Document:

Monaker Group, Inc. S-3

Exhibit 4.3

 

MONAKER
GROUP, INC.,

Issuer

 

AND

 

[●],

Trustee

 

 

  

INDENTURE

 

Dated
as of [●], 20[●]

 

 

  

Debt
Securities

 

    

     

    

 

 

TABLE
OF CONTENTS

 

	ARTICLE 1	DEFINITIONS	1
	Section 1.01	Definitions of Terms	1
	ARTICLE 2	ISSUE, DESCRIPTION, TERMS, EXECUTION, REGISTRATION
    AND EXCHANGE OF  SECURITIES	4
	Section 2.01	Designation and Terms of Securities	4
	Section 2.02	Form of Securities and Trustee’s Certificate	7
	Section 2.03	Denominations: Provisions for Payment	7
	Section 2.04	Execution and Authentications	8
	Section 2.05	Registration of Transfer and Exchange	9
	Section 2.06	Temporary Securities	10
	Section 2.07	Mutilated, Destroyed, Lost or Stolen Securities	10
	Section 2.08	Cancellation	11
	Section 2.09	Benefits of Indenture	11
	Section 2.10	Authenticating Agent	11
	Section 2.11	Global Securities	11
	ARTICLE 3	REDEMPTION OF SECURITIES AND SINKING FUND
    PROVISIONS	12
	Section 3.01	Redemption	12
	Section 3.02	Notice of Redemption	12
	Section 3.03	Payment Upon Redemption	13
	Section 3.04	Sinking Fund	14
	Section 3.05	Satisfaction of Sinking Fund Payments with Securities	14
	Section 3.06	Redemption of Securities for Sinking Fund	14
	ARTICLE 4	COVENANTS	14
	Section 4.01	Payment of Principal, Premium and Interest	14
	Section 4.02	Maintenance of Office or Agency	15
	Section 4.03	Paying Agents	15
	Section 4.04	Appointment to Fill Vacancy in Office of Trustee	16
	Section 4.05	Compliance with Consolidation Provisions	16
	ARTICLE 5	SECURITYHOLDERS’ LISTS AND REPORTS
    BY THE COMPANY AND THE TRUSTEE	16
	Section 5.01	Company to Furnish Trustee Names and Addresses
    of Securityholders	16
	Section 5.02	Preservation Of Information; Communications
    With Securityholders	16
	Section 5.03	Reports by the Company	17
	Section 5.04	Reports by the Trustee	17
	ARTICLE 6	REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS
    ON EVENT OF DEFAULT	17
	Section 6.01	Events of Default	17
	Section 6.02	Collection of Indebtedness and Suits for Enforcement
    by Trustee	19
	Section 6.03	Application of Moneys Collected	20
	Section 6.04	Limitation on Suits	20
	Section 6.05	Rights and Remedies Cumulative; Delay or Omission
    Not Waiver	21
	Section 6.06	Control by Securityholders	21
	Section 6.07	Undertaking to Pay Costs	21
	ARTICLE 7	CONCERNING THE TRUSTEE	22
	Section 7.01	Certain Duties and Responsibilities of Trustee	22
	Section 7.02	Certain Rights of Trustee	23
	Section 7.03	Trustee Not Responsible for Recitals or Issuance
    or Securities	24
	Section 7.04	May Hold Securities	24
	Section 7.05	Moneys Held in Trust	24
	Section 7.06	Compensation and Reimbursement	25
	Section 7.07	Reliance on Officer’s Certificate	25
	Section 7.08	Disqualification; Conflicting Interests	25
	Section 7.09	Corporate Trustee Required; Eligibility	26
	Section 7.10	Resignation and Removal; Appointment of Successor	26

 

    

     

    

 

	Section 7.11	Acceptance of Appointment By Successor	27
	Section 7.12	Merger, Conversion, Consolidation or Succession
    to Business	28
	Section 7.13	Preferential Collection of Claims Against the
    Company	28
	Section 7.14	Notice of Default	28
	ARTICLE 8	CONCERNING THE SECURITYHOLDERS	28
	Section 8.01	Evidence of Action by Securityholders	28
	Section 8.02	Proof of Execution by Securityholders	29
	Section 8.03	Who May be Deemed Owners	29
	Section 8.04	Certain Securities Owned by Company Disregarded	29
	Section 8.05	Actions Binding on Future Securityholders	30
	ARTICLE 9	SUPPLEMENTAL INDENTURES	30
	Section 9.01	Supplemental Indentures Without the Consent
    of Securityholders	30
	Section 9.02	Supplemental Indentures With Consent of Securityholders	31
	Section 9.03	Effect of Supplemental Indentures	31
	Section 9.04	Securities Affected by Supplemental Indentures	31
	Section 9.05	Execution of Supplemental Indentures	32
	ARTICLE 10	SUCCESSOR ENTITY	32
	Section 10.01	Company May Consolidate, Etc.	32
	Section 10.02	Successor Entity Substituted	32
	ARTICLE 11	SATISFACTION AND DISCHARGE	33
	Section 11.01	Satisfaction and Discharge of Indenture	33
	Section 11.02	Discharge of Obligations	33
	Section 11.03	Deposited Moneys to be Held in Trust	34
	Section 11.04	Payment of Moneys Held by Paying Agents	34
	Section 11.05	Repayment to Company	34
	ARTICLE 12	IMMUNITY OF INCORPORATORS, STOCKHOLDERS,
    OFFICERS AND DIRECTORS	34
	Section 12.01	No Recourse	34
	ARTICLE 13	MISCELLANEOUS PROVISIONS	35
	Section 13.01	Effect on Successors and Assigns	35
	Section 13.02	Actions by Successor	35
	Section 13.03	Surrender of Company Powers	35
	Section 13.04	Notices	35
	Section 13.05	Governing Law	35
	Section 13.06	Treatment of Securities as Debt	35
	Section 13.07	Certificates as to Conditions Precedent	36
	Section 13.08	Payments on Business Days	36
	Section 13.09	Conflict with Trust Indenture Act	36
	Section 13.10	Counterparts	36
	Section 13.11	Separability	36
	Section 13.12	Compliance Certificates	37
	Section 13.13	U.S.A Patriot Act	37
	Section 13.14	Force Majeure	37
	Section 13.15	Table of Contents; Headings	37

 

	(1)	This Table of Contents does
    not constitute part of the Indenture and shall not have any bearing on the interpretation of any of its terms or provisions.

 

    

     

    

 

INDENTURE

 

INDENTURE,
dated as of [●], 20[●], among Monaker Group, Inc., a Nevada corporation (the “Company”),
and [●], as trustee (the “Trustee”):

 

WHEREAS,
for its lawful corporate purposes, the Company has duly authorized the execution and delivery of this Indenture to provide for
the issuance of debt securities (hereinafter referred to as the “Securities”), in an unlimited aggregate
principal amount to be issued from time to time in one or more series as in this Indenture provided, as registered Securities
without coupons, to be authenticated by the certificate of the Trustee;

 

WHEREAS,
to provide the terms and conditions upon which the Securities are to be authenticated, issued and delivered, the Company has duly
authorized the execution of this Indenture; and

 

WHEREAS,
all things necessary to make this Indenture a valid agreement of the Company, in accordance with its terms, have been done.

 

NOW,
THEREFORE, in consideration of the premises and the purchase of the Securities by the holders thereof, it is mutually covenanted
and agreed as follows for the equal and ratable benefit of the holders of Securities:

 

ARTICLE
1

DEFINITIONS

 

Section
1.01     Definitions of Terms.

 

The
terms defined in this Section (except as in this Indenture or any indenture supplemental hereto otherwise expressly provided or
unless the context otherwise requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have
the respective meanings specified in this Section and shall include the plural as well as the singular.  All other terms
used in this Indenture that are defined in the Trust Indenture Act of 1939, as amended, or that are by reference in such Act defined
in the Securities Act of 1933, as amended (except as herein or any indenture supplemental hereto otherwise expressly provided
or unless the context otherwise requires), shall have the meanings assigned to such terms in said Trust Indenture Act and in said
Securities Act as in force at the date of the execution of this instrument.

 

“Authenticating
Agent” means the Trustee or an authenticating agent with respect to all or any of the series of Securities appointed
by the Trustee pursuant to Section 2.10.

 

“Bankruptcy
Law” means Title 11, U.S. Code, or any similar federal or state law for the relief of debtors.

 

“Board
of Directors” means the Board of Directors (or the functional equivalent thereof) of the Company or any duly
authorized committee of such Board.

 

“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 (or duly authorized committee thereof) and to be in full force and effect
on the date of such certification.

 

“Business
Day” means, with respect to any series of Securities, any day other than a day on which federal or state banking
institutions in the Borough of Manhattan, the City of New York, or in the city of the Corporate Trust Office of the Trustee, are
authorized or obligated by law, executive order or regulation to close.

 

“Certificate”
means a certificate signed by any Officer.  The Certificate need not comply with the provisions of Section 13.07.

 

 

    1

     

    

 

“Commission”
means the Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act, or, if at any
time after the execution of this instrument such Commission is not existing and performing the duties now assigned to it under
the Trust Indenture Act, then the body performing such duties at such time.

 

“Company”
means Monaker Group, Inc., a corporation duly organized and existing under the laws of the State of Nevada, and, subject to the
provisions of Article Ten, shall also include its successors and assigns.

 

“Corporate
Trust Office” means the office of the Trustee at which, at any particular time, its corporate trust business
shall be principally administered, which office at the date hereof is located at _______________________________.

 

“Custodian”
means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

 

“Defaulted
Interest” has the meaning set forth in Section 2.03.

 

“Depositary”
means, with respect to Securities of any series for which the Company shall determine that such Securities will be issued as a
Global Security, The Depository Trust Company, another clearing agency, or any successor registered as a clearing agency under
the Exchange Act, or other applicable statute or regulation, which, in each case, shall be designated by the Company pursuant
to either Section 2.01 or 2.11.

 

“Event
of Default” means, with respect to Securities of a particular series, any event specified in Section 6.01, continued
for the period of time, if any, therein designated.

 

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

 

“Global
Security” means a Security issued to evidence all or a part of any series of Securities which is executed by
the Company and authenticated and delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction,
all in accordance with the Indenture, which shall be registered in the name of the Depositary or its nominee.

 

“Governmental
Obligations” means securities that are (a) direct obligations of the United States of America for the payment
of which its full faith and credit is pledged or (b) obligations of a Person controlled or supervised by and acting as an
agency or instrumentality of the United States of America, the payment of which is unconditionally guaranteed as a full faith
and credit obligation by the United States of America that, in either case, are not callable or redeemable at the option of the
issuer thereof at any time prior to the stated maturity of the Securities, and shall also include a depositary receipt issued
by a bank or trust company as custodian with respect to any such Governmental Obligation or a specific payment of principal of
or interest on any such Governmental Obligation held by such custodian for the account of the holder of such depositary receipt;
provided, however, that (except as required by law) such custodian is not authorized to make any deduction from the amount payable
to the holder of such depositary receipt from any amount received by the custodian in respect of the Governmental Obligation or
the specific payment of principal of or interest on the Governmental Obligation evidenced by such depositary receipt.

 

“herein”,
“hereof” and “hereunder”, and other words of similar import,
refer to this Indenture as a whole and not to any particular Article, Section or other subdivision.

 

“Indenture”
means this instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures
supplemental hereto entered into in accordance with the terms hereof and shall include the terms of particular series of Securities
established as contemplated by Section 2.01.

 

    2

     

    

 

 

“Interest
Payment Date”, when used with respect to any installment of interest on a Security of a particular series, means
the date specified in such Security or in a Board Resolution or in an indenture supplemental hereto with respect to such series
as the fixed date on which an installment of interest with respect to Securities of that series is due and payable.

 

“Officer”
means, with respect to the Company, the chairman of the Board of Directors, the chief executive officer, the president, the chief
financial officer, the chief operating officer, any executive vice president, any senior vice president, any vice president, the
treasurer or any assistant treasurer, the controller or any assistant controller or the secretary or any assistant secretary.

 

 “Officer’s
Certificate” means a certificate signed by any Officer.  Each such certificate shall include the statements
provided for in Section 13.07(b), if and to the extent required by the provisions thereof.

 

“Opinion
of Counsel” means an opinion in writing subject to customary exceptions of legal counsel, who may be an employee
of or counsel for the Company, that is delivered to the Trustee in accordance with the terms hereof.  Each such opinion
shall include the statements provided for in Section 13.07(b), if and to the extent required by the provisions thereof.

 

“Outstanding”,
when used with reference to Securities of any series, means, subject to the provisions of Section 8.04, as of any particular time,
all Securities of that series theretofore authenticated and delivered by the Trustee under this Indenture, except (a) Securities
theretofore canceled by the Trustee or any paying agent, or delivered to the Trustee or any paying agent for cancellation or that
have previously been canceled; (b) Securities or portions thereof for the payment or redemption of which moneys or Governmental
Obligations 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);
provided, however, that if such Securities or portions of such Securities are to be redeemed prior to the maturity thereof, notice
of such redemption shall have been given as provided in Article Three, or provision satisfactory to the Trustee shall have been
made for giving such notice; and (c) Securities in lieu of or in substitution for which other Securities shall have been authenticated
and delivered pursuant to the terms of Section 2.07.

 

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

 

“Predecessor
Security” of any particular Security means every previous Security evidencing all or a portion of the same debt
as that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered
under Section 2.07 in lieu of a lost, destroyed or stolen Security shall be deemed to evidence the same debt as the lost, destroyed
or stolen Security.

 

“Responsible
Officer” when used with respect to the Trustee means any officer of the Trustee assigned by the Trustee to administer
its corporate trust matters with respect to this Indenture (which, for the avoidance of doubt, includes without limitation any
supplemental indenture hereto).

 

“Securities”
has the meaning stated in the first recital of this Indenture and more particularly means any Securities authenticated and delivered
under this Indenture.

 

“Securities
Act” means the Securities Act of 1933, as amended.

 

“Securityholder”,
“holder of Securities”, “registered holder”, or other similar
term, means the Person or Persons in whose name or names a particular Security is registered on the Security Register kept for
that purpose in accordance with the terms of this Indenture.

 

    3

     

    

 

 “Security
Register” and “Security Registrar” shall have the meanings as set forth in
Section 2.05.

 

“Subsidiary”
means, with respect to any Person:

 

(1)       any
corporation or company a majority of whose capital stock with voting power, under ordinary circumstances, to elect directors is,
at the date of determination, directly or indirectly, owned by such Person (a “subsidiary”),
by one or more subsidiaries of such Person or by such Person and one or more subsidiaries of such Person;

 

(2)       a
partnership in which such Person or a subsidiary of such Person is, at the date of determination, a general partner of such partnership;
or

 

(3)       any
partnership, limited liability company or other Person in which such Person, a subsidiary of such Person or such Person and one
or more subsidiaries of such Person, directly or indirectly, at the date of determination, have (x) at least a majority ownership
interest or (y) the power to elect or appoint or direct the election or appointment of the managing partner or member of
such Person or, if applicable, a majority of the directors or other governing body of such Person.

 

“Trustee”
means _________________________, and, subject to the provisions of Article Seven, shall also include its successors and assigns,
and, if at any time there is more than one Person acting in such capacity hereunder, “Trustee” shall
mean each such Person.  The term “Trustee” as used with respect to a particular series of
the Securities shall mean the trustee with respect to that series.

 

“Trust
Indenture Act” means the Trust Indenture Act of 1939, as amended.

 

“U.S.A.
Patriot Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept
and Obstruct Terrorism Act of 2001, Pub. L. 107-56, as amended and signed into law October 26, 2001.

 

ARTICLE
2

ISSUE,
DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES

 

Section
2.01     Designation and Terms of Securities.

 

(a)       The
aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is unlimited.  The
Securities may be issued in one or more series up to the aggregate principal amount of Securities of that series from time to
time authorized by or pursuant to a Board Resolution or pursuant to one or more indentures supplemental hereto.  Prior
to the initial issuance of Securities of any series, there shall be established in or pursuant to a Board Resolution, and set
forth in an Officer’s Certificate, or established in one or more indentures supplemental hereto:

 

(1)       the
title of the Securities of the series (which shall distinguish the Securities of that series from all other Securities);

 

(2)       any
limit upon the aggregate principal amount of the Securities of that series that may be authenticated and delivered under this
Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu
of, other Securities of that series);

 

(3)       the
maturity date or dates on which the principal of the Securities of the series is payable;

 

(4)       the
form of the Securities of the series including the form of the certificate of authentication for such series;

 

    4

     

    

 

 

(5)       the
applicability of any guarantees;

 

(6)       whether
or not the Securities will be secured or unsecured, and the terms of any secured debt;

 

(7)       whether
the Securities rank as senior debt, senior subordinated debt, subordinated debt or any combination thereof, and the terms of any
subordination;

 

(8)       if
the price (expressed as a percentage of the aggregate principal amount thereof) at which such Securities will be issued is a price
other than the principal amount thereof, the portion of the principal amount thereof payable upon declaration of acceleration
of the maturity thereof, or if applicable, the portion of the principal amount of such Securities that is convertible into another
security or the method by which any such portion shall be determined;

 

(9)       the
interest rate or rates, which may be fixed or variable, or the method for determining the rate and the date interest will begin
to accrue, the dates interest will be payable and the regular record dates for interest payment dates or the method for determining
such dates;

 

(10)       the
Company’s right, if any, to defer the payment of interest and the maximum length of any such deferral period;

 

(11)       if
applicable, the date or dates after which, or the period or periods during which, and the price or prices at which, the Company
may at its option, redeem the series of Securities pursuant to any optional or provisional redemption provisions and the terms
of those redemption provisions;

 

(12)       the
date or dates, if any, on which, and the price or prices at which the Company is obligated, pursuant to any mandatory sinking
fund or analogous fund provisions or otherwise, to redeem, or at the Securityholder’s option to purchase, the series of
Securities and the currency or currency unit in which the Securities are payable;

 

(13)       the
denominations in which the Securities of the series shall be issuable, if other than denominations of one thousand U.S. dollars
($1,000) or any integral multiple thereof;

 

(14)       any
and all terms, if applicable, relating to any auction or remarketing of the Securities of that series and any security for the
obligations of the Company with respect to such Securities and any other terms which may be advisable in connection with the marketing
of Securities of that series;

 

(15)       whether
the Securities of the series shall be issued in whole or in part in the form of a Global Security or Securities; the terms and
conditions, if any, upon which such Global Security or Securities may be exchanged in whole or in part for other individual Securities;
and the Depositary for such Global Security or Securities;

 

(16)       if
applicable, the provisions relating to conversion or exchange of any Securities of the series and the terms and conditions upon
which such Securities will be so convertible or exchangeable, including the conversion or exchange price, as applicable, or how
it will be calculated and may be adjusted, any mandatory or optional (at the Company’s option or the holders’ option)
conversion or exchange features, the applicable conversion or exchange period and the manner of settlement for any conversion
or exchange, which may, without limitation, include the payment of cash as well as the delivery of securities;

 

(17)       if
other than the full principal amount thereof, the portion of the principal amount of Securities of the series which shall be payable
upon declaration of acceleration of the maturity thereof pursuant to Section 6.01;

 

    5

     

    

 

 

(18)       any
changes in or additions to the covenants applicable to the series of Securities being issued, including, among others, the consolidation,
merger or sale covenant;

 

(19)       only
additions to or changes in the Events of Default with respect to the Securities and any change in the right of the Trustee or
the Securityholders to declare the principal, premium, if any, and interest, if any, with respect to such Securities to be due
and payable;

 

(20)       additions
to or changes in or deletions of the provisions relating to covenant defeasance and legal defeasance;

 

(21)       additions
to or changes in the provisions relating to satisfaction and discharge of this Indenture;

 

(22)       additions
to or changes in the provisions relating to the modification of this Indenture both with and without the consent of Securityholders
of Securities issued under this Indenture;

 

(23)       the
currency of payment of Securities if other than U.S. dollars and the manner of determining the equivalent amount in U.S. dollars;

 

(24)       whether
interest will be payable in cash or additional Securities at the Company’s or the Securityholders’ option, the terms
and conditions upon which the election may be made;

 

(25)       the
terms and conditions, if any, upon which the Company shall pay amounts in addition to the stated interest, premium, if any and
principal amounts of the Securities of the series to any Securityholder that is not a “United States person”
for federal tax purposes;

 

(26)       any
restrictions on transfer, sale or assignment of the Securities of the series; and

 

(27)       any
other specific terms, preferences, rights or limitations of, or restrictions on, the Securities, any other additions or changes
in the provisions of this Indenture, and any terms that may be required by us or advisable under applicable laws or regulations.

 

(b)       All
Securities of any one series shall be substantially identical except as may otherwise be provided in or pursuant to any such Board
Resolution or in any indentures supplemental hereto.

 

If
any of the terms of the series are established by action taken pursuant to a Board Resolution of the Company, a copy of an appropriate
record of such action shall be certified by the secretary or an assistant secretary of the Company and delivered to the Trustee
at or prior to the delivery of the Officer’s Certificate of the Company setting forth the terms of the series.

