Document:

Exhibit 10.1

 

LOAN AND GUARANTY AGREEMENT

 

between

 

The Mississippi
Business Finance Corporation

 

and

 

ENVIVA INC.

 

and

 

CERTAIN SUBSIDIARIES OF ENVIVA INC.

 

Dated as of November 1, 2022

 

Effective as of November 22, 2022

 

 

NOTE: THIS
LOAN AGREEMENT, EXCEPT FOR THE ISSUER’S UNASSIGNED RIGHTS (AS DEFINED HEREIN), HAS BEEN ASSIGNED TO, AND IS SUBJECT TO A SECURITY
INTEREST IN FAVOR OF WILMINGTON TRUST, N.A., AS TRUSTEE UNDER AN INDENTURE OF TRUST DATED AS OF NOVEMBER 1, 2022, BETWEEN The
Mississippi Business Finance Corporation AND SUCH TRUSTEE, AS AMENDED OR SUPPLEMENTED FROM TIME TO TIME. INFORMATION CONCERNING
SUCH SECURITY INTEREST MAY BE OBTAINED FROM THE TRUSTEE AT ITS CORPORATE TRUST OFFICE IN RICHMOND, VIRGINIA.

 

     

     

    

 

TABLE
OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE 1
    DEFINITIONS AND RULES OF CONSTRUCTION	1
	 	 	 
	Section 1.1.	Definitions	1
	 	 	 
	Section 1.2.	Rules of Construction	28
	 	 	 
	ARTICLE 2
    REPRESENTATIONS	29
	 	 	 
	Section 2.1.	Representations
    by Issuer	29
	 	 	 
	Section 2.2.	Representations
    by Company	30
	 	 	 
	ARTICLE 3
    CONSTRUCTION, INSTALLATION AND FINANCING OF PROJECT	31
	 	 	 
	Section 3.1.	Loan of Proceeds	31
	 	 	 
	Section 3.2.	Agreement
    to Construct and Equip Facility	31
	 	 	 
	Section 3.3.	Agreement
    to Issue Series 2022 Bonds	31
	 	 	 
	Section 3.4.	Disposition
    of Bond Proceeds	31
	 	 	 
	Section 3.5.	Disbursements
    from Construction Fund	32
	 	 	 
	Section 3.6.	Transfer
    of Funds and Investments	32
	 	 	 
	Section 3.7.	Establishment
    of Completion Date	32
	 	 	 
	ARTICLE 4
    REPAYMENT OF LOAN AND OTHER PAYMENT PROVISIONS	33
	 	 	 
	Section 4.1.	Repayment
    of Loan: Other Amounts Payable	33
	 	 	 
	Section 4.2.	Payments
    Assigned	33
	 	 	 
	Section 4.3.	Default
    in Payments	34
	 	 	 
	Section 4.4.	Obligations
    of Company Unconditional	34

 

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	ARTICLE 5
    COVENANTS	34
	 	 	 
	Section 5.1.	Undertaking
    of Facility; Permits; Maintenance and Modification	34
	 	 	 
	Section 5.2.	Taxes,
    Other Governmental Charges, Utility Charges	34
	 	 	 
	Section 5.3.	Insurance	35
	 	 	 
	Section 5.4.	Limitation
    on Transactions Prohibited Under ERISA	35
	 	 	 
	Section 5.5.	Maintenance of Properties	35
	 	 	 
	Section 5.6.	Maintenance of Ratings	35
	 	 	 
	Section 5.7.	Limitation
    on Liens	35
	 	 	 
	Section 5.8.	Limitation
    on Asset Sales	36
	 	 	 
	Section 5.9.	Restricted
    Payments	37
	 	 	 
	Section 5.10.	Limitations
    on Dividend and Other Payment Restrictions Affecting Subsidiaries	42
	 	 	 
	Section 5.11.	Limitation
    on Incurrence of Indebtedness and Issuance of Preferred Stock	44
	 	 	 
	Section 5.12.	Limitations
    on Transactions with Affiliates	48
	 	 	 
	Section 5.13.	Additional
    Subsidiary Guaranties	50
	 	 	 
	Section 5.14.	Designation
    of Restricted and Unrestricted Subsidiaries	50
	 	 	 
	Section 5.15.	Existence	50
	 	 	 
	Section 5.16.	Change of Control	51
	 	 	 
	Section 5.17.	Senior
    Debt	51
	 	 	 
	ARTICLE 6
    DAMAGE, DESTRUCTION AND CONDEMNATION	52
	 	 	 
	Section 6.1.	Damage,
    Destruction and Condemnation	52
	 	 	 
	ARTICLE 7
    SPECIAL COVENANTS	52
	 	 	 
	Section 7.1.	Inspection of Facility	52
	 	 	 
	Section 7.2.	Release
    and Indemnification Covenants	52
	 	 	 
	Section 7.3.	Merger
    or Consolidation	54
	 	 	 
	Section 7.4.	Financial
    Records and Statements	55
	 	 	 
	Section 7.5.	Tax
    Covenants	55
	 	 	 
	Section 7.6.	Reference
    to Bonds Ineffective After Bonds Paid	56
	 	 	 
	Section 7.7.	Notification
    Upon Event of Default; Notice of Suits; Notice of Bankruptcy	56
	 	 	 
	Section 7.8.	Compliance
    with Indenture	56
	 	 	 
	Section 7.9.	Further
    Assurances	56
	 	 	 
	ARTICLE 8
    EVENTS OF DEFAULT AND REMEDIES	57
	 	 	 
	Section 8.1.	Events of Default	57
	 	 	 
	Section 8.2.	Remedies	58
	 	 	 
	Section 8.3.	Additional
    Remedies	59
	 	 	 
	Section 8.4.	Right
    of Trustee to Exercise Remedies	59
	 	 	 
	Section 8.5.	Waiver
    of Errors and Exemptions	59
	 	 	 
	Section 8.6.	No
    Remedy Exclusive	59
	 	 	 
	Section 8.7.	Agreement
    to Pay Attorney’s Fees and Expenses	60
	 	 	 
	Section 8.8.	No
    Waiver Implied	60
	 	 	 
	Section 8.9.	Waiver
    of Trial by Jury	60

 

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	ARTICLE 9
    GUARANTEES	60
	 	 	 
	Section 9.1.	Subsidiary
    Guarantees	60
	 	 	 
	Section 9.2.	Limitation
    on Guarantor Liability	61
	 	 	 
	Section 9.3.	Subsidiary
    Guarantee Evidenced by Loan Agreement; No Notation of Subsidiary Guarantee	62
	 	 	 
	Section 9.4.	Guarantors
    May Consolidate, etc., on Certain Terms	62
	 	 	 
	Section 9.5.	Releases of Guarantors	62
	 	 	 
	ARTICLE 10
    TERMINATION OF LOAN AGREEMENT AND PREPAYMENT OF NOTE	63
	 	 	 
	Section 10.1.	Mandatory
    Prepayment	63
	 	 	 
	Section 10.2.	Obligations
    after Payment of Note and Termination of Loan Agreement	63
	 	 	 
	ARTICLE 11
    MISCELLANEOUS	63
	 	 	 
	Section 11.1.	Term
    of Loan Agreement; Amounts Remaining after Payment of the Bonds	63
	 	 	 
	Section 11.2.	Notices	64
	 	 	 
	Section 11.3.	Amendments
    to Loan Agreement and Note	64
	 	 	 
	Section 11.4.	Successors
    and Assigns	64
	 	 	 
	Section 11.5.	Severability	64
	 	 	 
	Section 11.6.	Applicable
    Law	64
	 	 	 
	Section 11.7.	Counterparts	65
	 	 	 
	Section 11.8.	Entire
    Loan Agreement	65
	 	 	 
	Section 11.9.	The
    Trustee	65
	 	 	 
	Section 11.10.	No
    Pecuniary Liability of Issuer, County or State	65
	 	 	 
	Section 11.11.	No
    Personal Liability of Officials of Company, Issuer or Trustee	65
	 	 	 
	Section 11.12.	Special,
    Limited Obligation of Issuer.	65
	 	 	 
	Section 11.13.	No
    Warranty by Issuer or Trustee	67

 

	Exhibit A –
    Facility Description	A-1
	Exhibit B – Form of
    Note	B-1
	Exhibit C – Form of
    Written Requisition (Construction Fund)	C-1
	Exhibit D – Project Completion
    Certificate	D-1
	Exhibit E – Form of
    Supplement Adding Guarantor	E-1

 

    iii

     

    

 

THIS
LOAN AND GUARANTY AGREEMENT is dated as of November 1, 2022 and effective as of November 22, 2022 by and between
the Mississippi Business Finance Corporation (the “Issuer”), a public
corporation organized under the laws of the State of Mississippi (the “State”), and ENVIVA INC. (the “Company”),
a corporation organized under the laws of the State of Delaware, and by (collectively, the following being the “Initial Guarantors”)
Enviva Holdings GP, LLC, Enviva Holdings, LP, Enviva Management Company, LLC, Enviva Shipping Holdings, LLC, Enviva GP, LLC, Enviva Aircraft
Holdings Corp., Enviva Partners Finance Corp., Enviva, LP, Enviva Energy Services, LLC, Enviva Development Finance Company, LLC, Enviva
Pellets Waycross, LLC, Enviva Pellets Lucedale, LLC, Enviva Port of Pascagoula, LLC, Enviva Pellets, LLC, Enviva Pellets Bond, LLC, and
Enviva Pellets Greenwood, LLC.

 

W I T N E S S E T H:

 

WHEREAS,
the Issuer is authorized pursuant to the provisions of the Constitution of the State and Section 57-10-201 et seq. and Section 57-10-401
et seq. of the Mississippi Code of 1972 (as amended, the “Act”), to, among other things, provide financial assistance
to businesses and companies in the State by providing loans, guarantees and other assistance to businesses, thereby encouraging the investment
of private capital in businesses in the State and to finance such assistance to businesses by the issuance of revenue bonds; and

 

WHEREAS,
in accordance with applicable provisions of the Act, the Issuer proposes to issue $100,000,000 in aggregate principal amount of its Exempt
Facilities Revenue Bonds (Enviva Inc. Project), Series 2022 (Green Bonds) (the “Series 2022 Bonds”), pursuant to
an Indenture of Trust dated as of November 1, 2022 (the “Indenture”) by and between the Issuer and Wilmington Trust,
N.A., as trustee (the “Trustee”) for the purposes of (i) financing all or a portion of the costs of acquiring, constructing,
and equipping of the Facility (as described herein) (the “Project”), (ii) funding capitalized interest, and (iii) paying
certain costs and expenses related to the issuance of the Series 2022 Bonds; and

 

WHEREAS,
the Company proposes to deliver to the Issuer its promissory note in the form of Exhibit B hereto in respect of the
Series 2022 Bonds to be dated November 22, 2022 (the “Series 2022 Note”), evidencing its obligation to pay
all amounts due under this Loan Agreement with respect to the Series 2022 Bonds; and

 

WHEREAS,
the Initial Guarantors propose to jointly and severally guarantee the Obligations (as herein defined) of the Company under this Loan
Agreement and the Notes; and

 

WHEREAS,
the Issuer, as security for the Series 2022 Bonds, intends to assign to the Trustee the Series 2022 Note and all the rights
of the Issuer under this Loan Agreement (except for the Issuer’s Unassigned Rights).

 

NOW,
THEREFORE, for and in consideration of the premises and the mutual covenants herein contained, the parties hereto covenant
and agree as follows:

 

ARTICLE 1

DEFINITIONS AND RULES OF CONSTRUCTION

 

Section 1.1.      Definitions.
All capitalized terms used herein but not herein defined shall have the meaning assigned thereto in the Indenture. Words defined
elsewhere in this Loan Agreement shall have the same meaning throughout this Loan Agreement. In addition, the following words and terms
as used in this Loan Agreement shall have the following meanings unless a different meaning clearly appears from the context:

 

“2026 Notes”
means those certain 6.50% Senior Notes due 2026 issued by the Company and Enviva Partners Finance Corp., a Delaware corporation; provided
that 2026 Notes shall not include any refinancing thereof.

 

    	 		 

     

    

 

“2026 Refinancing Notes”
means any senior unsecured bonds issued by the Company to refinance the 2026 Notes.

 

“Acquired Debt” means, with respect
to any specified Person:

 

(i)            Indebtedness
or Disqualified Stock of any other Person existing at the time such other Person was merged with or into or became a Restricted Subsidiary
of such specified Person, whether or not such Indebtedness or Disqualified Stock is incurred or issued in connection with, or in contemplation
of, such other Person merging with or into, or becoming a Restricted Subsidiary of, such specified Person, but excluding Indebtedness
or Disqualified Stock which is extinguished, retired, cancelled or repaid in connection with such Person merging with or into or becoming
a Restricted Subsidiary of such specified Person; and

 

(ii)           Indebtedness
secured by a Lien encumbering any asset acquired by such specified Person but excluding Indebtedness which is extinguished, retired,
cancelled or repaid in connection with such asset being acquired by such specified Person.

 

“Affiliate” of
any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control
with such specified Person. For purposes of this definition, “control,” as used with respect to any Person, means the possession,
directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the
ownership of voting securities, by agreement or otherwise; provided, that Beneficial Ownership of 10% or more of the Voting Stock
of a Person will be deemed to be control by the other Person. For purposes of this definition, the terms “controlling,” “controlled
by” and “under common control with” have correlative meanings.

 

“Applicable Law,”
except as the context may otherwise require, means all applicable laws, rules, regulations, ordinances, judgments, decrees, injunctions,
writs and orders of any court or governmental or congressional agency or authority and rules, regulations, orders, licenses and permits
of any United States federal, state, municipal, regional, or other governmental body, instrumentality, agency or authority.

 

“Asset Sale” means:

 

(1)            the
sale, lease, conveyance or other disposition of any properties or assets (including by way of a merger or consolidation or by way of
a Sale and Leaseback Transaction); and

 

(2)            the
issuance of Equity Interests in any of the Company’s Restricted Subsidiaries or the sale of Equity Interests in any of its Restricted
Subsidiaries; provided, that in the case of clause (1) or (2), the disposition of all or substantially all of the properties
or assets of the Company and its Restricted Subsidiaries taken as a whole will not constitute an “Asset Sale” but will be
governed by the provisions of Section 5.16 and not by the provisions of Section 5.8.

 

Notwithstanding the preceding,
the following items will not be deemed to be Asset Sales:

 

(1)           any
single transaction or series of related transactions that involves properties or assets having a fair market value of less than $25.0
million;

 

    	 	2	 

     

    

 

(2)            a
transfer of properties or assets between or among any of the Company and its Restricted Subsidiaries;

 

(3)            an
issuance or sale of Equity Interests by a Restricted Subsidiary to the Company or to another Restricted Subsidiary;

 

(4)            the
sale, lease or other disposition of equipment, inventory, accounts receivable or other properties or assets in the ordinary course of
business;

 

(5)            the
sale or other disposition of cash or Cash Equivalents, Hedging Contracts or other financial instruments in the ordinary course of business
(including, without limitation, unwinding or settling any Hedging Contracts);

 

(6)            a
Restricted Payment that is permitted by Section 5.9 or a Permitted Investment;

 

(7)            the
creation or perfection of a Lien that is not prohibited by Section 5.7 or a disposition in connection with any such Lien;

 

(8)            surrender
or waiver of contract rights or the settlement, release or surrender of contract, tort or other claims of any kind;

 

(9)            the
grant in the ordinary course of business of any non-exclusive license of patents, trademarks, registrations therefor and other similar
intellectual property;

 

(10)          dispositions
of Capital Stock or Indebtedness of any Unrestricted Subsidiary;

 

(11)          an
Asset Swap; and

 

(12)          any
disposition of Equity Interests of a Restricted Subsidiary pursuant to an agreement or other obligation with or to a Person (other than
the Company or a Restricted Subsidiary) from whom such Restricted Subsidiary was acquired or from whom such Restricted Subsidiary acquired
its business and assets (having been newly formed in connection with such acquisition), made as part of such acquisition and in each
case comprising all or a portion of the consideration in respect of such sale or acquisition.

 

“Asset Swap”
means any substantially contemporaneous (and in any event occurring within 180 days of each other) purchase and sale or exchange of any
assets or properties used or useful in a Permitted Business between the Company or any of its Restricted Subsidiaries and another Person;
provided that any Net Proceeds received must be applied in accordance with Section 5.8 as if the Asset Swap were an Asset
Sale.

 

“Attributable Debt”
in respect of a Sale and Leaseback Transaction means, at the time of determination, the present value of the obligation of the lessee
for net rental payments during the remaining term of the lease included in such Sale and Leaseback Transaction, including any period
for which such lease has been extended or may, at the option of the lessor, be extended. Such present value shall be calculated using
a discount rate equal to the rate of interest implicit in such transaction, determined in accordance with GAAP. As used in the preceding
sentence, the “net rental payments” under any lease for any such period shall mean the sum of rental and other payments required
to be paid with respect to such period by the lessee thereunder, excluding any amounts required to be paid by such lessee on account
of maintenance and repairs, insurance, taxes, assessments, water rates or similar charges. In the case of any lease that is terminable
by the lessee upon payment of penalty, such net rental payment shall also include the amount of such penalty, but no rent shall be considered
as required to be paid under such lease subsequent to the first date upon which it may be so terminated. Notwithstanding the foregoing,
the amount of any Sale and Leaseback Transaction that is a Finance Lease shall be determined in accordance with the definition of “Finance
Lease”.

 

    	 	3	 

     

    

 

“Bankruptcy Law”
means Title 11, United States Code, as may be amended from time to time, or any similar federal or state law for the relief of debtors.

 

“Board of Directors”
means:

 

(1)            with
respect to a corporation, the board of directors of the corporation or any committee thereof duly authorized to act on behalf of such
board;

 

(2)            with
respect to a limited partnership, the board of directors of the general partner of the partnership;

 

(3)            with
respect to a limited liability company, the managing member or members or any controlling committee of managing members thereof; and

 

(4)            with
respect to any Person, the board or committee of such Person serving a similar function.

 

“Board Resolution”
means a copy of a resolution certified by the Secretary or an Assistant Secretary of the applicable Person to have been duly adopted
by the Board of Directors of such Person and to be in full force and effect on the date of such certification, and delivered to the Trustee.

 

“Capital Stock”
means:

 

(1)            in
the case of a corporation, corporate stock;

 

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

 

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

 

(4)            any
other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions
of assets of, the issuing Person, other than debt securities that are convertible into any of the foregoing.

 

“Cash Equivalents” means:

 

(1)            United
States dollars;

 

(2)            securities
issued or directly and fully guaranteed or insured by the United States government or any agency or instrumentality of the United States
government (provided that the full faith and credit of the United States is pledged in support of those securities) having maturities
of not more than one year from the date of acquisition;

 

(3)            marketable
general obligations issued by any state of the United States of America or any political subdivision of any such state or any public
instrumentality thereof maturing within one year from the date of acquisition thereof and, at the time of acquisition thereof, having
a credit rating of “A” or better from either S&P or Moody’s;

 

    	 	4	 

     

    

 

(4)            certificates
of deposit, demand deposits and eurodollar time deposits with maturities of one year or less from the date of acquisition, bankers’
acceptances with maturities not exceeding one year and overnight bank deposits, in each case, with any lender party to the Credit Agreement
or with any domestic commercial bank or any United States branch of a foreign bank having capital and surplus in excess of $500.0 million
and a Thomson Bank Watch Rating of “B” or better;

 

(5)            repurchase
obligations with a term of not more than seven days for underlying securities of the types described in clauses (2), (3) and (4) above
entered into with any financial institution meeting the qualifications specified in clause (4) above;

 

(6)            commercial
paper having one of the two highest ratings obtainable from Moody’s or S&P and in each case maturing within one year after
the date of acquisition;

 

(7)            money
market funds at least 95% of the assets of which constitute Cash Equivalents of the kinds described in clauses (1) through (6) of
this definition; and

 

(8)            marketable
short-term money market and similar securities having a rating of at least P-2 or A-2 from either Moody’s or S&P, respectively,
and in each case maturing within 24 months after the date of creation thereof.

 

“Closing Date”
means the date of issuance of the Series 2022 Bonds.

 

“Commercial Operation”
shall be deemed achieved for any Qualified Project at such time as the substantial completion of construction (other than punch list
items) thereof and the initial placement thereof into service have occurred.

 

“Completion Date”
means the date of completion of the Project established pursuant to Section 3.7.

 

“Consolidated Cash
Flow” means, with respect to any specified Person for any period, the Consolidated Net Income of such Person for such period plus,
without duplication:

 

(1)            provision
for taxes based on income or profits of such Person and its Restricted Subsidiaries for such period, to the extent that such provision
for taxes was deducted in computing such Consolidated Net Income; plus

 

(2)            consolidated
interest expense of such Person and its Restricted Subsidiaries for such period, whether paid or accrued and whether or not capitalized
(including, without limitation, amortization of debt issuance costs and original issue discount, non-cash interest payments, the interest
component of any deferred payment obligations, the interest component of all payments associated with Finance Lease Obligations, imputed
interest with respect to Attributable Debt, commissions, discounts and other fees and charges incurred in respect of letter of credit
or bankers’ acceptance financings), and net of the effect of all payments made or received pursuant to interest rate Hedging Contracts,
to the extent that any such expense was deducted in computing such Consolidated Net Income; plus

 

(3)            depreciation,
depletion and amortization (including amortization of intangibles but excluding amortization of prepaid cash expenses that were paid
in a prior period), impairment, and other non-cash items (excluding any such non-cash item to the extent that it represents an accrual
of or reserve for cash expenses in any future period or amortization of a prepaid cash expense that was paid in a prior period) of such
Person and its Restricted Subsidiaries for such period to the extent that such depreciation and amortization, impairment and other non-cash
items that were deducted in computing such Consolidated Net Income; plus

 

    	 	5	 

     

    

 

(4)            unrealized
non-cash losses resulting from foreign currency balance sheet adjustments required by GAAP to the extent such losses were deducted in
computing such Consolidated Net Income; plus

 

(5)            all
extraordinary, unusual or non-recurring items of gain or loss, or revenue or expense and, without duplication, Transaction Costs; plus

 

(6)            any
deferred or non-cash equity compensation or stock option or similar compensation expense, including all expense recorded for any equity
appreciation rights plan in excess of cash payments for exercised rights, in each case during such period; plus

 

(7)            without
duplication, the amount of “run rate” cost savings, cost rationalization programs, operating expense reductions, revenue
enhancements, synergies and operating improvements (including the entry into material contracts and arrangements and pricing improvements
or increases) (collectively, “Run Rate Benefits”) related to any acquisition, Investment, disposition, incurrence, repayment
or refinancing of Indebtedness, Restricted Payment, Subsidiary designation, operating improvement, tax restructuring or other restructuring,
cost savings initiative and/or any similar transaction or initiative projected by the Company in good faith to be realized as a result
of actions that have been taken (or with respect to which substantial steps have been taken) or initiated or are expected to be taken
or initiated (in the good faith determination of the Company) no later than 12 months after the end of such period (which Run Rate Benefits
shall be added to Consolidated Cash Flow until fully realized and calculated on a pro forma basis as though such Run Rate Benefits had
been realized on the first day of the relevant period), in each case net of the amount of actual benefits realized from such actions
(it being understood and agreed that “run rate” shall mean the full recurring benefit that is associated with any action
taken or initiated or that is expected to be taken); provided that (A) such cost savings are reasonably identifiable (for the avoidance
of doubt, whether or not permitted to be added back under the rules and regulations of the SEC) and (B) any Run Rate Benefits
cumulatively shall not exceed 35% of the Company’s Consolidated Cash Flow for the most recent Test Period; plus

 

(8)            an
amount equal to dividends or distributions paid during such period in cash to such Person or any of its Restricted Subsidiaries by a
Person that is not a Restricted Subsidiary or that is accounted for by the equity method of accounting; minus

 

(9)            non-cash
items increasing such Consolidated Net Income for such period, other than accruals of revenue or other items in the ordinary course of
business, in each case, on a consolidated basis and determined in accordance with GAAP.

 

“Consolidated Net Income”
means, with respect to any specified Person for any period, the aggregate of the Net Income of such Person and its Restricted Subsidiaries
for such period, on a consolidated basis, determined in accordance with GAAP, provided that:

 

(1)            the
aggregate Net Income (but not net loss in excess of such aggregate Net Income) of each of the Persons that is not a Restricted Subsidiary
or that is accounted for by the equity method of accounting will be included but only to the extent of the amount of dividends or distributions
paid to the specified Person or any Restricted Subsidiary thereof;

 

    	 	6	 

     

    

 

(2)            the
Net Income of any Restricted Subsidiary other than a Guarantor will be excluded to the extent that the declaration or payment of dividends
or similar distributions by that Restricted Subsidiary of that Net Income is not at the date of determination permitted without any prior
governmental approval (that has not been obtained) or, directly or indirectly, by operation of the terms of its charter or any judgment,
decree, order, statute, rule or governmental regulation applicable to that Restricted Subsidiary or its stockholders, partners or
members;

 

(3)            the
cumulative effect of a change in accounting principles will be excluded;

 

(4)            unrealized
losses and gains under derivative instruments included in the determination of Consolidated Net Income, including, without limitation,
those resulting from the application of ASC-815, will be excluded;

 

(5)            any
nonrecurring charges relating to any premium or penalty paid, write off of deferred finance costs or other charges in connection with
redeeming or retiring any Indebtedness prior to its Stated Maturity will be excluded; and

 

(6)            any
asset (including goodwill) impairment or write-down on or related to non-current assets under applicable GAAP or Commission guidelines
will be excluded.

 

“Consolidated Net Tangible
Assets” means, with respect to any Person at any date of determination, the aggregate amount of total assets included in such Person’s
most recent quarterly or annual consolidated balance sheet prepared in accordance with GAAP less applicable reserves reflected in such
balance sheet, after deducting goodwill, trademarks, patents, unamortized debt discounts and expenses and other like intangibles reflected
in such balance sheet, with such pro forma adjustments to total assets, reserves, goodwill, trademarks, patents, unamortized debt discounts
and expenses and other like intangibles as are appropriate and consistent with the pro forma adjustment provisions set forth in the definition
of “Fixed Charge Coverage Ratio”.

 

“Consolidated Secured
Leverage Ratio” means as of any date of determination, the ratio of (a) the aggregate principal amount of Consolidated Total
Net Debt of the Company and its Restricted Subsidiaries (excluding Indebtedness of any Excluded Project Subsidiary in the Development
Stage) that is secured by a Lien pursuant to clauses (1), or (25) of the definition of Permitted Liens that is outstanding as of such
date to (b) the Consolidated Cash Flow of the Company and its Restricted Subsidiaries (excluding Indebtedness of any Excluded Project
Subsidiary in the Development Stage) for the then most recently ended Test Period immediately preceding the date of determination, in
each case, calculated on a pro forma basis in a manner consistent with the adjustments contemplated by the definition of “Fixed
Charge Coverage Ratio” and as determined on a consolidated basis in accordance with GAAP.

 

“Consolidated Total
Net Debt” means, as to any Person at any date of determination, an amount equal to the sum of (1) the aggregate principal
amount of all third party debt for borrowed money (including letter of credit drawings that have not been reimbursed within ten Business
Days and the outstanding principal balance of all Indebtedness of such Person represented by notes, bonds and similar instruments, but
excluding, for the avoidance of doubt, undrawn letters of credit, obligations under Hedging Contracts and all undrawn amounts under revolving
credit facilities) and (2) the aggregate amount of all outstanding Disqualified Stock or Designated Preferred Stock of such Person
and all Preferred Stock of its Restricted Subsidiaries on a consolidated basis, with the amount of such Disqualified Stock or Preferred
Stock equal to the greater of their respective voluntary or involuntary liquidation preferences and maximum fixed repurchase prices,
in each case of such Person and its Restricted Subsidiaries on such date, on a consolidated basis and determined in accordance with GAAP
(excluding, in any event, the effects of any discounting of Indebtedness resulting from the application of purchase or pushdown accounting
in connection with any acquisition, Investment or other similar transaction); provided that “Consolidated Total Net Debt”
shall be calculated (i) net of all unrestricted cash and Cash Equivalents of such Person and its Restricted Subsidiaries at such
date of determination, (ii) net of Restricted Cash of all Restricted Subsidiaries (excluding Restricted Cash of any Excluded Project
Subsidiary in the Development Stage) at such date of determination and (iii) to exclude any obligation, liability or indebtedness
of such Person if, upon or prior to the maturity thereof, such Person has irrevocably deposited with the proper Person in trust or escrow
the necessary funds (or evidence of indebtedness) for the payment, redemption or satisfaction of such obligation, liability or indebtedness,
and thereafter such funds and evidences of such obligation, liability or indebtedness or other security so deposited are not included
in the calculation of cash and Cash Equivalents. For purposes hereof, the “maximum fixed repurchase price” of any Disqualified
Stock or Preferred Stock that does not have a fixed repurchase price shall be calculated in accordance with the terms of such Disqualified
Stock or Preferred Stock as if such Disqualified Stock or Preferred Stock were purchased on any date on which Consolidated Total Net
Debt shall be required to be determined pursuant to this Loan Agreement, and if such price is based upon, or measured by, the fair market
value of such Disqualified Stock or Preferred Stock, such fair market value shall be determined in good faith by the Board of Directors
or senior management of such Person.

 

    	 	7	 

     

    

 

“Consolidated Total
Leverage Ratio” means as of any date of determination, the ratio of (a) the aggregate principal amount of Consolidated Total
Net Debt of the Company and its Restricted Subsidiaries (excluding Indebtedness of any Excluded Project Subsidiary in the Development
Stage) that is outstanding as of such date to (b) the Consolidated Cash Flow of the Company and its Restricted Subsidiaries (excluding
Indebtedness of any Excluded Project Subsidiary in the Development Stage) for the most recently ended Test Period immediately preceding
the date of determination, in each case, calculated on a pro forma basis in a manner consistent with the adjustments contemplated by
the definition of “Fixed Charge Coverage Ratio” and as determined on a consolidated basis in accordance with GAAP.

 

“Consolidation”
means, with respect to accounting measures of any Person, the consolidation of the accounts of the Restricted Subsidiaries of such Person
with those of such Person, all in accordance with GAAP; provided, that “consolidation” will not include consolidation
of the accounts of any Unrestricted Subsidiary of such Person with the accounts of such Person.

 

“Credit Agreement”
means the Amended and Restated Credit Agreement, dated as of October 18, 2018, as amended, by and among the Company, as Company,
the guarantors party thereto, the lenders and the others parties party thereto from time to time and Barclays Bank PLC, as administrative
agent, or any successor or replacement agreements and whether by the same or any other agent, lender or group of lenders, together with
the related documents thereto (including, without limitation, any guarantee agreements and security documents), in each case as such
agreements may be amended (including any amendment and restatement thereof), supplemented or otherwise modified from time to time, including
any agreements extending the maturity of, Refinancing, replacing, increasing or otherwise restructuring all or any portion of the Indebtedness
under such agreements.

 

“Credit Facilities”
means one or more debt facilities, commercial paper facilities, indentures or debt issuances, in each case with banks or other institutional
lenders or investors providing for revolving credit loans, term loans, receivables or inventory financing (including through the sale
of receivables or inventory to such lenders or to special purpose entities formed to borrow from such lenders against such receivables
or inventory), commercial paper, debt securities or letters of credit, in each case, as amended, restated, modified or Refinanced (including
Refinancing with any capital markets transaction) in whole or in part from time to time.

 

    	 	8	 

     

    

 

“Customary Recourse
Exceptions” means, with respect to any Non-Recourse Debt, exclusions from the exculpation provisions with respect to such Non-Recourse
Debt for the voluntary bankruptcy of such Unrestricted Subsidiary or Joint Venture, fraud, misapplication of cash, environmental claims,
waste, willful destruction and other circumstances customarily excluded by lenders from exculpation provisions or included in separate
indemnification agreements in non-recourse financings.

 

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

 

“Designated Noncash
Consideration” means the fair market value of noncash consideration received by the Company or a Restricted Subsidiary in connection
with an Asset Sale that is designated as Designated Noncash Consideration pursuant to an officers’ certificate, less the amount
of cash or Cash Equivalents received in connection with a subsequent sale of such Designated Noncash Consideration.

 

“Designated Preferred
Stock” means Preferred Stock of the Company (other than Disqualified Stock), that is issued for cash (other than to the Company
or any of its Subsidiaries or an employee stock ownership plan or trust established by the Company or any of its Subsidiaries) and is
so designated as Designated Preferred Stock, pursuant to an officers’ certificate.

 

“Development Stage” means, with respect
to any Excluded Project Subsidiary, the period prior to the first anniversary of the commencement of its Commercial Operations.

