Document:

Exhibit 4.4

 

 

 

PURECYCLE TECHNOLOGIES LLC

AND

U.S. BANK NATIONAL ASSOCIATION,

as Trustee and Collateral Agent

INDENTURE

Dated as of October 7, 2020

Convertible Senior Secured Notes due 2022

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

PAGE

 

	Article 1   DEFINITIONS	1
	 	 
	Section 1.01   Definitions	1
	Section 1.02   References to Interest	35
	 	 
	Article 2   ISSUE, DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF NOTES	36
	 	 
	Section 2.01   Designation and Amount	36
	Section 2.02   Form of Notes	36
	Section 2.03   Date and Denomination of Notes; Payments of Interest and Defaulted Amounts	37
	Section 2.04   Execution, Authentication and Delivery of Notes	41
	Section 2.05   Exchange and Registration of Transfer of Notes; Restrictions on Transfer; Depositary	42
	Section 2.06   Mutilated, Destroyed, Lost or Stolen Notes	50
	Section 2.07   Temporary Notes	51
	Section 2.08   Cancellation of Notes Paid, Converted, Etc	51
	Section 2.09   CUSIP Numbers	51
	Section 2.10   Additional Notes; Repurchases	52
	Section 2.11   Maturity Date Extension	52
	 	 
	Article 3   SATISFACTION AND DISCHARGE	52
	 	 
	Section 3.01   Satisfaction and Discharge	52
	 	 
	Article 4   PARTICULAR COVENANTS OF THE COMPANY AND GUARANTORS	53
	 	 
	Section 4.01   Payment of Principal and Interest	53
	Section 4.02   Maintenance of Office or Agency	53
	Section 4.03   Appointments to Fill Vacancies in Trustee’s Capacity	54
	Section 4.04   Provisions as to Paying Agent	54
	Section 4.05   Existence	55
	Section 4.06   Quarterly and Annual Reports and Rule 144A Information Requirement	55
	Section 4.07   Stay, Extension and Usury Laws	58
	Section 4.08   Compliance Certificate; Statements as to Defaults	58
	Section 4.09   Further Instruments and Acts	58
	Section 4.10   Restrictive Legend	58
	Section 4.11   Qualified Public Company Event	59
	Section 4.12   Incurrence of Indebtedness and Issuance of Disqualified Stock	59
	Section 4.13   Additional Equity Capital Raise	59
	Section 4.14   Limitation on Investments	59

 

    i 

     

    

 

	Section 4.15   Liens	59
	Section 4.16   Asset Sales	60
	Section 4.17   Limitation on Restricted Payments	60
	Section 4.18   Mortgages	60
	Section 4.19   [Reserved]	61
	Section 4.20   Subscription Rights	61
	Section 4.21   Addition of Guarantors	61
	Section 4.22   Covenant Suspension	62
	Section 4.23   Intellectual Property	62
	Section 4.24   Company LLC Agreement Rights	62
	Section 4.25   Further Assurances	62
	 	 
	Article 5   LISTS OF HOLDERS AND REPORTS BY THE COMPANY AND THE TRUSTEE	63
	 	 
	Section 5.01   Lists of Holders	63
	Section 5.02   Preservation and Disclosure of Lists	63
	 	 
	Article 6   DEFAULTS AND REMEDIES	63
	 	 
	Section 6.01   Events of Default	63
	Section 6.02   Acceleration; Rescission and Annulment	65
	Section 6.03   Payments of Notes on Default; Suit Therefor	66
	Section 6.04   [Reserved]	68
	Section 6.05   Application of Monies Collected by Trustee	68
	Section 6.06   Proceedings by Holders	69
	Section 6.07   Proceedings by Trustee	69
	Section 6.08   Remedies Cumulative and Continuing	70
	Section 6.09   Direction of Proceedings and Waiver of Defaults by Holders	70
	Section 6.10   Notice of Defaults	70
	Section 6.11   Undertaking to Pay Costs	71
	 	 
	Article 7   CONCERNING THE TRUSTEE	71
	 	 
	Section 7.01   Duties and Responsibilities of Trustee	71
	Section 7.02   Reliance on Documents, Opinions, Etc	73
	Section 7.03   No Responsibility for Recitals, Etc	74
	Section 7.04   Trustee, Paying Agents, Conversion Agents, Collateral Agent or Note Registrar May Own Notes	75
	Section 7.05   Monies to Be Held in Trust	75
	Section 7.06   Compensation and Expenses of Trustee	75
	Section 7.07   Officer’s Certificate as Evidence	76
	Section 7.08   Eligibility of Trustee	76
	Section 7.09   Resignation or Removal of Trustee	76
	Section 7.10   Acceptance by Successor Trustee	78
	Section 7.11   Succession by Merger, Etc	78
	Section 7.12   Trustee’s Application for Instructions from the Company	79

 

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	Article 8   CONCERNING THE HOLDERS	79
	 	 
	Section 8.01   Action by Holders	79
	Section 8.02   Proof of Execution by Holders	79
	Section 8.03   Who Are Deemed Absolute Owners	80
	Section 8.04   Company-Owned Notes Disregarded	80
	Section 8.05   Revocation of Consents; Future Holders Bound	80
	 	 
	Article 9   HOLDERS’ MEETINGS	81
	 	 
	Section 9.01   Purpose of Meetings	81
	Section 9.02   Call of Meetings by Trustee	81
	Section 9.03   Call of Meetings by Company or Holders	81
	Section 9.04   Qualifications for Voting	81
	Section 9.05   Regulations	82
	Section 9.06   Voting	82
	Section 9.07   No Delay of Rights by Meeting	83
	 	 
	Article 10   SUPPLEMENTAL INDENTURES	83
	 	 
	Section 10.01   Supplemental Indentures Without Consent of Holders	83
	Section 10.02   Supplemental Indentures and Other Amendments with Consent of Holders	85
	Section 10.03   Effect of Amendments, Supplements Or Waivers	86
	Section 10.04   Notation on Notes	86
	Section 10.05   Evidence of Compliance of Amendment, Supplement Or Waiver to Be Furnished Trustee	87
	 	 
	Article 11   CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE; SPAC TRANSACTION	87
	 	 
	Section 11.01   Company May Consolidate, Etc	87
	Section 11.02   Successor Company to Be Substituted	88
	Section 11.03   SPAC Transaction	88
	 	 
	Article 12   IMMUNITY OF INCORPORATORS, EQUITYHOLDER, OFFICERS AND DIRECTORS	89
	 	 
	Section 12.01   Indenture and Notes Solely Corporate Obligations	89
	 	 
	Article 13   NO OPTIONAL REDEMPTION; SPECIAL MANDATORY REDEMPTION	89
	 	 
	Section 13.01   No Optional Redemption and No Sinking Fund	89
	Section 13.02   Supplemental Indenture for Special Mandatory Redemption	89

 

    iii 

     

    

 

	Article 14   CONVERSION OF NOTES	90
	 	 
	Section 14.01   Conversion upon Change of Control	90
	Section 14.02   Conversion	90
	Section 14.03   Conversion Procedure; Settlement Upon Conversion	91
	Section 14.04   [Reserved]	95
	Section 14.05   Adjustment of Conversion Rate	95
	Section 14.06   Adjustments of Prices	105
	Section 14.07   Shares to Be Reserved	105
	Section 14.08   Effect of Recapitalizations, Reclassifications and Changes of the Common Stock	105
	Section 14.09   Certain Covenants	107
	Section 14.10   Responsibility of Trustee and Conversion Agent	108
	Section 14.11   Notice to Holders Prior to Certain Actions	108
	Section 14.12   Shareholder Rights Plans	109
	 	 
	Article 15   REPURCHASE OF NOTES AT OPTION OF HOLDERS	109
	 	 
	Section 15.01   Reserved	109
	Section 15.02   Repurchase at Option of Holders Upon a Fundamental Change on or after the Qualified Public Company
Event	110
	Section 15.03   Repurchase at Option of Holders Upon a Change of Control Prior to the Qualified Public Company
Event	111
	Section 15.04   Withdrawal of Fundamental Change Repurchase Notice or Change of Control Repurchase Notice	112
	Section 15.05   Deposit of Fundamental Change Repurchase Price and Change of Control Repurchase Price	113
	Section 15.06   Covenant to Comply with Applicable Laws Upon Repurchase of Notes	114
	Section 15.07   Repurchase Procedures	114
	 	 
	Article 16   GUARANTEE	116
	 	 
	Section 16.01   Note Guarantee	116
	Section 16.02   Execution and Delivery of Note Guarantee	117
	Section 16.03   Guarantors may Consolidate, etc., on Certain Terms	117
	Section 16.04   Release of Note Guarantees	118
	Section 16.05   Limitation on Guarantor Liability	118
	Section 16.06   “Trustee” to Include Paying Agent	119
	 	 
	Article 17   COLLATERAL AND SECURITY	119
	 	 
	Section 17.01   Security Documents	119
	Section 17.02   Recording and Opinions	120
	Section 17.03   Release of Collateral	121
	Section 17.04   Specified Releases of Collateral	121

 

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	Section 17.05   Release upon Qualified Public Company Event, Satisfaction and Discharge or Amendment	122
	Section 17.06   Form and Sufficiency of Release and Subordination	122
	Section 17.07   Purchaser Protected	123
	Section 17.08   Authorization of Actions to be Taken by the Collateral Agent Under the Security Documents	123
	Section 17.09   Authorization of Receipt of Funds by the Trustee Under the Security Documents	124
	Section 17.10   Action by the Collateral Agent	124
	Section 17.11   Compensation and Indemnity	125
	Section 17.12   Post-Closing Collateral	126
	 	 
	Article 18   MISCELLANEOUS PROVISIONS	127
	 	 
	Section 18.01   Provisions Binding on Company’s and Guarantor’s Successors	127
	Section 18.02   Official Acts by Successor Company	127
	Section 18.03   Addresses for Notices, Etc	127
	Section 18.04   Governing Law; Jurisdiction	128
	Section 18.05   Evidence of Compliance with Conditions Precedent; Certificates and Opinions of Counsel to Trustee	128
	Section 18.06   Legal Holidays	129
	Section 18.07   [Reserved]	129
	Section 18.08   Benefits of Indenture	129
	Section 18.09   Table of Contents, Headings, Etc	129
	Section 18.10   Authenticating Agent	129
	Section 18.11   Execution in Counterparts	130
	Section 18.12   Severability; Conflict	130
	Section 18.13   Waiver of Jury Trial	130
	Section 18.14   Force Majeure	131
	Section 18.15   Calculations	131
	Section 18.16   USA PATRIOT Act	131
	Section 18.17   Electronic Signatures	131

 

	EXHIBITS	 
	 	 
	Exhibit
    A           Form of Note	A-1
	Exhibit
    B           Form of Subordination Provisions	B-1
	Exhibit
    C           Form of Supplemental Indenture	C-1
	Exhibit
    D           Form of Security Agreement 	D-1

 

    v 

     

    

 

INDENTURE dated as
of October 7, 2020, between PURECYCLE TECHNOLOGIES LLC, a Delaware limited liability company, as issuer (the “Company,”
as more fully set forth in Section 1.01), and U.S. BANK NATIONAL ASSOCIATION, a national banking association, as trustee
(the “Trustee,” as more fully set forth in Section 1.01) and as collateral agent (in such capacity, the
 “Collateral Agent,” as more fully set forth in Section 1.01).

 

W I T N E S S E T H:

 

WHEREAS, for its lawful
corporate purposes, the Company has duly authorized the issuance of its Convertible Senior Secured Notes due 2022 (the “Notes”),
initially in an aggregate principal amount equal to $48,000,000, and in order to provide the terms and conditions upon which the
Notes are to be authenticated, issued and delivered, the Company has duly authorized the execution and delivery of this Indenture;

 

WHEREAS, the Form of
Note, the certificate of authentication to be borne by each Note, the Form of Notice of Conversion, the Form of Fundamental Change
Repurchase Notice, Form of Change of Control Repurchase Notice and the Form of Assignment and Transfer to be borne by the Notes
are to be substantially in the forms hereinafter provided; and

 

WHEREAS, all acts and
things necessary to make the Notes, when executed by the Company and authenticated and delivered by the Trustee or a duly authorized
authenticating agent, as in this Indenture provided, the valid, binding and legal obligations of the Company, and this Indenture
a valid agreement according to its terms, have been done and performed, and the execution of this Indenture and the issuance hereunder
of the Notes have in all respects been duly authorized.

 

NOW, THEREFORE, THIS
INDENTURE WITNESSETH:

 

That in order to declare
the terms and conditions upon which the Notes are, and are to be, authenticated, issued and delivered, and in consideration of
the premises and of the purchase and acceptance of the Notes by the Holders thereof, the Company and the Guarantors, if any, covenant
and agree with the Trustee and the Collateral Agent for the equal and proportionate benefit of the respective Holders from time
to time of the Notes (except as otherwise provided below), as follows:

 

Article
1

DEFINITIONS

 

Section 1.01       
Definitions. The terms defined in this Section 1.01 (except as herein otherwise expressly provided or unless
the context otherwise requires) for all purposes of this Indenture and of any indenture supplemental hereto (except to the extent
otherwise provided therein) shall have the respective meanings specified in this Section 1.01. The words “herein,”
 “hereof,” “hereunder” and words of similar import refer to this Indenture as a whole and not to any particular
Article, Section or other subdivision. The terms defined in this Article include the plural as well as the singular.

 

“Additional
Notes” means additional Notes (other than the Initial Notes and any PIK Notes) issued under this Indenture in accordance
with Section 2.10 hereof as part of the same series as the Notes issued as Initial Notes, including, without limitation,
the Second Tranche Notes upon their date of issue.

 

 

    1 

     

    

 

“Adjusted
Equity Value” means, if an Equity Financing has been consummated, as of a Conversion Date, (i) the Equity Value of the
Company with respect to such Equity Financing reduced by (ii) the sum of the Notes Outstanding Amount and the Aggregate Liquidation
Preferences, in each case as of such Conversion Date. In the event there is more than one Equity Financing following the date hereof,
the Adjusted Equity Value shall be calculated in respect of each such Equity Financing and the Equity Financing generating the
lowest Adjusted Equity Value shall be the Equity Financing used for purposes of clause (b)(ii) of the Conversion Rate calculation,
provided that the Conversion Rate at which any conversion shall have occurred shall not be retroactively adjusted as a result
of any Equity Financing occurring after the date of such conversion.

 

“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 the purposes of this definition, “control,” when used with respect
to any specified Person means the power to direct or cause the direction of the management and policies of such Person, directly
or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling”
and “controlled” have meanings correlative to the foregoing. Notwithstanding anything to the contrary herein,
(i) the determination of whether a Person is an “Affiliate” of another Person for purposes of this Indenture
shall be made based on the facts at the time such determination is made or required to be made, as the case may be, hereunder and
(ii) no Holder of Notes shall be deemed an Affiliate of the Company for purposes of this Indenture solely by virtue of their ownership
of Notes.

 

“Aggregate
Liquidation Preferences” means the sum of (i) the aggregate Unreturned Class B Preferred Capital and Unreturned Class
B-1 Preferred Capital then outstanding plus (ii) the aggregate Unreturned Class B Preferred Return and Unreturned Class B-1 Preferred
Return then outstanding plus (iii) the aggregate amount of any unreturned preferred capital plus unreturned preferred returns (having
similar meanings to those in clause (i) and (ii) with respect to the applicable preferred Unit) for any other preferred Units of
the Company then outstanding. Capitalized terms used in this definition shall have the meanings set forth in the Company LLC Agreement.

 

“Bankruptcy
Code” means Title 11 of the United States Code entitled “Bankruptcy,” as now and hereafter in effect,
or any successor statute.

 

“Bankruptcy
Law” means the Bankruptcy Code and any other federal, state or foreign bankruptcy, insolvency, receivership or similar
laws applicable to the Company or any of the Guarantors.

 

“Board of
Directors” means:

 

(1)       with
respect to a corporation, the board of directors of the corporation or a duly authorized committee thereof;

 

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

 

    2 

     

    

 

 

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

 

(4)       with
respect to a limited liability company managed by a manager or managers, the manager or managers and any controlling committee
of managers; and

 

(5)       with
respect to any other 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 Company to have been duly adopted by the
Board of Directors of the Company, and to be in full force and effect on the date of such certification, and delivered to the Trustee.

 

“Business
Day” means any day other than a Saturday, a Sunday or other day on which banking institutions in New York City or, with
respect to any payment on a Note, the place of payment, are authorized or required by law, regulation or executive order to close
or remain closed.

 

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

 

“Capital Stock”
means, for any entity, any and all shares, interests, rights, participations or other equivalents of or interests in (however designated)
stock, limited liability company interests or other equity interests issued by that entity that confer the right to receive a share
of the profits and losses of, or distributions of, the issuing Person, but shall not include any debt securities convertible into
or exchangeable for any securities otherwise constituting Capital Stock pursuant to this definition, whether or not such debt securities
include any right of participation with Capital Stock.

 

“Cash
Equivalents” means (i) marketable direct obligations issued by, or unconditionally guaranteed by, the United States
Government or issued by any agency thereof and backed by the full faith and credit of the United States of America, in each
case maturing within one year from the date of acquisition thereof; (ii) marketable direct 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, having one of the three highest ratings
obtainable from either S&P or Moody’s; (iii) commercial paper maturing no more than one year from the date of
creation thereof and, at the time of acquisition, having a rating of at least A-1 from S&P or at least P-1 from
Moody’s; (iv) certificates of deposit or bankers’ acceptances maturing within one year from the date of
acquisition thereof issued by any bank organized under the laws of the United States of America or any state thereof or the
District of Columbia or any U.S. branch of a foreign bank or by a bank organized under the laws of any foreign country
recognized by the United States of America, in each case having at the date of acquisition thereof combined capital and
surplus of not less than $250.0 million (or the foreign currency equivalent thereof); (v) repurchase obligations with a term
of not more than seven days for underlying securities of the types described in clause (i) above entered into with any bank
meeting the qualifications specified in clause (iv) above; and (vi) investments in money market funds which invest
substantially all their assets in securities of the types described in clauses (i) through (v) above.

 

    3 

     

    

 

“Cash Interest”
shall have the meaning specified in Section 2.03(c)(i).

 

“Change
of Control” means (1) (x) following the consummation of a Qualified Public Company Event or Other Listing Event in
which the Common Stock of the Company is listed on a Permitted Exchange, any Combination Transaction as a result of which
holders of Common Equity of the Company immediately prior to such Combination Transaction own, directly or indirectly, in the
aggregate, less than 50% of the voting power of Common Equity of the continuing, surviving, or succeeding entity or the
parent thereof immediately after such Combination Transaction, (y) following the consummation of a Qualified Public Company
Event or Other Listing Event in which the Common Stock of the SPAC is listed on a Permitted Exchange, any Combination
Transaction as a result of which holders of Common Equity of the SPAC immediately prior to such Combination Transaction own,
directly or indirectly, in the aggregate, less than 50% of the voting power of Common Equity of the continuing, surviving, or
succeeding entity or the parent thereof immediately after such Combination Transaction, or (z) prior to the consummation of a
Qualified Public Company Event or Other Listing Event, any Combination Transaction as a result of which holders of Common
Equity of the Company immediately prior to such Combination Transaction, own, directly or indirectly, in the aggregate, less
than 65% of the voting power of the Common Equity of the continuing, surviving or succeeding entity or the parent thereof
immediately after such Combination Transaction, (2) (x) following the consummation of a Qualified Public Company Event or
Other Listing Event in which the Common Stock of the Company is listed on a Permitted Exchange, any transaction or series of
related transactions in which in excess of 50% of the voting power of the Common Equity of the Company is transferred to any
 “person” or “group” within the meaning of Section 13(d) of the Exchange Act or any such
 “person” or “group” becomes the “beneficial owner” (as defined in Rules 13(d)-3
and 13(d)-5 under the Exchange Act) in excess of 50% of the voting power of the Common Equity of the Company, (y) following
the consummation of a Qualified Public Company Event or Other Listing Event in which the Common Stock of the SPAC is listed
on a Permitted Exchange, any transaction or series of related transactions in which in excess of 50% of the voting power of
the Common Equity of the SPAC is transferred to any “person” or “group” within the
meaning of Section 13(d) of the Exchange Act or any such “person” or “group” becomes the
 “beneficial owner” (as defined in Rules 13(d)-3 and 13(d)-5 under the Exchange Act) in excess of 50% of the
voting power of the Common Equity of the SPAC, or (z) prior to the consummation of a Qualified Public Company Event or Other
Listing Event, any transaction or series of related transactions to which the Company is a party in which in excess of 35% of
the voting power of the Company’s Common Equity is transferred to any “person” or
 “group” within the meaning of Section 13(d) of the Exchange Act or any such “person” or
 “group” becomes the “beneficial owner” (as defined in Rules 13(d)-3 and 13(d)-5 under the
Exchange Act) in excess of 35% of the voting power of the Common Equity of the Company, or (3) any sale, lease, or other
disposition of all or substantially all of the consolidated assets of the Company and its Subsidiaries, taken as a whole, to
any Person other than one of the Company’s direct or indirect Wholly-Owned Subsidiaries. Notwithstanding the foregoing,
any Qualified Public Company Event shall be deemed not to constitute a Change of Control for the purposes of this
Indenture.

 

    4 

     

    

 

“Change of
Control Company Notice” shall have the meaning specified in Section 15.03(b).

 

“Change of
Control Conversion Obligation” shall have the meaning specified in Section 14.01.

 

“Change of
Control Conversion Rate” shall have the meaning specified in the definition of “Conversion Rate”.

 

“Change of
Control Effective Date” shall have the meaning specified in Section 14.01.

 

“Change of
Control Repurchase Date” shall have the meaning specified in Section 15.03(a).

 

“Change of
Control Repurchase Expiration Time” shall have the meaning specified in Section 15.07(a)(i).

 

“Change of
Control Repurchase Notice” shall have the meaning specified in Section 15.07(a)(i).

 

“Change of
Control Repurchase Price” shall have the meaning specified in Section 15.03(a).

 

“Clause A
Distribution” shall have the meaning specified in Section 14.05(c).

 

“Clause B
Distribution” shall have the meaning specified in Section 14.05(c).

 

“Clause C
Distribution” shall have the meaning specified in Section 14.05(c).

 

“close of
business” means 5:00 p.m. (New York City time).

 

“Collateral”
has the meaning ascribed to such term in the Security Documents.

 

“Collateral
Agent” means U.S. Bank National Association in its capacity as collateral agent under the Security Documents, together
with its successors in such capacity.

 

“Combination
Transaction” means with respect to a Person any consolidation or merger of such Person with or into any other corporation
or other entity or person (including any acquisition, purchase or similar transaction of or involving such Person by another Person),
or any other reorganization, in each case, excluding any transaction effected solely for the purpose of reincorporating into another
jurisdiction.

 

“Commission”
means the U.S. Securities and Exchange Commission.

 

    5 

     

    

 

“Common
Equity” of any Person means Capital Stock of such Person that is generally entitled to vote in the election of
members of the Board of Directors of such Person. Prior to the consummation of a Qualified Public Company Event or Other
Listing Event, the Common Equity of the Company shall be the Units entitled to rights as a Voting Member (as such terms are
defined under the Company LLC Agreement).

 

“Common Stock”
means: (a) if the Qualified Public Company Event is a SPAC Transaction, the Common Equity of the SPAC that is listed on a Permitted
Exchange in connection with such Qualified Public Company Event, (b) if the Qualified Public Company Event is a Listing Event or
there is an Other Listing Event, the Common Equity of the Company that is listed on a Permitted Exchange in connection with such
Qualified Public Company Event or Other Listing Event or (c) prior to a Qualified Public Company Event or Other Listing Event,
the Company’s Class A Units (as defined in the Company LLC Agreement), subject to Section 14.08.

 

“Common Stock
Resale Restriction Date” shall have the meaning specified in Section 2.05(d).

 

“Company”
shall have the meaning specified in the first paragraph of this Indenture, and from and after the date a Successor Company is substituted
for the Company subject to and in accordance with the provisions of Article 11, the Successor Company.

 

“Company LLC
Agreement” means the Third Amended and Restated Limited Liability Company Agreement of the Company, dated as of September
7, 2018 (as amended, restated, supplemented or otherwise modified from time to time).

 

“Company Order”
means a written order of the Company, signed by one of its Officers and delivered to the Trustee.

 

“Consolidated
Net Tangible Assets” means, as of any date of determination, the total assets, less goodwill and other intangibles (other
than patents, trademarks, copyrights, licenses and other intellectual property), shown on the balance sheet of the Company and
the Guarantors (excluding Subsidiaries of the Company) for the most recently ended fiscal quarter for which financial statements
are available, determined on a consolidated basis in accordance with GAAP.

 

“Conversion
Agent” shall have the meaning specified in Section 4.02.

 

“Conversion
Date” shall have the meaning specified in Section 14.03(c).

 

“Conversion
Obligation” shall have the meaning specified in Section 14.02.

 

“Conversion
Rate” means, for each $1,000 principal amount of Notes:

 

(a)       with
respect to any conversion in connection with a Change of Control, at a Conversion Rate equal to the quotient (rounded to
eight decimal places) of (A) $1,000 and (B) 80% of the Transaction Price per share of Common Stock in such Change of Control
transaction (the “Change of Control Conversion Rate”), provided that, a conversion of Notes shall be
deemed for these purposes to be “in connection with” a Change of Control if the relevant Notice of
Conversion is received by the Conversion Agent from, and including, the open of business on the first Business Day following
the delivery of the Final Transaction Price Notice until the close of business on the 35th Business Day following the Change
of Control Effective Date;

 

    6 

     

    

 

(b)       prior
to the Qualified Public Company Event or Other Listing Event:

 

(i)       if
no Equity Financing has been consummated, the quotient (rounded to eight decimal places) of (i) $1,000 and (ii) $77.88 (or $76.09
upon the issuance of the Second Tranche Notes), representing the quotient of (A) $620,000,000 less the sum of the Notes Outstanding
Amount (including, upon the issuance thereof, the Second Tranche Notes) and the Aggregate Liquidation Preferences as of the date
hereof and (B) the number of outstanding shares of Capital Stock of the Company on a Fully-Diluted Basis as of the date hereof
(excluding the Class A Units of the Company issued to Pure Crown LLC and BMW i Ventures SCS, SICAV-RAIF concurrently with the execution
of this Agreement); or

 

(ii)       only
if greater than clause (b)(i) above, if an Equity Financing has been consummated, the quotient (rounded to eight decimal places)
of (i) $1,000 and (ii) the quotient of (A) 80% of the Adjusted Equity Value of the Company (as determined based on such Equity
Financing) and (B) the number of outstanding shares of Capital Stock of the Company on a Fully-Diluted Basis as of immediately
prior to the consummation of such Equity Financing; or

 

(c)       upon
and after completion of the Qualified Public Company Event or Other Listing Event:

 

(i)       if
a SPAC Transaction is the Qualified Public Company Event the quotient (rounded to eight decimal places) of (A) $1,000 and (B) the
SPAC Transaction PIPE Valuation; provided that if the Equity Value of the Company in connection with the SPAC Transaction is greater
than $775,000,000, the Conversion Rate shall equal the product of (1) the amount that would otherwise be calculated pursuant to
this clause (i) and (2) a fraction equal to the Equity Value of the Company divided by $775,000,000;

 

(ii)       if
a Direct Listing is the Qualified Public Company Event or Other Listing Event, the quotient (rounded to eight decimal places) of
(A) $1,000 and (B) 80% of the average of each of the Daily VWAPs of the Common Stock on the five consecutive Trading Days (or such
lesser number of Trading Days as have elapsed from, and including, the date of settlement of the opening trade on the applicable
Permitted Exchange to, but excluding, the Conversion Date) beginning on the first Trading Day after the date of settlement (in
accordance with Rule 15c6-1(a) under the Exchange Act) of the opening trade on the applicable Permitted Exchange of Common Stock
following the Direct Listing; or

 

(iii)       if
the Qualified Public Company Event or Other Listing Event is neither a SPAC Transaction nor a Direct Listing, the quotient
(rounded to eight decimal places) of (A) $1,000 and (B) 80% of the price per share of common securities of the issuer offered
to the public in the underwritten initial public offering,

 

    7 

     

    

 

in any case, subject to adjustment as provided
in Article 14. In addition, at any time after a PIK Payment has been made, any applicable Conversion Rate shall be recast,
to the extent not already so adjusted, to represent a number of shares of Common Stock per $1.00 of principal amount of Notes by
taking the quotient of (i) such Conversion Rate and (ii) $1,000. Neither the Trustee nor the Conversion Agent shall have any obligation
to calculate or verify the calculation of the Conversion Rate, and may rely conclusively on Officer’s Certificates and notices
delivered by the Company pursuant to this Indenture.

 

“Corporate
Trust Office” means the designated office of the Trustee at which at any time its corporate trust business shall be administered
for purposes of this Indenture, which office at the Issue Date is located at Denver Tower, 950 17th Street, Denver, CO 80202, Attn:
M. McGuire (PureCycle), or such other address as the Trustee may designate from time to time by notice to the Holders and the Company,
or the principal corporate trust office of any successor trustee (or such other address as such successor trustee may designate
from time to time by notice to the Holders and the Company). Neither the Trustee nor the Conversion Agent shall have any obligation
to calculate or verify the calculation of the Conversion Rate, and may rely conclusively on Officer’s Certificates and notices
delivered by the Company pursuant to this Indenture.

 

“Custodian”
means the Trustee, as custodian for the Depositary, with respect to the Global Notes, or any successor entity appointed by the
Company as custodian for the Depositary under this Indenture.

 

“Daily VWAP”
shall mean the per share volume-weighted average price as reported by Bloomberg, LP (or any successor service thereto) in respect
of the period from the scheduled open of trading until the scheduled close of trading of the primary trading session on the relevant
Trading Day (or if such volume-weighted average price is unavailable, the market value of one share of the Common Stock that is
listed on a Permitted Exchange in connection with a Qualified Public Company Event on such Trading Day determined using a volume-weighted
average method, by a nationally recognized independent investment banking firm retained for this purpose by the Company). The “Daily
VWAP” shall be determined without regard to after-hours trading or any other trading outside of the regular trading session
trading hours.

 

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

 

“Defaulted
Amounts” means any amounts (including, without limitation, the Fundamental Change Repurchase Price, Change of Control
Repurchase Price, principal and interest) that are payable in respect of any Notes but are not punctually paid or duly provided
for.

 

“Deposit Account
Control Agreement” has the meaning specified in the Security Agreement.

 

“Depositary”
means, with respect to each Global Note, the Person specified in Section 2.05(c) as the Depositary with respect to
such Notes, until a successor shall have been appointed and become such pursuant to the applicable provisions of this
Indenture, and thereafter, “Depositary” shall mean or include such successor.

 

    8 

     

    

 

“Designated
Country” means each of the Cayman Islands, British Virgin Islands, and any country or state which is a member of the
Organization for Economic Cooperation and Development.

 

“Direct Listing”
means the listing on a Permitted Exchange in connection with the registration of any shares of Capital Stock of the Company by
means of an effective registration statement under the Securities Act and/or the Exchange Act that registers shares of Capital
Stock without an underwritten public offering of such shares.

 

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

 

Notwithstanding the
preceding, each of the following items will be deemed not to be a Disposition:

 

(1)       Any
Investment that is not a Restricted Investment;

 

(2)       the
sale, lease or other transfer of products, raw materials, feedstock, services or accounts receivable in the ordinary course of
business;

 

(3)        the
sale or other disposition of Cash Equivalents;

 

(4)       licensing
and sub-licensing by the Company of Intellectual Property permitted by Section 4.23 hereof;

 

(5)       any
sale, abandonment or other disposition of damaged, worn-out, redundant or obsolete assets in the ordinary course of business;

 

(6)        the
granting of Liens not prohibited by this Indenture;

 

(7)        a
Restricted Payment that does not violate the terms of this Indenture;

 

(8)       any
transfer of assets between the Company and any Guarantor or among the Guarantors;

 

(9)        any
Permitted Equity Raise; and

 

(10)       any
issuance of Permitted Disqualified Stock or Class C Units of the Company pursuant to the PureCycle Technologies LLC Amended and
Restated Equity Incentive Plan.

 

“Disputing
Holders” shall have the meaning specified in the definition of “Transaction Price.”

 

    9 

     

    

 

“Disputing
Holders Calculation” shall have the meaning specified in the definition of “Transaction Price.”

 

“Dispute Notice”
shall have the meaning specified in the definition of “Transaction Price.”

 

“Disqualified
Stock” means any Capital Stock which, by its terms (or by the terms of any security or other Capital Stock 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 or condition (a) matures or is mandatorily redeemable (other than solely for Capital Stock that is not Disqualified
Stock and/or cash in lieu of fractional shares), pursuant to a sinking fund obligation or otherwise, (b) is redeemable at the option
of the holder of the Capital Stock (other than solely for Capital Stock that is not Disqualified Stock and/or cash in lieu of fractional
shares), in whole or in part, (c) requires the payment of any cash dividend or any other scheduled cash payment, or (d) is or becomes
convertible into or exchangeable for Indebtedness (other than Indebtedness permitted to be incurred pursuant to Section 4.12
of this Indenture) or any other Capital Stock that would constitute Disqualified Stock, in each case, prior to the date that is
90 days after the date on which the Notes mature. Notwithstanding the preceding sentence, only the portion of Capital Stock which
so matures or is mandatorily redeemable, is so convertible or exchangeable or is so redeemable at the option of the holder thereof
prior to such date shall be deemed to be Disqualified Stock. For the avoidance of doubt, the classes of Units provided for under
the Company LLC Agreement (as in effect on the date of this Indenture) are not Disqualified Stock.

 

“Distributed
Property” shall have the meaning specified in Section 14.05(c).

 

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

 

“DTC”
shall mean The Depository Trust Company, a New York corporation.

 

“Effective
Date” means the first date on which shares of the Common Stock trade on the applicable exchange or in the applicable
market, regular way, reflecting the relevant share split or share combination, as applicable.

 

“Equity Financing”
means any offering and sale (other than, for the avoidance of doubt, a SPAC Transaction Financing) by the Company, following the
date hereof and prior to the Qualified Public Company Event or Other Listing Event, of shares of Capital Stock of the Company (or
of promissory notes or other similar instruments or rights convertible into or exchangeable or exercisable for a class and/or series
of Capital Stock, whether or not then established in the Company LLC Agreement) to one or more investors for cash for financing
purposes.

 

“Equity Value
of the Company” means

 

(a) with respect to
a SPAC Transaction, as applicable:

 

    10 

     

    

 

(i)
if one or more SPAC Transaction Financings have occurred, the sum, without duplication, of (w) the aggregate cash consideration,
if any, to be paid (including, if applicable, under a plan of merger or amalgamation or in connection with a contribution or other
transfer of Capital Stock consummated in connection therewith) to the holders of Capital Stock of the Company (or any securities
exercisable, convertible or exchangeable for Capital Stock of the Company) in connection with the SPAC Transaction, plus (x) an
amount equal to the fair market value (or cash value, if made in cash or Cash Equivalents) of the consideration paid to the holders
of Capital Stock of the Company (or any securities (other than the Notes) exercisable, convertible or exchangeable for Capital
Stock of the Company) pursuant to any dividends or distributions made thereon (including, for the avoidance of doubt, in connection
with any liquidation consummated in connection with, or in contemplation of, the SPAC Transaction), or redemptions or repurchases
thereof, in connection with, or in contemplation of, a SPAC Transaction, plus (y) the Notes Outstanding Amount as of immediately
after the closing of the SPAC Transaction, plus (z) the product of (A) the quotient of the aggregate number of shares of Common
Stock of the SPAC to be issued (including, if applicable, under a plan of merger or amalgamation) to the holders of Capital Stock
of the Company (or any securities exercisable, convertible or exchangeable for Capital Stock of the Company) in connection with
the SPAC Transaction divided by the aggregate number of shares of Common Stock of the SPAC (on an as converted basis in the case
of any securities exercisable, convertible or exchangeable for shares of Common Stock of the SPAC) to be issued to the investors
in such SPAC Transaction Financings and (B) the total gross proceeds invested by the investors in such SPAC Transaction Financings;
or

 

(ii) if no
SPAC Transaction Financing has occurred, the sum of (w) the aggregate cash consideration, if any, to be paid (including, if applicable,
under a plan of merger or amalgamation or in connection with a contribution or other transfer of Capital Stock consummated in connection
therewith) to the holders of Capital Stock of the Company (or any securities exercisable, convertible or exchangeable for Capital
Stock of the Company) in connection with the SPAC Transaction, plus (x) an amount equal to the fair market value (or cash value,
if made in cash or Cash Equivalents) of the consideration paid to the holders of Capital Stock of the Company (or any securities
(other than the Notes) exercisable, convertible or exchangeable for Capital Stock of the Company) pursuant to any dividends or
distributions made thereon (including, for the avoidance of doubt, in connection with any liquidation consummated in connection
with, or in contemplation of, the SPAC Transaction), or redemptions or repurchases thereof, in connection with, or in contemplation
of, a SPAC Transaction, plus (y) the Notes Outstanding Amount as of immediately after the closing of the SPAC Transaction, plus
(z) the aggregate value of the shares of Common Stock of the SPAC to be issued (including, if applicable, under a plan of merger
or amalgamation) to the holders of Capital Stock of the Company (or to the holders of any securities exercisable, convertible or
exchangeable for Capital Stock of the Company) in connection with the SPAC Transaction, with each share of Common Stock of the
SPAC being valued at $10.00 per share for this purpose (such price per share as equitably adjusted for stock splits, reverse stock
splits or stock combinations, stock dividends and the like by the SPAC after the date of this Agreement and prior to the consummation
of the SPAC Transaction),

 

    11 

     

    

 

provided that,
if any securities (other than the Notes) exercisable, convertible or exchangeable for Capital Stock of the Company are not exercised,
converted or exchanged in connection with the SPAC Transaction and remain outstanding after the closing of the SPAC Transaction
and, in accordance with the terms thereof, such securities become exercisable, convertible or exchangeable for Common Stock of
the SPAC and/or any other reference property, from and after the closing of the SPAC Transaction, the holders thereof shall, solely
for purposes of this clause (a), be treated as if they had actually been issued or paid such underlying shares of Common Stock
of the SPAC and/or other reference property at the closing of the SPAC Transaction, so that such consideration shall be treated
as being “paid to the holders of Capital Stock of the Company (or any securities exercisable, convertible or exchangeable
for Capital Stock of the Company) in connection with the SPAC Transaction” for purposes of this clause (a); provided further
that, in the case of any consideration paid into escrow, such consideration shall be deemed to be paid in full at closing of the
SPAC Transaction and in the case of any consideration the payment of which is contingent upon the occurrence of some future event,
such consideration shall be valued for purposes of this clause (a) by the Board of Directors acting reasonably; provided further
that, if any cash consideration to be paid is computed in any foreign currency, the value of such foreign currency shall, for purposes
hereof, be converted into U.S. Dollars at the prevailing exchange rate on the closing date of the SPAC Transaction; provided
further that, in the event any non-cash consideration (other than shares of Common Stock of the SPAC) are to be paid in the
SPAC Transaction references in this clause (a) to “cash consideration” shall also include such non-cash consideration,
which shall be valued for purposes of this clause (a) by the Board of Directors acting reasonably; and

 

(b) with respect to
an Equity Financing, the pre-money equity value of the Company implied by such Equity Financing equal to the difference between
(i) (x) the total gross proceeds received by the Company in such Equity Financing divided by (y) the percentage (expressed as a
decimal) of the outstanding Capital Stock of the Company on a Fully-Diluted Basis (after giving effect to such Equity Financing)
issued to the investors in such Equity Financing minus (ii) the total gross proceeds received by the Company in such Equity Financing.

 

“Escrow Agent”
means U.S. Bank, National Association, in its capacity as escrow agent.

 

“Escrow Agreement”
means that certain escrow agreement, to be entered into on or prior to the issue date for the Second Tranche Notes, among the Company,
the Trustee and the Escrow Agent, relating to the gross proceeds of the sale of the Second Tranche Notes.

 

“Event of
Default” shall have the meaning specified in Section 6.01.

 

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

 

“Ex-Dividend
Date” means the first date on which shares of the Common Stock trade on the applicable exchange or in the applicable
market, regular way, without the right to receive the issuance, dividend or distribution in question, from the Company or, if applicable,
from the seller of Common Stock on such exchange or market (in the form of due bills or otherwise) as determined by such exchange
or market.

 

    12 

     

    

 

“Existing
Agreement Obligations” means contractual obligations pursuant to agreements executed prior to the Issue Date.

 

“fair market
value” means with respect to any asset or group of assets on any date of determination, the value of the consideration
obtainable in a sale of such asset or group of assets at such date of determination assuming a sale by a willing seller to a willing
purchaser dealing at arm’s length and arranged in an orderly manner over a reasonable period of time having regard to the
nature and characteristics of such asset, as determined in good faith by the Board of Directors of the Company.

 

“Feedstock
Evaluation Unit” means the pilot-scale facilities and equipment utilized to test and process waste polypropylene feedstock.

 

“Final Transaction
Price Notice” have the meaning specified in the definition of “Transaction Price.”

 

“Foreign Subsidiary”
means, with respect to any Person, (a) any direct or indirect Subsidiary of such Person that is not organized or existing under
the laws of the United States, any state thereof or the District of Columbia, and is a “controlled foreign corporation”
for U.S. federal income tax purposes, (b) any direct or indirect Subsidiary of such Person if substantially all of its assets consists
of Capital Stock of one or more direct or indirect Subsidiaries described in clause (a) of this definition or of such Capital Stock
and intercompany obligations of such Subsidiaries described in clause (a) of this definition or (c) any Subsidiary of a Subsidiary
described in clause (a) or (b) of this definition.

 

“Form of Assignment
and Transfer” means the “Form of Assignment and Transfer” attached as Attachment 4 to the Form of
Note attached hereto as Exhibit A.

 

“Form of Change
of Control Repurchase Notice” means the “Form of Change of Control Repurchase Notice” attached as
Attachment 3 to the Form of Note attached hereto as Exhibit A.

 

“Form of Fundamental
Change Repurchase Notice” means the “Form of Fundamental Change Repurchase Notice” attached as Attachment
2 to the Form of Note attached hereto as Exhibit A.

 

“Form of Note”
means the “Form of Note” attached hereto as Exhibit A.

 

“Form of Notice
of Conversion” means the “Form of Notice of Conversion” attached as Attachment 1 to the Form of Note
attached hereto as Exhibit A.

 

“Form of Security
Agreement” means the “Form of Security Agreement” attached hereto as Exhibit D.

 

    13 

     

    

 

“Fully-Diluted
Basis” means, as of any date of determination, the sum of (x) the number of Units (as defined in the Company LLC
Agreement) of the Company, together with any other shares of Capital Stock of the Company, then outstanding as of such date
of determination, plus (y) the number of Units or other shares of Capital Stock issuable upon the exercise, conversion or
exchange of all then-outstanding warrants, options, convertible Capital Stock or Indebtedness, exchangeable Capital Stock or
Indebtedness, or other rights exercisable for or convertible or exchangeable into, directly or indirectly, Units, whether at
the time of issue or upon the passage of time or upon the occurrence of some future event, and whether or not in the money as
of such date of determination, and, in each case, excluding shares of Capital Stock issuable upon conversion of the
Notes.

 

“Fundamental
Change” shall be deemed to have occurred if any of the following occurs on or after the Qualified Public Company Event
or Other Listing Event and prior to the Maturity Date:

 

(a)       a
 “person” or “group” within the meaning of Section 13(d)(3) of the Exchange Act, other than
the Company, its direct or indirect Wholly Owned Subsidiaries and the employee benefit plans of the Company and its direct or indirect
Wholly-Owned Subsidiaries, files a Schedule TO or any schedule, form or report under the Exchange Act disclosing that such person
or group has become the direct or indirect “beneficial owner,” as defined in Rule 13d-3 under the Exchange Act,
of the Company’s Common Equity representing more than 50% of the voting power of the Company’s Common Equity;

 

(b)       the
consummation of (i) any recapitalization, reclassification or change of the Common Stock (other than changes resulting from a subdivision
or combination) as a result of which the Common Stock would be converted into, or exchanged for, stock, other securities, other
property or assets; (ii) any share exchange, consolidation or merger of the Company pursuant to which the Common Stock will be
converted into cash, securities or other property or assets; or (iii) any sale, conveyance, lease or other transfer in one transaction
or a series of transactions of all or substantially all of the consolidated assets of the Company and its Subsidiaries, taken as
a whole, to any Person other than one or more of the Company’s direct or indirect Wholly-Owned Subsidiaries; provided, however,
that a transaction described in clause (i) or (ii) in which the holders of all classes of the Company’s Common Equity immediately
prior to such transaction own, directly or indirectly, more than 50% of all classes of Common Equity of the continuing or surviving
corporation or transferee or the parent thereof immediately after such transaction in substantially the same proportions (relative
to each other) as such ownership immediately prior to such transaction shall not be a Fundamental Change pursuant to this clause
(b);

 

(c)       the
holders of Capital Stock of the Company approve any plan for the liquidation or dissolution of the Company; or

 

(d)       the
Common Stock (or other common stock underlying the Notes) ceases to be listed or quoted on any Permitted Exchange;

 

    14 

     

    

 

provided, however, that
a transaction or transactions described in clause (a) or (b) above shall not constitute a Fundamental Change, if at least 90%
of the consideration received or to be received by holders of the Common Stock of the Company, excluding cash payments for
fractional shares and cash payments made in respect of dissenters’ statutory appraisal rights, in connection with such
transaction or transactions consists of shares of common stock that are listed or quoted on any Permitted Exchange or will be
so listed or quoted when issued or exchanged in connection with such transaction or transactions and as a result of such
transaction or transactions such consideration becomes Reference Property for the Notes, excluding cash payments for
fractional shares and cash payments made in respect of dissenters’ statutory appraisal rights (subject to the
provisions set forth under Section 14.03). Notwithstanding the foregoing, any Qualified Public Company Event shall be
deemed not to constitute a Fundamental Change for the purposes of this Indenture.

 

If any transaction
occurs in which the Common Stock is converted into, or exchanged for, Reference Property consisting of Capital Stock of another
entity, references to the Company in the definition of “Fundamental Change” above shall instead be references
to such other entity.

 

If following a Qualified
Public Company Event or Other Listing Event, the Notes are convertible under the terms of this Indenture into Capital Stock of
the SPAC or any other entity other than the Company, references to the Company in the definition of “Fundamental Change”
above shall instead be references to the SPAC or such other entity, as applicable.

 

“Fundamental
Change Company Notice” shall have the meaning specified in Section 15.02(b).

 

“Fundamental
Change Repurchase Expiration Time” shall have the meaning specified in Section 15.07(a)(i).

 

“Fundamental
Change Repurchase Date” shall have the meaning specified in Section 15.02(a).

 

“Fundamental
Change Repurchase Notice” shall have the meaning specified in Section 15.07(a)(i).

 

“Fundamental
Change Repurchase Price” shall have the meaning specified in Section 15.02(a).

 

“GAAP”
means generally accepted accounting principles in the United States of America as in effect from time to time, including, without
limitation, those set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of
Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements
by such other entity as approved by a significant segment of the accounting profession.

 

“Global Note”
shall have the meaning specified in Section 2.05(b).

 

“Guarantee”
means any obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any Indebtedness or any other
obligation of any other Person:

 

(a)       to
purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness of such other Person (whether arising
by virtue of partnership arrangements, or by agreements to keep-well, to purchase assets, goods, securities or services, to take-or-pay
or to maintain financial statement conditions or otherwise); or

 

    15 

     

    

 

(b)       entered
into for the purpose of assuring in any other manner the obligee of such Indebtedness against loss in respect thereof (in whole
or in part);

 

provided, however,
that the term “Guarantee” shall not include endorsements for collection or deposit in the ordinary course of
business. The term “Guarantee” used as a verb has a corresponding meaning.

 

“Guarantor”
means each Person that is required to and executes a supplemental indenture with the Company and the Trustee substantially in the
form of Exhibit C attached hereto and delivers it to the Trustee, pursuant to which such Person unconditionally Guarantees all
of the Company’s Obligations under the Indenture Documents on the terms set forth in the Indenture Documents until the Note
Guarantee of such Person has been released in accordance with the provisions of this Indenture.

 

“Hedging Obligations”
means, with respect to any specified Person, the obligations of such Person under:

 

(a)       interest
rate swap agreements (whether from fixed to floating or from floating to fixed), interest rate cap agreements and interest rate
collar agreements;

 

(b)       other
agreements or arrangements designed to manage interest rates or interest rate risk; and

 

(c)       other
agreements or arrangements designed to protect such Person against fluctuations in currency exchange rates or commodity prices.

 

“Holder,”
as applied to any Note, or other similar terms (but excluding the term “beneficial holder”), means any Person
in whose name a particular Note is registered on the Note Register at the applicable time.

 

“incur”
shall have the meaning specified in Section 4.12.

 

“Indebtedness”
means, with respect to any Person on any date of determination (without duplication):

 

(a)       the
principal (or, with respect to such Indebtedness issued with original issue discount, the accreted value) in respect of (A) indebtedness
of such Person for money borrowed and (B) indebtedness evidenced by notes, debentures, bonds or other similar instruments for the
payment of which such Person is responsible or liable, including, in each case, any premium on such indebtedness to the extent
such premium has become due and payable;

 

(b)       all
Capital Lease Obligations of such Person;

 

(c)       all
obligations of such Person for the deferred purchase price of property or services due more than six months after such
property or services are acquired or taken, all conditional sale obligations of such Person and all obligations of such
Person under any title retention agreement to the extent of the value of such property (but excluding any accounts payable or
other liability to trade creditors arising in the ordinary course of business);

 

    16 

     

    

 

(d)       all
obligations of such Person for the reimbursement of any obligor on any letter of credit, bankers’ acceptance or similar credit
transaction (other than obligations with respect to letters of credit securing obligations (other than obligations described in
clauses (a) through (c) above) entered into in the ordinary course of business of such Person to the extent such letters of credit
are not drawn upon or, if and to the extent drawn upon, such drawing is reimbursed no later than the 30th day following payment
on the letter of credit);

 

(e)       to
the extent not otherwise included in this definition, net payment obligations under any Hedging Obligations of such Person;

 

(f)       all
obligations of the type referred to in clauses (a) through (e) of other Persons for the payment of which such Person is responsible
or liable, directly or indirectly, as obligor, guarantor or otherwise, including by means of any Guarantee; and

 

(g)       all
obligations of the type referred to in clauses (a) through (f) of other Persons secured by any Lien on any property or asset of
such Person (whether or not such obligation is assumed by such Person), the amount of such obligation being deemed to be the lesser
of the fair market value of such property or assets and the amount of the obligation so secured;

 

if, and to the extent, with respect to
clauses (a), (b), (c) and (e) only, any of the preceding items referred to in clauses (a), (b), (c) and (e) would appear as a liability
upon the balance sheet of the specified Person in accordance with GAAP.

 

“Indenture”
means this instrument as originally executed or, if amended or supplemented as herein provided, as so amended or supplemented.

 

“Indenture
Documents” means this Indenture (including the Guarantees hereunder), the Notes, the Security Documents, the Pari Passu
Intercreditor Agreement and the Junior Intercreditor Agreement and the Escrow Agreement (if the Trustee is a party thereto), together
with any other agreements, instruments or other documents evidencing any other Indenture Obligations, each as may be amended, restated,
supplemented or otherwise modified from time to time.

 

“Indenture
Obligations” means all Obligations in respect of the Notes (including, for the avoidance of doubt, the Conversion Obligation)
or arising under the Indenture Documents. Indenture Obligations shall include all interest accrued (or which would, absent the
commencement of an insolvency or liquidation proceeding, accrue) after the commencement of an insolvency or liquidation proceeding
in accordance with and at the rate specified in the relevant Indenture Document whether or not the claim for such interest is allowed
as a claim in such insolvency or liquidation proceeding.

 

“Initial Notes”
the first $48,000,000 aggregate principal amount of Notes issued under this Indenture on the Issue Date.

 

    17 

     

    

 

 

“Intellectual
Property” means, with respect to any Person, all patents, patent applications and like protections, including improvements
divisions, continuation, renewals, reissues, extensions and continuations in part of the same, trademarks, trade names, trade styles,
trade dress, service marks, logos and other business identifiers and, to the extent permitted under applicable law, any applications
therefor, whether registered or not, and the goodwill of the business of such Person connected with and symbolized thereby, copyright
rights, copyright applications, copyright registrations and like protections in each work of authorship and derivative works, whether
published or unpublished, technology, know-how and processes, operating manuals, trade secrets, computer hardware and software,
rights to unpatented inventions and all applications and licenses therefor, used in or necessary for the conduct of business by
such Person and all claims for damages by way of any past, present or future infringement of any of the foregoing.

 

“Interest
Payment Date” means each April 15 and October 15 of each year, beginning on April 15, 2021.

 

“Interest
Period” means the period commencing on and including an Interest Payment Date and ending on and including the day immediately
preceding the next succeeding Interest Payment Date, with the exception that the first Interest Period shall commence on and include
the Issue Date (the Interest Payment Date for any Interest Period shall be the immediately succeeding Interest Payment Date following
the last day of such Interest Period).

 

“Investment”
means, with respect to any Person, all direct or indirect investments by such Person in other Persons (including Affiliates of
such Person) in the form of loans (including Guarantees) and advances, capital contributions, purchases or other acquisitions for
consideration of Capital Stock or other securities. The amount of all Investments (other than cash) will be the fair market value
(as determined in good faith by the Board of Directors of the Company) on the date of the Investment.

 

“Issue Date”
means October 7, 2020.

 

“Junior Intercreditor
Agreement” means (i) the Pari Passu Intercreditor Agreement,
dated as of the Issue Date, by and between Auto Now Acceptance Co., LLC, as loan collateral agent, the Collateral Agent and the
Company, and (ii) an intercreditor agreement, to be entered into in connection with entering into any secured Subordinated
Indebtedness pursuant to clause (II)(ii) or (III)(y) of the first proviso of Section 4.12, among the collateral agent for
such Subordinated Indebtedness, the Collateral Agent, the Company and the Guarantors, if any, as the same may be amended, supplemented
or modified from time to time.

 

“Last
Reported Sale Price” of the Common Stock or any other security on any date means the closing sale price per share
(or if no closing sale price is reported, the average of the bid and ask prices or, if more than one in either case, the
average of the average bid and the average ask prices) on that date as reported in composite transactions for the Relevant
Stock Exchange on which the Common Stock (or such other security) is then listed or admitted for trading. If the Common Stock
or such other security is not listed for trading on a Relevant Stock Exchange on the relevant date, the “Last
Reported Sale Price” shall be the average of the last quoted bid and ask prices for the Common Stock or such other
security in the over-the-counter market on the relevant date as reported by OTC Markets Group Inc. or a similar organization.
If the Common Stock or such other security is not so quoted, the “Last Reported Sale Price” shall be the
average of the mid-point of the last bid and ask prices for the Common Stock or such other security on the relevant date from
each of at least three nationally recognized independent investment banking firms selected by the Company for this purpose.
The “Last Reported Sale Price” shall be determined without regard to after-hours trading or any other
trading outside of regular trading session hours. None of the Trustee, Collateral Agent, Paying Agent or Conversion Agent
shall be responsible for monitoring the Last Reported Sale Price.

 

    18 

     

    

 

“Lien”
means, with respect to any asset or right, (a) any mortgage, deed of trust, lien, pledge, encumbrance, charge, security assignment
or security interest in or on such asset or right, and (b) the interest of a vendor or a lessor under any conditional sale agreement,
capital lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the
foregoing) relating to such asset or right.

 

“Listing Event”
means any transaction (other than a SPAC Transaction), including any underwritten initial public offering or Direct Listing pursuant
to which (1) the Common Equity of the Company (or Successor Company, as applicable) (a) is first registered under Section 12(b)
of the Exchange Act, (b) is listed on a Permitted Exchange and (c) represents the Common Stock into which the Notes are convertible
under this Indenture and (2) the Company (or Successor Company, as applicable) is a corporation organized and existing under the
laws of the United States of America, any State thereof, the District of Columbia or any Designated Country; provided that,
in each case, including any underwritten initial public offering or Direct Listing by the Company, net cash proceeds in an amount
equal to or greater than $200,000,000 are raised by the Company or any of its direct or indirect parent companies in connection
with such transaction.

 

“Market Disruption
Event” means (a) a failure by the primary U.S. national or regional securities exchange or market on which the Common
Stock is listed or admitted for trading to open for trading during its regular trading session or (b) the occurrence or existence
prior to 1:00 p.m., New York City time, on any Scheduled Trading Day for the Common Stock for more than one half-hour period in
the aggregate during regular trading hours of any suspension or limitation imposed on trading (by reason of movements in price
exceeding limits permitted by the relevant stock exchange or otherwise) in the Common Stock or in any options contracts or futures
contracts relating to the Common Stock.

 

“Maturity
Date” means, initially, October 15, 2022, subject to extension to April 15, 2023, at the election of the Issuer pursuant
to Section 2.11.

 

“Maximum Percentage”
shall have the meaning specified in Section 14.03(k).

 

“Minimum Principal
Amount” means a majority in aggregate principal amount of the Notes then outstanding.

 

“Mortgages”
means a collective reference to each mortgage, deed of trust or deed to secure debt under which any Lien on the Premises or any
other Collateral secured by and described in such mortgages, deeds of trust or deeds to secure debt is granted to secure any Indenture
Obligations.

 

    19 

     

    

 

“Municipal
Bond Offering” means that certain offering of municipal bonds, in connection with the Southern Ohio Port Authority Project,
by the Southern Ohio Port Authority and payable by PureCycle: Ohio LLC pursuant to the loan agreement, dated as of August 1, 2020,
as contemplated by the Offering Memorandum.

 

“Municipal
Bond Transaction” means the issuance of municipal bonds, in connection with the Southern Ohio Port Authority Project,
pursuant to an Indenture of Trust between Southern Ohio Port Authority and UMB Bank, N.A., as described in the Offering Memorandum.

 

“Non-Material
Real Property” means any fee interest in any real property with a fair market value (together with improvements thereof)
as reasonably determined by the Company not exceeding $1.0 million and any leasehold, easement or licensed interest in real property
(together with improvements located thereon not owned by the Company but subject to such lease, easement or license).

 

“Note”
or “Notes” shall have the meaning specified in the first paragraph of the recitals of this Indenture. Any Initial
Notes, any PIK Notes (and any increases in Global Notes reflecting a PIK Payment) and any Additional Notes shall be treated as
a single class for all purposes under this Indenture and the Security Documents, including, without limitation, waivers, amendments
and offers to purchase. Unless the context otherwise requires, (a) all references to the “Notes” include any
Initial Notes, any PIK Notes (and any increases in Global Notes reflecting a PIK Payment) and any Additional Notes and (b) all
references to “principal amount” of Notes include any increase in the principal amount of outstanding Notes
(including PIK Notes and any Additional Notes) as a result of a PIK Payment and references to “payment of principal”
shall include, to the extent applicable, the payment of the Fundamental Change Repurchase Price, Change of Control Repurchase Price,
or the redemption price in respect of the Special Mandatory Redemption. Unless the context otherwise requires, any express mention
of Additional Notes or PIK Notes, as applicable, in any provision hereof shall not be construed as excluding Additional Notes or
PIK Notes, as applicable, in those provisions hereof where such express mention is not made.

 

“Note Guarantee”
shall have the meaning specified in Section 16.01.

 

“Note Register”
shall have the meaning specified in Section 2.05.

 

“Note Registrar”
shall have the meaning specified in Section 2.05.

 

“Notes Outstanding
Amount” means, as of any date of determination, the aggregate principal amount of all Notes then outstanding, plus accrued
and unpaid interest (whether Cash Interest or PIK Interest) as of such date.

 

“Notice of
Conversion” shall have the meaning specified in Section 14.03(b).

 

“Obligations”
means any principal, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities payable under the
documentation governing any Indebtedness.

 

    20 

     

    

 

“Offering
Memorandum” means that certain limited offering memorandum dated September 23, 2020 with respect to $219,550,000 aggregate
principal amount of tax-exempt revenue bonds series 2020A, $20,000,000 aggregate principal amount of tax-exempt revenue bonds series
2020B and $10,000,000 aggregate principal amount of taxable revenue bonds series 2020C.

 

“Officer”
means, with respect to the Company, the President, the Chief Executive Officer, the Chief Financial Officer, the Chief Commercial
Officer, the Chief Integration Officer, the Chief Accounting Officer, the Controller, the Treasurer, the Secretary, any Executive
or Senior Vice President or any Vice President (whether or not designated by a number or numbers or word or words added before
or after the title “Vice President”).

 

“Officer’s
Certificate,” when used with respect to the Company or a Guarantor, if any, means a certificate that is signed by any
Officer of the Company or a Guarantor, if any, as the case may be. Each such certificate shall include the statements provided
for in Section 18.05 if and to the extent required by the provisions of such Section. The Officer giving an Officer’s
Certificate pursuant to Section 4.08 shall be the principal executive, financial or accounting officer of the Company.

 

“Ohio Project”
means the project developed by PureCycle: Ohio LLC, as described in the Offering Memorandum.

 

“open of business”
means 9:00 a.m. (New York City time).

 

“Opinion of
Counsel” means an opinion in writing signed by legal counsel, who may be an employee of or counsel to the Company, or
other counsel who is reasonably acceptable to the Trustee and/or the Collateral Agent, as applicable, which opinion may contain
customary exceptions and qualifications as to the matters set forth therein. Each such opinion shall include the statements provided
for in Section 18.05 if and to the extent required by the provisions of such Section.

 

“Other Listing
Event” means any transaction that would qualify as a Listing Event but for the proviso in the definition thereof.

 

“outstanding,”
when used with reference to Notes, shall, subject to the provisions of Section 8.04, mean, as of any particular time, all
Notes authenticated and delivered by the Trustee under this Indenture, except:

 

(a)       Notes
theretofore canceled by the Trustee or accepted by the Trustee for cancellation;

 

(b)       Notes,
or portions thereof, that have become due and payable and in respect of which monies in the necessary amount shall have been deposited
in trust with the Trustee or with any Paying Agent (other than the Company) or shall have been set aside and segregated in trust
by the Company (if the Company shall act as its own Paying Agent);

 

(c)       Notes
that have been paid pursuant to Section 2.06 or Notes in lieu of which, or in substitution for which, other Notes
shall have been authenticated and delivered pursuant to the terms of Section 2.06 unless proof satisfactory to the
Trustee is presented that any such Notes are held by protected purchasers in due course;

 

    21 

     

    

 

(d)       Notes
converted pursuant to Article 14 and required to be cancelled pursuant to Section 2.08; and

 

(e)       Notes
repurchased by the Company.

 

“P&G Agreement”
means the Amended and Restated Patent License Agreement dated July 28, 2020 between the Company and The Procter & Gamble Company,
as the same may be amended or restated from time to time.

 

“Pari Passu
Intercreditor Agreement” means an intercreditor agreement, to be entered into in connection with entering into any secured
Pari Passu Obligations pursuant to clause (III)(z) of the first proviso of Section 4.12, among the collateral agent for
such Pari Passu Obligations, the Collateral Agent, the Company and the Guarantors, if any, as the same may be amended, supplemented
or modified from time to time.

 

“Pari Passu
Obligations” means Indebtedness that ranks pari passu in right of payment to the Obligations.

 

“Paying Agent”
shall have the meaning specified in Section 4.02.

 

“PCO Holdco
Equity” means the Capital Stock of PCO Holdco LLC issued to any Person (other than the Company or any Affiliate of the
Company) in connection with a PCO Holdco Equity Raise.

 

“PCO Holdco
Equity Raise” means the sale and issuance by PCO Holdco LLC of Capital Stock of PCO Holdco LLC in one or a series of
transactions for gross proceeds of up to $15.0 million in the aggregate.

 

“Permitted
Disqualified Stock” means any Disqualified Stock issued pursuant to any Existing Agreement Obligation.

 

“Permitted
Equity Raise” means the sale and issuance by the Company of Capital Stock (other than Disqualified Stock) of the Company
in one or a series of transactions for gross cash proceeds of up to $215 million in the aggregate, which transactions are subject
to the Holders’ rights under Section 4.24, subject to the terms thereof.

 

“Permitted
Exchange” means any of The New York Stock Exchange, The Nasdaq Global Select Market, The Nasdaq Global Market or The
Nasdaq Capital Market (or any of their respective successors).

 

“Permitted
Indebtedness” means:

 

(a)       Indebtedness
of the Company existing on the Issue Date;

 

    22 

     

    

 

(b)       Indebtedness
of any Guarantor existing at the consummation of the SPAC Transaction;

 

(c)       Indebtedness
represented by the Notes and the Guarantees of the Notes;

 

(d)       Indebtedness
represented by PIK Interest;

 

(e)       Hedging
Obligations in the ordinary course of business;

 

(f)       Indebtedness
represented by (x) Capital Lease Obligations, (y) Purchase Money Obligations or (z) Existing Agreement Obligations in an aggregate
principal amount, including all Permitted Refinancing Indebtedness incurred to renew, refund, refinance, replace, defease or discharge
any Indebtedness incurred pursuant to this clause (f), not to exceed at any time outstanding the greater of (x) $2.5 million and
(y) 7.0% of Consolidated Net Tangible Assets;

 

(g)       indemnification
or payment obligations pursuant to the SOPA Documents;

 

(h)       intercompany
Indebtedness between the Company and the Guarantors or among Guarantors;

 

(i)       Guarantees
by the Company or any Guarantor of Indebtedness that is permitted to be incurred by Section 4.12, provided that if
the Indebtedness being guaranteed is subordinated in right of payment to the Notes, such Guarantee is subordinated in right of
payment to the Notes to the same extent as the Indebtedness so guaranteed, except as, and to the extent, permitted by clause III
of Section 4.12.

 

(j)        Indebtedness
arising from (i) netting services, overdraft protections and similar arrangements in respect of deposit accounts and (ii) the honoring
by a bank or other financial institution of a check, draft or similar instrument inadvertently drawn against insufficient funds,
in each case, so long as such Indebtedness is covered within five business days of receiving notice thereof;

 

(k)       obligations
consisting of take-or-pay obligations contained in supply arrangements incurred in the ordinary course of business;

 

(l)       Indebtedness
in respect of (A) workers’ compensation claims, payment obligations in connection with health or other types of social security
benefits, unemployment or other insurance obligations, reclamation and statutory obligations, (B) the financing of insurance premiums
or self-insurance obligations, (C) indemnity, bid, performance, warranty, release, appeal, surety and similar bonds, letters of
credit and banker’s acceptances for operating purposes, and (D) letters of credit issued or incurred to support the purchase
of supplies, raw materials and equipment in the ordinary course of business; and

 

(m)        Indebtedness
represented by the Second Tranche Notes and the Guarantees of the Second Tranche Notes.

 

    23 

     

    

 

“Permitted
Investments” means:

 

(a)       any
Permitted Project Investment;

 

(b)       any
Investment in the Company or in any Guarantor;

 

(c)       Investments
represented by Hedging Obligations;

 

(d)       repurchases
or redemptions of Notes required by this Indenture;

 

(e)       any
Guarantee of Indebtedness permitted to be incurred pursuant to Section 4.12 of this Indenture; and

 

(f)       any
Investment made in connection with a contemplated Tax Efficiency Reorganization Transaction.

 

“Permitted
Liens” means:

 

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

 

(b)       Liens
expressly permitted by clauses (II) or (III) of the first proviso of Section 4.12, subject to (i) the limitations set forth
therein, (ii) with respect to any Liens permitted by such clause (II)(ii) or (III)(y), the entry into a Junior Intercreditor Agreement
and (iii) with respect to any Liens permitted by clause (III)(z), the entry into a Pari Passu Intercreditor Agreement;

 

(c)       Liens
to secure Capital Lease Obligations and Purchase Money Obligations, provided that, in each case, any such Lien may not extend
to any property of the Company, other than the property acquired, constructed, improved or leased with the proceeds of such Indebtedness
and any additions, parts, attachments, fixtures, leasehold improvements, proceeds, improvements or accessions related thereto;

 

(d)       Liens
for taxes, assessments or governmental charges or levies if the same shall not at the time be delinquent for more than 30 days
or thereafter can be paid without penalty, or are being contested in good faith and by appropriate proceedings, provided
that any reserve or other appropriate provision required in accordance with GAAP shall have been made therefor;

 

(e)       Liens
imposed by law or arising by operation of law, including without limitation, landlords’, materialmen’s, repairmen’s,
mailmen’s, suppliers’, vendors’, carriers’, warehousemen’s and mechanics’ Liens and other similar
Liens, Liens for master’s and crew’s wages and other similar laws, arising in the ordinary course of business and for
payment obligations that are not more than 60 days past due or are being contested in good faith and by appropriate proceedings;

 

(f)       pledges,
deposits or Liens in connection with workers’ compensation, professional liability insurance, unemployment insurance
and other social security and other similar legislation and or other insurance-related obligations (including, without
limitation, pledges or deposits securing liability to insurance carriers under insurance or self-insurance arrangements);

 

    24 

     

    

 

(g)       Liens
incurred in the ordinary course of business to secure performance of obligations with respect to letters of credit, bank guarantees,
statutory or regulatory requirements, performance or completion bonds, performance of return-of-money bonds, surety or appeal bonds,
or other obligations of a like nature and incurred in connection with port authority facilities projects or otherwise in the ordinary
course of business;

 

(h)       Liens
on property (including Capital Stock) at the time of acquisition by the Company or any Guarantor, including any acquisition by
means of a merger, consolidation or amalgamation with or into the Company or any Guarantor; provided, however, that
any such Lien may not extend to any other property of the Company or any Guarantor; provided further, however, that such
Liens shall not have been incurred in anticipation of or in connection with the transaction or series of transactions pursuant
to which such property was acquired by the Company or any Guarantor;

 

(i)       Liens
incurred or pledges or deposits made under workmen’s compensation laws, unemployment insurance laws or similar legislation,
or good faith deposits in connection with bids, tenders, contracts (other than for the payment of Indebtedness) or leases to which
the Company or any Subsidiary is party, or deposits to secure public or statutory obligations, or deposits for the payment of rent,
in each case incurred in the ordinary course of business;

 

(j)       easements,
building restrictions, zoning restrictions, survey exceptions, encumbrances, title deficiencies, easements or reservations of rights
of others for licenses, rights of way and similar purposes and such other encumbrances or charges against real property as do not
materially interfere with the Company’s use of the real property;

 

(k)       Liens
existing on the Issue Date;

 

(l)       Liens
granted by any Guarantor and existing on the date of the consummation of the SPAC Transaction;

 

(m)       judgment
Liens with respect to judgments, decrees or orders not giving rise to an Event of Default so long as such Liens are adequately
bonded and any appropriate legal proceedings that may have been initiated for the review of such judgments, decrees or orders shall
not have been finally terminated or the period within which such proceedings may be initiated shall not have expired;

 

(n)       Liens
upon specific items of inventory or other goods and proceeds of any Person securing such Person’s obligations in respect
of letters of credit, bank guarantees or banker’s acceptances issued or credited for the account of such Person to facilitate
the purchase, shipment or storage of such inventory or goods;

 

(o)       Liens
securing obligations of the Company or any Guarantor under Hedging Obligations incurred in the ordinary course of business;

 

    25 

     

    

 

(p)       Liens
arising under conditional sale, title retention, consignment or similar arrangements for the sale of goods in the ordinary course
of business;

 

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

 

(r)       Liens
securing the Indenture Obligations in respect of the Notes and Notes Guarantees;

 

(s)       (i)
leases, subleases, licenses or sublicenses granted to others in the ordinary course of business which do not materially interfere
with the ordinary conduct of the business of the Company or any of its Subsidiaries, (ii) any interest or title of a lessor under
any leases or subleases entered into by the Company or any of its Subsidiaries in the ordinary course of business, and (iii) any
interest of co-sponsors, co-owners or co-developers of intellectual property;

 

(t)       (i)
Liens of a collection bank on items in the course of collection, (ii) Liens attaching to commodity trading accounts or other brokerage
accounts in the ordinary course of business, (iii) bankers’ Liens and other Liens in favor of banking institutions by law
or contract encumbering deposits which are customary in the banking industry and (iv) Liens securing cash management obligations
arising in the ordinary course of business;

 

(u)       Liens
arising from UCC financing statements regarding operating leases, joint venture agreements, transfers of accounts or transfers
of chattel paper entered into in the ordinary course of business;

 

(v)       Liens
arising by law or contract on insurance policies and the proceeds thereof to secure premiums thereunder;

 

(w)       deposits
as security and liens securing surety and appeal bonds, letters of credit and similar obligations in connection with contested
taxes or contested import or customs duties;

 

(x)       grants
of licenses or sublicenses in connection with any Permitted Project or otherwise in the ordinary course of business;

 

(y)       Liens
arising under, or contemplated by, any SOPA Documents; and

 

(z)       Liens
arising under the Escrow Agreement.

 

“Permitted
Project” means (i) the Ohio Project, (ii) the Total Project, or (iii) any future project of a substantially similar nature
to the foregoing.

 

“Permitted
Project Investment” means any Investment, directly or indirectly, in (i) the formation, acquisition, development or
construction of, or purchasing of equipment for a Permitted Project, (ii) the operation of a Permitted Project, including the
operation of the Feedstock Evaluation Unit, the purchase, processing, conveyance or storage of feedstock, in each case on
behalf or for the benefit of one or more Permitted Projects, (iii) the performance of any obligations of the Company under
any SOPA Documents, or (iv) the staffing, contractor, laboratory or similar costs incurred in connection with the
foregoing.

 

    26 

     

    

 

“Permitted
Refinancing Indebtedness” means any Indebtedness of the Company or any Guarantor issued in exchange for, or the net proceeds
of which are used to renew, refund, replace, defease or discharge other Indebtedness of the Company or any Guarantor (other than
intercompany Indebtedness); provided that:

 

(1)       the
principal amount (or accreted value, if applicable) of such Permitted Refinancing Indebtedness does not exceed the principal amount
(or accreted value, if applicable) of the Indebtedness renewed, refunded refinanced, replaced, defeased or discharged (plus all
accrued interest on the Indebtedness and the amount of all fees and expenses, including premiums, incurred in connection therewith);

 

(2)       such
Permitted Refinancing Indebtedness has (a) a final maturity date later than the final maturity date of the Indebtedness being renewed,
refunded, refinanced, replaced, defeased or discharged and (b) a weighted average life to maturity (i) equal to or greater than
the weighted average life to maturity of the Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged
or (ii) at least more than 90 days after the final maturity date of the Notes; and

 

(3)       if
the Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged is subordinated in right of payment to the
Notes, such Permitted Refinancing Indebtedness is subordinated in right of payment to the Notes on terms at least as favorable
to the Holders of Notes as those contained in the documentation governing the Indebtedness being renewed, refunded, refinanced,
replaced, defeased or discharged, except as permitted by clause III of Section 4.12.

 

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

 

“Physical
Notes” means certificated Notes in registered form.

 

“PIK Interest”
shall have the meaning specified in Section 2.03(c)(i).

 

“PIK Notes”
shall have the meaning specified in Section 2.03(c)(i).

 

“PIK Payment”
shall have the meaning specified in Section 2.03(c)(i).

 

“Pledge Notice”
means a written notice to the Company stating that (i) the Holder reasonably expects such Physical Notes to be promptly pledged
as collateral to secure a loan or other obligation for the benefit of a person that Holder reasonably believes to be an accredited
investor, within the meaning of clauses (1), (2), (3), (7), (8), (9) and (12) of Rule 501(A) of Regulation D under the Securities
Act and (ii) it is impracticable for such pledge to be made except in respect of a Physical Note.

 

    27 

     

    

 

“Pledged Foreign
Subsidiary” means a Foreign Subsidiary of the Company (which Foreign Subsidiary is not owned directly or indirectly by
another Foreign Subsidiary of the Company), provided that the Requisite Foreign Pledge Percentage of the outstanding Capital Stock
entitled to vote of such Foreign Subsidiary is pledged pursuant to the Security Documents.

 

“Predecessor
Note” of any particular Note means every previous Note evidencing all or a portion of the same debt as that evidenced
by such particular Note; and, for the purposes of this definition, any Note authenticated and delivered under Section 2.06
in lieu of or in exchange for a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated,
lost, destroyed or stolen Note that it replaces.

 

“Purchase
Money Obligations” means any Indebtedness incurred to finance or refinance the acquisition, design, leasing, construction,
installation or improvement of property (real or personal), plant, equipment or other assets, and whether acquired through the
direct acquisition of such property or assets or the acquisition of the Capital Stock of any Person owning such property or assets,
or otherwise, in each case, within 180 days of such acquisition, design, leasing, construction, installation or improvement.

 

“Qualified
Public Company Event” means the earlier to occur of the consummation of: (1) a SPAC Transaction and (2) a Listing Event.

 

“Record Date”
means, with respect to any dividend, distribution or other transaction or event in which the holders of Common Stock of the applicable
Person (or other applicable security) have the right to receive any cash, securities or other property or in which the Common Stock
of the applicable Person (or such other security) is exchanged for or converted into any combination of cash, securities or other
property, the date fixed for determination of holders of the Common Stock of the applicable Person (or such other security) entitled
to receive such cash, securities or other property (whether such date is fixed by the Board of Directors of such Person, by statute,
by contract or otherwise).

 

“Reference
Property” shall have the meaning specified in Section 14.08(a).

 

“Regular Record
Date,” with respect to any Interest Payment Date, means the April 1 and October 1 (whether or not such day is a Business
Day) immediately preceding the applicable April 15 or October 15 Interest Payment Date, respectively.

 

“Relevant
Stock Exchange” with respect to the Common Stock (or any other security for which a closing sale price must be determined)
means The New York Stock Exchange, The Nasdaq Global Select Market, The Nasdaq Global Market or The Nasdaq Capital Market, or if
the Common Stock (or such other security) is not then listed or admitted for trading on any of The New York Stock Exchange, The
Nasdaq Global Select Market, The Nasdaq Global Market or The Nasdaq Capital Market, the principal other U.S. national or regional
securities exchange on which the Common Stock (or such other security) is then listed or admitted for trading.

 

“Requisite
Foreign Pledge Percentage” means (1) 65% as long as the Company is classified as a partnership for U.S. federal tax purposes,
and (2) thereafter 100%, provided that such percentage shall be reduced to 65% upon the occurrence of a Reversion Event.

 

    28 

     

    

 

“Resale Restriction
Termination Date” shall have the meaning specified in Section 2.05(c).

 

“Responsible
Officer” means, when used with respect to the Trustee, any officer within the corporate trust department of the Trustee,
including any vice president, assistant vice president, assistant secretary or any other officer of the Trustee who customarily
performs functions similar to those performed by the Persons who at the time shall be such officers, respectively, or any other
officer of the Trustee to whom any corporate trust matter relating to this Indenture is referred because of such person’s
knowledge of and familiarity with the particular subject and, in each case, who shall have direct responsibility for the administration
of this Indenture.

 

“Restricted
Investment” means any Investment, directly or indirectly, in any of the Company’s Subsidiaries, other than (i)
a Permitted Investment and (ii) an Investment in a Subsidiary of the Company for ordinary course working capital purposes and for
which the Company has validly granted to the Collateral Agent for the benefit of the Holders a first priority perfected security
interest in (i) 100% of the Capital Stock of such Subsidiary (other than PCO Holdco Equity in the case of PCO Holdco LLC), where
such Subsidiary is not a Pledged Foreign Subsidiary or (ii) the Requisite Foreign Pledge Percentage of the Capital Stock of such
Subsidiary that is a Pledged Foreign Subsidiary.

 

“Restricted
Payments” shall have the meaning specified in Section 4.17.

 

“Restricted
Securities” shall have the meaning specified in Section 2.05(c).

 

“Reversion
Event” means, with respect to a Pledged Foreign Subsidiary, a determination, in the sole discretion of the Board of Directors,
that the continued existence of a pledge of more than 65% of the outstanding Capital Stock entitled to vote would result in a material
adverse tax consequence to the Company or a regarded Person (for U.S. federal tax purposes) that owns Capital Stock in the Company.

 

“Rule 144”
means Rule 144 as promulgated under the Securities Act.

 

“Rule 144A”
means Rule 144A as promulgated under the Securities Act.

 

“Scheduled
Trading Day” means a day that is scheduled to be a Trading Day on the Relevant Stock Exchange on which the Common Stock
is then listed or admitted for trading. If the Common Stock is not listed or admitted for trading on a Relevant Stock Exchange,
 “Scheduled Trading Day” means a Business Day.

 

“Second Tranche
Notes” means $12.0 million in aggregate principal amount of additional Notes to be issued pursuant to a supplemental
indenture, subject to the terms and conditions set forth in the Note Purchase Agreement dated October 6, 2020, among the Company,
Magnetar Capital LLC and certain affiliates of Magnetar Capital LLC (the “Note Purchase Agreement”), with a
CUSIP number that is separate and distinct from the all other Notes issued hereunder. The Trustee may conclusively rely on the
applicable Company Order as to whether any Notes presented to the Trustee for authentication constitute the Second Tranche Notes,
and shall have no obligation to determine or verify whether the terms and conditions of the Note Purchase Agreement or any other
agreement have been satisfied.

 

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

 

“Security
Agreement” means that certain security agreement entered into in accordance with Section 17.01(b) by and among
the Company, the other grantors from time to time party thereto and the Collateral Agent, as amended, supplemented, modified or
replaced in accordance with this Indenture and its terms.

 

“Security
Documents” means all security agreements (including the Security Agreement), intercreditor agreements, pledge agreements,
collateral assignments, Mortgages, collateral agency agreements, debentures, Deposit Account Control Agreements or other grants
or transfers for security executed and delivered by the Company or any Guarantor creating (or purporting to create) a Lien upon
Collateral for the benefit of the Holders to secure the Indenture Obligations, in each case, as amended, supplemented, modified,
renewed, restated or replaced, in whole or in part, from time to time, in accordance with its terms and the terms of this Indenture.

 

“Significant
Subsidiary” means a Subsidiary of the Company that meets the definition of “significant subsidiary”
in Article 1, Rule 1-02 of Regulation S-X under the Exchange Act.

 

“SOPA Documents”
means (i) the Loan Agreement, dated as of October 1, 2020, between Southern Ohio Port Authority and PureCycle: Ohio LLC; (ii) the
Indenture of Trust, dated as of October 1, 2020, between Southern Ohio Port Authority and UMB Bank, N.A.; (iii) the Collateral
Assignment of Technology Sublicense Agreement and Power of Attorney, dated as of October 7, 2020, between PureCycle: Ohio LLC and
UMB Bank, N.A.; (iv) the Guaranty of Completion, dated as of October 7, 2020, by the Company in favor of UMB Bank, N.A., (v) the
Agreement for Program Management Services, dated as of January 5, 2018, between the Company and M.A. Mortenson Company, as amended
to date; (vi) the Professional Services Agreement, dated as of May 9, 2017, between Leidos Engineering, LLC and the Company, as
amended; (vii) the Environmental Indemnity Agreement, dated as of October 7, 2020, between PureCycle Ohio LLC, the Company and
UMB Bank, N.A.; (viii) Intercompany Trademark License Agreement, dated as of October 7, 2020, between the Company and PureCycle:
Ohio LLC; (ix) Operations and Maintenance Agreement, dated on October 7, 2020, among PureCycle Ohio LLC, PCT Managed Services LLC
and PureCycle Ohio LLC; (x) Technology Sublicense Agreement, dated as of October 7, 2020, between the Company and PureCycle Ohio
LLC; (xi) Supply Agreement, dated as of October 5, 2020, between Koch Modular Process Systems, LLC and the Company; and (xii) Turnkey
Agreement for the Engineering, Procurement and Construction of the Commercial Polypropylene Purification Facility, dated as of
October 7, 2020, between PureCycle: Ohio LLC and Denham-Blythe Company, Inc.

 

“Southern
Ohio Port Authority Project” means that certain project between PureCycle Ohio LLC and The Southern Ohio Port Authority
to acquire, construct and equip a solid waste disposal facility, including a Feedstock Evaluation Unit, located in Lawrence County,
Ohio that converts waste polypropylene to ultra-pure recycled polypropylene, as described in the Offering Memorandum.

 

    30 

     

    

 

“SPAC”
shall have the meaning specified in the definition of “SPAC Transaction”. In the event a SPAC Transaction
is structured in a manner whereby an Affiliate of the SPAC becomes the direct or indirect parent of each of the SPAC and the
Company (or its successor) in such SPAC Transaction and is the publicly traded entity following such SPAC Transaction,
references to “the SPAC” herein shall, as the context so requires, refer to such parent company.

 

“SPAC Transaction”
means the acquisition, merger or other business combination between the Company or an Affiliate thereof (but, for purposes of this
definition, “Affiliate” shall exclude any members of the Company and their respective Affiliates, but shall
include any direct or indirect parent company of the Company that may be formed from time to time) and a special purpose acquisition
company that, immediately prior to the consummation of such SPAC Transaction, (x) has no material assets (other than proceeds from
its initial public offering, the private placement of securities in connection therewith and working capital loans made by such
company’s sponsor, management team or their respective Affiliates), (y) has no material liabilities or obligations (other
than ordinary course payables to vendors, professionals, consultants and other advisors, deferred underwriting fees incurred in
connection with its initial public offering and otherwise to the extent arising from the rights of the company’s public shareholders
to redeem their shares and receive liquidating distributions under specified circumstances), and (z) the assets of which are subject
to no material Liens (such a special purpose acquisition company or any successor issuer thereto established pursuant to a holding
company reorganization, a “SPAC”); provided that such acquisition, merger or other business combination
will only constitute a SPAC Transaction if: (1) as a result of such acquisition, merger or other business combination the Company
or such Affiliate (a) merges with and into the SPAC (b) becomes a wholly owned subsidiary of the SPAC or (c) becomes an Affiliate
of the SPAC, (2) the Common Equity of the SPAC (a) is registered under Section 12(b) of the Exchange Act and (b) is listed on a
Permitted Exchange, (3) the Common Stock of the SPAC represents the Common Stock into which the Notes are convertible under this
Indenture, (4) the SPAC is a corporation organized and existing under the laws of the United States of America, any State thereof,
the District of Columbia or any Designated Country and (5) the SPAC promptly enters into a supplemental indenture to this Indenture
in substantially the form of Exhibit C hereto providing that it fully and unconditionally guarantees the Notes and which is also
in compliance with the requirements of Section 11.03).

 

“SPAC Transaction
Financing” means the sale by the SPAC of Capital Stock (or any securities exercisable, convertible or exchangeable into
Capital Stock) in a private or public transaction at any time after the Issue Date and prior to, or concurrent with, the effective
time of the SPAC Transaction that constitutes the Qualified Public Company Event. In the event a SPAC Transaction is structured
in a manner whereby an Affiliate of the SPAC becomes the direct or indirect parent of each of the SPAC and the Company (or its
successor) in such SPAC Transaction and is the publicly traded entity following such SPAC Transaction, the SPAC Transaction Financing
shall also include any sale of Capital Stock which is part of the SPAC’s financing for the SPAC Transaction, pursuant to
a subscription or purchase agreement entered into concurrently with or after the execution of the definitive merger agreement for
the SPAC Transaction, by any entity that will be a Subsidiary of such parent company following the SPAC Transaction, which Capital
Stock is contributed to, exchanged or otherwise converted into Capital Stock of such parent company in connection with the SPAC
Transaction.

 

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“SPAC
Transaction PIPE Valuation” means the product of (x) 80% and (y) the lesser of (i) $10.00 (such price per share as
equitably adjusted for stock splits, reverse stock splits or stock combinations, stock dividends and the like by the SPAC
after the date of this Agreement and prior to the consummation of the SPAC Transaction) and (ii) if applicable, the weighted
average cash price per share of Common Equity (on an as-converted basis in the case of securities exercisable, convertible or
exchangeable into Common Equity) at which the SPAC sells shares of its Common Equity (or securities exercisable, convertible
or exchangeable into Common Equity) in one or more SPAC Transaction Financings; provided that if more than twenty five
percent (25%) of the aggregate gross proceeds from such SPAC Transaction Financing(s) are raised from sales of Common Equity
(or securities exercisable, convertible or exchangeable into Common Equity) priced at a discount to the price set forth in
clause (y)(i) (on an as-converted basis, as applicable), the references in this clause (ii) to “the weighted average
cash price per share” shall instead refer to “the lowest cash price per share”; provided that after
the determination date of such weighted average cash price per share (or lowest cash price per share, as applicable) (the
 “Determination Date”) and until the effective time of the Qualified Public Company Event, the SPAC and its
Affiliates do not take any action that would result in an adjustment to the Conversion Rate pursuant to Section 14.05 hereof
(assuming for these purposes that the consummation of the Qualified Public Company Event occurred simultaneously with the
Determination Date).

 

“Special Mandatory
Redemption” means a special mandatory redemption by the Company of all, but not less than all, of the Second Tranche
Notes for cash at a redemption price equal to 100% of the aggregate principal amount thereof, plus accrued and unpaid interest
on the terms, and subject to the conditions, to be set forth in a supplemental indenture relating to the issuance of the Second
Tranche of Notes.

 

“Specified
Amount” means an amount calculated by the Company, as of the date of issuance of any Additional Notes, that represents
(i) $48,000,000 aggregate principal amount of Notes issued on the Issue Date, as increased (ii) by an additional $12,000,000 aggregate
principal upon the issuance of the Second Tranche Notes, as decreased by (iii) $10,000,000 aggregate principal amount of Notes
and as adjusted, in each case, (iv) to increase such aggregate principal amounts for the payment of any PIK Interest in accordance
with the terms of this Indenture (with interest borne on such increased principal amount from and after the date of such PIK Payment),
assuming that interest in respect of such aggregate principal amount was paid on the same terms and at the same times as outstanding
Notes and that such Notes remain outstanding at all times, provided that upon the occurrence of any Special Mandatory Redemption,
the Specified Amount shall be reduced by the amount set forth in clause (ii) of this definition and all adjustments pursuant to
clause (iii) of this definition in respect of the amount set forth in clause (ii) of this definition.

 

“Specified
Corporate Event” shall have the meaning specified in Section 14.08(a).

 

“Spin-Off”
shall have the meaning specified in Section 14.05(c).

 

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

 

“Subsidiary”
means, with respect to any Person, any corporation, association, partnership or other business entity of which more than 50%
of the total voting power of shares of Capital Stock or other interests (including partnership interests) entitled (without
regard to the occurrence of any contingency) to vote in the election of directors, managers, general partners or trustees
thereof is at the time owned or controlled, directly or indirectly, by (i) such Person; (ii) such Person and one or more
Subsidiaries of such Person; or (iii) one or more Subsidiaries of such Person.

 

    32 

     

    

 

 

“Subordinated
Indebtedness” means Indebtedness of the Company that is subordinated in right of payment to the Obligations with respect
to the Indenture and the Notes; provided that such Indebtedness shall (a) not provide for any scheduled amortization or
mandatory prepayment of principal prior to the Stated Maturity thereof, (b) contain usual and customary subordination terms, consistent
with those set forth on Exhibit B, and (c) specifically designate this Indenture and all Obligations in respect of the Indenture
and the Notes as “designated senior indebtedness” or similar term so that the subordination terms referred to
in clause (b) of this definition specifically refer to such Indebtedness as being subordinated to the Obligations in respect of
the Indenture and the Notes pursuant to such subordination terms. For the avoidance of doubt, the terms included in Exhibit B are
not intended to be exhaustive.