 

Securities
of any particular series may be issued at various times, with different dates on which the principal or any installment of principal
is payable, with different rates of interest, if any, or different methods by which rates of interest may be determined, with
different dates on which such interest may be payable and with different redemption dates.

 

    6

     

    

 

 

Section
2.02     Form of Securities and Trustee’s Certificate.

 

The
Securities of any series and the Trustee’s certificate of authentication to be borne by such Securities shall be substantially
of the tenor and purport as set forth in one or more indentures supplemental hereto or as provided in a Board Resolution, and
set forth in an Officer’s Certificate, and they may have such letters, numbers or other marks of identification or designation
and such legends or endorsements printed, lithographed or engraved thereon as the Company may deem appropriate 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 on which Securities of that series may be listed,
or to conform to usage.

 

Section
2.03     Denominations: Provisions for Payment.

 

The
Securities shall be issuable as registered Securities and in the denominations of one thousand U.S. dollars ($1,000) or any integral
multiple thereof, subject to Section 2.01(a)(13).  The Securities of a particular series shall bear interest payable
on the dates and at the rate specified with respect to that series.  Subject to Section 2.01(a)(23), the principal of
and the interest on the Securities of any series, as well as any premium thereon in the case of a redemption or repurchase thereof
prior to maturity, and any cash amount due upon the conversion or exchange thereof, shall be payable in the coin or currency of
the United States of America that at the time is legal tender for public and private debt, at the office or agency of the Company
in the continental United States of America maintained for that purpose.  Each Security shall be dated the date of its
authentication.  Interest on the Securities shall be computed on the basis of a 360-day year composed of twelve 30-day
months.

 

The
interest installment on any Security that is payable, and is punctually paid or duly provided for, on any Interest Payment Date
for Securities of that series shall be paid to the Person in whose name said Security (or one or more Predecessor Securities)
is registered at the close of business on the regular record date for such interest installment.  In the event that
any Security of a particular series or portion thereof is called for redemption and the redemption date is subsequent to a regular
record date with respect to any Interest Payment Date and prior to such Interest Payment Date, interest on such Security will
be paid upon presentation and surrender of such Security as provided in Section 3.03.

 

Any
interest on any Security that is payable, but is not punctually paid or duly provided for, on any Interest Payment Date for Securities
of the same series (herein called “Defaulted Interest”) shall forthwith cease to be payable to the registered
holder on the relevant regular record date by virtue of having been such holder; and such Defaulted Interest shall be paid by
the Company, at its election, as provided in clause (1) or clause (2) below:

 

(1)       The
Company may make payment of any Defaulted Interest on Securities to the Persons in whose names such Securities (or their respective
Predecessor Securities) are registered at the close of business on a special record date for the payment of such Defaulted Interest,
which shall be fixed in the following manner: the Company shall notify the Trustee in writing of the amount of Defaulted Interest
proposed to be paid on each such Security and the date of the proposed payment, and at the same time the Company shall deposit
with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or
shall make arrangements satisfactory to the Trustee for such deposit 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 Interest as in this clause provided.  Thereupon
the Trustee shall fix a special record date for the payment of such Defaulted Interest which shall not be more than 15 nor less
than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice
of the proposed payment.  The Trustee shall promptly notify the Company of such special record date and, in the name
and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the special record
date therefor to be mailed, first class postage prepaid, to each Securityholder at his or her address as it appears in the Security
Register (as hereinafter defined), not less than 10 days prior to such special record date.  Notice of the proposed
payment of such Defaulted Interest and the special record date therefor having been mailed as aforesaid, such Defaulted Interest
shall be paid to the Persons in whose names such Securities (or their respective Predecessor Securities) are registered on such
special record date.

 

    7

     

    

 

 

(2)       The
Company may make payment of any Defaulted Interest on any Securities in any other lawful manner not inconsistent with the requirements
of any securities exchange on which such Securities may be listed, and upon such notice as may be required by such exchange, if,
after 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.

 

Unless
otherwise set forth in a Board Resolution or one or more indentures supplemental hereto establishing the terms of any series of
Securities pursuant to Section 2.01 hereof, the term “regular record date” as used in this Section with
respect to a series of Securities and any Interest Payment Date for such series shall mean either the fifteenth day of the month
immediately preceding the month in which an Interest Payment Date established for such series pursuant to Section 2.01 hereof
shall occur, if such Interest Payment Date is the first day of a month, or the first day of the month in which an Interest Payment
Date established for such series pursuant to Section 2.01 hereof shall occur, if such Interest Payment Date is the fifteenth day
of a month, whether or not such date is a Business Day.

 

Subject
to the foregoing provisions of this Section, each Security of a series delivered under this Indenture upon transfer of or in exchange
for or in lieu of any other Security of such series shall carry the rights to interest accrued and unpaid, and to accrue, that
were carried by such other Security.

 

Section
2.04     Execution and Authentications.

 

The
Securities shall be signed on behalf of the Company by one of its Officers.  Signatures may be in the form of a manual
or facsimile signature.

 

The
Company may use the facsimile signature of any Person who shall have been an Officer (at the time of execution), notwithstanding
the fact that at the time the Securities shall be authenticated and delivered or disposed of such Person shall have ceased to
be such an officer of the Company.  The Securities may contain such notations, legends or endorsements required by law,
stock exchange rule or usage.  Each Security shall be dated the date of its authentication by the Trustee.

 

A
Security shall not be valid until authenticated manually by an authorized signatory of the Trustee, or by an Authenticating Agent.  Such
signature shall be conclusive evidence that the Security so authenticated has been duly authenticated and delivered hereunder
and that the holder is entitled to the benefits of this Indenture.  At any time and from time to time after the execution
and delivery of this Indenture, the Company may deliver Securities of any series executed by the Company to the Trustee for authentication,
together with a written order of the Company for the authentication and delivery of such Securities, signed by an Officer, and
the Trustee in accordance with such written order shall authenticate and deliver such Securities.

 

Upon
the Company’s delivery of any such authentication order to the Trustee at any time after the initial issuance of Securities
under this Indenture, the Trustee shall be provided with, and (subject to Sections 315(a) through 315(d) of the Trust Indenture
Act) shall be fully protected in relying upon, (1) an Opinion of Counsel or reliance letter and (2) an Officer’s Certificate
stating that all conditions precedent to the execution, authentication and delivery of such Securities are in conformity with
the provisions of this Indenture.

 

The
Trustee shall not be required to authenticate such Securities if the issue of such Securities pursuant to this Indenture will
affect the Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner that
is not reasonably acceptable to the Trustee.

 

    8

     

    

 

Section
2.05     Registration of Transfer and Exchange.

 

(a)       Securities
of any series may be exchanged upon presentation thereof at the office or agency of the Company in the continental United States
of America designated for such purpose, for other Securities of such series of authorized denominations, and for a like aggregate
principal amount, upon payment of a sum sufficient to cover any tax or other governmental charge in relation thereto, all as provided
in this Section.  In respect of any Securities so surrendered for exchange, the Company shall execute, the Trustee shall
authenticate and such office or agency shall deliver in exchange therefor the Security or Securities of the same series that the
Securityholder making the exchange shall be entitled to receive, bearing numbers not contemporaneously outstanding.

 

(b)       The
Company shall keep, or cause to be kept at its office or agency in the continental United States of America designated for
such purpose a register or registers (herein referred to as the “Security Register”) in which, subject
to such reasonable regulations as it may prescribe, the Company shall register the Securities and the transfers of Securities
as in this Article provided and which at all reasonable times shall be open for inspection by the Trustee.  The registrar
for the purpose of registering Securities and transfer of Securities as herein provided shall be appointed as authorized by Board
Resolution (the “Security Registrar”).

 

Upon
surrender for transfer of any Security at the office or agency of the Company designated for such purpose, the Company shall execute,
the Trustee shall authenticate and such office or agency shall deliver in the name of the transferee or transferees a new Security
or Securities of the same series as the Security presented for a like aggregate principal amount.

 

All
Securities presented or surrendered for exchange or registration of transfer, as provided in this Section, shall be accompanied
(if so required by the Company or the Security Registrar) by a written instrument or instruments of transfer, in form satisfactory
to the Company or the Security Registrar, duly executed by the registered holder or by such holder’s duly authorized attorney
in writing.

 

(c)       Except
as provided pursuant to Section 2.01 pursuant to a Board Resolution, and set forth in an Officer’s Certificate, or established
in one or more indentures supplemental to this Indenture, no service charge shall be made for any exchange or registration of
transfer of Securities, or issue of new Securities in case of partial redemption of any series or repurchase, conversion or exchange
of less than the entire principal amount of a Security, but the Company may require payment of a sum sufficient to cover any tax
or other governmental charge in relation thereto, other than exchanges pursuant to Section 2.06, Section 3.03(b) and Section 9.04
not involving any transfer.

 

(d)       The
Company shall not be required (i) to issue, exchange or register the transfer of any Securities during a period beginning at the
opening of business 15 days before the day of the mailing of a notice of redemption of less than all the Outstanding Securities
of the same series and ending at the close of business on the day of such mailing, nor (ii) to register the transfer of or exchange
any Securities of any series or portions thereof called for redemption or surrendered for repurchase, but not validly withdrawn,
other than the unredeemed portion of any such Securities being redeemed in part or not surrendered for repurchase, as the case
may be.  The provisions of this Section 2.05 are, with respect to any Global Security, subject to Section 2.11 hereof.

 

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 Security (including any transfers
between or among depositary participants or beneficial owners of interests in any Global Security) 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.

 

  

    9

     

    

 

Section
2.06     Temporary Securities.

 

Pending
the preparation of definitive Securities of any series, the Company may execute, and the Trustee shall authenticate and deliver,
temporary Securities (printed, lithographed or typewritten) of any authorized denomination.  Such temporary Securities
shall be substantially in the form of the definitive Securities in lieu of which they are issued, but with such omissions, insertions
and variations as may be appropriate for temporary Securities, all as may be determined by the Company.  Every temporary
Security of any series shall be executed by the Company and be authenticated by the Trustee upon the same conditions and in substantially
the same manner, and with like effect, as the definitive Securities of such series.  Without unnecessary delay the Company
will execute and will furnish definitive Securities of such series and thereupon any or all temporary Securities of such series
may be surrendered in exchange therefor (without charge to the holders), at the office or agency of the Company  in
the continental United States of America designated for the purpose, and the Trustee shall authenticate and such office or agency
shall deliver in exchange for such temporary Securities an equal aggregate principal amount of definitive Securities of such series,
unless the Company advises the Trustee to the effect that definitive Securities need not be executed and furnished until further
notice from the Company.  Until so exchanged, the temporary Securities of such series shall be entitled to the same
benefits under this Indenture as definitive Securities of such series authenticated and delivered hereunder.

 

Section
2.07     Mutilated, Destroyed, Lost or Stolen Securities.

 

In
case any temporary or definitive Security shall become mutilated or be destroyed, lost or stolen, the Company (subject to the
next succeeding sentence) shall execute, and upon the Company’s request the Trustee (subject as aforesaid) shall authenticate
and deliver, a new Security of the same series, bearing a number not contemporaneously outstanding, in exchange and substitution
for the mutilated Security, or in lieu of and in substitution for the Security so destroyed, lost or stolen.  In every
case the applicant for a substituted Security shall furnish to the Company and the Trustee such security or indemnity as may be
required by them to save each of them harmless, and, in every case of destruction, loss or theft, the applicant shall also furnish
to the Company and the Trustee evidence to their satisfaction of the destruction, loss or theft of the applicant’s Security
and of the ownership thereof.  The Trustee may authenticate any such substituted Security and deliver the same upon
the written request or authorization of any officer of the Company.  Upon the issuance of any substituted Security,
the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation
thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith.

 

In
case any Security that has matured or is about to mature shall become mutilated or be destroyed, lost or stolen, the Company may,
instead of issuing a substitute Security, pay or authorize the payment of the same (without surrender thereof except in the case
of a mutilated Security) if the applicant for such payment shall furnish to the Company and the Trustee such security or indemnity
as they may require to save them harmless, and, in case of destruction, loss or theft, evidence to the satisfaction of the Company
and the Trustee of the destruction, loss or theft of such Security and of the ownership thereof.

 

Every
replacement Security issued pursuant to the provisions of this Section shall constitute an additional contractual obligation of
the Company whether or not the mutilated, destroyed, lost or stolen Security shall be found at any time, or be enforceable by
anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities
of the same series duly issued hereunder.  All Securities shall be held and owned upon the express condition that the
foregoing provisions are exclusive with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities,
and shall preclude (to the extent lawful) any and all other rights or remedies, notwithstanding any law or statute existing or
hereafter enacted to the contrary with respect to the replacement or payment of negotiable instruments or other securities without
their surrender.

 

    10

     

    

 

 

Section
2.08     Cancellation.

 

All
Securities surrendered for the purpose of payment, redemption, repurchase, exchange, registration of transfer or conversion or
exchange shall, if surrendered to the Company or any paying agent (or any other applicable agent), be delivered to the Trustee
for cancellation, or, if surrendered to the Trustee, shall be cancelled by it, and no Securities shall be issued in lieu thereof
except as expressly required or permitted by any of the provisions of this Indenture.  On request of the Company at
the time of such surrender, the Trustee shall deliver to the Company canceled Securities held by the Trustee.  In the
absence of such request the Trustee may dispose of canceled Securities in accordance with its standard procedures and deliver
a certificate of disposition to the Company.  If the Company shall otherwise acquire any of the Securities, however,
such acquisition shall not operate as a redemption or satisfaction of the indebtedness represented by such Securities unless and
until the same are delivered to the Trustee for cancellation.

 

Section
2.09     Benefits of Indenture.

 

Nothing
in this Indenture or in the Securities, express or implied, shall give or be construed to give to any Person, other than the parties
hereto and the holders of the Securities, any legal or equitable right, remedy or claim under or in respect of this Indenture,
or under any covenant, condition or provision herein contained; all such covenants, conditions and provisions being for the sole
benefit of the parties hereto and of the holders of the Securities.

 

Section
2.10     Authenticating Agent.

 

So
long as any of the Securities of any series remain Outstanding there may be an Authenticating Agent for any or all such series
of Securities which the Trustee shall have the right to appoint.  Said Authenticating Agent shall be authorized to act
on behalf of the Trustee to authenticate Securities of such series issued upon exchange, transfer or partial redemption, repurchase
or conversion thereof, and Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid
and obligatory for all purposes as if authenticated by the Trustee hereunder.  All references in this Indenture to the
authentication of Securities by the Trustee shall be deemed to include authentication by an Authenticating Agent for such series.  Each
Authenticating Agent shall be acceptable to the Company and shall be a corporation that has a combined capital and surplus, as
most recently reported or determined by it, sufficient under the laws of any jurisdiction under which it is organized or in which
it is doing business to conduct a trust business, and that is otherwise authorized under such laws to conduct such business and
is subject to supervision or examination by federal or state authorities.  If at any time any Authenticating Agent shall
cease to be eligible in accordance with these provisions, it shall resign immediately.

 

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 (and upon request by the Company shall) terminate the agency of any Authenticating Agent by giving written
notice of termination to such Authenticating Agent and to the Company.  Upon resignation, termination or cessation of
eligibility of any Authenticating Agent, the Trustee may appoint an eligible successor Authenticating Agent acceptable to the
Company.  Any successor Authenticating Agent, upon acceptance of its appointment hereunder, shall become vested with
all the rights, powers and duties of its predecessor hereunder as if originally named as an Authenticating Agent pursuant hereto.

 

Section
2.11     Global Securities.

 

(a)       If
the Company shall establish pursuant to Section 2.01 that the Securities of a particular series are to be issued as a Global Security,
then the Company shall execute and the Trustee shall, in accordance with Section 2.04, authenticate and deliver, a Global Security
that (i) shall represent, and shall be denominated in an amount equal to the aggregate principal amount of, all of the Outstanding
Securities of such series, (ii) shall be registered in the name of the Depositary or its nominee, (iii) shall be delivered by
the Trustee to the Depositary or pursuant to the Depositary’s instruction (or if the Depositary names the Trustee as its
custodian, retained by the Trustee) and (iv) shall bear a legend substantially to the following effect: “Except as
otherwise provided in Section 2.11 of the Indenture, this Security may be transferred, in whole but not in part, only to another
nominee of the Depositary or to a successor Depositary or to a nominee of such successor Depositary.”

 

    11

     

    

 

 

(b)       Notwithstanding
the provisions of Section 2.05, the Global Security of a series may be transferred, in whole but not in part and in the manner
provided in Section 2.05, only to another nominee of the Depositary for such series, or to a successor Depositary for such series
selected or approved by the Company or to a nominee of such successor Depositary.

 

(c)       If
at any time the Depositary for a series of the Securities notifies the Company that it is unwilling or unable to continue as Depositary
for such series or if at any time the Depositary for such series shall no longer be registered or in good standing under the Exchange
Act, or other applicable statute or regulation, and a successor Depositary for such series is not appointed by the Company within
90 days after the Company receives such notice or becomes aware of such condition, as the case may be, or if an Event of Default
has occurred and is continuing and the Company has received a request from the Depositary or from the Trustee, this Section 2.11
shall no longer be applicable to the Securities of such series and the Company will execute, and subject to Section 2.04, the
Trustee will authenticate and deliver the Securities of such series in definitive registered form without coupons, in authorized
denominations, and in an aggregate principal amount equal to the principal amount of the Global Security of such series in exchange
for such Global Security.  In addition, the Company may at any time determine that the Securities of any series shall
no longer be represented by a Global Security and that the provisions of this Section 2.11 shall no longer apply to the Securities
of such series.  In such event the Company will execute and, subject to Section 2.04, the Trustee, upon receipt of an
Officer’s Certificate evidencing such determination by the Company, will authenticate and deliver the Securities of such
series in definitive registered form without coupons, in authorized denominations, and in an aggregate principal amount equal
to the principal amount of the Global Security of such series in exchange for such Global Security.  Upon the exchange
of the Global Security for such Securities in definitive registered form without coupons, in authorized denominations, the Global
Security shall be canceled by the Trustee.  Such Securities in definitive registered form issued in exchange for the
Global Security pursuant to this Section 2.11(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, shall instruct the Trustee.  The
Trustee shall deliver such Securities to the Depositary for delivery to the Persons in whose names such Securities are so registered.

 

ARTICLE
3

 REDEMPTION
OF SECURITIES AND SINKING FUND PROVISIONS

 

Section
3.01     Redemption.

 

The
Company may redeem the Securities of any series issued hereunder on and after the dates and in accordance with the terms established
for such series pursuant to Section 2.01 hereof.

 

Section
3.02     Notice of Redemption.

 

(a)       In
case the Company shall desire to exercise such right to redeem all or, as the case may be, a portion of the Securities of any
series in accordance with any right the Company reserved for itself to do so pursuant to Section 2.01 hereof, the Company shall,
or shall cause the Trustee to, give notice of such redemption to holders of the Securities of such series to be redeemed by mailing,
first class postage prepaid (or with regard to any Global Security held in book entry form, by electronic mail), a notice of such
redemption not less than 30 days and not more than 60 days before the date fixed for redemption of that series to such holders
at their last addresses as they shall appear upon the Security Register, unless a shorter period is specified in the Securities
to be redeemed.  Any notice that is mailed in the manner herein provided shall be conclusively presumed to have been
duly given, whether or not the registered holder receives the notice.  In any case, failure duly to give such notice
to the holder of any Security of any series designated for redemption in whole or in part, or any defect in the notice, shall
not affect the validity of the proceedings for the redemption of any other Securities of such series or any other series.  In
the case of any redemption of Securities prior to the expiration of any restriction on such redemption provided in the terms of
such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officer’s Certificate evidencing
compliance with any such restriction.

 

    12

     

    

 

 

Each
such notice of redemption shall specify the date fixed for redemption and the redemption price at which Securities of that series
are to be redeemed, and shall state that payment of the redemption price of such Securities to be redeemed will be made at the
office or agency of the Company in the continental United States of America, upon presentation and surrender of such Securities,
that interest accrued to the date fixed for redemption will be paid as specified in said notice, that from and after said date
interest will cease to accrue and that the redemption is from a sinking fund, if such is the case.  If less than all
the Securities of a series are to be redeemed, the notice to the holders of Securities of that series to be redeemed in part shall
specify the particular Securities to be so redeemed.

 

In
case any Security is to be redeemed in part only, the notice that relates to such Security shall state the portion of the principal
amount thereof to be redeemed, and shall state that on and after the redemption date, upon surrender of such Security, a new Security
or Securities of such series in principal amount equal to the unredeemed portion thereof will be issued.

