Document:

EXECUTION
VERSION

 

CONSENT
TO FINANCING AGREEMENT

 

CONSENT,
dated as of April 17, 2018 (this “Waiver”), to the Financing Agreement, dated as of December 27, 2017 (as amended,
supplemented, replaced or otherwise modified from time to time, the “Financing Agreement”), by and among Rhino
Resource Partners LP, a Delaware limited partnership (the “Parent”), Rhino Energy LLC, a Delaware limited liability
company (“Rhino”), each subsidiary of Rhino listed as a “Borrower” on the signature pages thereto
(together with Rhino, each a “Borrower” and collectively, the “Borrowers”), each subsidiary
of the Parent listed as a “Guarantor” on the signature pages thereto (together with the Parent and each other
Person that executes a joinder agreement and becomes a “Guarantor” thereunder, each a “Guarantor”
and collectively, the “Guarantors”), the lenders from time to time party thereto (each a “Lender”
and collectively, the “Lenders”), Cortland Capital Market Services LLC (“Cortland”), as
collateral agent for the Lenders (in such capacity, together with its successors and assigns in such capacity, the “Collateral
Agent”), Cortland, as administrative agent for the Lenders (in such capacity, together with its successors and assigns
in such capacity, the “Administrative Agent”) and CB Agent Services LLC, as origination agent for the Lenders
(in such capacity, together with its successors and permitted assigns in such capacity, the “Origination Agent”
and together with the Collateral Agent and the Administrative Agent, each an “Agent” and collectively, the
“Agents”).

 

WHEREAS,
the Borrowers and the Guarantors have requested that the Agents and the Required Lenders consent to certain actions.

 

NOW
THEREFORE, in consideration of the premises and other good and valuable consideration, the parties hereto hereby agree as follows:

 

1.       Definitions
in Consent. Any capitalized term used herein and not defined shall have the meaning assigned to it in the Financing Agreement.

 

2.       Consent.

 

(a)
       Pursuant to the request by the Loan Parties, but subject to satisfaction of the conditions
set forth in Section 4 hereof, and in reliance upon (A) the representations and warranties of Loan Parties set forth herein and
in the Financing Agreement and (B) the agreements of the Loan Parties set forth herein, (x) the Agents and the Required Lenders
hereby consent to (i) the Parent paying a one time cash dividend and/or distribution to the Series A Preferred Unitholders (as
defined in the Partnership Agreement) in accordance with the Partnership Agreement in an amount not to exceed $6,038,629 notwithstanding
that such amount is capped at $5,200,000 pursuant to clause (d) of the definition of Permitted Restricted Payments in the Financing
Agreement (it being understood and agreed that such payment shall be made on or prior to April 30, 2018), (ii) (A) the Loan Parties
entering into a Sale and Leaseback Transaction with a finance company identified in writing to the Origination Agent prior to
the date hereof with respect to certain surface equipment will results in Net Cash Proceeds of $3,995,600 (the “Specific
Sale and Leaseback Transaction”) and (B) such Specific Sale and Leaseback Transaction not reducing the $2,000,000 per
Fiscal Year cap set forth in the definition of Permitted Disposition in the Financing Agreement so long as 50% of the Net Cash
Proceeds of the Specific Sale and Leaseback Transaction are applied to pay principal and interest of the Term Loan and Applicable
Premium in the aggregate, (iii) only require the Loan Parties to pay principal and interest of the Term Loan and Applicable Premium
in the aggregate with 50% of the Net Cash Proceeds received by the Loan Parties and their Subsidiaries from the sales of shares
of Mammoth Energy Securities, Inc. that the Loan Parties own to the extent such sales occur within thirty (30) days of the Consent
Effective Date (it being understood and agreed that after such thirty (30) day period, any such sales shall require that 100%
of the Net Cash Proceeds prepay the outstanding principal amount of the Term Loan in accordance with the Financing Agreement)
and (iv) the release of Clinton Stone LLC as a Loan Party and (y) the Origination Agent hereby consents to extend the time period
set forth in Section 7.01(v) of the Financing Agreement for the Loan Parties to use best efforts to obtain consents from the lessors
under the Material Leases set forth on Schedule 7.01(v) of the Financing Agreement until June 30, 2018;

 

    	 

     

    

 

(b)
       The consents in this Section 2 shall be effective only in these specific instances and
for the specific purposes set forth herein and do not allow for any other or further departure from the terms and conditions of
the Financing Agreement or any other Loan Document, which terms and conditions shall continue in full force and effect.

