Document:

Material marked with an asterisk has been omitted from this document pursuant to a request for confidential treatment and has been filed separately with the Securities and Exchange Commission.

 

OPTION CONTRACT FOR THE AQUISITION OF
RIGHTS OF A MINING TITLE

 

Parties Involved:

 

	Mining Titleholder:	AMERICANA DE MINERALES DE EXPORTACION “AMERALEX S.A.S.”
	 	 
	The Company:	COLOMBIA CLEAN POWER SAS
	 	 
	Mining Title:	MINING CONCESSION CONTRACT FFB-081
	 	 
	Location:	Municipalities of Boavita and La Uvita, department of Boyacá – Colombia.

 

AMERICANA DE MINERALES DE EXPORTACION
S.A.S. (Previously AMERALEX LTDA), a commercial partnership legally constituted in the private document dated August 15, 2006,
registered in the Chamber of Commerce of Duitama on August 24, 2006, with the business registration no. 00009311, herein and solely
for purposes of the present agreement hereinafter referred to as “AMERALEX”, legally represented by CESAR E. SALGADO
B., of legal age, with an address in the city of Duitama, Boyacá, identified as it appears below his signature and as is
stated in the Certificate of Existence and Legal Representation issued by the Chamber of Commerce of Duitama (Annex 1) and
with the due authorization of the shareholders assembly to enter this agreement (Annex 2) on one part, and CARLOS JULIO
SOTO VASQUEZ, of legal age, with an address in Bogotá D.C., identified with the cédula number 70.045.125 issued
in Medellín and JAMES ALBERT FLORES, identified with the United States of America passport number 209834913,
on the other part, whoever act in their capacity as legal representatives of COLOMBIA CLEAN POWER SAS, a legally constituted
partnership in Colombia in private document of the twenty seventh (27th) of May, 2010, registered in the Chamber of
Commerce of Bogotá under the business registration number 01998177, Nit. 900.362.160-8 (Annex 3), hereinafter and
solely for purposes of the present contract referred to as “CCP” agree to enter the present Option Contract
for the acquisition of the rights and obligations derived from the Concession Contract for the Exploration and Exploitation of
Coal Mineral Deposits and other concessibles number FFB-081, entered between the Colombian Institute of Geology and Mining, INGEOMINAS
and AMERALEX, which will be governed by the clauses reviewed in the current contract, the regulations of the Commerce Code,
the Colombian Mining and Environmental regulations, and in matters not provided for them by the applicable rules of the Colombian
Civil Code.

 

    	 

    	 

    

 

I.      CONSIDERATIONS

 

FIRST. Mining Title. AMERALEX
is the sole titleholder of the mining concession contract FFB-081 signed with INGEOMINAS, on July 27, 2006, that authorizes the
work of exploration and exploitation of coal deposits, registered in the National Mining Register on the date, twenty forth (24)
of May, 2007, in an area of one thousand five hundred and fifty hectares (1,550 Ha), located in the jurisdiction of the Municipalities
of Boavita and La Uvita, Department of Boyacá, Republic of Colombia, determined by the coordinates established in the Second
Clause of the cited Concession contract, which will be attached forming an integral part of the current contract (Annex 4)
and that is currently in the second year of construction and assembly stage.

 

SECOND. That the Parties have identified
certain business opportunities to be realized in relation to the Mining Concession contract FFB-081, and as a consequence have
signed a document of Confidentiality on March 18, 2011, with the purpose of furthering conversations for the development of the
present legal business.

 

THIRD.
Likewise the Parties have signed a memorandum of understanding on the 23rd of September, 2011, which establishes
the minimum conditions for exercising the option on the part of CCP of the acquisition of the rights and obligations derived from
the mining title FFB-081.

 

FOURTH. The Parties declare to have
absolute knowledge that under the applicable Colombian mining regulations, a Mining Concession Contract grants rights of exploration
and exploitation in a granted area that is the object of option of acquisition in this document, as long as it complies with the
requirements established in the applicable laws, especially those which regulate mining activity and environmental regulations.

 

FIFTH. That
CCP has expressed its interest in acquiring the rights and obligations which are derived from the concession contract FFB-081,
in the terms and conditions established in the clauses of the current contract.

 

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SIXTH. That
via the current contract, AMERALEX and CCP have agreed to execute the activities which are the subject of the current
document and use their best efforts so that: (i) CCP can execute the activities of exploration to establish the reserve of the
deposit located in Concession FFB-081 in the terms reviewed in the current contract; (ii) Fully comply with the corresponding regulation
during the development of the exploration activities; (iii) AMERALEX carries out all the management needed to obtain the
permits and mining and environmental licenses required for the due exercise of the rights granted by the Concession; (iv) The program
of geological exploration will be developed with the active participation of AMERALEX; the Parties agree to form a Technical
Committee of Exploration, which will have the Geologist Julio Ardila as a technical assessor; (v) CCP agrees to carry out the studies,
issue requirements and prepare the documentation needed for the processing and obtaining of the permits and environmental and mining
authorizations for the exploration stage and to supply the logistics required for this stage; (vi) AMERALEX may carry out the necessary
management to request to the mining authority and other concessibles minerals which may exist within the area of the mining title
FFB-081 and will study together with CCP the possibility of relinquishing such areas of the title which are not of interest for
the mining project.

 

II.

III.
      DECLARATIONS

 

Declarations of
both Parties:

 

Each Party declares and
guarantees to the other from the date of this Contract that:

 

		a)	They are a duly constituted, organized and legally existing partnership under the laws of its jurisdiction.

 

		b)	It is entitled with all power and authorization to carry out its business and to enter into this
Option Contract.

 

		c)	The signing or compliance of this Option Contract, does not conflict with, result in non-compliance
with, or speed up the requested compliance of any other contract which they are already a Party of.

 

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		d)	The signing and compliance of this Option Contract does not violate or result in non-compliance
of the laws of any jurisdiction applicable to a Party or pertaining to the same of its constitutional documents.

 

		e)	All stated in the current document will have full force once it is approved by the Board of Directors
of COLOMBIA CLEAN POWER & FUELS, Inc. and the Shareholders Assembly of AMERALEX SAS, which is the reason the
execution of the exploration stage agreed to be carried out in this contract, will commence with three (3) working days counting
from the date when the two partnerships has mutually send an authenticated and apostilled copy of the act or equivalent document
of authorization to the legal representative of one another.

 

		f)	This Option Contract constitutes a legal, valid and binding obligation enforceable against such
Party in accordance with its terms.

 

		g)	There is no dispute, claim or litigation against the Concession Contract FFB-081, different than
the request of legalization of illegal mining referred to in this document.

 

		h)	That to this date they have full knowledge of the existence of the legalization proceedings of
illegal mining of the area of the contract FFB-081 that corresponds to the following file numbers of the Colombian Institute of
Geology and Mining INGEOMINAS, LCI-14561X, LF9-08061X, LEE-14501X and LES-16021X and that AMERALEX commits to carry out
in a diligent manner all the actions and management needed so that such mentioned requests are not accepted.