 

(b)       If
less than all the Securities of a series are to be redeemed, the Company shall give the Trustee at least 45 days’ notice
(unless a shorter notice shall be satisfactory to the Trustee) in advance of the date fixed for redemption as to the aggregate
principal amount of Securities of the series to be redeemed, and thereupon the Trustee shall select, by lot or in such other manner
as it shall deem appropriate and fair in its discretion and that may provide for the selection of a portion or portions (equal
to one thousand U.S. dollars ($1,000) or any integral multiple thereof) of the principal amount of such Securities of a denomination
larger than $1,000, the Securities to be redeemed and shall thereafter promptly notify the Company in writing of the numbers of
the Securities to be redeemed, in whole or in part.  The Company may, if and whenever it shall so elect, by delivery
of instructions signed on its behalf by an Officer, instruct the Trustee or any paying agent to call all or any part of the Securities
of a particular series for redemption and to give notice of redemption in the manner set forth in this Section, such notice to
be in the name of the Company or its own name as the Trustee or such paying agent may deem advisable.  In any case in
which notice of redemption is to be given by the Trustee or any such paying agent, the Company shall deliver or cause to be delivered
to, or permit to remain with, the Trustee or such paying agent, as the case may be, such Security Register, transfer books or
other records, or suitable copies or extracts therefrom, sufficient to enable the Trustee or such paying agent to give any notice
by mail that may be required under the provisions of this Section.

 

Section
3.03     Payment Upon Redemption.

 

(a)       If
the giving of notice of redemption shall have been completed as above provided, the Securities or portions of Securities of the
series to be redeemed specified in such notice shall become due and payable on the date and at the place stated in such notice
at the applicable redemption price, together with interest accrued to the date fixed for redemption and interest on such Securities
or portions of Securities shall cease to accrue on and after the date fixed for redemption, unless the Company shall default in
the payment of such redemption price and accrued interest with respect to any such Security or portion thereof.  On
presentation and surrender of such Securities on or after the date fixed for redemption at the place of payment specified in the
notice, said Securities shall be paid and redeemed at the applicable redemption price for such series, together with interest
accrued thereon to the date fixed for redemption (but if the date fixed for redemption is an Interest Payment Date, the interest
installment payable on such date shall be payable to the registered holder at the close of business on the applicable record date
pursuant to Section 2.03).

 

(b)       Upon
presentation of any Security of such series that is to be redeemed in part only, the Company shall execute and the Trustee shall
authenticate and the office or agency where the Security is presented shall deliver to the holder thereof, at the expense of the
Company, a new Security of the same series of authorized denominations in principal amount equal to the unredeemed portion of
the Security so presented.

 

    13

     

    

 

 

Section
3.04     Sinking Fund.

 

The
provisions of Sections 3.04, 3.05 and 3.06 shall be applicable to any sinking fund for the retirement of Securities of a series,
except as otherwise specified as contemplated by Section 2.01 for Securities of such series.

 

The
minimum amount of any sinking fund payment provided for by the terms of Securities of any series is herein referred to as a “mandatory
sinking fund payment,” and any payment in excess of such minimum amount provided for by the terms of Securities
of any series is herein referred to as an “optional sinking fund payment”.  If provided for
by the terms of Securities of any series, the cash amount of any sinking fund payment may be subject to reduction as provided
in Section 3.05.  Each sinking fund payment shall be applied to the redemption of Securities of any series as provided
for by the terms of Securities of such series.

 

Section
3.05     Satisfaction of Sinking Fund Payments with Securities.

 

The
Company (i) may deliver Outstanding Securities of a series and (ii) may apply as a credit Securities of a series that have been
redeemed either at the election of the Company pursuant to the terms of such Securities or through the application of permitted
optional sinking fund payments pursuant to the terms of such Securities, in each case in satisfaction of all or any part of any
sinking fund payment with respect to the Securities of such series required to be made pursuant to the terms of such Securities
as provided for by the terms of such series, provided that such Securities have not been previously so credited.  Such
Securities shall be received and credited for such purpose by the Trustee at the redemption price specified in such Securities
for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly.

 

Section
3.06     Redemption of Securities for Sinking Fund.

 

Not
less than 45 days prior to each sinking fund payment date for any series of Securities (unless a shorter period shall be satisfactory
to the Trustee), the Company will deliver to the Trustee an Officer’s Certificate specifying the amount of the next ensuing
sinking fund payment for that series pursuant to the terms of the series, the portion thereof, if any, that is to be satisfied
by delivering and crediting Securities of that series pursuant to Section 3.05 and the basis for such credit and will, together
with such Officer’s Certificate, deliver to the Trustee any Securities to be so delivered.  Not less than 30 days
before each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment
date in the manner specified in Section 3.02 and cause notice of the redemption thereof to be given in the name of and at the
expense of the Company in the manner provided in Section 3.02.  Such notice having been duly given, the redemption of
such Securities shall be made upon the terms and in the manner stated in Section 3.03.

 

ARTICLE
4

COVENANTS

 

Section
4.01     Payment of Principal, Premium and Interest.

 

The
Company will duly and punctually pay or cause to be paid the principal of (and premium, if any), interest on, and any redemption
price or repurchase price for the Securities of that series at the time and place and in the manner provided herein and established
with respect to such Securities. Payments of the principal of, redemption price for or repurchase price for, the Securities may
be made at the time provided herein and established with respect to such Securities by U.S. dollar check drawn on and mailed to
the address of the Securityholder entitled thereto as such address shall appear in the Security Register, or U.S. dollar wire
transfer to, a U.S. dollar account if such Securityholder shall have furnished wire instructions to the Trustee no later than
15 days prior to the relevant payment date. Payments of interest on the Securities may be made at the time provided herein and
established with respect to such Securities by U.S. dollar check mailed to the address of the Securityholder entitled thereto
as such address shall appear in the Security Register, or U.S. dollar wire transfer to, a U.S. dollar account if such Securityholder
shall have furnished wire instructions in writing to the Security Registrar and the Trustee no later than 15 days prior to the
relevant payment date.

 

    14

     

    

 

 

Section
4.02     Maintenance of Office or Agency.

 

So
long as any series of the Securities remain Outstanding, the Company agrees to maintain an office or agency in the continental
United States of America with respect to each such series and at such other location or locations as may be designated as provided
in this Section 4.02, where (i) Securities of that series may be presented for payment, (ii) Securities of that series may be
presented as herein above authorized for registration of transfer and exchange, and (iii) notices and demands to or upon the Company
in respect of the Securities of that series and this Indenture may be given or served, such designation to continue with respect
to such office or agency until the Company shall, by written notice signed by any officer authorized to sign an Officer’s
Certificate and delivered to the Trustee, designate some other office or agency for such purposes or any of them.  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, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and
the Company hereby appoints the Trustee as its agent to receive all such presentations, notices and demands.  The Company
initially appoints the Trustee as its paying agent with respect to the Securities.

 

Section
4.03     Paying Agents.

 

(a)       If
the Company shall appoint one or more paying agents for all or any series of the Securities, other than the Trustee, the Company
will cause each 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:

 

(1)       that
it will hold all sums held by it as such agent for the payment of the principal of (and premium, if any) or interest on the Securities
of that series (whether such sums have been paid to it by the Company or by any other obligor of such Securities) in trust for
the benefit of the Persons entitled thereto;

 

(2)       that
it will give the Trustee notice of any failure by the Company (or by any other obligor of such Securities) to make any payment
of the principal of (and premium, if any) or interest on the Securities of that series when the same shall be due and payable;

 

(3)       that
it will, at any time during the continuance of any failure referred to in the preceding paragraph (a)(2) above, upon the written
request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such paying agent; and

 

(4)       that
it will perform all other duties of paying agent as set forth in this Indenture.

 

(b)       If
the Company shall act as its own paying agent with respect to any series of the Securities, it will on or before each due date
of the principal of (and premium, if any) or interest on Securities of that series, set aside, segregate and hold in trust for
the benefit of the Persons entitled thereto a sum sufficient to pay such principal (and premium, if any) or interest so becoming
due on Securities of that series until such sums shall be paid to such Persons or otherwise disposed of as herein provided and
will promptly notify the Trustee of such action, or any failure (by it or any other obligor on such Securities) to take such action.  Whenever
the Company shall have one or more paying agents for any series of Securities, it will, prior to each due date of the principal
of (and premium, if any) or interest on any Securities of that series, deposit with the paying agent a sum sufficient to pay the
principal (and premium, if any) or interest so becoming due, such sum to be held in trust for the benefit of the Persons entitled
to such principal, premium or interest, and (unless such paying agent is the Trustee) the Company will promptly notify the Trustee
of this action or failure so to act.

 

    15

     

    

 

 

(c)       Notwithstanding
anything in this Section to the contrary, (i) the agreement to hold sums in trust as provided in this Section is subject to the
provisions of Section 11.05, and (ii) the Company may at any time, for the purpose of obtaining the satisfaction and discharge
of this Indenture or for any other purpose, pay, or direct any paying agent to pay, to the Trustee all sums held in trust by the
Company or such paying agent, such sums to be held by the Trustee upon the same terms and conditions as those upon which such
sums were held by the Company or such paying agent; and, upon such payment by the Company or any paying agent to the Trustee,
the Company or such paying agent shall be released from all further liability with respect to such money.

 

Section
4.04     Appointment to Fill Vacancy in Office of Trustee.

 

The
Company, whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section
7.10, a Trustee, so that there shall at all times be a Trustee hereunder.

 

Section
4.05     Compliance with Consolidation Provisions.

 

The
Company will not, while any of the Securities remain Outstanding, consolidate with or merge into any other Person, in either case
where the Company is not the survivor of such transaction, or sell or convey all or substantially all of its property to any other
Person unless the provisions of Article Ten hereof are complied with.  

 

ARTICLE
5

 

 SECURITYHOLDERS’
LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE

 

Section
5.01     Company to Furnish Trustee Names and Addresses of Securityholders.

 

The
Company will furnish or cause to be furnished to the Trustee (a) within 15 days after each regular record date (as defined in
Section 2.03) a list, in such form as the Trustee may reasonably require, of the names and addresses of the holders of each series
of Securities as of such regular record date, provided that the Company shall not be obligated to furnish or cause to furnish
such list at any time that the list shall not differ in any respect from the most recent list furnished to the Trustee by the
Company and (b) at such other times as the Trustee may request in writing within 30 days after the receipt by the Company of any
such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished;
provided, however, that, in either case, no such list need be furnished for any series for which the Trustee shall be the Security
Registrar.

 

Section
5.02     Preservation Of Information; Communications With Securityholders.

 

(a)       The
Trustee shall preserve, in as current a form as is reasonably practicable, all information as to the names and addresses of the
holders of Securities contained in the most recent list furnished to it as provided in Section 5.01 and as to the names and addresses
of holders of Securities received by the Trustee in its capacity as Security Registrar (if acting in such capacity).

 

(b)       The
Trustee may destroy any list furnished to it as provided in Section 5.01 upon receipt of a new list so furnished.

 

(c)       Securityholders
may communicate as provided in Section 312(b) of the Trust Indenture Act with other Securityholders with respect to their rights
under this Indenture or under the Securities, and, in connection with any such communications, the Trustee shall satisfy its obligations
under Section 312(b) of the Trust Indenture Act in accordance with the provisions of Section 312(b) of the Trust Indenture Act.

 

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Section
5.03     Reports by the Company.

 

(a)       The
Company covenants and agrees to provide (which delivery may be via electronic mail) to the Trustee within 30 days, after the Company
files the same with the Commission, copies of the annual reports and of the information, documents and other reports (or copies
of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) that the
Company is required to file with the Commission pursuant to Section 13 or Section 15(d) of the Exchange Act; provided, however,
the Company shall not be required to deliver to the Trustee any correspondence filed with the Commission or any materials for
which the Company has sought and received confidential treatment by the Commission; and provided further, that so long as such
filings by the Company are available on the Commission’s Electronic Data Gathering, Analysis and Retrieval System (EDGAR),
or any successor system, such filings shall be deemed to have been filed with the Trustee for purposes hereof without any further
action required by the Company.  For the avoidance of doubt, a failure by the Company to file annual reports, information
and other reports with the SEC within the time period prescribed thereof by the Commission shall not be deemed a breach of this
Section 5.03.

 

(b)       Delivery
of reports, information and documents to the Trustee under Section 5.03 is for informational purposes only and the information
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 their covenants thereunder
(as to which the Trustee is entitled to rely exclusively on an Officer’s Certificate).  

 

Section
5.04     Reports by the Trustee.

 

(a)       If
required by Section 313(a) of the Trust Indenture Act, the Trustee, within sixty (60) days after each ______ __, commencing ______
__, 20__, shall transmit by mail, first class postage prepaid, to the Securityholders, as their names and addresses appear upon
the Security Register, a brief report dated as of such ______ __, which complies with Section 313(a) of the Trust Indenture Act.

 

(b)       The
Trustee shall comply with Section 313(b) and 313(c) of the Trust Indenture Act.

 

(c)       A
copy of each such report shall, at the time of such transmission to Securityholders, be filed by the Trustee with the Company,
with each securities exchange upon which any Securities are listed (if so listed) and also with the Commission.  The
Company agrees to notify the Trustee when any Securities become listed on any securities exchange.

 

ARTICLE
6

 REMEDIES
OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT

 

Section
6.01     Events of Default.

 

(a)       Whenever
used herein with respect to Securities of a particular series, “Event of Default” means any one or more
of the following events that has occurred and is continuing:

 

(1)       the
Company defaults in the payment of any installment of interest upon any of the Securities of that series, as and when the same
shall become due and payable, and such default continues for a period of 90 days; provided, however, that a valid extension of
an interest payment period by the Company in accordance with the terms of any indenture supplemental hereto shall not constitute
a default in the payment of interest for this purpose;

 

(2)       the
Company defaults in the payment of the principal of (or premium, if any, on) any of the Securities of that series as and when
the same shall become due and payable whether at maturity, upon redemption, by declaration or otherwise, or in any payment required
by any sinking or analogous fund established with respect to that series; provided, however, that a valid extension of the maturity
of such Securities in accordance with the terms of any indenture supplemental hereto shall not constitute a default in the payment
of principal or premium, if any;

 

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(3)       the
Company fails to observe or perform any other of its covenants or agreements with respect to that series contained in this Indenture
or otherwise established with respect to that series of Securities pursuant to Section 2.01 hereof (other than a covenant or agreement
that has been expressly included in this Indenture solely for the benefit of one or more series of Securities other than such
series) for a period of 90 days after the date on which written notice of such failure, requiring the same to be remedied and
stating that such notice is a “Notice of Default” hereunder, shall have been given to the Company by
the Trustee, by registered or certified mail, or to the Company and the Trustee by the holders of at least 25% in principal amount
of the Securities of that series at the time Outstanding;

 

(4)       the
Company pursuant to or within the meaning of any Bankruptcy Law (i) commences a voluntary case, (ii) consents to the entry of
an order for relief against it in an involuntary case, (iii) consents to the appointment of a Custodian of it or for all or substantially
all of its property or (iv) makes a general assignment for the benefit of its creditors; or

 

(5)       a
court of competent jurisdiction enters an order under any Bankruptcy Law that (i) is for relief against the Company in an involuntary
case, (ii) appoints a Custodian of the Company for all or substantially all of its property, or (iii) orders the liquidation of
the Company, and the order or decree remains unstayed and in effect for 90 days.

 

(b)       In
each and every such case (other than an Event of Default specified in clause (4) or clause (5) above), unless the principal of
all the Securities of that series shall have already become due and payable, either the Trustee or the holders of not less than
25% in aggregate principal amount of the Securities of that series then Outstanding hereunder, by notice in writing to the Company
(and to the Trustee if given by such Securityholders), may declare the principal of (and premium, if any, on) and accrued and
unpaid interest on all the Securities of that series to be due and payable immediately, and upon any such declaration the same
shall become and shall be immediately due and payable.  If an Event of Default specified in clause (4) or clause (5)
above occurs, the principal of and accrued and unpaid interest on all the Securities of that series shall automatically be immediately
due and payable without any declaration or other act on the part of the Trustee or the holders of the Securities.

 

(c)       At
any time after the principal of (and premium, if any, on) and accrued and unpaid interest on the Securities of that series shall
have been so declared due and payable, and before any judgment or decree for the payment of the moneys due shall have been obtained
or entered as hereinafter provided, the holders of a majority in aggregate principal amount of the Securities of that series then
Outstanding hereunder, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences
if: (i) the Company has paid or deposited with the Trustee a sum sufficient to pay all matured installments of interest upon all
the Securities of that series and the principal of (and premium, if any, on) any and all Securities of that series that shall
have become due otherwise than by acceleration (with interest upon such principal and premium, if any, and, to the extent that
such payment is enforceable under applicable law, upon overdue installments of interest, at the rate per annum expressed in the
Securities of that series to the date of such payment or deposit) and the amount payable to the Trustee under Section 7.06, and
(ii) any and all Events of Default under the Indenture with respect to such series, other than the nonpayment of principal on
(and premium, if any, on) and accrued and unpaid interest on Securities of that series that shall not have become due by their
terms, shall have been remedied or waived as provided in Section 6.06.

 

No
such rescission and annulment shall extend to or shall affect any subsequent default or impair any right consequent thereon.

 

(d)       In
case the Trustee shall have proceeded to enforce any right with respect to Securities of that series under this Indenture and
such proceedings shall have been discontinued or abandoned because of such rescission or annulment or for any other reason or
shall have been determined adversely to the Trustee, then and in every such case, subject to any determination in such proceedings,
the Company and the Trustee shall be restored respectively to their former positions and rights hereunder, and all rights, remedies
and powers of the Company and the Trustee shall continue as though no such proceedings had been taken.

 

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Section
6.02     Collection of Indebtedness and Suits for Enforcement by Trustee.

 

(a)       The
Company covenants that (i) in case it shall default in the payment of any installment of interest on any of the Securities
of a series, or in any payment required by any sinking or analogous fund established with respect to that series as and when the
same shall have become due and payable, and such default shall have continued for a period of 90 days, or (ii) in case it
shall default in the payment of the principal of (or premium, if any, on) any of the Securities of a series when the same shall
have become due and payable, whether upon maturity of the Securities of a series or upon redemption or upon declaration or otherwise
then, upon demand of the Trustee, the Company will pay to the Trustee, for the benefit of the holders of the Securities of that
series, the whole amount that then shall have been become due and payable on all such Securities for principal (and premium, if
any) or interest, or both, as the case may be, with interest upon the overdue principal (and premium, if any) and (to the extent
that payment of such interest is enforceable under applicable law) upon overdue installments of interest at the rate per annum
expressed in the Securities of that series; and, in addition thereto, such further amount as shall be sufficient to cover the
costs and expenses of collection, and the amount payable to the Trustee under Section 7.06.

 

(b)       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, shall be entitled and empowered to institute any action or proceedings at law or in equity for the collection of the sums
so due and unpaid, and may prosecute any such action or proceeding to judgment or final decree, and may enforce any such judgment
or final decree against the Company or other obligor upon the Securities of that series and collect the moneys adjudged or decreed
to be payable in the manner provided by law or equity out of the property of the Company or other obligor upon the Securities
of that series, wherever situated.

 

(c)       In
case of any receivership, insolvency, liquidation, bankruptcy, reorganization, readjustment, arrangement, composition or judicial
proceedings affecting the Company, or its creditors or property, the Trustee shall have power to intervene in such proceedings
and take any action therein that may be permitted by the court and shall (except as may be otherwise provided by law) be entitled
to file such proofs of claim and other papers and documents as may be necessary or advisable in order to have the claims of the
Trustee and of the holders of Securities of such series allowed for the entire amount due and payable by the Company under the
Indenture at the date of institution of such proceedings and for any additional amount that may become due and payable by the
Company after such date, and to collect and receive any moneys or other property payable or deliverable on any such claim, and
to distribute the same after the deduction of the amount payable to the Trustee under Section 7.06; and any receiver, assignee
or trustee in bankruptcy or reorganization is hereby authorized by each of the holders of Securities of such series to make such
payments to the Trustee, and, in the event that the Trustee shall consent to the making of such payments directly to such Securityholders,
to pay to the Trustee any amount due it under Section 7.06.

 

(d)       All
rights of action and of asserting claims under this Indenture, or under any of the terms established with respect to Securities
of that series, may be enforced by the Trustee without the possession of any of such Securities, 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 payment to the Trustee of
any amounts due under Section 7.06, be for the ratable benefit of the holders of the Securities of such series.

 

In
case of an Event of Default hereunder, the Trustee may in its discretion proceed to protect and enforce the rights vested in it
by this Indenture by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any
of such rights, either at law or in equity or in bankruptcy or otherwise, whether for the specific enforcement of any covenant
or agreement contained in the 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.

 

    19

     

    

 

 

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

 

Section
6.03     Application of Moneys Collected.

 

Any
moneys collected by the Trustee pursuant to this Article with respect to a particular series of Securities shall be applied in
the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such moneys on account of principal
(or premium, if any) or interest, upon presentation of the Securities of that series, and notation thereon of the payment, if
only partially paid, and upon surrender thereof if fully paid:

 

FIRST:
To the payment of reasonable costs and expenses of collection and of all amounts payable to the Trustee under Section 7.06;

 

SECOND:
To the payment of the amounts then due and unpaid upon Securities of such series for principal (and premium, if any) and interest,
in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any
kind, according to the amounts due and payable on such Securities for principal (and premium, if any) and interest, respectively;
and

 

THIRD:
To the payment of the remainder, if any, to the Company or any other Person lawfully entitled thereto.  

 

Section
6.04     Limitation on Suits.