 

“Successive
Conversion Period” means the period beginning upon receipt by the Holders of a Change of Control Company Notice or Fundamental
Change Company Notice, as applicable, and ending on the one-year anniversary of the effective date of the Change of Control or
Fundamental Change.

 

“Successor
Company” shall have the meaning specified in Section 11.01(a).

 

“Successor
Guarantor” shall have the meaning specified in Section 16.03(a)(ii).

 

“Successor
Major Transaction” means either a Change of Control or a Fundamental Change that constitutes a Specified Corporate Event
in which the shares of Common Stock are converted into the right to receive cash, securities of another entity and/or other assets.

 

“Successor
Transaction” shall have the meaning specified in Section 11.02.

 

“Tax Distributions”
means distributions made pursuant to Section 3.1 of the Company LLC Agreement; provided that if such Section is amended after the
date hereof in a manner adverse to the interests of the Holders, such amendments shall be disregarded for purposes of this definition.

 

“Tax Efficiency
Reorganization Transaction” means any transaction or series of transactions undertaken in anticipation of a Qualified
Public Offering Event or Other Listing Event, the sole purpose of which is to optimize the tax efficiency of such Qualified Public
Offering Event or Other Listing Event and which does not (i) adversely affect the economic or other rights of the Holders in any
material respect, and (ii) have any disproportionately adverse effect on the Holders relative to other similarly situated parties,
and that complies with Section 14.08 hereof. For the avoidance of doubt, it is understood and agreed that a transaction or series
of transactions would not be for the “sole purpose” of optimizing tax efficiency if undertaken with the purpose of
circumventing any covenant or obligation set forth in the Indenture Documents.

 

“Total Project”
means a project developed by one or more subsidiaries of the Company in collaboration with Total S.A. or an Affiliate of Total
S.A.

 

    33 

     

    

 

“Trading Day”
means a day on which (i) trading in the Common Stock (or any other security for which a closing sale price must be determined)
generally occurs on a Relevant Stock Exchange and (ii) a Last Reported Sale Price for the Common Stock (or closing sale price for
such other security) is available on such securities exchange or market; provided that if the Common Stock (or such other
security) is not so listed or traded, “Trading Day” means a Business Day; and provided, further,
that for purposes of determining any Daily VWAP, “Trading Day” means a day on which (x) there is no Market Disruption
Event and (y) trading in the Common Stock generally occurs on a Permitted Exchange or, if the Common Stock is not then listed on
a Permitted Exchange, on the principal other U.S. national or regional securities exchange on which the Common Stock is then listed
or, if the Common Stock is not then listed on a U.S. national or regional securities exchange, on the principal other market on
which the Common Stock is then listed or admitted for trading, except that if the Common Stock is not so listed or admitted for
trading, “Trading Day” means a Business Day.

 

“Transaction
Price” means the per share amount of consideration received by the holders of Common Stock in a Change of Control. If
the consideration is paid in property other than in cash, the value of such consideration, on a per share basis, shall be the fair
market value of such property, determined as follows:

 

(a)         for
securities not subject to investment letters or similar restrictions on free marketability,

 

(1)       if
traded on a securities exchange, the value shall be deemed to be the average of the closing prices of the securities on such exchange
or market over the thirty (30) day period ending three (3) days prior to the Change of Control Effective Date;

 

(2)       if
actively traded over-the-counter, the value shall be deemed to be the average of the closing bid prices over the thirty (30) day
period ending three (3) days prior to the Change of Control Effective Date; or

 

(3)       if
there is no active public market, the value shall be the fair market value thereof, as reasonably determined in good faith by the
Board of Directors of the Company;

 

(b)         for
securities subject to investment letters or other similar restrictions on free marketability (other than restrictions arising solely
by virtue of an equityholder’s status as an Affiliate or former Affiliate), the valuation methodology shall take into account
an appropriate discount (as determined in good faith by the Board of Directors of the Company) from the market value as determined
pursuant to clause (a) above so as to reflect the approximate fair market value thereof.

 

Within two
Business Days after the Change of Control Effective Date, the Company shall deliver to Holders, the Trustee and the
Conversion Agent (if other than the Trustee) the Transaction Price and a schedule and reasonable explanation of the
calculation thereof (the “Transaction Price Notice”). On or before the 10th Business Day following the
Change of Control Effective Date, the Holders of at least the Minimum Principal Amount of the Notes then outstanding (such
holders, the “Disputing Holders”) may, by notice in writing to the Company (which shall include proof of
beneficial ownership of Notes in a manner reasonably acceptable to the Company) dispute the Transaction Price calculation
(the “Dispute Notice”). Such Dispute Notice shall include a calculation detailing the Disputing
Holders’ determination of the Transaction Price (the “Disputing Holders’ Calculation”). The
Company shall deliver to Holders, the Trustee and the Conversion Agent (if other than the Trustee) a final notice of the
Transaction Price (the “Final Transaction Price Notice”) (x) if no Dispute Notice is delivered, on the
11th Business Day following the Change of Control Effective Date, which Final Transaction Price Notice shall confirm the
Transaction Price that was reflected in the original Transaction Price Notice or (y) if a Dispute Notice was timely received,
no later than the 25th Business Day following the Change of Control Effective Date, which Final Transaction Price Notice
shall either (i) adopt the Disputing Holders’ Calculation or (ii) set forth the Transaction Price, as determined by an
independent nationally recognized investment bank selected by the Board of Directors of the Company.

 

    34 

     

    

 

“Transaction
Price Notice” shall have the meaning specified in the definition of Transaction Price.

 

“transfer”
shall have the meaning specified in Section 2.05(c).

 

“Trigger Event”
shall have the meaning specified in Section 14.05(c).

 

“Trust Indenture
Act” means the Trust Indenture Act of 1939, as amended, as it was in force at the date of execution of this Indenture;
provided, however, that in the event the Trust Indenture Act of 1939 is amended after the Issue Date, the term “Trust
Indenture Act” shall mean, to the extent required by such amendment, the Trust Indenture Act of 1939, as so amended.

 

“Trustee”
means the Person named as the “Trustee” in the first paragraph of this Indenture until a successor trustee shall
have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean
or include each Person who is then a Trustee hereunder.

 

“unit of Reference
Property” shall have the meaning specified in Section 14.08(a).

 

“Valuation
Period” shall have the meaning specified in Section 14.05(c).

 

“Wholly-Owned
Subsidiary” means, with respect to any Person, any Subsidiary of such Person, 100% of the Capital Stock of which is owned
by such Person (other than directors’ qualifying shares or shares required by applicable law to be held by third persons).

 

Section 1.02       
References to Interest. Unless the context otherwise requires, any reference to interest on, or in respect of, any
Note in this Indenture shall be deemed to include PIK Interest if, in such context, PIK Interest is, was or would be payable pursuant
to Section 2.03(c). Unless the context otherwise requires, any express mention PIK Interest in any provision hereof shall
not be construed as excluding PIK Interest in those provisions hereof where such express mention is not made.

 

    35 

     

    

 

Article
2

ISSUE, DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF NOTES

 

Section 2.01       Designation
and Amount. The Notes shall be designated as the “Convertible Senior Secured Notes due 2022.” The aggregate
principal amount of Notes that may be authenticated and delivered under this Indenture is initially limited to $48,000,000, subject
to any PIK Payments permitted by this Indenture that are made pursuant to Section 2.03(c)(i), and except for (i) Notes
authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of other Notes to the extent expressly
permitted hereunder and (ii) Additional Notes issued in accordance with the terms of this Indenture.

 

Section 2.02       
Form of Notes. The Notes and the Trustee’s certificate of authentication to be borne by such Notes shall be
substantially in the form set forth in Exhibit A, the terms and provisions of which shall constitute, and are hereby expressly
incorporated in and made a part of this Indenture. To the extent applicable, the Company, the Guarantors, if any, and the Trustee,
by their execution and delivery of this Indenture (or, with respect to the Guarantors, if any, a supplemental indenture to this
Indenture substantially in the form of Exhibit C hereto), expressly agree to such terms and provisions and to be bound thereby.

 

Any Global Note may
be endorsed with or have incorporated in the text thereof such legends or recitals or changes not inconsistent with the provisions
of this Indenture as may be required by the Custodian or the Depositary, or as may be required to comply with any applicable law
or any regulation thereunder or with the rules and regulations of any securities exchange or automated quotation system upon which
the Notes may be listed or traded or designated for issuance or to conform with any usage with respect thereto, or to indicate
any special limitations or restrictions to which any particular Notes are subject pursuant to this Indenture or any applicable
law.

 

Any of the Notes may
have such letters, numbers or other marks of identification and such notations, legends or endorsements as any Officer executing
the same may approve (execution thereof to be conclusive evidence of such approval) and as are not inconsistent with the provisions
of this Indenture, or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any
rule or regulation of any securities exchange or automated quotation system on which the Notes may be listed or designated for
issuance, or to conform to usage or to indicate any special limitations or restrictions to which any particular Notes are subject
pursuant to this Indenture or any applicable law.

 

Each Global Note
shall represent such principal amount of the outstanding Notes as shall be specified therein and shall provide that it shall
represent the aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate
principal amount of outstanding Notes represented thereby may from time to time be increased or reduced to reflect
repurchases, cancellations, conversions, transfers, exchanges or issuances of any Additional Notes (to the extent such
issuances are fungible with the Notes represented by such Global Note for U.S. federal income tax and securities law
purposes) or any PIK Notes or PIK Payments permitted hereby. Any endorsement of a Global Note to reflect the amount of any
increase or decrease in the amount of outstanding Notes represented thereby shall be made by the Trustee or the Custodian, at
the direction of the Trustee, in accordance with this Indenture and the Depositary’s procedures. Payment of principal
of, and accrued and unpaid Cash Interest on, a Global Note shall be made to the Holder of such Note on the date of payment,
unless a record date or other means of determining Holders eligible to receive payment is provided for herein.

 

    36 

     

    

 

Section 2.03       
Date and Denomination of Notes; Payments of Interest and Defaulted Amounts.

 

(a)         The Notes shall be issuable in registered form without coupons in denominations of $1,000 principal amount and integral
multiples thereof; provided that after any initial PIK Payment, the Notes shall be in minimum denominations of $1.00 and
any integral multiple of $1.00 in excess thereof. Each Note shall be dated the date of its authentication and shall bear interest
from the date specified on the face of such Note; provided that any PIK Notes or Additional Notes bearing a different CUSIP
number than the CUSIP number for the Initial Notes or any other Additional Notes shall bear interest only from their respective
dates of issue. Accrued interest on the Notes shall be computed on the basis of a 360-day year composed of twelve 30-day months
or, in the case of a partial month, the actual number of days elapsed over a 30-day month and shall be compounded semi-annually.
The Company shall pay cash amounts in money of the United States that at the time of payment is legal tender for payment of public
and private debts.

 

(b)         The Person in whose name any Note is registered on the Note Register at the close of business on any Regular Record Date
with respect to any Interest Payment Date shall be entitled to receive the interest payable on such Interest Payment Date. The
principal amount of any Note (x) in the case of any Physical Note, shall be payable at the office or agency of the Company maintained
for such purposes in the continental United States of America, which shall initially be the Corporate Trust Office of the Trustee
and (y) in the case of any Global Note, shall be payable by wire transfer of immediately available funds to the account of the
Depositary or its nominee or otherwise in accordance with the Depositary’s procedures. The Company through the Paying Agent,
shall pay Cash Interest (i) on any Physical Notes (A) to Holders holding Physical Notes having an aggregate principal amount of
$5,000,000 or less, by check mailed to the Holders of these Notes at their address as it appears in the Note Register and (B) to
Holders holding Physical Notes having an aggregate principal amount of more than $5,000,000, either by check mailed to each such
Holder or, upon application by such Holder to the Note Registrar not later than the relevant Regular Record Date, by wire transfer
in immediately available funds to that Holder’s account within the United States, which application shall remain in effect
until the Holder notifies, in writing, the Note Registrar to the contrary or (ii) on any Global Note by wire transfer of immediately
available funds to the account of the Depositary or its nominee or otherwise in accordance with the Depositary’s procedures.

 

(c)              
 

 

(i)              Interest
will be payable, at the Company’s election (made by delivering a notice to the Trustee and the Holders prior to the
beginning of the related Interest Period), either (1) entirely in cash (“Cash Interest”) or (2) entirely
in kind (“PIK Interest”) by (A) increasing the principal amount of the outstanding Notes or (B) issuing
additional Notes under this Indenture (the “PIK Notes”) on the same terms and conditions as the Notes,
except interest will accrue on such additional principal amount or PIK Notes, as applicable, from the applicable Interest
Payment Date that such additional principal amount or PIK Notes, as applicable, are required to be issued under this
Indenture (each payment of PIK Interest pursuant to clause (A) or (B) of this Section 2.03(c)(i), a “PIK
Payment”). In the absence of an interest payment election as set forth in the immediately preceding sentence,
interest on the Notes will be payable in PIK Interest. The interest payment on the Notes to be made on April 15, 2021 will be
payable in the form of PIK Interest.

 

    37 

     

    

 

(ii)             At
all times, PIK Interest on the Notes will be payable (1) with respect to Physical Notes, by issuing PIK Notes in certificated
form in an aggregate principal amount equal to the amount of PIK Interest for the applicable Interest Period (rounded to the nearest
whole dollar, with amounts of $0.50 or more being rounded up), and the Trustee will, upon receipt of a Company Order, authenticate
and deliver such PIK Notes in certificated form for original issuance to the Holders on the relevant Regular Record Date, as shown
in the register of the Note Registrar; and (2) with respect to Notes represented by one or more Global Notes registered in the
name of or held by the Depositary or its nominee on the relevant Regular Record Date, by increasing the principal amount of the
outstanding Global Note or Global Notes (or by issuing a new Global Note, if required pursuant to the applicable procedures of
the Depositary) by an amount equal to the amount of PIK Interest for the applicable Interest Period (rounded to the nearest whole
dollar, with amounts of $0.50 or more being rounded up) as provided in a Company Order by the Company to the Trustee, and the
Trustee, at the Company’s written direction, shall record such increase in such Global Note or Global Notes. Following an
increase in the principal amount of any outstanding Global Notes as a result of a PIK Payment, such Global Note will bear interest
on such increased principal amount from and after the date of such PIK Payment. Any PIK Notes issued in certificated form will
be dated as of the applicable Interest Payment Date and will bear interest from and after such date. All PIK Notes issued pursuant
to a PIK Payment will be governed by, and subject to the terms, provisions and conditions of, this Indenture and will have the
same rights and benefits as the Initial Notes. Any certificated PIK Note will be issued with the description “PIK”
on the face of such PIK Note.

 

(iii)           
Notwithstanding anything to the contrary in this Section 2.03(c), the payment of accrued interest shall be made solely
in cash, (A) in connection with any repurchase of Notes as described under Section 15.02 and Section 15.03, (1) with
respect to all Notes, if the related Fundamental Change Repurchase Date or Change of Control Repurchase Date, as applicable, is
after a Regular Record Date and on or prior to the Scheduled Trading Day immediately following the date on which the corresponding
interest payment is made or (2) solely with respect to the Notes to be repurchased, if the related Fundamental Change Repurchase
Date or Change of Control Repurchase Date, as applicable, is on any other date, (B) with respect to all Notes, if any Notes are
surrendered for conversion after the close of business on a Regular Record Date for the payment of interest and on or prior to
the related Interest Payment Date, (C) with respect to all Second Tranche Notes pursuant to a Special Mandatory Redemption, and
(D) on the final Interest Payment Date.

 

    38 

     

    

 

(iv)            The then-applicable Interest Rate shall be subject to adjustment in connection with any Event of Default. If an Event of
Default occurs, the then-applicable Interest Rate on the Notes will increase by 3.0% per annum (the “Default Rate”).
The Default Rate shall take effect from, and including, the next succeeding Interest Payment Date following the date on which
an Event of Default occurs, provided that the Default Rate shall not take effect if all Events of Default have been cured
prior to such next succeeding Interest Payment Date. If all continuing Events of Default are cured after the Default Rate has
taken effect, the Default Rate shall cease to be in effect from, and including, the next succeeding Interest Payment Date as of
which no Event of Default is continuing. As such, interest will not begin to accrue at such increased or decreased Interest Rate
until the next Interest Payment Date following the date on which an Event of Default or the curing of all continuing Events of
Default occurs. In no event shall the Interest Rate on the Notes exceed 3.0% above the then-applicable Interest Rate on the Notes
as a result of the application of the Default Rate. In this section, the term “then-applicable Interest Rate” on the
Notes means the Interest Rate determined in accordance with the Indenture without giving effect to any adjustment as described
in this clause (iv). The Trustee shall not at any time be under any duty or responsibility to any Holder to determine the amount
of Interest payable at the Default Rate, or with respect to the nature, extent, or calculation of the amount of Interest payable
at the Default Rate owed, or with respect to the method employed in such calculation of any amounts at the Default Rate. The Company
shall notify the Holders and the Trustee on any Interest Payment Date on which interest will increase or decrease for the next
succeeding Interest Period in accordance with this clause (iv). Any election by the Company pursuant to Section 2.03(c)(i) shall
apply with respect to the Interest Rate, as increased by the Default Rate, if applicable.

 

(d)        Any Defaulted Amounts shall forthwith cease to be payable to the Holder on the relevant payment date but shall accrue interest
per annum at the applicable interest rate then borne by the Notes, subject to the enforceability thereof under applicable law,
from, and including, such relevant payment date, and such Defaulted Amounts together with such interest thereon shall be paid by
the Company, at its election in each case, as provided in clause (i) or (ii) below:

 

(i)              The
Company may elect to make payment of any Defaulted Amounts to the Persons in whose names the Notes are registered at the close
of business on a special record date for the payment of such Defaulted Amounts, which shall be fixed in the following manner.
The Company shall notify the Trustee in writing of the amount of the Defaulted Amounts proposed to be paid on each Note and the
date of the proposed payment (which shall be not less than 25 calendar days after the delivery to the Trustee of such notice,
unless the Trustee shall consent to an earlier date), and at the same time the Company shall deposit with the Trustee an amount
of money equal to the aggregate amount to be paid in respect of such Defaulted Amounts or shall make arrangements satisfactory
to the Trustee for such deposit on or prior to the date of the proposed payment, such money when deposited to be held in trust
for the benefit of the Persons entitled to such Defaulted Amounts as in this clause provided. Thereupon the Company shall fix
a special record date for the payment of such Defaulted Amounts which shall be not more than 15 calendar days and not less than
10 calendar days prior to the date of the proposed payment, and not less than 10 calendar days after the receipt by the Trustee
of the notice of the proposed payment. The Company shall promptly notify the Trustee in writing of such special record date and
in such notice, instruct the Trustee, in the name and at the expense of the Company, to deliver notice of the proposed payment
of such Defaulted Amounts and the special record date therefor to each Holder not less than 10 calendar days prior to such special
record date. Notice of the proposed payment of such Defaulted Amounts and the special record date therefor having been so delivered,
such Defaulted Amounts shall be paid to the Persons in whose names the Notes are registered at the close of business on such special
record date and shall no longer be due and payable in respect of the Notes.

 

    39 

     

    

 

(ii)            
The Company may elect to make payment of any Defaulted Amounts in any other lawful manner not inconsistent with the requirements
of any securities exchange or automated quotation system on which the Notes may be listed or designated for issuance, and upon
such notice as may be required by such exchange or automated quotation system, if, after written notice given by the Company to
the Trustee of the proposed payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee.

 

(iii)           
The Trustee shall not at any time be under any duty or responsibility to any Holder to determine the Defaulted Amounts,
or with respect to the nature, extent, or calculation of the amount of the Defaulted Amounts owed, or with respect to the method
employed in such calculation of the Defaulted Amounts.

 

(e)              
 

 

(i)             
Each party hereby agrees to the following U.S. federal income tax treatment and covenants that it will not take a different
position thereon unless required by a governmental authority pursuant to a “determination” as defined in section 1313
of the Code: interest payments on the Notes to a Holder, or any amount received upon the redemption, conversion or other reacquisition
by the Company of a Note, are not subject to withholding tax by the Company and such interest payments or amounts will be made
without reduction for any such tax, provided that (a) such applicable Holder timely provides a valid IRS Form W-8 or IRS
Form W-9 (or successor forms thereto) and such other information as is required to certify such person’s compliance with
sections 1471 through 1474 of the Code; (b) such beneficial owner of such Note is not (i) a 10% shareholder of the Company as described
in sections 871(h)(3) and 881(c)(3)(B) of the Code, (ii) a controlled foreign corporation to which the Company is related as described
in section 881(c)(3)(C) of the Code, or (iii) a bank extending credit to the Company in the ordinary course of its trade or business
as described in section 881(c)(3)(A) of the Code (and upon request provides certification to such effect); and (c) no change of
U.S. federal income tax law has occurred subsequent to the issuance of the Notes that results in the application of such withholding
tax. The Company agrees to provide upon reasonable request by a Holder information existing and readily available to the Company
that is reasonably necessary for the Holder to determine whether it is a 10% shareholder of the Company as described in sections
871(h)(3) and 881(c)(3)(B) of the Code.

 

(ii)             Each
party hereby agrees that each Note (a) shall be treated as debt for U.S. federal, state and local income tax purposes and (b)
shall not be treated as a “contingent payment debt instrument” under Treasury Regulations section 1.1275-4. In
the case of (a) and (b) of the foregoing sentence, each party covenants that it will not take a different position unless
required by a governmental authority pursuant to a “determination” as defined in section 1313 of the Code; provided,
however, that, in the case of a determination as defined in section 1313(a)(2), the Company may enter into a an agreement
with the applicable governmental authority as described in section 1313(a)(2) only with the prior written consent of the
majority in interest of Holders (such consent not to be unreasonably withheld, conditioned or delayed). Each Holder and
beneficial owner of a Note shall be deemed, by the Holder’s acquisition of such Note (or an interest therein), to have
agreed to treat, and shall treat, the Notes as debt for all United States federal income tax purposes and shall take no
action inconsistent with such treatment unless required by a governmental authority pursuant to a “determination”
as defined in section 1313 of the Code; provided, however, that, in the case of a determination as defined in section
1313(a)(2), the Holder may enter into a an agreement with the applicable governmental authority as described in section
1313(a)(2) only with the prior written consent of the Company (such consent not to be unreasonably withheld, conditioned or
delayed).

 

    40 

     

    

 

(iii)            The
Company will use commercially reasonable efforts to provide any certificate and/or information necessary for an exemption from
withholding tax under section 1445 of the Code in connection with any conversion, redemption or other exchange of a Note with
the Company. Prior to the occurrence of the Qualified Public Company Event, the Company shall use commercially reasonable efforts
to provide notice to each Holder in the event that the Company itself could be treated as a U.S. real property holding corporation
as defined in Section 897(c)(2) of the Code, or the Company owns such corporation. Beginning with the occurrence of the Qualified
Public Company Event, on an annual basis (or upon a reasonable request by a Holder, whichever is earlier), the Company shall use
commercially reasonable efforts to inform the Trustee of the approximate percentage of U.S. real property interests (as defined
in section 897(c)(1) of the Code) held directly and indirectly, by the Company, or, as applicable, its owner that is an entity
treated as a corporation for U.S. federal tax purposes.

 

Section 2.04       
Execution, Authentication and Delivery of Notes. The Notes shall be signed in the name and on behalf of the Company
by the manual or facsimile signature of any Officer.

 

At any time and from
time to time after the execution and delivery of this Indenture, the Company may deliver Notes executed by the Company to the Trustee
for authentication, together with a Company Order for the authentication and delivery of such Notes, and the Trustee in accordance
with such Company Order shall authenticate and deliver such Notes. The
applicable Company Order shall state whether such Notes are Initial Notes, PIK Notes, Additional Notes or Second Tranche Notes.

 

Only such Notes
as shall bear thereon a certificate of authentication substantially in the form set forth on the Form of Note attached as
Exhibit A hereto, executed manually by an authorized signatory of the Trustee (or an authenticating agent appointed by the
Trustee as provided by Section 18.10), shall be entitled to the benefits of this Indenture or be valid or obligatory
for any purpose. Such certificate by the Trustee (or such an authenticating agent) upon any Note executed by the Company
shall be conclusive evidence that the Note so authenticated has been duly authenticated and delivered hereunder and that the
Holder is entitled to the benefits of this Indenture.

 

In case any Officer
of the Company who shall have signed any of the Notes shall cease to be such Officer before the Notes so signed shall have been
authenticated and delivered by the Trustee, or disposed of by the Company, such Notes nevertheless may be authenticated and delivered
or disposed of as though the person who signed such Notes had not ceased to be such Officer of the Company; and any Note may be
signed on behalf of the Company by such persons as, at the actual date of the execution of such Note, shall be the Officers of
the Company, although at the date of the execution of this Indenture any such person was not such an Officer.

 

    41 

     

    

 

Section 2.05       
Exchange and Registration of Transfer of Notes; Restrictions on Transfer; Depositary.

 

(a)         The Company shall cause to be kept at the Corporate Trust Office a register (the register maintained in such office or in
any other office or agency of the Company designated pursuant to Section 4.02, the “Note Register”) in
which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Notes and
of transfers of Notes. Such register shall be in written form or in any form capable of being converted into written form within
a reasonable period of time. The Trustee is hereby initially appointed the “Note Registrar” for the purpose
of registering Notes and transfers of Notes as herein provided. The Company may appoint one or more co-Note Registrars in accordance
with Section 4.02.

 

Upon surrender for
registration of transfer of any Note to the Note Registrar or any co-Note Registrar, and satisfaction of the requirements for such
transfer set forth in this Section 2.05, the Company shall execute, and the Trustee, upon receipt of any items required
to be delivered hereunder, shall authenticate and deliver, in the name of the designated transferee or transferees, one or more
new Notes of any authorized denominations and of a like aggregate principal amount and bearing such restrictive legends as may
be required by this Indenture.

 

Notes may be exchanged
for other Notes of any authorized denominations and of a like aggregate principal amount, upon surrender of the Notes to be exchanged
at any such office or agency maintained by the Company pursuant to Section 4.02. Whenever any Notes are so surrendered for
exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Notes that the Holder making the exchange
is entitled to receive, bearing registration numbers not contemporaneously outstanding.

 

All Notes presented
or surrendered for registration of transfer or for exchange, repurchase or conversion shall (if so required by the Company, the
Trustee, the Note Registrar or any co-Note Registrar) be duly endorsed, or be accompanied by a written instrument or instruments
of transfer in form satisfactory to the Company and the Trustee and duly executed, by the Holder thereof or its attorney-in-fact
duly authorized in writing.

 

No service charge
shall be imposed on the Holder by the Company, the Trustee, the Note Registrar, any co-Note Registrar or the Paying Agent for
any exchange or registration of transfer of Notes, but the Company may require a Holder to pay a sum sufficient to cover any
documentary, stamp or similar issue or transfer tax required in connection therewith as a result of the name of the Holder of
new Notes issued upon such exchange or registration of transfer being different from the name of the Holder of the old Notes
surrendered for exchange or registration of transfer.

 

    42 

     

    

 

None of the Company,
the Trustee, the Collateral Agent, the Note Registrar or any co-Note Registrar shall be required to exchange or register a transfer
of (i) any Notes surrendered for conversion or, if a portion of any Note is surrendered for conversion, such portion thereof surrendered
for conversion or (ii) any Notes, or a portion of any Note, surrendered for repurchase (and not validly withdrawn) in accordance
with Article 15.

 

All Notes issued upon
any registration of transfer or exchange of Notes in accordance with this Indenture shall be the valid obligations of the Company,
evidencing the same debt, and entitled to the same benefits under this Indenture as the Notes surrendered upon such registration
of transfer or exchange.

 

(b)        So long as Notes are eligible for book-entry settlement with the Depositary subject to the seventh paragraph from the end
of Section 2.05(c) all Notes shall be represented by one or more registered Notes in global form (each, a “Global
Note”) registered in the name of the Depositary or the nominee of the Depositary. The transfer and exchange of beneficial
interests in a Global Note that does not involve the issuance of a Physical Note shall be effected through the Depositary in accordance
with this Indenture (including the restrictions on transfer set forth herein) and the procedures of the Depositary therefor.

 

(c)         Every Note that bears or is required under this Section 2.05(c) to bear the legend set forth in this Section 2.05(c)
(together with any Common Stock issued upon conversion of the Notes that is required to bear the legend set forth in Section
2.05(d), collectively, the “Restricted Securities”) shall be subject to the restrictions on transfer set
forth in this Section 2.05(c) (including those contained in the legend set forth below), unless such restrictions on transfer
shall be eliminated or otherwise waived by written consent of the Company, and the Holder of each such Restricted Security, by
such Holder’s acceptance thereof, agrees to be bound by all such restrictions on transfer. As used in this Section 2.05(c)
and Section 2.05(d), the term “transfer” encompasses any sale, pledge, transfer or other disposition
whatsoever of any Restricted Security.

 

Until the date (the
 “Resale Restriction Termination Date”) that is the later of (1) the date that is one year after the last date
of original issuance of the Notes, (2) the expiration of any applicable holding period with respect to the Notes pursuant to Rule
144 or any successor provision thereto, and (3) the date on which the Notes constitute “Covered Securities”
under Section 18 of the Securities Act, any certificate evidencing such Note (and all securities issued in exchange therefor or
substitution thereof, other than Common Stock, if any, issued upon conversion thereof, which shall bear the legend set forth in
Section 2.05(d), if applicable) shall bear a legend in substantially the following form (unless such Notes have been (i)
transferred (x) pursuant to a registration statement that has become or been declared effective under the Securities Act and that
continues to be effective at the time of such transfer and (y) subsequent transfers are not subject to restrictions under applicable
state securities laws, or (ii) transferred (x) pursuant to the exemption from registration provided by Rule 144 or any similar
provision then in force under the Securities Act and (y) subsequent transfers are not subject to restrictions under applicable
state securities laws, or (iii) unless otherwise agreed by the Company in writing, with notice thereof to the Trustee):

 

    43 

     

    

 

THE SALE OF THIS NOTE
HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY,
PRIOR TO THE RESALE RESTRICTION TERMINATION DATE (AS DEFINED BELOW), THIS NOTE MAY NOT BE OFFERED, PLEDGED, RESOLD OR OTHERWISE
TRANSFERRED, EXCEPT:

 

(A)       TO
PURECYCLE TECHNOLOGIES LLC (THE “COMPANY”) OR ANY SUBSIDIARY THEREOF;

 

(B)        PURSUANT
TO, AND IN ACCORDANCE WITH, A REGISTRATION STATEMENT THAT IS EFFECTIVE UNDER THE SECURITIES ACT AT THE TIME OF SUCH TRANSFER;

 

(C)        TO
A PERSON THAT YOU REASONABLY BELIEVE TO BE (1) A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES
ACT OR (2) AN ACCREDITED INSTITUTIONAL INVESTOR, WITHIN THE MEANING OF CLAUSES (1), (2), (3), (7), (8), (9) AND (12) OF RULE 501(A)
OF REGULATION D UNDER THE SECURITIES ACT; OR

 

(D)        UNDER
ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (INCLUDING, IF AVAILABLE, THE EXEMPTION
PROVIDED BY RULE 144 UNDER THE SECURITIES ACT).

 

IN EACH CASE, IN ACCORDANCE
WITH APPLICABLE STATE SECURITIES LAWS.

 

THE “RESALE
RESTRICTION TERMINATION DATE” MEANS THE LATER OF (1) THE DATE THAT IS ONE YEAR AFTER THE LAST DATE OF ORIGINAL ISSUANCE
OF THE NOTES, (2) THE EXPIRATION OF ANY APPLICABLE HOLDING PERIOD WITH RESPECT TO THE NOTES PURSUANT TO RULE 144 OR ANY SUCCESSOR
PROVISION THERETO, AND (3) THE DATE ON WHICH THE NOTES CONSTITUTE “COVERED SECURITIES” UNDER SECTION 18 OF THE
SECURITIES ACT.

 

WITH RESPECT TO ANY
TRANSFER PURSUANT TO THE FOREGOING CLAUSE (C)(2) AND CLAUSE (D), THE COMPANY AND THE NOTE REGISTRAR SHALL BE ENTITLED TO REQUIRE
THE DELIVERY OF SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS THEY MAY REASONABLY REQUIRE AND MAY RELY UPON FOR THE
COMPANY TO CONFIRM THAT SUCH TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS.

 

    44 

     

    

 

No transfer of any
Note prior to the Resale Restriction Termination Date will be registered by the Note Registrar unless the applicable box on the
Form of Assignment and Transfer has been checked.

 

Any Note (or security
issued in exchange or substitution therefor) (i) as to which such restrictions on transfer shall have expired in accordance with
their terms such that they may be transferred (x) without volume or manner of sale limits under Rule 144 and (y) subsequent transfers
are not subject to restrictions under applicable state securities laws, (ii) that has been transferred (x) pursuant to, and in
accordance with, a registration statement that has become effective or been declared effective under the Securities Act and that
continues to be effective at the time of such transfer and (y) as to which subsequent transfers are not subject to restrictions
under applicable state securities laws, or (iii) that has been sold (x) pursuant to the exemption from registration provided by
Rule 144 or any similar provision then in force under the Securities Act, and such that such Note is no longer a “restricted
security” as defined under Rule 144 and (y) as to which subsequent transfers are not subject to restrictions under applicable
state securities laws, may, upon surrender of such Note for exchange to the Note Registrar in accordance with the provisions of
this Section 2.05, be exchanged for a new Note or Notes, of like tenor and aggregate principal amount, which shall not bear
the restrictive legend required by this Section 2.05(c) and shall not be assigned a restricted CUSIP number. The Company
shall be entitled to instruct the Custodian in writing to so surrender any Global Note as to which any of the conditions set forth
in clause (i) through (iii) of the immediately preceding sentence have been satisfied, and, upon such instruction, the Custodian
shall so surrender such Global Note for exchange; and any new Global Note so exchanged therefor shall not bear the restrictive
legend specified in this Section 2.05(c) and shall not be assigned a restricted CUSIP number. If the Holder of a Physical
Note that bears such a restrictive legend and is no longer required to bear such restrictive legend under this Section 2.05(c)
surrenders such Note to the Note Registrar for exchange, the Note Registrar shall promptly so notify the Company in writing, and
the Company shall promptly execute a Physical Note in the name of such Holder that does not bear such a restrictive legend, of
like tenor and aggregate principal amount, and shall deliver such executed Physical Note to the Trustee, along with a Company Order
and an Opinion of Counsel and an Officer’s Certificate, for authentication and delivery of such Physical Note, and the Trustee
shall promptly authenticate such Physical Note and deliver it to such Holder or otherwise in accordance with such Holder’s
instructions, and the Trustee shall promptly thereafter cancel the Physical Note bearing such restrictive legend.

 

The Company shall promptly
notify the Trustee upon the occurrence of the Resale Restriction Termination Date and promptly after a registration statement,
if any, with respect to the Notes or any Common Stock issued upon conversion of the Notes has been declared effective under the
Securities Act. The Company shall complete any exchange process for the removal of a restrictive legend required by this Section
2.05(c) in accordance with the terms of this Indenture, the applicable procedures of the Depositary (in the case of a Global
Note) and applicable securities laws.

 

Following the Resale
Restriction Termination Date, the Notes shall bear a legend in substantially the following form:

 

THE SHARES OF
COMMON STOCK ISSUABLE UPON CONVERSION OF THIS NOTE HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), AND ACCORDINGLY, SUCH SHARES MAY BE “RESTRICTED SECURITIES”
THAT MAY NOT BE OFFERED, PLEDGED, RESOLD OR OTHERWISE TRANSFERRED EXCEPT TO THE ISSUER OF SUCH SECURITIES (OR ANY SUBSIDIARY
THEREOF), PURSUANT TO, AND IN ACCORDANCE WITH, A REGISTRATION STATEMENT THAT IS EFFECTIVE UNDER THE SECURITIES ACT AT THE
TIME OF SUCH TRANSFER, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

 

    45 

     

    

 

Notwithstanding any
other provisions of this Indenture (other than the provisions set forth in this Section 2.05(c)), a Global Note may not
be transferred as a whole or in part except (i) by the Depositary to a nominee of the Depositary or by a nominee of the Depositary
to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor Depositary or a
nominee of such successor Depositary and (ii) for exchange of a Global Note or a portion thereof for one or more Physical Notes
in accordance with the second immediately succeeding paragraph.

 

The Depositary shall
be a clearing agency registered under the Exchange Act. The Company initially appoints The Depository Trust Company, or DTC, to
act as Depositary with respect to each Global Note, if any. Initially, each Global Note shall be issued to the Depositary, registered
in the name of Cede & Co., as the nominee of the Depositary, and deposited with the Trustee as Custodian. The Trustee shall
have no liability or responsibility for the action or inaction of the Depositary or any other clearing agency.

 

If after the issuance
and authentication of a Global Note (i) the Depositary notifies the Company that the Depositary is unwilling or unable to continue
as depositary for the Global Notes and a successor depositary is not appointed within 90 calendar days, (ii) the Depositary ceases
to be registered as a clearing agency under the Exchange Act and a successor depositary is not appointed within 90 calendar days,
(iii) an Event of Default with respect to the Notes has occurred and is continuing and a beneficial owner of any Note requests
that its beneficial interest therein be exchanged for a Physical Note or (iv) a beneficial owner of any Note delivers a Pledge
Notice to the Company and requests that its beneficial interest therein be exchanged for a Physical Note, the Company shall execute,
and the Trustee, upon receipt of an Officer’s Certificate and a Company Order for the authentication and delivery of Notes,
shall authenticate and deliver (x) in the case of clause (iii) or (iv), a Physical Note to such beneficial owner in a principal
amount equal to the principal amount of such Note corresponding to such beneficial owner’s beneficial interest and (y) in
the case of clause (i) or (ii), Physical Notes to each beneficial owner of the related Global Notes (or a portion thereof) in an
aggregate principal amount equal to the aggregate principal amount of such Global Notes in exchange for such Global Notes, and
upon delivery of the Global Notes to the Trustee such Global Notes shall be canceled.

 

Physical Notes issued
in exchange for all or a part of the Global Note pursuant to this Section 2.05(c) shall be registered in such names and
in such authorized denominations as the Depositary, pursuant to instructions from its direct or indirect participants or otherwise,
or, in the case of clause (iii) of the immediately preceding paragraph, the relevant beneficial owner, shall instruct the Trustee
in writing. Upon execution and authentication, the Trustee shall deliver such Physical Notes to the Persons in whose names such
Physical Notes are so registered.

 

    46 

     

    

 

At such time as all
interests in a Global Note have been converted, canceled, repurchased or transferred, such Global Note shall be, upon receipt thereof,
canceled by the Trustee in accordance with standing procedures and existing instructions between the Depositary and the Custodian.
At any time prior to such cancellation, if any interest in a Global Note is exchanged for Physical Notes, converted, canceled,
repurchased or transferred to a transferee who receives Physical Notes therefor or any Physical Note is exchanged or transferred
for part of such Global Note, the principal amount of such Global Note shall, in accordance with the standing procedures and instructions
existing between the Depositary and the Custodian, be appropriately reduced or increased, as the case may be, and an endorsement
shall be made on such Global Note, by the Trustee or the Custodian, at the direction of the Trustee, to reflect such reduction
or increase.

 

Notwithstanding any
other provisions of this Indenture (other than the provisions set forth in this Section 2.05(c)), when Physical Notes are
presented to the Note Registrar with a written request: (x) to register the transfer of such Physical Notes; or (y) to exchange
such Physical Notes for an equal principal amount of Physical Notes of other authorized denominations, the Note Registrar shall
register the transfer or make the exchange as requested if its reasonable requirements for such transaction are met; provided,
however, that the Physical Notes surrendered for transfer or exchange: (i) shall be duly endorsed or accompanied by a written
instrument of transfer in form reasonably satisfactory to the Company and the Note Registrar, duly executed by the Holder thereof
or its attorney duly authorized in writing; and (ii) so long as such Notes bear a restrictive legend, such Notes may only be transferred
or exchanged in accordance with such restrictive legend and the Form of Assignment and Transfer, and if such Physical Notes are
being transferred pursuant to an exemption from registration under the Securities Act and applicable state securities laws, (1)
a certification to that effect (in the Form of Assignment and Transfer, if applicable) and (2) if the Company or the Trustee so
requests, an Opinion of Counsel in form and substance reasonably satisfactory to the Company as to the compliance with the restrictions
set forth in the legend thereon.

 

None of the Company,
the Trustee, the Collateral Agent, the Paying Agent or any agent of the Company, the Trustee, the Collateral Agent or the Paying
Agent shall have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial
ownership interests of a Global Note or maintaining, supervising or reviewing any records relating to such beneficial ownership
interests.

 

The Trustee and the
Collateral Agent shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer
imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers
between or among participants of the Depositary or beneficial owners of interests in any Global Note) other than to require delivery
of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required
by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements
hereof.

 

Neither the Trustee
nor any agent of the Trustee shall have any responsibility or liability for any action taken or not taken by the Depositary.

 

(d)         Legends on the Common Stock:

 

    47 

     

    

 

 

  

(i)                
 Until the date (the “Common Stock Resale Restriction Termination Date”) that is the later of (1) the
date that is one year after the date of issuance of the applicable share of Common Stock issued upon a conversion of a Note, (2)
the first day on which, following the expiration of any applicable holding period under Rule 144 or any successor provision with
respect to the Notes being converted into the applicable share of Common Stock, the Common Stock becomes eligible for resale pursuant
to Rule 144, and (3) the date on which such share of Common Stock constitutes a “Covered Security” under Section
18 of the Securities Act, any stock certificate or book entry record representing Common Stock issued upon conversion of a Note
shall bear a legend in substantially the following form (unless such Common Stock has been (i) transferred (x) pursuant to, and
in accordance with, a registration statement that has become or been declared effective under the Securities Act and that continues
to be effective at the time of such transfer and (y) subsequent transfers are not subject to restrictions under applicable state
securities laws, or (ii) transferred (x) pursuant to the exemption from registration provided by Rule 144, to the extent that Rule
144 is available with respect to such share of Common Stock, or any similar provision then in force under the Securities Act and
(y) subsequent transfers are not subject to restrictions under applicable state securities laws, or unless otherwise agreed by
the Company in writing, with notice thereof to the Trustee and the transfer agent for the Common Stock):

 

THE SALE OF THIS SECURITY
HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND ACCORDINGLY,
PRIOR TO THE COMMON STOCK RESALE RESTRICTION TERMINATION DATE (AS DEFINED BELOW), THIS SECURITY MAY NOT BE OFFERED, PLEDGED, RESOLD,
OR OTHERWISE TRANSFERRED, EXCEPT:

 

(A)       TO
PURECYCLE TECHNOLOGIES LLC (THE “COMPANY”), ANY SUBSIDIARY THEREOF, OR ANY PARENT THEREOF IF IT IS THE ISSUER
OF THE SECURITY;

 

(B)       PURSUANT
TO, AND IN ACCORDANCE WITH, A REGISTRATION STATEMENT THAT IS EFFECTIVE UNDER THE SECURITIES ACT AT THE TIME OF SUCH TRANSFER; OR

 

(C)       UNDER
ANY AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (INCLUDING, IF AVAILABLE, THE EXEMPTION PROVIDED
BY RULE 144 UNDER THE SECURITIES ACT).

 

IN EACH CASE, IN ACCORDANCE WITH APPLICABLE
STATE SECURITIES LAWS.

 

THE
 “COMMON STOCK RESALE RESTRICTION TERMINATION DATE” MEANS THE LATER OF (1) THE DATE THAT IS ONE YEAR AFTER
THE DATE OF ISSUANCE OF THE APPLICABLE SHARE OF COMMON STOCK ISSUED UPON A CONVERSION OF A NOTE, (2) THE FIRST DAY ON WHICH,
FOLLOWING THE EXPIRATION OF ANY APPLICABLE HOLDING PERIOD UNDER RULE 144 OR ANY SUCCESSOR PROVISION WITH RESPECT TO THE NOTES
BEING CONVERTED INTO THE APPLICABLE SHARE OF COMMON STOCK, THE COMMON STOCK BECOMES ELIGIBLE FOR RESALE PURSUANT TO RULE 144,
AND (3) THE DATE ON WHICH SUCH SHARE OF COMMON STOCK CONSTITUTES A “COVERED SECURITY” UNDER SECTION 18 OF
THE SECURITIES ACT.

 

    48 

     

    

 

WITH RESPECT TO ANY
TRANSFER PURSUANT TO THE FOREGOING CLAUSE (C), PRIOR TO THE RESALE RESTRICTION TERMINATION DATE, THE COMPANY AND THE COMPANY’S
TRANSFER AGENT SHALL BE ENTITLED TO REQUIRE THE DELIVERY OF SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS THEY MAY
REASONABLY REQUIRE AND MAY RELY UPON TO CONFIRM THAT SUCH TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION
NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS.

 

(ii)             
Any such Common Stock (i) as to which such restrictions on transfer shall have expired in accordance with their terms, (ii)
that has been transferred (x) pursuant to, and in accordance with, a registration statement that has become effective or been declared
effective under the Securities Act and that continues to be effective at the time of such transfer and (y) subsequent transfers
are not subject to restrictions under applicable state securities laws, or (iii) that has been sold (x) pursuant to the exemption
from registration provided by Rule 144 or any similar provision then in force under the Securities Act and (y) subsequent transfers
are not subject to restrictions under applicable state securities laws, may, upon surrender of the certificates representing such
shares of Common Stock for exchange in accordance with the procedures of the transfer agent for the Common Stock, be exchanged
for a new certificate or certificates for a like aggregate number of shares of Common Stock, which shall not bear the restrictive
legend required by this Section 2.05(d).

 

(e)              
Any Note or Common Stock issued upon the conversion or exchange of a Note that is repurchased or owned by any Affiliate
of the Company (or any Person who was an Affiliate of the Company at any time during the three months preceding) may not be resold
by such Affiliate (or such Person, as the case may be) unless such Note (i) is eligible for resale pursuant to Rule 144 (if available)
without any limitations thereunder as to volume, manner of sale, availability of current public information or notice, (ii) is
sold or otherwise transferred pursuant to an effective registration statement under the Securities Act or (iii) is resold or otherwise
transferred pursuant to another exemption from the registration requirements of the Securities Act or in a transaction not subject
to, the Securities Act, in each case, in accordance with applicable state securities laws and in a transaction that results in
such Note or Common Stock, as the case may be, no longer being a “restricted security” (as defined under Rule
144) or any corresponding classification under applicable state securities laws. The Company shall cause any Note that is repurchased
or owned by it to be surrendered to the Trustee for cancellation in accordance with Section 2.08.

 

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Section 2.06        Mutilated,
Destroyed, Lost or Stolen Notes. In case any Note shall become mutilated or be destroyed, lost or stolen, the Company in
its discretion may execute, and upon receipt of a Company Order the Trustee or an authenticating agent appointed by the
Trustee shall authenticate and deliver, a new Note, bearing a registration number not contemporaneously outstanding, in
exchange and substitution for the mutilated Note, or in lieu of and in substitution for the Note so destroyed, lost or
stolen. In every case the applicant for a substituted Note shall furnish to the Company, to the Trustee and, if applicable,
to such authenticating agent such security or indemnity as may be required by them to hold each of them harmless from any
loss, liability, cost or expense caused by or connected with such substitution, and, in every case of destruction, loss or
theft, the applicant shall also furnish to the Company, to the Trustee and, if applicable, to such authenticating agent
evidence to their satisfaction of the destruction, loss or theft of such Note and of the ownership thereof.

 

The Trustee or such
authenticating agent may authenticate any such substituted Note and deliver the same upon the receipt of such security or indemnity
as the Trustee, the Company and, if applicable, such authenticating agent may require. No service charge shall be imposed on the
Holder by the Company, the Trustee, the Note Registrar, any co-Note Registrar or the Paying Agent upon the issuance of any substitute
Note, but the Company may require a Holder to pay a sum sufficient to cover any documentary, stamp or similar issue or transfer
tax required in connection therewith as a result of the name of the Holder of the new substitute Note being different from the
name of the Holder of the old Note that became mutilated or was destroyed, lost or stolen. In case any Note that has matured or
is about to mature or has been surrendered for repurchase in accordance with Article 15 or is about to be converted in accordance
with Article 14 shall become mutilated or be destroyed, lost or stolen, the Company may, in its sole discretion, instead
of issuing a substitute Note, pay or authorize the payment of or convert or authorize the conversion of the same (without surrender
thereof except in the case of a mutilated Note), as the case may be, if the applicant for such payment or conversion shall furnish
to the Company, to the Trustee and, if applicable, to such authenticating agent such security or indemnity as may be required by
them to hold each of them harmless for any loss, liability, cost or expense caused by or connected with such substitution, and,
in every case of destruction, loss or theft, evidence satisfactory to the Company, the Trustee and, if applicable, any Paying Agent
or Conversion Agent evidence of their satisfaction of the destruction, loss or theft of such Note and of the ownership thereof.

 

Every substitute Note
issued pursuant to the provisions of this Section 2.06 by virtue of the fact that any Note is destroyed, lost or stolen
shall constitute an additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Note shall be
found at any time, and shall be entitled to all the benefits of (but shall be subject to all the limitations set forth in) this
Indenture equally and proportionately with any and all other Notes duly issued hereunder. To the extent permitted by law, all Notes
shall be held and owned upon the express condition that the foregoing provisions are exclusive with respect to the replacement,
payment, conversion or repurchase of mutilated, destroyed, lost or stolen Notes and shall preclude any and all other rights or
remedies notwithstanding any law or statute existing or hereafter enacted to the contrary with respect to the replacement, payment,
conversion or repurchase of negotiable instruments or other securities without their surrender.

 

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Section 2.07        Temporary
Notes. Pending the preparation of Physical Notes, the Company may execute and the Trustee or an authenticating agent
appointed by the Trustee shall, upon receipt of a Company Order, authenticate and deliver temporary Notes (printed or
lithographed). Temporary Notes shall be issuable in any authorized denomination, and substantially in the form of the
Physical Notes but with such omissions, insertions and variations as may be appropriate for temporary Notes, all as may be
determined by the Company. Every such temporary Note shall be executed by the Company and authenticated by the Trustee or
such authenticating agent upon the same conditions and in substantially the same manner, and with the same effect, as the
Physical Notes. Without unreasonable delay, the Company shall execute and deliver to the Trustee or such authenticating agent
Physical Notes (other than any Global Note) and thereupon any or all temporary Notes (other than any Global Note) may be
surrendered in exchange therefor, at each office or agency maintained by the Company pursuant to Section 4.02 and the
Trustee or such authenticating agent shall, upon receipt of a Company Order, authenticate and deliver in exchange for such
temporary Notes an equal aggregate principal amount of Physical Notes. Such exchange shall be made by the Company at its own
expense and without any charge therefor. Until so exchanged, the temporary Notes shall in all respects be entitled to the
same benefits and subject to the same limitations under this Indenture as Physical Notes authenticated and delivered
hereunder.

 

Section 2.08       
Cancellation of Notes Paid, Converted, Etc. The Company shall cause all Notes surrendered for the purpose of payment,
repurchase, registration of transfer or exchange or conversion, if surrendered to any Person other than the Trustee (including
any of the Company’s agents, Subsidiaries or Affiliates), to be surrendered to the Trustee for cancellation. All Notes delivered
to the Trustee shall be canceled promptly by it in accordance with its customary procedures, and, except for Notes surrendered
for registration of transfer or exchange, no Notes shall be authenticated in exchange thereof except as expressly permitted by
any of the provisions of this Indenture. The Trustee shall dispose of canceled Notes in accordance with its customary procedures
and, after such cancellation, shall deliver a certificate of such cancellation to the Company, at the Company’s written request
in a Company Order.

 

Section 2.09       
CUSIP Numbers. The Company in issuing the Notes may use “CUSIP” numbers (if then generally in
use), and, if so, the Trustee shall use “CUSIP” numbers in all notices issued to Holders as a convenience to
such Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers
either as printed on the Notes or on such notice and that reliance may be placed only on the other identification numbers printed
on the Notes. The Company shall promptly notify the Trustee in writing of any change in the “CUSIP” numbers.

 

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Section 2.10        Additional
Notes; Repurchases. Prior to the consummation of a Qualified Public Company Event, the Company may, without the consent
of the Holders and notwithstanding Section 2.01, reopen this Indenture and Issue Second Tranche Notes hereunder with
the same terms as the Notes initially issued hereunder (except for any differences in issue date, issue price and interest
accrued, if any, and that the Second Tranche Notes shall be subject to a Special Mandatory Redemption), provided that
such Second Tranche Notes shall have a separate CUSIP number. Following the consummation of a Qualified Public Company Event,
the Company may, without the consent of the Holders and notwithstanding Section 2.01, reopen this Indenture and issue
Additional Notes hereunder with the same terms as the Notes initially issued hereunder (except for any differences in issue
date, issue price and interest accrued, if any) in an aggregate principal amount not to exceed such additional principal
amount that would cause the Specified Amount to not represent greater than 50% of the aggregate principal amount of the Notes
then outstanding, after giving effect to such issuance of Additional Notes; provided that if any such Additional Notes
are not fungible with any other Notes that are then outstanding for U.S. federal income tax or for securities law purposes,
such Additional Notes shall have a separate or no CUSIP number. Prior to the issuance of any such Additional Notes, the
Company shall deliver to the Trustee a Company Order, an Officer’s Certificate and an Opinion of Counsel, such
Officer’s Certificate and Opinion of Counsel to provide, in addition to those matters required by Section 18.05,
that the Additional Notes have been duly authorized by the Company and are enforceable against the Company in accordance with
their terms, subject to customary exceptions, including for bankruptcy, insolvency, fraudulent transfer, reorganization,
moratorium and other similar laws of general application affecting the rights and remedies of creditors and to general
principles of equity (including, without limitation, concepts of materiality, reasonableness, good faith, fair dealing and
unconscionability), regardless of whether considered in a proceeding in equity or law, and such other items as the Trustee
may reasonably request. The Company may, to the extent permitted by law, and directly or indirectly (regardless of whether
such Notes are surrendered to the Company), repurchase Notes in the open market or otherwise, whether by the Company or its
Subsidiaries or through a private or public tender or exchange offer or through counterparties to private agreements,
including by cash-settled swaps or other derivatives. The Company shall cause any Notes so repurchased (other than Notes
repurchased pursuant to cash-settled swaps or other derivatives) to be surrendered to the Trustee for cancellation in
accordance with Section 2.08, and such Notes shall no longer be considered outstanding hereunder upon their
repurchase.

 

Section 2.11       
Maturity Date Extension. Provided that no Default or Event of Default exists and is continuing, not later than August
15, 2022, the Company may, by written notice (the “Extension Notice”) delivered to the Trustee and the Holders
(by first-class mail to each Holder’s registered address or otherwise in accordance with the procedures of DTC), elect to
extend the Maturity Date with respect to 50% of the then outstanding Notes, selected on a pro rata basis, from October 15,
2022 to April 15, 2023. Notwithstanding anything in this Indenture to the contrary (including, without limitation, Section 10.02(c)),
the foregoing extension shall be effective without the consent of any Holder. To the extent the Notes are Global Notes, any such
extension shall be applied on a pro rata basis in accordance with the applicable procedures of the Depositary. Upon delivery
of the Extension Notice in accordance with the terms of this Section 2.11, the references in such applicable sections of this Indenture
and the Notes to the Maturity Date shall refer to April 15, 2023, mutatis mutandis.

  

Article
3

SATISFACTION AND DISCHARGE

 

Section 3.01        Satisfaction
and Discharge. This Indenture and the Notes and the Note Guarantees, if any, shall upon request of the Company contained
in an Officer’s Certificate cease to be of further effect, and the Trustee, at the expense of the Company, shall
execute such instruments reasonably requested by the Company acknowledging satisfaction and discharge of this Indenture and
the Notes and the Note Guarantees, if any, when (a) (i) all outstanding Notes theretofore authenticated and delivered (other
than (x) Notes which have been destroyed, lost or stolen and which have been replaced, paid or converted as provided in Section
2.06 and (y) Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the
Company and thereafter repaid to the Company or discharged from such trust, as provided in Section 4.04(d)) have been
delivered to the Trustee for cancellation; or (ii) the Company has deposited with the Trustee or delivered to Holders, as
applicable, after the Notes have become due and payable, whether on the Maturity Date, any Fundamental Change Repurchase
Date, any Change of Control Repurchase Date, upon conversion or otherwise, cash or, solely to satisfy the Company’s
Conversion Obligation or Change of Control Conversion Obligation, as the case may be, shares of Common Stock and cash in lieu
of fractional shares sufficient to pay all of the outstanding Notes or satisfy all outstanding conversions, as the case may
be, and pay all other sums due and payable under this Indenture by the Company (for the avoidance of doubt, the Company will
deliver any shares of Common Stock to be paid with respect to satisfying outstanding conversions directly to the applicable
Holders); and (b) the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each
stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have
been complied with. Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the
Trustee and the Collateral Agent under Section 7.06 and Section 17.11 shall survive.

 

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Article
4

PARTICULAR COVENANTS OF THE COMPANY AND GUARANTORS

 

Section 4.01       
Payment of Principal and Interest. The Company covenants and agrees that it will pay or cause to be paid the principal
of, and accrued and unpaid interest (whether Cash Interest or PIK Interest) on, each of the Notes at the places, at the respective
times and in the manner provided herein and in the Notes. PIK Interest will be considered paid on the date due if on such date
(1) in the case of Physical Notes, PIK Notes in certificated form have been issued and authenticated in accordance with the terms
of this Indenture and (2) in the case of Global Notes, the Company has directed the Trustee to increase the principal amount of
the Notes then authenticated by the required amount (or, if required pursuant to the applicable procedures of the Depositary, authenticated
additional Global Notes) in accordance with the terms of this Indenture.

 

Section 4.02       
Maintenance of Office or Agency. The Company will maintain in the United States of America an office or agency where
the Notes may be surrendered for registration of transfer or exchange or for presentation for payment or repurchase (“Paying
Agent”) or for conversion (“Conversion Agent”) and where notices and demands to or upon the Company
in respect of the Notes and this Indenture may be delivered. The Company will give prompt written notice to the Trustee of the
location, and any change in the location, of such office or agency. If at any time the Company shall fail to maintain any such
required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices
and demands may be made at or delivered to the Corporate Trust Office or the office or agency of the Trustee in the United States
of America so designated by the Trustee as a place where Notes may be presented for payment or for registration or transfer.

 

The Company may also
from time to time designate as co-Note Registrars one or more other offices or agencies where the Notes may be presented or surrendered
for any or all such purposes and may from time to time rescind such designations; provided that no such designation or rescission
shall in any manner relieve the Company of its obligation to maintain an office or agency in the United States of America for such
purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in
the location of any such other office or agency. The terms “Paying Agent” and “Conversion Agent”
include any such additional or other offices or agencies, as applicable.

 

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The Company hereby
initially designates the Trustee as the Paying Agent, Note Registrar, Custodian and Conversion Agent and the Corporate Trust Office
as the office or agency in the United States of America where Notes may be surrendered for registration of transfer or exchange
or for presentation for payment or repurchase or for conversion and where notices and demands to or upon the Company in respect
of the Notes and this Indenture may be delivered.

 

Section 4.03       
Appointments to Fill Vacancies in Trustee’s Capacity. The Company, whenever necessary to avoid or fill a vacancy
in the capacity of Trustee, will appoint, in the manner provided in Section 7.09, a Trustee, so that there shall at all
times be a Trustee hereunder.

 

Section 4.04       
Provisions as to Paying Agent.

 

(a)              
If the Company shall appoint a Paying Agent other than the Trustee, the Company will cause such Paying Agent to execute
and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject to the provisions of this Section
4.04(a):

 

(i)        that it will hold all sums held by it as such agent for the payment of the principal of, and accrued and unpaid Cash Interest
on, the Notes in trust for the benefit of the Holders of the Notes;

 

(ii)       that
it will give the Trustee prompt written notice of any failure by the Company to make any payment of the principal of, and accrued
and unpaid Cash Interest on, the Notes when the same shall be due and payable; and

 

(iii)      that at any time during the continuance of an Event of Default, upon request of the Trustee, it will forthwith pay to the
Trustee all sums so held in trust.

 

The Company shall,
on or before each due date of the principal of, or accrued and unpaid Cash Interest on, the Notes, deposit with the Paying Agent
a sum sufficient to pay such principal or accrued and unpaid Cash Interest, and (unless such Paying Agent is the Trustee) the Company
will promptly notify the Trustee in writing of any failure to take such action; provided that if such deposit is made on
the due date, such deposit must be received by the Paying Agent by 11:00 a.m., New York City time, on such date.

 

(b)              
If the Company shall act as its own Paying Agent, it will, on or before each due date of the principal of, and accrued and
unpaid Cash Interest on, the Notes, set aside, segregate and hold in trust for the benefit of the Holders of the Notes a sum sufficient
to pay such principal and accrued and unpaid Cash Interest so becoming due and will promptly notify the Trustee in writing of any
failure to take such action and of any failure by the Company to make any payment of the principal of, or accrued and unpaid Cash
Interest on, the Notes when the same shall become due and payable.

 

(c)               Anything
in Section 4.04(a) to the contrary notwithstanding, the Company may, at any time, for the purpose of obtaining a
satisfaction and discharge of this Indenture, or for any other reason, pay, cause to be paid or deliver to the Trustee all
sums or amounts held in trust by the Company or any Paying Agent hereunder as required by Section 4.04(a), such sums
or amounts to be held by the Trustee upon the trusts herein contained and upon such payment or delivery by the Company or any
Paying Agent to the Trustee, the Company or such Paying Agent shall be released from all further liability but only with
respect to such sums or amounts.

 

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(d)              
Any money or property deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment
of the principal of, accrued and unpaid Cash Interest on and the consideration due upon conversion of any Note and remaining unclaimed
for two years after such principal, Cash Interest or consideration due upon conversion has become due and payable shall, subject
to applicable abandoned property laws, be paid to the Company on request of the Company contained in an Officer’s Certificate,
or (if then held by the Company) shall be discharged from such trust; and the Holder of such Note shall thereafter, as an unsecured
general creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect
to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease.

 

(e)              
Upon any Event of Default pursuant to Section 6.01(h) or Section 6.01(i), the Trustee shall automatically
be the Paying Agent.

 

Section 4.05       
Existence.

 

(a)              
Subject to Article 11, prior to a Qualified Public Company Event or Other Listing Event, the Company shall do or
cause to be done all things necessary to preserve and keep in full force and effect its existence.

 

(b)              
(1) on and after a Listing Event or Other Listing Event, 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 (2) on and after a SPAC Transaction in which the Company
merges with and into the SPAC (with the SPAC as the surviving company), the Successor Company shall do or cause to be done all
things necessary to preserve and keep in full force and effect its corporate existence.

 

(c)              
Subject to Article 16, on and after a SPAC Transaction (other than a SPAC Transaction subject to clause (b) of this
Section 4.05) that is the Qualified Public Company Event and upon the consummation of which the Company is a direct or indirect
subsidiary of SPAC the Guarantor shall do or cause to be done all things necessary to preserve and keep in full force and effect
its and the Company’s corporate existence.

 

(d)              
Nothing in this Section 4.05 shall prohibit any Tax Efficiency Reorganization Transaction undertaken as a holding company
reorganization.

 

Section 4.06       
Quarterly and Annual Reports and Rule 144A Information Requirement.

 

(a)              
Prior to the consummation of the Qualified Public Company Event or Other Listing Event, the Company shall prepare and deliver
to the Trustee and each Holder (which delivery requirement to the Holders will be deemed satisfied by posting such information
to a website, which may be password protected, accessible by Holders) the following information:

 

(i)                
within 120 days after the end of each fiscal year of the Company (beginning with the fiscal year ending December 31, 2020):

 

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(A)            
 annual consolidated financial statements and the notes thereto (which shall be audited and include the report of the independent
public accountants thereon) of the Company and its Subsidiaries in respect of its most recently completed fiscal year, which annual
consolidated financial statements and notes thereto will include the Company’s and its Subsidiaries’ consolidated balance
sheet as of the end of such fiscal year and its consolidated statements of operations, members’ equity (or analogous financial
statement if the Company is not a limited liability company) and changes in cash flow of the Company and its Subsidiaries or such
fiscal year, prepared in accordance with GAAP consistently applied; and

 

(B)             
the Company’s then current consolidated capitalization table as of the end of such fiscal year;

 

(ii)             
within 45 days after the end of the first three fiscal quarters of the Company’s fiscal year beginning with the fiscal
quarter ending September 30, 2020, unaudited consolidated financial statements and the notes thereto of the Company and its Subsidiaries
in respect of its most recently completed fiscal quarter, which consolidated financial statements and notes thereto will include
an unaudited consolidated balance sheet as of the end of such fiscal quarter and unaudited consolidated statements of operation
and changes in cash flow of the Company and its Subsidiaries for such fiscal quarter, each prepared in accordance with GAAP consistently
applied;

 

(iii)           
the Company’s current forecasted operating plan and forecast as contemplated by Section 4.13, which shall be prepared
in good faith and delivered to the Holders no later than (i) in calendar year 2021, the one-year anniversary of the Issue Date
and (ii) in subsequent calendar years, September 1 of each such year.

 

Each Holder
acknowledges and agrees that such information is confidential and shall be deemed to agree that as a condition to receiving
such information that such information may not be used, reproduced, disclosed or disseminated to any other Person (other than
such Holder’s directors, members, partners, officers, employees, accountants, attorneys (“Holder
Representatives”) who have been informed by Holder of the confidential nature of such information and for whose
compliance with the confidentiality requirements of this paragraph Holder shall be responsible) unless such information (1)
has been made available to the public generally by the Company, (2) is or becomes a matter of public knowledge through no
action or inaction of such Holder in violation of any confidentiality obligations of Holder (including pursuant to this
paragraph), (3) is disclosed by the Company to a third party without a duty of confidentiality on such third party, (4) is
required to be disclosed by such Holder (or a Holder Representative) under compulsion of law or by order or request of any
court or governmental or regulatory body to whose supervisory authority such Holder or Holder Representatives, as the case
may be, is subject; provided that, to the extent Holder is lawfully permitted to do so, prior to providing such
information, such Holder promptly provides the Company with written notice and, if the Company fails to obtain a protective
order or other appropriate remedy with respect to the disclosure of such information, such Holder will furnish only that
portion of the information that is so required to be disclosed, (5) is disclosed to a court, tribunal or any other applicable
administrative agency or judicial authority of competent jurisdiction in connection with the enforcement of such
Holder’s rights under this Indenture or (6) is disclosed by such Holder with the Company’s prior written consent.
Notwithstanding the foregoing, Holders of Notes shall be permitted to share any information that the Company delivers
pursuant to this Section 4.06(a) with prospective purchasers of the Notes so long as any such prospective purchaser
agrees in writing to the Company to abide by the confidentiality provisions described in this Section 4.06(a).

 

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(b)              
If, at any time, the Company is not subject to Section 13 or 15(d) of the Exchange Act, the Company shall, so long as any
of the Notes or any shares of Common Stock issuable upon conversion thereof shall, at such time, constitute “restricted
securities” within the meaning of Rule 144(a)(3) under the Securities Act, upon the written request of any Holder, beneficial
owner or prospective purchaser of Notes or any shares of Common Stock issuable upon the conversion of the Notes, promptly furnish
such Holder, beneficial owner or prospective purchaser the information required to be delivered pursuant to Rule 144A(d)(4) under
the Securities Act to facilitate the resale of the Notes or such shares of Common Stock pursuant to Rule 144A, as such rule may
be amended from time to time. The Company shall take such further action as any Holder or beneficial owner of the Notes or any
shares of Common Stock issuable upon conversion of the Notes may reasonably request to the extent from time to time required to
enable such Holder or beneficial owner to sell the Notes or any shares of Common Stock issuable upon conversion of the Notes in
accordance with Rule 144A, as such rule may be amended from time to time. Notwithstanding the foregoing, the Company shall have
no obligations pursuant to this clause (b) with respect to shares of Common Stock for which Rule 144A is not available at such
time for resales thereof.

 

(c)              
On and after the consummation of the Qualified Public Company Event or Other Listing Event, the Company or, if applicable,
Successor Company (if a Listing Event or a SPAC Transaction in which the Company merges with and into SPAC (with SPAC as the surviving
company)) or the SPAC Guarantor (if a SPAC Transaction constituted the Qualified Public Company Event and upon the consummation
of which Company is a direct or indirect subsidiary of the SPAC), as applicable, shall file with the Trustee, within 15 calendar
days after the same are required to be filed with the Commission (giving effect to any grace period provided by Rule 12b-25 under
the Exchange Act or any successor rule under the Exchange Act (whether or not the same are filed with the Commission within such
grace period)), copies of any documents or reports that the Company or the Guarantors, as applicable, are required to file with
the Commission pursuant to Section 13 or 15(d) of the Exchange Act (excluding, for the avoidance of doubt, any information, documents
or reports (or portions thereof) that are subject to confidential treatment and any correspondence with the Commission). Any such
document or report that the Company or the Guarantor, as applicable files with the Commission via the Commission’s EDGAR
system (or any successor thereto) shall be deemed to be delivered and filed with the Trustee for purposes of this Section 4.06(c)
at the time such documents are filed via the EDGAR system (or any successor thereto); provided, however, that the
Trustee shall have no obligation whatsoever to determine whether or not such information, documents or reports have been filed
pursuant to EDGAR (or its successor).

 

(d)               Delivery
of reports, information and documents to the Trustee under this Indenture is for informational purposes only and the
Trustee’s receipt of the foregoing shall not constitute constructive notice of any information contained therein, or
determinable from information contained therein including the Company’s compliance with any of its covenants thereunder
(as to which the Trustee is entitled to rely exclusively on an Officer’s Certificate).

 

    57 

     

    

 

(e)              
If a Qualified Public Company Event has not been consummated prior to the six-month anniversary of the date of this Indenture,
then as of and following such six-month anniversary date and for as long as both (i) any Notes remain outstanding, and (ii) a Qualified
Public Company Event has not been consummated, the Holders of the Minimum Principal Amount then outstanding shall have the right
to appoint one board observer to the Company’s board of directors. Without limiting the foregoing, the board observation
rights granted to such Holders shall be as mutually agreed between the Company and such Holders; provided, that such board
observation rights shall be at least as favorable as those provided to New Investor (as defined in the Company LLC Agreement) pursuant
to 5.1(h)(ii) of the Company LLC Agreement as in the effect on the date hereof, provided further, that any rights contemplated
by this Section 4.06(e) shall (i) be subject to all applicable restrictions required under the listing rules of any Permitted
Exchange on which the Common Stock is listed, and (ii) immediately cease upon consummation of a Qualified Public Company Event.

 

Section 4.07       
Stay, Extension and Usury Laws. Each of the Company and the Guarantors, if any, covenants (to the extent that it
may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or
advantage of, any stay, extension or usury law or other law that would prohibit or forgive the Company or the Guarantor from paying
all or any portion of the principal of or interest on the Notes as contemplated herein, wherever enacted, now or at any time hereafter
in force, or that may affect the covenants or the performance of this Indenture; and each of the Company and the Guarantors, if
any, to the extent it may lawfully do so, hereby expressly waives all benefit or advantage of any such law, and covenants that
it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee or the
Collateral Agent, but will suffer and permit the execution of every such power as though no such law had been enacted.

 

Section 4.08       
Compliance Certificate; Statements as to Defaults. The Company shall deliver to the Trustee within 120 calendar days
after the end of each fiscal year of the Company (beginning with the fiscal year ending on December 31, 2020) an Officer’s
Certificate stating whether the signer thereof knows of any Default or Event of Default that occurred during the previous fiscal
year and, if so, specifying each such Default or Event of Default, its status and what actions the Company is taking or proposing
to take with respect thereto.

 

In addition, the Company
shall deliver to the Trustee, as soon as practicable, and in any event within 30 calendar days after becoming aware of any Event
of Default or Default, written notice of such Event of Default or Default, its status and the action that the Company is taking
or proposing to take in respect thereof.

 

Section 4.09       
Further Instruments and Acts. Upon request of the Trustee, the Company will execute and deliver such further instruments
and do such further acts as may be reasonably necessary or proper to carry out more effectively the purposes of this Indenture.

 

Section 4.10       
Restrictive Legend.

 

    58 

     

    

 

(a)              
 Promptly following the Resale Restriction Termination Date, the Company shall use its commercially reasonable efforts to
remove the restrictive legend on the Notes and assign an unrestricted CUSIP number to the Notes.

 

Section 4.11       
Qualified Public Company Event. The Company shall provide notice to Holders, the Trustee and the Conversion Agent
(if other than the Trustee) of the consummation of any Qualified Public Company Event no later than two Business Days following
the consummation of such Qualified Public Company Event.

 

Section 4.12       
Incurrence of Indebtedness and Issuance of Disqualified Stock. The Company and any Guarantor shall not, 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, and the Company and any Guarantor shall not issue
any Disqualified Stock; provided however, that, (I) the Company and any Guarantor may incur Permitted Indebtedness or issue
Permitted Disqualified Stock, (II) prior to the consummation of a Qualified Public Company Event, the Company and any Guarantor
may incur Subordinated Indebtedness that (i) has a stated maturity date that is, and shall only be redeemed or repurchased, no
earlier than the 91st day following the Maturity Date, and (ii) if secured by any Lien (other than a Permitted Lien
(excluding clause (b) under such definition)) on any assets of the Company or any Guarantor, such Lien shall rank junior in priority
to Liens on such assets of the Company or Guarantor securing the Notes and (III) following the consummation of a Qualified Public
Company Event, (x) Indebtedness previously incurred pursuant to clause (II) of this proviso may rank pari passu in right of payment
with the Notes, (y) the Company and any Guarantor may incur additional Subordinated Indebtedness in accordance with clause (II),
and (z) the Company and any Guarantor may incur Pari Passu Obligations; provided further, that, if following a Qualified
Public Company Event, any such Indebtedness permitted to be incurred under this clause (III)(z) is secured by any Lien (other than
a Permitted Lien (excluding clause (b) under such definition)) on any assets of the Company or any Guarantor, the Company and such
Guarantor, as applicable, shall substantially contemporaneously create or permit such Lien to secure equally and ratably the Obligations
in respect of the Notes, except that no such equal and ratable Lien shall be required if the aggregate amount of Indebtedness so
secured does not exceed $2.5 million.

 

Section 4.13       
Additional Equity Capital Raise. If the Company has not consummated a Qualified Public Company Event prior to the
one year anniversary of the Issue Date, the Company shall use commercially reasonable efforts to raise additional equity capital
to the extent necessary (as determined in good faith by the Board of Directors of the Company) to maintain, beginning on the first
day after the one year anniversary of the Issue Date, a cash cushion on a rolling basis of at least one year based on the Company’s
forecasted operating plan and forecast.

 

Section 4.14       
Limitation on Investments. Neither the Company or any Guarantor shall, directly or indirectly, make any Restricted
Investment.

 

Section 4.15       
Liens. The Company and any Guarantor will not, directly or indirectly, create, incur or assume any Lien of any kind
on any asset now owned or hereafter acquired by the Company or such Guarantor, provided that the Company and any Guarantor
may incur or assume any Permitted Liens.

 

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Section 4.16       
Asset Sales. The Company and any Guarantor will not Dispose of any asset, including any Capital Stock owned by it
(other than to the Company or any Guarantor), except if sold for fair market value; provided that the Capital Stock of
a direct, Wholly-Owned Subsidiary of the Company shall not be Disposed of to another Subsidiary of the Company.

 

Section 4.17       
Limitation on Restricted Payments. Prior to the consummation of a Qualified Public Company Event, the Company and
any Guarantor will not directly or indirectly (a) declare or pay any dividend or make any payment, distribution (other than a Tax
Distribution or distribution of Capital Stock in connection with a Tax Efficiency Reorganization Transaction) or return of capital,
(x) on account of the Company’s or any Guarantor’s Capital Stock or (y) to the direct or indirect holders of the Company’s
or any of the Guarantor’s Capital Stock in their capacity as holders or (b) purchase, redeem, defease or otherwise acquire
or retire for value any Subordinated Indebtedness (it being understood that payments of regularly scheduled principal and interest
shall be permitted) or Capital Stock of the Company or any Guarantor held by Persons (such payments as described in parts (a) and
(b) hereof, “Restricted Payments”).

 

Section 4.18       
Mortgages. With respect to any real property (other than Non-Material Real Property) that is owned in fee simple
by the Company or any Guarantor (collectively, the “Premises”), the Company or such Guarantor shall, within
180 days of the later of (x) the Issue Date and (y) the acquisition thereof, as applicable:

 

(a)              
deliver to the Collateral Agent, as mortgagee, for the benefit of the Holders, fully executed counterparts of Mortgages,
duly executed by the Company or the applicable Guarantor, as the case may be, and corresponding Uniform Commercial Code (or similar)
fixture filings, together with evidence of the completion (or satisfactory arrangements for the completion) of all recordings and
filings of such Mortgages and corresponding Uniform Commercial Code (or similar) fixture filings as may be necessary to create
a valid, perfected Lien in favor of the Collateral Agent, subject to Permitted Liens, against the Premises purported to be covered
thereby;

 

(b)              
deliver to the Collateral Agent, (i) mortgagee’s title insurance policies in favor of the Collateral Agent in an amount
equal to 100% of the fair market value of the Premises purported to be covered by the related Mortgages, issued by a nationally
recognized title insurance company insuring the Lien of each such Mortgage as a first priority Lien subject only to Permitted Liens,
and such policies shall also include, to the extent available and issued at commercially reasonable rates, customary endorsements
or such endorsements as the Collateral Agent may reasonably request (excluding endorsements related to mechanics lien coverage)
and shall be accompanied by evidence of the payment in full (or satisfactory arrangements for the payment in full) of all premiums
thereon and (ii) such affidavits, certificates, instruments of indemnification and other items (including a so-called “gap”
indemnification) as shall be reasonably required to induce the title insurer to issue the title insurance policies and endorsements
referenced herein with respect to each of the Premises;

 

(c)               deliver
to the Collateral Agent current and future real property surveys of such Premises in such form as shall be required by the
title company to issue the so-called comprehensive and other survey related endorsements and to remove the standard survey
exceptions from the title policies and endorsements contemplated above, provided, however, that a survey shall
not be required to the extent that the issuer of the applicable title insurance policy provides reasonable and customary
survey-related coverages (including, without limitation, survey-related endorsements) in the applicable title insurance
policy based on an existing survey and/or such other documentation as may be reasonably satisfactory to the title
insurer;

 

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(d)              
completed “Life-of-Loan” Federal Emergency Management Agency (“FEMA”) Standard Flood
Hazard Determination with respect to each mortgaged Premises subject to the applicable FEMA rules and regulations, and if any such
Premises is located in an area determined by FEMA to have special flood hazards, evidence of such flood insurance as may be required
under applicable law, including Regulation H of the Board of Governors;

 

(e)              
existing environmental assessment reports, to the extent available and in the possession or reasonable control of the Company
or any Guarantor;

 

(f)               
deliver Opinions of Counsel to the Collateral Agent in the jurisdictions where such Premises are located that such Mortgage
has been duly authorized, executed and delivered by the Company or such Guarantor, constitutes a legal, valid, binding and enforceable
obligation of the Company or such Guarantor and creates a valid perfected Lien in favor of the Collateral Agent, subject to Permitted
Liens, against the Premises purported to be covered thereby; and

 

(g)              
such other information, documentation, and certifications as may be reasonably required by the Collateral Agent or necessary
in order to create valid, perfected and subsisting Liens in favor of the Collateral Agent, subject to Permitted Liens, against
the Premises covered by the Mortgages.

 

Section 4.19       
[Reserved].

 

Section 4.20       
Subscription Rights. The Company shall not, without the prior written consent of the Holders of the Minimum Principal
Amount of the Notes then outstanding, consummate any SPAC Transaction unless, as a condition to such SPAC Transaction, the SPAC
offers the Holders the right to subscribe for and purchase in the aggregate, and on a pro rata basis among the Holders (based on
the relative principal amount of Notes held by each Holder), at least 20% of any Capital Stock issued in such SPAC Transaction
Financing occurring in connection with a SPAC Transaction.

 

Section 4.21       
Addition of Guarantors. In connection with a SPAC Transaction upon the consummation of which the Company is a direct
or indirect subsidiary of the SPAC (i) the SPAC (and the direct or indirect parent company thereof, if any) and (ii) each Subsidiary
of the SPAC of which the Company is a direct or indirect Subsidiary, shall execute and deliver to the Trustee a supplemental indenture
substantially in the form of Exhibit C attached hereto (and, with respect to the SPAC, also complying with the requirements of
Section 11.03) pursuant to which such Person shall unconditionally Guarantee, on a senior secured basis, all of the Company’s
Obligations under the Indenture Documents on the terms set forth in this Indenture and the Security Documents until the Note Guarantee
of such Person has been released in accordance with the provisions of this Indenture.

 

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Section 4.22       
Covenant Suspension. Upon the consummation of a Qualified Public Company Event, the covenants in Section 4.13,
4.14, 4.15, 4.16, 4.17, 4.18, 4.20, 4.23 and 4.24 shall no longer apply
to the Company or any Guarantor.

 

Section 4.23       
Intellectual Property. The Company will not permit any Intellectual Property of the Company as of or after the Issue
Date (by way of Disposition, Investment, Restricted Payment or otherwise) to be owned by any Person other than the Company, except
that the Company shall be permitted to license and sub-license Intellectual Property (i) in connection with, and for the benefit
of, any Permitted Project and (ii) otherwise in the ordinary course of business. For the avoidance of doubt, this Section 4.23
shall not prohibit the sale or issuance of any Capital Stock of the Company that is permitted under this Indenture.

 

Section 4.24       
Company LLC Agreement Rights. Prior to the Qualified Public Company Event and upon the occurrence of any event resulting
in rights being available to Qualified Holders (as such term is defined in the Company LLC Agreement) pursuant to Section 2.2 or
Section 7.5 of the Company LLC Agreement, each Holder holding Notes, that together with Notes held by Affiliates of such Holder,
represents (as if the Holder and such Affiliates had converted all of the Notes they then hold in full immediately prior to such
applicable time), in the aggregate, at least 200,000 Voting Units (as such term is defined in the Company LLC Agreement) as of
the applicable time shall be entitled to (i) the rights of a Qualified Holder under Section 2.2 or Section 7.5, as applicable,
of the Company LLC Agreement, as if the Holder had converted all of the Notes it then holds in full immediately prior to delivery
of the applicable participation rights notice, Transfer Notice or Reconfirmation Notice (as such terms are defined in the Company
LLC Agreement), and, with respect to any transaction under Section 7.5 of the Company LLC Agreement, such Holder shall be entitled
to convert all or any such portion of this Note into Units in accordance with the terms of this Indenture in order to participate
in the applicable transaction, as provided for by the terms of the Company LLC Agreement (provided that, for the avoidance of doubt,
the Holder shall not be required to actually convert its Notes to participate in an issuance under Section 2.2 of the Company LLC
Agreement), and (ii) acquire, upon the terms applicable to any Purchase Rights, the aggregate Purchase Rights which such Holder
could have acquired pursuant to the Company LLC Agreement if such Holder had converted all of the Notes it then holds in full immediately
prior to the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is
taken, the date as of which the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such
Purchase Rights. Purchase Rights refer to any grant, issue or sale by the Company of any options, convertible securities or rights
to purchase shares, warrants, securities or other property on a pro rata basis to all or substantially all of the record
holders of any class of Capital Stock of the Company (the “Purchase Rights”) where such Purchase Rights are
not subject to clause (i) of this Section 4.24.

 

Section 4.25       
Further Assurances. Subject to the limitations set forth herein and in the Security Documents, the Company and the
Guarantors shall execute and deliver such further instruments and do such further acts as may be reasonably necessary, desirable
or proper, or that the Trustee or Collateral Agent may reasonably request, to carry out more effectively the provisions of this
Indenture.

  

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The Company shall,
and shall cause each Guarantor to, at their sole cost and expense, (i) execute and deliver all such agreements and instruments
as shall be necessary or as the Collateral Agent shall reasonably request to more fully or accurately describe the property intended
to be Collateral or the Obligations intended to be secured by the Security Documents and (ii) file any such notice filings, financing
statements or other agreements or instruments as may be necessary, proper or desirable, or that the Collateral Agent may reasonably
request, to attach and perfect (and maintain the attachment, perfection and priority) the Liens created by the Security Documents,
subject to Permitted Liens, in each case subject to the terms of, and to the extent required by, the Security Documents.

 

Article
5

LISTS OF HOLDERS AND REPORTS BY THE COMPANY AND THE TRUSTEE

 

Section 5.01       
Lists of Holders. The Company covenants and agrees that it will furnish or cause to be furnished to the Trustee and
the Paying Agent, semi-annually, not more than 15 calendar days after each April 1 and October 1 in each year beginning with April
1, 2021, and at such other times as the Trustee may request in writing, within 30 calendar days after receipt by the Company of
any such request (or such lesser time as the Trustee may reasonably request in order to enable it to timely provide any notice
to be provided by it hereunder), a list in such form as the Trustee may reasonably require of the names and addresses of the Holders
as of a date not more than 15 calendar days (or such other date as the Trustee may reasonably request in order to so provide any
such notices) prior to the time such information is furnished, except that no such list need be furnished so long as the Trustee
is acting as Note Registrar.

 

Section 5.02       
Preservation and Disclosure of Lists. The Trustee shall preserve, in as current a form as is reasonably practicable,
all information as to the names and addresses of the Holders contained in the most recent list furnished to it as provided in Section
5.01 or maintained by the Trustee in its capacity as Note Registrar, if so acting. The Trustee may destroy any list furnished
to it as provided in Section 5.01 upon receipt of a new list so furnished.

 

Article
6

DEFAULTS AND REMEDIES

 

Section 6.01       
Events of Default. Each of the following events shall be an “Event of Default” with respect to
the Notes:

 

(a)              
default in any payment of interest on any Note when due and payable, and the default continues for a period of 30 calendar
days;

 

(b)              
default in the payment of principal of any Note when due and payable on the Maturity Date, upon any Fundamental Change Repurchase
Date, upon any Change of Control Repurchase Date, upon the date of redemption for a Special Mandatory Redemption, upon declaration
of acceleration or otherwise;

 

(c)              
failure by the Company to comply with its obligation to convert the Notes in accordance with this Indenture upon exercise
of a Holder’s conversion right, and such failure continues for a period of three Business Days;

 

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(d)              
 failure by the Company to issue a notice of a Change of Control in accordance with Section 14.01, a Fundamental
Change Company Notice or a Change of Control Company Notice in accordance with Section 15.02(b) or Section 15.03(b),
or notice of the consummation of the Qualified Public Company Event in accordance with Section 4.11, in each case, when
due, and such failure continues for a period of three Business Days;

 

(e)              
failure by the Company, or any Guarantor, if any, to comply with its obligations under Section 4.12, 4.13,
4.14, 4.15, 4.16, 4.17, 4.18, 4.21, 4.23 or 16.03 or Article 11;

 

(f)               
failure by the Company, or any Guarantor, if any, for 60 calendar days after written notice from the Trustee or the Holders
of at least 25% in principal amount of the Notes then outstanding has been received by the Company to comply with any other covenants
and obligations of the Company or any Guarantor, if any, contained in the Indenture Documents;

 

(g)              
default by the Company, any Guarantor, if any, or solely with respect to clause (g)(I) hereunder, any Subsidiary, (I) under
the SOPA Documents or (II) with respect to any other mortgage, agreement or other instrument under which there may be outstanding,
or by which there may be secured or evidenced, any Indebtedness for money borrowed of $5.0 million (or the foreign currency equivalent
thereof) or more in the aggregate of the Company and any Guarantors, whether such Indebtedness now exists or shall hereafter be
created (i) resulting in such Indebtedness becoming or being declared immediately due and payable, (ii) constituting a failure
to pay the principal of or interest on any such Indebtedness when due and payable at its Stated Maturity, upon required repurchase,
upon declaration of acceleration or otherwise and in the cases of clauses (i) and (ii) such acceleration shall not have been rescinded
or annulled or such failure to pay or default shall not have been cured or waived, or such Indebtedness is not paid or discharged,
as the case may be, within 30 calendar days after written notice to the Company by the Trustee or to the Company and the Trustee
by Holders of at least 25% in aggregate principal amount of Notes then outstanding determined in accordance with Section 8.03
and Section 8.04 has been received;

 

(h)              
the Company, any Guarantor, if any, or any Significant Subsidiary of the Company shall commence a voluntary case or other
proceeding seeking liquidation, reorganization or other relief with respect to the Company or any such Guarantor or Significant
Subsidiary or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment
of a trustee, receiver, liquidator, custodian or other similar official of the Company or any such Guarantor, if any, or Significant
Subsidiary or any substantial part of its property, or shall consent to any such relief or to the appointment of or taking possession
by any such official in an involuntary case or other proceeding commenced against it, or shall make a general assignment for the
benefit of creditors;

 

(i)                
an involuntary case or other proceeding shall be commenced against the Company or any Guarantor, if any, or any Significant
Subsidiary of the Company seeking liquidation, reorganization or other relief with respect to the Company or any such Guarantor
or Significant Subsidiary or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking
the appointment of a trustee, receiver, liquidator, custodian or other similar official of the Company or any such Guarantor or
Significant Subsidiary or any substantial part of its property, and such involuntary case or other proceeding shall remain undismissed
and unstayed for a period of 60 consecutive calendar days;

 

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(j)                
 a final judgment or judgments for the payment of $5.0 million (or its foreign currency equivalent) or more (excluding any
amounts covered by insurance) in the aggregate rendered against the Company or any Guarantor, if any, which judgment is not discharged,
paid, bonded, waived or stayed within 30 days after (i) the date on which the right to appeal thereof has expired if no such appeal
has commenced, or (ii) the date on which all rights to appeal have been extinguished;

 

(k)              
the Guarantee by any Guarantor, if any, ceases to be in full force and effect or such Guarantee is declared by a court of
competent jurisdiction to be null and void and unenforceable or the Guarantee is found by a court of competent jurisdiction to
be invalid or such Guarantor denies its liability under its Guarantee; or

 

(l)                
(A) failure by the Company or any Guarantor to comply with any of its covenants or other obligations under any of the Security
Documents for 15 calendar days after written notice from the Trustee or the Holders of at least 25% in principal amount of the
Notes then outstanding has been received by the Company, (B) any of the Security Documents shall cease for any reason to be in
full force and effect (other than in accordance with its terms or the terms of this Indenture), or the Company or a Guarantor,
in each case that is a party to any of the Security Documents shall so assert in writing, or (C) the Lien created by any of the
Security Documents, shall cease to be, or shall be asserted in writing by the Company or any Guarantor not to be, perfected (to
the extent required by this Indenture or the Security Agreement) and enforceable in accordance with its terms or of the same effect
as to perfection and priority purported to be created thereby with respect to any significant portion of the Collateral (other
than in connection with any termination of such Lien in respect of any Collateral as permitted by this Indenture or by any of the
Security Documents).

 

Section 6.02       
Acceleration; Rescission and Annulment. If one or more Events of Default shall have occurred and be continuing (whatever
the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant
to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body), then,
and in each and every such case (other than an Event of Default specified in Section 6.01(h) or Section 6.01(i) with
respect to the Company, unless the principal of all of the Notes shall have already become due and payable, either the Trustee
or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding determined in accordance with Section
8.04, in each case, by notice in writing to the Company (and to the Trustee if given by Holders), may declare 100% of the principal
amount of, and accrued and unpaid interest, if any, on all the Notes to be due and payable in cash immediately, and upon any such
declaration the same shall become and shall automatically be immediately due and payable, anything contained in this Indenture
or in the Notes to the contrary notwithstanding. If an Event of Default specified in Section 6.01(h) or Section 6.01(i)
with respect to the Company occurs and is continuing, 100% of the principal amount of, and accrued and unpaid interest, if any,
on, all Notes shall automatically become and be immediately due and payable in cash without any declaration or other act on the
part of the Trustee or any Holder.