 

Mr. CESAR ENRIQUE SALGADO BEJARANO in his
capacity as legal representative of AMERALEX declares that:

 

a) Up to the signing of the present
contract AMERALEX has made effective before the Mining Authority all the payments generated in concept of surface rights,
as well as establishing the mining and environmental policy of the Mining concession contract FFB-081 demanded by Law in order
to maintain the validity of the contract and give compliance to their obligations;

 

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b) AMERALEX is good standing with
the Mining Authority regarding the obligations cited in precedence (annex 5);

 

c) AMERALEX presented to the Mining
Authority the Work and Labor Plan of the contract FFB-081 on March 13, 2008, however pending the presentation of the adjustments
made to such mentioned document related to the requirements demanded by INGEOMINAS and the retention request of areas of the mining
titles with purposes of exploration.

 

d) AMERALEX, via Resolution no.
01719 of December 14, 2009, obtained the environmental license from the Competent Authority (CORPOBOYACA) for the development of
the construction and assembly work and exploitation of the mining title FFB-081 (annex 5).

 

e) AMERALEX has obtained and conserved
the mining title in a legally valid manner in accordance with the applicable legislation.

 

f) That while AMERALEX
is the titleholder of the mining contract FFB-081 it is made responsible for all the obligations that arise before the state authorities
in virtue of the mining, environmental and tributary municipal, departmental and national regulations, or any claim of third parties,
public or private.

 

g) CCP
assumes responsibility before AMERALEX for all the legal consequences of environmental damage or damage to third parties
caused by CCP and which occur during the development of the exploration program under its control in the area of the mining
contract FFB-08, for this purpose they will guarantee to AMERALEX the realization of the necessary procedures to minimize
the risk that may affect the ownership of the mining concession contract during the exploration stage, this responsibility will
not cover the management and obligations pertaining to the mining title nor the legal consequences derived from the environmental
and mining liabilities existing before the execution of the exploration stage.

 

h) CCP will demand to its contractors
that during the exploration stage the construction of extra contractual policies of civil responsibility, with the purpose of covering
damage that may be caused to third parties during the execution of this stage.

 

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i) Inexistence of prior agreements.-
AMERALEX states that no prior agreements or negotiations exist that affect or may affect the future of the execution of the
current agreement and that from the date of the signing of the current document they will not enter into any agreement or option
with third parties regarding the totality or part of the area of the concession contract FFB-081. Likewise that they have not contracted
any obligation or commitment which may alter the essence and validity of the referred to mining concession contract, with the exception
of the legal obligations derived from the mining and environmental regulations applicable to such mentioned title and those which
may eventually derive from the illegal mining legalization requests.

 

j) Non-compliance on the part of the
titleholder.- In the event that AMERALEX carries out any negotiation aimed at the disposition of the rights that they
have regarding mining concession FFB-081, to any total or partial title of the area which is the object of the current agreement
with third parties or will not carry out the assignment proceeding which is the subject of the current contract, this document
gives enforceability for the cover of damages and losses generated to CCP.

 

COLOMBIA CLEAN POWER SAS, on its part,
declares the following:

 

a) In the case that CCP exercises
the option to acquire the totality of the rights of the mining contract FFB-081 in accordance with the First Clause of the current
document and that the titleholder has paid in advance any economic obligation derived from the validity of the contract, CCP
will reimburse pro rata to the titleholder the corresponding share from the date that the Resolution is to be signed by which the
mining authority accepts the total assignment of the rights of the mining title.

 

b.) CCP will assume responsibility
before AMERALEX for all the legal consequences for environmental damage or damage to third parties caused by CCP
and which occur during the development of the exploration program under its control in the area of the mining contract FFB-081,
and will guarantee to AMERALEX the realization of the necessary management to minimize the risk that may affect the ownership
of the mining concession contract during the exploration stage, this responsibility will not cover the management and obligations
pertaining to the mining title nor the legal consequences derived from the environmental and mining liabilities existing before
the execution of the exploration stage.

 

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IV.

V.
      AGREEMENT

 

As a consequence of the
above the Parties agree the following:

 

FIRST CLAUSE. OBJECTIVE.- With the
signing of the current contract, AMERALEX as the sole registered titleholder of the Concession Contract FFB-081 grants CCP
or to whomever is appointed in an EXCLUSIVE manner the option of acquiring in its capacity of assignee of 100% of the mining rights
and obligations of the Concession Contract FFB-081, an option that in turn accepts the terms and conditions reviewed in this document.
In consequence AMERALEX is obligated to implement the assignment herein agreed in accordance with the proceeding established
in Article 22 of Law 685 of 2001, Mining Code in force, once the Legal Due Diligence is carried out on the final assignee and the
conditions which are stipulated herein are verified.

 

SECOND CLAUSE- Geological Exploration
Program: CCP will carry out at its own cost, a geological exploration program within 100% of the area of the title FFB-081,
which will last up to eighteen (18) months, with the purpose of determining the probable and proven reserves existing within the
deposit. CCP is the sole owner of the geological information resulting from the exploration program; however, they agree
to permit AMERALEX access to said information and they, on their part, commit to not divulge it partially or totally to
third parties.

 

If the geological exploration program lasts
more than eighteen (18) months, CCP will have an additional period of up to six (6) months to complete the exploratory activities.
In such case, during the addition period they will pay AMERALEX interest solely on the payment agreed at the moment of exercising
the option, at a rate of Prime Rate plus 500 basic points (PR + 0.5%). The remaining pending payments will not be subject to modification
nor the amount or the agreed term.

 

THIRD
CLAUSE: Responsibility during the Exploration Stage. CCP
will assume responsibility before AMERALEX for all the legal consequences for environmental damage or damage to third parties
caused by CCP and which occur during the development of the exploration program under its control in the area of the mining
contract FFB-081, and will guarantee to AMERALEX the realization of the necessary management to minimize the risk that may
affect the ownership of the mining concession contract during the exploration stage, this responsibility will not cover the management
and obligations pertaining to the mining title nor the legal consequences derived from the environmental and mining liabilities
existing before the execution of the exploration stage.

 

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FOURTH CLAUSE: The Parties agree
to prevent and counteract by legal means and to perform strict follow-up of any illegal mining situation or any request of this
nature which occurs during the development of the exploration program, as well as developing joint strategies for the socialization
and management of the Project within the communities, the local administration and landowners located in the area of influence
of the mining title. Likewise, they will design and execute strategies of social responsibility during the exploration stage focused
on the social acceptance of the project and the accomplishment of agreement with private owners for the acquisition of permits
of easement needed during this stage.

 

FIFTH CLAUSE: Definition of the Coal
Types. To differentiate the metallurgical or coke-able coal from the anthracite coal the following options will be utilized
in the order presented: a) The ASTM D388-05 classification table of coal in accordance with its range, clarifying by the swelling
factor or FSI corresponding to the metallurgical low volatility coal which has a value of 3.5 (annex 6). b) The table of the relation
between the coal range and the vitrinite reflectance (annex 7). 7). c) Direct coking assay in a laboratory test.

 

SIXTH CLAUSE: Acquisition Option of
the mining title: Once the geological program of exploration is completed, within 18 months or within the terms of the previously
reviewed extension, CCP can exercise the option of acquiring the mining title FFB-081. In case of failure to do so they
may not demand the reimbursement of the payments made until the date in favor of AMERALEX. Likewise, the totality of the
geological information obtained from the exploration program will be delivered to AMERALEX, in this event they will be the
entitled owner of the same.