 

No
holder of any Security of any series shall have any right by virtue 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 or trustee, or for any other remedy hereunder, unless (i) such holder previously shall have given to the Trustee written
notice of an Event of Default and of the continuance thereof with respect to the Securities of such series specifying such Event
of Default, as hereinbefore provided; (ii) the holders of not less than 25% in aggregate principal amount of the Securities of
such series then Outstanding shall have made written request upon the Trustee to institute such action, suit or proceeding in
its own name as Trustee hereunder; (iii) such holder or holders shall have offered to the Trustee such reasonable indemnity as
it may require against the costs, expenses and liabilities to be incurred therein or thereby; (iv) the Trustee for 90 days after
its receipt of such notice, request and offer of indemnity, shall have failed to institute any such action, suit or proceeding
and (v) during such 90 day period, the holders of a majority in principal amount of the Securities of that series do not give
the Trustee a direction inconsistent with the request.  

 

Notwithstanding
anything contained herein to the contrary or any other provisions of this Indenture, the right of any holder of any Security to
receive payment of the principal of (and premium, if any) and interest on such Security, as therein provided, on or after the
respective due dates expressed in such Security (or in the case of redemption, on the redemption date), or to institute suit for
the enforcement of any such payment on or after such respective dates or redemption date, shall not be impaired or affected without
the consent of such holder and by accepting a Security hereunder it is expressly understood, intended and covenanted by the taker
and holder of every Security of such series with every other such taker and holder and the Trustee, that no one or more holders
of Securities of such series shall have any right in any manner whatsoever by virtue or by availing of any provision of this Indenture
to affect, disturb or prejudice the rights of the holders of any other of such Securities, 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 of Securities of such series.  For the protection and enforcement
of the provisions of this Section, each and every Securityholder and the Trustee shall be entitled to such relief as can be given
either at law or in equity.

 

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Section
6.05     Rights and Remedies Cumulative; Delay or Omission Not Waiver.

 

(a)       Except
as otherwise provided in Section 2.07, all powers and remedies given by this Article to the Trustee or to the Securityholders
shall, to the extent permitted by law, be deemed cumulative and not exclusive of any other powers and remedies available to the
Trustee or the holders of the Securities, by judicial proceedings or otherwise, to enforce the performance or observance of the
covenants and agreements contained in this Indenture or otherwise established with respect to such Securities.

 

(b)       No
delay or omission of the Trustee or of any holder of any of the Securities to exercise any right or power accruing upon any Event
of Default occurring and continuing as aforesaid shall impair any such right or power, or shall be construed to be a waiver of
any such default or an acquiescence therein; and, subject to the provisions of Section 6.04, every power and remedy given by this
Article or by law to the Trustee or the Securityholders may be exercised from time to time, and as often as shall be deemed expedient,
by the Trustee or by the Securityholders.

 

Section
6.06     Control by Securityholders.

 

The
holders of a majority in aggregate principal amount of the Securities of any series 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 such series; provided, however, that
such direction shall not be in conflict with any rule of law or with this Indenture or subject the Trustee in its sole discretion
to personal liability.  Subject to the provisions of Section 7.01, the Trustee shall have the right to decline to follow
any such direction if the Trustee in good faith shall, by a Responsible Officer or officers of the Trustee, determine that the
proceeding so directed, subject to the Trustee’s duties under the Trust Indenture Act, would involve the Trustee in personal
liability or might be unduly prejudicial to the Securityholders not involved in the proceeding.  The holders of a majority
in aggregate principal amount of the Securities of any series at the time Outstanding affected thereby, determined in accordance
with Section 8.04, may on behalf of the holders of all of the Securities of such series waive any past default in the performance
of any of the covenants contained herein or established pursuant to Section 2.01 with respect to such series and its consequences,
except a default in the payment of the principal of, or premium, if any, or interest on, any of the Securities of that series
as and when the same shall become due by the terms of such Securities otherwise than by acceleration (unless such default has
been cured and a sum sufficient to pay all matured installments of interest and principal and any premium has been deposited with
the Trustee (in accordance with Section 6.01(c)).  Upon any such waiver, the default covered thereby shall be deemed
to be cured for all purposes of this Indenture and the Company, the Trustee and the holders of the Securities of such series shall
be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or
other default or impair any right consequent thereon.

 

Section
6.07     Undertaking to Pay Costs.

 

All
parties to this Indenture agree, and each holder of any Securities by such holder’s 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, 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; but the provisions of this Section shall not apply to any suit instituted by the
Trustee, to any suit instituted by any Securityholder, or group of Securityholders, holding more than 10% in aggregate principal
amount of the Outstanding Securities of any series, or to any suit instituted by any Securityholder for the enforcement of the
payment of the principal of (or premium, if any) or interest on any Security of such series, on or after the respective due dates
expressed in such Security or established pursuant to this Indenture.

 

    21

     

    

 

ARTICLE
7

CONCERNING
THE TRUSTEE

 

Section
7.01     Certain Duties and Responsibilities of Trustee.

 

(a)       The
Trustee, prior to the occurrence of an Event of Default with respect to the Securities of a series and after the curing of all
Events of Default with respect to the Securities of that series that may have occurred, shall undertake to perform with respect
to the Securities of such series such duties and only such duties as are specifically set forth in this Indenture, and no implied
covenants shall be read into this Indenture against the Trustee.  In case an Event of Default with respect to the Securities
of a series has occurred (that has not been cured or waived), the Trustee shall exercise with respect to Securities of that series
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 person would exercise or use under the circumstances in the conduct of his or her own affairs.

 

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

 

(i)       prior
to the occurrence of an Event of Default with respect to the Securities of a series and after the curing or waiving of all such
Events of Default with respect to that series that may have occurred:

 

(A)       the
duties and obligations of the Trustee shall with respect to the Securities of such series be determined solely by the express
provisions of this Indenture, and the Trustee shall not be liable with respect to the Securities of such series 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

 

(B)       in
the absence of bad faith on the part of the Trustee, the Trustee may with respect to the Securities of such series 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 provision 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;

 

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

 

(iii)       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 a majority in principal amount of the Securities of any series at the time Outstanding
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 with respect to the Securities of that series; and

 

(iv)       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 if there is reasonable
ground for believing that the repayment of such funds or liability is not reasonably assured to it under the terms of this Indenture
or adequate indemnity against such risk is not reasonably assured to it.

 

    22

     

    

 

 

Section
7.02     Certain Rights of Trustee.

 

Except
as otherwise provided in Section 7.01:

 

(a)       The
Trustee may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument,
opinion, report, notice, request, consent, order, approval, bond, security or other paper or document believed by it to be genuine
and to have been signed or presented by the proper party or parties;

 

(b)       Any
request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by a Board Resolution or an
instrument signed in the name of the Company by any authorized officer of the Company (unless other evidence in respect thereof
is specifically prescribed herein); 

 

(c)       The
Trustee may consult with counsel and the written advice of such counsel or, if requested, any Opinion of Counsel shall be full
and complete authorization and protection in respect of any action taken or suffered or omitted hereunder in good faith and in
reliance thereon;

 

(d)       The
Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request, order
or direction of any of the Securityholders pursuant to the provisions of this Indenture, unless such Securityholders shall have
offered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities that may be incurred therein
or thereby; nothing contained herein shall, however, relieve the Trustee of the obligation, upon the occurrence of an Event of
Default with respect to a series of the Securities (that has not been cured or waived), to exercise with respect to Securities
of that series such of the rights and powers vested in it by this Indenture, and to use the same degree of care and skill in their
exercise, as a prudent person would exercise or use under the circumstances in the conduct of his or her own affairs;

 

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

 

(f)       The
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, consent, order, approval, bond, security, or other papers or documents, unless requested
in writing so to do by the holders of not less than a majority in principal amount of the Outstanding Securities of the particular
series affected thereby (determined as provided in Section 8.04); provided, however, that if the payment within a reasonable time
to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the
opinion of the Trustee, not reasonably assured to the Trustee by the security afforded to it by the terms of this Indenture, the
Trustee may require reasonable indemnity against such costs, expenses or liabilities as a condition to so proceeding.  The
reasonable expense of every such examination shall be paid by the Company or, if paid by the Trustee, shall be repaid by the Company
upon demand;

 

(g)       The
Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents
or attorneys 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;

 

(h)       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, 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; it being understood that 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;

 

  

    23

     

    

 

(i)       In
no event shall the Trustee be responsible or liable for special, indirect, 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; and

 

(j)       The
Trustee agrees to accept and act upon instructions or directions pursuant to this Indenture sent by unsecured e-mail, facsimile
transmission or other similar unsecured electronic methods; provided, however, that (a) the party providing such written instructions,
subsequent to such transmission of written instructions, shall provide the originally executed instructions or directions to the
Trustee in a timely manner, and (b) such originally executed instructions or directions shall be signed by an authorized representative
of the party providing such instructions or directions.  If the party elects to give the Trustee e-mail or facsimile
instructions (or instructions by a similar electronic method) and the Trustee in its sole 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 such instructions conflict or are inconsistent with a subsequent written instruction.  The
party providing electronic instructions 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 or interception and misuse by third parties.

 

(k)       Before
the Trustee acts or refrains from acting, it may require an Officers’ Certificate and an Opinion of Counsel. The Trustee
shall not be liable for any action it takes or omits to take in good faith in reliance on such certificate or opinion.

 

In
addition, the Trustee shall not be deemed to have knowledge of an Event of Default other than an Event of Default relating to
the failure to pay the interest on, or the principal of, the Securities, until the Trustee shall have received written notification
in the manner set forth in this Indenture or a Responsible Officer of the Trustee shall have obtained actual knowledge.

 

Section
7.03     Trustee Not Responsible for Recitals or Issuance or Securities.

 

(a)       The
recitals contained herein and in the Securities shall be taken as the statements of the Company, and the Trustee assumes no responsibility
for the correctness of the same.

 

(b)       The
Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities.

 

(c)       The
Trustee shall not be accountable for the use or application by the Company of any of the Securities or of the proceeds of such
Securities, or for the use or application of any moneys paid over by the Trustee in accordance with any provision of this Indenture
or established pursuant to Section 2.01, or for the use or application of any moneys received by any paying agent other than the
Trustee.  

 

Section
7.04     May Hold Securities.

 

The
Trustee or any paying agent or Security Registrar, in its individual or any other capacity, may become the owner or pledgee of
Securities with the same rights it would have if it were not Trustee, paying agent or Security Registrar.  

 

Section
7.05     Moneys Held in Trust.

 

Subject
to the provisions of Section 11.05, all moneys received by the Trustee shall, until used or applied as herein provided, be held
in trust for the purposes for which they were received, but 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 moneys received by it hereunder except such as
it may agree to in writing with the Company to pay thereon.

 

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Section
7.06     Compensation and Reimbursement.

 

(a)       The
Company covenants and agrees to pay to the Trustee, and the Trustee shall be entitled to, such reasonable compensation (which
shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust) as the Company and
the Trustee may from time to time agree in writing, for all services rendered by it in the execution of the trusts hereby created
and in the exercise and performance of any of the powers and duties hereunder of the Trustee, and, except as otherwise expressly
provided herein, 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 (including the reasonable
compensation and the expenses and disbursements of its counsel and of all Persons not regularly in its employ), except any such
expense, disbursement or advance as may arise from its negligence or bad faith and except as the Company and Trustee may from
time to time agree in writing.  The Company also covenants to indemnify the Trustee (and its officers, agents, directors
and employees) for, and to hold it harmless against, any loss, liability or expense incurred without negligence or bad faith on
the part of the Trustee and arising out of or in connection with the acceptance or administration of this trust, including the
reasonable costs and expenses of defending itself against any claim of liability in the premises.

 

(b)       The
obligations of the Company under this Section to compensate and indemnify the Trustee and to pay or reimburse the Trustee for
reasonable expenses, disbursements and advances shall constitute additional indebtedness hereunder.  Such additional
indebtedness shall be secured by a lien prior to that of the Securities upon all property and funds held or collected by the Trustee
as such, except funds held in trust for the benefit of the holders of particular Securities.

 

(c)       To
ensure the Company’s payment obligations in this Section, the Trustee shall have a lien prior to the Securities on all funds
or property held or collected by the Trustee, except that held in trust to pay principal of or interest on particular Securities.  When
the Trustee incurs expenses or renders services in connection with an Event of Default specified in Section 6.01(4) or (5), the
expenses (including the reasonable fees and expenses of its counsel) and the compensation for services in connection therewith
are to constitute expenses of administration under any bankruptcy law.  The provisions of this Section 7.06 shall survive
the termination of this Indenture and the resignation or removal of the Trustee.  

 

Section
7.07     Reliance on Officer’s Certificate.

 

Except
as otherwise provided in Section 7.01, whenever in the administration of the provisions of this Indenture the Trustee shall deem
it reasonably necessary or desirable that a matter be proved or established prior to taking or suffering or omitting to take any
action hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence
of negligence or bad faith 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 certificate, in the absence of negligence or bad faith on the part of the Trustee,
shall be fully warranted to the Trustee for any action taken, suffered or omitted to be taken by it under the provisions of this
Indenture upon the faith thereof.

 

Section
7.08     Disqualification; Conflicting Interests.

 

If
the Trustee has or shall acquire any “conflicting interest” within the meaning of Section 310(b) of
the Trust Indenture Act, the Trustee and the Company shall in all respects comply with the provisions of Section 310(b) of the
Trust Indenture Act.

 

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Section
7.09     Corporate Trustee Required; Eligibility.

 

There
shall at all times be a Trustee with respect to the Securities issued hereunder which shall at all times be a corporation organized
and doing business under the laws of the United States of America or any state or territory thereof or of the District of Columbia,
or a corporation or other Person permitted to act as trustee by the Commission, authorized under such laws to exercise corporate
trust powers, having a combined capital and surplus of at least fifty million U.S. dollars ($50,000,000), and subject to supervision
or examination by federal, state, territorial, or District of Columbia authority.

 

If
such corporation or other Person publishes reports of condition at least annually, pursuant to law or to the requirements of the
aforesaid supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such
corporation or other Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition
so published.  The Company may not, nor may any Person directly or indirectly controlling, controlled by, or under common
control with the Company, serve as Trustee.  In case at any time the Trustee shall cease to be eligible in accordance
with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section
7.10.

 

Section
7.10     Resignation and Removal; Appointment of Successor.

 

(a)         The
Trustee or any successor hereafter appointed may at any time resign with respect to the Securities of one or more series by giving
written notice thereof to the Company and by transmitting notice of resignation by mail, first class postage prepaid, to the Securityholders
of such series, as their names and addresses appear upon the Security Register.  Upon receiving such notice of resignation,
the Company shall promptly appoint a successor trustee with respect to Securities of such series by written instrument, in duplicate,
executed by order of the Board of Directors, 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
30 days after the mailing of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction
for the appointment of a successor trustee with respect to Securities of such series, or any Securityholder of that series who
has been a bona fide holder of a Security or Securities for at least six months may on behalf of himself 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.

 

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

 

(i)       the
Trustee shall fail to comply with the provisions of Section 7.08 after written request therefor by the Company or by any Securityholder
who has been a bona fide holder of a Security or Securities for at least six months; or

 

(ii)       the
Trustee shall cease to be eligible in accordance with the provisions of Section 7.09 and shall fail to resign after written request
therefor by the Company or by any such Securityholder; or

 

(iii)       the
Trustee shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or commence a voluntary bankruptcy proceeding,
or a receiver of the Trustee or of its property shall be appointed or consented to, 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 any such case, the Company may remove the Trustee with respect to all Securities and appoint a successor trustee by written
instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the
Trustee so removed and one copy to the successor trustee, or any Securityholder who has been a bona fide holder of a Security
or Securities for at least six months may, on behalf of that holder 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.

 

    26

     

    

 

 

(c)       The
holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding may at any time remove
the Trustee with respect to such series by so notifying the Trustee and the Company and may appoint a successor Trustee for such
series with the consent of the Company.

 

(d)       Any
resignation or removal of the Trustee and appointment of a successor trustee with respect to the Securities of a series pursuant
to any of the provisions of this Section shall become effective upon acceptance of appointment by the successor trustee as provided
in Section 7.11.

 

(e)       Any
successor trustee appointed pursuant to this Section may be appointed with respect to the Securities of one or more series or
all of such series, and at any time there shall be only one Trustee with respect to the Securities of any particular series.

 

Section
7.11     Acceptance of Appointment By Successor.

 

(a)       In
case of the appointment hereunder of a successor trustee with respect to all Securities, every such successor trustee so appointed
shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and
thereupon the resignation or removal of the retiring Trustee shall become effective and such successor trustee, without any further
act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the
request of the Company or the successor trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver
an instrument transferring to such successor trustee all the rights, powers, and trusts of the retiring Trustee and shall duly
assign, transfer and deliver to such successor trustee all property and money held by such retiring Trustee hereunder.

 

(b)       In
case of the appointment hereunder of a successor trustee with respect to the Securities of one or more (but not all) series, the
Company, the retiring Trustee and each successor trustee with respect to the Securities of one or more series shall execute and
deliver an indenture supplemental hereto wherein each successor trustee shall accept such appointment and which (i) shall contain
such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor trustee all the
rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the
appointment of such successor trustee relates, (ii) shall contain such provisions as shall be deemed necessary or desirable to
confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those
series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (iii) shall add
to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of
the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall
constitute such Trustees co-trustees of the same trust, that each such Trustee shall be trustee of a trust or trusts hereunder
separate and apart from any trust or trusts hereunder administered by any other such Trustee and that no Trustee shall be responsible
for any act or failure to act on the part of any other Trustee hereunder; and upon the execution and delivery of such supplemental
indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided therein, such retiring
Trustee shall with respect to the Securities of that or those series to which the appointment of such successor trustee relates
have no further responsibility for the exercise of rights and powers or for the performance of the duties and obligations vested
in the Trustee under this Indenture, and each such successor trustee, without any further act, deed or conveyance, shall become
vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those
series to which the appointment of such successor trustee relates; but, on request of the Company or any successor trustee, such
retiring Trustee shall duly assign, transfer and deliver to such successor trustee, to the extent contemplated by such supplemental
indenture, the property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series
to which the appointment of such successor trustee relates.

 

  

    27

     

    

 

(c)       Upon
request of any such successor trustee, the Company shall execute any and all instruments for more fully and certainly vesting
in and confirming to such successor trustee all such rights, powers and trusts referred to in paragraph (a) or (b) of this Section,
as the case may be.

 

(d)       No
successor trustee shall accept its appointment unless at the time of such acceptance such successor trustee shall be qualified
and eligible under this Article.

 

(e)       Upon
acceptance of appointment by a successor trustee as provided in this Section, the Company shall transmit notice of the succession
of such trustee hereunder by mail, first class postage prepaid, to the Securityholders, as their names and addresses appear upon
the Security Register.  If the Company fails to transmit such notice within ten days after acceptance of appointment
by the successor trustee, the successor trustee shall cause such notice to be transmitted at the expense of the Company.

 

Section
7.12     Merger, Conversion, Consolidation or Succession to Business.

 

Any
corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting
from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially
all of the corporate trust business of the Trustee, including the administration of the trust created by this Indenture, shall
be the successor of the Trustee hereunder, provided that such corporation shall be qualified under the provisions of Section 7.08
and eligible under the provisions of Section 7.09, without the execution or filing of any paper or any further act on the part
of any of the parties hereto, anything herein to the contrary notwithstanding.  In case any Securities shall have been
authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such
authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with the same effect as if such
successor Trustee had itself authenticated such Securities.

 

Section
7.13     Preferential Collection of Claims Against the Company.

 

The
Trustee shall comply with Section 311(a) of the Trust Indenture Act, excluding any creditor relationship described in Section
311(b) of the Trust Indenture Act.  A Trustee who has resigned or been removed shall be subject to Section 311(a) of
the Trust Indenture Act to the extent included therein.

 

Section
7.14     Notice of Default

 

If
any Event of Default occurs and is continuing and if such Event of Default is actually known to a Responsible Officer of the Trustee,
the Trustee shall mail to each Securityholder in the manner and to the extent provided in Section 313(c) of the Trust Indenture
Act notice of the Event of Default within the earlier of 90 days after it occurs and 30 days after it is known to a Responsible
Officer of the Trustee or written notice of it is received by the Trustee, unless such Event of Default has been cured; provided,
however , that, except in the case of a default in the payment of the principal of (or premium, if any) or interest on
any Security, the Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive
committee or a trust committee of directors and/or Responsible Officers of the Trustee in good faith determine that the withholding
of such notice is in the interest of the Securityholders.  

 

ARTICLE
8

CONCERNING
THE SECURITYHOLDERS

 

Section
8.01     Evidence of Action by Securityholders.

 

Whenever
in this Indenture it is provided that the holders of a majority or specified percentage in aggregate principal amount of the Securities
of a particular series 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 majority or
specified percentage of that series have joined therein may be evidenced by any instrument or any number of instruments of similar
tenor executed by such holders of Securities of that series in person or by agent or proxy appointed in writing.