 

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The immediately
preceding paragraph, however, is subject to the conditions that if, at any time after the principal of the Notes shall have
been so declared due and payable (or have become immediately due and payable), and before any judgment or decree for the
payment of the monies due shall have been obtained or entered as hereinafter provided, if (1) the Company shall have paid or
deposited with the Trustee a sum sufficient to pay all matured installments of accrued and unpaid interest upon the Notes and
the principal of any and all Notes that shall have become due otherwise than by acceleration (with interest on such principal
and, to the extent that such payment is enforceable under applicable law, on overdue installments of accrued and unpaid
interest, at the rate borne by the Notes at such time) and amounts due to the Trustee pursuant to Section 7.06,
(2) rescission would not conflict with any judgment or decree of a court of competent jurisdiction and (3) any and all
existing Events of Default under this Indenture, other than the nonpayment of the principal of and accrued and unpaid
interest, if any, on Notes that shall not have become due by their terms, shall have been remedied or waived pursuant to Section
6.09, then and in every such case (except as provided in the immediately succeeding sentence) the Holders of the Minimum
Principal Amount of the Notes then outstanding, by written notice to the Company and to the Trustee, may waive all existing
and past Defaults or Events of Default with respect to the Notes and rescind and annul such declaration and its consequences
and such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for
every purpose of this Indenture; but no such waiver or rescission and annulment shall extend to or shall affect any
subsequent Default or Event of Default, or shall impair any right consequent thereon. Notwithstanding anything to the
contrary herein, no such waiver or rescission and annulment shall extend to or shall affect any continuing Default or Event
of Default resulting from (i) the nonpayment of the principal of, or accrued and unpaid interest, if any, on, any Notes, (ii)
a failure to repurchase any Notes when required under this Indenture, or (iii) a failure to pay or deliver, as the case may
be, the consideration due upon conversion of the Notes.

 

Section 6.03       
Payments of Notes on Default; Suit Therefor. If an Event of Default described in clause (a) or (b) of Section
6.01 shall have occurred, the Company shall, upon demand of the Trustee, pay to the Trustee, for the benefit of the Holders
of the Notes, the whole amount then due and payable on the Notes for principal and interest, if any, with interest on any overdue
principal and interest, if any, at the rate borne by the Notes at such time, and, in addition thereto, such further amount as shall
be sufficient to cover any amounts due to the Trustee hereunder. If the Company shall fail to pay such amounts forthwith upon such
demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection
of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company
or any other obligor upon the Notes and collect the moneys adjudged or decreed to be payable in the manner provided by law out
of the property of the Company or any other obligor upon the Notes, wherever situated.

 

In the event
there shall be pending proceedings for the bankruptcy or for the reorganization of the Company or any other obligor on the
Notes under Title 11 of the United States Code, or any other applicable law, or in case a receiver, assignee or trustee in
bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession
of the Company or such other obligor, the property of the Company or such other obligor, or in the event of any other
judicial proceedings relative to the Company or such other obligor upon the Notes, or to the creditors or property of the
Company or such other obligor, the Trustee, irrespective of whether the principal of the Notes shall then be due and payable
as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand
pursuant to the provisions of this Section 6.03, shall be entitled and empowered, by intervention in such proceedings
or otherwise, to file and prove a claim or claims for the whole amount of principal and accrued and unpaid interest, if any,
in respect of the Notes, and, in case of any judicial proceedings, to file such proofs of claim and other papers or documents
and to take such other actions as it may deem necessary or advisable in order to have the claims of the Trustee (including
any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and
of the Holders allowed in such judicial proceedings relative to the Company or any other obligor on the Notes, its or their
creditors, or its or their property, and to collect and receive any monies or other property payable or deliverable on any
such claims, and to distribute the same after the deduction of any amounts due to the Trustee hereunder; and any receiver,
assignee or trustee in bankruptcy or reorganization, liquidator, custodian or similar official is hereby authorized by each
of the Holders to make such payments to the Trustee, as administrative expenses, and, in the event that the Trustee shall
consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for reasonable
compensation, reasonable expenses, advances and disbursements, including agents and counsel fees, and including any other
amounts due to the Trustee hereunder, incurred by it up to the date of such distribution. To the extent that such payment of
reasonable compensation, reasonable expenses, advances and disbursements out of the estate in any such proceedings shall be
denied for any reason, payment of the same shall be secured by a lien on, and shall be paid out of, any and all
distributions, dividends, monies, securities and other property that the Holders of the Notes may be entitled to receive in
such proceedings, whether in liquidation or under any plan of reorganization or arrangement or otherwise.

 

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Nothing herein contained
shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization,
arrangement, adjustment or composition affecting such Holder or the rights of any Holder thereof, or to authorize the Trustee to
vote in respect of the claim of any Holder in any such proceeding.

 

All rights of action
and of asserting claims under this Indenture, or under any of the Notes, may be enforced by the Trustee without the possession
of any of the Notes, or the production thereof at any trial or other proceeding relative thereto, and any such suit or proceeding
instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall,
after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel, be for the ratable benefit of the Holders of the Notes.

 

In any proceedings
brought by the Trustee (and in any proceedings involving the interpretation of any provision of this Indenture to which the Trustee
shall be a party) the Trustee shall be held to represent all the Holders of the Notes, and it shall not be necessary to make any
Holders of the Notes parties to any such proceedings.

 

In case the Trustee
shall have proceeded to enforce any right under this Indenture and such proceedings shall have been discontinued or abandoned because
of any waiver pursuant to Section 6.09 or any rescission and annulment pursuant to Section 6.02 or for any other
reason or shall have been determined adversely to the Trustee, then and in every such case the Company, the Holders and the Trustee
shall, subject to any determination in such proceeding, be restored respectively to their several positions and rights hereunder,
and all rights, remedies and powers of the Company, the Holders and the Trustee shall continue as though no such proceeding had
been instituted.

 

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Section 6.04         [Reserved].

 

Section 6.05       
Application of Monies Collected by Trustee. Any monies or property collected by the Trustee pursuant to this Article
6 or by the Collateral Agent pursuant to the Security Documents, or any money or other property distributable in respect of
the obligations of the Company and the Guarantors, if any, under the Indenture Documents after an Event of Default shall be applied
in the following order, at the date or dates fixed by the Trustee for the distribution of such monies or property, upon presentation
of the several Notes, and stamping thereon the payment, if only partially paid, and upon surrender thereof, if fully paid:

 

First, to the
payment of all amounts due the Trustee (in any capacity), the Collateral Agent and their respective agents under this Indenture;

 

Second, in case
the principal of the outstanding Notes shall not have become due and be unpaid, to the payment of interest on, and any cash due
upon conversion of, the Notes in default in the order of the date due of the payments of such interest and cash due upon conversion,
as the case may be, with interest (to the extent that such interest has been collected by the Trustee) upon such overdue payments
at the rate borne by the Notes at such time, such payments to be made ratably to the Persons entitled thereto;

 

Third, in case
the principal of the outstanding Notes shall have become due, by declaration or otherwise, and be unpaid to the payment of the
whole amount (including, if applicable, the payment of the Fundamental Change Repurchase Price, the Change of Control Repurchase
Price, and any cash due upon conversion) then owing and unpaid upon the Notes for principal and interest, if any, with interest
on the overdue principal and, to the extent that such interest has been collected by the Trustee, upon overdue installments of
interest at the rate borne by the Notes at such time, and in case such monies shall be insufficient to pay in full the whole amounts
so due and unpaid upon the Notes, then to the payment of such principal (including, if applicable, the Fundamental Change Repurchase
Price, Change of Control Repurchase Price, and any cash due upon conversion) and interest without preference or priority of principal
over interest, or of interest over principal or of any installment of interest over any other installment of interest, or of any
Note over any other Note, ratably to the aggregate of such principal (including, if applicable, the Fundamental Change Repurchase
Price, the Change of Control Repurchase Price, and any cash due upon conversion) and accrued and unpaid interest; and

 

Fourth, to the
payment of the remainder, if any, to the Company or the Guarantors, if any, as the case may be.

 

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Section 6.06       
Proceedings by Holders. Except to enforce the right to receive payment of principal (including, if applicable, the
Fundamental Change Repurchase Price and the Change of Control Repurchase Price) or interest when due, or the right to receive payment
or delivery of the consideration due upon conversion, no Holder shall have any right by virtue of or by availing of any provision
of this Indenture to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Indenture,
or for the appointment of a receiver, trustee, liquidator, custodian or other similar official, or for any other remedy hereunder,
unless:

 

(a)              
 such Holder previously shall have given to the Trustee notice of an Event of Default and of the continuance thereof, as
herein provided;

 

(b)              
Holders of at least 25% in aggregate principal amount of the Notes then outstanding shall have made written request upon
the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder;

 

(c)              
such Holders shall have offered to the Trustee such security or indemnity, in each case, satisfactory to the Trustee against
all losses, liabilities and expenses to be incurred therein or thereby;

 

(d)              
the Trustee for 60 calendar days after its receipt of such notice, request and offer of such security or indemnity, shall
have neglected or refused to institute any such action, suit or proceeding; and

 

(e)              
no direction that is inconsistent with such written request shall have been given to the Trustee by the Holders of the Minimum
Principal Amount of the Notes then outstanding within such 60-calendar day period pursuant to Section 6.09,

 

it being understood and intended, and being
expressly covenanted by the taker and Holder of every Note with every other taker and Holder and the Trustee that no one or more
Holders shall have any right in any manner whatever by virtue of or by availing of any provision of this Indenture to affect, disturb
or prejudice the rights of any other Holder, or to obtain or seek to obtain priority over or preference to any other such Holder,
or to enforce any right under this Indenture, except in the manner herein provided and for the equal, ratable and common benefit
of all Holders (except as otherwise provided herein); it being understood that the Trustee does not have an affirmative duty to
ascertain whether or not such actions or forbearances are unduly prejudicial to such Holders. For the protection and enforcement
of this Section 6.06, each and every Holder and the Trustee shall be entitled to such relief as can be given either at law
or in equity.

 

Notwithstanding any
other provision of this Indenture and any provision of any Note, the right of any Holder to receive payment or delivery, as the
case may be, of (x) the principal of, (y) accrued and unpaid interest, if any, on, and (z) the consideration due upon conversion
of, such Note, on or after the respective due dates expressed or provided for in such Note or in this Indenture, or to bring suit
for the enforcement of any such payment or delivery, as the case may be, on or after such respective dates against the Company
shall not be impaired or affected without the consent of such Holder.

 

Section 6.07       
Proceedings by Trustee. In case of an Event of Default, the Trustee may proceed to protect and enforce the rights
vested in it by this Indenture by such appropriate judicial proceedings as are necessary to protect and enforce any of such rights,
either by suit in equity or by action at law or by proceeding in bankruptcy or otherwise, whether for the specific enforcement
of any covenant or agreement contained in this Indenture or in aid of the exercise of any power granted in this Indenture, or to
enforce any other legal or equitable right vested in the Trustee by this Indenture or by law.

 

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Section 6.08        Remedies
Cumulative and Continuing. Except as provided in the last paragraph of Section 2.06, all powers and remedies given
by this Article 6 to the Trustee or to the Holders shall, to the extent permitted by law, be deemed cumulative and not
exclusive of any thereof or of any other powers and remedies available to the Trustee or the Holders of the Notes, by
judicial proceedings or otherwise, to enforce the performance or observance of the covenants and agreements contained in this
Indenture, and no delay or omission of the Trustee or of any Holder of any of the Notes to exercise any right or power
accruing upon any Default or Event of Default shall impair any such right or power, or shall be construed to be a waiver of
any such Default or Event of Default or any acquiescence therein; and, subject to the provisions of Section 6.06,
every power and remedy given by this Article 6 or by law to the Trustee or to the Holders may be exercised from time
to time, and as often as shall be deemed expedient, by the Trustee or by the Holders.

 

Section 6.09       
Direction of Proceedings and Waiver of Defaults by Holders. Subject to the Trustee’s right to receive indemnity
or security satisfactory to it from the relevant Holders as described herein, the Holders of the Minimum Principal Amount of the
Notes at the time outstanding determined in accordance with Section 8.04 shall have the right to direct the time, method
and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the
Trustee with respect to the Notes; provided, however, that (a) such direction shall not be in conflict with any rule
of law or with this Indenture, and (b) the Trustee may take any other action deemed proper by the Trustee that is not inconsistent
with such direction. The Trustee may refuse to follow any direction that it determines is unduly prejudicial to the rights of any
other Holder (it being understood that the Trustee does not have an affirmative duty to ascertain whether or not such directions
are unduly prejudicial to such Holder) or that would involve the Trustee in personal liability. The Holders of the Minimum Principal
Amount of the Notes at the time outstanding determined in accordance with Section 8.04, by notice to the Trustee, may on
behalf of the Holders of all of the Notes waive any past Default or Event of Default hereunder and its consequences except (1)
a default in the payment of accrued and unpaid interest, if any, on, or the principal (including any Fundamental Change Repurchase
Price and Change of Control Repurchase Price) of, the Notes when due that has not been cured pursuant to the provisions of Section
6.01, (2) a failure by the Company to pay or deliver, as the case may be, the consideration due upon conversion of the Notes,
(3) a failure by the Company to repurchase any Notes when required under this Indenture or (4) a default in respect of a covenant
or provision hereof which under Article 10 cannot be modified or amended without the consent of each Holder of an outstanding
Note affected. Upon any such waiver the Company, the Trustee and the Holders of the Notes shall be restored to their former positions
and rights hereunder; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right
consequent thereon. Whenever any Default or Event of Default hereunder shall have been waived as permitted by this Section 6.09,
said Default or Event of Default shall for all purposes of the Notes and this Indenture be deemed to have been cured and to be
not continuing; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent
thereon.

 

Section 6.10        Notice
of Defaults. The Trustee shall, within 90 calendar days after it receives notice of the occurrence and continuance of a
Default of which a Responsible Officer has actual knowledge, mail (or send electronically) to each Holder notice of all
Defaults known to a Responsible Officer, unless such Defaults shall have been cured or waived before the giving of such
notice; provided that, except in the case of a Default in the payment of the principal of, or accrued and unpaid
interest on, any of the Notes or a Default in the payment or delivery of the consideration due upon conversion, the Trustee
shall be protected in withholding such notice if and so long as the Trustee in good faith determines that the withholding of
such notice is in the interests of the Holders.

 

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Section 6.11       
Undertaking to Pay Costs. All parties to this Indenture agree, and each Holder of any Note by its acceptance thereof
shall be deemed to have agreed, that any court may, in its discretion, require, in any suit for the enforcement of any right or
remedy under this Indenture, or in any suit against the Trustee for any action taken or omitted by it as Trustee, the filing by
any party litigant in such suit of an undertaking to pay the costs of such suit and that such court may in its discretion assess
reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in such suit, having due
regard to the merits and good faith of the claims or defenses made by such party litigant; provided that the provisions
of this Section 6.11 (to the extent permitted by law) shall not apply to any suit instituted by the Trustee, to any suit
instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of the Notes at the time
outstanding determined in accordance with Section 8.04, or to any suit instituted by any Holder for the enforcement of the
payment of the principal of or accrued and unpaid interest, if any, on any Note (including, but not limited to, the Fundamental
Change Repurchase Price or Change of Control Repurchase Price, if applicable) on or after the due date expressed or provided for
in such Note or to any suit for the enforcement of the right to convert any Note, or receive the consideration due upon conversion,
in accordance with the provisions of Article 14.

 

Article
7

CONCERNING THE TRUSTEE

 

Section 7.01       
Duties and Responsibilities of Trustee. The Trustee, prior to the occurrence of an Event of Default and after the
curing or waiver of all Events of Default that may have occurred, undertakes to perform such duties and only such duties as are
specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the
Trustee. In the event an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers
vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or
use under the circumstances in the conduct of such person’s own affairs; provided that if an Event of Default occurs
and is continuing, the Trustee will be under no obligation to exercise any of the rights or powers under this Indenture at the
request or direction of any of the Holders unless such Holders have offered to the Trustee indemnity satisfactory to the Trustee
against all losses, liabilities and expenses that might be incurred by it in compliance with such request or direction. Prior to
taking any action hereunder at the Company’s instruction, the Trustee shall be entitled to indemnification by the Company
satisfactory to the Trustee against all losses, liabilities and expenses caused by taking or not taking such action.

 

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No provision of this
Indenture shall be construed to relieve the Trustee from liability for its own grossly negligent action, its own grossly negligent
failure to act or its own willful misconduct, except that:

 

(a)              
prior to the occurrence of an Event of Default and after the curing or waiving of all Events of Default that may have occurred:

 

(i)                
 the duties and obligations of the Trustee shall be determined solely by the express provisions of this Indenture, and the
Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Indenture
and no implied covenants or obligations shall be read into this Indenture against the Trustee; and

 

(ii)              
in the absence of bad faith and willful misconduct on the part of the Trustee, the Trustee may conclusively rely, as to
the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished
to the Trustee and conforming to the requirements of this Indenture; but, in the case of any such certificates or opinions that
by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine
the same to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the
accuracy of any mathematical calculations or other facts stated therein);

 

(b)              
the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer of the Trustee, unless
it shall be proved that the Trustee was grossly negligent in ascertaining the pertinent facts;

 

(c)              
the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance
with the direction of the Holders of not less than the Minimum Principal Amount of the Notes at the time outstanding determined
as provided in Section 8.04 relating to the time, method and place of conducting any proceeding for any remedy available
to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture;

 

(d)              
whether or not therein provided, every provision of this Indenture relating to the conduct or affecting the liability of,
or affording protection to, the Trustee shall be subject to the provisions of this Section;

 

(e)              
the Trustee shall not be liable in respect of any payment (as to the correctness of amount, entitlement to receive or any
other matters relating to payment) or notice effected by the Company or any Paying Agent or any records maintained by any co-Note
Registrar with respect to the Notes;

 

(f)               
if any party fails to deliver a notice relating to an event the fact of which, pursuant to this Indenture, requires notice
to be sent to the Trustee, the Trustee may conclusively rely on its failure to receive such notice as reason to act as if no such
event occurred, unless a Responsible Officer of the Trustee had actual knowledge of such event;

 

(g)              
in the absence of written investment direction from the Company, all cash received by the Trustee shall be placed in a non-interest
bearing trust account, and in no event shall the Trustee be liable for the selection of investments or for investment losses incurred
thereon or for losses incurred as a result of the liquidation of any such investment prior to its maturity date or the failure
of the party directing such investments prior to its maturity date or the failure of the party directing such investment to provide
timely written investment direction, and the Trustee shall have no obligation to invest or reinvest any amounts held hereunder
in the absence of such written investment direction from the Company;

 

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(h)              
 in the event that the Trustee is also acting as Custodian, Note Registrar, Paying Agent, Conversion Agent, Collateral Agent,
or transfer agent hereunder, the rights, privileges, immunities, benefits and protections (including, without limitation, its right
to be indemnified) afforded to the Trustee pursuant to this Article 7 shall also be afforded to such Custodian, Note Registrar,
Paying Agent, Conversion Agent, Collateral Agent, or transfer agent;

 

(i)                
the Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder;

 

(j)                
the Trustee shall not be liable for any action taken, suffered, or omitted to be taken by it in good faith and reasonably
believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture;

 

(k)               
the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request
or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee indemnity
satisfactory to the Trustee against all losses, liabilities and expenses which might be incurred by it in compliance with such
request or direction;

 

(l)                
the Trustee makes no representation as to the validity or adequacy of the Notes;

 

(m)              
the Trustee is not accountable for the Company’s use or application of the proceeds from the Notes or for any funds
received and disbursed in accordance with the Indenture;

 

(n)               
the Trustee shall not be liable for the obligations evidenced by the Notes;

 

(o)               
the Trustee, in its capacity as Trustee or Collateral Agent, as applicable, is hereby authorized and directed to execute
and deliver each Indenture Document to which it is a party, binding the Holders to the terms thereof; and

 

(p)               
the Trustee is not responsible for any statement in the Notes other than its certificate of authentication.

 

None of the provisions
contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur personal financial liability
in the performance of any of its duties or in the exercise of any of its rights or powers.

 

Section 7.02       
Reliance on Documents, Opinions, Etc. Except as otherwise provided in Section 7.01:

 

(a)              
the Trustee and the Collateral Agent may conclusively rely and shall be fully protected in acting upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, consent, order, bond, note, coupon, other evidence of Indebtedness or
other paper or document believed by it in good faith to be genuine and to have been signed or presented by the proper party or
parties;

 

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(b)              
 any request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by an Officer’s
Certificate (unless other evidence in respect thereof be herein specifically prescribed); and any Board Resolution may be evidenced
to the Trustee by a copy thereof certified by the Secretary or an Assistant Secretary of the Company;

 

(c)              
the Trustee and the Collateral Agent may consult with counsel of its selection and require an Opinion of Counsel and any
advice of such counsel or Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken
or omitted by it hereunder in good faith and in accordance with such advice or Opinion of Counsel;

 

(d)              
the Trustee and the Collateral Agent shall not be bound to make any investigation into the facts or matters stated in any
resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, other
evidence of Indebtedness or other paper or document, but the Trustee and the Collateral Agent may make such further inquiry or
investigation into such facts or matters as it may see fit, and, if the Trustee and the Collateral Agent shall determine to make
such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company and the Guarantors,
if any, personally or by agent or attorney at the expense of the Company and the Guarantors, if any, and shall incur no liability
of any kind by reason of such inquiry or investigation;

 

(e)              
the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through
agents, custodians, nominees or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part
of any agent, custodian, nominee or attorney appointed by it with due care hereunder;

 

(f)               
the Trustee and the Collateral Agent may request that the Company and the Guarantors, if any, deliver a certificate setting
forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture;
and

 

(g)              
the permissive rights of the Trustee and the Collateral Agent enumerated herein shall not be construed as duties.

 

In no event shall the
Trustee and the Collateral Agent be liable for any consequential, special, indirect or punitive loss or damage of any kind whatsoever
(including but not limited to lost profits), even if the Trustee and the Collateral Agent has been advised of the likelihood of
such loss or damage and regardless of the form of action. The Trustee shall not be charged with knowledge of any Default or Event
of Default with respect to the Notes, unless either (1) a Responsible Officer shall have actual knowledge of such Default or Event
of Default or (2) written notice of such Default or Event of Default shall have been given to the Trustee by the Company or by
any Holder of the Notes at the Corporate Trust Office of the Trustee, and such notice references the Notes and this Indenture.

 

Section 7.03        No
Responsibility for Recitals, Etc. The recitals contained herein and in the Notes (except in the Trustee’s
certificate of authentication) shall be taken as the statements of the Company, and the Trustee and the Collateral Agent
assume no responsibility for the correctness of the same. The Trustee makes no representations as to the validity or
sufficiency of this Indenture or of the Notes. The Trustee shall not be accountable for the use or application by the Company
of any Notes or the proceeds of any Notes authenticated and delivered by the Trustee in conformity with the provisions of
this Indenture.

 

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Section 7.04       
Trustee, Paying Agents, Conversion Agents, Collateral Agent or Note Registrar May Own Notes. The Trustee, any Paying
Agent, any Conversion Agent, Collateral Agent or Note Registrar, in its individual or any other capacity, may become the owner
or pledgee of Notes with the same rights it would have if it were not the Trustee, Paying Agent, Conversion Agent, Collateral Agent
or Note Registrar.

 

Section 7.05       
Monies to Be Held in Trust. All monies received by the Trustee shall, until used or applied as herein provided, be
held in trust for the purposes for which they were received. Money held by the Trustee in trust hereunder need not be segregated
from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any money received
by it hereunder except as may be agreed in writing from time to time by the Company and the Trustee.

 

Section 7.06        Compensation
and Expenses of Trustee. The Company covenants and agrees to pay to the Trustee from time to time, and the Trustee shall
be entitled to, reasonable compensation for all services rendered by it hereunder in any capacity (which shall not be limited
by any provision of law in regard to the compensation of a trustee of an express trust) as mutually agreed to in writing
between the Trustee and the Company, and the Company will pay or reimburse the Trustee upon its request for all reasonable
expenses, disbursements and advances incurred or made by the Trustee in accordance with any of the provisions of this
Indenture in any capacity thereunder (including the reasonable compensation and the expenses and disbursements of its agents
and counsel and of all Persons not regularly in its employ) except any such expense, disbursement or advance as shall have
been caused by its gross negligence, willful misconduct or bad faith (in each case, as determined by a final order of a court
of competent jurisdiction not subject to further appeal). The Company and the Guarantors, if any, also, jointly and
severally, covenant to indemnify the Trustee (or any predecessor Trustee) in any capacity under this Indenture and any other
document or transaction entered into in connection herewith and its agents and any authenticating agent for, and to hold them
harmless against, any loss, claim, damage, liability or expense, including taxes (other than taxes based upon, measured by or
determined by the income of the Trustee) incurred without gross negligence, willful misconduct or bad faith on the part of
the Trustee, its officers, directors, agents or employees, or such agent or authenticating agent, as the case may be (in each
case, as determined by a final order of a court of competent jurisdiction not subject to further appeal), and arising out of
or in connection with the acceptance or administration of this Indenture or in any other capacity hereunder, including the
costs and expenses of defending themselves against any claim or liability (whether asserted by the Company, or any Holder or
any other Person). The obligations of the Company and the Guarantors, if any, under this Section 7.06 to compensate or
indemnify the Trustee and to pay or reimburse the Trustee for expenses, disbursements and advances shall be secured by a lien
to which the Notes are hereby made subordinate on all money or property held or collected by the Trustee, except, subject to
the effect of Section 6.05, funds held in trust herewith for the benefit of the Holders of particular Notes. The
Trustee’s right to receive payment of any amounts due under this Section 7.06 shall not be subordinate to any
other liability or Indebtedness of the Company or the Guarantors, if any. The obligation of the Company and the Guarantors,
if any, under this Section 7.06 shall survive the satisfaction and discharge of this Indenture and the earlier
resignation or removal or the Trustee. The Company and the Guarantors, if any, need not pay for any settlement made without
its consent, which consent shall not be unreasonably withheld. The indemnification provided in this Section 7.06 shall
extend to the officers, directors, agents and employees of the Trustee.

 

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Without prejudice to
any other rights available to the Trustee under applicable law, when the Trustee and its agents and any authenticating agent incur
expenses or render services after an Event of Default specified in Section 6.01(h) or Section 6.01(i) occurs, the
expenses and the compensation for the services are intended to constitute expenses of administration under any bankruptcy, insolvency
or similar laws.

 

The provisions of this
Section 7.06 shall survive the satisfaction and discharge or termination of this Indenture and the resignation or removal
of the Trustee. “Trustee” for the purposes of this Section 7.06 shall include any predecessor Trustee
and the Trustee in each of its capacities hereunder and each agent, custodian and other person employed to act hereunder; provided,
however, that the gross negligence or willful misconduct of any Trustee hereunder shall not affect the rights of any other
Trustee hereunder.

 

Section 7.07       
Officer’s Certificate as Evidence. Whenever in the administration of the provisions of this Indenture the Trustee
shall deem it necessary or desirable that a matter be proved or established prior to taking or omitting any action hereunder, such
matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of gross negligence, willful
misconduct and bad faith (in each case, as determined by a final order of a court of competent jurisdiction not subject to further
appeal) on the part of the Trustee, be deemed to be conclusively proved and established by an Officer’s Certificate delivered
to the Trustee, and such Officer’s Certificate, in the absence of gross negligence, willful misconduct and bad faith on the
part of the Trustee, shall be full warrant to the Trustee for any action taken or omitted by it under the provisions of this Indenture
upon the faith thereof.

 

Section 7.08       
Eligibility of Trustee. There shall at all times be a Trustee hereunder which shall be a Person that is eligible
pursuant to the Trust Indenture Act (as if the Trust Indenture Act were applicable hereto) to act as such and has a combined capital
and surplus of at least $50,000,000. If such Person publishes reports of condition at least annually, pursuant to law or to the
requirements of any supervising or examining authority, then for the purposes of this Section, the combined capital and surplus
of such Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.
If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately
in the manner and with the effect hereinafter specified in this Article.

 

Section 7.09        Resignation
or Removal of Trustee. The Trustee may at any time resign by giving written notice of such resignation to the Company and
by delivering notice thereof to the Holders. Upon receiving such notice of resignation, the Company shall promptly appoint a
successor trustee by written instrument, in duplicate, executed by order of the Board of Directors of the Company, one copy
of which instrument shall be delivered to the resigning Trustee and one copy to the successor trustee. If no successor
trustee shall have been so appointed and have accepted appointment within 60 calendar days after the delivery of such notice
of resignation to the Holders, the resigning Trustee may, upon ten Business Days’ notice to the Company and the Holders
and at the Company’s expense petition any court of competent jurisdiction for the appointment of a successor trustee,
or any Holder who has been a bona fide holder of a Note or Notes for at least six months (or since the Issue Date) may,
subject to the provisions of Section 6.11, on behalf of himself or herself and all others similarly situated, petition
any such court for the appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may
deem proper and prescribe, appoint a successor trustee.

 

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(a)              
In case at any time any of the following shall occur:

 

(i)              
the Trustee shall cease to be eligible in accordance with the provisions of Section 7.08 and shall fail to resign
after written request therefor by the Company or by any such Holder, or

 

(ii)             
the Trustee shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee
or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or
affairs for the purpose of rehabilitation, conservation or liquidation,

 

then, in either case, the Company may by
a Board Resolution remove the Trustee and appoint a successor trustee by written instrument, in duplicate, executed by order of
the Board of Directors of the Company, one copy of which instrument shall be delivered to the Trustee so removed and one copy to
the successor trustee, or, subject to the provisions of Section 6.11, any Holder who has been a bona fide holder of a Note
or Notes for at least six months (or since the Issue Date) may, on behalf of himself or herself and all others similarly situated,
petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor trustee. Such court
may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee.
If no successor trustee shall have been so appointed and have accepted appointment within 60 calendar days after the delivery of
such notice of resignation to the Holders, the resigning Trustee may, upon ten Business Days’ notice to the Company and the
Holders at the Company’s expense, petition any court of competent jurisdiction for the appointment of a successor trustee.

 

(b)              
The Holders of the Minimum Principal Amount of the Notes at the time outstanding, as determined in accordance with Section
8.04, may at any time remove the Trustee by so notifying the Trustee and the Company in writing not less than 30 days prior
to the Effective Date of such removal and nominate a successor trustee that shall be deemed appointed as successor trustee unless
within ten calendar days after notice to the Company of such nomination the Company objects thereto, in which case the Trustee
so removed or any Holder, upon the terms and conditions and otherwise as in Section 7.09(a) provided at the expense of the
Company, may petition any court of competent jurisdiction for an appointment of a successor trustee.

 

(c)              
Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this
Section 7.09 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 7.10.
The Trustee shall have no liability or responsibility for the action or inaction of any successor trustee.

 

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Section 7.10        Acceptance
by Successor Trustee. Any successor trustee appointed as provided in Section 7.09 shall execute, acknowledge and
deliver to the Company and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the
resignation or removal of the predecessor trustee shall become effective and such successor trustee, without any further act,
deed or conveyance, shall become vested with all the rights, powers, duties and obligations of its predecessor hereunder,
with like effect as if originally named as Trustee herein; but, nevertheless, on the written request of the Company or of the
successor trustee, the trustee ceasing to act shall, upon payment of any amounts then due it pursuant to the provisions of Section
7.06, execute and deliver an instrument transferring to such successor trustee all the rights and powers of the trustee
so ceasing to act. Upon request of any such successor trustee, the Company shall execute any and all instruments in writing
for more fully and certainly vesting in and confirming to such successor trustee all such rights and powers. Any trustee
ceasing to act shall, nevertheless, retain a lien to which the Notes are hereby made subordinate on all money or property
held or collected by such trustee as such, except for funds held in trust for the benefit of Holders of particular Notes, to
secure any amounts then due it pursuant to the provisions of Section 7.06.

 

No successor trustee
shall accept appointment as provided in this Section 7.10 unless at the time of such acceptance such successor trustee shall
be eligible under the provisions of Section 7.08.

 

Upon acceptance of
appointment by a successor trustee as provided in this Section 7.10, each of the Company and the successor trustee, at the
written direction and at the expense of the Company shall deliver or cause to be delivered notice of the succession of such trustee
hereunder to the Holders. If the Company fails to deliver such notice (or cause such notice to be delivered) within ten calendar
days after acceptance of appointment by the successor trustee, the successor trustee shall cause such notice to be delivered at
the expense of the Company.

 

Section 7.11       
Succession by Merger, Etc. Any corporation or other entity into which the Trustee may be merged or converted or with
which it may be consolidated, or any corporation or other entity resulting from any merger, conversion or consolidation to which
the Trustee shall be a party, or any corporation or other entity succeeding to all or substantially all of the corporate trust
business of the Trustee (including the administration of this Indenture), shall be the successor to the Trustee hereunder without
the execution or filing of any paper or any further act on the part of any of the parties hereto; provided that in the case
of any corporation or other entity succeeding to all or substantially all of the corporate trust business of the Trustee such corporation
or other entity shall be eligible under the provisions of Section 7.08.

 

In case at the
time such successor to the Trustee shall succeed to the trusts created by this Indenture, any of the Notes shall have been
authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any
predecessor trustee or authenticating agent appointed by such predecessor trustee, and deliver such Notes so authenticated;
and in case at that time any of the Notes shall not have been authenticated, any successor to the Trustee or an
authenticating agent appointed by such successor trustee may authenticate such Notes either in the name of any predecessor
trustee hereunder or in the name of the successor trustee; and in all such cases such certificates shall have the full force
which it is anywhere in the Notes or in this Indenture provided that the certificate of the Trustee shall have; provided, however,
that the right to adopt the certificate of authentication of any predecessor trustee or to authenticate Notes in the name of
any predecessor trustee shall apply only to its successor or successors by merger, conversion or consolidation.

 

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Section 7.12       
Trustee’s Application for Instructions from the Company. Any application by the Trustee for written instructions
from the Company or the Guarantor (other than with regard to any action proposed to be taken or omitted to be taken by the Trustee
that affects the rights of the Holders of the Notes under this Indenture) may, at the option of the Trustee, set forth in writing
any action proposed to be taken or omitted by the Trustee under this Indenture and the date on and/or after which such action shall
be taken or such omission shall be effective. The Trustee shall not be liable to the Company for any action taken by, or omission
of, the Trustee in accordance with a proposal included in such application on or after the date specified in such application is
deemed to be received in accordance with Section 18.03, unless any such officer shall have consented in writing to any earlier
date), unless, prior to taking any such action (or the Effective Date in the case of any omission), the Trustee shall have received
written instructions in accordance with this Indenture in response to such application specifying the action to be taken or omitted.

 

Article
8

CONCERNING THE HOLDERS

 

Section 8.01       
Action by Holders. Whenever in this Indenture it is provided that the Holders of a specified percentage of the aggregate
principal amount of the Notes may take any action (including the making of any demand or request, the giving of any notice, consent
or waiver or the taking of any other action), the fact that at the time of taking any such action, the Holders of such specified
percentage have joined therein may be evidenced (a) by any instrument or any number of instruments of similar tenor executed by
Holders in person or by agent or proxy appointed in writing, or (b) by the record of the Holders voting in favor thereof at any
meeting of Holders duly called and held in accordance with the provisions of Article 9, or (c) by a combination of such instrument
or instruments and any such record of such a meeting of Holders. Whenever the Company or the Trustee solicits the taking of any
action by the Holders of the Notes, the Company or the Trustee may, but shall not be required to, fix in advance of such solicitation,
a date as the record date for determining Holders entitled to take such action. The record date if one is selected shall be not
more than fifteen calendar days prior to the date of commencement of solicitation of such action.

 

Section 8.02       
Proof of Execution by Holders. Subject to the provisions of Section 7.01, Section 7.02 and Section
9.05, proof of the execution of any instrument by a Holder or its agent or proxy shall be sufficient if made in accordance
with such reasonable rules and regulations as may be prescribed by the Trustee or in such manner as shall be satisfactory to the
Trustee. The holding of Notes shall be proved by the Note Register or by a certificate of the Note Registrar. The record of any
Holders’ meeting shall be proved in the manner provided in Section 9.06.

 

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Section 8.03        Who
Are Deemed Absolute Owners. The Company, the Trustee, any authenticating agent, any Paying Agent, any Conversion Agent
and any Note Registrar may deem the Person in whose name a Note shall be registered upon the Note Register to be, and may
treat it as, the absolute owner of such Note (whether or not such Note shall be overdue and notwithstanding any notation of
ownership or other writing thereon made by any Person other than the Company or any Note Registrar) for the purpose of
receiving payment of or on account of the principal of and (subject to Section 2.03) accrued and unpaid interest on
such Note, for conversion of such Note and for all other purposes; and neither the Company nor the Trustee nor any Paying
Agent nor any Conversion Agent nor any Note Registrar shall be affected by any notice to the contrary. All such payments or
deliveries so made to any Holder for the time being, or upon its order, shall be valid, and, to the extent of the sums or
Shares of Common Stock so paid or delivered, effectual to satisfy and discharge the liability for monies payable or shares
deliverable upon any such Note. Notwithstanding anything to the contrary in this Indenture or the Notes following an Event of
Default, any Holder of a beneficial interest in a Global Note may directly enforce against the Company, without the consent,
solicitation, proxy, authorization or any other action of the Depositary or any other Person, such Holder’s right to
exchange such beneficial interest for a Note in certificated form in accordance with the provisions of this Indenture.

 

Section 8.04       
Company-Owned Notes Disregarded. In determining whether the Holders of the requisite aggregate principal amount of
Notes have concurred in any direction, consent, waiver or other action under this Indenture, Notes that are owned by the Company,
the Guarantors, if any, by any Subsidiary thereof or by any Affiliate of the Company or the Guarantors, if any, or any Subsidiary
thereof shall be disregarded and deemed not to be outstanding for the purpose of any such determination; provided that for
the purposes of determining whether the Trustee shall be protected in relying on any such direction, consent, waiver or other action
only Notes that a Responsible Officer actually knows are so owned shall be so disregarded. Notes so owned that have been pledged
in good faith may be regarded as outstanding for the purposes of this Section 8.04 if the pledgee shall establish to the
satisfaction of the Trustee the pledgee’s right to so act with respect to such Notes and that the pledgee is not the Company,
the Guarantors, if any, a Subsidiary thereof or an Affiliate of the Company or a Subsidiary thereof. In the case of a dispute as
to such right, any decision by the Trustee taken upon the advice of counsel shall be full protection to the Trustee. Upon request
of the Trustee, the Company shall furnish to the Trustee promptly an Officer’s Certificate listing and identifying all Notes,
if any, known by the Company to be owned or held by or for the account of any of the above described Persons; and, subject to Section
7.01, the Trustee shall be entitled to accept such Officer’s Certificate as conclusive evidence of the facts therein
set forth and of the fact that all Notes not listed therein are outstanding for the purpose of any such determination.

 

Section 8.05       
Revocation of Consents; Future Holders Bound. At any time prior to (but not after) the evidencing to the Trustee,
as provided in Section 8.01, of the taking of any action by the Holders of the percentage of the aggregate principal amount
of the Notes specified in this Indenture in connection with such action, any Holder of a Note that is shown by the evidence to
be included in the Notes the Holders of which have consented to such action may, by filing written notice with the Trustee at its
Corporate Trust Office and upon proof of holding as provided in Section 8.02, revoke such action so far as concerns such
Note. Except as aforesaid, any such action taken by the Holder of any Note shall be conclusive and binding upon such Holder and
upon all future Holders and owners of such Note and of any Notes issued in exchange or substitution therefor or upon registration
of transfer thereof, irrespective of whether any notation in regard thereto is made upon such Note or any Note issued in exchange
or substitution therefor or upon registration of transfer thereof.

 

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Article
9

 HOLDERS’
MEETINGS

 

Section 9.01       
Purpose of Meetings. A meeting of Holders may be called at any time and from time to time pursuant to the provisions
of this Article 9 for any of the following purposes:

 

(a)              
to give any notice to the Company or to the Trustee or to give any directions to the Trustee permitted under this Indenture,
or to consent to the waiving of any Default or Event of Default hereunder (in each case, as permitted under this Indenture) and
its consequences, or to take any other action authorized to be taken by Holders pursuant to any of the provisions of Article
6;

 

(b)              
to remove the Trustee and nominate a successor trustee pursuant to the provisions of Article 7;

 

(c)              
to consent to the execution of an indenture or indentures supplemental hereto pursuant to the provisions of Section 10.02;
or

 

(d)              
to take any other action authorized to be taken by or on behalf of the Holders of any specified aggregate principal amount
of the Notes under any other provision of this Indenture or under applicable law.

 

Section 9.02       
Call of Meetings by Trustee. The Trustee may at any time call a meeting of Holders to take any action specified in
Section 9.01, to be held at such time and at such place as the Trustee shall determine in consultation with the Company
or the Holders, as the case may be. Notice of every meeting of the Holders, setting forth the time and the place of such meeting
and in general terms the action proposed to be taken at such meeting and the establishment of any record date pursuant to Section
8.01, shall be delivered to Holders of such Notes. Such notice shall also be delivered to the Company. Such notices shall be
delivered not less than 20 nor more than 90 calendar days prior to the date fixed for the meeting.

 

Any meeting of Holders
shall be valid without notice if the Holders of all Notes then outstanding are present in person or by proxy or if notice is waived
before or after the meeting by the Holders of all Notes then outstanding, and if the Company and the Trustee are either present
by duly authorized representatives or have, before or after the meeting, waived notice.

 

Section 9.03       
Call of Meetings by Company or Holders. In case at any time the Company, pursuant to a Board Resolution, or the Holders
of at least 10% of the aggregate principal amount of the Notes then outstanding, shall have requested the Trustee to call a meeting
of Holders, by written request setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee
shall not have delivered the notice of such meeting within 20 calendar days after receipt of such request, then the Company or
such Holders may determine the time and the place for such meeting and may call such meeting to take any action authorized in Section
9.01, by delivering notice thereof as provided in Section 9.02.

 

Section 9.04        Qualifications
for Voting. To be entitled to vote at any meeting of Holders a Person shall (a) be a Holder of one or more Notes on the
record date pertaining to such meeting or (b) be a Person appointed by an instrument in writing as proxy by a Holder of one
or more Notes on the record date pertaining to such meeting. The only Persons who shall be entitled to be present or to speak
at any meeting of Holders shall be the Persons entitled to vote at such meeting and their counsel and any representatives of
the Trustee and its counsel and any representatives of the Company and its counsel.

 

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Section 9.05       
Regulations. Notwithstanding any other provisions of this Indenture, the Trustee may make such reasonable regulations
as it may deem advisable for any meeting of Holders, in regard to proof of the holding of Notes and of the appointment of proxies,
and in regard to the appointment and duties of inspectors of votes, the submission and examination of proxies, certificates and
other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall think fit.

 

The Trustee shall,
by an instrument in writing, appoint a temporary chairman of the meeting, unless the meeting shall have been called by the Company
or by Holders as provided in Section 9.03, in which case the Company or the Holders calling the meeting, as the case may
be, shall in like manner appoint a temporary chairman. A permanent chairman and a permanent secretary of the meeting shall be elected
by vote of the Holders of the Minimum Principal Amount of the Notes represented at the meeting and entitled to vote at the meeting.

 

Subject to the provisions
of Section 8.04, at any meeting of Holders each Holder or proxyholder shall be entitled to one vote for each $1,000 principal
amount of Notes held or represented by him or her; provided, however, that no vote shall be cast or counted at any
meeting in respect of any Note challenged as not outstanding and ruled by the chairman of the meeting to be not outstanding. The
chairman of the meeting shall have no right to vote other than by virtue of Notes held by it or instruments in writing as aforesaid
duly designating it as the proxy to vote on behalf of other Holders. Any meeting of Holders duly called pursuant to the provisions
of Section 9.02 or Section 9.03 may be adjourned from time to time by the Holders of the Minimum Principal Amount
of Notes represented at the meeting, whether or not constituting a quorum, and the meeting may be held as so adjourned without
further notice.

 

Section 9.06       
Voting. The vote upon any resolution submitted to any meeting of Holders shall be by written ballot on which shall
be subscribed the signatures of the Holders or of their representatives by proxy and the outstanding aggregate principal amount
of the Notes held or represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall
count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the meeting
their verified written reports in duplicate of all votes cast at the meeting. A record in duplicate of the proceedings of each
meeting of Holders shall be prepared by the secretary of the meeting and there shall be attached to said record the original reports
of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more Persons having knowledge of the facts
setting forth a copy of the notice of the meeting and showing that said notice was delivered as provided in Section 9.02.
The record shall show the aggregate principal amount of the Notes voting in favor of or against any resolution. The record shall
be signed and verified by the affidavits of the permanent chairman and secretary of the meeting and one of the duplicates shall
be delivered to the Company and the other to the Trustee to be preserved by the Trustee, the latter to have attached thereto the
ballots voted at the meeting.

 

Any record so signed
and verified shall be conclusive evidence of the matters therein stated.

 

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Section 9.07       
No Delay of Rights by Meeting. Nothing contained in this Article 9 shall be deemed or construed to authorize or
permit, by reason of any call of a meeting of Holders or any rights expressly or impliedly conferred hereunder to make such call,
any hindrance or delay in the exercise of any right or rights conferred upon or reserved to the Trustee or to the Holders under
any of the provisions of this Indenture or of the Notes.

 

Nothing contained in
this Article 9 shall be deemed or construed to limit any Holder actions pursuant to the applicable procedures of the Depositary
so long as the Notes are Global Notes.

 

Article
10

SUPPLEMENTAL INDENTURES

 

Section 10.01   
Supplemental Indentures Without Consent of Holders. The Company and the Trustee and/or the Collateral Agent (to the
extent such amendment, supplement or waiver relates to the Security Documents or the Collateral), as the case may be, at the Company’s
expense, may from time to time and at any time amend, supplement or waive any provision of the Indenture Documents without prior
notice to or the consent of any Holder, for one or more of the following purposes:

 

(a)              
to cure any ambiguity, omission, defect or inconsistency;

 

(b)              
to provide for the assumption by a Successor Company of the obligations of the Company under this Indenture and the Notes
pursuant to Article 11 or to provide for the assumption by a successor entity of the obligations of the Guarantors, if any,
under this Indenture and its Note Guarantee pursuant to Article 16;

 

(c)              
to add guarantees with respect to the Notes;

 

(d)              
to release any Guarantor from its obligations under its Note Guarantee or this Indenture in accordance with the terms of
the Indenture Documents;

 

(e)              
to add additional assets as Collateral, to enter into additional or supplemental Security Documents or, subject to any conditions
set forth in the Note Purchase Agreement, to enter into the Junior Intercreditor Agreement and/or the Pari Passu Intercreditor
Agreement;

 

(f)               
to release Collateral in accordance with the terms of this Indenture and the Security Documents;

 

(g)              
to make, complete or confirm any grant of Collateral permitted or required by this Indenture or any of the Security Documents
or any release of Liens in favor of the Collateral Agent in the Collateral in accordance with the terms of this Indenture or the
Security Documents;

 

(h)              
to allow the Guarantors, if any, to execute a supplemental indenture and/or a Note Guarantee with respect to the Notes or
as otherwise may be required pursuant to this Indenture in connection with a Qualified Public Company Event;

 

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(i)                
 to add to the covenants or Events of Default of the Company for the benefit of the Holders or surrender any right or power
conferred upon the Company under the Indenture;

 

(j)                
to make any change that does not adversely affect the rights of any Holder;

 

(k)              
to adjust the Conversion Rate as provided in Article 14;

 

(l)                
to provide for the issuance of Additional Notes, PIK Notes, and PIK Payments in accordance with the limitations set forth
in this Indenture insofar as the Company determined that a supplemental indenture is necessary or advisable for such purpose;

 

(m)            
to provide by supplemental indenture for the issuance of the Second Tranche Notes, which supplemental indenture shall, without
limitation, provide for (x) the Special Mandatory Redemption of such Second Tranche Notes and (y) escrow arrangements with respect
the gross proceeds from the sale of the Second Tranche Notes, and to enter into the Escrow Agreement;

 

(n)              
to provide for the acceptance or appointment by a successor trustee or facilitate the administration of the trusts under
this Indenture by more than one trustee;

 

(o)              
in connection with any Specified Corporate Event, to provide that the Notes are convertible into Reference Property, and
make such related changes to the terms of the Notes to the extent expressly required by Section 14.08;

 

(p)              
to comply with the rules of the Depositary, including to permit the deposit of Global Notes with the Depositary and settlement
through the facilities thereof;

 

(q)              
to provide for the extension of the Maturity Date, in accordance with the terms of Section 2.11 hereof; or

 

(r)               
to amend the provisions of this Indenture solely to facilitate the exchange of Physical Notes for beneficial interests representing
an equivalent principal amount in a Global Note, registered in the name of DTC, or its nominee, in each case, in a manner that
does not adversely affect Holders of the Notes.

 

Upon the written request
of the Company, the Trustee and/or the Collateral Agent, as the case may be, is hereby authorized to, and shall join with the Company
in the execution of any such document reflecting the amendment, supplement or waiver to the applicable Indenture Document, to make
any further appropriate agreements and stipulations that may be therein contained, except that the Trustee and/or the Collateral
Agent shall not be obligated to, but may in its discretion enter into any such amendment, supplement or waiver that affects the
Trustee’s and/or Collateral Agent’s own rights, duties or immunities under this Indenture or otherwise. In entering
into the Junior Intercreditor Agreement and/or the Pari Passu Intercreditor Agreement, the Trustee may conclusively rely on the
applicable Officer’s Certificate, and shall have no obligation to determine or verify whether the terms and conditions of
the Note Purchase Agreement or any other agreement have been satisfied.

 

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Any such document reflecting
the amendment, supplement or waiver to the applicable Indenture Document authorized by the provisions of this Section 10.01
may be executed by the Company and the Trustee and/or the Collateral Agent without the consent of the Holders of any of the Notes
at the time outstanding, notwithstanding any of the provisions of Section 10.02.

 

Section 10.02   
Supplemental Indentures and Other Amendments with Consent of Holders. With the consent (evidenced as provided in
Article 8) of the Holders of at least the Minimum Principal Amount of the Notes then outstanding (determined in accordance
with Article 8 and including, without limitation, consents obtained in connection with a repurchase of, or tender or exchange
offer for, Notes), the Company and the Trustee and/or Collateral Agent (to the extent such amendment, supplement or waiver relates
to the Security Documents or the Collateral), as the case may be, at the Company’s expense, may from time to time and at
any time enter into amendments, supplements or waivers to the Indenture Documents for the purpose of adding any provisions to or
changing in any manner, waiving or eliminating any of the provisions of the Indenture Documents or of modifying in any manner the
rights of the Holders; provided, however, that, without the consent of each Holder of an outstanding Note affected,
no such amendment, supplement or waiver shall:

 

(a)              
except for as expressly required or permitted by Section 14.05 (with respect to adjustments to the Conversion Rate) or 14.08
(with respect to Reference Property) of this Indenture, reduce the consideration due upon conversion of the Notes;

 

(b)              
reduce the rate of or extend the stated time for payment of interest on any Note;

 

(c)              
reduce the principal of or change the Maturity Date of any Note (it being agreed that any extension of the Maturity Date
pursuant to Section 2.11 shall be effective without the consent of any Holder);

 

(d)              
except as expressly required or permitted by this Indenture, make any change that adversely affects the conversion rights
of any Notes;

 

(e)              
reduce the Fundamental Change Repurchase Price or Change of Control Repurchase Price of any Note or amend or modify in any
manner adverse to the Holders the Company’s obligation to make such payments, whether through an amendment or waiver of provisions
in the covenants, definitions or otherwise;

 

(f)               
make any Note payable in currency other than that stated in the Note and in this Indenture;

 

(g)              
change the ranking of the Notes in a manner adverse to Holders;

 

(h)              
make any change in the provisions of this Indenture relating to the rights of Holders of Notes to receive payments of principal
of, premium on, if any, or interest, if any, on the Notes or to institute suit for the enforcement of any payment on or with respect
to such Holder’s Notes;

 

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(i)                
 to release the Guarantors, if any, from any of its obligations under its Note Guarantee or this Indenture, except in accordance
with the terms of this Indenture; or

 

(j)                
make any change in this Article 10 that requires each Holder’s consent or in the waiver provisions in Section
6.02 or Section 6.09.

 

The Company further
agrees that, without the Holders of at least the Minimum Principal Amount of the Notes then outstanding (determined in accordance
with Article 8), the Company shall not take any action whether directly or through any merger, recapitalization or similar
event, that (i) alters, changes or modifies the rights, preferences or privileges of the Common Stock so as to adversely affect
the rights of the Holders relative to other holders of such Common Stock or (ii) prior to a Qualified Public Company Event or Other
Listing Event, amends, supplements, restates, waives or otherwise modifies the Company LLC Agreement in manner that adversely alters,
changes or modifies the rights of the holders of the Common Stock thereunder, including, without limitation, with respect to distributions,
participation rights, transfer rights, co-sale rights, voting rights, and consent rights.

 

Upon the written request
of the Company, and upon the filing with the Trustee and/or Collateral Agent, as the case may be, of evidence of the consent of
Holders as aforesaid and subject to Section 10.05, the Trustee and/or the Collateral Agent (to the extent such amendment,
supplement or waiver relates to the Security Documents or the Collateral) shall join with the Company in the execution of such
amendment, supplement or waiver to the Indenture Documents unless such amendment, supplement or waiver affects the Trustee’s
and/or Collateral Agent’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee and/or
the Collateral Agent may, but shall not be obligated to, enter into such amendment, supplement or waiver.

 

Holders do not need
under this Section 10.02 to approve the particular form of any proposed amendment, supplement or waiver. It shall be sufficient
if such Holders approve the substance thereof. After any such amendment, supplement or waiver becomes effective, the Company shall
deliver to the Holders (with a copy to the Trustee) a notice briefly describing such amendment, supplement or waiver. However,
the failure to give such notice to all the Holders, or any defect in the notice, will not impair or affect the validity of the
amendment, supplement or waiver.

 

Section 10.03   
Effect of Amendments, Supplements Or Waivers. Upon the execution of any amendment, supplement or waiver pursuant
to the provisions of this Article 10, the applicable Indenture Document shall be and be deemed to be modified and amended
in accordance therewith and the respective rights, limitation of rights, obligations, duties and immunities under the Indenture
Documents of the Trustee, the Collateral Agent, the Company, the Guarantors, if any, and the Holders shall thereafter be determined,
exercised and enforced hereunder subject in all respects to such modifications and amendments and all the terms and conditions
of any such amendment, supplement or waiver shall be and be deemed to be part of the terms and conditions of the applicable Indenture
Document for any and all purposes.

 

Section
10.04    Notation on
Notes. Notes authenticated and delivered after the execution of any amendment, supplement or waiver pursuant to the
provisions of this Article 10 may, at the Company’s expense, bear a notation as to any matter provided for in
such amendment, supplement or waiver. If the Company shall so determine, new Notes so modified as to conform, in the opinion
of the Board of Directors of the Company, to any modification of an Indenture Document contained in any such amendment,
supplement or waiver may, at the Company’s expense, be prepared and executed by the Company, authenticated by the
Trustee (or an authenticating agent duly appointed by the Trustee pursuant to Section 18.10) and delivered in exchange
for the Notes then outstanding, upon surrender of such Notes then outstanding.

 

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Section 10.05   
Evidence of Compliance of Amendment, Supplement Or Waiver to Be Furnished Trustee. In addition to the documents required
by Section 18.05, the Trustee shall receive an Officer’s Certificate and an Opinion of Counsel as conclusive evidence
that any amendment, supplement or waiver executed pursuant hereto complies with the requirements of this Article 10, is
permitted or authorized by this Indenture and is the legal, valid and binding obligation of the Company, enforceable against the
Company in accordance with its terms.

 

Article
11

CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE; SPAC TRANSACTION

 

Section 11.01   
Company May Consolidate, Etc. on Certain Terms. Subject to the provisions of Section 11.02, the Company shall
not consolidate with, merge with or into, or sell, convey, assign, transfer, lease or otherwise dispose of all or substantially
all of the consolidated properties and assets of the Company and its Subsidiaries, taken as a whole, in one transaction or any
series of transactions, to another Person, unless:

 

(a)              
 

 

(i)                
such resulting, surviving or transferee Person is the Company; or 

 

(ii)             
if not the Company, such resulting, surviving or transferee Person (the “Successor
Company”) shall be a corporation, limited liability company, partnership or other entity organized and existing under
the laws of the United States of America, any State thereof, the District of Columbia or any Designated Country;

 

(b)              
in any such transaction where the Company is not the resulting, surviving or transferee Person, the Successor Company unconditionally
assumes all of the Company’s obligations under the Notes and this Indenture pursuant to a supplemental indenture in a form
reasonably satisfactory to the Trustee and/or the Collateral Agent;

 

(c)              
immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing
under this Indenture; and

 

(d)              
in any transaction where the Company is not the surviving or transferee Person, the Company shall have delivered to the
Trustee an Officer’s Certificate and Opinion of Counsel, each stating that the consolidation, merger, sale, conveyance, assignment,
transfer, lease or other disposition and such supplemental indenture complies with this Indenture and all conditions precedent
provided for in this Indenture relating to such transaction have been complied with.

 

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For purposes of this
Section 11.01, the sale, conveyance, transfer or lease of all or substantially all of the properties and assets of one or
more Subsidiaries of the Company to another Person that is not the Company or a Subsidiary of the Company, which properties and
assets, if held by the Company instead of such Subsidiaries, would constitute all or substantially all of the consolidated properties
and assets of the Company and its Subsidiaries, taken as a whole, shall be deemed to be the sale, conveyance, transfer or lease
by the Company of all or substantially all of its consolidated properties and assets to another Person.

 

Section 11.02   
Successor Company to Be Substituted. In case of any such consolidation, merger, sale, conveyance, assignment, transfer,
lease or other disposition contemplated by Section 11.01 where the Company is not the resulting, surviving or transferee Person
(a “Successor Transaction”) and upon the assumption by the Successor Company, by supplemental indenture, executed
and delivered to the Trustee, of the due and punctual payment of the principal of and accrued and unpaid interest on all of the
Notes, the due and punctual delivery or payment, as the case may be, of any consideration due upon conversion of the Notes and
the due and punctual performance of all of the covenants and conditions of this Indenture to be performed by the Company, such
Successor Company (if not the Company) shall succeed to and, except in the case of a lease of all or substantially all of the consolidated
properties or assets of the Company and its Subsidiaries, taken as a whole, shall be substituted for the Company, with the same
effect as if it had been named herein as the party of the first part, and the Company (except in the case of a lease of all or
substantially all of the consolidated properties or assets of the Company and its Subsidiaries, taken as a whole) shall be discharged
from the obligations of the Company under the Notes and this Indenture. Such Successor Company thereupon may cause to be signed,
and may issue either in its own name or in the name of the Company any or all of the Notes issuable hereunder which theretofore
shall not have been signed by the Company and delivered to the Trustee; and, upon the order of such Successor Company instead of
the Company and subject to all the terms, conditions and limitations in this Indenture prescribed, the Trustee shall authenticate
and shall deliver, or cause to be authenticated and delivered, any Notes that previously shall have been signed and delivered by
the Officers of the Company to the Trustee for authentication, and any Notes that such Successor Company thereafter shall cause
to be signed and delivered to the Trustee for that purpose. All the Notes so issued shall in all respects have the same legal rank
and benefit under this Indenture as the Notes theretofore or thereafter issued in accordance with the terms of this Indenture as
though all of such Notes had been issued at the Issue Date. In the event of any such Successor Transaction (but not in the case
of a lease), upon compliance with this Article 11 the Person named as the “Company” in the first paragraph
of this Indenture (or any successor that shall thereafter have become such in the manner prescribed in this Article 11)
may, if still in existence, be dissolved, wound up and liquidated at any time thereafter and, except in the case of a lease, such
Person shall be released from its liabilities as obligor and maker of the Notes and from its obligations under this Indenture and
the Notes. In case of any such Successor Transaction, such changes in phraseology and form (but not in substance) may be made in
the Notes thereafter to be issued as may be appropriate.

 

Section
11.03    SPAC
Transaction. The Company shall not consummate any SPAC Transaction unless, as a condition to such SPAC Transaction, the
SPAC unconditionally assumes all of the Company’s obligations under the Notes and this Indenture relating to the
Company’s obligations relating to the authorization, issuance and delivery of the Common Stock issuable upon conversion
of the Notes (including, without limitation, Article 14 and the Conversion Obligations) pursuant to a supplemental
indenture in a form reasonably satisfactory to the Trustee and/or the Collateral Agent and references in such applicable
sections of this Indenture to “the Company” shall refer to “the SPAC”, mutatis
mutandis, provided, that the Holders acknowledge and agree that Common Stock issuable subsequent to a SPAC Transaction
shall be subject to all restrictions applicable to Common Stock issued by a special purpose acquisition company under all
applicable law, including the unavailability of Rule 144, subject to the conditions of that rule and shall bear such
restrictions and legends as may be required by a SPAC to ensure compliance therewith.

 

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Article
12

IMMUNITY OF INCORPORATORS, EQUITYHOLDER, OFFICERS AND DIRECTORS

 

Section 12.01   
Indenture and Notes Solely Corporate Obligations. No recourse for the payment of the principal of or accrued and
unpaid interest on any Note, nor for any claim based thereon or otherwise in respect thereof, and no recourse under or upon any
obligation, covenant or agreement of the Company or the Guarantors, if any, in this Indenture or in any supplemental indenture
or in any Note or in any Note Guarantee, nor because of the creation of any Indebtedness represented thereby, shall be had against
any incorporator, equityholder, employee, agent, Officer or director or Subsidiary, as such, past, present or future, of the Company,
the Guarantors, if any, or of any successor entity of the Company or the Guarantors, if any, either directly or through the Company,
the Guarantors, if any, or any successor entity of the Company or the Guarantors, if any, whether by virtue of any constitution,
statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that all
such liability is hereby expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture
and the issue of the Notes and the Note Guarantee, if any.

 

Article
13

NO OPTIONAL REDEMPTION; SPECIAL MANDATORY REDEMPTION

 

Section 13.01   
No Optional Redemption and No Sinking Fund. Except as provided for in respect of a Special Mandatory Redemption in
the supplemental indenture for the Second Tranche Notes, the Notes shall not be redeemable by the Company prior to the Maturity
Date. No sinking fund is provided for the Notes.

 

Section 13.02   
Supplemental Indenture for Special Mandatory Redemption. The Company will enter into a supplemental indenture with
respect to the Second Tranche Notes, which shall require the Company to effect a Special Mandatory Redemption on the date that
is one hundred eighty (180) days after the date the Company enters into a binding definitive agreement for the SPAC Transaction,
if as of such date the SPAC Transaction has not been consummated, and on such other terms, and subject to the conditions, to be
provided for in such supplemental indenture.

 

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Article
14

CONVERSION OF NOTES

 

Section
14.01    Conversion upon
Change of Control. Subject to and upon compliance with the provisions of this Article 14, each Holder of a Note
shall have the right, at such Holder’s option, to convert all or any portion (if the portion to be converted is $1,000
principal amount or an integral multiple thereof (or, if a PIK Payment has been made, if the portion to be converted is $1.00
principal amount or an integral multiple thereof )) of such Note on or after the time that is ten (10) Business Days prior to
the anticipated Effective Date of a Change of Control until the close of business on the 35th Business Day following the
actual date such Change of Control becomes effective (the “Change of Control Effective Date”), into Common
Stock (or such Reference Property pursuant to Section 14.08 in lieu of such Common Stock), subject to, and in
accordance with, the settlement provisions of Section 14.03 (the “Change of Control Conversion
Obligation”); provided, however, such conversion shall be allowed only if the Common Stock, or
Reference Property as applicable, is issued in the conversion transaction by (a) the Company, (b) its successor for U.S.
federal tax purposes (including Company’s sole regarded owner if Company is treated as disregarded for U.S. federal Tax
purposes, a “Tax Successor”), or (c) a corporation that is related to the Company or its Tax Successor under
Section 267(b) or Section 707(b)(1) of the Code. The Company shall notify the Holders, the Trustee and the Conversion Agent
(if other than the Trustee) in writing of any Change of Control no later than fifteen (15) Business Days prior to the
anticipated Effective Date of a Change of Control (or if such anticipated Effective Date is not known prior to such date,
promptly following knowledge of such anticipated Effective Date but in any event no later than two (2) Business Days after
the Change of Control Effective Date). In the case of Physical Notes, such notice shall be by first class mail or, in the
case of Global Notes, such notice shall be delivered in accordance with the applicable procedures of the Depositary. No
failure of the Company to give the foregoing notice and no defect therein shall limit the Holders’ conversion rights or
affect the validity of the proceedings for the conversion of the Notes pursuant to this Section 14.01. Notwithstanding
the foregoing, no Holder may convert any portion of such Holder’s Notes unless the Notes delivered for conversion
represent (1) at least $250,000 in aggregate principal amount of Notes (the “Minimum Conversion Amount”)
or (2) if less than the Minimum Conversion Amount, all of the Notes held at such time by Holder.

 

Section 14.02   
Conversion. Other than upon a Change of Control pursuant to Section 14.01, and subject to and upon compliance
with the other provisions of this Article 14, each Holder of a Note shall have the right, at such Holder’s option,
to convert all or any portion (if the portion to be converted is $1,000 principal amount or an integral multiple thereof (or, if
a PIK Payment has been made, if the portion to be converted is $1.00 or an integral multiple thereof)) of such Note, whether prior
to, on or after a Qualified Public Company Event until the close of business on the Business Day immediately preceding the Maturity
Date at an initial Conversion Rate of (a), if no PIK Payment has been made, a number of shares of Common Stock equal to the applicable
Conversion Rate per $1,000 principal amount of Notes or (b), if a PIK Payment has been made, a number of shares of Common Stock
equal to the quotient of (i) the applicable Conversion Rate and (ii) $1,000, per $1.00 principal amount of Notes (subject, in each
case, to, and in accordance with, the settlement provisions of Section 14.03, the “Conversion Obligation”);
provided, however, such conversion shall be allowed only if the Common Stock, or Reference Property as applicable,
is issued in the conversion transaction by the Company, its successor for U.S. federal tax purposes (including Company’s
sole regarded owner if Company is treated as disregarded for U.S. federal Tax purposes, or a corporation that is related to the
Company or its successor under Section 267(b) or Section 707(b)(1) of the Code). Notwithstanding the foregoing, no Holder may convert
any portion of such Holder’s Notes unless the Notes delivered for conversion represent (1) at least the Minimum Conversion
Amount or (2) if less than the Minimum Conversion Amount, all of the Notes held at such time by Holder.

 

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Section 14.03   
  Conversion Procedure; Settlement Upon Conversion.

 

(a)              
Subject to Section 14.01, Section 14.02, this Section 14.03 and Section 14.08(a), upon conversion
of any Note pursuant to (i) Section 14.01, the Company shall deliver to the converting Holder shares of Common Stock (rounding
up to the nearest whole share) (or such Reference Property pursuant to Section 14.08 in lieu of such Common Stock), at the
Change of Control Conversion Rate; or (ii) Section 14.02, the Company shall deliver to the converting Holder shares of Common
Stock, together with a cash payment in lieu of delivering any fractional share as set forth below under Section 14.03(c),
at a Conversion Rate in accordance with Section 14.02 (as adjusted pursuant to Section 14.05, as applicable), in
each case (i) and (ii), on the second Business Day following the relevant Conversion Date (or such other date that may be applicable
pursuant to a conversion in accordance with Section 14.03(c) or Section 14.03(k)). A Holder may convert fewer than
all of such Holder’s Notes.

 

(b)              
Before any Holder of a Note shall be entitled to convert a Note as set forth above, such Holder shall (i) in the case of
a Global Note, comply with the procedures of the Depositary in effect at that time and, if required, (1) pay funds to the Conversion
Agent equal to interest payable on the next Interest Payment Date to which such Holder is not entitled as set forth in Section
14.03(h) and (2) pay all transfer, stamp and similar taxes as set forth in Section 14.03(d) and Section 14.03(e);
and (ii) in the case of a Physical Note, (1) complete, manually sign and deliver an irrevocable (except as set forth in clause
(c)) notice to the Conversion Agent as set forth in the Form of Notice of Conversion (or a facsimile thereof) (a “Notice
of Conversion”) at the office of the Conversion Agent and state in writing therein the principal amount of Notes to be
converted and the name or names (with addresses) in which such Holder wishes the certificate or certificates for any shares of
Common Stock to be delivered upon settlement of the Conversion Obligation or the Change of Control Conversion Obligation, as the
case may be, to be registered, (2) surrender such Notes, duly endorsed to the Company or in blank (and accompanied by appropriate
endorsement and transfer documents), at the office of the Conversion Agent, (3) if required, furnish appropriate endorsements and
transfer documents that the Company or the Conversion Agent may reasonably require, (4) if required, pay all transfer, stamp and
similar taxes as set forth in Section 14.03(d) and Section 14.03(e) and (5) if required, pay funds to the Conversion
Agent equal to interest payable on the next Interest Payment Date to which such Holder is not entitled as set forth in Section
14.03(h). The Trustee (and if different, the Conversion Agent) shall notify the Company of any conversion pursuant to this
Article 14 on the Conversion Date for such conversion. No Notice of Conversion with respect to any Notes may be surrendered
by a Holder thereof if such Holder has also delivered a Fundamental Change Repurchase Notice or a Change of Control Repurchase
Notice to the Company in respect of such Notes and has not validly withdrawn such Fundamental Change Repurchase Notice or Change
of Control Repurchase Notice in accordance with Section 15.04.

 

If more than one Note
shall be surrendered for conversion at one time by the same Holder, the Conversion Obligation or the Change of Control Conversion
Obligation, as the case may be, with respect to such Notes shall be computed on the basis of the aggregate principal amount of
the Notes (or specified portions thereof to the extent permitted thereby) so surrendered.

 

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(c)               A
Note shall be deemed to have been converted immediately prior to the close of business on the date (the “Conversion
Date”) that the Holder has complied with the requirements set forth in subsection (b) above; provided that,
in any Notice of Conversion, a Holder that has complied with the requirements set forth in subsection (b) above shall be
entitled to elect to convert all or any portion, subject to the Minimum Conversion Amount, of its Notes in connection with,
and conditioned upon, the consummation of an anticipated Specified Corporate Event, in which case the Conversion Date shall
be the date of the consummation of such Specified Corporate Event, and such Notes will be converted into the Common Stock
immediately following the consummation of such Specified Corporate Event unless the Holder designates in its Notice of
Conversion that such conversion shall occur immediately prior to such Specified Corporate Event, provided that, if the
Company notifies Holders or otherwise announces that it will not complete such Specified Corporate Event, such Holder shall
be entitled to revoke its Notice of Conversion at any time thereafter. In connection with a SPAC Transaction, the Company
agrees to provide written notice to the Holders, the Trustee and the Conversion Agent of the date on which the Notes on which
the Notes shall be convertible into the Common Stock of the SPAC, and to otherwise comply with the applicable procedures of
the Depositary in connection with the foregoing. Prior to the Qualified Public Company Event or Other Listing Event, the
Company shall issue or cause to be issued, and deliver to such Holder, or such Holder’s nominee or nominees, the full
number of shares of Common Stock to which such Holder shall be entitled, in certificate form (if requested by the Holder) or
otherwise by updating the membership register in the Company LLC Agreement, in satisfaction of the Company’s Conversion
Obligation or the Change of Control Conversion Obligation, as the case may be; provided that, following the Qualified
Public Company Event or Other Listing Event, the Company shall (1) provided that the transfer agent for the Common
Stock is participating in the DTC Fast Automated Securities Transfer Program, credit such aggregate number of shares of
Common Stock to which the Holder shall be entitled pursuant to such conversion to the Holder’s or its nominee’s
balance account with DTC through its Deposit/Withdrawal at Custodian system or (2) if the transfer agent for the Common Stock
is not participating in the DTC Fast Automated Securities Transfer Program, upon the request of the Holder, issue and deliver
(via reputable overnight courier) to the address as specified in the Notice of Conversion, a certificate, registered in the
name of the Holder or its nominee, for the number of shares of Common Stock to which the Holder shall be entitled pursuant to
such conversion.

 

(d)              
In case any Physical Note shall be surrendered for partial conversion, the Company shall execute and the Trustee shall authenticate
and deliver to or upon the written order of the Holder of the Note so surrendered a new Note or Notes in authorized denominations
in an aggregate principal amount equal to the unconverted portion of the surrendered Note, without payment of any service charge
by the converting Holder but, if required by the Company or Trustee, with payment of a sum sufficient to cover any documentary,
stamp or similar issue or transfer tax or similar governmental charge required by law or that may be imposed in connection therewith
as a result of the name of the Holder of the new Notes issued upon such conversion being different from the name of the Holder
of the old Notes surrendered for such conversion.

 

(e)              
If a Holder submits a Note for conversion, the Company shall pay any documentary, stamp or similar issue or transfer tax
due on the issue of any shares of Common Stock upon conversion, unless the tax is due because the Holder requests any such shares
to be issued in a name other than the Holder’s name, in which case the Holder must pay that tax. The Conversion Agent may
refuse to deliver the certificates representing the shares of Common Stock being issued in a name other than the Holder’s
name until the Trustee receives a sum sufficient to pay any tax that is due by such Holder in accordance with the immediately preceding
sentence.

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(f)        Except as provided in Section 14.05, no adjustment shall be made for dividends on any shares of Common Stock issued
upon the conversion of any Note as provided in this Article 14.

 

(g)       Upon the conversion of an interest in a Global Note, the Trustee, or the Custodian at the direction of the Trustee, shall
make a notation on such Global Note as to the reduction in the principal amount represented thereby. The Company shall notify the
Trustee in writing of any conversion of Notes effected through any Conversion Agent other than the Trustee. Upon the delivery of
shares of Common Stock outside of the Depositary in connection with a conversion of an interest in a Global Note, the Company shall
provide notice thereof to the Depositary, the Trustee and the Conversion Agent and shall provide such information as may be requested
by the Depositary, the Trustee and the Conversion Agent in connection therewith.

 

(h)       Subject to Section 14.01 and 14.02, upon conversion, a Holder shall not receive any separate cash payment
for accrued and unpaid interest, if any, except as set forth below. The Company’s settlement of the full Conversion Obligation
or Change of Control Conversion Obligation, as applicable, shall be deemed to satisfy in full its obligation to pay the principal
amount of the Note and accrued and unpaid interest, if any, to, but excluding, the relevant Conversion Date. As a result, accrued
and unpaid interest, if any, to, but excluding, the relevant Conversion Date shall be deemed to be paid in full rather than cancelled,
extinguished or forfeited. Notwithstanding the foregoing, if Notes are converted after the close of business on a Regular Record
Date and prior to open of business on the corresponding Interest Payment Date, Holders of such Notes as of the close of business
on such Regular Record Date will receive the full amount of interest payable on such Notes in cash on the corresponding Interest
Payment Date notwithstanding the conversion. Notes surrendered for conversion during the period beginning after the close of business
on any Regular Record Date and ending at the open of business on the immediately following Interest Payment Date must be accompanied
by cash funds equal to the amount of interest payable on the Notes so converted (regardless of whether the converting Holder was
the holder of record on such Regular Record Date); provided that no such payment shall be required (1) for Notes surrendered
for conversion after the close of business on the Regular Record Date immediately preceding the Maturity Date; (2) if the Company
has specified a Fundamental Change Repurchase Date that is after a Regular Record Date and on or prior to the Scheduled Trading
Day immediately following the corresponding Interest Payment Date; (3) if the Company has specified a Change of Control Repurchase
Date that is after a Regular Record Date and on or prior to the Scheduled Trading Day immediately following the corresponding Interest
Payment Date; or (4) to the extent of any Defaulted Amounts, if any Defaulted Amounts exists at the time of conversion with respect
to such Note. Therefore, for the avoidance of doubt, all Holders of record on the Regular Record Date immediately preceding the
Maturity Date, any Fundamental Change Repurchase Date described in clause (2) or any Change of Control Repurchase Date described
in clause (3) of the immediately preceding sentence shall receive the full interest payment due on the Maturity Date or other applicable
Interest Payment Date in cash regardless of whether their Notes have been converted or repurchased, as applicable, following such
Regular Record Date.

 

(i)        The
Person in whose name the shares of Common Stock shall be issuable upon a conversion of Notes shall be become the equityholder
of record as of the close of business on the relevant Conversion Date. Upon a conversion of Notes, such Person shall no
longer be a Holder of such Notes surrendered for conversion. Upon a conversion of Notes, prior to the Qualified Public
Company Event or Other Listing Event, such Person shall execute a joinder to the Company LLC Agreement, in a form reasonably
satisfactory to the Company.

 

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(j)        The Company shall not issue any fractional share of Common Stock upon conversion of the Notes in respect of any Conversion
Obligation and shall instead pay cash in lieu of delivering any fractional share of Common Stock issuable upon a conversion of
the Notes in respect of any Conversion Obligation based on the Last Reported Sale Price of the Common Stock on the relevant Conversion
Date. The Company through the Paying Agent, shall pay cash in lieu of delivering any fractional share of Common Stock issuable
upon a conversion of the Notes in respect of any Conversion Obligation (i) on any Physical Notes (A) to Holders holding Physical
Notes having an aggregate principal amount of $5,000,000 or less, by check mailed to the Holders of these Notes at their address
as it appears in the Notice of Conversion and (B) to Holders holding Physical Notes having an aggregate principal amount of more
than $5,000,000, either by check mailed to each such Holder or, upon application by such Holder to the Note Registrar not later
than the date of the Notice of Conversion, by wire transfer in immediately available funds to that Holder’s account within
the United States, which application shall remain in effect until the Holder notifies, in writing, the Note Registrar to the contrary
or (ii) on any Global Note by wire transfer of immediately available funds in accordance with the procedures of the Depositary
in effect at that time.

 

(k)       Notwithstanding
anything to the contrary contained herein, following the Qualified Public Company Event or Other Listing Event, the Company
shall not issue to any Holder, and no Holder may acquire, a number of shares of Common Stock upon any conversion of Notes
hereunder, to the extent that, upon such conversion, the number of shares of Common Stock then “beneficially
owned” (as defined in Rules 13(d)-3 and 13(d)-5 under the Exchange Act) by such Holder and its Affiliates and any
other persons or entities whose beneficial ownership of Common Stock would be aggregated with such Holder’s for
purposes of Section 13(d) of the Exchange Act (including shares held by any “group” of which such Holder
is a member, but excluding shares beneficially owned by virtue of the ownership of warrants and other securities or rights to
acquire securities, in each case, that have limitations on the right to convert, exercise or purchase similar to the
limitation set forth herein) would exceed 9.99% of the total number of shares of Common Stock then issued and outstanding
(the “Maximum Percentage”); provided, however, that the Maximum Percentage shall only apply
to the extent that the Common Stock is deemed to constitute an “equity security” pursuant to Rule 13d-1(i)
promulgated under the Exchange Act; provided, further that, other than in connection with a Successor Major
Transaction, any Holder shall be permitted to include in its Notice of Conversion delivered in connection with a Change of
Control or Fundamental Change that it is electing to make successive conversions, which conversions shall occur (in each case
by written notice from such Holder to the Company) from time to time as determined by such Holder at any time prior to the
end of the Successive Conversion Period (each such conversion being subject to the Maximum Percentage). For purposes hereof,
 “group” has the meaning set forth in Section 13(d) of the Exchange Act and applicable regulations of the
Commission, and the percentage held by any Holder shall be determined in a manner consistent with the provisions of Section
13(d) of the Exchange Act. For purposes hereof, in determining the number of outstanding shares of Common Stock, the Holders
may rely on the number of outstanding shares of Common Stock as stated in the Company’s most recent quarterly or annual
report filed with the Commission, or any current report filed by the Company with the Commission subsequent thereto. Upon the
written request of any Holder, the Company shall, within two (2) Trading Days, confirm orally and in writing to such Holders
the number of shares of Common Stock then outstanding, and such Holder shall be entitled to rely upon such confirmation for
purposes hereof. Neither the Trustee nor the Conversion Agent shall have any obligation to monitor whether any conversion
pursuant to this Indenture is in compliance with the foregoing provisions or the requirements of the Exchange Act, and shall
have no obligation to monitor the shares of Common Stock held or to be held by any Holder.

 

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Section
14.04    [Reserved].

 

Section 14.05   
Adjustment of Conversion Rate. The Conversion Rate (other than the Change of Control Conversion Rate) shall be adjusted
from time to time by the Company if any of the following events occurs, except that the Company shall not make any adjustments
to the Conversion Rate if Holders of the Notes participate (other than in the case of (x) a share split or share combination or
(y) a tender or exchange offer), at the same time and upon the same terms as holders of the Common Stock and solely as a result
of holding the Notes, in any of the transactions described in this Section 14.05, without having to convert their Notes,
as if they held a number of shares of Common Stock equal to the Conversion Rate, multiplied by the principal amount (expressed
in thousands) of Notes held by such Holder (including, for the avoidance of doubt, pursuant to the rights granted to Holders under
Section 4.24 of this Indenture).

 

(a)       If the Company exclusively issues shares of Common Stock as a dividend or distribution on shares of the Common Stock, or
if the Company effects a share split or share combination, the Conversion Rate shall be adjusted based on the following formula:

 

 

 

where,

 

CR0     =             the Conversion
Rate in effect immediately prior to the open of business on the Ex-Dividend Date of such dividend or distribution, or immediately
prior to the open of business on the Effective Date of such share split or share combination, as applicable;

 

CR’     =              the
Conversion Rate in effect immediately after the open of business on such Ex-Dividend or Effective Date;

 

OS0     =              the
number of shares of Common Stock outstanding immediately prior to the open of business on such Ex-Dividend or Effective Date (before
giving effect to any such dividend, distribution, share split or share combination); and

 

OS’     =              the
number of shares of Common Stock outstanding immediately after giving effect to such dividend, distribution, share split or share
combination.

 

Any adjustment made under this Section
14.05(a) shall become effective immediately after the open of business on the Ex-Dividend Date for such dividend or distribution,
or immediately after the open of business on the Effective Date for such share split or share combination, as applicable. If any
dividend or distribution of the type described in this Section 14.05(a) is declared but not so paid or made, the Conversion
Rate shall be immediately readjusted, effective as of the date the Board of Directors of the Company determines not to pay such
dividend or distribution, to the Conversion Rate that would then be in effect if such dividend or distribution had not been declared.

 

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(b)       If the Company issues to all or substantially all holders of the Common Stock any rights, options or warrants (other than
pursuant to a shareholder rights plan) entitling them, for a period of not more than 45 calendar days after the announcement date
of such issuance, to subscribe for or purchase shares of the Common Stock at a price per share that is less than (i) with respect
to an issuance for which the announcement of such issuance occurs on or before the 10th Trading Day immediately following the Qualified
Public Company Event or Other Listing Event, the average of the fair market value on each applicable Trading Day of one share of
Common Stock (as determined in good faith by the Board of Directors of the Company after consultation with a reputable independent
investment bank, independent valuation firm or other qualified financial institution selected by the Company, except that to the
extent Disputing Holders dispute such fair market values in writing to the Company (with a copy to the Trustee and the Conversion
Agent (if other than the Trustee)) on or before the 20th Business Day after receipt of such good faith determination of the Board
of Directors of the Company, such fair market values shall be mutually determined by the Company and the Disputing Holders, and
if the Company and the Disputing Holders are unable to reach agreement, such fair market values shall be determined by an independent
nationally recognized investment bank selected by the Company and the Disputing Holders and delivered to the Trustee and the Conversion
Agent (if other than the Trustee) within 30 Business Days following such issuance) for the 10 consecutive Trading Day period ending
on, and including the Trading Day immediately preceding the date of announcement of such issuance or (ii) with respect to an issuance
for which the announcement of such issuance occurs after the 10th Trading Day immediately following the Qualified Public Company
Event or Other Listing Event the average of the Last Reported Sale Prices of the Common Stock for the 10 consecutive Trading Day
period ending on, and including, the Trading Day immediately preceding the date of announcement of such issuance, the Conversion
Rate shall be increased based on the following formula:

 

 

 

where,

 

CR0     =              the Conversion
Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such issuance;

 

CR’      =             the
Conversion Rate in effect immediately after the open of business on such Ex-Dividend Date;

 

OS0     =              the
number of shares of Common Stock outstanding immediately prior to the open of business on such Ex-Dividend Date;

 

X         =              the total
number of shares of Common Stock issuable pursuant to such rights, options or warrants; and

 

Y          =             the
number of shares of Common Stock equal to the aggregate price payable to exercise such rights, options or warrants, divided
by (i) with respect to an issuance for which the announcement of such issuance occurs on or before the 10th Trading Day
immediately following the Qualified Public Company Event or Other Listing Event, the average of the fair market value on each
applicable Trading Day of one share of Common Stock (as determined in good faith by the Board of Directors of the Company
after consultation with a reputable independent investment bank, independent valuation firm or other qualified financial
institution selected by the Company, except that to the extent Disputing Holders dispute such fair market values in writing
to the Company (with a copy to the Trustee and the Conversion Agent (if other than the Trustee)) on or before the 20th
Business Day after receipt of such good faith determination of the Board of Directors of the Company, such fair market values
shall be mutually determined by the Company and the Disputing Holders, and if the Company and the Disputing Holders are
unable to reach agreement, such fair market values shall be determined by an independent nationally recognized investment
bank selected by the Company and the Disputing Holders and delivered to the Trustee and the Conversion Agent (if other than
the Trustee) within 30 Business Days following such issuance) over the 10 consecutive Trading Day period ending on, and
including the Trading Day immediately preceding the date of announcement of such issuance and (ii) with respect to an
issuance for which the announcement of such issuance occurs after the 10th Trading Day immediately following the Qualified
Public Company Event or Other Listing Event, the average of the Last Reported Sale Prices of the Common Stock over the 10
consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of
the issuance of such rights, options or warrants.

 

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Any increase made under
this Section 14.05(b) shall be made successively whenever any such rights, options or warrants are issued and shall become
effective immediately after the open of business on the Ex-Dividend Date for such issuance. To the extent that shares of the Common
Stock are not delivered after the expiration of such rights, options or warrants, the Conversion Rate shall be decreased to the
Conversion Rate that would then be in effect had the increase with respect to the issuance of such rights, options or warrants
been made on the basis of delivery of only the number of shares of Common Stock actually delivered. If such rights, options or
warrants are not so issued, or if no such rights, options or warrants are exercised prior to their expiration, the Conversion Rate
shall be decreased to the Conversion Rate that would then be in effect if such Ex-Dividend Date for such issuance had not occurred.

 

For purposes of this
Section 14.05(b), in determining whether any rights, options or warrants entitle the holders of Common Stock to subscribe
for or purchase shares of the Common Stock at a price per share that is less than such average of the Last Reported Sale Prices
for the Common Stock over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding
the date of announcement of such issuance or such average of the fair market value on each applicable Trading Day of one share
of Common Stock over the 10 consecutive Trading Day period ending on, and including the Trading Day immediately preceding the date
of announcement for such issuance, as the case may be, and in determining the aggregate offering price of such shares of Common
Stock, there shall be taken into account any consideration received by the Company for such rights, options or warrants and any
amount payable on exercise or conversion thereof, the value of such consideration, if other than cash, to be determined by the
Board of Directors of the Company.

 

(c)       If
the Company distributes shares of its Capital Stock, evidences of its Indebtedness, other assets or property of the Company
or rights, options or warrants to acquire shares of its Capital Stock or other securities, to all or substantially all
holders of the Common Stock, excluding (i) dividends, distributions or issuances as to which an adjustment was effected
pursuant to Section 14.05(a), Section 14.05(b) or Section 14.05(e), (ii) dividends or distributions paid
exclusively in cash as to which the provisions set for in Section 14.05(d) shall apply, (iii) any dividends or
distributions of Reference Property in exchange for Common Stock in connection with any transaction described in Section
14.08, (iv) except as otherwise provided in Section 14.12, rights issued pursuant to a shareholder rights plan
adopted by the Company and (v) Spin-Offs as to which the provisions set forth below in this Section 14.05(c) shall
apply (any of such shares of Capital Stock, evidences of Indebtedness, other assets or property or rights, options or
warrants to acquire shares of Capital Stock or other securities, the “Distributed Property”), then the
Conversion Rate shall be increased based on the following formula:

 

 

 

where,

 

CR0     =             the
Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such distribution;

 

CR’     =              the
Conversion Rate in effect immediately after the open of business on such Ex-Dividend Date;

 

SP0     =              (i)
with respect to a distribution that has a Ex-Dividend Date that occurs on or before the 10th Trading Day immediately succeeding
the Qualified Public Company Event or Other Listing Event, the average of the fair market value on each applicable Trading Day
of one share of Common Stock (as determined in good faith by the Board of Directors of the Company after consultation with a reputable
independent investment bank, independent valuation firm or other qualified financial institution selected by the Company, except
that to the extent Disputing Holders dispute such fair market values in writing to the Company (with a copy to the Trustee and
the Conversion Agent (if other than the Trustee)) on or before the 20th Business Day after receipt of such good faith determination
of the Board of Directors of the Company, such fair market values shall be mutually determined by the Company and the Disputing
Holders, and if the Company and the Disputing Holders are unable to reach agreement, such fair market values shall be determined
by an independent nationally recognized investment bank selected by the Company and the Disputing Holders and delivered to the
Trustee and the Conversion Agent (if other than the Trustee) within 30 Business Days following such issuance) over the 10 consecutive
Trading Day period ending on, and including the Trading Day immediately preceding the Ex-Dividend Date for such distribution or
(ii) with respect to a distribution that has a Ex-Dividend Date that occurs after the 10th Trading Day immediately succeeding the
Qualified Public Company Event or Other Listing Event, the average of the Last Reported Sale Prices of the Common Stock over the
10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the Ex-Dividend Date for such
distribution; and

 

FMV       =          the fair
market value (as determined in good faith by the Board of Directors of the Company) of the Distributed Property distributed with
respect to each outstanding share of the Common Stock on the Ex-Dividend Date for such distribution.

 

    97 

     

    

 

Any increase made under
the portion of this Section 14.05(c) above shall become effective immediately after the open of business on the Ex-Dividend
Date for such distribution. If such distribution is not so paid or made, the Conversion Rate shall be decreased to be the Conversion
Rate that would then be in effect if such distribution had not been declared.

 

Notwithstanding
the foregoing, if “FMV” (as defined above) is equal to or greater than “SP0”
(as defined above), in lieu of the foregoing increase, each Holder of a Note shall receive, in respect of each $1,000 (or if
a PIK Payment has been made, $1.00) principal amount thereof, at the same time and upon the same terms as holders of the
Common Stock receive the Distributed Property, the amount and kind of Distributed Property such Holder would have received if
such Holder owned a number of shares of Common Stock equal to the Conversion Rate in effect on the Ex-Dividend Date for the
distribution. If the Board of Directors of the Company determines the “FMV” (as defined above) of any
distribution for purposes of this Section 14.05(c) by reference to the actual or when-issued trading market for any
securities, it shall in doing so consider the prices in such market over the same period used in computing the Last Reported
Sale Prices of the Common Stock over the 10 consecutive Trading Day period ending on, and including, the Trading Day
immediately preceding the Ex-Dividend Date for such distribution.