 

“Disqualified Stock”
means any Capital Stock that, by its terms (or by the terms of any security into which it is convertible, or for which it is exchangeable,
in each case at the option of the holder of the Capital Stock), or upon the happening of any event, matures or is mandatorily redeemable,
pursuant to a sinking fund obligation or otherwise, or redeemable at the option of the holder of the Capital Stock, in whole or in part,
on or prior to the date that is 91 days after the final Stated Maturity of the Notes, in each case except in exchange for Capital Stock
of the Company (other than Disqualified Stock). Notwithstanding the preceding sentence, (a) any Capital Stock that would constitute
Disqualified Stock solely because the holders of the Capital Stock have the right to require the Company to repurchase or redeem such
Capital Stock upon the occurrence of a change of control or an asset sale will not constitute Disqualified Stock if the terms of such
Capital Stock provide that the Company may not repurchase or redeem any such Capital Stock pursuant to such provisions unless such repurchase
or redemption complies with Section 5.9 and (b) any Capital Stock issued pursuant to any plan of the Company or any of its
Affiliates for the benefit of one or more employees will not constitute Disqualified Stock solely because it may be required to be repurchased
by the Company or any of its Affiliates in order to satisfy applicable contractual, statutory or regulatory obligations.

 

For purposes of Section 5.11,
the “amount” or “principal amount” of any Disqualified Stock or Preferred Stock shall equal the greater of its
voluntary or involuntary liquidation preference and its maximum fixed repurchase price, in each case, exclusive of accrued dividends.
For purposes hereof, the “maximum fixed repurchase price” of any Disqualified Stock or Preferred Stock which do not have
a fixed repurchase price shall be calculated in accordance with the terms of such Disqualified Stock or Preferred Stock as if such Disqualified
Stock or Preferred Stock were redeemed, repaid or repurchased on the date on which the “amount” or “principal amount”
thereof shall be required to be determined pursuant to this Loan Agreement; provided, however, that if such Disqualified Stock
or Preferred Stock could not be required to be redeemed, repaid or repurchased at the time of such determination, the redemption, repayment
or repurchase price will be the book value of such Disqualified Stock or Preferred Stock as reflected in the most recent financial statements
of such Person.

 

    	 	9	 

     

    

 

“Equity Interests” means Capital Stock
and all warrants, options or other rights to acquire Capital Stock (but excluding any debt security that is convertible into, or exchangeable
for, Capital Stock).

 

“Equity Offering”
means (i) any public or private sale of Capital Stock (other than Disqualified Stock) made for cash on a primary basis by the Company
after the Closing Date or (ii) any contribution to capital of the Company in respect of Capital Stock of the Company.

 

“Event of Default”
means any of the events enumerated in Section 8.1.

 

“Excluded Contributions”
means Cash Equivalents or other assets (valued at their fair market value as determined in good faith by the Company) received by the
Company after the date of this Loan Agreement from contributions to its common equity capital or the sale (other than to a Subsidiary
of the Company) of Capital Stock (other than Disqualified Stock and Designated Preferred Stock) of the Company, in each case designated
as “Excluded Contributions” pursuant to an officers’ certificate.

 

“Excluded Project Subsidiary”
means, at any time, any Restricted Subsidiary that (i) becomes a Restricted Subsidiary after the Closing Date and is an obligor
or otherwise bound with respect to Indebtedness that constitutes Non-Recourse Debt and that is not an obligor with respect to any other
Indebtedness that is not permitted pursuant to Section 5.11 and (ii) has been designated by an Officer’s Certificate
as an Excluded Project Subsidiary dedicated to the operation of one or more Qualified Projects that has been and is to be financed only
with equity contributions in cash and Non-Recourse Debt (and not any other Indebtedness) (except to the extent such other Indebtedness
is permitted pursuant to Section 5.11).

 

The Board of Directors or
senior management of the Company may designate any Restricted Subsidiary that complies with the requirements above to be an Excluded
Project Subsidiary. The Board of Directors or senior management of the Company may designate any Excluded Project Subsidiary to be a
Restricted Subsidiary that is not an Excluded Project Subsidiary.

 

“Existing Indebtedness”
means the aggregate principal amount of Indebtedness or Disqualified Stock of the Company and its Restricted Subsidiaries in existence
on the Closing Date, until such amounts are repaid.

 

“fair market value”
means the value that would be paid by a willing buyer to an unaffiliated willing seller in a transaction not involving distress or necessity
of either party, determined in good faith by the Board of Directors of the Company in the case of amounts of $30.0 million or more and
otherwise by an officer of the Company, which determination will be conclusive for all purposes under this Loan Agreement.

 

“Finance Lease Obligation”
means, at the time any determination is to be made, the amount of the liability in respect of a lease that would at that time be required
to be capitalized as a finance lease on a balance sheet in accordance with GAAP. No obligation that is accounted for as an operating
lease for financial reporting purposes in accordance with GAAP as in effect on the Closing Date will be deemed to be a Finance Lease.

 

“Fixed Charge Coverage
Ratio” means with respect to any specified Person for any Test Period, the ratio of the Consolidated Cash Flow of such Person (excluding,
in the case of the Company, the Consolidated Cash Flow of any Excluded Project Subsidiary in the Development Stage) for such period to
the Fixed Charges of such Person (excluding, in the case of the Company, the Fixed Charges of any Excluded Subsidiary in the Development
Stage) for such period. In the event that the specified Person or any of its Restricted Subsidiaries incurs, assumes, guarantees, repays,
repurchases, redeems, defeases or otherwise discharges any Indebtedness (other than revolving borrowings incurred for working capital
purposes) or issues, repurchases or redeems Preferred Stock subsequent to the commencement of the applicable Test Period and on or prior
to the date on which the event for which the calculation of the Fixed Charge Coverage Ratio is made (the “Calculation Date”),
then the Fixed Charge Coverage Ratio will be calculated giving pro forma effect to such incurrence, assumption, guarantee, repayment,
repurchase, redemption, defeasance or other discharge of Indebtedness, or such issuance, repurchase or redemption of Preferred Stock,
and the use of the proceeds therefrom as if the same had occurred at the beginning of such period.

 

    	 	10	 

     

    

 

In addition, for purposes
of calculating the Fixed Charge Coverage Ratio:

 

(1)            acquisitions
that have been made by the specified Person or any of its Restricted Subsidiaries (or by any Person acquired by such Person or any of
its Restricted Subsidiaries), including through mergers, consolidations or otherwise (including acquisitions of assets used in a Permitted
Business), and including in each case any related financing transactions (including repayment of Indebtedness) during the Test Period
or subsequent to such Test Period and on or prior to the Calculation Date, will be given pro forma effect as if they had occurred on
the first day of the Test Period, including any other adjustments set forth in the definition of “Consolidated Cash Flow”
(but without regard to the limitations in proviso (B) of clause (7) thereof);

 

(2)            the
Consolidated Cash Flow attributable to discontinued operations, as determined in accordance with GAAP, and operations or businesses (and
ownership interests therein) disposed of prior to the Calculation Date, will be excluded;

 

(3)            the
Fixed Charges attributable to discontinued operations, as determined in accordance with GAAP, and operations or businesses disposed of
prior to the Calculation Date, will be excluded, but only to the extent that the obligations giving rise to such Fixed Charges will not
be obligations of the specified Person or any of its Restricted Subsidiaries following the Calculation Date;

 

(4)            interest
income reasonably anticipated by such Person to be received during the applicable Test Period from cash or Cash Equivalents held by such
Person or any Restricted Subsidiary of such Person, which cash or Cash Equivalents exist on the Calculation Date or will exist as a result
of the transaction giving rise to the need to calculate the Fixed Charge Coverage Ratio, will be included; and

 

(5)            with
respect to any Qualified Project which has achieved Commercial Operations after the start of the applicable Test Period and on or prior
to the Calculation Date and for which a definitive off-take or terminaling contract with a non-Affiliated third party has been executed
and remains in effect on the Calculation Date, such pro forma calculations may include pro forma adjustments to Consolidated Cash Flow
to reflect the projected operating results for such Qualified Project for the complete duration of the Test Period as if such Qualified
Project had achieved the Commercial Operations Date on the first day of such Test Period, net of the actual Consolidated Cash Flow produced
by such facility during such Test Period, based on reasonable assumptions and relevant facts and circumstances, which may include, without
limitation, (i) the contracted rates in the applicable off-take contracts or terminaling services contract, (ii) capital and
other costs, operating, shipping and administrative expenses, commodity price assumptions, ramp-up production assumptions, the class
and amount of Equity Interests of such facility owned, directly or indirectly, by the Company and reasonable allowances for contingencies
and (iii) to the extent applicable, the actual operating results for such facility on an annualized basis (with appropriate adjustments
for the impact, if any, of seasonality and other items set forth in the preceding clause (ii) on such actual operating results);
provided that all such pro forma adjustments set forth in this sentence will be made by a responsible financial or accounting officer
in good faith.

 

    	 	11	 

     

    

 

For purposes of this definition,
(a) any Person that is a Restricted Subsidiary on the Calculation Date will be deemed to have been a Restricted Subsidiary at all
times during the reference period; and (b) any Person that is not a Restricted Subsidiary on the Calculation Date will be deemed
not to have been a Restricted Subsidiary at any time during the reference period.

 

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

 

(1)            the
consolidated interest expense of such Person and its Restricted Subsidiaries for such period, whether paid or accrued (including, without
limitation, the interest component of any deferred payment obligations, the interest component of all payments associated with Finance
Lease Obligations, imputed interest with respect to Attributable Debt, commissions, discounts and other fees and charges incurred in
respect of letter of credit or bankers’ acceptance financings but excluding write-offs of deferred financing costs or premiums
paid in connection with a retirement of Indebtedness), and net of the effect of all payments made or received pursuant to interest rate
Hedging Contracts; plus

 

(2)            the
consolidated interest expense of such Person and its Restricted Subsidiaries that was capitalized during such period; plus

 

(3)            any
interest expense on Indebtedness of another Person that is guaranteed by such Person or one of its Restricted Subsidiaries or secured
by a Lien on assets of such Person or one of its Restricted Subsidiaries, whether or not such guarantee or Lien is called upon; plus

 

(4)            all
dividends, whether paid or accrued and whether or not in cash, on any series of Disqualified Stock or Designated Preferred Stock of such
Person or any of its Restricted Subsidiaries, other than dividends on Equity Interests payable solely in Equity Interests of the Company
(other than Disqualified Stock or Designated Preferred Stock) or to the Company or a Restricted Subsidiary of the Company.

 

Furthermore, in calculating
 “Fixed Charges” for purposes of determining the “Fixed Charge Coverage Ratio”:

 

(a)            interest
on outstanding Indebtedness determined on a fluctuating basis as of the Calculation Date and which will continue to be so determined
thereafter shall be deemed to have accrued at a fixed rate per annum equal to the rate of interest on such Indebtedness in effect on
the Calculation Date;

 

(b)            if
interest on any Indebtedness actually incurred on the Calculation Date may optionally be determined at an interest rate based upon a
factor of a prime or similar rate, a eurocurrency interbank offered rate, or other rates, then the interest rate in effect on the Calculation
Date will be deemed to have been in effect during the reference period;

 

(c)            notwithstanding
clauses (1) and (2) above, interest on Indebtedness determined on a fluctuating basis, to the extent such interest is covered
by Hedging Contracts, shall be deemed to accrue at the rate per annum resulting after giving effect to the operation of such agreements;
and interest on Indebtedness referred to in clause (3) will be included only to the extent attributable to the portion of such Indebtedness
that is so guaranteed by such Person or its Restricted Subsidiaries or so secured by a lien on the assets thereof (provided that
the amount of such Indebtedness so secured will be the lesser of (x) the fair market value of such assets at the date of determination
and (y) the amount of such Indebtedness).

 

    	 	12	 

     

    

 

“Government Securities”
means securities that are:

 

(1)            direct
obligations of the United States of America for the timely payment of which its full faith and credit is pledged; or

 

(2)            obligations
of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America the timely payment
of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, which, in either case,
are not callable or redeemable at the option of the issuer thereof, and shall also include a depository receipt issued by a bank (as
defined in Section 3(a)(2) of the Securities Act), as custodian with respect to any such Government Securities or a specific
payment of principal of or interest on any such Government Securities held by such custodian for the account of the holder of such depository
receipt; provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable
to the holder of such depository receipt from any amount received by the custodian in respect of the Government Securities or the specific
payment of principal of or interest on the Government Securities evidenced by such depository receipt.

 

“guarantee” means
a guarantee other than by endorsement of negotiable instruments for collection in the ordinary course of business, direct or indirect,
in any manner including, without limitation, by way of a pledge of assets, acting as co-obligor or through letters of credit or reimbursement
agreements in respect thereof, of all or any part of any Indebtedness; provided, that the term “guarantee” shall not
include endorsements for collection or deposit in the ordinary course of business. When used as a verb, “guarantee” has a
correlative meaning.

 

“Guarantors”
means each of:

 

(1)            the
Subsidiaries of the Company executing this Loan Agreement as Initial Guarantors, and

 

(2)            any
other Restricted Subsidiary of the Company that becomes a Guarantor in accordance with the provisions of this Loan Agreement and the
Indenture; and their respective successors and assigns, in each case, until the Subsidiary Guarantee of such Person is released in accordance
with the provisions of this Loan Agreement and the Indenture.

 

“Hedging Contracts”
means, with respect to any specified Person:

 

(1)            (i) any
agreement of such Person with any other Person whereby, directly or indirectly, such Person is entitled to receive from time to time
periodic payments calculated by applying either a floating or a fixed rate of interest on a stated notional amount in exchange for periodic
payments made by such other Person calculated by applying a fixed or a floating rate of interest on the same notional amount or (ii) any
interest rate swap agreement, interest rate future agreement, interest rate option agreement, interest rate cap agreement or interest
rate collar agreement entered into with one or more financial institutions and designed to protect the Person or any of its Restricted
Subsidiaries against, or otherwise manage exposure to, fluctuations in interest rates with respect to Indebtedness incurred;

 

    	 	13	 

     

    

 

(2)            any
foreign exchange contract or similar currency protection agreement entered into with one or more financial institutions and designed
to protect the Person or any of its Restricted Subsidiaries against, or otherwise manage exposure to, fluctuations in currency exchanges
rates; and

 

(3)            any
other futures contract, swap, option or similar agreement or arrangement designed to protect such Person or any of its Restricted Subsidiaries
against, or otherwise manage exposure to, fluctuations in interest rates, commodity prices or currency exchange rates.

 

“Indebtedness”
means, with respect to any specified Person, any indebtedness of such Person, without duplication and whether or not contingent:

 

(1)            in
respect of borrowed money;

 

(2)            evidenced
by bonds, notes, debentures or similar instruments;

 

(3)            in
respect of all outstanding letters of credit issued for the account of such Person that support obligations that constitute Indebtedness
(provided that the amount of such letters of credit included in Indebtedness shall not exceed the amount of the Indebtedness being
supported) and, without duplication, the unreimbursed amount of all drafts drawn under such letters of credit issued for the account
of such Person;

 

(4)            in
respect of bankers’ acceptances;

 

(5)            representing
Finance Lease Obligations;

 

(6)            representing
the balance deferred and unpaid of the purchase price of any property due more than six months after such property is delivered, except
any such balance that constitutes an accrued expense or trade payable; or

 

(7)            representing
any obligations under Hedging Contracts, if and to the extent any of the preceding items (other than letters of credit and obligations
under Hedging Contracts) would appear as a liability upon a balance sheet of the specified Person prepared in accordance with GAAP; provided,
that any indebtedness which has been defeased in accordance with GAAP or defeased or discharged pursuant to the irrevocable deposit
of cash or Cash Equivalents (in an amount sufficient to satisfy all such indebtedness obligations at maturity or redemption, as applicable,
and all payments of interest and premium, if any) in a trust or account created or pledged for the sole benefit of the holders of such
indebtedness (and subject to no other Liens) and the other applicable terms of the instrument governing such indebtedness shall not constitute
 “Indebtedness.” In addition, the term “Indebtedness” includes, with respect to any Person, all Indebtedness of
other Persons secured by a Lien on any asset of the specified Person (other than Indebtedness of an Unrestricted Subsidiary or Joint
Venture of the specified Person to the extent secured by a Lien on or pledge of Equity Interests of such Unrestricted Subsidiary or Joint
Venture as contemplated by clause (ix) of the definition of “Permitted Liens”), whether or not such Indebtedness is
assumed by the specified Person (provided that the amount of such Indebtedness will be the lesser of (a) the fair market
value of such asset at such date of determination and (b) the amount of such Indebtedness of such other Persons) and, to the extent
not otherwise included, the guarantee by the specified Person of any Indebtedness of any other Person. For the avoidance of doubt, the
term “Indebtedness” excludes

 

    	 	14	 

     

    

 

(i)            any
obligation arising from any agreement providing for indemnities, purchase price adjustments, holdbacks, contingency payment obligations
based on a final financial statement or report or the performance of the acquired or disposed assets or similar obligations (other than
guarantees of Indebtedness) incurred by the specified Person in connection with the acquisition or disposition of assets;

 

(ii)           accrued
expenses and trade accounts payable arising in the ordinary course of business;

 

(iii)          any
unrealized losses or charges in respect of Hedging Contracts (including those resulting from the application of ASC-815);

 

(iv)          any
obligations in respect of completion bonds, performance bonds, bid bonds, appeal bonds, surety bonds, bankers’ acceptances, letters
of credit, insurance obligations or bonds and other similar bonds and obligations incurred by the Company or any Restricted Subsidiary
in the ordinary course of business and any guarantees and obligations of the Company or any Restricted Subsidiary with respect to or
letters of credit functioning as or supporting any of the foregoing bonds or obligations;

 

(v)           Customary
Recourse Exceptions, unless and until an event or circumstance occurs that triggers such Person’s or any of such Person’s
Restricted Subsidiaries’ direct payment or reimbursement obligation (as opposed to contingent or performance obligations) to the
lender or other Person to whom such obligation is actually owed, in which case the amount of such direct payment or reimbursement obligation
shall constitute Indebtedness;

 

(vi)          indebtedness
which is owed by the Company or a Restricted Subsidiary to any Person, to the extent such Person has incurred corresponding indebtedness
in connection with municipal bonds or other instruments being issued in connection with qualification for a tax exemption, regulatory
relief or similar circumstances which is owed to the Company or a Restricted Subsidiary;

 

(vii)         indebtedness
which is owed by the Company or a Restricted Subsidiary to any Person to the extent and up to the amount of any corresponding indebtedness
owed by such Person (or a beneficial owner of such Person) to the Company or a Restricted Subsidiary in connection with new market tax
credit financing or similar financings.

 

The “amount”
or “principal amount” of any Indebtedness outstanding as of any date will be, except as specified below, determined in accordance
with GAAP:

 

(1)            in
the case of any Indebtedness issued with original issue discount, the accreted value of the Indebtedness;

 

(2)            in
the case of obligations under any Hedging Contracts, the termination value of the agreement or arrangement giving rise to such obligations
that would be payable by such Person at such date;

 

(3)            in
the case of any Finance Lease Obligation, the amount determined in accordance with the definition thereof;

 

    	 	15	 

     

    

 

(4)            in
the case of other unconditional obligations (other than those specified in clauses (1) or (2) of the first paragraph of this
definition), the amount of the liability thereof determined in accordance with GAAP;

 

(5)            in
the case of other contingent obligations (other than those specified in clauses (1) or (6) of the first paragraph of this definition),
the maximum liability at such date of such Person; and

 

(6)            the
principal amount of the Indebtedness, together with any interest on the Indebtedness that is more than 30 days past due, in the case
of any other Indebtedness.

 

“Independent Advisor”
means a reputable accounting, appraisal or nationally recognized investment banking, engineering or consulting firm (a) which does
not, and whose directors, officers and employees or Affiliates do not, have a direct or indirect material financial interest in the Company
and (b) which, in the judgment of the Board of Directors of the Company, is otherwise disinterested, independent and qualified to
perform the task for which it is to be engaged.

 

“Initial Guarantors”
means the Restricted Subsidiaries executing this Loan Agreement as Guarantors on the Closing Date.

 

“Initial Unrestricted
Subsidiaries” means Enviva MLP International Holdings, LLC, Enviva Energy Services (Jersey) Limited, Enviva Energy Services Cooperatief,
U.A., Enviva Pellets Epes, LLC, Enviva Pellets Epes Holdings, LLC, Enviva Pellets Epes Finance Company, LLC, and IHE Holdings LLC, and
their respective Subsidiaries.

 

“Investments”
means, with respect to any Person, all direct or indirect investments by such Person in other Persons (including Affiliates) in the forms
of loans (including guarantees or other obligations), advances or capital contributions (excluding (1) commission, travel and similar
advances to officers and employees made in the ordinary course of business and (2) trade receivables or advances to customers in
the ordinary course of business that are recorded as accounts receivable on the balance sheet of the lender), purchases or other acquisitions
for consideration of Indebtedness, Equity Interests or other securities, together with all items that are or would be classified as investments
on a balance sheet prepared in accordance with GAAP. Except as otherwise provided in this Loan Agreement, the amount of any Investment
shall be its fair market value at the time the Investment is made and shall not be adjusted for increases or decreases in value or write-ups,
write-downs, or write-offs with respect to such Investment. If the Company or any Restricted Subsidiary of the Company sells or otherwise
disposes of any Equity Interests of any direct or indirect Restricted Subsidiary of the Company such that, after giving effect to any
such sale or disposition, such Person is no longer a Restricted Subsidiary of the Company, the Company will be deemed to have made an
Investment on the date of any such sale or disposition in an amount equal to the fair market value of the Equity Interests of such Restricted
Subsidiary not sold or disposed of in an amount determined as provided in Section 5.9(c). The acquisition by the Company or any
Subsidiary of the Company of a Person that holds an Investment in a third Person will be deemed to be an Investment made by the Company
or such Subsidiary in such third Person in an amount equal to the fair market value of the Investment held by the acquired Person in
such third Person on the date of any such acquisition in an amount determined as provided in Section 5.9(c).

 

“Issuer’s Unassigned
Rights” means the rights of the Issuer expressly granted to the Issuer in the Indenture or in this Loan Agreement to (a) inspect
books and records, (b) give or receive notices, approvals, consents, requests, and other communications, (c) receive payment
or reimbursement for expenses, (d) receive payment of its Issuer Administrative Fee, (e) the benefit of all provisions providing
the Issuer immunity from and limitation of liability, and (f) indemnification from liability by the Company and in accordance with
Section 7.2 of this Loan Agreement; provided, however, that all such rights are as set forth in the Indenture and this Loan Agreement
and this definition shall not be deemed to create any rights.

 

    	 	16	 

     

    

 

“Joint Venture”
means any Person that is not a direct or indirect Subsidiary of the Company in which the Company or any of its Restricted Subsidiaries
makes any Investment.

 

“Liabilities”
means any causes of action (whether in contract, tort or otherwise), claims, costs, damages, demands, judgments, liabilities, losses,
suits and expenses (including, without limitation, reasonable costs of investigation, and reasonable attorney’s fees and expenses)
of every kind, character and nature whatsoever, in each case, relating to or arising out of this Loan Agreement, the Note, the Indenture
or the transactions contemplated therein.

 

“Lien” means,
with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of such asset,
whether or not filed, recorded or otherwise perfected under Applicable Law, including any conditional sale or other title retention agreement,
any lease in the nature thereof, any option or other agreement to sell or give a security interest in and any filing of or agreement
to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction other than a precautionary
financing statement respecting a lease not intended as a security agreement.

 

“Loan Agreement”
or “Agreement” means this Loan and Guaranty Agreement between the Issuer and the Company, and guaranteed by the Guarantors,
dated as of November 1, 2022 and effective as of the Closing Date, including any supplements or amendments hereto as permitted by
the Indenture and this Loan Agreement.

 

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

 

(1)            any
gain (or loss), together with any related provision for taxes on such gain (or loss), realized in connection with: (a) any Asset
Sale; or (b) the disposition of any securities by such Person or the extinguishment of any Indebtedness of such Person; and

 

(2)            any
extraordinary gain (or loss), together with any related provision for taxes on such extraordinary gain (or loss).

 

“Net Proceeds”
means the aggregate cash proceeds received by the Company or any of its Restricted Subsidiaries in respect of any Asset Sale (including,
without limitation, any cash received upon the sale or other disposition of any non-cash consideration received in any Asset Sale), net
of:

 

(1)            the
direct costs relating to such Asset Sale, including, without limitation, legal, accounting and investment banking fees, and sales commissions,
severance costs and any relocation expenses incurred as a result of the Asset Sale;

 

(2)            taxes
paid or payable, or taxes required to be accrued as a liability under GAAP, as a result of the Asset Sale, in each case, after taking
into account any available tax credits or deductions and any tax sharing arrangements;

 

(3)            amounts
required to be applied to the repayment of Indebtedness secured by a Lien on the properties or assets that were the subject of such Asset
Sale, in accordance with the terms of any Lien upon or other security agreement of any kind with respect to such assets, or which must
by its terms, or in order to obtain a necessary consent to such Asset Sale, or by applicable law, be repaid out of the proceeds from
such Asset Sale;

 

    	 	17	 

     

    

 

(4)            any
amounts to be set aside in any reserve established in accordance with GAAP or any amount placed in escrow, in either case for adjustment
in respect of the sale price of such properties or assets or for liabilities associated with such Asset Sale and retained by the Company
or any of its Restricted Subsidiaries until such time as such reserve is reversed or such escrow arrangement is terminated, in which
case Net Proceeds shall include only the amount of the reserve so reversed or the amount returned to the Company or its Restricted Subsidiaries
from such escrow arrangement, as the case may be; and

 

(5)            all
distributions and other payments required to be made to minority interest holders in the Restricted Subsidiaries or Joint Ventures that
are the subject of such Asset Sale.

 

“Non-Recourse Debt”
means Indebtedness as to which neither the Company nor any of its Restricted Subsidiaries (other than an Excluded Project Subsidiary)
(1)(i) provides credit support pursuant to any undertaking, agreement or instrument that would constitute Indebtedness or (ii) is
directly or indirectly liable as a guarantor or otherwise; and (2) the explicit terms of which provide there is no recourse against
any of the Capital Stock or assets of the Company or any of its Restricted Subsidiaries (other than an Excluded Project Subsidiary) except
as contemplated by clause (9) of the definition of “Permitted Liens”; provided that the following kinds of support relating
to Indebtedness or a Person do not affect the determination of such Indebtedness as Non-Recourse Debt:

 

(1)            Customary
Recourse Exceptions;

 

(2)            Non-Recourse
Guarantees or any pledge of Equity Interests of an Excluded Project Subsidiary;

 

(3)            guarantees
with respect to debt service reserves established with respect to a Subsidiary to the extent that such guarantee shall result in the
immediate payment of funds, pursuant to dividends or otherwise, in the amount of such guarantee;

 

(4)            contingent
obligations of the Company or any other Subsidiary to make capital contributions to a Subsidiary;

 

(5)            any
credit support or liability consisting of reimbursement obligations in respect of letters of credit issued under, and subject to the
terms of, this Loan Agreement, or otherwise permitted under this Loan Agreement, to support obligations of a Subsidiary;

 

(6)            agreements
of the Company or any Subsidiary to provide, or guarantees or other credit support (including letters of credit) by the Company or any
Subsidiary with respect to the performance and payment obligations under of any agreement of another Subsidiary to provide, corporate,
management, marketing, administrative, technical, engineering, procurement, construction, operation and/or maintenance services to such
Subsidiary, including in respect of the sale or acquisition of power, emissions, fuel, oil, gas or other supply of energy;

 

(7)            obligations
under any Hedging Contracts and any power purchase or sale agreements, fuel purchase or sale agreements, emissions credit purchase or
sale agreements, commercial or trading agreements and any other similar agreements entered into between the Company or any Subsidiary
with or otherwise involving any other Subsidiary, including any guarantees or other credit support (including letters of credit) of obligations
of a Subsidiary under such agreements in the ordinary course of business, consistent with past practice or consistent with industry norm;
and

 

    	 	18	 

     

    

 

(8)            any
Investments in a Subsidiary, to the extent permitted by this Loan Agreement.

 

For purposes of determining
compliance with Section 5.11, in the event that any Non-Recourse Debt of any of the Company’s Unrestricted Subsidiaries ceases
to be Non-Recourse Debt of such Unrestricted Subsidiary, such event will be deemed to constitute an incurrence of Indebtedness by a Restricted
Subsidiary of the Company.

 

“Non-Recourse Guarantee”
means any guarantee that is customary (as reasonably determined by the Company) and entered into in the ordinary course of business,
or consistent with past practice or industry norm, by the Company or a Restricted Subsidiary of Non-Recourse Debt incurred by an Excluded
Project Subsidiary as to which the lenders of such Non-Recourse Debt will not have any recourse to the stock or assets of the Company,
except to the limited extent set forth in such guarantee with respect to the Company’s obligation to make equity contributions.

 

“Obligations”
means any principal, premium, if any, interest (including interest accruing on or after the filing of any petition in bankruptcy or for
reorganization, whether or not a claim for post-filing interest is allowed in such proceeding), penalties, fees, charges, expenses, indemnifications,
reimbursement obligations, damages, guarantees, and other liabilities or amounts payable under the documentation governing any Indebtedness
or in respect thereto.

 

“Officer” means,
with respect to any Person, the Chairman of the Board, the Chief Executive Officer, the President, the Chief Operating Officer, the Chief
Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary, any Assistant Secretary or any Vice President
of such Person (or, if such Person is a limited partnership, the Chairman of the Board, the Chief Executive Officer, the President, the
Chief Operating Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary, any Assistant
Secretary or any Vice President of such Person’s general partner).

 

“Officers’ Certificate”
means a certificate (x) signed by any two Officers of the Company and (y) delivered to the Trustee from time to time.

 

“Opinion of Counsel”
means a written opinion of counsel reasonably acceptable to the Trustee, who may be an employee of or counsel for the Company or a Guarantor.

 

“pari passu Indebtedness”
means any Indebtedness of the Company or any Guarantor that ranks pari passu in right of payment with the Note or such Guarantor’s
Subsidiary Guarantees, as applicable.

 

“Permitted Business”
means either (1) any business conducted by the Company and its Restricted Subsidiaries as of the Closing Date, (2) any other
activity or business approved by the Company’s Board of Directors and (3) any activity that is ancillary, complementary or
incidental to or necessary or appropriate for the activities described in clauses (1) or (2) of this definition.

 

“Permitted Business
Investments” means Investments by the Company or any of its Restricted Subsidiaries in any Unrestricted Subsidiary of the Company
or in any Joint Venture, provided that:

 

(1)            at
the time of such Investment and immediately thereafter, the Company could incur $1.00 of additional Indebtedness under the Fixed Charge
Coverage Ratio test set forth in Section 5.11(a);

 

    	 	19	 

     

    

 

(2)            if
such Unrestricted Subsidiary or Joint Venture has outstanding Indebtedness at the time of such Investment, either (a) all such Indebtedness
is Non-Recourse Debt or (b) any such Indebtedness of such Unrestricted Subsidiary or Joint Venture that is recourse to the Company
or any of its Restricted Subsidiaries (which shall include, without limitation, all Indebtedness of such Unrestricted Subsidiary or Joint
Venture for which the Company or any of its Restricted Subsidiaries may be directly or indirectly, contingently or otherwise, obligated
to pay, whether pursuant to the terms of such Indebtedness, by law or pursuant to any guarantee, including, without limitation, any “clawback,”
 “make-well” or “keep-well” arrangement) at the time such Investment is made, constitutes Permitted Debt or could
be incurred at that time by the Company and its Restricted Subsidiaries under the Fixed Charge Coverage Ratio test set forth in Section 5.11(a);
and

 

(3)            such
Unrestricted Subsidiary’s or Joint Venture’s activities are not outside the scope of the Permitted Business.

