           Investments
consisting of Indebtedness permitted by Section 9.01, Guarantees permitted by Section 9.03, and capital contributions by any Core
Domestic Ameresco Company to any other Core Domestic Ameresco Company;

 

(ii)          Permitted
Investments;

 

(iii)         Permitted
Acquisitions;

 

(iv)         Investments
existing on the Restatement Date and set forth in Schedule 9.05 hereto;

 

(v)          Checking
and deposit accounts with banks used in the ordinary course of business maintained with depository institutions that have executed
Control Agreements;

 

(vi)         Investments
by the Loan Parties in Non-Core Energy Subsidiaries; provided, that at the time of each such Investment and after giving
effect thereto, (i) no Event of Default shall have occurred and be continuing and (ii) the Loan Parties shall be in Pro Forma Compliance
with all financial covenants set forth in Section 9.10; and

 

(vii)        other
investments not described above in an aggregate amount not to exceed $5,000,000.

 

(b)          Advances
to and investments in Affiliates of the Core Ameresco Companies, that are not themselves Core Ameresco Companies, shall not in
the aggregate, at any time, exceed forty-nine percent (49%) of the Borrower’s consolidated stockholders equity.

 

(c)          The
Loan Parties will not enter into any Hedging Agreement, other than as required or permitted hereunder and Hedging Agreements entered
into in the ordinary course of business with the prior written consent of the Agent to hedge or mitigate risks to which the Loan
Parties are exposed in the conduct of their business or the management of their liabilities.

 

9.06.       Restricted
Junior Payments. The Loan Parties will not declare or make any Restricted Junior Payment at any time; provided, however,
that:

 

(a)          any
Subsidiary of any Core Ameresco Company may make Restricted Junior Payments to such Core Ameresco Company and any Subsidiary of
the Borrower may make Restricted Junior Payments to the Borrower;

 

(b)          so
long as no Default or Event of Default has occurred and is continuing and no Default or Event of Default shall be caused thereby,
the Borrower may redeem or purchase the capital stock or Equity Rights of any employee, officer or director of any Loan Party for
aggregate cash consideration not to exceed $1,000,000 in any fiscal year;

 

(c)          so
long as no Default or Event of Default shall have occurred and be continuing and no Default or Event of Default shall be
caused thereby, the Borrower may declare and pay cash dividends, provided, that (i) such payments shall be made only during
the period commencing not earlier than 10 days

 

    	 	106	 

     

    

 

after and ending not later than 90
days after, the date of delivery of the quarterly financial statements for the previous fiscal quarter required to be
delivered by the Loan Parties pursuant to Section 8.01(a) or 8.01(b) hereof, together with the Compliance Certificate
required to be delivered pursuant to Section 8.01(c) hereof, and (ii) the Loan Parties shall have delivered to the Agent
evidence that after giving effect to such payment, the Loan Parties (A) would have been in compliance with the financial
covenants set forth in Section 9.10 for the period of four fiscal quarters ended immediately before such payment if such
payment had been made during such four fiscal quarters, and (B) shall be in projected pro-forma compliance with the financial
covenants set forth in Section 9.10 hereof for the period of four fiscal quarters occurring immediately after such
payment;

 

(d)          the
Borrower may make repurchases of its Equity Interests in an aggregate amount under this paragraph (d) up to $15,000,000 so
long as immediately before and immediately after such repurchase on a Pro Forma Basis, incorporating such pro-forma
assumptions as are satisfactory to the Agent in its reasonable discretion, (i) no Default or Event of Default shall have
occurred and be continuing, and (ii) (A) the Loan Parties shall be in compliance with the financial covenant set forth in
Section 9.10(b), (B) the Core Leverage Ratio shall not exceed 1.5 to 1.00, and (C) the sum of unrestricted cash plus
the amount of the Revolving Commitment available to be borrowed under Section 2.01 shall not be less than
$25,0000,000; and

 

(e)          so
long as no Default under Section 10.01(a)(ii) or Event of Default shall have occurred and be continuing and no Event of Default
shall be caused thereby, the Loan Parties may make regularly scheduled payments of interest but no principal in respect of Subordinated
Indebtedness on the dates and in the amounts set forth in the applicable Subordinated Debt Documents.

 

9.07.       Transactions
with Affiliates. Except as expressly permitted by this Agreement, the Loan Parties will not directly or indirectly (a)
 make any Investment in an Affiliate; (b) transfer, sell, lease, assign or otherwise dispose of any property to an
Affiliate; (c) merge into or consolidate with an Affiliate, or purchase or acquire property from an Affiliate; or (d)
enter into any other transaction directly or indirectly with or for the benefit of an Affiliate (including, without
limitation, guarantees and assumptions of obligations of an Affiliate); provided that:

 

(i)           any
Affiliate who is an individual may serve as a director, officer, employee or consultant of any Loan Party, receive reasonable compensation
and indemnification for his or her services in such capacity and benefit from Permitted Investments to the extent specified in
clause (e) of the definition thereof;

 

(ii)          the
Loan Parties may engage in and continue the transactions with or for the benefit of Affiliates which are described in Schedule 9.07
or are referred to in Section 9.06 (but only to the extent specified in such section); and

 

(iii)         the
Loan Parties may engage in transactions with Affiliates in the ordinary course of business on terms which are not materially less
favorable to the Loan Parties than those likely to be obtained in an arms’ length transaction between a Loan Party and a
non-affiliated third party.

 

9.08.       Restrictive
Agreements. The Loan Parties will not directly or indirectly, enter into, incur or permit to exist any agreement or
other arrangement (other than this Agreement) that prohibits, restricts or imposes any condition upon (a) the ability of any
Loan Party to create, incur or permit to exist any Lien upon any of its property or assets, or (b) the ability of any Loan
Party that is a Subsidiary of another Loan Party to pay dividends or other distributions with respect to any shares of its
Equity Interests or to make or repay loans or advances to any other Loan Party or to Guarantee Indebtedness of any other Loan
Party; provided that (i) the foregoing shall not apply to restrictions and conditions imposed by law or by this 

 

    	 	107	 

     

    

 

Agreement, (ii) the foregoing shall not
apply to restrictions and conditions existing on the date hereof identified on Schedule 9.08 (but shall apply to
any extension or renewal of, or any amendment or modification expanding the scope of, any such restriction or condition),
(iii) the foregoing shall not apply to restrictions applicable to a Subsidiary at the time it was acquired, (iv) the
foregoing shall not apply to customary restrictions and conditions contained in agreements relating to the sale of stock or
assets of a Subsidiary of a Loan Party pending such sale, provided such restrictions and conditions apply only to the
Subsidiary that is to be sold and such sale is permitted hereunder, (v) the foregoing shall not apply to
customary restrictions in a joint venture agreement permitted hereunder, (vi) clause 9.08 of the foregoing shall not apply to
restrictions or conditions imposed by any agreement relating to secured Indebtedness permitted by this Agreement if such
restrictions or conditions apply only to the property or assets securing such Indebtedness, and (vii) clause 9.08 of the
foregoing shall not apply to customary provisions in leases and other contracts (excluding license agreements) restricting
the assignment thereof.

 

9.09.       Sale-Leaseback
Transactions. No Loan Party will directly or indirectly, enter into any arrangements with any Person whereby such Loan Party
shall sell or transfer (or request another Person to purchase) any property, real, personal or mixed, used or useful in its business,
whether now owned or hereafter acquired, and thereafter rent or lease such property from any Person.

 

9.10.      Certain
Financial Covenants.

 

(a)          Total
Funded Debt to EBITDA Ratio. The Loan Parties shall not permit the Core Leverage Ratio as of the end of each fiscal quarter
ending June 30, 2019, and thereafter to exceed 3.25 to 1.00.

 

(b)          Debt
Service Coverage Ratio. The Loan Parties shall not permit the ratio of (a) Cash Flow of the Core Ameresco Companies, to
(b) Debt Service of the Core Ameresco Companies as of the end of each fiscal quarter to be less than 1.50 to 1.00.

 

9.11.      Lines
of Business. The Loan Parties and all Subsidiaries of the Loan Parties will not engage to any substantial extent in
any line or lines of business activity other than (i) the types of businesses engaged in by the Loan Parties as of the
Effective Time and businesses substantially related or complementary thereto including Non-Core Energy Projects, and (ii)
such other lines of business as may be consented to by the Required Lenders and the Agent, which consents shall not be
unreasonably withheld or delayed. The Non-Core Energy Subsidiaries shall not engage in any line or lines of business activity
other than the construction and operation of Non-Core Energy Projects. The Hawaii Joint Venture shall not engage in any line
or lines of business activity other than the construction and operation of the Hawaii Project.

 

9.12.      Other
Indebtedness. The Loan Parties will not purchase, redeem, retire or otherwise acquire for value, or set apart any money for
a sinking, defeasance or other analogous fund for the purchase, redemption, retirement or other acquisition of, or make any voluntary
payment or prepayment of the principal of or interest on, or any other amount owing in respect of any Subordinated Indebtedness,
except, to the extent permitted by Section 9.06.

 

9.13.      Modifications
of Certain Documents. The Loan Parties will not consent to any modification, supplement or waiver of any of the provisions
of any documents or agreements evidencing or governing any Subordinated Indebtedness or any other Existing Debt in a manner that
could reasonably be expected to be materially adverse to the Lenders.

 

9.14.      Transactions
with Foreign Subsidiaries, Special Purpose Subsidiaries and Inactive Subsidiaries. Except as expressly permitted under this
Agreement, including, without limitation, under Section 9.05 or Section 9.07, no Loan Party shall take any of the following actions:
(a) make any loan,

 

    	 	108	 

     

    

 

advance or investment in or to a
Foreign Subsidiary, Special Purpose Subsidiary or an Inactive Subsidiary; (b) transfer, sell, lease, assign, or otherwise
dispose of any property to a Foreign Subsidiary, Special Purpose Subsidiary or an Inactive Subsidiary; (c) merge into or
consolidate with a Foreign Subsidiary, Special Purpose Subsidiary or an Inactive Subsidiary; or (d) enter into any other
transaction directly or indirectly with or for the benefit of a Foreign Subsidiary, Special Purpose Subsidiary or an Inactive
Subsidiary.

 

9.15.      Sanctions.
No Loan Party shall, nor shall it permit any Subsidiary to, directly or indirectly, use any Credit Extension or the proceeds of
any Credit Extension, or lend, contribute or otherwise make available such Credit Extension or the proceeds of any Credit Extension
to any Person, to fund any activities of or business with any Person, or in any Designated Jurisdiction, that, at the time of such
funding, is the subject of Sanctions, or in any other manner that will result in a violation by any Person (including any Person
participating in the transaction, whether as Lender, Agent, L/C Issuer, Swing Line Lender, or otherwise) of Sanctions.

 

9.16.      Anti-Corruption
Laws. No Loan Party shall, nor shall it permit any Subsidiary to, directly or indirectly, use any Credit Extension or the proceeds
of any Credit Extension for any purpose which would breach the United States Foreign Corrupt Practices Act of 1977, the UK Bribery
Act 2010 and other similar anti-corruption legislation in other jurisdictions.

 

Article
10

 

Events of Default

 

10.01.    Events
of Default. The occurrence of any of the following events shall be deemed to constitute an “Event of Default”
hereunder:

 

(a)          the
Loan Parties shall fail to pay to the Agent, the L/C Issuer, or the Lenders, (i) any principal of any Loan when the
same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof, by acceleration
of such due or prepayment date, or otherwise or (ii) any interest or fees in respect of any Loan or any Reimbursement
Obligation in respect of any L/C Disbursement or any other Obligation of the Loan Parties to the Agent, the L/C Issuer, or
the Lenders within three (3) Business Days after the same shall become due and payable, whether at the due date thereof or at
a date fixed for prepayment thereof, by acceleration of such due or prepayment date, or otherwise;

 

(b)          any
representation or warranty made or deemed made by or on behalf of any Loan Party or any Subsidiary in or in connection with this
Agreement, any of the other Loan Documents or any amendment or modification hereof or thereof, or in any report, certificate, financial
statement or other document furnished pursuant to or in connection with this Agreement, any of the other Loan Documents or any
amendment or modification hereof or thereof, shall prove to have been incorrect in any material respect when made or deemed made;

 

(c)          the
Loan Parties (i) shall fail to observe or perform any covenant, condition or agreement contained in
Sections 8.01(a), (b), (c) or (d), 8.02(a), 8.05, 8.06, 8.08, 8.09, 8.10, or in Article 9 (it being expressly
acknowledged and agreed that any Event of Default resulting from the failure of the Loan Parties at any measurement date to
satisfy any financial covenant set forth in Section 9.10 shall not be deemed to be “cured” or remedied by the
Loan Parties’ satisfaction of such financial covenant at any subsequent measurement date) or (ii) shall fail to observe
or perform any other covenant, condition or agreement contained in Sections 8.03, 8.04, 8.07, 8.11, 8.12 or 8.13 and such
failure described in this clause (ii) shall continue unremedied for a period of 30 days after the earlier of (x) actual
knowledge by an officer of any Loan Party or (y) notice thereof from the Agent (given at the request of any Lender) to the
Loan Parties;

 

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(d)          the
Loan Parties shall fail to observe or perform any covenant, condition or agreement contained in this Agreement (other than those
specified in clauses (a), (b) or (c) of this Section 10.01) or any other Loan Document, and such failure shall continue unremedied
for a period of 30 days after notice thereof from the Agent (at the request of any Lender) to the Loan Parties;

 

(e)          the
Loan Parties shall fail to make any payment (whether of principal, interest or otherwise and regardless of amount) in respect of
any Material Indebtedness or any Material Rental Obligation, when and as the same shall become due and payable, after giving effect
to any grace period with respect thereto;

 

(f)          any
event or condition occurs that results in any Material Indebtedness of any Loan Party becoming due prior to its scheduled maturity
or that enables or permits (with or without the giving of notice, the lapse of time or both) the holder or holders of any Material
Indebtedness or any trustee or agent on its or their behalf to cause such Material Indebtedness to become due, or to require the
prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity, other than any secured Indebtedness
that becomes due on the sale of the assets securing such Indebtedness in a disposition permitted, or otherwise consented to, under
Section 9.04;

 

(g)          an
involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation,
reorganization or other relief in respect of any Loan Party or any Material Canadian Subsidiary or its debts, or of a
substantial part of its assets, under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now
or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar
official for any Loan Party or any Material Canadian Subsidiary or for a substantial part of its assets, and, in any such
case, such proceeding or petition shall continue undismissed for 60 days or an order or decree approving or ordering any of
the foregoing shall be entered;

 

(h)          any
Loan Party or any Material Canadian Subsidiary shall (i) voluntarily commence any proceeding or file any petition
seeking liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership
or similar 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 clause (g) of this Article, (iii) apply for or consent to the appointment of
a receiver, trustee, custodian, sequestrator, conservator or similar official for any Loan Party or any Material Canadian
Subsidiary or for a substantial part of its assets, (iv) file an answer admitting the material allegations of a petition
filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors or (vi) take any action
for the purpose of effecting any of the foregoing;

 

(i)           any
Loan Party or any Material Canadian Subsidiary shall become unable, admit in writing or fail generally to pay its debts as they
become due;

 

(j)          a
final judgment or judgments for the payment of money in excess of $5,000,000 in the aggregate (exclusive of judgment amounts fully
covered by insurance where the insurer has admitted liability in respect of such judgment), shall be rendered by one or more courts,
administrative tribunals or other bodies having jurisdiction against any Loan Party and the same shall not be discharged (or provision
shall not be made for such discharge), bonded, or a stay of execution thereof shall not be procured, within 60 days from the date
of entry thereof and the relevant Loan Party shall not, within said period of 60 days, or such longer period during which execution
of the same shall have been stayed, appeal therefrom and cause the execution thereof to be stayed during such appeal;

 

(k)          an
ERISA Event shall have occurred that, in the reasonable opinion of the Required Lenders, when taken together with all other ERISA
Events that have occurred, could reasonably be expected to result in a Material Adverse Effect;

 

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(l)            there
shall occur any Change of Control;

 

(m)         any
of the following shall occur: (i) the Liens created hereunder or under the other Loan Documents shall at any time (other than
by reason of the Agent relinquishing such Lien) cease in any material respect to constitute valid and perfected Liens on the
Collateral intended to be covered thereby; (ii) except for expiration in accordance with its respective terms, any
Loan Document shall for whatever reason be terminated, or shall cease to be in full force and effect; or (iii) the
enforceability of any Loan Document shall be contested by any Loan Party;

 

(n)          there
shall occur any material loss theft, damage or destruction of any Collateral not fully covered (subject to such reasonable deductibles
as the Agent shall have approved) by insurance; or

 

(o)          any
Guarantor shall assert that its obligations under any Loan Document shall be invalid or unenforceable.

 

10.02.    Rights
and Remedies Upon any Event of Default. If any Event of Default occurs and is continuing, the Agent shall, at the request of,
or may, with the consent of, the Required Lenders, take any or all of the following actions:

 

(a)          declare
the commitment of each Lender to make Loans and any obligation of the L/C Issuer to make L/C Credit Extensions to be terminated,
whereupon such commitments and obligation shall be terminated;

 

(b)          declare
the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other amounts owing or payable
hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other notice
of any kind, all of which are hereby expressly waived by the Borrower;

 

(c)          notify
the Borrower that the outstanding principal of the Loans shall bear interest at the Default Rate, and thereupon the outstanding
principal of the Loans shall bear interest at the Default Rate;

 

(d)          require
that the Borrower Cash Collateralize the L/C Obligations (in an amount equal to the Minimum Collateral Amount with respect thereto);
and

 

(e)          exercise
on behalf of itself, the Lenders and the L/C Issuer all rights and remedies available to it, the Lenders and the L/C Issuer under
the Loan Documents;

 

provided, however,
that upon the occurrence of an actual or deemed entry of an order for relief with respect to the Borrower under the Bankruptcy
Code of the United States, the obligation of each Lender to make Loans and any obligation of the L/C Issuer to make L/C Credit
Extensions shall automatically terminate, the unpaid principal amount of all outstanding Loans and all interest and other amounts
as aforesaid shall automatically become due and payable, the outstanding principal of the Loans shall bear interest at the Default
Rate, and the obligation of the Borrower to Cash Collateralize the L/C Obligations as aforesaid shall automatically become effective,
in each case without further act of the Agent or any Lender.

 

10.03.    Application
of Funds. After the exercise of remedies provided for in Section 10.02 (or after the Loans have automatically become immediately
due and payable and the L/C Obligations have automatically been required to be Cash Collateralized as set forth in Section 10.02),
any amounts received on account of the Obligations shall, subject to the provisions of Sections 2.12 and 2.13, be applied by the
Agent in the following order:

 

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First, to payment
of that portion of the Secured Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges
and disbursements of counsel to the Agent and amounts payable under Article 3) payable to the Agent in its capacity as such;

 

Second, to payment
of that portion of the Secured Obligations constituting fees, indemnities and other amounts (other than principal, interest and
Letter of Credit Fees) payable to the Lenders and the L/C Issuer (including fees, charges and disbursements of counsel to the respective
Lenders and the L/C Issuer (including fees and time charges for attorneys who may be employees of any Lender or the L/C Issuer)
arising under the Loan Document and amounts payable under Article 3, ratably among them in proportion to the respective amounts
described in this clause Second payable to them;

 

Third, to payment
of that portion of the Secured Obligations constituting accrued and unpaid Letter of Credit Fees and interest on the Loans, L/C
Borrowings and other Obligations arising under the Loan Documents, ratably among the Lenders and the L/C Issuer in proportion to
the respective amounts described in this clause Third payable to them;

 

Fourth, to payment
of that portion of the Secured Obligations constituting unpaid principal of the Loans, L/C Borrowings and Secured Obligations then
owing under Secured Hedge Agreements and Secured Cash Management Agreements and to the to the Agent for the account of the L/C
Issuer, to Cash Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount of Letters of Credit to
the extent not otherwise Cash Collateralized by the Borrower pursuant to Sections 2.04 and 2.12, in each case ratably among the
Agent, the Lenders, the L/C Issuer, the Hedge Banks and the Cash Management Banks in proportion to the respective amounts described
in this clause Fourth held by them; and

 

Last, the balance,
if any, after all of the Secured Obligations have been indefeasibly paid in full, to the Borrower or as otherwise required by Law.

 

Subject to Sections 2.04 and 2.13, amounts
used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause Fourth above shall be applied
to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all Letters
of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other Secured Obligations, if
any, in the order set forth above. Excluded Swap Obligations with respect to any Guarantor shall not be paid with amounts received
from such Guarantor or its assets, but appropriate adjustments shall be made with respect to payments from other Loan Parties to
preserve the allocation to Secured Obligations otherwise set forth above in this Section.

 

Notwithstanding the foregoing, Secured Obligations
arising under Secured Cash Management Agreements and Secured Hedge Agreements shall be excluded from the application described
above if the Agent has not received a Secured Party Designation Notice, together with such supporting documentation as the Agent
may request, from the applicable Cash Management Bank or Hedge Bank, as the case may be. Each Cash Management Bank or Hedge Bank
not a party to this Agreement that has given the notice contemplated by the preceding sentence shall, by such notice, be deemed
to have acknowledged and accepted the appointment of the Agent pursuant to the terms of Article 11 for itself and its Affiliates
as if a “Lender” party hereto.

 

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Article
11

 

The Agent

 

11.01.    Appointment
and Authority.

 

(a)          Appointment.
Each of the Lenders and the L/C Issuer hereby irrevocably appoints, designates and authorizes Bank of America to act on its behalf
as the Agent hereunder and under the other Loan Documents and authorizes the Agent to take such actions on its behalf and to exercise
such powers as are delegated to the Agent by the terms hereof or thereof, together with such actions and powers as are reasonably
incidental thereto. The provisions of this Article are solely for the benefit of the Agent, the Lenders and the L/C Issuer, and
neither the Borrower nor any other Loan Party shall have rights as a third party beneficiary of any of such provisions. It is understood
and agreed that the use of the term “agent” herein or in any other Loan Documents (or any other similar term) with
reference to the 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.

 

(b)          Collateral
Agent. The Agent shall also act as the “collateral agent” under the Loan Documents, and each of the Lenders (including
in its capacities as a potential Hedge Bank, and a potential Cash Management Bank) and the L/C Issuer hereby irrevocably appoints
and authorizes the Agent to act as the agent of such Lender and the L/C Issuer for purposes of acquiring, holding and enforcing
any and all Liens on Collateral granted by any of the Loan Parties to secure any of the Secured Obligations, together with such
powers and discretion as are reasonably incidental thereto. In this connection, the Agent, as “collateral agent” and
any co-agents, sub-agents and attorneys-in-fact appointed by the Agent pursuant to Section 11.05 for purposes of holding or enforcing
any Lien on the Collateral (or any portion thereof) granted under the Collateral Documents, or for exercising any rights and remedies
thereunder at the direction of the Agent), shall be entitled to the benefits of all provisions of this Article 11 and Article 12
(including Section 12.04(c), as though such co-agents, sub-agents and attorneys-in-fact were the “collateral agent”
under the Loan Documents) as if set forth in full herein with respect thereto.

 

11.02.    Rights
as a Lender. The Person serving as the 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 Agent and the term “Lender” or “Lenders”
shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the 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 banking, trust, financial, advisory,
underwriting or other business with any Loan Party or any Subsidiary or other Affiliate thereof as if such Person were not the
Agent hereunder and without any duty to account therefor to the Lenders or to provide notice to or consent of the Lenders with
respect thereto.

 

11.03.    Exculpatory
Provisions. The 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 Agent
and its Related Parties:

 

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

 

(b)          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 Agent is required to exercise as directed in writing by the
Required Lenders (or such

 

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other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan
Documents), provided that the Agent shall not be required to take any action that, in its opinion or the opinion of its
counsel, may expose the 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

 

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

 

Neither the Agent
nor any of its Related Parties shall be liable for any action taken or not taken by the Agent under or in connection with
this Agreement or any other Loan Document or the transactions contemplated hereby or thereby (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
Agent shall believe in good faith shall be necessary, under the circumstances as provided in Sections 12.02 and 10.02) 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 Agent shall be deemed not to have knowledge of any Default unless and until notice
describing such Default is given in writing to the Agent by the Borrower, a Lender or the L/C Issuer.

 

Neither the Agent nor
any of its Related Parties have any duty or obligation to any Lender or participant or any other Person 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 the creation, perfection or
priority of any Lien purported to be created by the Collateral Documents, (v) the value or the sufficiency of any Collateral,
or (vi) the satisfaction of any condition set forth in Article 6 or elsewhere herein, other than to confirm receipt of items
expressly required to be delivered to the Agent.

 

11.04.    Reliance
by Agent. The Agent shall be entitled to rely upon, and shall be fully protected in relying and shall not incur any liability
for relying upon, any notice, request, certificate, communication, 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 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 be fully protected in relying and shall not incur
any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan, or the issuance,
extension, renewal or increase of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or the
L/C Issuer, the Agent may presume that such condition is satisfactory to such Lender or the L/C Issuer unless the Agent shall have
received notice to the contrary from such Lender or the L/C Issuer prior to the making of such Loan or the issuance of such Letter
of Credit. The Agent may consult with legal counsel (who may be counsel for the Loan Parties), 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.

 

11.05.    Delegation
of Duties. The 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

 

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appointed by the Agent. The 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 Agent and any such sub-agent, and shall apply
to their respective activities in connection with the syndication of the Facilities as well as activities as Agent. The 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 Agent acted with gross negligence or willful misconduct in the selection
of such sub-agents.

 

11.06.    Resignation
of Agent.

 

(a)          Notice.
The Agent may at any time give notice of its resignation to the Lenders, the L/C Issuer and the Borrower. Upon receipt of any such
notice of resignation, the Required Lenders shall have the right, in consultation with the Borrower, to appoint a successor, which
shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States. If no
such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty (30)
days after the retiring 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 Agent may (but shall not be obligated to) on behalf of
the Lenders and the L/C Issuer, appoint a successor Agent meeting the qualifications set forth above; provided that in no
event shall any successor 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)          Removal
of Agent. If the Person serving as Agent is a Defaulting Lender pursuant to clause (d) of the definition thereof, the Required
Lenders may, to the extent permitted by applicable law, by notice in writing to the Borrower and such Person remove such Person
as Agent and, in consultation with the Borrower, appoint a successor. If no such successor shall have been so appointed by the
Required Lenders and shall have accepted such appointment within 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)          Effect
of Resignation or Removal. With effect from the Resignation Effective Date or the Removal Effective Date (as applicable)
(i)  the retiring or removed Agent shall be discharged from its duties and obligations hereunder and under the other
Loan Documents (except that in the case of any collateral security held by the Agent on behalf of the Lenders or the L/C
Issuer under any of the Loan Documents, the retiring or removed Agent shall continue to hold such collateral security until
such time as a successor Agent is appointed) and (ii) except for any indemnity payments or other amounts then owed to
the retiring or removed Agent, all payments, communications and determinations provided to be made by, to or through the
Agent shall instead be made by or to each Lender and the L/C Issuer directly, until such time, if any, as the Required
Lenders appoint a successor Agent as provided for above. Upon the acceptance of a successor’s appointment as Agent
hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the
retiring or removed Agent (other than as provided in Section 3.01(g) and other than any rights to indemnity payments or other
amounts owed to the retiring or removed Agent as of the Resignation Effective Date or the Removal Effective Date, as
applicable), and the retiring or removed Agent shall be discharged from all of its duties and obligations hereunder or under
the other Loan Documents (if not already discharged therefrom as provided above in this Section). The fees payable by the
Borrower to a successor Agent shall be the same as those payable to its predecessor unless otherwise agreed between the
Borrower and such successor. After the retiring or removed Agent’s resignation or removal hereunder and under the
other Loan Documents, the provisions of this Article and Section 12.04 shall continue in effect for the benefit of
such retiring or removed Agent, its sub-agents and their respective Related Parties in respect of any actions taken or
omitted to be taken by any of them (i)

 

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while the retiring Agent was acting as
Agent and (ii) after such resignation for as long as any of them continues to act in any capacity hereunder or under the
other Loan Documents, including, without limitation, (A) acting as collateral agent or otherwise holding any
collateral security on behalf of any of the Secured Parties and (B) in respect of any actions taken in connection with
transferring the agency to any successor Agent.

 

(d)          L/C
Issuer and Swing Line Lender. Any resignation by Bank of America as Agent pursuant to this Section shall also
constitute its resignation as L/C Issuer and Swing Line Lender. If Bank of America resigns as an L/C Issuer, it shall retain
all the rights, powers, privileges and duties of the L/C Issuer hereunder with respect to all Letters of Credit outstanding
as of the effective date of its resignation as L/C Issuer and all L/C Obligations with respect thereto, including the right
to require the Lenders to make Base Rate Loans or fund risk participations in Unreimbursed Amounts pursuant to Section
2.04(c). If Bank of America resigns as Swing Line Lender, it shall retain all the rights of the Swing Line Lender provided
for hereunder with respect to Swing Line Loans made by it and outstanding as of the effective date of such resignation,
including the right to require the Lenders to make Base Rate Loans or fund risk participations in outstanding Swing Line
Loans pursuant to Section 2.05(c). Upon the appointment by the Borrower of a successor L/C Issuer or Swing Line Lender
hereunder (which successor shall in all cases be a Lender other than a Defaulting Lender), (i) such successor shall succeed
to and become vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer or Swing Line Lender,
as applicable, (ii) the retiring L/C Issuer and Swing Line Lender shall be discharged from all of their respective duties and
obligations hereunder or under the other Loan Documents, and (iii) the successor L/C Issuer shall issue letters of credit in
substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements
satisfactory to Bank of America to effectively assume the obligations of Bank of America with respect to such Letters of
Credit.

 

11.07.    Non-Reliance
on Agent and Other Lenders. Each Lender and the L/C Issuer acknowledges that it has, independently and without reliance upon
the Agent or any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate,
made its own credit analysis and decision to enter into this Agreement. Each Lender and the L/C Issuer also acknowledges that it
will, independently and without reliance upon the 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.

 

11.08.    No
Other Duties, Etc. Anything herein to the contrary notwithstanding, none of the titles listed on the cover page hereof 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 Agent, a Lender or the L/C Issuer hereunder.

 

11.09.    Agent
May File Proofs of Claim; Credit Bidding. In case of the pendency of any proceeding under any Debtor Relief Law or any other
judicial proceeding relative to any Loan Party, the Agent (irrespective of whether the principal of any Loan or L/C Obligation
shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Agent shall have
made any demand on the Borrower) shall be entitled and empowered, 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 Loans, L/C Obligations
and all other Secured 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, the L/C Issuer and the Agent (including any claim for the reasonable compensation, expenses,

 

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disbursements and advances of the Lenders, the L/C Issuer and the Agent and their respective agents and counsel and all other amounts
due the Lenders, the L/C Issuer and the Agent under Sections 2.10, 2.11(b) and 12.04) 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;

 

and any custodian, receiver, assignee, trustee,
liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender and the
L/C Issuer to make such payments to the Agent and, in the event that the Agent shall consent to the making of such payments directly
to the Lenders and the L/C Issuer, to pay to the Agent any amount due for the reasonable compensation, expenses, disbursements
and advances of the Agent and its agents and counsel, and any other amounts due the Agent under Sections 2.10, 2.11(b) and 12.04.

 

Nothing contained herein
shall be deemed to authorize the Agent to authorize or consent to or accept or adopt on behalf of any Lender or the L/C Issuer
any plan of reorganization, arrangement, adjustment or composition affecting the Secured Obligations or the rights of any Lender
or the L/C Issuer to authorize the Agent to vote in respect of the claim of any Lender or the L/C Issuer or in any such proceeding.

 

The Secured Parties
hereby irrevocably authorize the Agent, at the direction of the Required Lenders, to credit bid all or any portion of the
Secured Obligations (including accepting some or all of the Collateral in satisfaction of some or all of the Secured
Obligations pursuant to a deed in lieu of foreclosure or otherwise) and in such manner purchase (either directly or through
one or more acquisition vehicles) all or any portion of the Collateral (a) at any sale thereof conducted under the provisions
of the Bankruptcy Code of the United States, including under Sections 363, 1123 or 1129 of the Bankruptcy Code of the United
States, or any similar Laws in any other jurisdictions to which a Loan Party is subject, (b) at any other sale or foreclosure
or acceptance of collateral in lieu of debt conducted by (or with the consent or at the direction of) the Agent (whether by
judicial action or otherwise) in accordance with any applicable Law. In connection with any such credit bid and purchase, the
Secured Obligations owed to the Secured Parties shall be entitled to be, and shall be, credit bid on a ratable basis (with
Secured Obligations with respect to contingent or unliquidated claims receiving contingent interests in the acquired assets
on a ratable basis that would vest upon the liquidation of such claims in an amount proportional to the liquidated portion of
the contingent claim amount used in allocating the contingent interests) in the asset or assets so purchased (or in the
Equity Interests or debt instruments of the acquisition vehicle or vehicles that are used to consummate such purchase). In
connection with any such bid (i) the Agent shall be authorized to form one or more acquisition vehicles to make a bid, (ii)
to adopt documents providing for the governance of the acquisition vehicle or vehicles (provided that any actions by the
Agent with respect to such acquisition vehicle or vehicles, including any disposition of the assets or Equity Interests
thereof shall be governed, directly or indirectly, by the vote of the Required Lenders, irrespective of the termination of
this Agreement and without giving effect to the limitations on actions by the Required Lenders contained in clauses (i)
through (x) of Section 12.02(a) of this Agreement, and (iii) to the extent that Secured Obligations that are assigned to an
acquisition vehicle are not used to acquire Collateral for any reason (as a result of another bid being higher or better,
because the amount of Secured Obligations assigned to the acquisition vehicle exceeds the amount of debt credit bid by the
acquisition vehicle or otherwise), such Secured Obligations shall automatically be reassigned to the Lenders pro rata and the
Equity Interests and/or debt instruments issued by any acquisition vehicle on account of the Secured Obligations that had
been assigned to the acquisition vehicle shall automatically be cancelled, without the need for any Secured Party or
any acquisition vehicle to take any further action.

 

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11.10.    Collateral
and Guaranty Matters.

 

(a)          Each
of the Lenders (including in its capacities as a potential Cash Management Bank and a potential Hedge Bank) and the L/C Issuer
irrevocably authorize the Agent, at its option and in its discretion,

 

(i)           to
release any Lien on any property granted to or held by the Agent under any Loan Document (i) upon the Facility Termination Date,
(ii) 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 hereunder or under any other Loan Document, or (iii) if approved, authorized or ratified in writing
by the Required Lenders in accordance with Section 12.02;

 

(ii)          to
subordinate any Lien on any property granted to or held by the Agent under any Loan Document to the holder of any Lien on such
property that is permitted by Section 9.02(h); and

 

(iii)         to
release any Guarantor from its obligations under the Guaranty if such Person ceases to be a Subsidiary as a result of a transaction
permitted under the Loan Documents.

 

(b)          Upon
request by the Agent at any time, the Required Lenders will confirm in writing the Agent’s authority to release or subordinate
its interest in particular types or items of property, or to release any Guarantor from its obligations under the Guaranty pursuant
to this Section 11.10. In each case as specified in this Section 11.10, the Agent will, at the Borrower’s expense, execute
and deliver to the applicable Loan Party such documents as such Loan Party may reasonably request to evidence the release of such
item of Collateral from the assignment and security interest granted under the Collateral Documents or to subordinate its interest
in such item, or to release such Guarantor from its obligations under the Guaranty, in each case in accordance with the terms of
the Loan Documents and this Section 11.10.

 

(c)          The
Agent shall not be responsible for or have a duty to ascertain or inquire into any representation or warranty regarding the existence,
value or collectability of the Collateral, the existence, priority or perfection of the Agent’s Lien thereon, or any certificate
prepared by any Loan Party in connection therewith, nor shall the Agent be responsible or liable to the Lenders for any failure
to monitor or maintain any portion of the Collateral.

 

11.11.    Secured
Cash Management Agreements and Secured Hedge Agreements. Except as otherwise expressly set forth herein, no Cash Management
Bank or Hedge Bank that obtains the benefit of the provisions of Section 10.03, the Guaranty or any Collateral by virtue of the
provisions hereof or any Collateral Document shall have any right to notice of any action or to consent to, direct or object to
any action hereunder or under any other Loan Document or otherwise in respect of the Collateral (including the release or impairment
of any Collateral) (or to notice of or to consent to any amendment, waiver or modification of the provisions hereof or of the Guaranty
or any Collateral Document) other than in its capacity as a Lender and, in such case, only to the extent expressly provided in
the Loan Documents. Notwithstanding any other provision of this Article 11 to the contrary, the Agent shall not be required to
verify the payment of, or that other satisfactory arrangements have been made with respect to, Secured Obligations arising under
Secured Cash Management Agreements and Secured Hedge Agreements except to the extent expressly provided herein and unless the Agent
has received a Secured Party Designation Notice of such Secured Obligations, together with such supporting documentation as the
Agent may request, from the applicable Cash Management Bank or Hedge Bank, as the case may be. The Agent shall not be required
to verify the payment of, or that other satisfactory arrangements have been made with respect to, Secured Obligations arising under
Secured Cash Management Agreements and Secured Hedge Agreements in the case of a Facility Termination Date.

 

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11.12.    Lender
Status. Each Lender represents and warrants as of the Effective Time to the Agent and its Affiliates, and not, for the
avoidance of doubt, for the benefit of the Borrower or any other Loan Party, that such Lender is not and will not thereafter
be (i) an employee benefit plan subject to Title I of the ERISA, (ii) a plan or account subject to Section 4975 of the Code,
(iii) an entity deemed to hold “plan assets” of any such plans or accounts for purposes of ERISA or the Code, or
(iv) a “governmental plan” within the meaning of ERISA.

 

Article
12

 

Miscellaneous

 

12.01.    Notices.

 

(a)          Notices,
Generally. Except in the case of notices and other communications expressly permitted to be given by telephone (and except
as provided in subsection (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 fax transmission or email transmission
as follows, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the
applicable telephone number, as follows:

 

(i)           if
to the Borrower or any other Loan Party, to the address, fax number, email address or telephone number specified for such Person
on Schedule 1.01(b);

 

(ii)          if
to the Agent, the L/C Issuer or the Swing Line Lender, to the address, fax number, email address or telephone number specified
for such Person on Schedule 1.01(c); and

 

(iii)         if
to any other Lender, to the address, fax number, email address or telephone number specified in its Administrative Questionnaire
(including, as appropriate, notices delivered solely to the Person designated by a Lender on its Administrative Questionnaire then
in effect for the delivery of notices that may contain material non-public information relating to the Borrower).

 

Notices and other communications
sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received;
notices and other communications sent by fax transmission 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 and other communications delivered through electronic communications to the extent provided in
subsection (b) below shall be effective as provided in such subsection (b).

 

(b)          Electronic
Communications. Notices and other communications to the Agent, the Lenders, the Swing Line Lender and the L/C Issuer hereunder
may be delivered or furnished by electronic communication (including email, FPML messaging and Internet or intranet websites) pursuant
to procedures approved by the Agent; provided that the foregoing shall not apply to notices to any Lender, the Swing Line
Lender or the L/C Issuer pursuant to Article 2 if such Lender, Swing Line Lender or the L/C Issuer, as applicable, has notified
the Agent that it is incapable of receiving notices under such Article by electronic communication. The Agent, the Swing Line Lender,
the L/C Issuer or the Borrower may each, 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.