 

3.       Representations
and Warranties. Each Loan Party hereby represents and warrants to the Agents and the Lenders as follows:

 

(a)
       Representations and Warranties; No Event of Default. The representations and
warranties herein, in Article VI of the Financing Agreement and in each other Loan Document, certificate or other writing delivered
by or on behalf of the Loan Parties to any Agent or any Lender pursuant to the Financing Agreement or any other Loan Document
on or prior to the Consent Effective Date are true and correct in all material respects (except that such materiality qualifier
shall not be applicable to any representations or warranties that already are qualified or modified as to materiality or “Material
Adverse Effect” in the text thereof, which representations and warranties shall be true and correct in all respects subject
to such qualification) on and as of the Consent Effective Date as though made on and as of such date, except to the extent that
any such representation or warranty expressly relates solely to an earlier date (in which case such representation or warranty
shall be true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations
or warranties that already are qualified or modified as to materiality or “Material Adverse Effect” in the text thereof,
which representations and warranties shall be true and correct in all respects subject to such qualification) on and as of such
earlier date), and no Default or Event of Default has occurred and is continuing as of the Consent Effective Date or would result
from this Consent becoming effective in accordance with its terms.

 

(b)
       Organization, Good Standing, Etc. Each Loan Party (i) is a is a corporation,
limited liability company or limited partnership duly organized, validly existing and in good standing under the laws of the state
or jurisdiction of its organization, (ii) has all requisite power and authority to conduct its business as now conducted and as
presently contemplated and to execute this Consent and deliver each Loan Document to which it is a party, and to consummate the
transactions contemplated hereby and by the Financing Agreement, and (iii) is duly qualified to do business and is in good standing
in each jurisdiction in which the character of the properties owned or leased by it or in which the transaction of its business
makes such qualification necessary, except (solely for the purposes of this subclause (iii)) where the failure to be so qualified
and in good standing could reasonably be expected to have a Material Adverse Effect.

 

    	- 2 - 

     

    

 

(c)
       Authorization; Enforceability. The execution, delivery and performance of this
Consent by the Loan Parties, and the performance of the Financing Agreement, (i) have been duly authorized by all necessary action
and (ii) have been duly authorized, executed and delivered by the Loan Parties and constitute legal, valid and binding obligations
of the Loan Parties, enforceable in accordance with their respective terms, except as enforceability may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally.

 

(d)
       Governmental Approvals; No Conflicts. The execution, delivery and performance
of this Consent by each Loan Party, and the performance of the Financing Agreement, (i) have been duly authorized by all necessary
action, (ii) do not and will not contravene (A) any of its Governing Documents, (B) any applicable material Requirement of Law
or (C) any material Contractual Obligation binding on or otherwise affecting it or any of its properties, (iii) do not and will
not result in or require the creation of any Lien (other than pursuant to any Loan Document) upon or with respect to any of its
properties, and (iv) do not and will not result in any default, noncompliance, suspension, revocation, impairment, forfeiture
or nonrenewal of any permit, license, authorization or approval applicable to its operations or any of its properties, except,
in the case of clause (iv), to the extent where such contravention, default, noncompliance, suspension, revocation, impairment,
forfeiture or nonrenewal could not reasonably be expected to have a Material Adverse Effect.