 

With respect to an
adjustment pursuant to this Section 14.05(c) where there has been a payment of a dividend or other distribution on the Common
Stock of shares of Capital Stock of any class or series, or similar equity interest, of or relating to a Subsidiary or other business
unit of the Company, that are, or, when issued, will be, listed or admitted for trading on a U.S. national securities exchange
(a “Spin-Off”), the Conversion Rate shall be increased based on the following formula:

 

 

 

where,

 

CR0     =              the
Conversion Rate in effect immediately prior to the end of the Valuation Period;

 

CR’      =             the
Conversion Rate in effect immediately after the end of the Valuation Period;

 

FMV0   =            the
average of the Last Reported Sale Prices of the shares of Capital Stock or similar equity interest distributed to holders of the
Common Stock applicable to one share of the Common Stock (determined by reference to the definition of Last Reported Sale Price
as set forth in Section 1.01 as if references therein to Common Stock were to such Capital Stock or similar equity interest)
over the first 10 consecutive Trading Day period after, and including, the Ex-Dividend Date of the Spin-Off (the “Valuation
Period”); and

 

MP0    =              (i)
with respect to a distribution that has an Ex-Dividend Date that occurs before the Qualified Public Company Event or Other
Listing Event, the average of the fair market value on each applicable Trading Day of one share of Common Stock (as
determined in good faith by the Board of Directors of the Company after consultation with a reputable independent investment
bank, independent valuation firm or other qualified financial institution selected by the Company, except that to the extent
Disputing Holders dispute such fair market values in writing to the Company (with a copy to the Trustee and the Conversion
Agent (if other than the Trustee)) on or before the 20th Business Day after receipt of such good faith determination of the
Board of Directors of the Company, such fair market values shall be mutually determined by the Company and the Disputing
Holders, and if the Company and the Disputing Holders are unable to reach agreement, such fair market values shall be
determined by an independent nationally recognized investment bank selected by the Company and the Disputing Holders and
delivered to the Trustee and the Conversion Agent (if other than the Trustee) within 30 Business Days following such
issuance) over the Valuation Period or (ii) with respect to a distribution that has an Ex-Dividend Date that occurs on or
after the Qualified Public Company Event or Other Listing Event, the average of the Last Reported Sale Prices of the Common
Stock over the Valuation Period.

 

    98 

     

    

 

The increase to the
Conversion Rate under the preceding paragraph shall be determined by the Company on, and shall occur at, the last Trading Day of
the Valuation Period provided that in respect of any conversion of Notes with a Conversion Date occurring during the Valuation
Period, references in the portion of this Section 14.05(c) related to Spin-Offs with respect to 10 consecutive Trading Days
shall be deemed to be replaced with such lesser number of Trading Days as have elapsed from, and including, the Ex-Dividend Date
of such Spin-Off to, but excluding, the Conversion Date in determining the Conversion Rate. If such Spin-Off does not occur, the
Conversion Rate shall be decreased to be the Conversion Rate that would then be in effect if such dividend distribution had not
been declared, effective as of the date on which the Board of Directors of the Company determines not to consummate such Spin-Off.

 

For purposes of
this Section 14.05(c) (and subject in all respect to Section 14.12), rights, options or warrants distributed by
the Company to all holders of the Common Stock entitling them to subscribe for or purchase shares of the Company’s
Capital Stock, including Common Stock (either initially or under certain circumstances), which rights, options or warrants,
until the occurrence of a specified event or events (“Trigger Event”): (i) are deemed to be transferred
with such shares of the Common Stock; (ii) are not exercisable; and (iii) are also issued in respect of future issuances of
the Common Stock, shall be deemed not to have been distributed for purposes of this Section 14.05(c) (and no
adjustment to the Conversion Rate under this Section 14.05(c) will be required) until the occurrence of the earliest Trigger
Event, whereupon such rights, options or warrants shall be deemed to have been distributed and an appropriate adjustment (if
any is required) to the Conversion Rate shall be made under this Section 14.05(c). If any such right, option or
warrant, including any such existing rights, options or warrants distributed prior to the Issue Date, are subject to events,
upon the occurrence of which such rights, options or warrants become exercisable to purchase different securities, evidences
of Indebtedness or other assets, then the date of the occurrence of any and each such event shall be deemed to be the date of
distribution and Ex-Dividend Date with respect to new rights, options or warrants with such rights (in which case the
existing rights, options or warrants shall be deemed to terminate and expire on such date without exercise by any of the
holders thereof). In addition, in the event of any distribution (or deemed distribution) of rights, options or warrants, or
any Trigger Event or other event (of the type described in the immediately preceding sentence) with respect thereto that was
counted for purposes of calculating a distribution amount for which an adjustment to the Conversion Rate under this Section
14.05(c) was made, (1) in the case of any such rights, options or warrants that shall all have been redeemed or purchased
without exercise by any holders thereof, upon such final redemption or purchase (x) the Conversion Rate shall be readjusted
as if such rights, options or warrants had not been issued and (y) the Conversion Rate shall then again be readjusted to give
effect to such distribution, deemed distribution or Trigger Event, as the case may be, as though it were a cash distribution,
equal to the per share redemption or purchase price received by a holder or holders of Common Stock with respect to such
rights, options or warrants (assuming such holder had retained such rights, options or warrants), made to all holders of
Common Stock as of the date of such redemption or purchase, and (2) in the case of such rights, options or warrants that
shall have expired or been terminated (or deemed to have expired or been terminated pursuant to the immediately preceding
sentence) without exercise by any holders thereof, the Conversion Rate shall be readjusted as if such rights, options and
warrants had not been issued (to the extent any adjustment to the Conversion Rate was made in connection with such
issuance).

 

    99 

     

    

 

For purposes of Section
14.05(a), Section 14.05(b) and this Section 14.05(c), if any dividend or distribution to which this Section
14.05(c) is applicable also includes one or both of:

 

(A)       a
dividend or distribution of shares of Common Stock to which Section 14.05(a) is applicable (the “Clause A Distribution”);
or

 

(B)       a
dividend or distribution of rights, options or warrants to which Section 14.05(b) is applicable (the “Clause B
Distribution”),

 

then, in either case,
(1) such dividend or distribution, other than the Clause A Distribution and the Clause B Distribution, shall be deemed to be a
dividend or distribution to which this Section 14.05(c) is applicable (the “Clause C Distribution”) and
any Conversion Rate adjustment required by this Section 14.05(c) with respect to such Clause C Distribution shall then be
made, and (2) the Clause A Distribution and Clause B Distribution shall be deemed to immediately follow the Clause C Distribution
and any Conversion Rate adjustment required by Section 14.05(a) and Section 14.05(b) with respect thereto shall then
be made, except that, if determined by the Company (I) the “Ex-Dividend Date” of the Clause A Distribution and
the Clause B Distribution shall be deemed to be the Ex-Dividend Date of the Clause C Distribution and (II) any shares of Common
Stock included in the Clause A Distribution or Clause B Distribution shall be deemed not to be “outstanding immediately prior
to the close of business on such Record Date or open of business on such Ex-Dividend or Effective Date” within the meaning
of Section 14.05(a) or “outstanding immediately prior to the close of business on such Ex-Dividend Date” within
the meaning of Section 14.05(b).

 

(d)       If any cash dividend or distribution is made to all or substantially all holders of the Common Stock, the Conversion Rate
shall be adjusted based on the following formula:

 

 

 

where,

 

CR0     =              the
Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such dividend or distribution;

 

CR’      =             the
Conversion Rate in effect immediately after the open of business on the Ex-Dividend Date for such dividend or distribution;

 

SP0      =             (i)
with respect to a dividend or distribution that has an Ex-Dividend Date on or prior to the Qualified Public Company Event or
Other Listing Event, the fair market value of one share of Common Stock (as determined in good faith by the Board of
Directors of the Company after consultation with a reputable independent investment bank, independent valuation firm or other
qualified financial institution selected by the Company, except that to the extent Disputing Holders dispute such fair market
values in writing to the Company (with a copy to the Trustee and the Conversion Agent (if other than the Trustee)) on or
before the 20th Business Day after receipt of such good faith determination of the Board of Directors of the Company, such
fair market values shall be mutually determined by the Company and the Disputing Holders, and if the Company and the
Disputing Holders are unable to reach agreement, such fair market values shall be determined by an independent nationally
recognized investment bank selected by the Company and the Disputing Holders and delivered to the Trustee and the Conversion
Agent (if other than the Trustee) within 30 Business Days following such issuance) on the Trading Day immediately preceding
the Ex-Dividend Date for such dividend or distribution or (ii) with respect to a dividend or distribution that has an
Ex-Dividend Date after the Qualified Public Company Event or Other Listing Event, the Last Reported Sale Price of the Common
Stock on the Trading Day immediately preceding the Ex-Dividend Date for such dividend or distribution; and

 

    100 

     

    

 

C          =             the amount
in cash per share the Company distributes to all or substantially all holders of the Common Stock.

 

Any increase made under
this Section 14.05(d) shall become effective immediately after the open of business on the Ex-Dividend Date for such dividend
or distribution. If such dividend or distribution is not so paid, the Conversion Rate shall be decreased, effective as of the date
the Board of Directors of the Company determines not to make or pay such dividend or distribution, to be the Conversion Rate that
would then be in effect if such dividend or distribution had not been declared. Notwithstanding the foregoing, if “C”
(as defined above) is equal to or greater than “SP0” (as defined above), in lieu of the foregoing increase,
each Holder of a Note shall receive, for each $1,000 (or if a PIK Payment has been made, $1.00) principal amount of Notes, at the
same time and upon the same terms as holders of shares of the Common Stock, the amount of cash that such Holder would have received
if such Holder owned a number of shares of Common Stock equal to the Conversion Rate on the Ex-Dividend Date for such cash dividend
or distribution.

 

(e)        If the Company or any of its Subsidiaries make a payment in respect of a tender or exchange offer for the Common Stock,
other than an odd lot tender offer, to the extent that the cash and value of any other consideration included in the payment per
share of the Common Stock exceeds (i) with respect to a tender or exchange offer for which the last date on which tenders or exchanges
may be made occurs prior to the Trading Day immediately preceding the Qualified Public Company Event or Other Listing Event, the
fair market value of one share of Common Stock (as determined in good faith by the Board of Directors of the Company after consultation
with a reputable independent investment bank, independent valuation firm or other qualified financial institution selected by the
Company, except that to the extent Disputing Holders dispute such fair market values in writing to the Company (with a copy to
the Trustee and the Conversion Agent (if other than the Trustee)) on or before the 20th Business Day after receipt of such good
faith determination of the Board of Directors of the Company, such fair market values shall be mutually determined by the Company
and the Disputing Holders, and if the Company and the Disputing Holders are unable to reach agreement, such fair market values
shall be determined by an independent nationally recognized investment bank selected by the Company and the Disputing Holders and
delivered to the Trustee and the Conversion Agent (if other than the Trustee) within 30 Business Days following such issuance)
on the Trading Day next succeeding the last date on which tenders or exchanges may be made pursuant to such tender or exchange
offer or (ii) with respect to a tender or exchange offer for which the last date on which tenders of exchanges may be made occurs
on or after the Trading Day immediately preceding the Qualified Public Company Event or Other Listing Event, the Last Reported
Sale Price of the Common Stock on the Trading Day next succeeding the last date on which tenders or exchanges may be made pursuant
to such tender or exchange offer, the Conversion Rate shall be increased based on the following formula:

 

    101 

     

    

 

 

 

where,

 

CR0     =              the
Conversion Rate in effect immediately prior to the open of business on the Trading Day next succeeding the date such tender or
exchange offer expires;

 

CR’      =             the
Conversion Rate in effect immediately after the open of business on the Trading Day next succeeding the date such tender or exchange
offer expires;

 

AC      =              the aggregate
value of all cash and any other consideration (as determined by the Board of Directors of the Company) paid or payable for shares
of Common Stock purchased in such tender or exchange offer;

 

OS0     =              the
number of shares of Common Stock outstanding immediately prior to the open of business on the date such tender or exchange offer
expires (prior to giving effect to the purchase of all shares of Common Stock accepted for purchase or exchange in such tender
or exchange offer);

 

OS’      =             the
number of shares of Common Stock outstanding immediately after the open of business on the date such tender or exchange offer expires
(after giving effect to the purchase of all shares of Common Stock accepted for purchase or exchange in such tender or exchange
offer); and

 

SP’      =              (i)
with respect to a tender or exchange offer for which the last date on which tenders or exchanges may be made occurs prior to the
Trading Day immediately preceding the Qualified Public Company Event or Other Listing Event, the average of the fair market value
of one share of Common Stock (as determined in good faith by the Board of Directors of the Company after consultation with a reputable
independent investment bank, independent valuation firm or other qualified financial institution selected by the Company, except
that to the extent Disputing Holders dispute such fair market values in writing to the Company (with a copy to the Trustee and
the Conversion Agent (if other than the Trustee)) on or before the 20th Business Day after receipt of such good faith determination
of the Board of Directors of the Company, such fair market values shall be mutually determined by the Company and the Disputing
Holders, and if the Company and the Disputing Holders are unable to reach agreement, such fair market values shall be determined
by an independent nationally recognized investment bank selected by the Company and the Disputing Holders and delivered to the
Trustee and the Conversion Agent (if other than the Trustee) within 30 Business Days following such issuance) over the 10 consecutive
Trading Day period ending on, and including on the 10 consecutive Trading Day period commencing on, and including, the Trading
Day next succeeding the date such tender or exchange offer expires or (ii) with respect to a tender or exchange offer for which
the last date on which tenders of exchanges may be made occurs on or after the Trading Day immediately preceding the Qualified
Public Company Event or Other Listing Event, the average of the Last Reported Sale Prices of the Common Stock over the 10 consecutive
Trading Day period commencing on, and including, the Trading Day next succeeding the date such tender or exchange offer expires.

 

The increase to
the Conversion Rate under this Section 14.05(e) shall be determined at and occur as of the close of business on the
10th Trading Day immediately following, and including, the Trading Day next succeeding the date such tender or exchange offer
expires, but shall be given effect at the open of business on the Trading Day next succeeding the date such tender or
exchange offer expires. Notwithstanding the foregoing, in respect of any conversion of Notes within the 10 Trading Days
immediately following, and including, the Trading Day next succeeding the expiration date of any tender or exchange offer,
references in this Section 14.05(e) with respect to “10 consecutive Trading Days” shall be deemed
replaced with such lesser number of Trading Days as have elapsed between the expiration date of such tender or exchange offer
and the Conversion Date in determining the Conversion Rate.

 

    102 

     

    

 

If the Company or one
of its Subsidiaries is obligated to purchase shares of the Common Stock pursuant to any such tender or exchange offer described
in this Section 14.05(e) but the Company or such Subsidiary is permanently prevented by applicable law from effecting any
such purchase or any such purchase is rescinded, the applicable Conversion Rate shall be decreased to be the Conversion Rate that
would then be in effect if such tender or exchange offer had not been made or had been made only in respect of the purchases that
have been effected.

 

(f)        [Reserved]

 

(g)       [Reserved]

 

(h)       Except as stated herein, the Company shall not adjust the Conversion Rate for the issuance of shares of the Common Stock
or any securities convertible into or exchangeable for shares of the Common Stock or the right to purchase shares of the Common
Stock or such convertible or exchangeable securities.

 

(i)         In addition to those adjustments required by clauses (a), (b), (c), (d) and (e) of this Section 14.05, and to the
extent permitted by applicable law and subject to the applicable listing standards of the Relevant Stock Exchange on which the
Common Stock is then listed or admitted for trading, the Company from time to time may increase the Conversion Rate by any amount
for a period of at least 20 Business Days if the Board of Directors of the Company determines that such increase would be in the
Company’s best interest. In addition, to the extent permitted by applicable law and subject to the applicable listing standards
of the Relevant Stock Exchange on which the Common Stock is then listed or admitted for trading, the Company may (but is not required
to) increase the Conversion Rate to avoid or diminish any income tax to holders of Common Stock or rights to purchase shares of
Common Stock in connection with a dividend or distribution of shares of Common Stock (or rights to acquire shares of Common Stock)
or similar event. Whenever the Conversion Rate is increased pursuant to either of the preceding two sentences, the Company shall
deliver to the Holder of each Note a notice of the increase at least 15 calendar days prior to the date the increased Conversion
Rate takes effect, and such notice shall state the increased Conversion Rate and the period during which it will be in effect.

 

(j)         Notwithstanding
anything to the contrary in this Article 14, the Conversion Rate shall not be adjusted pursuant to this Article 14:

 

(i)              
upon the issuance of any shares of Common Stock pursuant to any present or future plan providing for the reinvestment of
dividends or interest payable on the Company’s securities and the investment of additional optional amounts in shares of
Common Stock under any plan;

 

    103 

     

    

 

(ii)             
 upon the issuance of any shares of Common Stock or options or rights to purchase those shares pursuant to any present or
future employee, director or consultant benefit plan or program of or assumed by the Company or any of the Company’s Subsidiaries;

 

(iii)             except
as set forth in Section 14.05(b) or Section 14.05(c), upon the issuance of any shares of the Common Stock pursuant
to any option, warrant, right or exercisable, exchangeable or convertible security not described in clause (ii) of this subsection;

 

(iv)           
solely for a change in the par value (or lack of par value) of the Common Stock;

 

(v)            
upon the repurchase of any shares of the Common Stock pursuant to an open-market share repurchase program or other buy-back
transaction that is not a tender offer or exchange offer of the kind described in Section 14.05(e); or

 

(vi)           
for accrued and unpaid interest, if any.

 

All calculations and
other determinations under this Article 14 shall be made by the Company and shall be made to the nearest one-ten thousandth (1/10,000th)
of a share.

 

(k)        Notwithstanding anything in this Article 14 to the contrary, the Company shall not be required to adjust the Conversion
Rate unless the adjustment would result in a change of at least 1% in the then effective Conversion Rate. However, the Company
shall carry forward any adjustments to the Conversion Rate that are less than 1% of the Conversion Rate and make all such carried-forward
adjustments (i) when the cumulative net effect of all adjustments not yet made will result in a change of at least 1% of the Conversion
Rate or (ii) regardless of whether the adjustment (or such cumulative net effect) is less than 1%, (a) on the Conversion Date for
any Notes or (b) upon the occurrence of any Fundamental Change that occurs on or after the Qualified Public Company Event or Other
Listing Event.

 

(l)         Whenever the Conversion Rate is adjusted as herein provided, the Company shall promptly file with the Trustee (and the Conversion
Agent if not the Trustee) an Officer’s Certificate setting forth the Conversion Rate after such adjustment and setting forth
a brief statement of the facts requiring such adjustment. Unless and until a Responsible Officer of the Trustee shall have received
such Officer’s Certificate, the Trustee shall not be deemed to have knowledge of any adjustment of the Conversion Rate and
may assume without inquiry that the last Conversion Rate of which it has knowledge is still in effect. Promptly after delivery
of such certificate, the Company shall prepare a notice of such adjustment of the Conversion Rate setting forth the adjusted Conversion
Rate and the date on which each adjustment becomes effective and shall deliver such notice of such adjustment of the Conversion
Rate to each Holder. Failure to deliver such notice shall not affect the legality or validity of any such adjustment.

 

(m)       For
purposes of this Section 14.05, the number of shares of Common Stock at any time outstanding shall not include shares of
Common Stock held in the treasury of the Company so long as the Company does not pay any dividend or make any distribution on
shares of Common Stock held in the treasury of the Company, but shall include shares of Common Stock issuable in respect of scrip
certificates issued in lieu of fractions of shares of Common Stock.

 

    104 

     

    

 

Section 14.06   
Adjustments of Prices. Whenever any provision of this Indenture requires the Company to calculate the Daily VWAP,
Last Reported Sale Prices or the Transaction Price over a span of multiple days, the Board of Directors of the Company shall make
appropriate adjustments (to the extent no corresponding adjustment is otherwise made pursuant to Section 14.05) to each
to account for any adjustment to the Conversion Rate that becomes effective, or any event requiring an adjustment to the Conversion
Rate where the Ex-Dividend Date, Effective Date, or expiration date, as the case may be, of the event occurs, at any time during
the period when the Daily VWAP, Last Reported Sale Prices or the Transaction Price are to be calculated.

 

Section 14.07   
Shares to Be Reserved. The Company shall provide, free from preemptive rights, out of its authorized but unissued
shares or shares held in treasury, sufficient shares of Common Stock, and shall at all times (including immediately following any
event that causes an adjustment to the Conversion Price hereunder) maintain a sufficient number of authorized but unissued shares
of Common Stock, to provide for conversion of the Notes from time to time as such Notes are presented for conversion (assuming
that at the time of computation of such number of shares, all such Notes would be converted by a single Holder, and without giving
effect to any limitation that may be imposed by the Maximum Percentage).

 

Section 14.08   
Effect of Recapitalizations, Reclassifications and Changes of the Common Stock.

 

(a)        In
the case of:

 

(i)              
any recapitalization, reclassification or change of the Common Stock (other than changes resulting from a subdivision or
combination or a change of par value or to no par value),

 

(ii)             
any consolidation, merger, combination or similar transaction involving the Company,

 

(iii)           
any sale, lease or other transfer to a third party of the consolidated assets of the Company and the Company’s Subsidiaries
substantially as an entirety, or

 

(iv)            
any statutory share exchange,

 

in each case, as a result of which
the Common Stock would be converted into, or exchanged for, stock, other securities, other property or assets (including cash
or any combination thereof) (each, a “Specified Corporate Event”), including any Tax Efficiency
Reorganization Transaction, then the Company, the Successor Company (if applicable) and the acquiring Person (including, if
the applicable Specified Corporate Event is a SPAC Transaction, the SPAC or, if the applicable Specified Corporate Event is a
Tax Efficiency Reorganization Transaction, the newly formed holding company), as applicable, shall execute, at or prior to
the effective time of the Specified Corporate Event, with the Trustee a supplemental indenture permitted under Section
10.01(n) without the consent of the Holders (which, if the applicable specified Corporate Event is a SPAC Transaction,
shall also comply with the requirements of Section 11.03) providing that, at and after the effective time of such
Specified Corporate Event, the Holders’ right to convert Notes at the Conversion Rate into Common Stock shall (i) in
the case of a Specified Corporate Event (other than a SPAC Transaction or a Tax Efficiency Reorganization Transaction), be
changed into a right to convert such principal amount of Notes into the kind and amount of shares of stock, other securities
or other property or assets (including cash or any combination thereof) that a holder of a number of shares of Common Stock
equal to the Conversion Rate (which will be the applicable Change of Control Conversion Rate if such Specified Corporate
Event is also a Change of Control) immediately prior to such Specified Corporate Event would have owned or been entitled to
receive upon the occurrence of such Specified Corporate Event (for the avoidance of doubt, without giving effect to Section
14.03(k)), (ii) in the case of a Specified Corporate Event that is a SPAC Transaction, into Common Stock of the SPAC equal to
the Conversion Rate (such property referred to in clause (i) or (ii), the “Reference Property,” with each
 “unit of Reference Property” meaning the kind and amount of Reference Property that a holder of one share
of Common Stock is entitled to receive) and (iii) in the case of a Specified Corporate Event that is a Tax Efficiency
Reorganization Transaction, remain unchanged, except that references to the Company’s Class A Units in the definition
of “Common Stock” shall instead refer to the equivalent shares of common stock of the newly formed holding
company (for which the Company’s Class A Units were exchanged) and other applicable references herein shall be
modified, mutatis mutandis, to reflect the new holding company structure (with the Company remaining the issuer of the
Notes and the Notes becoming convertible into shares of common stock of the holding company).

 

    105 

     

    

 

If the Specified Corporate
Event other than a SPAC Transaction causes the Common Stock to be converted into, or exchanged for, the right to receive more than
a single type of consideration (determined based in part upon any form of equityholder election), then (i) the Reference Property
into which the Notes will be convertible shall be deemed to be the weighted average of the types and amounts of consideration actually
received by the holders of Common Stock, and (ii) the unit of Reference Property for purposes of the immediately preceding paragraph
shall refer to the consideration referred to in clause (i) attributable to one share of Common Stock. If the holders of the Common
Stock receive only cash in such Specified Corporate Event, then for all conversions for which the relevant Conversion Date occurs
after the Effective Date of such Specified Corporate Event (A) the consideration due upon conversion of each $1,000 principal amount
of Notes (or if a PIK Payment has been made, the consideration due upon conversion of each $1.00 principal amount of Notes) shall
be solely cash in an amount equal to (1) if no PIK Payment has been made, the Conversion Rate in effect on the Conversion Date
(which will be the applicable Change of Control Conversion Rate if such Specified Corporate Event is also a Change of Control)
or (2) if a PIK Payment has been made, the quotient of (a) the Conversion Rate in effect on the Conversion Date (which will be
the applicable Change of Control Conversion Rate if such Specified Corporate Event is also a Change of Control) and (b) 1,000,
in each case, multiplied by the price paid per share of Common Stock in such Specified Corporate Event and (B) the Company shall
satisfy the Conversion Obligation by paying such cash amount to converting Holders on the second Business Day immediately following
the relevant Conversion Date. The Company shall notify Holders, the Trustee and the Conversion Agent (if other than the Trustee)
of such weighted average as soon as practicable after such determination is made.

 

If the Reference
Property in respect of any such Specified Corporate Event includes Capital Stock, such supplemental indenture described in
the second immediately preceding paragraph providing that the Notes will be convertible into Reference Property shall provide
for anti-dilution and other adjustments that shall be as nearly equivalent as practicable to the adjustments provided for in
this Article 14. If, in the case of any Specified Corporate Event, the Reference Property includes shares of stock,
securities or other property or assets (other than cash and/or cash equivalents) of a Person that is a party to the
transaction other than the Company or the Successor Company, as the case may be, in such Specified Corporate Event, then such
supplemental indenture shall also be executed by such other Person and shall contain such additional provisions to protect
the interests of the Holders of the Notes as the Board of Directors of the Company shall reasonably consider necessary by
reason of the foregoing, including the provisions providing for the repurchase rights set forth in Article 15.

 

    106 

     

    

 

 

(b)            When the Company executes a supplemental indenture pursuant to subsection (a) of this Section 14.08, the Company
shall promptly file with the Trustee an Officer’s Certificate briefly stating the reasons therefor, the kind or amount of
cash, securities or property or asset that will comprise a unit of Reference Property after any such Specified Corporate Event,
any adjustment to be made with respect thereto and that all conditions precedent have been complied with and an Opinion of Counsel
stating that all conditions precedent to the execution and delivery of such supplemental indenture have been complied with, and
shall promptly deliver notice thereof to all Holders. The Company shall cause notice of the execution of such supplemental indenture
to be delivered to each Holder within 20 calendar days after execution thereof. Failure to deliver such notice shall not affect
the legality or validity of such supplemental indenture.

 

(c)            The Company shall not become a party to any Specified Corporate Event unless its terms are consistent with this Section
14.08. None of the foregoing provisions shall affect the right of a Holder to convert its Notes into shares of Common Stock,
as set forth in Section 14.01, Section 14.02 and Section 14.03, prior to the Effective Date of such Specified
Corporate Event.

 

(d)            The above provisions of this Section shall similarly apply to successive Specified Corporate Events.

 

Section 14.09   
Certain Covenants.

 

(a)            The Company covenants that all shares of Common Stock issued upon conversion of Notes will be fully paid and non-assessable
by the Company and free from all taxes, liens and charges with respect to the issue thereof.

 

(b)            The Company covenants that, if any shares of Common Stock to be provided for the purpose of conversion of Notes hereunder
require registration with or approval of any governmental authority under any federal or state law before such shares of Common
Stock may be validly issued upon conversion, the Company will, to the extent then permitted by the rules and interpretations of
the Commission, secure such registration or approval, as the case may be.

 

(c)            Following
the Qualified Public Company Event or Other Listing Event, the Company further covenants that if at any time the Common Stock
shall be listed on any national securities exchange or automated quotation system, the Company shall list and keep listed, so
long as the Common Stock shall be so listed on such exchange or automated quotation system, any Common Stock issuable upon
conversion of the Notes.

 

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(d)            In connection with a Qualified Public Company Event, each Holder shall be required to agree that, upon consummation of the
Qualified Public Company Event, such Holder will not convert its Notes (except in connection with a Change of Control or Fundamental
Change) for a period not to exceed one hundred eighty (180) days following the closing of such Qualified Public Company Event.

 

Section 14.10   
Responsibility of Trustee and Conversion Agent. The Trustee and any other Conversion Agent shall not at any time
be under any duty or responsibility to any Holder to determine whether the Notes are then-convertible, the Conversion Rate (or
any adjustment thereto) or whether any facts exist that may require any adjustment (including any increase) of the Conversion Rate,
or with respect to the nature or extent or calculation of any such adjustment when made, or with respect to the method employed,
or herein or in any supplemental indenture provided to be employed, in making the same. The Trustee and any other Conversion Agent
shall not be accountable with respect to the validity or value (or the kind or amount) of any shares of Common Stock, or of any
securities, property or cash that may at any time be issued or delivered upon the conversion of any Note; and the Trustee and any
other Conversion Agent make no representations with respect thereto. Neither the Trustee nor any Conversion Agent shall be responsible
for any failure of the Company to issue, transfer or deliver any shares of Common Stock or stock certificates or other securities
or property or cash upon the surrender of any Note for the purpose of conversion or to comply with any of the duties, responsibilities
or covenants of the Company contained herein. Without limiting the generality of the foregoing, neither the Trustee nor any Conversion
Agent shall be under any responsibility to determine the correctness of any provisions contained in any supplemental indenture
entered into pursuant to Section 14.08 relating either to the kind or amount of shares of stock or securities or property
(including cash) receivable by Holders upon the conversion of their Notes after any event referred to in such Section 14.08
or to any adjustment to be made with respect thereto, but, subject to the provisions of Section 7.01, may accept (without
any independent investigation) as conclusive evidence of the correctness of any such provisions, and shall be protected in relying
upon, the Officer’s Certificate and an Opinion of Counsel (which the Company shall be obligated to file with the Trustee
prior to the execution of any such supplemental indenture) with respect thereto. Neither the Trustee nor the Conversion Agent shall
be responsible for determining whether any event contemplated by Section 14.01 or 14.02 has occurred that makes the Notes
eligible for conversion until the Company has delivered to the Trustee and the Conversion Agent the notices referred to in Section
14.01 or Section 14.03, as the case may be, with respect to the commencement of such conversion rights, on which notices the
Trustee and the Conversion Agent may conclusively rely, and the Company agrees to deliver such notices to the Trustee and the Conversion
Agent immediately after the occurrence of any such event or at such other times as shall be provided for in Section 14.01,
Section 14.02 and Section 14.11.

 

Section 14.11   
Notice to Holders Prior to Certain Actions. In case of any:

 

(a)              
action by the Company or one of its Subsidiaries that would require an adjustment in the Conversion Rate pursuant to Section
14.05 or Section 14.12;

 

    108 

     

    

 

(b)              
 Specified Corporate Event; or

 

(c)              
voluntary or involuntary dissolution, liquidation or winding-up of the Company;

 

then, in each case (unless notice of such
event is otherwise required pursuant to another provision of this Indenture) and to the extent applicable, the Company shall cause
to be filed with the Trustee and the Conversion Agent (if other than the Trustee) and to be delivered to each Holder at its address
appearing on the Note Register, as promptly as practicable but in any event at least 20 days prior to the applicable date hereinafter
specified, a notice stating (i) the date on which a record is to be taken for the purpose of such action by the Company or, if
a record is not to be taken, the date as of which the holders of Common Stock of record are to be determined for the purposes of
such action by the Company or (ii) the date on which such Specified Corporate Event, dissolution, liquidation or winding-up is
expected to become effective or occur, and the date as of which it is expected that holders of Common Stock of record shall be
entitled to exchange their Common Stock for securities or other property deliverable upon such Specified Corporate Event, dissolution,
liquidation or winding up. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such
action by the Company or one of its Subsidiaries, Specified Corporate Event, dissolution, liquidation or winding-up.

 

Section 14.12   
Shareholder Rights Plans. If the Company has a shareholder rights plan in effect upon conversion of the Notes, each
share of Common Stock, if any, issued upon such conversion shall be entitled to receive the appropriate number of rights, if any,
and the certificates representing the Common Stock issued upon such conversion shall bear such legends, if any, in each case as
may be provided by the terms of any such shareholder rights plan, as the same may be amended from time to time. However, if, prior
to any conversion of Notes, the rights have separated from the shares of Common Stock in accordance with the provisions of the
applicable shareholder rights plan, the Conversion Rate shall be adjusted at the time of separation as if the Company distributed
to all or substantially all holders of the Common Stock Distributed Property as provided in Section 14.05(c), subject to
readjustment in the event of the expiration, termination or redemption of such rights.

 

Article
15

REPURCHASE OF NOTES AT OPTION OF HOLDERS

 

Section 15.01   
Reserved.

 

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Section 15.02   
Repurchase at Option of Holders Upon a Fundamental Change on or after the Qualified Public Company Event.

 

(a)               If
a Fundamental Change occurs at any time on or after the Qualified Public Company Event or Other Listing Event and prior to
the Maturity Date, each Holder shall have the right, at such Holder’s option, to require the Company to repurchase for
cash all of such Holder’s Notes, or any portion of the principal amount thereof that is equal to $1,000 (or if a PIK
Payment has been made, $1.00) or an integral multiple thereof, on the date (the “Fundamental Change Repurchase
Date”) specified by the Company that is not less than 20 Business Days or more than 35 Business Days following the
date of the Fundamental Change Company Notice, at a repurchase price in cash in an amount equal to 100% of the principal
amount thereof, plus accrued and unpaid interest thereon, if any, to, but excluding, the Fundamental Change Repurchase Date
(the “Fundamental Change Repurchase Price”), unless the Fundamental Change Repurchase Date falls after a
Regular Record Date but on or prior to the Interest Payment Date to which such Regular Record Date relates, in which case the
Company shall instead pay the full amount of accrued and unpaid interest to Holders of record as of such Regular Record Date,
and the Fundamental Change Repurchase Price shall be paid in cash in an amount equal to 100% of the principal amount of Notes
to be repurchased pursuant to this Section 15.02. The Fundamental Change Repurchase Date shall be subject to
postponement, without penalty to the Company, in order to allow the Company to comply with applicable law as a result of any
changes to such applicable law occurring after the date of this Indenture.

 

(b)              
On or before the 20th calendar day after the occurrence of the Effective Date of a Fundamental Change, the Company shall
provide to all Holders of Notes, the Trustee and the Conversion Agent (if other than the Trustee) and the Paying Agent (in the
case of a Paying Agent other than the Trustee) a notice (the “Fundamental Change Company Notice”) of the occurrence
of the Fundamental Change and of the repurchase right at the option of the Holders arising as a result thereof. In the case of
Physical Notes, such notice shall be by first class mail or, in the case of Global Notes, such notice shall be delivered in accordance
with the applicable procedures of the Depositary. Each Fundamental Change Company Notice shall specify:

 

(i)            the events causing the Fundamental Change;

 

(ii)           the date of the Fundamental Change;

 

(iii)          the last date on which a Holder may exercise the repurchase right pursuant to this Article 15;

 

(iv)          the Fundamental Change Repurchase Price;

 

(v)           the Fundamental Change Repurchase Date;

 

(vi)          the name and address of the Paying Agent and the Conversion Agent, if applicable;

 

(vii)         if applicable, the Conversion Rate and any adjustments to the Conversion Rate;

 

(viii)       
that the Notes with respect to which a Fundamental Change Repurchase Notice has been delivered by a Holder may be converted
only if the Holder validly withdraws the Fundamental Change Repurchase Notice and any Change of Control Repurchase Notice, in accordance
with the terms of this Indenture; and

 

(ix)           the procedures that Holders must follow to require the Company to repurchase their Notes.

 

    110 

     

    

 

No failure of the Company
to give the foregoing notices and no defect therein shall limit the Holders’ repurchase rights or affect the validity of
the proceedings for the repurchase of the Notes pursuant to this Section 15.02.

 

At the Company’s
written request delivered at least five (5) Business Days (or such shorter time as the Trustee may agree) prior to the date of
the sending of such notice, the Trustee shall give such notice in the Company’s name and at the Company’s expense;
provided, however, that, in all cases, the text of such Fundamental Change Company Notice shall be prepared by the
Company.

 

Simultaneously with
providing such notice, the Company shall publish the information on the Company’s website or through such other public medium
as the Company may use at that time.

 

Section 15.03   
Repurchase at Option of Holders Upon a Change of Control Prior to the Qualified Public Company Event.

 

(a)              
If a Change of Control occurs at any time after the date hereof and prior to the consummation of a Qualified Public Company
Event, each Holder shall have the right, at such Holder’s option, to require the Company to repurchase for cash all of such
Holder’s Notes, or any portion of the principal amount thereof that is equal to $1,000 (or if a PIK Payment has been made,
$1.00) or an integral multiple thereof, on the date (the “Change of Control Repurchase Date”) that is 30 calendar
days after the date the Change of Control Company Notice is delivered to holders pursuant to Section 15.03(b) at a repurchase
price in cash in an amount equal to 104% of the principal amount thereof, plus accrued and unpaid interest thereon, if any, to,
but excluding, the Change of Control Repurchase Date (the “Change of Control Repurchase Price”), unless the
Change of Control Repurchase Date falls after a Regular Record Date but on or prior to the Interest Payment Date to which such
Regular Record Date relates, in which case the Company shall instead pay the full amount of accrued and unpaid interest to Holders
of record as of such Regular Record Date, and the Change of Control Repurchase Price shall be paid in cash in an amount equal to
104% of the principal amount of Notes to be repurchased pursuant to this Section 15.03. The Change of Control Repurchase
Date shall be subject to postponement, without penalty to the Company, in order to allow the Company to comply with applicable
law as a result of any changes to such applicable law occurring after the date of this Indenture.

 

(b)              
On or before the second Business Day after the effectiveness of a Change of Control prior to the Qualified Public Company
Event, the Company shall provide to all Holders of Notes, the Trustee and the Conversion Agent (if other than the Trustee) and
the Paying Agent (in the case of a Paying Agent other than the Trustee) a notice (the “Change of Control Company Notice”)
of the occurrence of the Change of Control and of the repurchase right at the option of the Holders arising as a result thereof.
In the case of Physical Notes, such notice shall be by first class mail or, in the case of Global Notes, such notice shall be delivered
in accordance with the applicable procedures of the Depositary. Each Change of Control Company Notice shall specify:

 

(i)            the events causing the Change of Control;

 

(ii)           the date of the Change of Control;

 

    111 

     

    

 

(iii)           the last date on which a Holder may exercise the repurchase right pursuant to this Article 15;

 

(iv)          the Change of Control Repurchase Price;

 

(v)           the Change of Control Repurchase Date;

 

(vi)          the name and address of the Paying Agent and the Conversion Agent, if applicable;

 

(vii)         the Change of Control Conversion Rate and the date until which Holders may convert their Notes pursuant to Section 14.01;

 

(viii)       
the Transaction Price Notice;

 

(ix)           that the Notes with respect to which a Change of Control Repurchase Notice has been delivered by a Holder may be converted
only if the Holder withdraws the Change of Control Repurchase Notice in accordance with the terms of this Indenture; and

 

(x)            the procedures that Holders must follow to require the Company to repurchase their Notes.

 

No failure of the Company
to give the foregoing notices and no defect therein shall limit the Holders’ repurchase rights or affect the validity of
the proceedings for the repurchase of the Notes pursuant to this Section 15.03.

 

At the Company’s
written request delivered at least five (5) Business Days (or such shorter time as the Trustee may agree) prior to the date of
the sending of such notice, the Trustee shall give such notice in the Company’s name and at the Company’s expense;
provided, however, that, in all cases, the text of such Change of Control Company Notice shall be prepared by the
Company.

 

Simultaneously with
providing such notice, the Company shall publish the information on the Company’s website or through such other public medium
as the Company may use at that time.

 

Section 15.04   
Withdrawal of Fundamental Change Repurchase Notice or Change of Control Repurchase Notice. Holders of Physical Notes
may withdraw (in whole or in part) a Fundamental Change Repurchase Notice or Change of Control Repurchase Notice by means of a
written notice of withdrawal delivered to the Corporate Trust Office of the Paying Agent in accordance with this Section 15.04
at any time prior to the close of business on the Business Day immediately preceding the Fundamental Change Repurchase Expiration
Time or the Change of Control Repurchase Expiration Time, as applicable, specifying:

 

(i)            the principal amount of the Notes with respect to which such notice of withdrawal is being submitted,

 

(ii)           if Physical Notes have been issued, the certificate number(s) of the Note(s) in respect of which such notice of withdrawal
is being submitted, and

 

    112 

     

    

 

(iii)           the principal amount, if any, of such Note that remains subject to the original Fundamental Change Repurchase Notice or
the Change of Control Repurchase Notice, as the case may be, which portion must be in principal amounts of $1,000 (or if a PIK
Payment has been made, $1.00) or an integral multiple thereof;

 

If the Notes are Global
Notes, Holders must withdraw the Notes they have elected to require the Company to repurchase in accordance with appropriate procedures
of the Depositary.

 

Section 15.05   
Deposit of Fundamental Change Repurchase Price and Change of Control Repurchase Price.

 

(a)              
The Company will deposit with the Trustee (or other Paying Agent appointed by the Company, or if the Company is acting as
its own Paying Agent, set aside, segregate and hold in trust as provided in Section 4.04(a)) on or prior to 11:00 a.m.,
New York City time, on the Fundamental Change Repurchase Date or Change of Control Repurchase Date, as applicable, an amount of
money sufficient to repurchase all of the Notes to be repurchased at the appropriate Fundamental Change Repurchase Price or Change
of Control Repurchase Price, as applicable. Subject to receipt of funds and/or Notes by the Trustee (or other Paying Agent appointed
by the Company), payment for Notes surrendered for repurchase (and not validly withdrawn in accordance with Section 15.04)
will be made on the later of (i) the Fundamental Change Repurchase Date (provided the Holder has satisfied the conditions
in Section 15.02) or the Change of Control Repurchase Date (provided the Holder has satisfied the conditions in Section
15.03), as applicable, and (ii) the delivery of such Notes to the Trustee (or other Paying Agent appointed by the Company)
by the Holder thereof or the time of book-entry transfer, in the manner required by Section 15.07 by mailing checks for
the amount payable to the Holders of such Notes entitled thereto as they shall appear in the Note Register; provided, however,
that payments to the Depositary shall be made by wire transfer of immediately available funds to the account of the Depositary
or its nominee. The Trustee shall, promptly after such payment and upon written demand by the Company, return to the Company any
funds in excess of the Fundamental Change Repurchase Price or Change of Control Repurchase Price, as applicable.

 

(b)              
If by 11:00 a.m. New York City time, on the Fundamental Change Repurchase Date or Change of Control Repurchase Date, as
applicable, the Trustee (or other Paying Agent appointed by the Company) holds money sufficient to make payment on all the Notes
or portions thereof that are to be repurchased on such Fundamental Change Repurchase Date or such Change of Control Repurchase
Date, as applicable, then, with respect to the Notes that have been properly surrendered for repurchase and not validly withdrawn
in accordance with Section 15.04, (i) such Notes will cease to be outstanding, (ii) interest will cease to accrue on such
Notes (whether or not book-entry transfer of the Notes has been made or the Notes have been delivered to the Trustee or Paying
Agent) and (iii) all other rights of the Holders of such Notes will terminate (other than the right to receive the Fundamental
Change Repurchase Price and the Change of Control Repurchase Price (and default interest specified in this Indenture on overdue
amounts, if any), as the case may be, and, if the Fundamental Change Repurchase Date or Change of Control Repurchase Date falls
after a Regular Record Date but on or prior to the related Interest Payment Date, the right of the Holder of record on such Regular
Record Date to receive the related interest payment).

 

    113 

     

    

 

(c)              
 Upon surrender of a Physical Note that is to be repurchased in part pursuant to Section 15.02 or Section 15.03,
the Company shall execute and the Trustee shall authenticate and deliver to the Holder a new Note in an authorized denomination
equal in principal amount to the unrepurchased portion of the Note surrendered.

 

Section 15.06   
Covenant to Comply with Applicable Laws Upon Repurchase of Notes. In connection with any repurchase offer pursuant
to a Fundamental Change Repurchase Company Notice or Change of Control Repurchase Company Notice, as applicable, the Company will,
if required:

 

(a)              
comply with any tender offer rules under the Exchange Act that may then be applicable, including, without limitation, Rule
13e-4 and Rule 14e-1, if applicable;

 

(b)              
file a Schedule TO or any other required schedule under the Exchange Act; and

 

(c)              
otherwise comply with all federal and state securities laws in connection with any offer by the Company to repurchase the
Notes;

 

in each case, so as
to permit the rights and obligations under this Article 15 to be exercised in the time and in the manner specified in this Article
15; provided that to the extent that the provisions of any securities laws or regulations conflict with the provisions of
this Indenture relating to the Company’s obligations to purchase the Notes upon a Fundamental Change or upon a Change of
Control, the Company shall comply with the applicable securities laws and regulations and will not be deemed to have breached its
obligations under such provisions of this Indenture by virtue of such conflict.

 

Section 15.07   
Repurchase Procedures. (a) Repurchases of Notes under Sections 15.02 and 15.03, as applicable, shall
be made, at the option of the Holder thereof, upon:

 

(i)            delivery to the Paying Agent by a Holder of (x) a duly completed notice substantially in the form of the Form of Fundamental
Change Repurchase Notice (the “Fundamental Change Repurchase Notice”) or (y) a duly completed notice substantially
in the form of the Form of Change of Control Repurchase Notice (the “Change of Control Repurchase Notice”),
if the Notes are Physical Notes, or in compliance with the Depositary’s procedures for surrendering interests in Global Notes,
if the Notes are Global Notes, in each case, on or before the close of business on the Business Day immediately preceding (x) with
respect to a repurchase pursuant to Section 15.02, the Fundamental Change Repurchase Date (the “Fundamental Change
Repurchase Expiration Time”) or (y) with respect to a repurchase pursuant to Section 15.03, the Change of Control Repurchase
Date (the “Change of Control Repurchase Expiration Time”), as applicable; and

 

(ii)           delivery
of the Notes, with respect to a repurchase pursuant to Section 15.02, prior to the Fundamental Change Repurchase
Expiration Time or, with respect to a repurchase pursuant to Section 15.03, prior to the Change of Control Repurchase
Expiration Time, as applicable, (x) if the Notes are Physical Notes, by physical delivery to the Paying Agent at any time
after delivery of the Fundamental Change Repurchase Notice or the Change of Control Repurchase Notice, as the case may be,
(together with all necessary endorsements for transfer) at the Corporate Trust Office of the Paying Agent, or (y) if the
Notes are Global Notes, by book-entry transfer of the Notes in compliance with the procedures of the Depositary, in each case
such delivery being a condition to receipt by the Holder of the Fundamental Change Repurchase Price or the Change of Control
Repurchase Price, as applicable, therefor.

 

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(b)              
The Fundamental Change Repurchase Notice or the Change of Control Repurchase Notice, as applicable, in respect of any Notes
to be repurchased shall state:

 

(i)            in the case of Physical Notes, the certificate numbers of the Notes to be delivered for repurchase;

 

(ii)           the portion of the principal amount of Notes to be repurchased, which must be $1,000 (or if a PIK Payment has been made,
$1.00) or an integral multiple thereof; and

 

(iii)          that the Notes are to be repurchased by the Company pursuant to the applicable provisions of the Notes and this Indenture;

 

If the Notes are Global
Notes, Holders must tender their Notes in accordance with appropriate Depositary procedures.

 

Notwithstanding anything
herein to the contrary, any Holder electing to require the Company to repurchase for cash all of such Holder’s Notes, or
any portion of the principal amount thereof, as contemplated by this Article 15, shall have the right to withdraw, in whole
or in part, such notice at any time prior to, with respect to a repurchase pursuant to Section 15.02, the close of business
on the Business Day immediately preceding Fundamental Change Repurchase Expiration Time or, with respect to a purchase pursuant
to Section 15.03, the close of business on the Business Day immediately preceding the Change of Control Repurchase Expiration
Time, by delivery of a written notice of withdrawal to the Paying Agent in accordance with Section 15.04 hereof, in the
case of Physical Notes, and in accordance with appropriate Depositary procedures, in the case of Global Notes.

 

The Paying Agent shall
promptly notify the Company of the receipt by it of any Fundamental Change Repurchase Notice, Change of Control Repurchase Notice
or notice of withdrawal thereof.

 

Notwithstanding
the foregoing, no Notes may be repurchased by the Company on any date at the option of the Holders upon a Fundamental Change
or Change of Control, as applicable, if the principal amount of the Notes has been accelerated, and such acceleration has not
been rescinded, on or prior to such date (except in the case of an acceleration resulting from a Default by the Company in
the payment of the Fundamental Change Repurchase Price or Change of Control Repurchase Price, as the case may be, with
respect to such Notes). The Paying Agent will promptly return to the respective Holders thereof any Physical Notes held by it
during the acceleration of the Notes (except in the case of an acceleration resulting from a Default by the Company in the
payment of the Fundamental Change Repurchase Price or Change of Control Repurchase Price, as the case may be, with respect to
such Notes), or any instructions for book- entry transfer of the Notes in compliance with the procedures of the Depositary
shall be deemed to have been cancelled, and, upon such return or cancellation, as the case may be, the Fundamental Change
Repurchase Notice or Change of Control Repurchase Price with respect thereto shall be deemed to have been withdrawn.

 

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Article
16

GUARANTEE

 

Section
16.01    Note
Guarantee. Subject to the limitations set forth in Section 16.05, the Guarantors hereby, jointly and severally
unconditionally and irrevocably Guarantee, as primary obligor and not merely as surety, to each Holder, the Trustee, the
Collateral Agent and their respective successors and assigns, irrespective of the validity and enforceability of this
Indenture, the Notes or the Obligations of the Company hereunder or thereunder, that: (a) the principal of and premium, if
any, and interest, if any, on the Notes (including interest accruing after the filing of any petition in bankruptcy, or the
commencement of any insolvency, reorganization or like proceedings), shall be promptly paid in full when due, whether at
Stated Maturity, by acceleration, required purchase or repurchase or otherwise, and interest on the overdue principal of and
interest on premium, if any, and interest, if any, if lawful, and all other obligations of the Company to the Holders, the
Trustee and the Collateral Agent hereunder or thereunder shall be promptly paid in full or 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, that the same shall be promptly paid in full when due or performed in accordance with the terms of the
extension or renewal, whether at Stated Maturity, by acceleration, required purchase or repurchase or otherwise (the
 “Note Guarantee”). Failing payment when due, subject to any applicable grace period, of any amount so
Guaranteed or any performance so Guaranteed for whatever reason, the Guarantors shall be jointly and severally obligated to
pay the same immediately. The Guarantors hereby agree that their obligations hereunder shall be unconditional, irrespective
of the validity, legality, regularity or enforceability of the Notes or this Indenture, the absence of any action to enforce
the same, any waiver or consent by any Holder with respect to any provisions hereof or thereof, the recovery of any judgment
against the Company or any Guarantor, if any, any action to enforce the same or any other circumstance which might otherwise
constitute a legal or equitable discharge or defense of the Guarantor. The Guarantors hereby waive, to the fullest extent
permitted by applicable law, 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 or another Guarantor,
protest, notice and all demands whatsoever and covenant that the Note Guarantee shall not be discharged except by payment in
full or conversion in full of the Notes in accordance with this Indenture. If any Holder or the Trustee is required by any
court or otherwise to return to the Company or any of the Guarantors, or any receiver, trustee, assignee, liquidator or
similar official under any Bankruptcy Law or other similar official acting in relation to either the Company or any of the
Guarantors, any amount paid either to the Trustee or to such Holder, the Note Guarantees, to the extent theretofore
discharged, shall be reinstated in full force and effect. Each Guarantor agrees that it shall not be entitled to any right of
subrogation in relation to the Holders in respect of any obligations Guaranteed hereby until payment in full of all
obligations Guaranteed hereby. Each Guarantor further agrees that, as between the Guarantors, on the one hand, and the
Holders and the Trustee, on the other hand, (x) the maturity of the obligations Guaranteed hereby may be accelerated as
provided in Article 6 for the purposes of the Note Guarantees, notwithstanding any stay, injunction or other prohibition
preventing such acceleration in respect of the obligations Guaranteed hereby and (y) in the event of any declaration of
acceleration of such obligations as provided in Article 6, such obligations (whether or not due and payable) shall forthwith
become due and payable by the Guarantor for the purpose of the Note Guarantees. The Guarantors shall have the right to seek
contribution from any non-paying Guarantor so long as the exercise of such right does not impact the rights of the Trustee or
the Holders under the Note Guarantees.

 

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Section 16.02   
Execution and Delivery of Note Guarantee. Each Guarantor hereby agrees that its execution and delivery of any supplemental
indenture substantially in the form of Exhibit C shall evidence its Note Guarantee set forth in Section 16.01
without the need for notation on the Notes.

 

Section 16.03   
Guarantors may Consolidate, etc., on Certain Terms. Except as otherwise provided in Section 16.04, no Guarantor
(other than a Guarantor whose Note Guarantee is to be released in accordance with Section 16.04) may sell, convey, assign,
transfer, lease or otherwise dispose of all or substantially all of its assets, in one transaction or any series of transactions
to, or consolidate with or merge with or into (whether or not such Guarantor is the surviving Person) another Person unless:

 

(a)              
 

 

(i)            the resulting, surviving or transferee Person is the Guarantor; or

 

(ii)           if not the Guarantor, such resulting, surviving or transferee Person (the “Successor
Guarantor”) shall be a corporation organized and existing under the laws of the United States of America, any State thereof,
the District of Columbia or any Designated Country;

 

(b)              
in any such transaction where the Guarantor is not the resulting, surviving or transferee Person, the Successor Guarantor
unconditionally assumes all of the Guarantor’s obligations under its Note Guarantee and this Indenture pursuant to a supplemental
indenture in a form reasonably satisfactory to the Trustee;

 

(c)              
immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing
under this Indenture; and

 

(d)              
in any transaction where the Guarantor is not the surviving or transferee Person, the Guarantor shall have delivered to
the Trustee and the Collateral Agent an Officer’s Certificate and Opinion of Counsel, each stating that the consolidation,
merger, sale, conveyance, assignment, transfer, lease or other disposition and such supplemental indenture complies with this Indenture
and all conditions precedent provided for in this Indenture relating to such transaction have been complied with.

 

For purposes of
this Section 16.03, the sale, conveyance, transfer or lease of all or substantially all of the properties and assets
of one or more Subsidiaries of the Guarantor to another Person that is not the Guarantor or a Subsidiary of the Guarantor,
which properties and assets, if held by the Guarantor instead of such Subsidiaries, would constitute all or substantially all
of the consolidated properties and assets of the Guarantor and its Subsidiaries, taken as a whole, shall be deemed to be the
sale, conveyance, transfer or lease by the Guarantor of all or substantially all of its consolidated properties and assets to
another Person.

 

    117 

     

    

 

In case of any such
consolidation, merger, sale or conveyance and, if required by this Indenture, upon the assumption by the Successor Guarantor, by
supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the Note Guarantee and
the due and punctual performance of all of the covenants and conditions of this Indenture to be performed by the Guarantor, such
Successor Guarantor will succeed to and, except in the case of a lease of all or substantially all of the consolidated properties
or assets of the Guarantor and its Subsidiaries, taken as a whole, shall be substituted for the Guarantor, with the same effect
as if it had been named herein as the Guarantor, and the Guarantor (except in the case of a lease of all or substantially all of
the consolidated properties or assets of the Guarantor and its Subsidiaries, taken as a whole) shall be discharged from the obligations
of the Guarantor under the Notes and this Indenture. The Note Guarantee so evidenced will in all respects have the same legal rank
and benefit under this Indenture as the Note Guarantee theretofore executed in accordance with the terms of this Indenture as though
such Note Guarantee had been executed at the Issue Date.

 

Section 16.04   
Release of Note Guarantees. In the event of:

 

(a)              
the satisfaction and discharge of this Indenture in accordance with Article 3;

 

(b)              
the liquidation or dissolution of any Guarantor; or

 

(c)              
a consolidation, merger, sale or conveyance covered by the first paragraph of Section 16.03 where the Guarantor is
not the resulting, surviving or transferee Person,

 

such Guarantor shall be automatically and
unconditionally released and relieved of any obligations under its Note Guarantee and the Indenture Documents. Upon delivery by
the Company to the Trustee and the Collateral Agent of an Officer’s Certificate and an Opinion of Counsel to the effect that
such satisfaction and discharge or liquidation or dissolution (in each case, to the extent applicable) permitted by this Indenture
has occurred, the Trustee or the Collateral Agent, as applicable, shall execute any documents reasonably requested by the Company
in order to evidence the release of any Guarantor from its obligations under its Note Guarantee and the Indenture Documents.

 

Any Guarantor not released
from its obligations under its Note Guarantee shall remain liable for the full amount of principal of, premium, if any, and interest,
if any, on the Notes and for the other obligations of any Guarantor under the Indenture Documents as provided in this Article 16.

 

Section
16.05    Limitation on
Guarantor Liability. For purposes hereof, the Guarantor’s liability shall be that amount from time to time equal to
the aggregate liability of the Guarantor under its Note Guarantee, but shall be limited to the lesser of (a) the aggregate
amount of the Obligations of the Company under the Indenture Documents and (b) the amount, if any, which would not have (A)
rendered the Guarantor “insolvent” (as such term is defined in the federal Bankruptcy Law and in the
Debtor and Creditor Law of the State of New York), (B) left it with unreasonably small capital at the time its Note Guarantee
was entered into, or at the time the Guarantor incurred liability thereunder, after giving effect to the incurrence of
existing Indebtedness immediately prior to such time or (C) left the Guarantor with debts beyond the Guarantor’s
ability to pay as such debts mature; provided that, it shall be a presumption in any lawsuit or other proceeding in
which the Guarantor is a party that the amount Guaranteed pursuant to its Note Guarantee is the amount set forth in
subsection (a) above unless any creditor, or representative of creditors of the Guarantor, or debtor in possession or trustee
in bankruptcy of the Guarantor, otherwise proves in such a lawsuit or other proceeding that the aggregate liability of the
Guarantor is limited to the amount set forth in subsection (b) above.

 

    118 

     

    

 

Section 16.06   
“Trustee” to Include Paying Agent. In case at any time any Paying Agent other than the Trustee shall
have been appointed by the Company and be then acting hereunder, the term “Trustee” as used in this Article
16 shall in such case (unless the context shall otherwise require) be construed as extending to and including such Paying Agent
within its meaning as fully and for all intents and purposes as if such Paying Agent were named in this Article 16 in place
of the Trustee.

 

Article
17

COLLATERAL AND SECURITY

 

Section 17.01   
Security Documents.

 

(a)              
Subject to Section 17.01(b) and 17.12 below, the due and punctual payment of the principal of, premium, if any, and
interest on the Notes and amounts due hereunder and under the Note Guarantees when and as the same shall be due and payable, subject
to any applicable grace period, whether on an interest payment date, by acceleration, purchase, repurchase, redemption or otherwise,
and interest on the overdue principal of, premium, if any, and interest on the Notes and the performance of all other Obligations
of the Company and the Guarantors to the Holders, the Collateral Agent or the Trustee under the Indenture Documents shall be secured
by the Security Documents. The Security Documents shall provide for the grant by the Company and the Guarantors party thereto to
the Collateral Agent of security interests in the Collateral subject to Permitted Liens.

 

(b)              
The Company shall, and shall cause each of the Guarantors on the Issue Date (or after the Issue Date, on the date such Person
becomes a Guarantor, to enter into the Form of Security Agreement and such additional assignments, agreements, powers of attorney
and instruments, and take such other actions, in each case as are necessary or reasonably requested by the Collateral Agent to
grant the Collateral Agent, on behalf of the Holders, a Lien on the Collateral subject to no prior Liens (other than Permitted
Liens). Such Security Agreement and the other Security Documents shall provide for the grant by the Company and the Guarantors
party thereto to the Collateral Agent of security interests in the Collateral subject to Permitted Liens.

 

    119 

     

    

 

Section
17.02    Recording and
Opinions. The Company shall, and shall cause each of the Guarantors to, at its sole cost and expense, take or cause to be
taken such actions as may be required by the Security Documents, to perfect, maintain (with the priority required under the
Security Documents), preserve and protect the valid and enforceable, perfected (except as expressly provided herein or
therein) security interests in and on all the Collateral granted by the Security Documents in favor of the Collateral Agent
for the benefit of the Holders as security for the Obligations contained in this Indenture, the Notes, any Note Guarantees
and the Security Documents, superior to and prior to the rights of all third Persons, and subject to no other Liens (other
than Permitted Liens); provided that, notwithstanding anything to the contrary under this Indenture, the Security
Agreement or any Indenture Document, the Company and the Guarantors shall not be required (A) to perfect the Security
Interests and/or Liens granted by the Security Documents by any means other than by (1) filings pursuant to the Uniform
Commercial Code in the office of the secretary of state (or similar filing office) of the jurisdiction of incorporation or
formation of the Company or such Guarantor, (2) filings in United States government offices with respect to registered and
applied for United States Intellectual Property owned by the Company or any Guarantor, (3) delivery to the Collateral Agent
to be held in its possession of all Collateral consisting of certificated securities, Chattel Paper, promissory notes or
Instruments as required by the Security Agreement, (4) entry into Deposit Account Control Agreements (as defined in the
Security Agreement) and securities account control agreements (other than with respect to Excluded Deposit Accounts (as
defined in the Security Agreement)) in accordance with Section 4.09 of the Security Agreement, (5) entry into the Mortgages
contemplated by Section 4.18 of this Indenture and (6) entry into Collateral Access Agreements (as defined in the
Security Agreement), (B) to perfect the security interest granted under the Security Documents in Letter-of-Credit Rights (as
defined in the Security Agreement) other than pursuant to the filings under the Uniform Commercial Code and (C) to complete
any filings or other action with respect to the perfection of the security interests, including of any Intellectual Property,
created under the Security Documents in any jurisdiction outside of the United States other than the use of commercially
reasonable efforts to obtain a perfected security interest in respect of any Capital Stock of a Pledged Foreign Subsidiary
constituting Collateral in the jurisdiction of formation of such Pledged Foreign Subsidiary in accordance with Section 4.10
of the Security Agreement. The Company shall from time to time promptly pay all financing and continuation statement
recording and/or filing fees, charges and recording and similar taxes relating to this Indenture, the Security Documents and
any amendments hereto or thereto and any other instruments of further assurance required pursuant hereto or thereto.

 

(a)              
Upon the entering into of the Security Agreement, the Company shall furnish to the Collateral Agent, at such times as would
be required by Section 314(b) of the Trust Indenture Act if this Indenture were qualified thereunder, commencing December 15, 2020,
an Opinion of Counsel to the effect that, either (i) other than actions that have been taken, no further action was necessary to
maintain the perfection of the security interest in the Collateral described in both the applicable UCC-1 financing statement and
the Security Agreement and for which perfection under the UCC of the Company’s or applicable Guarantor’s jurisdiction
of organization may occur by the filing of a UCC-1 financing statement with the appropriate filing office of the applicable party’s
jurisdiction of organization or (ii) if any actions are so required to be taken, to specify such actions.

 

(b)              
The Company will deliver to the Trustee copies of all documents delivered to the Collateral Agent pursuant to the Security
Documents, and the Company will, and will cause each Guarantor to, do or cause to be done all such acts and things as may be required
by the provisions of the Security Documents to assure and confirm to the Trustee that the Collateral Agent holds for the benefit
of the Trustee and the Holders duly created, enforceable and perfected Liens to the extent required by this Indenture and the Security
Documents, as from time to time constituted.

 

    120 

     

    

 

Section 17.03   
Release of Collateral.

 

(a)              
The Liens of the Collateral Agent created by the Security Documents shall not at any time be released on all or any portion
of the Collateral from the Liens created by the Security Documents unless such release is in accordance with the provisions of
this Indenture and the applicable Security Documents.

 

(b)              
The release of any Collateral from the Liens created by the Security Documents shall not be deemed to impair the security
under this Indenture in contravention of the provisions hereof if and to the extent the Collateral is released pursuant to this
Indenture and the Security Documents. The Company and the Guarantors shall not be required to comply with Section 314(d) of the
Trust Indenture Act in connection with any release of Collateral. For the avoidance of doubt, the automatic release of any current
assets constituting Collateral in connection with the sale, lease or other similar disposition of such inventory of the Company
and the Guarantors in the ordinary course of business shall not require delivery of any reports, certificates, opinions or other
formal documentation.

 

Section 17.04   
Specified Releases of Collateral.

 

(a)              
Collateral shall be released from the Liens created by the Security Documents at any time or from time to time in accordance
with the provisions of the Security Documents or as provided in this Indenture. The Liens securing the Collateral shall be automatically
released without the need for further action by any Person under any one or more of the following circumstances:

 

(i)            in part, as to any property that is sold, transferred, disbursed or otherwise disposed of by the Company or any Guarantor
(other than to the Company or any Guarantor) in a transaction not prohibited by this Indenture at the time of such sale, transfer,
disbursement or disposition;

 

(ii)           in whole or in part, with the consent of the Holders of the requisite percentage of Notes in accordance with the provisions
in Section 10.02;

 

(iii)          in whole with respect to the Collateral of any Guarantor, upon the release of the Note Guarantee of such Guarantor in accordance
with this Indenture;

 

(iv)          in whole or in part, as applicable, as to all or any portion of the Collateral which has been taken by eminent domain, condemnation
or similar circumstances; and

 

(v)           in part, to give effect to a change in the Requisite Foreign Pledge Percentage upon the occurrence of any Reversion Event;

 

(vi)          in part, in accordance with the applicable provisions of the Security Documents.

 

(b)               Upon
the request of the Company pursuant to an Officer’s Certificate and Opinion of Counsel confirming that all conditions
precedent hereunder and under the Security Documents, if any, have been met, and any instruments of termination, satisfaction
or release prepared by the Company or the Guarantors, as the case may be, the Collateral Agent, without the consent of any
Holder or the Trustee and at the expense of the Company or the Guarantors, shall execute, deliver or acknowledge such
instruments or releases (in form reasonably satisfactory to the Collateral Agent) reasonably requested by the Company in
order to evidence the release from the Liens created by the Security Documents of any Collateral permitted to be released
pursuant to this Indenture or the Security Documents, any such release to be made without any recourse, representation or
warranty of the Collateral Agent.

 

    121 

     

    

 

 

Section 17.05   
Release upon Qualified Public Company Event, Satisfaction and Discharge or Amendment.

 

(a)              
The Liens on all Collateral that secure the Notes and the Note Guarantees shall be automatically terminated and released
without the need for further action by any Person:

 

(i)                
the consummation of a Qualified Public Company Event;

 

(ii)              
upon the full and final payment and performance of the Company’s and the Guarantors’ respective Obligations
under this Indenture, the Notes and the Note Guarantees (other than contingent obligations that have yet to accrue);

 

(iii)            
upon satisfaction and discharge of this Indenture as described under Section 3.01; or

 

(iv)            
with the written consent of the Holders of at least 66-2/3% in aggregate principal amount of the outstanding Notes.

 

(b)              
Upon the request of the Company contained in an Officer’s Certificate and Opinion of Counsel confirming that all conditions
precedent hereunder and under the Security Documents have been met, any instruments of termination, satisfaction or release prepared
by the Company or the Guarantors, as the case may be, the Collateral Agent, without the consent of any Holder or the Trustee and
at the expense of the Company or the Guarantors, shall execute, deliver or acknowledge such instruments or releases to evidence
the release from the Liens created by the Security Documents of any Collateral permitted to be released pursuant to this Indenture,
or the Security Documents, any such release to be made without any recourse, representation or warranty of the Collateral Agent
and to be in a form reasonably acceptable to the Collateral Agent.

 

Section
17.06    Form and
Sufficiency of Release and Subordination. In the event that the Company or any Guarantor has sold, exchanged, or
otherwise disposed of or proposes to sell, exchange or otherwise dispose of any portion of the Collateral that may be sold,
exchanged or otherwise disposed of by the Company or such Guarantor to any Person other than the Company or a Guarantor, and
the Company or such Guarantor requests, pursuant to an Officer’s Certificate and Opinion of Counsel confirming that all
conditions precedent hereunder and under the Security Documents to the release of such Collateral have been met, that (a) the
Trustee or Collateral Agent furnish a written disclaimer, release or quit-claim of any interest in such property under this
Indenture and the Security Documents, or, (b) to the extent applicable to such Collateral, take all action that is necessary
or reasonably requested by the Company in writing (in each case at the expense of the Company) to release and reconvey to the
Company or such Guarantor, without recourse, such Collateral or deliver such Collateral in its possession to the Company or
such Guarantor, the Trustee and the Collateral Agent, as applicable, shall execute, acknowledge (without any recourse,
representation and warranty) and deliver to the Company or such Guarantor (in the form prepared by the Company at the
Company’s sole expense) such an instrument (in form reasonably satisfactory to the Collateral Agent) promptly or take
such other action so requested after satisfaction of the conditions set forth herein for delivery of any such release.

 

    122 

     

    

 

Section 17.07   
Purchaser Protected. No purchaser or grantee of any property or rights purported to have been released from the Lien
of this Indenture or of the Security Documents shall be bound to ascertain the authority of the Trustee or the Collateral Agent,
as applicable, to execute the release or to inquire as to the existence of any conditions herein prescribed for the exercise of
such authority; nor shall any purchaser or grantee of any property or rights permitted by this Indenture to be sold or otherwise
disposed of by the Company be under any obligation to ascertain or inquire into the authority of the Company to make such sale
or other disposition.

 

Section 17.08   
Authorization of Actions to be Taken by the Collateral Agent Under the Security Documents.

 

(a)              
Subject to the provisions of the applicable Security Documents, each Holder, by acceptance of the Notes, appoints U.S. Bank
National Association as Collateral Agent consents to the terms of and agrees that the Collateral Agent shall, and the Collateral
Agent is hereby authorized and directed to, execute and deliver the Security Documents to which it is a party, the Junior Intercreditor
Agreement, any Pari Passu Intercreditor Agreement, and all agreements, documents and instruments incidental thereto, binding the
Holders to the terms thereof, and act in accordance with the terms thereof. For the avoidance of doubt, the Collateral Agent shall
have no discretion under this Indenture or the Security Documents and whenever reference is made in this Indenture to any action
by, consent, designation, specification, requirement or approval of, notice, request or other communication from, or other direction
given or action to be undertaken or to be (or not to be) suffered or omitted by the Collateral Agent or to any election, decision,
opinion, acceptance, use of judgment, expression or satisfaction or other exercise of discretion, rights or remedies to be made
(or not to be made) by the Collateral Agent, it is understood in all cases that the Collateral Agent shall not be required to make
or give and shall be fully protected in not making or giving any determination, consent, approval, request or direction without
the written direction of the Holders of the Minimum Principal Amount of the then outstanding Notes, the Trustee or the Company,
as applicable. This provision is intended solely for the benefit of the Collateral Agent and its successors and permitted assigns
and is not intended to and will not entitle the other parties hereto to any defense, claim or counterclaim, or confer any rights
or benefits on any party hereto. Further, the Collateral Agent shall be under no obligation to exercise any of its rights and powers
under this Indenture at the request or direction of any Holders, unless such Holder shall have offered to the Collateral Agent
security and indemnity satisfactory to the Collateral Agent against any loss, cost, liability or expense which might be incurred
by the Collateral Agent in compliance with such direction or request and then only to the extent required by the terms of this
Indenture.

 

    123 

     

    

 

(b)               No
provision of the Indenture Documents shall require the Collateral Agent to expend or risk its own funds or otherwise incur
any financial liability in the performance of any of its duties hereunder or thereunder or to take or omit to take any action
hereunder or thereunder or take any action at the request or direction of Holders or the Trustee if it shall have reasonable
grounds for believing that repayment of such funds is not assured to it. Notwithstanding anything to the contrary contained
in the Indenture Documents, in the event the Collateral Agent is entitled or required to commence an action to foreclose or
otherwise exercise its remedies to acquire control or possession of the Collateral, the Collateral Agent shall not be
required to commence any such action or exercise any remedy or take any such other action if the Collateral Agent has
determined that the Collateral Agent may incur personal liability as a result of the presence at, or release on or from, the
Collateral or such property, of any hazardous substances unless the Collateral Agent has received security or indemnity from
the Holders in an amount and in a form satisfactory to the Collateral Agent in its sole discretion, protecting the Collateral
Agent from all such liability. The Collateral Agent shall at any time be entitled to cease taking any action described in
this clause if it no longer reasonably deems any indemnity, security or undertaking from the Company or the Holders to be
sufficient.

 

(c)              
So long as an Event of Default is not continuing, the Company may direct the Collateral Agent in writing in connection with
any action required or permitted by this Indenture or the Security Documents. During the continuance of an Event of Default, the
Trustee, or the requisite Holders pursuant to Section 6.09, may direct the Collateral Agent in connection with any action
required or permitted by this Indenture or the Security Documents.

 

(d)              
The Collateral Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of Default,
unless the Collateral Agent shall have received written notice from the Trustee, a Holder or the Company referring to this Indenture,
describing such Default or Event of Default and stating that such notice is a “notice of default.” The Collateral
Agent shall take such action with respect to such Default or Event of Default as may be requested by the Trustee or the Holders
of the Minimum Principal Amount of the Notes then outstanding subject to this Article 17.

 

Section 17.09   
Authorization of Receipt of Funds by the Trustee Under the Security Documents. The Collateral Agent is authorized
to receive any funds for the benefit of itself, the Trustee and the Holders distributed under the Security Documents and, to the
extent not prohibited hereunder, to make further distributions of such funds to itself, the Trustee and the Holders in accordance
with the provisions of Section 6.05 and the other provisions of this Indenture. Such funds shall be held on deposit by the
Trustee without investment (unless otherwise provided in this Indenture), and the Trustee shall have no liability for interest
or other compensation thereon.

 

Section 17.10   
Action by the Collateral Agent. Beyond the exercise of reasonable care in the custody thereof, the Collateral Agent
shall have no duty as to any Collateral in its possession or control or in the possession or control of any agent or bailee or
any income thereon or as to preservation of rights against prior parties or any other rights pertaining thereto. The Collateral
Agent shall be deemed to have exercised reasonable care in the custody of the Collateral in its possession if the Collateral is
accorded treatment substantially equal to that which the Collateral Agent accords its own property and shall not be liable or responsible
for any loss or diminution in the value of any of the Collateral, by reason of the act or omission of any carrier, forwarding agency
or other agent or bailee selected by the Collateral Agent in good faith and with reasonable care.

 

    124 

     

    

 

Neither the Trustee
nor Collateral Agent shall be responsible for (i) the existence, genuineness or value of any of the Collateral; (ii) the validity,
perfection, priority or enforceability of the Liens intended to be created by this Indenture or the Security Documents in any of
the Collateral, whether impaired by operation of law or by reason of any action or omission to act on its part hereunder (except
to the extent such action or omission constitutes gross negligence or willful misconduct on the part of the Collateral Agent (as
determined by a final non-appealable order of a court of competent jurisdiction not subject to appeal)); (iii) the sufficiency
of the Collateral; (iv) the validity of the title of the Company and the Guarantors to any of the Collateral; (v) insuring the
Collateral; (vi) any action taken or omitted to be taken by it under or in connection with this Indenture or the transactions contemplated
hereby (except for its own gross negligence or willful misconduct as determined by a final nonappealable order of a court of competent
jurisdiction) or (vii) any recital, statement, representation, warranty, covenant or agreement made by the Company or any Affiliate
of the Company, or any officer or Affiliate thereof, contained in the Indenture Documents or in any certificate, report, statement
or other document referred to or provided for in, or received by the Collateral Agent under or in connection with, the Indenture
Documents. The Company and the Guarantors shall be responsible for the maintenance of the Collateral and for the payment of taxes,
charges or assessments upon the Collateral. For the avoidance of doubt, nothing herein shall require the Collateral Agent or the
Trustee to file financing statements or continuation statements, or be responsible for maintaining the security interests purported
to be created and described herein (except for the safe custody of any Collateral in its possession and the accounting for moneys
actually received by it hereunder or under any other Indenture Document) and such responsibility shall be solely that of the Company.
The Collateral Agent shall not be under any obligation to the Trustee or any Holder to ascertain or to inquire as to the observance
or performance of any of the agreements contained in, or conditions of, the Indenture Documents or to inspect the properties, books,
or records of the Company or any of its Affiliates.

 

Section 17.11   
Compensation and Indemnity.

 

(a)              
The Company shall pay to the Collateral Agent from time to time compensation as shall be agreed to in writing by the Company
and the Collateral Agent for its acceptance of this Indenture, the Security Documents and services hereunder. The Company shall
reimburse the Collateral Agent promptly upon request for all reasonable disbursements, advances and reasonable and documented out-of-pocket
expenses incurred or made by it in connection with Collateral Agent’s duties under the Indenture Documents, including the
reasonable compensation, disbursements and expenses of the Collateral Agent’s agents and counsel, except any disbursement,
advance or expense as may be attributable to the Collateral Agent’s willful misconduct or gross negligence.

 

    125 

     

    

 

(b)               The
Company and the Guarantors shall, jointly and severally, indemnify the Collateral Agent and any predecessor Collateral Agent
and each of their agents, employees, officers and directors for, and hold them harmless against, any and all losses,
liabilities, claims, damages or expenses (including the fees and expenses of counsel to the Collateral Agent and any
environmental liabilities) incurred by it arising out of or in connection with the acceptance or administration of its duties
under this Indenture and the Security Documents, including, without limitation (i) any claim relating to the grant to the
Collateral Agent of any Lien in any property or assets of the Company or the Guarantors and (ii) the costs and expenses of
enforcing this Indenture and the Security Documents against the Company and the Guarantors (including this Section
17.11) and defending itself against or investigating any claim (whether asserted by the Company, the Guarantors, any Holder
or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder or
thereunder, except to the extent any such loss, liability, claim, damage or expense shall have been determined by a court of
competent jurisdiction to have been attributable to its willful misconduct or gross negligence. The Collateral Agent shall
notify the Company promptly of any claim for which it may seek indemnity. Failure by the Collateral Agent to so notify the
Company shall not relieve the Company or the Guarantors of their obligations hereunder, except to the extent the Company or
the Guarantors are materially prejudiced thereby. At the Collateral Agent’s sole discretion, the Company and the
Guarantors shall defend any claim or threatened claim asserted against the Collateral Agent, with counsel reasonably
satisfactory to the Collateral Agent, and the Collateral Agent shall cooperate in the defense at the Company’s and the
Guarantors’ expense. The Collateral Agent may have one separate U.S. counsel (and one separate foreign counsel in each
applicable non-U.S. jurisdiction) and the Company and the Guarantors shall pay the reasonable fees and expenses of such
counsel. The Company and the Guarantors need not pay for any settlement made without their consent, which consent shall not
be unreasonably withheld.

 

(c)              
The Collateral Agent shall be entitled to all rights, privileges, immunities and protections of the Trustee set forth in
this Indenture whether or not expressly stated therein, including but not limited to the right to be compensated, reimbursed and
indemnified under Section 7.06, in the acceptance, execution, delivery and performance of the Security Documents as though
fully set forth therein. Notwithstanding any provision to the contrary contained elsewhere in the Indenture Documents, the Collateral
Agent shall not have any duties or responsibilities, except those expressly set forth in the Indenture Documents to which the Collateral
Agent is a party, nor shall the Collateral Agent have or be deemed to have any fiduciary relationship with the Trustee, any Holder
or the Company, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into the
Indenture Documents or otherwise exist against the Collateral Agent. Without limiting the generality of the foregoing sentence,
the use of the term “agent” in this Indenture with reference to the Collateral Agent is not intended to connote
any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable law. Instead, such term
is used merely as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent
contracting parties.

 

(d)              
The obligations of the Company and the Guarantors under this Section 17.11 shall survive the satisfaction and discharge
of this Indenture and the resignation, removal or replacement of the Collateral Agent.

 

Section 17.12   
Post-Closing Collateral. To the extent the Company and the Guarantors are not able to execute and deliver all Security
Documents required in connection with the creation and perfection of the Liens of the Collateral Agent on the Collateral (to the
extent required by the Indenture Documents) on or prior to the later of Issue Date or the deadline for delivery hereunder, the
Company and the Guarantors will use their commercially reasonable efforts to have all security interests in the Collateral duly
created and enforceable and perfected, to the extent required by the Indenture Documents, within the time period required by the
Security Agreement.

 

    126 

     

    

 

Article
18

MISCELLANEOUS
PROVISIONS

 

Section 18.01   
Provisions Binding on Company’s and Guarantor’s Successors. All the covenants, stipulations, promises
and agreements of the Company and Guarantor contained in this Indenture shall bind its successors and assigns whether so expressed
or not.

 

Section 18.02   
Official Acts by Successor Company. Any act or proceeding by any provision of this Indenture authorized or required
to be done or performed by any board, committee or Officer of the Company shall and may be done and performed with like force and
effect by the like board, committee or officer of any corporation or other entity that shall at the time be the lawful sole successor
of the Company.

 

Section 18.03   
Addresses for Notices, Etc. Any notice or demand that by any provision of this Indenture is required or permitted
to be given or served by the Trustee or by the Holders on the Company or the Guarantors, if any, shall be deemed to have been sufficiently
given or made, for all purposes if given or served by being deposited postage prepaid by registered or certified mail in a post
office letter box addressed (until another address is filed by the Company with the Trustee) to PureCycle Technologies LLC, 5950
Hazeltine National Drive, Suite 650, Orlando, Florida 32822; Attention: Chief Financial Officer, or send electronically in .pdf
format. Any notice, direction, request or demand hereunder to or upon the Trustee or Collateral Agent shall be deemed to have been
sufficiently given or made, for all purposes, if given or served by being deposited postage prepaid by registered or certified
mail in a post office letter box addressed to the Corporate Trust Office, or sent electronically in .pdf format, whether sent by
mail or electronically, upon actual receipt by the Trustee.

 

The Trustee and Collateral
Agent, by notice to the Company, may designate additional or different addresses for subsequent notices or communications.

 

Any notice or communication
delivered or to be delivered to a Holder of Physical Notes shall be mailed to it by first class mail, postage prepaid, at its address
as it appears on the Note Register and shall be sufficiently given to it if so sent within the time prescribed. Any notice or communication
delivered or to be delivered to a Holder of Global Notes shall be delivered in accordance with the applicable procedures of the
Depositary and shall be sufficiently given to it if so delivered within the time prescribed.

 

Failure to mail or
deliver a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders.
If a notice or communication is sent or delivered, as the case may be, in the manner provided above, it is duly given, whether
or not the addressee receives it.

 

Notwithstanding any
other provision of this Indenture or any Note, where this Indenture or any Note provides for notice of any event (including any
notice of repurchase) to a Holder (whether by mail or otherwise), such notice shall be sufficiently given (in the case of a Global
Note) if given to the Depositary (or its designee) pursuant to the standing instructions from the Depositary or its designee, including
by electronic mail in accordance with accepted practices or procedures at the Depositary.

 

    127 

     

    

 

Section 18.04   
Governing Law; Jurisdiction. THIS INDENTURE AND EACH NOTE AND NOTE GUARANTEE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER
OR RELATED TO THIS INDENTURE AND EACH NOTE AND NOTE GUARANTEE, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS
OF THE STATE OF NEW YORK.

 

Each of the Company
and the Guarantors, if any, irrevocably consents and agrees, for the benefit of the Holders from time to time of the Notes and
the Trustee, that any legal action, suit or proceeding against it with respect to obligations, liabilities or any other matter
arising out of or in connection with this Indenture, the Notes or the Note Guarantee may be brought in the courts of the State
of New York or the courts of the United States located in the Borough of Manhattan, New York City, New York and, until amounts
due and to become due in respect of the Notes and Note Guarantee have been paid, hereby irrevocably consents and submits to the
non-exclusive jurisdiction of each such court in personam, generally and unconditionally with respect to any action, suit or proceeding
for itself in respect of its properties, assets and revenues.

 

Each of the Company
and the Guarantors, if any, irrevocably and unconditionally waives, to the fullest extent permitted by law, any objection which
it may now or hereafter have to the laying of venue of any of the aforesaid actions, suits or proceedings arising out of or in
connection with this Indenture brought in the courts of the State of New York or the courts of the United States located in the
Borough of Manhattan, New York City, New York and hereby further irrevocably and unconditionally waives and agrees not to plead
or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient
forum.

 

Section 18.05   
Evidence of Compliance with Conditions Precedent; Certificates and Opinions of Counsel to Trustee. Upon any application
or demand by the Company or the Guarantors, if any, to the Trustee or the Collateral Agent to take any action under any of the
provisions of this Indenture, the Company or the Guarantor, as applicable, shall furnish to the Trustee or the Collateral Agent,
as the case may be, an Officer’s Certificate and Opinion of Counsel stating that the conditions precedent and covenants,
if any, provided for in this Indenture relating to such action have been satisfied.

 

Each Officer’s
Certificate or Opinion of Counsel, provided for, by or on behalf of the Company or the Guarantor in this Indenture and delivered
to the Trustee or Collateral Agent with respect to compliance with this Indenture (other than the Officer’s Certificates
provided for in Section 4.08) shall include (i) a statement that the person signing such certificate or opinion has read
such covenant or condition precedent and is familiar with the requested action and this Indenture; (ii) a brief statement as to
the nature and scope of the examination or investigation upon which the statement contained in such certificate or opinion is based;
(iii) a statement that, in the judgment of such person, he or she has made such examination or investigation as is necessary to
enable him or her to express an informed judgment as to whether or not the covenants and conditions precedent to such action have
been satisfied; and (iv) a statement as to whether or not, in the opinion of such person, such covenants and conditions precedent
have been satisfied.

 

Notwithstanding
anything to the contrary in this Section 18.05, if any provision in this Indenture specifically provides that the
Trustee or the Collateral Agent shall or may receive an Opinion of Counsel in connection with any action to be taken by the
Trustee, the Collateral Agent or the Company or the Guarantor hereunder, the Trustee or Collateral Agent, as the case may be,
shall be entitled to such Opinion of Counsel.

 

    128 

     

    

 

Section 18.06   
Legal Holidays. In any case where any Interest Payment Date, Fundamental Change Repurchase Date, Change of Control
Repurchase Date, the date established for a Special Mandatory Redemption, or Maturity Date is not a Business Day, then any action
to be taken on such date need not be taken on such date, but may be taken on the next succeeding Business Day with the same force
and effect as if taken on such date, and no interest shall accrue or be paid in respect of the delay.

 

Section 18.07   
[Reserved].

 

Section 18.08   
Benefits of Indenture. Nothing in this Indenture, the Notes or the Note Guarantee, if any, expressed or implied,
shall give to any Person, other than the Holders, the parties hereto, any Paying Agent, any Conversion Agent, any authenticating
agent, any Note Registrar and their successors hereunder, any benefit or any legal or equitable right, remedy or claim under this
Indenture, any Note or the Note Guarantee.

 

Section 18.09   
Table of Contents, Headings, Etc. The table of contents and the titles and headings of the articles and sections
of this Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no
way modify or restrict any of the terms or provisions hereof.

 

Section 18.10   
Authenticating Agent. The Trustee may appoint an authenticating agent that shall be authorized to act on its behalf
and subject to its direction in the authentication and delivery of Notes in connection with the original issuance thereof and transfers
and exchanges of Notes hereunder, including under Section 2.04, Section 2.05, Section 2.06, Section 2.07,
Section 10.04 and Section 15.05 as fully to all intents and purposes as though the authenticating agent had been
expressly authorized by this Indenture and those Sections to authenticate and deliver Notes. For all purposes of this Indenture,
the authentication and delivery of Notes by the authenticating agent shall be deemed to be authentication and delivery of such
Notes “by the Trustee” and a certificate of authentication executed on behalf of the Trustee by an authenticating
agent shall be deemed to satisfy any requirement hereunder or in the Notes for the Trustee’s certificate of authentication.
Such authenticating agent shall at all times be a Person eligible to serve as trustee hereunder pursuant to Section 7.08.

 

Any corporation or
other entity into which any authenticating agent may be merged or converted or with which it may be consolidated, or any corporation
or other entity resulting from any merger, consolidation or conversion to which any authenticating agent shall be a party, or any
corporation or other entity succeeding to the corporate trust business of any authenticating agent, shall be the successor of the
authenticating agent hereunder, if such successor corporation or other entity is otherwise eligible under this Section 18.10,
without the execution or filing of any paper or any further act on the part of the parties hereto or the authenticating agent or
such successor corporation or other entity.

 

    129 

     

    

 

Any
authenticating agent may at any time resign by giving written notice of resignation to the Trustee and to the Company. The
Trustee may at any time terminate the agency of any authenticating agent by giving written notice of termination to such
authenticating agent and to the Company. Upon receiving such a notice of resignation or upon such a termination, or in case
at any time any authenticating agent shall cease to be eligible under this Section, the Trustee may appoint a successor
authenticating agent (which may be the Trustee), shall give written notice of such appointment to the Company and shall mail
notice of such appointment to all Holders as the names and addresses of such Holders appear on the Note Register.

 

The Company agrees
to pay to the authenticating agent from time to time reasonable compensation for its services although the Company may terminate
the authenticating agent, if it determines such authenticating agent’s fees to be unreasonable.

 

The provisions of Section
7.02, Section 7.03, Section 7.04, Section 7.06, Section 8.03 and this Section 18.10 shall
be applicable to any authenticating agent.

 

If an authenticating
agent is appointed pursuant to this Section 18.10, the Notes may have endorsed thereon, in addition to the Trustee’s
certificate of authentication, an alternative certificate of authentication in the following form:

 

__________________________,

as Authenticating Agent, certifies that this is one of the Notes described

in the within-named Indenture.

 

By: ____________________

Authorized Signatory

 

Section 18.11   
Execution in Counterparts. This Indenture may be executed in any number of counterparts, each of which shall be an
original, but such counterparts shall together constitute but one and the same instrument. The exchange of copies of this Indenture
and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture as
to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted
by facsimile or PDF shall be deemed to be their original signatures for all purposes.

 

Section 18.12   
Severability; Conflict. In the event any provision of this Indenture or in the Notes shall be invalid, illegal or
unenforceable, then (to the extent permitted by law) the validity, legality or enforceability of the remaining provisions shall
not in any way be affected or impaired. Notwithstanding anything to the contrary in the Company LLC Agreement or any Indenture
Document, in the event of any conflict between any provision set forth in the Company LLC Agreement or any Note, on one hand, and
this Indenture, on the other hand, that may affect any rights, privileges, protections and indemnities in favor of any Holder,
such provision set forth in this Indenture shall prevail.

 

Section 18.13   
Waiver of Jury Trial. EACH OF THE COMPANY, THE GUARANTORS, IF ANY, AND THE TRUSTEE AND THE COLLATERAL AGENT HEREBY
IRREVOCABLY WAIVES, 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 INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

    130 

     

    

 

Section 18.14   
Force Majeure. In no event shall the Trustee or Collateral Agent be responsible or liable for any failure or delay in the performance
of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without
limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, epidemics, pandemics
nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer
(software and hardware) services; it being understood that the Trustee shall use reasonable efforts that are consistent with accepted
practices in the banking industry to resume performance as soon as practicable under the circumstances.