 

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

 

(c)          The
Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT PARTIES (AS DEFINED BELOW)
DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY
FOR ERRORS IN OR OMISSIONS FROM BORROWER MATERIALS. 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 BORROWER MATERIALS OR THE PLATFORM. In no event shall the Agent or any of
its Related Parties (collectively, the “Agent Parties”) have any liability to the Borrower, any Lender, the
L/C Issuer or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise)
arising out of the Borrower’s, any Loan Party’s or the Agent’s transmission of Borrower Materials or notices
through the Platform, any other electronic platform or electronic messaging service, or through the Internet.

 

(d)          Change
of Address, Etc. Each of the Borrower, the Agent, the L/C Issuer and Swing Line Lender may change its address, fax number
or telephone number or email address for notices and other communications hereunder by notice to the other parties hereto.
Each other Lender may change its address, fax number or telephone number or email address for notices and other
communications hereunder by notice to the Borrower, the Agent, the L/C Issuer and Swing Line Lender. In addition, each Lender
agrees to notify the Agent from time to time to ensure that the Agent has on record (i) an effective address, contact name,
telephone number, fax number and email address to which notices and other communications may be sent and (ii) accurate wire
instructions for such Lender. Furthermore, each Public Lender agrees to cause at least one individual at or on behalf of such
Public Lender to at all times have selected the “Private Side Information” or similar designation on the content
declaration screen of the Platform in order to enable such Public Lender or its delegate, in accordance with such Public
Lender’s compliance procedures and applicable Law, including United States federal and state securities Laws, to make
reference to Borrower Materials that are not made available through the “Public Side Information” portion of the
Platform and that may contain material non-public information with respect to the Borrower or its securities for purposes of
United States federal or state securities laws.

 

(e)          Reliance
by Agent, L/C Issuer and Lenders. The Agent, the L/C Issuer and the Lenders shall be entitled to rely and act upon
any notices (including, without limitation, telephonic or electronic notices, Loan Notices, Letter of Credit Applications,
Notice of Prepayment and Swing Line Loan Notices) purportedly given by or on behalf of any Loan Party even if (i) such
notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of
notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. The
Loan Parties shall indemnify the Agent, the L/C Issuer, each Lender and the Related Parties of each of them from all losses,
costs, expenses and liabilities resulting from the good faith reliance by such Person on each

 

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notice purportedly given by or on behalf of a Loan Party. All telephonic notices to and other telephonic
communications with the Agent may be recorded by the Agent, and each of the parties hereto hereby consents to such recording.

 

12.02.    Waivers;
Amendments.

 

(a)          Subject
to Sections 3.03(c) and 12.02(c), no amendment or waiver of any provision of this Agreement or any other Loan Document, and no
consent to any departure by the Borrower or any other Loan Party therefrom, shall be effective unless in writing signed by the
Required Lenders (or by the Agent with the consent of the Required Lenders) and the Borrower or the applicable Loan Party, as the
case may be, and acknowledged by the Agent, and each such waiver or consent shall be effective only in the specific instance and
for the specific purpose for which given; provided, however, that no such amendment, waiver or consent shall:

 

(i)           extend
or increase the Commitment of any Lender (or reinstate any Commitment terminated pursuant to Section 10.02) without the written
consent of such Lender (it being understood and agreed that a waiver of any condition precedent in Section 6.02 or of any Default
or a mandatory reduction in Commitments is not considered an extension or increase in Commitments of any Lender);

 

(ii)          reduce
the principal amount of any Loan or Reimbursement Obligation or reduce the rate of interest thereon (other than the decision not
to charge, or to cease to charge, Post-Default Interest), or reduce any fees payable hereunder, without the written consent of
each Lender affected thereby;

 

(iii)         postpone
the scheduled date of payment of the principal amount of any Loan or Reimbursement Obligation other than mandatory prepayments
of the Loans required under Section 2.09(b), or any interest thereon, or any fees payable hereunder, or reduce the amount
of, waive or excuse any such payment, change the Maturity Date of any Loan, or postpone the scheduled date of expiration of any
Commitment, or extend the ultimate expiration date of any Letter of Credit beyond the Maturity Date of the Revolving Facility,
without the written consent of each Lender affected thereby;

 

(iv)         except
as expressly set forth in clause (x) below, change Section 2.09(c) in a manner that would alter the application of prepayments
thereunder, or change Section 2.08(b), Section 2.08(g) or Section 10.03 in a manner that would alter the order or pro rata sharing
of payments required thereby, without in each case the written consent of each Lender;

 

(v)          alter
the rights or obligations of the Borrower to prepay Loans (other than mandatory prepayments of Loans under Section 2.09(b)) without
the written consent of each Lender affected thereby;

 

(vi)         change
any of the provisions of this Section 12.02 or the definition of “Required Lenders” or any other provision hereof
specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or under any other Loan
Document or make any determination or grant any consent hereunder or thereunder, without the written consent of each Lender;

 

(vii)        release
any of the Guarantors from its obligations in respect of its Guarantee under Article 4 or release any material portion of the Collateral
(or terminate any Lien with respect

 

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thereto), except as expressly permitted in this Agreement (in which case such release may be
made by the Agent acting alone), without the written consent of each Lender;

 

(viii)       waive
any of the conditions precedent specified in Section 6.01 without the written consent of each Lender and the Agent;

 

(ix)         subordinate
the Loans to any other Indebtedness, without the written consent of each Lender; or

 

(x)          amend
Section 1.11 or the definition of “Alternative Currency” without the consent of each Lender directly affected thereby:

 

and provided further
that (i) no amendment, waiver or consent shall, unless in writing and signed by the L/C Issuer in addition to the
Lenders required above, affect the rights or duties of the L/C Issuer under this Agreement or any Issuer Document relating to
any Letter of Credit issued or to be issued by it; (ii) no amendment, waiver or consent shall, unless in writing and signed
by the Swing Line Lender in addition to the Lenders required above, affect the rights or duties of the Swing Line Lender
under this Agreement; (iii) no amendment, waiver or consent shall, unless in writing and signed by the Agent in addition to
the Lenders required above, affect the rights or duties of the Agent under this Agreement or any other Loan Document; and
(iv) the Fee Letter may be amended, or rights or privileges thereunder waived, in a writing executed only by the parties
thereto. Notwithstanding anything to the contrary herein, (A) no Defaulting Lender shall have any right to approve or
disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires the
consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than
Defaulting Lenders), except that (x) the Commitment of any Defaulting Lender may not be increased or extended without the
consent of such Lender and (y) any waiver, amendment or modification requiring the consent of all Lenders or each affected
Lender that by its terms affects any Defaulting Lender more adversely than other affected Lenders shall require the consent
of such Defaulting Lender; (B) each Lender is entitled to vote as such Lender sees fit on any bankruptcy reorganization plan
that affects the Loans, and each Lender acknowledges that the provisions of Section 1126(c) of the Bankruptcy Code of the
United States supersedes the unanimous consent provisions set forth herein; and (C) the Required Lenders shall determine
whether or not to allow a Loan Party to use cash collateral in the context of a bankruptcy or insolvency proceeding and such
determination shall be binding on all of the Lenders.

 

(b)          Anything
in this Agreement to the contrary notwithstanding, no waiver or modification of any provision of this Agreement that has the effect
(either immediately or at some later time) of enabling the Borrower to satisfy a condition precedent to the making of any of Class
of Loan shall be effective against the Lenders of such Class of Loans unless the Required Lenders of such Class of Loans shall
have concurred with such waiver or modification.

 

(c)          Notwithstanding
any provision herein to the contrary, this Agreement may be amended with the written consent of the Agent, the L/C Issuer, the
Borrower and the Lenders affected thereby to amend the definition of “Alternative Currency” or “Eurocurrency
Rate” solely to add additional currency options and the applicable interest rate with respect thereto, in each case solely
to the extent permitted pursuant to Section 1.11.

 

(d)          If
any Lender does not consent to a proposed amendment, waiver, consent or release with respect to any Loan Document that requires
the consent of each Lender or each Lender affected thereby and that has been approved by the Required Lenders, the Borrower may
replace such Non-Consenting Lender in accordance with Section 12.13; provided that such amendment, waiver, consent or release
can be

 

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effected as a result of the assignment contemplated by such Section (together with all other such assignments required by
the Borrower to be made pursuant to this paragraph).

 

12.03.    No
Waiver; Cumulative Remedies; Enforcement.

 

(a)          No
failure by any Lender, the L/C Issuer or the Agent to exercise, and no delay by any such Person 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 right, remedy, power or privilege hereunder or under any other Loan Document preclude any other or further exercise
thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided,
and provided under each other Loan Document, are cumulative and not exclusive of any rights, remedies, powers and privileges provided
by law.

 

(b)          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 the Loan Parties or any of them shall be vested exclusively in, and all
actions and proceedings at law in connection with such enforcement shall be instituted and maintained exclusively by, the
Agent in accordance with Section 10.02 for the benefit of all the Lenders and the L/C Issuer; provided, however,
that the foregoing shall not prohibit (a) the Agent from exercising on its own behalf the rights and remedies that inure to
its benefit (solely in its capacity as Agent) hereunder and under the other Loan Documents, (b) the L/C Issuer or the Swing
Line Lender from exercising the rights and remedies that inure to its benefit (solely in its capacity as L/C Issuer or Swing
Line Lender, as the case may be) hereunder and under the other Loan Documents, (c) any Lender from exercising setoff rights
in accordance with Section 12.08 (subject to the terms of Section 2.08(h)), or (d) any Lender from filing proofs of claim or
appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to any Loan Party under any
Debtor Relief Law; and provided, further, that if at any time there is no Person acting as Agent hereunder and
under the other Loan Documents, then (i) the Required Lenders shall have the rights otherwise ascribed to the Agent pursuant
to Section 10.02 and (ii) in addition to the matters set forth in clauses (b), (b) and (b) of the preceding proviso and
subject to Section 2.08(h), any Lender may, with the consent of the Required Lenders, enforce any rights and remedies
available to it and as authorized by the Required Lenders.

 

12.04.    Expenses;
Indemnity: Damage Waiver.

 

(a)          Costs
and Expenses. The Loan Parties jointly and severally agree to pay, or reimburse the Agent or the Lenders, as applicable,
for paying, (i) all reasonable out-of-pocket expenses incurred by the Agent and its Affiliates, including the reasonable
fees, charges and disbursements of counsel for the Agent, in connection with the syndication of the credit facilities
provided for herein, the preparation, negotiation, execution, delivery and administration of this Agreement and the other
Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the
transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable out-of-pocket expenses incurred by the
L/C Issuer in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment
thereunder, (iii) all out-of-pocket expenses incurred by the Agent, the L/C Issuer, or any Lender, including the
fees, charges and disbursements of any counsel for the Agent, the L/C Issuer, or any Lender, in connection with the
enforcement or protection of their rights in connection with this Agreement and the other Loan Documents, including their
rights under this Section 12.04, or in connection with the Loans made or Letters of Credit issued hereunder, including
in connection with any workout, restructuring or negotiations in respect thereof, and (iv) all Other Taxes levied by any
Governmental Authority in respect of this Agreement or any of the other Loan Documents or any other document referred to
herein or therein and all costs, expenses, taxes, assessments and other charges incurred in connection with any filing,
registration, recording or perfection of any security interest contemplated by any Loan Document or any other document
referred to therein.

 

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(b)          Indemnification
by the Loan Parties. The Loan Parties jointly and severally agree to indemnify the Agent (and any sub-agent thereof), the
L/C Issuer, 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 the
Borrower or any other Loan Party) 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, or, in the case of the Agent (and any sub-agent thereof) and its Related Parties only, the administration
of this Agreement and the other Loan Documents (including in respect of any matters addressed in Section 3.01), (ii) any Loan
or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by the L/C Issuer to honor a
demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply
with the terms of such Letter of Credit), (iii) any actual or alleged presence or release of Hazardous Materials on or from
any property owned or operated by a Loan Party or any of its Subsidiaries, or any Environmental Liability related in any way
to a Loan Party or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding
relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by
the Borrower or any other Loan Party or any of the Borrower’s or such Loan Party’s directors, shareholders or
creditors, 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 not involving an act or omission of a Loan
Party that is brought by an Indemnitee against another Indemnitee (other than the Agent in its capacity as such). Without
limiting the provisions of Section 3.01(c), this Section 12.04(b) shall not apply with respect to Taxes other than any Taxes
that represent losses, claims, damages, etc. arising from any non-Tax claim.

 

(c)          Reimbursement
by Lenders. To the extent that the Loan Parties for any reason fail to indefeasibly pay any amount required under subsection
(a) or (b) of this Section to be paid by it to the Agent (or any sub-agent thereof), the L/C Issuer, the Swing Line Lender or any
Related Party of any of the foregoing, each Lender severally agrees to pay to the Agent (or any such sub-agent), the L/C Issuer,
the Swing Line Lender or 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 share of the Total Credit
Exposure at such time) of such unpaid amount (including any such unpaid amount in respect of a claim asserted by such Lender),
such payment to be made severally among them based on such Lender’s Applicable Percentage (determined as of the time that
the applicable unreimbursed expense or indemnity payment is sought), provided, further 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 Agent
(or any such sub-agent), the L/C Issuer or the Swing Line Lender in its capacity as such, or against any Related Party of any of
the foregoing acting for the Agent (or any such sub-agent), the L/C Issuer or the Swing Line Lender in connection with such capacity.
The obligations of the Lenders under this subsection (c) are subject to the provisions of Section 2.08(e).

 

(d)          Waiver
of Consequential Damages, Etc. To the fullest extent permitted by applicable Law, no Loan Party shall assert, and each Loan
Party hereby waives, and acknowledges that no other Person shall have, 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 or any agreement or instrument contemplated hereby,

 

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the transactions
contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof. No Indemnitee referred to in subsection
(b) above shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed
to such unintended recipients by such Indemnitee 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 12.04 shall be payable within ten (10) Business Days after written demand therefor.

 

(f)          Survival.
The agreements in this Section 12.04 and the indemnity provisions of Section 12.01(e) shall survive the resignation of the Agent,
the L/C Issuer and the Swing Line Lender, the replacement of any Lender, the termination of the Commitments and the repayment,
satisfaction or discharge of all other Obligations.

 

12.05.    Payments
Set Aside. To the extent that any payment by or on behalf of the Borrower is made to the Agent, the L/C Issuer or
any Lender, or the Agent, the L/C Issuer 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 Agent, the L/C Issuer 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 and the L/C Issuer severally agrees to pay to the Agent upon demand its applicable share (without duplication) of any
amount so recovered from or repaid by the 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 applicable Overnight Rate from time to time in effect, in the applicable currency of
such recovery or payment. The obligations of the Lenders and the L/C Issuer under clause (b) of the preceding sentence
shall survive the payment in full of the Obligations and the termination of this Agreement.

 

12.06.    Successors
and Assigns.

 

(a)          Successors
and Assigns, Generally. The provisions of this Agreement and the other Loan Documents shall be binding upon and inure to
the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that neither the
Borrower nor any other Loan Party may assign or otherwise transfer any of its rights or obligations hereunder without the
prior written consent of each Lender, the L/C Issuer and the Agent, 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 subsection (b) of this
Section, (ii) by way of participation in accordance with the provisions of subsection (d) of this Section, or (iii) by way
of pledge or assignment of a security interest subject to the restrictions of subsection (f) of this Section (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 and, to the extent expressly contemplated hereby, Participants to the extent provided in subsection
(d) of this Section and, to the extent expressly contemplated hereby, the Related Parties of each of the Agent, the L/C
Issuer, and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.

 

(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 (including for purposes of this subsection (b), participations
in L/C Obligations and in Swing

 

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Line Loans) at the time owing to it); provided that (in each case with respect to any Facility)
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 under any Facility and/or the
Loans at the time owing to it (in each case with respect to any Facility) or contemporaneous assignments to related Approved Funds
(determined after giving effect to such Assignments) that equal at least the amount specified in paragraph (b)(i)(B) of this Section
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 subsection (b)(i)(A) of this Section, 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 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 Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the
Trade Date, shall not be less than $5,000,000 in the case of any assignment in respect of the Revolving Facility, or $1,000,000,
in the case of any assignment in respect of the Term Facility, unless each of Agent and, so long as no Event of Default has occurred
and is continuing, the Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed); provided,
however, that concurrent assignments to members of an Assignee Group and concurrent assignments from members of an Assignee
Group to a single Eligible Assignee (or to an Eligible Assignee and members of its Assignee Group) will be treated as a single
assignment for purposes of determining whether such minimum amount has been met;

 

(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 and the other Loan Documents with respect to the Loans or the Commitment assigned,
except that this clause (ii) shall not apply to the Swing Line Lender’s rights and obligations in respect of Swing Line Loans;

 

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

 

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

 

(B)          the
consent of Agent (such consent not to be unreasonably withheld or delayed) shall be required for assignments in respect of any
Revolving

 

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Commitment or Term Loan if such assignment is to a Person that is not a Lender or an Affiliate of such Lender or an Approved
Fund; and

 

(C)          the
consent of the L/C Issuer and the Swing Line Lender shall be required for any assignment in respect of the Revolving Facility.

 

(iv)         Assignment
and Assumption. The parties to each assignment shall execute and deliver to the Agent an Assignment and Assumption, together
with a processing and recordation fee in the amount of $3,500.00; provided, however, that the 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 Agent an Administrative Questionnaire.

 

(v)          No
Assignment to Certain Persons. No such assignment shall be made (A) to the Borrower or any of the
Borrower’s Affiliates or Subsidiaries, (B) to any Defaulting Lender or any of its Subsidiaries, or any Person who, upon
becoming a Lender hereunder, would constitute any of the foregoing Persons described in this clause (v), or (C) 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).

 

(vi)          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 Agent in an aggregate amount sufficient, upon distribution thereof as appropriate
(which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions,
including funding, with the consent of the Borrower and the 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 Agent, the L/C Issuer or any Lender
hereunder (and interest accrued thereon) and (y) acquire (and fund as appropriate) its full pro rata share of all Loans and participations
in Letters of Credit and Swing Line 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 Agent pursuant to subsection (c) of this Section, from and after the effective date specified in each Assignment and Assumption,
the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption,
have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the
interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of
an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender
shall cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 3.01, 3.04, 3.05 and 12.04 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. Upon request, the Borrower
(at its expense) shall execute and deliver a Note to the assignee Lender. Any assignment or transfer by a Lender of rights or obligations
under this Agreement that does not comply with this subsection 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 subsection (d) of this Section.

 

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(c)          Register.
The Agent, acting solely for this purpose as an agent of the Borrower (and such agency being solely for tax purposes), shall maintain
at the Agent’s Office in the United States a copy of each Assignment and Assumption delivered to it (or the equivalent thereof
in electronic form) and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal
amounts (and stated interest) of the Loans and Reimbursement Obligations owing to, each Lender pursuant to the terms hereof from
time to time (the “Register”). The entries in the Register shall be conclusive, absent manifest error, and the
Borrower, the Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof
as a Lender hereunder for all purposes of this Agreement. In addition, the Agent shall maintain on the Register information regarding
the designation, and revocation of designation, of any Lender as a Defaulting Lender. The Register shall be available for
inspection by the 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, the Borrower or the 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, a Defaulting Lender or the Borrower or any of the Borrower’s Affiliates or
Subsidiaries ) (each, a “Participant”) in all or a portion of such Lender’s rights and/or
obligations under this Agreement (including all or a portion of its Commitment and/or the Loans (including such
Lender’s participations in L/C Obligations and/or Swing Line 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) the Borrower, the Agent, the Lenders and the
L/C Issuer shall continue to deal solely and directly with such Lender in connection with such Lender’s rights
and obligations under this Agreement. For the avoidance of doubt, each Lender shall be responsible for the indemnity
under Section 12.04(c) without regard to the existence of any participations.

 

Any agreement or
instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right
to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided
that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any
amendment, waiver or other modification described in the first proviso to Section 12.02(a) that affects such Participant. The
Borrower agrees that each Participant shall be entitled to the benefits of Sections 3.01, 3.04 and 3.05 (subject to the
requirements and limitations therein, including the requirements under Section 3.01(e) (it being understood that the
documentation required under Section 3.01(e) shall be delivered to the Lender who sells the participation)) to the same
extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section; provided
that such Participant (A) agrees to be subject to the provisions of Sections 3.06 and 12.13 as if it were an assignee under
paragraph (b) of this Section and (B) shall not be entitled to receive any greater payment under Sections 3.01 or 3.04, with
respect to any participation, than the Lender from whom it acquired the applicable participation would have been entitled to
receive, except to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after
the Participant acquired the applicable participation. Each Lender that sells a participation agrees, at the Borrower’s
request and expense, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions of Section 3.06
with respect to any Participant. To the extent permitted by law, each Participant also shall be entitled to the benefits of
Section 12.08 as though it were a Lender; provided that such Participant agrees to be subject to Section 2.08(h) as
though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as a
non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the
principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the 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

 

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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) 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 Agent (in its capacity
as 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
(including under its Note or Notes, if any) to secure obligations of such Lender, including any pledge or assignment to secure
obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from any of
its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

 

(f)          Resignation
as L/C Issuer or Swing Line Lender after Assignment. Notwithstanding anything to the contrary contained herein, if at any
time Bank of America assigns all of its Commitment and Loans pursuant to subsection (b) above, Bank of America may, (i) upon
30 days’ notice to the Borrower and the Lenders, resign as L/C Issuer and/or (ii) upon 30 days’ notice to the
Borrower, resign as Swing Line Lender. In the event of any such resignation as L/C Issuer or Swing Line Lender, the Borrower
shall be entitled to appoint from among Lenders a successor L/C Issuer or Swing Line Lender hereunder; provided, however,
that no failure by the Borrower to appoint any such successor shall affect the resignation of Bank of America as L/C Issuer
or Swing Line Lender, as the case may be. If Bank of America resigns as L/C Issuer, it shall retain all the rights, powers,
privileges and duties of the L/C Issuer hereunder with respect to all Letters of Credit outstanding as of the effective date
of its resignation as L/C Issuer and all Reimbursement Obligations with respect thereto (including the right to require the
Lenders to make Base Rate Loans or fund risk participations in Unreimbursed Amounts pursuant to Section 2.04(c)). If Bank of
America resigns as Swing Line Lender, it shall retain all the rights of Swing Line Lender provided for hereunder with respect
to Swing Line Loans made by it and outstanding as of the effective date of such resignation, including the right to require
the Lenders to make Base Rate Loans or fund risk participations in Swing Line Loans pursuant to Section 2.05(c). Upon the
appointment of a successor L/C Issuer and/or Swing Line Lender, (A) such successor shall succeed to and become vested with
all of the rights, powers, privileges and duties of the retiring L/C Issuer or Swing Line Lender, as the case may be, and (B)
the successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the
time of such succession or make other arrangements satisfactory to Bank of America to effectively assume the obligations of
Bank of America with respect to such Letters of Credit.

 

12.07.    Treatment
of Certain Information; Confidentiality.

 

(a)          Treatment
of Certain Information. Each of the Agent, the Lenders and the L/C Issuer agrees to maintain the confidentiality of
the Information (as defined below), except that Information may be disclosed (i)  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),  (ii) 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),  (iii) to the extent required
by applicable Laws or regulations or by any subpoena or similar legal process,  (iv) to any other party hereto, (v)
 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 of rights hereunder or thereunder, (vi)
 subject to an agreement containing provisions substantially the same as those of this Section, to (A)  any
assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights and obligations under this
Agreement or any Eligible Assignee invited to be a Lender pursuant

 

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to Section 2.14(c) or (B)  any
actual or prospective party (or its Related Parties) to any swap, derivative or other transaction under which payments are to
be made by reference to the Borrower and its obligations, this Agreement or payments hereunder,  (vii) on a confidential
basis to  (A) any rating agency in connection with rating the Borrower or its Subsidiaries or the credit facilities
provided hereunder or (B)  the provider of any Platform or other electronic delivery service used by the Agent, the L/C
Issuer and/or the Swing Line Lender to deliver Borrower Materials or notices to the Lenders or (C) the CUSIP Service Bureau
or any similar agency in connection with the issuance and monitoring of CUSIP numbers or other market identifiers with
respect to the credit facilities provided hereunder, or (viii)  with the consent of the Borrower or to the extent such
Information (1)  becomes publicly available other than as a result of a breach of this Section or (2)  becomes
available to the Agent, any Lender, the L/C Issuer or any of their respective Affiliates on a nonconfidential basis from a
source other than the Borrower. For purposes of this Section, “Information” means all information received from
the Borrower or any Subsidiary relating to the Borrower or any Subsidiary or any of their respective businesses, other than
any such information that is available to the Agent, any Lender or the L/C Issuer on a nonconfidential basis prior to
disclosure by the Borrower or any Subsidiary, provided that, in the case of information received from the Borrower or
any Subsidiary after the date hereof, such information is clearly identified at the time of delivery as confidential. Any
Person required to maintain the confidentiality of Information as provided in this Section 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. In addition, the 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 Agent and the Lenders in connection with the administration of
this Agreement, the other Loan Documents and the Commitments.

 

(b)          Non-Public
Information. Each of the Agent, the Lenders and the L/C Issuer acknowledges that (i)  the Information may
include material non-public information concerning a Loan Party or a Subsidiary, as the case may be, (ii)  it has
developed compliance procedures regarding the use of material non-public information and (iii)  it will handle such
material non-public information in accordance with applicable Law, including United States federal and state securities
Laws.

 

(c)          Press
Releases. The Loan Parties and their Affiliates agree that they will not in the future issue any press releases or other public
disclosure using the name of the Agent or any Lender or their respective Affiliates or referring to this Agreement or any of the
Loan Documents without the prior written consent of the Agent, unless (and only to the extent that) the Loan Parties or such Affiliate
is required to do so under law (including required filings with the SEC) and then, in any event the Loan Parties or such Affiliate
will consult with such Person before issuing such press release or other public disclosure.

 

(d)          Customary
Advertising Material. The Loan Parties consent to the publication by the Agent or any Lender of customary advertising material
relating to the transactions contemplated hereby using the name, product photographs, logo or trademark of the Loan Parties.

 

12.08.    Right
of Setoff. If an Event of Default shall have occurred and be continuing, each Lender, the L/C Issuer and each of their respective
Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable Law, to set off
and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held
and other obligations (in whatever currency) at any time owing by such Lender, the L/C Issuer or any such Affiliate to or for the
credit or the account of the Borrower or any other Loan Party against any and all of the obligations of the Borrower or such Loan
Party now or hereafter existing under this Agreement or any other Loan Document to such Lender or the L/C Issuer or their respective
Affiliates, irrespective of whether or not such Lender, the L/C Issuer or Affiliate shall have made any demand under this Agreement
or any other Loan Document and although such obligations of the Borrower or such Loan Party may be contingent or unmatured, secured

 

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or unsecured, or are owed to a branch,
office or Affiliate of such Lender or the L/C Issuer different from the branch, office or Affiliate holding such deposit or
obligated on such indebtedness; provided that in the event that any Defaulting Lender shall exercise any such right of
setoff, (a)  all amounts so set off shall be paid over immediately to the Agent for further application in accordance
with the provisions of Section 2.13 and, pending such payment, shall be segregated by such Defaulting Lender from its
other funds and deemed held in trust for the benefit of the Agent, the L/C Issuer and the Lenders, and (b)  the
Defaulting Lender shall provide promptly to the Agent a statement describing in reasonable detail the Secured Obligations
owing to such Defaulting Lender as to which it exercised such right of setoff. The rights of each Lender, the L/C Issuer and
their respective Affiliates under this Section are in addition to other rights and remedies (including other rights of
setoff) that such Lender, the L/C Issuer or their respective Affiliates may have. Each Lender and the L/C Issuer agrees to
notify the Borrower and the Agent promptly after any such setoff and application, provided that the failure to give
such notice shall not affect the validity of such setoff and application.

 

12.09.    Interest
Rate Limitation. Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to
be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (the
“Maximum Rate”). If the Agent or any Lender shall receive interest in an amount that exceeds the Maximum
Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to
the Borrower. In determining whether the interest contracted for, charged, or received by the Agent or a Lender exceeds the
Maximum Rate, such Person may, to the extent permitted by applicable Law,  (a) characterize any payment that is not
principal as an expense, fee, or premium rather than interest,  (b) exclude voluntary prepayments and the
effects thereof, and (c)  amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest
throughout the contemplated term of the Obligations hereunder.

 

12.10.    Counterparts;
Integration; References to Agreement; Effectiveness. This Agreement and each of the other Loan Documents may be executed in
counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of
which when taken together shall constitute a single contract. This Agreement, the other Loan Documents and any separate letter
agreements with respect to fees payable to the Agent, the L/C Issuer or its counsel 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. Whenever there is a reference in any Loan Document or UCC Financing Statement to the “Credit
Agreement” to which the Agent, the Lenders and the Loan Parties are parties, such reference shall be deemed to be made to
this Agreement among the parties hereto. Except as provided in Section 6.01, this Agreement shall become effective when it
shall have been executed by the Agent and when the Agent shall have received counterparts hereof which, when taken together, bear
the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page of this Agreement or
any other Loan Document, or any certificate delivered thereunder, by fax transmission or email transmission (e.g. “pdf”
or “tif”) shall be effective as delivery of a manually executed counterpart of this Agreement or such other Loan Document
or certificate. Without limiting the foregoing, to the extent a manually executed counterpart is not specifically required to be
delivered under the terms of any Loan Document, upon the request of any party, such fax transmission or email transmission shall
be promptly followed by such manually executed counterpart.

 

12.11.    Survival
of Representations and Warranties.  All representations and warranties made hereunder and in any other Loan Document or other
document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery hereof
and thereof. Such representations and warranties have been or will be relied upon by the Agent and each Lender, regardless of any
investigation made by the Agent or any Lender or on their behalf and notwithstanding that the Agent or any Lender may have had
notice or knowledge of any Default at the time of any Credit Extension, and

 

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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.

 

12.12.    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 provisions in this Agreement relating to Defaulting Lenders
shall be limited by Debtor Relief Laws, as determined in good faith by the Agent, the L/C Issuer or the Swing Line Lender,
as applicable, then such provisions shall be deemed to be in effect only to the extent not so limited.

 

12.13.    Replacement
of Lenders. If the Borrower is entitled to replace a Lender pursuant to the provisions of Section 3.06, or if any Lender
is a Defaulting Lender or a Non-Consenting Lender or if any other circumstance exists hereunder that gives the Borrower the right
to replace a Lender as a party hereto, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the
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 12.06), all of its interests, rights (other than its existing rights to payments pursuant
to Sections 3.01 and 3.04) 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:

 

(a)          the
Borrower shall have paid to the Agent the assignment fee (if any) specified in Section 12.06(b);

 

(b)          such
Lender shall have received payment of an amount equal to 100% of the outstanding principal of its Loans and L/C Advances, accrued
interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any
amounts under Section 3.05) from the assignee (to the extent of such outstanding principal and accrued interest and fees)
or the Borrower (in the case of all other amounts);

 

(c)          in
the case of any such assignment resulting from a claim for compensation under Section 3.04 or payments required to be made
pursuant to Section 3.01, such assignment will result in a reduction in such compensation or payments thereafter;

 

(d)          such
assignment does not conflict with applicable Laws; and

 

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

 

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

 

Each party hereto agrees
that (a) an assignment required pursuant to this Section 12.13 may be effected pursuant to an Assignment and Assumption executed
by the Borrower, the Agent and the assignee and (b) the Lender required to make such assignment need not be a party thereto in
order for such assignment to be effective and shall be deemed to have consented to an be bound by the terms thereof;

 

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provided
that, following the effectiveness of any such assignment, the other parties to such assignment agree to execute and deliver such
documents necessary to evidence such assignment as reasonably requested by the applicable Lender, provided, further
that any such documents shall be without recourse to or warranty by the parties thereto.

 

Notwithstanding anything
in this Section 12.13 to the contrary, (i) any Lender that acts as an L/C Issuer 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 L/C Issuer
or the depositing of Cash Collateral into a Cash Collateral account in amounts and pursuant to arrangements reasonably satisfactory
to such L/C Issuer) have been made with respect to such outstanding Letter of Credit and (ii) the Lender that acts as the
Agent may not be replaced hereunder except in accordance with the terms of Section 11.06.

 

12.14.   Governing
Law; Jurisdiction; Consent to Service of Process.

 

(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 NEW YORK.

 

(b)          SUBMISSION
TO 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 AGENT, ANY LENDER, THE L/C ISSUER, 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 NEW YORK
SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT
FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF SUCH COURTS AND
AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK 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 AGENT, ANY LENDER OR THE L/C ISSUER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR
ANY OTHER LOAN DOCUMENT AGAINST THE BORROWER OR ANY OTHER LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.

 

(c)          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

 

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THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (B) 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.

 

(d)          SERVICE
OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 12.01.
NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE
LAW.

 

12.15.    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.

 

12.16.    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.

 

12.17.    Release
of Collateral and Guarantees. The Agent and the Lenders agree that if (x) the assets of any Non-Core Energy Project or (y)
the assets or Equity Interests in any Subsidiary that are owned by the Loan Parties are sold to any Person as permitted by the
terms of this Agreement and the other Loan Documents, or if any Subsidiary is merged or consolidated with or into any other Person
as permitted by the terms of this Agreement and such Subsidiary is not the continuing or surviving corporation, the Agent shall,
upon request of the Borrower (and upon the receipt by the Agent of such evidence as the Agent or any Lender may reasonably request
to establish that such sale, designation, merger or consolidation is permitted by the terms of this Agreement), but without the
consent of any Lender, terminate the Guarantee of such Subsidiary under Article 3 hereof and authorize the Agent to release the
Liens created by the Loan Documents on such assets or Equity Interests in such Subsidiary. The Agent and the Lenders further agree
that if any task order or contract of any Loan Party shall become Energy Conservation Financing Collateral as permitted by the
terms of this Agreement, the Agent shall, upon request by the Borrower (and upon the receipt by the Agent of such evidence as the
Agent or any Lender may reasonably request to establish that grant of such security interest in such task orders or contracts in
favor of the Energy Conservation Project Financing Agent is permitted by the terms of this Agreement), release the Lien created
by the Loan Documents on such Energy Conservation Financing Collateral.

 

12.18.    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), the Borrower
and each other Loan Party acknowledges and agrees and acknowledges its Affiliates’ understanding that: (a) (i) the
arranging and other services regarding this Agreement provided by the Agent, the Lenders and any of their respective
Affiliates are arm’s-length commercial transactions between the Borrower, each other Loan Party and their

 

    	 	134	 

     

    

 

respective Affiliates, on the one
hand, and the Agent and, as applicable, its Affiliates and the Lenders and their Affiliates (collectively, solely for
purposes of this Section, the “Lenders”), on the other hand, (ii) each of the Borrower and the other Loan
Parties has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and
(iii) the Borrower and each other Loan Party is capable of evaluating, and understands and accepts, the terms, risks and
conditions of the transactions contemplated hereby and by the other Loan Documents; (b) (i) the Agent and its Affiliates and
each Lender 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, any other Loan Party
or any of their respective Affiliates, or any other Person and (ii) neither the Agent, any of its Affiliates nor any Lender
has any obligation to the Borrower, any other Loan Party or any of their respective Affiliates with respect to
the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and
(c) the Agent and its Affiliates and the Lenders may be engaged in a broad range of transactions that involve interests that
differ from those of the Borrower, the other Loan Parties and their respective Affiliates, and neither the Agent, any of
its Affiliates nor any Lender has any obligation to disclose any of such interests to the Borrower, any other Loan Party or
any of their respective Affiliates. To the fullest extent permitted by law, each of the Borrower and each other Loan Party
hereby waives and releases any claims that it may have against the Agent, any of its Affiliates or any Lender with respect to
any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transactions
contemplated hereby.

 

12.19.    Subordination.
Each Loan Party (a “Subordinating Loan Party”) hereby subordinates the payment of all obligations and indebtedness
of any other Loan Party owing to it (“Intercompany Indebtedness”), whether now existing or hereafter arising,
including but not limited to any obligation of any such other Loan Party to the Subordinating Loan Party as subrogee of the Secured
Parties or resulting from such Subordinating Loan Party’s performance under this Guaranty, to the indefeasible payment in
full in cash of all Obligations. If the Secured Parties so request, any such obligation or indebtedness of any such other Loan
Party to the Subordinating Loan Party shall be enforced and performance received by the Subordinating Loan Party as trustee for
the Secured Parties and the proceeds thereof shall be paid over to the Secured Parties on account of the Secured Obligations, but
without reducing or affecting in any manner the liability of the Subordinating Loan Party under this Agreement. Notwithstanding
the foregoing, so long as no Default has occurred and is continuing, the Loan Parties may make and receive payments with respect
to Intercompany Debt; provided, that in the event that any Loan Party receives any payment of any Intercompany Debt at a
time when a Default has occurred and is continuing, such payment shall be held by such Loan Party, in trust for the benefit of,
and shall be paid forthwith over and delivered, upon written request, to the Agent.

 

12.20.    Electronic
Execution. The words “delivery,” “execute,” “execution,” “signed,” “signature,”
and words of like import in any Loan Document or any other document to be signed in connection with this Agreement and the transactions
contemplated hereby (including without limitation Assignment and Assumptions, amendments or other modifications, Loan Notices,
waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract
formations on electronic platforms approved by the Agent, 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, physical delivery thereof 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; provided that notwithstanding anything contained
herein to the contrary the Agent is under no obligation to agree to accept electronic signatures in any form or in any format
unless expressly agreed to by the Agent pursuant to procedures approved by it; provided further without limiting
the foregoing, upon the request of the Agent, any electronic signature shall be promptly followed by such manually executed counterpart.

 

    	 	135	 

     

    

 

12.21.    USA
Patriot Act Notice. Each Lender that is subject to the Act (as hereinafter defined) and the Agent (for itself and not on behalf
of any Lender) hereby notifies the Borrower and the other Loan Parties that pursuant to the requirements of the USA PATRIOT Act
(Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), it is required to obtain, verify
and record information that identifies each Loan Party, which information includes the name and address of each Loan Party and
other information that will allow such Lender or the Agent, as applicable, to identify each Loan Party in accordance with the Act.
The Borrower and the Loan Parties agree to, promptly following a request by the Agent or any Lender, provide all such other documentation
and information that the Agent or such Lender requests in order to comply with its ongoing obligations under applicable “know
your customer” and anti-money laundering rules and regulations, including the Act.