 

4.       Conditions
to Effectiveness. The effectiveness of this Consent is subject to the fulfillment, in a manner satisfactory to the Origination
Agent, of the following condition precedent (the first date upon which such condition shall have been satisfied being herein called
the “Consent Effective Date”):

 

(a)
       The Agents and the Required Lenders shall have executed this Consent and received a
counterpart of this Consent that bears the signatures of each Loan Party.

 

(b)
       The representations and warranties contained in this Consent and in Article VI of the
Financing Agreement and in each other Loan Document shall be true and correct in all material respects (except that such materiality
qualifier shall not be applicable to any representations or warranties that already are qualified or modified as to materiality
or “Material Adverse Effect” in the text thereof, which representations and warranties shall be true and correct in
all respects subject to such qualification) on and as of the Consent Effective Date as though made on and as of such date, except
to the extent that any such representation or warranty expressly relates solely to an earlier date (in which case such representation
or warranty shall be true and correct in all material respects (except that such materiality qualifier shall not be applicable
to any representations or warranties that already are qualified or modified as to materiality or “Material Adverse Effect”
in the text thereof, which representations and warranties shall be true and correct in all respects subject to such qualification)
on and as of such earlier date).

 

    	- 3 - 

     

    

 

(c)
       No Default or Event of Default shall have occurred and be continuing on the Consent
Effective Date or result from this Consent becoming effective in accordance with its terms.

 

(d)
       The Borrowers shall have paid on or before the Consent Amendment Effective Date all
fees, costs and expenses then payable pursuant to Section 2.06 and Section 12.04 of the Financing Agreement, including, without
limitation, the reasonable fees and expenses of Schulte Roth & Zabel LLP, counsel to the Origination Agent.

 

5.       Release.
Each Loan Party hereby acknowledges and agrees that: (a) neither it nor any of its Affiliates has any claim or cause of action
against any Agent or any Lender (or any of their respective Affiliates, officers, directors, employees, attorneys, consultants
or agents) and (b) each Agent and each Lender has heretofore properly performed and satisfied in a timely manner all of its obligations
to such Loan Party and its Affiliates under the Financing Agreement and the other Loan Documents. Notwithstanding the foregoing,
the Agents and the Lenders wish (and each Loan Party agrees) to eliminate any possibility that any past conditions, acts, omissions,
events or circumstances would impair or otherwise adversely affect any of the Agents’ and the Lenders’ rights, interests,
security and/or remedies under the Financing Agreement and the other Loan Documents. Accordingly, for and in consideration of
the agreements contained in this Consent and other good and valuable consideration, each Loan Party (for itself and its Affiliates
and the successors, assigns, heirs and representatives of each of the foregoing) (collectively, the “Releasors”)
does hereby fully, finally, unconditionally and irrevocably release and forever discharge each Agent, each Lender and each of
their respective Affiliates, officers, directors, employees, attorneys, consultants and agents (collectively, the “Released
Parties”) from any and all debts, claims, obligations, damages, costs, attorneys’ fees, suits, demands, liabilities,
actions, proceedings and causes of action, in each case, whether known or unknown, contingent or fixed, direct or indirect, and
of whatever nature or description, and whether in law or in equity, under contract, tort, statute or otherwise, which any Releasor
has heretofore had or now or hereafter can, shall or may have against any Released Party by reason of any act, omission or thing
whatsoever done or omitted to be done on or prior to the Consent Effective Date arising out of, connected with or related in any
way to this Consent, the Financing Agreement or any other Loan Document, or any act, event or transaction related or attendant
thereto, or the agreements of any Agent or any Lender contained therein, or the possession, use, operation or control of any of
the assets of each Loan Party, or the making of any Loans or other advances, or the management of such Loans or advances or the
Collateral on or prior to the Consent Effective Date.

 

As
to each and every claim released hereunder, each Loan Party hereby represents that it has received the advice of legal counsel
with regard to the releases contained herein, and having been so advised, specifically waives the benefit of the provisions of
Section 1542 of the Civil Code of California which provides as follows:

 

“A
GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH A CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING
THE RELEASE, WHICH IF KNOWN BY HIM, MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR.”

