Document:

EXECUTION
VERSION

 

FOURTH
AMENDMENT

TO
FINANCING AGREEMENT

 

FOURTH
AMENDMENT, dated as of August 16, 2019 (this “Amendment”), 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, the Guarantors, the Agents and the Lenders wish to amend certain terms and provisions of the Financing Agreement
as hereinafter set forth.

 

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

 

1.
Definitions. All terms used herein that
are defined in the Financing Agreement and not otherwise defined herein shall have the meanings assigned to them in the Financing
Agreement.

 

2.
Amendments.

 

(a)
New Definitions. Section 1.01 of the Financing Agreement is hereby amended by adding the following definitions in appropriate
alphabetical order:

 

““Fourth
Amendment” means the Fourth Amendment to Financing Agreement, dated as of August 16, 2019, by and among the Agents,
the Lenders party thereto and the Loan Parties.”

 

““Fourth
Amendment Effective Date” means the date on which each of the conditions precedent set forth in Section 5 of the Fourth
Amendment have been either satisfied or waived.”

 

    	 

    	 

    

 

(b)
Existing Definitions. 

 

(i)
The definition of “Applicable Premium” in Section 1.01 of the Financing Agreement is hereby amended and restated its
entirety to read as follows:

 

““Applicable
Premium” means, as of the date of the occurrence of an Applicable Premium Trigger Event:

 

(a)
during the period of time from and after the Effective Date up to and including December 27, 2020, an amount equal to the Make-Whole
Amount; and

 

(b)
thereafter, zero.”

 

(ii)
The definition of “Make-Whole Amount” in Section 1.01 of the Financing Agreement is hereby amended and restated its
entirety to read as follows:

 

““Make-Whole
Amount” means, as of any date of determination, an amount equal to the aggregate amount of interest (including, without
limitation, interest payable in cash, in kind or deferred) which would have otherwise been payable on the aggregate principal
amount of the Term Loan paid on such date (or in the case of an Applicable Premium Trigger Event specified in clauses (b), (c),
(d) or (e) of the definition thereof, the principal amount of the Term Loan outstanding on such date and the aggregate amount
of the Unused Line Fee (assuming for purposes of calculating the Unused Line Fee that the Total Delayed Draw Term Loan Commitment
is equal to the amount of the Total Delayed Draw Term Loan Commitment immediately prior to the occurrence of the Applicable Premium
Trigger Event) which would have otherwise accrued) from the date of the occurrence of the Applicable Premium Trigger Event until
December 27, 2020.”

 

3.
Consent.

 

(a)
Pursuant to the request by the Loan Parties, but subject to satisfaction of the conditions set forth in Section 5 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, the Origination Agent hereby consents to the making of a Term Loan in the
amount of $5,000,000 on the Fourth Amendment Effective Date.

 

(b)
The consent in this Section 3 shall be effective only in this specific instance and for the specific purpose set forth herein
and does 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.

 

    	2

    	 

    

 

4.
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 Fourth Amendment Effective Date
are true and correct in all material respects (except that such materiality qualifier shall not be applied 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 Fourth Amendment Effective Date, after giving effect to this Amendment (including the consent set forth in Section
3 hereof), as though made on and as of such date (unless such representations or warranties are stated to relate to an earlier
date, in which case such representations and warranties shall be true and correct in all material respects (except that such materiality
qualifier shall not be applied 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 Fourth Amendment Effective Date, after giving effect to this Amendment (including the consent set forth
in Section 3 hereof), or would result from this Amendment becoming effective in accordance with its terms.

 

(b)
Organization, Good Standing, Etc. Each Loan Party (i) 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 Amendment
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.

 

(c)
Authorization; Etc. The execution, delivery and performance of this Amendment by the Loan Parties, 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 or any other Permitted Lien) 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.

 

(d)
Governmental Approvals. No authorization or approval or other action by, and no notice to or filing with, any Governmental
Authority is required in connection with the due execution, delivery and performance by any Loan Party of this Amendment or any
other Loan Document to which it is or will be a party other than filings and recordings with respect to Collateral that were made,
or otherwise delivered to the Collateral Agent for filing or recordation, on the Effective Date.