 

SEVENTH CLAUSE: In-situ Resources.
Of the geological information known to date regarding three of the mining blocks (Ochacá-Tabor, Guayabal and Sauzal)
that can be identified in the area of the mining contract FFB-081, CCP and AMERALEX have estimated resources of Metallurgical
and Semi-Anthracite Coal of approximately 81.9 Mt., a number which has served as a base for the commitments reviewed in the current
contract.

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	 	Material marked with an asterisk has been omitted from this document pursuant to a request for confidential treatment and has been filed separately with the Securities and Exchange Commission.

 

EIGHTH CLAUSE: Evaluation Methodology:
The methodology reviewed for the evaluation of the reserves is the JORC (Joint Ore Reserves Committee).

 

NINTH CLAUSE: For the purposes of
determining a preliminary value of the current option the parties agree to utilize a mining recuperation factor of 75% and a geological
uncertainty of 25%, which has permitted the estimation of the reserves which should be identified in the exploration program at
25,368 Mt.

 

TENTH CLAUSE: Economic Conditions of
the business: If CCP exercises the option of acquiring the mining title FFB-081, the value of acquisition of the aforementioned
title will be equal to the total of the reserves identified in the exploration program multiplied by the agreed unitary prices,
which are described as follows:

 

	TYPE OF COAL	 	PROVEN RESERVES	 	PROBABLE RESERVES
	Metallurgical	 	 US$ */ t	 	US$ */ t
	Semi-anthracite	 	US$  */ t	 	US$ */ t

 

All the reserves which exceed 25,3684 Mt
will be valued as indicated in the following:

 

	TYPE OF COAL	 	PROVEN RESERVES	 	PROBABLE RESERVES
	Metallurgical	 	 US$ */ t	 	US$ */ t
	Semi-anthracite	 	US$  */ t	 	US$ * / t

 

ELEVENTH CLAUSE: Determination
of Reserves: The Parties have agreed that the determination of reserves of the mining title shall be made using the JORC methodology
described in the Eighth Clause. CCP has designated Mr. BRIAN THOMPSON as a “Competent Person” under the definition
of JORC, who is an internationally recognized Geologist accredited to issue the Certification of Reserves. In the case that the
said person is unavailable CCP will designate another “Competent Person” with the same qualifications.

 

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	 	Material marked with an asterisk has been omitted from this document pursuant to a request for confidential treatment and has been filed separately with the Securities and Exchange Commission.

 

11.1 The fees
of Mr. THOMPSON will be totally covered by CCP; however, AMERALEX may nominate at its expense a different “Competent
Person”, under the definition of JORC, if they consider it necessary.

 

11.2 Once the
exploitation program is complete, the “Competent Person” will prepare and send to the Parties their final report with
the indication of the probable and proven reserves of the mining title. Utilizing the referred Geological Information, AMERALEX,
will simultaneously prepare a similar report for the probably and proven reserves.

 

11.3 If the difference
in absolute value between the report of the “Competent Person” designated by CCP and the calculation prepared by AMERALEX
does not exceed 5% of the value reported by the “Competent Person”, the value to be used will be that of the “Competent
Person”; otherwise the final value will be the arithmetic average of the reported values of each of them. However, in this
case either of the Parties may request the involvement of an Independent Inspector who utilizes the same JORC methodology to prepare
a new report of probable and proven reserves. This Independent Inspector will be chosen by mutual agreement and their fees will
be covered by the Party who requested their involvement.

 

11.4 If the difference
in absolute value between the report of the Independent Inspector and of the Competent Person is equal to or less than 5% of the
value reported by the Competent Person, then the final value will be that of the Competent Person; otherwise it will be the arithmetic
value of the values reported by each of them.

 

TWELVETH CLAUSE: Final Price: The
final Price of exercising the current option will be the value which is the result of multiplying the reserves for each type of
coal by the unitary values indicated in the Seventh clause.

 

THIRTEENTH CLAUSE: Method of Payment:
The Parties have agreed the follow payment scheme in favor of AMERALEX:

 

- First Payment: * Dollars on the
date of formalization of the current contract in the terms indicated in the declaration e) of the current contract.

 

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	 	Material marked with an asterisk has been omitted from this document pursuant to a request for confidential treatment and has been filed separately with the Securities and Exchange Commission.

 

- Second Payment: * Dollars, Nine
(9) calendar months after the first payment.

 

- Third Payment: At completion of
the exploration stage and once CCP has notified their decision to exercise the purchase option of the mining title, AMERALEX
will carry out the corresponding assignment proceedings before the mining authority and CCP will constitute in its favor
a trust or a similar mechanism with a value of * Dollars, with the instruction of transferring that sum of money in favor of AMERALEX
or to their order as soon as the administrative act that accepts the assignment of the mining title in favor of CCP is
duly executed.

 

- From and including month 30, counting
from the date of the first payment, annual payments of * Dollars will be made or for the remaining pending amount if this is less,
as long as the total assignment of the title FFB-081 has been registered in the National Mining Register.

 

-
If the total value of the contract exceeds * Dollars, the payments corresponding payments
to month Sixty Six (66) and further will be equal to the immediately previous payment incremented by * Dollars or the sum pending
for payment if this is less.

 

- If at the moment of each payment, the
assignment of the mining title FFB-081 has not been registered in the National Mining Register, CCP will establish a trust
or similar mechanism for the sum pending for payment in the favor AMERALEX, with the instruction to transfer such mentioned
in favor of AMERALEX or to their order as soon as the the registration is made effective in the mentioned Register.

 

-Independent of the indentified reserves,
under no circumstances shall the value of the contract exceed the sum of Eighty Five (85) Million Dollars.

 

The following illustrates the flow of payments
corresponding to the maximum possible value: *

 

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	 	Material marked with an asterisk has been omitted from this document pursuant to a request for confidential treatment and has been filed separately with the Securities and Exchange Commission.

 

4.1 The payments may be made in
US Dollars or in Colombian Pesos liquidated at the representative market rate valid at the date of the respective payment at the
criteria of AMERALEX.

 

4.2 At any moment CCP may
make the payments previously reviewed under the sixth section of the current document calculating the remaining net present value
of future payments at a rate agreed by the Parties at the moment of agreeing the prepayment.

 

4.3 The total amount of this transaction
will be paid with arithmetic sum of the nominal values of the agreed payments.

 

FORTEENTH CLAUSE: Guarantees:

 

11.1 Once the option of acquisition
of the mining title is exercised and if it is determined that the total value of the assignment contract is equal to or less than
than * Dollars, CCP may pay in cash the pending sum or make a payment of a minimum of * Dollars and obtain a letter of credit
in favor of AMERALEX, which amount will be equal to the difference until reaching the sum pending for payment.

 

11.2 Once the acquisition option
of the mining title is exercised and if it is determined that the total value of the assignment contract is higher than * Dollars,
CCP may pay in cash the pending sum or obtain a letter of credit in favor of AMERALEX, which amount will be equal
to the least value between * Dollars and the sum pending for payment. In no case the value of the letter of credit will be higher
than * Dollars.

 

11.3 In cases where there are existing
sums pending for payment that are not covered by the letter of credit and furthermore which show a non-compliance of the payment
scheme on the part of CCP, AMERALEX may demand the return of the mining title FFB-081 and CCP will assume
from now the obligation of management before the mining authority a new assignment of the title in favor of AMERALEX.

