Company: ABTS
Filing Date: 2025-01-21
Form Type: F-3
Source: 0001493152-25-003076
Chunk: 32

Company: Abits Group Inc
Filing Date: 2025-01-21
Form: F-3
Chunk 32
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 shall not be senior in right of payment to the subordinated debt securities, 
 or that such indebtedness shall be subordinated to any other of our indebtedness, unless such indebtedness expressly provides that        
 such indebtedness shall be senior in right of payment to the subordinated debt securities;                                                |

| ● | any                                                                                                               
 of our obligations to our subsidiaries or of a subsidiary guarantor to us or any other of our other subsidiaries; |

| ● | any                                                                                                 
 liability for federal, state, local or other taxes owed or owing by us or any subsidiary guarantor, |

| ● | any                                                                                                                                
 accounts payable or other liability to trade creditors arising in the ordinary course of business (including guarantees thereof or 
 instruments evidencing such liabilities);                                                                                          |

| ● | any                                            
 obligations with respect to any capital stock; |

| ● | any                                                                                                                              
 indebtedness incurred in violation of the indenture, provided that indebtedness under our credit facilities will not cease to be 
 senior indebtedness under this bullet point if the lenders of such indebtedness obtained an officer’s certificate as of the      
 date of incurrence of such indebtedness to the effect that such indebtedness was permitted to be incurred by the indenture; and  |

| ● | any                                                                 
 of our indebtedness in respect of the subordinated debt securities. |

| 23 |

Senior indebtedness shall continue to be senior indebtedness and be entitled to the benefits of the subordination provisions irrespective of any amendment, modification or waiver of any term of such senior indebtedness.

Unless otherwise noted in an accompanying prospectus supplement, if we default in the payment of any principal of (or premium, if any) or interest on any senior indebtedness when it becomes due and payable, whether at maturity or at a date fixed for prepayment or by declaration or otherwise, then, unless and until such default is cured or waived or ceases to exist, we will make no direct or indirect payment (in cash, property, securities, by set-off or otherwise) in respect of the principal of or interest on the subordinated debt securities or in respect of any redemption, retirement, purchase or other requisition of any of the subordinated debt securities.

In the event of the acceleration of the maturity of any subordinated debt securities, the holders of all senior debt securities outstanding at the time of such acceleration, subject to any security interest, will first be entitled to receive payment in full of all amounts due on the senior debt securities before the holders of the subordinated debt securities will