 

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5.
Conditions to Effectiveness. This Amendment
shall become effective only upon satisfaction in full, in a manner reasonably satisfactory to the Origination Agent, of the following
conditions precedent (the first date upon which all such conditions shall have been satisfied or waived being herein called the
“Fourth Amendment Effective Date”):

 

(a)
The Agents shall have received this Amendment, duly executed by the Loan Parties, each Agent and the Required Lenders.

 

(b)
The representations and warranties contained in this Amendment 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 applied
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 Fourth Amendment Effective Date, after giving effect to this Amendment (including the
consent set forth in Section 3 hereof), as though made on and as of such date (unless such representations or warranties are stated
to relate to an earlier date, in which case such representations and warranties shall be true and correct in all material respects
(except that such materiality qualifier shall not be applied 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).

 

(c)
No Default or Event of Default shall have occurred and be continuing on the Fourth Amendment Effective Date, after giving effect
to this Amendment (including the consent set forth in Section 3 hereof), or result from this Amendment becoming effective in accordance
with its terms.

 

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

 

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6.
Continued Effectiveness of the Financing Agreement
and Other Loan Documents. Each Loan Party hereby (i) acknowledges and consents to this Amendment, (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 Fourth Amendment 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
or modified by this Amendment, 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 Amendment 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 Amendment 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.

 

7.
Release. Each Loan Party hereby acknowledges
and agrees that, on the Fourth Amendment Effective Date: (a) neither it nor any of its Affiliates has any claim or cause of action
arising on or prior to the Fourth Amendment Effective Date against any Agent or any Lender (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 Agent and each Lender has, prior to the Fourth Amendment Effective Date, properly performed and satisfied in a timely
manner all of its obligations prior to the Fourth Amendment Effective Date 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, to the fullest extent permitted under applicable law, any possibility that any past conditions, acts, omissions,
events or circumstances which occurred prior to the Fourth Amendment Effective Date 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 Amendment 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, arising
on or prior to the Fourth Amendment 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 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 Fourth Amendment 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 Fourth Amendment Effective Date 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
the management of such Loans or the Collateral, in each case, on or prior to the Fourth Amendment Effective Date.

 

    	5

    	 

    

 

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.”

 

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 arising on or prior to the Fourth Amendment Effective Date 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 to the extent permitted under applicable law, 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 and agents, 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 this Section 7. 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 and agents, 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 reasonable attorneys’
fees and costs incurred by the Released Parties as a result of such violation.

 

    	6

    	 

    

 

Each
Lender hereby acknowledges and agrees that, on the Fourth Amendment Effective Date: (a) neither it nor any of its Affiliates has
any claim or cause of action arising on or prior to the Fourth Amendment 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
Fourth Amendment Effective Date, properly performed and satisfied in a timely manner all of its obligations prior to the Fourth
Amendment 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 Fourth Amendment 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 Fourth Amendment 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 Fourth Amendment 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 Fourth Amendment 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 the management of such Loans or the Collateral, in each case, on or prior to the Fourth Amendment Effective Date.

 

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.”

 

    	7

    	 

    

 

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.

 

8.
Miscellaneous.

 

(a)
This Amendment 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 Amendment by facsimile or electronic mail shall be equally effective as delivery of an original
executed counterpart of this Amendment.

 

(b)
Section and paragraph headings herein are included for convenience of reference only and shall not constitute a part of this Amendment
for any other purpose.

 

(c)
This Amendment shall be governed by, and construed in accordance with, the laws of the State of New York.

 

(d)
Each Loan Party hereby acknowledges and agrees that this Amendment 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 Amendment 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 Amendment.

 

(e)
Any provision of this Amendment 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.

 

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

 

[remainder
of page intentionally left blank]

 

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IN
WITNESS WHEREOF, the parties hereto have caused this Amendment 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
    & 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
    & CEO

 

    	 

    	 

    

 

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

	 	Name:	Richard
    A. Boone
	 	Title:	President
    & 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
    & CEO

 

    	 

    	 

    

 

	 	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:	Chief
    Financial Officer

 

    	 

    	 

    

 

	 	LENDER:
	 	 	 
	 	CION
    INVESTMENT CORPORATION
	 	 
	 	By:	/s/
    Gregg     A. Bresner 
	 	Name:	Gregg
    A. Bresner, CFA
	 	Title:	President
    & Chief Investment Officer

 

    	 

    	 

    

 