 

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11.4 Likewise and with the same
justification, AMERALEX may take as dation in payment the mining infrastructure which has been installed by CCP within
the area of the title, if it is in their best interests.

 

11.5 However, at any moment CCP
will have the option of increasing the value of the letter of credit to cover the sums pending for payment or increase the amounts
to be paid with the purpose of reducing the remaining values.

 

11.6 The granted letter of credit
is considered acceptable to AMERALEX if the same is issued by foreign offices of the following banks: Merril Lynch, Citi
Bank, Banco de Bogotá or Bancolombia.

 

FIFTEENTH CLAUSE: Joint Mining Project
in the title FFB-081: The Parties manifest their interest to develop a mining exploitation project in the area to be established
by mutual agreement between the Parties, on the understanding that AMERALEX will perform in a timely manner and with the
utmost diligence the necessary proceedings to retain the remaining areas of the mining title with the purpose of exploration. This
joint project will be managed under the legal business of collaboration that the parties deem convenient and that will be instrumented
in a separate document.

 

SIXTEENTH CLAUSE: Tributary Aspects
of the Business: CCP will facilitate all the management that AMERALEX carries out with the purpose of optimizing the
tributary impact of the current agreement as long as the interest of CCP or of COLOMBIA CLEAN POWER & FUELS, Inc.,
are not affected, nor that imply a non-compliance with Colombian laws or those which regulate the activity of their headquarters.

 

SEVENTEENTH
CLAUSE: Exclusivity: With
the signing of the current agreement and during the period of exploration AMERALEX will abstain from requesting, initiating
or participating in approaches, conversations or any negotiations with third parties regarding the total or partial assignment
of the mining title FFB-081.

 

EIGHTEENTH CLAUSE: In the event
that either of the Parties decides to assign, sell or transfer to any title the rights derived from the current contract, it should
have the express and written consent of the other.

 

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NINETEENTH CLAUSE:
In the event that AMERALEX decides to enter into an Operation Contract within the area of the title FFB-081, and before
the title assignment is approved by the mining authority, it should have the consent of CCP regarding the area to be granted
and the conditions of the same.

 

TWENTIETH CLAUSE: Unilateral Termination
of the current contract: CCP is entitled to terminate the current contract from the date of the signing of the current contract
and up to the day in which they exercise the assignment option of the mining title in their name. Therefore, during the period
of time reviewed in this clause CCP may determine that there is no interest or that it is not possible to develop a mining
project and in this eventuality, CCP may (i) unilaterally terminate the obligation of continuing with the payment reviewed
in the Ninth and Tenth Clauses of the current agreement, being exonerated of any payment proportional to the remaining period of
time for the next payment, compensation, penalization, reclamation, royalty or any type of expenditure of money in favor of the
titleholders, (ii) and resign from now to demand to AMERALEX the total or partial return of any of the sums of money received
until that moment.

 

In case of unilateral termination on the
part of CCP, in the terms described in this clause the following procedure will be applied:

 

		a)	CCP should notify AMERALEX of its decision to unilaterally terminate the current
contract, in written form and to the address reviewed in this contract with the purpose of notification. From the date of notification
of the decision of unilateral termination of current agreement, all the pending obligations of CCP in favor of AMERALEX
will cease. Notwithstanding the foregoing the responsibility of CCP for the obligations derived from the activities developed
during the exploration will remain in force.

 

		b)	Within the month following the notification of termination of the current agreement they will proceed
to remove all the machinery, installations and equipment belonging to CCP which are located within the area covered by the
Concession Contract being terminated.

 

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		c)	The unilateral termination of the current contract grants the titleholders the right to demand
the delivery of the studies completed in the area of the contract FFB-081, the nucleus, registers and all the lithology information
of the shafts obtained during the exploration stage.

 

Paragraph One: AMERALEX, may not
at any moment unilaterally terminate the current contract by virtue of the exclusivity of the rights granted to CCP.

 

TWENTY FIRST CLAUSE: Scope of the current
Contract: The current Contract constitutes the sole and total agreement between the Parties in relation to the subject matter
of the contract and prevails upon any verbal or written proposal, on all prior negotiation and all other communications between
the Parties with respect to the subject matter of the Contract and, in particular, upon the Memorandum of Understanding for the
Acquisition of a Mining Title, entered into between the Parties on September 23, 2011.

 

TWENTY SECOND CLAUSE: Force Majeure
or Unforeseen Circumstances: If for reasons of force majeure or unforeseen circumstances, CCP or AMERALEX cannot
comply with the obligations of the current agreement, they shall be exempt from all responsibility and will have their compliance
of obligations suspended for that period, as long as the causes that led to the suspension still exist. Once the causes which gave
place to the suspension of the contract are overcome by reason of force majeure or unforeseen circumstances, the Party that invoked
the force majeure or unforeseen circumstances is obliged to comply with the obligations in the terms agreed prior to the suspension,
respecting the terms reviewed at the time of the suspension of the contract.

 

It is understood that in the case of force
majeure or unforeseen circumstances for the purposes of the current agreement, not only what is stated by Colombian law, but additionally
and particularly to the title, including, but not limited to: situation of alteration of public order in the municipality of Boavita
or La Uvita or their vicinity, laws, regulations or new decrees issued by the mining, environmental, departmental, municipal or
any other kind of authorities, actions or non-actions on the part of civil, military, administrative, judicial authorities, fires,
explosions, flooding, other natural disasters, insurrections, civil disturbances and all circumstances alien to the will of the
parties which make impossible the continuation of any mining activities in the areas of the concession contract FFB-081.

 

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To invoke force majeure or unforeseen circumstances
the affected party should notify the other party of the occurrence of the event as soon as it is aware and realizes that the same
impedes the execution of the current agreement or the mining concession contract. Likewise, such party is obliged to notify the
other party immediately when the causes or effects that led to the suspension of obligations end.

 

TWENTY THIRD CLAUSE: Dispute Settlement:
The Parties declare that for all legal effects the contractual address is Bogotá D.C., that the law and the jurisdiction
applicable to the current document are Colombian. All dispute or differences related to the execution of this agreement or of other
contracts will may be entered into, will be submitted to the following dispute settlement procedure: a) In the first instance,
the discrepancies will be resolved via an amicable settlement mechanism, in a direct manner or appealing for the appointment of
a conciliator, designated by common agreement within ten (10) days following the written manifestation of any dissatisfied Parties.
If the appointment is not possible, the interested party or parties will approach the Disputes Solution Center of the Chamber of
Commerce of Bogotá to do so. The conciliator will resolve the conflict binding the Parties, and shall specify the manner
in which those involved must comply with their decision. b) If the above procedure is not effective, the Parties will attempt resolution
via the arbitration tribunal appointed by the Chamber of Commerce of Bogotá, by randomly assigning arbitrators from the
registered list maintained by the said Chamber of Commerce. The Tribunal thusly constituted shall be subject to the provisions
of Decree 2279 of 1989 and all further modification or amendments to the legal dispositions, in accordance with the following regulations:
a)The tribunal shall consist of one arbitrator; b)The internal organization of the tribunal will be subject to the regulations
reviewed for this purpose by the arbitration center of the Chamber of Commerce of Bogotá; c) The tribunal will decide on
rights, and d) The tribunal operates in the city of Bogotá in the arbitration center of the Chamber of Commerce of the same
city. In the case of existing values pending for payment which is not covered by the letter of credit CCP will resign to
exercise any type of legal action against AMERALEX if the aforementioned makes the agreed guarantees effective.