 

    	- 4 - 

     

    

 

As
to each and every claim released hereunder, each Loan Party also waives the benefit of each other similar provision of applicable
federal or state law (including without limitation the laws of the state of New York), if any, pertaining to general releases
after having been advised by its legal counsel with respect thereto.

 

Each
Loan Party acknowledges that it may hereafter discover facts different from or in addition to those now known or believed to be
true with respect to such claims, demands, or causes of action and agrees that this instrument shall be and remain effective in
all respects notwithstanding any such differences or additional facts. Each Loan Party understands, acknowledges and agrees that
the release set forth above may be pleaded as a full and complete defense and may be used as a basis for an injunction against
any action, suit or other proceeding which may be instituted, prosecuted or attempted in breach of the provisions of such release.

 

Each
Loan Party, for itself and on behalf of its successors, assigns, and officers, directors, employees, agents and attorneys, and
any Person acting for or on behalf of, or claiming through it, hereby absolutely, unconditionally and irrevocably, covenants and
agrees with and in favor of the Released Parties above that it will not sue (at law, in equity, in any regulatory proceeding or
otherwise) the Released Parties on the basis of any claim released, remised and discharged by such Person pursuant to the above
release. Each Loan Party further agrees that it shall not dispute the validity or enforceability of the Financing Agreement or
any of the other Loan Documents or any of its obligations thereunder, or the validity, priority, enforceability or the extent
of Collateral Agent’s Lien on any item of Collateral under the Financing Agreement or the other Loan Documents. If any Loan
Party or any of its respective successors, assigns, or officers, directors, employees, agents or attorneys, or any Person acting
for or on behalf of, or claiming through it violate the foregoing covenant, such Person, for itself and its successors, assigns
and legal representatives, agrees to pay, in addition to such other damages as the Released Parties may sustain as a result of
such violation, all attorneys’ fees and costs incurred by the Released Parties as a result of such violation.

 

Each
Lender hereby acknowledges and agrees that, on the Consent Effective Date: (a) neither it nor any of its Affiliates has any claim
or cause of action arising on or prior to the Consent Effective Date against Cortland Capital Market Services LLC, Colbeck Capital
Management, LLC or CB Agent Services LLC (or any of their respective Affiliates, officers, directors, employees, attorneys, consultants
or agents) under the Financing Agreement and the other Loan Documents and (b) each of Cortland Capital Market Services LLC, Colbeck
Capital Management, LLC, CB Agent Services LLC and their respective Affiliates has, prior to the Consent Effective Date, properly
performed and satisfied in a timely manner all of its obligations prior to the Consent Effective Date to such Lender and its Affiliates
under the Financing Agreement and the other Loan Documents. Notwithstanding the foregoing, Cortland Capital Market Services LLC,
Colbeck Capital Management, LLC, CB Agent Services LLC and their respective Affiliates wish (and each Lender agrees) to eliminate,
to the fullest extent permitted under applicable law, any possibility that any past conditions, acts, omissions, events or circumstances
which occurred prior to the Consent Effective Date would give rise to any claim by any Lender against Cortland Capital Market
Services LLC, Colbeck Capital Management, LLC, CB Agent Services LLC and their respective Affiliates under the Financing Agreement
and the other Loan Documents. Accordingly, for and in consideration of the agreements contained in this Amendment and other good
and valuable consideration, each Lender (for itself and its Affiliates and the successors, assigns, heirs and representatives
of each of the foregoing) (collectively, the “Lender Releasors”) does hereby fully, finally, unconditionally
and irrevocably release and forever discharge Cortland Capital Market Services LLC, Colbeck Capital Management, LLC, CB Agent
Services LLC and each of their respective Affiliates, officers, directors, employees, attorneys, consultants and agents (collectively,
the “Colbeck/Cortland Released Parties”) from any and all debts, claims, obligations, damages, costs, attorneys’
fees, suits, demands, liabilities, actions, proceedings and causes of action, in each case, arising on or prior to the Consent
Effective Date, whether known or unknown, contingent or fixed, direct or indirect, and of whatever nature or description, and
whether in law or in equity, under contract, tort, statute or otherwise, which any Lender Releasor has heretofore had or now or
hereafter can, shall or may have against any Colbeck/Cortland Released Party by reason of any act, omission or thing whatsoever
done or omitted to be done on or prior to the Consent Effective Date and arising out of, connected with or related in any way
to this Amendment, the Financing Agreement or any other Loan Document, or any act, event or transaction on or prior to the Consent
Effective Date related or attendant thereto, or the agreements of Cortland Capital Market Services LLC, Colbeck Capital Management,
LLC, CB Agent Services LLC or any of their respective Affiliates contained therein, or the possession, use, operation or control
of any of the assets of each Loan Party, or the making of any Loans or other advances, or the management of such Loans or advances
or the Collateral on or prior to the Consent Effective Date.