 

    28

     

    

 

 

If
the Company shall solicit from the Securityholders of any series any request, demand, authorization, direction, notice, consent,
waiver or other action, the Company may, at its option, as evidenced by an Officer’s Certificate, fix in advance a record
date for such series for the determination of Securityholders entitled to give such request, demand, authorization, direction,
notice, consent, waiver or other action, but the Company shall have no obligation to do so.  If such a record date is
fixed, such request, demand, authorization, direction, notice, consent, waiver or other action may be given before or after the
record date, but only the Securityholders of record at the close of business on the record date shall be deemed to be Securityholders
for the purposes of determining whether Securityholders of the requisite proportion of Outstanding Securities of that series have
authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other action,
and for that purpose the Outstanding Securities of that series shall be computed as of the record date; provided, however, that
no such authorization, agreement or consent by such Securityholders on the record date shall be deemed effective unless it shall
become effective pursuant to the provisions of this Indenture not later than six months after the record date.

 

Section
8.02     Proof of Execution by Securityholders.

 

Subject
to the provisions of Section 7.01, proof of the execution of any instrument by a Securityholder (such proof will not require notarization)
or his agent or proxy and proof of the holding by any Person of any of the Securities shall be sufficient if made in the following
manner:

 

(a)       The
fact and date of the execution by any such Person of any instrument may be proved in any reasonable manner acceptable to the Trustee.  

 

(b)       The
ownership of Securities shall be proved by the Security Register of such Securities or by a certificate of the Security Registrar
thereof.

 

The
Trustee may require such additional proof of any matter referred to in this Section as it shall deem necessary.

 

Section
8.03     Who May be Deemed Owners.

 

Prior
to the due presentment for registration of transfer of any Security, the Company, the Trustee, any paying agent and any Security
Registrar may deem and treat the Person in whose name such Security shall be registered upon the books of the Security Registrar
as the absolute owner of such Security (whether or not such Security shall be overdue and notwithstanding any notice of ownership
or writing thereon made by anyone other than the Security Registrar) for the purpose of receiving payment of or on account of
the principal of, premium, if any, and (subject to Section 2.03) interest on such Security and for all other purposes; and neither
the Company nor the Trustee nor any paying agent nor any Security Registrar shall be affected by any notice to the contrary.

 

Section
8.04     Certain Securities Owned by Company Disregarded.

 

In
determining whether the holders of the requisite aggregate principal amount of Securities of a particular series have concurred
in any direction, consent or waiver under this Indenture, the Securities of that series that are owned by the Company or any other
obligor on the Securities of that series or by any Person directly or indirectly controlling or controlled by or under common
control with the Company or any other obligor on the Securities of that series shall be disregarded and deemed not to be Outstanding
for the purpose of any such determination, except that for the purpose of determining whether the Trustee shall be protected in
relying on any such direction, consent or waiver, only Securities of such series that the Trustee actually knows are so owned
shall be so disregarded.  The Securities so owned that have been pledged in good faith may be regarded as Outstanding
for the purposes of this Section, if the pledgee shall establish to the satisfaction of the Trustee the pledgee’s right
so to act with respect to such Securities and that the pledgee is not a Person directly or indirectly controlling or controlled
by or under direct or indirect common control with the Company or any such other obligor.  In 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.

 

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Section
8.05     Actions Binding on Future Securityholders.

 

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 majority or percentage in aggregate principal amount of the Securities of a particular series specified in this
Indenture in connection with such action, any holder of a Security of that series that is shown by the evidence to be included
in the Securities the holders of which have consented to such action may, by filing written notice with the Trustee, and upon
proof of holding as provided in Section 8.02, revoke such action so far as concerns such Security.  Except as aforesaid
any such action taken by the holder of any Security shall be conclusive and binding upon such holder and upon all future holders
and owners of such Security, and of any Security issued in exchange therefor, on registration of transfer thereof or in place
thereof, irrespective of whether or not any notation in regard thereto is made upon such Security.  Any action taken
by the holders of the majority or percentage in aggregate principal amount of the Securities of a particular series specified
in this Indenture in connection with such action shall be conclusively binding upon the Company, the Trustee and the holders of
all the Securities of that series. 

ARTICLE
9

SUPPLEMENTAL
INDENTURES

 

Section
9.01     Supplemental Indentures Without the Consent of Securityholders.

 

In
addition to any supplemental indenture otherwise authorized by this Indenture, the Company and the Trustee may from time to time
and at any time enter into an indenture or indentures supplemental hereto (which shall conform to the provisions of the Trust
Indenture Act as then in effect), without the consent of any Securityholders, for one or more of the following purposes:

 

(a)       to
cure any ambiguity, defect, or inconsistency in this Indenture or in the Securities of any series;

 

(b)       to
comply with Article Ten;

 

(c)       to
provide for uncertificated Securities in addition to or in place of certificated Securities;

 

(d)       to
add to the covenants, restrictions, conditions or provisions such new covenants, restrictions, conditions or provisions for the
benefit of the Securityholders, to make the occurrence, or the occurrence and the continuance, of a default in any such additional
covenants, restrictions, conditions or provisions an Event of Default, or to surrender any right or power conferred upon the Company
in this Indenture;

 

(e)       to
add to, delete from, or revise the conditions, limitations, and restrictions on the authorized amount, terms, or purposes of issue,
authentication, and delivery of Securities, as set forth in this Indenture;

 

(f)       to
make any change that does not adversely affect the rights of any Securityholder in any material respect;

 

(g)       to
provide for the issuance of and establish the form and terms and conditions of the Securities of any series as provided in Section
2.01, to establish the form of any certifications required to be furnished pursuant to the terms of this Indenture or any series
of Securities, or to add to the rights of the holders of any series of Securities;

 

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(h)       to
evidence and provide for the acceptance of appointment under this Indenture by a successor trustee; or

 

(i)       to
comply with any requirements of the Commission with the qualification of this Indenture under the Trust Indenture Act.

 

The
Trustee is hereby authorized to join with the Company in the execution of any such supplemental indenture, and to make any further
appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to enter into any
such supplemental indenture that affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise.

 

Any
supplemental indenture authorized by the provisions of this Section may be executed by the Company and the Trustee without the
consent of the holders of any of the Securities at the time Outstanding, notwithstanding any of the provisions of Section 9.02. 

 

Section
9.02     Supplemental Indentures With Consent of Securityholders.

 

With
the written consent of the holders of at least a majority in aggregate principal amount of the Securities of each series affected
by such supplemental indenture or indentures at the time Outstanding, the Company, when authorized by a Board Resolution, and
the Trustee may from time to time and at any time enter into an indenture or indentures supplemental hereto (which shall conform
to the provisions of the Trust Indenture Act as then in effect) for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner not
covered by Section 9.01 the rights of the holders of the Securities of such series under this Indenture; provided, however, that
no such supplemental indenture shall, without the consent of the holders of each Security then Outstanding and affected thereby,
(a) extend the fixed maturity of any Securities of any series, (b) reduce the principal amount, reduce the rate of or extend the
time of payment of interest, or reduce any premium payable upon the redemption of any series of Securities or (b) reduce the percentage
of Securities, the holders of which are required to consent to any amendment, supplement, modification or waiver.

 

It
shall not be necessary for the consent of the Securityholders of any series affected thereby under this Section to approve the
particular form of any proposed supplemental indenture, but it shall be sufficient if such consent shall approve the substance
thereof.

 

Section
9.03     Effect of Supplemental Indentures.

 

Upon
the execution of any supplemental indenture pursuant to the provisions of this Article or of Section 10.01, this Indenture shall,
with respect to such series, be and be deemed to be modified and amended in accordance therewith and the respective rights, limitations
of rights, obligations, duties and immunities under this Indenture of the Trustee, the Company and the holders of Securities of
the series affected thereby 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 supplemental indenture shall be and be deemed to be part of the terms
and conditions of this Indenture for any and all purposes.

 

Section
9.04     Securities Affected by Supplemental Indentures.

 

Securities
of any series affected by a supplemental indenture, authenticated and delivered after the execution of such supplemental indenture
pursuant to the provisions of this Article or of Section 10.01, may bear a notation in form approved by the Company, provided
such form meets the requirements of any securities exchange upon which such series may be listed, as to any matter provided for
in such supplemental indenture.  If the Company shall so determine, new Securities of that series so modified as to
conform, in the opinion of the Board of Directors, to any modification of this Indenture contained in any such supplemental indenture
may be prepared by the Company, authenticated by the Trustee and delivered in exchange for the Securities of that series then
Outstanding.

 

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Section
9.05     Execution of Supplemental Indentures.

 

Upon
the request of the Company, accompanied by its Board Resolutions authorizing the execution of any such supplemental indenture,
and upon the filing with the Trustee of evidence of the consent of Securityholders required to consent thereto as aforesaid, the
Trustee shall join with the Company in the execution of such supplemental indenture unless such supplemental indenture affects
the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion
but shall not be obligated to enter into such supplemental indenture. The Trustee, subject to the provisions of Sections 7.01
and 7.02, shall receive an Officer’s Certificate upon request and an Opinion of Counsel as conclusive evidence that any
supplemental indenture executed pursuant to this Article is authorized or permitted by the terms of this Article, that all conditions
precedent to the execution of the supplemental indenture have been complied with and the Supplemental Indenture is a valid and
legally binding instrument enforceable against the Company.

 

Promptly
after the execution by the Company and the Trustee of any supplemental indenture pursuant to the provisions of this Section, the
Company shall (or shall direct the Trustee to) transmit by mail, first class postage prepaid, a notice, setting forth in general
terms the substance of such supplemental indenture, to the Securityholders of all series affected thereby .as their names and
addresses appear upon the Security Register. Any failure of the Company to mail, or cause the mailing of, such notice, or any
defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture.

 

ARTICLE
10

SUCCESSOR
ENTITY

 

Section
10.01     Company May Consolidate, Etc.

 

Nothing
contained in this Indenture shall prevent any consolidation or merger of the Company with or into any other Person (whether or
not affiliated with the Company) or successive consolidations or mergers in which the Company or its successor or successors shall
be a party or parties, or shall prevent any sale, conveyance, transfer or other disposition of the property of the Company or
its successor or successors as an entirety, or substantially as an entirety, to any other corporation (whether or not affiliated
with the Company or its successor or successors) authorized to acquire and operate the same; provided, however, (a) the Company
hereby covenants and agrees that, upon any such consolidation or merger (in each case, if the Company is not the survivor of such
transaction), sale, conveyance, transfer or other disposition, the due and punctual payment of the principal of (premium, if any)
and interest on all of the Securities of all series in accordance with the terms of each series, according to their tenor, and
the due and punctual performance and observance of all the covenants and conditions of this Indenture with respect to each series
or established with respect to such series pursuant to Section 2.01 to be kept or performed by the Company shall be expressly
assumed, by supplemental indenture (which shall conform to the provisions of the Trust Indenture Act, as then in effect) reasonably
satisfactory in form to the Trustee executed and delivered to the Trustee by the entity formed by such consolidation, or into
which the Company shall have been merged, or by the entity which shall have acquired such property and (b) in the event that the
Securities of any series then Outstanding are convertible into or exchangeable for shares of common stock or other securities
of the Company, such entity shall, by such supplemental indenture, make provision so that the Securityholders of Securities of
that series shall thereafter be entitled to receive upon conversion or exchange of such Securities the number of securities or
property to which a holder of the number of shares of common stock or other securities of the Company deliverable upon conversion
or exchange of those Securities would have been entitled had such conversion or exchange occurred immediately prior to such consolidation,
merger, sale, conveyance, transfer or other disposition.

 

Section
10.02     Successor Entity Substituted.

 

(a)       In
case of any such consolidation, merger, sale, conveyance, transfer or other disposition and upon the assumption by the successor
entity by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the obligations
set forth under Section 10.01 on all of the Securities of all series Outstanding, such successor entity shall succeed to and be
substituted for the Company with the same effect as if it had been named as the Company herein, and thereupon the predecessor
corporation shall be relieved of all obligations and covenants under this Indenture and the Securities.

 

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(b)       In
case of any such consolidation, merger, sale, conveyance, transfer or other disposition, such changes in phraseology and form
(but not in substance) may be made in the Securities thereafter to be issued as may be appropriate.

 

(c)       Nothing
contained in this Article shall require any action by the Company in the case of a consolidation or merger of any Person into
the Company where the Company is the survivor of such transaction, or the acquisition by the Company, by purchase or otherwise,
of all or any part of the property of any other Person (whether or not affiliated with the Company). 

 

ARTICLE
11

SATISFACTION
AND DISCHARGE

 

Section
11.01     Satisfaction and Discharge of Indenture.

 

If
at any time: (a) the Company shall have delivered to the Trustee for cancellation all Securities of a series theretofore authenticated
and not delivered to the Trustee for cancellation (other than any Securities that shall have been destroyed, lost or stolen and
that shall have been replaced or paid as provided in Section 2.07 and Securities for whose payment money or Governmental Obligations
have theretofore been deposited in trust or segregated and held in trust by the Company and thereupon repaid to the Company or
discharged from such trust, as provided in Section 11.05); or (b) all such Securities of a particular series not theretofore delivered
to the Trustee for cancellation shall have become due and payable, or are by their terms to become due and payable within one
year or are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice
of redemption, and the Company shall deposit or cause to be deposited with the Trustee as trust funds the entire amount in moneys
or Governmental Obligations or a combination thereof, sufficient in the opinion of a nationally recognized firm of independent
public accountants expressed in a written certification thereof delivered to the Trustee, to pay at maturity or upon redemption
all Securities of that series not theretofore delivered to the Trustee for cancellation, including principal (and premium, if
any) and interest due or to become due to such date of maturity or date fixed for redemption, as the case may be, and if the Company
shall also pay or cause to be paid all other sums payable hereunder with respect to such series by the Company then this Indenture
shall thereupon cease to be of further effect with respect to such series except for the provisions of Sections 2.03, 2.05, 2.07,
4.01, 4.02, 4.03 and 7.10, that shall survive until the date of maturity or redemption date, as the case may be, and Sections
7.06 and 11.05, that shall survive to such date and thereafter, and the Trustee, on demand of the Company and at the cost and
expense of the Company shall execute proper instruments acknowledging satisfaction of and discharging this Indenture with respect
to such series.

 

Section
11.02     Discharge of Obligations.

 

If
at any time all such Securities of a particular series not heretofore delivered to the Trustee for cancellation or that have not
become due and payable as described in Section 11.01 shall have been paid by the Company by depositing irrevocably with the Trustee
as trust funds moneys or an amount of Governmental Obligations sufficient to pay at maturity or upon redemption all such Securities
of that series not theretofore delivered to the Trustee for cancellation, including principal (and premium, if any) and interest
due or to become due to such date of maturity or date fixed for redemption, as the case may be, and if the Company shall also
pay or cause to be paid all other sums payable hereunder by the Company with respect to such series, then after the date such
moneys or Governmental Obligations, as the case may be, are deposited with the Trustee the obligations of the Company under this
Indenture with respect to such series shall cease to be of further effect except for the provisions of Sections 2.03, 2.05, 2.07,
4,01, 4.02, 4,03, 7.06, 7.10 and 11.05 hereof that shall survive until such Securities shall mature and be paid.

 

  

    33

     

    

 

Thereafter,
Sections 7.06 and 11.05 shall survive.

 

Section
11.03     Deposited Moneys to be Held in Trust.

 

All
moneys or Governmental Obligations deposited with the Trustee pursuant to Sections 11.01 or 11.02 shall be held in trust and shall
be available for payment as due, either directly or through any paying agent (including the Company acting as its own paying agent),
to the holders of the particular series of Securities for the payment or redemption of which such moneys or Governmental Obligations
have been deposited with the Trustee.

 

Section
11.04     Payment of Moneys Held by Paying Agents.

 

In
connection with the satisfaction and discharge of this Indenture all moneys or Governmental Obligations then held by any paying
agent under the provisions of this Indenture shall, upon demand of the Company, be paid to the Trustee and thereupon such paying
agent shall be released from all further liability with respect to such moneys or Governmental Obligations.

 

Section
11.05     Repayment to Company.

 

Any
moneys or Governmental Obligations deposited with any paying agent or the Trustee, or then held by the Company, in trust for payment
of principal of or premium, if any, or interest on the Securities of a particular series that are not applied but remain unclaimed
by the holders of such Securities for at least two years after the date upon which the principal of (and premium, if any) or interest
on such Securities shall have respectively become due and payable, or such other shorter period set forth in applicable escheat
or abandoned or unclaimed property law, shall be repaid to the Company on May 31 of each year or upon the Company’s request
or (if then held by the Company) shall be discharged from such trust; and thereupon the paying agent and the Trustee shall be
released from all further liability with respect to such moneys or Governmental Obligations, and the holder of any of the Securities
entitled to receive such payment shall thereafter, as a general creditor, look only to the Company for the payment thereof.

 

ARTICLE
12

 IMMUNITY
OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS

 

Section
12.01     No Recourse.

 

No
recourse under or upon any obligation, covenant or agreement of this Indenture, or of any Security, or for any claim based thereon
or otherwise in respect thereof, shall be had against any incorporator, stockholder, officer or director, past, present or future
as such, of the Company or of any predecessor or successor corporation, either directly or through the Company or any such predecessor
or successor corporation, 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 this Indenture and the obligations issued hereunder are solely corporate
obligations, and that no such personal liability whatever shall attach to, or is or shall be incurred by, the incorporators, stockholders,
officers or directors as such, of the Company or of any predecessor or successor corporation, or any of them, because of the creation
of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture
or in any of the Securities or implied therefrom; and that any and all such personal liability of every name and nature, either
at common law or in equity or by constitution or statute, of, and any and all such rights and claims against, every such incorporator,
stockholder, officer or director as such, because of the creation of the indebtedness hereby authorized, or under or by reason
of the obligations, covenants or agreements contained in this Indenture or in any of the Securities or implied therefrom, are
hereby expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture and the issuance
of such Securities.

 

    34

     

    

 

 

ARTICLE
13

MISCELLANEOUS
PROVISIONS

 

Section
13.01     Effect on Successors and Assigns.

 

All
the covenants, stipulations, promises and agreements in this Indenture made by or on behalf of the Company shall bind its successors
and assigns, whether so expressed or not.

 

Section
13.02     Actions by Successor.

 

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 corresponding board, committee or
officer of any corporation that shall at the time be the lawful successor of the Company.

 

Section
13.03     Surrender of Company Powers.

 

The
Company by instrument in writing executed by authority of its Board of Directors and delivered to the Trustee may surrender any
of the powers reserved to the Company, and thereupon such power so surrendered shall terminate both as to the Company and as to
any successor corporation.

 

Section
13.04     Notices.

 

Except
as otherwise expressly provided herein, any notice, request or demand that by any provision of this Indenture is required or permitted
to be given, made or served by the Trustee, the Security Registrar, any paying or other agent under this Indenture, the holders
of Securities or any other Person pursuant to this Indenture to or on the Company, may be given or served by being in writing
and sent by electronic transmission or deposited in first class mail, postage prepaid, addressed (until another address is filed
in writing by the Company with the Trustee), to the Company as follows: Monaker Group, Inc., 2893
Executive Park Drive, Suite 201, Weston,
Florida 33331, Attention: [●]. Any notice, election, request or demand by the Company or any Securityholder or by any other
Person pursuant to this Indenture to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes,
if given or made in writing at the Corporate Trust Office of the Trustee.

 

Section
13.05     Governing Law.

 

This
Indenture and each Security shall be deemed to be a contract made under the internal laws of the State of New York, and for all
purposes shall be construed in accordance with the laws of said State, except to the extent that the Trust Indenture Act is applicable.

 

In
addition, the Company: (a) agrees that any suit, action or proceeding against it arising out of or relating to this Indenture
or any Securities, as the case may be, may be instituted in any U.S. federal court with applicable subject matter jurisdiction
sitting in The City of New York; (b) waives, to the fullest extent permitted by applicable law, any objection which it may now
or hereafter have to the laying of venue of any such suit, action or proceeding, and any claim that any suit, action or proceeding
in such a court has been brought in an inconvenient forum; and (c) submits to the non-exclusive jurisdiction of such courts in
any suit, action or proceeding.

 

Section
13.06     Treatment of Securities as Debt.

 

It
is intended that the Securities will be treated as indebtedness and not as equity for federal income tax purposes.  The
provisions of this Indenture shall be interpreted to further this intention.

 

    35

     

    

 

 

Section
13.07     Certificates as to Conditions Precedent.

 

(a)       Upon
any application or demand by the Company to the Trustee to take any action under any of the provisions of this Indenture (except
with respect to the initial issuance of Securities), the Company shall furnish to the Trustee an Officer’s Certificate and
an Opinion of Counsel or reliance letter, upon request, stating that all conditions precedent provided for in this Indenture (other
than the certificate to be delivered pursuant to Section 13.12 or Section 314(a)(4) of the Trust Indenture Act) relating to the
proposed action have been complied with, except that in the case of any such application or demand as to which the furnishing
of such documents is specifically required by any provision of this Indenture relating to such particular application or demand,
no additional certificate need be furnished; provided, however, that no Opinion of Counsel or reliance letter shall be required
in connection with the issuance of Securities on the date on which the Securities are originally issued or deemed issued as set
forth on the face of such Securities.