 

This clause excludes the exercise of executive
action reviewed by the Parties in the current contract and the resolution of disputes arising from the calculation of existing
reserves within the mining title FFB-081, which will be submitted to the proceeding established in the Eleventh Clause of the current
contract.

 

    	16

    	 

    

 

TWENTY FOURTH CLAUSE: Amendments: This
current agreement may only be amended by a written document signed by the duly authorized representatives of each of the Parties.

 

TWENTY FIFTH CLAUSE: CONFIDENCIALITY:
INFORMATION OBTAINED DURING THE CONTRACT: The parties agree to keep under strict confidentiality, all information or documentation
which they may have access to as consequence of the nature of the current contract. Therefore, they will limit the disclosure of
information exclusively to personnel and assessors who may require such knowledge contained within the same (and in the case of
subsidiaries, to their personnel) and will notify their employees of the obligations herein explained and that the information
will only be used for the purposes hereof. The Parties shall: 1. - Not disclose the current Agreement nor the related information
agreed, without prior written approval from an authorized representative of the other Party. 2. Carefully protect such mentioned
information to avoid non authorized disclosure, exercising the same degree of care used to protect their confidential information.
Nevertheless, the parties declare knowledge and understanding that due to the fact that CCP is a subsidiary of a public
association of the United States of America, they may be required to disclose the terms of this negotiation. In the event of exercising
the option of acquisition of the rights derived from the concession contract FFB-081, the current agreement may be made available
to the public and consequentially, confidentiality will only be implied to the technical and geological information regarding the
deposits known by the parties as well as the information deemed private by the law.

 

TWENTY SIXTH CLAUSE: Enforceability:
The parties state that the current agreement will remain in force and binding until the date when CCP pays the totality
of the sum reviewed in the FIFTH Clause of the current contract.

 

TWENTY SEVENTH CLAUSE: Indemnities:

 

27.1
AMERALEX agrees to indemnify
and hold harmless CCP, its personnel, directors, agents and executives against all loses,
expenses, costs, damages etc. which it may suffer or incur directly or indirectly by any of them, which may arise in connection
with any procedure, action or claim executed by a third party due to an infraction related to Know How: received bills, paid bills,
violation of any declaration or guarantee granted by AMERALEX of any law, statute, rule,
regulation, bylaw, administrative instruction and any other enactment relevant to the activities of the same, by virtue of, or
in relation to the administration, management, financing, legal conformities, sanctions, litigations, taxes, work issues, state
pension scheme etc; and other actions, things, declarations which may have impact on the present and/or future operations, business
and/or good will of AMERALEX.

 

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27.2.
CCP may, at its own discretion, decide to initiate any legal
action arising or related to the statements made by AMERALEX in this contract; and if
CCP decides to initiate an action to give compliance to any of the statements it may introduce
a legal action against any of the parties composed by AMERALEX, together, or in collaboration
or however it may consider suitable. 

 

27.3.
CCP agrees to indemnify and hold harmless AMERALEX,
its personnel, directors, agents and executives against all loses, expenses, costs, damages etc. which it may suffer or incur directly
or indirectly by any of them, which may arise in connection with any procedure, action or claim executed by a third party due to
an infraction related to Know How: received bills, paid bills, violation of any declaration or guarantee granted by CCP
of any law, statute, rule, regulation, bylaw, administrative instruction and any other enactment relevant to the activities of
CCP, by virtue of, or in relation to the administration, management, financing, legal
conformities, sanctions, litigations, taxes, work issues, state pension scheme etc; and other actions, things, declarations which
may have impact on the present and/or future operations, business and/or good will of CCP.

 

24.4.
AMERALEX may, at its own discretion, decide to initiate any
legal action arising or related to the statements made by CCP in this option contract;
and if AMERALEX decides to initiate an action to give compliance to any of the statements
it may introduce a legal action against any of the parties composed by CCP, together,
or in collaboration or however it may consider suitable. 

 

TWENTY FIFTH CLAUSE:
All the terms and dispositions which have or have not been expressed in this Option Contract will be binding for the parties,
which will be beneficial for them and will be executed by the same or their legal representatives and successors.

 

TWENTY SIXTH CLAUSE: CLAUSULA VIGESIMO
SEXTA. Except as otherwise provided for by this document, each Party of this Option Contract should bear its respective expenses
incurred in relation with the preparation, development and execution of this option contract and the transactions contemplated
herein, including all fees and expenses of agents, representatives, advisors, intermediaries, lawyers and accountants.

 

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TWENTY SEVENTH CLAUSE: ADDRESS:
Both parties indicate the address of this agreement as the Capital District of Bogotá, Department of Cundinamarca.

 

TWENTY EIGHTH CLAUSE: NOTIFICATIONS:
Any communication required or which must be sent to the parties in regard to the current contract shall be by registered mail or
personally delivered to the following persons and addresses:

 

AMERALEX S.A.S.

ADDRESS. Calle 16 No. 14-41 Oficina
1209. Duitama, Boyacá

TEL. 3108088910

CONTACT. CESAR SALGADO BEJARANO
cesarsalgado@icmltda.com

 

COLOMBIA CLEAN POWER S.A.S.

ADDRESS. Calle 100 No. 8 A-55 Torre
C oficina 315. Bogotá D.C.

TEL. 7432090

CONTACT. CARLOS JULIO SOTO VÁSQUEZ:
csoto@colombiacleanpower.com.

 

Any notice shall be deemed to have been sent and received if:

 

28.1. If delivery is
personal, and is made on a non-working day to the receiving party, if that day is not a business day such notification is deemed
to have been given and received on the first working day following the day of personal service;

 

28.2 If made by registered
mail, then the first working day following the expiration of five (5) business days following the date of sending.

 

28.3 In the case of sending
by a facsimile transmission and it is successfully transmitted before 4:00pm on a business day where the receiving party is located,
then in that business day, and if transmitted after 4:00pm then the first working day following the date of transmission.

 

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19.4. In the case of sending by email and
it is successfully transmitted before 4:00pm on a business day where the receiving party is located, then in that business day,
and if transmitted after 4:00pm then the first working day following the date of transmission.

19.5. For all purposes of the current clause
the parties may make the decision of notification by any of the alternatives listed here, but in all cases the terms begin to be
valid from the first form that is used.

 

In witness that the above document fully
comprises the will of both involved Parties, signed in the city of Bogotá, on the Seventh (7) of October, 2011, in two identical
copies.