 

“Permitted Investments”
means:

 

(1)            any
Investment in the Company (including, without limitation, through purchases of Notes) or in a Restricted Subsidiary of the Company;

 

(2)            any
Investment in Cash Equivalents;

 

(3)            any
Investment by the Company or any Restricted Subsidiary of the Company in a Person, if as a result of such Investment:

 

(a)            such
Person becomes a Restricted Subsidiary of the Company; or

 

(b)            such
Person is merged, consolidated or amalgamated with or into, or transfers or conveys substantially all of its properties or assets to,
or is liquidated into, the Company or a Restricted Subsidiary of the Company;

 

(4)            any
Investment made as a result of the receipt of non-cash consideration (a) from an Asset Sale that was made pursuant to and in compliance
with Section 5.8 or (b) pursuant to clause (11) of the items deemed not to be Asset Sales under the definition of “Asset
Sale”;

 

(5)            any
Investment in any Person solely in exchange for the issuance of, or out of the net cash proceeds of the substantially concurrent (a) contribution
(other than from a Restricted Subsidiary of the Company) to the equity capital of the Company in respect of or (b) sale (other than
to a Restricted Subsidiary of the Company) of Equity Interests (other than Disqualified Stock) of the Company;

 

(6)            any
Investments received (a) in compromise or resolution of, or upon satisfaction of judgments with respect to, (i) obligations
of trade creditors or customers that were incurred in the ordinary course of business, including pursuant to any plan of reorganization
or similar arrangement upon the bankruptcy or insolvency of any trade creditor or customer or (ii) litigation, arbitration or other
disputes (including pursuant to any bankruptcy or insolvency proceedings) with Persons who are not Affiliates or (b) as a result
of a foreclosure by the Company or any of its Restricted Subsidiaries with respect to any secured Investment in default;

 

(7)            Hedging
Contracts entered into in the ordinary course of business and not for speculative purposes;

 

    	 	20	 

     

    

 

(8)            Permitted
Business Investments;

 

(9)            payroll,
travel and similar advances to cover matters that are expected at the time of such advances ultimately to be treated as expenses for
accounting purposes and that are made in the ordinary course of business;

 

(10)          loans
or advances to officers, directors or employees of the Company or its Affiliates made in compliance with law and in the ordinary course
of business consistent with past practices of the Company or such Restricted Subsidiary and otherwise in compliance with Section 5.12
in an amount not to exceed $5.0 million outstanding at any one time, in the aggregate;

 

(11)          any
Investment in any Person to the extent such Investment consists of prepaid expenses, negotiable instruments held for collection and lease,
utility and workers’ compensation or performance and other similar deposits made in the ordinary course of business by the Company
or any Restricted Subsidiary;

 

(12)          Investments
that are in existence on the Closing Date, and any extension, modification or renewal of any such Investments, but only to the extent
not involving additional advances, contributions or other Investments of cash or other assets or other increases of such Investments
(other than as a result of the accrual or accretion of interest or original issue discount or the issuance of pay-in-kind securities,
in each case, pursuant to the terms of such Investments as in effect on the Closing Date);

 

(13)          guarantees
of performance of operating leases or other obligations (other than Indebtedness) arising in the ordinary course of business;

 

(14)          Investments
of a Restricted Subsidiary existing on the date such entity became a Restricted Subsidiary acquired after the Closing Date or of any
entity merged into or consolidated with the Company or a Restricted Subsidiary in accordance with Section 7.3 to the extent that
such Investments were not made in contemplation of or in connection with such acquisition, merger or consolidation and were in existence
on the date of such acquisition, merger or consolidation;

 

(15)          repurchases
of or other Investments in the Notes;

 

(16)          Guarantees
of Indebtedness of the Company or any Subsidiary permitted under Section 5.11;

 

(17)          other
Investments in any Person having an aggregate fair market value (measured on the date each such Investment was made and without giving
effect to subsequent changes in value), when taken together with all other Investments made pursuant to this clause (17) that are at
the time outstanding, do not exceed the greater of (a) $150.0 million or (b) 7.5% of the Company’s Consolidated Net Tangible
Assets, plus an amount equal to any returns (including dividends, interest, distributions, returns of principal, profits on sale,
repayments, income and similar amounts) actually received in respect of any such Investment made pursuant to this clause (17); provided,
that if any Investment pursuant to this clause (17) is made in any Person that is not a Restricted Subsidiary at the date of the making
of such Investment and such Person becomes a Restricted Subsidiary after such date, such Investment shall thereafter be deemed to have
been made pursuant to clause (1) above and shall cease to have been made pursuant to this clause (17) for so long as such Person
continues to be a Restricted Subsidiary.

 

    	 	21	 

     

    

 

“Permitted Liens”
means:

 

(1)            Liens
securing Indebtedness under the Indenture, the Loan Agreement, the Credit Agreement or any other Credit Facilities permitted to be incurred
under Section 5.11(b)(i);

 

(2)            Liens
in favor of the Company or the Guarantors;

 

(3)            Liens
on property of a Person existing at the time such Person (a) becomes a Restricted Subsidiary of the Company or (b) is merged
with or into or consolidated with the Company or any Restricted Subsidiary of the Company, provided that, in the case of subclause (b),
such Liens were in existence prior to such merger or consolidation and do not extend to any assets (other than improvements thereon,
accessions thereto and proceeds thereof) other than those of the Person merged into or consolidated with the Company or the Restricted
Subsidiary;

 

(4)            Liens
on property existing at the time of acquisition of the property by the Company or any Restricted Subsidiary of the Company; provided
that such Liens were in existence prior to such acquisition;

 

(5)            any
interest or title of a lessor to the property subject to a Finance Lease Obligation;

 

(6)            Liens
for the purpose of securing the payment of all or a part of the purchase price of, or Finance Lease Obligations, purchase money obligations
or other payments incurred to finance the acquisition, lease, improvement or construction of or repairs or additions to, assets or property
acquired, leased, improved, constructed or repaired in the ordinary course of business; provided that:

 

(a)            the
aggregate principal amount of Indebtedness secured by such Liens is otherwise permitted to be incurred under this Loan Agreement and
does not exceed the cost of the assets or property so acquired or constructed; and

 

(b)            such
Liens are created within 360 days of the later of the acquisition, lease, completion of improvements, construction, repairs or additions
or commencement of full operation of the assets or property subject to such Lien and do not encumber any other assets or property of
the Company or any Restricted Subsidiary other than such assets or property and assets affixed or appurtenant thereto;

 

(7)            Liens
existing on the Closing Date (other than Liens securing this Loan Agreement or the Notes);

 

(8)            Liens
incurred in the ordinary course of business (a) to secure the performance of tenders, bids, statutory obligations, surety or appeal
bonds, trade contracts, government contracts, operating leases, performance bonds or other obligations of a like nature or (b) in
connection with workers’ compensation, unemployment insurance and other social security or similar legislation;

 

(9)            Liens
on and pledges of the Equity Interests of any Unrestricted Subsidiary or any Joint Venture owned by the Company or any Restricted Subsidiary
of the Company to the extent securing Non-Recourse Debt or other Indebtedness of such Unrestricted Subsidiary or Joint Venture;

 

(10)          Liens
upon specific items of inventory, receivables or other goods or proceeds of the Company or any of its Restricted Subsidiaries securing
such Person’s obligations in respect of bankers’ acceptances or receivables securitizations issued or created for the account
of such Person to facilitate the purchase, shipment or storage of such inventory, receivables or other goods or proceeds and permitted
by Section 5.11;

 

    	 	22	 

     

    

 

(11)          Liens
securing Obligations of the Company or any Guarantor under the Note or the Subsidiary Guarantees or otherwise under this Loan Agreement,
as the case may be;

 

(12)          Liens
securing any Indebtedness equally and ratably with all Obligations due under the Notes or any Subsidiary Guarantee pursuant to a contractual
covenant that limits Liens in a manner substantially similar to Section 4.12;

 

(13)          Liens
to secure Obligations under Hedging Contracts of the Company or any of its Restricted Subsidiaries entered into in the ordinary course
of business and not for speculative purposes;

 

(14)          Liens
securing any insurance premium financing under customary terms and conditions, provided that no such Lien may extend to or cover any
assets or property other than the insurance being acquired with such financing, the proceeds thereof and any unearned or refunded insurance
premiums related thereto;

 

(15)          Liens
for taxes, assessments or governmental charges or claims that are not yet delinquent or that are being contested in good faith by appropriate
proceedings promptly instituted and diligently concluded; provided that any reserve or other appropriate provision as is required in
conformity with GAAP has been made therefor;

 

(16)          any
attachment or judgment Lien that does not constitute an Event of Default;

 

(17)          survey
exceptions, easements or reservations of, or rights of others for, licenses, rights-of-way, sewers, electric lines, telegraph and telephone
lines and other similar purposes, or zoning or other restrictions as to the use of real property that were not incurred in connection
with the Indebtedness and that do not in the aggregate materially adversely affect the value of said properties or materially impair
their use in the operation of the business of the Company or any of its Restricted Subsidiaries;

 

(18)          Liens
arising from Uniform Commercial Code financing statement filings regarding operating leases entered into by the Company and its Restricted
Subsidiaries in the ordinary course of business;

 

(19)          leases
or subleases granted to others that do not materially interfere with the ordinary course of business of the Company and its Restricted
Subsidiaries, taken as a whole;

 

(20)          statutory
and contractual Liens of landlords to secure rent arising in the ordinary course of business and Liens of carriers, warehousemen, mechanics,
suppliers, materialmen, repairmen and other Liens imposed by law incurred in the ordinary course of business for sums not yet delinquent
or being contested in good faith;

 

(21)          Liens
arising solely by virtue of any statutory or common law provision relating to banker’s Liens, rights of set-off or similar rights
and remedies as to deposit accounts or other funds maintained with a creditor depository institution; provided, that (a) such
deposit account is not a dedicated cash collateral account and is not subject to restrictions against access by the Company in excess
of those set forth by regulations promulgated by the Federal Reserve Board and (b) such deposit account is not intended by the Company
or any Restricted Subsidiary to provide collateral to the depository institution;

 

    	 	23	 

     

    

 

(22)          Liens
in favor of collecting or payor banks having a right of setoff, revocation, refund or chargeback with respect to money or instruments
of the Company or any Restricted Subsidiary on deposit with or in possession of such bank;

 

(23)          Liens
arising under this Loan Agreement or the Indenture in favor of the Trustee for its own benefit and similar Liens in favor of other trustees,
agents and representatives arising under instruments governing Indebtedness permitted to be incurred under this Loan Agreement or the
Indenture; provided, that such Liens are solely for the benefit of the trustees, agents or representatives in their capacities
as such and not for the benefit of the holders of such Indebtedness;

 

(24)          Liens
arising from the deposit of funds or securities in trust for the purpose of decreasing or defeasing Indebtedness so long as such deposit
of funds or securities and such decreasing or defeasing of Indebtedness are permitted under Section 5.9;

 

(25)          other
Liens incurred by the Company or any Restricted Subsidiary of the Company, provided that, after giving effect to any such incurrence,
the aggregate principal amount of all Indebtedness then outstanding and secured by any Liens incurred pursuant to this clause (25) does
not exceed the greater of (a) $150.0 million or (b) 7.5% of the Company’s Consolidated Net Tangible Assets;

 

(26)          Liens
on (i) assets of any Excluded Project Subsidiary or Capital Stock of an Excluded Project Subsidiary securing Indebtedness and/or
other obligations of such Excluded Project Subsidiary or (ii) assets of any Restricted Subsidiary associated with any Qualified
Project securing any Non-Recourse Debt incurred to finance the development, construction or expansion of, or addition or improvements
to, such Qualified Project, in each case which Indebtedness was permitted under this Loan Agreement; and

 

(27)          any
Lien securing Indebtedness renewing, replacing, extending, refinancing or refunding Indebtedness secured by a Lien permitted under this
Loan Agreement; provided that (a) the principal amount of the Indebtedness secured by such Lien is not increased except by
an amount equal to a reasonable premium or other reasonable amount paid, and fees and expenses reasonably incurred, in connection therewith
and by an amount equal to any existing commitments unutilized thereunder and (b) no assets encumbered by any such Lien other than
the assets permitted to be encumbered immediately prior to such renewal, extension, refinance or refund are encumbered thereby (other
than improvements thereon, accessions thereto and proceeds thereof).

 

In each case set forth above,
notwithstanding any stated limitation on the assets that may be subject to such Lien, a Permitted Lien on a specified asset or group
or type of assets may include Liens on all improvements, additions and accessions thereto and all products and proceeds thereof (including
dividends, distributions and increases in respect thereof).

 

“Permitted Refinancing
Indebtedness” means any Indebtedness or Disqualified Stock of the Company or any of its Restricted Subsidiaries issued in a Refinancing
of other Indebtedness or Disqualified Stock of the Company or any of its Restricted Subsidiaries (other than intercompany Indebtedness);
provided that:

 

(1)            the
principal amount (or accreted amount, as applicable) of such Permitted Refinancing Indebtedness does not exceed the principal amount
of the Indebtedness or Disqualified Stock or Preferred Stock being Refinanced (plus all accrued interest on the Indebtedness or accrued
and unpaid dividends on Preferred Stock and the amount of all expenses and premiums incurred in connection therewith);

 

    	 	24	 

     

    

 

(2)            such
Permitted Refinancing Indebtedness (a) has a final maturity date no earlier than the earlier of (i) the final maturity of the
Indebtedness or Disqualified Stock or Preferred Stock being Refinanced, or (ii) 91 days after the final maturity of the Notes, and
(b) has a Weighted Average Life to Maturity either (i) equal to or greater than the Weighted Average Life to Maturity of the
Indebtedness or Disqualified Stock or Preferred Stock being Refinanced, or (ii) longer than the Weighted Average Life to Maturity
of the Notes;

 

(3)            if
the Indebtedness being Refinanced is subordinated in right of payment to the Notes or the Subsidiary Guarantees, such Permitted Refinancing
Indebtedness is subordinated in right of payment to the Notes or the Subsidiary Guarantees on terms at least as favorable to the Holders
as those contained in the documentation governing the Indebtedness or shall be Disqualified Stock or Preferred Stock of the obligor on
the Indebtedness being Refinanced;

 

(4)            such
Indebtedness is not incurred by a Restricted Subsidiary of the Company (other than a Guarantor) if the Company or a Guarantor is the
issuer or other primary obligor on the Indebtedness being Refinanced;

 

(5)            if
any Preferred Stock being Refinanced were not Disqualified Stock of the Company, the Permitted Refinancing Indebtedness shall not be
Disqualified Stock of the Company; and

 

(6)            if
any Preferred Stock being Refinanced were Preferred Stock of a Restricted Subsidiary, the Refinancing Indebtedness shall be Preferred
Stock of such Restricted Subsidiary.

 

Notwithstanding the preceding,
any Indebtedness incurred under Credit Facilities pursuant to Section 5.11(b)(i) shall be subject only to the refinancing provision
in the definition of Credit Facilities and not pursuant to the requirements set forth in the definition of “Permitted Refinancing
Indebtedness.”

 

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

 

“Preferred Stock”
of any Person means any Capital Stock of any class or classes (however designated) of such Person that has preferential rights to any
other Capital Stock of any class of such Person with respect to dividends or redemptions or as to the distribution of assets upon any
voluntary or involuntary liquidation or dissolution of such Person.

 

“Qualified Project”
means the development and construction of a facility or other assets used or useful in a Permitted Business.

 

“Qualified Owners”
means (i) Riverstone Echo GP, LLC, (ii) any Affiliated fund, holding company or investment vehicle (other than a portfolio
operating company) of any Person referred to in clause (i) of this definition, (iii) any Affiliate or Related Person of a Person
referred to in clauses (i) or (ii) of this definition (in each case, other than a portfolio operating company), and (iv) the
Company and its Restricted Subsidiaries. Any person or group whose acquisition of beneficial ownership constitutes a Change of Control
in respect of which a Change of Control Offer is (or pursuant to the provisions under Section 5.16 is not required to be) made in
accordance with the requirements of this Loan Agreement will thereafter, together with its Affiliates and Related Persons, constitute
an additional Qualified Owner.

 

    	 	25	 

     

    

 

“Reference Date”
means the Closing Date.

 

“Refinance” means,
in respect of any Indebtedness or Preferred Stock, to refinance, extend, renew, refund, repay, prepay, redeem, effect a change by amendment
or modification, defease or retire, or to issue Indebtedness or Preferred Stock in exchange or replacement for (or the net proceeds of
which are used to Refinance), such Indebtedness or Preferred Stock in whole or in part. “Refinanced” and “Refinancing”
shall have correlative meanings.

 

“Related Person”
means, with respect to any Person:

 

(1)            any
controlling stockholder, controlling member, general partner, Subsidiary, or spouse, descendent or immediate family member (in the case
of an individual), of such Person;

 

(2)            any
estate, trust, corporation, partnership or other entity, the beneficiaries, stockholders, partners or owners of which consist solely
of one or more Qualified Owner and/or such other Persons referred to in the immediately preceding clause (1); or

 

(3)            any
executor, administrator, trustee, manager, director, officer or other similar fiduciary of any Person referred to in the immediately
preceding clauses (1) and (2), acting solely in such capacity.

 

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

 

“Restricted Subsidiary”
a Person means any Subsidiary (including any Excluded Project Subsidiary) of the referent Person that is not an Unrestricted Subsidiary.

 

“Sale and Leaseback
Transaction” means any direct or indirect arrangement with any Person or to which any such Person is a party providing for the
leasing to the Company or a Restricted Subsidiary of any property, whether owned by the Company or any Restricted Subsidiary at the Closing
Date or later acquired, which has been or is to be sold or transferred by the Company or such Restricted Subsidiary to such Person or
to any other Person from whom funds have been or are to be advanced by such Person on the security of such property.

 

“Senior Debt”
means

 

(1)            all
Indebtedness of the Company or any Restricted Subsidiary outstanding under Credit Facilities and all obligations under Hedging Contracts
with respect thereto;

 

(2)            any
other Indebtedness of the Company or any Restricted Subsidiary permitted to be incurred under the terms of this Loan Agreement, unless
the instrument under which such Indebtedness is incurred expressly provides that it is subordinated in right of payment to the Notes
or any Subsidiary Guarantee; and

 

(3)            all
Obligations with respect to the items listed in the preceding clauses (1) and (2).

 

Notwithstanding
anything to the contrary in the preceding sentence, Senior Debt will not include:

 

(a)            any
intercompany Indebtedness of the Company or any of its Restricted Subsidiaries to the Company or any of its Subsidiaries; or

 

    	 	26	 

     

    

 

(b)            any
Indebtedness that is incurred in violation of this Loan Agreement.

 

For the avoidance of doubt,
 “Senior Debt” will not include any trade payables or taxes owed or owing by the Company or any Restricted Subsidiary.

 

“Significant Subsidiary”
means any Subsidiary that would be a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation
S-X, promulgated pursuant to the Securities Act, as such Regulation is in effect on the Closing Date.

 

“Stated Maturity”
means, with respect to any installment of interest or principal on any series of Indebtedness, the date on which the payment of interest
or principal was scheduled to be paid in the original documentation governing such Indebtedness, and will not include any contingent
obligations to repay, redeem or repurchase any such interest or principal prior to the date originally scheduled for the payment thereof.

 

“Subsidiary”
means, with respect to any specified Person:

 

(1)            any
corporation, association or other business entity (other than a partnership or limited liability company) of which more than 50% of the
total voting power of Voting Stock is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other
Subsidiaries of that Person (or a combination thereof); and

 

(2)            any
partnership (whether general or limited) or limited liability company (a) the sole general partner or member of which is such Person
or a Subsidiary of such Person, (b) if there is more than a single general partner or member, either (x) the only managing
general partners or managing members of which are such Person or one or more Subsidiaries of such Person (or any combination thereof)
or (y) such Person owns or controls, directly or indirectly, a majority of the outstanding general partner interests, member interests
or other Voting Stock of such partnership or limited liability company, respectively, or (c) that is otherwise included as a consolidated
subsidiary in the Company’s consolidated financial statements in accordance with GAAP.

 

“Subsidiary Guarantee”
means any guarantee by a Guarantor of the Company’s Obligations under this Loan Agreement and the Note.

 

“Test Period”
means, for any determination under the Loan Agreement, the last four fiscal quarters then most recently ended for which the internal
financial statements are available on or prior to the date of such determination.

 

“Transaction Costs”
means any legal, professional and advisory fees or other transaction costs and expenses paid (whether or not incurred) by the Company
or any Restricted Subsidiary in connection with any incurrence of Indebtedness or Disqualified Stock or any issuance of other equity
securities or any Refinancing thereof.

 

“Unrestricted Subsidiary”
means (i) the Initial Unrestricted Subsidiaries and (ii) any other Subsidiary of the Company that is designated by the Company
as an Unrestricted Subsidiary pursuant to an Officers’ Certificate, but only to the extent that, in the case of clause (ii), such
Subsidiary:

 

(1)            except
to the extent permitted by subclause (2)(b) of the definition of “Permitted Business Investments,” has no Indebtedness
other than Non-Recourse Debt owing to any Person other than the Company or any of its Restricted Subsidiaries;

 

    	 	27	 

     

    

 

(2)            except
as permitted by Section 5.12 is not party to any agreement, contract, arrangement or understanding with the Company or any Restricted
Subsidiary of the Company unless the terms of any such agreement, contract, arrangement or understanding are no less favorable to the
Company or such Restricted Subsidiary than those that might be obtained at the time from Persons who are not Affiliates of the Company;
and

 

(3)            is
a Person with respect to which neither the Company nor any of its Restricted Subsidiaries has any direct or indirect obligation (a) to
subscribe for additional Equity Interests or (b) to maintain or preserve such Person’s financial condition or to cause such
Person to achieve any specified levels of operating results, except in such case to the extent the foregoing is treated as an Investment
permitted hereunder.

 

All Subsidiaries of an Unrestricted
Subsidiary shall also be Unrestricted Subsidiaries.

 

Any designation of a Subsidiary
of the Company as an Unrestricted Subsidiary will be evidenced to the Trustee by filing with the Trustee an Officers’ Certificate
including such designation and certifying that such designation complied with the preceding conditions and was permitted by Section 5.9.
If, at any time, any Unrestricted Subsidiary would fail to meet the preceding requirements as an Unrestricted Subsidiary, it will thereafter
cease to be an Unrestricted Subsidiary for purposes of this Loan Agreement and any Indebtedness of such Subsidiary will be deemed to
be incurred by a Restricted Subsidiary of the Company as of such date and, if such Indebtedness is not permitted to be incurred as of
such date under Section 5.11, the Company will be in default of such covenant.

 

“Voting Stock”
of any Person as of any date means the Capital Stock of such Person (or, if such Person is a limited partnership, such Person or its
general partner, as applicable) that is at the time entitled (without regard to the occurrence of any contingency) to vote in the election
of the Board of Directors of such Person (or, if such Person is a limited partnership, its general partner).

 

“Weighted Average Life
to Maturity” means, when applied to any Indebtedness or Preferred Stock at any date, the number of years obtained by dividing:

 

(1)            the
sum of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund, serial maturity or
other required payments of principal or (with respect to Preferred Stock) redemption or similar payment, including payment at final maturity,
in respect of the Indebtedness or Preferred Stock, by (b) the number of years (calculated to the nearest one-twelfth) that will
elapse between such date and the making of such payment; by

 

(2)            the
then outstanding principal amount of such Indebtedness.

 

Section 1.2.      Rules of
Construction. The following rules shall apply to the construction of this Loan Agreement unless the context clearly indicates
to the contrary:

 

(a)            Words
importing the singular number shall include the plural number and vice versa.

 

(b)            Words
importing the redemption or calling for redemption of the Bonds shall not be deemed to refer to or connote the payment of the Bonds at
their Stated Maturity.

 

(c)            All
references herein to particular articles or sections are references to articles or sections of this Loan Agreement.

 

    	 	28	 

     

    

 

(d)            The
headings herein are solely for convenience of reference and shall not constitute a part of this Loan Agreement nor shall they affect
its meaning, construction or effect.

 

ARTICLE 2

REPRESENTATIONS

 

Section 2.1.      Representations
by Issuer. The Issuer makes the following representations to the Company:

 

(a)            It
is a public corporation duly incorporated, validly existing and in good standing under the Constitution and laws of the State.

 

(b)            It
has found and hereby declares that the issuance of the Series 2022 Bonds, to assist the financing of the Project, is in furtherance
of the public purposes set forth in the Act.

 

(c)            In
order to finance the Project, in an amount estimated by the Company, the Issuer has duly authorized the execution, delivery, and performance
on its part of the Bond Purchase Agreement, the Indenture and this Loan Agreement.

 

(d)            To
accomplish the foregoing, the Issuer has authorized the issuance of not to exceed $100,000,000 in aggregate principal amount of the Series 2022
Bonds immediately following the execution and delivery of this Loan Agreement and the date, denomination or denominations, interest rate
or rates, maturity schedule, redemption provisions and other pertinent provisions with respect to the Series 2022 Bonds are set
forth in the Indenture.

 

(e)            It
makes no representation or warranty that the amount of the loan to the Company will be adequate or sufficient to finance the Project
or that the Project will be adequate or sufficient for the purposes of the Company.

 

(f)             It
has not pledged, assigned or granted, and will not pledge, assign or grant any of its rights or interest in or under this Loan Agreement
for any purpose other than as provided for in the Indenture.

 

(g)            Following
reasonable notice, a public hearing was held on August 9, 2022, with respect to the issuance of the Series 2022 Bonds as required
by Section 147(f) of the Code.

 

(h)            The
Issuer adopted the resolution authorizing the Series 2022 Bonds on August 10, 2022.

 

(i)             It
has duly accomplished all conditions necessary to be accomplished by it prior to the issuance and delivery of the Series 2022 Bonds
and the execution and delivery of this Loan Agreement, the Indenture, the Tax Certificate and Agreement and the Bond Purchase Agreement.

 

(j)             It
is not in violation of or in conflict with any provisions of the laws of the State which would materially impair its ability to carry
out its obligations contained in this Loan Agreement, the Indenture, the Tax Certificate and Agreement or the Bond Purchase Agreement.

 

(k)            It
is empowered to enter into the transactions contemplated by this Loan Agreement, the Indenture, the Tax Certificate and Agreement and
the Bond Purchase Agreement.

 

    	 	29	 

     

    

 

Section 2.2.      Representations
by Company. The Company makes the following representations to the Issuer:

 

(a)            The
Company is a corporation incorporated, validly existing and in good standing under the laws of the state of Delaware and to the extent
the character of its properties or the nature of its activities makes such qualification necessary is qualified to do business under
the laws of the State, and has the corporate power and authority to enter into this Loan Agreement, the Series 2022 Note, and the
transactions contemplated hereby and thereby and to perform its obligations hereunder and thereunder.

 

(b)            The
Company has duly authorized the execution and delivery of this Loan Agreement and the Series 2022 Note, and has taken all action
necessary or appropriate to ensure that such documents, when executed and delivered by the Company and when duly executed and delivered
by the other parties thereto, will constitute valid and legally binding obligations of the Company enforceable in accordance with their
terms, except to the extent that their enforceability may be limited by bankruptcy, insolvency and other laws affecting creditors’
rights, and by equitable principles related to enforceability, and except as rights of indemnification hereunder or thereunder may be
limited by federal securities laws.

 

(c)            The
execution and delivery of this Loan Agreement and the Series 2022 Note, the performance by the Company of its obligations hereunder
and thereunder and the consummation of the transactions contemplated herein and therein are within the corporate powers of the Company
and will not (i) conflict with or constitute a breach of the Company’s certificate of incorporation, as amended, (ii) constitute
a default under any indenture, mortgage, deed of trust, or other material lien, lease, contract, note, order, judgment, decree or other
material agreement, instrument or restriction of any kind to which the Company is a party or by which it or any of its properties are
or may be bound or affected or (iii) result in a violation of any constitutional or statutory provision or any material order, rule,
regulation, decree or ordinance of any court, government or governmental authority having jurisdiction over the Company or its property.

 

(d)            The
Company (i) is not in default in the payment of the principal of or interest on any of its Indebtedness and is not in default under
any instrument under and subject to which any Indebtedness has been incurred in each case, which default would have a material adverse
effect on the Bonds, the Project or the Company’s ability to perform its obligations under this Loan Agreement, the Series 2022
Note, the Series 2022 Bonds and the transactions contemplated herein; and (ii) to the best of its knowledge, no event has occurred
and is continuing under the provisions of any such instrument that with the lapse of time or the giving of notice, or both, would constitute
an event of default thereunder and which event of default or default in any such case would have a material adverse effect on the Bonds,
the Project or the Company’s ability to perform its obligations under this Loan Agreement, the Series 2022 Note, the Series 2022
Bonds and the transactions contemplated herein.

 

(e)            There
is no litigation at law or in equity or any proceeding before any court or governmental agency involving the Company pending or, to the
knowledge of the Company, threatened in writing that would adversely affect (i) the construction or operation of the Facility, (ii) the
validity of this Loan Agreement or the Series 2022 Note, or the Company’s ability to perform its obligations thereunder, or
(iii) the validity and enforceability of the Series 2022 Bonds or the Indenture.

 

(f)            The
Company has obtained all consents, approvals, authorizations, permits, licenses, certificates and orders of any governmental or regulatory
authority that are required to be obtained by it as a condition precedent to the issuance of the Bonds or the execution and delivery
of this Loan Agreement or the Note.

 

    	 	30	 

     

    

 

(g)            The
Company will obtain, no later than the date required by applicable law, all consents, approvals, authorizations, permits, licenses, certificates
and orders of any governmental or regulatory authority that are required to be obtained by it as a condition precedent to the performance
by the Company of its obligations under this Loan Agreement or the Note.

 

(h)            The
Company acknowledges that the Issuer has no responsibility for the construction of the Facility or the maintenance, repair and insurance
of the Facility.

 

ARTICLE 3

CONSTRUCTION, INSTALLATION

AND FINANCING OF PROJECT

 

Section 3.1.      Loan
of Proceeds. The Issuer hereby loans the proceeds from the sale of the Bonds pursuant to this Loan Agreement to the Company, and
the Company hereby borrows the same from the Issuer as evidenced by this Loan Agreement and the issuance and delivery of the Notes to
the Issuer. The Company covenants to use such proceeds to pay the Costs of the Project.

 

Section 3.2.      Agreement
to Construct and Equip Facility. The Company shall proceed diligently and cause the construction and installation of the Facility
and in accordance with all applicable laws, rules and regulations and Section 7.5 hereof. The Company will not take any action
or fail to take any action which would adversely affect the qualification of the Project under the Act or cause interest on the Tax-Exempt
Bonds to be included in gross income for federal income tax purposes.

 

Section 3.3.      Agreement
to Issue Series 2022 Bonds. In order to effect the Project, the Issuer shall, simultaneously with the execution and delivery
hereof, proceed with the issuance and sale of the Series 2022 Bonds bearing interest, maturing and having the other terms and provisions
set forth in the Indenture. The obligation of the Issuer to pay Costs of the Project shall be limited to the proceeds in the Construction
Fund in accordance with Section 401 of the Indenture.

 

Section 3.4.      Disposition
of Bond Proceeds. The Issuer shall establish the Bond Fund and the Construction Fund with the Trustee in accordance with Article VI
and VII of the Indenture. In accordance with the provisions of the Indenture the net proceeds of the Series 2022 Bonds shall be
deposited into the Construction Fund.

 

The moneys on deposit in
the Construction Fund shall be applied by the Trustee as provided in Section 3.5 hereof and as otherwise provided in Article VII
of the Indenture. Until the moneys on deposit in the Construction Fund are so applied, such moneys shall be and remain subject to the
lien of the Indenture, and the Issuer and the Company shall have no right, title or interest therein except as expressly provided in
this Loan Agreement and the Indenture.

 

    	 	31	 

     

    

 

Section 3.5.      Disbursements
from Construction Fund.

 

(a)            Pursuant
to the Indenture, the Issuer has established the Construction Fund for the payment of a portion of the Costs of the Project, and within
such fund the Capitalized Interest Account and the General Account. The moneys on deposit in the Construction Fund shall be disbursed
(i) on each Bond Payment Date during the Capitalized Interest Period, and on the Bond Payment Date immediately succeeding the end
of the Capitalized Interest Period, from the Capitalized Interest Account to pay interest on the Series 2022 Bonds and (ii) from
time to time from the General Account to the Company to reimburse the Company for portions of the Costs of the Project paid by it or
to make payments to persons designated by the Company in respect of portions of the Costs of the Project, upon receipt by the Trustee
of a written requisition executed by an Authorized Company Representative substantially in the form attached hereto as Exhibit C
(a “Written Requisition”). Any Written Requisition may be transmitted by facsimile transmission, electronic mail
or other means of electronic transmission. In paying any Written Requisition under this Section 3.5, the Trustee shall be entitled
to rely as to the completeness and accuracy of all statements in such Written Requisition. The execution of a Written Requisition by
an Authorized Company Representative, and communication thereof by facsimile transmission, electronic mail or other means of electronic
transmission to the Trustee shall be conclusive evidence of the Company’s approval of such Written Requisition, and the Company
shall indemnify and save harmless the Trustee from any liability incurred in connection with any Written Requisition so executed and
communicated by an Authorized Company Representative, in accordance with the terms of Section 7.2. Following receipt of any Written
Requisition, the Trustee shall disburse the funds in the General Account of the Construction Fund as requested by such Written Requisition
no later than three Business Days thereafter.

 

(b)            The
Company shall not submit to the Trustee any Written Requisition pursuant to this Section 3.5 and shall have no claim upon any moneys
in the Construction Fund, so long as there shall have occurred and be continuing any Event of Default.