 

    	- 5 - 

     

    

 

As
to each and every claim released hereunder, each Lender hereby represents that it has received the advice of legal counsel with
regard to the releases contained herein, and having been so advised, specifically waives the benefit of the provisions of Section
1542 of the Civil Code of California which provides as follows:

 

“A
GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH A CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING
THE RELEASE, WHICH IF KNOWN BY HIM, MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR.”

 

As
to each and every claim released hereunder, each Lender also waives the benefit of each other similar provision of applicable
federal or state law (including without limitation the laws of the state of New York), if any, pertaining to general releases
after having been advised by its legal counsel with respect thereto.

 

6.       Miscellaneous.

 

(a)
       Continued Effectiveness of the Financing Agreement and Other Loan Documents.
Each Loan Party hereby (i) acknowledges and consents to this Consent, (ii) confirms and agrees that the Financing Agreement and
each other Loan Document to which it is a party is, and shall continue to be, in full force and effect and is hereby ratified
and confirmed in all respects except that on and after the Consent Effective Date all references in any such Loan Document to
“the Financing Agreement”, the “Agreement”, “thereto”, “thereof”, “thereunder”
or words of like import referring to the Financing Agreement shall mean the Financing Agreement as amended by this Consent, and
(iii) confirms and agrees that to the extent that any such Loan Document purports to assign or pledge to the Collateral Agent
for the benefit of the Agents and the Lenders, or to grant to the Collateral Agent for the benefit of the Agents and the Lenders
a security interest in or Lien on, any Collateral as security for the Obligations of the Loan Parties from time to time existing
in respect of the Financing Agreement (as amended hereby) and the other Loan Documents, such pledge, assignment and/or grant of
the security interest or Lien is hereby ratified and confirmed in all respects. This Consent does not and shall not affect any
of the obligations of the Loan Parties, other than as expressly provided herein, including, without limitation, the Loan Parties’
obligations to repay the Loans in accordance with the terms of Financing Agreement, or the obligations of the Loan Parties under
any Loan Document to which they are a party, all of which obligations shall remain in full force and effect. Except as expressly
provided herein, the execution, delivery and effectiveness of this Consent shall not operate as a waiver of any right, power or
remedy of the Agents or any Lender under the Financing Agreement or any other Loan Document, nor constitute a waiver of any provision
of the Financing Agreement or any other Loan Document.

 

    	- 6 - 

     

    

 

(b)
       Counterparts. This Consent may be executed in any number of counterparts and
by different parties hereto in separate counterparts, each of which shall be deemed to be an original, but all of which taken
together shall constitute one and the same agreement. Delivery of an executed counterpart of this Consent by telefacsimile or
electronic mail shall be equally as effective as delivery of an original executed counterpart of this Consent.

 

(c)
       Headings. Section headings herein are included for convenience of reference only
and shall not constitute a part of this Consent for any other purpose.