 

	/s/ James Albert Flores	/s/ Carlos Julio Soto Vasquez
	
        JAMES ALBERT FLORES 

        Passport No. 209834913

        Legal Representative

        COLOMBIA CLEAN POWER SAS 
	
        CARLOS JULIO SOTO VASQUEZ

        C.C. 70.045.125

        Legal Representative

        COLOMBIA CLEAN POWER SAS 

 

/s/ Cesar Salgado Bejarano

CESAR SALGADO BEJARANO

C.C. 3.102.803

Legal Representative

AMERALEX SAS

 

    	20LIMITED LIABILITY COMPANY AGREEMENT

 

OF

 

GE EQUIPMENT TRANSPORTATION LLC, SERIES
2012-2

 

(A DELAWARE LIMITED LIABILITY COMPANY)

 

Dated as of October 24, 2012

 

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GE EQUIPMENT TRANSPORTATION LLC, SERIES
2012-2

 

LIMITED LIABILITY COMPANY
AGREEMENT, dated as of October 24, 2012, adopted by CEF Equipment Holding, L.L.C., as a member (the “Initial Member”).

 

Preliminary Statement

 

The Initial Member desires
to form a limited liability company (the “Company”) under the Delaware Limited Liability Company Act
(currently Chapter 18 of Title 6 of the Delaware Code), as amended from time to time (the “Act”).

 

Accordingly, the Initial
Member hereby adopts the following as the “Limited Liability Company Agreement” of the Company within the meaning
of Section 18-101(7) of the Act.

 

ARTICLE
I

 

Section
1.1 Definitions. Capitalized terms used in this Agreement and not otherwise defined herein shall have the meanings
assigned to such terms in the “Definitions Addendum” attached to this Agreement and incorporated herein, and
shall otherwise have the meanings assigned to such terms in the Act.

 

ARTICLE
II

 

Section
2.1 Formation. The Company was formed as a limited liability company pursuant to the provisions of the Act on September
17, 2012 by the filing of the Certificate of Formation with the office of the Secretary of State of Delaware. The Initial Member
hereby adopts, confirms and ratifies said Certificate of Formation and all acts taken in connection therewith. Sonia Ravin is hereby
designated as an “authorized person” within the meaning of the Act, and has executed, delivered and filed the Certificate
of Formation of the Company with the Secretary of State of the State of Delaware. Upon the filing of the Certificate of Formation
with the Secretary of State of the State of Delaware, her powers as an “authorized person” ceased, and the Member thereupon
became the designated “authorized person” and shall continue as the designated “authorized person” within
the meaning of the Act. The Member shall execute, deliver and file any other certificates (and any amendments and/or restatements
thereof) necessary for the Company to qualify to do business in any other jurisdiction in which the Company may wish to conduct
business. The existence of the Company as a separate legal entity shall continue until cancellation of the Certificate of Formation
as provided in the Act.

 

ARTICLE
III

 

Section
3.1 Name. The name of the Company is GE Equipment Transportation LLC, Series 2012-2.

 

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ARTICLE
IV

 

Section
4.1 Purpose and Limitations on Activities. The Company shall limit its purposes and activities to (i) the issuance
and sale of Membership Interests, on the terms and conditions set forth herein; (ii) acquiring (through purchase or otherwise)
from CEF Equipment Holding, L.L.C. or any of its subsidiaries or affiliates (collectively, the “Seller”), and
holding, servicing, transferring and pledging equipment loan and lease receivables and any related rights, documents, assets, and
interests (“Assets”); (iii) entering into any agreement providing for the acquisition, sale, financing, servicing,
hedging or transfer of the Assets or interests in the Assets; (iv) retaining or reacquiring an interest in the Assets; (v) lending
or otherwise investing proceeds from Assets and any other income; and (vi) any purposes and activities necessary, convenient or
incidental to the conduct, promotion or attainment of the business purposes and activities of the Company as set forth in clauses
(i) through (v) above; provided that, in connection with the permitted activities specified above, the purpose
and activities of the Company shall be further limited as follows:

 

(vii) the servicing
of assets held by the Company shall be conducted in a manner that is consistent with the servicing agreement to which the Company
shall become a party coincident with the initial transfer of assets from the Seller (the “Servicing Agreement”);

 

(viii) the Company
may sell or assign assets only as specified in the Servicing Agreement; and

 

(ix) the Company may
enter into derivative contracts or hedges that have the following characteristics: (a) are interest rate swap arrangements, (b)
have a fair value at inception of zero, and (c) commence on a date within two (2) days of the effective date of the receipt by
the Company of Transferred Assets.

 

Section
4.2 Authority. The Company, by or through the Member, or any Manager on behalf of the Company, may enter into and
perform under the Indenture, Transaction Documents and all documents, agreements, certificates, or financing statements contemplated
thereby or related thereto, together with any amendments or supplements thereto, all without any further act, vote or approval
of any other Person notwithstanding any other provision of this Agreement. The foregoing authorization shall not be deemed a restriction
on the powers of any Member or any Manager to enter into other agreements on behalf of the Company.

 

ARTICLE
V

 

Section
5.1 Registered Office; Other Offices. The address of the registered office of the Company in the State of Delaware
is c/o The Corporation Trust Company, 1209 Orange Street, in the City of Wilmington, New Castle County, Delaware 19801. The
Manager may establish other offices of the Company at such locations within or outside the State of Delaware as the Initial Member
may determine.

 

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ARTICLE
VI

 

Section
6.1 Registered Agent. The name and address of the registered agent of the Company for service of process on the Company
in the State of Delaware is The Corporation Trust Company, 1209 Orange Street, in the City of Wilmington, New Castle County,
Delaware 19801.

 

ARTICLE
VII

 

Section
7.1 Admission of Members. (a) By execution of this Agreement, the Initial Member is hereby admitted as a Member of
the Company and shall have a Membership Interest in the Company including, without limitation, such rights in and to the profits
and losses of the Company and rights to receive distributions of the Company’s assets, and such other rights and obligations,
as provided herein.

 

(b)          Without
the consent of any Member or other Person, the Manager may cause the Company to issue additional Membership Interests and thereby
admit a new Member or new Members, as the case may be, to the Company, only if such new Member (i) has delivered to the Initial
Member its capital contribution, (ii) has agreed in writing to be bound by the terms of this Agreement by becoming a party hereto,
and (iii) has delivered such additional documentation as the Initial Member shall reasonably require to so admit such new Member
to the Company.

 

Section
7.2 Initial Member. The name and the address of the Initial Member of the Company is as follows:

 

CEF Equipment Holding, L.L.C. 

10 Riverview Drive 

Danbury, Connecticut 06810

 

ARTICLE
VIII

 

Section
8.1 Management. Subject to Section 16.1, management of the Company is initially vested in the Initial Member.
The Initial Member shall be a “manager” within the meaning of the Act (a “Manager”) until such time
as the Initial Member appoints one or more Managers to replace the Initial Member in its capacity as manager of the Company. Each
Manager shall perform duties on behalf of the Company as Manager as set forth in this Agreement and in the Act and may enter into
contracts with Persons on behalf of the Company, bind the Company and engage in activities on behalf of the Company, including
issuing, delivering and executing contracts, agreements and other documents in connection therewith, in each case in accordance
with Section 4.1.

 

Section
8.2 Managers to Provide Information to the Initial Member. It shall be the duty of each Manager to keep the Initial
Member reasonably informed as to material events relating to the Company, including, without limitation, all claims pending or
threatened against the Company and the execution by such Manager on behalf of the Company of any material agreements or instruments.