 

(c)            For
any disbursement for any item not described in, or the cost for which item is other than as described in the Tax Certificate and Agreement,
the Company shall certify in writing to the Trustee and the Issuer that the average reasonably expected economic life of the Facility
(taking into account such changed or varied items) being financed by such Tax-Exempt Bonds is not less than 5/6ths of the average maturity
of such Tax-Exempt Bonds or, at the request of the Issuer, the Company shall deliver to the Issuer and the Trustee an Opinion of Bond
Counsel to the effect that such disbursement will not cause the interest on the Tax-Exempt Bonds or any Series thereof to be included
in the gross income of the Bondholders for federal income tax purposes.

 

Section 3.6.      Transfer
of Funds and Investments. All moneys held in the Construction Fund established pursuant to the Indenture shall be invested and reinvested
and transferred to any other funds or accounts as provided in Article VIII of the Indenture, in accordance with written instructions
received by an Authorized Representative of the Company.

 

Section 3.7.      Establishment
of Completion Date. The Completion Date shall be evidenced to the Issuer and the Trustee by a certificate signed by an Authorized
Representative of the Company substantially in the form of Exhibit D stating (a) the total Costs of the Project
(other than Costs that are subject to retainage or dispute), (b) that the construction, installation and testing of the Facility
has been completed, (c) all material permits that are necessary at such time to commence operation have been obtained (or, to the
extent not obtained, the Company has taken all commercially reasonable efforts to obtain such permits and, on and as of such date, is
continuing to exercise commercially reasonable efforts to obtain such permits), and (d) that, except for amounts retained by the
Trustee to pay Costs of the Project not then due and payable (including interest during the Capitalized Interest Period), the total Costs
of the Project have been paid.

 

    	 	32	 

     

    

 

ARTICLE 4

REPAYMENT OF LOAN AND OTHER PAYMENT PROVISIONS

 

Section 4.1.      Repayment
of Loan: Other Amounts Payable.

 

(a)            The
Company covenants and agrees to pay to the Trustee as a repayment on the loan made to the Company from proceeds of the Bonds, a sum equal
to the amount due and payable on each applicable Bond Payment Date as principal or purchase price of and premium, if any, and interest
on, the Bonds (“Loan Repayments”). Such Loan Repayments shall be made in federal funds or other funds immediately available
at the Corporate Trust Office of the Trustee at least one Business Day prior to each applicable Bond Payment Date. Each Loan Repayment
shall be sufficient to pay the total amount of interest and principal (whether at maturity or upon redemption, tender or acceleration)
and premium, if any, becoming due and payable on the Bonds on the applicable Bond Payment Date.

 

(b)            The
Company further agrees to pay the Issuance Costs for the Bonds, including the Trustee’s fees and expenses (including fees and expenses
of legal counsel) incurred prior to the Closing Date or otherwise in connection with the execution and delivery of this Loan Agreement
and the issuance of the Bonds.

 

(c)            The
Company will pay the reasonable, documented and out-of-pocket post-closing administrative fees and expenses, including reasonable legal
and accounting fees and expenses, incurred by (i) the Issuer in connection with the issuance of the Bonds (but without duplication
of clause (b) above) and the performance by the Issuer of any and all of its functions and duties under this Loan Agreement or the
Indenture, including, but not limited to, all duties which may be required of the Issuer by the Trustee and the Bondholders, and (ii) the
Trustee’s out-of-pocket fees and expenses (including fees and expenses of legal counsel) with respect to administration of the
Bonds and the Indenture.

 

(d)            On
the close of business on the Business Day prior to any Bond Payment Date, in the event the balances in the Interest Account and/or the
Principal Account are insufficient for the purposes thereof, as required by Section 602(c) of the Indenture the Trustee shall
promptly notify the Company of the amount of any such deficiency at which time the Company shall immediately pay such amount by such
Bond Payment Date to make up such deficiency.

 

(e)            The
Company agrees to make up any deficiencies in the Bond Fund upon receipt of notice of any such deficiency from the Trustee as soon as
practicable and in all cases before the next succeeding Bond Payment Date.

 

Section 4.2.      Payments
Assigned.     It is understood and agreed that the Notes and all payments thereon, as well as the Issuer’s
rights under this Loan Agreement, except the Issuer’s Unassigned Rights, are assigned by or in accordance with the Indenture to
the Trustee. The Company consents to such assignment and, subject to the terms of this Loan Agreement, agrees to pay to the Trustee all
amounts payable by the Company to the Issuer pursuant to the Notes and this Loan Agreement (except as aforesaid). The Issuer consents
to such payment by the Company and directs that all such amounts be paid directly to the Trustee.

 

    	 	33	 

     

    

 

Section 4.3.      Default
in Payments. If the Company should (a) fail to make any Loan Repayment required pursuant to Section 4.1 when due, or (b) fail
to make any other payment hereunder when due after being notified in writing of such failure by the Issuer or the Trustee, then the Company
shall pay interest with respect to such delinquent payments thereon at a rate per year equal to the highest rate borne by any maturity
of the Bonds; provided the Company shall not be obligated to pay any interest in excess of the maximum rate permitted by applicable law.

 

Section 4.4.      Obligations
of Company Unconditional. The obligation of the Company to make the payments on the Notes to the Trustee and to perform and observe
all other covenants, conditions and agreements hereunder shall be a general obligation of the Company without setoff, diminution or deduction
(whether from taxes or otherwise) and shall be absolute and unconditional, irrespective of any defense (other than defense of payment)
or any rights of setoff, recoupment or counterclaim it might otherwise have against the Issuer or the Trustee. Unless and until all amounts
due under this Loan Agreement and the Notes have been satisfied in full (other than contingent indemnification obligations for which
no claim has been made) the Company shall not suspend or discontinue any such payment on the Notes or hereunder or fail to observe and
perform any of its other covenants, conditions and agreements hereunder for any cause, including, without limitation, failure of the
Company to complete the Project, any acts or circumstances that may constitute an eviction or constructive eviction, failure of consideration,
failure of title to any part or all of the Facility, or commercial frustration of purpose, or any damage to or destruction or condemnation
of all or any part of the Facility, or any change in the tax or other laws of the United States of America, the State or any political
subdivision of either, or any failure of the Issuer or the Trustee to observe and perform any covenant, condition or agreement, whether
express or implied, or any duty, liability or obligation arising out of or in connection with the Indenture or this Loan Agreement. The
Company may, after giving to the Issuer and the Trustee 10 days’ written notice of its intention to do so, at its own expense and
in its own name, prosecute or defend any action or proceeding or take any other action involving third persons which the Company deems
reasonably necessary in order to secure or protect any of its rights hereunder or the rights of the Issuer under the Indenture; and in
such event the Issuer, subject to payment by the Company of the Issuer’s reasonable, documented and out-of-pocket costs and expenses,
shall cooperate fully with the Company and take all necessary action to assist the Company with any such action or proceeding if the
Company shall so request.

 

ARTICLE 5

COVENANTS

 

Section 5.1.      Undertaking
of Facility; Permits; Maintenance and Modification. The Company shall (a) use, maintain and operate the Facility, or cause it
to be used, maintained and operated, in good repair in all material respects in accordance with accepted industry standards applicable
to similar facilities, subject to ordinary wear and tear and obsolescence, (b) comply with all laws, ordinances, rules and
regulations of any governmental authority affecting the Facility to which the Company or the Facility is subject, (c) obtain and
maintain all licenses and governmental permits and approvals necessary to construct and operate the Facility, and (d) in the event
that the Company makes any modifications, replacements and renewals of and to the Facility, cause any such additions, modifications or
improvements to comply with all applicable federal, State and local laws and codes. It is agreed and understood that any renewals, replacements,
additions, modifications and improvements to the Facility shall become part of the Facility.

 

Section 5.2.      Taxes,
Other Governmental Charges, Utility Charges.

 

(a)            Except
as provided in Section 5.2(b), the Company shall pay, as the same become due, all taxes, assessments, impositions and governmental
charges of any kind whatsoever, foreseen and unforeseen, and any other charges that may be lawfully assessed, levied or imposed on the
payments under the Note and this Loan Agreement and with respect to the Facility. Except as provided in Section 5.2(b), the Company
shall pay as the same become due all utility, water and sewer and other charges incurred in the operation, maintenance, use and occupancy
of the Facility and all assessments and charges lawfully made by any governmental body for public improvements to the Facility.

 

    	 	34	 

     

    

 

(b)            The
Company may allow to exist any Indebtedness for any such tax, assessment, charge, levy or claim, as long as such tax, assessment, charge,
levy or claim is being contested in good faith by appropriate proceedings and the Company shall have established and maintained adequate
reserves for the payment of the same.

 

(c)            The
Company shall pay all costs of any maintenance, repair, taxes, assessments, insurance premiums, Trustee’s fees and expenses (including
the fees and expenses of legal counsel) and any other expenses relating to the Facility, so that the Issuer will not incur any expenses
on account of the Facility other than those that are covered by the payments provided for herein.

 

Section 5.3.      Insurance.
The Company, at its expense, shall procure and maintain insurance policies issued by such insurance companies, in such amounts, in
such form and substance, and with such coverages, endorsements, deductibles and expiration dates selected by Company, including property,
construction, flood, business interruption, commercial general liability, environmental, and such other insurance as is commercially
reasonable for a project of the scope, size, and operation of the Facility.

 

Section 5.4.      Limitation
on Transactions Prohibited Under ERISA. The Company shall not, for so long as there are any outstanding amounts under this Loan Agreement
or the Note, enter into any transactions or liabilities which would be prohibited under the Employee Retirement Income Security Act of
1974 (“ERISA”).

 

Section 5.5.      Maintenance
of Properties. The Company will cause all properties used or useful in the conduct of its business or the business of any Restricted
Subsidiary of the Company to be maintained and kept in good condition, repair and working order and supplied with all necessary equipment
and will cause to be made all necessary repairs, renewals, replacements, betterments and improvements thereof all as in the judgment
of the Company may be necessary so that the business carried on in connection therewith may be properly and advantageously conducted
at all times; provided, however, that nothing in this Section shall prevent the Company from discontinuing the operation or maintenance
of any of such properties if such discontinuance is, in the judgment of the Company desirable in the conduct of its business or the business
of any Restricted Subsidiary of the Company and not disadvantageous in any material respect to the holders of the Bonds.

 

Section 5.6.      Maintenance
of Ratings. The Company agrees to use commercially reasonable efforts to maintain a rating on the Bonds from at least two of the
following three agencies: Moody’s, S&P and Fitch.

 

Section 5.7.      Limitation
on Liens.

 

The Company will not and
will not permit any of its Restricted Subsidiaries to, create, incur, assume or otherwise cause or suffer to exist or become effective
any Lien of any kind (other than Permitted Liens) securing Indebtedness upon any of their property or assets, now owned or hereafter
acquired, unless the Notes or any Subsidiary Guarantee of such Restricted Subsidiary, as applicable, is secured on an equal and ratable
basis with (or on a senior basis (to at least the same extent as the Notes are senior in right of payment) to, in the case of obligations
subordinated in right of payment to the Notes or such Subsidiary Guarantee, as the case may be) the obligations so secured until such
time as such obligations are no longer secured by a Lien. Any Lien created for the benefit of the Holders of the Notes pursuant to the
preceding sentence shall provide by its terms that such Lien shall be automatically and unconditionally released and discharged upon
the release and discharge of the initial Lien.

 

    	 	35	 

     

    

 

Section 5.8.      Limitation
on Asset Sales.

 

(a)            The
Company will not, and will not permit any of its Restricted Subsidiaries to, consummate an Asset Sale unless:

 

(i)            the
Company (or a Restricted Subsidiary, as the case may be) receives consideration at the time of the Asset Sale at least equal to the fair
market value, determined as of the date of the agreement with respect thereto, of the assets or Equity Interests issued or sold or otherwise
disposed of; and

 

(ii)            at
least 75% of the aggregate consideration received by the Company and its Restricted Subsidiaries in the Asset Sale and all other Asset
Sales since the Closing Date, on a cumulative basis, is in the form of cash or Cash Equivalents. For purposes of this provision, each
of the following will be deemed to be cash:

 

(A)            any
liabilities, as shown on the Company’s or any Restricted Subsidiary’s most recent balance sheet, of the Company or such Restricted
Subsidiary (other than contingent liabilities and liabilities that are by their terms subordinated to the Notes or any Subsidiary Guarantee)
that are (1) assumed by the transferee of any such assets pursuant to an agreement that releases the Company or such Restricted
Subsidiary from further liability (or in lieu of such a release, the agreement of the acquiror or its parent company to indemnify and
hold the Company or such Restricted Subsidiary harmless from and against any loss, liability or cost in respect of such assumed Indebtedness
or liabilities), or (2) delivered, contributed or transferred to the Company as consideration for or otherwise in connection with
any such Asset Sale, which is promptly thereafter terminated or otherwise cancelled;

 

(B)            any
securities, notes or other obligations received by the Company or any Restricted Subsidiary from such transferee that are, within 180
days after the Asset Sale, converted by the Company or such Subsidiary into cash, to the extent of the cash received in that conversion;

 

(C)            any
stock or assets of the kind referred to in clause (ii), (iii) or (v) of Section 5.8(b); and

 

(D)            any
Designated Noncash Consideration received by the Company or such Restricted Subsidiary in such Asset Sale having an aggregate fair market
value, taken together with all other Designated Noncash Consideration received since the Closing Date pursuant to this clause (D) that
at the time has not been converted to cash, not to exceed the greater of (x) $100.0 million and (y) 5.0% of Consolidated
Net Tangible Assets at the time of the receipt of such Designated Noncash Consideration, with the fair market value of each item of Designated
Noncash Consideration being measured at the time received and without giving effect to subsequent changes in value.

 

    	 	36	 

     

    

 

(b)            Within
365 days after the receipt of any Net Proceeds from an Asset Sale, the Company or any Restricted Subsidiary may apply those Net Proceeds
at its option to any combination of the following:

 

(i)             to
repay, repurchase or redeem Senior Debt;

 

(ii)            to
acquire all or substantially all of the properties or assets of a Person primarily engaged in a Permitted Business;

 

(iii)           to
acquire a majority of the Voting Stock of a Person primarily engaged in a Permitted Business;

 

(iv)           to
make capital expenditures; or

 

(v)            to
acquire other long-term assets that are used or useful in a Permitted Business.

 

(c)            The
acquisition of stock or assets, or making of a capital expenditure, pursuant to clauses (ii), (iii), (iv) or (v) of Section 5.8(b) shall
be deemed to be satisfied if an agreement (including a lease, whether a capital lease or an operating lease) committing to make the acquisitions
or expenditure referred to therein is entered into by the Company or any Restricted Subsidiary within the time period specified in Section 5.8(b) and
such Net Proceeds are subsequently applied in accordance with such agreement within six months following the date such agreement is entered
into.

 

(d)            Pending
the final application of any Net Proceeds, the Company or any Restricted Subsidiary may invest the Net Proceeds in any manner that is
not prohibited by this Loan Agreement. Any Net Proceeds from Asset Sales that are not applied or invested as provided in the preceding
paragraph will constitute “Excess Proceeds.”

 

Section 5.9.      Restricted
Payments.

 

(a)            The
Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly (all such payments and other actions
set forth in these clauses (i) through (iv) below being collectively referred to as “Restricted Payments”):

 

(i)            declare
or pay any dividend or make any other payment or distribution on account of the Company’s or any of its Restricted Subsidiaries’
Equity Interests (including any payment in connection with any merger or consolidation involving the Company or any of its Restricted
Subsidiaries) or to the direct or indirect holders of the Company’s or any of its Restricted Subsidiaries’ Equity Interests
in their capacity as such (other than dividends or distributions payable in Equity Interests (other than Disqualified Stock) of the Company
or payable to the Company or a Restricted Subsidiary of the Company);

 

(ii)            purchase,
redeem or otherwise acquire or retire for value (including in connection with any merger or consolidation involving the Company) any
Equity Interests of the Company or any direct or indirect parent of the Company held by any Person (other than a Restricted Subsidiary)
other than through the exchange therefor solely of Equity Interests (other than Disqualified Stock) of the Company;

 

    	 	37	 

     

    

 

(iii)            make
any payment on or with respect to, or purchase, redeem, defease or otherwise acquire or retire for value any Indebtedness that is subordinated
in right of payment to the Notes or the Subsidiary Guarantees (excluding any intercompany Indebtedness between or among the Company and
any of its Restricted Subsidiaries), except a payment of interest or principal at the Stated Maturity thereof (other than a purchase,
redemption or other acquisition or retirement for value of any such subordinated Indebtedness that is so purchased, redeemed or otherwise
acquired or retired for value in anticipation of satisfying a sinking fund obligation, principal installment or payment at final maturity,
in each case due within twelve months of the date of such purchase, redemption or other acquisition or retirement for value); or

 

(iv)            make
any Restricted Investment, unless, at the time of and after giving effect to such Restricted Payment:

 

(A)            no
Payment Default or Event of Default has occurred and is continuing or would occur as a consequence of such Restricted Payment;

 

(B)            the
Company’s Fixed Charge Coverage Ratio at the time of such Restricted Payment after giving pro forma effect thereto (including a
pro forma application of the net proceeds therefrom) as if such Restricted Payment had been made at the beginning of the applicable Test
Period would have been at least 1.75 to 1.0; and

 

(C)            such
Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Company and its Restricted Subsidiaries
after the Closing Date (excluding Restricted Payments permitted by clauses (ii) through (xv) of Section 5.9(b)) is less
than the amount equal to the Cumulative Credit.

 

“Cumulative Credit” means
the sum, without duplication, of:

 

(1)            100%
of the Company’s cumulative Consolidated Cash Flow for the period (taken as one accounting period) commencing with the first day
of the fiscal quarter during which the Closing Date occurs to the end of the most recent fiscal quarter for which financial statements
are available minus the amount equal to 140% of the Company’s cumulative Fixed Charges for such period; plus

 

(2)            100%
of the aggregate net cash proceeds received by the Company, or the fair market value of any Permitted Business or long-term assets that
are used or useful in a Permitted Business to the extent acquired in consideration of Equity Interests of the Company (other than (x) Disqualified
Stock or Designated Preferred Stock, (y) Excluded Contributions and (z) net cash proceeds received from an issuance or sale
of such Equity Interests to a Subsidiary of the Company or an employee stock ownership plan, option plan or similar trust is financed
by loans from or Guaranteed by the Company or any Restricted Subsidiary (unless such loans have been repaid with cash on or prior to
the date of determination) or from the issue or sale of convertible or exchangeable Disqualified Stock or convertible or exchangeable
debt securities of the Company that have been converted into or exchanged for such Equity Interests (other than Equity Interests (or
Disqualified Stock or debt securities) sold to a Restricted Subsidiary of the Company), plus

 

    	 	38	 

     

    

 

(3)            to
the extent not already included in Consolidated Net Income for such period, if any Restricted Investment that was made by the Company
or any of its Restricted Subsidiaries after the Reference Date is sold (other than to the Company or any Restricted Subsidiary) or otherwise
cancelled, liquidated or repaid 100% of the aggregate amount received in cash and the fair market value of the property or assets received
by the Company or any Restricted Subsidiary with respect to such Restricted Investment resulting from such sale, liquidation or repayment
(less any out of pocket costs incurred in connection with any such sale); plus

 

(4)            the
amount by which Indebtedness of the Company or its Restricted Subsidiaries, or the liquidation preference or maximum fixed repurchase
price, as the case may be, of any Disqualified Stock of the Company or its Restricted Subsidiaries, is reduced on the Company’s
consolidated balance sheet to the extent it is reduced upon the conversion or exchange (other than by a Restricted Subsidiary of the
Company) subsequent to the Closing Date of any such Indebtedness or Disqualified Stock for Equity Interests (other than Disqualified
Stock) of the Company or any parent thereof (less the amount of any cash, or the fair market value of any other property (other than
such Equity Interests), distributed by the Company upon such conversion or exchange and excluding the net cash proceeds from the conversion
or exchange financed, directly or indirectly, using funds borrowed from the Company or any Subsidiary), together with the net proceeds,
if any, received by the Company or any of its Restricted Subsidiaries upon such conversion or exchange; plus

 

(5)            to
the extent that any Unrestricted Subsidiary of the Company is redesignated as a Restricted Subsidiary pursuant to the terms of the indenture
or is merged or consolidated with or into, or transfers or otherwise disposes of all or substantially all of its properties or assets
to or is liquidated into, the Company or a Restricted Subsidiary after the Closing Date, the fair market value of the Company’s
Investment (except to the extent the designation of such Subsidiary as an Unrestricted Subsidiary constituted a Permitted Investment)
in such Subsidiary (or of the properties or assets disposed of, as applicable) as of the date of such redesignation, merger, consolidation,
transfer, disposition or liquidation; plus

 

(6)            100%
of the aggregate amount received in cash and the fair market value of property other than cash received by the Company or any Restricted
Subsidiary from any dividend or distribution received after the Closing Date from an Unrestricted Subsidiary of the Company, to the extent
that such dividends or distributions were not otherwise included in the Consolidated Net Income of the Company for such period.

 

(b)            The
preceding provisions will not prohibit:

 

(i)             the
payment of any dividend or distribution or redemption within 60 days after the date of its declaration or notice, if at the date of declaration
or notice the payment would have complied with the provisions of this Loan Agreement;

 

(ii)            the
purchase, redemption, defeasance or other acquisition or retirement of any Indebtedness of the Company or any Guarantor that is subordinate
in right of payment to the Notes or such Guarantor’s Subsidiary Guarantee thereof or of any Equity Interests of the Company or
any Restricted Subsidiary in exchange for, or out of the net cash proceeds of the substantially concurrent (A) contribution (other
than from a Restricted Subsidiary of the Company) to the equity capital of the Company in respect of or (B) sale or issuance (other
than to a Restricted Subsidiary of the Company) of, Equity Interests of the Company (other than Disqualified Stock), with a sale or issuance
being deemed substantially concurrent if such redemption, repurchase, retirement, defeasance or other acquisition occurs not more than
120 days after such sale or issuance;

 

    	 	39	 

     

    

 

(iii)            the
purchase, redemption, defeasance or other acquisition or retirement of Indebtedness of the Company or any Guarantor that is subordinate
in right of payment to the Notes or such Guarantor’s Subsidiary Guarantee thereof or Disqualified Stock of the Company or any Guarantor
with the net cash proceeds from an incurrence of, or in exchange for, Permitted Refinancing Indebtedness;

 

(iv)            the
payment of any dividend or distribution by a Restricted Subsidiary of the Company to the holders of its Equity Interests on a pro rata
basis;

 

(v)            so
long as no Payment Default or Event of Default shall have occurred and be continuing or would result therefrom, the purchase, redemption
or other acquisition or retirement for value of any Equity Interests of the Company or any Restricted Subsidiary of the Company pursuant
to any equity subscription agreement or equity option agreement or other employee benefit plan or to satisfy obligations under any Equity
Interests appreciation rights or option plan or similar arrangement, in each case for the benefit of employees, officers or directors
of the Company or any Affiliate thereof; provided, that the aggregate price paid for all such purchased, redeemed, acquired or
retired Equity Interests may not exceed $10.0 million in any calendar year (with unused amounts in any calendar year being carried over
to succeeding calendar years and added to such amount) plus (A) the cash proceeds received during such calendar year by the Company
or any of its Restricted Subsidiaries from the sale of the Equity Interests of the Company (other than Disqualified Stock) to any such
directors or employees plus (B) the cash proceeds of key man life insurance policies received during such calendar year by
the Company and its Restricted Subsidiaries;

 

(vi)            the
purchase, redemption or other acquisition or retirement for value of Indebtedness that is subordinated or junior in right of payment
to the Notes or a Subsidiary Guarantee at a purchase price not greater than (A) 101% of the principal amount of such subordinated
or junior Indebtedness and accrued and unpaid interest thereon in the event of a Change of Control or (B) 100% of the principal
amount of such subordinated or junior Indebtedness and accrued and unpaid interest thereon in the event of an Asset Sale, in each case
plus accrued interest, in connection with any offer to purchase similar to a Change of Control Offer or Asset Sale Offer required by
the terms of such Indebtedness, but only if:

 

(1)            in
the case of a Change of Control, the Company has first complied with and fully satisfied its obligations under Section 5.16; or

 

(2)            in
the case of an Asset Sale, the Company has complied with and fully satisfied its obligations in accordance with Section 5.8;

 

(vii)            the
purchase, redemption or other acquisition or retirement for value of Equity Interests of the Company or any Restricted Subsidiary representing
fractional shares of such Equity Interests in connection with a merger or consolidation involving the Company or Restricted Subsidiary
or any other transaction permitted by this Loan Agreement;

 

    	 	40	 

     

    

 

(viii)         the
purchase, redemption or other acquisition or retirement for value of Equity Interests deemed to occur upon the exercise or conversion
of stock options, warrants or other convertible securities if such Equity Interests represents a portion of the exercise or conversion
price thereof;

 

(ix)           so
long as no Payment Default or Event of Default is occurred and is continuing, the declaration and payment of regularly scheduled or accrued
dividends to holders of any class or series of Disqualified Stock or Designated Preferred Stock of the Company or any Preferred Stock
of any Restricted Subsidiary of the Company issued on or after the Closing Date; provided the Company was, at the time of issuance
of such Disqualified Stock, Designated Preferred Stock or Preferred Stock of a Restricted Subsidiary after giving pro forma effect thereto
(including pro forma application of the use of proceeds therefrom) permitted to incur at least $1.00 of additional Indebtedness pursuant
to the Fixed Charge Coverage Ratio test described in Section 5.11(a);

 

(x)             the
purchase, redemption or other acquisition or retirement for value of any Equity Interests of the Company or any Restricted Subsidiary
held by any current or former officers, directors or employees of the Company or any of its Restricted Subsidiaries in connection with
the exercise or vesting of any equity compensation (including stock options, restricted stock and phantom stock) in order to satisfy
any tax withholding obligation with respect to such exercise or vesting;

 

(xi)            the
purchase, redemption or other acquisition or retirement for value of any Acquired Debt of the Company or any Guarantor that is subordinated
or junior in right of payment to the Notes or such Guarantor’s Subsidiary Guarantee, as the case may be; provided, the Company
would, at the time of such Restricted Payment and after giving pro forma effect thereto as if Restricted Payment had been made at the
beginning of the applicable four-quarter period, have been permitted to incur at least $1.00 of additional Indebtedness pursuant to the
Fixed Charge Coverage Ratio test set forth in the first paragraph of Section 4.09(a);

 

(xii)           payments
or distributions to dissenting stockholders pursuant to applicable law, pursuant to or in connection with a consolidation, amalgamation,
merger or transfer of all or substantially all of the assets of the Company and the Restricted Subsidiaries, taken as a whole, that complies
with the covenant set forth in Section 7.3;

 

(xiii)          Restricted
Payments in an amount not to exceed the aggregate amount of Excluded Contributions;

 

(xiv)          Restricted
Payments in an aggregate amount not to exceed $125.0 million; and

 

(xv)           Additional
Restricted Payments so long as, after giving pro forma effect to the payment of any such Restricted Payment, the Consolidated Total Leverage
Ratio shall be no greater than 3.25 to 1.0.

 

(c)            The
amount of all Restricted Payments (other than cash) will be the fair market value on the date of the Restricted Payment of the Restricted
Investment proposed to be made or the asset(s) or securities proposed to be transferred or issued by the Company or such Restricted
Subsidiary, as the case may be, pursuant to the Restricted Payment. The fair market value of any non-cash Restricted Investment, assets
or securities that are required to be valued by this Section 5.9 shall be determined, in the case of amounts under $25.0 million,
by an officer of the Company and, in the case of amounts over $25.0 million, by the Board of Directors of the Company, whose determination
shall be evidenced by a Board Resolution. For purposes of determining compliance with this Section 5.9, in the event that a Restricted
Payment meets the criteria of more than one of the exceptions described in clauses (i) through (xv) of Section 5.9(b),
the Company shall be permitted, in its sole discretion, to classify such Restricted Payment, or later classify, reclassify or re-divide
all or a portion of such Restricted Payment, in any manner that complies with this Section 5.9.

 

    	 	41	 

     

    

 

Section 5.10.     Limitations
on Dividend and Other Payment Restrictions Affecting Subsidiaries

 

(a)            The
Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create or permit to exist or become
effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary to:

 

(i)             pay
dividends or make any other distributions on its Capital Stock to the Company or any of its Restricted Subsidiaries, or pay any Indebtedness
or other obligations owed to the Company or any of its Restricted Subsidiaries (it being understood that the priority of any Preferred
Stock in receiving dividends or liquidating distributions prior to dividends or liquidating distributions being paid on common Capital
Stock shall not be deemed a restriction on the ability to make distributions on Capital Stock);

 

(ii)            make
loans or advances to the Company or any of its Restricted Subsidiaries (it being understood that the subordination of loans or advances
made to the Company or any Restricted Subsidiary to other Indebtedness incurred by the Company or any Restricted Subsidiary shall not
be deemed a restriction on the ability to make loans or advances); or

 

(iii)            transfer
any of its properties or assets to the Company or any of its Restricted Subsidiaries; provided that preferences on payments of
dividends or distributions in Preferred Stock will not be deemed to constitute a restriction under the foregoing.

 

(b)            However,
the preceding restrictions of Section 5.10(a) will not apply to encumbrances or restrictions existing under or by reason of:

 

(i)             agreements
(including the Credit Agreement) as in effect on the Closing Date and any amendments, modifications, restatements, renewals, increases,
supplements, refundings, replacements or refinancings of those agreements or the Indebtedness to which they relate, provided that the
amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings are not materially
more restrictive, taken as a whole, with respect to such dividend, distribution and other payment and transfer restrictions than those
contained in those agreements on the Closing Date;

 

(ii)            this
Loan Agreement, the Notes and the Subsidiary Guarantees;

 

(iii)            Applicable
Law;

 

    	 	42	 

     

    

 

(iv)            any
instrument of a Person acquired by the Company or any of its Restricted Subsidiaries as in effect at the time of such acquisition, which
encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person, or the
property or assets of the Person, so acquired, provided that, in the case of any instrument governing Indebtedness, such Indebtedness
was otherwise permitted by the terms of this Loan Agreement to be incurred;

 

(v)            Finance
Lease Obligations, mortgage financings or purchase money obligations, in each case for property acquired in the ordinary course of business
that impose restrictions on that property of the nature described in clause (iii) of Section 5.10(a);

 

(vi)           any
agreement for the sale or other disposition of all or substantially all the Capital Stock or assets of a Restricted Subsidiary of the
Company as to restrictions on distributions by that Restricted Subsidiary pending its sale or other disposition or other customary restrictions
pursuant thereto;

 

(vii)          Indebtedness
that Refinances other Indebtedness; provided that the restrictions contained in the agreements governing such refinancing Indebtedness
are not materially more restrictive, taken as a whole, than those contained in the agreements governing the Indebtedness being Refinanced,
as determined in good faith by the Company;

 

(viii)          Liens
securing Indebtedness otherwise permitted to be incurred under the provisions of Section 5.7 that limit the right of the debtor
to dispose of the assets subject to such Liens;

 

(ix)           customary
provisions with respect to the disposition or distribution of assets or property in joint venture agreements, asset sale agreements,
stock sale agreements and other similar agreements or other customary provisions;

 

(x)            any
agreement or instrument relating to any property or assets acquired after the Closing Date, so long as such encumbrance or restriction
relates only to the property or assets so acquired and is not and was not created in anticipation of such acquisitions;

 

(xi)            restrictions
on cash, Cash Equivalents or other deposits or net worth imposed by customers under contracts entered into in the ordinary course of
business;

 

(xii)           any
other agreement governing Indebtedness or Disqualified Stock or Preferred Stock of the Company or any Guarantor that is permitted to
be incurred or issued by Section 5.11; provided, that such encumbrances or restrictions either (a) are not materially
more restrictive, taken as a whole, than those contained in the Indenture or the Credit Agreement or this Loan Agreement as it exists
on the Closing Date, or (b) in the good faith judgment of a responsible officer of the Company, would not reasonably be expected
to have a material adverse effect on the Company’s ability to make required payments on the Notes;

 

(xiii)          encumbrances
and restrictions contained in contracts entered into in the ordinary course of business not relating to any Indebtedness and that do
not, individually or in the aggregate, detract from the value of, or from the ability of the Company and the Restricted Subsidiaries
to realize the value of, property or assets of the Company or any Restricted Subsidiary in any manner material to the Company or any
Restricted Subsidiary; and

 

    	 	43	 

     

    

 

(xiv)          Hedging
Contracts permitted from time to time under this Loan Agreement.

 

Section 5.11.     Limitation
on Incurrence of Indebtedness and Issuance of Preferred Stock

 

(a)            The
Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue, assume, guarantee
or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”) any
Indebtedness (including Acquired Debt), the Company will not, and will not permit any of its Restricted Subsidiaries to, issue any Disqualified
Stock, and the Company will not permit any of its Restricted Subsidiaries to issue any Preferred Stock; provided, that the Company
and any of its Restricted Subsidiaries may incur Indebtedness (including Acquired Debt) or issue Disqualified Stock or Preferred Stock,
if, for the Company’s most recently ended Test Period immediately preceding the date on which such additional Indebtedness is incurred
or such Disqualified Stock or Preferred Stock are issued, the Fixed Charge Coverage Ratio would have been at least 2.0 to 1.0, determined
on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been incurred
or Disqualified Stock or Preferred Stock had been issued, as the case may be, at the beginning of such Test Period.