 

Section 18.15   
Calculations. Except as otherwise provided herein, Company shall be responsible for making all calculations called
for under the Notes and the Trustee (acting in any capacity) shall have no liability or responsibility for any calculation hereunder
or any bid, quotation, data or information in connection therewith. These calculations include, but are not limited to, determinations
of the Daily VWAP, stock price, Last Reported Sale Prices of the Common Stock, the Transaction Price, accrued interest payable
or the applicable interest rate (including the Default Rate, if applicable), on the Notes, determination of how whether interest
shall be payable as PIK Interest or Cash Interest, Defaulted Amounts, and the Conversion Rate (including the Change of Control
Conversion Rate) of the Notes. The Company shall make all these calculations in good faith and, absent manifest error, the Company’s
calculations shall be final and binding on Holders of Notes. The Company shall provide a schedule of its calculations to each of
the Trustee, the Paying Agent and the Conversion Agent, and each of the Trustee, the Paying Agent and Conversion Agent is entitled
to rely conclusively upon the accuracy of the Company’s calculations without independent verification. The Company will forward
its calculations to any Holder upon the written request of that Holder.

 

Section 18.16   
USA PATRIOT Act. The parties hereto acknowledge that in accordance with Section 326 of the USA PATRIOT Act, the Trustee,
like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain,
verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account
with the Trustee. The parties to this Indenture agree that they will provide the Trustee with such information as it may request
in order for the Trustee to satisfy the requirements of the USA PATRIOT Act.

 

Section
18.17    Electronic
Signatures. The parties agree that the electronic signature of a party to this Indenture shall be as valid as an original
signature of such party and shall be effective to bind such party to this Indenture. The words
 “execution,” “signed,” “signature,” and words of like import in this
Indenture or in any other certificate, agreement or document related to this Indenture shall include images of manually
executed signatures transmitted by facsimile or other electronic format (including, without limitation,
 “pdf”, “tif” or “jpg”) and other electronic signatures (including,
without limitation, DocuSign). The use of electronic signatures and electronic records (including, without limitation, any
contract or other record created, generated, sent, communicated, received, or stored by electronic means) shall be of the
same legal effect, validity and enforceability as a manually executed signature or use of a paper-based recordkeeping system
to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National
Commerce Act, the New York State Electronic Signatures and Records Act and any other applicable law, including, without
limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code. Without limiting
the foregoing, the parties agree that any electronically signed document (including this Indenture) shall be deemed (i) to be
 “written” or “in writing”, (ii) to have been signed, and (iii) to constitute a record
established and maintained in the ordinary course of business and an original written record when printed from electronic
files. Such paper copies or “printouts”, if introduced as evidence in any judicial, arbitral, mediation or
administrative proceeding, will be admissible as between the parties to the same extent and under the same conditions as
other original business records created and maintained in documentary form. Neither party shall contest the admissibility of
true and accurate copies of electronically signed documents on the basis of the best evidence rule or as not satisfying the
business records exception to the hearsay rule. The Company agrees to assume all risks arising out of the use of using
digital signatures and electronic methods to submit communications to the Trustee, including without limitation the risk of
the Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties.

 

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left blank]

 

    131 

     

    

 

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

 

	 	PURECYCLE TECHNOLOGIES LLC
	 	 
	 	By: 	/s/ Michael J. Otworth 
	 	 	Name: Michael J. Otworth
	 	 	Title:   Chief Executive Officer

 

    

    

 

	 	U.S. Bank National Association,
               as Trustee and Collateral Agent
	 	 	 
		By:  	/s/
                                         Mike McGuire
	 	 	Name:
                              Mike McGuire
	 	 	Title:
                              Vice President

 

     

     

    

 

EXHIBIT A

 

[FORM OF FACE OF NOTE]

 

[INCLUDE FOLLOWING LEGEND IF A GLOBAL NOTE]

 

[UNLESS THIS CERTIFICATE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREUNDER
IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE,
OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE &
CO., HAS AN INTEREST HEREIN.]

 

[INCLUDE FOLLOWING
LEGEND IF A RESTRICTED SECURITY]

 

[THE SALE OF THIS NOTE
HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY,
PRIOR TO THE RESALE RESTRICTION TERMINATION DATE (AS DEFINED BELOW), THIS NOTE MAY NOT BE OFFERED, PLEDGED, RESOLD OR OTHERWISE
TRANSFERRED, EXCEPT:

 

(A)       TO
PURECYCLE TECHNOLOGIES LLC (THE “COMPANY”) OR ANY SUBSIDIARY THEREOF;

 

(B)       PURSUANT
TO, AND IN ACCORDANCE WITH, A REGISTRATION STATEMENT THAT IS EFFECTIVE UNDER THE SECURITIES ACT AT THE TIME OF SUCH TRANSFER;

 

(C)       TO
A PERSON THAT YOU REASONABLY BELIEVE TO BE (1) A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES
ACT OR (2) AN ACCREDITED INSTITUTIONAL INVESTOR, WITHIN THE MEANING OF CLAUSES (1), (2), (3), (7), (8), (9) AND (12) OF RULE 501(A)
OF REGULATION D UNDER THE SECURITIES ACT; OR

 

(D)       UNDER
ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (INCLUDING, IF AVAILABLE, THE EXEMPTION
PROVIDED BY RULE 144 UNDER THE SECURITIES ACT).

 

IN EACH CASE, IN ACCORDANCE
WITH APPLICABLE STATE SECURITIES LAWS.

 

     

     

    

 

THE “RESALE
RESTRICTION TERMINATION DATE” MEANS THE LATER OF (1) THE DATE THAT IS ONE YEAR AFTER THE LAST DATE OF ORIGINAL ISSUANCE
OF THE NOTES, (2) THE EXPIRATION OF ANY APPLICABLE HOLDING PERIOD WITH RESPECT TO THE NOTES PURSUANT TO RULE 144 OR ANY SUCCESSOR
PROVISION THERETO, AND (3) THE DATE ON WHICH THE NOTES CONSTITUTE “COVERED SECURITIES” UNDER SECTION 18 OF THE
SECURITIES ACT.

 

WITH RESPECT TO ANY
TRANSFER PURSUANT TO THE FOREGOING CLAUSE (C)(2) AND CLAUSE (D), THE COMPANY AND THE NOTE REGISTRAR SHALL BE ENTITLED TO REQUIRE
THE DELIVERY OF SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS THEY MAY REASONABLY REQUIRE AND MAY RELY UPON FOR THE
COMPANY TO CONFIRM THAT SUCH TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS.]

 

THE SHARES OF COMMON
STOCK ISSUABLE UPON CONVERSION OF THIS NOTE HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND ACCORDINGLY, SUCH SHARES MAY BE “RESTRICTED SECURITIES” THAT MAY NOT BE OFFERED, PLEDGED,
RESOLD OR OTHERWISE TRANSFERRED EXCEPT TO THE ISSUER OF SUCH SECURITIES (OR ANY SUBSIDIARY THEREOF), PURSUANT TO, AND IN ACCORDANCE
WITH, A REGISTRATION STATEMENT THAT IS EFFECTIVE UNDER THE SECURITIES ACT AT THE TIME OF SUCH TRANSFER, OR PURSUANT TO AN AVAILABLE
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

 

     

     

    

 

PureCycle Technologies LLC

 

Convertible Senior Secured Note due 2022

 

[PIK]1

 

	No.[_____] 	[Initially]2
$[_________]

 

CUSIP No. [_________]

 

PureCycle Technologies
LLC, a limited liability company duly organized and validly existing under the laws of the State of Delaware (the “Company,”
which term includes any successor corporation or other entity under the Indenture referred to on the reverse hereof), for value
received hereby promises to pay to [CEDE & CO.]3
[_______]4, or registered assigns,
the principal sum [as set forth in the “Schedule of Exchanges of Notes” attached hereto in accordance with the
rules and procedures of the Depositary]5
[of $[_______]]6, which amount, taken
together with the principal amounts of all other outstanding Notes, shall not exceed $48,000,000, subject to any PIK Payments permitted
by the Indenture that are made pursuant to Section 2.03(c)(i)(2) thereof, and except for (i) Notes authenticated and delivered
upon registration or transfer of, or in exchange for, or in lieu of other Notes to the extent expressly permitted by the Indenture
and (ii) Additional Notes issued in accordance with the terms of the Indenture, on October [15], 2022, subject to a six-month maturity
extension at the Issuer’s option with respect to 50% of the then outstanding Notes (on a pro rata basis) pursuant
to Section 2.11 of the Indenture, and interest thereon as set forth below.

 

This Note shall bear
interest at the rate of 5.875% per year from October 7, 2020, or from the most recent date to which interest had been paid or provided
for to, but excluding, the next scheduled Interest Payment Date until the Maturity Date.

 

Interest is payable
monthly in arrears on each April 15 and October 15, commencing on April 15, 2021, to Holders of record at the close of business
on the preceding April 1 and October 1 (whether or not such record date is a Business Day), respectively. Accrued interest on the
Notes shall be computed on the basis of a 360-day year composed of twelve 30-day months or, in the case of a partial month, the
actual number of days elapsed over a 30-day month and shall be compounded semi-annually.

 

 

	1	Insert on any certificated PIK Notes.
	2	Include if a Global Note.
	3	Include if a Global Note.
	4	Include if a Physical Note.
	5	Include if a Global Note.
	6	Include if a Physical Note.

 

     

     

    

 

Interest will be payable,
at the election of the Company (made by delivering a notice to the Trustee prior to the beginning of the related Interest Period),
(1) entirely in Cash Interest or (2) entirely in PIK Interest. In the absence of an interest payment election, interest on the
Notes will be payable in PIK Interest. Notwithstanding anything to the contrary, the payment of accrued interest shall be made
solely in cash, (A) in connection with any repurchase of Notes as described under Section 15.02 and Section
15.03 of the Indenture, (1) with respect to all Notes, if the related Fundamental Change Repurchase Date or Change of Control
Repurchase Date, as applicable, is after a Regular Record Date and on or prior to the Scheduled Trading Day immediately following
the date on which the corresponding interest payment is made or (2) solely with respect to the Notes to be repurchased, if the
related Fundamental Change Repurchase Date or Change of Control Repurchase Date, as applicable, is on any other date, (B) with
respect to all Notes, if any Notes are surrendered for conversion after the close of business on a Regular Record Date for the
payment of interest and on or prior to the related Interest Payment Date, (C) with respect to all Second Tranche Notes pursuant
to a Special Mandatory Redemption, and (D) on the final Interest Payment Date.

 

Following an increase
in the principal amount of any outstanding Global Notes as a result of a PIK Payment, such Global Note will bear interest on such
increased principal amount from and after the date of such PIK Payment. Any PIK Notes issued in certificated form will be dated
as of the applicable Interest Payment Date and will bear interest from and after such date. All PIK Notes issued pursuant to a
PIK Payment will be governed by, and subject to the terms, provisions and conditions of, the Indenture and shall have the same
rights and benefits as the Notes issued on the Issue Date.

 

Any Defaulted Amounts
shall accrue interest per annum at the rate borne by the Notes, subject to the enforceability thereof under applicable law, from,
and including, the relevant payment date to, but excluding, the date on which such Defaulted Amounts shall have been paid by the
Company, at its election, in accordance with Section 2.03(d) of the Indenture.

 

The Company shall pay
the principal of and interest (other than PIK Interest) on this Note, if and so long as such Note is a Global Note, in immediately
available funds to the Depositary or its nominee, as the case may be, as the registered Holder of such Note. As provided in and
subject to the provisions of the Indenture, the Company shall pay the principal of any Notes (other than Notes that are Global
Notes) at the office or agency designated by the Company for that purpose. The Company has initially designated the Trustee as
its Paying Agent and Note Registrar in respect of the Notes and its agency in the continental United States of America as a place
where Notes may be presented for payment or for registration of transfer and exchange.

 

At all times, PIK Interest
on the Notes will be payable (x) with respect to Notes represented by one or more Global Notes registered in the name of, or held
by, the Depositary or its nominee on the relevant Regular Record Date, by increasing the principal amount of the outstanding Global
Note by an amount equal to the amount of PIK Interest for the applicable Interest Period (rounded to the nearest whole dollar,
with amounts of $0.50 or more being rounded up), or by issuing a new Global Note, if required pursuant to the applicable procedures
of the Depositary, in each case, as provided in writing by the Company to the Trustee, and the Trustee, at the written request
of the Company, will record such increase in such Global Note and (y) with respect to Notes represented by Physical Notes, by issuing
PIK Notes in certificated form in an aggregate principal amount equal to the amount of PIK Interest for the applicable Interest
Period (rounded to the nearest whole dollar, with amounts of $0.50 or more being rounded up), and the Trustee will, at the written
request of the Company in a Company Order, authenticate and deliver such PIK Notes in certificated form for original issuance to
the Holders on the relevant Regular Record Date, as shown in the register of the Note Registrar.

 

     

     

    

 

Reference is made to
the further provisions of this Note set forth on the reverse hereof, including, without limitation, provisions giving the Holder
of this Note the right to convert this Note into shares of Common Stock on the terms and subject to the limitations set forth in
the Indenture. Such further provisions shall for all purposes have the same effect as though fully set forth at this place.

 

This Note, and any
claim, controversy or dispute arising under or related to this Note, shall be construed in accordance with and governed by the
laws of the State of New York.

 

In the case of any
conflict between this Note and the Indenture, the provisions of the Indenture shall control and govern.

 

This Note shall not
be valid or become obligatory for any purpose until the certificate of authentication hereon shall have been signed manually by
the Trustee or a duly authorized authenticating agent under the Indenture.

 

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blank]

 

     

     

    

 

IN WITNESS WHEREOF,
the Company has caused this Note to be duly executed.

 

	 	PURECYCLE
    TECHNOLOGIES LLC
	 	 
	 	By:  	 
	 	 	Name:             
	 	 	Title:

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

U.S. BANK NATIONAL ASSOCIATION,

as Trustee, certifies that this is one of the Notes described

in the within-named Indenture.

 

 

 

	By:  	 	 
	 	Authorized Signatory	 

 

Dated:

 

     

     

    

 

[FORM OF REVERSE OF NOTE]

 

PureCycle Technologies LLC

Convertible Senior Secured Note due 2022

 

This Note is one of
a duly authorized issue of Notes of the Company, designated as its Convertible Senior Secured Notes due 2022 (the “Notes”),
initially limited to the aggregate principal amount of $48,000,000, subject to any PIK Payments permitted by the Indenture that
are made pursuant to Section 2.03(c)(i)(2) thereof, and except for (i) Notes authenticated and delivered upon registration
or transfer of, or in exchange for, or in lieu of other Notes to the extent expressly permitted by the Indenture and (ii) Additional
Notes issued in accordance with the terms of the Indenture, all issued or to be issued under and pursuant to an Indenture dated
as of October [7], 2020 (the “Indenture”), between the Company and U.S. Bank National Association, a national
banking association, as trustee (the “Trustee”) and collateral agent (the “Collateral Agent”),
to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the rights, limitations
of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the Holders of the Notes. Additional Notes
may be issued subject to certain conditions specified in the Indenture. Capitalized terms used in this Note and not defined in
this Note shall have the respective meanings set forth in the Indenture.

 

In case certain Events
of Default shall have occurred and be continuing, the principal of, and interest on, all Notes may be declared, by either the Trustee
or Holders of at least 25% in aggregate principal amount of Notes then outstanding, and upon said declaration shall become, due
and payable, in the manner, with the effect and subject to the conditions and certain exceptions set forth in the Indenture.

 

Subject to the terms
and conditions of the Indenture, the Company will make all payments and deliveries in respect of the Fundamental Change Repurchase
Price or Change of Control Repurchase Price on the Fundamental Change Repurchase Date or the Change of Control Repurchase Date,
as applicable, and the principal amount on the Maturity Date, as the case may be, to the Holder who surrenders a Note to a Paying
Agent to collect such payments in respect of the Note. The Company will pay cash amounts in money of the United States that at
the time of payment is legal tender for payment of public and private debts.

 

The Indenture contains
provisions permitting the Company and the Trustee and the Collateral Agent in certain circumstances, without the consent of the
Holders of the Notes, and in certain other circumstances, with the consent of the Holders of not less than the Minimum Principal
Amount of the Notes at the time outstanding, evidenced as in the Indenture provided, to execute supplemental indentures modifying
the terms of the Indenture and the Notes as described therein. It is also provided in the Indenture that, subject to certain exceptions,
the Holders of the Minimum Principal Amount of the Notes at the time outstanding may on behalf of the Holders of all of the Notes
waive any past Default or Event of Default under the Indenture and its consequences.

 

No reference
herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay or deliver, as the case may be, the principal of, accrued and unpaid
interest on, and the consideration due upon conversion of, this Note at the place, at the respective times, at the rate and
in the lawful money or shares of Common Stock, as the case may be, herein prescribed.

 

     

     

    

 

The Notes are issuable
in registered form without coupons in denominations of $1,000 principal amount and integral multiples thereof; provided
that after a PIK Payment, the Notes shall be in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof.
At the office or agency of the Company referred to on the face hereof, and in the manner and subject to the limitations provided
in the Indenture, Notes may be exchanged for a like aggregate principal amount of Notes of other authorized denominations, without
payment of any service charge but, if required by the Company or Trustee, with payment of a sum sufficient to cover any documentary,
stamp or similar issue or transfer tax or similar governmental charge that may be imposed in connection therewith as a result of
the name of the Holder of the new Notes issued upon such exchange of Notes being different from the name of the Holder of the old
Notes surrendered for such exchange.

 

The Notes may not be
redeemed and are not subject to any sinking fund.

 

On or after a Qualified
Public Company Event or Other Listing Event, and upon the occurrence of a Fundamental Change, the Holder has the right, at such
Holder’s option and subject to the provisions of the Indenture, to require the Company to repurchase for cash all of such
Holder’s Notes or any portion thereof (in principal amounts of $1,000 (or, if a PIK Payment has been made, in principal amounts
of $1.00) or integral multiples thereof) on the Fundamental Change Repurchase Date at a price equal to the Fundamental Change Repurchase
Price.

 

If a Change of Control
occurs at any time prior to the Qualified Public Company Event, the Holder has the right, at such Holder’s option and subject
to the provisions of the Indenture, to require the Company to repurchase for cash all of such Holder’s Notes or any portion
thereof (in principal amounts of $1,000 (or, if a PIK Payment has been made, in principal amounts of $1.00) or integral multiples
thereof) on the Change of Control Repurchase Date at a price equal to the Change of Control Repurchase Price.

 

The Notes are convertible
into Common Stock in accordance with the terms of the Indenture.

 

The payment of the
principal of, premium, if any, and interest, if any, on the Notes, is unconditionally guaranteed, jointly and severally, by the
Guarantors, if any, to the extent set forth in and subject to the provisions of the Indenture.

 

The Obligations of
the Company and the Guarantors, if any, under the Notes and the Note Guarantees, if any, are secured by Liens on the Collateral
pursuant to the terms of the Security Documents.

 

     

     

    

 

ABBREVIATIONS

 

The following abbreviations,
when used in the inscription of the face of this Note, shall be construed as though they were written out in full according to
applicable laws or regulations:

 

TEN COM = as tenants in common

 

UNIF GIFT MIN ACT = Uniform Gifts to Minors
Act

 

CUST = Custodian

 

TEN ENT = as tenants by the entireties

 

JT TEN = joint tenants with right of survivorship
and not as tenants in common

 

Additional abbreviations
may also be used though not in the above list.

 

     

     

    

 

 

SCHEDULE A7

 

SCHEDULE OF EXCHANGES OF NOTES

PureCycle Technologies LLC

Convertible Senior Secured Notes due 2022

 

The initial principal
amount of this Global Note is _______ DOLLARS ($[_________]). The following increases or decreases in this Global Note have been
made:

 

	Date of

 exchange	 	Amount of

 decrease in

 principal

 amount of this

 Global Note	 	Amount of

 increase in

 principal

 amount of this

 Global Note	 	Principal

 amount of this

 Global Note

 following such

 decrease or

 increase	 	Signature of

 authorized

 signatory of

 Trustee or

 Custodian
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

 

 

 

7
Include if a Global Note.

 

     

     

    

 

ATTACHMENT 1

 

[FORM OF NOTICE OF CONVERSION]

 

PureCycle Technologies LLC

Convertible Senior Secured Notes due 2022

 

		To:	PureCycle Technologies LLC

[____________]

 

U.S. BANK NATIONAL ASSOCIATION

Denver Tower

950 17th Street

Denver, CO 80202

Attention: PureCycle Technologies LLC Convertible Senior Secured Notes due 2022

 

The undersigned registered
owner of this Note hereby exercises the option to convert this Note, or the portion hereof (that is $1,000 principal amount (or
if a PIK Payment has been made, $1.00 principal amount) or an integral multiple thereof) below designated pursuant to:

 

Section 14.02,

 

in accordance with
the terms of the Indenture referred to in this Note, and directs that any cash payable and any shares of Common Stock issuable
and deliverable upon such conversion, together with any cash for any fractional share, and any Notes representing any unconverted
principal amount hereof, be issued and delivered to the registered Holder hereof unless a different name has been indicated below.
If any shares of Common Stock or Preferred Stock, as the case may be, or any portion of this Note not converted are to be issued
in the name of a Person other than the undersigned, the undersigned will pay all documentary, stamp or similar issue or transfer
taxes, if any in accordance with Section 14.03(d) and Section 14.03(e) of the Indenture. Any amount required to be paid
to the undersigned on account of interest accompanies this Note.

 

The undersigned Holder
represents and warrants that the Notes delivered for conversion represents:

 

[__]      At least the
Minimum Conversion Amount; or

 

[__]      If less than
the Minimum Conversion Amount, all of the Notes held at such time by such Holder.

 

Capitalized terms used
herein but not defined shall have the meanings ascribed to such terms in the Indenture.

 

	Dated:	 	 
	 	 	 
	 	 	 
		 	
		 	Signature(s)
	 	 	 
	Signature Guarantee	 	 

 

     

     

    

 

Signature(s) must be guaranteed

by an eligible Guarantor Institution

 

(banks, stock brokers, savings and

loan associations and credit unions)

with membership in an approved

signature guarantee medallion program

pursuant to Securities and Exchange

Commission Rule 17Ad-15 if shares

of Common Stock are to be issued, or

Notes are to be delivered, other than

to and in the name of the registered holder.

 

Fill in for registration of shares if

to be issued, and Notes if to

be delivered, other than to and in the

name of the registered holder:

 

	 	 
	(Name)	 
	 	 
	 	 
	(Street Address)	 
	 	 
	 	 
	(City, State and Zip Code)
 Please print name and address	 
	 	 
	 	Principal amount to be converted (if less than all): $______,000
	 	 
	 	NOTICE: The above signature(s) of the Holder(s) hereof must correspond with the name as written upon the face of the Note in every
particular without alteration or enlargement or any change whatever.
	 	 
	 	 
	 	Social Security or Other Taxpayer
 Identification Number

 

     

     

    

 

ATTACHMENT 2

 

[FORM OF FUNDAMENTAL CHANGE REPURCHASE
NOTICE]

 

PureCycle Technologies LLC

 

Convertible Senior Secured Notes due 2022

 

		To:	PureCycle Technologies LLC

[______________]

 

U.S. BANK NATIONAL ASSOCIATION

Denver Tower

950 17th Street

Denver, CO 80202

Attention: PureCycle Technologies LLC Convertible Senior Secured Notes due 2022

 

The undersigned registered
owner of this Note hereby acknowledges receipt of a notice from PureCycle Technologies LLC (the “Company”) as
to the occurrence of a Fundamental Change with respect to the Company and specifying the Fundamental Change Repurchase Date and
requests and instructs the Company to pay to the registered holder hereof in accordance with Section 15.02 of the Indenture
referred to in this Note (1) the entire principal amount of this Note, or the portion thereof (that is $1,000 principal amount
(or if a PIK Payment has been made, $1.00 principal amount) or an integral multiple thereof) below designated, and (2) if such
Fundamental Change Repurchase Date does not fall during the period after a Regular Record Date and on or prior to the Scheduled
Trading Day immediately following the corresponding Interest Payment Date, accrued and unpaid interest, if any, thereon to, but
excluding, such Fundamental Change Repurchase Date. Capitalized terms used herein but not defined shall have the meanings ascribed
to such terms in the Indenture.

 

In the case of Physical
Notes, the certificate numbers of the Notes to be repurchased are as set forth below:

 

	Dated:	 	 
	 	 
	 	 
	 	Signature(s)
	 	 
	 	 
	 	Social Security or Other Taxpayer
 Identification Number
	 
	 	Principal amount to be repaid (if less than all): $______,000
	 
	 	NOTICE: The above signature(s) of the Holder(s) hereof must correspond
    with the name as written upon the face of the Note in every particular without
alteration or enlargement or any change whatever.

 

     

     

    

 

ATTACHMENT 3

 

[FORM OF CHANGE OF CONTROL REPURCHASE
NOTICE]

 

PureCycle Technologies LLC

Convertible Senior Secured Notes due 2022

 

		To:	PureCycle Technologies LLC

[_______________]

 

U.S. BANK NATIONAL ASSOCIATION

Denver Tower

950 17th Street

Denver, CO 80202

Attention: PureCycle Technologies LLC Convertible Senior Secured Notes due 2022

 

The undersigned registered
owner of this Note hereby acknowledges receipt of a notice from PureCycle Technologies LLC (the “Company”) as
to the occurrence of a Change of Control with respect to the Company and specifying the Change of Control Repurchase Date and requests
and instructs the Company to pay to the registered holder hereof in accordance with Section 15.03 of the Indenture referred
to in this Note (1) the entire principal amount of this Note, or the portion thereof (that is $1,000 principal amount (or if a
PIK Payment has been made, $1.00 principal amount) or an integral multiple thereof) below designated, and (2) if such Change of
Control Repurchase Date does not fall during the period after a Regular Record Date and on or prior to the Scheduled Trading Day
immediately following the corresponding Interest Payment Date, accrued and unpaid interest, if any, thereon to, but excluding,
such Change of Control Repurchase Date. Capitalized terms used herein but not defined shall have the meanings ascribed to such
terms in the Indenture.

 

In the case of Physical
Notes, the certificate numbers of the Notes to be repurchased are as set forth below:

 

	Dated:	 	 
	 	 
	 	 
	 	Signature(s)
	 	 
	 	 
	 	Social Security or Other Taxpayer
 Identification Number
	 	 
	 	Principal amount to be repaid (if less than all): $______,000
	 	 
	 	NOTICE: The above signature(s) of the Holder(s) hereof must correspond with the name as written upon the face of the Note in every
particular without alteration or enlargement or any change whatever.

 

     

     

    

 

ATTACHMENT 4

 

[FORM OF ASSIGNMENT AND TRANSFER]

 

PureCycle Technologies LLC

 

Convertible Senior Secured Notes due 2022

 

For value received
____________________________ hereby sell(s), assign(s) and transfer(s) unto _________________ (Please insert social security or
Taxpayer Identification Number of assignee) the within Note, and hereby irrevocably constitutes and appoints _____________________
attorney to transfer the said Note on the books of the Company, with full power of substitution in the premises.

 

In connection with
any transfer of the within Note occurring prior to the Resale Restriction Termination Date, as defined in the Indenture governing
such Note, the undersigned confirms that such Note is being transferred:

 

·        
To PureCycle Technologies LLC or a Subsidiary thereof; or

 

·        
Pursuant to, and in accordance with, a registration statement that is effective under the Securities Act at the time of
such transfer; or

 

·        
To a person that the undersigned reasonably believes to be a qualified institutional buyer in compliance with Rule 144A
under the Securities Act of 1933, as amended, or to a person that the undersigned reasonably believes to be an accredited investor,
within the meaning of clauses (1), (2), (3), (7), (8), (9) and (12) of Rule 501(A) of Regulation D under the Securities Act; or

 

·        
Pursuant to any other available exemption from the registration requirements of the Securities Act of 1933, as amended (including,
if available, the exemption provided by Rule 144 under the Securities Act of 1933, as amended).

 

     

     

    

 

	Dated:	             	 
	 	 
	 	 
	 	 
	 	 
	Signature(s)	 
	 	 
	 	 
	Signature
    Guarantee	 

 

Signature(s) must be guaranteed by an

eligible Guarantor Institution (banks, stock

brokers, savings and loan associations and

credit unions) with membership in an approved

signature guarantee medallion program pursuant

to Securities and Exchange Commission

Rule 17Ad-15 if Notes are to be delivered, other

than to and in the name of the registered holder.

 

NOTICE: The signature on the assignment
must correspond with the name as written upon the face of the Note in every particular without alteration or enlargement or any
change whatever.Exhibit 4.6

 

 

 

INDENTURE OF TRUST

 

BETWEEN

 

SOUTHERN OHIO PORT AUTHORITY

 

AND

 

UMB BANK, N.A.,

AS TRUSTEE

 

DATED AS OF OCTOBER 1, 2020

 

Relating to:

 

$219,550,000

SOUTHERN OHIO PORT AUTHORITY

EXEMPT FACILITY REVENUE BONDS

(PURECYCLE PROJECT), TAX-EXEMPT SERIES
2020A

 

and

 

$20,000,000

SOUTHERN OHIO PORT AUTHORITY

SUBORDINATE EXEMPT FACILITY REVENUE
BONDS

(PURECYCLE PROJECT), TAX-EXEMPT SERIES
2020B

 

and

 

$10,000,000

SOUTHERN OHIO PORT AUTHORITY

SUBORDINATE EXEMPT FACILITY REVENUE
BONDS

(PURECYCLE PROJECT), TAXABLE SERIES 2020C

 

 

 

    

    

    

 

TABLE OF CONTENTS

 

	 	 	PAGE

 

	 	 	 
	GRANTING CLAUSES	2
	 	 	 
	ARTICLE I DEFINITIONS AND RULES OF CONSTRUCTION	5
	Section 1.01.	Definitions of Terms	5
	Section 1.02.	Rules of Construction	30
	 	 	 
	ARTICLE II AUTHORIZATION AND ISSUANCE OF BONDS	32
	Section 2.01.	Authorized Amount of Bonds	32
	Section 2.02.	Purpose for Which Bonds May Be Issued	32
	Section 2.03.	Issuance of Bonds; Details of the Bonds	32
	Section 2.04.	Execution; Special Obligations	34
	Section 2.05.	Authentication	34
	Section 2.06.	Form of Bonds; Preparation of Bonds	35
	Section 2.07.	Delivery of Bonds	35
	Section 2.08	Mutilated, Lost, Stolen or Destroyed Bonds	39
	Section 2.09.	Negotiability of Bonds and Registration Books	39
	Section 2.10.	Transfer of the Bonds	39
	Section 2.11.	Regulations with Respect to Transfers	40
	Section 2.12.	Book-Entry System	41
	Section 2.13.	Additional Senior Bonds	43
	Section 2.14.	Subordinate Bonds	45
	 	 	 
	ARTICLE III	REDEMPTION OF BONDS	46
	Section 3.01.	Privilege of Redemption and Redemption Price	46
	Section 3.02.	Notice of Redemption	52
	Section 3.03.	Payment of Redeemed Bonds	52
	Section 3.04.	Partial Redemption of Bonds	53
	Section 3.05.	Selection of Bonds to be Called for Redemption	53
	 	 	 
	ARTICLE IV	FUNDS, REVENUES, BOND PROCEEDS AND APPLICATION THEREOF	54
	Section 4.01.	Establishment of Funds and Accounts	54
	Section 4.02.	Application of Bond Proceeds and Equity of Company and Allocation Thereof	54
	Section 4.03.	Moneys to be Held in Trust	55
	Section 4.04.	Use of the Moneys in the Project Fund	55
	Section 4.05.	Payments into the Revenue Fund	59
	Section 4.06.	Use of Moneys in the Project Fund	59
	Section 4.07.	Payments into the Bond Fund	61
	Section 4.08.	Use of Moneys in the Bond Fund	61
	Section 4.09.	Payments into Renewal Fund; Application of Renewal Fund	61
	Section 4.10.	Payments Into Earnings Fund; Application of Earnings Fund	64
	Section 4.11.	Rebate Fund	65

 

    i

    

    

 

	Section 4.12.	Payments into the Senior Bonds Debt Service Reserve Fund; Application of Senior Bonds Debt Service Reserve Fund	66
	Section 4.13.	Payments into the Subordinate Bonds Debt Service Reserve Fund; Application of Subordinate Bonds Debt Service Reserve Fund	67
	Section 4.14.	Investment of Moneys	69
	Section 4.15.	Payment to Company Upon Payment of Bonds	70
	Section 4.16.	Reports and Information Regarding Funds	70
	Section 4.17.	Repair and Replacement Fund	70
	Section 4.18.	Deficiency	71
	 	 	 
	ARTICLE V	GENERAL COVENANTS AND PROVISIONS	72
	Section 5.01.	Authority of Issuer; Validity of Indenture and Bonds	72
	Section 5.02.	Performance of Covenants	72
	Section 5.03.	Payment of Principal, Premium, if any, and Interest	72
	Section 5.04.	Deposit of Revenues	72
	Section 5.05.	Priority of Security Interest	72
	Section 5.06.	Enforcement of Duties and Obligations of the Company	72
	Section 5.07.	Maintenance and Modification of the Facility	73
	Section 5.08.	Insurance	73
	Section 5.09.	Filing of Documents and Security Instruments	73
	Section 5.10.	Rights Under Financing Documents	73
	Section 5.11.	Failure to Present Bonds	73
	Section 5.12.	Cancellation	73
	Section 5.13.	Payments Due on Other Than Business Days	73
	Section 5.14.	Covenant Against Arbitrage Bonds	74
	Section 5.15.	Covenant Regarding Adjustment of Debts	74
	Section 5.16.	Limitation on Obligations of the Issuer	74
	Section 5.17.	Inspection of Books	74
	Section 5.18.	List of Owners	74
	Section 5.19.	Instruments of Further Assurance	75
	 	 	 
	ARTICLE VI	PRIORITY RIGHTS OF TRUSTEE	76
	Section 6.01.	Priority Rights of Trustee	76
	 	 	 
	ARTICLE VII	DISCHARGE OF LIEN; DEFEASANCE OF BONDS	77
	Section 7.01.	Discharge of Lien	77
	Section 7.02.	Defeasance of Bonds	77
	 	 	 
	ARTICLE VIII	DEFAULT PROVISIONS AND REMEDIES OF TRUSTEE AND HOLDERS	79
	Section 8.01.	Events of Default	79
	Section 8.02.	Acceleration	80
	Section 8.03.	Enforcement of Remedies	80
	Section 8.04.	Appointment of Receiver	81
	Section 8.05.	Application of Moneys	82
	Section 8.06.	Remedies Vested in Trustee	83
	Section 8.07.	Remedies Not Exclusive	83

 

    ii

    

    

 

	Section 8.08.	Majority Bondholders Control Proceedings	84
	Section 8.09.	Individual Holder Action Restricted	84
	Section 8.10.	Termination of Proceedings	85
	Section 8.11.	Waiver and Non-Waiver of Event of Default	85
	Section 8.12.	Notice of Defaults	85
	 	 	 
	ARTICLE IX	THE TRUSTEE AND PAYING AGENT	87
	Section 9.01.	Appointment of Trustee and Acceptance of Duties	87
	Section 9.02.	Fees, Charges and Expenses of the Trustee, Bond Registrar and Paying Agents	92
	Section 9.03.	Intervention by Trustee	93
	Section 9.04.	Right of Trustee to Pay Taxes, Insurance Premiums and Other Charges	93
	Section 9.05.	Merger or Consolidation of Trustee	93
	Section 9.06.	Resignation by the Trustee	94
	Section 9.07.	Removal of the Trustee	94
	Section 9.08.	Appointment of Successor Trustee by the Holders; Temporary Trustee	94
	Section 9.09.	Concerning Successor Trustees	95
	Section 9.10.	Successor Trustee as Custodian of Funds, Paying Agent and Bond Registrar	95
	Section 9.11.	Trustee Acts as Paying Agent and Bond Registrar	95
	Section 9.12.	Co-Trustees	96
	 	 	 
	ARTICLE X	SUPPLEMENTAL INDENTURES	98
	Section 10.01.	Supplemental Indentures Not Requiring Consent of Holders	98
	Section 10.02.	Supplemental Indentures Requiring Consent of Holders	99
	Section 10.03.	Consent of Company to Supplemental Indentures	100
	Section 10.04.	Effect of Supplemental Indentures	100
	 	 	 
	ARTICLE XI	AMENDMENT OF LEASE AGREEMENT, MORTGAGE AND TAX COMPLIANCE AGREEMENT	101
	Section 11.01.	Amendments to Loan Agreement	101
	Section 11.02.	Amendments to Security Documents	101
	Section 11.03.	Amendments to Tax Compliance Agreement	102
	Section 11.04.	Consent of Trustee	102
	 	 	 
	ARTICLE XII	SUBORDINATION	103
	Section 12.01.	Subordination	103
	Section 12.02.	Amendments to Senior Bonds not Requiring Consent of Holders of Subordinate Bonds	105
	Section 12.03.	Rights of Holders of Subordinate Bonds	106
	 	 	 
	ARTICLE XIII	MISCELLANEOUS	107
	Section 13.01.	Consent of Holders	107
	Section 13.02.	Limitation of Rights	107
	Section 13.03.	Severability	108
	Section 13.04.	Notices	108
	Section 13.05.	Counterparts	109

 

    iii

    

    

 

	Section 13.06.	Applicable Law	109
	Section 13.07.	No Recourse; Special Obligations	109
	Section 13.08.	U.S.A. Patriot Act	110
	Section 13.09.	Force Majeure	110
	Section 13.10.	Consent to Jurisdiction	110
	Section 13.11.	Waiver of Jury Trial	110
	 	 	 
	EXHIBIT A-1	FORM OF SERIES 2020A BOND	A-1-1
	EXHIBIT A-2	FORM OF SERIES 2020B BOND	A-2-1
	EXHIBIT A-3	FORM OF SERIES 2020C BOND	A-3-1
	EXHIBIT B-1	FORM OF REQUISITION	B-1-1
	EXHIBIT B-2	FORM OF CONSTRUCTION MONITOR REQUISITION	B-2-1
	EXHIBIT C	CERTIFICATE OF SUBSTANTIAL COMPLETION	C-1
	EXHIBIT D	FORM OF INVESTOR LETTER	D-1

 

    iv

    

    

 

INDENTURE OF TRUST

 

This INDENTURE OF TRUST,
dated as of October 1, 2020 (this “Indenture”), between the SOUTHERN OHIO PORT AUTHORITY, a port authority and
a body corporate and politic duly organized under the laws of the State of Ohio (the “Issuer”), and UMB BANK, N.A.,
a national banking association duly organized, existing and authorized to accept and execute trusts of the character herein set
out under the laws of the United States and having a corporate trust office in Minneapolis, Minnesota, as trustee (the “Trustee”):

 

W I T N E S E T H:

 

WHEREAS, Ohio Revised
Code Sections 4582.21 through 4582.60 et seq., and Article VIII, Section 13 of the Ohio Constitution
(collectively, the “Act”), authorizes a port authority, pursuant to the Act, to issue revenue bonds and loan the proceeds
therefrom to a person that has entered into a financing agreement with such port authority for the cost of acquisition, construction
or installation of “port authority facilities” (as defined in the Act), for the purpose of creating or preserving jobs,
creating employment opportunities and improving the economic welfare of the people of the State; and

 

WHEREAS, in furtherance
of its statutory purposes, the Issuer has entered into the Loan Agreement, dated as of October 1, 2020 (together with all
amendments, modifications and supplements thereto and all restatements and replacements thereof, the “Loan Agreement”),
with PureCycle: Ohio LLC (the “Company”), in order to assist the Company in financing the acquisition, construction,
equipping and installation of a portion of a plastics recycling facility to be located in Lawrence County, Ohio (as more fully
defined herein, the “Project”), and pursuant to which the Company has agreed to make payments to the Issuer in amounts
sufficient to pay the principal of and interest on the Bonds, when due, and all other amounts due under the various documents;
and

 

WHEREAS, the Bonds
will be secured by the Loan Agreement and the Security Documents; and

 

WHEREAS, after giving
notice in accordance with the Section 147 of the Code, the Issuer held a public hearing and adopted the Bond Resolution authorizing
the issuance of its revenue bonds, in one or more series, on a senior or subordinate basis and in an aggregate principal amount
not to exceed $300,000,000 for the purpose of providing funds, which, along with other funds of the Company, will be sufficient
to (a) finance the acquisition, construction, installation and equipping of the Project, (b) fund a debt service reserve
fund for the Series 2020A Bonds, (c) finance capitalized interest in connection with the Project and (d) pay the
costs of issuing the Bonds; and

 

WHEREAS, as security
for the Bonds, the Issuer deems it appropriate and necessary to deposit the proceeds of the sale of the Bonds with the Trustee,
and that, only upon satisfaction of the requirements set forth herein, shall the Trustee disburse such proceeds to pay the Project
Costs; and

 

    

    

    

 

WHEREAS, the Bonds
and the Trustee’s Certificate of Authentication to be evidenced on the Bonds shall be in substantially the form set forth
in Exhibit A-1, Exhibit A-2 and Exhibit A-3 attached hereto and made a part hereof, with necessary and appropriate
variations, omissions and insertions as permitted or required by this Indenture; and

 

WHEREAS, the execution
and delivery of this Indenture and the issuance and sale of the Bonds have been in all respects duly and validly authorized by
proper action duly adopted by the governing body of the Issuer; and

 

WHEREAS, the execution
and delivery of the Bonds and of this Indenture have been duly authorized and all things necessary to make the Bonds, when executed
by the Issuer and authenticated by the Bond Registrar, valid and binding legal obligations of the Issuer and to make this Indenture
a valid and binding agreement have been done; and

 

NOW, THEREFORE, THE PARTIES HERETO FURTHER
DECLARE:

 

GRANTING CLAUSES

 

That the Issuer, in
consideration of the premises and of the acceptance by the Trustee of the trusts hereby created and of the purchase and acceptance
of the Bonds by the Holders and as security for the Bonds, the payment of all other sums required to be paid hereunder and the
performance and observance by the Issuer and the Borrower of all of their respective covenants, agreements, representations and
warranties contained herein and in the Bonds and the Loan Agreement, does hereby grant a security interest in, release, assign,
transfer and pledge unto the Trustee and its successors and assigns forever, for the benefit of said Trustee and the Holders and
all future Holders of the Bonds, the following described property (the “Trust Estate”):

 

1.            All
right, title and interest of the Issuer in and to the Gross Revenues and moneys in all funds and accounts established by or pursuant
to this Indenture, the Loan Agreement or the Guaranty or any and all amendments or supplements thereto and held by the Trustee
(except moneys deposited with, paid to, or received by the Trustee (a) for the redemption of the Bonds, notice of the redemption
of which has been given, (b) for deposit into the Rebate Fund or (c) from income derived from the investment of either
of the foregoing), funds on deposit in (i) the Operating Revenue Escrow Fund of the Company under the Operating Revenue Escrow
Agreement, and (ii) the Liquidity Reserve Escrow Fund of the Guarantor under the Liquidity Reserve Escrow Agreement, and the
income thereon, subject to the provisions of this Indenture and the Loan Agreement permitting the application thereof for the purposes
and on the terms and conditions set forth herein;

 

2.            All
right, title and interest of the Issuer in the Bond Documents, Financing Documents, Security Agreement, Security Documents and
Project Documents; and

 

3.            Any
and all other Property of every name and nature from time to time hereafter by delivery or by writing of any kind conveyed, mortgaged,
pledged, assigned or transferred, as and for additional security hereunder by the Issuer or the Company or by anyone in their
behalf or with their written consent in favor of the Trustee, which is hereby authorized to receive any and all such Property
at any and all times and to hold and apply the same subject to the terms hereof.

 

    2

    

    

 

EXCEPTING THEREFROM
the Unassigned Rights.

 

TO HAVE AND TO HOLD
the Trust Estate hereby pledged, assigned and conveyed as aforesaid, or intended so to be, unto the Trustee and its successors
in trust and their respective assigns forever;

 

IN CONSIDERATION of
the purchase and acceptance of the Bonds authorized to be issued pursuant to this Indenture by those who shall hold the same from
time to time: (1) this Indenture shall be deemed to be and shall constitute a contract among the Issuer, the Trustee and the
Holders from time to time of the Bonds; and (2) except as otherwise provided herein, the pledge made and consolidated in this
Indenture and the covenants set forth herein to be performed by the Issuer shall be for the benefit, security and protection, subject
to the priority of payment and provisions of subordination, of all Holders of the Bonds secured by this Indenture, without privilege,
priority or distinction as to the Lien or otherwise of any of the Bonds over any other of the Bonds, except in the case of funds
held hereunder for the benefit of particular Holders;

 

PROVIDED, HOWEVER,
that if the Issuer, its successors or assigns, (1) shall pay or cause to be paid the principal of, premium, if any, and interest
on the Bonds at the times and in the manner mentioned herein and in the Bonds, (2) shall perform and observe all the covenants
to be performed and observed hereunder and (3) shall pay or cause to be paid to the Trustee all sums of money due or to become
due to it in accordance with the terms and provisions hereof and of the Loan Agreement, subject to a first priority of payment
of debt service on the Senior Bonds and then, on a subordinate basis, as to priority of payment of debt service on the Subordinate
Bonds, then upon such final payments, this Indenture and the rights hereby granted shall cease, terminate and be void, otherwise
this Indenture shall remain in full force and effect;

 

AND IT IS HEREBY COVENANTED,
DECLARED AND AGREED by and between the parties hereto that all of the Trust Estate is to be held and applied subject to the further
covenants, agreements and conditions set forth in the Loan Agreement and herein.

 

THE TRUSTEE SHALL have
and may enforce a security interest as described herein, to secure payment of all sums due or to become due to the Trustee and
for the benefit of the Holders under the Bonds, the Indenture, the Loan Agreement and the other Financing Documents in any or all
of the Trust Estate, subject to the subordination of the Subordinate Bonds to the Senior Bonds and the priority of payment of debt
service set forth herein and the Loan Agreement on the Senior Bonds and the Subordinate Bonds. Such security interest is to attach
at the earliest moment permitted by law and also to include and attach to all additions and accessions thereto, all substitutions
and replacements therefor, all proceeds thereof, including insurance proceeds, and all contract rights, payments and general intangibles
of the Issuer obtained in connection with or relating to the Trust Estate (except the Unassigned Rights), as well as any and all
items of property in the foregoing classifications which are hereafter acquired, reconstructed and equipped. The Issuer shall,
at the request of the Trustee, deliver to the Trustee any and all further instruments which the Trustee shall require in order
to further secure and perfect the security interest created by this Indenture. Pursuant to the Uniform Commercial Code of the State,
the Issuer hereby appoints and authorizes the Trustee as its lawful agent and attorney, without the signature of the Issuer, to
file any UCC-1 financing statements or UCC-3 financing statement changes if the Trustee shall determine that such are necessary
or advisable in order to perfect its security interests in the Trust Estate and shall pay to the Trustee on demand any expenses
incurred by the Trustee in connection with the preparation, execution and filing of such statements and any continuation statements
that may be filed by the Trustee.

 

    3

    

    

 

The following information
is stated in order to facilitate filings under the Uniform Commercial Code: The Secured Party is UMB Bank, N.A., as Trustee. Its
address from which information concerning the security interest may be obtained is: UMB Bank, N.A., 120 South 6th Street,
Suite 1400, Minneapolis, Minnesota 55402. The Debtor is the Issuer, a political subdivision and port authority existing under
the laws of the State of Ohio. Its address is: 602 7th Street, Room 404, Portsmouth, Ohio 45662, Attn: Chairperson.

 

THIS INDENTURE FURTHER
WITNESSETH, that the Issuer hereby agrees and covenants with the Trustee for the equal and proportional benefit of the Holders
from time to time of the Bonds as follows:

 

    4

    

    

 

ARTICLE I

 

DEFINITIONS AND RULES OF CONSTRUCTION

 

Section 1.01.       Definitions
of Terms. The following words and terms as used in this Indenture shall have the following meanings, unless the context or
use indicates another or different meaning or intent:

 

“Accountant”
means a nationally or regionally recognized firm of independent certified public accountants having expertise in the particular
businesses in which the Company is engaged.

 

“Accredited
Investor” shall have the meaning set forth in Rule 501 of Regulation D of the Securities Act of 1933, as amended.

 

“Act”
means Ohio Revised Code Sections 4582.21 through 4528.60 et. seq., as amended from time to time.

 

“Act of Bankruptcy”
means the filing of a petition in bankruptcy (or other commencement of a bankruptcy or similar proceeding) by or against the Company
as debtor or the Issuer as debtor under any applicable bankruptcy, insolvency, reorganization or similar law as now or hereafter
in effect.

 

“Additional
Bonds” means the bonds authorized to be issued pursuant to Section 2.13 and Section 2.14 hereof.

 

“Annual Debt
Service” means for each Fiscal Year, the sum of principal and interest that will be payable on the Bonds and Parity Indebtedness
in such Fiscal Year whether, in the case of principal, at maturity, pursuant to scheduled payments or by mandatory redemption;
provided, however, that any principal and interest that will be due and payable in the final Bond Year will be reduced by the amount
available therefor from the Senior Bonds Debt Service Reserve Fund or the Subordinate Bonds Debt Service Reserve Fund, as applicable.

 

“Applicable
Laws” means, collectively, all statutes, laws, rules, regulations, ordinances, writs, judgments, decrees, and injunctions
of any Governmental Authority affecting the Company or any Collateral and all Governmental Authorizations relating thereto. Unless
the context clearly requires otherwise, “Applicable Laws” shall include each of the foregoing (and each provision thereof)
as in effect at the time in question, including any amendments, supplements, replacements or other modifications thereto or thereof,
and whether or not in effect on the date of issuance of the Bonds.

 

“Audited Financial
Statements” means financial statements for a twelve-month period, or for such other period for which an audit has been
performed, prepared in accordance with GAAP, which have been audited and reported upon by an Accountant.

 

“Authorized
Denominations” means, with respect to the Series 2020 Bonds, denominations of $100,000 or any integral multiple
of $5,000 in excess thereof and, with respect to any series of Additional Bonds, the authorized denomination(s) set forth
in the Supplemental Indenture relating thereto.

 

    5

    

    

 

“Authorized
Investments” means any of the following:

 

(a)           Government
Obligations;

 

(b)           obligations
of the Federal National Mortgage Association;

 

(c)           obligations
of the Federal Intermediate Credit Banks;

 

(d)           obligations
of the Federal Banks for Cooperatives;

 

(e)           obligations
of Federal Home Land Banks;

 

(f)            obligations
of Federal Home Loan Banks;

 

(g)           obligations
of Export-Import Bank of the United States;

 

(h)           obligations
of the U.S. Postal Service;

 

(i)            obligations
of the Government National Mortgage Association;

 

(j)            obligations
of the Federal Home Loan Mortgage Corporation;

 

(k)           obligations
of the Private Export Funding Corporation;

 

(l)            obligations
of a state, territory or possession of the United States or any political subdivision of the foregoing, the interest on which is
excludable from gross income for Federal income tax purposes and which bear a rating in one of the two highest rating categories
by a Rating Agency;

 

(m)          obligations
described in clause (l) above, which have been advance refunded and are secured by obligations described in clause (a) above;

 

(n)           interest
bearing accounts, interest bearing deposits or certificates of deposit issued by, or bankers’ acceptances drawn or accepted
by, banks or trust companies, including the Trustee or any of its affiliates, organized under the laws of the United States or
any state thereof whose long term debt and bank deposits bear ratings of “A” (or its equivalent) or better by a Rating
Agency;

 

(o)           commercial
paper rated “P-1” (or its equivalent) or better by a Rating Agency or units of a commercial paper portfolio or fund
comprised thereof;

 

(p)           notes
of bank holding companies and banking institutions, organized under the laws of the United States or any state thereof, bearing
a rating in one of the two highest categories by a Rating Agency;

 

    6

    

    

 

(q)           units
of a taxable government money-market portfolio restricted to obligations issued or guaranteed as to payment of principal and interest
by the full faith and credit of the United States or repurchase agreements collateralized by such obligations;

 

(r)            certificates
of deposit issued by a nationally or state-chartered bank, including the Trustee or any of its affiliates, or a savings and loan
association whose long term debt and bank deposits bear ratings of “A” (or its equivalent) or better by a Rating Agency;
provided that the principal amount of any such certificate of deposit in excess of the amount insured by the Federal Deposit Insurance
Corporation (FDIC) or any successor therefor shall be fully secured and collateralized by the pledge and deposit of securities
described in clause (a) above with a market value equal to one hundred percent (100%) of such uninsured excess principal amount;

 

(s)           (i) demand
and time deposits in, certificates of deposits of, bankers’ acceptances issued by, or federal funds sold by any depository
institution or trust company (including the Trustee or any of its affiliates) incorporated under the laws of the United States,
any state thereof or the District of Columbia or any foreign depository institution with a branch or agency licensed under the
laws of the United States or any state, subject to supervision and examination by Federal and/or State banking authorities and
having an approved rating at the time of such investment or contractual commitment providing for such investment of “A”
(or its equivalent) or better by a Rating Agency or (ii) any other demand or time deposit certificate of deposit which is
fully insured by the FDIC or any successor therefor;

 

(t)            investment
agreements or repurchase agreements with any bank, trust company, national banking association (which may include the Trustee or
any of its affiliates) or any other financial institution or insurance company or guaranteed thereby, provided that the institution
providing such investment agreements or repurchase agreements or guarantee shall be rated “A” (or its equivalent) or
better by a Rating Agency, or the principal amount of such investment agreements or repurchase agreements then outstanding shall
be fully secured and collateralized by the pledge and deposit of securities (including wireable securities) described in clauses
(a) and (b) above with a market value equal to one hundred two percent (102%) of such principal amount, that the Trustee
has a perfected first security interest in the collateral, that the Trustee or any agent has possession of the collateral, and
that such obligations are free and clear of claims by third parties; and

 

(u)           money
market mutual funds, including, without limitation, one or more money market mutual funds, for which the Trustee or any of its
affiliates serves as an investment manager, administrator, servicing agent, and/or custodian or subcustodian with assets in excess
of $2,000,000,000 investing in obligations of the type specified in clauses (a) through (l), (o), (q) or (t) above;
provided that any of the items described in clauses (n), (p), (r), (s) and (t) above shall be only of institutions whose
capital surplus (or in the case of financial institutions other than banks, net worth) is in excess of $50,000,000.

 

    7

    

    

 

“Authorized
Representative” means, with respect to the Issuer, its Chairperson or Vice-Chairperson, with respect to the Company,
its President, Vice President, Chief Executive Officer or Chief Financial Officer, and with respect to the Construction Monitor,
its Project Manager or Managing Director with respect to the Issuer, the Company and the Construction Monitor, such additional
persons as, at the time, are designated to act on behalf of the Issuer, the Company or the Construction Monitor, as the case may
be, by written certificate furnished to the Trustee and to the Issuer, the Company or the Construction Monitor, as the case may
be, containing the specimen signature of each such person and signed on behalf of (a) the Issuer by its Chairperson or Vice-Chairperson,
(b) the Company by its President, Vice President, Chief Executive Officer or Chief Financial Officer, or (c) the Construction
Monitor by its Project Manager or Managing Director.

 

“Bond”
or “Bonds” means the Series 2020 Bonds and any Additional Bonds issued pursuant to a Supplemental Indenture.

 

“Bond Counsel”
means the law firm of Frost Brown Todd LLC or an attorney or firm of attorneys whose experience in matters relating to the issuance
of obligations by states and their political subdivisions is nationally recognized.

 

“Bond Documents”
means, collectively, the Bonds, this Indenture, the Loan Agreement, the Security Documents, the Tax Compliance Agreement, the Bond
Purchase Agreement, the Limited Offering Memorandum, the Continuing Disclosure Agreement and any other document or instrument executed
in connection therewith, and any other instrument or document supplemental thereto.

 

“Bond Fund”
means the SOPA – PureCycle Bond Fund created by Section 4.01 hereof.

 

“Bond Payment
Date” means any date on which a Debt Service Payment shall be payable on the Bonds according to its terms so long as
the Bonds shall be Outstanding.

 

“Bond Proceeds”
means the sum of the face amount of the Series 2020 Bonds, plus accrued interest, if any, less the sum of the original issue
discount, plus the Underwriter’s spread or similar discount, if any.

 

“Bond Purchase
Agreement” means the Bond Purchase Agreement, dated September 23, 2020, by and among the Underwriter, the Issuer
and the Company, as the same may be amended from time to time.

 

“Bond Registrar”
means the Trustee, acting as such, and any successor bond registrar for the Bonds appointed pursuant to Article IX hereof,
their respective successors and any other corporation which may at any time be substituted in their respective places pursuant
to this Indenture.

 

“Bond Resolution”
means Resolution No. 20-03, adopted by Board of Directors of the Issuer on February 13, 2020, as amended by Resolution
No. 20-06, adopted by the Board of Directors on July 29, 2020, authorizing the issuance, execution, sale and delivery
of the Bonds and the execution and delivery of Issuer Documents, and including any certificate of award or similar certificate
expressly authorized thereunder, as such resolution may be amended or supplemented from time to time.

 

    8

    

    

 

“Bond Year”
means the one-year period beginning on the day after the expiration of the preceding Bond Year. The first Bond Year begins on the
dated date of original issuance of the Bonds and ends December 1, 2020.

 

“Bondholder”
or “Holder” or “Owner” means the registered owner at the time in question of any Bond, as
shown on the registration books maintained by the Bond Registrar pursuant to this Indenture. Provisions in the Indenture and the
Loan Agreement for direction by the Bondholders, Holders or Owners, or for Bondholder, Holder or Owner consent or approval will
apply to the book entry or beneficial interest owners of the applicable Bonds, in place of the Depository as Holder, so long as
the Bonds or the applicable portion thereof are in a book entry system, but only upon evidence satisfactory to the Trustee, in
its sole discretion, of ownership of such interests.

 

“Business
Day” means a day other than a Saturday, Sunday, legal holiday or other day on which the Trustee is authorized by law
or executive order to remain closed.

 

“Calculation
Agent” means Person appointed by the Company, and approved in writing by the Majority Holders, with such approval not
to be unreasonably withheld, conditioned or delayed, to serve as calculation agent for the Bonds.

 

“Called Principal”
means with respect to any Bond, the principal amount of such bond that is to be redeemed at the Make Whole Redemption Price pursuant
to this Indenture.

 

“Capital Additions”
means all property or interests in property, real, personal and mixed (a) which constitute structural additions, improvements
or extraordinary repairs to or replacements of all or any part of the Facility, and (b) the cost of which is properly capitalized
under GAAP.

 

“Capitalized
Interest Account” means the account in the Project Fund so designated and created pursuant to Section 4.01 hereof.

 

“Certificates
of Authentication of the Trustee” and “Trustee’s Certificates of Authentication” means the certificates
executed by an authorized officer of the Trustee certifying the due authentication of the Bonds.

 

“Change Order”
means a writing signed by the parties to a construction or equipment supply contract or agreement under which the Change Order
is initiated that provides for a material change in the supplier’s scope of work, the contract sum, the guaranteed maximum
price, if applicable, the Project schedule or Project schedule milestones, equipment or services to be supplied or provided under
such contract or agreement that will result in additional cost and adjustment to the Construction Budget and states the amount
of the adjustment to the contract price and Construction Budget.

 

    9

    

    

 

“Closing”
means the sale and delivery of the Bonds and the delivery of the Financing Documents.

 

“Closing Date”
means the date of sale and delivery of the Bonds pursuant to the Indenture, being October 7, 2020.

 

“Code”
means the Internal Revenue Code of 1986, as amended, and the final, temporary and proposed regulations of the United States Department
of the Treasury promulgated thereunder. References to Sections of the Code shall be construed also to refer to successor and renumbered
sections.

 

“Collateral”
shall have the meaning set forth in the Mortgage.

 

“Collateral
Assignment of Technology Sublicense Agreement” means the Collateral Assignment of Technology Sublicense Agreement and
Power of Attorney, dated August 7, 2020, from the Company to the Trustee, pursuant to which the Company will assign its rights
to certain intellectual property and patents licensed from the Procter & Gamble Company that are required and used in
the recycling of waste propylene.

 

“Company”
means PureCycle: Ohio LLC, a limited liability company organized and existing under the laws of the State of Ohio, with an office
located at 5950 Hazeltine National Drive, Suite 650, Orlando, Florida 32822, and its successors and assigns.

 

“Company Documents”
means the Loan Agreement, the Promissory Note, the Tax Compliance Agreement, the Bond Purchase Agreement, the Security Documents,
the Limited Offering Memorandum, the Continuing Disclosure Agreement, the Project Documents, the Financing Documents, and all other
documents executed in connection therewith.

 

“Completion
Date” means the earlier of (i) termination of the Guaranty pursuant to Section 4.11 thereof, or (ii) execution
of a Certificate of Completion by an Authorized Representative of the Company and a Construction Monitor.

 

“Computation
Period” means each period from the date of original issuance of the Tax-Exempt Bonds through the date on which a determination
of the Rebate Amount is made.

 

“Condemnation”
means the taking of title to, or the use of, Property under the exercise of the power of eminent domain by any governmental entity
or other Person acting under Governmental Authority.

 

“Consent and
Agreement” means the Consent and Agreement, dated as of August 7, 2020, by and among The Procter & Gamble
Company, PureCycle Technologies LLC, the Sole Member, the Company, and the Trustee, and any contract or agreement of similar effect
providing the Trustee with notice, assumption and/or cure rights with respect to any Project Document.

 

    10

    

    

 

“Construction
Budget” means the complete breakdown of all costs of construction for the Project in a form reasonably satisfactory
to the Construction Monitor, including without limitation, interest payments on the Senior Bonds for a term of not less than 12
months following the Completion Date, interest payments on the Subordinate Bonds for a term of not less than 5 months following
the Completion Date, budget breakouts and construction draw schedules for the Project.

 

“Construction
Contract” means collectively, the contracts, if any, by and between the Company and the Contractor relating to the construction
or reconstruction of any of the Project, together with all amendments, modifications and supplements thereto.

 

“Construction
Monitor” means Leidos Engineering, LLC, or other independent engineer or independent engineering firm selected by the
Company and serving for the benefit of the Bondholders, which is qualified by expertise and experience to render the services provided
in the Construction Monitor Agreement for the benefit of the Bondholders and is not a full time employee of the Issuer of the Company,
together with any subsequent or replacement independent engineering firm serving in such capacity for the benefit of the Bondholders.

 

“Construction
Monitor Agreement” means the Professional Services Agreement, dated May 9, 2017, by and among the Construction Monitor,
the Company, and the Trustee, together with amendments and supplements thereto, and replacements thereof, which in each case have
been consented to by the Majority Holders.

 

“Construction
Period” means the period (a) beginning on the earlier of (i) the date of commencement of construction of the
Project, or (ii) the Closing Date and (b) ending on the Completion Date.

 

“Construction
Progress Reports” means the following information as of the end of each reporting period:

 

(a)           a
brief description of construction activity for the applicable reporting period, including:

 

(A)       work
performed on site during the reporting period;

(B)        status
of procurement or refurbishment of equipment; and

(C)        material
issues with vendor performance (including delivery issues, performance problems or material cost overruns);

 

(b)           information
regarding the adherence to the expected construction timeline (including the estimated number of days ahead or behind);

 

(c)           information
regarding the adherence to the expected Construction Budget (including material dollar and percentage deviations from the budget);
and

 

(d)           if
applicable, a brief narrative description of the reasons behind any material delays or deviations indicated in clauses (b) and
(c) above.

 

    11

    

    

 

“Consultant”
means an independent individual, firm or firms which is not, and no member, stockholder, director, officer, trustee or employee
of which is, an officer, director, trustee or employee of the Company, and which is a professional management consultant of national
repute for having the skill and experience necessary to render the particular report required by the provision hereof in which
such requirement appears.

 

“Consultant’s
Report” means detailed and specific recommendations for eliminating any Financial Covenant deficiency if prepared by
the Consultant.

 

“Contingent
Debt Liabilities” means all guaranties, endorsements, assumptions and other contingent liabilities in respect of, or
to purchase or otherwise acquire, Indebtedness of others; provided, however, that “Contingent Debt Liabilities”
will not include any other liability that does not constitute Indebtedness.

 

“Continuing
Disclosure Agreement” means the Continuing Disclosure Agreement, dated as of October 1, 2020, between the Company
and UMB Bank, N.A., as dissemination agent.

 

“Contract
Term” means the period commencing with the Closing Date and continuing until the principal of, premium, if any, and interest
on the Bonds have been paid in full, or provision therefor has been made pursuant to Article VII hereof, and all other amounts
due under the Loan Agreement have been paid in full.

 

“Contractor”
means each of, and collectively, as the context requires, Koch Modular Process Systems, LLC, Denham-Blythe Company, and any other
general contractor retained or to be retained by the Company for the purposes of constructing the Project or any part thereof.

 

“Cost of the
Facility” or “Project Costs” means the following items of costs and expenses incurred in connection
with the Facility:

 

(a)           all
fees or expenses in connection with the acquisition, construction, and equipping of the Facility;

 

(b)           all
fees, taxes, charges and other expenses for recording or filing, as the case may be, this Indenture, the Loan Agreement, any other
agreement contemplated by the Loan Agreement, the Mortgage, any financing statements and any security interest contemplated by
this Indenture, the Loan Agreement and the Mortgage;

 

(c)           the
cost of premiums for all insurance maintained pursuant to Section 6.3 of the Loan Agreement;

 

(d)           all
legal, accounting, financial advisory, investment banking, rating agency, blue sky, legal investment and any other fees, discounts,
costs and expenses incurred by the Issuer, the Company, the Trustee and the initial Owners of the Bonds in connection with the
preparation, printing, reproduction, authorization, issuance, execution, sale and distribution of the Bonds, this Indenture, the
Loan Agreement and all other documents in connection herewith, with the Project and the issuance of the Bonds and with any other
transaction contemplated by or directly related to the Loan Agreement or this Indenture;

 

    12

    

    

 

(e)           the
initial or acceptance fee and the first years’ administrative fee and costs and expenses, including reasonable attorneys’
fees, of the Trustee under the Indenture;

 

(f)            the
administrative fees of the Issuer, if any;

 

(g)           all
title insurance and surveying fees; and

 

(h)           reimbursement
to the Company for any of the above enumerated costs and expenses paid and incurred by it, to the extent permitted under the Tax
Compliance Agreement.

 

“Credit Facility”
means a line of credit, letter of credit, standby bond purchase agreement, municipal bond insurance policy, surety bond or similar
credit enhancement or liquidity facility established in connection with the issuance of Indebtedness to provide credit or liquidity
support for such Indebtedness.

 

“Days Cash
on Hand” means, for the period tested, the sum of unrestricted and unencumbered (a) cash, (b) cash equivalents
and (c) marketable debt and equity securities, divided by the quotient of (x) operating expenses (which will include
all scheduled debt service obligations payable during the period) less depreciation and amortization divided by (y) 365, all
calculated in accordance with GAAP. Notwithstanding any of the foregoing to the contrary, Days Cash on Hand will not include (i) self-insurance
funds, (ii) proceeds of any short-term borrowings, including, without limitation, internal affiliate loans and draws on lines
of credit regardless of the maturity date of the line of credit, (iii) proceeds of accounts receivable financings or factoring,
(iv) proceeds of put debt not supported by a liquidity facility with term-out features or (v) any other proceeds of Indebtedness.

 

“Debt Service
Coverage Ratio” means for any given period of time, the ratio of (a) Net Income Available for Debt Service to (b) the
total of Maximum Annual Debt Service of the applicable Bonds, all as determined in accordance with GAAP.

 

“Debt Service
Payment” means, with respect to any Bond Payment Date, (a) the interest payable on such Bond Payment Date on the
Bonds Outstanding, plus (b) the principal (including Sinking Fund Redemption Amounts), if any, payable on such Bond Payment
Date on the Bonds Outstanding, plus (c) the premium, if any, payable on such Bond Payment Date on the Bonds subject to redemption.

 

“Default Rate”
means, (i) with respect to the Senior Bonds, 200 basis points (2%) per annum above the highest interest rate stated on the
Senior Bonds, that being the rate at which interest accrues on the Bonds from and after the date of occurrence of an Event of Default
and for so long as such Event of Default remains in effect, and (ii) with respect to the Subordinate Bonds, 400 basis points
(4%) per annum above the highest interest rate stated on the Subordinate Bonds from and after the date of occurrence of an Event
of Default and for so long as such Event of Default remains in effect.

 

    13

    

    

 

“Depository”
or “DTC” means The Depository Trust Company, New York, New York, and its successors and assigns.

 

“Derivatives”
means interest rate swaps, credit default swaps, total rate of return swaps, caps, floors, collars and other interest hedge agreements,
in each case whether the Company is in any way liable directly, contingently or otherwise, as obligor, guarantor or in any other
capacity.

 

“Determination
of Taxability” means:

 

(a)            a
final determination by any court of competent jurisdiction or a final determination by the Internal Revenue Service to which the
Company shall consent or from which no timely appeal shall be taken to the effect that interest on the Tax-Exempt Bonds is includable
in the gross income of the Owners thereof for Federal income tax purposes;

 

(b)            ninety
(90) days after receipt by the Issuer, the Trustee or the Company of written notice that the Internal Revenue Service has issued
a “notice of deficiency” or similar notice to any present or former Holder of a Tax-Exempt Bond assessing a tax in
respect of any interest on the Tax-Exempt Bonds as a result of such interest being includable in gross income for Federal income
tax purposes, provided that such notice has not been withdrawn by the Internal Revenue Service and from which such Holder (or the
Company or the Trustee on behalf of the Holder, if allowable) has not filed a timely petition in the United States Tax Court contesting
the same; or

 

(c)            the
delivery to the Company, the Trustee and the Issuer of an opinion of Bond Counsel to the effect that (i) interest on the Tax-Exempt
Bonds is includable in the gross income of a Holder thereof for Federal income tax purposes, (ii) redemption of some or all
of the Tax-Exempt Bonds is required under the terms of a settlement or closing agreement with the Internal Revenue Service of an
audit of the Tax-Exempt Bonds or under the terms of a closing agreement with the Internal Revenue Service pursuant to the Voluntary
Closing Agreement Program, or any such successor program, or (iii) redemption of some or all of the Tax-Exempt Bonds is required
in order to effect a remedial action, as described in Treas. Reg. §1.142-2, necessary to protect the tax exemption of the
Tax-Exempt Bonds.

 

Nothing in this definition
of “Determination of Taxability” shall be construed to mean that the Trustee, the Company or any Holder of any Tax-Exempt
Bond shall have any obligation to contest or appeal any assertion or decision that any interest payable under the Tax-Exempt Bonds
is subject to taxation.

 

Notwithstanding the
foregoing, in no event shall the imposition of an alternative minimum tax or preference tax or branch profits tax on any Bondholder,
the calculation of which included the interest on the Tax-Exempt Bonds, be considered a Determination of Taxability.

 

“Discounted
Value” means, with respect to Called Principal of any Bond, the amount obtained by discounting all Remaining Scheduled
Payments with respect to such Called Principal from their respective retirement dates (assuming that the Called Principal will
remain outstanding under the mandatory redemption schedule for the longest period of time) to the Settlement Date with respect
to such Called Principal, in accordance with accepted financial practice and at a discount factor (applied on a semi-annual basis)
equal to the Reinvestment Yield with respect to such Called Principal, as calculated by the Calculation Agent.

 

    14

    

    

 

“Earnings
Fund” means the SOPA – PureCycle Earnings Fund created by Section 4.01 hereof.

 

“EMMA”
means the Electronic Municipal Market Access system operated by the Municipal Securities Rulemaking Board.

 

“Environmental
Indemnity Agreement” means the Environmental Indemnity Agreement dated as of October 7, 2020, among the Company,
the Sole Member, the Guarantor and the Trustee.

 

“Environmental
Laws” means all Federal, State and local environmental, land use, zoning, health, chemical use, safety and sanitation
laws, statutes, ordinances and codes relating to the protection of the environment or governing the use, storage, treatment, generation,
transportation, processing, handling, production or disposal of Hazardous Materials and the rules, regulations, policies, guidelines,
interpretations, decisions, orders and directives of Federal, State and local governmental agencies and authorities with respect
thereto.

 

“Equipment”
means all machinery, equipment and other tangible personal property used and to be used in connection with the Facility and financed
or refinanced in whole or in part with the Bond Proceeds (which property is described generally in Exhibit C attached to the
Loan Agreement), with such additions thereto and substitutions therefor as may exist from time to time in accordance with the provisions
of the Loan Agreement.

 

“Equipment
Contract” means collectively, all contracts by and between the Company and any equipment manufacturer relating to the
equipment to be installed at the Project, together with all amendments, modification and supplements thereto.

 

“Equity Account”
means the account in the Project Fund so designated and created pursuant to Section 4.01 hereof.

 

“Equity Pledge
and Security Agreement” means the Equity Pledge and Security Agreement, dated as of the date hereof, by and between Sole
Member and the Trustee, pursuant to which the Sole Member will pledge and grant to the Trustee all of its membership interests
in the Company.

 

“Event of
Default” means any of those events defined as Events of Default in Section 8.01 hereof or, when used with respect
to the Loan Agreement, any of those events defined as Events of Default in Section 10.1(a) of the Loan Agreement.

 

“Extraordinary
Services” and “Extraordinary Expenses” means all services rendered and all reasonable, out-of-pocket
expenses incurred by the Trustee or any Paying Agent under this Indenture or any of the other Financing Documents, other than
Ordinary Services and Ordinary Expenses, including, but not limited to, the services rendered and expenses reasonably incurred
by the Trustee with respect to any Event of Default under the Financing Documents, or the happening of an occurrence which, with
the passage of time or the giving of a notice, would ripen into an Event of Default.

 

    15

    

    

 

 

“Facility”
means, collectively, the Land and the Project.

 

“FEU”
or “Feedstock Evaluation Unit” means the feedstock evaluation facility constructed by the Company at 925 County
Road 1A, Ironton Ohio 45638.

 

“Feedstock
Supply Contract” means, collectively, the contracts for procurement of feedstock for the Project listed on Exhibit J
to the Security Agreement, as well as any such contracts executed and delivered after the Closing Date.

 

“Financial
Covenants” shall have the meaning assigned to such term in Section 2.4(a) of the Loan Agreement.

 

“Financial
Obligation” means a (a) debt obligation, (b) derivative instrument entered into in connection with, or pledged
as security or a source of payment for, an existing or planned debt obligation or (c) guarantee of (a) or (b), provided
that Financial Obligation does not include municipal securities as to which a final official statement has been provided to the
Municipal Securities Rulemaking Board consistent with SEC Rule 15c2-12.

 

“Financing
Documents” means, collectively, the Bonds, this Indenture, the Loan Agreement, the Security Documents, the Tax Compliance
Agreement, the Bond Purchase Agreement, the Limited Offering Memorandum, the Continuing Disclosure Agreement, the Guaranty and
any other document or instrument executed in connection therewith and any other instrument or document supplemental thereto.

 

“Fiscal Year”
means the Fiscal Year of the Company, which shall be the period commencing on January 1 of any year and ending on December 31
of such year unless the Trustee is notified in writing by an Authorized Representative of a change in such period, in which case
the Fiscal Year shall be the period set forth in such notice; provided that the prior Fiscal Year shall end on the day preceding
the new Fiscal Year.

 

“GAAP”
means all generally accepted accounting principles for financial accounting and reporting as established by the Financial Accounting
Standards Board, consistently applied, as in effect as of the calculation being performed.

 

“Governmental
Authority” means the United States, the State, any other state or any political subdivision thereof, and any agency,
department, commission, board, bureau or instrumentality of any of these, having jurisdiction over the ownership, leasing, operation
and/or maintenance of the Facility.

 

    16

     

    

 

“Governmental
Authorization” means any permit, license, authorization, plan, directive, consent order, approval, registration and exemption
or consent decree of or from any Governmental Authority.

 

“Governmental
Obligations” means:

 

(a)            any
bonds or other obligations of the United States, which, as to principal and interest, constitute direct obligations of or are guaranteed
by the United States;

 

(b)           any
bonds, debentures, participation certificates, notes or other obligations of any agency or other corporation, which has been or
may hereafter be created by or pursuant to an Act of Congress of the United States as an agency or instrumentality thereof, the
bonds, debentures, participation certificates, notes or other obligations of which are unconditionally guaranteed by the United
States;

 

(c)           any
bond or other obligations of any state of the United States or of any agency, instrumentality or local governmental unit of any
state (i) which are not callable prior to maturity or as to which irrevocable instructions have been given to the trustee
or other fiduciary of such bonds or other obligations by the obligor to give due notice of redemption and to call such bonds for
redemption on the date or dates specified in such instructions, (ii) which are secured as to principal and interest and redemption
premium, if any, by a fund consisting only of cash or bonds or other obligations of the character described in clause (a) above,
which fund may be applied only to the payment of such principal of and interest and redemption premium, if any, on such bonds or
other obligations on the maturity date or dates thereof or the redemption date or dates specified in the irrevocable instructions
referred to in subclause (i) of this clause (c), as appropriate, and (iii) as to which the principal of and interest
on the bonds and obligations of the character described in clause (a) above, which have been deposited in such fund along
with any cash on deposit in such fund are sufficient to pay principal of and interest and redemption premium, if any, on the bonds
or other obligations described in this clause (c) on the maturity date or dates thereof or on the redemption date or dates
specified in the irrevocable instructions referred to in subclause (i) of this clause (c), as appropriate; and

 

(d)            any
certificates or other evidences of an ownership interest in obligations of the character described in clauses (a) and (b) above
or in specific portions thereof, including, without limitation, portions consisting solely of the principal thereof or solely of
the interest thereon.

 

“Gross Revenues”
means all moneys, contributions, fees, rates, receipts, rentals, charges, issues and income received for, received by or derived
from, the Company, the operation of the Company, the Project or any other source whatsoever, including, without limitation, moneys
received from the operation of the Company’s business or the possession of its properties, insurance proceeds or condemnation
awards, payments under the Guaranty, liquidated damages payable to the Company under the Project Documents, and all rights to receive
the same, whether in the form of accounts, accounts receivable, contract rights or other rights, and the proceeds of the same whether
now owned or held or hereafter coming into being.

 

“Guarantor”
means PureCycle Technologies LLC.

    17

     

    

 

“Guaranty”
means that certain Guaranty of Completion, entered into on October 7, 2020, executed by the Guarantor in favor of the Trustee,
as the same may be amended or supplemented from time to time, guaranteeing the performance by the Company of its obligations with
respect to the design, permitting, installation, construction, and completion of the Project, subject to the terms of the Loan
Agreement.

 

“Hazardous
Materials” means any flammable explosives, radon, radioactive materials, asbestos, urea formaldehyde foam insulation,
polychlorinated biphenyls, petroleum, petroleum-based products, methane, hazardous materials, hazardous wastes, hazardous or toxic
substances or related materials as set forth in the Comprehensive Environmental Response, Compensation and Liability Act of 1980,
as amended (42 U.S.C. Sections 9601, et seq.), the Hazardous Materials Transportation Act, as amended (49 U.S.C. Sections 1801,
et seq.), the Resource Conservation and Recovery Act, as amended (42 U.S.C. Sections 6901, et seq.), the Toxic Substances Control
Act, as amended (15 U.S.C. Sections 2601, et seq.), or any other applicable Environmental Law and the regulations promulgated thereunder.

 

“Indebtedness”
means (a) any guaranty by the Company and (b) any obligation for borrowed money of the Company (other than accounts payable
and accruals), as determined in accordance with GAAP, including obligations under conditional sales contracts or other title retention
contracts and rental obligations under leases which are considered capital leases under GAAP.

 

“Indenture”
means this Indenture of Trust, dated as of the date hereof, between the Issuer and the Trustee pursuant to which the Bonds are
authorized to be issued, as amended or supplemented by any Supplemental Indenture.

 

“Independent
Counsel” means an attorney or attorneys or firm or firms of attorneys duly admitted to practice law before the highest
court of any state of the United States or of the District of Columbia.

 

“Insurance
Consultant” means an independent person selected by the Company, which is qualified by expertise and experience to survey
risks and recommend insurance coverage for organizations engaged in operations similar to those of the Company at the Project and
having a favorable reputation for skill and experience in such surveys and recommendation, and is not a full-time employee of the
Issuer or the Company.

 

“Intercompany
Trademark License Agreement” means the Intercompany Trademark License Agreement, dated as of October 7, 2020, between
the Guarantor and the Company.

 

“Interest
Payment Date” means the first day of each June and December (or the next succeeding Business Day if such first
day is not a Business Day), commencing with June 1, 2021.

 

“Issuer”
means (a) the Southern Ohio Port Authority, and its successors and assigns and (b) any public benefit corporation or
political subdivision resulting from or surviving any consolidation or merger to which the Southern Ohio Port Authority, or its
successors or assigns may be a party.

    18

     

    

 

“Issuer Documents”
means the Bonds, this Indenture, the Loan Agreement, the Tax Compliance Agreement, the Bond Purchase Agreement and the Limited
Offering Memorandum.

 

“Land”
means, the real property, as more particularly described in Exhibit B attached to the Loan Agreement, which is the site of
the Project, and the FEU.

 

“License Agreement”
means the Amended and Restated Patent License Agreement, dated July 28, 2020, between Guarantor and The Procter &
Gamble Company, as the same may be amended from time to time.

 

“Lien”
means any interest in Property securing an obligation owed to a Person, whether such interest is based on the common law, statute
or contract, and including, but not limited to, a security interest arising from a mortgage, encumbrance, pledge, conditional sale
or trust receipt or a lease, consignment or bailment for security purposes. The term “Lien” includes reservations,
exceptions, encroachments, easements, rights of way, covenants, conditions, restrictions, leases and other similar encumbrances,
including, but not limited to, mechanics’, materialmen’s, warehousemen’s and carriers’ liens and other
similar encumbrances affecting real property. For the purposes hereof, a Person shall be deemed to be the owner of any Property
which it has acquired or holds subject to a conditional sale agreement or other arrangement, pursuant to which title to the Property
has been retained by or vested in some other Person for security purposes.

 

“Limited Offering
Memorandum” means the Limited Offering Memorandum relating to the issuance and initial sale of the Bonds.

 

“Liquidity
Reserve Escrow Agent” means the escrow agent under the Liquidity Reserve Escrow Agreement, initially, U.S. Bank, Cincinnati,
Ohio, and any successor escrow agent thereunder.

 

“Liquidity
Reserve Escrow Agreement” means the Liquidity Reserve Escrow Agreement dated as of October 7, 2020, by and among
the Guarantor, the Trustee, and the Liquidity Reserve Escrow Agent.

 

“Liquidity
Reserve Escrow Fund” means the escrow fund held by the Liquidity Reserve Escrow Agent under the Liquidity Reserve Escrow
Agreement to which funds specified in Section 3.10 of the Guaranty Agreement are required to be deposited by the Guarantor.

 

“Loan”
means the loan by the Issuer to the Company of the proceeds received from the sale of the Bonds.

 

“Loan Agreement”
means the Loan Agreement, dated as of the date hereof, between the Company and the Issuer, with the payments thereunder to be in
an amount sufficient to pay the principal of and interest on the Bonds, when due.

    19

     

    

 

“Loan Payments”
means the payments required to be made by the Company pursuant to Section 5.1 of the Loan Agreement.

 

“Majority
Holders” means (i) so long as any Senior Bonds are Outstanding, a majority of the Holders of aggregate principal
amount of the Senior Bonds then Outstanding, and (ii) if no Senior Bonds are then Outstanding, a majority of the Holders of
the aggregate principal amount of Bonds then Outstanding.

 

“Make Whole
Redemption Price” means a redemption price equal to 100% of the principal amount redeemed plus accrued interest to the
redemption date plus the Yield-Maintenance Premium.

 

“Material
Adverse Effect” means a material adverse effect on:

 

(a)            the
business, properties, performance, results of operation, business prospects, or conditions (financial or otherwise) of the Company;

 

(b)            the
legality, validity or enforceability of any Bond Document, any Company Document, any Issuer Document or any Project Document;

 

(c)            the
Company’s ability to observe and perform its obligations under any Company Document; or

 

(d)            the
rights of the Trustee under any Bond Document, any Security Document, any Financing Document, any Company Document, any Issuer
Document or any Project Document, including, the ability of the Trustee to enforce its rights and remedies thereunder or any related
document, instrument or agreement.

 

“Maximum Annual
Debt Service” means collectively, (i) the principal, interest, and any redemption premium required to be paid by
the Issuer on the Bonds and Parity Indebtedness, including any mandatory sinking fund redemptions, (ii) the scheduled fees
of the Trustee, and (iii) the scheduled fees of the Issuer, for the year in which the greatest amount of Annual Debt Service
is required.

 

“Mortgage”
means the Open-End Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing, dated as of October 1,
2020, from the Company to the Trustee, pursuant to which, among other things, the Company will grant to the Trustee a mortgage
lien on and security interest in the Project and grant to the Trustee a security interest in all of the Company’s Gross Revenues.

 

“Net Income”
means, with respect to any period, the excess of revenues over expenses of the Company for such period as determined by GAAP in
the United States.

    20

     

    

 

“Net Income
Available for Debt Service” means, with respect to any period, Net Income for such period plus all amounts deducted in
arriving at such Net Income amount in respect of (a) interest expense, (b) amortization expense and (c) depreciation
expense; provided, however, that the following items will be excluded from the computation of “Net Income Available for Debt
Service”: (i) extraordinary items of income or loss; (ii) gains or losses from the extinguishment of Indebtedness;
(iii) unrealized gains and losses on investments or interest rate hedge agreements; (iv) any gain or loss from the disposition
of assets not in the ordinary course of business; (v) any loss from impairment of the value of assets; (vi) financing
costs that are treated as a current expense, rather than amortized; and (vii) any other item that is nonrecurring and also
a non-cash item.

 

“Net Proceeds”
means so much of the gross proceeds with respect to which that term is used as remain after payment of all expenses, costs and
taxes (including attorneys’ fees and disbursements and Trustee’s fees and disbursements) incurred in obtaining such
gross proceeds.

 

“Office of
the Trustee” means the corporate trust officers of the Trustee located at 120 South 6th Street, Suite 1400, Minneapolis,
Minnesota 55402.

 

“Officer’s
Certificate” means a certificate of an Authorized Representative of the Company.

 

“Offtake Contract”
means, collectively, the contracts for sale of Product listed on Exhibit J to the Security Agreement, and additional contracts
for sale of Product entered into subsequent to the effective date of the Security Agreement.

 

“Operating
Revenue Escrow Agent” means the escrow agent under the Operating Revenue Escrow Agreement, initially, U.S. Bank, Cincinnati,
Ohio, and any successor escrow agent thereunder.

 

“Operating
Revenue Escrow Agreement” means the Operating Revenue Escrow Agreement, dated as of the Closing Date, by and between
the Company, the Trustee, and the Operating Revenue Escrow Agent.

 

“Operating
Revenue Escrow Fund” means the escrow fund held by the Operating Revenue Escrow Agent under the Operating Revenue Escrow
Agreement to which Gross Revenues of the Company are required to be deposited.

 

“Operation
and Maintenance Agreement” means the Operation and Maintenance Agreement, dated on or about the Closing Date, between
the Company and PCT Managed Services LLC.

 

“Ordinary
Services” and “Ordinary Expenses” means those services normally rendered and those reasonable, out-of-pocket
expenses normally incurred by a trustee, paying agent or secured party under instruments similar to this Indenture or the other
Financing Documents, including reasonable fees and disbursements of counsel, consultants and advisors to the Trustee, and not during
the continuation of an Event of Default, or in connection with an occurrence that, with the passage of time, or the giving of a
notice, would ripen into an Event of Default.

    21

     

    

 

“Outside Completion
Date” means December 1, 2022.

 

“Outstanding”
or “Bonds Outstanding” or “Outstanding Bonds” means any Bonds which have been authenticated
and delivered by the Trustee under the Indenture, or any Supplemental Indenture, except: (a) any Bonds canceled by the Trustee
because of payment; (b) any Bonds deemed paid in accordance with the provisions of Section 7.01 or 7.02 hereof; (c) any
Bonds for the redemption of which there has been separately set aside and held in the Bond Fund moneys in an amount sufficient
to effect payment of the principal or applicable Redemption Price thereof, together with accrued interest on such Bonds to the
Redemption Date, in accordance with Section 3.03 hereof; and (d) any Bond in lieu of or in substitution for which another
Bond shall have been authenticated and delivered pursuant to Section 2.05, 2.08, 2.09 or 2.11 hereof. For purposes of approval
voting or consent by the Holders, “Outstanding” shall not include any Bonds owned by or on behalf of the Company or
an affiliate of the Company or the Issuer or an affiliate of the Issuer (unless, in each case, all of the Outstanding Bonds are
so owned). Bonds owned by the Company or an affiliate of the Company shall not be “Outstanding” with respect to calculation
of any Financial Covenants.

 

“Overall Debt
Service Coverage Ratio” means for any given period of time, the ratio of (a) Net Income Available for Debt Service
to (b) the total of Maximum Annual Debt Service of any Bonds, any Senior Parity Indebtedness and any Subordinate Parity Indebtedness,
all as determined in accordance with GAAP.

 

“Parity Indebtedness”
means collectively, the Senior Parity Indebtedness and the Subordinate Parity Indebtedness.

 

“Participant”
means any of those brokers, dealers, banks and other financial institutions from time to time for which the Depository holds Bonds
as securities depository.

 

“Paying Agent”
means the Trustee, acting as such, and any additional paying agent for the Bonds appointed pursuant to Article IX hereof,
their respective successors and any other corporation which may at any time be substituted in their respective places pursuant
to this Indenture.

 

“Permitted
Liens” means the liens described in Exhibit D to the Loan Agreement and the following:

 

(a)            the
lien of taxes and assessments which are not delinquent;

 

(b)            easements,
exceptions or reservations for the purpose of pipelines, telephone lines, cellular telephone communications facilities, power lines,
roads, streets, alleys, drainage and sewerage purposes, laterals, ditches and other like purposes, or for the joint or common use
of the Project and equipment;

 

(c)            rights
reserved to or vested in any municipality or governmental or other public authority to control or regulate or use in any manner
any portion of the Project;

    22

     

    

 

(d)            any
obligations or duties affecting any portion of the Land and/or the Project to any municipality or governmental or other public
authority with respect to any right, power, franchise, grant, license or permit;

 

(e)            present
or future valid zoning laws and ordinances;

 

(f)            liens
securing Indebtedness for the payment, redemption or satisfaction of which money (or evidences of Indebtedness) in the necessary
amount to fully pay such Indebtedness will have been deposited in trust with a trustee or other holder of such Indebtedness;

 

(g)            the
rights of the Trustee under the Indenture, the Loan Agreement, the Security Documents, and the Mortgage;

 

(h)            any
lien with respect to Parity Indebtedness on a parity basis with the Lien securing the Bonds, including the Lien of the Mortgage
and the Lien on Gross Revenues established in compliance with the Loan Agreement;

 

(i)            any
lien established in connection with the incurrence or continuation of Subordinate Debt, which secures such Subordinate Debt, if
undertaken in compliance with the Loan Agreement; or

 

(j)            purchase
money mortgages, liens or encumbrances on existing or new equipment, goods or materials, if undertaken in compliance with the Loan
Agreement.

 

“Person”
means an individual, partnership, corporation, limited liability company, trust or unincorporated organization, and a government,
agency, political subdivision or branch thereof.

 

“Plans and
Specifications” means the plans and specifications for the Project, prepared for the Company, and approved by the Lawrence
County Building Department.

 

“Principal
Payment Date” means the first day of each June and December (or the next succeeding Business Day if such first
day is not a Business Day), commencing with June 1, 2024.

 

“Principal
User” means “Principal User,” as that term is defined in the Tax Compliance Agreement.

 

“Product”
means recycled polypropylene made from waste plastics or any other product manufactured by the Company and offered for sale.