 

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Section
8.3 Accounting and Tax Reports; Tax Matters. The Manager shall: (i) maintain (or cause to be maintained) the books
of the Company on a calendar year basis on the accrual method of accounting, (ii) deliver to each Member, as may be required by
the Code and applicable Treasury Regulations, such information as may be required to enable each Member to prepare its federal,
state and local income tax returns, (iii) file such tax returns relating to the Company, and make such elections as may from time
to time be required or appropriate under any applicable state or federal statute or rule or regulation thereunder so as to prevent
the Company from being characterized as an entity treated as a corporation
under Section 301.7701-3 of the Treasury Regulations for federal income tax purposes, (iv) cause such tax returns to
be signed in the manner required by law and (v) collect or cause to be collected any withholding tax with respect to income or
distributions to Members.

 

ARTICLE
IX

 

Section
9.1 Initial Capital Contributions. The initial cash capital contribution to be made by the Initial Member promptly
after the Initial Member signs this Agreement is $10,000.

 

ARTICLE
X

 

Section
10.1 Additional Contributions. The Members shall have no obligation to make any additional capital contribution to
the Company after the date hereof, but the Initial Member may elect to do so from time to time.

 

ARTICLE
XI

 

Section
11.1 Distributions. Distributions shall be made to the Members at the times and in the aggregate amounts determined
by the Manager, subject to the limitations of the Act or other applicable laws.

 

Section
11.2 Distribution upon Withdrawal. Upon withdrawal, any withdrawing Member shall not be entitled to receive any distribution
and shall not otherwise be entitled to receive the fair market value of its Membership Interest.

 

ARTICLE
XII

 

Section
12.1 Transfers. (a) A Member other than the Initial Member may not Transfer any part of its Membership Interest without
(i) the prior written consent of the Initial Member, such consent not to be unreasonably withheld, and (ii) an opinion of a nationally
recognized tax counsel experienced in such matters to the effect that such transfer will not cause the Company to be treated as
a publicly traded partnership within the meaning of Section 7704 of the Code. Any purported Transfer of any Membership Interest
in contravention of this Section 12.1 shall, to the fullest extent permitted by law, be null and void and of no force
or effect whatsoever. No purchase or transfer of a Membership Interest shall be made by or to a Benefit Plan Investor, no purchase
or transfer of a Membership Interest by or to a Benefit Plan Investor will be effective, and neither the Company nor the Initial
Member will recognize any such purchase or transfer. In addition, no purchase or transfer will be effective if it would cause the
Company to (x) be classified as an association (or publicly traded partnership) taxable as a corporation for U.S. federal income
tax purposes or (y) be required to withhold on the transferee’s distributions or distributive shares of income under
Sections 871, 881 or 1446 of the Code, and neither the Manager nor the Company will recognize any purchase or transfer giving rise
to such classification or withholding.

 

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(b)          The
Initial Member shall admit a transferee of a Member’s Membership Interest to the Company only if such transferee (i) has
agreed in writing to be bound by the terms of this Agreement by becoming a party hereto and (ii) has delivered such additional
documentation as the Initial Member shall reasonably require to so admit such transferee to the Company. Notwithstanding anything
contained herein to the contrary, both the Company and the Initial Member shall be entitled to treat the transferor of a Membership
Interest as the absolute owner thereof in all respects, and shall incur no liability for distributions of cash or other property
made in good faith to it, until such time as a written assignment or other evidence of the consummation of a Transfer that conforms
to the requirements of this Section 12.1 and is reasonably satisfactory to the Initial Member has been received by
the Company. The effective date of any Transfer permitted under this Agreement shall be the close of business on the day of receipt
thereof by the Company.

 

Section
12.2 Restrictions on Expulsion. No Member shall be expelled as a Member under any circumstances.

 

ARTICLE
XIII

 

Section
13.1 Liability of Members. Except as required by the Act, no Member or any Manager, agent, shareholder, director,
employee or incorporator of any Member solely by reason of its capacity as such will be liable for the debts, obligations and liabilities
of the Company or any other Member, whether arising in contract, tort or otherwise, which debts, obligations and liabilities shall
be solely the debts, obligations and liabilities of the Company or such other Member, as applicable.

 

ARTICLE
XIV

 

Section
14.1 Exculpation and Indemnification of Members and Managers. (a) No Indemnified Party shall be liable to the
Company or any Member for any loss, damage or claim incurred by reason of any act performed or any act omitted by such Indemnified
Party in connection with any matter arising from, or related to, or in connection with this Agreement or the Company’s business
or affairs; provided, however, that the foregoing shall not eliminate or limit the liability of any Indemnified Party
if a judgment or other final adjudication adverse to the Indemnified Party establishes (i) that the Indemnified Party’s
acts or omissions were in bad faith or involved intentional misconduct or a knowing violation of law or (ii) that the Indemnified
Party personally gained in fact a financial profit or other advantage to which the Indemnified Party was not legally entitled.

 

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(b)          The
Company shall, to the fullest extent permitted by the Act, indemnify and hold harmless, and advance expenses to, each Indemnified
Party against any losses, claims, damages or liabilities to which the Indemnified Party may become subject in connection with any
matter arising from, related to, or in connection with this Agreement or the Company’s business or affairs; provided,
however, that no indemnification may be made to or on behalf of any Indemnified Party (and expenses advanced shall be returned)
if a judgment or other final adjudication adverse to the Indemnified Party establishes (i) that the Indemnified Party’s acts
or omissions were committed in bad faith or involved intentional misconduct as a knowing violation of law or (ii) that the
Indemnified Party personally gained in fact a financial profit or other advantage to which the Indemnified Party was not legally
entitled.

 

(c)          Notwithstanding
anything else contained in this Agreement, the indemnity obligations of the Company under paragraph (b) above shall:

 

(i)          be
in addition to any liability that the Company may otherwise have;

 

(ii)         inure
to the benefit of the successors, assigns, heirs and personal representatives of each Indemnified Party; and

 

(iii)        be
limited to the assets of the Company.

 

(d)          This
Article XIV shall survive any termination of this Agreement and the dissolution of the Company.

 

ARTICLE
XV

 

Section
15.1 Duration and Dissolution. The Company shall be dissolved and its affairs shall be wound up upon the affirmative
vote or written consent of the Initial Member or as otherwise required by the Act.

 

ARTICLE
XVI

 

Section
16.1 Bankruptcy. Except by the unanimous consent of all Members and Managers, the Company shall not file a voluntary
petition in bankruptcy or otherwise seek relief under Title 11 of the United States Code or any successor statute thereto, or under
any similar applicable state law.

 

Section
16.2 Amendments. (a) Except as is otherwise set forth in clause (b) below, this Agreement may be modified,
altered, supplemented or amended only if all the Members execute and deliver a written agreement with respect to such modification,
alteration, supplement or amendment; provided, that so long as any rated debt obligation of the Company is outstanding,
the Rating Agency Condition is satisfied.

 

(b)          This
Agreement may be modified, altered, supplemented or amended without satisfying the requirements of clause (a) above (i) to cure
any ambiguity or (ii) to convert or supplement any provision herein in a manner consistent with the intent of this Agreement and
the other Transaction Documents.

 

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Section
16.3 Headings. The titles of Sections of this Agreement are for convenience of reference only and shall not define
or limit any of the provisions of this Agreement.