	 	LENDER:
	 	 	 
	 	33RD
    STREET FUNDING, LLC
	 	 
	 	By:	/s/
    Gregg     A. Bresner
	 	Name:	Gregg
    A Bresner, CFA
	 	Title:	President
    & Chief Investment OfficerExhibit

Exhibit 10.1

AMENDMENT NO. 3 TO MASTER FRAMEWORK AGREEMENT
This AMENDMENT NO. 3 TO MASTER FRAMEWORK AGREEMENT (this “Amendment”), is made and entered into as of August 23, 2019, by and among:
Coöperatieve Rabobank, U.A., New York Branch, a Dutch coöperatieve acting through its New York Branch (“Rabobank”) and Sumitomo Mitsui Banking Corporation, New York Branch, a  Japanese corporation (“SMBC”), as purchasers (each, a “Buyer” and, collectively, the “Buyers”); 
Rabobank, as Buyers’ agent (in such capacity, “Agent”);
The Scotts Company LLC, an Ohio limited liability company, as seller (“Seller”); and
solely for purposes of Section 5.5 hereof, The Scotts Miracle-Gro Company, an Ohio corporation, as guarantor (“Guarantor”),
and amends that certain Master Framework Agreement, dated as of April 7, 2017, by and among the Buyers, Agent and Seller (as amended by that certain Amendment No. 1 to Master Framework Agreement, dated as of August 25, 2017, by that certain Amendment No. 2 to Master Framework Agreement, dated as of August 24, 2018, and as further amended, supplemented or otherwise modified through the date hereof, the “Framework Agreement”, and as amended hereby, the “Amended Framework Agreement”).  Each of Agent, the Buyers and Seller may also be referred to herein individually as a “Party”, and collectively as the “Parties”.
RECITALS
WHEREAS, the Parties entered into the Framework Agreement and certain other Transaction Agreements for the purpose of providing Seller with a facility under which Buyers and Seller would enter into certain sale and repurchase agreements with respect to Eligible Receivables owned by Seller; 
WHEREAS, Guarantor entered into the Guaranty in favor of Agent and the Buyers pursuant to which Guarantor guaranteed the payment and performance of all obligations, liabilities and indebtedness owed by Seller under the Transaction Agreements; and
WHEREAS, the Parties now wish to extend the Facility Term and amend certain other provisions of the Framework Agreement.
AGREEMENT
NOW, THEREFORE, in consideration of the mutual covenants, agreements and conditions set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties and, solely for purposes of Section 5.5 hereof, Guarantor agree as follows:

        

1.Interpretation.
1.1    Definitions.  All capitalized terms used but not defined in this Amendment shall have the meanings set forth in the Framework Agreement (including Schedule 1 thereto).
1.2    Construction.  The rules of construction set forth in Section 1.2 of the Framework Agreement shall apply to this Amendment.
2.    Amendments.
The Framework Agreement (including the Schedules and Exhibits thereto) is hereby amended, effective from and after the Effective Date (defined below), as follows:
2.1    Section 5.3(k) of the Framework Agreement is hereby amended and restated in its entirety to read as follows:
“(k)    Information Required by Governmental Authorities.  
(i)    Subject to applicable Laws prohibiting or limiting such disclosure or provision of such information, documents, records or reports, Seller shall provide each Buyer promptly, from time to time upon request, such information, documents, records or reports relating to the Purchased Receivables or Seller as such Buyer (or its assigns) may be required by a Governmental Authority to obtain; provided, that each such Buyer shall use commercially reasonable efforts to maintain the confidentiality of such information, documents, records or reports to the extent consistent with applicable Law, Seller’s normal privacy and confidentiality procedures.
(ii)    (A) Within five (5) Business Days of the Seller ceasing to be a subsidiary of a Listed Entity that owns at least 51% of the common stock or analogous equity interest of the Seller, it shall provide Agent with written notice thereof and (B) following the Agent’s receipt of the written notice described in clause (A) above, within five (5) Business Days of the Agent’s request therefore, deliver to Agent a Beneficial Ownership Certification in form and substance reasonably satisfactory to Agent.”.
2.2    The following new definitions are hereby added to Schedule 1 to the Framework Agreement in the appropriate alphabetical order:
““Beneficial Ownership Certification” means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation.
“Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230.
“Listed Entity” means any Person organized under the laws of the United States or any state thereof that has its common stock or analogous equity interests (x) listed on the New York Stock Exchange or the American Stock Exchange (currently known as the NYSE American) or (y) designated as a NASDAQ National Market Security listed on the NASDAQ stock exchange.”.