 

“Project”
means: (a) the limited restoration of Buildings 504, 507 and 509, all located on the Land, (b) the construction of an
approximately 150,000 square foot, solid waste recycling facility involving the conversion of waste polypropylene from post-consumer
plastics into recycled polypropylene; (c) the Feedstock Evaluation Unit; (d) the acquisition and installation of certain
items of machinery, equipment and other tangible personal property; (e) paying certain costs and expenses incidental to the
issuance of the Bonds; (f) funding the Senior Bonds Debt Service Reserve Fund; and (g) funding the Capitalized Interest
Account.

    23

     

    

“Project Account”
means the account in the Project Fund so designated and created pursuant to Section 4.01 hereof.

 

“Project Documents”
means the Construction Contract, the Equipment Contract, the Operation and Maintenance Agreement, the Technology Sublicense Agreement,
the Intercompany Trademark License Agreement, the Feedstock Supply Contract, the Offtake Contract, the License Agreement, and any
other contract related to the construction, installation, equipping and operation of the Project, the termination of which could
have a Material Adverse Effect, all of which have been collaterally assigned to the Trustee under the Security Agreement.

 

“Project Fund”
means SOPA – PureCycle Project Fund created by Section 4.01 hereof.

 

“Promissory
Note” means, collectively, the Series 2020A Promissory Note, the Series 2020B Promissory Note and the Series 2020C
Promissory Note.

 

“Proper Charge”
means such items as are included within any proper definition of cost which are capitalized or capitalizable, under GAAP.

 

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

 

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

 

“Rating Agency”
means any nationally recognized securities rating agency.

 

“Rebate Amount”
means with respect to the Tax-Exempt Bonds, the amount computed as described in the Tax Compliance Agreement.

 

“Rebate Fund”
means the SOPA – PureCycle Rebate Fund created pursuant to Section 4.01 hereof.

 

“Record Date”
means the Regular Record Date or the Special Record Date, as the case may be.

 

“Redemption
Date” means the date upon which Bonds issued pursuant to this Indenture shall be redeemed.

 

“Redemption
Price” means, when used with respect to the Bonds, the principal amount thereof, plus the applicable redemption premium,
if any, payable thereon, plus accrued interest to the Redemption Date.

    24

     

    

 

“Regular Record
Date” means, with respect to any Bond Payment Date, the fifteenth (15th) day of the calendar month (whether
or not a Business Day) next preceding such Bond Payment Date.

 

“Reinvestment
Yield” means, with respect to the Called Principal of any Bond, a discount rate equal to the sum of (i) 50 basis
points and (ii) the yield to maturity determined by reference to (a) the ask-side yields reported, as of 10:00 a.m. (New
York City time) on the Business Day next preceding the Settlement Date with respect to such Called Principal, displayed on Bloomberg
under the “PX1” function (or such other display as may replace the “PX1” function) for actively traded
U.S. Treasury securities having a maturity equal to the Remaining Average Life of such Called Principal as of such Settlement Date,
or if such yields shall not be reported as of such time or the yields reported as of such time shall not be ascertainable, and
(b) the Treasury Constant Maturity Series yields reported, for the latest day for which such yields shall have been so
reported as of the Business Day next preceding the Settlement Date with respect to such Called Principal, in Federal Reserve Statistical
Release H.15 (519) (or any comparable successor publication) for actively traded U.S. Treasury securities having a constant maturity
equal to the Remaining Average Life of such Called Principal as of such Settlement Date, as calculated by the Calculation Agent.
Such yield shall be determined, if necessary, by (a) converting U.S. Treasury bill quotations to bond equivalent yields in
accordance with accepted financial practice and (b) interpolating linearly between reported yields.

 

“Remaining
Average Life” means, with respect to the Called Principal of any Bond, the number of years (calculated to the nearest
one-twelfth year) obtained by dividing (i) such Called Principal into (ii) the sum of the products obtained by multiplying
(a) each Remaining Scheduled Payment of such Called Principal (but not of interest thereon) by (b) the number of years
(calculated to the nearest one-twelfth year) which will elapse between the Settlement Date with respect to such Called Principal
and the respective retirement date (assuming that the Called Principal will remain outstanding under the mandatory redemption schedule
for the longest possible time) of such Remaining Scheduled Payment, as calculated by the Calculation Agent.

 

“Remaining
Scheduled Payments” means, with respect to the Called Principal of any Bond, all payments of such Called Principal and
interest thereon that would be due on or after the Settlement Date with respect to such Called Principal if no payment of such
Called Principal were made prior to its scheduled retirement date.

 

“Renewal Fund”
means the SOPA – PureCycle Renewal Fund created pursuant to Section 4.01 hereof.

 

“Repair and
Replacement Fund” means the SOPA – PureCycle Repair and Replacement Fund created pursuant to Section 4.01
hereof.

 

“Repair and
Replacement Fund Requirement” means the amount required to be deposited in the Repair and Replacement Fund pursuant to
Section 2.4(a)(iii) of the Loan Agreement.

    25

     

    

 

“Request for
Disbursement” means a request for disbursement by the Company to the Trustee substantially in the forms set forth in
both Exhibit B-1, and Exhibit B-2, attached hereto.

 

“Revenue Fund”
means the SOPA – PureCycle Revenue Fund created by Section 4.01 hereof.

 

“Revenue Fund
Disbursement Date” means the last Business Day of each calendar month.

 

“Security
Agreement” the Security Agreement, dated as of October 1, 2020, between the Company and the Trustee, pursuant to
which, among other things, the Company will grant to the Trustee a security interest in the personal property collateral described
therein.

 

“Security
Documents” means: (a) the Mortgage; (b) the Guaranty; (c) the Equity Pledge and Security Agreement; (d) the
Operating Account Escrow Agreement, (e) the Liquidity Reserve Escrow Agreement, (f) the Security Agreement; (g) the
Collateral Assignment of Technology Sublicense Agreement, (h) the Consent and Agreement; and (i) the Environmental Indemnity
Agreement.

 

“Seller”
means a Person or other entity directly related to the physical acquisition, construction or equipping of the Facility or any replacement
thereof.

 

“Senior Bonds”
means the Series 2020A Bonds together with any Additional Bonds that may be issued on a parity basis with the Series 2020A
Bonds or other Senior Bonds.

 

“Senior Bonds
Debt Service Reserve Fund” means SOPA – PureCycle Senior Bonds Debt Service Reserve Fund created by Section 4.01
hereof.

 

“Senior Bonds
Debt Service Reserve Requirement” means, as of any particular date of computation, an amount equal to the least of: (i) the
greatest amount required in the then current or any future Bond Year to pay the sum of the interest on the Outstanding Senior Bonds
payable during such Bond Year, and the principal (including Sinking Fund Redemption Amounts) of the Outstanding Senior Bonds payable
with respect to such Bond Year; (ii) 125% of the average of annual amounts required in the then current and all future Bond
Years to pay the sum of the interest on the Outstanding Senior Bonds payable during such Bond Years and the principal (including
Sinking Fund Redemption Amounts) of the Outstanding Senior Bonds payable with respect to such Bond Years; and (iii) ten percent
(10%) of the net proceeds of the sale of the Senior Bonds. As of the date of issuance of the Series 2020A Bonds, the Senior
Bonds Debt Service Reserve Requirement shall be $20,987,800.00.

 

“Senior Debt
Service Coverage Ratio” means for any given period of time, the ratio of (a) Net Income Available for Debt Service
to (b) the total of Maximum Annual Debt Service of the Senior Bonds and any Senior Parity Indebtedness, all as determined
in accordance with GAAP.

 

“Senior Parity
Indebtedness” means any Indebtedness, which is incurred by the Company and is secured equally and ratably with the obligations
of the Company securing the Senior Bonds under the Loan Agreement, the Equity Pledge and Security Agreement and the Mortgage, and
which satisfies the conditions set forth in Section 2.4(b)(i) of the Loan Agreement.

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“Series 2020
Bonds” means the Series 2020A Bonds, the Series 2020B Bonds and the Series 2020C Bonds.

 

“Series 2020A
Bonds” means the Southern Ohio Port Authority Exempt Facility Revenue Bonds (PureCycle Project), Tax-Exempt Series 2020A,
in the principal amount of $219,550,000, authorized to be issued pursuant to this Indenture to finance a portion of the Cost of
the Facility, and which are in substantially the form set forth in Exhibit A-1 attached hereto.

 

“Series 2020A
Promissory Note” means the Promissory Note, dated the Closing Date, by the Company in favor of the Issuer and assigned
to the Trustee, in the form attached to the Loan Agreement as Exhibit A-1.

 

“Series 2020B
Bonds” means the Southern Ohio Port Authority Subordinate Exempt Facility Revenue Bonds (PureCycle Project), Tax-Exempt
Series 2020B, in the principal amount of $20,000,000, authorized to be issued pursuant to this Indenture to finance a portion
of the Cost of the Facility, and which are in substantially the form set forth in Exhibit A-2 attached hereto.

 

“Series 2020B
Promissory Note” means the Promissory Note, dated the Closing Date, by the Company in favor of the Issuer and assigned
to the Trustee, in the form attached to the Loan Agreement as Exhibit A-2.

 

“Series 2020C
Bonds” means the Southern Ohio Port Authority Subordinate Exempt Facility Revenue Bonds (PureCycle Project), Taxable
Series 2020C, in the principal amount of $10,000,000, authorized to be issued pursuant to this Indenture to finance a portion
of the Cost of the Facility, and which are in substantially the form set forth in Exhibit A-3 attached hereto.

 

“Series 2020C
Promissory Note” means the Promissory Note, dated the Closing Date, by the Company in favor of the Issuer and assigned
to the Trustee, in the form attached to the Loan Agreement as Exhibit A-3.

 

“Settlement
Date” means with respect to Called Principal of any Bond, the date upon which the Called Principal is to be redeemed
pursuant to this Indenture at the Make Whole Redemption Price.

 

“Short-Term
Indebtedness” means Indebtedness having an original maturity of less than or equal to one year and not renewable at the
option of the Company for a term greater than one year from the date of original incurrence or issuance so long as the outstanding
principal amount thereof is reduced to zero for a period of at least thirty (30) consecutive days during each year.

 

“Sinking Fund
Redemption Amount” means the amount of money required to be applied on any Sinking Fund Redemption Date to the redemption
of the Bonds prior to its maturity, pursuant to Article III hereof.

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“Sinking Fund
Redemption Date” means a Bond Payment Date on which a Sinking Fund Redemption Amount and interest shall be payable on
the Bonds according to its terms so long as the Bonds shall be Outstanding.

 

“Sole Member”
means PCTO Holdco LLC, a Delaware limited liability company, as the sole member of the Company.

 

“Special Record
Date” means a date for the payment of interest on the Bonds after an Event of Default has occurred fixed by the Trustee
pursuant to Section 2.03(b) hereof.

 

“State”
means the State of Ohio.

 

“Subordinate
Bonds” means certain obligations, including the Series 2020B Bonds, the Series 2020C Bonds, and any Additional
Bonds issued pursuant to a Supplemental Indenture in accordance with Section 2.14 of this Indenture and secured by a security
interest in all or a portion of the Trust Estate subordinate in priority of payment to that of the Senior Bonds, which contain
provisions substantially in the form set forth in Article XII hereof.

 

“Subordinate
Bonds Debt Service Reserve Fund” means the SOPA – PureCycle Subordinate Bonds Debt Service Reserve Fund created
by Section 4.01 hereof.

 

“Subordinate
Bonds Debt Service Reserve Requirement” means with respect to the Subordinate Bonds, as of any particular date of computation,
an amount equal to 50% of the greatest amount required in the then current or any future Bond Year to pay the sum of the interest
on the Outstanding Subordinate Bonds payable during such Bond Year and the principal (including Sinking Fund Redemption Amounts)
of the Outstanding Subordinate Bonds payable with respect to such Bond Year. As of the date of issuance of the Bonds, the Subordinate
Bonds Debt Service Reserve Requirement for the Subordinate Bonds shall be $0.00.

 

“Subordinate
Debt” means (a) any guaranty and (b) any obligation for borrowed money of the Company (other than accounts
payable and accruals), as determined in accordance with GAAP, including obligations under conditional sales contracts or other
title retention contracts and rental obligations under leases which are considered capital leases under GAAP, which is subordinate
to Parity Indebtedness.

 

“Subordinate
Parity Indebtedness” means any Indebtedness, which is incurred by the Company and is secured equally and ratably with
the obligations of the Company securing the Subordinate Bonds under the Loan Agreement, the Security Documents, and the Mortgage,
and which satisfies the conditions set forth in Section 2.4(b)(ii) of the Loan Agreement.

 

“Supplemental
Indenture” means any indenture supplemental to or amendatory of this Indenture, which may be executed by the Issuer and
the Trustee in accordance with Article X hereof.

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“Tax Compliance
Agreement” means the Tax Compliance Agreement, dated the Closing Date, by and between the Issuer and the Company, as
the same may be amended, modified or supplemented from time to time in accordance with the terms thereof and this Indenture.

 

“Tax Incidence
Date” means the date, if any, as of which interest on the Tax-Exempt Bonds first becomes taxable as a result of any occurrence
described in paragraphs (a), (b) or (c)(i) of a Determination of Taxability.

 

“Taxable Capitalized
Interest Subaccount” means the subaccount in the Capitalized Interest Account in the Project Fund so designated and created
pursuant to Section 4.01 hereof.

 

“Taxable Project
Subaccount” means the subaccount in the Project Account in the Project Fund so designated and created pursuant to Section 4.01
hereof.

 

“Taxable Rate”
means ten percent (10%) per annum, that being the rate at which interest accrues on the Series 2020A Bonds, and thirteen percent
(13%) per annum, that being the rate at which interest accrues on the Series 2020B Bonds, from and after any Tax Incidence
Date.

 

“Tax-Exempt
Bonds” means collectively the Series 2020A Bonds, the Series 2020B Bonds, and any bonds authorized to be issued
pursuant to Sections 2.13 or 2.14 hereof, the interest on which is excludible from gross income of the holders thereof for federal
income tax purposes.

 

“Tax-Exempt
Capitalized Interest Subaccount” means the subaccount in the Capitalized Interest Account in the Project Fund so designated
and created pursuant to Section 4.01 hereof.

 

“Tax-Exempt
Project Subaccount” means the subaccount in the Project Account in the Project Fund so designated and created pursuant
to Section 4.01 hereof.

 

“Tax-Exempt
Rate” means the rates specified in Section 2.03(a)(iii) hereof, at which interest accrues on the Tax-Exempt
Bonds prior to the Tax Incidence Date.

 

“Technology
Sublicense Agreement” means the Technology Sublicense Agreement dated as of October 7, 2020, by and between Guarantor,
as Sublicensor, and the Company, as Sublicensee.

 

“Title Insurance
Company” means First American Title Insurance Company, New York, New York.

 

“Trust Estate”
has the meaning set forth in the Granting Clauses.

 

“Trustee”
means UMB Bank, N.A., a national banking association organized and existing under the laws of the United States, as Trustee under
the Indenture, and any corporation resulting from or surviving any consolidation or merger to which it or its successors may be
a party and any successor trustee at the time serving as such hereunder.

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“Unassigned
Rights” means: (a) the rights of the Issuer granted pursuant to Sections 5.1, 6.6, 8.1, 8.2, 8.3, 10.4, 12.1, 12.7
and 12.9 of the Loan Agreement; (b) the moneys due and to become due to the Issuer for its own account or the members, officers,
agents (other than the Company) and employees of the Issuer for their own account pursuant to Sections 5.1, 6.6, 8.1, 10.4 and
11.2(a) of the Loan Agreement; (c) the rights of the Issuer under Section 6.7(b) of the Loan Agreement; and
(d) the right to enforce the foregoing pursuant to Article X of the Loan Agreement. Notwithstanding the preceding sentence,
to the extent the obligations of the Company under the Sections of the Loan Agreement listed in clause (a) above do not relate
to the payment of moneys to the Issuer for its own account or to the members, officers, agents (other than the Company or the Trustee)
and employees of the Issuer for their own account, such obligations, upon assignment by the Issuer of its rights and remedies under
the Loan Agreement to the Trustee pursuant to this Indenture, shall be deemed to be and shall constitute obligations of the Company
to the Issuer and the Trustee, jointly and severally.

 

“Underwriter”
means Piper Sandler & Co., a corporation organized and existing under the laws of the State of Delaware, authorized to
conduct business in the State of Ohio, having an office for conducting business at 100 North 18th Street, Two Logan
Square, Suite 1820, Philadelphia, Pennsylvania 19103, or its successors or assigns.

 

“United States”
means the United States of America.

 

“Yield-Maintenance
Premium” means, with respect to any Bond, a premium equal to the excess, if any, of the Discounted Value of the Called
Principal of such Bond over the sum of (i) such Called Principal plus (ii) interest accrued thereon as of (including
interest due on) the Settlement Date with respect to such Called Principal. If the Authority and the Holder of any Bond shall prior
to the Settlement Date designate in writing a lesser premium from that calculated as set forth in the preceding sentence as the
Yield-Maintenance Premium, the premium so designated shall be payable on the Settlement Date as the Yield-Maintenance Premium with
respect to such Bond. The Yield-Maintenance Premium shall in no event be less than zero.

 

Section 1.02.     Rules of
Construction. Unless the context clearly indicates to the contrary, the following rules shall apply to the construction
of this Indenture:

 

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

 

(b)            Words
importing the redemption or calling for redemption of Bonds shall not be deemed to refer to or connote the payment of the Bonds
at its stated maturity.

 

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

 

(d)            The
table of contents and headings of the several sections herein are solely for convenience of reference and shall not control, affect
the meaning of or be taken as an interpretation of any provision of this Indenture.

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(e)            This
Indenture shall be construed for the benefit of the parties hereto but only to the extent not inconsistent with the rights of the
Trustee and the Holders.

 

(f)            The
use of the neuter gender shall include the masculine and feminine genders as well.

 

[The balance of this page intentionally
left blank.]

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ARTICLE II

 

AUTHORIZATION AND ISSUANCE OF BONDS

 

Section 2.01.         Authorized
Amount of Bonds. No Bonds may be authenticated and issued under the provisions of this Indenture, except in accordance with
this Article. Except as otherwise provided in Sections 2.08, and 2.13 and 2.14 hereof, the aggregate principal amount of the Series 2020A
Bonds which may be authenticated and issued under this Indenture is $219,550,000, the aggregate principal amount of the Series 2020B
Bonds which may be authenticated and issued under this Indenture is $20,000,000 and the aggregate principal amount of the Series 2020C
Bonds which may be authenticated and issued under this Indenture is $10,000,000.

 

Section 2.02.         Purpose
for Which Bonds May Be Issued. The Bonds may be issued only for the purpose of providing funds to pay the Project Costs.

 

Section 2.03.         Issuance
of Bonds; Details of the Bonds.

 

(a)         (i)             The
Series 2020A Bonds shall be designated “Southern Ohio Port Authority Exempt Facility Revenue Bonds (PureCycle Project),
Tax-Exempt Series 2020A” (the “Series 2020A Bonds”), and shall be issued in Authorized Denomination.
Unless the Issuer shall otherwise direct, the Series 2020A Bonds shall be lettered sequentially, beginning with “AR-1.”
The Series 2020B Bonds shall be designated “Southern Ohio Port Authority Subordinate Exempt Facility Revenue Bonds
(PureCycle Project), Tax-Exempt Series 2020B” (the “Series 2020B Bonds”), and shall be issued in Authorized
Denomination. Unless the Issuer shall otherwise direct, the Series 2020B Bonds shall be lettered sequentially, beginning
with “BR-1.” The Series 2020C Bonds shall be designated “Southern Ohio Port Authority Subordinate Exempt
Facility Revenue Bonds (PureCycle Project), Taxable Series 2020C” (the “Series 2020C Bonds”), and
shall be issued in Authorized Denomination. Unless the Issuer shall otherwise direct, the Series 2020C Bonds shall be lettered
sequentially, beginning with “CR-1.”

 

(ii)          The
Series 2020 Bonds shall be dated the Closing Date, shall bear interest from such date, or from the most recent Bond Payment
Date to which interest has been paid and shall be payable semi-annually on June 1 and December 1 of each year, commencing
on June 1, 2021.

 

(iii)         Subject
to the applicable sinking fund redemption requirements, Series 2020A Bonds shall mature on December 1, 2025 in the principal
amount of $12,370,000; on December 1, 2030 in the principal amount of $38,700,000; and on December 1, 2042 in the principal
amount of $168,480,000. Except as provided in Section 2.03(c) hereof, (A) the Series 2020A Bonds maturing on
December 1, 2025 shall bear interest at the rate of 6.250% per annum, (B) the Series 2020A Bonds maturing on December 1,
2030 shall bear interest at the rate of 6.500% per annum, and (C) the Series 2020A Bonds maturing on December 1,
2042 shall bear interest at the rate of 7.000% per annum, all computed on the basis of a three hundred sixty (360) day year composed
of twelve (12) thirty (30) day months.

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(iv)         Subject
to the applicable sinking fund redemption requirements, Series 2020B Bonds shall mature on December 1, 2025 in the principal
amount of $10,000,000; and on December 1, 2027 in the principal amount of $10,000,000. Except as provided in Section 2.03(c) hereof,
the Series 2020B Bonds shall bear interest at the rate of 10.00% per annum, computed on the basis of a three hundred sixty
(360) day year composed of twelve (12) thirty (30) day months.

 

(v)          Subject
to the applicable sinking fund redemption requirements, Series 2020C Bonds shall mature on December 1, 2027 in the principal
amount of $10,000,000. Except as provided in Section 2.03(c) hereof, the Series 2020C Bonds shall bear interest
at the rate of 13.00% per annum, computed on the basis of a three hundred sixty (360) day year composed of twelve (12) thirty (30)
day months.

 

(b)           The
principal of and premium, if any, on the Bonds shall be payable through the Depository in lawful money of the United States at
the designated office of the Trustee or its successor in trust. If no Depository is then in effect, interest on the Bonds due on
any Bond Payment Date shall be payable by check or draft mailed on such Bond Payment Date to the Person in whose name such Bond
is registered at the close of business on the Regular Record Date with respect to such Bond Payment Date or by bank wire transfer
on such Bond Payment Date to a bank account maintained by such Person in the United States designated in written instructions delivered
to the Trustee at least five (5) Business Days prior to such Bond Payment Date, irrespective of any transfer or exchange of
such Bonds subsequent to such Regular Record Date and prior to such Bond Payment Date, unless the Issuer shall default in the payment
of interest due on such Bond Payment Date. In the event of any such default, such defaulted interest shall be payable to the Person
in whose name such Bond is registered at the close of business on a Special Record Date for the payment of such defaulted interest
established by notice delivered by the Trustee to the Bondholders not less than fifteen (15) days preceding such Special Record
Date.

 

(c)          (i)             Notwithstanding
anything in subsection (a) above to the contrary, in the event of an occurrence of a Determination of Taxability, then
from and after any Tax Incidence Date, the Tax-Exempt Bonds will bear interest at the Taxable Rate. On the Redemption Date referred
to in Section 3.01(e) hereof, there shall be payable as interest on the Tax-Exempt Bonds:

 

(A)            if
the Tax Incidence Date occurred after the last Bond Payment Date on which interest on the Tax-Exempt Bonds was paid or provided
for, the sum of (I) an amount equal to interest on the Tax-Exempt Bonds calculated at the Tax-Exempt Rate for the period commencing
on the last Bond Payment Date on which interest was paid or provided for and ending on the day immediately preceding the Tax Incidence
Date, plus (II) an amount equal to interest on the Tax-Exempt Bonds calculated at the Taxable Rate for the period of time
commencing on the Tax Incidence Date and ending on the Redemption Date; or

 

(B)            if
the Tax Incidence Date occurred prior to the last Bond Payment Date on which interest on the Tax-Exempt Bonds was paid or provided
for, the sum of (I) the difference between the amount payable as interest on the Tax-Exempt Bonds at the Taxable Rate less
the amount previously paid as interest on the Tax-Exempt Bonds at the Tax-Exempt Rate, for the period of time commencing on the
Tax Incidence Date and ending on the day immediately preceding the last Bond Payment Date on which interest on the Tax-Exempt Bonds
had been paid or provided for, plus (II) the amount payable as interest on the Tax-Exempt Bonds at the Taxable Rate for the
period of time commencing on the last Bond Payment Date on which interest had been paid or provided for and ending on the Redemption
Date.

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(ii)           Notwithstanding
anything in subsection (a) or (c)(i) above to the contrary, in the event of an occurrence of an Event of Default, the
Bonds shall bear interest at the Default Rate from and after the date of said Event of Default and for so long as such Event of
Default remains in effect.

 

Section 2.04.         Execution;
Special Obligations.

 

(a)           The
Bonds shall be signed in the name and on behalf of the Issuer with the manual or facsimile signature of its Chairperson and attested
by the manual or facsimile signature of its Secretary-Treasurer and shall bear the seal, if any, or facsimile of the seal, if any,
of the Issuer. All such facsimile signatures shall have the same force and effect as if said officers had manually signed each
of the Bonds. The reproduction of the official seal, if any, of the Issuer on the Bonds shall have the same force and effect as
if the official seal of the Issuer had been impressed on the Bonds. In case any officer whose signature or a facsimile of whose
signature shall appear on any Bonds shall cease to be such officer before the delivery of such Bonds, such signature or such facsimile
shall nevertheless be valid and sufficient for all purposes, and Bonds may be issued and delivered as if such officer had remained
in office until delivery. The Bonds shall then be delivered to the Trustee for authentication by it. In case any officer who shall
have signed any of the Bonds shall cease to be such officer before the Bonds so signed or attested shall have been authenticated
or delivered by the Trustee or issued by the Issuer, such Bonds may nevertheless be authenticated, delivered and issued and, upon
such authentication, delivery and issuance, shall be as binding upon the Issuer as though those who signed and attested the same
had continued to be such officers of the Issuer. Also, any Bond may be signed on behalf of the Issuer by such persons as on the
actual date of the execution of such Bond shall be the proper officers, although on the nominal date of such Bond any such person
shall not have been such officer.

 

(b)           The
Bonds and the premium, if any, and interest thereon shall be special obligations of the Issuer payable solely from the Trust Estate.
THE BONDS AND THE PRINCIPAL THEREOF AND INTEREST AND ANY PREMIUM THEREON DO NOT CONSTITUTE A GENERAL OBLIGATION OR A PLEDGE OF
THE FAITH AND CREDIT OF THE STATE OF OHIO OR ANY POLITICAL SUBDIVISION THEREOF, INCLUDING THE ISSUER. THE OWNERS OF THE BONDS
HAVE NO RIGHT TO HAVE TAXES LEVIED BY THE STATE OF OHIO OR ANY TAXING AUTHORITY OF ANY POLITICAL SUBDIVISION OF THE STATE OF OHIO, INCLUDING
THE ISSUER, FOR THE PAYMENT OF THE PRINCIPAL THEREOF OR THE REDEMPTION PRICE THEREOF OR INTEREST OR PREMIUM THEREON, BUT THE BONDS
ARE PAYABLE SOLELY FROM THE REVENUES AND RECEIPTS PLEDGED THEREFOR.

 

Section 2.05.        Authentication.
No Bond shall be valid for any purpose or shall be entitled to any right or benefit hereunder unless there shall be endorsed on
such Bond a Certificate of Authentication substantially in the form set forth in Exhibit A-1, Exhibit A-2
and Exhibit A-3 attached hereto duly executed by the Trustee. Such executed Certificate of Authentication by the Trustee
upon any such Bond shall be conclusive evidence that such Bond has been authenticated and delivered under this Indenture. The Certificate
of Authentication on any Bond shall be deemed to have been executed by the Trustee if signed by an authorized signatory of the
Trustee, but it shall not be necessary that the same person sign the Certificate of Authentication on all of the Bonds issued hereunder.

    34

     

    

Section 2.06.         Form of
Bonds; Preparation of Bonds.

 

(a)            The
Series 2020 Bonds issued under this Indenture shall be substantially in the form set forth in Exhibit A-1, Exhibit A-2
and Exhibit A-3 attached hereto, with such appropriate variations, omissions and insertions as are permitted or required
by this Indenture.

 

(b)            The
Bonds shall be prepared, executed and delivered to the Trustee in the form of typewritten bonds.

 

Section 2.07.         Delivery
of Bonds.

 

(a)            Upon
the execution and delivery of this Indenture, the Issuer shall execute and deliver the Bonds to the Trustee and the Trustee shall
authenticate the Bonds and deliver them upon receipt of the Bond Proceeds in accordance with the directions of the Issuer and the
provisions of this Section.

 

(b)            Prior
to or simultaneously with the delivery by the Trustee of the Bonds, there shall be filed with the Trustee the following (each legal
opinion to be either addressed to the Trustee or accompanied by a letter to the Trustee from the issuer of such opinion authorizing
the Trustee to rely on such opinion to the same extent as if such opinion were addressed to the Trustee):

 

(i)           original
executed counterparts of the Financing Documents and the Project Documents;

 

(ii)          a
copy, duly certified by the Secretary-Treasurer of the Issuer, of the Bond Resolution authorizing the execution and delivery of
the Financing Documents and the issuance, execution and delivery of the Bonds;

 

(iii)          a
certificate of the Issuer, dated as of the Closing Date, regarding: (A) the existence of the Issuer; (B) the due authorization,
execution and delivery by the Issuer of each of the Issuer Documents; (C) the absence of material litigation involving the
Issuer; (D) the absence of defaults by the Issuer under the Issuer Documents; and (E) such other matters as the Underwriter
or Bond Counsel may request;

 

(iv)         a
certificate of the Company, dated as of the Closing Date, regarding: (A) the valid corporate existence of the Company; (B) the
due authorization, execution and delivery by the Company of the Company Documents; (C) the absence of material litigation
involving the Company and the Facility; (D) the absence of defaults by the Company; and (E) such other matters as the
Issuer, the Underwriter or Bond Counsel may reasonably request;

    35

     

    

 

(v)            a
certificate of the Trustee, dated as of the Closing Date, regarding: (A) the organization and existence of the Trustee; (B) the
due authorization, execution and delivery by the Trustee of this Indenture; (C) the incumbency of officers of the Trustee
authorized to execute, acknowledge and deliver this Indenture, and all other instruments necessary or proper in connection with
the exercise by the Trustee of its duties under this Indenture; and (D) the due authentication by the Trustee of the Bonds;

 

(vi)           an
opinion of counsel for the Issuer, dated as of the Closing Date: (A) stating in the opinion of such counsel: (I) that
the Issuer is a port authority and body corporate and politic existing under the laws of the State; (II) that each of the
Financing Documents to which the Issuer is a party has been duly authorized by the Issuer, is in full force and effect and is valid
and binding upon the Issuer in accordance with its terms; (III) non-contravention; (IV) possession of all governmental
approvals relating to issuance of bonds; and (V) no litigation; and (B) addressing such other matters as the Issuer,
the Underwriter or Bond Counsel may request;

 

(vii)          an
opinion of counsel to the Company, dated as of the Closing Date, as to: (A) the valid existence of the Company; (B) the
due authorization, execution and delivery by the Company of the Financing Documents and the Project Documents to which the Company
is a party; (C) the absence of material litigation involving the Company; and (D) such other matters as the Issuer, the
Underwriter or Bond Counsel may reasonably request; an opinion of counsel to the Guarantor, dated as of the Closing Date, as to
the (A) valid existence of the Guarantor, (B) the due authorization, execution and delivery by the Guarantor of the Guaranty,
the License Agreement, the Consent and Agreement, and any other Financing Documents and Project Documents to which the Guarantor
is a party; (C) the absence of material litigation involving the Guarantor; and (D) such other matters as the Underwriter
or Bond Counsel may reasonably request; and an opinion of counsel to the Sole Member, dated as of the Closing Date, as to the (A) valid
existence of the Sole Member, (B) the due authorization, execution and delivery by the Sole Member of the Technology Sublicense
Agreement, the Consent and Agreement, and any other Financing Documents and Project Documents to which the Sole Member is a party;
(C) the absence of material litigation involving the Sole Member; and (D) such other matters as the Underwriter or Bond
Counsel may reasonably request;

 

(viii)         an
opinion of Bond Counsel, dated as of the Closing Date, to the effect that: (A) the Issuer is duly authorized and entitled
to issue the Bonds; (B) upon the execution, authentication and delivery thereof, the Bonds will be duly and validly issued
and will constitute a valid and binding special obligation of the Issuer enforceable against the Issuer in accordance with their
terms and entitled to the benefit and security of the Indenture to the extent provided therein; and (C) under existing law,
the interest on the Bonds is exempt from income taxation in the State for all purposes, except the estate tax, the domestic insurance
company tax, the dealers in intangibles tax, the tax levied on the basis of the total equity capital of financial institutions,
and the net worth base of the corporate franchise tax; (D) the interest on the Tax-Exempt Bonds is excludable from gross income
for Federal income tax purposes, except under certain conditions to be more fully expressed in such opinion; (E) that the
Issuer is a political subdivision and Port Authority existing under the laws of the State; and (F) that each of the Financing
Documents to which the Issuer is a party has been duly authorized by the Issuer, is in full force and effect and is valid and binding
upon the Issuer and enforceable against the Issuer in accordance with its respective terms;

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(ix)            an
authorization to the Trustee, signed by an Authorized Representative of the Issuer, to authenticate and deliver the Bonds to the
purchaser or purchasers therein identified upon the terms specified therein;

 

(x)             approval
of the applicable elected officials approving the issuance of the Series 2020 Bonds, in accordance with Section 147(f) of
the Code;

 

(xi)            the
delivery of a currently dated ALTA survey or surveys prepared by a licensed surveyor and certified to the Issuer, the Trustee and
the Title Insurance Company, showing in addition to the metes and bounds of the perimeters of the Land, all monuments and angles
referred to in the legal description of the Land attached to the Loan Agreement as Exhibit B, dimensions and locations of
the improvements on the Land and any easements, rights of way, adjoining sites, encroachments, and the extent thereof, established
building lines and street lines, the distance to and names of the nearest intersecting streets in form and substance satisfactory
to the Underwriter, and such other details as the Issuer or its counsel or the Underwriter or its counsel may request. Such survey
shall further certify whether the Project is located within a flood hazard area as defined in the Flood Disaster Protection Act
of 1973 and shall be certified to the Title Insurance Company and the Trustee;

 

(xii)           a
mortgagee title insurance policy or policies on the Facility or a marked up title report evidencing a commitment to issue such
policy issued by the Title Insurance Company insuring the Lien of the Mortgage as a mortgage lien, in form and substance satisfactory
to the Underwriter, in the face amount equal to the initial aggregate principal amount of the Bonds. In addition, such title policy
shall be endorsed to provide a 3.0 zoning endorsement and affirmative lien coverage;

 

(xiii)          (A) a
Phase I environmental site assessment, (B) either a reasonably satisfactory geotechnical engineering report or push-pull and
soil corrosivity test reports, in either case, confirmed by a Consultant or in the independent engineer’s report regarding
the Project to be sufficient subsurface diligence to be used by Company and the Contractor in completing the engineering of the
Project in accordance with applicable codes and standards (and in any event affirming the suitability of the soils of the Land
constituting the site of the Project) and (C) such other assessments (including a Phase II assessment if recommended by such
Phase I environmental assessment), inspections and other information with respect to the Land, including any of the foregoing submitted
to or conducted by a Governmental Authority, with the Trustee listed as recipient or subject to a reasonably acceptable reliance
letter;

 

(xiv)         evidence
of (A) zoning of the Land and the Project for its intended use, (B) the issuance and availability of all necessary permits
and licenses for the Project, (C) the availability to the Land and the Project of all utility and municipal services reasonably
necessary for the Project, and (D) compliance by the Company, the Guarantor and the Project with all governmental requirements
pertaining to zoning, subdivision, building, environmental, safety, historical, certificate of need, and archeological preservation
and other requirements applicable to the Land and/or the Project;

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(xv)          UCC-1
financing statements relating to (A) the security interests granted pursuant to this Indenture to the Trustee, (B) the
security interests granted pursuant to the Mortgage and other Security Agreements to the Trustee and (C) the security interest
granted pursuant to the Security Agreement to the Trustee, executed, in duplicate, and delivered to the Title Insurance Company
for filing in the Office of the Ohio Secretary of State and the Office of the Recorder of Lawrence County, Ohio;

 

(xvi)         a
certificate of the Company certifying it has procured policies of insurance with the coverages required by Sections 6.3 and 6.4
of the Loan Agreement;

 

(xvii)        the
Construction Budget, including all construction draw schedules, certified by the Company and the Contractor to be true, correct
and complete and in form, scope and content and, with respect to the Construction Budget, containing a breakdown of all costs of
the Project, financing costs, marketing costs and other items of cost incidental to the Completion Date, which breakdown shall
be in form and content reasonably acceptable to the Construction Monitor (and which shall in any event include contingency funds
in an amount of not less than $21,153,011.00 and line item breakdown of all transaction costs), which is the basis upon which disbursements
of Bond proceeds under this Indenture and the Loan Agreement shall be made on account of each of the categories set forth in the
Construction Budget;

 

(xviii)       (A) evidence
that the insurance requirements set forth in Section 6.3 of the Loan Agreement with respect to the Company and the Project
have been satisfied, including binders or certificates evidencing the commitment of insurers to provide each insurance policy required;

 

(B)            a
report of the Insurance Consultant in form and substance reasonably satisfactory to the Underwriter discussing, among other matters,
the reasonableness and consistency of the bound coverages with industry insurance standards for comparable risks;

 

(xix)          an
investor letter from each initial purchaser, in the form attached hereto as Exhibit D signed by a duly authorized officer
of the Underwriter, or evidence that such initial purchaser of the Bonds has a Qualified Institutional Buyer Status letter on file
with Piper Sandler & Co. or has a certificate of Rule 144A Qualified Institutional Buyer on file with Dealogic; and

 

(xx)           such
other documents as Bond Counsel or counsel to the Underwriter may reasonably require.

    38

     

    

 

Section 2.08.           Mutilated,
Lost, Stolen or Destroyed Bonds.

 

(a)            In
the event any Bond is mutilated, lost, stolen or destroyed, the Issuer may execute and, upon its request, the Trustee shall authenticate
and deliver a new Bond of like maturity, interest rate and principal amount as the mutilated, destroyed, lost or stolen Bond, in
exchange for the mutilated Bond or in substitution for the Bond so destroyed, lost or stolen. In every case of exchange or substitution,
the applicant shall furnish to the Issuer and to the Trustee (i) such security or indemnity as may be required by them to
save each of them harmless from all risks, however remote, and (ii) evidence to their satisfaction of the mutilation, destruction,
loss or theft of the applicant’s Bond and/or the ownership thereof. Upon the issuance of any Bond upon such exchange or substitution,
the Issuer or the Trustee may require the payment by the Bondholder of a sum sufficient to cover any tax or other governmental
charge that may be imposed in relation thereto and any other expenses, including counsel fees, of the Issuer or the Trustee. In
case any Bond which has matured or is about to mature shall become mutilated or be destroyed, lost or stolen, the Issuer may, instead
of issuing a Bond in exchange or substitution therefor, pay or authorize the payment of the same (without surrender thereof, except
in the case of a mutilated Bond), if the applicant for such payment shall furnish to the Issuer and to the Trustee such security
or indemnity as they may require to save them harmless and evidence to the satisfaction of the Issuer and the Trustee of the mutilation,
destruction, loss or theft of such Bond and the ownership thereof. In executing a new Bond or authorizing payment of any mutilated,
lost, stolen or destroyed Bond, the Trustee may rely conclusively upon a representation by the Issuer that the Issuer is satisfied
with the adequacy of the evidence presented concerning the mutilation, loss, theft or destruction of any Bond and the ownership
thereof.

 

(b)            Every
Bond issued pursuant to the provisions of this Section shall constitute an additional contractual obligation of the Issuer
(whether or not the mutilated, destroyed, lost or stolen Bond shall be found at any time to be enforceable) and shall be entitled
to all the benefits of this Indenture equally and proportionately with any other Bond duly issued under this Indenture.

 

(c)            The
Bonds shall be held and owned upon the express condition that the provisions of this Section are exclusive with respect to
the replacement or payment of mutilated, destroyed, lost or stolen Bonds and shall preclude all other rights or remedies notwithstanding
any law or statute existing or hereinafter enacted to the contrary.

 

Section 2.09.           Negotiability
of Bonds and Registration Books.

 

(a)            The
Bonds issued under this Indenture shall be subject to the provisions for registration and transfer contained in this Indenture
and the Bonds.

 

(b)            So
long as the Bonds shall remain Outstanding, the Issuer shall maintain books at the designated office of the Trustee for the registration
of transfer of the Bonds. The Trustee is hereby appointed Bond Registrar for the purpose of registering transfers on such registration
books. By executing this Indenture, the Trustee accepts the duties and obligations of Bond Registrar for the Issuer. The Trustee,
as Bond Registrar, shall register on such books and permit to be transferred thereon, under such reasonable regulations as the
Issuer or the Trustee may prescribe, any Bonds entitled to registration or transfer.

 

Section 2.10.           Transfer
of the Bonds.

 

(a)            Each
Bond shall be transferable only on the registration books of the Issuer, maintained by the Trustee, as Bond Registrar. Upon surrender
thereof at the designated office of the Trustee, duly endorsed for transfer or accompanied by an assignment in form satisfactory
to the Trustee duly executed by the Owner or his attorney duly authorized in writing and in either case accompanied by a guaranty
of signature satisfactory to the Trustee, the Issuer shall execute and the Trustee shall authenticate and deliver, in the name
of the transferee or transferees, a new Bond in an authorized denomination for a like aggregate principal amount.

    39

     

    

 

(b)            The
Issuer, the Trustee and any Paying Agent may deem and treat the Person in whose name any Bond shall be registered upon the books
of the Issuer on the Record Date as the absolute owner thereof, whether such Bond shall be overdue or not, for the purpose of receiving
payment of the principal or Redemption Price of and interest on such Bond and for all other purposes. All such payments so made
to any such Owner or upon his order shall be valid and effectual to satisfy and discharge the liability of the Issuer upon such
Bond to the extent of the sum or sums so paid. Neither the Issuer, the Trustee nor any Paying Agent shall be affected by any notice
to the contrary. Any Owner may designate a nominee in whose name such Bond may be registered.

 

(c)          (i)               No
Bonds shall be transferred except to a Qualified Institutional Buyer or Accredited Investor in an Authorized Denomination. Each
registered owner or beneficial owner of a Bond agrees by purchase of the Bond to abide by these limitations. In addition, no underwriter
or placement agent for the Bonds shall deposit the Bonds in any trust or account under its control and sell any shares, participatory
interests or certificates in such trust or account, and any initial purchaser of the Bonds from an underwriter or a placement
agent shall not deposit the Bonds in any trust or account under its control and sell any shares, participatory interests or certificates
in such trust or account, except to Qualified Institutional Buyers in Authorized Denominations.

 

(ii)            Failure
to comply with this subsection (c) shall cause any purported transfer to be null and void.

 

(iii)           The
Trustee shall have no duty, responsibility or liability with respect to compliance with this subsection and shall have no duty
to determine whether any holder or transferee is a Qualified Institutional Buyer or Accredited Investor.

 

Section 2.11.   Regulations
with Respect to Transfers.

 

(a)            The
Trustee shall not be required to exchange or register a transfer of (i) any Bonds during the fifteen (15) day period next
preceding (A) a Bond Payment Date or (B) the date of selection of Bonds to be redeemed and thereafter until the date
of the mailing of a notice of redemption of Bonds selected for redemption or (ii) any Bonds selected, called or being called
for redemption in whole or in part, except, in the case of any Bonds to be redeemed in part, the portion thereof not so to be redeemed.

 

(b)            Any
Bonds surrendered in any transfer shall forthwith be canceled in accordance with the provisions of Section 5.12 hereof.

 

(c)            For
every transfer of the Bonds, the Issuer and the Trustee may make a charge sufficient to reimburse them for (i) any tax, fee
or other governmental charge required to be paid with respect to such transfer, (ii) the cost of preparing each new Bond and
(iii) any other expenses of the Issuer or the Trustee, as the case may be, incurred in connection therewith, and any such
charges shall be paid by the Company.

    40

     

    

 

(d)            The
Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed
under this Indenture or under applicable law with respect to any transfer of any interest in any Bond (including any transfers
between or among Participants or beneficial owners of interests in any Bond) other than to require delivery of such certificates
and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of,
this Indenture.

 

Section 2.12.   Book-Entry
System.

 

(a)            The
Bonds shall be initially issued in the form of a separate single fully registered Bond for each of the maturities of the Bonds.
Upon initial issuance, the ownership of each such Bond shall be registered in the name of Cede & Co., as nominee of the
Depository (the “Nominee”). Except as provided in subsection (c) below, all of the Outstanding Bonds shall be
registered in the name of the Nominee.

 

(b)          (i)               With
respect to any Bond registered in the name of the Nominee, the Issuer and the Trustee shall have no responsibility or obligation
to any Participant or to any Person on behalf of which a Participant holds an interest in the Bonds. Without limiting the immediately
preceding sentence, the Issuer and the Trustee shall have no responsibility or obligation with respect to (A) the accuracy
of the records of the Depository, the Nominee, or any Participant with respect to any ownership interest in the Bonds, (B) the
delivery or timeliness of delivery by the Depository to any Participant or by a Participant to any other Person, of any notice
with respect to the Bonds, including any notice of redemption, (C) the selection by the Depository and its Participants of
the beneficial interests in the Bonds to be redeemed in the event the Issuer redeems the Bonds in part, (D) the payment by
the Depository to any Participant or by any Participant to any other Person, of any amount with respect to the principal amount
of, Redemption Price, if any, or interest on the Bonds, or (E) any consent given or other action taken by the Depository,
or the Nominee, as Owner. The Issuer and the Trustee may treat and consider the Person in whose name each Bond is registered on
the bond registration books maintained by the Bond Registrar, as the holder and absolute owner of such Bond for the purpose of
payment of the principal amount, Redemption Price, if any, and interest with respect to such Bond, for the purpose of giving notices
of redemption and other matters with respect to such Bond, for the purpose of registering transfer with respect to such Bond,
and for all other purposes whatsoever. Notwithstanding anything to the contrary in this Indenture, so long as the Bonds are registered
in the name of the Nominee, all notices to the Owners of the Bonds may be sent by electronic means.

 

(ii)            The
Trustee, as paying agent of the Issuer, shall pay the principal amount of, Redemption Price, if any, and interest on the Bonds
only to or upon the order of the Owners, as shown on the registration books of the Issuer maintained by the Bond Registrar, or
their attorneys duly authorized in writing, and all such payments shall be valid and effective to fully satisfy and discharge the
Issuer’s obligations with respect to payment of the principal amount of, Redemption Price, if any, and interest on the Bonds
to the extent of the sum or sums so paid. No Person other than an Owner shall receive a Bond evidencing the obligation of the Issuer
to make payments of the principal amount of, Redemption Price, if any, and interest pursuant to this Indenture. Upon delivery by
the Depository to the Owner, the Trustee and the Issuer of written notice to the effect that the Depository has determined to substitute
a new nominee in place of the Nominee, and subject to the provisions herein with respect to record dates, the term “Nominee”
in this Indenture shall refer to such nominee of the Depository.

    41

     

    

 

(c)            In
the event (i) the Depository determines not to continue to act as securities depository for the Bonds, or (ii) the Depository
shall no longer so act and gives notice to the Trustee of such determination, then the Issuer will discontinue the book-entry system
with the Depository with respect to the Bonds. If the Issuer determines to replace the Depository with another qualified securities
depository, the Issuer shall prepare or direct the preparation of a new single, separate, fully registered Bond for each of the
maturities of the Bonds, registered in the name of such successor or substitute qualified securities depository or its nominee.
If the Issuer fails to identify another qualified securities depository to replace the Depository, then the Bonds shall no longer
be restricted to being registered in the name of the Nominee, but shall be registered in whatever name or names Owners transferring
or exchanging Bonds shall designate, in accordance with the provisions of this Indenture.

 

(d)            The
initial Depository shall be DTC. The initial Nominee shall be Cede & Co., as the Nominee of DTC.

 

(e)            In
order to qualify the Bonds for the Depository’s book-entry system, an Authorized Representative of the Issuer shall execute
and deliver to the Depository and to the Trustee a Letter of Representations for the Bonds. The execution and delivery of the Letter
of Representations shall not in any way limit the provisions of this Section or in any other way impose upon the Issuer any
obligation whatsoever with respect to Persons having interests in the Bonds other than the Owners, as shown on the registration
books maintained by the Bond Registrar pursuant to this Indenture. The Trustee agrees to take all action required by the Trustee
in the Letter of Representations. In addition to the execution and delivery of the Letter of Representations, the Issuer shall
take such other actions, not inconsistent with this Section, as are reasonably necessary to qualify the Bonds for the Depository’s
book-entry program.

 

(f)            The
Trustee shall use “CUSIP” numbers provided by the Issuer in notices of redemption as a convenience to Holders; provided
that the Trustee shall have no liability for any defect in the “CUSIP” numbers as they appear on any Bond, notice or
elsewhere, and, provided further that any such notice may state that no representation is made as to the correctness of such numbers
either as printed on the Bonds or as contained in any notice of a redemption and that reliance may be placed only on the other
identification numbers printed on the Bonds, and any such redemption shall not be affected by any defect in or omission of such
numbers. The Issuer will promptly notify the Trustee in writing of any change in the “CUSIP” numbers.

    42

     

    

 

Section 2.13    Additional
Senior Bonds.

 

(a)            Subject
to the prior written consent of the Majority Holders, the Issuer may issue Additional Bonds as Senior Bonds hereunder, upon compliance
with Section 2.4 of the Loan Agreement, from time to time on a parity with the Series 2020A Bonds issued hereunder for
any of the purposes listed below:

 

(i)             to
pay the cost of Capital Additions not contemplated in the original general design and scope of the Facility or to reimburse expenditures
of the Company for any such cost;

 

(ii)            to
pay the cost of refunding through redemption of any Outstanding Bonds issued under this Indenture and subject to such redemption
so long as the principal amount of Outstanding Senior Bonds after such redemption is less than or equal to the principal amount
of Outstanding Senior Prior to such redemption, and the Maximum Annual Debt Service on the Outstanding Senior Bonds after such
redemption is less than or equal to the Maximum Annual Debt Service of Outstanding Senior Prior to such redemption.

 

(b)           In
any such event the Trustee shall, at the written request of the Issuer, authenticate the Additional Bonds and deliver them as specified
in the request, but only upon receipt of all of the following items (each legal opinion to be either addressed to the Trustee or
accompanied by a letter to the Trustee) from the issuer of such opinion authorizing the Trustee to rely on such opinion to the
same extent as if such opinion were addressed to the Trustee:

 

(i)             (A) a
Supplemental Indenture setting forth the terms of the Additional Bonds and, for Additional Bonds described in subsection (a)(i) above,
describing the Capital Additions to become part of the Facility; (B) a supplement to the Loan Agreement providing for additional
Debt Service Payments to be made by the Company sufficient to cover the debt service due on the Additional Bonds; and (C) for
Additional Bonds described in subsection (a)(i) or (ii) above, a supplement to the Mortgage providing for a supplemental
mortgage and security interest relating to such Capital Additions and any specified increase in other payments to the funds hereunder;

 

(ii)            for
Additional Bonds described in subsection (a)(i) above, a certificate signed by the chief executive and chief financial officer
of the Company stating that: (A) the proceeds of the Additional Bonds plus other amounts, if any, available to the Company
for the purpose will be sufficient to pay the cost thereof; and (B) payments and additional payments, if any, scheduled to
be paid by the Company under the Loan Agreement will be adequate to satisfy all of the Debt Service Payments required to be made
on the Bonds to remain Outstanding during the remaining life thereof; provided, however, such Additional Bonds shall not be issued
to cure any deficiencies existing on the date of such certification in any funds required to be maintained under this Indenture;

 

(iii)            for
Additional Bonds described in subsection (a)(i) above, a certificate of a Construction Monitor stating (A) the estimated
cost of the Capital Addition to the Facility and (B) that all approvals required for completion of the Facility or addition
thereto have been obtained, other than building permits for any portions of the Facility or such addition thereto which, based
on consultations with the Company and contractor or other construction manager, will be obtained in due course so as not to interrupt
or delay construction of the Facility or such addition thereto and other than licenses or permits required for occupancy or operation
of the Facility or such addition thereto upon its completion;

    43

     

    

 

(iv)            for
Additional Bonds described in subsection (a)(ii) above, (A) a certificate of an Authorized Representative of the Company
that notice of redemption of the Bonds to be refunded has been given or that provisions have been made therefor, and (B) a
certificate of an Accountant stating that the proceeds of the Additional Bonds plus the other amounts, if any, stated to be available
for the purpose, will be sufficient to accomplish the purpose of the refunding and to pay the cost of refunding, which shall be
itemized in reasonable detail;

 

(v)            for
any Additional Bonds, a certified resolution of the Issuer (A) stating the purpose of the issue, (B) establishing the
series of Bonds to be issued, providing the terms of the Bonds thereof and directing the payments to be made into the funds established
hereunder, (C) authorizing the execution and delivery of the Additional Bonds to be issued and (D) authorizing redemption
of any previously issued Bonds which are to be refunded;

 

(vi)            for
any Additional Bonds, a certificate of an Authorized Representative of the Company stating (A) that no Event of Default hereunder
or under the Loan Agreement has occurred and is continuing, and (B) that the proceeds of the Additional Bonds plus other amounts,
if any, stated to be available for that purpose will be sufficient to pay the costs for which the Additional Bonds are being issued,
which shall be itemized in reasonable detail;

 

(vii)          for
any Additional Bonds, a certified resolution of the Company (A) approving the issuance of the Additional Bonds and the terms
thereof, (B) authorizing the execution of any required amendments or supplements to this Indenture, the Loan Agreement and
the Mortgage, (C) for Additional Bonds described in subsection (a)(i) above, approving plans and specifications for the
Capital Addition, and (D) for Additional Bonds described in subsection (a)(ii) above, authorizing redemption of the Bonds
to be refunded;

 

(viii)         for
any Additional Bonds, an opinion or opinions of Bond Counsel to the effect that (A) the Issuer is duly authorized and entitled
to issue the Bonds; (B) upon the execution, authentication and delivery thereof, the Bonds will be duly and validly issued
and will constitute a valid and binding special obligation of the Issuer enforceable against the Issuer in accordance with their
terms and entitled to the benefit and security of the Indenture to the extent provided therein; and (C) under existing law,
the interest on the Bonds is exempt from income taxation in the State for all purposes, except the estate tax, the domestic insurance
company tax, the dealers in intangibles tax, the tax levied on the basis of the total equity capital of financial institutions,
and the net worth base of the corporate franchise tax; (D) the interest on the Tax-Exempt Bonds is excludable from gross income
for Federal income tax purposes, except under certain conditions to be more fully expressed in such opinion; (E) that the
Issuer is a political subdivision and Port Authority existing under the laws of the State; (F) that each of the Financing
Documents to which the Issuer is a party has been duly authorized by the Issuer, is in full force and effect and is valid and binding
upon the Issuer and enforceable against the Issuer in accordance with its respective terms; (G) the purpose of the Additional
Bonds is one for which Additional Bonds may be issued under this Section; (H) all conditions prescribed herein as precedent
to the issuance of the Additional Bonds have been fulfilled; (I) all consents of any regulatory bodies required as a condition
to the valid issuance of the Additional Bonds have been obtained; (J) non-contravention; (K) possession of all governmental
approvals relating to the issuance of the Additional Bonds; (L) no litigation; and (M) issuance of such Additional Bonds
will not adversely affect the tax status of the Series 2020A Bonds or the Series 2020B Bonds;

    44

     

    

 

(ix)            an
opinion of counsel to the Company, as to: (A) the valid existence of the Company; (B) the due authorization, execution
and delivery by the Company of the documents to which the Company is a party; (C) the absence of material litigation involving
the Company; (D) possession of all governmental approvals relating to the issuance of the Additional Bonds and (E) such
other matters as the Issuer, the underwriter of the Additional Bonds or Bond Counsel may request;

 

(x)            for
Additional Bonds described in subsection (a)(i) above, an opinion of counsel to the Company if the acquisition of any real
property or interest therein is included in the purpose of such issue, that (A) the Company has good and marketable title
thereto free of all liens and encumbrances, except Permitted Liens (provided that in lieu of such opinion, the Company may provide
a policy of title insurance insuring the Company’s interest is subject only to Permitted Liens), (B) the Mortgage(s),
as supplemented, constitutes a valid lien on such additional real property, subject only to Permitted Liens (which opinion may
be stated in reliance on the opinion of other counsel satisfactory to the signer or on a certificate of title or a title insurance
policy issued by a reputable title company), and (C) all consents of any regulatory bodies required as a condition to the
acquisition or construction of the Facility or an addition thereto have been obtained, except for such approvals as, based on consultation
with the Company, will be obtained in due course so as not to interrupt or delay construction; and

 

(xi)            for
any Additional Bonds, all of the items required by Section 2.4(b)(i) of the Loan Agreement.

 

Section 2.14    Subordinate
Bonds. Subject to the prior written consent of the Majority Holders, and subject to the
requirements of Sections 2.13, the Issuer may issue Subordinate Bonds for the purposes set forth in Section 2.13(a) of
this Indenture subordinate to the Senior Bonds and on parity with the then-Outstanding Subordinate Bonds, if the written agreement
and any other instrument and document evidencing the Subordinate Bonds is binding upon the owners and holders of the Subordinate
Bonds and includes provisions making such indebtedness, by its terms, specifically subordinate to the Senior Bonds which are outstanding
or may be issued pursuant to this Indenture, which Subordinate Bonds must comply with the provisions set forth in Article XII
hereof.

 

[The balance of this page intentionally
left blank.]

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ARTICLE III

 

REDEMPTION OF BONDS

 

Section 3.01.           Privilege
of Redemption and Redemption Price.

 

(a)            The
Bonds are subject to redemption in whole or in part prior to maturity pursuant to this Indenture and shall be redeemable, upon
mailed notice at such times, at such Redemption Price and upon such terms in addition to and consistent with the terms contained
in this Article as shall be specified in the Form of Bonds set forth in Exhibit A-1, Exhibit A-2
and Exhibit A-3 hereto.

 

(b)           Optional
Redemption and Extraordinary Optional Redemption.

 

		(i)	Optional Redemption. Subject to the provisions of Section 4.08:

 

A.            The
Series 2020A Bonds maturing on December 1, 2042 are subject to redemption on or after December 1, 2027 at the option
of the Company, upon written direction to the Issuer, in whole on any Business Day, or in part on any Interest Payment Date without
premium or penalty, at a Redemption Price equal to 103% (if redemption occurs between December 1, 2027 and November 30,
2028), 102% (if redemption occurs between December 1, 2028 and November 20, 2029), 101% (if redemption occurs between
December 1, 2029 and November 30, 2030) and 100% (on and after December 1, 2030) of the outstanding principal amount
thereof plus interest accrued thereon to the Redemption Date, provided that no redemption may be funded under this subsection from
the proceeds of the Equity Account.

 

B.            The
Series 2020B Bonds maturing on December 1, 2025 are subject to redemption on or after December 1, 2024 at the option
of the Company, upon written direction to the Issuer, in whole on any Business Day, or in part on any Interest Payment Date, at
a Redemption Price equal to 105% of the outstanding principal amount thereof plus interest accrued thereon to the Redemption Date,
provided that no redemption may be funded under this subsection from the proceeds of the Equity Account.

 

C.            The
Series 2020B Bonds maturing on December 1, 2027 are subject to redemption on or after December 1, 2026 at the option
of the Company, upon written direction to the Issuer, in whole on any Business Day, or in part on any Interest Payment Date, at
a Redemption Price equal to 105% of the outstanding principal amount thereof plus interest accrued thereon to the Redemption Date,
provided that no redemption may be funded under this subsection from the proceeds of the Equity Account.

 

D.            The
Series 2020C Bonds are subject to redemption on or after December 1, 2025 at the option of the Company, upon written
direction to the Issuer, in whole on any Business Day, or in part on any Interest Payment Date, at a Redemption Price equal to
105% (if redemption occurs between December 1, 2025 and November 30, 2026), and 104% (if redemption occurs on and after
December 1, 2026) of the outstanding principal amount thereof plus interest accrued thereon to the Redemption Date, provided
that no redemption may be funded under this subsection from the proceeds of the Equity Account.

    46

     

    

  

(ii)            Extraordinary
Optional Redemption. Provided that no Subordinate Bonds shall be redeemed pursuant to this Section 3.01(b) so long
as any Senior Bonds remain Outstanding, the Bonds are subject to redemption at the option of the Company, upon written direction
to the Issuer, in whole or in part, at a Redemption Price equal to the greater of (A) 103% of the outstanding principal amount
thereof, and (B) 103% of the sum of the aggregate principal amount thereof plus amortized premium of such Tax-Exempt Bonds
determined in accordance with Section 171(b) of the Code by the Calculation Agent, plus interest accrued thereon to the
Redemption Date at any time upon: (i) the giving of notice to the Trustee from the Company confirmed by the Construction Monitor
upon the occurrence of any of the following events: (A) the Facility shall have been damaged or destroyed to the extent that,
in the opinion of an Authorized Representative of the Company, the Facility cannot be reasonably restored (within a period of six
(6) consecutive months after such damage or destruction) to the condition it was in immediately preceding such damage or destruction;
(B) the Company is prevented or is reasonably expected to be prevented from carrying on its normal operations within the Facility
for a period of six (6) consecutive months after such damage or destruction; or (C) title to or the use of all or a substantial
part of the Facility shall have been taken by Condemnation so that in the reasonable opinion of an Authorized Representative of
the Company, the Company is thereby prevented from carrying on its normal operations therein for a period of six (6) consecutive
months after such taking; (ii) the Trustee’s receipt of the direction to redeem the Bonds pursuant to Section 7.2(d) of
the Loan Agreement; (iii) the Trustee’s receipt of the certificate required by Section 4.09(e) hereof in accordance
with Section 7.1(d) of the Loan Agreement, or (iv) the Trustee’s receipt of funds pursuant to Section 7.3
of the Loan Agreement which are required to be used under this Indenture, or the Trustee has been properly instructed to use, to
redeem Bonds prior to their maturity or mandatory sinking fund redemption, provided that no redemption may be funded under this
subsection from the proceeds of the Equity Account.

 

(c)            Mandatory
Sinking Fund Installment Redemption. Subject to the provisions of Section 4.08, the Series 2020A Bonds maturing on
December 1, 2025 shall be subject to mandatory redemption by the Issuer prior to maturity, in part by lot, at a Redemption
Price equal to the applicable Sinking Fund Redemption Amount, together with accrued interest to the Redemption Date, on June 1
and December 1 of each year commencing June 1, 2024, in the Sinking Fund Redemption Amounts set forth below until the
entire outstanding principal amount of the Series 2020A Bonds has been paid:

 

	Sinking Fund Redemption Date	 	Sinking
    Fund 

    Redemption Amount	 
	June 1, 2024	 	$	2,950,000	 
	December 1, 2024	 	 	3,045,000	 
	June 1, 2025	 	 	3,140,000	 
	December 1, 2025*	 	 	3,235,000	 
	TOTAL:	 	$	12,370,000	 

 

*Final
Maturity.

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Subject to the provisions
of Section 4.08, the Series 2020A Bonds maturing on December 1, 2030 shall be subject to mandatory redemption by
the Issuer prior to maturity, in part by lot, at a Redemption Price equal to the applicable Sinking Fund Redemption Amount, together
with accrued interest to the Redemption Date, on June 1 and December 1 of each year commencing June 1, 2026, in
the Sinking Fund Redemption Amounts set forth below until the entire outstanding principal amount of the Series 2020B Bonds
has been paid:

 

	Sinking Fund Redemption Date	 	Sinking
    Fund 

    Redemption Amount	 
	June 1, 2026	 	$	3,335,000	 
	December 1, 2026	 	 	3,445,000	 
	June 1, 2027	 	 	3,555,000	 
	December 1, 2027	 	 	3,675,000	 
	June 1, 2028	 	 	3,795,000	 
	December 1, 2028	 	 	3,915,000	 
	June 1, 2029	 	 	4,045,000	 
	December 1, 2029	 	 	4,175,000	 
	June 1, 2030	 	 	4,310,000	 
	December 1, 2030*	 	 	4,450,000	 
	TOTAL:	 	$	38,700,000	 

 

*Final
Maturity.

    48

     

    

 

Subject to the provisions
of Section 4.08, the Series 2020A Bonds maturing on December 1, 2042 shall be subject to mandatory redemption by
the Issuer prior to maturity, in part by lot, at a Redemption Price equal to the applicable Sinking Fund Redemption Amount, together
with accrued interest to the Redemption Date, on June 1 and December 1 of each year commencing June 1, 2031, in
the Sinking Fund Redemption Amounts set forth below until the entire outstanding principal amount of the Series 2020B Bonds
has been paid:

 

	Sinking Fund Redemption Date	 	Sinking
    Fund 

    Redemption Amount	 
	June 1, 2031	 	$	4,595,000	 
	December 1, 2031	 	 	4,755,000	 
	June 1, 2032	 	 	4,920,000	 
	December 1, 2032	 	 	5,095,000	 
	June 1, 2033	 	 	5,275,000	 
	December 1, 2033	 	 	5,455,000	 
	June 1, 2034	 	 	5,650,000	 
	December 1, 2034	 	 	5,845,000	 
	June 1, 2035	 	 	6,050,000	 
	December 1, 2035	 	 	6,260,000	 
	June 1, 2036	 	 	6,480,000	 
	December 1, 2036	 	 	6,710,000	 
	June 1, 2037	 	 	6,945,000	 
	December 1, 2037	 	 	7,185,000	 
	June 1, 2038	 	 	7,440,000	 
	December 1, 2038	 	 	7,700,000	 
	June 1, 2039	 	 	7,965,000	 
	December 1, 2039	 	 	8,245,000	 
	June 1, 2040	 	 	8,535,000	 
	December 1, 2040	 	 	8,835,000	 
	June 1, 2041	 	 	9,145,000	 
	December 1, 2041	 	 	9,465,000	 
	June 1, 2042	 	 	9,795,000	 
	December 1, 2042*	 	 	10,135,000	 
	TOTAL:	 	$	168,480,000	 

 

*Final Maturity. 

 

Subject to the provisions
of Section 4.08, the Series 2020B Bonds maturing on December 1, 2025 shall be subject to mandatory redemption by
the Issuer prior to maturity, in part by lot, at a Redemption Price equal to the applicable Sinking Fund Redemption Amount, together
with accrued interest to the Redemption Date, on June 1 and December 1 of each year commencing June 1, 2024, in
the Sinking Fund Redemption Amounts set forth below until the entire outstanding principal amount of the Series 2020B Bonds
has been paid:

 

	Sinking Fund Redemption Date	 	Sinking
    Fund 

    Redemption Amount	 
	June 1, 2024	 	$	170,000	 
	December 1, 2024	 	 	180,000	 
	June 1, 2025	 	 	190,000	 
	December 1, 2025*	 	 	9,460,000	 
	TOTAL:	 	$	10,000,000	 

 

*Final
Maturity.

    49

     

    

 

Subject to the provisions
of Section 4.08, the Series 2020B Bonds maturing on December 1, 2027 shall be subject to mandatory redemption by
the Issuer prior to maturity, in part by lot, at a Redemption Price equal to the applicable Sinking Fund Redemption Amount, together
with accrued interest to the Redemption Date, on June 1 and December 1 of each year commencing June 1, 2024, in
the Sinking Fund Redemption Amounts set forth below until the entire outstanding principal amount of the Series 2020B Bonds
has been paid:

 

	Sinking Fund Redemption Date	 	Sinking
    Fund 

    Redemption Amount	 
	June 1, 2024	 	$	170,000	 
	December 1, 2024	 	 	180,000	 
	June 1, 2025	 	 	190,000	 
	December 1, 2025	 	 	200,000	 
	June 1, 2026	 	 	210,000	 
	December 1, 2026	 	 	220,000	 
	June 1, 2027	 	 	230,000	 
	December 1, 2027*	 	 	8,600,000	 
	TOTAL:	 	$	10,000,000	 

 

*Final Maturity.

 

Subject to the provisions
of Section 4.08, the Series 2020C Bonds shall be subject to mandatory redemption by the Issuer prior to maturity, in
part by lot, at a Redemption Price equal to the applicable Sinking Fund Redemption Amount, together with accrued interest to the
Redemption Date, on June 1 and December 1 of each year commencing June 1, 2024, in the Sinking Fund Redemption Amounts
set forth below until the entire outstanding principal amount of the Series 2020C Bonds has been paid:

 

	Sinking Fund Redemption Date	 	Sinking
    Fund 

    Redemption Amount	 
	June 1, 2024	 	$	135,000	 
	December 1, 2024	 	 	145,000	 
	June 1, 2025	 	 	155,000	 
	December 1, 2025	 	 	160,000	 
	June 1, 2026	 	 	175,000	 
	December 1, 2026	 	 	185,000	 
	June 1, 2027	 	 	195,000	 
	December 1, 2027*	 	 	8,850,000	 
	TOTAL:	 	$	10,000,000	 

 

*Final
Maturity.

 

(d)            Special
Mandatory Redemption. Provided that no Subordinate Bonds shall be redeemed pursuant to this Section 3.01(d) so long
as any Senior Bonds remain Outstanding, the Bonds are subject to mandatory redemption, in whole or in part (if in part, on a pro
rata basis among maturities and with respect to the mandatory sinking fund redemption amounts, in inverse order of their scheduled
occurrence) on the next Principal Payment Date that is more than fifteen (15) days after the deposit of funds in the Bond Fund
as described in this subsection, at (i) at the applicable redemption price which would apply to an optional redemption set
forth under Section 3.01(b)(i), or (ii) if the Bonds to be redeemed are not then subject to optional redemption under
Section 3.01(b)(i), at the Make Whole Redemption Price, from moneys deposited in the Bond Fund as a result of the unused balance
in the Renewal Fund transferred to the Bond Fund pursuant to Section 4.09(f) hereof, respectively.

    50

     

    

 

(e)            Mandatory
Redemption of Tax-Exempt Bonds With Premium Upon Occurrence of Determination of Taxability. Provided that no Subordinate Bonds
shall be redeemed pursuant to this Section 3.01(e) so long as any Senior Bonds remain Outstanding, the Tax-Exempt Bonds
are subject to mandatory redemption prior to maturity in whole in the event of the occurrence of a Determination of Taxability,
without the necessity of any instructions or further acts of the Issuer. In such event, the Tax-Exempt Bonds shall be redeemed,
as a whole, within one hundred twenty (120) days of the receipt by the Trustee of written notice of such occurrence, which notice
shall include the applicable Redemption Date, at a Redemption Price equal to the greater of (i) 103% of the aggregate principal
amount thereof, and (ii) 103% of the sum of the aggregate principal amount thereof plus amortized premium of such Tax-Exempt
Bonds determined in accordance with Section 171(b) of the Code by the Calculation Agent, plus accrued interest to the
Redemption Date (which accrued interest, from and after any Tax Incidence Date, shall be calculated at the Taxable Rate and shall
be payable in the amount determined pursuant to Section 2.03(c) hereof). Notwithstanding the foregoing, if the Trustee
receives an opinion of Bond Counsel to the effect that a redemption in part will protect the tax-exempt status of the Tax-Exempt
Bonds remaining outstanding, any redemption required by this Section 3.01(e) shall be (i) within ninety (90) days
of the receipt by the Trustee of such opinion, (ii) at par, (iii) in part, and not as a whole and (iv) on a pro-rata
basis between the Series 2020A Bonds and the Series 2020B Bonds on the basis of such bonds Outstanding.

 

(f)            Mandatory
Make Whole Redemption upon Termination of License Agreement or Sublicense Agreement. Provided that no Subordinate Bonds shall
be redeemed pursuant to this Section 3.01(f) so long as any Senior Bonds remain Outstanding, the Bonds are subject to
mandatory redemption at the Make Whole Redemption Price on the immediately following Bond Payment Date following the termination
or expiration of the License Agreement or the Technology Sublicense Agreement; provided that the Bonds shall not be subject to
such mandatory redemption and the foregoing provisions of this subsection shall not apply (i) if and for so long as the Technology
Sublicense Agreement survives the expiration or termination of the License Agreement, or (ii) in the event that the sublicensee
under the Technology Sublicense Agreement elects to become a direct licensee as provided in Section 4.10.2 of the License
Agreement. If the sublicensee under the Technology Sublicense Agreement elects to become a direct licensee as provided in Section 4.10.2
of the License Agreement but on terms in form and substance other than those provided in the Technology Sublicense Agreement, then
that form of such direct license shall be approved in writing by the Trustee and the Majority Holders in order to maintain exemption
from such mandatory redemption provision.

 

(g)            Mandatory
Redemption from Funds on Deposit Under Indenture. On any date on and after July 31, 2021, if the Borrower has failed to
comply with Section 2.14 of the Loan Agreement, the Bonds may be redeemed at the direction of the Majority Holders from all
funds on deposit hereunder, in whole at a redemption price equal to the purchase price of the Bonds paid by the initial purchasers
thereof on the Closing Date, together with accrued interest since the immediately preceding Interest Payment Date, or the Closing
Date if applicable, and any principal having accrued on such Bonds since the Closing Date as a result of such Bonds being purchased
on the Closing date at an amount less than par.

    51

     

    

 

(h)            Mandatory
Redemption from Excess Proceeds in the Project Fund. On any date on and after the delivery of the Certificate of Completion,
the Bonds shall be redeemed at the direction of the Borrower from excess Bond proceeds on deposit in the Project Fund, in whole
or in part, at a redemption price equal to 100% of the principal amount thereof to be redeemed (without premium), plus accrued
interest thereon to the date of redemption.

 

Section 3.02.           Notice
of Redemption.

 

(a)            Notice
of redemption shall be mailed by the Trustee by first class mail or by electronic means if to DTC or its successors not less than
30 days nor more than 60 days before such redemption date to the respective Holders of any Bonds designated for redemption at their
addresses on the registration books maintained by the Bond Registrar. Each notice of redemption shall state the redemption date,
the address of the place or places of redemption, the CUSIP number(s) of the Bonds, if less than all of the Bonds are to be
redeemed, the distinctive number(s) of the Bonds to be redeemed and, in the case of Bonds to be redeemed in part only, the
respective portions of the principal amount thereof to be redeemed and the basis for the redemption. Each such notice shall also
state that on said date there will become due and payable on each of said Bonds the principal thereof or of said specified portion
of the principal thereof in the case of a Bond to be redeemed in part only, and that from and after such redemption date interest
thereon shall cease to accrue, and shall require that such Bonds be then surrendered. Neither failure to receive such notice nor
any defect therein shall affect the sufficiency of such redemption.

 

(b)            In
the event that such notice of redemption contains conditions which are not met, the redemption shall not be made and the Trustee
shall give notice, no less than two Business Days before the redemption was to be made, in the manner in which the notice of redemption
was given, that the redemption will not be made.

 

(c)            Notice
of redemption of the Bonds shall be given by the Trustee, at the direction and expense of the Company, for and on behalf of the
Issuer.

 

(d)            Notwithstanding
anything herein to the contrary, while the Bonds are held by a Depository pursuant to a book-entry only system, the procedures
for redemption of the Bonds shall be governed by the rules and procedures of the Depository.

 

Section 3.03.           Payment
of Redeemed Bonds.

 

(a)            After
notice shall have been given in the manner provided in Section 3.02 hereof, the Bonds or portions thereof called for redemption
shall become due and payable on the Redemption Date so designated. Upon presentation and surrender of such Bonds at the designated
office of the Trustee or as otherwise provided in Section 2.03(b) hereof, such Bonds shall be paid at the Redemption
Price, plus accrued interest to the Redemption Date from moneys on deposit with the Trustee.

 

(b)            Not
less than thirty (30) days nor more than sixty (60) days next preceding a Sinking Fund Redemption Date, the Trustee shall select
for redemption on such date a principal amount of Series 2020 Bonds, in an amount not exceeding that necessary to complete
the retirement of an aggregate principal amount of Series 2020 Bonds equal to such Sinking Fund Redemption Amount, as of such
Sinking Fund Redemption Date. Accrued interest and principal on such Series 2020 Bonds so redeemed shall be paid from the
Bond Fund, and all expenses in connection with such redemption shall be paid by the Company. The Company may, at its election upon
delivery to the Trustee of a certificate signed by an Authorized Representative of the Company, apply as a credit against the aggregate
principal amount of Series 2020 Bonds to be redeemed on any Sinking Fund Redemption Date the principal amount of Series 2020
Bonds subject to redemption on such Sinking Fund Redemption Date acquired by the Company and delivered to the Trustee for cancellation
not less than ninety (90) days prior to such Sinking Fund Redemption Date, or redeemed otherwise than pursuant to an optional redemption
as provided herein, which have not theretofore been used for the purposes of any such credit.

    52

     

    

 

(c)            If,
on the Redemption Date, moneys for the redemption of the Bonds or portions thereof to be redeemed, together with interest thereon
to the Redemption Date, shall be held by the Trustee in the Bond Fund so as to be available therefor on such date, the Bonds or
portions thereof so called for redemption shall cease to bear interest, and such Bonds or portions thereof shall no longer be Outstanding
hereunder or be secured by or be entitled to the benefits of this Indenture. In the event the Owner fails to present or surrender
its Bonds on the Redemption Date, the Trustee shall deposit such moneys in a separate non-interest bearing account, in trust for
the benefit of such Owner, and the funds held in such account shall not be invested by the Trustee. If such moneys shall not be
available on the Redemption Date, such Bonds shall continue to bear interest until paid at the same rate as they would have borne
had they not been called for redemption and shall continue to be secured by and be entitled to the benefits of this Indenture.
Additionally, the Trustee shall within fifteen (15) days after the proposed Redemption Date notify all affected Holders, in the
manner in which the notice of redemption was given, that the redemption has been revoked.

 

Section 3.04.          Partial
Redemption of Bonds. Upon surrender of any Bonds for redemption in part only, the Issuer shall execute and the Trustee
shall authenticate and deliver to the Holder thereof new Bonds in an aggregate principal amount equal to the unredeemed portion
of the Bonds surrendered.

 

Section 3.05.          Selection
of Bonds to be Called for Redemption. If Senior Bonds or Subordinate Bonds that are stated to mature on different dates
are called for redemption at one time, Senior Bonds or Subordinate Bonds, as applicable, from among each maturity shall be redeemed
on a pro rata basis in proportion to the Outstanding principal amount of each such maturity. If less than all Bonds of a single
maturity are to be redeemed, the Bonds to be called for redemption shall be selected by the Trustee in accordance with the procedures
of the Depository. In the case of a Bond for a denomination greater than $100,000, the Trustee shall treat each such Bond as representing
such number of separate Bonds, each in the denomination of $100,000 or any integral multiple of $5,000 in excess thereof. In case
of a Bond having a denomination of $100,000 or less, the Trustee may only select such Bond to be redeemed in whole. If the Bonds
are redeemed (other than pursuant to a sinking fund redemption under Section 3.01 hereof) in part, such redemption shall
reduce all further Sinking Fund Redemption Amounts, if any, set forth in Section 3.01(c) hereof in inverse order of
their scheduled occurrence.

    53

     

    

 

ARTICLE IV

 

FUNDS, REVENUES, BOND PROCEEDS AND APPLICATION
THEREOF

 

Section 4.01.          Establishment
of Funds and Accounts. The following trust funds and non-interest bearing accounts therein are hereby established with the
Trustee and shall be held, maintained and administered by the Trustee on behalf of the Issuer in accordance with this Indenture:

 

(a)            A
fund designated the “SOPA – PureCycle Project Fund,” within which there shall be the following accounts and subaccounts:
(A) Capitalized Interest Account with the following subaccounts: (i) Senior Tax-Exempt Capitalized Interest Subaccount
(ii) Subordinate Tax-Exempt Capitalized Interest Subaccount and (iii) Taxable Capitalized Interest Subaccount; (B) Project
Account with the following subaccounts: (i) Tax-Exempt Project Subaccount, and (ii) Taxable Project Subaccount; (C) Equity
Account, and (D) Contingency Account;

 

(b)            A
fund designated the “SOPA – PureCycle Revenue Fund”;

 

(c)            A
fund designated the “SOPA – PureCycle Bond Fund,” within which there shall be the following accounts: (A) Senior
Bond Account with the following subaccounts: (i) Senior Interest Subaccount, and (ii) Senior Principal Subaccount; (B) Subordinate
Bonds Account with the following subaccounts: (i) Subordinate Interest Subaccount, and (ii) Subordinate Principal Account;

 

(d)            A
fund designated the “SOPA – PureCycle Senior Bonds Debt Service Reserve Fund”;

 

(e)            A
fund designated the “SOPA – PureCycle Subordinate Bonds Debt Service Reserve Fund”;

 

(f)            A
fund designated the “SOPA – PureCycle Rebate Fund”;

 

(g)            A
fund designated the “SOPA – PureCycle Renewal Fund”;

 

(h)            A
fund designated the “SOPA – PureCycle Earnings Fund”; and

 

(i)            A
fund designated the “SOPA – PureCycle Repair and Replacement Fund.”

 

Section 4.02.     Application
of Bond Proceeds and Equity of Company and Allocation Thereof. Upon the receipt of the proceeds of the Bonds and the equity
of the Company, the Trustee shall deposit such proceeds as follows:

 

(a)            in
the Senior Bonds Debt Service Reserve Fund, from proceeds of the Series 2020A Bonds, $20,987,800.00, which amount is equal
to the Senior Bonds Debt Service Reserve Requirement allocable to the Senior Bonds;

 

(b)            in
the Senior Tax-Exempt Capitalized Interest Subaccount of the Capitalized Interest Account of the Project Fund, from proceeds of
the Series 2020A Bonds, $37,299,533.40, and from the equity of the Company, $10,000,000.00, for the payment of the interest
on the Tax-Exempt Bonds through November 26, 2023;

    54

     

    

 

(c)            in
the Subordinate Tax-Exempt Capitalized Interest Subaccount of the Capitalized Interest Account of the Project Fund, from proceeds
of the Series 2020B Bonds, $5,105,555.56, for the payment of the interest on the Tax-Exempt Bonds through April 26, 2023;

 

(d)            in
the Taxable Capitalized Interest Subaccount of the Capitalized Interest Account of the Project Fund, from proceeds of the Series 2020C
Bonds, $3,318,611.11, for the payment of the interest on the Series 2020C Bonds through April 26, 2023;

 

(e)            in
the Tax-Exempt Project Subaccount of the Project Account of the Project Fund, from the proceeds of the sale of the Series 2020A
Bonds, $155,787,197.60, and from the proceeds of the Series 2020B Bonds, $14,894,444.44;

 

(f)            in
the Taxable Project Subaccount of the Project Account of the Project Fund, from the proceeds of the sale of the Series 2020C
Bonds, $6,681,388.89;

 

(g)            in
the Equity Account of the Project Fund, from the equity deposit of the Company, $50,000,000, and an additional amount of $18,846,989.00
equity deposit of the Company by no later than January 31, 2021; and

 

(h)            in
the Contingency Account of the Project Fund, an additional $21,153,011.00 equity deposit of the Company to be made no later than
January 31, 2021.

 

Section 4.03.          Moneys
to be Held in Trust. All moneys deposited with, paid to or received by the Trustee for the account of the Issuer shall be held
by the Trustee, together with funds on deposit in the Operating Revenue Escrow Fund of the Company under the Operating Revenue
Escrow Agreement in trust and shall be subject to the Lien of this Indenture and held for the security of the Holders until paid
in full, subject to the provisions of this Indenture permitting the application thereof for the purposes and on the terms and conditions
set forth herein; provided, however, that moneys which have been deposited with, paid to, or received by the Trustee (a) for
the redemption of a portion of the Bonds, notice of the redemption of which has been given or (b) for the payment of Bonds
or interest thereon due and payable otherwise than by acceleration, notice of the acceleration of which has been given by declaration,
shall be held in trust for and subject to a Lien in favor of only the Holders of such Bonds so called for redemption or so due
and payable; and provided further that moneys paid to the Trustee to be deposited into the Rebate Fund shall not be subject to
the Lien of this Indenture and shall be applied only as provided in Section 4.11 hereof.

 

Section 4.04.          Use
of the Moneys in the Project Fund.

 

(a)            Moneys
in the Accounts within the Project Fund shall be applied and expended by the Trustee in accordance with the provisions of the Loan
Agreement and particularly Section 4.3 thereof and this Section; provided that no amounts shall be disbursed from either the
Tax-Exempt Subaccount or the Taxable Subaccount of the Project Account of the Project Fund until (i) the Company has delivered
a Consent and Agreement for all Project Documents that have been collaterally assigned to the Trustee, in substantially the form
of such Consent and Agreement set forth in the Security Agreement, and (ii) the aggregate amount of (A) funds deposited
into the Contingency Account of the Project Fund, and (B) funds disbursed from the Equity Account of the Project Fund, shall
equal or exceed $90,000,000. Thereafter, amounts in the Equity Account, the Tax-Exempt Subaccount and the Taxable Subaccount of
the Project Account of the Project Fund shall be requisitioned, applied and expended on a pro rata basis based on the relative
amounts then on deposit in such Equity Account, the Taxable Project Subaccount and Tax-Exempt Project Subaccount at the time of
such application or expenditure.

    55

     

    

 

 

(b)            If
the Company makes a withdrawal of fund from the Liquidity Reserve Escrow Fund, such funds shall be deposited solely into the Equity
Account of the Project Fund.

 

(c)            The
Trustee is authorized and directed to issue its checks or make wire transfers for each disbursement from the Project Account or
the Equity Account of the Project Fund upon being furnished with:

 

(i)             a
written requisition therefor, in form and substance substantially the same as the forms set forth in both Exhibit B-1
and Exhibit B-2, attached hereto, received by the Trustee at least two (2) Business Days prior to the date the
disbursement is sought, but in no event more frequently than once every thirty (30) days (provided, however, that the Trustee on
the Closing Date may advance Bond Proceeds for disbursements, based on any requisition received on or before the Closing Date),
certified to by the Authorized Representative of the Company, stating: (A) the name of the Person to whom payment is to be
made; (B) the amount of the payment; (C) that the disbursement is for a proper expenditure of the respective Bond Proceeds
in question for an eligible Project Cost; (D) the classification and the nature and purpose of the expenditure; (E) that
there are no vendor’s, mechanic’s, or other liens, bailment leases, conditional sale contracts, security interests
or laborer’s liens which should be satisfied or discharged before the payments as requisitioned are made or which will not
be discharged by such payment; (F) that none of the items for which the requisition is made has been the basis for any prior
disbursement of Bond Proceeds; (G) that all Persons furnishing materials to, or performing work on, the Facility have been
paid or will be fully paid to date from the proceeds of the requisition; and (H) that the undisbursed Bond Proceeds and amounts
in the Equity Account are sufficient to complete the acquisition, construction and equipping of the Facility in accordance with
the Plans and Specifications;

 

(ii)            For
construction items, a requisition certificate of the Construction Monitor in the form of Exhibit B-2 regarding the Company’s
requisition certifying: (A) the disbursement is consistent with the Construction Budget; (B) that the disbursement is
in connection with a stated expenditure in the Construction Budget; (C) that the amount requisitioned will be paid to satisfy
obligations incurred for the Project per the documentation provided for the Construction Monitor’s review, including invoices
and evidence of payment; (D) the amount requested has been paid and is being reimbursed, or is due and unpaid and shall be
paid from the amount of monies requisitioned; (E) the cost of the work, labor and services and of materials, supplies and
equipment being paid is equal to the amount requisitioned; (F) that insofar as the payment is to be made for the work, materials,
supplies or equipment, the work has been performed and the materials, supplies or equipment have been installed in the Facility
or have been delivered either at the Facility or at a proper place for fabrication and to the best of Construction Monitor’s
knowledge are covered by the adequate insurance insuring the Trustee as a secured party; and (G) that all work, materials,
supplies and equipment for which payment is to be made are materially in accordance with the Construction Contract;

 

    56

    

    

 

(iii)           A
certificate executed by an Authorized Representative of the Company stating that the representations, covenants and warranties
of the Company in the Bond Documents are true on the date of such disbursement and that no Event of Default has occurred and is
continuing as of such date.

 

(d)            The
Trustee is directed to transfer from the Tax-Exempt Capitalized Interest Subaccount and the Taxable Capitalized Interest Subaccount,
both of the Capitalized Interest Accounts of the Project Fund, to the Bond Fund, the amounts on deposit therein on each Bond Payment
Date solely to pay interest on the Tax-Exempt Bonds and Series 2020C Bonds, respectively, on such date.

 

(e)            In
making disbursements from the Tax-Exempt Project Subaccount, the Taxable Project Subaccount, or the Equity Account, the Trustee
may conclusively rely upon any requisition received in the forms of both Exhibit B-1 and Exhibit B-2, attached
hereto and the other certifications delivered in connection therewith, shall have no obligation to determine (i) whether the
disbursement is for construction items or is for the final draw, (ii) whether any additional certificate as set forth in Section 4.04(b)(ii) hereof
is required or (iii) the truth or accuracy of any other certifications made in any such requisition or certificate. In addition,
the Company shall engage at the Company’s expense, a Construction Monitor to review on behalf of the Trustee for the benefit
of the Bondholders, the Plans and Specifications and all permits and approvals and to conduct on-site inspections on behalf of
the Company in order to determine whether construction and ramp-up to name plate performance of the Facility has been completed
and achieved, respectively, in accordance with the Plans and Specifications, whether the necessary percentage of work has been
completed in order to justify the advance requested, to review the progress, quality and completion of the construction of such
portion of the Facility, to approve all requests for payment, to determine whether other work shall be deemed necessary and/or
appropriate in order to complete the construction of such portion of the Facility in accordance with the Plans and Specifications
and to determine the amount of time from the date of inspection which will be required to complete construction of such portion
of the Facility in accordance with the Plans and Specifications. Upon selection of the Construction Monitor, the Company shall
provide prompt written notice of such selection to the Trustee.

 

(f)            Accompanying
the written requisition in the forms of both Exhibit B-1 and Exhibit B-2, as applicable, attached hereto
for the final disbursement from the Project Account and the Equity Account, the Company shall deliver to the Trustee the following,
in addition to the other items described above:

 

(i)            written
notice from the Company that the requisition is for the final disbursement of moneys from the Project Account, the Equity Account
and the Contingency Account;

 

    57

    

    

 

(ii)            an
Officer’s Certificate, upon which the Trustee may conclusively rely, certifying that: (A) the Facility is in compliance
with all applicable zoning ordinances, laws, regulations and building codes of the governmental authorities having jurisdiction
over the Facility, together with a final unconditional certificate of occupancy for the Facility and such other permits and approvals
as may be required by any governmental authority for the use and occupancy of the Facility; (B) the Company has obtained
such waivers of Lien and other documents as may be required to insure that there are no mechanics’ or materialmen’s
liens for labor furnished or materials supplied in connection with the construction, reconstruction and equipping of the Facility;
(C) the Company has obtained a print of an as-built survey or surveys prepared by a licensed surveyor and certified to the
Issuer, the Trustee and the title insurance company, showing in addition to the metes and bounds of the perimeters of the Land,
all monuments and angles referred to in the legal description of the Land, dimensions and locations of the improvements on the
Land and any easements, rights of way, adjoining sites, encroachments, and the extent thereof, established building lines and
street lines, the distance to and names of the nearest intersecting streets; and (D) the Company has obtained a date-down
endorsement to the title insurance policy;

 

(iii)           a
 “Certificate of Substantial Completion” in the form of Exhibit C attached hereto, signed by the Construction
Monitor, the Contractor and an Authorized Representative of the Company; and

 

(iv)           a
Certificate of Completion signed by an Authorized Representative of the Company and the Construction Monitor, as set forth below.