 

12.22.    Judgment
Currency. If, for the purposes of obtaining judgment in any court, it is necessary to convert a sum due hereunder or any other
Loan Document in one currency into another currency, the rate of exchange used shall be that at which in accordance with normal
banking procedures the Agent could purchase the first currency with such other currency on the Business Day preceding that on which
final judgment is given. The obligation of each Loan Party in respect of any such sum due from it to the Agent or any Lender hereunder
or under the other Loan Documents shall, notwithstanding any judgment in a currency (the “Judgment Currency”)
other than that in which such sum is denominated in accordance with the applicable provisions of this Agreement (the “Agreement
Currency”), be discharged only to the extent that on the Business Day following receipt by the Agent or such Lender,
as the case may be, of any sum adjudged to be so due in the Judgment Currency, the Agent or such Lender, as the case may be, may
in accordance with normal banking procedures purchase the Agreement Currency with the Judgment Currency. If the amount of the Agreement
Currency so purchased is less than the sum originally due to the Agent or any Lender from any Loan Party in the Agreement Currency,
such Loan Party agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Agent or such Lender,
as the case may be, against such loss. If the amount of the Agreement Currency so purchased is greater than the sum originally
due to the Agent or any Lender in such currency, the Agent or such Lender, as the case may be, agrees to return the amount of any
excess to such Loan Party (or to any other Person who may be entitled thereto under applicable law).

 

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

 

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

 

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

 

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

 

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

 

    	 	136	 

     

    

 

(iii)         the
variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of any EEA Resolution
Authority.

 

12.24.    Acknowledgement
Regarding Any Supported QFCs. To the extent that the Loan Documents provide support, through a guarantee or otherwise, for
any Swap Contract 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 Federal Deposit Insurance Corporation 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, 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 rights and remedies of the parties
with respect to a Defaulting Lender 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 12.24, the following terms have the following meanings:

 

“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.

 

“Covered
Entity” means any of the following: (i) a “covered entity” as that term is defined in, and interpreted in
accordance with, 12 C.F.R. § 252.82(b); (ii) a “covered bank” as that term is defined in, and interpreted in accordance
with, 12 C.F.R. § 47.3(b); or (iii) a “covered FSI” as that term is defined in, and interpreted in accordance
with, 12 C.F.R. § 382.2(b).

 

“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.

 

“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).

 

12.25.    Transitional
Arrangements.

 

(a)          Supersede
Prior Credit Agreement. This Agreement shall supersede and amend and restate the Prior Credit Agreement in its entirety, except
as provided in this Section 12.25 and Section 2.04(a)(i),

 

    	 	137	 

     

    

 

and this Agreement shall not constitute a novation of the obligations
and liabilities of the parties under the Prior Credit Agreement. At the Effective Time, the rights and obligations of the parties
under the Prior Credit Agreement and the “Revolving Notes” and “Term Notes” defined therein shall be subsumed
within and be governed by this Agreement and the Revolving Notes and Term Notes; provided, however, that (x) any
of the “Loans” (as defined in the Prior Credit Agreement) outstanding under the Prior Credit Agreement and not prepaid
at the Effective Time shall, for purposes of this Agreement, be Loans hereunder, and (y) this Agreement shall not in any way release
or impair the rights, duties or obligations created pursuant to the Prior Credit Agreement or any other Loan Document or affect
the relative priorities thereof, in each case to the extent in force and effect thereunder as of the Effective Time, except as
modified hereby or by documents, instruments and agreements executed and delivered in connection herewith, and all of such rights,
duties and obligations are assumed, ratified and affirmed by the Borrower and the other Loan Parties.

 

(b)          Reallocations.
The interests of the Revolving Lenders in the Revolving Loans and participations in the Letters of Credit shall be reallocated
and continued in a “cashless roll” transaction at the Effective Time in accordance with each Lender’s applicable
Revolving Commitments, and the Revolving Lenders shall make such purchases of Revolving Loans from each other as necessary to effect
such reallocation. The interests of the Term Loan Lenders in the Term Loans shall be reallocated and continued in a “cashless
roll” transaction at the Effective Time in accordance with each Lender’s applicable Term Loan Commitments, and the
Term Loan Lenders shall make such purchases of Term Loans from each other as necessary to effect such reallocation. Each Lender
hereby waives any and all compensation for losses incurred by such Lender under Section 3.5 of the Prior Credit Agreement in connection
with the reallocation of Revolving Loans or Term Loans at the Effective Time and from the prepayment of any Revolving Loans under
the Prior Credit Agreement at the Effective Time, such waiver being applicable only to such transactions at the Effective Time.

 

[Remainder of page intentionally left blank]

 

    	 	138	 

     

    

 

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

 

	 	BORROWER
	 	 
	 	AMERESCO, INC.

 

	 	By:	/s/ Mark Chiplock

	 	 	Name:	Mark Chiplock
	 	 	Title:	Treasurer, Vice President and Interim
	 	 	 	Chief Financial Officer

 

	 	GUARANTORS
	 	 
	 	AMERESCO ENERTECH, INC.
	 	AMERESCO FEDERAL SOLUTIONS, INC.
	 	AMERESCO PLANERGY HOUSING, INC.
	 	AMERESCO QUANTUM, INC.
	 	AMERESCO SELECT, INC.
	 	AMERESCOSOLUTIONS, INC.
	 	APPLIED ENERGY GROUP INC.
	 	SIERRA ENERGY COMPANY

 

	 	By:	/s/ Mark Chiplock

	 	 	Name:	Mark Chiplock
	 	 	Title:	Vice President and Treasurer

 

	 	AMERESCO SOUTHWEST, INC.

 

	 	By:	/s/ Mark Chiplock

	 	 	Name:	Mark Chiplock
	 	 	Title:	Vice President and Treasurer

 

	 	E.THREE CUSTOM ENERGY SOLUTIONS, LLC,
	 	By: Sierra Energy Company, its sole member

 

	 	By:	/s/ Mark Chiplock

	 	 	Name:	Mark Chiplock
	 	 	Title:	Vice President and Treasurer

 

[Signature Page to Credit and Security Agreement]

 

    	 	 

     

    

 

	 	AMERESCO ASSET SUSTAINABILITY GROUP LLC
	 	AMERESCO CT LLC
	 	AMERESCO DELAWARE ENERGY LLC
	 	AMERESCO EVANSVILLE, LLC
	 	AMERESCO HAWAII LLC
	 	AMERESCO Intelligent SYSTEMS, LLC
	 	AMERESCO LFG HOLDINGS LLC
	 	AMERESCO NAVY YARD PEAKER LLC
	 	AMERESCO PALMETTO LLC
	 	AMERESCO SOLAR, LLC
	 	AMERESCO SOLAR NEWBURYPORT LLC
	 	AMERESCO STAFFORD LLC
	 	SELDERA LLC
	 	SOLUTIONS HOLDINGS, LLC
	 	 
	 	By: Ameresco, Inc., its sole member

 

	 	By:	/s/ Mark Chiplock

	 	 	Name:	Mark Chiplock
	 	 	Title:	Treasurer, Vice President and Interim
	 	 	 	Chief Financial Officer

 

	 	AMERESCO SOLAR – PRODUCTS LLC
	 	AMERESCO SOLAR – SOLUTIONS LLC
	 	AMERESCO SOLAR – TECHNOLOGIES LLC
	 	By: Ameresco Solar LLC, its sole member
	 	By:  Ameresco, Inc., its sole member

 

	 	By:	/s/ Mark Chiplock

	 	 	Name:	Mark Chiplock
	 	 	Title:	Treasurer, Vice President and Interim
	 	 	 	Chief Financial Officer

 

[Signature Page to Credit and Security Agreement]

 

    	 	 

     

    

 

	 	AGENT
	 	 
	 	Bank of America, N.A.,
	 	as Agent
	 	 	 
	 	By:	/s/ Mollie S. Canup
	 	 	Name:  Mollie S. Canup
	 	 	Title:    Vice President
	 	 	 
	 	LENDER
	 	 
	 	Bank of America, N.A.,
	 	as Lender, L/C Issuer, and Swing Line Lender
	 	 	 
	 	By:	/s/ John F. Lynch
	 	 	Name: John F. Lynch
	 	 	Title: Senior Vice President
	 	 
	 	LENDER
	 	 
	 	SUNTRUST BANK
	 	 	 
	 	By:	/s/ Steve Curran
	 	 	Name:  Steve Curran
	 	 	Title:    Director
	 	 
	 	WEBSTER BANK, N.A.
	 	 	 
	 	By:	/s/ Samuel Pepe
	 	 	Name:  Samuel Pepe
	 	 	Title:    V.P.

 

[Signature Page to Credit and Security Agreement]

 

    	 	 

     

    

 

 

SCHEDULE 1.01(a)

 

Material Owned Properties

 

None.

 

    	 	 

     

    

 

SCHEDULE 1.01(b)

 

Loan Party Notice Addresses

 

For each Loan Party:

 

Ameresco, Inc.

111 Speen Street, Suite 410

Framingham, MA 01701

Attention: Interim Chief Financial Officer

mchiplock@ameresco.com

Fax: 508-598-3255

 

With a copy to:

 

Ameresco, Inc.

111 Speen Street, 410

Framingham, MA 01701

Attention: Corporate Counsel

dcorrsin@ameresco.com

Fax: 508-598-3219

 

    	 	 

     

    

 

Schedule 1.01(c)

 

Agent and Lenders Notice Addresses

 

Agent & Swing Line Lender Office:

(For financial/loan activity – advances, pay down, interest/fee
billing and payments, rollovers, rate-settings):

Charles Hensley

Mailcode: NC1-026-06-04

Bank of America – Gateway Village

90 West Trade Street

Charlotte, NC 28255-0001

PHONE – 980-388-3225

FAX - 704-719-5362

EMAIL: charles.hensley@baml.com

 

Remittance Instructions: (See Admin Details Form for wiring
instructions in applicable currencies)

 

L/C Issuer’s Office:

(For fee payments due L/C Issuer only and new L/C requests and
amendments):

Trade Operations

Mail Code: PA6-580-02-30

1 Fleet Way

Scranton, PA 18507

FAX: 800-755-8743

EMAIL: scranton_standby_L/C@bankofamerica.com

 

Remittance Instructions:

Bank of America, N.A.

ABA #: 026-009-593 New York, NY

Account #: 04535-883980

Attn: Scranton Standby

Ref: AMERESCO INC & L/C #

 

Other Notices as Agent:

(For financial statements, compliance certificates, maturity
extension and commitment change notices, amendments, consents, vote taking, etc.)

Bank of America – Gateway Village

Mail Code: NC1-026-06-03

900 West Trade Street

Charlotte NC 28255-0001

Attention: Mollie S. Canup

PHONE: 980-387-5449

FAX: 704.409.0011

EMAIL: mollie.s.canup@baml.com

 

    	 	 

     

    

 

SunTrust Bank Lender Office:

SunTrust Bank

3333 Peachtree Street Road NE

Atlanta, GA 30326

Attention: Arize Agumadu, Vice President

Phone: 404-836-6113

Email: Arize.Agumadu@suntrust.com

and

Attention: James Thwaite

Phone: 404-836-6033

Email: James.Thwaite@suntrust.com

 

For remittance instructions and financial/loan activity –
advances, pay down, interest/fee billing and payments, rollovers, rate-settings:

SunTrust Bank

303 Peachtree Street NE, 25th Floor

Atlanta, GA 30308

Attention: James Wu

Phone: 404-588-7157

Fax: 844-278-8501

Email: James.Wu@suntrust.com

 

Webster Bank Lender Office:

Webster Bank, N.A.

100 Franklin Street

Mail Code: BOS 105

Boston, MA 02110

Attention: Ann M. Meade, Senior Vice President

PHONE: 617-717-6832

FAX: 860-314-4844

EMAIL: Ameade@websterbank.com

 

Remittance Instructions:

Webster Bank, N.A.

ABA # 211170101

Account #: 19124483

Attn: Loan Support Services –– Rachel Forte

Ref: Incoming Wires – Commercial Loans

 

    	 	 

     

    

 

SCHEDULE 1.05

 

Designated Financial Officers

 

George P. Sakellaris, President

Mark A. Chiplock, Interim Chief Financial Officer

 

    	 	 

     

    

 

Schedule 2.01

Lenders and Commitments

 

Revolving Credit Commitment

 

	Lender	 	Commitment	 	 	Applicable percentage	 
	 	 	 	 	 	 	 
	Bank of America, N.A.	 	$	62,100,000.00	 	 	 	54.000000000	%
	 	 	 	 	 	 	 	 	 
	SunTrust Bank	 	$	28,750,000.00	 	 	 	25.000000000	%
	 	 	 	 	 	 	 	 	 
	Webster Bank, N.A.	 	$	24,150,000.00	 	 	 	21.000000000	%
	 	 	 	 	 	 	 	 	 
	Total Revolving Credit Commitments:	 	$	115,000,000.00	 	 	 	100	%

 

Term Loan Commitment

 

	Lender	 	Commitment	 	 	Applicable percentage	 
	 	 	 	 	 	 	 
	Bank of America, N.A.	 	$	35,100,000.00	 	 	 	54.000000000	%
	 	 	 	 	 	 	 	 	 
	SunTrust Bank	 	$	16,250,000.00	 	 	 	25.000000000	%
	 	 	 	 	 	 	 	 	 
	Webster Bank, N.A.	 	$	13,650,000.00	 	 	 	21.000000000	%
	 	 	 	 	 	 	 	 	 
	Total Term Loan Commitments:	 	$	65,000,000.00	 	 	 	100	%

 

Swing Line Commitment

 

	Lender	 	Commitment	 	 	Applicable percentage	 
	 	 	 	 	 	 	 
	Bank of America, N.A.	 	$	5,000,000	 	 	 	100	%
	 	 	 	 	 	 	 	 	 
	Total Swing Line Commitments:	 	$	5,000,000	 	 	 	100	%

 

    	 	 

     

    

 

Schedule 2.04

 

Outstanding Letters of Credit

 

	Letter of 
Credit 
Number	 	Beneficiary 
Name	 	Original 
Amount	 	 	Current 
Balance	 	 	Issuance 
Date	 	Expiry 
Date
	68024296	 	Southern California	 	$	96,600.00	 	 	$	44,883.00	 	 	3/31/2008	 	4/1/2020
	68108815	 	Zurich American Insurance	 	$	400,000.00	 	 	$	1,050,000.00	 	 	1/13/2015	 	1/13/2020
	68132287	 	City of Phoenix	 	$	4,000,000.00	 	 	$	4,000,000.00	 	 	4/3/2017	 	4/2/2020
	68132333	 	Massachusetts Electric	 	$	94,040.00	 	 	$	282,120.00	 	 	5/19/2017	 	3/28/2020
	68132334	 	Western Massachusetts	 	$	15,420.00	 	 	$	46,260.00	 	 	5/19/2017	 	3/28/2020
	68132336	 	Fitchburg Gas and Electric	 	$	1,860.00	 	 	$	5,580.00	 	 	5/19/2017	 	3/28/2020
	68132337	 	Nstar Electric Company	 	$	88,680.00	 	 	$	266,040.00	 	 	5/19/2017	 	3/28/2020
	68141259	 	Wilmington Trust, NA	 	$	1,508,233.00	 	 	$	1,508,233.00	 	 	5/29/2018	 	5/30/2020
	68141891	 	Wilmington Trust, NA	 	$	3,717,153.00	 	 	$	3,859,109.00	 	 	8/16/2018	 	8/23/2019
	68145289	 	Pacific Gas and Electric	 	$	65,100.00	 	 	$	65,100.00	 	 	2/19/2019	 	2/19/2020
	68166841	 	Wilmington Trust, NA	 	$	113,011.00	 	 	$	113,011.00	 	 	6/4/2019	 	5/21/2020
	 	 	Totals as of 06/28/2019	 	$	10,100,097.00	 	 	$	11,240,336.00	 	 	 	 	 

 

    	 	 

     

    

 

SCHEDULE 5.02

 

Websites and Domain Names

 

	ameresco.br.com	ameresco-ops.com
	 	 
	ameresco.cn.com	ameresco-ops.net
	 	 
	ameresco.ca	amerescopv.com
	 	 
	ameresco.co	amerescosolar.com
	 	 
	ameresco.co.uk	amerescosolutions.com
	 	 
	ameresco.com	amrc.com
	 	 
	ameresco.es	assetplanner.ca
	 	 
	ameresco.in	byrne-eng.com
	 	 
	ameresco.info	energyefficiency.com
	 	 
	ameresco.jpn.com	fameap.com
	 	 
	ameresco.mx	fame-ap.com
	 	 
	ameresco.net	fameassetplanner.com
	 	 
	ameresco.org	myenergypro.com
	 	 
	ameresco.tw	myenergypro.info
	 	 
	ameresco.us	myenergypro.net
	 	 
	ameresco.xyz	ppienergy.com
	 	 
	amerescoaxis.com	solaroncandlewood.com
	 	 
	amerescoconsulting.com	southwestpv.com
	 	 
	amerescogeothermal.com	terranavigator.com
	 	 
	amerescois.com	 

 

Networks Solutions is the administrative contact used in connection
with the registration of the domain names.

 

    	 	 

     

    

 

SCHEDULE 5.03

 

Fixtures. etc.

 

		1.	e.three Custom Energy Solutions, LLC: City Centre Chiller Plant Facility, 128 South Fourth
Street, Las Vegas, Nevada 89101.

 

		2.	Ameresco Palmetto: Landfill Gas Recovery Facility, 251 New Hope Road, Wellsford, SC 29395

 

		3.	Ameresco Stafford LLC: Landfill Gas Recovery Facility, 481 Eskimo Hill Road, Stafford,
VA 22554

 

		4.	Ameresco Delaware Energy LLC: Landfill Gas Recovery Plant (Central), 1107 Willow Grove
Road, Felton, DE 19943

 

		5.	Ameresco Delaware Energy LLC: Landfill Gas Recovery Plant (Southern), 28560 Landfill
Lane, Georgetown, DE 19947

 

		6.	Ameresco Janesville LLC: Landfill Gas Recovery Plant, 525 Black Ridge Road, Janesville,
WI 53545

 

		7.	Ameresco Pine Bluff LLC: Landfill Gas Recovery Plant, 13809 E. Cherokee Drive, Ball Ground,
GA 30107

 

		8.	Ameresco LFG-I, Inc.: Landfill Gas Recovery Plant, 91 Hartley Road, Goshen, NY 10924

 

		9.	Ameresco Chicopee Energy LLC: Landfill Gas Recovery Plant, 161 New Lombard Road, Chicopee,
MA 01013

 

    	 	 

     

    

 

SCHEDULE 7.03

 

Governmental Approvals; No Conflicts

 

None.

 

    	 	 

     

    

 

SCHEDULE 7.04

 

Financial Condition; No Material Adverse
Changes

 

None.

 

    	 	 

     

    

 

SCHEDULE 7.05

 

Properties; Proprietary Rights; Real Property
Assets

 

		(b), (c)	Patents: None.

 

Trademarks: See attached.

 

Copyrights: None.

 

		(d)	Real Property Assets and Leases:

 

Leased Properties: See attached.

 

Owned Properties: None

 

    	 	 

     

    

 

Trademarks:

 

	Mark	 	Country	 	Regis. No.	 	Regis. Date
	AMERESCO	 	Brazil	 	830750533	 	06/11/13
	AMERESCO	 	Brazil	 	830750339	 	02/18/14
	AMERESCO	 	Brazil	 	830750517	 	06/11/13
	AMERESCO	 	Brazil	 	830750347	 	06/11/13
	AMERESCO	 	Brazil	 	830750355	 	06/11/13
	AMERESCO	 	Brazil	 	830750363	 	06/11/13
	AMERESCO	 	Hong Kong	 	301697527	 	08/24/10
	AMERESCO	 	India	 	2016962	 	08/31/10
	AMERESCO	 	Indonesia	 	IDM000343138	 	12/23/11
	AMERESCO	 	Indonesia	 	IDM000347306	 	02/03/12
	AMERESCO	 	Indonesia	 	IDM000343139	 	12/23/11
	AMERESCO	 	Indonesia	 	IDM000343142	 	12/23/11
	AMERESCO	 	Indonesia	 	IDM000343141	 	12/23/11
	AMERESCO	 	Indonesia	 	IDM000343143	 	12/23/11
	AMERESCO	 	Madrid Protocol designating China European Community Singapore Turkey	 	1064906	 	08/23/10
	AMERESCO	 	Mexico	 	1195998	 	01/10/11
	AMERESCO	 	Mexico	 	1195410	 	12/20/10
	AMERESCO	 	Mexico	 	1217750	 	05/19/11
	AMERESCO	 	Mexico	 	1235037	 	08/25/11
	AMERESCO	 	Mexico	 	1222166	 	06/14/11
	AMERESCO	 	Mexico	 	1360865	 	04/16/13
	AMERESCO	 	United States	 	3241224	 	05/15/07
	 	 	 	 	 	 	 
	AMERESCO AXIS	 	United States	 	3740727	 	01/19/10
	BUILDING DYNAMICS	 	Canada	 	1002785	 	08/15/18
	BUILDING DYNAMICS	 	United Kingdom	 	UK00003184617	 	12/16/16
	BUILDING DYNAMICS	 	United States	 	5091001	 	11/29/16
	GREEN . CLEAN . SUSTAINABLE	 	United States	 	3927061	 	03/01/11
	MISCELLANEOUS DESIGN (orb logo)	 	United States	 	3933527	 	03/22/11
		 	 	 	 	 	 
	XCHANGE POINT	 	Canada	 	831439	 	09/07/12
	XCHANGE POINT	 	United States	 	3796337	 	06/01/10

 

    	 	 

     

    

 

Schedule C1 - Real Property Owned or Leased

 

	Loc.

    #	 	Owned
    or Leased	 	Lessor	 	Loan
    Party Utilizing Property	 	Significant

        Administrative
        or

        Government

        Functions
	 	Maintains

        Books
        or

        Records
	 	Contains

        Personal

        Property

        Collateral
	 	Street
    Address	 	Town	 	State	 	Zip
	1	 	Leased	 	Ameresco, Inc.	 	Ameresco,
    Inc.- Corporate Headquarters	 	Yes	 	Yes	 	Yes	 	111 Speen Street,
    Suite 410	 	Framingham	 	MA	 	01701
	2	 	Leased	 	Ameresco, Inc.	 	Ameresco, Inc. 	 	No	 	Yes	 	Yes	 	4628 Montevallo Road,
    Suite 106	 	Birmingham	 	AL	 	35210
	3	 	Leased	 	Ameresco, Inc.	 	Ameresco, Inc. 	 	No	 	Yes	 	Yes	 	6643 Brayton Drive,
    Suite A	 	Anchorage	 	AK	 	99507
	4	 	Leased	 	Ameresco, Inc.	 	Ameresco Solar - Technologies
    LLC	 	No	 	Yes	 	Yes	 	120 East Corporate
    Place	 	Chandler	 	AZ	 	85225
	5	 	Leased	 	Ameresco, Inc.	 	Ameresco Southwest,
    Inc.	 	No	 	Yes	 	Yes	 	2375 East Cameback
    Road, Suite 400	 	Phoenix	 	AZ	 	85016
	6	 	Leased	 	Ameresco, Inc.	 	Ameresco Southwest,
    Inc.	 	No	 	Yes	 	Yes	 	N. Romero, Suite 1	 	Tucson	 	AZ	 	85705
	7	 	Leased	 	Ameresco, Inc.	 	Ameresco Solar - Products
    LLC	 	No	 	Yes	 	Yes	 	42191 Zevo Drive	 	Temecula	 	CA	 	92590
	8	 	Leased	 	Ameresco, Inc.	 	Ameresco Southwest,
    Inc.	 	No	 	Yes	 	Yes	 	135 South State College
    Coulevard, Suite 265	 	Brea	 	CA	 	92821
	9	 	Leased	 	Ameresco, Inc.	 	Applied Energy Group,
    Inc.	 	No	 	Yes	 	Yes	 	500 Ygnacio Valley
    Road, Suite 250	 	Walnut Creek	 	CA	 	94596
	10	 	Leased	 	Ameresco, Inc.	 	Ameresco Southwest,
    Inc.	 	No	 	Yes	 	Yes	 	3350 Shelby Street,
    Suite 200 Office #236	 	Ontario	 	CA	 	91764
	11	 	Leased	 	Ameresco, Inc.	 	Ameresco Southwest,
    Inc.	 	No	 	Yes	 	Yes	 	530 Lytton Avenue,
    2nd Floor	 	Palo Alto	 	CA	 	94301
	12	 	Leased	 	Ameresco, Inc.	 	Ennovate Corporation	 	No	 	Yes	 	Yes	 	3095 South Parker
    Road, Suite 200	 	Auroa	 	CO	 	80014
	13	 	Leased	 	Ameresco, Inc.	 	Seldera LLC	 	No	 	Yes	 	Yes	 	1484 Highland Avenue,
    Suite 8A	 	Cheshire	 	CT	 	06410
	14	 	Leased	 	Ameresco, Inc.	 	Applied Energy Group,
    Inc.	 	No	 	Yes	 	Yes	 	5301 Limestone Road,
    Suite 222	 	Wilmington	 	DE	 	19808
	15	 	Leased	 	Ameresco, Inc.	 	Ameresco, Inc. 	 	No	 	Yes	 	Yes	 	101 Constitution Avenue,
    N.W., Suite 525 East	 	Washington 	 	DC	 	20001
	16	 	Leased	 	Ameresco, Inc.	 	Ameresco, Inc. 	 	No	 	Yes	 	Yes	 	3525 Piedmont Road,
    Building 7, Suite 300, Office #43	 	Atlanta	 	GA	 	30305
	17	 	Leased	 	Ameresco, Inc.	 	Ameresco, Inc. 	 	No	 	Yes	 	Yes	 	733 Bishop Street,
    Suite 181	 	Honolulu	 	HI	 	96813
	18	 	Leased	 	Ameresco, Inc.	 	Ameresco, Inc. 	 	No	 	Yes	 	Yes	 	1810 Schneidermiller
    Avenue, Suite 321	 	Post Falls	 	ID	 	83854
	19	 	Leased	 	Ameresco, Inc.	 	Ameresco, Inc. 	 	No	 	Yes	 	Yes	 	1900 Spring Road,
    Suite 400	 	Oak Brook	 	IL	 	60523
	20	 	Leased	 	Ameresco, Inc.	 	Ameresco, Inc. 	 	No	 	Yes	 	Yes	 	528 South 5th Street,
    Suite 212	 	Springfield	 	IL	 	62701
	21	 	Leased	 	Ameresco, Inc.	 	Ameresco, Inc. 	 	No	 	Yes	 	Yes	 	150 North Michigan
    Avenue, Suite 420	 	Chicago	 	IL	 	60601
	22	 	Leased	 	Ameresco, Inc.	 	Ameresco, Inc. 	 	No	 	Yes	 	Yes	 	5875 Castle Creek
    Parkway #155	 	Indianapolis	 	IN	 	46250
	23	 	Leased	 	Ameresco, Inc.	 	Ameresco, Inc. 	 	No	 	Yes	 	Yes	 	9300 Shelbyville Road,
    Suite 1025	 	Louisville	 	KY	 	40222
	24	 	Leased	 	Ameresco, Inc.	 	Ameresco, Inc. 	 	No	 	Yes	 	Yes	 	30 Danforth Street,
    Suite 108	 	Portland	 	ME	 	04101
	25	 	Leased	 	Ameresco, Inc.	 	Ameresco, Inc. 	 	No	 	Yes	 	Yes	 	43 York Street, Storage
    Area S#D	 	Portland	 	ME	 	04101
	26	 	Leased	 	Ameresco, Inc.	 	Ameresco, Inc. 	 	No	 	Yes	 	Yes	 	8825 Stanford Boulevard,
    Suite 208 & 210	 	Columbia	 	MD	 	21045
	27	 	Leased	 	Ameresco, Inc.	 	Ameresco Solar LLC	 	No	 	Yes	 	Yes	 	12230 Eastern Avenue	 	Chase	 	MD	 	21220
	28	 	Leased	 	Ameresco, Inc.	 	Ameresco, Inc. 	 	No	 	Yes	 	Yes	 	6 Ledgerock Way, Unit
    #4	 	Acton	 	MA	 	01720
	29	 	Leased	 	Ameresco, Inc.	 	Ameresco, Inc. 	 	No	 	Yes	 	Yes	 	117 Flanders Road,
    Unit 100	 	Westborough	 	MA	 	01581
	30	 	Leased	 	Ameresco, Inc.	 	Ameresco, Inc. 	 	No	 	Yes	 	Yes	 	1559 68th Street SE	 	Grand Rapids	 	MI	 	49508
	31	 	Leased	 	Ameresco, Inc.	 	Ameresco, Inc. 	 	No	 	Yes	 	Yes	 	9855 West 78th Street,
    Suite 320	 	Eden Prairie	 	MN	 	55344
	32	 	Leased	 	Ameresco, Inc.	 	Ameresco, Inc. 	 	No	 	Yes	 	Yes	 	9890 Clayton Road,
    Suite 220	 	Ladue	 	MO	 	63124
	33	 	Leased	 	Ameresco, Inc.	 	Ameresco, Inc. 	 	No	 	Yes	 	Yes	 	7 West 6th Avenue,
    Suite 600 - 605	 	Helena	 	MT	 	59601
	34	 	Leased	 	Ameresco, Inc.	 	Ameresco Southwest,
    Inc. 	 	No	 	Yes	 	Yes	 	4775 W. Teco Avenue,
    Suite 235	 	Las Vegas	 	NV	 	89118
	35	 	Leased	 	Ameresco, Inc.	 	Ameresco, Inc.	 	No	 	Yes	 	Yes	 	2121 N Webb Road,
    Suite 305	 	Grand Island	 	NE	 	68803
	36	 	Leased	 	Ameresco, Inc.	 	Ameresco, Inc. 	 	No	 	Yes	 	Yes	 	141 Banfield Road,
    Unit 6	 	Portsmouth	 	NH	 	03801
	37	 	Leased	 	Ameresco, Inc.	 	Applied Energy Group,
    Inc.	 	No	 	Yes	 	Yes	 	211 Braod Street,
    Suite 206	 	Red Bank	 	NJ	 	07701
	38	 	Leased	 	Ameresco, Inc.	 	Ameresco, Inc. 	 	No	 	Yes	 	Yes	 	6 Automation Way,
    Suite 103	 	Albany	 	NY	 	12110
	39	 	Leased	 	Ameresco, Inc.	 	Ameresco, Inc. 	 	No	 	Yes	 	Yes	 	25 Melville Park Road	 	Melville	 	NY	 	11747
	40	 	Leased	 	Ameresco, Inc.	 	Ameresco, Inc. 	 	No	 	Yes	 	Yes	 	50 Front Street, Suite
    201	 	Newburgh	 	NY	 	12550
	41	 	Leased	 	Ameresco, Inc.	 	Applied Energy Group,
    Inc.	 	No	 	Yes	 	Yes	 	1377 Long Island Motor
    Parkway, Suite 401	 	Islandia	 	NY	 	11749
	42	 	Leased	 	Ameresco, Inc.	 	Ameresco, Inc. 	 	No	 	Yes	 	Yes	 	5200 77 Center Drive,
    Suite 300	 	Charlotte	 	NC	 	28217
	43	 	Leased	 	Ameresco, Inc.	 	Ameresco, Inc. 	 	No	 	Yes	 	Yes	 	9700
    SW Capitol Highway Suite 110	 	Portland	 	OR	 	97219
	44	 	Leased	 	Ameresco, Inc.	 	Ameresco, Inc. 	 	No	 	Yes	 	Yes	 	5636
    Bridgetown Road	 	Cincinnati	 	OH	 	01887
	45	 	Leased	 	Ameresco, Inc.	 	Ameresco Federal Solutions,
    Inc.	 	No	 	Yes	 	Yes	 	90
    Atomic Road	 	Jackson	 	SC	 	29831
	46	 	Leased	 	Ameresco, Inc.	 	Ameresco, Inc. 	 	No	 	Yes	 	Yes	 	Bldg 661 4960 South
    12th Street, Room 106 &110	 	Philiadelphia	 	PA	 	19112
	47	 	Leased	 	Ameresco, Inc.	 	Ameresco, Inc. 	 	No	 	Yes	 	Yes	 	1820 Midpark Drive,
    Suite B, C & F,	 	Knoxville	 	TN	 	37921
	48	 	Leased	 	Ameresco, Inc.	 	Ameresco, Inc. 	 	No	 	Yes	 	Yes	 	520 West Summitt Hill
    Drive, Suite 401	 	Knoxville	 	TN	 	37902
	49	 	Leased	 	Ameresco, Inc.	 	Ameresco, Inc. 	 	No	 	Yes	 	Yes	 	7929 Brookriver Drive,
    Suite 250	 	Dallas	 	TX	 	75247
	50	 	Leased	 	Ameresco, Inc.	 	Ameresco Solar - Solutions
    LLC	 	No	 	Yes	 	Yes	 	202 South Live Oak	 	Tomball	 	TX	 	77357
	51	 	Leased	 	Ameresco, Inc.	 	Ameresco, Inc. 	 	No	 	Yes	 	Yes	 	2680 Highway 31 West	 	Athens	 	TX	 	75148
	52	 	Leased	 	Ameresco, Inc.	 	Ameresco, Inc.	 	No	 	Yes	 	Yes	 	12001 Sunrise Valley
    Drive, Suite 205	 	Reston	 	VA	 	20191
	53	 	Leased	 	Ameresco, Inc.	 	Ameresco, Inc.	 	No	 	Yes	 	Yes	 	1330 N. Washington,
    Suite 5200 & 5400	 	Spokane	 	WA	 	99201
	54	 	Leased	 	Ameresco, Inc.	 	Ameresco, Inc.	 	No	 	Yes	 	Yes	 	222 Williams Avenue
    S., Suite 100	 	Renton	 	WA	 	98057
	55	 	Leased	 	Ameresco, Inc.	 	Ameresco Servicios
    Energetico S.L.	 	No	 	Yes	 	Yes	 	Avda. Brasil No. 6,
    1a Planta	 	Madrid	 	Spain	 	28020
	56	 	Leased	 	Ameresco Limited	 	Ameresco Limited	 	No	 	Yes	 	Yes	 	5 Wesley Street First/Ground
    Floor	 	Castleford	 	UK	 	WF10 1JG
	57	 	Leased	 	Ameresco Limited	 	Ameresco Limited	 	No	 	Yes	 	Yes	 	Third Floor, 11 to
    13 Crosswall and 33 to 43 (odd) Vine Street	 	London	 	UK	 	EC3N 2JY
	58	 	Leased	 	Ameresco Canada Inc.	 	Ameresco Canada Inc.	 	No	 	Yes	 	Yes	 	30 Leek Cresent,
    Suite 301	 	Richmond Hill	 	Ontario	 	L4B 4N4
	59	 	Leased	 	Ameresco Canada Inc.	 	Ameresco Canada Inc.	 	No	 	Yes	 	Yes	 	106
    Colonnade Road North, Suite 220	 	Nepean	 	Canada	 	K2E
    7L6
	60	 	Leased	 	Ameresco Canada Inc.	 	Ameresco Canada Inc.	 	No	 	Yes	 	Yes	 	2608
    Granville Street, Suite 360	 	Vancouver	 	Canada	 	V6H
    3V3
	61	 	Leased	 	Ameresco Canada Inc.	 	Ameresco Canada Inc.	 	No	 	Yes	 	Yes	 	9945
    50th Street NW, Suite 516	 	Edmonton	 	Canada	 	T6A
    0L4
	62	 	Leased	 	Ameresco Canada Inc.	 	Ameresco Canada Inc.	 	No	 	Yes	 	Yes	 	1100
    Dearness Drive, Unit 13	 	London	 	Canada	 	N6E
    1N9
	63	 	Leased	 	Ameresco Canada Inc.	 	Ameresco Canada Inc.	 	No	 	Yes	 	Yes	 	1751
    Rue Richardson, Bureau 7.509	 	Montreal	 	Canada	 	H3K
    1G6
	64	 	Leased	 	Ameresco Canada Inc.	 	Ameresco Canada Inc.	 	No	 	Yes	 	Yes	 	128
    Larch Street, Suite 202	 	Sudbury	 	Canada	 	P3E
    5J8
	65	 	Leased	 	Ameresco Canada Inc.	 	Ameresco Canada Inc.	 	No	 	Yes	 	Yes	 	N130,
    6815-8th Street NE, 	 	Calgary	 	Canada	 	T2E
    7H7
	66	 	Leased	 	Ameresco Canada Inc.	 	Ameresco Canada Inc.	 	No	 	Yes	 	Yes	 	52 Clench Avenue	 	Brantford	 	Ontario	 	N3T 1B6

 

    	 	 

     

    

 

SCHEDULE 7.06

 

Litigation and Environmental Matters

 

		(a)	Action, Suits or Proceedings:

 

See Item III of Ameresco, Inc. Annual Report on Form 10K filed with
SEC on March 8, 2019

 

		(b)	Environmental Liability: None.

 

    	 	 

     

    

 

SCHEDULE 7.07

 

Compliance with Laws and Agreements

 

None.

 

    	 	 

     

    

 

SCHEDULE 7.09

 

Taxes

 

None.

 

    	 	 

     

    

 

SCHEDULE 7.10

 

Pension Plans

 

None.

 

    	 	 

     

    

 

SCHEDULE 7.13

 

Subsidiaries

 

See attached.