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2.3    The definition of “Fee Letter” in Schedule 1 to the Framework Agreement is hereby amended by deleting the reference to “August 24, 2018” appearing therein and replacing it with “August 23, 2019”.
2.4    The definition of “Scheduled Facility Expiration Date” in Schedule 1 to the Framework Agreement is hereby amended by deleting the reference to “August 23, 2019” appearing therein and replacing it with “August 21, 2020”. 
2.5    The definition of “Seasonal Commitment Period” in Schedule 1 to the Framework Agreement is hereby amended by deleting the reference to “February 22, 2019” appearing therein and replacing it with “February 28, 2020”. 
2.6    The definition of “Seasonal Commitment Expiration Date” in Schedule 1 to the Framework Agreement is hereby amended by deleting the reference to “June 21, 2019” appearing therein and replacing it with “June 19, 2020”. 
2.7    The definition of “Side Letter” in Schedule 1 to the Framework Agreement is hereby amended by deleting the reference to “August 24, 2018” appearing therein and replacing it with “August 23, 2019”.
2.8    The notice information solely with respect to SMBC in Section 9.8 of the Framework Agreement is hereby amended and restated in its entirety as follows:
“If to SMBC:    
	
	
	Sumitomo Mitsui Banking Corporation, New York Branch

	277 Park Avenue, 4th Floor

	New York, NY  10172
Attention:  Ethan Sharker;
Alexi Kavourakis;
Rafael Seltzer
E-mail: ethan_sharker@smbcgroup.com; 
alexi_kavourakis@smbcgroup.com; 

	 rafael_seltzer@smbcgroup.com

With copy to:
	
	
	Sumitomo Mitsui Banking Corporation, New York Branch

	277 Park Avenue, 4th Floor

	New York, NY  10172

	Attention:  USNE Agency Closing;

	Taoheed Agbabiaka;

	Susan Feng

3

	
	
	E-mail: USNEAgencyClosing@smbcgroup.com; 

	GTFDMiddleOffice@smbcgroup.com;

	Taoheed_agbabiaka@smbcgroup.com;

	susan_feng@smbcgroup.com”.

3.    Conditions to Effectiveness.
This Amendment shall be effective as of the date first above written (the “Effective Date”) upon the Agent’s receipt of counterparts to this Amendment executed by each of the other parties hereto.
4.    Representations, Warranties and Undertakings.
4.1    Seller. In entering into this Amendment, Seller hereby makes or repeats (as applicable) to Agent and each Buyer as of the Effective Date (or, to the extent expressly relating to a specific prior date, as of such prior date) the representations and warranties set forth in the Framework Agreement and each other Transaction Agreement to which Seller is a party, and such representations and warranties shall be deemed to include this Amendment.  Seller further represents that it has complied in all material respects with all covenants and agreements applicable to it under the Framework Agreement and each of the other Transaction Agreements to which it is a party.
5.    Miscellaneous.
5.1    Counterparts.  This Amendment may be executed by the Parties on any number of separate counterparts, by facsimile or email, and all of those counterparts taken together will be deemed to constitute one and the same instrument; signature pages may be detached from multiple separate counterparts and attached to a single counterpart so that all signatures are physically attached to the same document.  A facsimile or portable document format (“.pdf”) signature page will constitute an original for the purposes of this Section 5.1.
5.2    Replacement Fee Letter.  The Parties acknowledge and agree that, in connection with this Amendment and as a condition to the effectiveness hereof, Seller, Agent and each Buyer are entering into a replacement Fee Letter Agreement, dated as of the date hereof (the “Replacement Fee Letter”), which shall constitute a Transaction Agreement under the Amended Framework Agreement and shall in all respects replace and supersede the Fee Letter Agreement entered into among the Parties on August 24, 2018 (the “Prior Fee Letter”).  The Parties further acknowledge and agree that, effective from and after the date hereof, the Prior Fee Letter shall be terminated and have no further force or effect, and as reflected in Section 2.3 of this Amendment, all references in the Framework Agreement and the other Transaction Agreements to the Fee Letter shall be deemed references to the Replacement Fee Letter.
5.3    Replacement Side Letter.  The Parties acknowledge and agree that, in connection with this Amendment and as a condition to the effectiveness hereof, Seller and Agent are entering into a replacement Side Letter Agreement, dated as of the date hereof (the “Replacement Side Letter”), which shall constitute a Transaction Agreement under the Amended Framework Agreement and shall in all respects replace and supersede the Side Letter Agreement entered into between Seller 