 

(d)
       Governing Law. This Consent shall be governed by, and construed in accordance
with, the laws of the State of New York. The parties agree that all actions or proceedings arising in connection with this Consent
shall be tried and litigated only in the state and to the extent permitted by applicable law, federal courts located in the county
of New York, state of New York. Each Loan Party, each Agent and each Lender waives, to the extent permitted under applicable law,
any right each may have to assert the doctrine of forum non conveniens or to object to venue to the extent any proceeding
is brought in accordance with this Section 6(d).

 

(e)
       Costs and Expenses. The Borrowers will pay on demand all reasonable fees, costs
and expenses of the Agents and the Lenders in connection with the preparation, execution and delivery of this Consent or otherwise
payable under the Financing Agreement, including, without limitation, reasonable fees, disbursements and other charges of counsel
to the Agents.

 

(f)
       Loan Document. Each Loan Party hereby acknowledges and agrees that this Consent
constitutes a “Loan Document” under the Financing Agreement. Accordingly, it shall be an Event of Default under the
Financing Agreement if (i) any representation or warranty made by a Loan Party under or in connection with this Consent shall
have been untrue, false or misleading in any material respect when made, or (ii) any Loan Party shall fail to perform or observe
any term, covenant or agreement contained in this Consent. Any provision of this Consent that is prohibited or unenforceable in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining portions hereof or affecting the validity or enforceability of such provision in any other jurisdiction.

 

(g)
       Waiver of Jury Trial. THE PARTIES HERETO HEREBY IRREVOCABLY WAIVE THEIR RESPECTIVE
RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS WAIVER OR ANY OF THE TRANSACTIONS CONTEMPLATED
HEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS.

 

[REMAINDER
OF THIS PAGE INTENTIONALLY LEFT BLANK]

 

    	- 7 - 

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Consent to be executed and delivered as of the date set forth on the first
page hereof.

 

	 	BORROWERS:
	 	 	 
	 	RHINO ENERGY LLC
	 	 	 
	 	By:	/s/
                                         Richard A. Boone

	 	Name:	Richard A. Boone
	 	Title:	President and CEO
	 	 	 
	 	RHINO EXPLORATION LLC
	 	RHINO TECHNOLOGIES LLC
	 	SPRINGDALE LAND LLC
	 	CAM MINING LLC
	 	MCCLANE CANYON MINING LLC
	 	HOPEDALE MINING LLC
	 	CAM-OHIO REAL ESTATE LLC
	 	CAM-KENTUCKY REAL ESTATE LLC
	 	CAM-COLORADO LLC
	 	TAYLORVILLE MINING LLC
	 	LEESVILLE LAND LLC
	 	CAM AIRCRAFT LLC
	 	CASTLE VALLEY MINING LLC
	 	PENNYRILE ENERGY LLC
	 	 	 
	 	By:	/s/
                                         Richard A. Boone

	 	Name:	Richard A. Boone
	 	Title:	President and CEO

 

    	- 8 - 

     

    

 

	 	GUARANTORS:
	 	 	 
	 	RHINO RESOURCE PARTNERS LP
	 	 	 
	 	By: Rhino GP LLC, its general partner
	 	 	 
	 	By:	/s/
                                         Richard A. Boone

	 	Name:	Richard A. Boone
	 	Title:	President and CEO
	 	 	 
	 	RHINO TRUCKING LLC
	 	RHINO SERVICES LLC
	 	RHINO OILFIELD SERVICES LLC
	 	TRIAD ROOF SUPPORT SYSTEMS LLC
	 	RHINO COALFIELD SERVICES LLC
	 	RHINO NORTHERN HOLDINGS LLC
	 	CAM-BB LLC
	 	CAM COAL TRADING LLC
	 	 	 
	 	By:	/s/
                                         Richard A. Boone

	 	Name:	Richard A. Boone
	 	Title:	President and CEO

 

    	- 9 - 

     