 

    	 	 

     

    

 

	 	 	 	 	JURISDICTION	 	PERSONS
    HOLDING	 	 	 	 
	 	 	 	 	OF	 	OWNERSHIP
    INTERESTS;	 	 	 	TYPE
    OF
	LEGAL
    NAME	 	ENTITY
    TYPE	 	ORGANIZATION	 	INTERESTS
    HELD OR PERCENTAGE HELD	 	AUTHORIZED
    SHARES	 	SUBSIDIARY
	 	 	 	 	 	 	 	 	 	 	 
	Ameresco
    Enertech, Inc. 	 	corporation	 	KY	 	Borrower
    owns 100% of the issued and outstanding shares; 100 shares 	 	1,000
    shares of common stock, no par value	 	Guarantor
	e.three
    Custom Energy Solutions, LLC	 	limited
    liability company	 	NV	 	Sierra
    Energy Company owns 100% of the equity interest 	 	—	 	Guarantor
	Sierra
    Energy Company 	 	corporation	 	NV	 	Borrower
    owns 100% of the issued and outstanding shares; 1,000 shares	 	25,000
    shares of common stock at $1.00 par value 	 	Guarantor
	AmerescoSolutions,
    Inc.	 	corporation	 	NC	 	Borrower
    owns 100% of the issued and outstanding shares; 166 shares	 	1,000
    shares of common stock at $100.00 par value 	 	Guarantor
	Ameresco Planergy
    Housing, Inc.	 	corporation	 	DE	 	Borrower
    owns 100% of the issued and outstanding shares; 1,000 shares	 	1,000
    shares of common stock at $1.00 par value 	 	Guarantor
	Solutions
    Holdings, LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Guarantor
	Ameresco
    Federal Solutions, Inc.	 	corporation	 	TN	 	Solutions
    Holding, LLC owns 100% of the issued and outstanding shares; 874 shares	 	100,000
    shares of common stock, no par value	 	Guarantor
	Ameresco Select,
    Inc.	 	corporation	 	MA	 	Borrower
    owns 100% of the issued and outstanding shares; 100 shares	 	100
    shares of common stock at $1.00 par value 	 	Guarantor
	Ameresco
    Solar - Solutions LLC	 	limited
    liability company	 	DE	 	Ameresco
    Solar LLC owns 100% of the equity interest 	 	—	 	Guarantor
	Ameresco
    Solar - Products LLC	 	limited
    liability company	 	DE	 	Ameresco
    Solar LLC owns 100% of the equity interest 	 	—	 	Guarantor
	Ameresco
    Hawaii LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Guarantor
	Ameresco
    Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Guarantor
	Ameresco
    Solar - Technologies LLC	 	limited
    liability company	 	DE	 	Ameresco
    Solar LLC owns 100% of the equity interest 	 	—	 	Guarantor
	Ameresco
    Quantum, Inc.	 	corporation	 	WA	 	Borrower
    owns 100% of the equity interest 	 	687
    shares of common stock at $0.00 par value 	 	Guarantor
	Applied
    Energy Group, Inc.	 	corporation	 	DE	 	Borrower
    owns 100% of the equity interest 	 	10,000
    shares of common stock at $0.10 par value 	 	Guarantor
	Ameresco
    Southwest, Inc.	 	corporation	 	AZ	 	Borrower
    owns 100% of the equity interest 	 	20,000
    shares of common stock at $0.01 par value 	 	Guarantor
	Ameresco
    Intelligent Systems, LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Guarantor
	Ameresco
    Asset Sustainability Group LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Guarantor
	Seldera
    LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Guarantor
	Ameresco
    LFG Holdings LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Guarantor
	Ameresco
    Palmetto LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Guarantor
	Ameresco
    Stafford LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of theequity interest	 	—	 	Guarantor
	Ameresco
    Delaware Energy LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Guarantor
	Ameresco
    Navy Yard Peaker LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Guarantor
	 	 	 	 	 	 	 	 	 	 	 
	Ameresco
    CT LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Special
    Guarantor
	Ameresco
    Evansville LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Special
    Guarantor
	Ameresco
    Solar Newburyport LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Special
    Guarantor
	 	 	 	 	 	 	 	 	 	 	 
	Speen Street
    Holdings I, LLC	 	limited
    liability company	 	DE	 	Ameresco
    Huntington Beach, L.L.C. owns 100% of the equity interest 	 	—	 	Funding
    Subsidiary
	Speen Street
    Holdings II, LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Funding
    Subsidiary
	Speen Street
    Holdings III, LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Funding
    Subsidiary
	Speen Street
    Holdings IV, LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Funding
    Subsidiary
	Ameresco
    Funding I, LLC	 	limited
    liability company	 	DE	 	Speen
    Street Holding I, LLC owns 100% of the equity interest 	 	—	 	Funding
    Subsidiary
	Ameresco
    Funding II, LLC	 	limited
    liability company	 	DE	 	Speen
    Street Holding II, LLC owns 100% of the equity interest 	 	—	 	Funding
    Subsidiary
	Ameresco
    Funding III, LLC	 	limited
    liability company	 	DE	 	Speen
    Street Holding III, LLC owns 100% of the equity interest 	 	—	 	Funding
    Subsidiary
	Ameresco
    Funding IV, LLC	 	limited
    liability company	 	DE	 	Speen
    Street Holding IV, LLC owns 100% of the equity interest 	 	—	 	Funding
    Subsidiary
	Ameresco
    Canada Inc.	 	corporation	 	Canada	 	Borrower
    owns 100% of the issued and outstanding shares; 100 shares	 	unlimited
    shares authorized, no par value	 	Canadian
    Subsidiary
	Ameresco
    Quebec Inc.	 	corporation	 	Quebec	 	Ameresco
    Canada Inc. owns 100% of the issued and outstanding shares; 250 shares	 	unlimited
    class A voting shares authorized, no par value	 	Canadian
    Subsidiary
	Ameresco
    Geothermal Inc.	 	Corporation	 	Canada	 	Ameresco
    Canada Inc. owns 100% of the issued and outstanding shares; 100 shares	 	unlimited
    class A voting shares authorized, no par value	 	Canadian
    Subsidiary
	Ameresco
    LDCSB Solar, Inc.	 	corporation	 	Canada	 	Ameresco
    Finance Solar II, Inc. owns 51% of the common shares and 49% of the preferred shares; Structural Tech Corp. owns 49% of the
    common shares and 51% of the preferred shares	 	 	 	Canadian
    Subsidiary
	Ameresco
    HPEDSB Solar Inc.	 	corporation	 	Canada	 	Ameresco
    Finance Solar II, Inc. owns 51% of the common shares and 49% of the preferred shares; Structural Tech Corp. owns 49% of the
    common shares and 51% of the preferred shares	 	 	 	Canadian
    Subsidiary
	Ameresco
    UW Solar Inc.	 	corporation	 	Canada	 	Ameresco
    Canada Inc. owns 51% of the common shares and 49% of the preferred shares; Structural Tech Corp. owns 49% of the common shares
    and 51% of the preferred shares	 	 	 	Canadian
    Subsidiary
	Ameresco
    CEPEO Solar, Inc.	 	corporation	 	Canada	 	Ameresco
    Finance Solar Inc. owns 100% of the issued and outstanding shares; 100 shares	 	unlimited
    shares authorized, no par value	 	Renewable
    Energy Subsidiary
	Ameresco
    GEDSB Solar Inc.	 	corporation	 	Canada	 	Ameresco
    Finance Solar Inc. owns 100% of the issued and outstanding shares; 100 shares	 	unlimited
    shares authorized, no par value	 	Renewable
    Energy Subsidiary
	Ameresco
    Finance Solar Inc.	 	corporation	 	Canada	 	Ameresco
    Canada Inc. owns 100% of the issued and outstanding shares	 	unlimited
    shares authorized, no par value	 	Renewable
    Energy Subsidiary
	Ameresco
    & Elemental Options Inc.	 	corporation	 	Canada	 	Ameresco
    Geothermal Inc. owns 50% equity interest Elemental Energy Options Inc. owns 50% equity interest	 	 	 	Canadian
    Subsidiary
	Ameresco
    Newmarket Energy Storage Inc.	 	corporation	 	Canada	 	Ameresco
    Canada Inc. owns 100% of the issued and outstanding shares; 100 shares	 	 	 	Canadian
    Subsidiary
	Ameresco
    Finance Solar II Inc.	 	corporation	 	Canada	 	Ameresco
    Canada Inc. owns 100% of the issued and outstanding shares; 100 shares	 	 	 	Canadian
    Subsidiary
	Ameresco
    JPII Carbon Reduction Inc.	 	corporation	 	Canada	 	Ameresco
    Canada Inc. owns 100% of the issued and outstanding shares; 100 shares	 	 	 	Renewable
    Energy Subsidiary
	 	 	 	 	 	 	 	 	 	 	 
	Ameresco
    Woodland Meadows LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Ameresco
    Janesville LLC	 	limited
    liability company	 	DE	 	Ameresco
    LFG Holdings LLC holds 100% equity interest	 	—	 	Renewable
    Energy Subsidiary
	Ameresco
    Pine Bluff LLC	 	limited
    liability company	 	DE	 	Ameresco
    LFG Holdings LLC holds 100% equity interest	 	—	 	Renewable
    Energy Subsidiary
	Ameresco LFG
    - I, Inc. d/b/a Ameresco Goshen	 	corporation	 	DE	 	Ameresco
    LFG Holdings LLC owns 100% of issued and outstanding shares; shares	 	1,000
    shares common stock at $0.0001 par value 	 	Renewable
    Energy Subsidiary
	Ameresco
    Chicopee Energy LLC	 	limited
    liability company	 	DE	 	Ameresco
    LFG Holdings LLC owns 100% equity interest	 	—	 	Renewable
    Energy Subsidiary
	Ameresco
    Chiquita Energy LLC	 	limited
    liability company	 	DE	 	Ameresco
    Asset Holdings IV LLC owns 100% of issued and outstanding shares; shares	 	—	 	Renewable
    Energy Subsidiary
	Ameresco
    LFG Holdings II LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Ameresco
    Santa Cruz Energy LLC	 	limited
    liability company	 	DE	 	Ameresco
    LFG Holdings II LLC owns 100% equity interest	 	—	 	Renewable
    Energy Subsidiary
	Ameresco
    Half Moon Bay LLC	 	limited
    liability company	 	DE	 	Ameresco
    LFG Holdings II LLC owns 100% equity interest	 	—	 	Renewable
    Energy Subsidiary
	Ameresco
    McCarty Energy LLC	 	limited
    liability company	 	DE	 	Ameresco
    LFG Holdings III LLC owns 100% equity interest	 	—	 	Renewable
    Energy Subsidiary
	Ameresco
    Keller Canyon LLC	 	limited
    liability company	 	DE	 	Ameresco
    LFG Holdings III LLC owns 100% equity interest	 	—	 	Renewable
    Energy Subsidiary
	Ameresco
    Skunk Creek LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Ameresco
    Jefferson City LLC	 	limited
    liability company	 	DE	 	Ameresco
    LFG Holdings III LLC owns 100% equity interest	 	—	 	Renewable
    Energy Subsidiary
	Ameresco
    Northampton LLC	 	limited
    liability company	 	DE	 	Ameresco
    LFG Holdings III LLC owns 100% equity interest	 	—	 	Renewable
    Energy Subsidiary
	Ameresco
    San Antonio LLC	 	limited
    liability company	 	DE	 	Ameresco
    Asset Holdings IV LLC owns 100% of issued and outstanding shares; shares	 	—	 	Renewable
    Energy Subsidiary
	Ameresco
    Greenridge LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Ameresco
    Santa Clara LLC	 	limited
    liability company	 	DE	 	Ameresco
    LFG Holdings III LLC owns 100% equity interest	 	—	 	Renewable
    Energy Subsidiary
	Ameresco
    Dallas LLC	 	limited
    liability company	 	DE	 	Ameresco
    Asset Holdings IV LLC owns 100% of issued and outstanding shares; shares	 	—	 	Renewable
    Energy Subsidiary
	Ameresco
    Butte County LLC	 	limited
    liability company	 	DE	 	Ameresco
    Asset Holdings IV LLC owns 100% of issued and outstanding shares; shares	 	—	 	Renewable
    Energy Subsidiary
	Ameresco
    LFG Holdings III LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Ameresco
    Solar Power 1 LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Ameresco
    Solar Lowell LLC	 	limited
    liability company	 	DE	 	Ameresco
    Asset Holdings IV LLC owns 100% of issued and outstanding shares; shares	 	—	 	Renewable
    Energy Subsidiary
	Ameresco
    Johnson Canyon LLC	 	limited
    liability company	 	DE	 	Ameresco
    Asset Holdings IV LLC owns 100% of issued and outstanding shares; shares	 	—	 	Renewable
    Energy Subsidiary
	Ameresco
    San Joaquin LLC	 	limited
    liability company	 	DE	 	Ameresco
    Asset Holdings IV LLC owns 100% of issued and outstanding shares; shares	 	—	 	Renewable
    Energy Subsidiary
	Ameresco
    Forward LLC	 	limited
    liability company	 	DE	 	Ameresco
    Asset Holdings IV LLC owns 100% of issued and outstanding shares; shares	 	—	 	Renewable
    Energy Subsidiary
	Ameresco
    Solar New York LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Ameresco
    Vasco Road LLC	 	limited
    liability company	 	DE	 	Ameresco
    Asset Holdings IV LLC owns 100% of issued and outstanding shares; shares	 	—	 	Renewable
    Energy Subsidiary
	Ameresco
    Solar Englewood LLC	 	limited
    liability company	 	DE	 	Ameresco
    Asset Holdings IV LLC owns 100% of issued and outstanding shares; shares	 	—	 	Renewable
    Energy Subsidiary
	Ameresco
    Solar Logan LLC	 	limited
    liability company	 	DE	 	Ameresco
    Asset Holdings IV LLC owns 100% of issued and outstanding shares; shares	 	—	 	Renewable
    Energy Subsidiary
	Ameresco
    Solar Canton LLC	 	limited
    liability company	 	DE	 	Ameresco
    Asset Holdings IV LLC owns 100% of issued and outstanding shares; shares	 	—	 	Renewable
    Energy Subsidiary
	Ameresco
    Solar Bridgewater LLC	 	limited
    liability company	 	DE	 	Ameresco
    Asset Holdings IV LLC owns 100% of issued and outstanding shares; shares	 	—	 	Renewable
    Energy Subsidiary
	Ameresco
    Solar WorcesterLLC	 	limited
    liability company	 	DE	 	Ameresco
    Asset Holdings IV LLC owns 100% of issued and outstanding shares; shares	 	—	 	Renewable
    Energy Subsidiary
	Ameresco
    Solar Natick LLC	 	limited
    liability company	 	DE	 	Ameresco
    Asset Holdings IV LLC owns 100% of issued and outstanding shares; shares	 	—	 	Renewable
    Energy Subsidiary
	Ameresco
    Solar Waltham  LLC	 	limited
    liability company	 	DE	 	Ameresco
    Asset Holdings IV LLC owns 100% of issued and outstanding shares; shares	 	—	 	Renewable
    Energy Subsidiary
	Ameresco
    Solar Fall River LLC	 	limited
    liability company	 	DE	 	Ameresco
    Asset Holdings IV LLC owns 100% of issued and outstanding shares; shares	 	—	 	Renewable
    Energy Subsidiary
	Ameresco
    Ranchland LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Ameresco
    Solar Milton LLC	 	limited
    liability company	 	DE	 	Ameresco
    Asset Holdings IV LLC owns 100% of issued and outstanding shares; shares	 	—	 	Renewable
    Energy Subsidiary

 

    	 	 

     

    

 

	 	 	 	 	JURISDICTION	 	PERSONS
    HOLDING	 	 	 	 
	 	 	 	 	OF	 	OWNERSHIP
    INTERESTS;	 	 	 	TYPE
    OF
	LEGAL
    NAME	 	ENTITY
    TYPE	 	ORGANIZATION	 	INTERESTS
    HELD OR PERCENTAGE HELD	 	AUTHORIZED
    SHARES	 	SUBSIDIARY
	 	 	 	 	 	 	 	 	 	 	 
	Ameresco
    Lake Havasu LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Ameresco
    Asset Holdings IV LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Solar Revere
    Phase I LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	West Coast
    MPPA LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Ameresco
    Renewable LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Ameresco
    AD Holdings LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Ameresco
    Orbit DesMoinesWA LLC	 	limited
    liability company	 	DE	 	Ameresco
    AD Holdings owns 99% and  Orbit Energy owns 1% of the eequity interest	 	—	 	Renewable
    Energy Subsidiary
	Ameresco
    Orbit Clinton LLC	 	limited
    liability company	 	DE	 	Ameresco
    AD Holdings owns 99% and  Orbit Energy owns 1% of the eequity interest	 	—	 	Renewable
    Energy Subsidiary
	Ameresco
    Orbit Wadesboro LLC	 	limited
    liability company	 	DE	 	Ameresco
    AD Holdings owns 99% and  Orbit Energy owns 1% of the eequity interest	 	—	 	Renewable
    Energy Subsidiary
	Ivory Street
    Solar LLC	 	limited
    liability company	 	DE	 	Ameresco
    Solar Holdings I LLC owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Ameresco
    Potter Road LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Non-Core
    EnergySubsidiary
	Sympaug
    Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Lexington
    Municipal Solar LLC	 	limited
    liability company	 	DE	 	Ameresco
    Solar Holdings I LLC owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	MA Solar
    Highway LLC	 	limited
    liability company	 	DE	 	Ameresco
    Solar Holdings I LLC owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	West Newbury
    Main St. Solar LLC	 	limited
    liability company	 	DE	 	Ameresco
    Solar Holdings I LLC owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Montevue
    Lane Solar LLC	 	limited
    liability company	 	DE	 	AMRC
    Frederick Holdings LLC owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	North Parish
    Road Solar PV LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Ashland
    Howe St. Solar LLC	 	limited
    liability company	 	DE	 	Ameresco
    Solar Holdings II LLC owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Green Wave
    LLC	 	limited
    liability company	 	DE	 	Ameresco
    Solar Holdings II LLC owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Easton
    Schools Solar LLC	 	limited
    liability company	 	DE	 	Ameresco
    PV Holdings VII LLC owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Ameresco
    Solar Holdings I LLC	 	limited
    liability company	 	DE	 	Ameresco
    PV Holdings LLC owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Highland
    Street Natcik Solar LLC	 	limited
    liability company	 	DE	 	Ameresco
    Solar Holdings I LLC owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Arlington
    Municipal Solar PV Projects 2015 LLC	 	limited
    liability company	 	DE	 	Ameresco
    Solar Holdings I LLC owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Church
    Street Solar LLC	 	limited
    liability company	 	DE	 	Ameresco
    Solar Holdings I LLC owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Ameresco
    PV Holdings LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Ninety-First
    Avenue Renewable Biogas LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Wayland
    Municipal Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Downing
    Parkway Solar LLC	 	limited
    liability company	 	DE	 	Ameresco
    Construction Holdings LLC owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	515 Main
    Saugus LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Lenox Willow
    Creek Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Ameresco
    PV Holdings II LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	AMRC Frederick
    Holdings LLC	 	limited
    liability company	 	DE	 	Ameresco
    PV Holdings II LLC owns 1% the equity interest. Firstar Development, LLC owns 99% of the equity interest	 	—	 	Renewable
    Energy Subsidiary
	MN CSG
    10 LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Braintree
    Schools Solar PV 2015 LLC	 	limited
    liability company	 	DE	 	Ameresco
    Solar Holdings I LLC owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Groton
    Landfill Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Hampden
    Landfill LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	MA Solar
    Highway Phase 1B LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	MA Solar
    Highway Phase 2 LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	399 Revolution
    Drive Solara	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Newton
    Municipal Solar LLc	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Rumford
    Avenue Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Glendale
    Road Solar PV LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Ameresco
    Soalr Natick II LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Stockbridge
    Landfill Solar PV LLC LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Ameresco
    San Joaquin Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Candlewood
    Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Westwood
    Schools Solar 1 LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	BWC Origination
    8, LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Ashland
    High School Solar LLC	 	limited
    liability company	 	DE	 	Ameresco
    Solar Holdings I LLC owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Ashland
    Middle School Solar LLC	 	limited
    liability company	 	DE	 	Ameresco
    Solar Holdings I LLC owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Woodbridge
    Avenue Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Readington
    Solar PV LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Grove Street
    Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Natick
    High School Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Natick
    Senior Center Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Fall River
    Solar Phase 2 LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Ameresco
    Construction Holdings LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Ameresco
    PV Holdings III LLC	 	limited
    liability company	 	DE	 	Ameresco
    Construction Holdings LLC owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Memorial
    Football Field Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	North Kignston
    Solar LLC dba Hamilton Allenton Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Westwood
    Fire Station Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Weston
    DPW Soalr LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Ameresco
    Solar Land Holdings LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	BWC Origination
    19, LLC	 	limited
    liability company	 	DE	 	Ameresco
    Blackstone Holdings LLC owns 100% of the equity interest	 	—	 	Renewable
    Energy Subsidiary
	BWC Mystic
    River, LLC	 	limited
    liability company	 	DE	 	Ameresco
    Blackstone Holdings LLC owns 100% of the equity interest	 	—	 	Renewable
    Energy Subsidiary
	BWC Wading
    River, LLC	 	limited
    liability company	 	DE	 	Ameresco
    Blackstone Holdings LLC owns 100% of the equity interest	 	—	 	Renewable
    Energy Subsidiary
	KP Market
    Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	KP Riverside
    Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	KP Temecula
    Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Ameresco
    Woodland Meadows Romulus LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Ameresco
    PV Holdinggs IV LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	AMRC Blackstone
    Holdings LLC	 	limited
    liability company	 	DE	 	Ameresco
    PV Holdings IV LLC owns 1% of the equity interest. Firststar Development, LLC owns 99% equity interest	 	—	 	Renewable
    Energy Subsidiary
	Hixbridge
    Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Athol Leicester
    Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Otter River
    Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Chebacco
    Road Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Brickyard
    Road Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Plattsburgh
    Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Owego Solar
    LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	French
    King Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Mill Glen
    Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Elm Grove
    Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Marbury
    Point Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Washington
    National and Cedar Hill Solar LLC 	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	5700 Canada
    Street Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	1724 64th
    Avenue Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Plymouth
    South Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	East Granby
    Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Ameresco
    PV Holdings V LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Ameresco
    PV Holdings VI LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	AMRC CS
    Holdings LLC	 	limited
    liability company	 	DE	 	Ameresco
    PV Holdings V LLC owns 1% of the equity interest RG Plymouth Solar, LLC owns 99% equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Peak Creek
    Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Pulaski
    Community Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary

 

    	 	 

     

    

 

	 	 	 	 	JURISDICTION	 	PERSONS
    HOLDING	 	 	 	 
	 	 	 	 	OF	 	OWNERSHIP
    INTERESTS;	 	 	 	TYPE
    OF
	LEGAL
    NAME	 	ENTITY
    TYPE	 	ORGANIZATION	 	INTERESTS
    HELD OR PERCENTAGE HELD	 	AUTHORIZED
    SHARES	 	SUBSIDIARY
	 	 	 	 	 	 	 	 	 	 	 
	5715 Livingston
    Road Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Indian
    Road Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Coles Neck
    Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Peppetwon
    Road Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Hanson
    Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	1519 Crandall
    Road LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Stafford
    Solar Power LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Aegean
    Drive Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	BWC Origination
    18, LLL	 	limited
    liability company	 	DE	 	BWC
    Wareham Assemblage, LLC owns 100% of the equity interest	 	—	 	Renewable
    Energy Subsidiary
	BWC Wareham
    Assemblage, LLC	 	limited
    liability company	 	DE	 	AMRC
    CS Holdings LLC owns 100% of the equity interest	 	—	 	Renewable
    Energy Subsidiary
	BWC Wareham
    River, LLC	 	limited
    liability company	 	DE	 	BWC
    Wareham Assemblage, LLC owns 100% of the equity interest	 	—	 	Renewable
    Energy Subsidiary
	BWC Pocasset
    River, LLC	 	limited
    liability company	 	DE	 	BWC
    Wareham Assemblage, LLC owns 100% of the equity interest	 	—	 	Renewable
    Energy Subsidiary
	BWC Harlow
    Brook, LLC	 	limited
    liability company	 	DE	 	BWC
    Wareham Assemblage, LLC owns 100% of the equity interest	 	—	 	Renewable
    Energy Subsidiary
	BWC Gibbs
    Brook, LLC	 	limited
    liability company	 	DE	 	BWC
    Wareham Assemblage, LLC owns 100% of the equity interest	 	—	 	Renewable
    Energy Subsidiary
	Millis
    MA 1 LLC	 	limited
    liability company	 	CO	 	AMRC
    Millis Holding LLC owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Milbury
    MA 1 LLC	 	limited
    liability company	 	CO	 	AMRC
    Millis Holding LLC owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Wendall
    MA 1 LLC	 	limited
    liability company	 	CO	 	AMRC
    Millis Holding LLC owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Rochester
    MA 2 LLC	 	limited
    liability company	 	CO	 	AMRC
    Millis Holding LLC owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Ameresco
    Mt. Olive LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Gloversville
    Community Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Ameresco
    PV Holdings VIII LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	AMRC Millis
    Holdings LLC	 	limited
    liability company	 	DE	 	Ameresco
    PV Holdings VIII LLC owns 1% of the equity interest. RG Worcester Solar, LLC owns 99% of the equity interest	 	—	 	Renewable
    Energy Subsidiary
	KP Napa
    Data Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	KP Petaluma
    Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	KP San
    Jose FHC Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	KP San
    Jose Medical Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	KP Vacaville
    Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Ameresco
    Candlewood HoldCo LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Candlewood
    Clean Power LLC	 	limited
    liability company	 	DE	 	Ameresco
    Candlewood HoldCo LLC owns 40% of the equity interest 26 Cedar Street Associates LLC owns 60% equity interest	 	—	 	Renewable
    Energy Subsidiary
	Chicago
    Solar Alliance LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Ameresco
    RNG Holdings I LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Ameresco
    Forward RNG LLC	 	limited
    liability company	 	DE	 	Ameresco
    RNG Holdings I LLC owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Ameresco
    Keller Canyon RNG LLC	 	limited
    liability company	 	DE	 	Ameresco
    RNG Holdings I LLC owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	White Rock
    Road LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Manville
    Hill Road Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Newton
    Municipal III LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Smithfield
    Municipal LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Gray Road
    Solar Energy LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	3901 Suitland
    Road Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Terranavigator,
    LLC	 	limited
    liability company	 	DE	 	TerraNavigator,
    LLC owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	DePue Holdings,
    LLC	 	limited
    liability company	 	DE	 	TerraNavigator,
    LLC owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Danville
    Foundry Holdings, LLC	 	limited
    liability company	 	DE	 	TerraNavigator,
    LLC owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Freeport
    Solar South, LLC	 	limited
    liability company	 	DE	 	TerraNavigator,
    LLC owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	McLean
    Landfill Solar LLC	 	limited
    liability company	 	DE	 	TerraNavigator,
    LLC owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Belvidere
    Landfill Solar 1 LLC	 	limited
    liability company	 	DE	 	TerraNavigator,
    LLC owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Belvidere
    Landfill Solar 2 East LLC	 	limited
    liability company	 	DE	 	TerraNavigator,
    LLC owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Belvidere
    Landfill Solar 2 West LLC	 	limited
    liability company	 	DE	 	TerraNavigator,
    LLC owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Wood River
    Solar LLC	 	limited
    liability company	 	DE	 	TerraNavigator,
    LLC owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Illiopolis
    Solar South LLC	 	limited
    liability company	 	DE	 	TerraNavigator,
    LLC owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Illiopolis
    Solar North LLC	 	limited
    liability company	 	DE	 	TerraNavigator,
    LLC owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	KP California
    Solar Facility 1 LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	KP California
    Solar Facility 2 LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	KP Pleasanton
    Tech Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Westerlo
    NY 1, LLC	 	limited
    liability company	 	CO	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	101 Carnegie
    Center Solar LLC	 	limited
    liability company	 	CO	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	302 Carnegie
    Center Solar LLC	 	limited
    liability company	 	CO	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	510 Carnegie
    Center Solar LLC	 	limited
    liability company	 	CO	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	701 Carnegie
    Center Solar LLC	 	limited
    liability company	 	CO	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	KP Sacramento
    Point West Medical Offices Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	KP Elk
    Grove Promenade Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	KP Rancho
    Cordova Medical Offices Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	KP Elk
    Grove Medical Offices Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	KP AACC
    Sacramento Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	KP Riverside
    Medical Center Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	KP Moreno
    Valley Medical Offices Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	KP Ontario
    Vineyard O.P. Surgicenter B Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	KP Corona
    Medical Offices Solar LLC 	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	KP South
    Sacramento Wyndham Medical Offices Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	KP Fresno
    Hospital Sequoia Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	KP San
    Rafael Los Gamos MOB Parking Structure Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	KP San
    Rafael Los Gamos MOB Rooftop Carport Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	KP Stockton
    Central Utility Plant Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	KP Modesto
    Medical Center 4125 Bangs Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	KP Modesto
    Medical Center Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	KP Fresno
    Medical Offices 1 Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	KP South
    Sacramento Hospital Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	KP Clovis
    Medical Offices Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	KP Manteca
    Hospital Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	KP Tracy
    Medical Offices Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	KP Selma
    Medical Offices Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	KP Lincoln
    Medical Offices Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Phillips
    Route 82 Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Westtown
    NY 2, LLC	 	limited
    liability company	 	CO	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Sutter
    Fairfield Solar LLC	 	limited
    liability company	 	DE	 	Ameresco
    Solar Holdings II LLC owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Sutter
    Santa Rosa Solar LLC	 	limited
    liability company	 	DE	 	Ameresco
    Solar Holdings II LLC owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Orange
    USD Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Walden
    NY 1, LLC	 	limited
    liability company	 	CO	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Middletown
    NY 1, LLC	 	limited
    liability company	 	CO	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Middletown
    NY 2, LLC	 	limited
    liability company	 	CO	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Antioch
    Medical Center (Site #6) Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Antioch
    MC Deer Valley Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Bloomfield
    CT 1, LLC	 	limited
    liability company	 	CO	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Ameresco
    Chiquita RNG LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary

 

    	 	 

     

    

 

	 	 	 	 	JURISDICTION	 	PERSONS
    HOLDING	 	 	 	 
	 	 	 	 	OF	 	OWNERSHIP
    INTERESTS;	 	 	 	TYPE
    OF
	LEGAL
    NAME	 	ENTITY
    TYPE	 	ORGANIZATION	 	INTERESTS
    HELD OR PERCENTAGE HELD	 	AUTHORIZED
    SHARES	 	SUBSIDIARY
	 	 	 	 	 	 	 	 	 	 	 
	Freeport
    Solar North, LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	St. Barnabas
    Road Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	La Palma
    Ave Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Fiberloid
    St Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Brentwood
    Rd Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Benigno
    Blvd Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Renewable
    Energy Subsidiary
	Main Street
    Exeter Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest	 	—	 	Renewable
    Energy Subsidiary
	83 School
    Street Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest	 	—	 	Renewable
    Energy Subsidiary
	59 Morse
    Road Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest	 	—	 	Renewable
    Energy Subsidiary
	Marana
    Dove Mountain Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest	 	—	 	Renewable
    Energy Subsidiary
	Wende Correctional Alden NY Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest	 	—	 	Renewable
    Energy Subsidiary
	Midstate Correctional Marcy NY Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest	 	—	 	Renewable
    Energy Subsidiary
	Eastern Correctional Napanoch NY Solar
    LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest	 	—	 	Renewable
    Energy Subsidiary
	Greene Correctional Coxsackie NY Solar
    LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest	 	—	 	Renewable
    Energy Subsidiary
	Shawangunk Correctional Wallkill NY Solar
    LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest	 	—	 	Renewable
    Energy Subsidiary
	Washington Correctional Comstock NY Solar
    LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest	 	—	 	Renewable
    Energy Subsidiary
	Greenhaven Correctional Stormville NY
    Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest	 	—	 	Renewable
    Energy Subsidiary
	KP Carson South Bay Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest	 	—	 	Renewable
    Energy Subsidiary
	KP Colton Medical Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest	 	—	 	Renewable
    Energy Subsidiary
	KP Diamond Bar Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest	 	—	 	Renewable
    Energy Subsidiary
	KP Downey Medical Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest	 	—	 	Renewable
    Energy Subsidiary
	KP Fontana Medical Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest	 	—	 	Renewable
    Energy Subsidiary
	KP Garden Grove Medical Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest	 	—	 	Renewable
    Energy Subsidiary
	KP Ming Medical Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest	 	—	 	Renewable
    Energy Subsidiary
	KP Moreno Iris Medical Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest	 	—	 	Renewable
    Energy Subsidiary
	KP Rancho San Diego Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest	 	—	 	Renewable
    Energy Subsidiary
	KP Redlands Medical Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest	 	—	 	Renewable
    Energy Subsidiary
	KP San Marcos Medical Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest	 	—	 	Renewable
    Energy Subsidiary
	KP Gaithersberg Medical Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest	 	—	 	Renewable
    Energy Subsidiary
	KP North Baltimore HUB Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest	 	—	 	Renewable
    Energy Subsidiary
	Newton Municipal III Homer Street LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest	 	—	 	Renewable
    Energy Subsidiary
	Newton Municipal III Walnut Street LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest	 	—	 	Renewable
    Energy Subsidiary
	Medusa NY 1, LLC	 	limited
    liability company	 	CO	 	Borrower
    owns 100% of the equity interest	 	—	 	Renewable
    Energy Subsidiary
	Ameresco Danville Solar LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest	 	—	 	Renewable
    Energy Subsidiary
	Lexington Solar Partners LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest	 	—	 	Renewable
    Energy Subsidiary
	Mount Olive
    Community Development Fund LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 99.9% and Ameresco Mt. Olive LLC owns 0.01% of the equity interest 	 	—	 	Inactive
    Subsidiary
	Energy
    Investment, Inc.	 	corporation	 	MA	 	AmerescoSolutions,
    Inc. owns 100% of the issued and outstanding shares; 250 shares	 	250,000
    shares common stock at $1.00 par value 	 	Inactive
    Subsidiary
	EI Fund
    One, Inc.	 	corporation	 	MA	 	Energy
    Investment, Inc. owns 100% of the issued and outstanding shares; 100 shares	 	300,000
    shares common stock at $1.00 par value	 	Inactive
    Subsidiary
	Ameresco
    Wind New York LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Inactive
    Subsidiary
	Ameresco
    MT Wind, LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Inactive
    Subsidiary
	Ameresco
    Georgia LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Inactive
    Subsidiary
	Ameresco
    Huntington Beach, L.L.C.	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Inactive
    Subsidiary
	Ameresco
    Renewable Energy LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Inactive
    Subsidiary
	Ameresco
    Aneval LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Inactive
    Subsidiary
	 	 	 	 	 	 	 	 	 	 	 
	HEC/Tobyhanna
    Energy Project, Inc.	 	Corporation	 	MA	 	Ameresco
    Select, Inc. owns 100% of the issued and outstanding shares; 100 shares	 	100
    shares of common stock at $1.00 par value	 	Non-Core
    Energy Subsidiary
	HEC/CJTS
    Energy Center LLC	 	limited
    liability company	 	DE	 	Ameresco
    Select, Inc. owns 100% of the equity interest 	 	—	 	Non-Core
    Energy Subsidiary
	Ameresco
    DR LLC	 	limited
    liability company	 	DE	 	Borrower
    owns 100% of the equity interest 	 	—	 	Non-Core
    Energy Subsidiary
	SC Tire
    Processing LLC	 	limited
    liability company	 	DE	 	Ameresco
    Federal Soluitons, Inc. owns 100% of the equity interest 	 	—	 	Non-Core
    Energy Subsidiary
	Ameresco
    Alternate Fuels LLC	 	limited
    liability company	 	DE	 	Ameresco
    Federal Soluitons, Inc. owns 100% of the equity interest 	 	—	 	Non-Core
    Energy Subsidiary
	 	 	 	 	 	 	 	 	 	 	 
	Ameresco/Pacific
    Energy JV	 	general
    partnership	 	HI	 	Ameresco
    Hawaii LLC owns 99% of the partnership interest and Pacific
    Energy Strategies LLC owns 1% of the partnership interest	 	99%
    partnership interest	 	Special
    Purpose Subsidiary
	Hui O Aina,
    LLC	 	limited
    liability company	 	HI	 	Borrower
    owns 50% of theequity interest, The Hana Group, Inc. owns 50% of the equity interest	 	—	 	Special
    Purpose Subsidiary
	 	 	 	 	 	 	 	 	 	 	 
	Energy Solutions & Security, LLC	 	limited liability
    company	 	DE	 	Borrower owns 50%
    of the equity interest, Lend Lease (US) Energy Development LLC owns 50% of the equity interest	 	50% equity
    interest	 	A Subsidiary engaged
    in the line of business activity engaged in by the Core Ameresco Companies other than a Renewable Energy Project
	Ameresco ARS LLC	 	limited liability
    company	 	DE	 	Ameresco Georgia LLC
    owns 70% of the equity interest, ARS Mechanical, LLc owns 30% of the equity interest	 	70% equity
    interest	 	A Subsidiary engaged
    in the line of business activity engaged in by the Core Ameresco Companies other than a Renewable Energy Project
	Optimum Operations LLC	 	limited liability
    company	 	DE	 	Conquest Solutions,
    LLC owns 51% of the equity interest, Ameresco, Inc. owns 49% of the equity interest	 	49% equity
    interest	 	A Subsidiary engaged
    in the line of business activity engaged in by the Core Ameresco Companies other than a Renewable Energy Project
	Ameresco
    International Holdings B.V.	 	private
    limited liability company	 	Netherlands	 	Borrower
    owns 100% of the equity interest	 	100
    registered shares	 	Foreign
    Subsidiary
	Ameresco
    Servicios Energeticos S.L.	 	corporation	 	Spain	 	Borrower
    owns 98.75% of theequity interest, Luis Migel Barrientos owns 1.250% of the equity interest	 	 	 	Foreign
    Subsidiary
	Ameresco
    Energy Hellas S.A. 	 	corporation	 	Greece	 	Borrower
    owns 100% of the equity interest 	 	2,400
    shares of share capital at €10.00
    each	 	Foreign
    Subsidiary
	Ameresco
    Puerto Rico, Inc.	 	corporation	 	Puerto
    Rico	 	Borrower
    owns 100% of the equity interest 	 	1,000,000
    shares common stock at $0.0001 per share	 	Foreign
    Subsidiary
	Ameresco
    Limited	 	private
    limited company	 	United
    Kingdom	 	Ameresco
    International Holdings B.V. holds 100% of the equity interest	 	1,000
    shares of share capital at £1.00
    each	 	Foreign
    Subsidiary
	ESP Response
    Limited	 	private
    limited company	 	United
    Kingdom	 	Ameresco
    International Holdings B.V. holds 100% of the equity interest	 	1,000
    shares of share capital at £1.00
    each	 	Foreign
    Subsidiary
	Fishertown
    Property Holdings Limited	 	private
    limited company	 	Republic
    of Ireland	 	Ameresco
    Limited owns 100% of the equity interest 	 	100
    shares of share capital at £100
    each	 	Foreign
    Subsidiary

 

    	 	 

     

    

 

SCHEDULE 7.14

 

Material Indebtedness, Liens and Agreements

 

		(a)	Material Indebtedness:

 

(see table below)

 

	Loan Party	 	Description	 	5/31/2019	 	 	Contract #
	Ameresco, Inc.	 	UNC Charlotte	 	$	8,243,599	 	 	N/A
	Ameresco, Inc.	 	ESPC – FBOP FCC Butner, NC	 	$	51,875,594	 	 	EPSC No. 
DE-AM36-09GO29029 
Task Order No. DJBP0700PMESPC014
	Ameresco, Inc.	 	ESPC - MCRD Parris Island, SC	 	$	84,626,053	 	 	EPSC No. 
DE-AM36-09GO29029 
Task Order No. N39430-17-F-1901
	Ameresco, Inc.	 	UESC - US Coast Guard Academy	 	$	37,022,179	 	 	Task Order No. 
HSCGG1-17-F-PEY022
	Ameresco, Inc.	 	ESPC - FBOP – MDC LA and MCC SD	 	$	27,375,850	 	 	EPSC No. 
DE-AM36-09GO29029 
Task Order No. 
15B15BPMS18FSESPC16
	Ameresco, Inc.	 	ESPC - VISN 2 Bronx	 	$	55,161,587	 	 	EPSC No. 
DE-AM36-09GO29029 
Task Order No. 
36E77618F0034
	Ameresco, Inc.	 	ESPC - Joint Base San Antonio	 	$	124,645,622	 	 	EPSC No. 
DE-AM36-09GO29029 
Task Order No. 
SP060418F8008
	Ameresco Select, Inc.	 	ESPC - Portsmouth Naval Shipyard Modification	 	$	11,076,981	 	 	DACA87-97-D-0068-002 
Modification No. 46 

	Ameresco, Inc.	 	ESPC - GSA Region 4	 	$	10,482,552	 	 	EPSC No. 
DE-AM36-09GO29029 
Task Order No. 47PE0418F0027
	Ameresco Select, Inc.	 	ESPC - NASA Wallops Phase 3A Modification	 	$	14,138,868	 	 	EPSC No. 
DE-AM36-99EE73682 
Task Order No. 
NNG10AZ01D 
Modification No. 17

 

		(b)	Liens:

 

    	 	 

     

    

 

		1.	See above table for Liens. The Loan Parties have sold the contract payments due from the government
under their respective contract to the applicable lenders, all in accordance with the Assignment of Claims Act of 1940, as amended,
31 U.S.C. § 3727, 41 U.S.C. § 15. Each lender has a Lien covering only the contract payments due from the government
under the applicable contract.