 

(b)            Section 5.11(a) will
not prohibit the incurrence or issuance of any of the following items of Indebtedness or Disqualified Stock or Preferred Stock (collectively,
 “Permitted Debt”) described below:

 

(i)             the
incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness (including letters of credit) under one or more Credit
Facilities, provided that, after giving effect to any such incurrence, the aggregate principal amount of all Indebtedness incurred
under this clause (i) (with letters of credit being deemed to have a principal amount equal to the maximum potential liability of
the Company and its Subsidiaries thereunder) and then outstanding does not exceed the greater of (A) $825.0 million, (B) the
maximum principal amount of Indebtedness such that, as of the date any such Indebtedness was incurred and after giving pro forma effect
thereto, the Consolidated Secured Leverage Ratio would not exceed 3.0 to 1.0, or, without duplication, any Permitted Refinancing Indebtedness
incurred with respect to Indebtedness incurred under this clause (i)(B) and (C) the sum of $250.0 million and 35% of the
Company’s Consolidated Net Tangible Assets as of the date of incurrence; provided, that for the purpose of determining the
amount of Indebtedness that may be incurred under clause (i)(B), all Indebtedness incurred under this clause (i) shall
be treated as secured Indebtedness and included in the calculation of the Consolidated Secured Leverage Ratio;

 

(ii)            the
incurrence by the Company or its Restricted Subsidiaries of the Existing Indebtedness;

 

(iii)           the
incurrence by the Company and the Guarantors of Indebtedness represented by the Note and the related Subsidiary Guarantees issued on
the Closing Date;

 

(iv)           the
incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness represented by Finance Lease Obligations, mortgage financings
or purchase money obligations, in each case, incurred for the purpose of financing all or any part of the purchase price or cost of construction
or improvement of property, plant or equipment used in the business of the Company or such Restricted Subsidiary, including all Permitted
Refinancing Indebtedness incurred to extend, refinance, renew, replace, defease or refund any Indebtedness incurred pursuant to this
clause (iv), provided that after giving effect to any such incurrence, the principal amount of all Indebtedness incurred pursuant
to this clause (iv) and then outstanding does not exceed the greater of (a) $175.0 million or (b) 10.0% of the Company’s
Consolidated Net Tangible Assets as of the date of incurrence;

 

    	 	44	 

     

    

 

(v)            the
incurrence or issuance by the Company or any of its Restricted Subsidiaries of Permitted Refinancing Indebtedness in exchange for, or
the net proceeds of which are used to, extend, refinance, renew, replace, defease or refund Indebtedness or Disqualified Stock that was
permitted by this Loan Agreement to be incurred under Section 5.11(a) or clause (ii), (iii), (xii) or (xvii) of this
Section 5.11(b) or this clause (v);

 

(vi)            the
incurrence by the Company or any of its Restricted Subsidiaries of intercompany Indebtedness between or among the Company and any of
its Restricted Subsidiaries; provided, that:

 

(A)            if
the Company is the obligor on such Indebtedness and a Guarantor is not the obligee, such Indebtedness must be expressly subordinated
to the prior payment in full in cash of all Obligations with respect to the Note, or if a Guarantor is the obligor on such Indebtedness
and neither the Company nor another Guarantor is the obligee, such Indebtedness must be expressly subordinated to the prior payment in
full in cash of all Obligations with respect to the Subsidiary Guarantee of such Guarantor; and

 

(B)            (1) any
subsequent issuance or transfer of Equity Interests that results in any such Indebtedness being held by a Person other than the Company
or a Restricted Subsidiary of the Company and (2) any sale or other transfer of any such Indebtedness to a Person that is neither
the Company nor a Restricted Subsidiary of the Company will be deemed, in each case, to constitute an incurrence (as of the date of such
issuance or transfer) of such Indebtedness by the Company or such Restricted Subsidiary, as the case may be, that was not permitted by
this clause (vi);

 

(vii)            the
issuance by any of the Company’s Restricted Subsidiaries to the Company or to any of its Restricted Subsidiaries of any Preferred
Stock; provided, that:

 

(A)            any
subsequent issuance or transfer of Equity Interests that results in any such Preferred Stock being held by a Person other than the Company
or a Restricted Subsidiary of the Company; and

 

(B)            any
sale or other transfer of any such Preferred Stock to a Person that is not either the Company or a Restricted Subsidiary of the Company
shall be deemed, in each case, to constitute an issuance (as of the date of such issuance, sale or transfer) of such Preferred Stock
by such Restricted Subsidiary that was not permitted by this clause (vii);

 

(viii)            the
incurrence by the Company or any of its Restricted Subsidiaries of obligations under Hedging Contracts in the ordinary course of business
and not for speculative purposes;

 

    	 	45	 

     

    

 

(ix)           the
guarantee by the Company or any of its Restricted Subsidiaries of Indebtedness of the Company or any of its Restricted Subsidiaries that
was permitted to be incurred by another provision of this Section 5.11;

 

(x)            the
incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness in respect of self-insurance, bid, performance, surety
and similar bonds issued for the account of the Company and any of its Restricted Subsidiaries in the ordinary course of business, including
guarantees and obligations of the Company or any of its Restricted Subsidiaries with respect to letters of credit supporting such obligations
(in each case other than an obligation for money borrowed);

 

(xi)           the
issuance by any of the Company’s Restricted Subsidiaries to the Company or to any of its Restricted Subsidiaries of any Disqualified
Stock or Preferred Stock; provided, that:

 

(A)           any
subsequent issuance or transfer of Equity Interests that results in any such Disqualified Stock or Preferred Stock being held by a Person
other than the Company or a Restricted Subsidiary of the Company; and

 

(B)            any
sale or other transfer of any such Disqualified Stock or Preferred Stock to a Person that is not either the Company or a Restricted Subsidiary
of the Company shall be deemed, in each case, to constitute an issuance of such Disqualified Stock or Preferred Stock by such Restricted
Subsidiary or the Company, as applicable, that was not permitted by this clause (xi);

 

(xii)          the
incurrence by the Company or any of its Restricted Subsidiaries of Acquired Debt in connection with a merger, acquisition or consolidation
satisfying either one of the financial tests set forth in Section 7.3(a)(iv);

 

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

 

(xiv)         the
incurrence of Indebtedness or the issuance of Disqualified Stock or Preferred Stock of any of the Company and the Restricted Subsidiaries
to the extent the net proceeds thereof are concurrently (a) used to redeem all of the outstanding Notes or (b) deposited to
effect Covenant Defeasance or Legal Defeasance or satisfy and discharge the Indenture;

 

(xv)         the
incurrence of Indebtedness of the Company or any of its Restricted Subsidiaries consisting of the financing of insurance premiums in
customary amounts consistent with the operations and business of the Company and the Restricted Subsidiaries;

 

(xvi)         the
incurrence by the Company or any of its Restricted Subsidiaries of liability in respect of Indebtedness of any Unrestricted Subsidiary
or any Joint Venture but only to the extent that such liability is the result of (a) the Company’s or any such Restricted
Subsidiary’s being a general partner or member of, or owner of an Equity Interest in, such Unrestricted Subsidiary or Joint Venture
and not as guarantor of such Indebtedness and provided that after giving effect to any such incurrence, the aggregate principal amount
of all Indebtedness incurred under this clause (xvi) and then outstanding does not exceed $25.0 million or (b) the pledge of
(or a Guarantee limited in recourse solely to) Equity Interests in such Unrestricted Subsidiary or Joint Venture held by the Company
or such Restricted Subsidiary to secure such Indebtedness and solely to the extent such Indebtedness constitutes Non-Recourse Debt;

 

    	 	46	 

     

    

 

(xvii)        the
incurrence by the Company or any of its Restricted Subsidiaries of additional Indebtedness or the issuance by the Company or any of its
Restricted Subsidiaries of Preferred Stock or Disqualified Stock; provided that, after giving effect to any such incurrence or
issuance, the aggregate principal amount of all Indebtedness incurred and Disqualified Stock issued under this clause (xvii) and
then outstanding does not exceed the greater of (a) $150.0 million or (b) 7.5% of the Company’s Consolidated Net Tangible
Assets as of the date of incurrence or issuance;

 

(xviii)       Indebtedness
incurred by the Company or any of its Restricted Subsidiaries to the extent that the net proceeds thereof are promptly deposited with
the Trustee to satisfy and discharge the Note or exercise the Company’s defeasance options in accordance with the Indenture; and

 

(xix)         Non-Recourse
Debt of any Excluded Project Subsidiary.

 

For purposes of determining
compliance with this Section 5.11, in the event that an item of Indebtedness or Disqualified Stock or Preferred Stock (including
Acquired Debt) meets the criteria of more than one of the categories of Permitted Debt described in clauses (i) through (xix) above,
or is entitled to be incurred pursuant to Section 5.11(a), the Company will be permitted to classify (or later classify or reclassify
in whole or in part in its sole discretion) such item of Indebtedness or Disqualified Stock or Preferred Stock in any manner (including
by dividing and classifying such item of Indebtedness or Disqualified Stock or Preferred Stock in more than one type of Indebtedness
or Disqualified Stock or Preferred Stock permitted under such covenant) that complies with this Section 5.11. The dollar equivalent
principal amount of any Indebtedness denominated in a foreign currency and incurred pursuant to any dollar-denominated restriction on
the incurrence of Indebtedness shall be calculated based on the relevant exchange rates in effect at the time of incurrence. Any Indebtedness
under the Credit Agreement outstanding on the date on which the Notes are first issued and authenticated hereunder shall be considered
incurred under Section 5.11(b)(i), subject to any subsequent classification or reclassification permitted pursuant to this paragraph.

 

The accrual of interest,
the accretion or amortization of original issue discount, the accretion of principal with respect to a non-interest bearing or other
discount security, the payment of interest on any Indebtedness in the form of additional Indebtedness with the same terms, and the payment
of dividends on Disqualified Stock or Preferred Stock in the form of additional shares of the same class of Disqualified Stock or Preferred
Stock will not be deemed to be an incurrence of Indebtedness or an issuance of Disqualified Stock or Preferred Stock for purposes of
this Section 5.11. For purposes of this Section 5.11, (i) the accrual of an obligation to pay a premium in respect of
Indebtedness or Disqualified Stock or Preferred Stock arising in connection with the issuance of a notice of redemption or making of
a mandatory offer to purchase such Indebtedness or Disqualified Stock or Preferred Stock and (ii) unrealized losses or charges in
respect of Hedging Contracts (including those resulting from the application of ASC-815) will, in case of clause (i) or (ii), not
be deemed to be an incurrence of Indebtedness or issuance of Disqualified Stock or Preferred Stock. Further, the accounting reclassification
of any obligation or Disqualified Stock or Preferred Stock of the Company or any of its Restricted Subsidiaries as Indebtedness or Disqualified
Stock or Preferred Stock will not be deemed an incurrence of Indebtedness or issuance of Disqualified Stock or Preferred Stock for purposes
of this Section 5.11.

 

For purposes of determining
any particular amount of Indebtedness under this Section 5.11, (x) guarantees of, or obligations in respect of letters of credit
relating to, Indebtedness otherwise included in the determination of such amount shall not also be included and (y) if obligations
in respect of letters of credit are incurred pursuant to a Credit Facility and are being treated as incurred pursuant to clause (i) of
the definition of “Permitted Debt” and the letters of credit relate to other Indebtedness, then such other Indebtedness shall
not be included.

 

    	 	47	 

     

    

 

Section 5.12.     Limitations
on Transactions with Affiliates.

 

(a)            The
Company will not, and will not permit any of its Restricted Subsidiaries to, make any payment to, or sell, lease, transfer or otherwise
dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction,
contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate of the Company, in each case,
other than any such transaction or series of transactions that does not involve consideration in excess of $10.0 million (each, an “Affiliate
Transaction”), unless:

 

(i)             the
Affiliate Transaction is on terms, taken as a whole, that are no less favorable to the Company or the relevant Restricted Subsidiary
than those that would have been obtained in a comparable transaction by the Company or such Restricted Subsidiary with an unrelated Person
or, if in the good faith judgment of the Board of Directors of the Company, no comparable transaction is available with which to compare
such Affiliate Transaction, such Affiliate Transaction is otherwise fair to the Company or the relevant Restricted Subsidiary from a
financial point of view and when such transaction is taken in its entirety; and

 

(ii)            the
Company delivers to the Trustee, with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate
consideration in excess of $35.0 million, an Officers’ Certificate certifying that such Affiliate Transaction complies with this
Section 5.12 and that such Affiliate Transaction has been approved by the Board of Directors of the Company, including a majority
of the disinterested members of the Board of Directors of the Company or the Company’s conflicts committee (or other committee
serving similar function), if any.

 

(b)            The
following items will not be deemed to be Affiliate Transactions and, therefore, will not be subject to the provisions of Section 5.12(a):

 

(i)             any
employment, severance, employee benefit, director or officer indemnification, equity award, equity option or equity appreciation or other
compensation agreement or plan entered into by the Company or any of its Restricted Subsidiaries in the ordinary course of business and
payments, awards, grants or issuances of securities pursuant thereto (including any of the foregoing for the benefit of employees, officer
and directors of Affiliates of the Company);

 

(ii)            transactions
between or among any of the Company and its Restricted Subsidiaries (including Excluded Project Subsidiaries);

 

(iii)            transactions
with a Person that is an Affiliate of the Company solely because the Company owns, directly or through a Restricted Subsidiary, an Equity
Interest in, or otherwise controls, such Person;

 

(iv)           transactions
effected in accordance with (A) the terms of agreements or arrangements in effect on the Closing Date, (B) any amendment or
replacement of any of such agreements or (C) any agreements entered into hereafter that are similar to any of such agreements, so
long as, in the case of clause (B) or (C), the terms of any such amendment or replacement agreement or future agreement are, on
the whole either not materially less advantageous to the Company or not materially less favorable to the Holders than the agreement so
amended or replaced or the similar agreement referred to in the preceding clause (A), respectively;

 

    	 	48	 

     

    

 

(v)            customary
compensation, indemnification and other benefits made available to officers, directors or employees of the Company or a Restricted Subsidiary
or Affiliate of the Company, including reimbursement or advancement of out-of-pocket expenses and provisions of officers’ and directors’
liability insurance;

 

(vi)           sales
of Equity Interests (other than Disqualified Stock) to Affiliates of the Company, or receipt by the Company of capital contributions
from holders of its Equity Interests, or payments to Affiliates with respect to Indebtedness of the Company or any Restricted Subsidiary
in accordance with its terms, provided that the Affiliate is treated no more favorably than other holders of such Indebtedness;

 

(vii)          Permitted
Investments or Restricted Payments that are permitted by Section 5.9;

 

(viii)         (A) guarantees
by the Company or any of its Restricted Subsidiaries of performance of obligations of Unrestricted Subsidiaries or Joint Ventures in
the ordinary course of business, except for guarantees of Indebtedness in respect of borrowed money, and (B) pledges by the Company
or any Restricted Subsidiary of Capital Stock in Unrestricted Subsidiaries or Joint Ventures for the benefit of lenders or other creditors
of Unrestricted Subsidiaries or Joint Ventures as contemplated by the definition of “Permitted Liens”;

 

(ix)            transactions
between the Company and any Person, a director of which is also a director of the Company; provided, that such director abstains
from voting as a director of the Company on any matter involving such other Person; and

 

(x)            any
transaction in which the Company or any of its Restricted Subsidiaries, as the case may be, delivers to the Trustee a letter from an
Independent Advisor stating that such transaction is fair to the Company or such Restricted Subsidiary from a financial point of view
or that such transaction meets the requirements of Section 5.12(a);

 

(xi)            advances
to or reimbursements of expenses incurred by employees for moving, entertainment and travel expenses and similar expenditures in the
ordinary course of business; and

 

(xii)           in
the case of contracts for supplies, raw materials, inventory or other goods or services or activities reasonably related or ancillary
thereto, or other operational contracts, any such contracts are entered into in the ordinary course of business on terms substantially
similar to those contained in similar contracts entered into by the Company or any Restricted Subsidiary and third parties, or if neither
the Company nor any Restricted Subsidiary has entered into a similar contract with a third party, then the terms are no less favorable
than those that would reasonably be expected to be available from third parties on an arm’s-length basis.

 

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Section 5.13.     Additional
Subsidiary Guaranties(a)     . If, after the Closing Date, any Restricted Subsidiary of the Company
that is not already a Guarantor guarantees any other Indebtedness of the Company or any Guarantor under this Loan Agreement or any other
Credit Facility of the Company in excess of $5.0 million, then the Company shall cause that Subsidiary will become a Guarantor by executing
a supplemental guarantee substantially in the form attached to this Loan Agreement and delivering it to the Trustee within 20 Business
Days of the date on which it guaranteed or incurred such Indebtedness, as the case may be, together with any Officers’ Certificate
or Opinion of Counsel required by the Indenture or the Loan Agreement; provided, that the preceding shall not apply to Subsidiaries
of the Company that have properly been designated as Unrestricted Subsidiaries in accordance with this Loan Agreement for so long as
they continue to constitute Unrestricted Subsidiaries. To the extent any Restricted Subsidiary guarantee of other Indebtedness is released,
and such Restricted Subsidiary has also entered into a Subsidiary Guarantee with respect to the Bonds, such Subsidiary Guarantee with
respect to the Bonds shall automatically be released without any further act by the Trustee, Restricted Subsidiary or any other person
or entity concurrently with the release of such guarantee on other Indebtedness. Each of the Trustee, the Company, and the Restricted
Subsidiary shall execute and deliver such documents as may be reasonably requested by any other party hereto in connection with such
release of a guarantee on other Indebtedness. Notwithstanding the preceding, any Subsidiary Guarantee of a Restricted Subsidiary that
was incurred pursuant to this paragraph will be subject to the limitations and provisions, including the release provisions of Article 9
hereof.

 

Section 5.14.     Designation
of Restricted and Unrestricted Subsidiaries

 

(a)            The
Company may designate any Restricted Subsidiary of the Company to be an Unrestricted Subsidiary if that designation would not cause an
Event of Default hereunder. If a Restricted Subsidiary of the Company is designated as an Unrestricted Subsidiary, the aggregate fair
market value of all outstanding Investments owned by the Company and its Restricted Subsidiaries in the Subsidiary properly designated
will either be deemed to be an Investment made as of the time of the designation that will reduce the amount available for Restricted
Payments under Section 5.9 or represent Permitted Investments, as determined by the Company. That designation shall only be permitted
if the Investment would be permitted at that time and if the Subsidiary so designated otherwise meets the definition of an Unrestricted
Subsidiary.

 

(b)            The
Company may at any time designate any Unrestricted Subsidiary to be a Restricted Subsidiary of the Company; provided that such
designation will be deemed to be an incurrence of Indebtedness by a Restricted Subsidiary of the Company of any outstanding Indebtedness
of such Unrestricted Subsidiary and such designation will only be permitted if (1) such Indebtedness is permitted under Section 5.11,
either as “Permitted Debt” or pursuant to the first paragraph thereof with the Fixed Charge Coverage Ratio, calculated on
a pro forma basis as if such designation had occurred at the beginning of the applicable Test Period, and (2) no Default or Event
of Default would be in existence following such designation.

 

Section 5.15.     Existence(a)     .
Except as otherwise permitted pursuant to the terms hereof (including consolidation and merger permitted by Section 7.3), the
Company shall do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence, and
the corporate, partnership or other existence of each of its Restricted Subsidiaries, in accordance with the respective organizational
documents (as the same may be amended from time to time) of the Company or any such Restricted Subsidiary; provided, that the
Company shall not be required to preserve the existence of any of its Restricted Subsidiaries if the Company shall determine that the
preservation thereof is no longer desirable in the conduct of the business of the Company and its Restricted Subsidiaries taken as a
whole and that the loss thereof is not adverse in any material respect to the Holders of the Bonds.

 

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Section 5.16.     Change
of Control

 

(a)            Upon
the occurrence of a Change of Control Triggering Event, unless the Company has directed the Issuer to exercise the option to redeem the
applicable Series of Bonds as described in Section 302 of the Indenture, the Company shall make a Change of Control Offer to
each Owner of such Series of Bonds to repurchase all or any part (equal to $5,000 or an integral multiple thereof) of that Owner’s
Bonds. In the Change of Control Offer, the Company shall be required to offer the Change of Control Payment. Notice shall be given pursuant
to Section 1501 of the Indenture.

 

(b)            On
the Change of Control Payment Date, the Company shall, to the extent lawful:

 

(i)             accept
for payment all Bonds of that Series or portions of Bonds of that Series properly tendered pursuant to the Change of Control
Offer;

 

(ii)            deposit
with the Paying Agent an amount equal to the Change of Control Payment in respect of all Bonds of that Series or portions of Bonds
of that Series properly tendered; and

 

(iii)           deliver
or cause to be delivered to the Trustee the Bonds of that Series properly accepted together with a certificate signed by an
Authorized Issuer Representative stating the aggregate principal amount of Bonds of that Series or portions of Bonds of that Series being
repurchased.

 

(c)            The
Company shall not be required to make a Change of Control Offer upon the occurrence of a Change of Control Triggering Event if a third
party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company
and the third party repurchases all Bonds of that Series properly tendered and not withdrawn under its offer.

 

(d)            The
Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder
to the extent those laws and regulations are applicable in connection with the repurchase of the Bonds of that Series as a result
of a Change of Control Triggering Event. To the extent that the provisions of any such securities laws or regulations conflict with the
Change of Control Offer provisions of the Bonds of that Series, the Company shall comply with those securities laws and regulations and
shall not be deemed to have breached its obligations under the Change of Control Offer provisions of the Bonds of that Series by
virtue of any such conflict.

 

Section 5.17.     Senior
Debt.

 

(a)            The
Company covenants that it will comply in all material respects with the 2026 Notes within any grace period for any obligation thereunder;
provided, that the Company’s cure of any failure pursuant to the 2026 Notes shall be deemed to cure for all purposes any breach
of this covenant.

 

(b)            The
Notes shall be Senior Debt of the Company. The Company shall cause all claims of the Issuer or the Trustee against the Company under
the Indenture and Loan Agreement to rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors,
except for any obligations held by those whose claims are preferred by statute or pursuant to applicable law.

 

    	 	51	 

     

    

 

(c)            To
the extent that the 2026 Notes are refinanced with 2026 Refinancing Notes, the general covenants and events of default contained in the
2026 Refinancing Notes (or any subsequent similar refinancing thereof) shall supersede the corresponding provisions contained in this
Loan Agreement to the extent the same are more or less stringent than such existing provisions.

 

(d)            If
the covenants or events of default in this Loan Agreement are altered pursuant to Section 5.17(c), the Company will provide notice
of such new covenants or events of defaults in the same manner in which it posts “Significant Events” pursuant to the Continuing
Disclosure Agreement executed by the Company in connection with the issuance of the Series 2022 Bonds.

 

ARTICLE 6

DAMAGE, DESTRUCTION AND CONDEMNATION

 

Section 6.1.       Damage,
Destruction and Condemnation. In the event that (i) the Facility is damaged or destroyed by fire or other casualty and the Company
has determined that it will not repair, restore or rebuild the Facility, in its sole discretion; or (ii) the use of all or a substantial
part of the Facility shall have been taken under the exercise of the power of eminent domain by any governmental body or by any person,
firm or corporation acting under governmental authority, and by virtue of such taking or takings, the normal operation of the Facility
will thereby be prevented in the Company’s opinion, the Company shall promptly give written notice of such circumstance to the
Issuer and the Trustee with reasonable detail.

 

ARTICLE 7

SPECIAL COVENANTS

 

Section 7.1.       Inspection
of Facility. In the event of failure of the Company to perform its obligations under Section 5.1, the Issuer, the Trustee and
their duly authorized agents shall have the right (but not the obligation) at all reasonable times, upon reasonable notice to the Company,
to enter upon any part of the Facility and to examine and inspect the same as may be reasonably necessary, and the Issuer, the Trustee
and their duly authorized agents shall also have the right (but not the obligation) at all reasonable times to examine the books and
records of the Company insofar as such books and records relate to the installation, construction, and operation of the Facility; provided
that, in no event shall the Issuer, the Trustee or their agents be entitled to access information regarding the profitability of the
Facility or the Company other than any information that has been filed pursuant to (or is required to be filed pursuant to) the Securities
Act or to trade secrets or other proprietary information of the Company. If the Company so elects, a representative of the Company shall
be present at any such examination or inspection.

 

Section 7.2.       Release
and Indemnification Covenants.

 

(a)            The
Company agrees to pay, defend, protect, indemnify, and hold each of the Issuer Indemnified Parties and the Trustee Indemnified Parties
harmless for, from and against any and all Liabilities directly or indirectly arising from or relating to the Notes, this Loan Agreement
and the Project and any and all Liabilities directly or indirectly arising from or relating to the Bonds, the Indenture, or any document
related to the issuance and sale of the Bonds, including, but not limited to, the following:

 

(i)            Any
injury to or death of any person or damage to property in or upon the Facility or growing out of or connected with the use, non-use,
condition, or occupancy of the Facility or any part thereof;

 

(ii)            Violation
of any agreement, covenant, or condition of any of the Loan Agreement, the Note or any of the other agreements, certificates, contracts
or instruments executed by the Company in connection with the issuance of the Bonds or the financing or refinancing of a portion of the
expenses associated with the Project;

 

    	 	52	 

     

    

 

(iii)           Violation
of any agreement, contract, or restriction relating to the Project;

 

(iv)           Violation
of any agreement, covenant, or condition of any of the Loan Agreement, the Note or any of the other agreements, certificates, contracts
or instruments executed by the Company in connection with the issuance of the Bonds or the financing or refinancing of a portion of the
expenses associated with the Project;

 

(v)            The
issuance and sale of the Bonds;

 

(vi)           Any
environmental condition related to the Facility;

 

(vii)          Any
statement, information, or certificate furnished by the Company to the Issuer or the Trustee that is misleading, untrue, incomplete,
or incorrect in any respect; and

 

(viii)         The
acceptance and administration of this Loan Agreement and the Indenture.

 

(b)            The
Company also agrees to pay, defend, protect, indemnify, and hold each of the Issuer Indemnified Parties and the Trustee Indemnified Parties
harmless for, from, and against any and all Liabilities directly or indirectly arising from or relating to (i) any errors or omissions
of any nature whatsoever contained in any legal proceedings or other official representation or inducement made to the Issuer by or on
behalf of the Company pertaining to the Bonds, (ii) any Company fraud or misrepresentations or omissions contained in the proceedings
of the Issuer relating to the issuance of the Bonds or pertaining to the financial condition of the Company that, if known to the original
purchaser of the Bonds could reasonably be considered a factor in such Person’s decision to purchase the Bonds and (iii) from
any and against all liabilities, losses, actions, suits or proceedings at law or in equity, and any other expenses, fees or charges of
any character or nature, (including, without limitation, attorney’s fees and expenses and the costs of enforcement of this Loan
Agreement or any provision thereof), which Trustee Indemnified Parties or Issuer Indemnified Parties may incur or with which it may be
threatened by reason of acting as or on behalf of the Indemnified Parties under this Loan Agreement, except to the extent the same shall
have been finally adjudicated by a court by a court of competent jurisdiction to have been directly caused by the Indemnified Parties
gross negligence or willful misconduct. The terms of this indemnity shall survive the termination of this Loan Agreement or the earlier
resignation or removal of the Trustee. Provided, however, nothing in this subsection shall be deemed to provide the Issuer with indemnification
for the Issuer’s omissions or misstatements contained in any offering statement related to the Bonds under the headings “THE
ISSUER” and “LITIGATION-The Issuer” as it relates to the Issuer.

 

(c)            Subsections
(a) and (b) above are intended to provide indemnification to each Issuer Indemnified Party and Trustee Indemnified Party for
his or her active or passive negligence or misconduct; provided, however, nothing in subsections (a) and (b) above shall be
deemed to provide indemnification to any Issuer Indemnified Party or any Trustee Indemnified Party with respect to any Liabilities arising
from the successful allegation of fraud, gross negligence, or willful misconduct of such party.

 

    	 	53	 

     

    

 

(d)            Any
party entitled to indemnification hereunder shall notify the Company of the existence of any claim, demand, or other matter to which
the indemnification obligation of the Company applies, and shall give the Company a reasonable opportunity to defend the same at its
own expense and with counsel satisfactory to the Issuer Indemnified Party and Trustee Indemnified Party, as applicable, provided that
the Issuer Indemnified Party and Trustee Indemnified Party shall at all times also have the right to fully participate in the defense.
If the Issuer Indemnified Party or Trustee Indemnified Party is advised by counsel that there may be legal defenses available to either
of them that are different from or in addition to those available to the Company or if the Company shall, after receiving notice of the
indemnification obligation of the Company and within a period of time necessary to preserve any and all defenses to any claim asserted,
fails to assume the defense or to employ counsel for that purpose satisfactory to the Issuer Indemnified Party and Trustee Indemnified
Party, as applicable, the Issuer Indemnified Party and Trustee Indemnified Party, as applicable, shall have the right, but not the obligation,
to undertake the defense of, and to compromise or settle the claim or other matter on behalf of, for the account of, and at the expense
and risk of, the Company.

 

(e)            The
Company shall be responsible for the counsel fees, costs, and expenses of the Issuer Indemnified Parties or the Trustee Indemnified Parties
in conducting its defense.

 

(f)            Notwithstanding
the foregoing, the Company shall not be considered an “Indemnified Party” for purposes of this Section.

 

(g)            The
obligations of the Company under this Section shall survive the termination of this Loan Agreement and the resignation or removal
of the Trustee.

 

Section 7.3.       Merger
or Consolidation

 

(a)            The
Company may not, directly or indirectly, (x) consolidate or merge with or into another Person (whether or not the Company is the
survivor), or (y) sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets
in one or more related transactions to another Person, unless:

 

(i)             either
(A) the Company is the survivor or (B) the Person formed by or surviving any such consolidation or merger (if other than the
Company) or to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made is a Person organized
or existing under the laws of the United States, any state of the United States or the District of Columbia;

 

(ii)            the
Person formed by or surviving any such consolidation or merger (if other than the Company) or the Person to which such sale, assignment,
transfer, lease, conveyance or other disposition shall have been made assumes all the obligations of the Company under the Note and this
Loan Agreement pursuant to a supplemental loan agreement;

 

(iii)            immediately
after such transaction no Default or Event of Default exists;

 

(iv)           either

 

(A)            the
Company or the Person formed by or surviving any such consolidation or merger (if other than the Company), or to which such sale, assignment,
transfer, lease, conveyance or other disposition shall have been made will, on the date of such transaction immediately after giving
pro forma effect thereto and to any related financing transactions as if the same had occurred at the beginning of the applicable Test
Period, be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in
Section 5.11(a); or

 

    	 	54	 

     

    

 

(B)            immediately
after giving effect to such transaction and any related financing transactions on a pro forma basis as if the same had occurred at the
beginning of the applicable Test Period, the Fixed Charge Coverage Ratio of the Company or the Person formed by or surviving any such
consolidation or merger (if other than the Company), or to which such sale, assignment, transfer, lease, conveyance or other disposition
has been made, will be equal to or greater than the Fixed Charge Coverage Ratio of the Company immediately before such transactions;
and

 

(v)            the
Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation,
merger or disposition and such supplemental loan agreement (if any) comply with this Loan Agreement and the opinion shall state the obligations
under such supplemental loan agreement constitute the legal, valid and binding obligations of the Company; provided, that such
counsel may rely, as to matters of fact, on a certificate or certificates of officers of the Company.

 

(b)            Notwithstanding
the restrictions described in Section 7.3(a)(iii) or 7.3(a)(iv), (i) any Restricted Subsidiary may consolidate with, merge
into or dispose of all or part of its properties and assets to the Company or any Restricted Subsidiary or (ii) the Company may
consolidate or merge with or into a Subsidiary of the Company, in each case, without the Company being required to comply with Section 7.3(a)(iii) or
Section 7.3(a)(iii) in connection with any such consolidation, merger or disposition.

 

(c)            Upon
any consolidation or merger or any disposition of all or substantially all of the properties or assets of the Company in accordance with
Section 7.3(a) and (b) above, in which the Company is not the surviving entity, the surviving entity formed by such consolidation
or into which the Company is merged or to which such disposition is made shall succeed to, and be substituted for, and may exercise every
right and power of, the Company under the indenture and the notes with the same effect as if such surviving entity had been named as
such, and thereafter (except in the case of a lease of all or substantially all of its properties or assets) the Company will be relieved
of all obligations and covenants under this Loan Agreement and the Note.