 

Section
16.4 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF
THE STATE OF DELAWARE, WITHOUT GIVING EFFECT TO CONFLICTS OF LAW PRINCIPLES THEREOF.

 

Section
16.5 Severability of Provisions. Each provision of this Agreement shall be considered severable and if for any reason
any provision or provisions herein are determined to be invalid, unenforceable or illegal under any existing or future law, such
invalidity, unenforceability or illegality shall not impair the operation of or affect those portions of this Agreement which are
valid, enforceable and legal.

 

Section
16.6 Further Assurances. The Initial Member shall execute and deliver such further instruments and do such further
acts and things as may be required to carry out the intent and purposes of this Agreement.

 

Section
16.7 Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an
original of this Agreement. Executed counterparts may be delivered electronically.

 

Section
16.8 Assignment; Third Party Beneficiaries. The parties hereto acknowledge and agree that the rights of the Company
under this Agreement may be pledged from time to time by the Company to creditors of the Company to secure the Company’s
obligations to such creditors. Nothing in this Agreement, whether express or implied, shall be construed to give to any other Person
(other than a party hereto or an Indemnified Party) any legal or equitable right, remedy or claim under or in respect of this Agreement
or any covenants, conditions or provisions contained herein.

 

Section
16.9 Effectiveness. Pursuant to Section 18-201(d) of the Act, this Agreement shall be effective as of the date hereof.

 

[Signature Follows]

 

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IN WITNESS WHEREOF, the
undersigned, intending to be legally bound hereby, has duly executed this Agreement as of the date first above written.

 

	 	CEF EQUIPMENT HOLDING, L.L.C., 
	 	as Member
	 	 	 
	 	By:	/s/  Charles E. Rhodes
	 	Name:	 Charles E. Rhodes
	 	Title:	Vice President and Secretary

 

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DEFINITIONS ADDENDUM

TO THE

LIMITED LIABILITY COMPANY AGREEMENT

 

“Act”
is defined in the Preliminary Statement.

 

“Affiliate”
means, with respect to any Person, any Person or group of Persons acting in concert in respect of the Person in question that,
directly or indirectly, controls or is controlled by or is under common control with such Person. For the purposes of this definition,
“control” (including, with correlative meaning, the terms “controlled by” and “under common control
with”) as used with respect to any Person or group of Persons, shall mean the power to direct or cause the direction of the
management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise.

 

“Agreement”
means this Limited Liability Company Agreement, as amended from time to time.

 

“Assets”
is defined in Section 4.1.

 

“Benefit Plan
Investor” means an “employee benefit plan” within the meaning of Section 3(3) of ERISA (which is subject
to Title I of ERISA), a “plan” described in Section 4975(e)(1) of the Code (which is subject to Section 4975 of
the Code), or any entity deemed to hold “plan assets” of any of the foregoing by reason of investment by an “employee
benefit plan” or “plan” in the entity.

 

“Business Day”
means any day that is not a Saturday, Sunday or a day on which banks are required or permitted to be closed in the State of New
York or the State of Connecticut.

 

“Certificate
of Formation” means the Certificate of Formation of the Company, as filed with the Secretary of State of the State of
Delaware on September 17, 2012 or as amended, restated and supplemented from time to time.

 

“Code”
means the Internal Revenue Code of 1986, as amended from time to time, and Treasury Regulations promulgated thereunder.

 

“Company”
means GE Equipment Transportation LLC, Series 2012-2, a Delaware limited liability company.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended from time to time, and any regulations promulgated thereunder.

 

“Indemnified
Party” means a Member, Manager, employee, organizer or agent of the Company or any officer, agent, shareholder, director,
employee or incorporator of the Initial Member.

 

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“Indenture”
means the Indenture, dated as of October 24, 2012, between the Company and the Indenture Trustee, as the same may be amended, restated
or supplemented from time to time.

 

“Indenture Trustee”
means Citibank, N.A., not in its individual capacity but solely as indenture trustee under the Indenture, or any successor indenture
trustee under the Indenture.

 

“Initial Member”
has the meaning assigned in the preamble.

 

“Manager”
is defined in Section 8.1.

 

“Member”
means the Initial Member and any other Person that is admitted as a member of the Company, in each case for so long as such Person
continues to be a member of the Company, in such Person’s capacity as a member of the Company.

 

“Membership
Interest” means the entire limited liability company interest of a Member in the Company at any particular time, including
the right of a Member to any and all benefits to which a Member may be entitled as provided in this Agreement, together with the
obligations of such Member to comply with all the terms and provisions of this Agreement. A Membership Interest may be represented
by a certificate.

 

“Person”
means an individual, partnership, corporation, trust (including a business trust), limited liability company, joint stock company,
association, joint venture, government or any agency or political subdivision thereof or any other entity of whatever nature.

 

“Rating Agency
Condition” means, for so long as such entity is rating any class of notes issued by the Company, with respect to any
action, that (i) Moody’s Investors Service, Inc. shall have been given at least ten (10) Business Days’ prior notice
thereof and shall have not notified the Company and the Indenture Trustee that such action will result in a reduction or withdrawal
of the then current rating of any class of the notes issued by the Company, and (ii) Fitch, Inc. shall have been given at least
ten (10) Business Days’ prior notice thereof.

 

“Seller”
is defined in Section 4.1.

 

“Servicing Agreement”
means the Servicing Agreement, dated as of October 24, 2012, between the Company and General Electric Capital Corporation, as servicer.

 

“Transaction
Documents” means this Agreement, the Related Documents as defined in the Indenture and all documents and certificates
contemplated thereby or delivered in connection therewith.

 

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“Transfer”
means, (i) as a noun, any transfer, sale, assignment, exchange, charge, pledge, gift, hypothecation, conveyance, encumbrance
or other disposition, whether direct or indirect, voluntary or involuntary, by operation of law or otherwise and, (ii) as
a verb, directly or indirectly, voluntarily or involuntarily, by operation of law or otherwise, to transfer, sell, assign, exchange,
charge, pledge, give, hypothecate, convey, encumber or otherwise dispose of.

 

“Treasury Regulations”
means regulations, including proposed or temporary regulations, promulgated under the Code.

 

    	 	A-3	Issuer LLC Agreement

    	 

    

 

EXHIBIT A

 

CERTIFICATE OF FORMATION

 

OF

 

GE
Equipment Transportation LLC, Series 2012-2

 

This Certificate of
Formation of GE Equipment Transportation LLC, Series 2012-2, dated as of September 17, 2012, has been duly executed and is
being filed by Sonia Ravin, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company
Act (6 Del.C. §18-101, et seq.).

 

1.           The
name of the limited liability company (the “LLC”) is:

 

GE Equipment
Transportation LLC, Series 2012-2

 

2.           The
address of the registered office of the LLC in the State of Delaware is: Corporation Trust Center, 1209 Orange Street, in the City
of Wilmington, County of New Castle, Delaware 19801. The name of the registered agent of the LLC at such address is The Corporation
Trust Company.

 

3.           This
Certificate of Formation shall be effective as of its filing.

 

IN WITNESS WHEREOF,
the undersigned has executed this Certificate of Formation of the LLC this 17th day of September, 2012.

 

	 	 
	 	Sonia Ravin
	 	Authorized Person
	 	 

 

    	 	A-1	Issuer LLC Agreement

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