 

		(c)	Material Contracts:

 

		1.	None.

 

    	 	 

     

    

 

SCHEDULE 7.19

 

Labor and Employment Matters

 

None.

 

    	 	 

     

    

 

SCHEDULE 7.20

 

Bank Accounts

 

See attached.

 

    	 	 

     

    

 

	Legal
    Name on Bank Acct	 	Bank Name	 	Bank
    Address/Contact	 	Type	 	Acct
    # /Portfolio #
	Ameresco Inc 	 	Bank of America	 	Bank of America, N.A.

P.O. Box 25118 Tampa, FL 33622-5118

1-888-400-9009 	 	Checking	 	XXXXXXXXXXX
	Ameresco Inc 	 	Bank of America	 	Bank of America, N.A.

P.O. Box 25118 Tampa, FL 33622-5118

1-888-400-9009 	 	Deposit	 	XXXXXXXXXXX
	Ameresco CT LLC	 	Black Rock	 	Black Rock

PO Box 8950

Wilmington, DE 19885-9625  	 	Deposit	 	XXXXXXXXXXX
	

Ameresco DR LLC	 	Black Rock	 	Black Rock

PO Box 8950

Wilmington, DE 19885-9625  	 	Deposit	 	XXXXXXXXXXX
	Ameresco Meade Johnson	 	Deutsche Bank	 	Deutsche Bank

Jennifer Vandyne (Acct Mngr)

Aaron Rodriguez (Admin)

212-250-4660	 	Money Market	 	XXXXXXXXXXX
	Ameresco Meade Johnson	 	Deutsche Bank	 	Deutsche Bank

Jennifer Vandyne (Acct Mngr)

Aaron Rodriguez (Admin)

212-250-4660	 	Money Market	 	XXXXXXXXXXX
	Ameresco, Inc Trust Account	 	US Bank	 	US Bank

200 S 6th St. / EP-MN-L 18B

 Minneapolis, MN 55402	 	Checking	 	XXXXXXXXXXX
	Ameresco, Inc Trust Account	 	US Bank	 	US Bank

200 S 6th St. / EP-MN-L 18B

 Minneapolis, MN 55402	 	Checking	 	XXXXXXXXXXX
	USB Ameresco Inc	 	Royal Bank of Canada	 	Royal Bank of Canada

PO Box 4047 Terminal A

Toronto ON M5W1L5	 	Checking	 	XXXXXXXXXXX
	Ameresco Inc/Ameresco SOLAR	 	Bank of America	 	Bank of America, N.A.

P.O. Box 25118 Tampa, FL 33622-5118

1-888-400-9009 	 	Deposit	 	XXXXXXXXXXX
	Savannah River ESPC Biomass MIT AC	 	BNY Mellon	 	BNY Mellon

101 Barclay St - 4W, New York, NY 

Admin Contact: Helen Choi helen.choi@bnymellon.com

Audit Requests: Client Service Manager - Jonathan Kaplan

212-815-8159

Jonathan.Kaplan@bnymellon.com	 	Deposit	 	XXXXXXXXXXX
	EPA Edison Solar	 	BNY Mellon	 	BNY Mellon

101 Barclay St - 4W, New York, NY 

Admin Contact: Helen Choi helen.choi@bnymellon.com

Audit Requests: Client Service Manager - Jonathan Kaplan

212-815-8159

Jonathan.Kaplan@bnymellon.com	 	Deposit	 	XXXXXXXXXXX

 

     

     

    

 

	Legal
    Name on Bank Acct	 	Bank Name	 	Bank
    Address/Contact	 	Type	 	Acct
    # /Portfolio #
	EPA Edison Solar	 	BNY Mellon	 	BNY Mellon

101 Barclay St - 4W, New York, NY 

Admin Contact: Helen Choi helen.choi@bnymellon.com

Audit Requests: Client Service Manager - Jonathan Kaplan

212-815-8159

Jonathan.Kaplan@bnymellon.com	 	Deposit	 	XXXXXXXXXXX
	Ameresco Inc	 	Bank of America	 	Bank of America, N.A.

P.O. Box 25118 Tampa, FL 33622-5118

1-888-400-9009 	 	Deposit	 	XXXXXXXXXXX
	Applied Energy Group Inc	 	Citibank	 	Citibank CGO Services

PO BOX 769018

San Antonio, TX 78245

Valarie Volonino

valerie.a.volonino@citi.com	 	Checking	 	XXXXXXXXXXX
	Applied Energy Group Inc	 	Citibank	 	Citibank CGO Services

PO BOX 769018

San Antonio, TX 78245

Valarie Volonino

valerie.a.volonino@citi.com	 	Checking	 	XXXXXXXXXXX
	Applied Energy Group Inc	 	Citibank	 	Citibank CGO Services

PO BOX 769018

San Antonio, TX 78245

Valarie Volonino

valerie.a.volonino@citi.com	 	Checking	 	XXXXXXXXXXX
	Applied Energy Group Inc	 	Citibank	 	Citibank CGO Services

PO BOX 769018

San Antonio, TX 78245

Valarie Volonino

valerie.a.volonino@citi.com	 	Checking	 	XXXXXXXXXXX
	Applied Energy Group Inc	 	Citibank	 	Citibank CGO Services

PO BOX 769018

San Antonio, TX 78245

Valarie Volonino

valerie.a.volonino@citi.com	 	Checking	 	XXXXXXXXXXX
	Applied Energy Group Inc	 	Citibank	 	Citibank CGO Services

PO BOX 769018

San Antonio, TX 78245

Valarie Volonino

valerie.a.volonino@citi.com	 	Checking	 	XXXXXXXXXXX
	Applied Energy Group Inc	 	Citibank	 	Citibank CGO Services

PO BOX 769018

San Antonio, TX 78245

Valarie Volonino

valerie.a.volonino@citi.com	 	Money Market	 	XXXXXXXXXXX

 

     

     

    

 

	Legal
    Name on Bank Acct	 	Bank Name	 	Bank
    Address/Contact	 	Type	 	Acct
    # /Portfolio #
	Applied Energy Group Inc	 	Citibank	 	Citibank CGO Services

PO BOX 769018

San Antonio, TX 78245

Valarie Volonino

valerie.a.volonino@citi.com	 	Money Market	 	XXXXXXXXXXX
	Applied Energy Group Inc	 	Citibank	 	Citibank CGO Services

PO BOX 769018

San Antonio, TX 78245

Valarie Volonino

valerie.a.volonino@citi.com	 	Money Market	 	XXXXXXXXXXX
	ESP Response Limited	 	HSBC Bank PLC	 	1 Bank Street

Castleford WF10 1EA, UK	 	Checking	 	XXXXXXXXXXX
	Ameresco Limited	 	HSBC Bank PLC	 	1 Bank Street

Castleford WF10 1EA, UK	 	Checking	 	XXXXXXXXXXX
	Ameresco Limited 	 	HSBC Bank PLC	 	1 Bank Street

Castleford WF10 1EA, UK	 	Checking	 	XXXXXXXXXXX
	Ameresco Canada Inc	 	Bank of America	 	Bank of America, N.A.

P.O. Box 25118 Tampa, FL 33622-5118

1-888-400-9009 	 	Checking	 	XXXXXXXXXXX
	Ameresco Canada Inc	 	Bank of America	 	Bank of America, N.A.

P.O. Box 25118 Tampa, FL 33622-5118

1-888-400-9009 	 	Checking	 	XXXXXXXXXXX
	Ameresco Canada Inc	 	Bank of Montreal	 	BMO Financial Group First Canadian Place 100 King Street West Toronto, Ontario M5X 1A3	 	Deposit	 	XXXXXXXXXXX
	Ameresco Canada Inc	 	Bank of Montreal	 	BMO Financial Group First Canadian Place 100 King Street West Toronto, Ontario M5X 1A3	 	Checking	 	XXXXXXXXXXX
	Ameresco Canada Inc	 	Bank of Montreal	 	BMO Financial Group First Canadian Place 100 King Street West Toronto, Ontario M5X 1A3	 	Deposit	 	XXXXXXXXXXX
	Ameresco Canada Inc	 	Bank of Montreal	 	BMO Financial Group First Canadian Place 100 King Street West Toronto, Ontario M5X 1A3	 	Deposit	 	XXXXXXXXXXX
	Ameresco Canada Inc	 	Bank of Montreal	 	BMO Financial Group First Canadian Place 100 King Street West Toronto, Ontario M5X 1A3	 	Deposit	 	XXXXXXXXXXX
	Ameresco CEPEO Solar Inc	 	Bank of Montreal	 	BMO Financial Group First Canadian Place 100 King Street West Toronto, Ontario M5X 1A3	 	Checking	 	 XXXXXXXXXXX
	Ameresco Finance Solar Inc	 	Bank of Montreal	 	BMO Financial Group First Canadian Place 100 King Street West Toronto, Ontario M5X 1A3	 	Checking	 	XXXXXXXXXXX
	Ameresco GEDSB Solar Inc	 	Bank of Montreal	 	BMO Financial Group First Canadian Place 100 King Street West Toronto, Ontario M5X 1A3	 	Checking	 	XXXXXXXXXXX

 

 

    	 	 

     

    

 

SCHEDULE 9.01

 

Existing Indebtedness

 

Existing Debt and Liens:

 

		1.	See Schedule 7.14(a) and (b).

 

    	 	 

     

    

 

SCHEDULE 9.05

 

Existing Investments

 

		1.	Investments made in the entities listed on Schedule 7.13

 

		2.	Investments in the accounts listed on Schedule 7.20

 

		3.	Investments under arrangements listed on Schedule 7.14(a)

 

    	 	 

     

    

 

SCHEDULE 9.07

 

Transactions with Affiliates

 

The Core Ameresco Companies provide design and construction services
for Affiliates in connection with Renewable Energy Projects. In addition, the Core Ameresco Companies provide Affiliates with engineering,
operations & maintenance, asset management, billing, insurance and other administrative services. Furthermore, the Core Ameresco
Companies provide Construction Completion and Cost Overrun Guaranties, Renewable Energy Project Guaranties, and assume certain
obligations in respect of such guaranties. The Core Ameresco Companies may enter into contracts to purchase environmental attributes
or energy from Affiliates, and may provide a price floor on energy sales to Affiliates.

 

From time to time, the Core Ameresco Companies provide the Canadian
Subsidiaries with consulting services in construction, sales, and engineering.

 

The Core Ameresco Companies will continue to provide operational
and administrative support to Non-Core Energy Subsidiaries, and to the other Credit Parties, with respect to the Non-Core Energy
Projects.

 

    	 	 

     

    

 

SCHEDULE 9.08

 

Restrictive Agreements

 

None.

 

    	 	 

     

    

 

EXHIBITS

 

	Exhibit A-1	Form of Revolving Note
	Exhibit A-2	Form of Term Note
	Exhibit A-3	Form of Swing Line Note
	Exhibit B-1	Form of Loan Notice
	Exhibit B-2	Form of Swing Line Loan Notice
	Exhibit C	Form of Perfection Certificate
	Exhibit D	Form of Compliance Certificate
	Exhibit E	Form of Fourth Amended and Restated Pledge Agreement
	Exhibit F	Form of Opinion of Counsel to the Borrower
	Exhibit G	Form of Solvency Certificate
	Exhibit H	Form of Assignment and Assumption
	Exhibit I	Forms of Tax Compliance Certificate
	Exhibit J	Form of Secured Party Designation Notice
	Exhibit K	Authorization to Share Insurance Information
	Exhibit L	Form of Notice of Loan Payment

 

    	 	 

     

    

 

EXHIBIT
A-1

[FORM OF] REVOLVING CREDIT NOTE

 

	$______________	June 28, 2019

 

FOR VALUE RECEIVED, the
undersigned, AMERESCO, INC., a Delaware corporation (the “Borrower”), promises to pay to the order of ________________________________
(the “Lender”), at the place and times provided in the Credit Agreement referred to below the principal sum of

 

_________________________________ DOLLARS
($______________)

 

or, if less, the principal amount of, and interest
accrued on, all Revolving Loans made by the Lender from time to time pursuant to that certain Fourth Amended and Restated Credit
and Security Agreement dated as of June 28, 2019 (together with all amendments and other modifications, if any, from time to time
hereafter made thereto, the “Credit Agreement”) among the Borrower, the Guarantors from time to time party thereto,
the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent (the “Agent”). This
Revolving Credit Note is being executed and delivered by the Borrower pursuant to subsection 2.01(g) of the Credit Agreement. Capitalized
terms used herein and not defined herein shall have the meanings ascribed to them in the Credit Agreement.

 

The unpaid principal amount
of this Revolving Credit Note from time to time outstanding is subject to mandatory prepayment from time to time as provided in
the Credit Agreement and shall bear interest as provided in the Credit Agreement. All payments of principal and interest on this
Revolving Credit Note shall be payable in lawful currency of the United States of America or as otherwise provided in the Credit
Agreement in immediately available funds to the Agent for the benefit of the Lender.

 

This Revolving Credit Note
is entitled to the benefits of, and evidences obligations incurred under, the Credit Agreement, to which reference is made for
a description of the security for this Revolving Credit Note and for a statement of the terms and conditions on which the Borrower
is permitted and required to make prepayments and repayments of principal of the obligations evidenced hereby and on which such
obligations may be declared to be immediately due and payable.

 

THIS REVOLVING CREDIT NOTE
SHALL BE GOVERNED, CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO THE CONFLICTS
OR CHOICE OF LAW PRINCIPLES THEREOF.

 

The Borrower hereby waives
all requirements as to diligence, presentment, demand of payment, protest and (except as required by the Credit Agreement) notice
of any kind with respect to this Revolving Credit Note.

 

    	 	 

     

    

 

IN WITNESS WHEREOF, the undersigned Borrower
has executed this Revolving Credit Note as of the day and year first above written.

 

	 	AMERESCO, INC.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	 

     

    

 

EXHIBIT
A-2

 

[FORM OF] TERM NOTE

 

	$______________	June 28, 2019

 

FOR VALUE RECEIVED, the
undersigned, AMERESCO, INC., a Delaware corporation as borrower, (the “Borrower”), promises to pay to the order of
__________________________________ (the “Lender”), at the place and times provided in the Credit Agreement referred
to below the principal sum of

 

________________________________________
DOLLARS ($________)

 

together with all accrued interest, pursuant
to that certain Fourth Amended and Restated Credit and Security Agreement dated as of June 28, 2019 (together with all amendments
and other modifications, if any, from time to time hereafter made thereto, the “Credit Agreement”) among the Borrower,
the Guarantors from time to time party thereto, the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative
Agent (the “Agent”). This Term Note is being executed and delivered by the Borrower pursuant to subsection 2.02(e)
of the Credit Agreement. Capitalized terms used herein and not defined herein shall have the meanings ascribed to them in the Credit
Agreement.

 

The Borrower is obligated
to make regularly scheduled payments of principal to the Agent for the benefit of the Lenders as provided in subsection 2.02(c)
of the Credit Agreement. In addition, the unpaid principal amount of this Term Note from time to time outstanding is subject to
mandatory prepayment from time to time as provided in the Credit Agreement and shall bear interest as provided in the Credit Agreement.
All payments of principal and interest on this Term Note shall be payable in lawful currency of the United States of America in
immediately available funds to the Agent for the benefit of the Lender.

 

This Term Note is entitled
to the benefits of, and evidences obligations incurred under, the Credit Agreement, to which reference is made for a description
of the security for this Term Note and for a statement of the terms and conditions on which the Borrower is permitted and required
to make prepayments and repayments of principal of the obligations evidenced hereby and on which such obligations may be declared
to be immediately due and payable.

 

THIS TERM NOTE SHALL BE
GOVERNED, CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO THE CONFLICTS OR CHOICE
OF LAW PRINCIPLES THEREOF.

 

The Borrower hereby waives
all requirements as to diligence, presentment, demand of payment, protest and (except as required by the Credit Agreement) notice
of any kind with respect to this Term Note.

 

    	 	 

     

    

 

IN WITNESS WHEREOF, the
undersigned Borrower has executed this Term Note as of the day and year first above written.

 

	 	AMERESCO, INC.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	 

     

    

 

EXHIBIT A-3

 

[FORM OF] SWING LINE NOTE

 

	$5,000,000	 	June 28, 2019

 

FOR VALUE RECEIVED, the
undersigned AMERESCO, INC., a Delaware corporation (the “Borrower”), promises to pay to the order of BANK OF AMERICA,
N.A. (the “Swing Line Lender”) at the place and times provided in the Credit Agreement referred to below the principal
sum of

 

[FIVE MILLION DOLLARS ($5,000,000)]

 

or, if less, the principal
amount of all Swing Line Loans made by the Swing Line Lender to the Borrower from time to time pursuant to Section 2.05 of that
certain Fourth Amended and Restated Credit and Security Agreement dated as of June 28, 2019 (together with all amendments and other
modifications, if any, from time to time hereafter made thereto, the “Credit Agreement”) among the Borrower, the Guarantors
from time to time party thereto, the Lenders from time to time party thereto and Bank of America, N.A., as Administrative Agent
(the “Agent”). The Borrower further promises to pay to the order of the Swing Line Lender interest on the unpaid principal
amount hereof from time to time outstanding at the rates and at the times set forth in the Credit Agreement. This Swing Line Note
is being executed and delivered by the Borrower pursuant to the Credit Agreement. Capitalized terms used herein and not defined
herein shall have the meaning ascribed to them in the Credit Agreement.

 

All payments of principal
and interest on this Swing Line Note shall be payable in lawful currency of the United States of America in immediately available
funds for the account of the Swing Line Lender as specified in the Credit Agreement.

 

This Swing Line Note is
entitled to the benefits of, and evidences obligations incurred under, the Credit Agreement, to which reference is made for a description
of the security for this Swing Line Note and for a statement of the terms and conditions on which the Borrower is permitted and
required to make prepayments and repayments of principal of the obligations evidenced hereby and on which such obligations may
be declared to be immediately due and payable.

 

THIS SWING LINE NOTE SHALL
BE GOVERNED, CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO THE CONFLICTS OR
CHOICE OF LAW PRINCIPLES THEREOF.

 

The Borrower hereby waives
all requirements as to diligence, presentment, demand of payment, protest and (except as required by the Credit Agreement) notice
of any kind with respect to this Swing Line Note.

 

    	 	 

     

    

 

IN WITNESS WHEREOF, undersigned
Borrower has executed this Swing Line Note under seal as of the day and year first above written.

 

	 	AMERESCO, INC.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     

     

    

 

EXHIBIT B-1

[FORM OF] LOAN NOTICE

 

Bank of America, N.A.,

as Administrative Agent

100 Federal Street

Mail Stop MA 5-100-08-13

Boston, Massachusetts 02110

Attention: Ameresco, Inc. Account Officer

 

		Re:	Loan Notice under Credit Agreement

 

Ladies and Gentlemen:

 

Reference is made to the
Fourth Amended and Restated Credit and Security Agreement dated as of June 28, 2019 (the “Credit Agreement”)
among Ameresco, Inc. (the “Borrower”), the Guarantors party thereto, the Lenders party thereto, and Bank of
America, N.A., as administrative agent. Capitalized terms used above in this Loan Notice are as defined in the Credit Agreement.

 

In accordance with Section
2.01 of the Credit Agreement the Borrower hereby requests the following Revolving Credit Borrowing:

 

Revolving Credit
Borrowing:

 

		(1)	Amount requested:          $__________

 

		(2)	Date of Borrowing:          ___________

 

		(3)	Type of Borrowing:          [Base Rate][Eurocurrency1]

 

		(4)	[If Eurocurrency Borrowing] Interest Period:          [one] [two] [three] [six] months

 

		(5)	[Alternative Currency: ___________]

 

		(6)	Location and account number to which funds are to be disbursed:

 

__________________________

 

__________________________

 

In accordance with Section
2.03 of the Credit Agreement the Borrower hereby requests the following conversions and/or continuations:

 

Conversion of a Base Rate Loan
into a Eurocurrency Rate Loan

 

	 	(1)	Type of Base Rate Loan to be converted: [Term Loan][Revolving Loan]
	 	 	 	 
	 	(2)	The aggregate outstanding principal balance of such Loan:	$__________
	 	 	 	 
	 	(3)	The principal amount of such Loan to be converted:	$__________

 

 

1
All Loans denominated in an Alternative Currency must be Eurocurrency Rate Loans.

 

     

     

    

 

	 	(4)	The requested effective date of the conversion:	___________
	 	 	 	 
	 	(5)	Alternative Currency: ___________]	 
	 	 	 	 
	 	(6)	Interest Period: [one] [two] [three] [six] months.	 

 

Conversion of Eurocurrency Rate Loan into a Base Rate Loan

 

	 	(1)	Type of Eurocurrency Rate Loan to be converted:           [Term Loan][Revolving Loan]
	 	 	 	 
	 	(2)	The aggregate outstanding principal balance of such Loan:	$__________
	 	 	 	 
	 	(3)	The last day of the current Interest Period for such Loan:	____________
	 	 	 	 
	 	(4)	The principal amount of such Loan to be converted:	$___________
	 	 	 	 
	 	(5)	The requested effective date of the conversion:	____________

 

Continuation of a Eurocurrency Rate Loan

 

	 	(1)	Type of Eurocurrency Rate Loan to be continued:           [Term Loan][Revolving Loan]
	 	 	 	 
	 	(2)	The aggregate outstanding principal balance of such Loan:	$___________
	 	 	 	 
	 	(3)	The last day of the current Interest Period for such Loan:	____________
	 	 	 	 
	 	(4)	The principal amount of such Loan to be continued:	$___________
	 	 	 	 
	 	(5)	The Alternative Currency of such Loan to be continued:	____________
	 	 	 	 
	 	(6)	The requested effective date of the continuation:	____________
	 	 	 	 
	 	(7)	Interest Period: [one] [two] [three] [six] months.	 

 

Date:      _______________

 

	 	AMERESCO, INc.

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

     

     

    

 

EXHIBIT
B-2

[FORM
OF] SWING LINE LOAN NOTICE

 

		To:	Bank of America, N.A., as Swing Line Lender

Bank of America, N.A., as Administrative Agent

 

Ladies and Gentlemen:

 

Reference is made to the
Fourth Amended and Restated Credit and Security Agreement dated as of June 28, 2019 (the “Credit Agreement”)
among Ameresco, Inc. (the “Borrower”), the Guarantors party thereto, the Lenders party thereto, and Bank of
America, N.A., as administrative agent and Swing Line Lender. Capitalized terms used above in this Loan Notice are as defined in
the Credit Agreement.

 

The undersigned hereby requests a Swing Line
Loan:

 

	 	1.	On_________________
    (a Business Day).
	 	 	 
	 	2.	In the amount of $__________________.

 

The Swing Line Borrowing
requested herein complies with the requirements of Section 2.05 of the Credit Agreement.

 

The Borrower hereby represents
and warrants that the conditions specified in Sections 6.02(a) and (b) of the Credit Agreement shall be satisfied on and as of
the date of the requested Swing Line Loan.

 

Date:       _______________

 

	 	AMERESCO, INc.

 

	 	By: 	 
	 	 	Name:
	 	 	Title:

 

     

     

    

 

a.       EXHIBIT
C

 

[FORM OF] PERFECTION AND INFORMATION CERTIFICATE

 

Ameresco, Inc., a Delaware
corporation (the “Borrower”), hereby certifies the following to Bank of America, N.A., as administrative agent
(the “Agent”) under that certain Fourth Amended and Restated Credit Agreement to be dated on or about June 28,
2019 among the Borrower, the guarantors from time to time party thereto (the “Guarantors”; and together with
the Borrower, the “Loan Parties”), the lenders from time to time party thereto, and the Agent (the “Credit
Agreement”; capitalized terms used herein and not otherwise defined shall have the meanings assigned thereto (a) in the
most recent draft of the Credit Agreement circulated to the Borrower and (b) the Uniform Commercial Code, as applicable):

 

		A	IDENTIFICATION MATTERS

 

		1.	An organizational chart depicting the interrelationships of all Loan Parties and their respective
Affiliates is set forth on Schedule A1 attached hereto.

 

		2.	For each Loan Party, the information contained on Schedule
A2 is true and correct.

 

		3.	Does any Loan Party or any of its subsidiaries or affiliates derive any revenue from the Balkans,
Belarus, Myanmar (Burma), Cote D’Ivoire (Ivory Coast), Cuba, Democratic Republic of Congo, Iran, Iraq, Liberia, North Korea,
Sudan, Syria, or Zimbabwe (each a “Sanctioned Country”)?2

 

 ̈Yes
 ̈No

 

		4.	Is any Loan Party or any of its subsidiaries or affiliates (a) located, organized or resident in a Sanctioned Country, (b)
conduct any business in a Sanctioned Country or (c) conduct any business with entities or individuals subject of sanctions or located,
organized or resident in a Sanctioned Country?

 

 ̈Yes
 ̈No

 

		B	LEGAL MATTERS

 

		1.	During the five (5) year period preceding the Closing Date no Loan Party has been party to any
merger, consolidation, stock acquisition or purchase of all or a substantial portion of the assets of any Person, except the following:

 

The legal names and jurisdictions
of each predecessor entity or any entity which during such five (5) year period owned any asset or property now owned by any Loan
Party are as follows:

 

		C	LOCATIONS

 

		1.	Set forth on Schedule C1 is a list of all real property owned or leased by each Loan Party,
such list to include (a) the name of the Loan Party owning or leasing such property, (b) the property address, (c) the city, county,
state and zip code which such property is located, (d) an indication

 

 

2 NTD: Update list as appropriate.

 

     

     

    

 

of if such location is leased or
owned and if leased, the name of the owner of the location, and (e) an indication if such location (i) is a headquarter location,
(ii) is where any significant administrative or governmental functions are performed, (iii) maintains books or records (electronic
or otherwise) or (iv) contains personal property collateral.

 

		2.	Set forth on Schedule C2 is a list of all other locations (not set forth on Schedule
C1) where any personal property Collateral of any Loan Party is located, such list to include (a) the name of the Loan Party
owning such Collateral, (b) the property address, (c) the city, county, state and zip code which such property is located, (d)
the name of the owner of the location and (e) the approximate value of the Collateral held at such location.

 

		D	SPECIAL COLLATERAL

 

		1.	Set forth on Schedule D1 is a description of all of the Loan Parties’ deposit accounts
and securities accounts including (a) the name of the applicable Loan Party, (b) in the case of a Deposit Account, (i) the depository
institution, (ii) the account number and (iii) whether such account is a ZBA account or a payroll account, and (c) in the case
of a Securities Account, (i) the Securities Intermediary or issuer, and (ii) the account number.

 

		2.	All Letter-of-Credit Rights and Electronic Chattel Paper of any Loan Party are set forth on Schedule
D2.

 

		3.	All Instruments, Tangible Chattel Paper and Documents of each Loan Party are set forth on Schedule
D3.

 

		4.	All patents, trademarks and copyrights owned by each Loan Party as of the date hereof, all patent
licenses, trademark licenses and copyright licenses to which such Loan Party is a party as of the date hereof, and all patent applications,
trademark applications, and copyright applications made by each Loan Party as of the date hereof are listed on Schedule D4
(including the name/title, current owner, registration or application number, and registration or application date).

 

		5.	All commercial tort claims of any Loan Party are set forth
on Schedule D5.

 

		6.	The issued and outstanding equity interests and any certificated securities owned by each Loan
Party in their respective Subsidiaries is set forth on Schedule D6.

 

		7.	All other issued and outstanding equity interests and any certificated securities owned by each
Loan Party not set forth on Schedule D6 is set forth on Schedule D7.

 

Delivery of an executed counterpart of a signature
page of this Agreement by fax transmission or other electronic mail transmission (e.g. “pdf” or “tif”)
shall be effective as delivery of a manually executed counterpart of this Agreement.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.]

 

     

     

    

 

I hereby certify on behalf
of the Loan Parties and not in my individual capacity that, as of the date hereof, the statements set forth in this Perfection
Certificate and in the Schedules attached hereto are accurate and complete in all respects.

 

	 	AMERESCO, INc.

 

	 	By:	
	 	Name:
	 	Title:

 

     

     

    

 

SCHEDULE
TO 

perfection
CERTIFICATE

 

	Schedule A1	Organizational Chart
	Schedule A2	Loan Party/Patriot Act Information
	Schedule C1	Owned and Leased Locations
	Schedule C2	Other Locations
	Schedule D1	Deposit Accounts and Securities Accounts
	Schedule D2	Electronic Chattel Paper & Letter of Credit Rights
	Schedule D3	Documents, Instruments &Tangible Chattel Paper
	Schedule D4	Intellectual Property
	Schedule D5	Commercial Tort Claims
	Schedule D6	Equity Interests & Certificated Security Interests of Subsidiaries
	Schedule D7	Other Equity Interests & Certificated Securities

 

     

     

    

 

Schedule A1

Organizational Chart

 

     

     

    

 

Schedule A2

Loan Party/Patriot Act Information*

 

	Exact Legal Name of Loan Party:	 
	Previous Legal Names within the five (5) years prior to the Closing Date:	 
	Jurisdiction of Organization/Incorporation:	 
	Type of Organization:	 
	Jurisdictions where Qualified to do Business:	 
	Address of Chief Executive Office: 	 
	Address of Principal Place of Business:	 
	U.S. Federal Taxpayer Identification Number, or Unique Identification Number (as applicable)	 
	Organizational Identification Number (if any):	 
	Ownership Information (e.g. publicly held, if private or partnership—identity of owners/partners):	 
	Industry or Nature of Business:	 

 

*to be filled out for each Loan Party

 

     

     

    

 

Schedule C1

Owned and Leased Locations

 

	Loan
    Party	 	Property
    Address

    (including city, 

county, state

    and zip code)	 	Leased  or
    

Owned (L/O)	 	Name
    and 

Address 

of Lessor

    (if leased)	 	Headquarter
    

Location (Y/N)	 	Significant
    

Administrative

 or

    Governmental 

Functions

    (Y/N)	 	Books
    and

 Records are

    Maintained (Y/N)	 	Personal
    Property 

Collateral

    (Y/N)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

     

     

    

 

Schedule C2

Other Locations

 

	Loan Party	 	Property Address (including city, 

county, state and zip code)	 	Name and Address 

of Owner
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

     

     

    

 

Schedule D1

Deposit Accounts & Securities Accounts

 

	Loan Party	 	Depository Institution/

    Securities Intermediary	 	Name of Account	 	ZBA/Payroll/Deposit/

Etc.	 	Account Number
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

     

     

    

 

Schedule D2

Electronic Chattel Paper & Letter of Credit
Rights

 

Electronic Chattel Paper

 

	Loan Party	 	Account Debtor	 	Description
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

Letter of Credit Rights

 

	Loan Party	 	Issuer or Nominated Person	 	Description
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

     

     

    

 

Schedule D3

Documents, Instruments &Tangible Chattel
Paper

 

All Documents:

 

	Loan Party	 	Description
	 	 	 
	 	 	 
	 	 	 

 

All Instruments:

 

	Loan Party	 	Description
	 	 	 
	 	 	 
	 	 	 

 

All Tangible Chattel Paper:

 

	Loan Party	 	Description
	 	 	 
	 	 	 
	 	 	 

 

     

     

    

 

Schedule D4

Intellectual Property

 

Copyrights:

 

	Loan Party/Owner	 	Copyright	 	Application/ 

    Registration Number	 	Application/Registration
    

    Date
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

Patents:

 

	Loan Party/Owner	 	Patents	 	Application/

    Registration Number	 	Application/Registration
    

    Date
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

Trademarks:

 

	Loan Party/Owner	 	Trademarks	 	Application/ 

    Registration Number	 	Application/Registration
    

    Date
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

     

     

    

 

Schedule D5

Commercial Tort Claims

 

	Loan Party	 	Commercial Tort
    Claim	 	Description/Filing
    Jurisdiction and 

    Information
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

     

     

    

 

Schedule D6

Equity Interests & Certificated Securities
of Subsidiaries

 

	Issuer	 	Owner	 	Total Number 

    of Shares 

    Outstanding	 	Number of 

    Shares 

    Owned by 

    Loan Party	 	Certificate

    Number(s)	 	Percentage of 

    Owned Shares 

    by Loan Party	 	Class and
Nature

        (Voting, Non-

        Voting, 

        Preferred, Etc.)

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 

 

     

     

    

 

Schedule D7

Other Equity Interests & Certificated Securities

 

	Issuer	 	Owner	 	Total Number 

of Shares 

    Outstanding	 	Number of 

    Shares 

    Owned by 

    Loan Party	 	Certificate

    Number(s)	 	Percentage of 

    Owned Shares 

    by Loan Party	 	Class and Nature

    (Voting, Non-

    Voting, 

Preferred, Etc.)
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 

 

     

     

    

 

EXHIBIT D

 

[FORM OF] COMPLIANCE CERTIFICATE

 

Bank of America, N.A.,

as Administrative Agent

100 Federal Street

Mail Stop MA 5-100-08-13

Boston, Massachusetts 02110

Attn: Ameresco, Inc. Account Officer

 

		Re:	Fourth Amended and Restated Credit and Security Agreement dated as of June 28, 2019 as amended
from time to time, (the “Credit Agreement”) among Ameresco, Inc. (the “Borrower”), the guarantors
party thereto, the lenders party thereto and Bank of America, N.A., as administrative agent

 

Ladies & Gentlemen:

 

Pursuant to the above-referenced
Credit Agreement, enclosed are copies of [consolidated] [and consolidating] financial statements of the Core Ameresco Companies
for the fiscal [quarter] [year] ended ____________ (the “Fiscal Period”). Such financial statements present
fairly in all material respects the financial condition and results of operations of the Borrower and its Subsidiaries, prepared
in accordance with GAAP, consistently applied, as at the end of and for the Fiscal Period, subject to normal year end audit adjustments
and the omission of footnotes. Capitalized terms used but not defined herein shall have the meanings set forth in the Credit Agreement.

 

As required, a review of
the activities of the Loan Parties during the Fiscal Period has been made under the supervision of the undersigned with a view
to determining whether, during the Fiscal Period, the Loan Parties have kept, observed, performed and fulfilled each and every
covenant and condition of the Credit Agreement. To the best of my knowledge and belief there neither exists on the date of this
certificate, nor existed during the Fiscal Period, any Default or Event of Default, except as set forth on any attachment hereto.
There has been no change in GAAP since the date of the last audited financial statements delivered to you by the Borrower which
has or could have an effect on the financial statements accompanying such certificate, except such changes as are set forth on
any attachment hereto.

 

Advances to and investments
in Affiliates of the Core Ameresco Companies, that are not themselves Core Ameresco Companies, have not in the aggregate, at any
time, exceeded forty-nine percent of the Borrower’s consolidated stockholders equity.

 

Attached are covenant calculations
showing compliance by the Core Ameresco Companies with the financial covenants set forth in Section 9.10 of the Credit Agreement,
and a copy of Schedule 7.13 to the Credit Agreement showing all changes thereto since the last delivery of Schedule 7.13.

 

	 	Very truly yours,
	 	 
	 	AMERESCO, INC.

 

	 	By:	 
	 	Name:  
	Enclosures	Title:  

 

     

     

    

 

FINANCIAL COVENANT CALCULATIONS

 

Fiscal oQuarter/oYear
Ended ___________________

 

Except as otherwise set forth below, the following covenants have
been measured at the end of the fiscal quarter/year of the Loan Parties specified above for the period of four consecutive fiscal
quarters of the Loan Parties most recently ended (the “Reported Period”).

 

EBITDA.
3

 

EBITDA for the Reported Period has been calculated as follows:

 

	 	(a)	Consolidated Net Income during the Reported Period:	$_________
	 	 	 	 
	 		plus 	 

 

	 	(b)	for the Reported Period, the sum of (to the extent deducted in calculating
Consolidated Net Income):	

 

	 	(i)	Consolidated Interest Charges:	$_________
	 	 	 	 
	 	(ii)	Income taxes payable:	$_________
	 	 	 	 
	 	(iii)	Depreciation and amortization expense:	$_________
	 	 	 	 
	 	(iv)	Non-Cash Charges:	$_________
	 	 	 	 
	 	(v)	Extraordinary or non-recurring expenses, not to exceed $5,000,000 after the Effective Date4:	$_________
	 	 	 	 
	 	(vi)	Aggregate amount received in cash by the Core Ameresco Companies in respect of regularly scheduled dividends or distributions from the Special Purpose Subsidiaries5:	$_________

	 	 	 	 
	SUBTOTAL: 

	$_________

 

	 	minus

 

	 	(c)	for the Reported Period, the sum of	 
	 	 	(to the extent included in calculating Consolidated Net Income):	 

 

	 	(i)	Extraordinary or non-recurring gains:	$_________

 

 

3 If the Reported Period includes a Permitted Acquisition,
it shall be give Pro Forma Effect as provided in Section 1.04(c) of the Credit Agreement.

 

4 Any payment required to
be made by any Core Ameresco Company in respect of any Renewable Energy Project Guaranty Liability shall reduce Consolidated Net
Income of the Core Ameresco Companies and shall not be added back to EBITDA.

 

5 Not to include amounts received by the Core Ameresco
Companies in connection with any sale, transfer or other disposition of assets or equity interests of any Special Purpose Subsidiary.

 

     

     

    

 

	 	(ii)	Proceeds received in respect of Casualty Events and Dispositions:	$_________

 

	SUBTOTAL:	$_________

 

	 	plus/minus	 

 

	 	(d)	adjustments for Permitted Acquisitions during the Reported Period:	$_________

 

	TOTAL EBITDA:	$_________

 

9.10(a) TOTAL FUNDED DEBT TO EBITDA RATIO.

 

	The actual Core Leverage Ratio for the Reported Period is:	___ to 1.00 

 

	The Core Leverage Ratio for the Reported Period is required to be not greater than:	3.25 to 1.00*

 

* As set forth in Section 9.10(a) of the Credit Agreement.

 

The Core Leverage Ratio for the Reported
Period has been calculated as follows:

 

	(A)	Total Funded Debt of the Core Ameresco Companies as of the end of the Reported Period:	$_________

 

	 	divided by	 
	 	 	 
	(B)	EBITDA of the Core Ameresco Companies for the Reported Period:	$_________

 

9.10(b) DEBT SERVICE COVERAGE RATIO.

 

	The actual Debt Service Coverage Ratio for the Reported Period is:	___ to 1.00

 

	The Debt Service Coverage Ratio for the Reported Period is required to be not less than:	 
	 	1.50 to 1.00

 

* As set forth in Section 9.10(b) of the Credit Agreement.