4

and Agent on August 24, 2018 (the “Prior Side Letter”).  The Parties further acknowledge and agree that, effective from and after the date hereof, the Prior Side Letter shall be terminated and have no further force or effect, and as reflected in Section 2.7 of this Amendment, all references in the Framework Agreement and the other Transaction Agreements to the Side Letter shall be deemed references to the Replacement Side Letter.
5.4    Ratification.  Except as amended hereby or as otherwise specified in Sections 5.2 and 5.3 hereof, each of the other Transaction Agreements remains in full force and effect.  The Parties hereby acknowledge and agree that, effective from and after the Effective Date, all references to the Framework Agreement in any other Transaction Agreement shall be deemed to be references to the Amended Framework Agreement, and any amendment in this Amendment of a defined term in the Framework Agreement shall apply to terms in any other Transaction Agreement which are defined by reference to the Framework Agreement.
5.5    Guarantor Acknowledgment and Consent.  Guarantor hereby acknowledges the Parties’ entry into this Amendment and consents to the terms and conditions hereof (including with respect to the Replacement Fee Letter and the Replacement Side Letter), it being understood that such terms and conditions may affect the extent of the Obligations (as defined in the Guaranty) for which Guarantor may be liable under the Guaranty.  Guarantor further confirms and agrees that the Guaranty remains in full force and effect after giving effect to this Amendment and, for the avoidance of doubt, acknowledges that any amendment herein to a defined term in the Framework Agreement shall apply to terms in the Guaranty which are defined by reference to the Framework Agreement.
5.6    GOVERNING LAW.  THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAW PROVISIONS THEREOF OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW.
5.7    Expenses.  All reasonable legal fees and expenses of Agent and each Buyer incurred in connection with the preparation, negotiation, execution and delivery of this Amendment and each related document entered into in connection herewith shall be paid by the Seller promptly on demand.
5.8    Transaction Agreement.  This Amendment shall be a Transaction Agreement, as set forth in Section 2.1 of the Framework Agreement, for all purposes.
 

[SIGNATURE PAGES FOLLOW]

5

IN WITNESS WHEREOF, the Parties have executed this Amendment as of the date first written above.

	
		
	Buyer and Agent:

	Coöperatieve Rabobank, U.A., New York Branch

	By:
	/s/ SYLVIA VAN LAARHOVEN

	Name:
	Sylvia van Laarhoven

	Title:
	Vice President

	

By:
	/s/ THOMAS MCNAMARA

	Name:
	Thomas McNamara

	Title:
	Executive Director

[SIGNATURE PAGES CONTINUE ON FOLLOWING PAGE]

[Signature Page to Amendment No. 3 to Master Framework Agreement]

	
		
	Buyer:

	Sumitomo Mitsui Banking Corporation,  
New York Branch

	

By:
	/s/ NORIHITO OBATA

	Name:
	Norihito Obata

	Title:
	Managing Director
Global Trade Finance Dept

[SIGNATURE PAGES CONTINUE ON FOLLOWING PAGE]

[Signature Page to Amendment No. 3 to Master Framework Agreement]

	
		
	Seller:

	The Scotts Company LLC

	

By:
	/s/ KELLY S. BERRY

	Name:
	Kelly S. Berry

	Title:
	Vice President and Treasurer

[SIGNATURE PAGES CONTINUE ON FOLLOWING PAGE]

[Signature Page to Amendment No. 3 to Master Framework Agreement]

Solely for purposes of Section 5.5 hereof:

	
		
	Guarantor:

	The Scotts Miracle-Gro Company

	

By:
	/s/ KELLY S. BERRY

	Name:
	Kelly S. Berry

	Title:
	Vice President and Corporate Treasurer

[Signature Page to Amendment No. 3 to Master Framework Agreement]

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