 

Section 7.4.       Financial
Records and Statements. The books and records of the Company shall be kept, and the financial position and the results of its operations
recorded, in accordance with GAAP. The books and records regarding the Company’s transactions shall be appropriate and adequate
for the Company’s business.

 

Section 7.5.       Tax
Covenants.

 

The Company represents and
covenants that it will comply with the Tax Certificate and Agreement and will not take any action or omit to take any action, or permit
to be taken or omitted, which action or omission will adversely affect the exclusion from gross income of the interest on the Tax-Exempt
Bonds for federal income tax purposes, and in the event of such action or omission, it will, promptly upon having such brought to its
attention, take such reasonable actions based upon an Opinion of Bond Counsel, and in all cases at the sole expense of the Company, as
may rescind or otherwise negate such action or omission.

 

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Section 7.6.       Reference
to Bonds Ineffective After Bonds Paid. Upon Payment of the Bonds and upon payment of all obligations under this Loan Agreement, all
references in this Loan Agreement to the Bonds and the Trustee shall be ineffective, and neither the Trustee nor the holders of any of
the Bonds shall thereafter have any rights hereunder except as provided in Section 7.2 and 7.5 hereof and except with regard to
payments of any documented, out of pocket reasonable fees and expenses of the Issuer by the Company in accordance with this Loan Agreement.

 

Section 7.7.       Notification
Upon Event of Default; Notice of Suits; Notice of Bankruptcy.

 

(a)            The
Company shall promptly notify the Trustee and the Issuer in writing upon the occurrence of any Default or Event of Default of which the
Company has knowledge and shall notify the Issuer and the Trustee of any breach of any covenant contained herein. The Trustee shall have
no duty or be obligated or liable for the monitoring of the Company’s compliance with its agreement herein.

 

(b)            The
Company shall notify the Trustee and the Issuer in writing as soon as it has knowledge of any material actions, suits or proceedings
at law, in equity or before or by any governmental authority, pending or, to its knowledge, threatened in writing, materially and adversely
affecting the ability of the Company to perform its obligations hereunder, or materially and adversely impacting the validity or enforceability
of the Note or this Loan Agreement.

 

(c)            The
Company shall notify the Trustee and the Issuer (i) in writing within two days if a petition in bankruptcy is filed by the Company
or (ii) within 30 days if a petition in bankruptcy is filed against the Company, in either case as debtor under the federal bankruptcy
laws or other proceedings are commenced with respect to the Company under other applicable bankruptcy, reorganization or insolvency laws,
as now or hereafter constituted.

 

Section 7.8.       Compliance
with Indenture. The Issuer will perform all of its agreements in the Indenture, and, except for the assignment of this Loan Agreement
(excluding the Issuer’s Unassigned Rights) pursuant to the Indenture, will not convey its interest in this Loan Agreement. The
Company covenants and agrees to do all things within its power in order to comply with and to enable the Issuer to comply with all requirements
and to fulfill all covenants of the Indenture insofar as the same relate to or are applicable to the Company (including but not limited
to payment of the documented, out of pocket, reasonable fees and expenses, including reasonable legal fees and expenses, of the Trustee).
The Issuer agrees that it will not amend or supplement the Indenture so as to increase the burdens or liabilities of the Company or affect
the rights of the Company without the prior written consent of the Company. The Company hereby agrees that it has received an executed
copy of the Indenture and that it is familiar with its provisions, and the Company hereby approves the terms and provisions of the Indenture
and the Series 2022 Bonds.

 

Section 7.9.       Further
Assurances.

 

(a)            The
Company agrees to provide the notices and certificates to the Issuer and the Trustee, as appropriate, in accordance with the provisions
relating to redemption of the Bonds under certain circumstances as set forth in Article III of the Indenture.

 

(b)            The
Company agrees to provide all notices and certificates to the Issuer and the Trustee as appropriate, that are required under the Indenture
in accordance with the terms thereof.

 

    	 	56	 

     

    

 

ARTICLE 8

EVENTS OF DEFAULT AND REMEDIES

 

Section 8.1.       Events
of Default. Each of the following events shall be an Event of Default:

 

(a)            Failure
of the Company to make any payment on any Note when the same becomes due and payable; or

 

(b)            Failure
of the Company to observe and perform any of its payments (other than the payments specified in clause (a) above), covenants, conditions
or agreements under this Loan Agreement for a period of 30 days after receipt of notice from the Issuer or the Trustee to the Company,
specifying such failure and requesting that it be remedied, provided that, if such failure is not susceptible of cure within 30 days
and the Company has commenced and is diligently pursuing a cure, such 30 day period shall be extended for so long as is reasonably necessary
to cure such failure; or

 

(c)            a
default occurs under any mortgage, indenture or instrument under which there is issued or by which there is secured or evidenced any
Indebtedness (other than the payments specified in clause (a) above) for money borrowed by the Company or any of its Restricted
Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), whether such Indebtedness
or guarantee now exists or is created after the Closing Date, if such default:

 

(i)             is
caused by a failure to pay principal of, or interest or premium, if any, on such Indebtedness prior to the expiration of any grace period
provided in such Indebtedness (a “Payment Default”); or

 

(ii)            results
in the acceleration of such Indebtedness prior to its Stated Maturity,

 

(d)            (i) Commencement
by the Company of a voluntary case under the federal bankruptcy laws, as now or hereafter constituted, or any other applicable federal
or state bankruptcy, insolvency or other similar law, (ii) consent by the Company to the appointment of a receiver, liquidator,
assignee, trustee, custodian, sequestrator or other similar official for the Company or any substantial part of its property, or to the
taking possession by any such official of any substantial part of the property of the Company, (iii) making by the Company of any
assignment for the benefit of creditors, or (iv) taking of any other action by the Company, in furtherance of any of the foregoing;
or

 

(e)            The
(i) entry against the Company of any decree for relief or order for relief by a court having jurisdiction over the Company or its
property in an involuntary case under the federal bankruptcy laws, as now or hereafter constituted, or any other applicable federal or
state bankruptcy, insolvency or other similar law, (ii) appointment of a receiver, liquidator, assignee, trustee, custodian, sequestrator
or similar official for the Company, or any substantial part of its property, or (iii) entry of any order for the termination or
liquidation of the Company or its affairs; or

 

(f)            Failure
of the Company, within 60 days after the commencement of any proceedings against it under the federal bankruptcy laws or any other applicable
federal or state bankruptcy, insolvency or similar law, to have such proceedings dismissed or stayed; or

 

    	 	57	 

     

    

 

(g)            Any
warranty or representation of the Company contained in this Loan Agreement, the Indenture or the Tax Certificate and Agreement or in
any instrument furnished in connection with the issuance or sale of any series of Bonds was false or misleading in any material respect
at the time it was made or delivered, and the adverse effect of any such warranty or representation is not cured within 30 days of notice
thereof from the Issuer or the Trustee to the Company; or

 

(h)            An
Event of Default has occurred and is continuing under Sections 1001(a) or (b) of the Indenture, which has not been cured or
waived in accordance with the terms of the Indenture.

 

The provisions of subsection
(b) and (h) above are subject to the limitation that if by reason of force majeure the Company is unable in whole or in part
to observe and perform any of its covenants, conditions or agreements contained hereunder, other than its payment obligations and other
obligations contained in Sections 4.1, 5.3, 7.2, 7.3, 7.5 or 10.1 hereof, the Company shall not be deemed in default during the continuance
of such inability. The term “force majeure” as used herein shall include without limitation acts of God; strikes, lockouts
or other industrial disturbances; acts of public enemies; orders of any kind of the government of the United States of America or the
State or any political subdivision thereof or any of their departments, agencies or officials, or any civil or military authority; insurrections;
riots; epidemics and pandemics, including a surge in COVID-19 cases; landslides; lightning; earthquake; fire; hurricanes; tornadoes;
storms; floods; washouts; droughts; arrests; restraint of government and people; civil disturbances; explosions; breakage or accident
to machinery, transmission pipes or canals; partial or entire failure of utilities; or any other cause or event not reasonably within
the control of the Company. The Company shall remedy with all reasonable dispatch the cause or causes preventing the Company from carrying
out its covenants, conditions and agreements, provided that the settlement of strikes, lockouts and other industrial disturbances shall
be entirely within the discretion of the Company, and the Company shall not be required to make settlement of strikes, lockouts and other
industrial disturbances by agreeing to the demands of any opposing party when such course is in the judgment of the Company unfavorable
to the Company.

 

Notwithstanding anything
herein to the contrary, a Determination of Taxability shall not result in or constitute an Event of Default if Section 10.1 is complied
with.

 

Section 8.2.       Remedies.
Upon the occurrence of an Event of Default, and at any time thereafter during the continuation of such Event of Default, the Issuer
(in the case of the Issuer’s Unassigned Rights in the event of a failure of the Trustee to act under this subsection) and the Trustee,
as assignee of the Issuer, may (but shall not be obligated to) exercise any right or remedy available to it in law or equity to enforce
all other rights under this Loan Agreement and the Trustee may (but shall not be obligated to) take one or more of the following remedial
steps; and in the event that as a result of such Event of Default, the Trustee declares the principal amount of all Bonds then outstanding,
together with any accrued and unpaid interest thereon, to be immediately due and payable under Article X of the Indenture, the Trustee
shall take the remedial step set forth in Section 8.2(a) hereof:

 

(a)            declare
the principal of, and all interest then accrued on, the loan to be forthwith due and payable, whereupon the same shall forthwith become
due and payable without presentment, demand, protest, notice of default, notice of acceleration, or of intention to accelerate or other
notice of any kind (other than notice of such declaration) all of which the Company hereby expressly waive, anything contained in the
Loan Agreement to the contrary notwithstanding; provided that if any Event of Default specified in Sections 8.1(c), 8.1(d) or 8.1(e) shall
occur, the principal of, and all interest on, the loan shall automatically and immediately thereupon become due and payable concurrently
therewith, without any further action by the Issuer or Trustee, or any of them, and without presentment, demand, protest, notice of default,
notice of acceleration, or of intention to accelerate or other notice of any kind, all of which the Company expressly waives; or

 

    	 	58	 

     

    

 

(b)            take
any action at law or in equity to collect the payments then due and thereafter to become due hereunder or under the Note or to enforce
performance and observance of any obligation, agreement or covenant of the Company under this Loan Agreement; or

 

(c)            exercise
all rights and remedies provided for in the Indenture; or

 

(d)            after
prior written notice to the Company, unless the giving of such notice would prejudice the Trustee (as determined in its sole discretion),
perform for the account of the Company any covenant in the performance of which the Company is in default or make any payment for which
the Company is in default; provided that the Company shall pay to the Trustee upon demand any amount paid by the Trustee in the performance
of such covenant; and provided that any amounts which shall have been paid by reason of failure of the Company to comply with any covenant
or provision of this Loan Agreement, including reasonable legal counsel fees, incurred in connection with prosecution or defense of any
proceedings instituted by reason of default of the Company, shall bear interest at the Trustee’s announced prime rate plus two
(2%) percent or the highest rate permitted by law, whichever is less, from the date of payment by the Trustee until paid by the Company;
or

 

(e)            to
pay or perform any obligation on behalf of the Company in connection with the Project.

 

If any party shall have proceeded
to enforce this Loan Agreement by suit or action in equity or in law and such proceedings shall have been discontinued or abandoned for
any reason or shall have been determined adversely to such party, then the Company, the Issuer and the Trustee shall be restored respectively
to their several positions and rights hereunder, and all rights, remedies and powers of the Company, the Issuer and the Trustee shall
continue as though no such proceedings had taken place.

 

Section 8.3.       Additional
Remedies. In addition to the above rights and remedies, if an Event of Default occurs, the Issuer and the Trustee shall have the
right (but not the obligation) and remedy, without posting bond or other security, to have the provisions of this Loan Agreement specifically
enforced by any court having equity jurisdiction, it being acknowledged and agreed that any such Event of Default will cause irreparable
injury to the Issuer or the Trustee and that money damages will not provide an adequate remedy therefor.

 

Section 8.4.       Right
of Trustee to Exercise Remedies. The Company acknowledges that the Trustee, as the assignee of the Issuer’s rights hereunder,
has the right (but not the obligation) to exercise all rights and remedies set forth herein or otherwise available to the Issuer at law
or in equity.

 

Section 8.5.       Waiver
of Errors and Exemptions. The Company hereby waives and releases all errors, defects and imperfections whatsoever of a procedural
nature in the entering of any judgment or any process or proceedings arising out of this Loan Agreement or the Note and the benefit of
any law which now or hereafter might authorize the stay of any execution to be issued on any judgment recovered hereunder or the exemption
of any property from levy or sale thereunder.

 

Section 8.6.       No
Remedy Exclusive. No right or remedy herein conferred or reserved is intended to be exclusive of any other available rights and remedy
or remedies, but each and every such right and remedy shall be cumulative and shall be in addition to every other right and remedy given
under this Loan Agreement or now or hereafter existing at law or in equity or by statute. No delay or omission to exercise any right,
remedy, privilege or power accruing upon any default shall impair any such right, remedy, privilege or power or shall be construed to
be a waiver thereof, but any such right, remedy, privilege or power may be exercised from time to time and as often as may be deemed
expedient. No notice, other than such notice as may be required precedent to the exercise of any right or remedy hereunder or at law,
in equity or pursuant to statute, shall be required in connection with the exercise of any right or remedy hereunder.

 

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Section 8.7.       Agreement
to Pay Attorney’s Fees and Expenses. If the Company should default under any of the provisions of this Loan Agreement and either
the Issuer or the Trustee shall require and employ attorneys or incur other expenses for the collection of payments due or to become
due or for the enforcement or performance or observance of any obligation or agreement on the part of the Company herein contained, the
Company agrees that it will on demand therefor pay to the Issuer or the Trustee the fees of such attorneys incurred and such other expenses
so incurred, including any sums due the Trustee in its capacity as agent for the Issuer.

 

Section 8.8.       No
Waiver Implied. Any failure by the Issuer or the Trustee to insist upon the strict performance by the Company of any of the terms,
covenants, agreements, conditions and provisions hereof shall not be deemed to be a waiver of any of the terms, covenants, agreements,
conditions or provisions hereof, and notwithstanding any such failure, the Issuer and the Trustee shall have the right thereafter to
insist upon the strict performance by the Company of any and all of the terms, covenants, agreements, conditions and provisions of this
Loan Agreement. Neither the Company nor any other person now or hereafter obligated for the payment of the whole or any part of the sums
now or hereafter secured hereunder shall be relieved of such obligation by reason of the failure of the Issuer or the Trustee to comply
with any request of the Company or of any other person so obligated to take action to enforce any of the provisions of this Loan Agreement
or the extension of the time of payment hereunder or modifying the terms hereof and in the latter event, the Company and all such other
persons shall continue to be liable to make such payments according to the terms of any such agreement of extension or modification unless
expressly released and discharged in writing by the Issuer and the Trustee. No waiver of any breach of the Company of any of its obligations,
agreements or covenants hereunder shall be a waiver of any subsequent breach or of any other obligation, agreement or covenant, nor shall
any forbearance to seek a remedy for any breach by the Company be a waiver of any rights and remedies with respect to any subsequent
breach.

 

Section 8.9.       Waiver
of Trial by Jury. Each party hereto waives, to the extent allowed by law, trial by jury in any litigation in any court with respect
to, in connection with, or arising out of, this Loan Agreement, the Indenture, the Bonds, the Note, or any instrument delivered pursuant
to any of them or the validity, protection, interpretation, collection or enforcement thereof; provided that, as of the date of this
Loan Agreement, the Attorney General of the State has opined that the State and its political subdivisions cannot enter into a contract
to waive the right to trial by jury.

 

ARTICLE 9

GUARANTEES

 

Section 9.1.       Subsidiary
Guarantees.

 

(a)            Subject
to this Article 9, each of the Guarantors hereby, jointly and severally, unconditionally guarantees to the holder of each Note issued
by the Company hereunder (particularly to the Issuer and the Trustee), irrespective of the validity and enforceability of this Loan Agreement
or the Notes and the Obligations of the Company under the Notes or this Loan Agreement, that: (a) the principal and purchase price
of and interest and premium, if any, on the Notes will be promptly paid in full when due, subject to any applicable grace period, whether
at Stated Maturity, by acceleration, upon repurchase or redemption or otherwise, and interest on the overdue principal of and premium
and (to the extent permitted by law) interest on the Notes, and all other payment Obligations of the Company to the Issuer or the Trustee
under the Notes or this Loan Agreement will be promptly paid in full and performed, all in accordance with the terms hereof and thereof;
and (b) in case of any extension of time of payment or renewal of any Notes or any of such other Obligations, the same will be promptly
paid in full when due or performed in accordance with the terms of the extension or renewal, subject to any applicable grace period,
whether at Stated Maturity, by acceleration, upon repurchase or redemption or otherwise. Failing payment when so due of any amount so
guaranteed for whatever reason, the Guarantors will be jointly and severally obligated to pay the same immediately.

 

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(b)            The
Guarantors hereby agree that, except as expressly provided in this Article 9, their obligations hereunder shall be unconditional,
irrespective of the validity, regularity or enforceability of the Notes or this Loan Agreement, the absence of any action to enforce
the same, any waiver or consent by the Issuer or the Trustee with respect to any provisions hereof or thereof, the recovery of any judgment
against the Company, any action to enforce the same or any other circumstance (other than complete performance) which might otherwise
constitute a legal or equitable discharge or defense of a Guarantor. Each Guarantor further, to the extent permitted by law, hereby waives
diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Company, any
right to require a proceeding first against the Company, protest, notice and all demands whatsoever and covenants that its Subsidiary
Guarantee will not be discharged except by complete performance of the Obligations contained in the Notes and this Loan Agreement.

 

(c)            If
the Issuer or the Trustee is required by any court or otherwise to return to the Company or the Guarantors, the Issuer or the Trustee
or other similar official acting in relation to any of the Company or the Guarantors, any amount paid by the Company or any Guarantor
to the Issuer or the Trustee, the Subsidiary Guarantees, to the extent theretofore discharged, shall be reinstated in full force and
effect. Each Guarantor agrees that it shall not be entitled to, and hereby waives, any right of subrogation in relation to the Issuer
or the Trustee in respect of any Obligations guaranteed hereby.

 

(d)            Each
Guarantor further agrees that, as between the Guarantors, on the one hand, and the Issuer and the Trustee, on the other hand, (i) the
maturity of the Obligations guaranteed hereby may be accelerated as provided in this Loan Agreement, notwithstanding any stay, injunction
or other prohibition preventing such acceleration in respect of the Obligations guaranteed thereby, and (ii) in the event of any
declaration of acceleration of such Obligations as provided in this Loan Agreement, such Obligations (whether or not due and payable)
shall forthwith become due and payable by the Guarantor. The Guarantors shall have the right to seek contribution from any non-paying
Guarantor so long as the exercise of such right does not impair the rights of the Holders under the Subsidiary Guarantees.

 

Section 9.2.       Limitation
on Guarantor Liability. 

 

The obligations of each Guarantor
under its Subsidiary Guarantee will be limited to the maximum amount as will, after giving effect to all other contingent and fixed liabilities
of such Guarantor and after giving effect to any collections from or payments made by or on behalf of any other Guarantor in respect
of the obligations of such other Guarantor under its Subsidiary Guarantee or pursuant to its contribution obligations under this Loan
Agreement, result in the obligations of such Guarantor under its Subsidiary Guarantee not constituting a fraudulent conveyance or fraudulent
transfer under federal or state law and not otherwise being void or voidable under any similar laws affecting the rights of creditors
generally.

 

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Section 9.3.       Subsidiary
Guarantee Evidenced by Loan Agreement; No Notation of Subsidiary Guarantee. 

 

(a)            The
Subsidiary Guarantee of any Guarantor shall be evidenced solely by its execution and delivery of this Loan Agreement (or, in the case
of any Guarantor that is not party to this Loan Agreement on the Closing Date, a supplemental loan agreement) and not by an endorsement
on, or attachment to, any Note of any Subsidiary Guarantee or notation thereof. To effect any Subsidiary Guarantee of any Guarantor not
a party to this Loan Agreement on the Closing Date, such future Guarantor shall execute and deliver a supplemental loan agreement substantially
in the form of Exhibit E hereto, which supplemental loan agreement shall be executed and delivered on behalf of such
Guarantor by an Officer of such Guarantor.

 

(b)            Each
Guarantor hereby agrees that its Subsidiary Guarantee set forth in Section 9.1 shall be and remain in full force and effect notwithstanding
that an endorsement on any Note a notation of such Subsidiary Guarantee is not required pursuant to Section 9.3(a) above.

 

(c)            The
delivery of any Note by the Company, after the authentication thereof hereunder, shall constitute due delivery of the Subsidiary Guarantees
set forth in this Loan Agreement on behalf of each of the Guarantors.

 

Section 9.4.       Guarantors
May Consolidate, etc., on Certain Terms. 

 

(a)            No
Guarantor shall sell or otherwise dispose of all or substantially all of its properties or assets to, or consolidate with or merge with
or into (whether or not such Guarantor is the surviving Person), another Person (other than the Company or another Guarantor), unless,
(i) either (1) the Person acquiring the properties or assets in any such sale or other disposition or the Person formed by
or surviving any such consolidation or merger (if other than such Guarantor) unconditionally assumes all the obligations of such Guarantor,
pursuant to a supplemental loan agreement under the Notes, this Loan Agreement and its Subsidiary Guarantee, or (2) such transaction
does not violate the provisions of Section 5.8, and (ii) immediately after giving effect to such transaction, no Default or
Event of Default exists.

 

(b)            In
the case of any such consolidation or merger and upon the assumption by the successor Person, by supplemental loan agreement, executed
and delivered to the Issuer and the Trustee, of the Subsidiary Guarantee and the due and punctual performance of all of the covenants
of this Loan Agreement to be performed by the Guarantor, such successor Person shall succeed to and be substituted for the Guarantor
with the same effect as if it had been named herein as a Guarantor.

 

Section 9.5.       Releases
of Guarantors. 

 

(a)            The
Subsidiary Guarantee of a Guarantor shall be automatically released: (1) in connection with any sale or other disposition of all
or substantially all of the properties or assets of such Guarantor (including by way of merger or consolidation) to a Person that is
not (either before or after giving effect to such transaction) the Company or a Restricted Subsidiary of the Company, if the sale or
other disposition does not violate the provisions of Section 5.8; (2) in connection with any sale or other disposition of Capital
Stock of such Guarantor to a Person that is not (either before or after giving effect to such transaction) an Issuer or a Restricted
Subsidiary of the Company, if as a result of such sale or disposition the Guarantor ceases to be a Restricted Subsidiary of the Company
and the sale or other disposition does not violate the provisions of Section 5.8; (3) if the Company designates any Restricted
Subsidiary that is a Guarantor as an Unrestricted Subsidiary in accordance with Section 5.14; (4) upon defeasance or discharge
of the Indenture accordance with the terms thereof; (5) upon the liquidation or dissolution of such Guarantor, provided no Default
or Event of Default has occurred that is continuing; or (6) at such time as such Guarantor ceases to guarantee any other Indebtedness
of either of the Company or any other Guarantor under a Credit Facility in excess of $5.0 million (provided, that, if at any time following
such release, such Guarantor guarantees any other Indebtedness of either of the Company or any other Guarantors under a Credit Facility,
then such Guarantor will be required to provide a Subsidiary Guarantee as provided under Section 5.13).

 

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(b)            Upon
delivery by the Company to the Issuer and the Trustee of an Officers’ Certificate and Opinion of Counsel to the effect that all
conditions precedent have been complied with, the Issuer and the Trustee shall execute any documents reasonably requested by the Company
in order to evidence the release of any Guarantor from its obligations under its Subsidiary Guarantee. Any Guarantor not released from
its obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest and premium, if any,
on the Notes and for the other obligations of such Guarantor under this Loan Agreement as provided in this Article 9.

 

ARTICLE 10

TERMINATION OF LOAN AGREEMENT AND PREPAYMENT OF NOTE

 

Section 10.1.     Mandatory
Prepayment. The Company shall be obligated (a) to prepay the Note in full upon the occurrence of a Change of Control as provided
in Article XV of the Indenture; (b) to prepay the Note in full upon the occurrence of a mandatory tender as provided in Article XVI
of the Indenture, (c) to prepay the Note in full when the Bonds otherwise become subject to mandatory redemption as provided in
the Indenture and the Bonds; or (d) if the Bonds are optionally redeemed at the direction of the Company, to prepay the Note in
the amount of such optional redemption of the Bonds.

 

Section 10.2.     Obligations
after Payment of Note and Termination of Loan Agreement. Anything contained in this Loan Agreement, including without limitation,
this Article 9, to the contrary notwithstanding, the obligations of the Company contained in Section 7.2 and the obligation
of the Company to indemnify and pay the costs and expenses of the Issuer and the Trustee as provided herein shall continue after payment
of the Note and termination of this Loan Agreement. For the purpose of clarity, the obligations of the Company in Article V hereof
shall terminate upon payment of the Note and termination of the Loan Agreement.

 

ARTICLE 11

MISCELLANEOUS

 

Section 11.1.     Term
of Loan Agreement; Amounts Remaining after Payment of the Bonds. This Loan Agreement shall be effective upon execution and delivery
hereof, and subject to earlier termination in accordance with Section 9.1 hereof, shall expire at midnight on the last maturity
date of any Bonds issued under the Indenture, or if the related payment of the Note has not been made on such date, when payment in full
of the Note and all other amounts required to be paid hereunder shall have been made, provided that, notwithstanding anything to the
contrary in this Loan Agreement, the obligations of the Company contained in Sections 4.1(b), 4.1(c) and 7.2 and the obligation
of the Company to indemnify and pay the costs and expense of the Issuer as provided herein, and the obligations of the Guarantors related
thereto, shall survive after expiration of the Note and this Loan Agreement. Any amounts remaining after Payment of the Bonds and payment
of the fees and expenses of the Trustee, any paying agents and the Issuer in accordance with the Indenture shall belong to and be paid
to the Company by the Trustee as overpayment of amounts due on the Note.

 

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Section 11.2.     Notices.
Any communications between the parties hereto or notices provided herein to be given shall be in writing and shall be deemed to have
been duly given on the date of receipt by the applicable party hereto if personally delivered; when transmitted by the applicable party
hereto if transmitted by telecopy or facsimile transmission method, subject to the sender’s facsimile machine receiving the correct
answerback of the addressee and confirmation of uninterrupted transmission by a transmission report or the recipient confirming by telephone
to sender that he has received the facsimile message; when delivered by electronic mail, on the date of transmission (provided that receipt
is confirmed, by return email or other means of communication identified in this Section 10.2); and when received by the applicable
party hereto, if sent for next day delivery to a domestic address by recognized overnight delivery service or if sent by certified or
registered mail, return receipt requested, in each case, to the address specified in below. The Company, the Issuer and the Trustee may,
by notice given hereunder, designate any further or different addresses to which subsequent demands, notices, approvals, consents, requests
or other communications shall be sent or persons to whose attention the same shall be directed.

 

	To the Issuer:	The Mississippi Business Finance Corporation	 
	 	735 Riverside Drive, Suite 300	 
	 	Jackson, MS 39202	 
	 	 	 
	with copies to:	Balch & Bingham LLP	 
	 	188 East Capitol Street, Suite 1400	 
	 	Jackson, MS 39201	 
	 	 	 
	To the Company:	Enviva Inc.	 
	 	7272 Wisconsin Avenue, Suite 1800	 
	 	Bethesda, MD 20814	 
	 	 	 
	To the Guarantors:	Enviva Inc.	 
	 	7272 Wisconsin Avenue, Suite 1800	 
	 	Bethesda, MD 20814	 
	 	 	 
	To the Trustee:	Wilmington Trust, N.A.	 
	 	3951 Westerre Parkway, Ste. 300	 
	 	Richmond, VA 23233	 

 

Section 11.3.     Amendments
to Loan Agreement and Note. Neither this Loan Agreement nor the Note shall be amended or supplemented and no substitution shall
be made for the Note subsequent to the issuance of the Bonds and before payment of the Bonds, without the consent of the Trustee, given
in accordance with Article XII or XIII of the Indenture.

 

Section 11.4.     Successors
and Assigns. This Loan Agreement shall be binding upon, inure to the benefit of and be enforceable by the parties and the Trustee,
as third-party beneficiary, and their respective successors and assigns. No assignment by the Company or any Guarantors in contravention
of the terms hereof shall relieve the Company or any Guarantors of its obligations hereunder.

 

Section 11.5.     Severability.
If any provision of this Loan Agreement shall be held invalid by any court of competent jurisdiction, such holding shall not invalidate
any other provision hereof.

 

Section 11.6.     Applicable
Law. This Loan Agreement shall be governed by the applicable laws of the State.

 

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Section 11.7.     Counterparts.
This Loan Agreement may be executed in several counterparts, each of which shall be an original and all of which together shall constitute
but one and the same instrument.

 

Section 11.8.     Entire
Loan Agreement. This Loan Agreement together with the Indenture and the Note constitute the entire agreement and supersede all prior
agreements and understandings, both oral and written, between the Issuer and the Company with respect to the subject matter hereof.

 

Section 11.9.     The
Trustee. In taking (or refraining from) any action under this Loan Agreement, the Trustee shall be protected by and shall enjoy all
of the rights, immunities, protections and indemnities granted to it under the Indenture.

 

Section 11.10.   No
Pecuniary Liability of Issuer, County or State. No provision, covenant, or agreement contained in this Loan Agreement, or any obligations
herein imposed upon the Issuer, or the breach thereof, shall constitute an indebtedness of the Issuer (except to the extent provided
herein and in the Bonds), of the County or of the State within the meaning of any State constitutional or statutory limitation or shall
constitute or give rise to a charge against the general credit of the Issuer (except to the extent provided herein and in the Bonds),
the County or the State. In making the agreements, provisions and covenants set forth in this Loan Agreement, the Issuer has not obligated
itself, except with respect to the application of loan payments, if and when made, as hereinabove provided.

 

Section 11.11.   No
Personal Liability of Officials of Company, Issuer or Trustee. None of the covenants, stipulations, promises, agreements and
obligations of the Company, the Issuer or the Trustee contained herein shall be deemed to be covenants, stipulations, promises, agreements
or obligations of any director, official, officer, counsel, agent or employee of the Company, the Issuer or the Trustee in his or her
individual capacity, and no recourse shall be had for the payment of the principal of or premium, if any, or interest on the Bonds or
for any claim based thereon or any claim hereunder against any director, official, officer, counsel, agent or employee of the Issuer,
the Company or the Trustee or any natural person executing any Bond, including any officer or employee of the Trustee.

 

Section 11.12.  Special,
Limited Obligation of Issuer.

 

(a)            This
Loan Agreement shall inure to the benefit of and shall be binding upon the Issuer, the Company and the Trustee for the benefit of the
Owners of the Bonds, and their respective successors and assigns, subject to the limitation that any obligations of the Issuer created
by or arising out of this Loan Agreement shall be special, limited obligations of the Issuer, payable solely out of the revenues arising
from the pledge and assignment of the funds held or set aside in trust under the Indenture and shall never constitute indebtedness of
the Issuer, the County, the State, or any political subdivision of the State within the meaning of any provision or limitation of the
constitution or statutes of the State and shall not constitute nor (except for its fraud or intentional misrepresentation) give rise
to a pecuniary liability of the Issuer, the County, the State or any political subdivision of the State or a charge against the general
credit or taxing powers, if any, of such entities. The Issuer has no taxing power.

 

(b)            Anything
in this Loan Agreement to the contrary notwithstanding, it is expressly understood and agreed by the parties hereto that the Issuer may
rely conclusively on the truth and accuracy of any certificate, opinion, notice, or other instrument furnished to the Issuer by the Company
as to the existence of any fact or state of affairs required hereunder to be noticed by the Issuer.

 

(c)            No
recourse shall be had for the enforcement of any obligation, covenant, promise, or agreement of the Issuer contained in this Loan Agreement
or any other Issuer Documents or in any Bond or for any claim based hereon or otherwise in respect hereof or upon any obligation, covenant,
promise, or agreement of the Issuer contained in any agreement, instrument, or certificate executed in connection with the Project or
the issuance and sale of the Bonds, against any Issuer Indemnified Parties, whether by virtue of any Constitutional provision, statute,
or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly agreed and understood that no
personal liability whatsoever shall attach to, or be incurred by, any Issuer Indemnified Party, either directly or by reason of any of
the obligations, covenants, promises, or agreements entered into by the Issuer with the Company or the Trustee to be implied therefrom
as being supplemental hereto or thereto, and that all personal liability of that character against each and every Issuer Indemnified
Party is, by the execution of the Bonds, this Loan Agreement or any other Issuer Documents, and as a condition of, and as part of the
consideration for, the execution of the Bonds, this Loan Agreement, and the other Issuer Documents, is expressly waived and released.