 

(g)            The
Company shall proceed with due diligence to complete the acquisition, construction and equipping of the Facility and shall complete
such acquisition, construction and equipping on or before the Outside Completion Date. Completion of the Facility shall be evidenced
by one certificate signed by an Authorized Representative of the Company and an Construction Monitor stating that (i) the
acquisition, construction and equipping of the Facility has been completed in accordance with the Plans and Specifications therefor
and (ii) the payment of all labor, services, materials and supplies used in such acquisition, construction and equipping has
been made or provided for (the “Certificate of Completion”). Additionally, the Company shall maintain, and at the Trustee’s
request, provide to the Trustee copies of the permanent Certificates of Occupancy issued by the appropriate authorities with respect
to the Facility.

 

(h)            The
Trustee shall maintain records pertaining to the Project Fund and the accounts therein and all deposits thereto and disbursements
therefrom in accordance with its customary practice. Until the Project Fund has been fully expended, the Trustee shall furnish
the Issuer and the Company with monthly statements showing all receipts and disbursements from the Project Fund since the date
of the last statement.

 

(i)              If
and to the extent the Company shall at any time properly requisition funds on deposit in the Contingency Account of the Project
Fund for eligible Project Costs, the Trustee shall, without further direction, (i) disburse the requisitioned funds from the
Contingency Account, and (ii) withdraw funds in a like amount from the Liquidity Reserve Escrow Fund such that the funds on
deposit in the Contingency Account of the Project Fund shall, at all times prior to the delivery of a final Requisition disbursement
of funds accompanied by a Certificate of Completion as provided in the Section 4.04(g), be no less than the Contingency Requirement.

 

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(j)            Any
balance remaining in the Project Fund following payment of the final disbursement in accordance with Section 4.04(e) hereof,
except for (i) amounts the Company shall have directed the Trustee to retain for any item included within Project Costs not
then due and payable and (ii) amounts the Company directs the Trustee in writing to transfer to the Rebate Fund by the Tax
Compliance Agreement and Section 4.11 hereof, and so long as the amount on deposit in the Senior Bonds Debt Service Reserve
Fund is then at least equal to the Senior Bonds Debt Service Reserve Requirement, shall without further authorization be transferred
to the Subordinate Bonds Debt Service Reserve Fund until the Subordinate Bonds Debt Service Reserve Requirement shall have been
met and thereafter to the Bond Fund to be applied to pay interest on the Senior Bonds.

 

(k)            If
an Event of Default hereunder shall have occurred and the Outstanding principal amount of the Bonds shall have been declared due
and payable pursuant to Article VIII hereof, the entire balance remaining in the Project Fund after making the transfer to
the Rebate Fund required by the Tax Compliance Agreement and Section 4.11 hereof, shall be applied as directed by the Majority
Holders.

 

Section 4.05.          Payments
into the Revenue Fund. There shall be deposited by the Trustee into the Revenue Fund when and as received any and all payments
received by the Trustee under Section 5.1(b), and 7.3 of the Loan Agreement, and Section 4 of the Operating Revenue Escrow
Agreement.

 

Section 4.06.          Use
of Moneys in the Revenue Fund. So long as there are any outstanding Bonds, all moneys and investments in the Revenue Fund shall
be allocated to, and shall be used to make, the transfers described below at the following times and in the following order of
priority:

 

(a)            First,
on each Revenue Fund Disbursement Date, to the Senior Interest Subaccount of the Bond Fund, after giving effect to any amounts
on deposit in such account and amounts in the Senior Tax-Exempt Capitalized Interest Subaccount, the sum of (i) an amount
equal to the amount necessary to increase the balance in the Senior Interest Subaccount of the Bond Fund to the amount of interest
due on all Outstanding Senior Bonds on the next succeeding Interest Payment Date; plus (ii) 100% of all interest payments
on Senior Bonds which is past-due;

 

(b)            Second,
on each Revenue Fund Disbursement Date, commencing on December 29, 2023, to the Senior Principal Subaccount of the Bond Fund,
after giving effect to any amounts on deposit in such account, the sum of (i) an amount equal to the amount necessary to increase
the balance in the Senior Principal Subaccount of the Bond Fund to the Sinking Fund Redemption Amount or the principal amount,
if any, due on all Outstanding Senior Bonds on the next succeeding Principal Payment Date, plus, (ii) 100% of all mandatory
sinking fund payments or principal payments on Senior Bonds which are past-due;

 

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(c)            Third,
on each Revenue Fund Disbursement Date, to the Senior Bonds Debt Service Reserve Fund an amount equal to the amount necessary to
increase the balance in the Senior Bonds Debt Service Reserve Fund to the Senior Bonds Debt Service Reserve Requirement;

 

(d)            Fourth,
on each Revenue Fund Disbursement Date, to the Subordinate Interest Subaccount of the Bond Fund, after giving effect to any amounts
on deposit in such account, the Subordinate Tax-Exempt Capitalized Interest Subaccount, and the Subordinate Taxable Capitalized
Interest Account, the sum of (i) an amount equal to the amount necessary to increase the balance in the Subordinate Interest
Subaccount of the Bond Fund to the amount of interest due on all Outstanding Subordinate Bonds on the next succeeding Interest
Payment Date; plus (ii) 100% of all interest payments on Subordinate Bonds which is past-due;

 

(e)            Fifth,
on each Revenue Fund Disbursement Date, commencing on December 29, 2023, to the Subordinate Principal Subaccount of the Bond
Fund, after giving effect to any amounts on deposit in such account, the sum of (i) an amount equal to the amount necessary
to increase the balance in the Subordinate Principal Subaccount of the Bond Fund to the Sinking Fund Redemption Amount or the principal
amount, if any, due on all Outstanding Subordinate Bonds on the next succeeding Principal Payment Date, plus (ii) 100% of
all mandatory sinking fund payments or principal payments on Subordinate Bonds which are past-due;

 

(f)            Sixth,
on each Revenue Fund Disbursement Date, commencing on or after November 30, 2022, an amount equal to the lesser of (i) $271,774.27
divided by the number of months remaining until the next succeeding Bond Payment Date, until the total aggregate deposits since
the last Bond Payment Date equals $271,774.27, and (ii) the amount required to meet the Repair and Replacement Fund Requirement,
for deposit into the Repair and Replacement Fund until the Repair and Replacement Fund Requirement has been initially satisfied;

 

(g)            Seventh,
on each Revenue Fund Disbursement Date, commencing on or after November 30, 2022, an amount equal to the lesser of (i) $177,594.79
divided by the number of months remaining until the next succeeding Bond Payment Date, until the total aggregate deposits since
the last Bond Payment Date equals $177,594,79, and (ii) the amount required to meet the Subordinate Bonds Debt Service Reserve
Requirement, for deposit into the Subordinate Bonds Debt Service Reserve Fund until the Subordinate Bonds Debt Service Reserve
Requirement has been initially satisfied;

 

(h)            Eighth,
on any Revenue Fund Disbursement Date subsequent to a date on which the Company was obligated to make a Loan Payment a portion
of which was payable pursuant to Sections 5.1(a)(i)(G) and 5.1(a)(ii)(I) of the Loan Agreement, to the Repair and Replacement
Fund an amount equal to the lesser of (i) the sum of the aggregate amount of all prior withdrawals from the Repair and Replacement
Fund that have not yet been replenished, and (ii) the amount necessary to increase the balance in the Repair and Replacement
Fund to the Repair and Replacement Fund Requirement.

 

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(i)             Ninth,
on each Revenue Fund Disbursement Date subsequent to a date on which the Company was obligated to make a Loan Payment a portion
of which was payable pursuant to Sections 5.1(a)(i)(F) and 5.1(a)(ii)(H) of the Loan Agreement, to the Subordinate Bonds
Debt Service Reserve Fund an amount equal to the lesser of (i) the sum of the aggregate amount of all prior withdrawals from
the Subordinate Bonds Debt Service Reserve Fund that have not yet been replenished, and (ii) the amount necessary to increase
the balance in the Subordinate Bonds Debt Service Reserve Fund to the Subordinate Bonds Debt Service Reserve Requirement.

 

Section 4.07.          Payments
into the Bond Fund. There shall be deposited by the Trustee into the Bond Fund and the accounts and subaccounts therein, when
and as received the following: (a) accrued interest and premium, if any, as provided in Section 4.02 hereof; (b) any
and all amounts payable into the Bond Fund and the accounts therein pursuant to Section 4.06(a), (b), (d) and (e); (c) the
balance in the Project Fund, the Renewal Fund and the Rebate Fund to the extent specified in this Article; (d) the amounts
transferred from the Senior Bonds Debt Service Reserve Fund or the Subordinate Bonds Debt Service Reserve Fund, pursuant to Section 4.12
or 4.13 hereof, as applicable; (e) the amount of net income or gain received from the investments of moneys in the Bond Fund;
(f) amounts transferred from the Capitalized Interest Account of the Project Fund; and (g) all other moneys received
by the Trustee under and pursuant to any of the provisions of the Loan Agreement or this Indenture, which by the terms hereof or
the Loan Agreement are required to be or which are accompanied by directions that such moneys are to be paid into the Bond Fund.

 

Section 4.08.          Use
of Moneys in the Bond Fund. So long as the Bonds remain Outstanding, moneys in the Bond Fund and the accounts and subaccounts
therein shall first be used for (i) the payment, when due, of interest on the Senior Bonds from the Senior Interest Subaccount,
(ii) the payment, when due, of Sinking Fund Redemption Amounts and principal of the Senior Bonds from the Senior Principal
Subaccount, (iii) the payment, when due, of interest on the Subordinate Bonds from the Subordinate Interest Subaccount, (iv) the
payment, when due, of Sinking Fund Redemption Amounts and principal of the Subordinate Bonds from the Subordinate Principal Subaccount,
and (v) the redemption of the of the Senior Bonds and the Subordinate Bonds, all as provided herein; provided, that prior
to the optional redemption of any Senior Bonds hereunder, all Debt Service Payments on both the Senior Bonds and the Subordinate
Bonds coming due and payable on or before the call date for such Senior Bonds shall be paid in full prior to any such optional
redemption.

 

Section 4.09.          Payments
into Renewal Fund; Application of Renewal Fund.

 

(a)            The
Net Proceeds resulting from any insurance award, condemnation award, title insurance dispute with respect to the Facility and payable
to the Trustee under the Loan Agreement, shall be deposited into the Renewal Fund. The amounts in the Renewal Fund shall be subject
to a security interest, Lien and charge in favor of the Trustee until disbursed as provided herein.

 

(b)            In
the event the Bonds shall then be subject to redemption in whole (either by reason of such damage, destruction or Condemnation
or otherwise) pursuant to the terms of the Loan Agreement or this Indenture, the Trustee shall, after making any transfer to the
Rebate Fund, as directed in writing by the Company, as required by the Tax Compliance Agreement and this Indenture, transfer the
amounts deposited in the Renewal Fund to the Bond Fund. If, on the other hand, the Company elects to replace, repair, rebuild or
restore the Facility pursuant to Article VII of the Loan Agreement, and provided no Event of Default shall have occurred and
be continuing, the Trustee upon notice from the Company of such election, shall apply the amounts on deposit in the Renewal Fund,
after making any transfer to the Rebate Fund, as directed in writing by the Company, as required by the Tax Compliance Agreement
and this Indenture, to such replacement, repair, rebuilding or restoration.

 

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(c)            If
any Event of Default shall exist at the time of the receipt by the Trustee of the Net Proceeds deposited into the Renewal Fund,
the Trustee shall, after making any transfer to the Rebate Fund, as directed in writing by the Company with the consent of the
Majority Holders, as required by the Tax Compliance Agreement and this Indenture, transfer the amounts deposited in the Renewal
Fund to the Bond Fund to be applied in accordance with Sections 4.08 and 8.05 hereof.

 

(d)            If
the Company elects, in accordance with the Loan Agreement, to replace, repair, rebuild or restore the Facility, and provided no
Event of Default shall have occurred and be continuing, the Trustee is hereby directed, upon notice from the Company of such election,
to apply the amounts in the Renewal Fund, as directed in writing by the Company, to the payment (or reimbursement to the extent
the same shall have been paid by or on behalf of the Company or the Issuer) of the costs required for the replacement, repair,
rebuilding or restoration of the Facility. The Trustee is further authorized and directed to issue its checks or make wire transfers
for each disbursement from the Renewal Fund upon being furnished with the following items:

 

(i)            a
written request for disbursement therefor in substantially the forms set forth in both Exhibit B-1 and Exhibit B-2,
attached hereto, signed by an Authorized Representative of the Company, stating: (A) the name and address of the Person or
Persons to whom payment is to be made; (B) the amount of the payment; (C) that the disbursement is for an expenditure
incurred in connection with the replacement, repair, rebuilding, restoration or relocation of the Facility or the acquisition of
Substitute Facilities (as defined in the Loan Agreement) in accordance with Sections 7.1 or 7.2 of the Loan Agreement; (D) that
none of the items for which the requisition is made has been the basis for any prior disbursements from the Renewal Fund; (E) that
with respect to items covered in such request for disbursement, the Authorized Representative of the Company has no knowledge of
any vendor’s, mechanic’s or other liens, bailment leases, conditional sale contracts or security interests or laborers’
claims which should be satisfied or discharged before the payments as requisitioned are made or which will not be discharged by
such payment; (F) that all Persons furnishing material to or performing work on the Facility have been fully paid to date
(to the extent of monies then due and payable) or will be fully paid to date (to the extent of monies then due and payable) out
of the proceeds of the requisition; and (G) that none of the items for which such requisition is made constitutes equipment
(including fixtures) other than equipment listed on any accompanying schedule and having a description sufficient for identification
of any such equipment, together with all UCC-1 financing statements and UCC-3 financing statement changes necessary to perfect
the Trustee’s security interest in such equipment and executed by all the necessary parties other than the Trustee;

 

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(ii)            for
construction items, a certificate signed by an Authorized Representative of the Company on the Company’s requisition certifying
(A) that the obligation was properly incurred, (B) that the amount requisitioned is due and unpaid, (C) the value
of the completed portion of the Facility, (D) that insofar as the payment is to be made for work, materials, supplies or equipment,
the work has been performed and the materials, supplies or equipment have been installed in the Facility or have been delivered
either at the Facility or at a proper place for fabrication and covered by adequate insurance, (E) that all mechanics and
suppliers are paid to date or will be paid from disbursement (to the extent of monies then due and payable) and (F) that all
work, materials, supplies and equipment for which payment is to be made are in accordance with the plans and specifications therefor,
where applicable; and

 

(iii)           for
construction items, a certificate of the Construction Monitor on the Company’s requisition certifying: (A) the Construction
Monitor’s approval of the requisition; (B) that the obligation was properly incurred; (C) that the amount requisitioned
has been paid or is due and unpaid and shall be paid from the amount of monies requisitioned; (D) the value of the work, labor
and services and of materials, supplies and equipment being paid from such requisition; (E) the value of the completed portion
of the Facility; (F) that insofar as the payment is to be made for the work, materials, supplies or equipment, the work has
been performed and the materials, supplies or equipment have been installed in the Facility or have been delivered either at the
Facility or at a proper place for fabrication and are covered by adequate insurance insuring the Trustee as secured party; and
(G) that all work, materials, supplies and equipment for which payment is to be made are in accordance with the plans and
specifications therefor, where applicable.

 

(iv)           In
making the disbursements pursuant to this subsection (d), the Trustee may conclusively rely upon any requisition received substantially
in the forms of both Exhibit B-1, and Exhibit B-2, attached hereto and the other certifications delivered
in connection therewith, and shall have no obligation to determine (A) whether any additional certificates as set forth in
Section 4.09(d)(ii) and (iii) hereof are required, or (B) the truth or accuracy of any other certifications
made in any such requisition or certifications.

 

(e)            Upon
completion of the restoration of the Facility, an Authorized Representative of the Company shall deliver to the Issuer and the
Trustee a certificate stating: (i) the date of such completion; (ii) that all labor, services, materials and supplies
used therefor and all costs and expenses in connection therewith have been paid; (iii) that the Facility has been restored
to substantially its condition immediately prior to the damage or Condemnation thereof, or to a condition of at least equivalent
value, operating efficiency and function; (iv) that the Issuer or the Company has good and valid title to all Property constituting
part of the restored Facility, and that the Facility is subject to the Loan Agreement and the Lien of the Mortgage; (v) the
applicable Rebate Amount with respect to the Net Proceeds of the insurance settlement or condemnation award and the earnings thereon
(with a statement as to the determination of the Rebate Amount and a direction to the Trustee of any required transfer to the Rebate
Fund); (vi) that the restored Facility is ready for occupancy, use and operation for its intended purposes; and (vii) that
certificates of occupancy, if required, and any and all permissions, licenses or consents required of any Governmental Authority
for the occupancy, operation and use of the Facility for its intended purposes, have been obtained. Notwithstanding the foregoing,
such certificate may state (A) that it is given without prejudice to any rights of the Company against third parties which
exist at the date of such certificate or which may subsequently come into being, (B) that it is given only for the purposes
of this Section, and (C) that no Person other than the Issuer and the Trustee may benefit therefrom. Such certificate shall
be accompanied by a certification of the Title Insurance Company that no intervening Liens have been filed or recorded, and that
the Mortgage constitutes a valid mortgage lien on and security interest in the Facility (or applicable portions thereof), subject
only to the Permitted Liens.

 

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(f)             If
the cost of the repairs, rebuilding or restoration effected by the Company shall be less than the amount in the Renewal Fund, or
if the Company elects not to repair, rebuild or restore the Facility in accordance with Section 7.1(a)(iii) or 7.2(a)(iv) of
the Loan Agreement, upon the Trustee’s receipt of the certificate required by Section 4.09(e) hereof or upon the
receipt of such election by the Company not to repair, rebuild or restore, the Trustee shall, after making any transfer the Company
directs the Trustee in writing to transfer to the Rebate Fund in accordance with the Tax Compliance Agreement and this Indenture,
and making any further transfers the Company directs the Trustee in writing to make pursuant to Sections 7.1 or 7.2 of the Loan
Agreement, transfer any balance to the Bond Fund and apply such amount to redeem the Bonds in accordance with Section 3.01(d) hereof.

 

(g)            Notwithstanding
anything in this Section to the contrary, in the event the Company provides written notice to the Trustee that the Net Proceeds
deposited into the Renewal Fund resulted from a recovery against a contractor pursuant to Section 7.3 of the Loan Agreement
prior to the Completion Date, then such Net Proceeds shall be deposited into the Taxable Project Subaccount of the Project Account
and disbursed from the Taxable Project Subaccount in the same manner, for the same purposes and subject to the same conditions
set forth in Section 4.04 hereof.

 

(h)           All
net income or gain received from investments of amounts held in the Renewal Fund shall be transferred by the Trustee and deposited
in the Earnings Fund.

 

Section 4.10.          Payments
Into Earnings Fund; Application of Earnings Fund.

 

(a)            All
investment income or earnings on amounts held in the Project Fund, the Renewal Fund, the Senior Bonds Debt Service Reserve Fund,
the Subordinate Bonds Debt Service Reserve Fund, the Rebate Fund, the Earnings Fund or any other fund held with respect to the
Bonds under any of the Financing Documents (other than the Bond Fund) shall be deposited on the first Business Day of each month
by the Trustee into the Earnings Fund. The Trustee shall keep separate accounts of all amounts deposited in the Earnings Fund to
indicate the fund source of the income or earnings.

 

(b)            Within
thirty (30) days after the end of each Bond Year, or such later date that the Trustee receives the written certificate required
to be delivered by or on behalf of the Company pursuant to Section 4.11(c) hereof and the Tax Compliance Agreement, the
Trustee shall withdraw from the Earnings Fund an amount equal to the difference, if any, between the Rebate Amount set forth in
such certificate and the amount then on deposit in the Rebate Fund. Any amounts remaining in the Earnings Fund following such transfer
shall be transferred to the Senior Interest Subaccount. If an Event of Default hereunder shall have occurred and the outstanding
principal amount of the Bonds shall have been declared due and payable, the entire balance remaining in the Earnings Fund, after
making the transfer to the Rebate Fund required in the Tax Compliance Agreement and Section 4.11 hereof, shall be transferred
to the Bond Fund.

 

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Section 4.11.          Rebate
Fund.

 

(a)            The
Rebate Fund and the amounts deposited therein shall not be subject to a security interest, pledge, assignment, lien or charge in
favor of the Trustee, the Owner of any Bond or any other Person.

 

(b)            All
net income or gain received from investments of moneys held in the Rebate Fund shall be deposited by the Trustee into the Earnings
Fund.

 

(c)            The
Trustee, upon the receipt of a certification of the Rebate Amount from an Authorized Representative of the Company, in accordance
with the Tax Compliance Agreement, shall deposit in the Rebate Fund within thirty (30) days after the end of each Bond Year, or
such later date that the Trustee receives such certification from the Company, an amount such that the amount held in the Rebate
Fund after such deposit is equal to the Rebate Amount calculated by the Company as of the last day of the prior Bond Year. If there
has been delivered to the Trustee a certification of the Rebate Amount in conjunction with the completion of the Facility pursuant
to the Tax Compliance Agreement at any time during a Bond Year, the Trustee shall deposit in the Rebate Fund within thirty (30)
days of the Completion Date, or such later date that the Trustee receives such certification from the Company, an amount such that
the amount held in the Rebate Fund after such deposit is equal to the Rebate Amount calculated by the Company at the Completion
Date. The amounts deposited in the Rebate Fund pursuant to this subsection shall be withdrawn from the Earnings Fund, to the extent
of any moneys therein and then, to the extent of any deficiency, from such fund or funds as are designated by the Company to the
Issuer and the Trustee in writing.

 

(d)            In
the event that on the first day of any Bond Year the amount on deposit in the Rebate Fund exceeds the Rebate Amount, the Trustee,
upon the receipt of written instructions from an Authorized Representative of the Company, shall withdraw such excess amount and
prior to the Completion Date, deposit it in the Project Fund or, after the Completion Date, deposit it in the Bond Fund.

 

(e)            The
Trustee, upon the receipt of written instructions from an Authorized Representative of the Company, shall pay to the United States,
out of amounts in the Rebate Fund, (i) not later than thirty (30) days after the last day of the fifth (5th) Bond
Year and after every fifth (5th) Bond Year thereafter, an amount the Company determines is equal to ninety percent (90%)
of the Rebate Amount as of the date of such payment and (ii) notwithstanding the provisions of Section 7.02 hereof, not
later than thirty (30) days after the date on which all Series 2020 Bonds have been paid in full, the Rebate Amount.

 

(f)            Notwithstanding
any other provision in this Indenture or any of the other Financing Documents, general or specific, to the contrary, the Trustee
shall have no obligations hereunder or thereunder relating to rebate requirements, except to comply with specific written instructions
received by the Trustee from the Company with respect to deposits into the Rebate Fund and release the moneys therefrom. The Trustee
shall not have any responsibility hereunder or under any of the Financing Documents to make any calculations relating to arbitrage
restrictions or rebate requirements, or the excludability of the interest on the Tax-Exempt Bonds from gross income for Federal
income tax purposes or to verify, confirm or review (and the Trustee shall not verify, confirm or review) any such calculations
or requirements, or the excludability of the interest on the Tax-Exempt Bonds from gross income for Federal income tax purposes
or to take any other action with respect thereto hereunder or thereunder. The Trustee shall not have any responsibility to notify
the Issuer, the Company or any other person of any failure by the Company or any other person to provide to the Trustee timely
written certifications relating to arbitrage restrictions or rebate requirements as required hereunder or under any other document
relating to the Tax-Exempt Bonds, including, without limitation, certifications regarding investments in certificates of deposit
or investment agreements or certifications regarding rebate payments which may be due and payable to the Internal Revenue Service.
The Trustee shall have the right to withhold from any payments to the Issuer or Company amounts in connection with any tax withholding
obligations in order to comply with applicable law.

 

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Section 4.12.          Payments
into the Senior Bonds Debt Service Reserve Fund; Application of Senior Bonds Debt Service Reserve Fund.

 

(a)            On
the Closing Date, the Trustee shall, in accordance with Section 4.02(a) hereof, deposit to the credit of the Senior Debt
Service Reserve Fund from the proceeds of the sale of the Series 2020A Bonds, the amounts set forth therein, which in the
aggregate equal the Senior Bonds Debt Service Reserve Requirement as of the date of issuance of the Bonds.

 

(b)            In
the event that on the fourth (4th) Business Day preceding any Bond Payment Date, the aggregate amount in the Senior
Interest Subaccount and the Senior Principal Subaccount of the Bond Fund shall be less than the amount required for payment of
interest on and principal of the Outstanding Senior Bonds (including payment of Sinking Fund Redemption Amounts) due and payable
on such Bond Payment Date, the Trustee shall, (i) transfer from the Senior Bonds Debt Service Reserve Fund to the Bond Fund
such amount as described in Section 4.12(c) hereof and (ii) as soon as practicable, notify the Issuer and the Company
of such transfer. Amounts held in the Senior Bonds Debt Service Reserve Fund are not available to pay debt service on Subordinate
Bonds.

 

(c)            In
such event the amount to be transferred from the Senior Bonds Debt Service Reserve Fund shall be equal to the shortfall in the
aggregate amount available in the Senior Interest Subaccount and the Senior Principal Subaccount of the Bond Fund for payment of
interest on and principal of the Outstanding Senior Bonds (including payment of Sinking Fund Redemption Amounts) due and payable
on such Bond Payment Date.

 

(d)            All
net income or gain received from investments of amounts held in the Senior Bonds Debt Service Reserve Fund shall be deposited in
the Earnings Fund, unless the amount on deposit in the Senior Bonds Debt Service Reserve Fund does not satisfy the Senior Bonds
Debt Service Reserve Requirement in which case all such earnings shall remain in the Senior Bonds Debt Service Reserve Fund.

 

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(e)            Moneys
and investments held in the Senior Bonds Debt Service Reserve Fund in excess of the Senior Bonds Debt Service Reserve Requirement
as of the date immediately following a Bond Payment Date, upon written direction of an Authorized Representative of the Company,
shall be withdrawn by the Trustee and deposited in the Bond Fund or the Rebate Fund, as the Company may direct, within five (5) days
of receipt by the Trustee of such written direction from the Authorized Representative of the Company.

 

(f)             If
the moneys and investments held in the Senior Bonds Debt Service Reserve Fund as of the date immediately following a Bond Payment
Date are less than the Senior Bonds Debt Service Reserve Requirement, as of such date, the Trustee shall as soon as practicable
provide the Company with written notice of the amount of such deficiency. The Company shall, as part of the next Loan Payment payable
pursuant to the Loan Agreement deliver to the Trustee moneys or Governmental Obligations the value of which is sufficient to increase
the amounts in the Senior Bonds Debt Service Reserve Fund to the Senior Bonds Debt Service Reserve Requirement then allocable to
the Senior Bonds.

 

(g)            If
an Event of Default shall have occurred and the outstanding principal of the Bonds shall have become due and payable pursuant to
Article VIII hereof, the entire balance in the Senior Bonds Debt Service Reserve Fund may, after making any transfer to the
Rebate Fund in accordance with the Tax Compliance Agreement and Section 4.11 hereof, be applied by the Trustee at the direction
of the Majority Holders. During the occurrence of an Event of Default, the Trustee may apply funds on deposit in the Senior Bonds
Debt Service Reserve Fund (and any other funds or accounts held under the Indenture) to the payment of Ordinary or Extraordinary
Expenses of the Trustee.

 

(h)            In
the event the aggregate amount of moneys on deposit in the Senior Interest Subaccount and the Senior Principal Subaccount of the
Bond Fund, together with the moneys on deposit in the Senior Bonds Debt Service Reserve Fund, are sufficient to pay the principal
of and interest on all of the Senior Bonds then Outstanding, when due, transfers shall be made from the Senior Bonds Debt Service
Reserve Fund to the Bond Fund, to pay the principal of and interest on the Senior Bonds according to their maturity schedule, in
the amount or amounts requested in writing and delivered by the Company to the Trustee.

 

Section 4.13.          Payments
into the Subordinate Bonds Debt Service Reserve Fund; Application of Subordinate Bonds Debt Service Reserve Fund.

 

(a)            Trustee
shall deposit such payment to the credit of the Subordinate Bonds Debt Service Reserve Fund the amounts described in Section 4.06(g).

 

(b)            In
the event that on the fourth (4th) Business Day preceding any Bond Payment Date, the aggregate amount in the Subordinate Interest
Subaccount and the Subordinate Principal Subaccount of the Bond Fund shall be less than the amount required for payment of interest
on and principal of the Outstanding Subordinate Bonds (including payment of Sinking Fund Redemption Amounts) due and payable on
such Bond Payment Date, the Trustee shall, (i) transfer from the Subordinate Bonds Debt Service Reserve Fund to the Subordinate
Interest Subaccount and the Subordinate Principal Subaccount of the Bond Fund, as applicable, such amounts as described in Section 4.13(c) hereof
and (ii) as soon as practicable, notify the Issuer and the Company of such transfer. Other than pursuant to Section 12.01(b)(i) through
(iii), and Section 8.05, amounts held in the Subordinate Bonds Debt Service Reserve Fund are not available to pay debt service
on Senior Bonds.

 

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(c)            Any
transfer of funds from the Subordinate Bonds Debt Service Reserve Fund to the Subordinate Interest Subaccount or the Subordinate
Principal Subaccount of the Bond Fund pursuant to Section 4.13(b) shall be in an aggregate amount equal to the shortfall
in the amount available in the Subordinate Interest Subaccount or the Subordinate Principal Subaccount of the Bond Fund for payment
of interest on and principal of the Outstanding Subordinate Bonds (including payment of Sinking Fund Redemption Amounts) due and
payable on such Bond Payment Date.

 

(d)           All
net income or gain received from investments of amounts held in the Subordinate Bonds Debt Service Reserve Fund shall be deposited
in the Earnings Fund, unless the amount on deposit in the Subordinate Bonds Debt Service Reserve Fund does not satisfy the Subordinate
Bonds Debt Service Reserve Requirement.

 

(e)            Moneys
and investments held in the Subordinate Bonds Debt Service Reserve Fund in excess of the Subordinate Bonds Debt Service Reserve
Requirement as of the date immediately following a Bond Payment Date, upon written direction of an Authorized Representative of
the Company, shall be withdrawn by the Trustee and deposited in the Subordinate Interest Subaccount of the Bond Fund or the Rebate
Fund, as the Company may direct, within five (5) days of receipt by the Trustee of such written direction from the Authorized
Representative of the Company.

 

(f)             If
the moneys and investments held in the Subordinate Bonds Debt Service Reserve Fund as of the date immediately following a Bond
Payment Date are less than the Subordinate Bonds Debt Service Reserve Requirement as of such date, the Trustee shall as soon as
practicable provide the Company with written notice of the amount of such deficiency. The Company shall, as part of the next Loan
Payment payable pursuant to the Loan Agreement deliver to the Trustee moneys or Governmental Obligations the value of which is
sufficient to increase the amounts in the Subordinate Bonds Debt Service Reserve Fund to the Subordinate Bonds Debt Service Fund
Requirement.

 

(g)            If
an Event of Default shall have occurred and the outstanding principal of the Bonds shall have become due and payable pursuant to
Article VIII hereof, the entire balance in the Subordinate Bonds Debt Service Reserve Fund may be transferred by the Trustee
into the Subordinate Interest Subaccount and the Subordinate Principal Subaccount of the Bond Fund for payment of the Subordinate
Bonds. During the occurrence of an Event of Default, the Trustee may apply funds on deposit in the Subordinate Bonds Debt Service
Reserve Fund (and any other funds or accounts held under the Indenture) to the payment of Ordinary or Extraordinary Expenses of
the Trustee.

 

(h)            In
the event the moneys on deposit in the Subordinate Interest Subaccount and the Subordinate Principal Subaccount Bond Fund, together
with the moneys on deposit in the Subordinate Bonds Debt Service Reserve Fund, are sufficient to pay the principal of and interest
on all of the Subordinate Bonds then Outstanding, when due, transfers shall be made from the Subordinate Bonds Debt Service Reserve
Fund to the Subordinate Interest Subaccount and the Subordinate Principal Subaccount of the Bond Fund, to pay the principal of
and interest on the Subordinate Bonds according to their maturity schedule, in the amount or amounts requested in writing and delivered
by the Company to the Trustee.

 

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Section 4.14.          Investment
of Moneys.

 

(a)            Moneys
held in any fund established pursuant to Section 4.01 hereof shall be invested and reinvested by the Trustee in Authorized
Investments, pursuant to written direction by the Authorized Representative of the Company. The Trustee may conclusively presume
without any requirement of further investigation or inquiry that any investment so directed is an Authorized Investment. Such investments
shall mature in such amounts and have maturity dates or be subject to redemption on or prior to the date on which the amounts invested
therein will be needed for the purposes of such funds. The Trustee may at any time sell or otherwise reduce to cash a sufficient
amount of such investments whenever the cash balance in such funds is insufficient for the purposes thereof. Any such investments
shall be held by or under the control of the Trustee and shall be deemed at all times a part of the Fund for which such moneys
are invested, and the interest accruing thereon and any profit realized from such investments shall be credited to and held in,
and any loss shall be charged to, such fund. All investments hereunder shall be registered in the name of the Trustee, as Trustee
under this Indenture or in the name of a nominee of or custodian or securities intermediary for the Trustee.

 

(b)            In
the event that the Trustee shall not have duly received a direction for investment for any moneys in any fund under this Indenture
by 11:00 a.m. on the Business Day, the Trustee shall invest such moneys in its Federated Treasury Obligations Trust Shares
# 702.

 

(c)            Any
investment herein authorized is subject to the condition that no use of the proceeds of the Bonds or of any other moneys shall
be made, which, if such use had been reasonably expected on the date of issuance of such Bonds, would cause the Tax-Exempt Bonds
to be “arbitrage bonds” within the meaning of such quoted term in Section 148 of the Code. The Trustee shall not
be liable if such use shall cause a Tax-Exempt Bond to be an “arbitrage bond.”

 

(d)            The
Trustee may make any investment permitted by this Section through its own investment department. The Trustee shall not be
liable for any depreciation in the value of any investment made pursuant to this Section or for any loss arising from any
such investment.

 

(e)            The
Trustee shall cooperate with the Issuer and the Company with respect to filing reports or forms required pursuant to Section 148(f) of
the Code, but the Trustee shall not be required to file and shall not be liable for any failure by any person to file any reports
or forms required pursuant to Section 148(f) of the Code.

 

(f)             The Issuer and the Company agree that confirmation of permitted
investments are not required to be issued by the Trustee for each month in which a monthly statement is rendered. No
statement need be rendered for any fund or account if no activity occurred in such fund or account during such month. The
Issuer or the Company may obtain confirmations at no additional cost upon their written request.

 

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Section 4.15.          Payment
to Company Upon Payment of Bonds. Except as otherwise specifically provided herein, after payment in full of (a) the principal
of, premium, if any, and interest on all the Bonds (or after provision for the payment thereof has been made in accordance with
Article VII hereof), (b) the fees, charges and expenses of the Trustee, the Bond Registrar and the Paying Agent, and
(c) all other amounts required to be paid under this Indenture, the Loan Agreement and the Mortgage, and provided that all
moneys required to be paid into the Rebate Fund have been paid or adequately provided for, all amounts remaining in any fund established
pursuant to Section 4.01 hereof (except the Rebate Fund) or otherwise held by the Trustee and by any additional Paying Agent
for the account of the Issuer or the Company hereunder and under the Loan Agreement shall be paid to the Company.

 

Section 4.16.          Reports
and Information Regarding Funds. The Trustee shall throughout the Contract Term, furnish the Company as soon as practicable
after the first day of each month with a statement showing receipts and disbursements (including all transactions involving cash
or Authorized Investments) with respect to any trust fund of the Issuer provided for in this Indenture. In addition, the Trustee
agrees to cooperate, in providing such information as may be required by the Issuer to assist it in preparing and furnishing such
reports or other accounting statements as may be required by any governmental law or regulation with respect to any of the Issuer’s
funds held by the Trustee.

 

Section 4.17.          Repair
and Replacement Fund.

 

(a)            Portions
of the Loan Payments in the amounts and on the dates set forth in Section 5.1(a)(i)(D) and 5.1(a)(ii)(F) of the
Loan Agreement shall be deposited into the Repair and Replacement Fund on the dates and in the amount set forth therein, until
the Repair and Replacement Fund Requirement is met, so long as the Bonds are outstanding.

 

(b)            So
long as no Event of Default shall have occurred and be continuing, the Company may from time to time requisition amounts on deposit
in the Repair and Replacement Fund for the purpose of equipment acquisition and replacement and the general repair, maintenance
and upkeep of the Facility. Any such requisition shall be in substantially the forms of both Exhibit B-1, and Exhibit B-2,
attached hereto. Upon receipt of any such requisition from the Company, the Trustee shall, so long as no Event of Default shall
have occurred and be continuing, disburse funds as directed in such requisition. In making the disbursements pursuant to this subsection
(b), the Trustee may conclusively rely upon any requisition received from the Company and the other certifications delivered in
connection therewith, and shall have no obligation to determine the truth or accuracy of any certifications or statements made
in any such requisition or certifications.

 

(c)            All
net income or gain received from investments of amounts held in the Repair and Replacement Fund shall be deposited in the Earnings
Fund, unless the amount on deposit in the Repair and Replacement Fund does not satisfy the Repair and Replacement Fund Requirement.

 

(d)            In
the event that on the fourth (4th) Business Day preceding any Bond Payment Date, the amount in the Bond Fund shall be
less than the amount required for payment of interest on and principal of the Outstanding Bonds (including payment of Sinking Fund
Redemption Amounts) due and payable on such Bond Payment Date, after the transfers therein from the Senior Bonds Debt Service Reserve
Fund pursuant to Section 4.12(b) hereof, the Trustee shall, (i) transfer from the Repair and Replacement Fund to
the Bond Fund such amount as will increase the balance in the Bond Fund to an amount sufficient to make such payment and (ii) as
soon as practicable, notify the Issuer and the Company of such transfer.

 

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(e)            If
the moneys and investments held in the Repair and Replacement Fund as of the date immediately following a Bond Payment Date are
less than the Repair and Replacement Fund Requirement as of such date, but after the Repair and Replacement Fund shall have initially
been funded to the Repair and Replacement Fund Requirement, the Trustee shall as soon as practicable provide the Company with written
notice of the amount of such deficiency. The Company shall, as soon as practicable, but in no event later than ten (10) days
after its receipt of such notice (or such longer period of time to which the Majority Holders shall agree, by written notice to
the Trustee and the Company), deliver to the Trustee moneys or Governmental Obligations the value of which is sufficient to increase
the amounts in the Repair and Replacement Fund to the Repair and Replacement Fund Requirement.

 

Section 4.18.          Deficiency.
Absent the direction of the Majority Holders, the Trustee shall not make any advance of monies from the Project Fund to the Company
if the Construction Monitor notifies the Trustee in writing (upon which notice the Trustee may conclusively rely) that the balance
of the monies on deposit in the Project Fund is at any time less (the amount by which it is less being hereinafter referred to
as the “Deficiency”) than the actual sum, as estimated by the Construction Monitor, which will be required to complete
the Project in accordance with the Plans and Specifications, and to pay all other costs and expenses of any nature whatsoever which
will be incurred in connection with the completion of the Facility. The Company shall, within fifteen (15) days after being notified
by the Trustee that there is or will be a Deficiency, deposit into the Project Fund an amount equal to the Deficiency and notify
the Guarantor that a Deficiency exists. Any amounts deposited by the Company into the Project Fund shall be disbursed by the Trustee
in accordance with Section 4.04 hereof. If an Event of Default shall occur and be continuing, the Trustee, in addition to
all other rights which it has hereunder and under the other Bond Documents, may apply, in whole or in part, any amounts deposited
by the Company into the Project Fund with respect to the Deficiency, or to the payment of the Bonds in accordance with Section 8.05
hereof.

 

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ARTICLE V

 

GENERAL COVENANTS AND PROVISIONS

 

Section 5.01.         Authority
of Issuer; Validity of Indenture and Bonds. The Issuer hereby covenants that: (a) it is duly authorized under laws of
the State, including particularly and without limitation, the Act, to issue the Bonds authorized hereby, to execute this Indenture
and to pledge the Trust Estate in the manner and to the extent herein set forth; (b) that all action on its part for the issuance
of the Bonds and the execution and delivery of this Indenture and the Loan Agreement has been duly and effectively taken; and (c) that
such Bonds in the hands of the Holders thereof are and will be valid and enforceable special obligations of the Issuer according
to the import thereof.

 

Section 5.02.          Performance
of Covenants. The Issuer hereby covenants that it will faithfully observe and perform at all times any and all covenants, undertakings,
stipulations and provisions on its part to be observed or performed contained (a) in this Indenture, (b) in any Bond
executed, authenticated and delivered hereunder, (c) in the Loan Agreement and (d) in the Issuer Documents. The Trustee
acknowledges that the Loan Agreement requires the Trustee to perform certain actions and the Trustee agrees to perform such actions,
subject to the terms and conditions of this Indenture.

 

Section 5.03.          Payment
of Principal, Premium, if any, and Interest. Subject to the limitation contained in Section 2.04(b) hereof, the Issuer
hereby covenants that it will promptly pay or cause to be paid the Debt Service Payments on the Bonds at the place, on the dates
and in the manner provided herein. All Debt Service Payments on the Bonds shall be a special obligation of the Issuer and payable
solely from payments and receipts received pursuant to the Loan Agreement. Nothing in the Bonds or this Indenture shall be construed
as creating a general obligation of the Issuer or pledging any funds or assets of the Issuer other than those pledged hereby. Neither
the State, nor any political subdivision thereof, including the Issuer, (other than the Issuer to the extent provided herein) shall
in any event be liable for the payment of any Debt Service Payment on the Bond or for the performance of any pledge, mortgage,
obligation or agreement undertaken by the Issuer.

 

Section 5.04.          Deposit
of Revenues. The Issuer hereby covenants that it will deposit, or cause to be deposited, with the Trustee for its account so
much of the payments and receipts derived by the Issuer pursuant to the Loan Agreement (except payments and receipts derived pursuant
to the Unassigned Rights), this Indenture or otherwise as may be required to pay the Loan Payments, including without limitation
all Debt Service Payments on the Bonds as the same become due and payable.

 

Section 5.05.          Priority
of Security Interest. The Issuer hereby covenants that the Indenture is a first Lien, subject to Permitted Liens, upon the
Trust Estate and the Issuer agrees not to create or suffer to be created any Lien, having priority or preference over this Indenture
upon the Trust Estate or any part thereof.

 

Section 5.06.          Enforcement
of Duties and Obligations of the Company. Subject to Section 5.16 hereof, the Issuer hereby covenants that it shall take
all legally available action to cause the Company to fully perform all duties and acts and to fully comply with the covenants of
the Company contained in the Loan Agreement in the manner and at the times provided in the Loan Agreement.

 

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Section 5.07.         Maintenance
and Modification of the Facility. Pursuant to the Loan Agreement, the Company has agreed to take all legally available action
to maintain, preserve and keep the Facility in good condition, repair and working order.

 

Section 5.08.          Insurance.
Pursuant to the Loan Agreement, the Company has agreed to take all legally available action to procure and maintain insurance on
the Facility as provided in Sections 6.3 and 6.4 of the Loan Agreement.

 

Section 5.09.          Filing
of Documents and Security Instruments. The Company hereby covenants that it will file or cause to be filed all documents, including,
without limitation, continuation statements under the Uniform Commercial Code of the State, in such manner and in such places as
may be required by law in order to create, protect and maintain in force the Lien of, and the security interests created by, this
Indenture.

 

Section 5.10.          Rights
Under Financing Documents. The Financing Documents, duly executed counterparts of which have been filed with the Trustee, set
forth certain covenants and obligations of the parties thereto. Reference is hereby made thereto for a detailed statement of the
covenants, obligations and rights of the parties thereto. The Issuer agrees that the Trustee, in its name or in the name of the
Issuer, may enforce all rights of the Issuer (except for certain of the Unassigned Rights) and all obligations of the Company under
the Financing Documents for and on behalf of the Bondholders, whether or not any Event of Default exists hereunder, without notice
to the Issuer.

 

Section 5.11.          Failure
to Present Bonds. In the event any Bond shall not be presented for payment when the principal thereof becomes due, either at
maturity, or at the date fixed for redemption thereof or the acceleration of maturity, and if funds sufficient to pay such Bond
shall have been made available to the Trustee for the benefit of the Owner thereof, all liability of the Issuer and the Company
to the Owner thereof for the payment of such Bond shall forthwith cease, terminate and be completely discharged, and thereupon
it shall be the duty of the Trustee, subject to Chapter 169 of the Ohio Revised Code, to hold such funds uninvested for three years,
for the benefit of the Owner of such Bond, without liability for interest thereon to such Owner, who shall thereafter be restricted
exclusively to such funds, for any claim of whatever nature on his part under this Indenture or on, or with respect to, such Bond.

 

Section 5.12.          Cancellation.
Any Bond which has been paid, redeemed, purchased or surrendered shall be canceled and destroyed by the Trustee in accordance with
its retention policy then in effect, subject to the record retention requirements of the Securities Exchange Act of 1934, as amended,
or other applicable law.

 

Section 5.13.          Payments
Due on Other Than Business Days. In any case where a Bond Payment Date shall not be a Business Day, then payment of the principal
of, premium, if any, and interest on the Bond need not be made on such date, but may be made on the next succeeding Business Day
with the same force and effect as if made on the date due and no interest shall accrue for the period after such Bond Payment Date
if and to the extent the amount due is paid on the next succeeding Business Day.

 

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Section 5.14.          Covenant
Against Arbitrage Bonds. Notwithstanding any other provision of this Indenture, so long as the Tax-Exempt Bonds shall be Outstanding,
the Issuer shall not use, or direct or permit the use of, the proceeds of the Tax-Exempt Bonds or any other moneys within its control
(including, without limitation, any moneys in the Bond Fund and the Repair and Replacement Fund and the proceeds of any insurance
award with respect to the Facility) in such a manner as would cause the Tax-Exempt Bonds to be “arbitrage bonds” within
the meaning of such quoted term in Section 148 of the Code and the Issuer further covenants that it will comply with the requirement
of such Section and all regulations thereunder.

 

Section 5.15.          Covenant
Regarding Adjustment of Debts. To the extent legally applicable, in any case under Chapter 9 of Title 11 of the United States
Code involving the Issuer as debtor, the Issuer, unless compelled by a court of competent jurisdiction, shall neither list the
Trust Estate or any part thereof as an asset or property of the Issuer nor list any amounts owed upon the Bonds Outstanding as
a debt of or claim against the Issuer.

 

Section 5.16.          Limitation
on Obligations of the Issuer. Notwithstanding any provision of this Indenture or the Mortgage to the contrary, the Issuer shall
not be obligated to take any action or execute any instrument pursuant to any provision hereof (other than pursuant to Section 5.03
hereof, and then only to the extent set forth therein), unless (a) it shall have been requested to do so in writing by the
Trustee or the Majority Holders or the Company and (b) if compliance with such request is reasonably expected to result in
the incurrence by the Issuer or any member, employee, agent or servant of the Issuer of any liability, fees, expenses or other
costs, it shall have received from such Holders or the Company, as the case may be, security or indemnity reasonably satisfactory
to the Issuer for protection against all such liability, however remote, and for the reimbursement of all such fees, expenses and
other costs; provided, however, that no limitation on the obligations of the Issuer contained in this Section by virtue of
any lack of assurance provided in clause (b) above shall be deemed to prevent the occurrence and full force and effect of
an Event of Default pursuant to Section 8.01 hereof.

 

Section 5.17.          Inspection
of Books. All books and records, if any, in the Issuer’s possession relating to the Facility and the amounts derived
from the Facility shall at all reasonable times be open to inspection by such Accountants or other agents as the Trustee may from
time to time designate.

 

Section 5.18.          List
of Owners. The Trustee, as Bond Registrar, will keep on file a list of names and addresses of the Owners of the Bonds as from
time to time registered on the registration books maintained by the Bond Registrar, together with the principal amount and numbers
of such Bonds. The Issuer shall have no responsibility with regard to the accuracy of such list. Upon the written request of an
Owner, the Trustee shall provide copies of all notices provided to the Holders directly and concurrently to such requesting Owner.
At reasonable times and under reasonable regulations, established by the Trustee, and at the expense of the Company, said list
may be inspected and copied for any purpose by the Company or by the Owners (or designated representative thereof) of a majority
in aggregate principal amount of the Outstanding Bonds, such possession or ownership and the authority of such designated representative
to be evidenced to the satisfaction of the Trustee. Each Owner, by the purchase and acceptance of a Bond, shall be deemed to consent
to the disclosure of his or her name and address and the principal amount of the Bond held by him or her and to agree that the
Trustee shall not be held accountable for the disclosure of such information. SO LONG AS CEDE & CO., AS NOMINEE FOR DTC, IS
THE REGISTERED OWNER OF THE BONDS, THE TRUSTEE SHALL TREAT CEDE & CO. AS THE ONLY HOLDER OF THE BONDS FOR ALL PURPOSES
HEREUNDER, INCLUDING RECEIPT OF ALL PRINCIPAL OF, PREMIUM, IF ANY, AND INTEREST ON THE BONDS, RECEIPT OF NOTICES, VOTING
AND REQUESTING OR DIRECTING THE TRUSTEE TO TAKE OR NOT TO TAKE, OR CONSENTING TO, CERTAIN ACTIONS HEREUNDER.

 

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Section 5.19.          Instruments
of Further Assurance. The Issuer covenants that it will do, execute, acknowledge and deliver or cause to be done, executed,
acknowledged and delivered such indentures supplemental hereto and such further acts, instruments and transfers as the Trustee
may reasonably require for better assuring, transferring, conveying, pledging, assigning and confirming unto the Trustee all and
singular its interest in all Property purported to be made subject to the Lien hereof by the granting clauses hereof, and in the
Trust Estate herein described and pledged hereby to the payment of the principal of, premium, if any, on and interest on the Bonds.
Any and all interest in the Trust Estate or any other property hereafter acquired, which is of any kind or nature herein provided
to be and become subject to the Lien hereof, shall, without any further conveyance, assignment or act on the part of the Issuer
or the Trustee, become and be subject to the Lien of this Indenture as fully and completely as though specifically described herein,
but nothing contained in this sentence shall be deemed to modify or change the obligations of the Issuer under this Section. The
Issuer covenants and agrees that, except as herein otherwise provided, it has not and will not sell, convey, mortgage, encumber
or otherwise dispose of all or any part of its interest in the Trust Estate.

 

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ARTICLE VI

 

PRIORITY RIGHTS OF TRUSTEE

 

Section 6.01.         Priority
Rights of Trustee. The rights and privileges of the Company set forth in the Loan Agreement are specifically made subject and
subordinate to the rights and privileges under the Financing Documents of the Trustee and the Holders of the Bonds.

 

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ARTICLE VII

 

DISCHARGE OF LIEN; DEFEASANCE OF BONDS

 

Section 7.01.         Discharge
of Lien.

 

(a)            If
the Issuer shall pay or cause to be paid to the Holders of the Outstanding Bonds the principal thereof, premium, if any, and interest
thereon, at the times and in the manner stipulated therein and in this Indenture and if there shall have been paid all fees, charges,
expenses and any other amounts owing to the Trustee or any additional Paying Agent required to be paid under Section 9.02
hereof, then the Lien on the Trust Estate hereby created for the benefit of the Bondholders so paid and the Trustee’s right,
title and interest in and to the Loan Agreement shall be released, discharged and satisfied. In such event, except as otherwise
specifically provided herein, the Trustee and any additional Paying Agent shall pay or deliver all moneys or securities held by
either of them pursuant to this Indenture which are not required for the payment of such Bonds (except for moneys and securities
held with respect to the Unassigned Rights, which shall be paid or delivered to the Issuer and except for moneys in the Rebate
Fund which shall be applied only as provided in Section 4.11 hereof) to the Company. If the Issuer does not pay or cause to
be paid, at the same time, the Outstanding Bonds, then the Trustee and any additional Paying Agent shall not return those moneys
and securities held under this Indenture as security for the benefit of the Bondholders not so paid or not caused to be so paid.

 

(b)           When
the Outstanding Bonds shall have been paid in full or provision for such full payment of the Outstanding Bonds shall have been
made in accordance with this Section, and the Company shall have delivered to the Trustee and the Issuer an opinion of counsel
that all conditions precedent to the discharge of the Indenture have been satisfied, the Issuer shall take all appropriate action
to cause the Lien of this Indenture upon the Trust Estate, and the Trustee’s right, title and interest in and to the Loan
Agreement, the Mortgage and the other Financing Documents, to be released, discharged, satisfied and canceled of record, and the
Trustee shall execute such release documents as reasonably requested by, and at the expense of, the Company.

 

(c)           Notwithstanding
the fact that the Lien of this Indenture upon the Trust Estate may have been discharged and canceled in accordance with this Section,
this Indenture and the rights granted and duties, if any, in connection with the payment of funds imposed hereby, shall nevertheless
continue and subsist until the principal, premium, if any, and interest on the Bonds shall have been fully paid or the Trustee
shall have returned to the Company pursuant to Section 5.11 hereof all funds theretofore held by the Trustee for payment of
any Bond not theretofore presented for payment.

 

Section 7.02.         Defeasance
of Bonds.

 

(a)           Any
Outstanding Bonds shall, prior to the maturity or redemption date thereof, be deemed to have been paid within the meaning of, and
with the effect expressed in, Section 7.01(a) hereof, if (i) there shall have been irrevocably deposited with the
Trustee sufficient moneys or Governmental Obligations, in accordance with subsection (b) below, which will, without further
investment, be sufficient, together with other amounts held for such payment, to pay the principal of the Bonds when due or to
redeem the Bonds at the Redemption Price, if any, specified in Section 3.01 hereof, (ii) in the event such Bonds are
to be redeemed prior to maturity in accordance with Section 3.01 hereof, the Company delivers to the Trustee a certificate
signed by an Authorized Representative of the Company stating that all action required by the provisions of this Indenture to redeem
the Bonds shall have been taken or provided for, and irrevocable instructions to redeem the Bonds on the earliest permitted Redemption
Date shall have been given by the Company to the Trustee, and notice thereof in accordance with Section 3.02 hereof shall
have been duly given or provisions satisfactory to the Trustee shall have been made for the giving of such notice, (iii) provision
shall have been made for the payment of all fees and expenses of the Trustee and of any additional Bond Registrars or Paying Agents
with respect to the Bonds, (iv) the Issuer shall have been reimbursed for all of its expenses under the Financing Documents
and (v) all other payments required to be made under the Loan Agreement and this Indenture with respect to the Bonds shall
have been made or provided for. At such time as a Bond shall be deemed to be paid hereunder, as aforesaid, such Bond shall no longer
be secured by or entitled to the benefit of this Indenture, except for the purposes of any such payment from such moneys or Governmental
Obligations.

 

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(b)           For
the purposes of subsection (a)(i) above, the Trustee shall be deemed to hold sufficient moneys to pay the principal of an
Outstanding Bond not then due or to redeem the Outstanding Bonds prior to the maturity thereof, only if there shall be on deposit
with the Trustee for such purpose moneys either in cash or Governmental Obligations maturing or redeemable at the option of the
holder thereof not later than (i) the maturity date of such Bonds, or (ii) the first date following the date on which
such Bonds are to be redeemed pursuant to Article III hereof (whichever may first occur), or both cash and such Governmental
Obligations, in an amount which, together with income to be earned on such Governmental Obligations (without reinvestment) prior
to such maturity date or Redemption Date, equals the principal due on such Bonds, together with the premium, if any, due thereon
and all interest thereon which has accrued and which will accrue to such maturity date or Redemption Date. The Company shall deliver
to the Trustee a certificate, upon which the Trustee may conclusively rely, from an Accountant verifying that the cash and Governmental
Obligations held by the Trustee meet the requirements of this subsection (b).

 

(c)            Upon
the defeasance of all Outstanding Bonds in accordance with this Section, the Trustee shall hold in trust, for the benefit of the
Holders of such Bonds, all such moneys and/or Governmental Obligations and shall make no other or different investment of such
moneys and/or Governmental Obligations and shall apply the proceeds thereof and the income therefrom only to the payment of such
Bonds.

 

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ARTICLE VIII

 

DEFAULT PROVISIONS AND REMEDIES OF TRUSTEE
AND HOLDERS

 

Section 8.01.         Events
of Default. The following shall be “Events of Default” under this Indenture, and the terms “Event of Default”
or “Default” shall mean, when they are used in this Indenture, any one or more of the following events:

 

(a)            a
default in (i) the due and punctual payment of the interest on any Senior Bond, irrespective of notice or (ii) the due
and punctual payment of the interest on any Subordinate Bonds, irrespective of notice; or

 

(b)           a
default in (i) the due and punctual payment of the principal or Redemption Price of any Senior Bond whether at the stated
maturity thereof, upon proceedings for redemption thereof, or upon the maturity thereof by declaration or otherwise or (ii) the
due and punctual payment of the principal or Redemption Price of any Subordinate Bond whether at the stated maturity thereof, upon
proceedings for redemption thereof, or upon the maturity thereof by declaration or otherwise; or

 

(c)            failure
to comply with the provisions of Section 4.18 hereof; or

 

(d)           absent
the satisfaction of the Majority Holders that funds remain on deposit with the Trustee in an amount sufficient to repay the purchase
price of the Bonds paid by the initial purchasers thereof on the Closing Date, together with accrued interest since the immediately
preceding Interest Payment Date, or the Closing Date if applicable, and any principal having accrued on such Bonds since the Closing
Date as a result of such Bonds being purchased on the Closing date at an amount less than par, which satisfaction shall be demonstrated
in writing by the Majority Holders, failure of the Company to deposit or cause to be deposited, on or prior January 31, 2021,
into the Equity Account of the Project Fund and the Contingency Account of the Project Fund an aggregate amount of $40,000,000,
and the Guarantor to deposit an aggregate amount of $50,000,000 to the Liquidity Reserve Escrow Fund no later than January 31,
2021;

 

(e)           except
as set forth in paragraphs (a) – (d) above:

 

(i)            subject
to clause (ii) below, the failure by the Issuer to observe and perform any covenant, condition or agreement hereunder on its
part to be observed or performed (except obligations referred to in subsections (a) and (b) above) for a period of thirty
(30) days after written notice, specifying such failure and requesting that it be remedied, is given to the Issuer and the Company
by the Trustee or by the Majority Holders; or

 

(ii)           if
the covenant, condition, or agreement which the Issuer has failed to observe or perform is of such a nature that it cannot reasonably
be fully cured within such thirty (30) days, the Issuer shall not be in default if the Issuer commences a cure within such thirty
(30) days and thereafter diligently proceeds with all action required to complete the cure, and, in any event, completes such cure
within sixty (60) days of such written notice from the Trustee or the Majority Holders, unless the Majority Holders shall give
their written consent to a longer period; or

 

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(f)            the
occurrence of an “Event of Default” under the Loan Agreement, the Mortgage or any other Financing Document other than
the Continuing Disclosure Agreement.

 

Section 8.02.
         Acceleration.

 

(a)            Upon
the occurrence and continuance of an Event of Default under Section 8.01 hereof, the Trustee may, and upon the written request
of the Majority Holders shall, by written notice delivered to the Issuer and the Company declare all Bonds Outstanding immediately
due and payable in the manner and priority described herein, and such Bonds shall become immediately due and payable, anything
in the Bonds or in this Indenture to the contrary notwithstanding.

 

(b)            Upon
the acceleration, by declaration or otherwise, of the Bonds, the Trustee shall exercise its option under Section 10.2(a)(i) of
the Loan Agreement to declare all unpaid installments payable by the Company under Section 5.1(a) and (c) of the
Loan Agreement to be immediately due and payable.

 

(c)            The
Trustee may annul acceleration of the Bonds if it deems the cause of the acceleration has been remedied as certified to the Trustee
by the Company in an Officer’s Certificate or if directed by the Majority Holders.

 

Section 8.03.         Enforcement
of Remedies.

 

(a)            In
the event the Bonds are declared immediately due and payable, the Trustee may, and upon the written request of the Holders as set
forth in subsection (d) below shall, proceed forthwith to protect and enforce its rights and the rights of the Holders under
the Act, the Bonds or the Financing Documents by such suits, actions or proceedings as the Trustee, shall deem necessary or expedient.
Upon the occurrence and continuance of any Event of Default, and upon being provided with the security and indemnity if so required
pursuant to Section 9.01(c)(xiii) hereof, the Trustee shall exercise such of the rights and powers vested in the Trustee
by this Indenture and use the same degree of care and skill in their exercise as a prudent man would exercise or use in the circumstances
in the conduct of his own affairs. The Trustee may pursue any available remedy at law or in equity by suit, action, mandamus or
other proceeding, including, but not limited to, the following: (i) take such action as may be necessary or proper to sequester
the rents and income of the Facility or any portion thereof; (ii) procure from the Company an assignment of rents and/or a
consent to enter into possession of the Facility or any portion thereof and to collect rents therefrom; (iii) apply to the
court for the appointment of a receiver of the rents and income of the Facility or any portion thereof; (iv) declare due and
payable forthwith any principal amount remaining due and unpaid and commence an action of foreclosure; (v) apply the moneys
received as rents and income from the Facility or any portion thereof, as well as moneys received by the Trustee from any receiver
appointed for the Facility or any portion thereof in the Trustee’s discretion, to the maintenance and operation of the Facility
or any portion thereof, the payment of taxes, water rents and assessments levied thereon and any arrears thereof, to the payment
of underlying liens and to the creation and maintenance of a reserve or sinking fund; (vi) exercise rights to acquire all
membership interest in the Company; (vii) direct the Operating Revenue Escrow Agent to apply all Gross Revenues as directed
by the Trustee without regard to any direction by the Company; (viii) direct the Liquidity Reserve Escrow Agent to apply all
funds then on deposit in the Liquidity Reserve Escrow Fund as directed by the Trustee without regard to any direction by the Company
or the Guarantor, (ix) foreclose on the lien of the Mortgage; and (x) take any other remedy allowed under any of the
other Financing Documents; provide, in each case, that the Trustee complies with the terms and conditions of the Consent and Agreement.

 

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(b)            The
Trustee may sue for, enforce confessions of judgment, enforce payment of and receive any amounts due or becoming due from the Issuer
or the Company for the payment of the principal, premium, if any, and interest on the Outstanding Bonds under any of the provisions
of the Financing Documents without prejudice to any other right or remedy of the Trustee or of the Holders.

 

(c)            Notwithstanding
anything to the contrary contained in subsection (a) above, upon the occurrence and continuance of any Event of Default, the
Trustee may pursue any available remedy at law or in equity by suit, action, mandamus or other proceeding to enforce the payment
of the principal of, premium, if any, on and interest on the Bonds then Outstanding and to enforce and compel the performance of
the duties and obligations of the Issuer and the Company under the Financing Documents. In addition, the Trustee may, without notice
to the Issuer or the Company, exercise any and all remedies afforded the Issuer under Article X of the Loan Agreement in its
name or the name of the Issuer without the necessity of joining the Issuer; provided that the Trustee complies with the terms and
conditions of the Consent and Agreement.

 

(d)            Regardless
of the happening of an Event of Default, the Trustee, if requested in writing by the Majority Holders, may and, if provided with
the security and indemnity required by Section 9.01(c)(xiii) hereof, shall institute and maintain such suits and proceedings
as directed by such Holders to prevent any impairment of the Trust Estate by any acts which may be unlawful or in violation of
any Financing Document or of any resolution authorizing the Bonds or to preserve or protect the interests of the Holders; provided
that such request is in accordance with law and the provisions of this Indenture and is not unduly prejudicial to the interests
of the Holders not making such request (it being understood that the Trustee does not have an affirmative duty to ascertain whether
or not such actions are unduly prejudicial to such Holders).

 

(e)            Notwithstanding
anything to the contrary contained in this Indenture, the Mortgage or any of the other Financing Documents, in the event the Trustee
is entitled or required to commence an action to foreclose the Mortgage or otherwise exercise its remedies to acquire control or
possession of the Facility, the Trustee shall not be required to commence any such action or exercise any such remedy if the Trustee
has determined in good faith that the Trustee may incur liability under an Environmental Law as the result of the presence at,
or release on or from, the Facility of any Hazardous Materials, unless the Trustee has received security or indemnity from a Person,
in an amount and in a form all satisfactory to the Trustee in its sole discretion, protecting the Trustee from all such liability.

 

Section 8.04.         Appointment
of Receiver. Upon the occurrence of an Event of Default and upon the filing of a suit or other commencement of judicial proceedings
to enforce the rights of the Trustee and the Holders under this Indenture, the Trustee shall be entitled, as a matter of right
under this Indenture, subject to the terms and conditions of the Consent and Assignment, to the appointment of a receiver or receivers
for the Facility and for the revenues and receipts thereof pending such proceedings, with such powers as the court making such
appointment shall confer.

 

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Section 8.05.         Application
of Moneys.

 

(a)            All
moneys received by the Trustee pursuant to any right given or action taken under the provisions of this Article shall, after
payment of the cost and expenses of the proceedings resulting in the collection of such moneys and of the fees, expenses, liabilities
and advances incurred or made by the Trustee (including Extraordinary Expenses and fees and expense of Trustee’s counsel),
and the fees and expenses of the Issuer in carrying out this Indenture or the Loan Agreement, be deposited in the Bond Fund.

 

(b)            All
moneys in the Bond Fund, including accounts and subaccounts therein, together with all other amounts held by the Trustee (except
the Rebate Fund), following the occurrence of an Event of Default, shall be applied to the payment of the advances or liabilities
incurred by the Trustee and the fees, expenses (including any attorney fees) and indemnities owed to the Issuer and the Trustee
and then:

 

(i)            Unless
the principal of the Bonds shall have become due or shall have been declared due and payable,

 

FIRST - To the payment
of all installments of the interest then due on the Senior Bonds, in the order of the maturity of the installments of such interest
and, if the amount available shall not be sufficient to pay in full any particular installment of interest, then to the payment
ratably, according to the amounts due on such installment, to the Persons entitled thereto without any discrimination or preference.

 

SECOND - To the payment
of the unpaid principal or Redemption Price of the Senior Bonds which shall have become due (other than a Senior Bond called for
redemption for the payment of which moneys are held pursuant to the provisions of this Indenture), in order of their due dates,
with interest on such Senior Bonds, at the rate or rates expressed thereon, from the respective dates upon which such Senior Bonds
became due and, if the amount available shall not be sufficient to pay the portion of the Senior Bonds due on any particular date,
together with such interest, then to the payment ratably, according to the amount of principal and interest due on such date, to
the Persons entitled thereto without any discrimination or preference.

 

THIRD - To the payment
of all installments of the interest then due on the Subordinate Bonds, in the order of the maturity of the installments of such
interest and, if the amount available shall not be sufficient to pay in full any particular installment of interest, then to the
payment ratably, according to the amounts due on such installment, to the Persons entitled thereto without any discrimination or
preference.

 

FOURTH - To the payment
of the unpaid principal or Redemption Price of the Subordinate Bonds which shall have become due (other than a Subordinate Bond
called for redemption for the payment of which moneys are held pursuant to the provisions of this Indenture), in order of their
due dates, with interest on such Subordinate Bonds, at the rate or rates expressed thereon, from the respective dates upon which
such Subordinate Bonds became due and, if the amount available shall not be sufficient to pay the portion of the Subordinate Bonds
due on any particular date, together with such interest, then to the payment ratably, according to the amount of principal and
interest due on such date, to the Persons entitled thereto without any discrimination or preference.

 

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FIFTH - To the payment
of the principal or Redemption Price of and interest on the Senior Bonds as the same become due and payable.

 

SIXTH- To the payment
of the principal or Redemption Price of and interest on the Subordinate Bonds as the same become due and payable.

 

(ii)            If
the principal of the Bonds shall have become due by declaration of acceleration or otherwise, to the payment of the principal and
interest (at the rate or rates expressed thereon) then due and unpaid upon the Bonds without preference or priority of principal
over interest or of interest over principal or of any installment of interest over any other installment of interest, or of any
Senior Bond over any other Senior Bond, ratably according to the amounts due respectively for principal and interest, to the Persons
entitled thereto without discrimination or preference; provided that in all cases, there shall be no payment of principal of or
interest on any Subordinate Bonds unless and until all payments of principal of and interest due on the Senior Bonds have been
paid in full.

 

(iii)           If
the principal of the Bonds shall have been declared due and payable, and if such declaration shall thereafter have been rescinded
and annulled under the provisions of this Article, then, subject to the provisions of subsection (b)(ii) above in the event
that the principal of the Bonds shall later become due by declaration or otherwise, the moneys shall be applied in accordance with
the provisions of subsection (b)(i) above.

 

(c)            On
the date of a declaration of an acceleration of the Bonds, pursuant to Section 8.02(a) hereof, interest on the amount
of principal to be paid on such date shall cease to accrue. The Trustee shall give such notice as it may deem appropriate of the
application of any such moneys and of the fixing of any such date. The Trustee shall not be required to make payment to the Holder
of any unpaid Bonds until such Bonds shall be presented to the Trustee for appropriate endorsement or for cancellation if fully
paid.

 

Section 8.06.         Remedies
Vested in Trustee. All rights of action (including the right to file proof of claims) under this Indenture, the Loan Agreement,
the Mortgage or any other Financing Document or under the Bonds may be enforced by the Trustee without the possession of the Bonds
or the production thereof in any trial or other proceedings relating thereto. Any such suit or proceeding instituted by the Trustee
shall be brought in its name as Trustee without the necessity of joining as plaintiff or defendant the Holders. Subject to the
provisions of Section 8.05 hereof, any recovery of judgment shall be for the equal benefit of the Holders of the Outstanding
Bonds.

 

Section 8.07.         Remedies
Not Exclusive. No remedy conferred upon or reserved to the Trustee or to the Holders by this Indenture is intended to be exclusive
of any other remedy. Each and every such remedy shall be cumulative and shall be in addition to any other remedy given to the
Trustee or the Holders now or hereafter existing at law or in equity or by statute.

 

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Section 8.08.         Majority
Holders Control Proceedings. If an Event of Default shall have occurred and be continuing, notwithstanding anything in this
Indenture to the contrary, the Majority Holders shall have the right, at any time, by an instrument in writing executed and delivered
to the Trustee, to direct the method and place of conducting any proceeding to be taken in connection with the enforcement of the
terms and conditions of this Indenture or for the appointment of a receiver or any other proceedings hereunder, provided that the
Trustee is provided with the security and indemnity set forth in Section 9.01(c)(xiii) hereof and that such direction
is in accordance with law and the provisions of this Indenture and is not unduly prejudicial to the interests of Senior Bondholders
not joining in such direction (it being understood that the Trustee does not have an affirmative duty to ascertain whether or not
such actions are unduly prejudicial to such Holders), and provided further, that nothing in this Section shall impair the
right of the Trustee in its discretion to take any other action under this Indenture which it may deem proper and which is not
inconsistent with such direction by Majority Holders.

 

Section 8.09.          Individual
Holder Action Restricted.

 

(a)            No
Holder of any Bond shall have any right to institute any suit, action or proceeding in equity or at law for the enforcement of
this Indenture or for the execution of any trust hereunder or for any remedy under the Indenture unless:

 

(i)            an
Event of Default has occurred of which the Trustee has been notified as provided in Section 9.01(c)(viii) hereof or of
which by said Section the Trustee is deemed to have notice, and

 

(ii)           the
Majority Holders shall have made written request to the Trustee to proceed to exercise the powers granted in this Indenture or
to institute such action, suit or proceeding in its own name, and

 

(iii)          such
Holders shall have offered the Trustee indemnity as provided in Section 9.01(c)(xiii) hereof, and

 

(iv)          the
Trustee shall have failed or refused to exercise the powers herein granted or to institute such action, suit or proceedings in
its own name for a period of sixty (60) days after receipt by it of such request and offer of indemnity, in which case the Senior
Bondholders may institute such action, suit or proceeding, provided that the Subordinate Bondholders may institute such action,
suit or proceeding only after the redemption of all Senior Bonds.

 

(b)           No
one or more Holders of the Bonds shall have any right in any manner whatsoever to affect, disturb or prejudice the security of
this Indenture or to enforce any right hereunder, except in the manner herein provided and for the equal benefit of the Holders
of any Bonds Outstanding.

 

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(c)            Nothing
contained in this Indenture shall affect or impair, or be construed to affect or impair, the right of the Holder of any Bonds (i) to
receive payment of the principal of or premium, if any, or interest on such Bonds on or after the due date thereof or (ii) to
institute suit for the enforcement of any such payment on or after such due date; provided, however, no Holder of any Bonds may
institute or prosecute any such suit or enter judgment therein, if, and to the extent that, the institution or prosecution of such
suit or the entry of judgment therein would, under Applicable Law, result in the surrender, impairment, waiver or loss of the Lien
of this Indenture on the Trust Estate for the equal and ratable benefit of the Holders of the Bonds.

 

Section 8.10.         Termination
of Proceedings. In case any proceeding taken by the Trustee on account of any Event of Default shall have been discontinued
or abandoned for any reason or shall have been determined adversely to the Trustee or the Holders, then the Issuer, the Company,
the Trustee and the Holders shall be restored to their former positions and rights hereunder, and all rights, remedies and powers
of the Trustee shall continue as if no such proceeding had been taken.

 

Section 8.11.         Waiver
and Non-Waiver of Event of Default.

 

(a)            Subject
to the provisions of Section 8.08 hereof, the Trustee may at its discretion waive any Event of Default hereunder and its consequences
and annul any acceleration in accordance with Section 8.02 hereof, and shall do so upon the written request of the Majority
Holders; provided, however, that there shall not be waived (i) any Event of Default in the payment of the principal of, or
premium, if any, on any Outstanding Bonds when due (whether at maturity or mandatory or optional redemption), or (ii) any
default in the payment when due of the interest on any such Bonds, or (iii) any default upon which prior action has been taken
by the Majority Holders, unless, prior to such waiver or rescission, all arrears of interest, with interest, to the extent permitted
by law, on all arrears of payments of principal when due, and all expenses of the Trustee in connection with such default shall
have been paid or provided for. No such waiver shall extend to or affect any other existing or any subsequent Event of Default.

 

(b)            No
delay or omission of the Trustee to exercise any right or power accruing upon any Event of Default shall impair any such right
or power nor shall be construed to be a waiver of any such Event of Default or an acquiescence therein. Every power and remedy
given by this Article to the Trustee and the Holders may be exercised from time to time and as often as may be deemed necessary
or expedient.

 

Section 8.12.         Notice
of Defaults.

 

(a)            Promptly
after (i) the receipt of notice of an Event of Default as provided in Section 9.01(c)(viii) hereof, or (ii) the
occurrence of an Event of Default of which the Trustee is deemed to have notice by such Section, the Trustee shall, unless such
Event of Default shall have theretofore been cured, give written notice thereof to EMMA and DTC; provided that, except in the case
of a default in the payment of the principal of or premium, if any, or interest on the Bonds, the Trustee may withhold such notice
if, in its sole judgment, it determines that the withholding of such notice is in the best interest of the Holders.

 

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(b)           The
Trustee shall promptly notify the Issuer and the Company of any Event of Default of which the Trustee has received notice or is
deemed to have received notice as provided in Section 9.01(c)(viii) hereof.

 

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ARTICLE IX

 

THE TRUSTEE AND PAYING AGENT

 

Section 9.01.        Appointment
of Trustee and Acceptance of Duties.

 

(a)            UMB
Bank, N.A., is hereby appointed as Trustee. The Trustee shall signify its acceptance of the duties and obligations of the Trustee,
subject to the terms and conditions set forth in subsection (b) below, by executing this Indenture. The Trustee is hereby
authorized to accept and enter into each of the Security Agreements and other Financing Documents to which it is a party.

 

(b)            The
acceptance by the Trustee of the trusts imposed upon it by this Indenture and its agreement to perform said trusts is subject to
the following express terms and conditions, and no implied covenants or obligations shall be read into this Indenture or any of
the other Financing Documents against the Trustee:

 

(i)            Prior
to the occurrence of an Event of Default and after the curing of all Events of Default which may have occurred, the Trustee undertakes
to perform such duties and only such duties as are specifically set forth in this Indenture. In case an Event of Default has occurred
and has not been cured, the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same
degree of care and skill in their exercise, as a prudent man would use, under the circumstances, in the conduct of his own affairs.

 

(ii)            No
provision of this Indenture shall be construed to relieve the Trustee from liability for its own grossly negligent action, its
own grossly negligent failure to act or its own willful misconduct, except that

 

(A)            this
subsection shall not be construed to limit the effect of subsection (b)(i) above;

 

(B)            the
Trustee shall not be liable for any error of judgment made in good faith, unless it shall be proved that the Trustee was grossly
negligent in ascertaining the pertinent facts;

 

(C)            the
Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the
direction of the Majority Holders, and

 

(D)            no
provision of this Indenture shall require the Trustee to extend or risk its own funds or otherwise incur any financial liability
in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers.

 

(c)            Whether
or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or
affording protection to the Trustee shall be subject to the provisions of subsections (a) and (b) above.

 

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(i)            The
Trustee may execute any of the trusts or powers conferred upon it in this Indenture and perform any of its duties hereunder by
or through attorneys, agents or employees and the Trustee shall not be responsible for any misconduct or negligence on the part
of any agent or attorney appointed with due care by it hereunder, and the Trustee shall be entitled to act upon the opinion or
advice of its counsel concerning all matters with respect to the trust and its duties hereunder and may in all cases pay such
reasonable compensation to all such attorneys and agents as may reasonably be employed in connection with the trust hereunder.
The Trustee may act upon an opinion of Independent Counsel selected with reasonable care and shall not be responsible for any
loss or damages resulting from any action taken or omitted to be taken in good faith in reliance upon such opinion of Independent
Counsel.

 

(ii)            The
Trustee shall not be responsible or liable for or in respect of any representations, warranties or recitals herein or in the Bonds
(except in respect of the Certificate of Authentication of the Trustee endorsed on the Bonds) or in any of the other Financing
Documents (including, without limitation, any representations and warranties required to be made by the Trustee, as assignee, pursuant
to or in connection with or as a condition to entering into any Consent and Agreement, any reliance upon which the Authority, the
Company and holders of the Bonds expressly disclaim) or for the validity of the execution by the Issuer of the Indenture or for
the validity of the execution by any other party of any of the other Financing Documents or for the sufficiency of security for
the Bonds or for the recording or re-recording or the filing or re-filing of any of the Financing Documents or for insuring any
Property securing the Bonds, or for collecting any insurance moneys, or for the validity of the execution by the Issuer of this
Indenture or of any supplement hereto or any instrument of further assurance, or for the sufficiency or validity of the security
for the Bonds, or for any value of or title to any Property securing the Bonds (except that in the event the Trustee or its designated
agent enters into possession of all or any part of the Facility after an Event of Default as provided herein, it shall use reasonable
care in maintaining all or any part of the Facility so entered) or for the performance or observance of any covenants, conditions
or agreements on the part of the Issuer or on the part of the Company or any other party under any of the Financing Documents.

 

(iii)          The
Trustee may become a Holder of the Bonds with the same rights which it would have if it were not Trustee.

 

(iv)          The
Trustee may deal with any Person with the same rights which it would have and in the same manner as if it were not the Trustee.

 

(v)           The
Trustee may conclusively rely and shall be protected in relying upon any notice, request, requisition, consent, certificate, order,
affidavit, letter, telegram or other paper or document reasonably believed by it to be genuine and to have been signed or sent
by the proper Person or Persons (and the Trustee need not confirm or investigate the accuracy of mathematical calculations or other
facts stated therein). Any action taken by the Trustee pursuant to the Indenture upon the request or authority or consent of any
Person who at the time of making such request or giving such authority or consent is the Holder of any Bonds shall be conclusive
and binding upon all future Owners of the same Bonds and of any Bonds issued in exchange therefor or in place thereof.

 

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(vi)          The
Trustee may rely upon:

 

(A)            a
certificate, signed by an Authorized Representative of the Issuer or the Company,

 

(I)              as
to the existence or non-existence of any fact or facts stated therein,

 

(II)             as
to the sufficiency or validity of any instrument, paper or proceeding, other than a resolution of the Issuer, or

 

(III)            prior
to the occurrence of an Event of Default of which the Trustee has been notified as provided in Section 9.01(c)(viii) hereof
or of which by said Section the Trustee is deemed to have notice, as to the necessity or appropriateness of any particular
dealing, transaction, or action; and

 

(B)            a
certificate, signed by the Secretary-Treasurer of the Issuer, as to the due adoption and validity of a resolution or ordinance
of the Issuer.

 

(vii)         The
permissive right of the Trustee to do things enumerated in this Indenture shall not be construed as a duty and the Trustee shall
not be answerable for other than its willful misconduct or gross negligence.

 

(viii)        The
Trustee shall not be required to take notice or be deemed to have notice of any Determination of Taxability or Event of Default,
except for a default in payment of principal, Redemption Price or interest on the Bonds, unless the Trustee shall be specifically
notified in writing of such Determination of Taxability or Event of Default by the Issuer, the Company or the Holders of at least
twenty-five percent (25%) in aggregate principal amount of the Bonds, and all notices or other instruments required by this Indenture
to be delivered to the Trustee must, in order to be effective, be delivered at the Office of the Trustee, and, in the absence of
such notice so delivered, the Trustee may conclusively assume there is no Determination of Taxability or Event of Default, except
as aforesaid.

 

(ix)           All
moneys received by the Trustee shall, until used or applied as herein provided, be held in trust in the manner and for the purpose
for which they were received, but need not be segregated from other moneys held by the Trustee, except to the extent required by
this Indenture or by law. The Trustee shall not be liable for any interest on any moneys received hereunder.

 

(x)            At
any reasonable time, the Trustee and its duly authorized agents, experts and representatives may (but shall not be obligated to)
inspect any of the security for the Bonds and any books, papers and records of the Issuer or the Company pertaining to the Facility
and the Bonds.

 

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(xi)           The
Trustee shall not be required to give any bond or surety in respect of the execution of the trusts and powers intended to be conferred
upon it in this Indenture or otherwise in respect of the premises.

 

(xii)          The
Trustee may (but shall not be obligated to) demand, as a condition of the withdrawal of any moneys or the taking of any other action
contemplated by this Indenture, any certificates, opinions, appraisals, other information or corporate action or evidence thereof
(in addition to any other prerequisites required in any other section hereof), which the Trustee may reasonably deem desirable
for the purpose of establishing the right of the Issuer to the withdrawal of the moneys or the taking of the other action.

 

(xiii)        Before
taking any action under this Indenture or the other Financing Documents, the Trustee may require that security or indemnity satisfactory
to it be furnished to it for the reimbursement of all expenses to which it may be put and to protect it against all liability,
except liability which may be adjudicated to have resulted from its own willful misconduct or gross negligence by reason of any
action so taken; provided, however, that the failure to provide the Trustee with the security and indemnity referred to in this
paragraph (xiii) shall not nullify or otherwise affect the occurrence of an Event of Default hereunder.

 

(xiv)        The
Trustee shall not be personally liable for any debts contracted, or for damages arising from injury to persons or damage to Property,
or for salaries, or for nonfulfillment of contracts during any period when it may be in the possession of or managing any Property
after an Event of Default as in this Indenture provided.

 

(xv)         The
Trustee shall be protected and shall incur no liability in acting or proceeding, or in not acting or not proceeding, in good faith,
reasonably and in accordance with the terms of this Indenture upon any resolution, order, notice, request, consent, waiver, certificate,
statement, affidavit, requisition, bond or other paper or document which it shall in good faith reasonably believe to be genuine
and to have been adopted or signed by the proper board or person, or to have been prepared or furnished pursuant to any of the
provisions of this Indenture or, at the sole cost or expense of the Company, and when required by the terms of this Indenture or
the other Financing Documents or otherwise determined necessary in the reasonable discretion of the Trustee upon the written opinion
of any attorney (who may be an attorney for the Issuer), engineer, appraiser or accountant believed by the Trustee to be qualified
in relation to the subject matter, and the Trustee shall not be responsible for any loss or damage resulting from any action taken
or omitted to be taken in good faith in reliance upon such opinion.

 

(xvi)        The
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, debenture or other paper or documents, but the Trustee, in its discretion, may make such further inquiry or
investigation, and it shall be entitled to examine the books, records and premises of the Issuer, personally or by agent or attorney.

 

(xvii)       Before
taking any action under this Indenture or any of the other Financing Documents which the Trustee has determined may create any
claim against the Trustee that the Trustee is liable for any penalties, fines, liabilities, damages, costs or expenses of whatever
kind or nature, known or unknown, contingent or otherwise arising out of the presence on or in the Facility or the Land of any
Hazardous Material, oil, petroleum products and their byproducts or any substance that is or becomes regulated by any Federal,
state or local governmental authority, the Trustee may require that such inspection, test and curative actions as it deems necessary
be taken and further, that reasonable security or indemnity be furnished to it for the reimbursement of all sums to which it may
be put and to protect it against liability for any of the foregoing.

 

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(xviii)      The
rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified,
are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other
Person employed to act hereunder, and shall also extend and apply to the actions and omissions of the Trustee under each of the
other Financing Documents.

 

(xix)         In
no event shall the Trustee be responsible or liable for special, indirect, punitive or consequential loss or damage of any kind
whatsoever (including, but not limited to, loss of profit), irrespective of whether the Trustee has been advised of the likelihood
of such loss or damage and regardless of the form of action.

 

(xx)          The
Trustee shall have no responsibility for any investment losses resulting from the investment, reinvestment or liquidation of any
funds held by it under this Indenture or otherwise held by it as trustee hereunder. It is agreed and understood that the entity
serving as Trustee may earn fees associated with any investments of such funds in accordance with the terms of such investments.
In no event shall the Trustee be deemed an investment manager or adviser in respect of any selection of investments hereunder.
It is understood and agreed that the Trustee or its affiliates are permitted to receive additional compensation that could be
deemed to be in the Trustee’s economic self-interest for (A) serving as investment adviser, administrator, shareholder
serving agent, custodian or sub-custodian with respect to certain of the investments, (B) using affiliates to effect transactions
in certain investments and (C) effecting transactions in investments.

 

(xxi)         Nothing
herein shall require the Trustee to file financing statements, termination statements or continuation statements, or be responsible
for maintaining the security interest purported to be created as described herein (except for the safe custody of any Collateral
in its possession and the accounting for moneys actually received by it hereunder or under any other Financing Document) and such
responsibility shall be solely that of the Company.

 

(xxii)       The Trustee
shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction
of the Majority Holders relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee,
or exercising any trust or power conferred upon the Trustee, under this Indenture, any of the Financing Documents or any other
documents relating to the Bonds.

 

(xxiii)      The Trustee
shall have the right to accept and act upon instructions or directions pursuant to this Indenture and the other Financing Documents
sent in the form of a manually signed document by unsecured e-mail, facsimile transmission or other similar unsecured electronic
methods, provided, however, that the Company shall provide to the Trustee an incumbency certificate listing designated persons
with the authority to provide such instructions and containing specimen signatures of such designated persons, which incumbency
certificate shall be amended whenever a person is to be added or deleted from the listing. If the Company elects to give the Trustee
e-mail or facsimile instructions (or instructions by a similar electronic method) and the Trustee in its discretion elects to act
upon such instructions, the Trustee’s understanding of such instructions shall be deemed controlling. The Trustee shall not
be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance
with such instructions notwithstanding that such instructions conflict or are inconsistent with a subsequent written instruction.
The Company agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions
to the Trustee, including, without limitation, the risk of the Trustee acting on unauthorized instructions, and the risk of interception
and misuse by third parties.

 

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(xxiv)  The Trustee
shall have no responsibility for any information in any offering memorandum or other disclosure material distributed with respect
to the Bonds, and the Trustee shall have no responsibility for compliance with any state or federal securities laws in connection
with the offering and sale of the Bonds.

 

Section 9.02.         Fees,
Charges and Expenses of the Trustee, Bond Registrar and Paying Agents.

 

(a)            The
Issuer shall pay or reimburse or cause the Company to pay or reimburse the Trustee, the Bond Registrar or any Paying Agent or cause
the Trustee, the Bond Registrar and any Paying Agent to be paid or reimbursed, for reasonable fees for their Ordinary Services
rendered hereunder and all Ordinary Expenses (including attorneys’ and agents’ fees) reasonably and necessarily paid
or incurred in connection with such Ordinary Services and, in the event that it should become necessary that the Trustee, the Bond
Registrar or any Paying Agent perform Extraordinary Services, reasonable extra compensation therefor, and for reasonable and necessary
Extraordinary Expenses (including attorneys’ and agents’ fees) in connection therewith; provided, that if such Extraordinary
Services or Extraordinary Expenses are occasioned by the gross negligence or willful misconduct of the Trustee, the Bond Registrar
or any Paying Agent, as the case may be, it shall not be entitled to compensation or reimbursement therefor. The Issuer shall pay
or reimburse or cause the Company to pay or reimburse the Trustee, or cause the Trustee to be paid or reimbursed, for the reasonable
fees and expenses of the Trustee as Paying Agent and Bond Registrar as hereinabove provided.

 

(b)            The
Company shall indemnify each of the Trustee or any predecessor Trustee and their officers, directors, employees, attorneys, consultants,
contractors, advisors and agents for, and to hold them harmless against, any and all loss, damage, claims, liability or expense,
including taxes (other than taxes based upon, measured by or determined by the income of the Trustee), arising out of or in connection
with the acceptance or administration of the trust or trusts hereunder and the actions and omissions of the Trustee hereunder and
under the other Financing Documents, including the costs and expenses of defending itself against any claim (whether asserted by
the Issuer, the Company, any Holder or any other Person) or liability in connection with the exercise or performance of any of
its powers or duties hereunder, or in connection with enforcing the provisions of this Section, except to the extent that such
loss, damage, claim, liability or expense is due to its own gross negligence or willful misconduct.

 

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(c)            When
the Trustee incurs expenses or renders services in connection with a bankruptcy or insolvency proceeding, the expenses (including
the reasonable charges and expenses of its counsel) and the compensation for the services are intended to constitute expenses of
administration under any applicable Federal or state bankruptcy, insolvency or other similar law.

 

(d)            The
obligation of the Issuer or the Company under this Section to pay and reimburse and indemnify the Trustee, the Bond Registrar
and any Paying Agent shall constitute additional indebtedness secured hereunder, and the Trustee, the Bond Registrar and any Paying
Agent shall have a first Lien, with right of payment prior to payment on account of interest on, or principal of, any Bonds, upon
the Trust Estate for the foregoing fees, expenses and indemnification. The provisions of this Section shall survive the termination
of this Indenture and the resignation or removal of the Trustee.

 

Section 9.03.          Intervention
by Trustee. In any judicial proceeding to which the Issuer is a party and which, in the opinion of the Trustee, has a substantial
bearing on the interests of the Holders, the Trustee may, and, if so requested in writing by the Majority Holders, shall, intervene
on behalf of the Holders.

 

Section 9.04.         Right
of Trustee to Pay Taxes, Insurance Premiums and Other Charges.

 

(a)            If
any tax, assessment or governmental or other charge upon any part of the Trust Estate is not paid or any insurance is not maintained
as required herein, or if an Event of Default occurs and the Trustee incurs costs and expenses in accordance with Section 10.4
of the Loan Agreement, the Trustee may pay such tax, assessment, governmental or other charge or insurance premium, without prejudice,
however, to any rights of the Trustee or the Holders hereunder arising in consequence of such failure. Any amount so paid under
this Section shall become so much additional indebtedness secured by this Indenture, and the same shall be given a preference
in payment over the Bonds and interest thereon and shall be paid out of the proceeds of revenues collected from the Trust Estate,
if not otherwise caused to be paid.