 

(b)       Each
certificate or opinion provided for in this Indenture and delivered to the Trustee with respect to compliance with a condition
or covenant in this Indenture (other than the certificate to be delivered pursuant to Section 13.12 or Section 314(a)(4) of the
Trust Indenture Act) shall include (i) a statement that the Person making such certificate or opinion has read such covenant or
condition; (ii) a brief statement as to the nature and scope of the examination or investigation upon which the statements contained
in such certificate or opinion are based; (iii) a statement that, in the opinion of such Person, he has made such examination
or investigation as is reasonably necessary to enable him to express an informed opinion as to whether or not such covenant or
condition has been complied with; and (iv) a statement as to whether or not, in the opinion of such Person, such condition or
covenant has been complied with.

 

Section
13.08     Payments on Business Days.

 

Except
as provided pursuant to Section 2.01 pursuant to a Board Resolution, and set forth in an Officer’s Certificate, established
in one or more indentures supplemental to this Indenture, or otherwise explicitly stated, in any case where the date of maturity
of interest or principal of any Security, or the date for the repurchase of any Security or for the redemption of any Security
shall not be a Business Day, then payment of interest, principal (and premium, if any), redemption price or repurchase price due
on such date may be made on the next succeeding Business Day with the same force and effect as if made on the nominal date of
maturity, repurchase or redemption, and no interest shall accrue for the period after such nominal date as a result of such delay.  

 

Section
13.09     Conflict with Trust Indenture Act.

 

If
and to the extent that any provision of this Indenture limits, qualifies or conflicts with the duties imposed by Sections 310
to 317, inclusive, of the Trust Indenture Act, such imposed duties shall control.

 

Section
13.10     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.

 

Section
13.11     Separability.

 

In
case any one or more of the provisions contained in this Indenture or in the Securities of any series shall for any reason be
held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect
any other provisions of this Indenture or of such Securities, but this Indenture and such Securities shall be construed as if
such invalid or illegal or unenforceable provision had never been contained herein or therein.

 

    36

     

    

 

 

Section
13.12     Compliance Certificates.

 

The
Company shall deliver to the Trustee, within 120 days after the end of each fiscal year during which any Securities of any series
were outstanding, an officer’s certificate stating whether or not the signers know of any Event of Default that occurred
during such fiscal year. Such certificate shall contain a certification from the principal executive officer, principal financial
officer or principal accounting officer of the Company that a review has been conducted of the activities of the Company and the
Company’s performance under this Indenture and that the Company has complied with all conditions and covenants under this
Indenture. For purposes of this Section 13.12, such compliance shall be determined without regard to any period of grace
or requirement of notice provided under this Indenture. If the officer of the Company signing such certificate has knowledge of
such an Event of Default, the certificate shall describe any such Event of Default and its status.

 

Section
13.13     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
13.14     Force Majeure.

 

In
no event shall the Trustee, the Security Registrar, any paying agent or any other agent under this Indenture 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, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions or utilities, communications
or computer (software and hardware) services; it being understood that the Trustee, the Security Registrar, any paying agent or
any other agent under this Indenture 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
13.15     Table of Contents; Headings

 

The
table of contents and headings of the articles and sections of this Indenture have been inserted for convenience of reference
only, are not intended to be considered a part hereof, and will not modify or restrict any of the terms or provisions hereof.

 

    37

     

    

 

 

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

 

	 	MONAKER GROUP, INC.	 
	 	 	 	 
	 	By:	 	 
	 	 	 	 
	 	Name:  	 	 
	 	 	 	 
	 	Title: 	 	 

 

[●],
as Trustee

 

By:

 

Name:

 

Title:

 

    38

     

    

 

 

CROSS-REFERENCE
TABLE (1)

 

	Section
    of Trust Indenture Act of 1939, as Amended	 	Section
    of Indenture
	310(a)	 	7.09
	310(b)	 	7.08
	 	 	7.10
	310(c)	 	Inapplicable
	311(a)	 	7.13
	311(b)	 	7.13
	311(c)	 	Inapplicable
	312(a)	 	5.01
	 	 	5.02(a)
	312(b)	 	5.02(c)
	312(c)	 	5.02(c)
	313(a)	 	5.04(a)
	313(b)	 	5.04(b)
	313(c)	 	5.04(a)
	 	 	5.04(b)
	313(d)	 	5.04(c)
	314(a)	 	5.03
	 	 	13.12
	314(b)	 	Inapplicable
	314(c)	 	13.07(a)
	314(d)	 	Inapplicable
	314(e)	 	13.07(b)
	314(f)	 	Inapplicable
	315(a)	 	7.01(a)
	 	 	7.01(b)
	315(b)	 	7.14
	315(c)	 	7.01
	315(d)	 	7.01(b)
	315(e)	 	6.07
	316(a)	 	6.06
	 	 	8.04
	316(b)	 	6.04
	316(c)	 	8.01
	317(a)	 	6.02
	317(b)	 	4.03
	318(a)	 	13.09

 

 

 

	(1)	This Cross-Reference Table
    does not constitute part of the Indenture and shall not have any bearing on the interpretation of any of its terms or provisions.

 

    39WARRANT
AGREEMENT

 

WARRANT
AGREEMENT (the “Agreement”), dated as of [_____], 2018, to be effective as of December 27, 2017, by and
among Rhino Resource Partners LP, a Delaware limited partnership (the “Issuer”), and the investors listed on
the Schedule of Holders attached hereto (individually, a “Holder” and collectively, the “Holders”).

 

WHEREAS:

 

A.
The Issuer and each Holder is executing and delivering this Agreement in reliance upon the exemption from securities registration
afforded by Section 4(a)(2) of the Securities Act of 1933, as amended (the “1933 Act”), and Rule 506(b) of
Regulation D (“Regulation D”) as promulgated by the United States Securities and Exchange Commission (the “SEC”)
under the 1933 Act.

 

B.
The Issuer entered into the Financing Agreement, dated as of December 27, 2017, by and among the Issuer, certain subsidiaries
of the Issuer as borrowers and guarantors, Cortland Capital Market Services LLC, as Collateral Agent and Administrative Agent,
CB Agent Services LLC, as Origination Agent, and the Holders and/or their affiliates and related funds as the initial lenders
thereunder (the “Financing Agreement”).

 

C.
In connection with the Financing Agreement, and as a portion of the consideration received by the Holders and/or their affiliates
and related funds for entering into the Financing Agreement, the Issuer has agreed to issue to the Holders Warrants, in substantially
the form attached hereto as Exhibit A (the “Warrants”), representing the right to acquire that number
of Common Units Representing Limited Partnership Interests (“Common Units”) set forth opposite such Holder’s
name in column (3) on the Schedule of Holders (as exercised, collectively, the “Warrant Units”).

 

D.
The Warrants and the Warrant Units collectively are referred to herein as the “Securities”.

 

NOW,
THEREFORE, the Issuer and each Holder hereby agree as follows:

 

1.
ISSUANCE OF WARRANTS.

 

(a)
Issuance of Warrants. Subject to the satisfaction (or waiver) of the conditions set forth in Sections 6 and 7 below, the
Issuer shall issue to each Holder Warrants to acquire up to that number of Warrant Units as is set forth opposite such Holder’s
name in column (3) on the Schedule of Holders (the “Closing”).

 

(b)
Closing. The date and time of the Closing (the “Closing Date”) shall be 10:00 a.m., New York City time,
on the date hereof (or such other date and time as is mutually agreed to by the Issuer and each Holder) after notification of
satisfaction (or waiver) of the conditions to the Closing set forth in Sections 6 and 7 below, at the offices of Schulte Roth
& Zabel LLP, 919 Third Avenue, New York, New York 10022.

 

    	 

    	 

    

 

(c)
Purchase Price. The Holders and the Issuer agree that the Warrants and the Loans (as defined in the Financing Agreement)
pursuant to the Financing Agreement constitute an “investment unit” for purposes of Section 1273(c)(2) of the Internal
Revenue Code of 1986, as amended (the “Code”). The Issuer and the Holders mutually agree that the allocation
of the issue price of such investment unit between the Loans and the Warrants in accordance with Section 1273(c)(2) of the Code
and Treasury Regulation Section 1.1273-2(h) shall be an aggregate amount of $10,000 from the Loans to be allocated to the Warrants
and the balance of such proceeds allocated to the Loans, and neither the Holders nor the Issuer shall take any position inconsistent
with such allocation in any tax return or in any judicial or administrative proceeding in respect of taxes.

 

2.
HOLDERS’ REPRESENTATIONS AND WARRANTIES. Each Holder, severally and not jointly, represents and warrants with respect
to only itself that, as of the date hereof and as of the Closing Date:

 

(a)
No Public Sale or Distribution. Such Holder is (i) acquiring the Warrants and (ii) upon exercise of the Warrants (other
than pursuant to a Cashless Exercise (as defined in the Warrants)) will acquire the Warrant Units issuable upon exercise of the
Warrants, for its own account and not with a view towards, or for resale in connection with, the public sale or distribution thereof,
except pursuant to sales registered or exempted under the 1933 Act; provided, however, that by making the representations
herein, such Holder does not agree to hold any of the Securities for any minimum or other specific term and reserves the right
to dispose of the Securities at any time in accordance with or pursuant to a registration statement or an exemption under the
1933 Act. Such Holder is acquiring the Securities hereunder in the ordinary course of its business. Such Holder does not presently
have any agreement or understanding, directly or indirectly, with any Person (as defined below) to distribute any of the Securities.
For purposes of this Agreement, “Person” means an individual, a limited liability company, a partnership, a
joint venture, a corporation, a trust, an unincorporated organization, any other entity and any government or any department or
agency thereof.

 

(b)
Accredited Investor Status. Such Holder is an “accredited investor” as that term is defined in Rule 501(a)
of Regulation D.

 

(c)
Reliance on Exemptions. Such Holder understands that the Securities are being offered and issued to it in reliance on specific
exemptions from the registration requirements of United States federal and state securities laws and that the Issuer is relying
in part upon the truth and accuracy of, and such Holder’s compliance with, the representations, warranties, agreements,
acknowledgments and understandings of such Holder set forth herein in order to determine the availability of such exemptions and
the eligibility of such Holder to acquire the Securities.

 

(d)
Information. Such Holder and its advisors, if any, have been furnished with all materials relating to the business, finances
and operations of the Issuer and materials relating to the offer and issuance of the Securities that have been requested by such
Holder. Such Holder and its advisors, if any, have been afforded the opportunity to ask questions of the Issuer. Neither such
inquiries nor any other due diligence investigations conducted by such Holder or its advisors, if any, or its representatives
shall modify, amend or affect such Holder’s right to rely on the Issuer’s representations and warranties contained
herein. Such Holder understands that its investment in the Securities involves a high degree of risk. Such Holder has sought such
accounting, legal and tax advice as it has considered necessary to make an informed investment decision with respect to its acquisition
of the Securities.

 

    	 	- 2 -	 

    	 

    

 

(e)
No Governmental Review. Such Holder understands that no United States federal or state agency or any other government or
governmental agency has passed on or made any recommendation or endorsement of the Securities or the fairness or suitability of
the investment in the Securities nor have such authorities passed upon or endorsed the merits of the offering of the Securities.

 

(f)
Transfer or Resale. Such Holder understands that: (i) the Securities have not been and are not being registered under the
1933 Act or any state securities laws, and may not be offered for sale, sold, assigned or transferred unless (A) subsequently
registered thereunder, (B) such Holder shall have delivered to the Issuer an opinion of counsel, in a generally acceptable form,
to the effect that such Securities to be sold, assigned or transferred may be sold, assigned or transferred pursuant to an exemption
from such registration, or (C) such Holder provides the Issuer with reasonable assurance that such Securities can be sold, assigned
or transferred pursuant to Rule 144 promulgated under the 1933 Act, as amended, (or a successor rule thereto) (“Rule
144”); (ii) any sale of the Securities made in reliance on Rule 144 may be made only in accordance with the terms of
Rule 144 and further, if Rule 144 is not applicable, any resale of the Securities under circumstances in which the seller (or
the Person) through whom the sale is made) may be deemed to be an underwriter (as that term is defined in the 1933 Act) may require
compliance with some other exemption under the 1933 Act or the rules and regulations of the SEC thereunder; and (iii) neither
the Issuer nor any other Person is under any obligation to register the Securities under the 1933 Act or any state securities
laws or to comply with the terms and conditions of any exemption thereunder. Notwithstanding the foregoing, the Securities may
be pledged in connection with a bona fide margin account or other loan or financing arrangement secured by the Securities and
such pledge of Securities shall not be deemed to be a transfer, sale or assignment of the Securities hereunder, and no Holder
effecting a pledge of Securities shall be required to provide the Issuer with any notice thereof or otherwise make any delivery
to the Issuer pursuant to this Agreement or any other Transaction Document (as defined in Section 3(b)), including, without limitation,
this Section 2(f).

 

(g)
Legends. Such Holder understands that the certificates or other instruments representing the Warrants and, until such time
as the resale of the Warrant Units have been registered under the 1933 Act, any unit certificates representing the Warrant Units,
except as set forth below, shall bear a restrictive legend in substantially the following form (and a stop-transfer order may
be placed against transfer of such certificates):

 

[NEITHER
THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE
HAVE BEEN][THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN] REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED
(I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
OR (B) AN OPINION OF COUNSEL SELECTED BY THE HOLDER, IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID
ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION
WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.

 

    	 	- 3 -	 

    	 

    

 

The
legend set forth above shall be removed and the Issuer shall issue a certificate without such legend to the holder of the Securities
upon which it is stamped or issue to such holder by electronic delivery at the applicable balance account at The Depository Trust
Issuer (“DTC”), if (i) such Securities are registered for resale under the 1933 Act, (ii) in connection with
a sale, assignment or other transfer, such holder provides the Issuer with an opinion of counsel, in a generally acceptable form,
to the effect that such sale, assignment or transfer of the Securities may be made without registration under the applicable requirements
of the 1933 Act, or (iii) the Securities can be sold, assigned or transferred pursuant to Rule 144 (hereinafter, the “Removal
Conditions”). The Issuer shall be responsible for the fees of its transfer agent and all DTC fees associated with such
issuance.

 

(h)
Validity; Enforcement. This Agreement has been duly and validly authorized, executed and delivered on behalf of such Holder
and shall constitute the legal, valid and binding obligations of such Holder enforceable against such Holder in accordance with
their respective terms, except as such enforceability may be limited by general principles of equity or to applicable bankruptcy,
insolvency, reorganization, moratorium, liquidation and other similar laws relating to, or affecting generally, the enforcement
of applicable creditors’ rights and remedies.

 

(i)
No Conflicts. The execution, delivery and performance by such Holder of this Agreement and the consummation by such Holder
of the transactions contemplated hereby will not (i) result in a violation of the organizational documents of such Holder or (ii)
conflict with, or constitute a default (or an event which with notice or lapse of time or both would become a default) under,
or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument
to which such Holder is a party, or (iii) result in a violation of any law, rule, regulation, order, judgment or decree (including
federal and state securities laws) applicable to such Holder, except in the case of clauses (ii) and (iii) above, for such conflicts,
defaults, rights or violations which would not, individually or in the aggregate, reasonably be expected to have a material adverse
effect on the ability of such Holder to perform its obligations hereunder.

 

    	 	- 4 -	 

    	 

    

 

3.
REPRESENTATIONS AND WARRANTIES OF THE ISSUER.

 

The
Issuer represents and warrants to each of the Holders that, as of the date hereof and as of the Closing Date:

 

(a)
Organization and Qualification. Each of the Issuer and each of its “Subsidiaries” (which for purposes
of this Agreement means any entity in which the Issuer, directly or indirectly, owns any of the capital stock or holds an equity
or similar interest) are entities duly organized and validly existing and in good standing under the laws of the jurisdiction
in which they are formed, and have the requisite power and authorization to own their properties and to carry on their business
as now being conducted and as presently proposed to be conducted. Each of the Issuer and each of its Subsidiaries is duly qualified
as a foreign entity to do business and is in good standing in every jurisdiction in which its ownership of property or the nature
of the business conducted by it makes such qualification necessary, except to the extent that the failure to be so qualified or
be in good standing would not reasonably be expected to have a Material Adverse Effect. As used in this Agreement, “Material
Adverse Effect” means any material adverse effect on the business, properties, assets, liabilities, operations, results
of operations, condition (financial or otherwise) or prospects of the Issuer and its Subsidiaries, individually or taken as a
whole, or on the transactions contemplated hereby or on the other Transaction Documents or by the agreements and instruments to
be entered into in connection herewith or therewith, or on the authority or ability of the Issuer to perform any of its obligations
under any of the Transaction Documents (as defined below).

 

(b)
Authorization; Enforcement; Validity. The Issuer has the requisite power and authority to enter into and perform its obligations
under this Agreement, the Warrants, the Irrevocable Transfer Agent Instructions (as defined in Section 5(b)) and each of the other
agreements entered into by the parties hereto in connection with the transactions contemplated by this Agreement (collectively,
the “Transaction Documents”) and to issue the Securities in accordance with the terms hereof and thereof. The
execution and delivery of this Agreement and the other Transaction Documents by the Issuer and the consummation by the Issuer
of the transactions contemplated hereby and thereby, including, without limitation, the issuance of the Warrants, and the reservation
for issuance and the issuance of the Warrant Units issuable upon exercise of the Warrants have been duly authorized by the Issuer’s
general partner and (other than the filing of a Form D with the SEC and other filings as may be required by state securities agencies)
no further filing, consent, or authorization is required by the Issuer or its general partner or its Board of Directors or shareholders.
This Agreement and the other Transaction Documents have been duly executed and delivered by the Issuer, and constitute the legal,
valid and binding obligations of the Issuer, enforceable against the Issuer in accordance with their respective terms, except
as such enforceability may be limited by general principles of equity or applicable bankruptcy, insolvency, reorganization, moratorium,
liquidation or similar laws relating to, or affecting generally, the enforcement of applicable creditors’ rights and remedies.

 

(c)
Issuance of Securities. The issuance of the Warrants is duly authorized and, upon issuance, shall be validly issued and
free from all preemptive or similar rights, taxes, liens, charges and other encumbrances with respect to the issue thereof. As
of the Closing, a number of Common Units shall have been duly authorized and reserved for issuance which equals or exceeds (the
“Required Reserved Amount”) the maximum number of Warrant Units issued and issuable pursuant to the Warrants,
each as of the Trading Day (as defined in the Warrants) immediately preceding the applicable date of determination (without taking
into account any limitations on the exercise of the Warrants set forth in the Warrants). As of the date hereof, the Issuer is
authorized to issue an unlimited number of Common Units. Upon exercise of the Warrants in accordance with the Warrants, the Warrant
Units will be validly issued, fully paid and nonassessable and free from all preemptive or similar rights, taxes, liens, charges
and other encumbrances with respect to the issue thereof, with the holders being entitled to all rights accorded to a holder of
Common Units. Assuming the accuracy of each of the representations and warranties set forth in Section 2 of this Agreement, the
offer and issuance by the Issuer of the Securities is exempt from registration under the 1933 Act.

 

    	 	- 5 -	 

    	 

    

 

(d)
No Conflicts. The execution, delivery and performance of the Transaction Documents by the Issuer and the consummation by
the Issuer of the transactions contemplated hereby and thereby (including, without limitation, the issuance of the Warrants and
reservation for issuance and issuance of the Warrant Units) will not (i) result in a violation of the Certificate of Limited Partnership
(as defined in Section (3(k)) or Limited Partnership Agreement (as defined in Section (3(k)), any memorandum of association, certificate
of incorporation, certificate of formation, bylaws, any certificate of designations or other constituent documents of the Issuer
or any of its Subsidiaries, any capital stock of the Issuer or any of its Subsidiaries or the articles of association or bylaws
of the Issuer or any of its Subsidiaries or (ii) conflict with, or constitute a default (or an event which with notice or lapse
of time or both would become a default) in any respect under, or give to others any rights of termination, amendment, acceleration
or cancellation of, any agreement, indenture or instrument to which the Issuer or any of its Subsidiaries is a party, or (iii)
result in a violation of any law, rule, regulation, order, judgment or decree (including other foreign, federal and state securities
laws and regulations and including all applicable laws of the State of Delaware and any foreign, federal and state laws, rules
and regulations) applicable to the Issuer or any of its Subsidiaries or by which any property or asset of the Issuer or any of
its Subsidiaries is bound or affected.

 

(e)
Consents. The Issuer is not required to obtain any consent, authorization or order of, or make any filing or registration
with (other than the filing of a Form D with the SEC and other filings as may be required by state securities agencies), any court,
governmental agency or any regulatory or self-regulatory agency or any other Person in order for it to execute, deliver or perform
any of its obligations under or contemplated by the Transaction Documents, in each case in accordance with the terms hereof or
thereof. All consents, authorizations, orders, filings and registrations which the Issuer is required to obtain pursuant to the
preceding sentence have been obtained or effected on or prior to the Closing Date (or in the case of the filings detailed above,
will be made timely after the Closing Date), and the Issuer is unaware of any facts or circumstances that might prevent the Issuer
from obtaining or effecting any of the registration, application or filings pursuant to the preceding sentence.