 

The Debt Service Coverage Ratio for the
Reported Period has been calculated as follows:

 

		(A)	the result for the Reported
Period of:

 

	 	(i)	EBITDA of the Core Ameresco Companies:	$__________
	 	 	 	 
	 	 	Minus	 
	 	 	 	 
	 	(ii)	Capital Expenditures made by the Core Ameresco Companies:	$__________
	 	 	 	 
	 	 	Minus	 
	 	 	 	 
	 	(iii)	aggregate amount paid in cash by the Core Ameresco Companies	

 

     

     

    

 

	 	 	in respect of income, franchise, real estate and other like taxes:	$__________
	 	 	 	 
	 	 	Minus	 
	 	 	 	 
	 	(iv)	dividends, withdrawals and other distributions paid in cash by the Core Ameresco Companies:	 $__________

 

	 	SUBTOTAL:	 $__________

 

	 	divided by

 

		(B)	the sum for the Reported
Period of:

 

	 	(i)	all regularly scheduled principal payments of Indebtedness (including the principal component of any payments in respect of Capital Lease Obligations), but excluding any prepayments pursuant to Section 2.09 of the Credit Agreement and any principal payments in respect of the Revolving Loans made:	 $__________

 

	 	 	plus	 
	 	 	 	 
	 	(ii)	all Consolidated Interest Charges paid in cash (excluding amortization of deferred financing costs and interest by its terms “paid-in-kind”):	 $__________
	 	 	 	 
	 	SUBTOTAL:	 $__________

 

     

     

    

 

EXHIBIT E

 

[FORM OF] FOURTH AMENDED AND RESTATED PLEDGE
AGREEMENT

 

This FOURTH AMENDED AND
RESTATED PLEDGE AGREEMENT (this “Agreement”) dated as of June 28, 2019, by and among Ameresco, Inc., a Delaware
corporation (“Ameresco”), each of the other pledgors listed on the signature pages hereto, and each other entity
that becomes a party to this Agreement by executing and delivering to the Administrative Agent an instrument of adherence to this
Agreement (collectively, the “Pledgors” and each individually, a “Pledgor”) and Bank of America,
N.A., as administrative agent (the “Agent”) for the lenders under the Credit Agreement described below, having
an address at 100 Federal Street, Mail Stop MA 5-100-08-13, Boston, Massachusetts 02110. The Agent and the Lenders are herein collectively
referred to from time to time as the “Secured Parties”.

 

WITNESSETH:

 

WHEREAS, certain of the
Pledgors entered into that certain Third Amended and Restated Credit and Security Agreement dated as of June 30, 2015, as amended,
among Ameresco, as borrower, the guarantors party thereto, the lenders party thereto, and the Agent (the “Third Amended
and Restated Credit Agreement”), which amended and restated it its entirety that certain Second Amended and Restated
Credit and Security Agreement dated as of June 30, 2011, as amended, among Ameresco, as borrower, the guarantors party thereto,
the lenders party thereto and the Agent (the “Second Amended and Restated Credit Agreement”), which amended
and restated in its entirety that certain Amended and Restated Credit and Security Agreement dated as of June 10, 2008, as amended,
among Ameresco, as borrower, the guarantors party thereto, the lenders party thereto and the Agent (as successor by merger to Fleet
National Bank) (the “Amended and Restated Credit Agreement”), which Amended and Restated Credit Agreement amended
and restated in its entirety that certain Credit and Security Agreement dated as of December 29, 2004, as amended, among Ameresco,
as borrower, the guarantors party thereto, the lenders party thereto, and Fleet National Bank, as administrative agent (the “Original
Credit Agreement”);

 

WHEREAS, concurrently herewith,
the Loan Parties are entering into that certain Fourth Amended and Restated Credit and Security Agreement dated as of the date
hereof (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”),
among Ameresco, as borrower (the “Borrower”), the guarantors party thereto (the “Guarantors”,
and collectively with the Borrower, the “Loan Parties”), the lenders from time to time party thereto, and the
Agent, which Credit Agreement amends and restates the Third Amended and Restated Credit Agreement in its entirety and pursuant
to which the Lenders have agreed, subject to the terms and conditions set forth therein, to make certain Loans (as defined in the
Credit Agreement) to the Borrower, and to issue Letters of Credit (as defined in the Credit Agreement), for the account of the
Borrower;

 

WHEREAS, in connection
with the Third Amended and Restated Credit Agreement, certain of the Loan Parties and the Agent entered into that certain Third
Amended and Restated Pledge Agreement dated as of June 30, 2015 (the “Third Amended and Restated Pledge Agreement”),
which amended and restated that certain Second Amended and Restated Pledge Agreement dated as of June 30, 2011, as amended (the
“Second Amended and Restated Pledge Agreement”), which amended and restated that certain Amended and Restated
Pledge Agreement dated as of June 10, 2008, as amended (the “Amended and Restated Pledge Agreement”), pursuant
to which the Loan Parties thereto granted to the Agent (as

 

     

     

    

 

successor by merger to
Fleet National Bank) a security interest in the “Pledged Collateral” described therein for the payment and performance
of the “Secured Obligations” under and as defined in the Amended and Restated Pledge Agreement, which Amended and Restated
Pledge Agreement amended and restated in its entirety that certain Pledge Agreement dated as of December 29, 2004, as amended (the
“Original Pledge Agreement”), between certain of the Loan Parties and Fleet National Bank, as administrative
agent;

 

WHEREAS, the security interests
and liens granted in and on the Pledged Collateral (as hereinafter defined) to the Agent under the Original Pledge Agreement, the
Amended and Restated Pledge Agreement and the Second Amended and Restated Pledge Agreement were duly perfected in accordance with
applicable law and continue in effect and remain perfected pursuant to this Agreement;

 

WHEREAS, each Pledgor owns
the percentage of the outstanding partnership interests, limited liability company interests or shares of capital stock, as applicable,
of the companies listed on Schedule I hereto as set forth on such Schedule I hereto and is holder of certain
other instruments and securities set forth on Schedule II hereto (such companies and the issuers of such instruments and
securities, collectively called the “Listed Companies”); and

 

WHEREAS, the obligations
of the Lenders to make the Loans to the Borrower and issue the Letters of Credit for the account of the Borrower are subject to
the conditions, among others, that each Pledgor shall execute and deliver this Agreement, pursuant to which the parties hereto
shall amend and restate the Third Amended and Restated Pledge Agreement in its entirety and each Pledgor shall agree to secure
the payment in full of the Obligations of the Loan Parties under the Credit Agreement and the other Loan Documents and shall grant
the pledge and security interests and liens hereinafter described.

 

NOW, THEREFORE, in consideration
of the willingness of the Secured Parties to enter into the Credit Agreement and of the Lenders to agree, subject to the terms
and conditions set forth therein, to make the Loans to the Borrower and issue the Letters of Credit for the account of the Borrower
pursuant thereto, and for other good and valuable consideration, receipt of which is hereby acknowledged, it is hereby agreed as
follows:

 

1.             Defined
Terms. Except as otherwise expressly defined herein, all capitalized terms shall have the meanings ascribed to them in the
Credit Agreement.

 

2.             Security
Interest. Each Pledgor hereby deposits with, and pledges to, the Agent for itself and for the benefit of the other Secured
Parties all investment property which such Pledgor holds in the Listed Companies, including, without limitation: (a) the partnership
interests, limited liability company interests and shares of capital stock, as applicable, of the Listed Companies as listed on
Schedule I attached hereto (the “Pledged Equity”) (together with the appropriate powers duly endorsed
in blank), and, to the extent such collateral is not certificated, the appropriate assignment and control documents where required
to perfect the security interest, and (b) the promissory notes payable to the Pledgors as listed in Schedule II
attached hereto (the “Pledged Notes”, and together with the Pledged Equity and any additional investment property,
securities, securities entitlements, or collateral pledged hereunder, the “Pledged Collateral”), and each Pledgor
hereby grants to the Agent for itself and for the benefit of the other Secured Parties a security interest in all of the Pledged
Collateral as security for the due and punctual payment and performance of the Secured Obligations described in Section 3 hereof.

 

     

     

    

 

3.            Secured
Obligations. The security interest hereby granted shall secure the due and punctual payment and performance of the following
liabilities and obligations of the Pledgors (herein called the “Secured Obligations”):

 

(i) with respect to the Borrower,
principal of and premium, if any, and interest on the Loans, and (ii) with respect to each Guarantor, is obligations set forth
in Article 4 of the Credit Agreement; and

 

Any and all other obligations
and indebtedness of any of the Loan Parties to the Secured Parties or any of them, whether direct or indirect, absolute or contingent,
due or to become due or now existing or hereafter arising or incurred under the Credit Agreement, any other Loan Document or under
any Hedging Agreement permitted by the Credit Agreement, all as amended from time to time including, without limitation, any and
all Reimbursement Obligations, any and all other fees, premiums and penalties.

 

4.            Special
Warranties and Covenants of the Pledgors. Each Pledgor hereby warrants and covenants to the Secured Parties with respect to
the Pledged Collateral for which it is the “Pledgor,” as set forth on Schedules I and II, that:

 

(a)       The
Pledged Collateral is duly and validly pledged with the Agent for the benefit of the Secured Parties in accordance with law, the
Agent for the benefit of the Secured Parties has a First Priority security interest in such Pledged Collateral, and each Pledgor
warrants and will defend the Secured Parties’ right, title and security interest in and to the Pledged Collateral against
the claims and demands of all Persons whomsoever.

 

(b)       Each
Pledgor has good title to the Pledged Collateral, free and clear of all Liens, except as expressly set forth in or permitted under
the Credit Agreement.

 

(c)       All
of the Pledged Equity has been duly and validly issued and is fully paid and, with respect to the capital stock, nonassessable.

 

(d)       The
Pledged Equity constitutes the amount and percentage of partnership interests, limited liability company interests or shares, as
applicable, of the presently issued and outstanding partnership interests, limited liability company interests or capital stock
of the Listed Companies, as applicable, as set forth on Schedule I.

 

(e)       If
any additional partnership interests, limited liability company interests or shares of capital stock of any class of the Listed
Companies or if any promissory notes of the Listed Companies or other securities of the Listed Companies are acquired by any Pledgor
after the date hereof, the same shall constitute Pledged Collateral and shall be deposited with and pledged to the Agent for itself
and for the benefit of the other Secured Parties as provided in Section 2 hereof simultaneously with such acquisition. The Pledgors
will promptly notify the Agent of the date and amount of any loans made from time to time by the Pledgors to the Listed Companies
as permitted by the Credit Agreement.

 

(f)        No
Pledgor will sell, convey or otherwise dispose of any of the Pledged Collateral, nor will any Pledgor create, incur or permit to
exist any Lien with respect to any of the Pledged Collateral or the proceeds thereof, other than Liens with respect to the Pledged
Collateral created hereby or Liens which are otherwise permitted under the Loan Documents and except as permitted by the Credit
Agreement.

 

(g)       If
any additional partnership interests, limited liability company interests or shares of capital stock of any class of the Listed
Companies are issued, any such partnership interests, limited liability company interests or additional shares of capital stock
shall be deposited with and

 

     

     

    

 

pledged to the Agent for itself and for the
benefit of the other Secured Parties simultaneously with such issuance as provided in Section 2 hereof.

 

(h)       The
Pledged Notes evidence the amount of outstanding indebtedness for money borrowed of the respective issuers thereof indicated on
Schedule II hereto.

 

(i)        If
any additional promissory notes are acquired by any Pledgor from the issuers of the Pledged Notes or any other Person, the same
shall constitute Pledged Notes and Pledged Collateral and shall be deposited with and pledged to the Agent for itself and the benefit
of the other Secured Parties as provided in Section 2 hereof simultaneously with such acquisition. Upon the request of the Agent,
the Pledgors will promptly notify the Agent of any loans made from time to time to such issuers as permitted by the Credit Agreement.

 

(j)        In
the event that any Pledgor receives any certificated securities representing any Pledged Equity, such certificated securities,
together with blank stock powers or other documents reasonably required by the Agent to perfect the security interest in such Pledged
Equity, shall be delivered to the Agent promptly after receipt of such certificated securities by such Pledgor, or if received
in connection with the formation or acquisition of a Subsidiary, in accordance with the provisions of Section 8.10(b) of the Credit
Agreement.

 

5.            Distributions.
In case, upon the dissolution, winding up, liquidation or reorganization of the Listed Companies whether in bankruptcy, insolvency
or receivership proceedings or upon an assignment for the benefit of creditors or any other marshaling of the assets and liabilities
of the Listed Companies or otherwise, any sum shall be paid or any property shall be distributed upon or with respect to any of
the Pledged Collateral, such sum shall be paid over to the Agent for the benefit of the Secured Parties as collateral security
for the Secured Obligations. In case any stock dividend shall be declared on any of the Pledged Collateral, or any share of stock
or fraction thereof shall be issued pursuant to any stock split involving any of the Pledged Collateral, or, any distribution of
capital or profits shall be made on any of the Pledged Collateral, or any property shall be distributed upon or with respect to
the Pledged Collateral, the limited partnership interests, limited liability company interests, shares, cash or other property
so distributed shall be delivered to the Agent to be held for the benefit of the Secured Parties as collateral security for the
Secured Obligations, except to the extent that cash distributions are permitted under the Credit Agreement to be distributed to
the Pledgors.

 

6.            Events
of Default. The Pledgors shall be in default under this Agreement upon the happening of any Event of Default, as defined in
the Credit Agreement (herein called an “Event of Default”).

 

7.            Rights
and Remedies of Secured Parties. Upon the occurrence and during the continuance of any Event of Default, the Secured Parties
shall have the following rights and remedies:

 

(a)       All
rights and remedies provided by law, including, without limitation, those provided by the Uniform Commercial Code;

 

(b)       All
rights and remedies provided in this Agreement; and

 

(c)       All
rights and remedies provided in the Credit Agreement or in the Loan Documents, or in any other agreement, document or instrument
pertaining to the Secured Obligations.

 

8.            Right
to Transfer into Name of Agent, etc. Upon the occurrence and during the continuance of an Event of Default, but subject to
the provisions of the Uniform Commercial Code or other applicable law, with 10 days prior written notice to the Pledgors, the Agent
may cause all or any of the Pledged Collateral to be transferred into its name or into the name of its nominee or nominees (such

 

     

     

    

 

transfer, a “Transfer”).
So long as no Event of Default shall have occurred and be continuing, each Pledgor shall be entitled to exercise as such Pledgor
shall deem fit, but in a manner not inconsistent with the terms hereof or of the Credit Agreement, the voting power with respect
to the Pledged Collateral.

 

9.             Right
of Agent to Exercise Voting Power, etc. Upon the occurrence and during the continuance of an Event of Default and following
a Transfer, the Agent for the benefit of the Secured Parties shall be entitled to exercise the voting power with respect to the
Pledged Collateral, to receive and retain, as collateral security for the Secured Obligations, any and all dividends or other distributions
at any time and from time to time declared or made upon any of the Pledged Collateral, and to exercise any and all rights of payment,
conversion, exchange, subscription or any other rights, privileges or options pertaining to the Pledged Collateral as if it were
the absolute owner thereof, including, without limitation, the right to exchange, at its discretion, any and all of the Pledged
Collateral upon the merger, consolidation, reorganization, recapitalization or other readjustment of the Listed Companies or, upon
the exercise of any such right, privilege or option pertaining to the Pledged Collateral, and in connection therewith, to deposit
and deliver any and all of the Pledged Collateral with any committee, depositary, transfer agent, registrar or other designated
agency upon such terms and conditions as the Agent may determine, all without liability except to account for property actually
received, but the Agent shall have no duty to exercise any of the aforesaid rights, privileges or options and shall not be responsible
for any failure to do so or delay in so doing.

 

10.           Right
of Agent to Dispose of Collateral, etc. Upon the occurrence and during the continuance of an Event of Default, the Agent shall
have the right at any time or times thereafter to sell, resell, assign and deliver all or any of the Pledged Collateral in one
or more parcels at any exchange or broker’s board or at public or private sale. Unless the Pledged Collateral is perishable
or threatens to decline speedily in value or is of a type customarily sold on a recognized market, the Agent will give the Pledgors
at least ten (10) Business Days’ prior written notice in accordance with Section 20 hereof of the time and place of any public
sale thereof or of the time after which any private sale or any other intended disposition of any of the Pledged Collateral is
to be made. Any such notice shall be deemed to meet any requirement hereunder or under any applicable law (including the Uniform
Commercial Code) that reasonable notification be given of the time and place of such sale or other disposition. Such notice may
be given without any demand of performance or other demand, all such demands being hereby expressly waived by each Pledgor. All
such sales shall be at commercially reasonable price or prices and either for cash or on credit or for future delivery (without
assuming any responsibility for credit risk). At any such sale or sales, to the extent permitted by law, any Secured Party may
purchase any or all of the Pledged Collateral to be sold thereat upon such terms as the Agent may deem best. Upon any such sale
or sales the Pledged Collateral so purchased shall be held by the purchaser absolutely free from any claims or rights of whatsoever
kind or nature, including any equity of redemption and any similar rights, all such equity of redemption and any similar rights
being hereby expressly waived and released by each Pledgor. In the event any consent, approval or authorization of any governmental
agency will be necessary to effectuate any such sale or sales, each Pledgor shall execute, and hereby agrees to cause the Listed
Companies to execute, all such applications or other instruments as may be required.

 

Each Pledgor recognizes
that the Agent may be unable to effect a public sale of all or a part of the Pledged Collateral by reason of certain prohibitions
contained in the Securities Act of 1933, as amended (the “Securities Act”) or otherwise but may be compelled
to resort to one or more private sales to a restricted group of purchasers, each of whom will be obligated to agree, among other
things, to acquire such Pledged Collateral for its own account, for investment and not with a view to the distribution or resale
thereof. Each Pledgor acknowledges that private sales so made may be at prices and upon other

 

     

     

    

 

terms less favorable to
the seller than if such Pledged Collateral were sold at public sales without such restrictions, and that the Agent has no obligation
to delay sale of any such Pledged Collateral for the period of time necessary to permit such Pledged Collateral to be registered
for public sale under the Securities Act. Each Pledgor agrees that any such private sales shall not be deemed to have been made
in a commercially unreasonable manner solely because they shall have been made under the foregoing circumstances.

 

11.           Collection
of Amounts Payable on Account of Pledged Collateral, etc. Upon the occurrence and during the continuance of any Event of Default,
the Agent may, but without obligation to do so, demand, sue for and/or collect any money or property at any time due, payable or
receivable, to which it may be entitled hereunder, on account of, or in exchange for, any of the Pledged Collateral
and shall have the right, for and in the name, place and stead of each Pledgor, to execute endorsements, assignments or other instruments
of conveyance or transfer with respect to all or any of the Pledged Collateral.

 

12.           Care
of Pledged Collateral in Agent’s Possession. Beyond the exercise of reasonable care to assure the safe custody of the
Pledged Collateral while held hereunder, the Agent shall have no duty or liability to collect any sums due in respect thereof or
to protect or preserve rights pertaining thereto, and shall be relieved of all responsibility for the Pledged Collateral upon surrendering
the same to the Pledgors.

 

13.           Proceeds
of Collateral. By way of enlargement and not by way of limitation of the rights of the Agent under applicable law or the Credit
Agreement or Loan Documents, the Agent shall receive and apply the proceeds of any sale or sales of the Pledged Collateral, together
with any other additional collateral security at the time received and held hereunder, to the Secured Obligations (including, without
limitation, the Loans) in accordance with the terms of the Credit Agreement. In the event the proceeds of any sale, lease or other
disposition of the Pledged Collateral hereunder are insufficient to pay all of the Secured Obligations in full, each Pledgor will
be liable for the deficiency, together with interest thereon at the maximum rate provided in the Credit Agreement, and the cost
and expenses of collection of such deficiency, including (to the extent permitted by law), without limitation, reasonable attorneys’
fees, expenses and disbursements.

 

14.           Credit
Agreement. Notwithstanding any other provision of this Agreement, the rights of the parties hereunder are subject to the provisions
of the Credit Agreement, including the provisions thereof pertaining to the rights and responsibilities of the Agent. In the event
that any provision of this Agreement is in conflict with the terms of the Credit Agreement, the Credit Agreement shall control.
Unless the context shall otherwise clearly indicate, the terms “Secured Party” and “Secured Parties” as
used herein shall be deemed to include the Agent acting on behalf of the Secured Parties pursuant to the Credit Agreement. The
term “Agent” as used herein shall include Bank of America, N.A., or any other Person acting as Agent for the Secured
Parties pursuant to the terms of the Credit Agreement.

 

15.            Waivers,
etc. Each Pledgor hereby waives presentment, demand, notice, protest and, except as is otherwise provided herein, all other
demands and notices in connection with this Agreement or the enforcement of the Secured Parties’ rights hereunder or in connection
with any Secured Obligations or any Pledged Collateral; consents to and waives notice of the granting of renewals, extensions of
time for payment or other indulgences to the other Listed Companies or the other Pledgors or to any third party, or substitution,
release or surrender of any collateral security for any Secured Obligation, the addition or release of Persons primarily or secondarily
liable on any Secured Obligation or on any

 

     

     

    

 

collateral security for
any Secured Obligation, the acceptance of partial payments on any Secured Obligation or on any collateral security for any Secured
Obligation and/or the settlement or compromise thereof. No delay or omission on the part of the Secured Parties in exercising any
right hereunder shall operate as a waiver of such right or of any other right hereunder. Any waiver of any such right on any one
occasion shall not be construed as a bar to or waiver of any such right on any future occasion. Each Pledgor further waives any
right it may have under the laws of the State of New York, under the laws of any state in which any of the Pledged Collateral may
be located or which may govern the Pledged Collateral, or under the laws of the United States of America, to notice (other than
any requirement of notice provided herein or in any other Loan Documents) or to a judicial hearing prior to the exercise of any
right or remedy provided by this Agreement to the Agent or the Secured Parties and waives its rights, if any, to set aside or invalidate
any sale duly consummated in accordance with the foregoing provisions hereof on the grounds (if such be the case) that the sale
was consummated without a prior judicial hearing. Each Pledgor’s waivers under this Section have been made voluntarily, intelligently
and knowingly and after such Pledgor has been apprized and counseled by its attorneys as to the nature thereof and its possible
alternative rights.

 

16.           Termination;
Assignment, etc. When all the Secured Obligations have been paid in full and have been terminated and the Commitments of the
Lenders to make any Loan under the Credit Agreement have terminated or expired and no Letters of Credit remain outstanding, this
Agreement and the security interest in the Pledged Collateral created hereby shall terminate. No waiver by the Agent or by any
other holder of Secured Obligations of any default shall be effective unless in writing nor operate as a waiver of any other default
or of the same default on a future occasion. In the event of a sale or assignment by any Secured Party of all or any of the Secured
Obligations held by it, any Secured Party may assign or transfer its rights and interest under this Agreement in whole or in part
to the purchaser or purchasers of such Secured Obligations, whereupon such purchaser or purchasers shall become vested with all
of the powers and rights of a Secured Party hereunder.

 

17.           Reinstatement.
Notwithstanding the provisions of Section 16, this Agreement shall continue to be effective or be reinstated, as the case may be,
if at any time any amount received by any Secured Party in respect of the Secured Obligations is rescinded or must otherwise be
restored or returned by any such Secured Party upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of any
of the Listed Companies, any Pledgor or upon the appointment of any intervener or conservator of, or trustee or similar official
for, the Listed Companies or any Pledgor, or any substantial part of their respective properties, or otherwise, all as though such
payments had not been made.

 

18.           Governmental
Approvals, etc. Upon the exercise by the Agent of any power, right, privilege or remedy pursuant to this Agreement which requires
any consent, approval, qualification or authorization of any governmental authority or instrumentality, each Pledgor will execute
and deliver, or will cause the execution and delivery of, all applications, certificates, instruments and other documents and papers
that the Agent or any Secured Party may be required to obtain for such governmental consent, approval, qualification or authorization.

 

19.           Restrictions
on Transfer, etc. To the extent that any restrictions imposed by the charter, certificate of limited partnership, limited partnership
agreement, operating agreement or by-laws of any of the Listed Companies or any other document or instrument would in any way affect
or impair the pledge of the Pledged Collateral hereunder or the exercise by the Agent of any right granted hereunder, including,
without limitation, the right of the Agent to dispose of the Pledged Collateral upon the occurrence and during the continuance
of any Event of Default, each Pledgor hereby waives such

 

     

     

    

 

restrictions to the extent permitted by applicable
securities laws, and represents and warrants that it has caused the Listed Companies to take all necessary action to waive such
restrictions, and each Pledgor hereby agrees that it will take any further action which the Agent may reasonably request in order
that the Agent may obtain and enjoy the full rights and benefits granted to the Agent by this Agreement free of any such restrictions.

 

20.           Notices.
All notices, consents, approvals, elections and other communications hereunder shall be in writing (whether or not the other provisions
of this Agreement expressly so provide) and shall be deemed to have been duly given if delivered in accordance with the terms of
the Credit Agreement.

 

21.           Acknowledgment
Regarding Any Supported QFCs. The provisions and acknowledgments contained in Section 12.24 of the Credit Agreement are hereby
incorporated into this Pledge Agreement, mutatis mutandis.

 

22.           Miscellaneous.
This Agreement shall inure to the benefit of and be binding upon the Agent, the Secured Parties and each Pledgor and their respective
successors and assigns, and the term “Secured Parties” shall be deemed to include any other holder or holders of any
of the Secured Obligations. In case any provision in this Agreement shall be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. This Agreement may be executed
in any number of counterparts and by the different parties hereto on separate counterparts, each of which shall be an original,
but all of which together shall constitute one instrument.

 

23.           Governing
Law; Jurisdiction; Waiver of Jury Trial. This Agreement, including the validity hereof and the rights and obligations of the
parties hereunder, shall be construed in accordance with and governed by the laws of the State of New York. Each Pledgor, to the
extent that it may lawfully do so, hereby consents to service of process, and to be sued, in any state or federal court located
in the State of New York, as well as to the jurisdiction of all courts to which an appeal may be taken from such courts, for the
purpose of any suit, action or other proceeding arising out of any of its obligations hereunder or with respect to the transactions
contemplated hereby, and expressly waives any and all objections it may have as to venue in any such courts. Each Pledgor further
agrees that a summons and complaint commencing an action or proceeding in any of such courts shall be properly served and shall
confer personal jurisdiction if served personally or by certified mail to it in accordance with Section 20 hereof or as otherwise
provided under the laws of the State of New York. Nothing in this Agreement shall affect any right the Agent or any Secured Party
may otherwise have to bring an action or proceeding relating to this Agreement against any Pledgor or its properties in the courts
of any jurisdiction. EACH PLEDGOR IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY SUIT, ACTION OR OTHER PROCEEDING INSTITUTED
BY OR AGAINST SUCH PLEDGOR IN RESPECT OF ITS OBLIGATIONS HEREUNDER OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

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

 

     

     

    

 

IN WITNESS WHEREOF, the parties have executed
this Pledge Agreement as a sealed instrument as of the date first above written.

 

	 	PLEDGORS
	 	 
	 	AMERESCO, INC.

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	AMERESCO ENERTECH, INC.
	 	AMERESCO FEDERAL SOLUTIONS, INC.
	 	AMERESCO PLANERGY HOUSING, INC.
	 	AMERESCO QUANTUM, INC.
	 	AMERESCO SELECT, INC.
	 	AMERESCOSOLUTIONS, INC.
	 	APPLIED ENERGY GROUP INC.
	 	SIERRA ENERGY COMPANY

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	AMERESCO SOUTHWEST, INC.

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	E.THREE CUSTOM ENERGY SOLUTIONS, LLC,
	 	By: Sierra Energy Company, its sole member

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

     

     

    

 

	 	AMERESCO ASSET SUSTAINABILITY GROUP LLC
	 	AMERESCO DELAWARE ENERGY LLC
	 	AMERESCO HAWAII LLC
	 	AMERESCO Intelligent SYSTEMS, LLC
	 	AMERESCO LFG HOLDINGS LLC
	 	AMERESCO NAVY YARD PEAKER LLC
	 	AMERESCO PALMETTO LLC
	 	AMERESCO SOLAR, LLC
	 	AMERESCO STAFFORD LLC
	 	SELDERA LLC
	 	SOLUTIONS HOLDINGS, LLC
	 	 
	 	By: Ameresco, Inc., its sole member

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	AMERESCO SOLAR – PRODUCTS LLC
	 	AMERESCO SOLAR – SOLUTIONS LLC
	 	AMERESCO SOLAR – TECHNOLOGIES LLC
	 	By: Ameresco Solar LLC, its sole member
	 	By:  Ameresco, Inc., its sole member

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

     

     

    

 

	 	AGENT
	 	 
	 	Bank of America, N.A., 
	 	as Agent for the Secured Parties 

 

	 	By:	 
	 	Name:
	 	Title:

 

     

     

    

 

SCHEDULE I

(to Pledge Agreement)

 

PLEDGED STOCK

 

	Pledgor	 	Issuer and Address	 	Description	 	No. of

Shares	 	% of total

outstanding

shares of 

Issuer	 	Certificate

No.(s)
	 	 	 	 	 	 	 	 	 	 	 
	Ameresco, Inc.	 	Ameresco Enertech, Inc.	 	Common Stock	 	100	 	100%	 	1
	 	 	 	 	 	 	 	 	 	 	 
	Ameresco, Inc.	 	Ameresco Planergy Housing, Inc.	 	Common Stock	 	1,000	 	100%	 	4
	 	 	 	 	 	 	 	 	 	 	 
	Ameresco, Inc.	 	Ameresco Quantum, Inc.	 	Common Stock	 	687	 	100%	 	5
	 	 	 	 	 	 	 	 	 	 	 
	Ameresco, Inc.	 	Ameresco Select, Inc.	 	Common Stock	 	100	 	100%	 	3
	 	 	 	 	 	 	 	 	 	 	 
	Ameresco, Inc.	 	AmerescoSolutions, Inc.	 	Common Stock	 	166	 	100%	 	1
	 	 	 	 	 	 	 	 	 	 	 
	Ameresco, Inc.	 	Ameresco Southwest, Inc.	 	Common Stock	 	10,000	 	100%	 	4
	 	 	 	 	 	 	 	 	 	 	 
	Ameresco, Inc.	 	Applied Energy Group, Inc.	 	Common Stock	 	10,000	 	100%	 	20
	 	 	 	 	 	 	 	 	 	 	 
	Ameresco, Inc.	 	Sierra Energy Company	 	Common Stock	 	1,000	 	100%	 	2
	 	 	 	 	 	 	 	 	 	 	 
	Ameresco, Inc.	 	Ameresco Canada Inc.	 	Common Stock	 	66	 	66%	 	C-1
	 	 	 	 	 	 	 	 	 	 	 
	Ameresco, Inc.	 	Ameresco International Holdings B.V.	 	Shares	 	66	 	66%	 	n/a
	 	 	 	 	 	 	 	 	 	 	 
	Solutions Holdings, LLC	 	Ameresco Federal Solutions, Inc.	 	Common Stock	 	874	 	100%	 	10

 

     

     

    

 

PLEDGED MEMBERSHIP INTERESTS

 

	Pledgor	 	Issuer and Address	 	Description	 	No. of

Shares	 	% of total

outstanding

interest of

Issuer	 	Certificate

No.(s)
	 	 	 	 	 	 	 	 	 	 	 
	Ameresco, Inc.	 	Ameresco Asset Sustainability Group LLC	 	Membership Interests	 	n/a	 	100%	 	n/a
	 	 	 	 	 	 	 	 	 	 	 
	Ameresco, Inc.	 	Ameresco CT LLC	 	Membership Interests	 	n/a	 	100%	 	n/a
	 	 	 	 	 	 	 	 	 	 	 
	Ameresco, Inc.	 	Ameresco Delaware Energy LLC	 	Membership Interests	 	n/a	 	100%	 	n/a
	 	 	 	 	 	 	 	 	 	 	 
	Ameresco, Inc.	 	Ameresco Evansville, LLC	 	Membership Interests	 	n/a	 	100%	 	n/a
	 	 	 	 	 	 	 	 	 	 	 
	Ameresco, Inc.	 	Ameresco Hawaii LLC	 	Membership Interests	 	n/a	 	100%	 	n/a
	 	 	 	 	 	 	 	 	 	 	 
	Ameresco, Inc.	 	Ameresco Intelligent Systems, LLC	 	Membership Interests	 	n/a	 	100%	 	n/a
	 	 	 	 	 	 	 	 	 	 	 
	Ameresco, Inc.	 	Ameresco LFG Holdings LLC	 	Membership Interests	 	n/a	 	100%	 	n/a
	 	 	 	 	 	 	 	 	 	 	 
	Ameresco, Inc.	 	Ameresco Navy Yard Peaker LLC	 	Membership Interests	 	n/a	 	100%	 	n/a
	 	 	 	 	 	 	 	 	 	 	 
	Ameresco, Inc.	 	Ameresco Palmetto LLC	 	Membership Interests	 	n/a	 	100%	 	n/a
	 	 	 	 	 	 	 	 	 	 	 
	Ameresco, Inc.	 	Ameresco Solar LLC	 	Membership Interests	 	n/a	 	100%	 	n/a
	 	 	 	 	 	 	 	 	 	 	 
	Ameresco, Inc.	 	Ameresco Solar Newburyport LLC	 	Membership Interests	 	n/a	 	100%	 	n/a
	 	 	 	 	 	 	 	 	 	 	 
	Ameresco, Inc.	 	Ameresco Stafford LLC	 	Membership Interests	 	n/a	 	100%	 	n/a
	 	 	 	 	 	 	 	 	 	 	 
	Ameresco, Inc.	 	Seldera LLC	 	Membership Interests	 	n/a	 	100%	 	n/a
	 	 	 	 	 	 	 	 	 	 	 
	Ameresco, Inc.	 	Solutions Holdings, LLC	 	Membership Interests	 	n/a	 	100%	 	n/a

 

     

     

    

 

	
         

        Pledgor
	 	Issuer and Address	 	Description	 	No. of

Shares	 	% of total

outstanding

interest of

Issuer	 	Certificate

No.(s)
	 	 	 	 	 	 	 	 	 	 	 
	Ameresco Solar LLC	 	Ameresco Solar – Products LLC	 	Membership Interests	 	n/a	 	100%	 	n/a
	 	 	 	 	 	 	 	 	 	 	 
	
        

        Ameresco Solar LLC
	 	Ameresco Solar – Solutions LLC	 	Membership Interests	 	n/a	 	100%	 	n/a
	 	 	 	 	 	 	 	 	 	 	 
	Ameresco Solar LLC	 	Ameresco Solar-Technologies LLC	 	Membership Interests	 	n/a	 	100%	 	n/a
	 	 	 	 	 	 	 	 	 	 	 
	Sierra Energy Company	 	E. Three Custom Energy Solutions, LLC	 	Membership Interests	 	n/a	 	100%	 	n/a

 

     

     

    

 

SCHEDULE II

(to Pledge Agreement)

 

PLEDGED NOTES

 

None.

 

     

     

    

Exhibit F

 

June 28, 2019

 

Bank of America, N.A., as Administrative Agent, and

the Lenders that are parties to the

Credit Agreement (as defined below)

100 Federal Street

Boston, MA 02110

 

		Re:	Ameresco, Inc.

 

Ladies and Gentlemen:

 

We have acted as special counsel to (i)
Ameresco, Inc., a Delaware corporation (the “Borrower” or “Ameresco”) and (ii) Ameresco Enertech, Inc.,
a Kentucky corporation (“Enertech”), Ameresco Federal Solutions, Inc., a Tennessee corporation (“Federal Solutions”),
Ameresco Planergy Housing, Inc., a Delaware corporation (“Planergy”), Ameresco Quantum, Inc., a Washington corporation
(“Quantum”), Ameresco Select, Inc., a Massachusetts corporation (“Select”), AmerescoSolutions, Inc., a
North Carolina corporation (“AmerescoSolutions”), Applied Energy Group Inc., a Delaware corporation (“AEG”),
Sierra Energy Company, a Nevada corporation (“Sierra”), Ameresco Southwest, Inc., an Arizona corporation (“ASI”),
e.three Custom Energy Solutions, LLC, a Nevada limited liability company (“E.Three”), Ameresco Asset Sustainability
Group LLC, a Delaware limited liability company (“Ameresco Asset”), Ameresco CT LLC, a Delaware limited liability company
(“Ameresco CT”), Ameresco Delaware Energy LLC, a Delaware limited liability company (“Ameresco Delaware”),
Ameresco Evansville LLC, a Delaware limited liability company (“Evansville”), Ameresco Hawaii LLC, a Delaware limited
liability company (“Ameresco Hawaii”), Ameresco Intelligent Systems, LLC, a Delaware limited liability company (“Ameresco
IntelSys”), Ameresco LFG Holdings LLC, a Delaware limited liability company (“Ameresco LFG”), Ameresco Navy Yard
Peaker LLC, a Delaware limited liability company (“Navy Yard”), Ameresco Palmetto LLC, a Delaware limited liability
company (“Ameresco Palmetto”), Ameresco Solar LLC, a Delaware limited liability company (“Solar”), Ameresco
Solar Newburyport LLC, a Delaware limited liability company (“Newburyport”), Ameresco Stafford LLC, a Delaware limited
liability company (“Ameresco Stafford”), Seldera LLC, a Delaware limited liability company (“Seldera”),
Solutions Holdings, LLC, a Delaware limited liability company (“Solutions Holdings”), Ameresco Solar-Products LLC,
a Delaware limited liability company (“Solar-Products”), Ameresco Solar-Solutions, LLC, a Delaware limited liability
company (“Solar-Solutions”), and Ameresco Solar-Technologies LLC, a Delaware limited liability company (“Solar-Technologies”)
(for purposes hereof, Enertech, Federal Solutions, Planergy, Quantum, Select, AmerescoSolutions, AEG, Sierra, ASI, E.Three, Ameresco
Asset, Ameresco CT, Ameresco Delaware, Evansville, Ameresco Hawaii, Ameresco IntelSys, Ameresco LFG, Navy Yard, Ameresco Palmetto,
Solar, Newburyport, Ameresco Stafford, Seldera, Solutions Holdings, Solar-Products, Solar-Solutions, and Solar-Technologies are
referred to herein, collectively, as the “Guarantors” and, collectively with the Borrower, as the “Loan Parties”)
in connection with the Fourth Amended and Restated Credit and Security Agreement dated as of June 28, 2019 (the

 

     

    
	Bank of America, N.A., as Administrative Agent, and
	the Lenders that are parties to the Credit Agreement
	June 28, 2019
	Page 2

    

“Credit Agreement”), among
the Borrower, the Guarantors, Bank of America, N.A., as Administrative Agent (the “Agent”), and the lenders party thereto
and referred to therein as Lenders (the “Lenders”), and the transactions contemplated thereby; and in connection with
the Fourth Amended and Restated Pledge Agreement dated as of June 28, 2019 (the “Pledge Agreement”) from each of the
Loan Parties except for Ameresco CT, Evansville and Newburyport (collectively, such Loan Parties (except for Ameresco CT, Evansville
and Newburyport), the “Pledgors”) in favor of the Agent and the Lenders. Capitalized terms used herein and not otherwise
defined shall have the respective meanings given such terms in the Credit Agreement. This opinion is rendered to you pursuant to
Section 6.01(a)(x) of the Credit Agreement.