    

 

	 	COLLATERAL
    AGENT AND ADMINISTRATIVE AGENT:
	 	 
	 	CORTLAND
    CAPITAL MARKET SERVICES LLC
	 	 
	 	By:	/s/
                                         Matthew Trybula

	 	Name:	Matthew Trybula
		Title:	Associate Counsel

 

    	 

     

    

 

	 	ORIGINATION
    AGENT:
	 	 
	 	CB
    AGENT SERVICES LLC
	 	 
	 	By:	/s/
                                         Morris Beyda

	 	Name:	Morris Beyda
	 	Title:	Partner & COO

 

    	 

     

    

 

	 	LENDER:
	 	 
	 	COLBECK
    STRATEGIC LENDING MASTER, L.P.
	 	 
	 	By:
    Colbeck Capital Management, LLC, its investment manager
	 	 
	 	By:	/s/
                                         Baabur Khondker

	 	Name:	Baabur Khondker
	 	Title:	CFO

 

    	 

     

    

 

	 	

    LENDER:
	 	 
	 	CION
    INVESTMENT CORPORATION
	 	 
	 	By:	/s/
                                         Gregg Bresner

	 	Name:	Gregg Bresner
	 	Title:	Chief Investment Officer

 

    	 

     

    

 

	 	LENDER:
	 	 
	 	33RD
    STREET FUNDING, LLC
	 	 
	 	By:	/s/
                                         Gregg Bresner

	 	Name:	Gregg Bresner
	 	Title:	Chief Investment Officer

 

    	Signature pages to Consent to Financing AgreementExhibit 10.1

 

THIS NOTE HAS NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND
MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR AN OPINION
OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

 

PROMISSORY NOTE

 

	Principal Amount: $76,771.06	Dated as of April 19th, 2018

 

M I Acquisitions, Inc., a Delaware corporation
(the “Maker”), promises to pay to the order of Priority Holdings, LLC or its registered assigns or successors
in interest (the “Payee”) the principal sum of Seventy Six Thousand Seven Hundred Seventy One Dollars and Six
Cents ($76,771.06) in lawful money of the United States of America, on the terms and conditions described below. All payments on
this Note shall be made by check or wire transfer of immediately available funds or as otherwise determined by the Maker to such
account as the Payee may from time to time designate by written notice in accordance with the provisions of this Note.

 

		1.	Principal. The principal balance of this Promissory Note (this “Note”) shall be payable five (5)
business days after the date on which the Maker consummates and completes a business combination as outlined in the Company’s
final prospectus dated on September 13th, 2016 and filed on September 15th, 2016 (the “Prospectus”).

 

		2.	Interest. No interest shall accrue on the unpaid principal balance of this Note.

 

		3.	Application of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection
of any sum due under this Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of
any late charges and finally to the reduction of the unpaid principal balance of this Note.

 

		4.	Events of Default. The following shall constitute an event of default (“Event of Default”):

 

		(a)	Failure to Make Required Payments. Failure by Maker to pay the principal of this Note within five (5) business days
following the date when due.

 

		(b)	Voluntary Liquidation, Etc. The commencement by Maker of a proceeding relating to its bankruptcy, insolvency, reorganization,
rehabilitation or other similar action, or the consent by it to the appointment of, or taking possession by, a receiver, liquidator,
assignee, trustee, custodian, sequestrator (or other similar official) for Maker or for any substantial part of its property, or
the making by it of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts
become due, or the taking of corporate action by Maker in furtherance of any of the foregoing.

 

     

     

    

 

		(c)	Involuntary Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises
in respect of maker in an involuntary case under any applicable bankruptcy, insolvency or similar law, for the appointing of a
receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) for Maker or for any substantial part of
its property, or ordering the winding-up or liquidation of the affairs of Maker, and the continuance of any such decree or order
unstayed and in effect for a period of 60 consecutive days.