 

(f)
Acknowledgment Regarding Holder’s Purchase of Securities. The Issuer acknowledges and agrees that each Holder is
acting solely in the capacity of an arm’s length purchaser with respect to the Transaction Documents and the transactions
contemplated hereby and thereby and that no Holder is (i) an officer or director of the Issuer or any of its Subsidiaries, (ii)
an “affiliate” of the Issuer or any of its Subsidiaries (as defined in Rule 144) or (iii) to the knowledge of the
Issuer, a “beneficial owner” of more than 10% of the Common Units (as defined for purposes of Rule 13d-3 of the Securities
Exchange Act of 1934, as amended (the “1934 Act”)). The Issuer further acknowledges that no Holder is acting
as a financial advisor or fiduciary of the Issuer or any of its Subsidiaries (or in any similar capacity) with respect to the
Transaction Documents and the transactions contemplated hereby and thereby, and any advice given by a Holder or any of its representatives
or agents in connection with the Transaction Documents and the transactions contemplated hereby and thereby is merely incidental
to such Holder’s purchase of the Securities. The Issuer further represents to each Holder that the Issuer’s decision
to enter into the Transaction Documents has been based solely on the independent evaluation by the Issuer and its representatives.

 

    	 	- 6 -	 

    	 

    

 

(g)
No General Solicitation. Neither the Issuer, nor any of its Subsidiaries or affiliates, nor any Person acting on its or
their behalf, has engaged in any form of general solicitation or general advertising (within the meaning of Regulation D) in connection
with the offer or sale of the Securities. The Issuer shall be responsible for the payment of any placement agent’s fees,
financial advisory fees, or brokers’ commissions (other than for persons engaged by any Holder or its investment advisor)
relating to or arising out of the transactions contemplated hereby. Neither the Issuer nor any of its Subsidiaries has engaged
any placement agent or other agent in connection with the issuance of the Securities.

 

(h)
No Integrated Offering. None of the Issuer, its Subsidiaries, any of their affiliates, nor any Person acting on their behalf
has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances
that would require registration of the issuance of any of the Securities under the 1933 Act, whether through integration with
prior offerings or otherwise, or cause this offering of the Securities to require approval of unitholders of the Issuer for purposes
of the 1933 Act or any applicable equityholder approval provisions, including, without limitation, under the rules and regulations
of any exchange or automated quotation system on which any of the securities of the Issuer are listed or designated for quotation.
None of the Issuer, its Subsidiaries, their affiliates nor any Person acting on their behalf will take any action or steps referred
to in the preceding sentence that would require registration of the issuance of any of the Securities under the 1933 Act or cause
the offering of any of the Securities to be integrated with other offerings for purposes of any such applicable equityholder approval
provisions.

 

(i)
Application of Takeover Protections; Rights Agreement. The Issuer and its general partner have taken all necessary action,
if any, in order to render inapplicable any control share acquisition, interested equityholder, business combination, poison pill
(including, without limitation, any distribution under a rights agreement) or other similar anti-takeover provision under the
Certificate of Limited Partnership, Limited Partnership Agreement or other organizational documents or the laws of the jurisdiction
of its formation which is or could become applicable to any Holder as a result of the transactions contemplated by this Agreement,
including, without limitation, the Issuer’s issuance of the Securities and any Holder’s ownership of the Securities.
The Issuer has not adopted an equityholder rights plan or similar arrangement relating to accumulations of beneficial ownership
of Common Units or a change in control of the Issuer or any of its Subsidiaries.

 

    	 	- 7 -	 

    	 

    

 

(j)
SEC Documents; Financial Statements. During the two (2) years prior to the date hereof, the Issuer has timely filed all
reports, schedules, forms, statements and other documents required to be filed by it with the SEC pursuant to the reporting requirements
of the 1934 Act (all of the foregoing filed prior to the date hereof or prior to the Closing Date, and all exhibits included therein
and financial statements, notes and schedules thereto and documents incorporated by reference therein being hereinafter referred
to as the “SEC Documents”). As of their respective filing dates, the SEC Documents complied in all material
respects with the requirements of the 1934 Act and the rules and regulations of the SEC promulgated thereunder applicable to the
SEC Documents, and none of the SEC Documents, at the time they were filed with the SEC, contained any untrue statement of a material
fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in
the light of the circumstances under which they were made, not misleading. As of their respective filing dates, the financial
statements of the Issuer included in the SEC Documents complied as to form in all material respects with applicable accounting
requirements and the published rules and regulations of the SEC with respect thereto. Such financial statements have been prepared
in accordance with generally accepted accounting principles, consistently applied, during the periods involved (“GAAP”)
(except (i) as may be otherwise indicated in such financial statements or the notes thereto, or (ii) in the case of unaudited
interim statements, to the extent they may exclude footnotes or may be condensed or summary statements) and fairly present in
all material respects the financial position of the Issuer and its Subsidiaries as of the dates thereof and the results of its
operations and cash flows for the periods then ended (subject, in the case of unaudited statements, to normal year-end audit adjustments
which will not be material either individually or in the aggregate).

 

(k)
Equity Capitalization. As of the date hereof, the authorized equity capitalization of the Issuer consists of (i) an unlimited
number of Common Units, of which as of the date hereof, 12,993,869 Common Units are issued and outstanding, no Common Units are
reserved for issuance pursuant to the Issuer’s equity option and purchase plans and no Common Units are reserved for issuance
pursuant to securities (other than the aforementioned options and the Warrants) exercisable or exchangeable for, or convertible
into, Common Units, and (ii) an unlimited number of Subordinated Units, of which as of the date hereof, 1,235,534 Subordinated
Units are issued and outstanding, and no Subordinated Units are reserved for issuance pursuant to the Issuer’s equity option
and purchase plans and no Subordinated Units are reserved for issuance pursuant to securities exercisable or exchangeable for,
or convertible into, Subordinated Units, and (iii) an unlimited number of Series A Preferred Units, of which as of the date hereof,
1,500,000 Series A Preferred Units are issued and outstanding, no Series A Preferred are reserved for issuance pursuant to the
Issuer’s equity option and purchase plans and no Series A Preferred Units are reserved for issuance pursuant to securities
(other than the aforementioned options and the Warrants) exercisable or exchangeable for, or convertible into, Common Units. All
of such outstanding units have been, or upon issuance will be, validly issued and are fully paid and nonassessable. None of the
Issuer’s equity interests are subject to preemptive rights or any other similar rights or any liens or encumbrances suffered
or permitted by the Issuer. Other than as described above or as disclosed in the SEC Documents, there are no outstanding options,
warrants, scrip, rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities or rights
convertible into, or exercisable or exchangeable for, any equity interests of the Issuer or any of its Subsidiaries, or contracts,
commitments, understandings or arrangements by which the Issuer or any of its Subsidiaries is or may become bound to issue additional
equity interests of the Issuer or any of its Subsidiaries or options, warrants, scrip, rights to subscribe to, calls or commitments
of any character whatsoever relating to, or securities or rights convertible into, or exercisable or exchangeable for, any equity
interests of the Issuer or any of its Subsidiaries; there are no outstanding securities or instruments of the Issuer or any of
its Subsidiaries which contain any redemption or similar provisions, and there are no contracts, commitments, understandings or
arrangements by which the Issuer or any of its Subsidiaries is or may become bound to redeem a security of the Issuer or any of
its Subsidiaries; and there are no securities or instruments containing anti-dilution or similar provisions that will be triggered
by the issuance of the Securities. The Issuer has furnished or made available to the Holders true, correct and complete copies
of the Issuer’s Certificate of Limited Partnership, as amended and as in effect on the date hereof (the “Certificate
of Limited Partnership”), and the Issuer’s Agreement of Limited Partnership, as amended and as in effect on the
date hereof (the “Limited Partnership Agreement”).

 

    	 	- 8 -	 

    	 

    

 

(l)
Investment Company Status. Neither the Issuer nor any Subsidiary is, and upon consummation of the sale of the Securities,
and for so long any Holder holds any Securities, will be, an “investment company,” a company controlled by an “investment
company” or an “affiliated person” of, or “promoter” or “principal underwriter” for,
an “investment company” as such terms are defined in the Investment Company Act of 1940, as amended.

 

(m)
Transfer Taxes. On the Closing Date, all stock transfer or other taxes (other than income or similar taxes) which are required
to be paid in connection with the sale and transfer of the Securities to be sold to each Holder hereunder will be, or will have
been, fully paid or provided for by the Issuer, and all laws imposing such taxes will be or will have been complied with.

 

(n)
Manipulation of Price. The Issuer has not, and to its knowledge no one acting on its behalf has, (i) taken, directly or
indirectly, any action designed to cause or to result, or that could reasonably be expected to cause or result, in the stabilization
or manipulation of the price of any security of the Issuer to facilitate the sale or resale of any of the Securities, (ii) sold,
bid for, purchased, or paid any compensation for soliciting purchases of, any of the Securities, or (iii) paid or agreed to pay
to any person any compensation for soliciting another to purchase any other securities of the Issuer.

 

(o)
[reserved]

 

(p)
U.S. Real Property Holding Corporation. The Issuer is not, has never been, and so long as any Securities remain outstanding,
shall not become, a U.S. real property holding corporation within the meaning of Section 897 of the Code and the Issuer shall
so certify upon any Holder’s request.

 

(q)
Bank Holding Issuer Act. Neither the Issuer nor any of its Subsidiaries or affiliates is subject to the Bank Holding Issuer
Act of 1956, as amended (the “BHCA”) and to regulation by the Board of Governors of the Federal Reserve System
(the “Federal Reserve”). Neither the Issuer nor any of its Subsidiaries or affiliates owns or controls, directly
or indirectly, five percent (5%) or more of the outstanding shares of any class of voting securities or twenty-five percent (25%)
or more of the total equity of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve. Neither
the Issuer nor any of its Subsidiaries or affiliates exercises a controlling influence over the management or policies of a bank
or any entity that is subject to the BHCA and to regulation by the Federal Reserve.

 

    	 	- 9 -	 

    	 

    

 

(r)
No Additional Agreements. Neither the Issuer nor any of its Subsidiaries has any agreement or understanding with any Holder
with respect to the transactions contemplated by the Transaction Documents other than as specified in the Transaction Documents.

 

(s)
Shell Issuer Status. The Issuer is not, and has never been, an issuer identified in Rule 144(i)(1) of the 1933 Act.

 

(t)
No Disqualification Events. With respect to Securities to be offered and sold hereunder in reliance on Rule 506(b) under
the 1933 Act (“Regulation D Securities”), none of the Issuer, any of its predecessors, any affiliated issuer,
any director, executive officer, other officer of the Issuer participating in the offering hereunder, any beneficial owner of
20% or more of the Issuer’s outstanding voting equity securities, calculated on the basis of voting power, nor any promoter
(as that term is defined in Rule 405 under the 1933 Act) connected with the Issuer in any capacity at the time of sale (each,
an “Issuer Covered Person” and, together, “Issuer Covered Persons”) is subject to any of
the “Bad Actor” disqualifications described in Rule 506(d)(1)(i) to (viii) under the 1933 Act (a “Disqualification
Event”), except for a Disqualification Event covered by Rule 506(d)(2) or (d)(3). The Issuer has exercised reasonable
care to determine whether any Issuer Covered Person is subject to a Disqualification Event. The Issuer has complied, to the extent
applicable, with its disclosure obligations under Rule 506(e), and has furnished to the Holders a copy of any disclosures provided
thereunder.

 

(u)
Other Covered Persons. The Issuer is not aware of any Person that has been or will be paid (directly or indirectly) remuneration
for solicitation of Holders or potential purchasers in connection with the sale of any Regulation D Securities.

 

4.
COVENANTS.

 

(a)
Best Efforts. Each party shall use its best efforts timely to satisfy each of the covenants and the conditions to be satisfied
by it as provided in Sections 6 and 7 of this Agreement.

 

(b)
Form D and Blue Sky. The Issuer agrees to file a Form D with respect to the Securities as required under Regulation D and
to provide a copy thereof to each Holder promptly after such filing. The Issuer shall, on or before the Closing Date, take such
action as the Issuer shall reasonably determine is necessary in order to obtain an exemption for or to qualify the Securities
for sale to the Holders at the Closing pursuant to this Agreement under applicable securities or “Blue Sky” laws of
the states of the United States (or to obtain an exemption from such qualification), and shall provide evidence of any such action
so taken to the Holders on or prior to the Closing Date. The Issuer shall make all filings and reports relating to the offer and
sale of the Securities required under applicable securities or “Blue Sky” laws of the states of the United States
following the Closing Date.

 

(c)
Reporting Status. Until the date on which the Holders shall have sold all of the Warrant Units and none of the Warrants
are outstanding (the “Reporting Period”), the Issuer shall timely file all reports required to be filed with
the SEC pursuant to the 1934 Act, and the Issuer shall not terminate its status as an issuer required to file reports under the
1934 Act even if the 1934 Act or the rules and regulations thereunder would no longer require or otherwise permit such termination.

 

    	 	- 10 -	 

    	 

    

 

(d)
Public Information. At any time during the period commencing from the six (6) month anniversary of the Closing Date and
ending at such time that all of the Securities, if a registration statement is not available for the resale of all of the Securities,
may be sold without restriction or limitation pursuant to Rule 144 and without the requirement to be in compliance with Rule 144(c)(1),
if the Issuer shall (i) fail for any reason to satisfy the requirements of Rule 144(c)(1), including, without limitation, the
failure to satisfy the current public information requirement under Rule 144(c) or (ii) if the Issuer has ever been an issuer
described in Rule 144(i)(1)(i) or becomes such an issuer in the future, and the Issuer shall fail to satisfy any condition set
forth in Rule 144(i)(2) (a “Public Information Failure”) then, as partial relief for the damages to any holder
of Securities by reason of any such delay in or reduction of its ability to sell the Securities (which remedy shall not be exclusive
of any other remedies available at law or in equity), the Issuer shall pay to each such holder an amount in cash equal to two
percent (2.0%) of the aggregate Exercise Price (as defined in the Warrants) of such Holder’s outstanding Warrants and Warrant
Units received upon the exercise of Warrants on the day of a Public Information Failure and on every thirtieth day (prorated for
periods totaling less than thirty days) thereafter until the earlier of (i) the date such Public Information Failure is cured
and (ii) such time that such Public Information Failure no longer prevents a holder of Securities from selling such Securities
pursuant to Rule 144 without any restrictions or limitations. The payments to which a holder shall be entitled pursuant to this
Section 4(d) are referred to herein as “Public Information Failure Payments.” Public Information Failure Payments
shall be paid on the earlier of (I) the last day of the calendar month during which such Public Information Failure Payments are
incurred and (II) the third Business Day after the event or failure giving rise to the Public Information Failure Payments is
cured. In the event the Issuer fails to make Public Information Failure Payments in a timely manner, such Public Information Failure
Payments shall bear interest at the rate of 1.5% per month (prorated for partial months) until paid in full.

 

(e)
Notice of Disqualification Events. The Issuer will notify the Holders in writing, prior to the Closing Date, of (i) any
Disqualification Event relating to any Issuer Covered Person and (ii) any event that would, with the passage of time, become a
Disqualification Event relating to any Issuer Covered Person.

 

(f)
FAST Compliance. While any Warrants are outstanding, the Issuer shall maintain a transfer agent that participates in the
DTC Fast Automated Securities Transfer Program.

 

(g)
Notice of Book-Up Events. While any Warrants are outstanding, the Issuer shall provide the Holders with written notice
at least ten (10) Trading Days before any event that could constitute a Book-Up Event or a Book-Down Event, each as defined in
the Limited Partnership Agreement, as in effect on the date hereof.

 

(h)
Short Sales. The Holder covenants that neither it nor any affiliate acting on its behalf or pursuant to any understanding
with it will execute any Short Sales or hedging activities with respect to the Issuer’s Common Units while the Holder is
the owner of a Warrant. Short Sales” means all “short sales” as defined in Rule 200 of Regulation SHO under
the Exchange Act (but shall not be deemed to include the location and/or reservation of borrowable Common Units).

 

    	 	- 11 -	 

    	 

    

 

5.
REGISTER; TRANSFER AGENT INSTRUCTIONS.

 

(a)
Register. The Issuer shall maintain at its principal executive offices (or such other office or agency of the Issuer as
it may designate by notice to each holder of Securities), a register for the Warrants in which the Issuer shall record the name
and address of the Person in whose name the Warrants have been issued (including the name and address of each transferee), the
number of Warrant Units issuable upon exercise of the Warrants held by such Person. The Warrant register shall be the definitive
record of the number of Warrant Units that remain to be issued upon exercise of a Warrant (such as if a Warrant has been previously
exercised for less than all of the Warrant Units issuable upon exercise thereof). The Issuer shall keep the register open and
available at all times during business hours for inspection of any Holder or its legal representatives.

 

(b)
Transfer Agent Instructions. The Issuer shall issue irrevocable instructions to its transfer agent, and any subsequent
transfer agent, in the form of Exhibit B attached hereto (the “Irrevocable Transfer Agent Instructions”)
to issue certificates or credit units to the applicable balance accounts at DTC, registered in the name of each Holder or its
respective nominee(s), for the Warrant Units issued pursuant to the exercise of the Warrants in such amounts as specified from
time to time by each Holder to the Issuer upon exercise of the Warrants. The Issuer warrants that, if the Removal Conditions are
true at the time of issuance of the Warrant Units, no instruction other than the Irrevocable Transfer Agent Instructions referred
to in this Section 5(b), and stop transfer instructions to give effect to Section 2(f) hereof, will be given by the Issuer to
its transfer agent, and that the Securities shall otherwise be freely transferable on the books and records of the Issuer as and
to the extent provided in this Agreement and the other Transaction Documents; provided, however, if the Removal Conditions are
not true, the Warrant Units shall be issued with stop transfer instructions and a restrictive legend in accordance with Section
2(g) herein. If a Holder effects a sale, assignment or transfer of the Securities in accordance with Section 2(f), the Issuer
shall permit the transfer and shall promptly instruct its transfer agent to issue one or more certificates or credit units to
the applicable balance accounts at DTC in such name and in such denominations as specified by such Holder to effect such sale,
transfer or assignment. In the event that such sale, assignment or transfer involves the Warrant Units sold, assigned or transferred
pursuant to an effective registration statement or pursuant to Rule 144, the transfer agent shall issue such Securities to the
Holder, assignee or transferee, as the case may be, without any restrictive legend. The Issuer acknowledges that a breach by it
of its obligations hereunder will cause irreparable harm to a Holder. Accordingly, the Issuer acknowledges that the remedy at
law for a breach of its obligations under this Section 5(b) will be inadequate and agrees, in the event of a breach or threatened
breach by the Issuer of the provisions of this Section 5(b), that a Holder shall be entitled, in addition to all other available
remedies, to an order and/or injunction restraining any breach and requiring immediate issuance and transfer, without the necessity
of showing economic loss and without any bond or other security being required.

 

    	 	- 12 -	 

    	 

    

 

6.
CONDITIONS TO THE ISSUER’S OBLIGATION TO ISSUE THE WARRANTS.

 

The
obligation of the Issuer hereunder to issue the Warrants to each Holder at the Closing is subject to the satisfaction, at or before
the Closing Date, of each of the following conditions, provided that these conditions are for the Issuer’s sole benefit
and may be waived by the Issuer at any time in its sole discretion by providing each Issuer with prior written notice thereof:

 

(i)
Such Issuer shall have executed each of the Transaction Documents to which it is a party and delivered the same to the Issuer.

 

(ii)
The representations and warranties of such Issuer shall be true and correct as of the date when made and as of the Closing Date
as though made at that time (except for representations and warranties that speak as of a specific date which shall be true and
correct as of such specified date), and such Issuer shall have performed, satisfied and complied in all material respects with
the covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by such Issuer
at or prior to the Closing Date.

 

7.
CONDITIONS TO EACH HOLDER’S OBLIGATION TO CLOSE.

 

The
obligation of each Holder hereunder to acquire the Warrants at the Closing is subject to the satisfaction, at or before the Closing
Date, of each of the following conditions, provided that these conditions are for each Holder’s sole benefit and may be
waived by such Holder at any time in its sole discretion by providing the Issuer with prior written notice thereof:

 

(i)
The Issuer shall have duly executed and delivered to such Issuer each of the following documents to which it is a party: (A) each
of the Transaction Documents and (C) the related Warrants (allocated in such amounts as such Holder shall request) being issued
to such Holder at the Closing pursuant to this Agreement.

 

(ii)
Such Holder shall have received the opinion of Frost Brown & Todd LLC, the Issuer’s outside counsel, dated as of the
Closing Date, in substantially the form of Exhibit C attached hereto.

 

(iii)
The Issuer shall have delivered to such Holder a copy of the Irrevocable Transfer Agent Instructions, in the form of Exhibit
B attached hereto, which instructions shall have been delivered to and acknowledged in writing by the Issuer’s transfer
agent.