 

For purposes hereof, (a) the “Delaware
Guarantors” shall mean Planergy, AEG, Ameresco Asset, Ameresco CT, Ameresco Delaware, Evansville, Ameresco Hawaii, Ameresco
IntelSys, Ameresco LFG, Navy Yard, Ameresco Palmetto, Solar, Newburyport, Solar-Products, Ameresco Stafford, Seldera, Solutions
Holdings, Solar-Solutions, and Solar-Technologies, (b) the “Specified Parties” shall mean the Borrower, Select and
the Delaware Guarantors; and a Specified Party that is a Guarantor is sometimes referred to herein as a “Specified Guarantor”,
(c) “Delaware Corp Guarantor” shall mean each Delaware Guarantor that is a Delaware corporation, and (d) “Delaware
LLC Guarantor” shall mean each Delaware Guarantor that is a Delaware limited liability company.

 

Our representation of the Loan Parties
has been as special counsel for the purposes stated above.

 

As to all matters of fact (including factual
conclusions and characterizations and descriptions of purpose, intention or other state of mind), we have relied, with your permission,
entirely upon (a) the representations and warranties of the Loan Parties set forth in the Credit Agreement and each of the other
Loan Documents (as defined below) and (b) certificates of certain of the officers or other representatives of the Loan Parties
and have assumed, without independent inquiry, the accuracy of those representations, warranties, and certificates. For purposes
of our opinion rendered in paragraph 1 below, with respect to the incorporation, formation, existence, qualification, or standing
of any Loan Party, our opinion relies entirely upon and is limited by those certificates of public officials attached hereto as
Exhibit A. For purposes of our opinions rendered in paragraphs 9 and 10 below, our opinions rely as to certain factual
matters entirely upon the certificate attached hereto as Exhibit C.

 

In connection with this opinion, we have
examined originals or copies of the following documents:

 

		(i)	the Credit Agreement;

 

		(ii)	the Revolving Credit Note and the Term Loan Note in favor of Webster Bank, N.A. (the “Notes”);

 

     

    
	Bank of America, N.A., as Administrative Agent, and
	the Lenders that are parties to the Credit Agreement
	June 28, 2019
	Page 3

    

		(iii)	the Pledge Agreement;

 

		(iv)	the Uniform Commercial Code financing statements as amended by any applicable amendments thereto
set forth in Exhibit B-1 (the “Delaware Financing Statements”), as previously filed with the UCC filing office
of the Secretary of State of the State of Delaware (the “DE Filing Office”), on the dates and with the initial filing
numbers set forth in Exhibit B-1, copies of which are attached hereto as Exhibit B-1, in each case listing
the Borrower or the applicable Delaware Guarantor (other than Evansville, Ameresco CT and Newburyport), as debtor and the Agent
as secured party;

 

		(v)	the Uniform Commercial Code financing statement as amended by any applicable amendment thereto
set forth in Exhibit B-2 (the “Massachusetts Financing Statement” and together with the Delaware Financing Statements,
collectively the “Financing Statements”), as previously filed with the UCC filing office of the Secretary of Commonwealth
of the Commonwealth of Massachusetts (the “MA Filing Office”), on the date and with the initial filing number set forth
in Exhibit B-2, a copy of which is attached hereto as Exhibit B-2, listing Select as debtor and the Agent
as secured party;

 

		(vi)	the Certificate of Incorporation (the “Borrower’s Charter”) of the Borrower,
certified by the Secretary of State of the State of Delaware as of February 25, 2019, and certified by an officer of the Borrower
as of the date hereof as being true, complete and correct and in full force and effect;

 

		(vii)	the Articles of Organization (the “Select Charter”) of Select, certified by the Secretary
of State of the Commonwealth of Massachusetts as of November 2, 2016, and certified by an officer of Select as of the date hereof
as being true, complete and correct and in full force and effect;

 

		(viii)	the Certificates of Formation of each of the Delaware LLC Guarantors (the “Delaware LLC Guarantors’
Charters”), each certified by the Secretary of State of the State of Delaware on or about November 1, 2016 (or October 5,
2016, in the case of Navy Yard), and each certified by the sole member of such Delaware LLC Guarantor as of the date hereof as
being true, complete and correct and in full force and effect;

 

		(ix)	the Certificate of Incorporation of each of the Delaware Corp Guarantors (collectively, the “Delaware
Corp Guarantors’ Charters” and, together with the Borrower’s Charter, the Delaware LLC Guarantors’ Charters
and the Select Charter, the “Charters”), each certified by the Secretary of State of the State of Delaware on or about
November 2, 2016, and certified by an officer

 

     

    
	Bank of America, N.A., as Administrative Agent, and
	the Lenders that are parties to the Credit Agreement
	June 28, 2019
	Page 4

    

of such
Delaware Corp Guarantor as of the date hereof as being true, complete and correct and in full force and effect;

 

		(x)	the By-Laws of the Borrower (the “Borrower’s By-Laws”), certified by an officer
of the Borrower as of the date hereof as being true, complete and correct and in full force and effect;

 

		(xi)	the By-Laws of Select (the “Select By-Laws”) certified by an officer of Select as of
the date hereof as being true, complete and correct and in full force and effect;

 

		(xii)	the By-Laws of each of the Delaware Corp Guarantors (the “Delaware Corp Guarantors’
By-Laws” and, together with the Borrower’s By-Laws and the Select By-Laws, the “By-Laws) certified by an officer
of such Delaware Corp Guarantor as of the date hereof as being true, complete and correct and in full force and effect;

 

		(xiii)	the Operating Agreement of each of the Delaware LLC Guarantors (the “Delaware LLC Guarantors’
Operating Agreements”; and, together with the Charters and the By-Laws, collectively, the “Governing Documents”)
certified by the sole member of such Delaware LLC Guarantor as of the date hereof as being true, complete and correct and in full
force and effect;

 

		(xiv)	the certificate of certain officers of the Borrower, as of the date hereof, as to certain actions
taken by the Board of Directors of the Borrower (in its own capacity, and in its capacity as the direct or indirect sole member
or manager of certain of the Delaware LLC Guarantors) at a special meeting held on May 23, 2019, and as to the titles, incumbency,
and specimen signatures of certain officers of the Borrower and such Delaware LLC Guarantors, if any;

 

		(xv)	the certificate of certain officers of each of the Delaware Corp Guarantors, as of the date hereof,
as to certain actions taken by the Board of Directors of each of the Delaware Corp Guarantors (in its own capacity, and in its
capacity as the direct or indirect sole member or manager of certain of the Delaware LLC Guarantors) by unanimous written consent
dated as of June 28, 2019, and as to the titles, incumbency, and specimen signatures of certain officers of each of the Delaware
Corp Guarantors;

 

		(xvi)	the certificates of certain officers of the Borrower, as of the date hereof, as to resolutions
adopted by the written consent of the Borrower in its capacity as the member of certain of the Delaware LLC Guarantors dated as
of June 28, 2019;

 

     

    
	Bank of America, N.A., as Administrative Agent, and
	the Lenders that are parties to the Credit Agreement
	June 28, 2019
	Page 5

    

		(xvii)	the certificate of certain officers of Select, as of the date hereof, as to certain actions taken
by the Board of Directors of Select by unanimous written consent dated as of June 28, 2019, and as to the titles, incumbency, and
specimen signatures of certain officers of Select; and

 

		(xviii)	those certificates of certain public officials with respect to the Loan Parties attached hereto
as Exhibit A.

 

The documents specified in items (i) through
(iii) above are referred to herein, collectively, as the “Loan Documents”. We have examined the documents listed in
the preceding paragraph and such other corporate, limited liability company, and public records and agreements, instruments, certificates
and other documents as we have deemed necessary or appropriate for the purposes of this opinion.

 

We have assumed the genuineness of all
signatures, the conformity to the originals of all documents reviewed by us as copies, the authenticity and completeness of all
original documents reviewed by us in original or copy form and the legal competence of each individual executing any document.

 

As used in this opinion, the “UCC”
means the Uniform Commercial Code as adopted and in effect in the State of New York, the Commonwealth of Massachusetts or the State
of Delaware, or another relevant jurisdiction, as the case may be; the “New York UCC” means the UCC of the State of
New York; the “Massachusetts UCC” means the UCC of the Commonwealth of Massachusetts; and the “Delaware UCC”
means the UCC of the State of Delaware.

 

For purposes of this opinion, we have made
such examination of law as we have deemed necessary. This opinion is limited solely to the internal substantive laws of the State
of New York as applied by courts located in New York without regard to choice of law, the Commonwealth of Massachusetts as applied
by courts located in Massachusetts without regard to choice of law, the federal laws of the United States of America (except for
Federal and state tax, antitrust, energy, utilities, national security, foreign investment, anti-terrorism, anti-money laundering,
governmental contract procurement and bidding, natural resources, labor, employment, securities, insurance, commodities, derivatives,
or blue sky laws, or treaties and laws relating to international relations, as to which we express no opinion in this letter, other
than as expressly set forth in paragraphs 9 and 10 below with respect to the particular federal laws and regulations referred to
therein), the limited New York choice of law opinion provided in paragraph 11 below, the Delaware General Corporation Law as applied
by courts located in Delaware (the “DGCL”), the Delaware Limited Liability Company Act as applied by courts located
in Delaware (the “DLLCA”) and, with respect only to paragraph 6 hereof, the Delaware UCC; and we express no opinion
as to the laws of any other jurisdiction. In addition, we express no opinion as to the applicability or effect of the choice of
law rules of the Hague Securities Convention (the “Convention”) for matters regarding security interests in securities
accounts and security entitlements governed by Article 2(l) of that Convention. We express no opinion as to

 

     

    
	Bank of America, N.A., as Administrative Agent, and
	the Lenders that are parties to the Credit Agreement
	June 28, 2019
	Page 6

    

the effect of Section 5-531 of the New
York General Obligations Law regarding certain fee arrangements. We also express no opinion as to the effect of federal statutes
with respect to patents, trademarks, copyrights or other intellectual property. We have not conducted any special review of statutes,
rules, or regulations for purposes of this opinion, and our opinions are in any event limited to such laws, rules, and regulations
as in our experience are normally applicable to transactions of the type contemplated by the Loan Documents.

 

Our opinions herein with respect to the
Delaware UCC are limited to the official statutory text thereof and only as it pertains to whether perfection of an attached security
interest may be effected by the filing of an effective UCC financing statement in the State of Delaware, without any investigation
or review of any legal decisions or other statutory provisions in effect in the State of Delaware that may affect the filing of
a UCC financing statement or the perfection of a security interest by filing in the State of Delaware.

 

We note that each of the Credit Agreement
and the other Loan Documents contains provisions stating that it is to be governed by the laws of the State of New York (each contractual
choice of law clause being referred to as a “Chosen - Law Provision”). Our opinions set forth in paragraph 3 below
as to the enforceability of the Credit Agreement and the other Loan Documents are limited to New York law. We express no opinion
as to the enforceability of any Loan Documents not governed by New York law. Except to the extent addressed in paragraph 11 below,
no opinion is given herein as to any Chosen-Law Provision or otherwise as to any choice of law matters with respect to the transactions
contemplated by the Credit Agreement or the other Loan Documents.

 

Our opinion is further subject to the following
exceptions, qualifications and assumptions, all of which we understand to be acceptable to you:

 

		(a)	We have assumed without any independent investigation that each party to the Credit Agreement and
the other Loan Documents, other than the Specified Parties, at all times relevant thereto, is validly existing and in good standing
under the laws of the jurisdiction in which it is organized, and is qualified to do business and in good standing under the laws
of each jurisdiction where such qualification is required generally or necessary in order for such party to enforce its rights
under such Loan Documents.

 

		(b)	We note that you are relying on the opinions of Lewis Roca Rothgerber LLP (with respect to matters
of Arizona law), Nelson Mullins Riley & Scarborough LLP (with respect to matters of North Carolina law), Parsons Behle &
Latimer (with respect to matters of Nevada law), Frost Brown Todd LLC (with respect to matters of Kentucky and Tennessee law),
Bennett Jones LLP (with respect to matters of Canadian law) and Miller Nash Graham & Dunn LLP (with respect to matters of Washington
law) (such opinions collectively referred to as the “Local Counsel Opinions”) as to the due organization and existence
of each of the

 

     

    
	Bank of America, N.A., as Administrative Agent, and
	the Lenders that are parties to the Credit Agreement
	June 28, 2019
	Page 7

    

Guarantors
that is not a Specified Party (collectively, referred to as the “Foreign Guarantors”), respectively, the power and
authority of each of the Foreign Guarantors to enter into the applicable documents, and the due authorization, execution and delivery
of the documents to be executed and delivered by the Foreign Guarantors and as to certain other matters set forth in the Local
Counsel Opinions. We express no opinion regarding the matters contained in the Local Counsel Opinions or (except as set forth in
paragraph 11) to any choice of law applicable to the obligations of the Foreign Guarantors. We have assumed herein the valid legal
existence of each of the Foreign Guarantors, the power and authority of each of the Foreign Guarantors to enter into the applicable
Loan Documents, the due authorization, execution and delivery of the applicable Loan Documents by the Foreign Guarantors, that
all actions have been taken by the Foreign Guarantors which are necessary to create a valid, legal and binding obligation under
applicable state law, that the Foreign Guarantors do not violate any applicable North Carolina, Arizona, Nevada, Kentucky, Tennessee
or Washington state or Canadian federal law or Canadian provincial law or regulation by incurring the obligations contained in
the applicable Loan Documents and that (except as set forth in paragraph 11) the laws of the State of New York (without giving
effect to any choice of law provisions thereunder) apply to the obligations of the Foreign Guarantors under the applicable Loan
Documents.

 

		(c)	We have assumed without any independent investigation (i) that each of the Loan Parties has received
the agreed to and stated consideration for the incurrence of the “Obligations” and other obligations applicable to
it under the terms of the Credit Agreement and the other Loan Documents, and has received “value” (as such term is
used in Article 9 of the New York UCC, the Massachusetts UCC or the Delaware UCC, as applicable) in respect thereof, (ii) that
each of the Credit Agreement and the other Loan Documents is a valid and binding obligation of each party thereto other than the
Loan Parties, and (iii) that each of the Credit Agreement and the other Loan Documents is a valid and binding obligation of the
Loan Parties to the extent that laws other than those of the State of New York, the United States of America, the DLLCA and the
DGCL are applicable thereto. We express no opinion as to the enforceability of any obligations purportedly guarantied or secured
by (or incorporated by reference into) the Loan Documents that do not themselves arise under the Loan Documents (such as, but not
limited to, obligations arising under other contracts or arrangements), and we assume such obligations are valid, binding and enforceable
obligations of the applicable obligors.

 

		(d)	The enforcement of any obligations of, or any security interest granted by, any of the Loan Parties
or any other Person, whether under any of the Loan Documents or otherwise, may be limited by bankruptcy, insolvency, reorganization,

 

     

    
	Bank of America, N.A., as Administrative Agent, and
	the Lenders that are parties to the Credit Agreement
	June 28, 2019
	Page 8

    

moratorium,
marshaling or other laws and rules of law affecting the enforcement generally of creditors’ rights and remedies (including
such as may deny giving effect to waivers of debtors’ or guarantors’ rights); and we express no opinion as to the status
under any fraudulent conveyance laws or fraudulent transfer laws of any of the obligations of, or any security interest granted
by, any of the Loan Parties or any other Person, whether under any of the Loan Documents or otherwise.

 

		(e)	We express no opinion as to the enforceability of any particular provision of the Credit Agreement
or the other Loan Documents relating to remedies after default.

 

		(f)	We express no opinion as to the availability of any remedy of specific performance or equitable
relief of any kind.

 

		(g)	The enforcement of any of your rights may in all cases be subject to an implied duty of good faith
and fair dealing and to general principles of equity, including, without limitation, concepts of materiality and reasonableness
(regardless of whether such enforceability is considered in a proceeding at law or in equity) and comity, and, as to any of your
rights to collateral security, will be subject to a duty to act in a commercially reasonable manner.

 

		(h)	We express no opinion as to the enforceability of any particular provision of any of the Credit
Agreement or the other Loan Documents relating to or constituting (i) waivers of rights to object to jurisdiction or venue, or
consents to jurisdiction or venue, (ii) waivers of rights to (or methods of) service of process, or rights to trial by jury, or
other rights or benefits bestowed by operation of law, (iii) waivers of any applicable defenses, setoffs, recoupments, or counterclaims,
(iv) waivers or variations of provisions which are not capable of waiver or variation under Sections 1-302, 9-602, 9-603, or other
applicable provisions of the New York UCC, the Massachusetts UCC or the Delaware UCC, as the case may be, (v) provisions in the
Loan Documents rendered ineffective or unenforceable by Sections 2A-303, 9-406, 9-407 or 9-408 of the New York UCC, the Massachusetts
UCC or the Delaware UCC, as applicable (vi) the grant of powers of attorney or proxies to the Agent or any Lender, (vii) exculpation
or exoneration clauses, indemnity clauses, and clauses relating to releases or waivers of unmatured claims or rights, (viii) submission
to binding arbitration, (ix) the imposition or collection of interest on overdue interest or providing for a penalty rate of interest
or late charges on overdue or defaulted obligations, or the payment of any premium, liquidated damages, or other amount which may
be held by any court to be a “penalty” or a “forfeiture”, (x) provisions evidencing liabilities or other
obligations which are inherently vague, indeterminate or indefinite, (xi) provisions that attempt to modify or waive, or have the
effect of modifying or waiving, any statute of limitations, or (xii) provisions relating to rights of set-off

 

     

    
	Bank of America, N.A., as Administrative Agent, and
	the Lenders that are parties to the Credit Agreement
	June 28, 2019
	Page 9

    

or similar
rights. We express no opinion as to the effect of suretyship defenses, or defenses in the nature thereof, with respect to the obligations
of any applicable guarantor, joint obligor, surety, accommodation party, or other secondary obligor. We also call to your attention
that any provision of the Loan Documents which may permit the Agent or any Lender to withhold funding due to the existence of mechanic’s
liens on Massachusetts property, or require dissolution of such mechanic’s liens before further funding will be provided,
may be limited or unenforceable pursuant to the provisions of Massachusetts General Laws Chapter 254, Section 33. We express no
opinion as to Section 12.23 of the Credit Agreement

 

		(i)	We assume that at least $2,500,000 has been or will be advanced to the Borrower, in one or more
installments, pursuant to the Credit Agreement. With respect to each Loan Document that provides for “interest” on
“loans” or “forbearances” (as those terms are used in Section 5-501 of the New York General Obligations
Law), where applicable, we assume that loans or forbearances aggregating $2,500,000 or more will be advanced to the Borrower in
one or more installments pursuant to such Loan Document. No opinion is given herein as to the usury laws, or other laws regulating
the maximum rate of interest which may be charged, taken or received, of any jurisdiction other than the State of New York.

 

		(j)	No opinion is given herein as to the effect of so-called “usury savings clauses” or
other provisions of the Credit Agreement or the other Loan Documents purporting to specify methods of, or otherwise assure, compliance
with usury laws or other similar laws relating to limitations on the amount of interest or other similar charges which lenders
may make or receive in connection with lending transactions.

 

		(k)	We note that, under the laws of the State of New York, the remedies available in the State of New
York for the enforcement of the Loan Documents could be affected by any failure of any Person seeking enforcement thereof that
is not organized in the State of New York (i) to become authorized, under Article 13 of the New York Business Corporation Law,
to do business in the State of New York or (ii) in the case of the Loan Documents, to become authorized, under Article 5 of the
New York Banking Law, to transact business in the State of New York as a foreign banking corporation. Further, no opinion is given
herein as to any other similar laws or requirements in any other jurisdiction.

 

		(l)	When any opinion set forth below is given to our knowledge, or to the best of our knowledge, or
with reference to matters of which we are aware or which are known to us, or with a similar qualification, that knowledge is limited
to the actual knowledge of the individual lawyers in this firm who have participated directly and substantively in the specific
transactions to which this opinion relates

 

     

    
	Bank of America, N.A., as Administrative Agent, and
	the Lenders that are parties to the Credit Agreement
	June 28, 2019
	Page 10

    

 and without
any special or additional investigation undertaken for the purposes of this opinion. In paragraph 4 below, we express no opinion
as to the non-contravention of financial covenants or other provisions requiring financial calculations or determinations.

 

		(m)	We express no opinion as to the effect of events occurring, circumstances arising, or changes of
law becoming effective or occurring, after the date hereof on the matters addressed in this opinion letter, and we assume no responsibility
to inform you of additional or changed facts, or changes in law, of which we may become aware.

 

		(n)	We express no opinion as to the legality, the permitting or licensing status or the zoning of any
structure or any use of any real estate, including without limitation compliance with any environmental, hazardous materials, health
or safety laws, whether or not such real estate is subject to any security interest or mortgage lien granted by any Loan Party
pursuant to the Credit Agreement or the Pledge Agreement.

 

		(o)	We have assumed that the Borrower owns, directly or indirectly, all of the equity interests in
each of the Specified Guarantors that is a corporation and, in the case of each of the Delaware Corp Guarantors, that entering
into the Loan Documents to which such Delaware Corp Guarantor is a party is necessary or convenient to the conduct, promotion or
attainment of the business of the Borrower.

 

		(p)	We assume that the Obligations are not secured directly or indirectly by “margin stock”,
as such term is defined in Regulations T, U or X of the Board of Governors of the Federal Reserve System, and that neither the
Agent nor any of the Lenders is a Creditor as such term is defined in Regulation T of the Board of Governors of the Federal Reserve
System.

 

		(q)	We have made no examination of, and no opinion is given herein as to, any Loan Party’s title
to or other ownership rights in, the accuracy or sufficiency of the descriptions of, or the existence of any liens, charges, encumbrances,
restrictions or limitations on, or adverse claims against, any of the property or assets of any Loan Party. We have assumed without
any independent investigation that each Loan Party has rights in the applicable Collateral and any other assets in which it purports
to grant a security interest under the Loan Documents. We assume that the Agent is validly acting as agent for and “representative”
(as defined in the applicable UCC) of each secured party (or holder of any applicable obligation purportedly secured or benefited
by a security interest granted in favor of the Agent by any Loan Party) in connection with the Loan Documents (except this assumption
does not apply to those Lenders who are parties to the Credit Agreement). We express no opinion as to the priority or (except to
the extent

 

     

    
	Bank of America, N.A., as Administrative Agent, and
	the Lenders that are parties to the Credit Agreement
	June 28, 2019
	Page 11

    

specifically
set forth in paragraphs 5, 6, 7, and 8 below) the attachment, validity, enforceability, or perfection of any security interest,
mortgage, or other lien or encumbrance with respect to any of the property or assets of any Loan Party. Further, we express no
opinion as to any security interest in any Collateral or any other assets excluded from, or not governed by, Article 9 of the New
York UCC (or, in the case of perfection by filing a financing statement in the Commonwealth of Massachusetts, the Massachusetts
UCC, or in the State of Delaware, the Delaware UCC). We call your attention to the following:

 

		(i)	the effectiveness of any UCC financing statement filed in the State of Delaware, the State of New
York or the Commonwealth of Massachusetts terminates five years after the date of filing (or at the end of such longer period as
may be applicable in certain cases under Section 9-515 of the applicable UCC) unless a continuation statement is filed within the
period of six months prior to such termination in accordance with Section 9-515 of the applicable UCC;

 

		(ii)	Section 9-507 of the Delaware UCC, the New York UCC and the Massachusetts UCC provides that if
the relevant debtor so changes its name that a filed UCC financing statement becomes seriously misleading, such UCC financing statement
is not effective to perfect a security interest in collateral acquired by such debtor more than four months after such change unless
an appropriate amendment to the relevant UCC financing statement is filed before the expiration of that period;

 

		(iii)	if the debtor changes its “location” as determined under Section 9-307 of the Massachusetts
UCC, the New York UCC or the Delaware UCC, as applicable, or if a “new debtor” becomes bound by the relevant security
agreement under Section 9-203(d) of the applicable UCC, certain actions (in or out of Massachusetts, New York or Delaware, as the
case may be) may be required under Section 9-316 of the applicable UCC to continue the perfection of a security interest perfected
at the time of the change of the debtor’s location or of the new debtor becoming so bound; and, in addition, certain actions
may be required under Section 9-508 and other provisions of Article 9 of the applicable UCC to perfect a security interest in collateral
acquired by the debtor after the time of the change of its location or by the new debtor after the time of the new debtor becoming
bound;

 

		(iv)	there exist certain limitations, resulting from the operation of Section 9-315 of the Massachusetts
UCC, the New York UCC or the Delaware UCC, as applicable, on the perfection of any security interest in proceeds of collateral,
such that further action (in or out of Massachusetts, New

 

     

    
	Bank of America, N.A., as Administrative Agent, and
	the Lenders that are parties to the Credit Agreement
	June 28, 2019
	Page 12

    

York or
Delaware, as the case may be) may be necessary to maintain perfection of such interests;

 

		(v)	under Sections 9-320, 9-321, 9-330, and 9-331 of the applicable UCC, purchasers, licensees, lessees,
or other transferees of certain types of collateral may take the same free of a perfected security interest; and, to the extent
that “transferable records” (as that term is used in the federal Electronic Signatures in Global and National Commerce
Act (“E-SIGN”) or the Uniform Electronic Transactions Act of any applicable jurisdiction (“UETA”)) constitute
collateral, certain persons in “control” (as that term is used in E-SIGN or UETA) of such transferable records may
take them free of a perfected security interest;

 

		(vi)	Section 552 of the federal Bankruptcy Code limits the extent to which property acquired by a debtor
after the commencement of a case under the Bankruptcy Code may be subject to a security interest resulting from any security agreement
entered into by the debtor before the commencement of the case; and under Section 547 of the Bankruptcy Code, a security interest
that is deemed transferred within the relevant period set forth in Section 547(b)(4) of the Bankruptcy Code may be avoidable under
certain circumstances;

 

		(vii)	the filing of a UCC financing statement will not result in the perfection of a security interest
in items of collateral (such as motor vehicles) which are subject to a certificate of title or registration statute or other statute
or treaty which specifies a method of security interest perfection different than the filing of a UCC financing statement;

 

		(viii)	a security interest may not attach or become enforceable or be perfected as to contracts, licenses,
permits, equity interests, or other rights or benefits which are not assignable under applicable law, or are not assignable by
their terms, or which are assignable only with the consent of government agencies or officers, except to the extent provided in
Sections 2A-303, 9-406, 9-407, 9-408 or 9-409 of the Delaware UCC, the New York UCC or the Massachusetts UCC, as applicable; and
your rights under the Loan Documents as secured parties may be subject to the provisions of the organizational documents of any
entity in which any equity interests (or other rights of equity holders or investors) are pledged and the provisions of the applicable
laws under which any such entity is organized;

 

		(ix)	under Section 8-303 of the applicable UCC, a “protected purchaser” (as defined in such
Section 8-303) of a security, or of an interest therein, may acquire its interest in such security free of any adverse claim thereto;
we

 

     

    
	Bank of America, N.A., as Administrative Agent, and
	the Lenders that are parties to the Credit Agreement
	June 28, 2019
	Page 13

    

express
no opinion herein as to whether the Agent, or any other person or entity, may be a protected purchaser with respect to the Pledged
Shares (as defined in paragraph 8 below) or any other applicable securities included within the Collateral; and we point out that,
under Section 8-110(c) of the applicable UCC, the local law of the jurisdiction in which the security certificates evidencing the
Pledged Shares are located at the time of delivery (within the meaning given to such term under Article 8 of the applicable UCC)
governs whether an adverse claim with respect thereto may be asserted against any person to whom such security certificates are
delivered;

 

		(x)	we assume that the Pledged Shares constitute “certificated securities” (within the
meaning given such terms in the applicable UCC);

 

		(xi)	with your permission, we have rendered our opinion in paragraph 8 below without regard to whether
the Pledged Shares or any other applicable securities included within the Collateral together with any applicable Share Powers
(as defined in paragraph 8 below) were physically held by the Agent outside the State of New York at one or more times in the past;

 

		(xii)	we assume that none of the Loan Parties is a “transmitting utility” (as such term is
defined in Article 9 of the applicable UCC);

 

		(xiii)	we assume that the Collateral does not include any “commercial tort claims” (as such
term is defined in Article 9 of the applicable UCC), or any “cooperative interests” (as such term is defined in Article
9 of the New York UCC);

 

		(xiv)	we express no opinion herein as to whether the Agent, or any other person or entity, may be a “holder
in due course” (as defined in the applicable UCC) of any applicable negotiable instrument, or a holder to whom any applicable
negotiable document of title has been duly negotiated;

 

		(xv)	a purchaser may obtain priority over or take free of a perfected security interest under Section
9-338 or Section 9-516(d) of the applicable UCC; and a security interest perfected by filing may be junior to a security interest
that was perfected by an earlier effective filing mis-indexed by the applicable UCC filing office;

 

		(xvi)	any security interests in the Collateral may be subject to the limitations set forth in Sections
9-404, 9-405, and 9-408 of the Delaware UCC, the New York UCC or the Massachusetts UCC, as applicable; and, in any event, any security
interests in the assets of any Loan Party may be subject to the

 

     

    
	Bank of America, N.A., as Administrative Agent, and
	the Lenders that are parties to the Credit Agreement
	June 28, 2019
	Page 14

    

economic
effects of valid recoupments, offsets, counterclaims, and similar rights of account debtors, lessees, or other contractual parties,
the terms of leases and other contracts between any Loan Party and such lessees or other parties, and any claims or defenses of
such lessees or other parties against any Loan Party arising under or extrinsic to such leases or other contracts;

 

		(xvii)	the rights of the Agent and the Lenders with respect to collateral consisting of obligations as
to which a governmental or similar entity is the account debtor or other obligor may be subject to compliance by the Agent and
the Lenders with the Federal Assignment of Claims Act or similar Federal or state laws;

 

		(xviii)	for purposes of Section 9-503(a)(1) of the applicable UCC, we assume that the applicable Charter
of each Specified Party constitutes the public organic record of such debtor’s jurisdiction which shows such debtor to have
been organized and which indicates the correct name of such debtor; and

 

		(xix)	we call to your attention that a security interest, even if perfected under the applicable UCC,
in negotiable documents, goods, instruments, money, or tangible chattel paper located in a jurisdiction that has not enacted legislation
substantially similar to the New York UCC may not have priority over the claim of a lien creditor or any person or entity whose
priority is derived from that of a lien creditor; and

 

		(xx)	we assume that (A) the Financing Statements were properly filed (as defined in Section 9-516 of
the Delaware UCC or the Massachusetts UCC, as applicable), by a person entitled to file them under Section 9-509 of the applicable
UCC, in the DE Filing Office or the MA Filing Office, as the case may be, on the applicable filing dates set forth in Exhibit
B-1 or B-2, as applicable, including the payment of any requisite filing or recording fees; (B) the Financing Statements remain
on file, as of record, and in full force and effect in the DE Filing Office or the MA Filing Office, as the case may be, (C) there
has not been filed in the DE Filing Office or the MA Filing Office, as the case may be, any other financing statement or amendment
terminating, amending, or assigning any of the Financing Statements, except as specifically listed in Exhibit B-1 or B-2, as
applicable, with respect to certain of the Financing Statements, and (D) the secured party has taken no other action (except
the amendment filings listed in Exhibit B-1 or B-2, as applicable) that could waive, terminate, amend, release, or otherwise
impair its security interest in the applicable collateral described in the Financing Statements.

 

     

    
	Bank of America, N.A., as Administrative Agent, and
	the Lenders that are parties to the Credit Agreement
	June 28, 2019
	Page 15

    

Based upon and subject to the foregoing,
and subject to the limitations and qualifications set forth below, we are of the opinion that:

 

		1.	Each of the Borrower and each Delaware Corp Guarantor is a corporation validly existing and in
corporate good standing under the DGCL. Each of the Delaware LLC Guarantors is a limited liability company validly existing and
in good standing as a limited liability company under the DLLCA. Select is a corporation validly existing and in corporate good
standing under the laws of the Commonwealth of Massachusetts.

 

		2.	The execution and delivery by each of the Specified Parties of the Credit Agreement and the other
Loan Documents to which it is a party, and the performance by each of the Specified Parties of its obligations under each of the
Credit Agreement and the other Loan Documents to which it is a party, are within such Specified Party’s corporate or limited
liability powers, as applicable, and have been duly authorized by all requisite corporate or limited liability action, as applicable,
on the part of such Specified Party. Each of the Specified Parties has duly executed and delivered each of the Loan Documents to
which it is a party.

 

		3.	Each of the Credit Agreement and the other Loan Documents to which each of the Loan Parties is
a party constitutes a valid and binding agreement of such Loan Party, enforceable against such Loan Party in accordance with its
respective terms.

 

		4.	The execution and delivery by each of the Specified Parties of each of the Loan Documents to which
it is a party and compliance by such Specified Party with the provisions thereof will not violate any of the provisions of the
Governing Documents of such Specified Party, any law, statute, rule or regulation of the State of New York or of the Commonwealth
of Massachusetts, the DLLCA, the DGCL, or any Federal law, statute, rule, or regulation, or, to the best of our knowledge, any
judgment, order, writ, injunction or decree of any court or other tribunal located in the State of New York or the Commonwealth
of Massachusetts directed against and naming such Specified Party. Except for filings or recordings that may be necessary to create,
record or perfect, or maintain the perfection of, or (with respect to any applicable pledged securities) to enforce, the security
interests created by the Credit Agreement and the Pledge Agreement, no consent or approval by, or any notification of or filing
with, any New York state or Massachusetts state, Federal, or (in respect only of the DLLCA or the DGCL) Delaware state court, public
body or authority is required pursuant to New York state law, Massachusetts state law, Federal law, the DLLCA, or the DGCL, to
be obtained or effected by any of the Specified Parties in connection with the execution, delivery and performance by such Specified
Party of each of the Loan Documents to which it is a party.

 

		5.	The provisions of the Credit Agreement are effective under the New York UCC to create a valid,
attached security interest in favor of the Agent, for the benefit of the Agent and

 

     

    
	Bank of America, N.A., as Administrative Agent, and
	the Lenders that are parties to the Credit Agreement
	June 28, 2019
	Page 16

    

the Lenders,
in all right, title and interest of each of the Loan Parties signatory thereto as grantors of security interests thereunder in
those items and types of Collateral described in the Credit Agreement to which Article 9 of the New York UCC is applicable.

 

		6.	Assuming the previous proper filing (in each case, as defined in Section 9-516 of the Delaware
UCC) of the Delaware Financing Statements by a person entitled to file them under Section 9-509 of the Delaware UCC, in the DE
Filing Office, including the payment of any requisite filing or recording fees, and based on the other applicable assumptions set
forth above, the Agent, for the benefit of the Agent and the Lenders, has a perfected security interest under Article 9 of the
Delaware UCC in so much of the Collateral described in the Credit Agreement and indicated on the Delaware Financing Statements
as constitutes personal property of the Borrower and the Delaware Guarantors (other than Evansville, Ameresco CT and Newburyport)
in which a security interest can be perfected by the filing of UCC financing statements in the State of Delaware under Article
9 of the Delaware UCC. For purposes of this paragraph, we have assumed that the Collateral covered by the Delaware Financing Statements
does not include any timber to be cut or “as-extracted collateral”, as such terms are used in Section 9-501 of the
Delaware UCC.

 

		7.	Assuming the previous proper filing (as defined in Section 9-516 of the Massachusetts UCC) of the
Massachusetts Financing Statement by a person entitled to file it under Section 9-509 of the Massachusetts UCC, in the MA Filing
Office, including the payment of any requisite filing or recording fees, and based on the other application assumptions set forth
above, the Agent, for the benefit of the Agent and the Lenders, has a perfected security interest under Article 9 of the Massachusetts
UCC in so much of the Collateral described in the Credit Agreement and indicated on the Massachusetts Financing Statement as constitutes
personal property of Select in which a security interest can be perfected by the filing of UCC financing statements in the Commonwealth
of Massachusetts under Article 9 of the Massachusetts UCC. For purposes of this paragraph, we have assumed that the Collateral
covered by the Massachusetts Financing Statement does not include any timber to be cut or “as-extracted collateral”,
as such terms are used in Section 9-501 of the Massachusetts UCC.

 

		8.	After giving effect to and assuming the delivery (within the meaning given such term by the New
York UCC) by the applicable Pledgor to the Agent in pledge, within the State of New York, pursuant to the Pledge Agreement, of
each of (a) the stock certificates representing the shares of capital stock (the “Pledged Stock”) of AmerescoSolutions,
Planergy, Enertech, Quantum, Select, ASI, AEG, Sierra, Ameresco Canada Inc., and Federal Solutions and (b) the limited liability
company membership interest certificate representing the limited liability company membership interests (the “Pledged Membership
Interests”) in Navy Yard, in each case pledged to the Agent by the applicable Pledgor thereunder (the Pledged Stock and the
Pledged Membership Interests, being referred to, collectively, as the “Pledged Shares”), together with properly

 

     

    
	Bank of America, N.A., as Administrative Agent, and
	the Lenders that are parties to the Credit Agreement
	June 28, 2019
	Page 17

    

completed,
signed, undated and effective stock powers or transfer powers, as applicable, indorsing such stock certificates or membership interest
certificate, as applicable, representing the Pledged Shares and duly executed by the applicable Pledgor in blank (collectively,
the “Share Powers”), and assuming the continued possession of such stock certificates or membership interest certificate,
as applicable, representing the Pledged Shares and of such Share Powers, as applicable, by the Agent within the State of New York,
the Agent has a valid, attached security interest, for the benefit of the Agent and the Lenders, under Article 9 of the New York
UCC in all right, title and interest of the applicable Pledgor in the Pledged Shares pursuant to the Pledge Agreement, to the extent
that a security interest therein may be created pursuant to Article 9 of the New York UCC, and such security interest is perfected,
with the consequences of perfection by control with respect to the Pledged Shares accorded by Section 9-328 of the New York UCC.

 

		9.	None of the Loan Parties is required to be registered as an investment company under the Investment
Company Act of 1940, as amended.

 

		10.	The making of the loans and advances under the Credit Agreement and the application of the proceeds
thereof as provided in the Credit Agreement do not violate Regulations U or X of the Board of Governors of the Federal Reserve
System.

 

		11.	The Chosen-Law Provision (choosing New York state law) in each of the Loan Documents is enforceable
in accordance with (and to the extent provided in) New York General Obligations Law Section 5-1401, as applied by a New York state
court or a federal court sitting in the State of New York and applying New York choice of law principles, except to the extent
provided in the aforesaid Section 5-1401 (and subject, as applicable, to the provisions of the Convention). We note that Section
5-1401 refers to former Section 1-105 of the New York UCC; accordingly, we point out that the New York UCC has been amended, effective
December 17, 2014, and the substance of former Section 1-105 of the New York UCC now appears in Section 1-301 of the New York UCC.