 

(b)            The
Trustee shall be under no obligation to make any payment described in subsection (a) above, unless it shall have been requested
in writing to do so by the Majority Holders and shall have been provided with adequate funds to make such payment.

 

Section 9.05.        Merger
or Consolidation of Trustee. Any corporation or national banking association into which the Trustee may be converted or merged,
or with which it may be consolidated, or to which it may sell or transfer all or substantially all of its trust business and assets,
or any corporation or association resulting from any such conversion, sale, merger, consolidation or transfer to which it is a
party, ipso facto, shall be and become successor Trustee hereunder and vested with all the trusts, powers, discretions,
immunities, privileges and all other matters as was its predecessor, without the execution or filing of any instrument or any further
act, deed or conveyance on the part of any of the parties hereto.

 

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Section 9.06.         Resignation
by the Trustee. The Trustee and any successor Trustee may at any time resign from the trusts hereby created and be discharged
of its duties and obligations under this Indenture by giving not less than sixty (60) days written notice to the Issuer and the
Company, and by first class mail, to each Holder of an Outstanding Bond. Such resignation shall take effect upon the date specified
in such notice; provided, however, that in no event shall such a resignation take effect until a successor Trustee has been appointed
pursuant to Section 9.08 hereof; provided, further, however, that if a successor Trustee is not appointed within such sixty
(60) day period, the Trustee may petition any court of competent jurisdiction to have a successor Trustee appointed.

 

Section 9.07.         Removal
of the Trustee. The Trustee may be removed at any time without cause upon not less than 60 days’ prior written notice
by an instrument which (a) is signed by the Majority Holders, (b) specifies the date on which such removal shall take
effect and the name and address of the successor Trustee and (c) is delivered to the Trustee, the Issuer and the Company.
The Trustee may also be removed at any time for any breach of trust or for acting or proceeding in violation of, or for failing
to act or proceed in accordance with, any provisions of this Indenture or the Loan Agreement, by any court of competent jurisdiction
upon the application by the Issuer, the Company and the Holders of at least fifty percent (50%) in aggregate principal amount of
the Outstanding Bonds. Notwithstanding anything herein to the contrary, no removal shall be effective, unless and until a successor
Trustee is appointed as provided in Section 9.08 hereof and such removal shall not affect any past due and owing fees, expenses
and indemnification pursuant to Section 9.02 hereof.

 

Section 9.08.         Appointment
of Successor Trustee by the Holders; Temporary Trustee.

 

(a)            In
case the Trustee hereunder shall resign, or be removed, or be dissolved, or shall be in the course of dissolution or liquidation,
or otherwise become incapable of acting hereunder, or in case it shall be taken under the control of any public officer or officers,
or of a receiver appointed by a court, a successor Trustee may be appointed by the Majority Holders by an instrument signed by
such Holders and delivered to such successor Trustee, the predecessor Trustee, the Issuer and the Company. Notice of such appointment
shall be given to DTC and EMMA within ten (10) Business Days after delivery to the Issuer of the instruments appointing such
successor Trustee.

 

(b)            In
case of the occurrence of any event affecting the Trustee hereunder described in subsection (a) above, the Issuer, by an instrument
signed by the Chairperson and attested by the Secretary-Treasurer, shall appoint a temporary Trustee to fill such vacancy until
a successor Trustee shall be appointed by the Holders in the manner provided in subsection (a) above. Such instrument appointing
such temporary Trustee by the Issuer shall be delivered to the temporary Trustee so appointed, to the predecessor Trustee and to
the Company. Any such temporary Trustee appointed by the Issuer shall immediately and without further act be superseded by any
successor Trustee appointed by the Holders. Notice of any such appointment shall be given to DTC and EMMA within ten (10) Business
Days after delivery to the temporary successor Trustee of the instrument appointing such successor Trustee.

 

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(c)            Any
Trustee appointed pursuant to the provisions of this Section shall be a national banking association, trust company or bank
which is authorized to exercise the corporate trust powers intended to be conferred upon it by this Indenture, having combined
capital and surplus of at least $50,000,000 or any other corporate or individual trustee duly authorized and empowered to act as
Trustee hereunder and reasonably acceptable to the Issuer and approved by the Majority Holders.

 

(d)            In
case of the occurrence of an event affecting the Trustee hereunder described in subsection (a) above, and neither a successor
Trustee has been appointed by the Holders pursuant to such subsection (a), nor a temporary Trustee has been appointed by the Issuer
pursuant to subsection (b) above within thirty (30) days thereafter, the Trustee shall have the right to petition a court
of competent jurisdiction for the appointment of a successor Trustee.

 

Section 9.09.         Concerning
Successor Trustees.

 

(a)            Every
successor Trustee appointed hereunder shall execute, acknowledge and deliver to its predecessor Trustee and the Issuer an instrument
accepting such appointment hereunder. Thereupon, such successor, without any further act, deed, or conveyance, shall become fully
vested with all the properties, rights, powers, trusts, duties and obligations of its predecessor Trustee.

 

(b)            Upon
payment of all fees and expenses, every predecessor Trustee shall, on the written request of the Issuer or the successor Trustee,
execute and deliver an instrument transferring to such successor Trustee all the Properties, rights, powers and trusts of such
predecessor hereunder. Every predecessor Trustee shall deliver to its successor Trustee all securities and moneys held by it as
Trustee hereunder and a complete transcript of the proceedings by which the Bonds were issued. If any instrument from the Issuer
shall be requested by any successor Trustee to more fully and certainly vest in such successor Trustee the Properties, rights,
powers and duties hereby vested or intended to be vested hereunder, any and all such instruments shall be executed, acknowledged
and delivered by the Issuer.

 

(c)            The
resignation of any Trustee and the instrument or instruments removing any Trustee and appointing a successor hereunder, together
with all other instruments provided for in this Article, shall be filed and/or recorded by the successor Trustee in each recording
office where the Mortgage shall have been filed and/or recorded.

 

Section 9.10.         Successor
Trustee as Custodian of Funds, Paying Agent and Bond Registrar. In the event of a change of Trustee, the predecessor Trustee
shall cease to be (a) custodian of the Funds created pursuant to Section 4.01 hereof and of all other moneys, Properties,
rights and assets of the Issuer, (b) Paying Agent for the principal of and interest on the Bonds and (c) Bond Registrar,
and the successor Trustee shall become such custodian, Paying Agent and Bond Registrar. Every predecessor Trustee shall deliver
to its successor Trustee all books of account and all other records, documents and instruments relating to its duties as such custodian,
Paying Agent and Bond Registrar.

 

Section 9.11.         Trustee
Acts as Paying Agent and Bond Registrar. The Trustee is hereby designated and, by executing this Indenture, agrees to act as
Paying Agent and Bond Registrar for and in respect to the Bonds.

 

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Section 9.12.        Co-Trustees.

 

(a)            At
any time or times, for any purpose (including the purpose of meeting any legal requirements of any jurisdiction in which any part
of the Trust Estate may at the time be located), the Issuer and the Trustee shall have the power to appoint, and, upon the request
of the Trustee or of the Majority Holders, the Issuer shall for such purpose join with the Trustee in the execution, delivery and
performance of all instruments and agreements necessary or proper to appoint one or more persons approved by the Trustee either
to act as co-trustee or co-trustees, jointly with the Trustee, of all or any part of the Trust Estate, or to act as separate trustee
or separate trustees of all or any part of the Trust Estate, and to vest in such person or persons, in such capacity, such right
to the Trust Estate or any part thereof, and such rights, powers, duties, trusts or obligations as the Issuer and the Trustee may
consider necessary or desirable subject to the remaining provisions of this Section 9.12.

 

(b)            If
the Issuer shall not have joined in the appointment of any co-trustee or separate trustee as described in Section 9.12(a) within
15 days after the receipt by it of a request so to do, or in case an Event of Default shall have occurred and be continuing, the
Trustee alone shall have power to make such appointment.

 

(c)            The
Issuer shall execute, acknowledge and deliver all such instruments as may be required by any co-trustee or separate trustee appointed
in accordance with Section 9.12(a) to more fully confirm such title, rights, powers, trusts, duties and obligations to
the applicable co-trustee or separate trustee.

 

(d)            Every
co-trustee or separate trustee appointed pursuant to Section 9.12(a) shall, to the extent permitted by law but to such
extent only, be appointed subject to the following terms, namely:

 

(i)             The
Bonds shall be authenticated and delivered, and all rights, powers, trusts, duties and obligations by this Indenture conferred
upon the Trustee in respect of the custody, control or management of moneys, papers, securities and other personal property shall
be exercised solely by the Trustee;

 

(ii)            All
rights, powers, trusts, duties and obligations conferred or imposed upon the Trustee shall be conferred or imposed upon and exercised
or performed by the Trustee, or by the Trustee and such co-trustee or co-trustees or separate trustee or separate trustees, except
to the extent that, under the law of any jurisdiction in which any particular act or acts are to be performed, the Trustee shall
be incompetent or unqualified to perform such act or acts, in which event such act or acts shall be performed by such co-trustee
or co-trustees or separate trustee or separate trustees.

 

(iii)           Any
request in writing by the Trustee to any co-trustee or separate trustee to take or to refrain from taking any action hereunder
shall be sufficient warrant for the taking, or the refraining from taking of such action by such co-trustee or separate trustee.

 

(iv)           Any
co-trustee or separate trustee may delegate to the Trustee the exercise of any right, power, trust, duty or obligation, discretionary
or otherwise.

 

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(v)            The
Trustee at any time, by an instrument in writing, with the concurrence of the Issuer, may accept the resignation of or remove any
co-trustee or separate trustee appointed under this Section 9.12, and, in case of a continuing Event of Default, the Trustee
shall have power to accept the resignation of, or remove, any such co-trustee or separate trustee without the concurrence of the
Issuer. Upon the request of the Trustee, the Issuer shall join with the Trustee in the execution, delivery and performance of all
instruments and agreements necessary or proper to effectuate such resignation or removal. A successor to any co-trustee or separate
trustee so resigned or removed may be appointed in the manner provided in this Section.

 

(vi)           No
trustee hereunder shall be personally liable by reason of any act or omission of any other trustee hereunder.

 

(vii)          Any
demand, request, direction, appointment, removal, notice, consent, waiver or other action in writing delivered to the Trustee shall
be deemed to have been delivered to each co-trustee or separate trustee.

 

(viii)        Any
moneys, papers, securities or other items of personal property received by any such co-trustee or separate trustee hereunder shall
forthwith, so far as may be permitted by law, be turned over to the Trustee.

 

(e)            Upon
the acceptance in writing of such appointment by any such co-trustee or separate trustee, such trustee shall be vested with such
interest in and to the Trust Estate or any part thereof, and with such rights, powers, duties or obligations, as shall be specified
in the instrument of appointment jointly with the Trustee (except insofar as local law makes it necessary for any such acceptance),
shall be filed with the Trustee. Any co-trustee or separate trustee may, at any time by an instrument in writing, constitute the
Trustee its or his attorney-in-fact and agent, with full power and authority to do all acts and things and to exercise all discretion
on its or his behalf and in its or his name.

 

(f)             In
case any co-trustee or separate trustee shall become incapable of acting, resign or be removed, the title to the Trust Estate and
all rights, powers, trusts, duties and obligations of said co-trustee or separate trustee shall, so far as permitted by law, vest
in and be exercised by the Trustee unless and until a successor co-trustee or separate trustee shall be appointed in the manner
provided in this Section 9.12.

 

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ARTICLE X

 

SUPPLEMENTAL INDENTURES

 

Section 10.01.         Supplemental
Indentures Not Requiring Consent of Holders.

 

(a)            With
fifteen (15) days’ notice to the Holders and so long as no Event of Default has occurred and is continuing, the Issuer and
the Trustee may enter into one or more Supplemental Indentures, not inconsistent with the terms and provisions hereof, for any
one or more of the following purposes:

 

(i)              to
cure any ambiguity or formal defect or omission in this Indenture;

 

(ii)             to
grant to or confer upon the Trustee for the benefit of the Holders any additional rights, remedies, powers or authority that may
lawfully be granted to or conferred upon the Holders or the Trustee;

 

(iii)            to
add to the covenants and agreements of the Issuer in this Indenture, other covenants and agreements to be observed by the Issuer;

 

(iv)           to
more precisely identify the Trust Estate;

 

(v)            to
subject to the Lien of the Indenture additional revenue, receipts, Property or collateral;

 

(vi)           to
evidence the appointment of a successor Trustee;

 

(vii)          to
modify, amend or supplement this Indenture to permit a transfer of Bonds from one Depository to another or the discontinuance of
the Book-Entry System and issuance of replacement Bonds to the Holders;

 

(viii)         to
make any change herein necessary, in the opinion of Bond Counsel, to maintain the exclusion of the interest on any Outstanding
Tax-Exempt Bonds from gross income of the Holders thereof for Federal income tax purposes; or

 

(ix)            to
modify, amend or supplement this Indenture to permit the Paying Agent or the Registrar to assume any administrative duties of the
Trustee hereunder, or for the Trustee to assume any administrative duties of the Paying Agent or the Registrar hereunder.

 

(b)            The
Trustee may rely upon an Officer’s Certificate and an opinion of Independent Counsel as conclusive evidence that any such
Supplemental Indenture complies with the foregoing conditions and provisions and an opinion of Independent Counsel that such Supplemental
Indenture is authorized and permitted by the Indenture, and will be valid and binding against the Issuer, enforceable in accordance
with its terms.

 

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Section 10.02.        Supplemental
Indentures Requiring Consent of Holders.

 

(a)            Except
as provided in Section 10.01 hereof, the Holders of not less than a majority in aggregate principal amount of the Outstanding
Senior Bonds shall have the right, from time to time, to consent to and approve the execution by the Issuer and the Trustee of
such Supplemental Indentures as shall be deemed necessary and desirable by the Issuer for the purpose of modifying, altering, amending,
adding to or rescinding any of the terms or provisions contained in this Indenture, any Supplemental Indenture or the Bonds; provided,
however, that nothing contained in this Section shall permit:

 

(i)             a
change in the terms of redemption or maturity of the principal or the time of payment of interest on any Outstanding Bonds or a
reduction in the principal amount of or premium, if any, on any Outstanding Bonds or the rate of interest thereon, without the
consent of the Holder of such Bonds; or

 

(ii)            the
creation of a Lien upon the Trust Estate ranking prior to or on a parity with the Lien created by this Indenture, without the consent
of the Holders of 75% of all Outstanding Bonds, or

 

(iii)           the
creation of a preference or priority of any Bond over any other Bond, without the consent of all Holders who are adversely affected
thereby unless to affirm and clarify subordination of Subordinate Bonds to Senior Bonds, without the consent of the Holders of
75% of all Outstanding Senior Bonds, or if no Senior Bonds remain outstanding, 75% of all Outstanding Subordinate Bonds; or

 

(iv)           a
reduction in the aggregate principal amount of the Bonds required for consent to such Supplemental Indenture, without the consent
of 75% the Holders of the Outstanding Senior Bonds, or if no Senior Bonds remain outstanding, 75% of all Outstanding Subordinate
Bonds.

 

(b)             If
at any time the Issuer shall request the Trustee to enter into a Supplemental Indenture for any of the purposes of subsection (a) above,
the Trustee, upon being satisfactorily indemnified with respect to expenses, shall cause notice of the proposed execution of such
Supplemental Indenture to be sent to each Holder at the address of such Holder appearing on the registration books maintained by
the Bond Registrar pursuant to this Indenture; provided, however, that the failure to give such notice or any defect therein shall
not affect the validity of any proceeding taken pursuant hereto. Such notice shall briefly summarize the contents of the proposed
Supplemental Indenture and shall state that copies thereof are on file at the Office of the Trustee for inspection by the Holders.

 

(c)             If,
within such period after the first mailing of the notice required by subsection (b) above as the Issuer shall prescribe, with
the approval of the Trustee, the Issuer shall deliver to the Trustee an instrument or instruments executed by the Holders of not
less than a majority in aggregate principal amount of the Outstanding Bonds referring to the proposed Supplemental Indenture as
described in such notice and consenting to and approving the execution thereof, the Trustee shall, upon receipt of all other items
required under this Indenture in connection with such Supplemental Indenture, execute such Supplemental Indenture.

 

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(d)             If
the Holders of not less than the required percentage in aggregate principal amount of the Outstanding Bonds at the time of the
execution of any such Supplemental Indenture shall have consented to and approved the execution thereof as herein provided, no
Holder of any Bond shall have any right to object to any of the terms and provisions contained therein or in any manner to question
the propriety of the execution thereof or enjoin or restrain the Trustee or the Issuer from executing the same or from taking any
action pursuant to the provisions thereof.

 

(e)             The
Trustee may rely on an Officer’s Certificate and an opinion of Independent Counsel as conclusive evidence that any such amendment,
change or modification and the evidence of requisite Holder consent comply with the requirements of this Section, and shall receive
an opinion of Independent Counsel that such Supplemental Indenture is authorized and permitted by the Indenture, is valid and binding
on the Issuer and is enforceable against the Issuer in accordance with its terms.

 

(f)             The
Trustee shall not be required to execute a Supplemental Indenture or amendment if such Supplemental Indenture or amendment adversely
affects its duties, rights or immunities.

 

Section 10.03.        Consent
of Company to Supplemental Indentures. Notwithstanding anything contained in this Indenture to the contrary, no Supplemental
Indenture shall become effective, unless and until the Company shall have consented in writing to the execution and delivery of
such Supplemental Indenture or the execution and delivery of such Supplemental Indenture is legally required or required in order
to maintain the exemption from gross income of the interest on the Tax-exempt Bonds based on the advice of Bond Counsel, so long
as there is then no Event of Default occurring and continuing hereunder.

 

Section 10.04.         Effect
of Supplemental Indentures. Any Supplemental Indenture executed in accordance with the provisions of this Article shall
thereafter form a part of this Indenture. All the terms and conditions contained in any such Supplemental Indenture shall be part
of the terms and conditions of this Indenture for any and all purposes.

 

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ARTICLE XI

 

AMENDMENT OF LOAN AGREEMENT,

MORTGAGE AND TAX COMPLIANCE AGREEMENT

 

Section 11.01.        Amendments
to Loan Agreement.

 

(a)            With
fifteen (15) days’ notice to the Holders and so long as no Event of Default has occurred and is continuing, the Issuer and
the Company may enter into, and the Trustee may consent to, any amendment, change or modification of the Loan Agreement as may
be required (i) by the provisions thereof or of this Indenture, (ii) for the purpose of curing any ambiguity or formal
defect or omission therein or (iii) in connection with correcting the legal description of the Facility.

 

(b)            Except
for amendments, changes or modifications as provided in subsection (a) above, neither the Issuer nor the Trustee shall consent
to any amendment, change or modification of the Loan Agreement without notice thereof being given to the Holders in the manner
provided in Section 10.02 hereof and the written approval or consent of the Majority Holders procured and given in the manner
set forth in Section 10.02 hereof; provided, however, that no such amendment shall be permitted, which changes the terms of
payment thereunder without the consent of 75% of the Holders of all of the Outstanding Senior Bonds.

 

(c)            The
Trustee may rely on an Officer’s Certificate and an opinion of Independent Counsel as conclusive evidence that any such amendment,
change or modification and the evidence of requisite Holder consent comply with the requirements of this Section, and shall receive
an opinion of Independent Counsel that such amendment is authorized and permitted by the Indenture, is valid and binding on the
Issuer and is enforceable against the Issuer in accordance with its terms.

 

Section 11.02.        Amendments
to Security Documents.

 

(a)            With
fifteen (15) days’ notice to the Holders and so long as no Event of Default has occurred and is continuing, the Issuer and
the Trustee, with the consent of the Company, may enter into any amendment, change or modification of any Security Document (i) to
cure any ambiguity, supply any omission, or cure or correct any defect or inconsistent provision in the Security Documents or (ii) to
correct the legal description of the real property subject thereto.

 

(b)            Except
for amendments, changes or modifications authorized by subsection (a) above, the Issuer and the Trustee shall not enter into
any other amendment, change or modification of the Security Documents, unless the consent of the Majority Holders is procured and
given in the manner set forth in Section 10.02 hereof.

 

(c)            The
Trustee may rely on an Officer’s Certificate and an opinion of Independent Counsel as conclusive evidence that any such amendment,
change or modification complies with the provisions of this Section and shall receive an opinion of Independent Counsel that
such amendment is authorized or permitted by the Indenture, is valid and binding on the Issuer and is enforceable against the Issuer
in accordance with its terms.

 

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Section 11.03.        Amendments
to Tax Compliance Agreement

 

(a)            Without
the consent of or notice to any of the Bondholders, the Issuer and the Company may enter into, and the Trustee may consent to,
any amendment, change or modification of the Tax Compliance Agreement as may be required (i) for the purpose of curing any
ambiguity or formal defect or omission, (ii) in connection with any other change therein which does not, based upon an opinion
of Bond Counsel, adversely affect the interests of the Trustee or the Owners of the Bonds, (iii) based on the advice of Bond
Counsel, to comply with such rulings, regulations, legislation or judicial decisions as may be applicable to the Bonds, or (iv) to
reflect additional facts and terms relevant to the provisions of the Bonds.

 

(b)            Except
for amendments, changes or modifications as provided in subsection (a) above, neither the Issuer nor the Trustee shall consent
to or enter into any amendment, change or modification of the Tax Compliance Agreement, unless the consent of the Holders of not
less than a majority in aggregate principal amount of Tax-Exempt Bonds at the time Outstanding is procured and given in the manner
set forth in Section 10.02 hereof.

 

(c)            The
Trustee may rely upon an Officer’s Certificate and an opinion of Independent Counsel as conclusive evidence that any such
amendment, change or modification complies with the provisions of this Section and shall receive an opinion of Independent
Counsel that such amendment is authorized or permitted by the Indenture, is valid and binding on the Issuer and is enforceable
against the Issuer in accordance with its terms.

 

Section 11.04         Consent
of Trustee. Amendments to the Loan Agreement, the Mortgage, the Tax Compliance Agreement or any other Financing Document which
modify or affect the duties, liabilities or obligations of the Trustee shall not become effective unless first consented to in
writing by the Trustee, which may withhold such consent in its discretion.

 

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ARTICLE XII

 

Section 12.01.        Subordination.

 

(a)            Notwithstanding
any other provision of this Indenture or the other Bond Documents or the Financing Documents, the Subordinate Bonds shall be subordinate
and subject in right of payment to the prior payment in full, as, when and to the extent due, of the Senior Bonds, in accordance
with this Article XII, and the Holders of any Subordinate Bonds, whether upon original issue or upon transfer or assignment
thereof, accept and agree to be bound by the provisions of this Article XII.

 

(b)            Upon
any payment or distribution of assets held hereunder,

 

(i)            On
each Interest Payment Date, interest due and payable on all Senior Bonds shall be paid in full before any payment of interest due
on such Interest Payment Date is made upon any Subordinate Bonds, and if funds on deposit in the Senior Interest Subaccount are
insufficient to pay such interest, funds from the following accounts shall be applied to satisfy such interest payment obligation
with respect to the Senior Bonds prior to the application of any such funds to the payment of interest on the Subordinate Bonds
due on such Interest Payment Date: (a) first, from the Subordinate Bonds Debt Service Reserve Fund until all the funds therein
are exhausted, (b) second, from the Subordinate Interest Subaccount until all the funds therein are exhausted and (c) third,
from the Subordinate Principal Subaccount;

 

(ii)            On
each Principal Payment Date, principal due and payable on all Senior Bonds shall be paid in full before any payment of principal
due on such Principal Payment Date is made on any Subordinate Bonds, and if funds on deposit in the Senior Principal Subaccount
are insufficient to pay such principal, funds from the following accounts shall be applied to satisfy such principal payment obligation
with respect to the Senior Bonds prior to the application of any such funds to the payment of principal on the Subordinate Bonds
due on such Principal Payment Date: (a) first, from the Subordinate Bonds Debt Service Reserve Fund until all the funds therein
are exhausted, (b) second, from the Subordinate Principal Subaccount until all the funds therein are exhausted and (c) third,
from the Subordinate Interest Subaccount;

 

(iii)           One
each Bond Payment Date associated with a redemption of Bonds, all Debt Service Payments with respect to Senior Bonds shall first
be paid or duly provided for before any Debt Service Payment due on such Bond Payment Date is made with respect to any Subordinate
Bonds, and if funds on deposit in the Senior Bonds Debt Service Reserve Fund are required but insufficient to make such Debt Service
Payments, funds from the following accounts shall be applied to make such Debt Service Payments with respect to the Senior Bonds
prior to the application of any such funds to make Debt Service Payments on the Subordinate Bonds due on such Bond Payment Date:
(a) first, from the Subordinate Bonds Debt Service Reserve Fund until all the funds therein are exhausted, (b) second,
from the Subordinate Interest Subaccount until all the funds therein are exhausted and (c) third, from the Subordinate Principal
Subaccount;

 

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(iv)           any
payment or distribution of assets held hereunder of any kind or character, whether in cash, property or securities, to which the
Holders of the Subordinate Bonds would be entitled except for the provisions of this Article XII, including any such payment
or distribution which may be payable or deliverable by reason of the payment of any other indebtedness of the Issuer being subordinated
to the payment of the Subordinate Bonds, shall be paid by the liquidating trustee or agent or other person making such payment
or distribution, whether a trustee in bankruptcy, a receiver or liquidating trustee or otherwise, directly to the Trustee for the
benefit of the Holders of Senior Bonds, to the extent necessary to pay or provide for the payment of all Senior Bonds in full before
any payment is made upon the indebtedness evidenced by the Subordinate Bonds; and

 

(v)            in
the event that, notwithstanding the foregoing, upon any such dissolution or winding up or liquidation of any payment or distribution
of assets of the Issuer or the Company of any kind or character, whether in cash, property or securities, including any such payment
or distribution which may be payable or deliverable by reason of the payment of any other indebtedness of the Issuer or the Company
being subordinated to the payment of the Subordinate Bonds, shall be received by the Holders of the Subordinate Bonds before all
Senior Bonds are paid or duly provided for in full, the proceeds of such payment of distribution which is received by the Issuer,
the Trustee or the Holders of the Subordinate Bonds shall be held in trust for the benefit of the Holders of the Senior Bonds and
such payment or distribution shall be paid over to the Trustee for the benefit of the Holders of such Senior Bonds for application
to the payment thereof until such Senior Bonds shall have been paid or provision for such payment shall have been made in full.

 

Upon any payment or
distribution of assets of the Issuer or the Company referred to in this Section 12.01, the Trustee and the Holders of the
Subordinate Bonds shall be entitled to rely upon a certificate of the liquidating trustee or agent or other person making any payment
or distribution to the Issuer, the Trustee or the Holders of the Subordinate Bonds for the purpose of ascertaining the persons
entitled to participate in such payment or distribution, the Holders of Senior Bonds and other indebtedness of the Issuer or the
Company, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent
thereto, or to this Article.

 

All payments or distributions
upon or with respect to the Subordinated Bonds, other than payments permitted above in this subsection (b), which are received
prior to the payment and satisfaction in full of the Senior Bonds in accordance with the Indenture or contrary to the provisions
of the Indenture, shall be received in trust for the benefit of the Holders of the Senior Bonds, shall be segregated from other
funds and property held by the Trustee for the benefit of the Holders of Subordinate Bonds, and shall be forthwith applied to payment
on the Senior Bonds, in the same form as so received (with any necessary endorsement therefore) to be applied (in the case of cash)
to or held as collateral (in the case of non-cash property or securities) for the payment or prepayment of the Senior Bonds in
accordance with the Bond Documents.

 

(c)            The
provisions of subsection (b) are solely for the purpose of defining the relative rights of the owners of Senior Bonds on the
one hand, and the Holders of Subordinate Bonds on the other hand, and nothing therein shall impair, as between the Issuer and the
Holders of the Subordinate Bonds, the obligation of the Issuer, which is unconditional and absolute, to pay to the Holders thereof
the principal thereof and premium, if any, and interest thereon in accordance with their terms, nor shall anything therein prevent
the Holders of the Subordinate Bonds from exercising all remedies otherwise permitted by applicable law or thereunder upon default
thereunder, subject to the rights under subsections (b) and (c) of the owners of Senior Bonds to receive cash, property
or securities from the funds pledged to Senior Bonds under this Indenture otherwise payable or deliverable to the Holders of the
Subordinate Bonds and the rights of the Holders of the Senior Bonds to control the exercise of remedies as provided in subsection
(d) below.

 

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(d)            Without
the prior written consent of the Holders of the Senior Bonds, the Trustee and Holders of the Subordinate Bonds will not permit
the terms of its Subordinate Bonds or any other document (including the Bond Documents) between the Holders of the Subordinate
Bonds, or the Trustee on behalf such Holders, and the Borrower to be changed or cause or allow the Subordinate Bonds to be increased
beyond the amount due and owing under the applicable Notes as the date hereof other than in accordance with the Bond Documents.

 

(e)            Exercise
of Remedies.

 

(i)             So
long as any Senior Bond is Outstanding, the exercise of remedies hereunder and under all Financing Documents will be controlled
exclusively by the holders of the Senior Bonds.

 

(ii)            Unless
and until all Senior Bonds have been paid in full as provided herein, the holders of Subordinate Bonds shall not, without the prior
written consent of the Majority Holders (a) accelerate the maturity of all or any part of the Subordinate Bonds, (b) collect
or attempt to collect all or any part of the Subordinate Bonds whether through commencement of proceeding against the Issuer or
the Company, or join with any creditor in any such proceeding or any Reorganization proceeding, (c) take possession of, or
attempt to realize on, any properties or assets of the Borrower; (d) accept any collateral as security for the Subordinate
Bonds (other than the Collateral pledged under the Bond Documents for the Subordinate Bonds) foreclose or take any other action
to realize upon any document securing the Subordinate Bonds, (e) contest, protest or object to any action taken by the Trustee
with respect to the Senior Bonds unless and until the Senior Bonds have been fully and indefeasibly paid and satisfied in full,
(f) exercise any other available contractual or legally available remedy at law or inequity, or (g) direct the Trustee
to take any such action or proceed in any way to enforce any claims it has or may have against the Borrower with respect to the
Subordinate Bonds.

 

(iii)           The
Holders of the Senior Bonds Outstanding (acting by the Majority Holders) may direct the exercise of each and all remedies hereunder
and under any Financing Document, without regard to the interests of the holders of the Subordinate Bonds or the effect of such
exercise on the Holders of the Subordinate Bonds. The Trustee shall be fully protected from any claim by the Holder of any Subordinate
Bond for acting at the direction of the holders of the Senior Bonds in exercising remedies in accordance with the provisions hereunder
or under any Financing Document.

 

Section 12.02         Amendments
to Senior Bonds not Requiring Consent of Holders of Subordinate Bonds. The Holders of the Senior Bonds may extend, renew, modify
or amend the terms of Senior Bonds or any Financing Document or any security therefor and release, sell or exchange such security
and otherwise deal freely with the Issuer, the Company or the Trustee, all without notice to or consent of the Holders of the Subordinate
Bonds and without affecting the liabilities and obligations of, the Issuer, the Company or the Holders of the Subordinate Bonds.

 

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Section 12.03.        Rights
of Holders of Subordinate Bonds. Subject to and only upon the payment in full of all Senior Bonds as provided herein, the Holders
of the Subordinate Bonds shall be subrogated to the rights of the Holders of Senior Bonds to receive payments or distributions
of assets of the Issuer until the Subordinate Bonds shall be paid in full, and no payments or distributions to the Holders of
Senior Bonds shall, as between the Issuer on the one hand, or the Holders of the Subordinate Bonds on the other, be deemed to
be a payment by the Issuer to or on account of the Subordinate Bonds on the other, provided, that in the event the Borrower issues
any Additional Bonds as Senior Bonds under Section 2.13 of this Indenture, the Holders of Subordinate Bonds shall automatically
and immediately become subordinate to the rights of the Holders of Senior Bonds upon the issuance of such Senior Bonds. It is
being understood that the provisions of this Article are and are intended solely for the purpose of defining the rights of
the Holders of the Subordinate Bonds and nothing in this Article shall or is intended to, as between the Issuer on the one
hand and the Holders of the Subordinate Bonds on the other, impair the obligation of the Issuer, which is unconditional and absolute,
to pay from the sources herein provided to the Holders of the Subordinate Bonds the principal of and premium, if any, and interest
on the Subordinate Bonds in accordance with their terms and the priorities set forth herein, nor shall anything in this Article XII
prevent the Trustee or the Holder of any Subordinated Bond from exercising all remedies otherwise permitted by applicable law
upon default hereunder, subject in all cases to the provisions of this Article XII.

 

[The balance of this page intentionally
left blank.]

 

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ARTICLE XIII

 

MISCELLANEOUS

 

Section 13.01.        Consent
of Holders.

 

(a)            Any
consent, request, direction, approval, objection or other instrument required or permitted by this Indenture to be signed and executed
by the Holders may be in any number of writings of similar tenor and may be signed or executed by such Holders in person or by
agent appointed in writing. Proof of the execution of any such consent, request, direction, approval, objection or other instrument
or of the writing appointing any such agent and of the ownership of the Bonds, if made in the following manner, shall be sufficient
for any of the purposes of this Indenture and may be conclusively relied on by the Trustee with regard to any action taken thereunder:

 

(i)             The
fact and date of the execution by any Holder or his attorney of such instrument may be proved by (A) the certificate (which
need not be acknowledged or verified) of an officer of a bank or trust company satisfactory to the Trustee or of any notary public
or other officer authorized to take acknowledgments of deeds to be recorded in the state in which he purports to act, that the
person signing such instrument acknowledged to him the execution thereof on such date, or (B) by an affidavit of a witness
of such execution, duly sworn to before such notary public or other officer. The authority of the person or persons executing any
such instrument on behalf of a corporate Holder may be established without further proof if such instrument is signed by a person
purporting to be the president or a vice-president of such corporation.

 

(ii)            The
ownership of any Bond shall be proven by the registration books maintained by the Bond Registrar pursuant to this Indenture.

 

(b)            Any
request, consent or vote of the Holder of any Bond shall bind all future Holders of such Bond with respect to anything done or
suffered to be done or omitted to be done by the Issuer or the Trustee in accordance therewith, unless and until such request,
consent or vote is revoked by the filing with the Trustee of a written instrument, signed and executed by the Holder of the Bond,
in form and substance and within such time as shall be satisfactory to the Trustee.

 

(c)            Notwithstanding
any provision hereof to the contrary, in the case of any provision of this Indenture providing for the consent or approval of the
Holder of any Bond, the Issuer and the Trustee acknowledge and agree that the approval or withholding of any requested consent,
waiver or approval may be withheld or granted in the Holder’s sole and absolute discretion.

 

Section 13.02.        Limitation
of Rights. With the exception of rights herein expressly conferred, nothing expressed or mentioned in or to be inferred from
this Indenture or the Bonds is intended or shall be construed to give to any Person, other than the parties hereto, the Holders
of the Bonds and their successors and assigns, any legal or equitable right, remedy or claim under or with respect to this Indenture
or any covenants, conditions and provisions herein contained. This Indenture and all of the covenants, conditions and provisions
hereof are intended to be for the sole and exclusive benefit of the parties hereto, the Holders of the Bonds and their successors
and assigns as herein provided.

 

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Section 13.03.         Severability.

 

(a)            If
any provision of this Indenture shall, for any reason, be held or shall, in fact, be inoperative or unenforceable in any particular
case, such circumstance shall not render the provision in question inoperative or unenforceable in any other case or circumstance
or render any other provision herein contained inoperative or unenforceable.

 

(b)            The
invalidity of any one or more phrases, sentences, clauses, paragraphs or sections in this Indenture shall not affect the remaining
portion of this Indenture or any part thereof.

 

Section 13.04.        Notices.

 

(a)            All
notices, directions, consents, approvals, certificates or other communications hereunder shall be in writing and unless otherwise
specifically directed or permitted by another Section of this Indenture, shall be (a) personally delivered, or (b) sent
by United States Postal Service prepaid registered or certified mail, return receipt requested, or (c) sent overnight via
Federal Express, UPS or other substantial national delivery service, addressed as follows:

 

	To the Issuer:	With Copy
    To:
	 	 
	Southern Ohio Port Authority	Frost Brown Todd LLC
	602 7th
    Street, Room 404	3300 Great American Tower
	Portsmouth, Ohio 45662	301 East Fourth Street
	Attn: Chairperson	 Cincinnati, Ohio 45202
	 	Attention: Patrick
M. Woodside, Esq.

 

To the Trustee:

 

UMB Bank, N.A.

120 South 6th Street, Suite 1400

Minneapolis, Minnesota 55402

Attn: Corporate Trust

 

	To the Company:	With Copy
    To:
	 	 
	PureCycle: Ohio LLC	Locke Lorde LLP
	5950 Hazeltine National Drive	7850 Five Mile Road
	Suite 650	Cincinnati, Ohio 45230
	Orlando, FL 32822	Attention: Margaret W. Comey, Esq.
	Attention:             Michael Otworth	
	Chief Executive Officer	 

 

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(b)            A
duplicate copy of each notice, certificate or other communication given hereunder by the Issuer or the Trustee to either of the
other shall also be given to the Company so long as no Event of Default involving the Company hereunder or under the Financing
Agreements has then occurred and is continuing. The Issuer, the Company and the Trustee by notice given hereunder, may designate
any further or different addresses to which subsequent notices, certificates or other communications shall be sent. All notices
shall be deemed given on the date of personal delivery or, if mailed, five (5) days after mailing, or, if given by overnight
delivery service, on the date of receipt, as indicated in the records of the overnight delivery service.

 

Section 13.05.        Counterparts.
This Indenture may be executed in two or more counterparts, each of which shall constitute an original and shall be fully binding
on the signing party(ies), and, when assembled to include an original signature for each party contemplated to sign this Agreement,
will constitute a complete and fully executed original. All such fully executed counterparts will collectively constitute a single
agreement.  Furthermore, the parties hereto each expressly agrees that if the signature of any party on this Agreement is
not an original, but is a digital, mechanical or electronic reproduction (such as, but not limited to, a photocopy, fax, e-mail,
PDF, Adobe image, JPEG, telegram, telex or telecopy or generated by electronic signature software such as DocuSign), then such
digital, mechanical or electronic reproduction shall be as enforceable, valid and binding as, and the legal equivalent to, an authentic
and traditional ink-on-paper original wet signature penned manually by its signatory.

 

Section 13.06.        Applicable
Law. This Indenture shall be governed exclusively by the applicable laws of the State.

 

Section 13.07.        No
Recourse; Special Obligations.

 

(a)            No
recourse shall be had for the payment of the principal of, or premium, if any, or interest on any of the Bonds or for any claim
based thereon or upon any obligation, covenant or agreement contained in this Indenture, the Bonds, the Loan Agreement or any other
Financing Document, against any past, present or future officer, elected official, agent or employee of the Issuer, or any incorporator,
officer, director or member of any successor corporation, as such, either directly or through the Issuer or any successor corporation,
under any rule of law or equity, statute or constitution or by the enforcement of any assessment or penalty or otherwise,
and all such liability of any such incorporator, officer, director or member as such is hereby expressly waived and released as
a condition of and in consideration for the execution of this Indenture and the issuance of any of the Bonds.

 

(b)            Notwithstanding
any provision of this Indenture to the contrary, the Issuer shall not be obligated to take any action pursuant to any provision
hereof unless (i) the Issuer shall have been requested to do so in writing by the Company or the Trustee and (ii) if
compliance with such request is reasonably expected to result in the incurrence by the Issuer (or any member, officer, agents,
servant or employee of the Issuer) in any liability, fees, expenses or other costs, the Issuer shall have received from the Company
security or indemnity satisfactory to the Issuer for protection against all such liability, however remote, and for the reimbursement
of all such fees, expenses and other costs.

 

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(c)            Notwithstanding
anything to the contrary, any liability for payment of money and any other liability or obligation which the Issuer may incur under
the Bonds, this Indenture or the Financing Documents shall not constitute a general obligation of the Issuer but shall constitute
limited obligations of the Issuer payable solely from and enforced only against the Trust Estate.

 

Section 13.08.
U.S.A. Patriot Act. The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the
Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required
to obtain, verify and record information that identifies each person or legal entity that establishes a relationship or opens an
account with the Trustee. The parties to this Indenture agree that they will provide the Trustee with such information as it may
request in order for the Trustee to satisfy the requirements of the U.S.A. Patriot Act.

 

Section 13.09.
Force Majeure. In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its
obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation,
strikes, work stoppages, accidents, epidemics, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes
or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services.
Upon the occurrence of any such event, the Trustee shall use reasonable efforts which are consistent with accepted practices in
the banking industry to resume performance as soon as practicable under the circumstances.

 

Section 13.10.
Consent to Jurisdiction. To the fullest extent permitted by applicable law, the parties hereto irrevocably submit to the
jurisdiction of the United States District Court or the United States Bankruptcy Court for the Southern District of Ohio or any
State court located in Scioto County, Ohio or Lawrence County, Ohio, in any suit, action or proceeding based on or arising out
of or relating to this Indenture or any Bonds and irrevocably agrees that all claims in respect of such suit or proceeding may
be determined in any such court. The parties hereto irrevocably waive, to the fullest extent permitted by law, any objection which
they may have to the laying of the venue in any such court. Any final judgment in any such suit, action or proceeding brought in
such a court shall be conclusive and binding upon the Parties and may be enforced in any courts to the jurisdiction of which each
such party is subject by a suit upon such judgment, provided, that service of process is effected upon such party in the manner
specified herein or as otherwise permitted by law.

 

Section 13.11.
Waiver of Jury Trial. EACH OF THE COMPANY, THE ISSUER, THE HOLDERS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES 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
INDENTURE, THE BONDS OR THE TRANSACTION CONTEMPLATED HEREBY.

 

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[Signature Page to Indenture]

 

IN WITNESS WHEREOF,
the Southern Ohio Port Authority, has caused this Indenture to be signed in its name and behalf by its Chairperson and attested
by its Secretary-Treasurer to evidence its acceptance of the trusts hereby created. UMB Bank, N.A., has caused this Indenture to
be signed in its name and behalf by one of its authorized officers all as of the day and year first above written.

 

	 	 	SOUTHERN OHIO PORT AUTHORITY
	 	 	 
	 	 	 
	 	 	By:	/s/ Robert Horton
	 	 	 	Chairperson
	
        Attest:

        /s/ Mark Ward

        

        
	 	 
	Secretary-Treasurer of the Southern Ohio Port Authority	 	 

 

	 	UMB BANK, N.A., as Trustee
	 	 
	 	 
	 	By:	/s/ Katie Carlson
	 	 
	 	
        

        Printed:
	Katie Carlson

	 	 
	 	
        

        Title:
	Vice President

 

    S-1

    

    

 

CERTIFICATE

 

The undersigned, Fiscal
Officer of the Southern Ohio Port Authority, hereby certifies that the moneys required to meet the obligations of the Authority
during the year 2020 under the foregoing Trust Indenture have been lawfully appropriated by the Board of Directors of the Authority
for such purposes and are in the treasury of the Authority or in the process of collection to the credit of an appropriate fund,
free from any previous encumbrances.  This certificate is given in compliance with Sections 5705.41 and 5705.44, Ohio Revised
Code.

 

	Dated: 	October 7	, 2020	 	/s/ Mark Ward
	 	 	 	 	Secretary-Treasurer
	 	 	 	 	Southern Ohio
Port Authority

 

    S-2

    

    

 

EXHIBIT A-1

 

FORM OF SERIES 2020A BOND

 

EACH HOLDER OF THIS
SERIES 2020A BOND (AS HEREINAFTER DEFINED): (1) WILL NOT SELL OR OTHERWISE TRANSFER THIS SERIES 2020A BOND OTHER THAN: (A) TO
A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A OF THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”)), PURCHASING FOR ITS OWN ACCOUNT OR TO THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER; OR (B) TO AN ACCREDITED
INVESTOR (WITHIN THE MEANING OF RULE 501 OF REGULATION D OF THE SECURITIES ACT), PURCHASING FOR ITS OWN ACCOUNT OR THE ACCOUNT
OF ANOTHER ACCREDITED INVESTOR; AND (2) WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS SERIES
2020A BOND OF THE RESALE RESTRICTIONS REFERRED TO HEREIN.

 

Unless this Series 2020A
Bond is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”),
or its agent for registration of transfer, exchange, or payment, and any Series 2020A Bond issued is registered in the name
of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the owner hereof, Cede & Co., has an interest
herein.

 

	REGISTERED	     $[Principal Amount]

AR-1

 

UNITED STATES OF AMERICA

SOUTHERN OHIO PORT AUTHORITY

EXEMPT FACILITY REVENUE BONDS

(PURECYCLE PROJECT), TAX-EXEMPT SERIES
2020A

 

	Interest Rate	Dated Date	 Maturity
    Date	 CUSIP
	 	 	 	 
	__.__%	October 7,
    2020	December 1, 20__	84355A ___

 

	Registered Owner:	CEDE & CO., as nominee of DTC

 

	Principal Sum:	 	Dollars ($[Principal Amount])

 

The Southern Ohio Port
Authority, a port authority and political subdivision existing under the laws of the State of Ohio (the “Issuer”),
acknowledges itself indebted and for value received does hereby promise to pay, but solely from the source and as hereinafter provided,
to the Registered Owner (named above), or registered assigns, on the Maturity Date set forth above (subject to the right of prior
redemption as hereinafter provided), the Principal Sum stated above and in like manner to pay interest on said sum from the Dated
Date stated above or from the most recent Interest Payment Date to which interest has been paid or provided for, at the interest
rate per annum specified above, semi-annually on the first day of June and December of each year (each, a “Bond
Payment Date”), commencing on June 1, 2021, and continuing to and including the Maturity Date set forth above. Notwithstanding
the foregoing, interest on this Series 2020A Bond shall accrue at the Default Rate from and after the date of occurrence of
an Event of Default under the Indenture (as hereinafter defined) and for so long as such Event of Default remains in effect. Interest
on this Series 2020A Bond shall be computed on the basis of a 360-day year composed of twelve (12) thirty (30) day months.

 

    A-1-1

    

    

 

Payment of the principal
of this Series 2020A Bond, and, if this Series 2020A Bond shall be redeemed prior to maturity, payment of the principal,
redemption premium, if any, and interest accrued to the redemption date, shall be made at the corporate trust office of UMB Bank,
N.A., as Paying Agent of the Issuer (the “Paying Agent”), at 120 South 6th Street, Suite 1400, Minneapolis,
Minnesota 55402, or at the office of its successors in trust or at the office designated for such payment of any successor Paying
Agent named by the Issuer. Interest hereon shall be paid to the registered owner hereof as of the close of business on the fifteenth
day (whether or not a Business Day) of the calendar month next preceding such Bond Payment Date (the “Regular Record Date”),
and shall be paid by check or draft mailed to such registered owner at the address appearing on such registration books or, at
the election of a registered holder of the Series 2020A Bonds, by bank wire transfer to a bank account maintained by such
registered owner in the United States of America designated in written instructions delivered to UMB Bank, N.A. (the “Trustee”)
at least five (5) Business Days (as hereinafter defined) prior to the date of such payment. Any such interest not so punctually
paid or duly provided for shall forthwith cease to be payable to the registered owner on such Regular Record Date, and may be paid
to the Person in whose name this Series 2020A Bond is registered at the close of business on a date for the payment of such
defaulted interest to be fixed by the Trustee (the “Special Record Date”), notice thereof being given to the registered
owners of the Series 2020A Bonds not less than fifteen (15) days prior to such Special Record Date. The principal, premium,
if any, and interest on this Series 2020A Bond are payable in lawful money of the United States of America which, at the time
of payment, is legal tender for the payment of public and private debts.

 

Any payment of interest,
principal or premium, if any, which is due on a day other than a Business Day shall be due and payable on the next succeeding Business
Day with the same effect as if paid on the date due and no interest shall accrue for the period after such date. “Business
Day” means a day other than a Saturday, Sunday, legal holiday or other day on which the Trustee is authorized by law or executive
order to remain closed.

 

This Series 2020A
Bond is one of a duly authorized issue limited in the aggregate principal amount of $219,550,000 (the “Series 2020A
Bonds”). Concurrently with the issuance of the Series 2020A Bonds, the Issuer has issued its Subordinate Exempt Facility
Revenue Bonds (PureCycle Project), Tax Exempt Series 2020B (the “Series 2020B Bonds”) and its Subordinate
Exempt Facility Revenue Bonds (PureCycle Project), Taxable Series 2020C (the “Series 2020C Bonds” and, together
with the Series 2020A Bonds and the Series 2020B Bonds, the “Series 2020 Bonds”). The Series 2020B
Bonds and the Series 2020C Bonds are junior in payment to the Series 2020A Bonds. Proceeds of the Series 2020 Bonds
will be used for the purpose of assisting in the financing of a certain project (the “Project”) consisting of: (a) the
limited restoration of Buildings 504, 507 and 509, all located on the Land, (b) the construction of an approximately 150,000
square foot, solid waste recycling facility involving the conversion of waste polypropylene from post-consumer plastics into recycled
polypropylene; (c) the acquisition and installation of certain items of machinery, equipment and other tangible personal property;
(d) paying certain costs and expenses incidental to the issuance of the Series 2020 Bonds; (e) funding the Senior
Bonds Debt Service Reserve Fund; and (f) funding the Capitalized Interest Account.

 

    A-1-2

    

    

 

The Series 2020
Bonds are issued under and are secured and entitled to the security given by an Indenture of Trust, dated as of October 1,
2020 (the “Indenture”), between the Issuer and the Trustee. Additional Bonds may be issued under the Indenture on a
parity with the Series 2020A Bonds (1) pay the cost of Capital Additions to the Facility or (2) to pay the cost
of refunding through redemption of any Outstanding Bonds subject to such redemption, in each case, as provided in the Indenture.

 

As described in the
Indenture, the rights of the holders or owners of the Series 2020B Bonds and Series 2020C Bonds in and to the Trust Estate
are subordinate to the rights of the holders or owners of the Series 2020A Bonds.

 

The Indenture, among
other things, grants a security interest in the Trust Estate to the Trustee. The Indenture further provides that the Issuer shall
deposit the Bond Proceeds with the Trustee for the account of the Issuer, and that the Trustee shall disburse said moneys to pay
the Cost of the Facility, but only upon satisfaction of the requirements set forth in the Indenture for making such disbursements.
Financing statements with respect to the Indenture are filed in the Office of the Secretary of State of the State of Ohio. Pursuant
to the Indenture, the Issuer has pledged and assigned to the Trustee as security for the Series 2020A Bonds all other rights
and interests of the Issuer under the Loan Agreement, dated as of October 1, 2020 (the “Loan Agreement”), between
the Issuer and the Company (other than its rights to indemnification, exemption from personal liability, certain administration
expenses and other Unassigned Rights).

 

The Series 2020A
Bonds are additionally secured by an Open-End Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing,
dated as of October 1, 2020 (the “Mortgage”), from PureCycle: Ohio LLC (the “Company”), to the Trustee
pursuant to which the Company has granted to the Trustee a mortgage lien on and security interest in the Mortgaged Property (as
defined in the Mortgage). The Mortgage is recorded in the Office of the Recorder, Lawrence County, Ohio and financing statements
with respect thereto are filed in the Office of the Secretary of State of the State of Ohio.

 

The Series 2020A
Bonds are further secured by the other Security Documents.

 

Reference is hereby
made to the Loan Agreement, the Indenture, the Mortgage, the Equity Pledge and Security Agreement, and various other Security Documents,
copies of which are on file at the corporate trust office of the Trustee, and to all amendments and supplements thereto for the
provisions, among others, with respect to the nature and extent of the security for the Series 2020A Bonds, the rights, duties
and obligations of the Issuer, the Trustee, the Company and the Holders and the terms upon which the Series 2020A Bonds are
or may be secured.

 

    A-1-3

    

    

 

 

This Series 2020A
Bond and the issue of which it is a part are special obligations and not general obligations of the Issuer and it is understood
and agreed that: (1) the Owners shall look exclusively to the Trust Estate, the Indenture, and such other security as may
from time to time be given for payment of obligations arising out of the Series 2020A Bonds and the Indenture and that any
judgment rendered on the Series 2020A Bonds, the Indenture or such other security shall be limited to the Trust Estate and
any such other security so given for the satisfaction thereof; and (2) no deficiency or personal judgment shall be sought
or rendered against the Issuer, its successors or assigns, in any action or proceeding brought on the Series 2020A Bonds,
or any judgment, order or decree rendered pursuant to any such action or proceeding. Pursuant to the Loan Agreement, Loan Payments
(except Loan Payments included in Unassigned Rights) payable to the Issuer are required to be made by the Company directly to the
Trustee and to be deposited in a separate Bond Fund held by the Trustee for the payment of the principal of, premium, if any, and
interest on the Series 2020A Bonds.

 

THE SERIES 2020A BONDS
AND THE PRINCIPAL THEREOF AND INTEREST AND ANY PREMIUM THEREON DO NOT CONSTITUTE A GENERAL OBLIGATION OR A PLEDGE OF THE FAITH
AND CREDIT OF THE STATE OF OHIO OR ANY POLITICAL SUBDIVISION THEREOF, INCLUDING THE ISSUER. THE OWNERS OF THE SERIES 2020A
BONDS HAVE NO RIGHT TO HAVE TAXES LEVIED BY THE STATE OF OHIO OR ANY TAXING AUTHORITY OF ANY POLITICAL SUBDIVISION OF THE STATE
OF OHIO, INCLUDING THE ISSUER, FOR THE PAYMENT OF THE PRINCIPAL THEREOF OR THE REDEMPTION PRICE THEREOF OR INTEREST OR PREMIUM
THEREON, BUT THE SERIES 2020A BONDS ARE PAYABLE SOLELY FROM THE REVENUES AND RECEIPTS PLEDGED THEREFOR.

 

No recourse shall be
had for the payment of the principal of, premium, if any, or interest on any of the Series 2020A Bonds or for any claim based
thereon or upon any obligation, covenant or agreement contained in the Indenture, the Series 2020A Bonds, the Loan Agreement
or any other Financing Document, against any past, present or future officer, elected official, agent or employee of the Issuer,
or any incorporator, officer, director or member of any successor corporation, as such, either directly or through the Issuer or
any successor corporation, under any rule of law or equity, statute or constitution or by the enforcement of any assessment
or penalty or otherwise, and all such liability of any such incorporator, officer, director or member is hereby expressly waived
and released as a condition of and in consideration for the execution of the Indenture and the issuance of any of the Series 2020A
Bonds.

 

The Series 2020A
Bonds are subject to redemption as set forth in the Indenture.

 

The Holder of
this Series 2020A Bond shall have no right to enforce the provisions of the Indenture or to institute any action to
enforce the covenants therein, or to take any action with respect to any Event of Default under the Indenture, or to
institute, appear in or defend any suit or other proceedings with respect thereto, except as otherwise expressly provided in
the Indenture. In addition, the right of the Holder of this Series 2020A Bond to institute or prosecute a suit for the
enforcement of payment hereof or to enter a judgment in any such suit is limited to the extent that such action would result
in the surrender, impairment, waiver or loss of the lien of the Indenture for the equal and ratable benefit of the Holders of
the Series 2020A Bonds.

 

    A-1-4

    

    

 

This Series 2020A
Bond shall not be valid or become obligatory for any purpose or be entitled to any security or benefit under the Indenture until
the Certificate of Authentication hereon shall have been signed by the Trustee.

 

This Series 2020A
Bond may not be waived, changed, modified or discharged orally, but only by agreement in writing, signed by the party against whom
any enforcement of any waiver, change, modification or discharge is sought. Modifications or alterations of the Indenture, or of
any supplements thereto, may be made only to the extent and under the circumstances permitted by the Indenture.

 

Capitalized terms used
in this Series 2020A Bond and not defined herein shall have the meaning ascribed to such terms by the Indenture.

 

This Series 2020A
Bond is fully negotiable and transferable, as provided in the Indenture and as set forth further on the face hereof, only upon
books of the Issuer kept by the Trustee, by the registered owner hereof or by his attorney duly authorized in writing, upon surrender
of this Series 2020A Bond, together with a written instrument of transfer satisfactory to the Trustee. Thereupon a new Series 2020A
Bond or Bonds, in fully registered form without coupons, in the same aggregate principal amount and of the same maturity and rate
of interest as the surrendered Series 2020A Bond shall be issued to the transferee in exchange therefor as provided in the
Indenture.

 

The Issuer, the Trustee
and any Paying Agent may deem and treat the person in whose name this Series 2020A Bond is registered upon the books of the
Issuer on the Record Date as the absolute owner hereof, whether this Series 2020A Bond shall be overdue or not, for the purpose
of receiving payment of the principal of, premium, if any, and interest on this Series 2020A Bond and for all other purposes.
All such payments so made to any such Holder or upon his order shall be valid and effectual to satisfy and discharge the liability
of the Issuer upon this Series 2020A Bond to the extent of the sum or sums so paid. Neither the Issuer, nor the Trustee nor
any Paying Agent shall be affected by any notice to the contrary. For every transfer of the Series 2020A Bonds, the Issuer
and the Trustee may make a charge sufficient to reimburse them for (1) any tax, fee or other governmental charge required
to be paid with respect to such transfer, (2) the cost of preparing each new Series 2020A Bond and (3) any other
expenses of the Issuer or the Trustee incurred in connection therewith, and any such charges shall be paid by the Company.

 

The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer
and the rights of the owners of the Series 2020A Bonds at any time by the Issuer with the consent of the Holders of the Series 2020A
Bonds at the time Outstanding. Any such consent or any waiver by the Holders of the Series 2020A Bonds shall be conclusive
and binding upon the Owner and upon all future Owners of this Series 2020A Bond and of any Series 2020A Bond issued in
replacement hereof whether or not notation of such consent or waiver is made upon this Bond. The Indenture also contains provisions,
which, subject to certain conditions, permit or require the Trustee to waive certain past defaults under the Indenture and their
consequences.

 

    A-1-5

    

    

 

It is hereby certified,
recited and declared that: (1) all acts, conditions and things required to exist, happen or be performed precedent to and
in the execution and delivery of the Indenture and the issuance of this Series 2020A Bond do exist, have happened and have
been performed in due time, form and manner as required by law; and (2) the issuance of this Series 2020A Bond and the
issue of which it is a part, together with all other obligations of the Issuer, does not exceed or violate any constitutional,
statutory or corporate limitations.

 

 

    A-1-6

    

    

 

IN WITNESS WHEREOF,
the Southern Ohio Port Authority, has caused this Series 2020A Bond to be executed by its Chairperson by his/her manual or
facsimile signature, and has caused this Series 2020A Bond to be attested by its Secretary-Treasurer by his/her manual or
facsimile signature, all as of the dated date hereof.

 

	 	 	SOUTHERN OHIO PORT AUTHORITY
	 	 
	 	By:	 
	 	 	Chairperson

 

Attest:

 

	 	 	 
	Secretary-Treasurer of the
    Southern Ohio,	 
	Port Authority	 

 

    A-1-7

    

    

 

CERTIFICATE OF AUTHENTICATION

 

This is to certify
that this Series 2020A Bond is one of the Series 2020A Bonds described in the Indenture.

 

	 	UMB BANK, N.A., as Trustee
	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Date of registration and authentication:
________________, 2020

 

    A-1-8

    

    

 

EXHIBIT A-2

 

FORM OF SERIES 2020B BOND

 

EACH HOLDER OF THIS
SERIES 2020B BOND (AS HEREINAFTER DEFINED): (1) WILL NOT SELL OR OTHERWISE TRANSFER THIS SERIES 2020B BOND OTHER THAN: (A) TO
A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A OF THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”)), PURCHASING FOR ITS OWN ACCOUNT OR TO THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER; OR (B) TO AN ACCREDITED
INVESTOR (WITHIN THE MEANING OF RULE 501 OF REGULATION D OF THE SECURITIES ACT), PURCHASING FOR ITS OWN ACCOUNT OR THE ACCOUNT
OF ANOTHER ACCREDITED INVESTOR; AND (2) WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS SERIES
2020B BOND OF THE RESALE RESTRICTIONS REFERRED TO HEREIN.

 

Unless this Series 2020B
Bond is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”),
or its agent for registration of transfer, exchange, or payment, and any Series 2020B Bond issued is registered in the name
of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the owner hereof, Cede & Co., has an interest
herein.

 

	REGISTERED	     $[Principal Amount]

BR-1

 

UNITED STATES OF AMERICA

SOUTHERN OHIO PORT AUTHORITY

SUBORDINATE EXEMPT FACILITY REVENUE
BONDS

(PURECYCLE PROJECT), TAX-EXEMPT SERIES
2020B

 

	Interest Rate	Dated Date	Maturity
    Date	CUSIP
	 	 	 	 
	__.__%	October 7,
2020	________
__, 20__	84355A ___
	 	 	 	 
	Registered
Owner:	CEDE &
CO., as nominee of DTC	 	 
	 	 	 	 
	Principal
Sum:	 	Dollars ($[Principal Amount])	 

 

The Southern Ohio Port
Authority, a port authority and political subdivision existing under the laws of the State of Ohio (the “Issuer”),
acknowledges itself indebted and for value received does hereby promise to pay, but solely from the source and as hereinafter provided,
to the Registered Owner (named above), or registered assigns, on the Maturity Date set forth above (subject to the right of prior
redemption as hereinafter provided), the Principal Sum stated above and in like manner to pay interest on said sum from the Dated
Date stated above or from the most recent Interest Payment Date to which interest has been paid or provided for, at the interest
rate per annum specified above, semi-annually on the first day of June and December of each year (each, a “Bond
Payment Date”), commencing on June 1, 2021, and continuing to and including the Maturity Date set forth above. Notwithstanding
the foregoing, interest on this Series 2020B Bond shall accrue at the Default Rate from and after the date of occurrence of
an Event of Default under the Indenture (as hereinafter defined) and for so long as such Event of Default remains in effect. Interest
on this Series 2020B Bond shall be computed on the basis of a 360-day year composed of twelve (12) thirty (30) day months.

 

    A-2-1

    

    

 

Payment of the principal
of this Series 2020B Bond, and, if this Series 2020B Bond shall be redeemed prior to maturity, payment of the principal,
redemption premium, if any, and interest accrued to the redemption date, shall be made at the corporate trust office of UMB Bank,
N.A., as Paying Agent of the Issuer (the “Paying Agent”), at 120 South 6th Street, Suite 1400, Minneapolis,
Minnesota 55402, or at the office of its successors in trust or at the office designated for such payment of any successor Paying
Agent named by the Issuer. Interest hereon shall be paid to the registered owner hereof as of the close of business on the fifteenth
day (whether or not a Business Day) of the calendar month next preceding such Bond Payment Date (the “Regular Record Date”),
and shall be paid by check or draft mailed to such registered owner at the address appearing on such registration books or, at
the election of a registered holder of the Series 2020B Bonds, by bank wire transfer to a bank account maintained by such
registered owner in the United States of America designated in written instructions delivered to UMB Bank, N.A. (the “Trustee”)
at least five (5) Business Days (as hereinafter defined) prior to the date of such payment. Any such interest not so punctually
paid or duly provided for shall forthwith cease to be payable to the registered owner on such Regular Record Date, and may be paid
to the Person in whose name this Series 2020B Bond is registered at the close of business on a date for the payment of such
defaulted interest to be fixed by the Trustee (the “Special Record Date”), notice thereof being given to the registered
owners of the Series 2020B Bonds not less than fifteen (15) days prior to such Special Record Date. The principal, premium,
if any, and interest on this Series 2020B Bond are payable in lawful money of the United States of America which, at the time
of payment, is legal tender for the payment of public and private debts.

 

Any payment of interest,
principal or premium, if any, which is due on a day other than a Business Day shall be due and payable on the next succeeding Business
Day with the same effect as if paid on the date due and no interest shall accrue for the period after such date. “Business
Day” means a day other than a Saturday, Sunday, legal holiday or other day on which the Trustee is authorized by law or executive
order to remain closed.

 

This Series 2020B
Bond is one of a duly authorized issue limited in the aggregate principal amount of $20,000,000 (the “Series 2020B Bonds”).
Concurrently with the issuance of the Series 2020B Bonds, the Issuer has issued its Exempt Facility Revenue Bonds (PureCycle
Project), Tax-Exempt Series 2020A (the “Series 2020A Bonds”) and its Subordinate Exempt Facility Revenue
Bonds (PureCycle Project), Taxable Series 2020C (the “Series 2020C Bonds” and together with the Series 2020A
Bonds and the Series 2020B Bonds, the “Series 2020 Bonds”), which Series 2020A Bonds are senior in payment
to the Series 2020B Bonds and which Series 2020C Bonds are on parity with the Series 2020B Bonds. Proceeds of the
Series 2020 Bonds will be used for the purpose of assisting in the financing of a certain project (the “Project”)
consisting of: (a) the limited restoration of Buildings 504, 507 and 509, all located on the Land, (b) the construction
of an approximately 150,000 square foot, solid waste recycling facility involving the conversion of waste polypropylene from post-consumer
plastics into recycled polypropylene; (c) the acquisition and installation of certain items of machinery, equipment and other
tangible personal property; (d) paying certain costs and expenses incidental to the issuance of the Series 2020 Bonds;
(e) funding the Senior Bonds Debt Service Reserve Fund; and (f) funding the Capitalized Interest Account.

 

    A-2-2

    

    

 

The Series 2020
Bonds are issued under and are secured and entitled to the security given by an Indenture of Trust, dated as of October 1,
2020 (the “Indenture”), between the Issuer and the Trustee. Additional Bonds may be issued under the Indenture on a
parity with the Series 2020B Bonds (1) to pay the cost of Capital Additions to the Facility or (2) to pay the cost
of refunding through redemption of any Outstanding Bonds subject to such redemption, in each case, as provided in the Indenture.

 

As described in the
Indenture, the rights of the holders or owners of the Series 2020B Bonds and Series 2020C Bonds in and to the Trust Estate
are subordinate to the rights of the holders or owners of the Series 2020A Bonds.

 

The Indenture, among
other things, grants a security interest in the Trust Estate to the Trustee. The Indenture further provides that the Issuer shall
deposit the Bond Proceeds with the Trustee for the account of the Issuer, and that the Trustee shall disburse said moneys to pay
the Cost of the Facility, but only upon satisfaction of the requirements set forth in the Indenture for making such disbursements.
Financing statements with respect to the Indenture are filed in the Office of the Secretary of State of the State of Ohio. Pursuant
to the Indenture, the Issuer has pledged and assigned to the Trustee as security for the Series 2020B Bonds all other rights
and interests of the Issuer under the Loan Agreement, dated as of October 1, 2020 (the “Loan Agreement”), between
the Issuer and the Company (other than its rights to indemnification, exemption from personal liability, certain administration
expenses and other Unassigned Rights).

 

The Series 2020B
Bonds are additionally secured by an Open-End Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing,
dated as of October 1, 2020 (the “Mortgage”), from PureCycle: Ohio LLC (the “Company”), to the Trustee
pursuant to which the Company has granted to the Trustee a mortgage lien on and security interest in the Mortgaged Property (as
defined in the Mortgage). The Mortgage is recorded in the Office of the Recorder, Lawrence County, Ohio and financing statements
with respect thereto are filed in the Office of the Secretary of State of the State of Ohio.

 

The Series 2020B
Bonds are further secured by the other Security Documents and are subject to the subordinate provisions set forth in the Indenture.

 

Reference is hereby
made to the Loan Agreement, the Indenture, the Mortgage, the Equity Pledge and Security Agreement, and various other Security Documents,
copies of which are on file at the corporate trust office of the Trustee, and to all amendments and supplements thereto for the
provisions, among others, with respect to the nature and extent of the security for the Series 2020B Bonds, the rights, duties
and obligations of the Issuer, the Trustee, the Company and the Holders and the terms upon which the Series 2020B Bonds are
or may be secured.

 

    A-2-3

    

    

 

This Series 2020B
Bond and the issue of which it is a part are special obligations and not general obligations of the Issuer and it is understood
and agreed that: (1) the Owners shall look exclusively to the Trust Estate, the Indenture, and such other security as may
from time to time be given for payment of obligations arising out of the Series 2020B Bonds and the Indenture and that any
judgment rendered on the Series 2020B Bonds, the Indenture or such other security shall be limited to the Trust Estate and
any such other security so given for the satisfaction thereof; and (2) no deficiency or personal judgment shall be sought
or rendered against the Issuer, its successors or assigns, in any action or proceeding brought on the Series 2020B Bonds,
or any judgment, order or decree rendered pursuant to any such action or proceeding. Pursuant to the Loan Agreement, Loan Payments
(except Loan Payments included in Unassigned Rights) payable to the Issuer are required to be made by the Company directly to the
Trustee and to be deposited in a separate Bond Fund held by the Trustee for the payment of the principal of, premium, if any, and
interest on the Series 2020B Bonds.

 

THE SERIES 2020B BONDS
AND THE PRINCIPAL THEREOF AND INTEREST AND ANY PREMIUM THEREON DO NOT CONSTITUTE A GENERAL OBLIGATION OR A PLEDGE OF THE FAITH
AND CREDIT OF THE STATE OF OHIO OR ANY POLITICAL SUBDIVISION THEREOF, INCLUDING THE ISSUER. THE OWNERS OF THE SERIES 2020B
BONDS HAVE NO RIGHT TO HAVE TAXES LEVIED BY THE STATE OF OHIO OR ANY TAXING AUTHORITY OF ANY POLITICAL SUBDIVISION OF THE STATE
OF OHIO, INCLUDING THE ISSUER, FOR THE PAYMENT OF THE PRINCIPAL THEREOF OR THE REDEMPTION PRICE THEREOF OR INTEREST OR PREMIUM
THEREON, BUT THE SERIES 2020B BONDS ARE PAYABLE SOLELY FROM THE REVENUES AND RECEIPTS PLEDGED THEREFOR.

 

No recourse shall be
had for the payment of the principal of, premium, if any, or interest on any of the Series 2020B Bonds or for any claim based
thereon or upon any obligation, covenant or agreement contained in the Indenture, the Series 2020B Bonds, the Loan Agreement
or any other Financing Document, against any past, present or future officer, elected official, agent or employee of the Issuer,
or any incorporator, officer, director or member of any successor corporation, as such, either directly or through the Issuer or
any successor corporation, under any rule of law or equity, statute or constitution or by the enforcement of any assessment
or penalty or otherwise, and all such liability of any such incorporator, officer, director or member is hereby expressly waived
and released as a condition of and in consideration for the execution of the Indenture and the issuance of any of the Series 2020B
Bonds.

 

The Series 2020B
Bonds are subject to redemption as set forth in the Indenture.

 

The Holder of this
Series 2020B Bond shall have no right to enforce the provisions of the Indenture or to institute any action to enforce the
covenants therein, or to take any action with respect to any Event of Default under the Indenture, or to institute, appear in or
defend any suit or other proceedings with respect thereto, except as otherwise expressly provided in the Indenture. In addition,
the right of the Holder of this Series 2020B Bond to institute or prosecute a suit for the enforcement of payment hereof or
to enter a judgment in any such suit is limited to the extent that such action would result in the surrender, impairment, waiver
or loss of the lien of the Indenture for the equal and ratable benefit of the Holders of the Series 2020B Bonds.

 

    A-2-4

    

    

 

This Series 2020B
Bond shall not be valid or become obligatory for any purpose or be entitled to any security or benefit under the Indenture until
the Certificate of Authentication hereon shall have been signed by the Trustee.

 

This Series 2020B
Bond may not be waived, changed, modified or discharged orally, but only by agreement in writing, signed by the party against whom
any enforcement of any waiver, change, modification or discharge is sought. Modifications or alterations of the Indenture, or of
any supplements thereto, may be made only to the extent and under the circumstances permitted by the Indenture.

 

Capitalized terms used
in this Series 2020B Bond and not defined herein shall have the meaning ascribed to such terms by the Indenture.

 

This Series 2020B
Bond is fully negotiable and transferable, as provided in the Indenture and as set forth further on the face hereof, only upon
books of the Issuer kept by the Trustee, by the registered owner hereof or by his attorney duly authorized in writing, upon surrender
of this Series 2020B Bond, together with a written instrument of transfer satisfactory to the Trustee. Thereupon a new Series 2020B
Bond or Bonds, in fully registered form without coupons, in the same aggregate principal amount and of the same maturity and rate
of interest as the surrendered Series 2020B Bond shall be issued to the transferee in exchange therefor as provided in the
Indenture.

 

The Issuer, the Trustee
and any Paying Agent may deem and treat the person in whose name this Series 2020B Bond is registered upon the books of the
Issuer on the Record Date as the absolute owner hereof, whether this Series 2020B Bond shall be overdue or not, for the purpose
of receiving payment of the principal of, premium, if any, and interest on this Series 2020B Bond and for all other purposes.
All such payments so made to any such Holder or upon his order shall be valid and effectual to satisfy and discharge the liability
of the Issuer upon this Series 2020B Bond to the extent of the sum or sums so paid. Neither the Issuer, nor the Trustee nor
any Paying Agent shall be affected by any notice to the contrary. For every transfer of the Series 2020B Bonds, the Issuer
and the Trustee may make a charge sufficient to reimburse them for (1) any tax, fee or other governmental charge required
to be paid with respect to such transfer, (2) the cost of preparing each new Series 2020B Bond and (3) any other
expenses of the Issuer or the Trustee incurred in connection therewith, and any such charges shall be paid by the Company.

 

The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer
and the rights of the owners of the Series 2020B Bonds at any time by the Issuer with the consent of the Holders of the Series 2020B
Bonds at the time Outstanding. Any such consent or any waiver by the Holders of the Series 2020B Bonds shall be conclusive
and binding upon the Owner and upon all future Owners of this Series 2020B Bond and of any Series 2020B Bond issued
in replacement hereof whether or not notation of such consent or waiver is made upon this Bond. The Indenture also contains provisions,
which, subject to certain conditions, permit or require the Trustee to waive certain past defaults under the Indenture and their
consequences.

 

    A-2-5

    

    

 

It is hereby certified,
recited and declared that: (1) all acts, conditions and things required to exist, happen or be performed precedent to and
in the execution and delivery of the Indenture and the issuance of this Series 2020B Bond do exist, have happened and have
been performed in due time, form and manner as required by law; and (2) the issuance of this Series 2020B Bond and the
issue of which it is a part, together with all other obligations of the Issuer, does not exceed or violate any constitutional,
statutory or corporate limitations.

 

    A-2-6

    

    

 

IN WITNESS WHEREOF,
the Southern Ohio Port Authority, has caused this Series 2020B Bond to be executed by its Chairperson by his/her manual or
facsimile signature, and has caused this Series 2020B Bond to be attested by its Secretary-Treasurer by his/her manual or
facsimile signature, all as of the dated date hereof.

 

	 	 	SOUTHERN OHIO PORT AUTHORITY
	 	 
	 	 
	 	By:	 
	 	 	Chairperson

 

Attest:

 

 

	 	 	 
	Secretary-Treasurer of the
    Southern Ohio,	 
	Port Authority	 

 

    A-2-7

    

    

 

CERTIFICATE OF AUTHENTICATION

 

This is to certify
that this Series 2020B Bond is one of the Series 2020B Bonds described in the Indenture.

 

	 	UMB BANK, N.A., as Trustee
	 	 
	 	 
	 	By:	
	 	 	Authorized Signatory

 

Date of registration and authentication:
________________, 2020

 

    A-2-8

    

    

 

EXHIBIT A-3

 

FORM OF SERIES 2020C BOND

 

EACH HOLDER OF THIS
SERIES 2020C BOND (AS HEREINAFTER DEFINED): (1) WILL NOT SELL OR OTHERWISE TRANSFER THIS SERIES 2020C BOND OTHER THAN: (A) TO
A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A OF THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”)), PURCHASING FOR ITS OWN ACCOUNT OR TO THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER; OR (B) TO AN ACCREDITED
INVESTOR (WITHIN THE MEANING OF RULE 501 OF REGULATION D OF THE SECURITIES ACT), PURCHASING FOR ITS OWN ACCOUNT OR THE ACCOUNT
OF ANOTHER ACCREDITED INVESTOR; AND (2) WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS SERIES
2020C BOND OF THE RESALE RESTRICTIONS REFERRED TO HEREIN.

 

Unless this Series 2020C
Bond is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”),
or its agent for registration of transfer, exchange, or payment, and any Series 2020C Bond issued is registered in the name
of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the owner hereof, Cede & Co., has an interest
herein.

 

	REGISTERED	     $[Principal Amount]

CR-1

 

UNITED STATES OF AMERICA

SOUTHERN OHIO PORT AUTHORITY

EXEMPT FACILITY REVENUE BONDS

(PURECYCLE PROJECT), TAXABLE SERIES 2020C

 

	Interest Rate	Dated Date	Maturity Date	 CUSIP
	 	 	 	 
	__.__%	October 7,
2020	________
__, 20__	84355A ___
	 	 	 	 
	Registered
Owner:	CEDE &
CO., as nominee of DTC	 	 
	 	 	 	 
	Principal
Sum:	 	Dollars ($[Principal Amount])	 

 

The Southern Ohio Port
Authority, a port authority and political subdivision existing under the laws of the State of Ohio (the “Issuer”),
acknowledges itself indebted and for value received does hereby promise to pay, but solely from the source and as hereinafter provided,
to the Registered Owner (named above), or registered assigns, on the Maturity Date set forth above (subject to the right of prior
redemption as hereinafter provided), the Principal Sum stated above and in like manner to pay interest on said sum from the Dated
Date stated above or from the most recent Interest Payment Date to which interest has been paid or provided for, at the interest
rate per annum specified above, semi-annually on the first day of June and December of each year (each, a “Bond
Payment Date”), commencing on June 1, 2021, and continuing to and including the Maturity Date set forth above. Notwithstanding
the foregoing, interest on this Series 2020C Bond shall accrue at the Default Rate from and after the date of occurrence of
an Event of Default under the Indenture (as hereinafter defined) and for so long as such Event of Default remains in effect. Interest
on this Series 2020C Bond shall be computed on the basis of a 360-day year composed of twelve (12) thirty (30) day months.

 

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Payment of the principal
of this Series 2020C Bond, and, if this Series 2020C Bond shall be redeemed prior to maturity, payment of the principal,
redemption premium, if any, and interest accrued to the redemption date, shall be made at the corporate trust office of UMB Bank,
N.A., as Paying Agent of the Issuer (the “Paying Agent”), at 120 South 6th Street, Suite 1400, Minneapolis,
Minnesota 55402, or at the office of its successors in trust or at the office designated for such payment of any successor Paying
Agent named by the Issuer. Interest hereon shall be paid to the registered owner hereof as of the close of business on the fifteenth
day (whether or not a Business Day) of the calendar month next preceding such Bond Payment Date (the “Regular Record Date”),
and shall be paid by check or draft mailed to such registered owner at the address appearing on such registration books or, at
the election of a registered holder of the Series 2020C Bonds, by bank wire transfer to a bank account maintained by such
registered owner in the United States of America designated in written instructions delivered to UMB Bank, N.A. (the “Trustee”)
at least five (5) Business Days (as hereinafter defined) prior to the date of such payment. Any such interest not so punctually
paid or duly provided for shall forthwith cease to be payable to the registered owner on such Regular Record Date, and may be paid
to the Person in whose name this Series 2020C Bond is registered at the close of business on a date for the payment of such
defaulted interest to be fixed by the Trustee (the “Special Record Date”), notice thereof being given to the registered
owners of the Series 2020C Bonds not less than fifteen (15) days prior to such Special Record Date. The principal, premium,
if any, and interest on this Series 2020C Bond are payable in lawful money of the United States of America which, at the time
of payment, is legal tender for the payment of public and private debts.

 

Any payment of interest,
principal or premium, if any, which is due on a day other than a Business Day shall be due and payable on the next succeeding Business
Day with the same effect as if paid on the date due and no interest shall accrue for the period after such date. “Business
Day” means a day other than a Saturday, Sunday, legal holiday or other day on which the Trustee is authorized by law or executive
order to remain closed.

 

This Series 2020C
Bond is one of a duly authorized issue limited in the aggregate principal amount of $10,000,000 (the “Series 2020C
Bonds”). Concurrently with the issuance of the Series 2020C Bonds, the Issuer has issued its Exempt Facility Revenue
Bonds (PureCycle Project), Tax-Exempt Series 2020A (the “Series 2020A Bonds”), and its Subordinate Exempt
Facility Revenue Bonds (PureCycle Project), Tax-Exempt Series 2020B (the “Series 2020B Bonds” and together
with the Series 2020C Bonds and the Series 2020A Bonds, the “Series 2020 Bonds”), which Series 2020A
Bonds are senior in payment to the Series 2020C Bonds and which Series 2020B Bonds are on parity with the Series 2020C
Bonds. Proceeds of the Series 2020 Bonds will be used for the purpose of assisting in the financing of a certain project
(the “Project”) consisting of: (a) the limited restoration of Buildings 504, 507 and 509, all located on the
Land, (b) the construction of an approximately 150,000 square foot, solid waste recycling facility involving the conversion
of waste polypropylene from post-consumer plastics into recycled polypropylene; (c) the acquisition and installation of certain
items of machinery, equipment and other tangible personal property; (d) paying certain costs and expenses incidental to the
issuance of the Series 2020 Bonds; (e) funding the Senior Bonds Debt Service Reserve Fund; and (f) funding the
Capitalized Interest Account.

 

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The Series 2020
Bonds are issued under and are secured and entitled to the security given by an Indenture of Trust, dated as of October 1,
2020 (the “Indenture”), between the Issuer and the Trustee. Additional Bonds may be issued under the Indenture on a
parity with the Series 2020C Bonds (1) to pay the cost of Capital Additions to the Facility or (2) to pay the cost
of refunding through redemption of any Outstanding Bonds subject to such redemption, in each case, as provided in the Indenture.

 

As described in the
Indenture, the rights of the holders or owners of the Series 2020B Bonds and the Series 2020C Bonds in and to the Trust
Estate are subordinate to the rights of the holders or owners of the Series 2020A Bonds.

 

The Indenture, among
other things, grants a security interest in the Trust Estate to the Trustee. The Indenture further provides that the Issuer shall
deposit the Bond Proceeds with the Trustee for the account of the Issuer, and that the Trustee shall disburse said moneys to pay
the Cost of the Facility, but only upon satisfaction of the requirements set forth in the Indenture for making such disbursements.
Financing statements with respect to the Indenture are filed in the Office of the Secretary of State of the State of Ohio. Pursuant
to the Indenture, the Issuer has pledged and assigned to the Trustee as security for the Series 2020C Bonds all other rights
and interests of the Issuer under the Loan Agreement, dated as of October 1, 2020 (the “Loan Agreement”), between
the Issuer and the Company (other than its rights to indemnification, exemption from personal liability, certain administration
expenses and other Unassigned Rights).

 

The Series 2020C
Bonds are additionally secured by an Open-End Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing,
dated as of October 1, 2020 (the “Mortgage”), from PureCycle: Ohio LLC (the “Company”), to the Trustee
pursuant to which the Company has granted to the Trustee a mortgage lien on and security interest in the Mortgaged Property (as
defined in the Mortgage). The Mortgage is recorded in the Office of the Recorder, Lawrence County, Ohio and financing statements
with respect thereto are filed in the Office of the Secretary of State of the State of Ohio.

 

The Series 2020C
Bonds are further secured by the other Security Documents and are subject to the subordinate provisions set forth in the Indenture.

 

Reference is hereby
made to the Loan Agreement, the Indenture, the Mortgage, the Equity Pledge and Security Agreement, and various other Security Documents,
copies of which are on file at the corporate trust office of the Trustee, and to all amendments and supplements thereto for the
provisions, among others, with respect to the nature and extent of the security for the Series 2020C Bonds, the rights, duties
and obligations of the Issuer, the Trustee, the Company and the Holders and the terms upon which the Series 2020C Bonds are
or may be secured.

 

    A-3-3

    

    

 

This Series 2020C
Bond and the issue of which it is a part are special obligations and not general obligations of the Issuer and it is understood
and agreed that: (1) the Owners shall look exclusively to the Trust Estate, the Indenture, and such other security as may
from time to time be given for payment of obligations arising out of the Series 2020C Bonds and the Indenture and that any
judgment rendered on the Series 2020C Bonds, the Indenture or such other security shall be limited to the Trust Estate and
any such other security so given for the satisfaction thereof; and (2) no deficiency or personal judgment shall be sought
or rendered against the Issuer, its successors or assigns, in any action or proceeding brought on the Series 2020C Bonds,
or any judgment, order or decree rendered pursuant to any such action or proceeding. Pursuant to the Loan Agreement, Loan Payments
(except Loan Payments included in Unassigned Rights) payable to the Issuer are required to be made by the Company directly to the
Trustee and to be deposited in a separate Bond Fund held by the Trustee for the payment of the principal of, premium, if any, and
interest on the Series 2020C Bonds.

 

THE SERIES 2020C BONDS
AND THE PRINCIPAL THEREOF AND INTEREST AND ANY PREMIUM THEREON DO NOT CONSTITUTE A GENERAL OBLIGATION OR A PLEDGE OF THE FAITH
AND CREDIT OF THE STATE OF OHIO OR ANY POLITICAL SUBDIVISION THEREOF, INCLUDING THE ISSUER. THE OWNERS OF THE SERIES 2020C
BONDS HAVE NO RIGHT TO HAVE TAXES LEVIED BY THE STATE OF OHIO OR ANY TAXING AUTHORITY OF ANY POLITICAL SUBDIVISION OF THE STATE
OF OHIO, INCLUDING THE ISSUER, FOR THE PAYMENT OF THE PRINCIPAL THEREOF OR THE REDEMPTION PRICE THEREOF OR INTEREST OR PREMIUM
THEREON, BUT THE SERIES 2020C BONDS ARE PAYABLE SOLELY FROM THE REVENUES AND RECEIPTS PLEDGED THEREFOR.

 

No recourse shall be
had for the payment of the principal of, premium, if any, or interest on any of the Series 2020C Bonds or for any claim based
thereon or upon any obligation, covenant or agreement contained in the Indenture, the Series 2020C Bonds, the Loan Agreement
or any other Financing Document, against any past, present or future officer, elected official, agent or employee of the Issuer,
or any incorporator, officer, director or member of any successor corporation, as such, either directly or through the Issuer or
any successor corporation, under any rule of law or equity, statute or constitution or by the enforcement of any assessment
or penalty or otherwise, and all such liability of any such incorporator, officer, director or member is hereby expressly waived
and released as a condition of and in consideration for the execution of the Indenture and the issuance of any of the Series 2020C
Bonds.

 

The Series 2020C
Bonds are subject to redemption as set forth in the Indenture.

 

The Holder of this
Series 2020C Bond shall have no right to enforce the provisions of the Indenture or to institute any action to enforce the
covenants therein, or to take any action with respect to any Event of Default under the Indenture, or to institute, appear in
or defend any suit or other proceedings with respect thereto, except as otherwise expressly provided in the Indenture. In addition,
the right of the Holder of this Series 2020C Bond to institute or prosecute a suit for the enforcement of payment hereof
or to enter a judgment in any such suit is limited to the extent that such action would result in the surrender, impairment, waiver
or loss of the lien of the Indenture for the equal and ratable benefit of the Holders of the Series 2020C Bonds.

 

    A-3-4

    

    

 

This Series 2020C
Bond shall not be valid or become obligatory for any purpose or be entitled to any security or benefit under the Indenture until
the Certificate of Authentication hereon shall have been signed by the Trustee.

 

This Series 2020C
Bond may not be waived, changed, modified or discharged orally, but only by agreement in writing, signed by the party against whom
any enforcement of any waiver, change, modification or discharge is sought. Modifications or alterations of the Indenture, or of
any supplements thereto, may be made only to the extent and under the circumstances permitted by the Indenture.

 

Capitalized terms used
in this Series 2020C Bond and not defined herein shall have the meaning ascribed to such terms by the Indenture.

 

This Series 2020C
Bond is fully negotiable and transferable, as provided in the Indenture and as set forth further on the face hereof, only upon
books of the Issuer kept by the Trustee, by the registered owner hereof or by his attorney duly authorized in writing, upon surrender
of this Series 2020C Bond, together with a written instrument of transfer satisfactory to the Trustee. Thereupon a new Series 2020C
Bond or Bonds, in fully registered form without coupons, in the same aggregate principal amount and of the same maturity and rate
of interest as the surrendered Series 2020C Bond shall be issued to the transferee in exchange therefor as provided in the
Indenture.

 

The Issuer, the Trustee
and any Paying Agent may deem and treat the person in whose name this Series 2020C Bond is registered upon the books of the
Issuer on the Record Date as the absolute owner hereof, whether this Series 2020C Bond shall be overdue or not, for the purpose
of receiving payment of the principal of, premium, if any, and interest on this Series 2020C Bond and for all other purposes.
All such payments so made to any such Holder or upon his order shall be valid and effectual to satisfy and discharge the liability
of the Issuer upon this Series 2020C Bond to the extent of the sum or sums so paid. Neither the Issuer, nor the Trustee nor
any Paying Agent shall be affected by any notice to the contrary. For every transfer of the Series 2020C Bonds, the Issuer
and the Trustee may make a charge sufficient to reimburse them for (1) any tax, fee or other governmental charge required
to be paid with respect to such transfer, (2) the cost of preparing each new Series 2020C Bond and (3) any other
expenses of the Issuer or the Trustee incurred in connection therewith, and any such charges shall be paid by the Company.

 

The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer
and the rights of the owners of the Series 2020C Bonds at any time by the Issuer with the consent of the Holders of the Series 2020C
Bonds at the time Outstanding. Any such consent or any waiver by the Holders of the Series 2020C Bonds shall be conclusive
and binding upon the Owner and upon all future Owners of this Series 2020C Bond and of any Series 2020C Bond issued
in replacement hereof whether or not notation of such consent or waiver is made upon this Bond. The Indenture also contains provisions,
which, subject to certain conditions, permit or require the Trustee to waive certain past defaults under the Indenture and their
consequences.

 

    A-3-5

    

    

 

It is hereby certified,
recited and declared that: (1) all acts, conditions and things required to exist, happen or be performed precedent to and
in the execution and delivery of the Indenture and the issuance of this Series 2020C Bond do exist, have happened and have
been performed in due time, form and manner as required by law; and (2) the issuance of this Series 2020C Bond and the
issue of which it is a part, together with all other obligations of the Issuer, does not exceed or violate any constitutional,
statutory or corporate limitations.

 

    A-3-6

    

    

 

IN WITNESS WHEREOF,
the Southern Ohio Port Authority, has caused this Series 2020C Bond to be executed by its Chairperson by his/her manual or
facsimile signature, and has caused this Series 2020C Bond to be attested by its Secretary-Treasurer by his/her manual or
facsimile signature, all as of the dated date hereof.

 

	 	 	SOUTHERN OHIO PORT AUTHORITY
	 	 
	 	 
	 	By:	 
	 	 	Chairperson

 

Attest:

 

 

	 	 	 
	Secretary-Treasurer of the
    Southern Ohio,	 
	Port Authority	 

 

    A-3-7

    

    

 

CERTIFICATE OF AUTHENTICATION

 

This is to certify
that this Series 2020C Bond is one of the Series 2020C Bonds described in the Indenture.

 

	 	UMB BANK, N.A., as Trustee
	 	 
	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Date of registration and authentication:
________________, 2020

 

    A-3-8

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