 

(iv)
The Issuer shall have delivered to such Holder a certificate evidencing the formation and good standing of the Issuer and each
of its Subsidiaries in such entity’s jurisdiction of formation issued by the Secretary of State (or comparable office) of
such jurisdiction, as of a date within ten (10) days of the Closing Date.

 

(v)
The Issuer shall have delivered to such Holder a certificate evidencing the Issuer’s qualification as a foreign corporation
and good standing issued by the Secretary of State (or comparable office) of each jurisdiction in which the Issuer conducts business,
as of a date within ten (10) days of the Closing Date.

 

    	 	- 13 -	 

    	 

    

 

(vi)
The Issuer shall have delivered to such Holder a certified copy of the Certificate of Limited Partnership of the Issuer as certified
by the Secretary of State (or comparable office) of the jurisdiction of formation of the Issuer within ten (10) days of the Closing
Date.

 

(vii)
The Issuer shall have delivered to such Holder a certificate, executed by the Secretary of the Issuer and dated as of the Closing
Date, as to (i) the resolutions consistent with Section 3(b) as adopted by the Board of Directors of the general partner of the
Issuer in a form reasonably acceptable to such Holder, (ii) the Certificate of Limited Partnership of the Issuer and (iii) the
Limited Partnership Agreement of the Issuer, each as in effect at the Closing, in the form attached hereto as Exhibit D.

 

(viii)
The representations and warranties of the Issuer shall be true and correct as of the date when made and as of the Closing Date
as though made at that time (except for representations and warranties that speak as of a specific date which shall be true and
correct as of such specified date) and the Issuer shall have performed, satisfied and complied in all respects with the covenants,
agreements and conditions required by the Transaction Documents to be performed, satisfied or complied with by the Issuer at or
prior to the Closing Date. Such Holder shall have received a certificate, executed by the Chief Executive Officer of the Issuer,
dated as of the Closing Date, to the foregoing effect and as to such other matters as may be reasonably requested by such Holder
in the form attached hereto as Exhibit E.

 

(ix)
The Issuer shall have delivered to such Holder a letter from the Issuer’s transfer agent certifying the number of Common
Units outstanding as of a date within five (5) days of the Closing Date.

 

(x)
The Issuer shall have obtained all governmental, regulatory or third party consents and approvals, if any, necessary for the sale
of the Securities.

 

(xi)
The Issuer shall have delivered to such Holder such other documents relating to the transactions contemplated by this Agreement
as such Holder or its counsel may reasonably request.

 

8.
MISCELLANEOUS.

 

(a)
Governing Law; Jurisdiction; Jury Trial. All questions concerning the construction, validity, enforcement and interpretation
of this Agreement shall be governed by the internal laws of the State of New York, without giving effect to any choice of law
or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application
of the laws of any jurisdictions other than the State of New York. Each party hereby irrevocably submits to the exclusive jurisdiction
of the state and federal courts sitting in The City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder
or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and
agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any
such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or
proceeding is improper. Each party hereby irrevocably waives personal service of process and consents to process being served
in any such suit, action or proceeding by mailing a copy thereof to such party at the address for such notices to it under this
Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained
herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. EACH PARTY HEREBY IRREVOCABLY
WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION
WITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

    	 	- 14 -	 

    	 

    

 

(b)
Counterparts. This Agreement may be executed in two or more identical counterparts, all of which shall be considered one
and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other
party; provided that a facsimile or .pdf signature shall be considered due execution and shall be binding upon the signatory thereto
with the same force and effect as if the signature were an original, not a facsimile or .pdf signature.

 

(c)
Headings. The headings of this Agreement are for convenience of reference and shall not form part of, or affect the interpretation
of, this Agreement.

 

(d)
Severability. If any provision of this Agreement is prohibited by law or otherwise determined to be invalid or unenforceable
by a court of competent jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed
amended to apply to the broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such
provision shall not affect the validity of the remaining provisions of this Agreement so long as this Agreement as so modified
continues to express, without material change, the original intentions of the parties as to the subject matter hereof and the
prohibited nature, invalidity or unenforceability of the provision(s) in question does not substantially impair the respective
expectations or reciprocal obligations of the parties or the practical realization of the benefits that would otherwise be conferred
upon the parties. The parties will endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s)
with a valid provision(s), the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable
provision(s).

 

(e)
Entire Agreement; Amendments. This Agreement and the other Transaction Documents supersede all other prior oral or written
agreements between the Holders, the Issuer, their affiliates and Persons acting on their behalf with respect to the matters discussed
herein, and this Agreement, the other Transaction Documents and the instruments referenced herein and therein contain the entire
understanding of the parties with respect to the matters covered herein and therein and, except as specifically set forth herein
or therein, neither the Issuer nor any Holder makes any representation, warranty, covenant or undertaking with respect to such
matters. Provisions of this Agreement may be amended and the observance thereof may be waived (either generally or in a particular
instance and either retroactively or prospectively), only with the written consent of the Issuer and the holders of at least a
majority of the aggregate number of Common Units issued or issuable under the Warrants (without regard to any restriction or limitation
on the exercise of the Warrants contained therein) (the “Required Holders”). Any amendment or waiver effected
in accordance with this Section 8(e) shall be binding upon each Holder and holder of Securities and the Issuer. No such amendment
shall be effective to the extent that it applies to less than all of the Holders or holders of Securities. No consideration shall
be offered or paid to any Person to amend or consent to a waiver or modification of any provision of any of the Transaction Documents
unless the same consideration (other than the reimbursement of legal fees) also is offered to all of the parties to the Transaction
Documents or holders of the Warrants, as the case may be. The Issuer has not, directly or indirectly, made any agreements with
any Holders relating to the terms or conditions of the transactions contemplated by the Transaction Documents except as set forth
in the Transaction Documents. Without limiting the foregoing, the Issuer confirms that, except as set forth in this Agreement,
no Holder has made any commitment or promise or has any other obligation to provide any financing to the Issuer or otherwise.

 

    	 	- 15 -	 

    	 

    

 

(f)
Notices. Any notices, consents, waivers or other communications required or permitted to be given under the terms of this
Agreement or any of the other Transaction Document’s must be in writing and will be deemed to have been delivered: (i) upon
receipt, when delivered personally; (ii) upon delivery, when sent by facsimile (provided confirmation of transmission is mechanically
or electronically generated and kept on file by the sending party), (iii) upon delivery, when sent by electronic mail (provided
that the sending party does not receive an automated rejection notice); or (iv) one Business Day after deposit with an overnight
courier service, in each case properly addressed to the party to receive the same. The addresses, facsimile numbers and e-mail
addresses for such communications shall be:

 

If
to the Issuer:

 

Rhino
Resource Partners LP

424
Lewis Hargett Circle, Suite 250

Lexington,
Kentucky 40503

Attention:
Chief Executive Officer

Telephone:
(859) 389-6500

Telecopier:
(859) 389-6588

Email:
rboone@rhinolp.com

 

With
a copy to (for informational purposes only):

 

Rhino
Resource Partners LP

424
Lewis Hargett Circle, Suite 250

Lexington,
Kentucky 40503

Attention:
Whitney Kegley, General Counsel

Telephone:
(859) 519-3607

Telecopier:
(859) 389-6588

Email:
wkegley@rhinolp.com

 

and

 

Frost
Brown Todd LLC

Lexington
Financial Center

250
West Main Street, Suite 2800

Lexington,
Kentucky 40507

Attention:
Warren J. Hoffmann, Esq.

Telephone:
(859) 244-3220

Telecopier:
(859) 231-0011

Email:
whoffmann@fbtlaw.com

 

    	 	- 16 -	 

    	 

    

 

If
to the Transfer Agent:

 

Computershare
Trust Company, N.A.

Meidinger
Tower, 462 S 4th St.

Louisville,
Ky 40202

Telephone:
(502) 301 6094

Facsimile:
(502) _________

Attention:
Miller Asbury

E-mail:
miller.asbury@computershare.com

 

If
to a Holder, to its address, facsimile number and e-mail address set forth on the Schedule of Holders, with copies to such Holder’s
representatives as set forth on the Schedule of Holders,

 

with
a copy (for informational purposes only) to:

 

	 	Schulte
    Roth & Zabel LLP
	 	919
    Third Avenue
	 	New
    York, New York 10022
	 	Telephone:	(212)
    756-2000
	 	Facsimile:	(212)
    593-5955
	 	Attention:	Marc
    B. Friess, Esq.
	 	E-mail:	marc.friess@srz.com

 

or
to such other address, facsimile number and/or e-mail address and/or to the attention of such other Person as the recipient party
has specified by written notice given to each other party five (5) days prior to the effectiveness of such change. Written confirmation
of receipt (A) given by the recipient of such notice, consent, waiver or other communication, (B) mechanically or electronically
generated by the sender’s facsimile machine or e-mail containing the time, date, recipient facsimile number and an image
of the first page of such transmission or (C) provided by an overnight courier service shall be rebuttable evidence of personal
service, receipt by facsimile or receipt from an overnight courier service in accordance with clause (i), (ii) or (iii) above,
respectively.

 

(g)
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective
successors and assigns, including any purchasers of the Warrants. The Issuer shall not assign this Agreement or any rights or
obligations hereunder without the prior written consent of the Required Holders, including by way of a Fundamental Transaction
(unless the Issuer is in compliance with the applicable provisions governing Fundamental Transactions set forth in the Warrants).
A Holder may assign some or all of its rights hereunder without the consent of the Issuer, in which event such assignee shall
be deemed to be a Holder hereunder with respect to such assigned rights.

 

    	 	- 17 -	 

    	 

    

 

(h)
No Third Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective permitted
successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other Person, except that
each Indemnitee shall have the right to enforce the obligations of the Issuer with respect to Section 8(k).

 

(i)
Survival. The representations and warranties of the Issuer and the Holders contained in Sections 2 and 3, and the agreements
and covenants set forth in Sections 4, 5 and 6 shall survive the Closing. Each Holder shall be responsible only for its own representations,
warranties, agreements and covenants hereunder.

 

(j)
Further Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and things,
and shall execute and deliver all such other agreements, certificates, instruments and documents, as any other party may reasonably
request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions
contemplated hereby.

 

(k)
Indemnification. (i) In consideration of each Holder’s execution and delivery of the Transaction Documents and acquiring
the Securities thereunder and in addition to all of the Issuer’s other obligations under the Transaction Documents, the
Issuer shall defend, protect, indemnify and hold harmless each Holder and each other holder of the Securities and all of their
shareholders, partners, members, officers, directors, employees and direct or indirect investors and any of the foregoing Persons’
agents or other representatives (including, without limitation, those retained in connection with the transactions contemplated
by this Agreement) (collectively, the “Indemnitees”) from and against any and all actions, causes of action,
suits, claims, losses, costs, penalties, fees, liabilities and damages, and expenses in connection therewith (irrespective of
whether any such Indemnitee is a party to the action for which indemnification hereunder is sought), and including reasonable
attorneys’ fees and disbursements (the “Indemnified Liabilities”), incurred by any Indemnitee as a result
of, or arising out of, or relating to (a) any misrepresentation or breach of any representation or warranty made by the Issuer
in the Transaction Documents or any other certificate, instrument or document contemplated hereby or thereby, (b) any breach of
any covenant, agreement or obligation of the Issuer contained in the Transaction Documents or any other certificate, instrument
or document contemplated hereby or thereby or (c) any cause of action, suit or claim brought or made against such Indemnitee by
a third party (including for these purposes a derivative action brought on behalf of the Issuer) and arising out of or resulting
from (i) the execution, delivery, performance or enforcement of the Transaction Documents or any other certificate, instrument
or document contemplated hereby or thereby, (ii) any transaction financed or to be financed in whole or in part, directly or indirectly,
with the proceeds of the issuance of the Securities, or (iii) the status of such Holder or holder of the Securities as an investor
in the Issuer pursuant to the transactions contemplated by the Transaction Documents. To the extent that the foregoing undertaking
by the Issuer may be unenforceable for any reason, the Issuer shall make the maximum contribution to the payment and satisfaction
of each of the Indemnified Liabilities that is permissible under applicable law.

 

    	 	- 18 -	 

    	 

    

 

(ii)
Promptly after receipt by an Indemnitee under this Section 8(k) of notice of the commencement of any action or proceeding (including
any governmental action or proceeding) involving an Indemnified Liability, such Indemnitee shall, if a claim for indemnification
in respect thereof is to be made against any indemnifying party under this Section 8(k), deliver to the indemnifying party a written
notice of the commencement thereof, and the indemnifying party shall have the right to participate in, and, to the extent the
indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume control of the defense thereof
with counsel mutually satisfactory to the indemnifying party and the Indemnitee; provided, however, that an Indemnitee
shall have the right to retain its own counsel with the fees and expenses of not more than one counsel for such Indemnitee to
be paid by the indemnifying party, if, in the reasonable opinion of the Indemnitee, the representation by such counsel of the
Indemnitee and the indemnifying party would be inappropriate due to actual or potential differing interests between such Indemnitee
and any other party represented by such counsel in such proceeding. Legal counsel referred to in the immediately preceding sentence
shall be selected by the Holders holding at least a majority of the Securities issued and issuable hereunder. The Indemnitee shall
cooperate fully with the indemnifying party in connection with any negotiation or defense of any such action or Indemnified Liabilities
by the indemnifying party and shall furnish to the indemnifying party all information reasonably available to the Indemnitee that
relates to such action or Indemnified Liabilities. The indemnifying party shall keep the Indemnitee fully apprised at all times
as to the status of the defense or any settlement negotiations with respect thereto. No indemnifying party shall be liable for
any settlement of any action, claim or proceeding effected without its prior written consent, provided, however,
that the indemnifying party shall not unreasonably withhold, delay or condition its consent. No indemnifying party shall, without
the prior written consent of the Indemnitee, which consent shall not be unreasonably withheld conditioned or delayed, consent
to entry of any judgment or enter into any settlement or other compromise which (i) does not include as an unconditional term
thereof the giving by the claimant or plaintiff to such Indemnitee of a release from all liability in respect to such Indemnified
Liabilities or litigation, (ii) requires any admission of wrongdoing by such Indemnitee, or (iii) obligates or requires an Indemnitee
to take, or refrain from taking, any action. Following indemnification as provided for hereunder, the indemnifying party shall
be subrogated to all rights of the Indemnitee with respect to all third parties, firms or corporations relating to the matter
for which indemnification has been made. The failure to deliver written notice to the indemnifying party within a reasonable time
of the commencement of any such action shall not relieve such indemnifying party of any liability to the Indemnitee under this
Section 8(k), except to the extent that the indemnifying party is prejudiced in its ability to defend such action.

 

(iii)
The indemnification required by this Section 8(k) shall be made by periodic payments of the amount thereof during the course of
the investigation or defense, as and when bills are received or Indemnified Liabilities are incurred.

 

(iv)
The indemnity agreements contained herein shall be in addition to (x) any cause of action or similar right of the Indemnitee against
the indemnifying party or others, and (y) any liabilities the indemnifying party may be subject to pursuant to the law.

 

(l)
No Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to
express their mutual intent, and no rules of strict construction will be applied against any party.

 

    	 	- 19 -	 

    	 

    

 

(m)
Remedies. Each Holder and each holder of the Securities shall have all rights and remedies set forth in the Transaction
Documents and all rights and remedies which such holders have been granted at any time under any other agreement or contract and
all of the rights which such holders have under any law. Any Person having any rights under any provision of this Agreement shall
be entitled to enforce such rights specifically (without posting a bond or other security), to recover damages by reason of any
breach of any provision of this Agreement and to exercise all other rights granted by law. Furthermore, the Issuer recognizes
that in the event that it fails to perform, observe, or discharge any or all of its obligations under the Transaction Documents,
any remedy at law may prove to be inadequate relief to the Holders. The Issuer therefore agrees that the Holders shall be entitled
to seek temporary and permanent injunctive relief in any such case without the necessity of proving actual damages and without
posting a bond or other security.

 

(n)
Rescission and Withdrawal Right. Notwithstanding anything to the contrary contained in (and without limiting any similar
provisions of) the Transaction Documents, whenever any Holder exercises a right, election, demand or option under a Transaction
Document and the Issuer does not timely perform its related obligations within the periods therein provided, then such Holder
may rescind or withdraw, in its sole discretion from time to time upon written notice to the Issuer, any relevant notice, demand
or election in whole or in part without prejudice to its future actions and rights.

 

(o)
Payment Set Aside. To the extent that the Issuer makes a payment or payments to the Holders hereunder or pursuant to any
of the other Transaction Documents or the Holders enforce or exercise their rights hereunder or thereunder, and such payment or
payments or the proceeds of such enforcement or exercise or any part thereof are subsequently invalidated, declared to be fraudulent
or preferential, set aside, recovered from, disgorged by or are required to be refunded, repaid or otherwise restored to the Issuer,
a trustee, receiver or any other Person under any law (including, without limitation, any bankruptcy law, foreign, state or federal
law, common law or equitable cause of action), then to the extent of any such restoration the obligation or part thereof originally
intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such
enforcement or setoff had not occurred.

 

(p)
Independent Nature of Holders’ Obligations and Rights. The obligations of each Holder under any Transaction Document
are several and not joint with the obligations of any other Holder, and no Holder shall be responsible in any way for the performance
of the obligations of any other Holder under any Transaction Document. Nothing contained herein or in any other Transaction Document,
and no action taken by any Holder pursuant hereto or thereto, shall be deemed to constitute the Holders as, and the Issuer acknowledges
that the Holders do not so constitute, a partnership, an association, a joint venture or any other kind of entity, or create a
presumption that the Holders are in any way acting in concert or as a group, and the Issuer shall not assert any such claim with
respect to such obligations or the transactions contemplated by the Transaction Documents and the Issuer acknowledges that the
Holders are not acting in concert or as a group with respect to such obligations or the transactions contemplated by the Transaction
Documents. The Issuer acknowledges and each Holder confirms that it has independently participated in the negotiation of the transaction
contemplated hereby with the advice of its own counsel and advisors. Each Holder shall be entitled to independently protect and
enforce its rights, including, without limitation, the rights arising out of this Agreement or out of any other Transaction Documents,
and it shall not be necessary for any other Holder to be joined as an additional party in any proceeding for such purpose.

 

9.
General Partner Covenant.

 

Pursuant
to Section 5.2 and Section 5.8 of the Limited Partnership Agreement, Rhino GP, LLC has certain preemptive rights to buy additional
units from the Issuer or make capital contributions to the Issuer in connection with issuances of equity by the Issuer. Rhino
GP, LLC hereby agrees that it will not (i) exercise any rights pursuant to Section 5.2 and Section 5.8 of the Limited Partnership
Agreement in connection with the issuance of the Warrants or the Warrant Units or (ii) assign any such rights to any other Person.

 

[Signature
Page Follows]

 

    	 	- 20 -	 

    	 

    

 

IN
WITNESS WHEREOF, each Holder and the Issuer have caused their respective signature page to this Warrant Agreement to be duly
executed as of the date first written above.

 

	 	ISSUER:
	 	 
	 	RHINO RESOURCE PARTNERS LP
	 	 	 
	 	By: 	Rhino GP, LLC, its general partner
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	GENERAL PARTNER:
	 	 	 
	 	RHINO GP, LLC
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

[Signature
Page to Warrant Agreement] 

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, each Holder and the Issuer have caused their respective signature page to this Warrant Agreement to be duly
executed as of the date first written above.

 

	 	HOLDERS:
	 	 
	 	CB Agent Services LLC
	 	 
	 	By:	 
	 	Name:	Morris Beyda
	 	Title:	Partner & COO
	 	 	 
	 	CION INVESTMENT CORPORATION
	 	 	 
	 	By:	 
	 	Name:	Gregg Bresner
	 	Title:	President & Chief Investment Officer

  

[Signature
Page to Warrant Agreement] 

 

    	 

    	 

    

 

SCHEDULE
OF HOLDERS

 

	(1)	 	(2)	 	(3)	 	 	(4)
	 	 	 	 	 	 	 	 
	Holder	 	Address
    and
 Facsimile Number	 	Number
    of
 Warrant Units	 	 	Legal
    Representative’s Address and Facsimile Number
	CB Agent
    Services LLC	 	888 Seventh Avenue 
29th
    Floor 
New York, NY 10106 
(212) 603-2801	 	 	512,916	 	 	Marc B. Friess, Esq. 
Schulte
    Roth & Zabel LLP 
919 Third Avenue 
New York, NY 10022 
(212) 593-5955
	 	 	 	 	 	 	 	 	 
	CION Investment Corp.	 	3 Park Avenue Floor #36 
New York,
    NY 10016	 	 	170,972	 	 	Marc B. Friess, Esq. 
Schulte Roth
    & Zabel LLP 
919 Third Avenue 
New York, NY 10022 
(212) 593-5955

 

[Signature
Page to Warrant Agreement] 

 

    	 

    	 

    

 

EXHIBITS

 

	Exhibit
    A	 	Form
    of Warrants
	Exhibit
    B	 	Form
    of Irrevocable Transfer Agent Instructions
	Exhibit
    C	 	Form
    of Opinion of Issuer Counsel
	Exhibit
    D	 	Form
    of Secretary’s Certificate
	Exhibit
    E	 	Form
    of Officer’s Certificate

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