 

_____________________________________

 

This opinion is rendered to each of the
addressees on page 1 hereof in connection with the Loan Documents and may not be relied upon for any other purpose or furnished
or referred to, or relied upon, by any other Person for any reason without our prior written consent, provided that at your request,
we hereby consent to reliance hereon by any future permitted assignee of your interest in the Loans or Commitments pursuant to
an assignment that is made and consented to in accordance with the express provisions of Section 12.06 of the Credit Agreement,
on the condition and understanding that (i) this opinion speaks only as of the date hereof and is subject to the exceptions, limitations,
qualifications, and assumptions set forth herein, (ii) we assume no responsibility or obligation to update this opinion, to consider
its applicability or correctness to

 

     

    
	Bank of America, N.A., as Administrative Agent, and
	the Lenders that are parties to the Credit Agreement
	June 28, 2019
	Page 18

    

any person other than its addressee(s),
or to take into account any change in fact, law or any other developments, including the facts relied on above, which may hereafter
come to our attention, and (iii) any such reliance by a future assignee must be actual and reasonable under the circumstances existing
at the time of assignment, including any changes in law, facts or any other developments known to or reasonably knowable by the
assignee at such time. Copies of this opinion letter may not be made available, and this opinion letter may not be quoted or referred
to in any other document made available to any other Person, except to prospective Lenders and Participants, any direct or indirect
parent company or other affiliate of any Lender, any governmental or other regulatory authority to which disclosure is required
by law and any consultant, accountant or attorney for any Person entitled hereunder to rely hereon or to whom or which this opinion
letter may be disclosed as provided herein, or as otherwise required by law or legal process; provided that such recipients to
whom such disclosure of this opinion letter is permitted by this sentence shall not be permitted to rely on this opinion letter.
This opinion letter is given as of its date first set forth above, and we do not undertake any obligation to update or supplement
this opinion letter after its delivery to you on the date hereof.

 

Very truly yours,

 

    	 	 	 

     

    

 

Exhibit A

 

[Attach Relevant Certificate of Public Official]

 

    	 	 	 

     

    

 

Exhibit B-1

 

[Copies of Delaware UCC Financing Statement(s) are attached]

 

Previous Delaware UCC Filings:

 

	Name of Debtor Entity	 	Jurisdiction	 	Initial
 Filing Date	 	Filing number of
 Initial Filing	 	Date of filing of any
 Amendment (if
 any)	 	Filing number of
 any Amendment
 Filing
	 	 	 	 	 	 	 	 	 	 	 
	Ameresco, Inc.	 	Delaware	 	10/27/2016	 	2016 6629909	 	11/09/2016	 	2016 6931511
	 	 	 	 	 	 	 	 	01/03/2017	 	2017 0047917
	 	 	 	 	 	 	 	 	01/13/2017	 	2017 0302957
	 	 	 	 	 	 	 	 	03/31/2017	 	2017 2104039
	 	 	 	 	 	 	 	 	04/05/2017	 	2017 2213368
	 	 	 	 	 	 	 	 	06/13/2017	 	2017 3882542
	 	 	 	 	 	 	 	 	07/07/2017	 	2017 4466204
	 	 	 	 	 	 	 	 	09/28/2017	 	2017 6480724
	 	 	 	 	 	 	 	 	12/28/2017	 	2017 8631048
	 	 	 	 	 	 	 	 	01/11/2018	 	2018 0252615
	 	 	 	 	 	 	 	 	03/22/2018	 	2018 1970561
	 	 	 	 	 	 	 	 	06/06/2018	 	2018 3838428
	 	 	 	 	 	 	 	 	09/26/2018	 	2018 6630178
	 	 	 	 	 	 	 	 	10/09/2018	 	2018 6990655
	 	 	 	 	 	 	 	 	 	 	 
	Ameresco Planergy Housing, Inc.	 	Delaware	 	07/01/2015	 	2015 2839313	 	N/A	 	N/A

 

 

    	 	B1-1	 

    

    

 

	Applied Energy Group Inc.	 	Delaware	 	08/01/2011	 	2011 2967431	 	07/01/2016	 	2016 3997143 (Continuation)
	 	 	 	 	 	 	 	 	 	 	 
	Ameresco Asset Sustainability Group LLC	 	Delaware	 	08/29/2012	 	2012 3363597	 	03/14/2017	 	2017 1675377 (Continuation)
	 	 	 	 	 	 	 	 	 	 	 
	Ameresco Delaware Energy LLC	 	Delaware	 	07/01/2015	 	2015 2839289	 	N/A	 	N/A
	 	 	 	 	 	 	 	 	 	 	 
	Ameresco Hawaii, LLC	 	Delaware	 	04/03/2007	 	2007 1249936	 	02/15/2012	 	2012 0608192 (Continuation)
	 	 	 	 	 	 	 	 	11/10/2016	 	2016 6956914 (Continuation)
	 	 	 	 	 	 	 	 	 	 	 
	Ameresco Intelligent Systems, LLC	 	Delaware	 	12/12/2011	 	2011 4757491	 	12/16/2011	 	2011 4838440
	 	 	 	 	 	 	 	 	01/06/2012	 	2012 0066854
	 	 	 	 	 	 	 	 	11/07/2016	 	2016 6882201
	 	 	 	 	 	 	 	 	 	 	(Continuation)
	 	 	 	 	 	 	 	 	 	 	 
	Ameresco LFG Holdings LLC	 	Delaware	 	12/19/2013	 	2013 5046546	 	9/20/2018	 	2018 6482612 (Continuation)
	 	 	 	 	 	 	 	 	 	 	 
	Ameresco Navy Yard Peaker LLC	 	Delaware	 	06/25/2018	 	2018 4335218	 	N/A	 	N/A

 

 

    	 	B1-2	 

    

    

 

	Ameresco Palmetto LLC	 	Delaware	 	12/19/2013	 	2013 5046520	 	9/20/2018	 	2018 6482281 (Continuation)
	 	 	 	 	 	 	 	 	 	 	 
	Ameresco Solar LLC	 	Delaware	 	06/11/2008	 	2008 2000642	 	04/12/2013	 	2013 1405878 (Continuation)
	 	 	 	 	 	 	 	 	01/17/2018	 	2018 0380283 (Continuation)
	 	 	 	 	 	 	 	 	 	 	 
	Ameresco Stafford LLC	 	Delaware	 	07/01/2015	 	2015 2839263	 	N/A	 	N/A
	 	 	 	 	 	 	 	 	 	 	 
	Seldera LLC	 	Delaware	 	11/20/2012	 	2012 4477065	 	06/29/2017	 	2017 4298854 (Continuation)
	 	 	 	 	 	 	 	 	 	 	 
	Solutions Holdings, LLC	 	Delaware	 	07/01/2015	 	2015 2839206	 	N/A	 	N/A
	 	 	 	 	 	 	 	 	 	 	 
	Ameresco Solar-Products LLC	 	Delaware	 	06/11/2008	 	2008 2000626	 	04/12/2013	 	2013 1405506 (Continuation)
	 	 	 	 	 	 	 	 	01/17/2018	 	2018 0380275 (Continuation)
	Ameresco Solar - Solutions LLC	 	Delaware	 	08/29/2013	 	2013 3397735	 	04/20/2018	 	2018 2695464 (Continuation)

 

 

    	 	B1-3	 

    

    

 

	Ameresco Solar - Technologies LLC	 	Delaware	 	06/11/2008	 	2008 2000634	 	04/12/2013	 	2013 1409474 (Continuation)
	 	 	 	 	 	 	 	 	01/17/2018	 	2018 0378360 (Continuation)

 

 

    	 	B1-4	 

    

    

Exhibit B-2

 

[Copies of Massachusetts UCC Financing Statement(s) are attached]

 

	Name of Debtor Entity	 	Jurisdiction	 	Initial Filing
 Date	 	Filing number of
 Initial Filing	 	Date of filing of
 any Amendment
 (if any)	 	Filing number of
 any Amendment
 Filing

	Select	 	Massachusetts	 	06/11/2008	 	200866268510	 	12/21/2009	 	200977329900
	 	 	 	 	 	 	 	 	12/21/2009	 	200977331480
	 	 	 	 	 	 	 	 	12/30/2009	 	200977484870
	 	 	 	 	 	 	 	 	12/30/2009	 	200977489820
	 	 	 	 	 	 	 	 	12/31/2009	 	200977513930
	 	 	 	 	 	 	 	 	01/06/2010	 	201077609170
	 	 	 	 	 	 	 	 	01/06/2010	 	201077609710
	 	 	 	 	 	 	 	 	01/12/2010	 	201077736740
	 	 	 	 	 	 	 	 	01/28/2010	 	201078059190
	 	 	 	 	 	 	 	 	01/28/2010	 	201078084480
	 	 	 	 	 	 	 	 	02/04/2010	 	201078230300
	 	 	 	 	 	 	 	 	02/17/2010	 	201078462440
	 	 	 	 	 	 	 	 	06/01/2012	 	201296224600

 

 

    	 	B2-1	 

    

    

 

		 		 		 		 	07/02/2012	 	201296947310
	 	 	 	 	 	 	 	 	03/22/2013	 	201302702090
	 	 	 	 	 	 	 	 	04/12/2013	 	201303246610 
(Continuation)
	 	 	 	 	 	 	 	 	01/17/2018	 	201843140380 
(Continuation)

 

    	 	B1-2	 

    

    

 

Exhibit C

 

Officer’s
Certificate 

 

of

 

AMERESCO,
Inc.

 

As of June 28, 2019

 

In connection with the Fourth Amended and
Restated Credit and Security Agreement, dated as of June 28, 2019 by and among Ameresco, Inc., a Delaware corporation (the
“Borrower”), the lenders named from time to time on the signature pages thereto (each a “Lender”
and collectively, the “Lenders”), the guarantors named from time to time on the signature pages thereto (each a “Guarantor”
and collectively, the “Guarantors”), and Bank of America, N.A., as Administrative Agent (the “Agent”) and
the transactions contemplated thereby, the undersigned officer of the Borrower, hereby certifies as follows:

 

1.             (a)          The
Borrower is the sole member of each of Ameresco Asset Sustainability Group LLC, a Delaware limited liability company (“Ameresco
Asset”), Ameresco Evansville LLC, a Delaware limited liability company (“Evansville”), Ameresco Hawaii LLC, a
Delaware limited liability company (“Ameresco Hawaii”), Ameresco Intelligent Systems, LLC, a Delaware limited liability
company (“Ameresco IntelSys”), Ameresco LFG Holdings LLC, a Delaware limited liability company (“Ameresco LFG”),
Ameresco Navy Yard Peaker LLC, a Delaware limited liability company (“Navy Yard”), Ameresco Palmetto LLC, a Delaware
limited liability company (“Ameresco Palmetto”), Ameresco Solar LLC, a Delaware limited liability company (“Solar”),
Ameresco Solar Newburyport LLC, a Delaware limited liability company (“Newburyport”), Ameresco Stafford LLC, a Delaware
limited liability company (“Ameresco Stafford”), Seldera LLC, a Delaware limited liability company (“Seldera”),
Solutions Holdings, LLC, a Delaware limited liability company (“Solutions Holdings”), Ameresco Delaware Energy LLC,
a Delaware limited liability company (“Ameresco Delaware”) and Ameresco CT LLC, a Delaware limited liability company
(“Ameresco CT”).

 

(b)           The
Borrower owns one-hundred percent (100%) of the issued and outstanding shares capital stock of each of Ameresco Enertech, Inc.,
a Kentucky corporation (“Enertech”), Ameresco Planergy Housing, Inc., a Delaware corporation (“Planergy”),
Ameresco Quantum, Inc., a Washington corporation (“Quantum”), Ameresco Select, Inc., a Massachusetts corporation (“Select”),
AmerescoSolutions, Inc., a North Carolina corporation (“AmerescoSolutions”), Ameresco Southwest, Inc., an Arizona corporation
(“ASI”), Applied Energy Group Inc., a Delaware corporation (“AEG”), Sierra Energy Company, a Nevada corporation
(“Sierra”), and Ameresco Canada, Inc., a Canadian corporation (“Canada”).

 

    	 	C-1	 

    

    

 

(c)           Solutions
Holdings is the sole stockholder of Ameresco Federal Solutions, Inc., a Tennessee corporation (“Federal Solutions”).

 

(d)           Sierra
is the sole member of e.three Custom Energy Solutions, LLC, a Nevada limited liability company (“E.Three”).

 

(e)           Solar
is the sole member of each of Ameresco Solar-Products LLC, a Delaware limited liability company (“Solar-Products”),
Ameresco Solar–Solutions LLC, a Delaware limited liability company (“Solar–Solutions”) and Ameresco Solar-Technologies
LLC, a Delaware limited liability company (“Solar-Technologies”).

 

Collectively, the Borrower, Ameresco Asset, Ameresco CT, Ameresco
Delaware, Evansville, Ameresco Hawaii, Ameresco IntelSys, Ameresco LFG, Navy Yard, Ameresco Palmetto, Solar, Newburyport, Ameresco
Stafford, Seldera, Solutions Holdings, Solar-Products, Solar-Solutions, Solar-Technologies, Enertech, Planergy, Quantum, Select,
AmerescoSolutions, AEG, Sierra, ASI, Federal Solutions, and E.Three, are referred to herein as the “Loan Parties”.

 

2.   None
of the Loan Parties, or any of the other subsidiaries of the Borrower, engages, holds itself out as being engaged, or proposes
to be engaged, primarily in the business of investing, reinvesting or trading in securities.

 

3.   None
of the Loan Parties, or any of the other subsidiaries of the Borrower, is, or proposes to be, engaged in the business of issuing
face-amount certificates of the installment type, and none of the Loan Parties, or any of the other subsidiaries of the Borrower,
has ever been engaged in the business of issuing such face-amount certificates and has no such face-amount certificate outstanding.

 

4.   None
of the Loan Parties, or any of the other subsidiaries of the Borrower, owns or proposes to acquire investment securities having
a value exceeding 40 percent of the value of its total assets (exclusive of Government securities and cash items) on an unconsolidated
basis.

 

5.   As
used herein, the following terms shall have the following meanings:

 

		(a)	“security” means any note, stock, treasury stock, security future, bond, debenture,
evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate,
preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of
deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or
privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein
or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange
relating to foreign currency, or, in general, any interest or instrument commonly known as a “security,” or any certificate
of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe
to or purchase, any of the foregoing.

 

    	 	C-2	 

    

    

 

		(b)	“face-amount certificate” means any certificate, investment contract, or other
security which represents an obligation on the part of its issuer to pay a stated or determinable sum or sums at a fixed or determinable
date or dates more than 24 months after the date of issuance, in consideration of the payment of periodic installments of a stated
or determinable amount (which security shall be known as a face-amount certificate of the “installment type”); or any
security which represents a similar obligation on the part of a face-amount certificate company, the consideration for which is
the payment of a single lump sum (which security shall be known as a “fully-paid” face amount certificate).

 

		(c)	“Government security” means any security issued or guaranteed as to principal
or interest by the United States, or by a person controlled or supervised by and acting as an instrumentality of the Government
of the United States pursuant to authority granted by the Congress of the United States, or any certificate of deposit for any
of the foregoing.

 

		(d)	“investment securities” means all securities except (A) Government securities,
(B) securities issued by employees’ securities companies, and (C) securities issued by majority-owned subsidiaries of the
owner which (i) are not investment companies within the meaning of the Investment Company Act of 1940, as amended, and (ii) are
not relying on the exception from the definition of investment company in either Section 3(c)(1) or Section 3(c)(7) of that Act.

 

		(e)	“voting securities” means any security presently entitling the owner or holder
thereof to vote in the direction or management of the affairs of a company, or any Security issued under or pursuant to any trust,
agreement, or arrangement whereby a trustee or trustees or agent or agents for the owner or holder of such security are presently
entitled to vote in the direction or management of the affairs of a company; and a specified per centum of the outstanding voting
securities of a company means such amount of the outstanding voting securities of such company as entitles the holder or holders
thereof to cast said specified per centum of the aggregate votes which the holders of all the outstanding voting securities of
such company are entitled to cast in the direction or management of the affairs of such company.

 

		(f)	“company” means a corporation, limited liability company, partnership, association,
joint-stock company, joint venture, trust, or any receiver, trustee, or other liquidating agent of any of the foregoing in its
capacity as such.

 

6.   The
correct mailing address each of the Borrower and each of the other Specified Parties is 111 Speen Street, Suite 410, Framingham,
MA 01701.

 

    	 	C-3	 

    

    

 

7.   None of the Loan Parties owns any margin stock or margin securities as such terms are defined in Regulation U or X of the Board
of Governors of the Federal Reserve System.

 

This certificate is being delivered to
Morgan, Lewis & Bockius LLP for their reliance in connection with their delivery of a legal opinion in connection with the
Credit Agreement and may be relied upon by those persons who may rely upon such legal opinion.

 

    	 	C-4	 

    

    

 

IN WITNESS WHEREOF,
the undersigned duly authorized officer of the Borrower has executed this Officer’s Certificate as of the date first above
here written.

 

	 	AMERESCO, INC.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title: 

 

    	 	 	 

     

    

 

EXHIBIT G

 

[FORM OF] SOLVENCY CERTIFICATE

 

The undersigned, Chief
Financial Officer of Ameresco, Inc., a Delaware corporation (the “Borrower”) is duly authorized to execute this
certificate on this 28th day of June, 2019, on behalf of itself and the other “Loan Parties” under the Credit
Agreement defined below.

 

WITNESSETH:

 

WHEREAS, the Borrower
has entered into a Fourth Amended and Restated Credit and Security Agreement dated as of the date hereof (the “Credit
Agreement”; capitalized terms used but not otherwise defined herein shall have the meanings provided in the Credit Agreement)
with the guarantors party thereto (the “Guarantors” and together with the Borrower, the “Loan Parties”),
the lenders from time to time party thereto (the “Lenders”), and Bank of America, N.A., as administrative agent
(the “Agent”), pursuant to which the Lenders have established credit facilities in the aggregate principal amount
of $77,142,857.12 (the “Credit Facilities”) in favor of the Borrower;

 

WHEREAS, each of the
Loan Parties will benefit substantially and directly from the establishment of the Credit Facilities in favor of the Borrower;

 

WHEREAS, to secure
their respective obligations under and relating to the Credit Facilities, the Loan Parties have executed and delivered to the Agent
the Loan Documents referenced in the Credit Agreement (the grant of security interests, transfers, incurrence of obligations and
other transactions relating to the execution, delivery and performance of the obligations under the Loan Documents, and any other
transactions and transfers related thereto, shall be referred to herein collectively as the “Transactions”);

 

WHEREAS, the undersigned
has carefully reviewed the Credit Agreement and the various other Loan Documents, and also the contents of this Certificate, and
in connection herewith has made such investigations and inquiries as he has deemed reasonably necessary and prudent therefor, and
further acknowledges that the Agent and the Lenders are relying on the truth and accuracy of this Certificate in connection with
the establishment of the Credit Facilities;

 

WHEREAS, the following
terms, as used in this Certificate, shall have the following meanings:

 

“fair
value” shall mean the amount at which the assets of an entity would change hands between a willing buyer and a willing seller,
within a commercially reasonable period of time, each having knowledge of the relevant facts, neither being under any compulsion
to act, with equity to both;

 

“indebtedness”
shall mean all obligations and liabilities, whether matured or unmatured, liquidated or unliquidated, disputed or undisputed, secured
or unsecured, or subordinated, and also includes all identified contingent liabilities;

 

“identified
contingent liabilities” shall mean the maximum reasonably estimated liabilities that may result from pending litigation,
asserted claims and assessments, guaranties, environmental conditions, uninsured risks, and other contingent obligations known
to management;

 

    	 	 	 

     

    

 

“present
fair saleable value” shall mean the amount that may be realized within a reasonable time, considered to be six months to
one year, either through collection or sale at the regular market value, conceiving the latter as the amount which could be obtained
for such properties within such period by a capable and diligent businessman from an interested buyer who is willing to purchase
under ordinary selling conditions).

 

NOW, THEREFORE, ON
THE BASIS OF THE FOREGOING, and the inquiries and considerations set forth below, the undersigned hereby certifies that, both before
and after giving effect to the consummation of the Transactions:

 

I am, and at all pertinent
times mentioned herein, have been, the duly qualified and acting Chief Financial Officer of the Borrower, and have responsibility
for the management of the financial affairs of the Loan Parties, and the preparation of the financial statements of the Loan Parties.

 

The financial information,
projections and assumptions which underlie and form the basis for the representations made in this Certificate were believed by
the Loan Parties to be fair and reasonable when made, were accurately computed and were made in good faith and continue to be believed
by the Loan Parties to be reasonable as of the date hereof.

 

I have carefully reviewed
the contents of this Certificate, and I have conferred with counsel for the purpose of discussing the meaning of this Certificate.

 

The fair value and
present fair saleable value on a going concern basis of all assets and property of the Loan Parties, on a consolidated basis, is
greater than the total amount of indebtedness of the Loan Parties, on a consolidated basis.

 

The aggregate fair
value and present fair saleable value on a going concern basis of the assets of the Loan Parties, on a consolidated basis, exceeds
the amount that will be required to pay the probable liabilities of the Loan Parties, on a consolidated basis, in respect of their
indebtedness, as such indebtedness becomes absolute and matured.

 

The Loan Parties, on
a consolidated basis, do not and will not have unreasonably small capital for them to carry on their businesses as now conducted
and as proposed to be conducted after the closing of the Transactions. The undersigned recognizes that “unreasonably small
capital” is dependent upon the nature of the particular business or businesses conducted or to be conducted, and the statement
made in the preceding sentence is based upon the current and anticipated future capital requirements for the current and anticipated
future conduct of the businesses of the Loan Parties.

 

The Loan Parties, on
a consolidated basis, will have sufficient cash flow to enable them to pay their debts as they mature.

 

The Loan Parties, on
a consolidated basis, do not intend to, or believe that they have or will, incur indebtedness that is or will be beyond their ability
to pay as such indebtedness matures.

 

The amount of identified
contingent liabilities at any time has been computed as the amount that, in the light of all the facts and circumstances existing
at such time, represents the estimated amount that can reasonably be expected to become an actual or matured liability.

 

The Loan Parties, on
a consolidated basis, do not intend, in consummating the Transactions, to hinder, delay, or defraud either present or future creditors
or any other person to which the Loan Parties, on a consolidated basis, are or will become, on or after the date hereof, indebted.

 

    	 	 	 

     

    

 

Delivery of an executed
counterpart of a signature page of this Certificate by fax transmission or other electronic mail transmission (e.g. “pdf”
or “tif”) shall be effective as delivery of a manually executed counterpart of this Certificate.

 

[Remainder of page intentionally left blank]

 

    	 	 	 

     

    

 

IN WITNESS WHEREOF, the undersigned has
executed this Solvency Certificate on the day and year first mentioned above, on behalf of the Loan Parties.

 

	 	AMERESCO, INC.
	 	 	 
	 	By:	 
	 		Name:
	 		Title:        Chief Financial
    Officer

 

 

    	 	 	 

     

    

 

EXHIBIT H

 

[FORM OF] ASSIGNMENT AND ASSUMPTION

 

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

 

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

 

	1.	Assignor[s]:	 	 

 

	 	 	 	 
	 	[Assignor [is] [is not] a Defaulting Lender]

 

	2.	Assignee[s]:	 	 

 

	 	 	 	 

	 	[for each Assignee, indicate [Affiliate][Approved Fund] of [identify Lender]]

 

    	 	 	 

     

    

 

	3.	Borrower:	Ameresco, Inc.

 

	4.	Agent: Bank of America, N.A., as the administrative agent under the Credit Agreement

 

	5.	Credit Agreement:      Fourth Amended and Restated Credit and Security Agreement, dated as of June 28, 2019, as amended, among the Borrower, the guarantors from time to time party thereto, the lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent, L/C Issuer and Swing Line Lender

 

	6.	Assigned Interest[s]:

 

	Assignor[s]	 	 	Assignee[s]	 	 	Facility
 Assigned
	 	 	Aggregate
 Amount
                                         of
 Commitment
 /Loans
 for
                                         all Lenders
	 	 	Amount
                                         of
 Commitment/
 Loans
 Assigned
	 	 	Percentage
 Assigned
                                         of
 Commitment/
 Loans
	 	 	CUSIP
 Number
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 		 	 	 		 	 	 		 	 	$		 	 	$		 	 	 		%	 	 		 
	 		 	 	 		 	 	 		 	 	$		 	 	$		 	 	 		%	 	 		 
	 		 	 	 		 	 	 		 	 	$		 	 	$		 	 	 		%	 	 		 

 

	[7.	Trade Date:	__________________]

 

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

 

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

 

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

 

    	 	 	 

     

    

 

	 	[NAME OF ASSIGNEE]
	 	 	 
	 	By: 	 
	 	 	Title:

 

	[Consented to and] Accepted:	 
	 	 
	BANK OF AMERICA, N.A., as	 
	  Administrative Agent	 
	 	 	 
	By: 	 	 
	 	Title:	 
	 	 	 
	[Consented to:]	 
	 	 
	BANK OF AMERICA, N.A., as	 
	  Issuing Lender and Swing Line Lender	 
	 	 	 
	By: 	 	 
	 	Title:	 
	 	 	 
	[Consented to:]	 
	 	 
	AMERESCO, INC.	 
	 	 	 
	By: 	 	 
	 	Title:	 

 

    	 	 	 

     

    

 

ANNEX 1 TO ASSIGNMENT AND ASSUMPTION

 

STANDARD TERMS AND CONDITIONS FOR

ASSIGNMENT AND ASSUMPTION

 

1.             Representations
and Warranties.

 

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

 

1.2.          Assignee.
[The][Each] Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary,
to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender
under the Credit Agreement, (ii) it meets all the requirements to be an assignee under Section 12.06(b)(iii) and (v)
of the Credit Agreement (subject to such consents, if any, as may be required under Section 12.06(b)(iii) of the Credit
Agreement), (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement and the other
Loan Documents as a Lender thereunder and, to the extent of [the][the relevant] Assigned Interest, shall have the obligations
of a Lender thereunder, (iv) it is sophisticated with respect to decisions to acquire assets of the type represented by [the][such]
Assigned Interest and either it, or the Person exercising discretion in making its decision to acquire [the][such] Assigned
Interest, is experienced in acquiring assets of such type, (v) it has received a copy of the Credit Agreement, and has received
or has been accorded the opportunity to receive copies of the most recent financial statements delivered pursuant to Section 8.01
thereof, as applicable, and such other documents and information as it deems appropriate to make its own credit analysis and decision
to enter into this Assignment and Assumption and to purchase [the][such] Assigned Interest, (vi) it has, independently and
without reliance upon the Agent or any other Lender and based on such documents and information as it has deemed appropriate, made
its own credit analysis and decision to enter into this Assignment and Assumption and to purchase [the][such] Assigned Interest,
and (vii) if it is a Foreign Lender, attached hereto is any documentation required to be delivered by it pursuant to the terms
of the Credit Agreement, duly completed and executed by [the][such] Assignee; and (b) agrees that (i) it will, independently
and without reliance upon the Agent, [the][any] Assignor or any other Lender, and based on such documents and information
as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan
Documents, and (ii) it will perform in accordance with their terms

 

    	 	 	 

     

    

 

all of the obligations
which by the terms of the Loan Documents are required to be performed by it as a Lender.

 

2.            Payments.
From and after the Effective Date, the Agent shall make all payments in respect of [the][each] Assigned Interest (including
payments of principal, interest, fees and other amounts) to [the][the relevant] Assignor for amounts which have accrued
to but excluding the Effective Date and to [the][the relevant] Assignee for amounts which have accrued from and after the
Effective Date. Notwithstanding the foregoing, the Agent shall make all payments of interest, fees or other amounts paid or payable
in kind from and after the Effective Date to [the][the relevant] Assignee.

 

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

 

    	 	 	 

     

    

 

EXHIBIT I-1

 

[Form
of]

U.S.
TAX COMPLIANCE CERTIFICATE

 

(For Foreign Lenders That Are Not Partnerships
For U.S. Federal Income Tax Purposes)

 

Reference is hereby made
to the Fourth Amended and Restated Credit and Security Agreement dated as of June 28, 2019 (as amended, supplemented or otherwise
modified from time to time, the “Credit Agreement”), among Ameresco, Inc., a Delaware corporation (the “Borrower”),
the Guarantors from time to time party thereto, the Lenders from time to time party thereto, and Bank of America, N.A., as administrative
agent (in such capacity, the “Agent”), LC Issuer and Swing Line Lender.

 

Pursuant to the provisions
of Section 3.01 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial
owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii)
it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower
within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a controlled foreign corporation related to the Borrower
as described in Section 881(c)(3)(C) of the Code.

 

The undersigned has furnished
the Agent and the Borrower with a certificate of its non-U.S. Person status on IRS Form W-8BENE (or W-8BEN, as applicable). By
executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned
shall promptly so inform the Borrower and the Agent, and (2) the undersigned shall have at all times furnished the Borrower and
the Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to
be made to the undersigned, or in either of the two calendar years preceding such payments.

 

Unless otherwise defined
herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

	[NAME OF FOREIGN LENDER]	 
	 	 
	By:  	 	 
	 	Name:  	 	 
	 	Title:  	 	 

 

Date: ________ __, ____

 

    	 	 	 

     

    

 

EXHIBIT I-2

 

[Form
of]

U.S.
TAX COMPLIANCE CERTIFICATE

 

(For Foreign Participants That Are Not Partnerships
For U.S. Federal Income Tax Purposes)

 

Reference is hereby made
to the Fourth Amended and Restated Credit and Security Agreement dated as of June 28, 2019 (as amended, supplemented or otherwise
modified from time to time, the “Credit Agreement”), among Ameresco, Inc., a Delaware corporation (the “Borrower”),
the Guarantors from time to time party thereto, the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative
Agent, LC Issuer and Swing Line Lender.

 

Pursuant to the provisions
of Section 3.01 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial
owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section
881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B)
of the Code, and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of
the Code.

 

The undersigned has furnished
its participating Lender with a certificate of its non-U.S. Person status on IRS Form W-8BENE (or W-8BEN, as applicable). By executing
this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall
promptly so inform such Lender in writing, and (2) the undersigned shall have at all times furnished such Lender with a properly
completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned,
or in either of the two calendar years preceding such payments.

 

Unless otherwise defined
herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

	[NAME OF PARTICIPANT]	 
	 	 
	By:  	 	 
	 	Name:  	 	 
	 	Title:  	 	 

 

Date: ________ __, ____

 

    	 	 	 

     

    

 

EXHIBIT I-3

 

[Form
of]

U.S.
TAX COMPLIANCE CERTIFICATE

 

(For Foreign Participants That Are Partnerships
For U.S. Federal Income Tax Purposes)

 

Reference is hereby made
to the Fourth Amended and Restated Credit and Security Agreement dated as of June 28, 2019 (as amended, supplemented or otherwise
modified from time to time, the “Credit Agreement”), among Ameresco, Inc., a Delaware corporation (the “Borrower”),
the Guarantors from time to time party thereto, the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative
Agent, LC Issuer and Swing Line Lender.

 

Pursuant to the provisions
of Section 3.01(e) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the
participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial
owners of such participation, (iii) with respect such participation, neither the undersigned nor any of its direct or indirect
partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business
within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder
of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members
is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

 

The undersigned has furnished
its participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that
is claiming the portfolio interest exemption: (i) an IRS Form W-8BENE (or W-8BEN, as applicable) or (ii) an IRS Form W-8IMY accompanied
by an IRS Form W-8BENE (or W-8BEN, as applicable) from each of such partner’s/member’s beneficial owners that is claiming
the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on
this certificate changes, the undersigned shall promptly so inform such Lender and (2) the undersigned shall have at all times
furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment
is to be made to the undersigned, or in either of the two calendar years preceding such payments.

 

Unless otherwise defined
herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

	[NAME OF PARTICIPANT]	 
	 	 
	By:  	 	 
	 	Name:  	 	 
	 	Title:  	 	 

 

Date: ________ __, ____

  

    	 	 	 

     

    

 

EXHIBIT I-4

 

[FORM
OF]

U.S.
TAX COMPLIANCE CERTIFICATE

 

(For Foreign Lenders That Are Partnerships
For U.S. Federal Income Tax Purposes)

 

Reference is hereby made
to the Fourth Amended and Restated Credit and Security Agreement dated as of June 28, 2019 (as amended, supplemented or otherwise
modified from time to time, the “Credit Agreement”), among Ameresco, Inc., a Delaware corporation (the “Borrower”),
the Guarantors from time to time party thereto, the Lenders from time to time party thereto, and Bank of America, N.A., as administrative
agent (in such capacity, the “Agent”), LC Issuer and Swing Line Lender.

 

Pursuant to the provisions
of Section 3.01 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the Loan(s)
(as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its direct or indirect
partners/members are the sole beneficial owners of such Loan(s) (as well as any Note(s) evidencing such Loan(s)), (iii) with respect
to the extension of credit pursuant to this Credit Agreement or any other Loan Document, neither the undersigned nor any of its
direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course
of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members
is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct
or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of
the Code.

 

The undersigned has furnished
the Agent and the Borrower with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that
is claiming the portfolio interest exemption: (i) an IRS Form W-8BENE (or W-8BEN, as applicable) or (ii) an IRS Form W-8IMY accompanied
by an IRS Form W-8BENE (or W-8BEN, as applicable) from each of such partner’s/member’s beneficial owners that is claiming
the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on
this certificate changes, the undersigned shall promptly so inform the Borrower and the Agent, and (2) the undersigned shall have
at all times furnished the Borrower and the Agent with a properly completed and currently effective certificate in either the calendar
year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

 

Unless otherwise defined
herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

	[NAME OF LENDER]	 
	 	 
	By:  	 	 
	 	Name:  	 	 
	 	Title:  	 	 

 

Date: ________
__, 20__

  

    	 	 	 

     

    

 

EXHIBIT J

 

[Form
of] Secured Party Designation Notice

 

		TO:	Bank of America, N.A., as Agent

 

		RE:	Reference is hereby made to the Fourth Amended and Restated Credit and Security Agreement dated
as of June 28, 2019 among Ameresco, Inc., a Delaware corporation (the “Borrower”), the Guarantors from time
to time party thereto, the Lenders from time to time party thereto, and Bank of America, N.A., as Agent, L/C Issuer and Swing Line
Lender (as amended, modified, extended, restated, replaced, or supplemented from time to time, the “Credit Agreement”;
capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Credit Agreement)

 

		DATE:	[Date]

 

 

 

[Name of Cash Management
Bank/Hedge Bank] (the “Secured Party”) hereby notifies you, pursuant to the terms of the Credit Agreement, that
the Secured Party meets the requirements of a [Cash Management Bank] [Hedge Bank] under the terms of the Credit Agreement and is
a [Cash Management Bank] [Hedge Bank] under the Credit Agreement and the other Loan Documents.

 

Delivery of an executed
counterpart of a signature page of this notice by fax transmission or other electronic mail transmission (e.g. “pdf”
or “tif”) shall be effective as delivery of a manually executed counterpart of this notice.

 

A duly authorized officer
of the undersigned has executed this notice as of the day and year set forth above.

 

	 	 	,

	 	as a [Cash Management Bank] [Hedge Bank]
	 	 	 
	 	By:	            
	   	Name:	 
	 	Title:	 

 

 

    	 	 	 

     

    

 

EXHIBIT K

 

[Form
of] Authorization to Share Insurance Information

 

		TO:	Insurance Agent

 

		RE:	Fourth Amended and Restated Credit and Security Agreement dated as of June 28, 2019 among Ameresco,
Inc., a Delaware corporation (the “Borrower”), the Guarantors from time to time party thereto, the Lenders from
time to time party thereto, and Bank of America, N.A., as Agent, L/C Issuer and Swing Line Lender (as amended, modified, extended,
restated, replaced, or supplemented from time to time, the “Credit Agreement”; capitalized terms used herein
and not otherwise defined shall have the meanings set forth in the Credit Agreement)

 

		DATE:	[Date]

 

 

 

	Grantor:	 	[Insert Applicable Loan Party Name] (the “Grantor”)
	 	 	 
	 	 	 
	Agent:	 	Bank of America, N.A., as Agent for the Secured Parties, I.S.A.O.A., A.T.I.M.A. (the “Agent”)
	 	 	 
	 	 	Attn:  MAC Legal Department
	 	 	 
	 	 	Mail Code NC1-001-05-45
	 	 	 
	 	 	101 North Tyrion Street, 5th Floor
	 	 	 
	 	 	Charlotte, NC 28255-0001
	 	 	 
	 	 	 
	Policy Number:	 	[Insert Applicable Policy Number]
	 	 	 
	 	 	 
	Insurance Company/Agent:	 	[Insert Applicable Insurance Company/Agent] (the “Insurance Agent”)

 

 

    	 	 	 

     

    

 

	Insurance Company Address:	 	[Insert Insurance Company’s Address]
	 	 	 
	 	 	 
	Insurance Company Telephone No.:	 	[Insert Insurance Company’s Telephone No.]
	 	 	 
	 	 	 
	Insurance Company Fax No.:	 	[Insert Insurance Company’s Fax No.]

 

 

The Grantor hereby authorizes the Insurance
Agent to send evidence of all insurance to the Agent, as may be requested by the Agent, together with requested insurance policies,
certificates of insurance, declarations and endorsements.

 

Delivery of an executed
counterpart of a signature page of this Certificate by fax transmission or other electronic mail transmission (e.g. “pdf”
or “tif”) shall be effective as delivery of a manually executed counterpart of this Certificate.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    	 	 	 

     

    
 

	 	[GRANTOR NAME],
	 	 
	 	a [Jurisdiction and Type of Organization]
	 	 	 
	 	By:	         
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 

 

    	 	 	 

     

    

 

Exhibit L

 

[Form
of] Notice of Loan Prepayment

 

		TO:	Bank of America, N.A., as [Administrative Agent][Swing
Line Lender]

 

		RE:	Fourth Amended and Restated Credit and Security Agreement dated as of June 28, 2019 among Ameresco,
Inc., a Delaware corporation (the “Borrower”), the Guarantors from time to time party thereto, the Lenders from
time to time party thereto, and Bank of America, N.A., as Agent, L/C Issuer and Swing Line Lender (as amended, modified, extended,
restated, replaced, or supplemented from time to time, the “Credit Agreement”; capitalized terms used herein
and not otherwise defined shall have the meanings set forth in the Credit Agreement)

 

		DATE:	[Date]

 

 

 

The Borrower hereby
notifies the Administrative Agent that on _____________6 pursuant to the terms of Section 2.09 (Prepayments)
of the Credit Agreement, the Borrower intends to prepay/repay the following Loans as more specifically set forth below:

 

 ̈
Optional prepayment of [Revolving][Term Loans] in the following amount(s):7

 

 ̈
Base Rate Loans: $                  

 

 ̈
Eurocurrency Rate Loans: $                    

In Dollars unless the following Alternative
Currency is specified:

                       

Applicable Interest Period:                                  

 

 ̈
Optional prepayment of Swing Line Loans in the following amount: $                      

 

Delivery of an executed
counterpart of a signature page of this notice by fax transmission or other electronic mail transmission (e.g. “pdf”
or “tif”) shall be effective as delivery of a manually executed counterpart of this notice.

 

	 	AMERESCO, INC., 
	 	a Delaware corporation,
	 	 	 
	 	By:	        
	 	Name:	 
	 	Title:	 

 

 

6 Specify date of such prepayment.

7 Any prepayment of Revolving or Term Loans shall
be in an amount that is at least equal to (1) $1,000,000 or any greater multiple of $500,000 for Eurocurrency Rate Loans and (2)
$500,000 or any greater multiple of $100,000 for Base Rate Loans, or, in each case, the remaining balance. Any repayment of Swing
Line Loans shall be in the amount of $100,000 or any greater multiple, or the remaining balance.

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