 

    	 	65	 

     

    

 

(d)            No
agreements or provisions contained herein, nor any agreement, covenant, or undertaking by the Issuer in connection with the Project or
the issuance, sale, and/or delivery of the Bonds shall give rise to any pecuniary liability of the Issuer or a charge against its general
credit, or shall obligate the Issuer financially in any way, except as may be payable from the revenues pledged hereby for the payment
of the Bonds and their application as provided in the Indenture. No failure of the Issuer to comply with any term, covenant, or agreement
contained in the Bonds, this Loan Agreement or the Indenture, or in any other Issuer Documents, shall subject the Issuer to liability
for any claim for damages, costs, or other financial or pecuniary charge, except to the extent that the same can be paid or recovered
from the revenues pledged for the payment of the Bonds or other revenues derived under this Loan Agreement. Nothing herein shall preclude
a proper party in interest from seeking and obtaining, to the extent permitted by law, specific performance against the Issuer for any
failure to comply with any term, condition, covenant, or agreement herein; provided that no costs, expenses, or other monetary relief
shall be recoverable from the Issuer, except as may be payable from the Trust Estate under the Indenture for the payment of the Bonds
or other revenue derived under this Loan Agreement. No provision, covenant, or agreement contained herein, or any obligations imposed
upon the Issuer, or the breach thereof, shall constitute an indebtedness of the Issuer within the meaning of any State constitutional
or statutory limitation or shall constitute or give rise to a charge against its general credit. In making the agreements, provisions,
and covenants set forth in this Loan Agreement, the Issuer has not obligated itself, except with respect to the application of the Trust
Estate under the Indenture for the payment of the Bonds or other revenues derived under this Loan Agreement or the Indenture.

 

(e)            The
Issuer shall have no liability or obligation with respect to the payment of the purchase price of the Bonds. None of the provisions of
this Loan Agreement shall require the Issuer to expend or risk its own funds or to otherwise incur financial liability in the performance
of any of its duties or in the exercise of any of its rights or powers hereunder, unless payable from the Trust Estate under the Indenture,
or the Issuer shall first have been adequately indemnified to its satisfaction against the cost, expense, and liability that may be incurred
thereby. The Issuer shall not be under any obligation hereunder to perform any record keeping or to provide any legal services, it being
understood that such services shall be performed or provided as arranged by the Trustee or the Company. The Issuer covenants that it
will faithfully perform at all times any and all covenants, undertakings, stipulations, and provisions expressly contained in this Loan
Agreement, the Indenture and any and every Bond executed, authenticated, and delivered under the Indenture; provided, however, that (i) the
Issuer shall not be obligated to take any action or execute any instrument pursuant to any provision hereof until it shall have been
requested to do so by the Company or the Trustee, (ii) the Issuer shall have received the instrument to be executed, and (iii) any
action or execution of any instrument requested of the Issuer shall be at the expense of the Company.

 

    	 	66	 

     

    

 

Section 11.13.   No
Warranty by Issuer or Trustee. THE COMPANY RECOGNIZES THAT, BECAUSE THE COMPONENTS OF THE FACILITY HAVE BEEN AND ARE TO BE SELECTED
BY IT, THE ISSUER HAS NOT MADE AN INSPECTION OF THE FACILITY, IF AND WHEN ACQUIRED, OR OF ANY FIXTURE OR OTHER ITEM CONSTITUTING
A PORTION THEREOF, AND THE ISSUER AND TRUSTEE MAKE NO WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED OR OTHERWISE, WITH RESPECT TO THE
SAME OR THE LOCATION, USE, DESCRIPTION, DESIGN, MERCHANTABILITY, FITNESS FOR USE FOR ANY PARTICULAR PURPOSE, CONDITION OR DURABILITY
THEREOF, OR AS TO THE QUALITY OF THE MATERIAL OR WORKMANSHIP THEREIN, IT BEING AGREED THAT ALL RISKS INCIDENT THERETO ARE TO BE
BORNE BY THE COMPANY. IN THE EVENT OF ANY DEFECT OR DEFICIENCY OF ANY NATURE IN THE FACILITY OR ANY FIXTURE OR OTHER ITEM CONSTITUTING
A PORTION THEREOF, WHETHER PATENT OR LATENT, THE ISSUER SHALL HAVE NO RESPONSIBILITY OR LIABILITY WITH RESPECT THERETO. THE PROVISIONS
OF THIS SECTION HAVE BEEN NEGOTIATED AND ARE INTENDED TO BE A COMPLETE EXCLUSION AND NEGATION OF ANY WARRANTIES OR REPRESENTATIONS
BY THE ISSUER, EXPRESS OR IMPLIED, WITH RESPECT TO THE FACILITY OR ANY FIXTURE OR OTHER ITEM CONSTITUTING A PORTION THEREOF, WHETHER
ARISING PURSUANT TO THE UNIFORM COMMERCIAL CODE OR ANY OTHER LAW NOW OR HEREAFTER IN EFFECT.

 

[Remainder of page intentionally
left blank]

 

    	 	67	 

     

    

 

IN
WITNESS WHEREOF, the Issuer, the Company and the Guarantors have caused this Loan Agreement to be executed in their respective
corporate names, all as of the date first above written.

 

	 	ISSUER
	 	 
	 	MISSISSIPPI BUSINESS FINANCE CORPORATION
	 	 
	 	By:	 /s/ Larry W. Mobley
	 	 	Executive Director

 

	[SEAL]	 
	 	 
	Attest:	 
	 	 
	/s/ Debbie McCollum	 
	Secretary	 

 

    	 	S-1
[Loan Agreement Signature Page]
	 

     

    

 

	 	COMPANY
	 	 
	 	ENVIVA INC.
	 	 
	 	By:	/s/ Shai S. Even
	 	Shai S. Even
	 	Executive Vice President and Chief Financial Officer
	 	 
	 	GUARANTORS
	 	 
	 	Enviva Holdings GP, LLC
	 	 
	 	By:	 /s/ Shai S. Even
	 	Shai S. Even
	 	Executive Vice President and Chief Financial Officer
	 	 
	 	Enviva Holdings, LP
	 	 
	 	By:	/s/ Shai S. Even
	 	Shai S. Even
	 	Executive Vice President and Chief Financial Officer
	 	 
	 	Enviva Management Company, LLC
	 	 
	 	By:	/s/ Shai S. Even
	 	Shai S. Even
	 	Executive Vice President and Chief Financial Officer
	 	 
	 	Enviva Shipping Holdings, LLC
	 	 
	 	By:	/s/ Shai S. Even
	 	Shai S. Even
	 	Executive Vice President and Chief Financial Officer

 

    	 	S-2
[Loan Agreement Signature Page]
	 

     

    

 

	 	Enviva GP, LLC
	 	 
	 	By:	/s/ Shai S. Even
	 	Shai S. Even
	 	Executive Vice President and Chief Financial Officer
	 	 
	 	Enviva Aircraft Holdings Corp.
	 	 
	 	By:	/s/ Shai S. Even
	 	Shai S. Even
	 	Executive Vice President and Chief Financial Officer
	 	 
	 	Enviva Partners Finance Corp.
	 	 
	 	By:	/s/ Shai S. Even
	 	Shai S. Even
	 	Executive Vice President and Chief Financial Officer
	 	 
	 	Enviva, LP
	 	 
	 	By:	/s/ Shai S. Even
	 	Shai S. Even
	 	Executive Vice President and Chief Financial Officer
	 	 
	 	Enviva Energy Services, LLC
	 	 
	 	By:	/s/ Shai S. Even
	 	Shai S. Even
	 	Executive Vice President and Chief Financial Officer
	 	 
	 	Enviva Development Finance Company, LLC
	 	 
	 	By:	 /s/ Shai S. Even
	 	Shai S. Even
	 	Executive Vice President and Chief Financial Officer

 

    	 	S-3
[Loan Agreement Signature Page]
	 

     

    

 

	 	Enviva Pellets Waycross, LLC
	 	 
	 	By:	/s/ Shai S. Even
	 	Shai S. Even
	 	Executive Vice President and Chief Financial Officer
	 	 
	 	Enviva Pellets Lucedale, LLC
	 	 
	 	By:	/s/ Shai S. Even
	 	Shai S. Even
	 	Executive Vice President and Chief Financial Officer
	 	 
	 	Enviva Port of Pascagoula, LLC
	 	 
	 	By:	/s/ Shai S. Even
	 	Shai S. Even
	 	Executive Vice President and Chief Financial Officer
	 	 
	 	Enviva Pellets, LLC
	 	 
	 	By:	/s/ Shai S. Even
	 	Shai S. Even
	 	Executive Vice President and Chief Financial Officer
	 	 
	 	Enviva Pellets Bond, LLC
	 	 
	 	By:	/s/ Shai S. Even
	 	Shai S. Even
	 	Executive Vice President and Chief Financial Officer
	 	 
	 	Enviva Pellets Greenwood, LLC
	 	 
	 	By:	/s/ Shai S. Even
	 	Shai S. Even
	 	Executive Vice President and Chief Financial Officer

 

    	 	S-4
[Loan Agreement Signature Page]
	 

     

    

 

EXHIBIT A

 

FACILITY DESCRIPTION

 

The Facility is a wood pellet
production plant to be constructed in near Bond, Mississippi with estimated annual production capacity of approximately 1,100,000 metric
tons per year after the Facility is fully ramped and operational. The Facility will include (i) approximately 320 acres of real
property located at 2901 Highway 48 South, Wiggins, Mississippi 39577, together with the existing improvements and certain equipment
located thereon, (ii) additions and improvements to be constructed and installed on such real property, and (iii) equipment
useful in connection with the proposed operations at the Facility. The Facility will be located wholly within unincorporated portions
of Stone County, Mississippi.

 

    	 	A-1	 

     

    

 

EXHIBIT B

 

FORM OF SERIES 2022 NOTE

 

ENVIVA INC.

 

	$100,000,000	November 22,
2022

 

For value received, Enviva
Inc., a Delaware corporation (the “Company”), hereby promises to pay to the order of the Mississippi Business Finance Corporation
(the “Issuer”), its successors and assigns, the principal sum of One Hundred Million and 00/100 Dollars ($100,000,000), or,
if less, the unpaid principal sum of the loan, together with interest on the unpaid principal balance thereof, from the date of the delivery
of the Series 2022 Bonds, until the Company’s obligation with respect to the payment of such sum shall be discharged, at the
rate borne by the Series 2022 Bonds, as hereinafter defined. The portion of the principal balance of this Note outstanding at any
one time which equals the then outstanding principal balance of the Series 2022 Bonds described below shall bear interest at the
same rate as such Series 2022 Bonds.

 

This Note is issued to evidence
the obligation of the Company under and pursuant to, and shall be governed by and construed in accordance with the terms of, a Loan and
Guaranty Agreement (the “Loan Agreement”) between the Issuer and the Company and guaranteed by the Guarantors dated as of
November 1, 2022, and effective as of November 22, 2022, for the payment of the loan made by the Issuer to the Company thereunder
from the proceeds of the Issuer’s $100,000,000 principal amount of Exempt Facilities Revenue Bonds (Enviva Inc. Project), Series 2022
(Green Bonds) (the “Series 2022 Bonds”), and the payment of interest thereon, including provisions for mandatory prepayment
and tender of said loan as a whole in certain cases. Capitalized terms used but not defined herein shall have the meaning set forth in
the Loan Agreement. Substantially all of the Issuer’s interest in the Loan Agreement (together with this Note) has been assigned
to Wilmington Trust, National Association, as trustee (the “Trustee”), pursuant to an Indenture of Trust dated as of November 1,
2022, between the Issuer and the Trustee (the “Indenture”). Such assignment is made as security for the payment of the Series 2022
Bonds pursuant to the Indenture. This Note is a senior unsecured obligation of the Company.

 

The Series 2022 Bonds
shall mature on July 15, 2047 and are subject to mandatory tender on July 15, 2032.

 

The accrued and unpaid interest
on the outstanding principal of the Series 2022 Bonds is payable on January 15 and July 15 in each year, with the first
such interest payment due on January 15, 2023. Interest shall be computed on the basis of a 360-day year consisting of twelve 30-day
months. Principal of this Note shall be payable at maturity. In no event shall the Company be obligated to pay any interest in excess
of the maximum rate permitted by applicable law.

 

If at any time the amount
held by the Trustee in accounts corresponding to the Series 2022 Bonds in the Bond Fund, all as defined in the Indenture, should
be sufficient to pay at the times required the principal of, premium, if any, and interest then due on the Series 2022 Bonds, any
remaining unpaid and to all fees and expenses (as set forth in the Indenture) of the Trustee and any paying agents accrued and to accrue
through final payment of the Series 2022 Bonds (other than contingent obligations for which no claim has been made or future amounts
due and not yet known), the Company shall not be obligated to make any further payments hereunder, except as otherwise set forth in the
Indenture.

 

In addition to the payments
of principal, premium, if any, and interest specified herein, the Company shall also pay such additional amounts, if any, which, together
with other moneys available therefor pursuant to the Indenture, may be necessary to enable the Trustee to make the payments and transfers
required by Article VI of the Indenture, including providing for payment when due of all principal of (whether at maturity, by acceleration
or call for redemption, or otherwise) and premium, if any, and interest on the Bonds, and all other amounts required pursuant to the
Loan Agreement.

 

    	 	B-1	 

     

    

 

The Company shall not have
the option to prepay this Note, except as provided in Article X of the Loan Agreement.

 

Payments shall be made in
lawful money of the United States of America in immediately available funds on the date payment is due, at the principal corporate trust
office of the Trustee in or at such other place as the Trustee may direct in writing.

 

The payment by the Company
of the principal of and interest on this Note is fully and unconditionally guaranteed on a joint and several basis by each of the Guarantors
to the extent set forth in the Loan Agreement.

 

The Issuer, by the execution
of the Indenture and the assignment form set forth below, is assigning this Note and the payments thereon to the Trustee. Payments of
principal of and interest on this Note shall be made directly to the Trustee for the account of the Issuer pursuant to such assignment
and applied only to the principal of, premium, if any, and interest on the Series 2022 Bonds. All obligations of the Company hereunder
shall terminate when and as provided in the Loan Agreement.

 

The Company agrees to make
payments on this Note on the dates and in amounts specified herein and, in the Indenture, and in addition agrees to make such other payments
as are required pursuant to the Loan Agreement. The obligations of the Company to make the payments required hereunder shall be absolute
and unconditional irrespective of any defense (other than defense of payment or any rights of setoff, recoupment or counterclaim it might
otherwise have against the Issuer or the Trustee).

 

In case an Event of Default,
as defined in the Loan Agreement, shall occur, the principal of and interest on this Note may be declared immediately due and payable
as provided in the Loan Agreement. This Note shall be governed by, and construed in accordance with, the laws of the State of Mississippi.

 

[Signature page follows]

 

    	 	B-2	 

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Note to be executed in its name, all as of the date first above written.

 

	 	ENVIVA INC.
	 	 
	 	By:	 
	 	 	[Name, Title]

 

    	 	B-3	 

     

    

 

ASSIGNMENT

 

The Mississippi Business
Finance Corporation (the “Issuer”), hereby irrevocably assigns, without recourse, the foregoing Note to Wilmington Trust,
N.A., as trustee (the “Trustee”) under an Indenture of Trust dated as of November 1, 2022 (the “Indenture”),
between the Issuer and the Trustee and hereby directs Enviva Inc., as the maker of the Note to make all payments of principal of and
interest thereon directly to the Trustee at its designated corporate trust office in Richmond, Virginia, or at such other place as the
Trustee may direct in writing. Such assignment is made as security for the payment of the Issuer’s Exempt Facilities Revenue Bonds
(Enviva Inc. Project), Series 2022 (Green Bonds), issued pursuant to the Indenture.

 

	 	MISSISSIPPI BUSINESS FINANCE CORPORATION
	 	 
	 	By:	 
	 	 	Executive Director

 

	[SEAL]	 
	 	 
	Attest:	 
	 	 
	Secretary	 

 

    	 	B-4	 

     

    

 

EXHIBIT C

 

FORM OF WRITTEN REQUISITION (CONSTRUCTION
FUND)

 

Wilmington Trust, N.A.

Attn: Joy Holloway

3951 Westerre Parkway, Ste. 300

Richmond, Virginia 23233

 

	Re:	WRITTEN
REQUISITION NO. C-___________

 

Certificate and Request for Disbursement of Funds from the Mississippi
Business Finance Corporation (Enviva Inc. Project) Construction Fund

 

Dear Sir/Madam:

 

As the Trustee under that
certain Indenture of Trust, dated as of November 1, 2022 (the “Indenture”) with the Mississippi Business Finance Corporation
(the “Issuer”), you are hereby requested to disburse from the General Account of the Construction Fund described above, which
was created by Section 601 of the Indenture, and in accordance with the provisions of Article VII of the Indenture, the amounts
more fully set forth on Schedules 1 and 2 attached hereto to be paid pursuant to this Written Requisition to the payees listed
on such Schedules 1 and 2 for the purposes therein set forth. Such disbursement represents the amount to which each such payee
is entitled as of ______________, 20___ (the “Statement Date”). All capitalized terms used herein but not defined herein
shall have the meanings ascribed to such terms in the Indenture.

 

The undersigned Authorized
Company Representative does hereby certify in compliance with Section 3.5 of that certain Loan Agreement, dated as of November 1,
2022, and effective as of November 22, 2022 (the “Agreement”), between the Issuer and Enviva Inc. (the “Company”)
that,

 

(i)             I
have read the Indenture and the Loan Agreement and definitions relating thereto and have reviewed appropriate records and documents of
the Company relating to the matters covered by this Written Requisition;

 

(ii)            The
amount and nature and the name and address of the payee of each item of the Costs of the Project paid by the Company as of the Statement
Date and hereby requested to be reimbursed to the Company are shown on Schedule 1 attached hereto;

 

(iii)           The
amount and nature of each item of the Costs of the Project due and payable as of the Statement Date and hereby requested to be paid to
persons other than the Company are shown on Schedule 2 attached hereto;

 

(iv)           Each
item for which disbursement is requested hereunder is for an obligation properly incurred, is a proper charge against the General Account
of the Construction Fund as a Cost of the Project, has not been paid out of Bond proceeds, has not been the basis of any previous withdrawal
from the General Account of the Construction Fund and, if for acquisition, construction or installation of the Facility, was made substantially
in accordance with the Plans and Specifications for the Facility;

 

(v)            The
Facility has not been materially injured or damaged by fire or other casualty in a manner which, if not repaired or replaced, would materially
impair the ability of the Company to meet its obligations under the Loan Agreement;

 

    	 	C-1	 

     

    

 

(vi)           With
respect to disbursements from the General Account of the Construction Fund, the disbursement requested will result in at least 97% of
the total of all such disbursements from the Construction Fund, other than disbursements for issuance expenses, having been used (a) to
provide land or property of a character subject to the allowance for depreciation under Section 167 of the Internal Revenue Code
of 1986, and (b) for payment of such amounts which are, for federal income tax purposes, chargeable to the Project’s capital
account or would be so chargeable either with a proper election by the Company (for example under Section 266 of said Code) or but
for a proper election by the Company to deduct such amounts;

 

(vii)          The
Company is in material compliance with all provisions and requirements of the Loan Agreement;

 

(viii)         No
Event of Default set forth in Article 8 of the Loan Agreement, and no event which but for the lapse of time or the giving of notice
or both would be such an Event of Default, has occurred and is continuing;

 

(ix)            All
materials for which payment is requested have been delivered to and remain on the Project;

 

(x)            The
payment requested hereby does not include any amount which is now entitled to be retained under any holdbacks or retainages provided
for in any agreement;

 

(xi)           Each
item for which disbursement from the General Account of the Construction Fund is requested hereunder, and the cost for each such item,
is as described in the information statement filed by the Issuer in connection with the issuance of the Series 2022 Bonds (as defined
in the Loan Agreement), as required by Section 149(e) of the Code; or if any such item is not as described in that information
statement, the average, reasonably expected economic life of the Facility which has been and will be paid for with moneys in the Construction
Fund (as recomputed to incorporate such changed or varied item) is not less than 5/6ths of the average maturity of the Series 2022
Bonds; and

 

(xii)           All
proceeds of the General Account of the Construction Fund heretofore disbursed have been spent in accordance with the Written Requisition
applicable thereto.

 

EXECUTED this _____ day of
___________________, 20___.

 

	 	Authorized Company Representative of Enviva Inc.
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

Attachments to Written Requisition (Construction Fund)

Schedule 1 - Amounts to be Reimbursed to the
Company

Schedule 2 - Amounts to be Paid to Persons other
than the Company

 

    	 	C-2	 

     

    

 

SCHEDULE 1 OR 2

 

TO THE WRITTEN REQUISITION (CONSTRUCTION
FUND)

 

To Requisition No. C-_________ for the requisition
from the General Account of the Construction Fund of The Mississippi Business Finance Corporation Exempt Facilities Revenue Bonds (Enviva
Inc. Project), Series 2022 (Green Bonds)

 

SCHEDULE 1: REIMBURSEMENT TO ENVIVA INC.

 

	Amount	$ ______________________	 
	Pay to:  	Enviva Inc.	 
	Address of Payee:	_______________________	 
	 	_______________________	 
	 	_______________________	 
	ABA#:	_____*___________	 
	For Account of:	_______________________	 
	Account Number:	_______________________	 
	Purpose:	_______________________	 
	 	_______________________	 
	 	_______________________	 

 

SCHEDULE 2: PAYMENTS TO THIRD PARTIES

 

	Amount	$ ______________________	 
	Pay to:  	_______________________	 
	Address of Payee:	_______________________	 
	 	_______________________	 
	 	_______________________	 
	ABA#:	_____*___________	 
	For Account of:	_______________________	 
	Account Number:	_______________________	 
	Purpose:	_______________________ 	 
	 	_______________________	 
	 	_______________________	 

 

    	 	C-3	 

     

    

 

EXHIBIT D

 

PROJECT COMPLETION CERTIFICATE

 

________ __, ____

 

The Company hereby certifies
to the Issuer and the Trustee that it has substantially completed the Project as described in the Loan Agreement; and

 

(a) the total Costs of the Project
(other than Costs that are subject to retainage or dispute) are not less than $_____________,

 

(b) the acquisition, construction,
installation and testing of the Facility has been completed,

 

(c) all material permits that
are necessary at such time to commence operation have been obtained, and

 

(d) except for amounts retained
by the Trustee to pay Costs of the Project not then due and payable (including any interest on the Series 2022 Bonds during the
Capitalized Interest Period), the total Costs of the Project have been paid.

 

	 	ENVIVA INC.
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	 	D-1	 

     

    

 

EXHIBIT E

 

FORM OF SUPPLEMENT ADDING GUARANTOR

 

This SUPPLEMENTAL LOAN AGREEMENT,
dated as of ________________ (this “Supplemental Loan Agreement”), is among Enviva, Inc., a Delaware corporation
(the “Company”), the Guarantors, each of the parties identified under the caption “New Guarantors” on
the signature pages hereto (the “New Guarantors”) and the Mississippi Business Finance Corporation (the “Issuer”).

 

RECITALS

 

WHEREAS,
the Issuer has issued, pursuant to an Indenture of Trust dated November 1, 2022, and effective as of November 22, 2022 (the
 “Indenture”) between the Issuer and Wilmington Trust, N.A., as trustee (the “Trustee”) $100,000,000
in aggregate principal amount of its Exempt Facilities Revenue Bonds (Enviva Inc. Project), Series 2022 (Green Bonds) (the “Series 2022
Bonds” together with any additional bonds issued pursuant to the Indenture, the “Bonds”), for the purposes
of (i) financing all or a portion of the costs of acquiring, constructing, and equipping of the Company’s facility in Stone
County, Mississippi (the “Project”), (ii) funding capitalized interest, and (iii) paying certain costs and
expenses related to the issuance of the Series 2022 Bonds, and to loan the proceeds of the Series 2022 Bonds to the Company,
pursuant to a Loan and Guaranty Agreement dated as of November 1, 2022, and effective as of November 22, 2022 (the “Loan
Agreement”); and

 

WHEREAS,
the Company has delivered to the Issuer its promissory note in respect of the Series 2022 Bonds dated November 22, 2022 (the
 “Series 2022 Note” and together with any other promissory notes issued pursuant to the Loan Agreement, the “Notes”),
evidencing its obligation to pay all amounts due under the Loan Agreement with respect to the Series 2022 Bonds; and

 

WHEREAS,
the Issuer, as security for the Series 2022 Bonds, assigned to the Trustee the Series 2022 Note and all the rights of the Issuer
under the Loan Agreement (except for the Issuer’s Unassigned Rights); and

 

WHEREAS,
pursuant to the Loan Agreement, the Guarantors have guaranteed the Company’s Obligations under the Loan Agreement and the Notes;
and

 

WHEREAS,
Section 9.3 of the Loan Agreement and Section 1301 of the Indenture provide that the Issuers, the Guarantors and the Trustee
may amend or supplement the Loan Agreement in order to add additional Guarantors to the Loan Agreement, without the consent of the Holders
of the Bonds; and

 

WHEREAS,
all acts and things necessary to make this Supplemental Loan Agreement a valid and legally binding agreement according to its terms,
and a valid and legally binding amendment of and supplement to, the Indenture, have been duly done and performed.

 

NOW,
THEREFORE, to comply with the provisions of the Loan Agreement and in consideration of the above premises, the Company, the
Guarantors, the New Guarantors and the Issuer covenant and agree as follows:

 

ARTICLE 1

 

Section 1.01     This
Supplemental Loan Agreement is supplemental to the Loan Agreement and does and shall be deemed to form a part of, and shall be construed
in connection with and as part of, the Loan Agreement for any and all purposes.

 

    	 	E-1	 

     

    

 

Section 1.02     This
Supplemental Loan Agreement shall become effective immediately upon its execution and delivery by each of the Company, the Guarantors,
the New Guarantors and the Issuer.

 

ARTICLE 2

 

Each New Guarantor hereby
becomes a party to the Loan Agreement as a Guarantor with respect to the Loan Agreement and the Notes and as such will have all of the
rights and be subject to all of the obligations and agreements of a Guarantor under the Loan Agreement and the Notes. Each New Guarantor
agrees to be bound by all of the provisions of the Loan Agreement and the Notes applicable to a Guarantor and to perform all of the obligations
and agreements of a Guarantor under the Loan Agreement and the Notes.

 

ARTICLE 3

 

Section 3.01     Except
as specifically modified herein, the Loan Agreement and the Notes are in all respects ratified and confirmed (mutatis mutandis)
and shall remain in full force and effect in accordance with their terms with all capitalized terms used herein without definition having
the same respective meanings ascribed to them as in the Indenture.

 

Section 3.02     Except
as otherwise expressly provided herein, no duties, responsibilities or liabilities are assumed, or shall be construed to be assumed,
by the Issuer by reason of this Supplemental Loan Agreement. This Supplemental Loan Agreement is executed and accepted by the Issuer
subject to all the terms and conditions set forth in the Loan Agreement with the same force and effect as if those terms and conditions
were repeated at length herein and made applicable to the Issuer with respect hereto.

 

Section 3.03     THIS
SUPPLEMENTAL LOAN AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF MISSISSIPPI.

 

Section 3.04     The
Issuer shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Loan Agreement or for
or in respect of the recitals contained herein, all of which recitals are made solely by the Guarantor or Company, as applicable.

 

Section 3.05     The
parties may sign any number of copies of this Supplemental Loan Agreement. Each signed copy shall be an original, but all of such executed
copies together shall represent the same agreement.

 

[NEXT PAGE
IS SIGNATURE PAGE]

 

    	 	E-2	 

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Supplemental Loan Agreement to be duly executed, all as of the date first written above.

 

	 	ISSUER
	 	 
	 	MISSISSIPPI BUSINESS FINANCE CORPORATION
	 	 
	 	By:	 
	 	 	Executive Director

 

	[SEAL]	 
	 	 
	Attest:	 
	 	 
	Secretary	 

 

	 	COMPANY
	 	 
	 	ENVIVA, INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	GUARANTORS
	 	 
	 	[INSERT SIGNATURE BLOCK FOR EACH GUARANTOR]
	 	 
	 	NEW GUARANTORS
	 	 
	 	[INSERT SIGNATURE BLOCK FOR EACH NEW GUARANTOR]

 

    	 	E-3Exhibit 4.4

      

      Form of Underwriter’s Warrant Agreement

       

      

      
         

        
          

          

          THE REGISTERED HOLDER OF THIS PURCHASE WARRANT BY ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE WARRANT EXCEPT AS HEREIN PROVIDED.

          

          

          THIS PURCHASE WARRANT IS EXERCISABLE ON [ ], 202[3]. VOID AFTER 5:00 P.M., EASTERN TIME, [ ], 2027.

           

          

          ORDINARY SHARE PURCHASE WARRANT

          

          

          For the Purchase of [_____] Ordinary Shares

          

          

          of

          

          

          MEDLAB CLINICAL LTD.

          

          

          1. Purchase Warrant. THIS CERTIFIES THAT, in consideration of funds duly paid by or on behalf of A.G.P./Alliance Global Partners (“Holder” or “A.G.P.”), as registered owner of this Ordinary Share purchase warrant (this “Purchase Warrant”), to Medlab Clinical Ltd., a company organized under the laws of
            Australia (the “Company”), Holder is entitled, at any time or from time to time [from [ ], 2023 (the “Commencement Date”),] and at or before 5:00 p.m., Eastern
            time, [ ], 2027 (the date that is five (5) years following the effective date (the “Effective Date”) of the Registration Statement (as defined in the Underwriting Agreement (as defined below), the “Expiration Date”), but not thereafter, to subscribe for, purchase and receive, in whole or in part, up to [__] Ordinary Shares (the “Shares”) of the Company, no par
            value per share (the “Ordinary Shares”), subject to adjustment as provided in Section 6 hereof. If the Expiration Date is not a day other than a Saturday, Sunday, federal holiday, or day on which banking
            institutions in New York City are authorized by law to close (a “Business Day”), then this Purchase Warrant may be exercised on the next succeeding Business Day in accordance with the terms herein. During
            the period ending on the Expiration Date, the Company agrees not to take any action that would terminate this Purchase Warrant. This Purchase Warrant is initially exercisable at $[ ] per Share; provided, however, that upon the
            occurrence of any of the events specified in Section 6 hereof, the rights granted by this Purchase Warrant, including the exercise price per Share and the number of Shares to be received upon such exercise, shall be adjusted as therein
            specified. The term “Exercise Price” shall mean the initial exercise price or the adjusted exercise price, depending on the context. For the avoidance of doubt, this Purchase Warrant will be exercisable
            at any time, and from time to time, in whole or in part, from the Commencement Date, which period shall not extend further than five (5) years from the Effective Date in compliance with FINRA Rule 5110(f)(2)(G)(i).

          

          

          2. Exercise.

          

          

          2.1 Exercise Form. In order to exercise this Purchase Warrant, the exercise form attached hereto must be duly executed and completed and delivered to the Company, together with this
            Purchase Warrant and payment of the Exercise Price for the Shares being purchased payable in cash by wire transfer of immediately available funds to an account designated by the Company or by certified check or official bank check. If the
            subscription rights represented hereby shall not be exercised at or before 5:00 p.m., Eastern time, on the Expiration Date, this Purchase Warrant shall become and be void without further force or effect, and all rights represented hereby shall
            cease and expire.

          2.2 Cashless Exercise. If at any time after the Commencement Date the Shares cease to be  registered under the Securities Act of 1933, as amended (the “Securities Act”), then in lieu of exercising this Purchase Warrant at such time, by payment of cash or check payable to the order of the Company pursuant to Section 2.1 above, Holder may elect to receive the
            number of Shares equal to the value of this Purchase Warrant (or the portion thereof being exercised), by surrender of this Purchase Warrant to the Company, together with the exercise form attached hereto, in which event the Company shall issue
            Shares to Holder in accordance with the following formula:

          X = Y(A-B)/A

          

          

          Where,

          

          

          	 	
                  X

                	
                  =

                	
                  The number of Shares to be issued to Holder;

                
	 	
                  Y

                	
                  =

                	
                  The number of Shares for which the Purchase Warrant is being exercised;

                
	 	
                  A

                	
                  =

                	
                  The fair market value of one Share; and

                
	 	
                  B

                	
                  =

                	
                  The Exercise Price.

                

          

          

          
            1

            
              

          

          For purposes of this Section 2.2, the fair market value of a Share is defined as follows:

          

          

          	 	
                  (i)

                	
                  if the Ordinary Shares are traded on a securities exchange, the value shall be deemed to be the closing price on such exchange on the Business Day immediately
                    preceeding the date the exercise form is submitted in connection with the exercise of the Purchase Warrant; or

                   

                
	 	
                  (ii)

                	
                  if the Ordinary Shares are actively traded over-the-counter, the value shall be deemed to be the closing bid on the Business Day immediately preceeding the date the
                    exercise form is submitted in connection with the exercise of the Purchase Warrant; or

                   

                
	 	
                  (iii)

                	
                  if there is no active public market, the value shall be the fair market value thereof, as determined in good faith by the Company’s Board of Directors.