 

		5.	Remedies.

 

		(a)	Upon the occurrence of an Event of Default specified in Section 4(a) hereof, Payee may, by written notice to Maker, declare
this Note to be due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable
thereunder, shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which
are hereby expressly waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.

 

		(b)	Upon the occurrence of an Event of Default specified in Sections 4(b) and 4(c), the unpaid principal balance of this Note,
and all other sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without
any action on the part of Payee.

 

		6.	Waivers. Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand,
notice of dishonor, protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings
instituted by Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future
laws exempting any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment,
levy or sale under execution, or providing for any stay of execution, exemption from civil process, or extension of time for payment;
and Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of
execution issued hereon, may be sold upon any such writ in whole or in part in any order desired by Payee.

 

		7.	Unconditional Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default,
or enforcement of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability
of any other party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification
granted or consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may
be granted by Payee with respect to the payment or other provisions of this Note, and agrees that additional makers, endorsers,
guarantors, or sureties may become parties hereto without notice to Maker or affecting Maker’s liability hereunder.

 

     

     

    

 

		8.	Notices. Any notice called for hereunder shall be deemed properly given if (i) sent by certified mail, return receipt
requested, (ii) personally delivered, (iii) dispatched by any form of private or governmental express mail or delivery service
providing receipted delivery or (iv) sent by facsimile or (v) to the following addresses or to such other address as either party
may designate by notice in accordance with this Section:

 

If to Maker:

 

M I Acquisitions, Inc.

40 Wall Street, 58th Floor

New York, NY 10005

Attn: Joshua Sason

 

If to Payee:

 

Priority Holdings, LLC

___________________

___________________

 

Notice shall be deemed given on the earlier
of (i) actual receipt by the receiving party, (ii) the date shown on a facsimile transmission confirmation, (iii) the date reflected
on a signed delivery receipt, or (iv) two (2) Business Days following tender of delivery or dispatch by express mail or delivery
service.

 

		9.	Construction. THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK, WITHOUT REGARD TO CONFLICT
OF LAW PROVISIONS THEREOF.

 

		10.	Jurisdiction. The courts of New York have exclusive jurisdiction to settle any dispute arising out of or in connection
with this agreement (including a dispute relating to any non-contractual obligations arising out of or in connection with this
agreement) and the parties submit to the exclusive jurisdiction of the courts of New York.

 

		11.	Severability. Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as
to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions
hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision
in any other jurisdiction.

 

		12.	Trust Waiver. Notwithstanding anything herein to the contrary, the Payee hereby waives any and all right, title, interest
or claim of any kind (“Claim”) in or to any amounts contained in the trust account (the “Trust Account”)
in which the proceeds of the initial public offering (the “IPO”) conducted by the Maker and the proceeds of
the sale of securities in a private placement that occurred prior to the effectiveness of the IPO, as described in greater detail
in the Prospectus, were placed,, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim from
the trust account or any distribution therefrom for any reason whatsoever. If the Maker does not consummate a business combination
(as described in the Prospectus), this Note shall be repaid only from amounts remaining outside of the Trust Account, if any.

 

     

     

    

 

		13.	Amendment; Waiver. Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written
consent of the Maker and the Payee.

 

		14.	Assignment. No assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto
(by operation of law or otherwise) without the prior written consent of the other party hereto and any attempted assignment without
the required consent shall be void.

 

		15.	Further Assurance. The Maker shall, at its own cost and expense, execute and do (or procure to be executed and done
by any other necessary party) all such deeds, documents, acts and things as the Payee may from time to time require as may be necessary
to give full effect to this Promissory Note.

 

IN WITNESS WHEREOF, Maker, intending to be legally bound hereby,
has caused this Note to be duly executed by its Chief Financial Officer the day and year first above written.

 

	 	M I ACQUISITIONS, INC.
	 	 
	 	By:	/s/ Marc Manuel
	 	 	Name: Marc Manuel
Title: Chief Financial Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00282-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00282-of-00352.parquet"}]]