                

          

          

          If Shares are issued in such a “cashless exercise,” the parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities Act, the Shares shall take on the registered
            characteristics of the Warrants being exercised, and the holding period of the Warrants being exercised may be tacked on to the holding period of the Shares. The Company agrees not to take any position contrary to this Section 2.2.

          

          

          2.3 Legend. Each certificate for the securities purchased under this Purchase Warrant shall bear a legend as follows unless such securities are registered under the Securities Act:

          

          

          “The securities represented by this certificate have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or
            applicable state law. Neither the securities nor any interest therein may be offered for sale, sold or otherwise transferred except pursuant to an effective registration statement under the Securities Act, or pursuant to an exemption from
            registration under the Securities Act and applicable state law which, in the opinion of counsel to the Company, is available.”

          

          

          2.4 Cash Payment. For the avoidance of doubt, the Company shall not be required to make any cash payments or net cash settlement to any registered holder in lieu of issuance of Shares.

          

          

          3. Transfer.

          

          

          3.1 General Restrictions. The registered Holder of this Purchase Warrant agrees by his, her or its acceptance hereof, that this Purchase Warrant and the securities issuable hereunder
            shall not be sold during the Offering, or sold, transferred, assigned, pledged, or hypothecated, or be the subject of any hedging, short sale, derivative, put, or call transaction that would result in the effective economic disposition of this
            Purchase Warrant or the securities issuable hereunder by any person for a period of one hundred eighty (180) days immediately following the Effective Date (as defined in the Underwriting Agreement (as defined below)), except as provided for in
            FINRA Rule 5110(g)(2). On and after 180 days after the Effective Date, transfers to others may be made subject to compliance with or exemptions from applicable securities laws. In order to make any permitted assignment, the Holder must deliver
            to the Company the assignment form attached hereto duly executed and completed, together with the Purchase Warrant and payment of all transfer taxes, if any, payable in connection therewith. The Company shall within five (5) Business Days
            transfer this Purchase Warrant on the books of the Company and shall execute and deliver a new Purchase Warrant or Purchase Warrants of like tenor to the appropriate assignee(s) expressly evidencing the right to purchase the aggregate number of
            Shares purchasable hereunder or such portion of such number as shall be contemplated by any such assignment.

          3.2 Restrictions Imposed by the Securities Act. The securities evidenced by this Purchase Warrant shall not be transferred unless and until: (i) the Company has
            received the opinion of counsel for the Holder that the securities may be transferred pursuant to an exemption from registration under the Securities Act and applicable state securities laws, the availability of which is established to the
            reasonable satisfaction of the Company (the Company hereby agreeing that the opinion of Sullivan & Worcester LLP shall be deemed satisfactory evidence of the availability of an exemption), or (ii) a registration statement or a
            post-effective amendment to the registration statement relating to the offer and sale of such securities has been filed by the Company and declared effective by the U.S. Securities and Exchange Commission (the “Commission”)

            and compliance with applicable state securities law has been established.

          

          

          
            2

            
              

          

          4. Registration Rights.

          

          

          4.1 Demand Registration.

          

          

          4.1.1 Grant of Right. If at any time after the Commencement Date the Shares are not  registered under the Securities Act, the Company, upon written demand (a “Demand Notice”) of the Holder(s) of at least 51% of the Purchase Warrants and/or the underlying Shares (“Majority Holders”), agrees to register, on one occasion, all or any portion of the
            Shares underlying the Purchase Warrants (collectively, the “Registrable Securities”). On such occasion, the Company will file a registration statement with the Commission covering the Registrable
            Securities within forty-five (45) days after receipt of a Demand Notice and use its commercially reasonable efforts to have the registration statement declared effective as promptly as practicable thereafter, subject to compliance with review
            by the Commission; provided, however, that if the Demand Notice is issued within 50 days prior to the beginning of the Company’s fiscal year, the 45 day period shall be extended until 90 days after the last day of the prior
            fiscal year; and provided further that the Company shall not be required to comply with a Demand Notice if the Company has filed a registration statement with respect to which the Holder is entitled to piggyback registration rights
            pursuant to Section 4.2 hereof and the Holder has elected to participate in the offering covered by such registration statement. The demand for registration may be made at any time on or before the Expiration Date. The Company covenants and
            agrees to give written notice of its receipt of any Demand Notice by any Holder(s) to all other registered Holders of the Purchase Warrants and/or the Registrable Securities within ten (10) days after the date of the receipt of any such Demand
            Notice.

          

          

          4.1.2 Terms. The Company shall bear all fees and expenses attendant to the registration of the Registrable Securities pursuant to Section 4.1.1, but the Holders shall pay any and all
            underwriting commissions and the expenses of any legal counsel selected by the Holders to represent them in connection with the sale of the Registrable Securities. The Company agrees to use its commercially reasonable efforts to cause the
            filing required herein to become effective as promptly as practicable and to qualify or register the Registrable Securities in such States as are reasonably requested by the Holder(s); provided, however, that in no event shall
            the Company be required to register the Registrable Securities in a State in which such registration would cause: (i) the Company to be obligated to register or license to do business in such State or submit to general service of process in
            such State, or (ii) the principal shareholders of the Company to be obligated to escrow their shares of the Company. The Company shall use its commercially reasonable efforts to cause any registration statement filed pursuant to the demand
            right granted under Section 4.1.1 to remain effective for a period of at least twelve (12) consecutive months after the date that the Holders of the Registrable Securities covered by such registration statement are first given the opportunity
            to sell all of such Registrable Securities. The Holders shall only use the prospectuses provided by the Company to sell the Registrable Securities covered by such registration statement, and will immediately cease to use any prospectus
            furnished by the Company if the Company advises the Holder that such prospectus may no longer be used due to a material misstatement or omission, or if the Company determines in good faith that such suspension of use is necessary to delay the
            disclosure of material non-public information concerning the Company, the disclosure of which at the time is not, in the good faith opinion of the Company, in the best interests of the Company. Notwithstanding the provisions of this Section
            4.1.2, the Holder shall be entitled to a demand registration under this Section 4.1 on only one (1) occasion and such demand registration right shall terminate on the fifth anniversary of the Effective Date in accordance with FINRA Rule
            5110(g)(8)(C).

          4.2 “Piggy-Back” Registration.

          4.2.1 Grant of Right. In addition to the demand right of registration described in Section 4.1 hereof, if at any time after the Commencement Date the Shares are not registered under the
            Securities Act, the Holder shall have the right, for a period of no more than seven (7) years from the Effective Date in accordance with FINRA Rule 5110(g)(8)(D), to include the Registrable Securities as part of any other registration of
            securities filed by the Company (other than in connection with a transaction contemplated by Rule 145(a) promulgated under the Securities Act or pursuant to Form S-8 or any equivalent form); provided, however, that if, solely in
            connection with any primary underwritten public offering for the account of the Company, the managing underwriter(s) thereof shall, in its reasonable discretion, impose a limitation on the number of Ordinary Shares which may be included in the
            registration statement because, in such underwriter(s)’ judgment, marketing or other factors dictate such limitation is necessary to facilitate public distribution, then the Company shall be obligated to include in such registration statement
            only such limited portion of the Registrable Securities with respect to which the Holder requested inclusion hereunder as the underwriter shall reasonably permit. Any exclusion of Registrable Securities shall be made pro rata among the Holders
            seeking to include Registrable Securities in proportion to the number of Registrable Securities sought to be included by such Holders; provided, however, that the Company shall not exclude any Registrable Securities unless the
            Company has first excluded all outstanding securities, the holders of which are not entitled to inclusion of such securities in such registration statement or are not entitled to pro rata inclusion with the Registrable Securities.

          

          

          
            3

            
              

          

          4.2.2 Terms. The Company shall bear all fees and expenses attendant to registering the Registrable Securities pursuant to Section 4.2.1 hereof, but the Holders shall pay any and all
            underwriting commissions and the expenses of any legal counsel selected by the Holders to represent them in connection with the sale of the Registrable Securities. In the event of such a proposed registration, the Company shall furnish the then
            Holders of outstanding Registrable Securities with not less than twenty (20) days written notice prior to the proposed date of filing of such registration statement. Such notice to the Holders shall continue to be given for each registration
            statement filed by the Company until such time as all of the Registrable Securities have been sold by the Holder. The holders of the Registrable Securities shall exercise the “piggy-back” rights provided for herein by giving written notice
            within ten (10) days of the receipt of the Company’s notice of its intention to file a registration statement. Except as otherwise provided in this Purchase Warrant, there shall be no limit on the number of times the Holder may request
            registration under this Section 4.2.2; provided, however, that such registration rights shall terminate on the seventh anniversary of the Effective Date in accordance with FINRA Rule 5110(g)(8)(D).

          

          

          4.3 General Terms.

          

          

          4.3.1 Indemnification. The Company shall indemnify the Holder(s) of the Registrable Securities to be sold pursuant to any registration statement hereunder and each person, if any, who
            controls such Holders within the meaning of Section 15 of the Securities Act or Section 20 (a) of the Securities Exchange Act of 1934, as amended (“Exchange Act”), against all loss, claim, damage, expense
            or liability (including all reasonable attorneys’ fees and other expenses reasonably incurred in investigating, preparing or defending against any claim whatsoever) to which any of them may become subject under the Securities Act, the Exchange
            Act or otherwise, arising from such registration statement but only to the same extent and with the same effect as the provisions pursuant to which the Company has agreed to indemnify the Underwriters contained in Section 9(a) of the
            Underwriting Agreement between the Underwriters and the Company, dated as of [ ], 2022 (the “Underwriting Agreement”). The Holder(s) of the Registrable Securities to be sold pursuant to such registration
            statement, and their successors and assigns, shall severally, and not jointly, indemnify the Company, against all loss, claim, damage, expense or liability (including all reasonable attorneys’ fees and other expenses reasonably incurred in
            investigating, preparing or defending against any claim whatsoever) to which they may become subject under the Securities Act, the Exchange Act or otherwise, arising from information furnished by or on behalf of such Holders, or their
            successors or assigns, in writing, for specific inclusion in such registration statement to the same extent and with the same effect as the provisions contained in Section 9(b) of the Underwriting Agreement pursuant to which the Underwriters
            have agreed to indemnify the Company.

          

          

          4.3.2 Exercise of Purchase Warrants. Nothing contained in this Purchase Warrant shall be construed as requiring the Holder(s) to exercise their Purchase Warrants prior to or after the
            initial filing of any registration statement or the effectiveness thereof.

          4.3.3 Documents Delivered to Holders. The Company shall furnish upon written request to each Holder participating in any of the foregoing offerings and to each
            underwriter of any such offering, if any, a signed counterpart, addressed to such Holder or underwriter, of: (i) an opinion of counsel to the Company, dated the effective date of such registration statement (and, if such registration includes
            an underwritten public offering, an opinion dated the date of the closing under any underwriting agreement related thereto), and (ii) a “cold comfort” letter dated the effective date of such registration statement (and, if such registration
            includes an underwritten public offering, a letter dated the date of the closing under the underwriting agreement) signed by the independent registered public accounting firm which has issued a report on the Company’s financial statements
            included in such registration statement, in each case covering substantially the same matters with respect to such registration statement (and the prospectus included therein) and, in the case of such accountants’ letter, with respect to events
            subsequent to the date of such financial statements, as are customarily covered in opinions of issuer’s counsel and in accountants’ letters delivered to underwriters in underwritten public offerings of securities. The Company shall also deliver
            promptly to each Holder participating in the offering requesting the correspondence and memoranda described below and to the managing underwriter, if any, copies of all correspondence between the Commission and the Company, its counsel or
            auditors and all memoranda relating to discussions with the Commission or its staff with respect to the registration statement and permit each Holder and underwriter to do such investigation, upon reasonable advance notice, with respect to
            information contained in or omitted from the registration statement as it deems reasonably necessary to comply with applicable securities laws or rules of FINRA. Such investigation shall include access to books, records and properties and
            opportunities to discuss the business of the Company with its officers and independent auditors, all to such reasonable extent and at such reasonable times as any such Holder shall reasonably request.

          

          

          
            4

            
              

          

          4.3.4 Underwriting Agreement. The Company shall enter into an underwriting agreement with the managing underwriter(s), if any, selected by any Holders whose Registrable Securities are
            being registered pursuant to this Section 4, which managing underwriter shall be reasonably satisfactory to the Company. Such agreement shall be reasonably satisfactory in form and substance to the Company, each Holder and such managing
            underwriters, and shall contain such representations, warranties and covenants by the Company and such other terms as are customarily contained in agreements of that type used by the managing underwriter. The Holders shall be parties to any
            underwriting agreement relating to an underwritten sale of their Registrable Securities and may, at their option, require that any or all the representations, warranties and covenants of the Company to or for the benefit of such underwriters
            shall also be made to and for the benefit of such Holders. Such Holders shall not be required to make any representations or warranties to or agreements with the Company or the underwriters except as they may relate to such Holders, their
            Shares and their intended methods of distribution.

          

          

          4.3.5 Documents to be Delivered by Holder(s). Each of the Holder(s) participating in any of the foregoing offerings shall furnish to the Company a completed and executed questionnaire
            provided by the Company requesting information customarily sought of selling security holders.

          

          

          4.3.6 Damages. Should the registration or the effectiveness thereof required by Sections 4.1 and 4.2 hereof be delayed by the Company or the Company otherwise fails to comply in any
            material respect with such provisions, the Holder(s) shall, in addition to any other legal or other relief available to the Holder(s), be entitled to obtain specific performance or other equitable (including injunctive) relief against the
            threatened breach of such provisions or the continuation of any such breach, without the necessity of proving actual damages and without the necessity of posting bond or other security.

          

          

          5. New Purchase Warrants to be Issued.

          

          

          5.1 Partial Exercise or Transfer. Subject to the restrictions in Section 3 hereof, this Purchase Warrant may be exercised or assigned in whole or in part. In the event of the exercise
            or assignment hereof in part only, upon surrender of this Purchase Warrant for cancellation, together with the duly executed exercise or assignment form and funds sufficient to pay any Exercise Price and/or transfer tax if exercised pursuant to
            Section 2.1 hereto, the Company shall cause to be delivered to the Holder without charge a new Purchase Warrant of like tenor to this Purchase Warrant in the name of the Holder evidencing the right of the Holder to purchase the number of Shares
            purchasable hereunder as to which this Purchase Warrant has not been exercised or assigned.

          

          

          5.2 Lost Certificate. Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of this Purchase Warrant and of reasonably satisfactory
            indemnification or the posting of a bond, the Company shall execute and deliver a new Purchase Warrant of like tenor and date. Any such new Purchase Warrant executed and delivered as a result of such loss, theft, mutilation or destruction shall
            constitute a substitute contractual obligation on the part of the Company.

          6. Adjustments.

          

          

          6.1 Adjustments to Exercise Price and Number of Securities. The Exercise Price and the number of Shares underlying the Purchase Warrant shall be subject to adjustment from time to time
            after the Commencement Date and in accordance with the Listing Rules of the Australian Securities Exchange, as amended from time to time (“ASX Listing Rules”) upon the occurrence of certain events described in this Section 6.1 or, if the
            ASX Listing Rules are amended after the date of issue of the Warrants, in accordance with the Company’s obligations under the ASX Listing Rules to the extent those obligations are modified by the amendment:

          

          

          
            5

            
              

          

          6.1.1 Share Dividends; Split Ups. If, after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding Ordinary Shares is increased by a split up of
            Ordinary Shares or other similar event, then, on the effective day thereof, the number of Shares purchasable hereunder shall be increased in proportion to such increase in outstanding Ordinary Shares, and the Exercise Price shall be
            proportionately decreased.

          

          

          6.1.2 Aggregation of Shares. If, after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding Ordinary Shares is decreased by a consolidation or
            combination of Ordinary Shares or other similar event, then, on the effective date thereof, the number of Shares purchasable hereunder shall be decreased in proportion to such decrease in outstanding Ordinary Shares, and the Exercise Price
            shall be proportionately increased.

          

          

          6.1.3 Replacement of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding Ordinary Shares other than a change covered by Section
            6.1.1 or 6.1.2 hereof or that solely affects the par value of such Ordinary Shares, or in the case of any share reconstruction or amalgamation or consolidation of the Company with or into another corporation (other than a consolidation or share
            reconstruction or amalgamation in which the Company is the continuing corporation and that does not result in any reclassification or reorganization of the outstanding Ordinary Shares), or in the case of any sale or conveyance to another
            corporation or entity of the property of the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the Holder of this Purchase Warrant shall have the right thereafter (until the expiration of
            the right of exercise of this Purchase Warrant) to receive upon the exercise hereof, for the same aggregate Exercise Price payable hereunder immediately prior to such event, the kind and amount of Ordinary Shares or other securities or property
            (including cash) receivable upon such reclassification, reorganization, share reconstruction or amalgamation, or consolidation, or upon a dissolution following any such sale or transfer, by a Holder of the number of Shares of the Company
            obtainable upon exercise of this Purchase Warrant immediately prior to such event; and if any reclassification also results in a change in Shares covered by Section 6.1.1 or 6.1.2, then such adjustment shall be made pursuant to Sections 6.1.1,
            6.1.2 and this Section 6.1.3. The provisions of this Section 6.1.3 shall similarly apply to successive reclassifications, reorganizations, share reconstructions or amalgamations, or consolidations, sales or other transfers.

          

          

          6.1.4 Changes in Form of Purchase Warrant. This form of Purchase Warrant need not be changed because of any change pursuant to this Section 6.1, and Purchase Warrants issued after such
            change may state the same Exercise Price and the same number of Shares as are stated in the Purchase Warrants initially issued pursuant to this Agreement. The acceptance by any Holder of the issuance of new Purchase Warrants reflecting a
            required or permissive change shall not be deemed to waive any rights to an adjustment occurring after the Commencement Date or the computation thereof.

          

          

          6.2 Substitute Purchase Warrant. In case of any consolidation of the Company with, or share reconstruction or amalgamation of the Company with or into, another corporation (other than a
            consolidation or share reconstruction or amalgamation which does not result in any reclassification or change of the outstanding Ordinary Shares), the corporation formed by such consolidation or share reconstruction or amalgamation shall
            execute and deliver to the Holder a supplemental Purchase Warrant providing that the holder of each Purchase Warrant then outstanding or to be outstanding shall have the right thereafter (until the stated expiration of such Purchase Warrant) to
            receive, upon exercise of such Purchase Warrant, the kind and amount of shares and other securities and property receivable upon such consolidation or share reconstruction or amalgamation, by a holder of the number of Shares of the Company for
            which such Purchase Warrant might have been exercised immediately prior to such consolidation, share reconstruction or amalgamation, sale or transfer. Such supplemental Purchase Warrant shall provide for adjustments which shall be identical to
            the adjustments provided for in this Section 6. The above provision of this Section shall similarly apply to successive consolidations or share reconstructions or amalgamations.

          6.3 Elimination of Fractional Interests. The Company will not issue certificates representing fractions of Shares upon the exercise of the Purchase Warrant, nor will
            it issue scrip or pay cash in lieu of any fractional interests. All fractional interests shall be eliminated by rounding any fraction down, as the case may be, to the nearest whole number of Shares or other securities, properties or rights.

          

          

          
            6

            
              

          

          7. Approval and Listing. The Company and the Holder acknowledge and agree that the Company must first obtain the approval from the holders of its Ordinary Shares for the issuance of any Ordinary Shares
            upon the exercise of any Purchase Warrants if the number of Ordinary Shares to be issued exceeds the limits prescribed by ASX Listing Rule 7.1 and 7.1A. The Company covenants and agrees that, subject to this Section 7 and Section 8, upon
            exercise of the Purchase Warrants and payment of the Exercise Price therefor, in accordance with the terms hereby, all Shares and other securities issuable upon such exercise shall be duly and validly issued and fully paid and not subject to
            preemptive rights of any shareholder. As long as the Purchase Warrants shall be outstanding, the Company shall use its commercially reasonable efforts to cause all Shares issuable upon exercise of the Purchase Warrants to be listed (subject to
            official notice of issuance) on all national securities exchanges (or, if applicable, on the OTC Bulletin Board or any successor trading market) on which the Shares issued to the public in the Offering may then be listed and/or quoted.

          

          

          8. Mechanics of Exercise.

          8.1  ASX Requirements. Notwithstanding any provision in this Purchase Warrant to the contrary, in no circumstances will the Company be required to issue Shares if to do so
            would, or would be reasonably likely in the opinion of the Company, to contravene any applicable laws including the Australian Corporations Act 2001 ("Corporations Act") and the ASX Listing Rules.  On or before the delivery to the Company of
            the notice of exercise of the Purchase Warrants ("Notice of Exercise"), the Company shall, subject to the Corporations Act and the ASX Listing Rules:

          8.1.1  lodge an Appendix 3B with the ASX in respect of the proposed issue of such Shares;

          8.1.2  issue and allot the Shares;

          8.1.3  lodge an Appendix 2A with the ASX in respect of the issue of such Shares; and

          8.1.4 either (a) issue a Cleansing Statement under the Corporations Act or (b) lodge a prospectus with the Australian Securities and Investments Commission
            under the Corporations Act which qualifies the Warrant Shares for resale under section 708A(11) of the Corporations Act or (c) obtain an exemption from Corporations Act to allow the immediate resale of the Warrant Shares, in each case in
            respect of such Warrant Shares.

          8.2  Holder’s Exercise Limitations. The Company shall not effect any exercise of this Purchase Warrant, and a Holder shall not have the right to exercise any portion of this
            Purchase Warrant to the extent that after giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s affiliates, and any other persons acting as a group together with
            the Holder or any of the Holder’s affiliates, including its "associates" as such term is defined in the Corporations Act (such persons, “Attribution Parties”)), would cause the Attribution Parties to be in breach of the Corporations Act,
            including without limitation under section 606 of the Corporations Act.

          

          

          9. Certain Notice Requirements.

          

          

          9.1 Holder’s Right to Receive Notice. Nothing herein shall be construed as conferring upon the Holders the right to vote or consent or to receive notice as a shareholder for the
            election of directors or any other matter, or as having any rights whatsoever as a shareholder of the Company. If, however, at any time prior to the expiration of the Purchase Warrants and their exercise, any of the events described in Section
            9.2 shall occur, then, in one or more of said events, the Company shall give written notice of such event at least fifteen days prior to the date fixed as a record date or the date of closing the transfer books for the determination of the
            shareholders entitled to such dividend, distribution, conversion or exchange of securities or subscription rights, or entitled to vote on such proposed dissolution, liquidation, winding up or sale at the same time and in the same manner that
            such notice is given to the shareholders. Such notice shall specify such record date or the date of the closing of the transfer books, as the case may be.

          

          

          
            7

            
              

          

          9.2 Events Requiring Notice. The Company shall be required to give the notice described in this Section 8 upon a dissolution, liquidation or winding up of the Company (other than in
            connection with a consolidation or share reconstruction or amalgamation) or a sale of all or substantially all of its property, assets and business shall be proposed.

          

          

          9.3 Notice of Change in Exercise Price. The Company shall, promptly after an event requiring a change in the Exercise Price pursuant to Section 6 hereof, send notice to the Holders of
            such event and change (“Price Notice”). The Price Notice shall describe the event causing the change and the method of calculating same and shall be certified as being true and accurate by the Company’s
            Chief Financial Officer.

          9.4 Transmittal of Notices. All notices, requests, consents and other communications under this Purchase Warrant shall be in writing and shall be deemed to have been
            duly made when hand delivered, or mailed by express mail or private courier service: (i) if to the registered Holder of the Purchase Warrant, to the address of such Holder as shown on the books of the Company, or (ii) if to the Company, to
            following address or to such other address as the Company may designate by notice to the Holders:

          

          

          If to the Holder:

           

          

          A.G.P./Alliance Global Partners

          590 Madison Avenue, 36th Floor

          New York, New York 10022

          Attn: Chris Pravecek

          Fax No.: (203) 662-9771

          

          

          with a copy (which shall not constitute notice) to:

          

          

          Sullivan & Worcester LLP

          1633 Broadway

          New York, New York 10019

          Attention: David E. Danovitch

          E-mail: ddanovitch@sullivanlaw.com

          

          

          If to the Company:

          

          

          Medlab Clinical Ltd.

          Units 5 and 6, 11-13 Lord Street

          Botany, New South Wales 2019

          Attention: Dr. Sean Hall, Chief Executive Officer

          Telephone number: + 61 8188 0311

          Email address: sean_hall@medlab.com

          

          

          with a copy (which shall not constitute notice) to:

          
            

            

          

          
            Seward & Kissel LLP

            One Battery Park Plaza

            New York, NY 10004

          

          
            Attention: Edward S. Horton

          

          
            Email: horton@sewkis.com

          

          

          

          10. Miscellaneous.

          

          

          10.1 Amendments. The Company and A.G.P. may from time to time supplement or amend this Purchase Warrant without the approval of any of the Holders in order to cure any ambiguity, to
            correct or supplement any provision contained herein that may be defective or inconsistent with any other provisions herein, or to make any other provisions in regard to matters or questions arising hereunder that the Company and A.G.P. may
            deem necessary or desirable and that the Company and A.G.P. deem shall not adversely affect the interest of the Holders. All other modifications or amendments shall require the written consent of and be signed by the party against whom
            enforcement of the modification or amendment is sought.

          

          

          
            8

            
              

          

          10.2 Headings. The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the meaning or interpretation of any of the
            terms or provisions of this Purchase Warrant.

          

          

          10.3 Entire Agreement. This Purchase Warrant (together with the other agreements and documents being delivered pursuant to or in connection with this Purchase Warrant) constitutes the
            entire agreement of the parties hereto with respect to the subject matter hereof, and supersedes all prior agreements and understandings of the parties, oral and written, with respect to the subject matter hereof.

          

          

          10.4 Binding Effect. This Purchase Warrant shall inure solely to the benefit of and shall be binding upon, the Holder and the Company and their permitted assignees, respective
            successors, legal representative and assigns, and no other person shall have or be construed to have any legal or equitable right, remedy or claim under or in respect of or by virtue of this Purchase Warrant or any provisions herein contained.

          10.5 Governing Law; Submission to Jurisdiction; Trial by Jury. This Purchase Warrant shall be governed by and construed and enforced in accordance with the laws of the
            State of New York, without giving effect to conflict of laws principles thereof. The Company hereby agrees that any action, proceeding or claim against it arising out of, or relating in any way to this Purchase Warrant shall be brought and
            enforced in the New York Supreme Court, County of New York, or in the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby
            waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any process or summons to be served upon the Company may be served by transmitting a copy thereof by registered or certified mail, return
            receipt requested, postage prepaid, addressed to it at the address set forth in Section 8 hereof. Such mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim. The Company and
            the Holder agree that the prevailing party(ies) in any such action shall be entitled to recover from the other party(ies) all of its reasonable attorneys’ fees and expenses relating to such action or proceeding and/or incurred in connection
            with the preparation therefor. The Company (on its behalf and, to the extent permitted by applicable law, on behalf of its shareholders and affiliates) and the Holder hereby irrevocably waive, to the fullest extent permitted by applicable law,
            any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.

          

          

          10.6 Waiver, etc. The failure of the Company or the Holder to at any time enforce any of the provisions of this Purchase Warrant shall not be deemed or construed to be a waiver of any
            such provision, nor to in any way affect the validity of this Purchase Warrant or any provision hereof or the right of the Company or any Holder to thereafter enforce each and every provision of this Purchase Warrant. No waiver of any breach,
            non-compliance or non-fulfillment of any of the provisions of this Purchase Warrant shall be effective unless set forth in a written instrument executed by the party or parties against whom or which enforcement of such waiver is sought; and no
            waiver of any such breach, non-compliance or non-fulfillment shall be construed or deemed to be a waiver of any other or subsequent breach, non-compliance or non- fulfillment.

          

          

          10.7 Execution in Counterparts. This Purchase Warrant may be executed in one or more counterparts, and by the different parties hereto in separate counterparts, each of which shall be
            deemed to be an original, but all of which taken together shall constitute one and the same agreement, and shall become effective when one or more counterparts has been signed by each of the parties hereto and delivered to each of the other
            parties hereto. Such counterparts may be delivered by facsimile transmission or other electronic transmission.

          

          

          10.8 Exchange Agreement. As a condition of the Holder’s receipt and acceptance of this Purchase Warrant, Holder agrees that, at any time prior to the complete exercise of this Purchase
            Warrant by Holder, if the Company and A.G.P. enter into an agreement (“Exchange Agreement”) pursuant to which they agree that all outstanding Purchase Warrants will be exchanged for securities or cash or
            a combination of both, then Holder shall agree to such exchange and become a party to the Exchange Agreement.

          

          

          [Signature Page Follows]

          
            9

            
              

          

          

          

          IN WITNESS WHEREOF, the Company has caused this Purchase Warrant to be signed by its duly authorized officer as of the [ ] day of [ ], 2022.

          

          

          	
                  MEDLAB CLINICAL LTD.

                	 
	 	 	 
	
                  By:

                	 ________________________________________________	 
	
                  Name:

                	
                   Sean Hall

                	 
	
                  Title:

                	
                   Chief Executive Officer

                	 

          

          

          
            10

            
              

          

          

          

          [Form to be used to exercise Purchase Warrant]

          Date: _________, 20__

          

          

          The undersigned hereby elects irrevocably to exercise the Purchase Warrant for_____ Ordinary Shares, no par value per share (the “Shares”), Medlab
            Clinical Ltd., a company organized under the laws of Australia (the “Company”), and hereby makes payment of $____ (at the rate of $____ per Share) in payment of the Exercise Price pursuant thereto. Please
            issue the Shares as to which this Purchase Warrant is exercised in accordance with the instructions given below and, if applicable, a new Purchase Warrant representing the number of Shares for which this Purchase Warrant has not been exercised.

          

          

          Or

          

          

          The undersigned hereby elects irrevocably to convert its right to purchase Shares of the Company under the Purchase Warrant for ___ Shares, as determined in accordance with the following
            formula:

           

          

          	
                  X =

                	
                  Y (A-B)

                
	
                  A

                

          

          

          Where,

          

          

          	 	
                  X

                	
                  =

                	
                  The number of Shares to be issued to Holder;

                
	 	
                  Y

                	
                  =

                	
                  The number of Shares for which the Purchase Warrant is being exercised;

                
	 	
                  A

                	
                  =

                	
                  The fair market value of one Share which is equal to $___; and

                
	 	
                  B

                	
                  =

                	
                  The Exercise Price which is equal to $___ per share

                

          

          

          The undersigned agrees and acknowledges that the calculation set forth above is subject to confirmation by the Company and any disagreement with respect to the calculation shall be resolved by
            the Company in its sole discretion.

          

          

          Please issue the Shares as to which this Purchase Warrant is exercised in accordance with the instructions given below and, if applicable, a new Purchase Warrant representing the number of
            Shares for which this Purchase Warrant has not been converted.

          

          

          	
                  Signature

                	________________________________________________ 

                	 
	
                   

                  

                  Signature Guaranteed

                	 _________________________________	 

          

          

          INSTRUCTIONS FOR REGISTRATION OF SECURITIES

          

          

          	
                  Name

                	 	 
	 	
                  (Print in Block Letters)

                	 
	 	 	 
	
                  Address

                	 	 
	 	 	 
	 	 	 

          

          

          NOTICE: The signature to this form must correspond with the name as written upon the face of the Purchase Warrant without alteration or enlargement or any change whatsoever, and must be
            guaranteed by a bank, other than a savings bank, or by a trust company or by a firm having membership on a registered national securities exchange.

          
            11

            
              

          

          

          

          [Form to be used to assign Purchase Warrant]

          

          

          ASSIGNMENT

          

          

          (To be executed by the registered Holder to effect a transfer of the within Purchase Warrant):

          

          

          FOR VALUE RECEIVED, ___________________ does hereby sell, assign and transfer unto the right to purchase Ordinary Shares, no par value per share, of Medlab Clinical Ltd., a company organized under the laws of
            Australia (the “Company”), evidenced by the Purchase Warrant and does hereby authorize the Company to transfer such right on the books of the Company.

          

          

          Dated: ____________, 20__

          	
                  Signature

                	 ________________________________________________	 
	
                  Signature Guaranteed

                	 ________________________________________________	 

          

          

          NOTICE: The signature to this form must correspond with the name as written upon the face of the within Purchase Warrant without alteration or enlargement or any change whatsoever, and must be guaranteed by a
            bank, other than a savings bank, or by a trust company or by a firm having membership on a registered national securities exchange.

        

      

       

      

      

      

      

      

      

    

    12

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